0000844779 bf1:C000124020Member bf1:FTAIAviationLtdMember 2024-11-30
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:
Name of Fund:
BlackRock FundsSM
BlackRock Advantage International Fund
BlackRock Advantage Large Cap Growth Fund
BlackRock Advantage Small Cap Core Fund
BlackRock Commodity Strategies Fund
BlackRock Energy Opportunities Fund
BlackRock Health Sciences Opportunities Portfolio
BlackRock High Equity Income Fund
BlackRock Infrastructure Sustainable Opportunities Fund
BlackRock Mid-Cap Growth Equity Portfolio
BlackRock SMID-Cap Growth Equity Fund
BlackRock Technology Opportunities Fund
BlackRock U.S. Insights Long/Short Equity Fund
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock FundsSM,
50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
Date of reporting period:
Item 1 — Reports to Stockholders
(a) The Reports to Shareholders are attached herewith
BlackRock Advantage International Fund
Institutional Shares | BROIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $25 | 0.50%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 0.60 | % | 14.41 | % | 7.09 | % | 6.00 | % |
| MSCI EAFE Index | (0.77 | ) | 11.88 | | 5.89 | | 5.07 | |
| Net Assets | $2,293,754,305 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 56% |
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Country | Percent of
Net Assets | |
| Japan | 23.3 | % |
| United Kingdom | 13.6 | % |
| Germany | 10.1 | % |
| Switzerland | 7.8 | % |
| France | 7.7 | % |
| Australia | 6.7 | % |
| United States | 5.8 | % |
| Netherlands | 3.7 | % |
| Denmark | 2.7 | % |
| Italy | 2.5 | % |
| Other# | 12.2 | % |
| Short-Term Securities | 2.8 | % |
| Other Assets Less Liabilities | 1.1 | % |
| Security(a) | Percent of
Net Assets | |
| SAP SE | 2.5 | % |
| Novartis AG, Registered Shares | 2.3 | % |
| Roche Holding AG, NVS | 2.2 | % |
| Shell PLC | 2.0 | % |
| Novo Nordisk A/S, Class B | 1.9 | % |
| Deutsche Telekom AG, Registered Shares | 1.7 | % |
| Sony Group Corp. | 1.7 | % |
| Recruit Holdings Co. Ltd. | 1.6 | % |
| BHP Group Ltd. | 1.5 | % |
| ASML Holding NV | 1.5 | % |
(a) | Excludes short-term securities. |
# | Ten largest countries are presented. Additional countries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage International Fund
Institutional Shares | BROIX
Semi-Annual Shareholder Report — November 30, 2024
BROIX-11/24-SAR
BlackRock Advantage International Fund
Investor A Shares | BROAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $38 | 0.75%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 0.46 | % | 14.15 | % | 6.83 | % | 5.73 | % |
| Investor A Shares (with sales charge) | (4.82 | ) | 8.16 | | 5.68 | | 5.16 | |
| MSCI EAFE Index | (0.77 | ) | 11.88 | | 5.89 | | 5.07 | |
| Net Assets | $2,293,754,305 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 56% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Country | Percent of
Net Assets | |
| Japan | 23.3 | % |
| United Kingdom | 13.6 | % |
| Germany | 10.1 | % |
| Switzerland | 7.8 | % |
| France | 7.7 | % |
| Australia | 6.7 | % |
| United States | 5.8 | % |
| Netherlands | 3.7 | % |
| Denmark | 2.7 | % |
| Italy | 2.5 | % |
| Other# | 12.2 | % |
| Short-Term Securities | 2.8 | % |
| Other Assets Less Liabilities | 1.1 | % |
| Security(a) | Percent of
Net Assets | |
| SAP SE | 2.5 | % |
| Novartis AG, Registered Shares | 2.3 | % |
| Roche Holding AG, NVS | 2.2 | % |
| Shell PLC | 2.0 | % |
| Novo Nordisk A/S, Class B | 1.9 | % |
| Deutsche Telekom AG, Registered Shares | 1.7 | % |
| Sony Group Corp. | 1.7 | % |
| Recruit Holdings Co. Ltd. | 1.6 | % |
| BHP Group Ltd. | 1.5 | % |
| ASML Holding NV | 1.5 | % |
(a) | Excludes short-term securities. |
# | Ten largest countries are presented. Additional countries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage International Fund
Investor A Shares | BROAX
Semi-Annual Shareholder Report — November 30, 2024
BROAX-11/24-SAR
BlackRock Advantage International Fund
Investor C Shares | BROCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $75 | 1.50%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | 0.08 | % | 13.23 | % | 6.02 | % | 5.09 | % |
| Investor C Shares (with sales charge) | (0.91 | ) | 12.23 | | 6.02 | | 5.09 | |
| MSCI EAFE Index | (0.77 | ) | 11.88 | | 5.89 | | 5.07 | |
| Net Assets | $2,293,754,305 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 56% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Country | Percent of
Net Assets | |
| Japan | 23.3 | % |
| United Kingdom | 13.6 | % |
| Germany | 10.1 | % |
| Switzerland | 7.8 | % |
| France | 7.7 | % |
| Australia | 6.7 | % |
| United States | 5.8 | % |
| Netherlands | 3.7 | % |
| Denmark | 2.7 | % |
| Italy | 2.5 | % |
| Other# | 12.2 | % |
| Short-Term Securities | 2.8 | % |
| Other Assets Less Liabilities | 1.1 | % |
| Security(a) | Percent of
Net Assets | |
| SAP SE | 2.5 | % |
| Novartis AG, Registered Shares | 2.3 | % |
| Roche Holding AG, NVS | 2.2 | % |
| Shell PLC | 2.0 | % |
| Novo Nordisk A/S, Class B | 1.9 | % |
| Deutsche Telekom AG, Registered Shares | 1.7 | % |
| Sony Group Corp. | 1.7 | % |
| Recruit Holdings Co. Ltd. | 1.6 | % |
| BHP Group Ltd. | 1.5 | % |
| ASML Holding NV | 1.5 | % |
(a) | Excludes short-term securities. |
# | Ten largest countries are presented. Additional countries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage International Fund
Investor C Shares | BROCX
Semi-Annual Shareholder Report — November 30, 2024
BROCX-11/24-SAR
BlackRock Advantage International Fund
Class K Shares | BROKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $23 | 0.45%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 0.62 | % | 14.46 | % | 7.13 | % | 6.04 | % |
| MSCI EAFE Index | (0.77 | ) | 11.88 | | 5.89 | | 5.07 | |
| Net Assets | $2,293,754,305 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 56% |
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.
Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Country | Percent of
Net Assets | |
| Japan | 23.3 | % |
| United Kingdom | 13.6 | % |
| Germany | 10.1 | % |
| Switzerland | 7.8 | % |
| France | 7.7 | % |
| Australia | 6.7 | % |
| United States | 5.8 | % |
| Netherlands | 3.7 | % |
| Denmark | 2.7 | % |
| Italy | 2.5 | % |
| Other# | 12.2 | % |
| Short-Term Securities | 2.8 | % |
| Other Assets Less Liabilities | 1.1 | % |
| Security(a) | Percent of
Net Assets | |
| SAP SE | 2.5 | % |
| Novartis AG, Registered Shares | 2.3 | % |
| Roche Holding AG, NVS | 2.2 | % |
| Shell PLC | 2.0 | % |
| Novo Nordisk A/S, Class B | 1.9 | % |
| Deutsche Telekom AG, Registered Shares | 1.7 | % |
| Sony Group Corp. | 1.7 | % |
| Recruit Holdings Co. Ltd. | 1.6 | % |
| BHP Group Ltd. | 1.5 | % |
| ASML Holding NV | 1.5 | % |
(a) | Excludes short-term securities. |
# | Ten largest countries are presented. Additional countries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage International Fund
Class K Shares | BROKX
Semi-Annual Shareholder Report — November 30, 2024
BROKX-11/24-SAR
BlackRock Advantage International Fund
Class R Shares | BGORX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage International Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class R Shares | $50 | 1.00%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class R Shares | 0.37 | % | 13.86 | % | 6.55 | % | 5.43 | % |
| MSCI EAFE Index | (0.77 | ) | 11.88 | | 5.89 | | 5.07 | |
| Net Assets | $2,293,754,305 |
| Number of Portfolio Holdings | 317 |
| Portfolio Turnover Rate | 56% |
Average annual total returns reflect reductions for distribution and service fees.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Global Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Country | Percent of
Net Assets | |
| Japan | 23.3 | % |
| United Kingdom | 13.6 | % |
| Germany | 10.1 | % |
| Switzerland | 7.8 | % |
| France | 7.7 | % |
| Australia | 6.7 | % |
| United States | 5.8 | % |
| Netherlands | 3.7 | % |
| Denmark | 2.7 | % |
| Italy | 2.5 | % |
| Other# | 12.2 | % |
| Short-Term Securities | 2.8 | % |
| Other Assets Less Liabilities | 1.1 | % |
| Security(a) | Percent of
Net Assets | |
| SAP SE | 2.5 | % |
| Novartis AG, Registered Shares | 2.3 | % |
| Roche Holding AG, NVS | 2.2 | % |
| Shell PLC | 2.0 | % |
| Novo Nordisk A/S, Class B | 1.9 | % |
| Deutsche Telekom AG, Registered Shares | 1.7 | % |
| Sony Group Corp. | 1.7 | % |
| Recruit Holdings Co. Ltd. | 1.6 | % |
| BHP Group Ltd. | 1.5 | % |
| ASML Holding NV | 1.5 | % |
(a) | Excludes short-term securities. |
# | Ten largest countries are presented. Additional countries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage International Fund
Class R Shares | BGORX
Semi-Annual Shareholder Report — November 30, 2024
BGORX-11/24-SAR
BlackRock Advantage Large Cap Growth Fund
Institutional Shares | CMVIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $34 | 0.62%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 17.30 | % | 38.10 | % | 17.73 | % | 14.86 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Growth Index | 16.90 | | 38.04 | | 19.46 | | 16.55 | |
| Net Assets | $1,393,467,152 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 79% |
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 47.8 | % |
| Consumer Discretionary | 13.4 | % |
| Communication Services | 12.2 | % |
| Financials | 7.6 | % |
| Health Care | 7.4 | % |
| Industrials | 7.1 | % |
| Consumer Staples | 3.3 | % |
| Real Estate | 0.3 | % |
| Short-Term Securities | 0.9 | % |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 10.3 | % |
| Apple Inc. | 8.4 | % |
| Microsoft Corp. | 5.8 | % |
| Amazon.com, Inc. | 5.0 | % |
| Meta Platforms, Inc., Class A | 4.9 | % |
| Tesla, Inc. | 3.1 | % |
| Alphabet, Inc., Class C, NVS | 2.8 | % |
| Broadcom, Inc. | 2.7 | % |
| Eli Lilly & Co. | 2.7 | % |
| Costco Wholesale Corp. | 2.5 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Large Cap Growth Fund
Institutional Shares | CMVIX
Semi-Annual Shareholder Report — November 30, 2024
CMVIX-11/24-SAR
BlackRock Advantage Large Cap Growth Fund
Investor A Shares | BMCAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $47 | 0.87%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 17.16 | % | 37.74 | % | 17.42 | % | 14.55 | % |
| Investor A Shares (with sales charge) | 11.01 | | 30.51 | | 16.16 | | 13.94 | |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Growth Index | 16.90 | | 38.04 | | 19.46 | | 16.55 | |
| Net Assets | $1,393,467,152 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 79% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 47.8 | % |
| Consumer Discretionary | 13.4 | % |
| Communication Services | 12.2 | % |
| Financials | 7.6 | % |
| Health Care | 7.4 | % |
| Industrials | 7.1 | % |
| Consumer Staples | 3.3 | % |
| Real Estate | 0.3 | % |
| Short-Term Securities | 0.9 | % |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 10.3 | % |
| Apple Inc. | 8.4 | % |
| Microsoft Corp. | 5.8 | % |
| Amazon.com, Inc. | 5.0 | % |
| Meta Platforms, Inc., Class A | 4.9 | % |
| Tesla, Inc. | 3.1 | % |
| Alphabet, Inc., Class C, NVS | 2.8 | % |
| Broadcom, Inc. | 2.7 | % |
| Eli Lilly & Co. | 2.7 | % |
| Costco Wholesale Corp. | 2.5 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Large Cap Growth Fund
Investor A Shares | BMCAX
Semi-Annual Shareholder Report — November 30, 2024
BMCAX-11/24-SAR
BlackRock Advantage Large Cap Growth Fund
Investor C Shares | BMCCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $88 | 1.62%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | 16.70 | % | 36.67 | % | 16.54 | % | 13.85 | % |
| Investor C Shares (with sales charge) | 15.70 | | 35.67 | | 16.54 | | 13.85 | |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Growth Index | 16.90 | | 38.04 | | 19.46 | | 16.55 | |
| Net Assets | $1,393,467,152 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 79% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 47.8 | % |
| Consumer Discretionary | 13.4 | % |
| Communication Services | 12.2 | % |
| Financials | 7.6 | % |
| Health Care | 7.4 | % |
| Industrials | 7.1 | % |
| Consumer Staples | 3.3 | % |
| Real Estate | 0.3 | % |
| Short-Term Securities | 0.9 | % |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 10.3 | % |
| Apple Inc. | 8.4 | % |
| Microsoft Corp. | 5.8 | % |
| Amazon.com, Inc. | 5.0 | % |
| Meta Platforms, Inc., Class A | 4.9 | % |
| Tesla, Inc. | 3.1 | % |
| Alphabet, Inc., Class C, NVS | 2.8 | % |
| Broadcom, Inc. | 2.7 | % |
| Eli Lilly & Co. | 2.7 | % |
| Costco Wholesale Corp. | 2.5 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Large Cap Growth Fund
Investor C Shares | BMCCX
Semi-Annual Shareholder Report — November 30, 2024
BMCCX-11/24-SAR
BlackRock Advantage Large Cap Growth Fund
Class K Shares | BMCKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $31 | 0.57%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 17.32 | % | 38.10 | % | 17.77 | % | 14.79 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Growth Index | 16.90 | | 38.04 | | 19.46 | | 16.55 | |
| Net Assets | $1,393,467,152 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 79% |
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.
Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Investor A Shares. The performance of the Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 47.8 | % |
| Consumer Discretionary | 13.4 | % |
| Communication Services | 12.2 | % |
| Financials | 7.6 | % |
| Health Care | 7.4 | % |
| Industrials | 7.1 | % |
| Consumer Staples | 3.3 | % |
| Real Estate | 0.3 | % |
| Short-Term Securities | 0.9 | % |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 10.3 | % |
| Apple Inc. | 8.4 | % |
| Microsoft Corp. | 5.8 | % |
| Amazon.com, Inc. | 5.0 | % |
| Meta Platforms, Inc., Class A | 4.9 | % |
| Tesla, Inc. | 3.1 | % |
| Alphabet, Inc., Class C, NVS | 2.8 | % |
| Broadcom, Inc. | 2.7 | % |
| Eli Lilly & Co. | 2.7 | % |
| Costco Wholesale Corp. | 2.5 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Large Cap Growth Fund
Class K Shares | BMCKX
Semi-Annual Shareholder Report — November 30, 2024
BMCKX-11/24-SAR
BlackRock Advantage Large Cap Growth Fund
Class R Shares | BMCRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Large Cap Growth Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class R Shares | $61 | 1.12%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class R Shares | 17.00 | % | 37.42 | % | 17.14 | % | 14.24 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Growth Index | 16.90 | | 38.04 | | 19.46 | | 16.55 | |
| Net Assets | $1,393,467,152 |
| Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 79% |
Average annual total returns reflect reductions for distribution and service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Flexible Equity Fund.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 47.8 | % |
| Consumer Discretionary | 13.4 | % |
| Communication Services | 12.2 | % |
| Financials | 7.6 | % |
| Health Care | 7.4 | % |
| Industrials | 7.1 | % |
| Consumer Staples | 3.3 | % |
| Real Estate | 0.3 | % |
| Short-Term Securities | 0.9 | % |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 10.3 | % |
| Apple Inc. | 8.4 | % |
| Microsoft Corp. | 5.8 | % |
| Amazon.com, Inc. | 5.0 | % |
| Meta Platforms, Inc., Class A | 4.9 | % |
| Tesla, Inc. | 3.1 | % |
| Alphabet, Inc., Class C, NVS | 2.8 | % |
| Broadcom, Inc. | 2.7 | % |
| Eli Lilly & Co. | 2.7 | % |
| Costco Wholesale Corp. | 2.5 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Large Cap Growth Fund
Class R Shares | BMCRX
Semi-Annual Shareholder Report — November 30, 2024
BMCRX-11/24-SAR
BlackRock Advantage Small Cap Core Fund
Institutional Shares | BDSIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $27 | 0.50%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 15.67 | % | 36.10 | % | 9.76 | % | 9.93 | % |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 2000® Index | 18.40 | | 36.43 | | 9.90 | | 9.05 | |
| Net Assets | $4,470,664,678 |
| Number of Portfolio Holdings | 807 |
| Portfolio Turnover Rate | 44% |
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.5 | % |
| Industrials | 18.0 | % |
| Health Care | 17.3 | % |
| Information Technology | 13.5 | % |
| Consumer Discretionary | 10.7 | % |
| Real Estate | 5.7 | % |
| Energy | 4.4 | % |
| Materials | 3.7 | % |
| Communication Services | 3.3 | % |
| Consumer Staples | 2.0 | % |
| Utilities | 2.0 | % |
| Short-Term Securities | 3.3 | % |
| Liabilities in Excess of Other Assets | (2.4 | )% |
| Security(b) | Percent of
Net Assets | |
| ExlService Holdings, Inc. | 1.0 | % |
| ACI Worldwide, Inc. | 1.0 | % |
| Boise Cascade Co. | 0.8 | % |
| Kite Realty Group Trust | 0.8 | % |
| First Industrial Realty Trust, Inc. | 0.8 | % |
| Sprouts Farmers Market, Inc. | 0.8 | % |
| Flowserve Corp. | 0.7 | % |
| FTAI Aviation Ltd. | 0.7 | % |
| Comfort Systems U.S.A., Inc. | 0.6 | % |
| Enova International, Inc. | 0.6 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Small Cap Core Fund
Institutional Shares | BDSIX
Semi-Annual Shareholder Report — November 30, 2024
BDSIX-11/24-SAR
BlackRock Advantage Small Cap Core Fund
Investor A Shares | BDSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $41 | 0.75%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 15.49 | % | 35.78 | % | 9.48 | % | 9.65 | % |
| Investor A Shares (with sales charge) | 9.43 | | 28.65 | | 8.31 | | 9.06 | |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 2000® Index | 18.40 | | 36.43 | | 9.90 | | 9.05 | |
| Net Assets | $4,470,664,678 |
| Number of Portfolio Holdings | 807 |
| Portfolio Turnover Rate | 44% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.5 | % |
| Industrials | 18.0 | % |
| Health Care | 17.3 | % |
| Information Technology | 13.5 | % |
| Consumer Discretionary | 10.7 | % |
| Real Estate | 5.7 | % |
| Energy | 4.4 | % |
| Materials | 3.7 | % |
| Communication Services | 3.3 | % |
| Consumer Staples | 2.0 | % |
| Utilities | 2.0 | % |
| Short-Term Securities | 3.3 | % |
| Liabilities in Excess of Other Assets | (2.4 | )% |
| Security(b) | Percent of
Net Assets | |
| ExlService Holdings, Inc. | 1.0 | % |
| ACI Worldwide, Inc. | 1.0 | % |
| Boise Cascade Co. | 0.8 | % |
| Kite Realty Group Trust | 0.8 | % |
| First Industrial Realty Trust, Inc. | 0.8 | % |
| Sprouts Farmers Market, Inc. | 0.8 | % |
| Flowserve Corp. | 0.7 | % |
| FTAI Aviation Ltd. | 0.7 | % |
| Comfort Systems U.S.A., Inc. | 0.6 | % |
| Enova International, Inc. | 0.6 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Small Cap Core Fund
Investor A Shares | BDSAX
Semi-Annual Shareholder Report — November 30, 2024
BDSAX-11/24-SAR
BlackRock Advantage Small Cap Core Fund
Investor C Shares | BDSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $81 | 1.50%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | 15.02 | % | 34.72 | % | 8.66 | % | 8.98 | % |
| Investor C Shares (with sales charge) | 14.02 | | 33.72 | | 8.66 | | 8.98 | |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 2000® Index | 18.40 | | 36.43 | | 9.90 | | 9.05 | |
| Net Assets | $4,470,664,678 |
| Number of Portfolio Holdings | 807 |
| Portfolio Turnover Rate | 44% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.5 | % |
| Industrials | 18.0 | % |
| Health Care | 17.3 | % |
| Information Technology | 13.5 | % |
| Consumer Discretionary | 10.7 | % |
| Real Estate | 5.7 | % |
| Energy | 4.4 | % |
| Materials | 3.7 | % |
| Communication Services | 3.3 | % |
| Consumer Staples | 2.0 | % |
| Utilities | 2.0 | % |
| Short-Term Securities | 3.3 | % |
| Liabilities in Excess of Other Assets | (2.4 | )% |
| Security(b) | Percent of
Net Assets | |
| ExlService Holdings, Inc. | 1.0 | % |
| ACI Worldwide, Inc. | 1.0 | % |
| Boise Cascade Co. | 0.8 | % |
| Kite Realty Group Trust | 0.8 | % |
| First Industrial Realty Trust, Inc. | 0.8 | % |
| Sprouts Farmers Market, Inc. | 0.8 | % |
| Flowserve Corp. | 0.7 | % |
| FTAI Aviation Ltd. | 0.7 | % |
| Comfort Systems U.S.A., Inc. | 0.6 | % |
| Enova International, Inc. | 0.6 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Small Cap Core Fund
Investor C Shares | BDSCX
Semi-Annual Shareholder Report — November 30, 2024
BDSCX-11/24-SAR
BlackRock Advantage Small Cap Core Fund
Class K Shares | BDSKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Advantage Small Cap Core Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $24 | 0.45%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 15.67 | % | 36.21 | % | 9.81 | % | 9.97 | % |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 2000® Index | 18.40 | | 36.43 | | 9.90 | | 9.05 | |
| Net Assets | $4,470,664,678 |
| Number of Portfolio Holdings | 807 |
| Portfolio Turnover Rate | 44% |
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.5 | % |
| Industrials | 18.0 | % |
| Health Care | 17.3 | % |
| Information Technology | 13.5 | % |
| Consumer Discretionary | 10.7 | % |
| Real Estate | 5.7 | % |
| Energy | 4.4 | % |
| Materials | 3.7 | % |
| Communication Services | 3.3 | % |
| Consumer Staples | 2.0 | % |
| Utilities | 2.0 | % |
| Short-Term Securities | 3.3 | % |
| Liabilities in Excess of Other Assets | (2.4 | )% |
| Security(b) | Percent of
Net Assets | |
| ExlService Holdings, Inc. | 1.0 | % |
| ACI Worldwide, Inc. | 1.0 | % |
| Boise Cascade Co. | 0.8 | % |
| Kite Realty Group Trust | 0.8 | % |
| First Industrial Realty Trust, Inc. | 0.8 | % |
| Sprouts Farmers Market, Inc. | 0.8 | % |
| Flowserve Corp. | 0.7 | % |
| FTAI Aviation Ltd. | 0.7 | % |
| Comfort Systems U.S.A., Inc. | 0.6 | % |
| Enova International, Inc. | 0.6 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Advantage Small Cap Core Fund
Class K Shares | BDSKX
Semi-Annual Shareholder Report — November 30, 2024
BDSKX-11/24-SAR
BlackRock Commodity Strategies Fund
Institutional Shares | BICSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $36 | 0.72%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 0.32 | % | 7.33 | % | 9.79 | % | 3.31 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| Bloomberg Commodity Index Total ReturnSM | (2.31 | ) | 1.51 | | 7.60 | | 0.38 | |
| Net Assets | $633,298,869 |
| Number of Portfolio Holdings | 196 |
| Portfolio Turnover Rate | 37% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Materials | 24.7 | % |
| Energy | 14.5 | % |
| Consumer Staples | 3.4 | % |
| Industrials | 3.1 | % |
| Health Care | 1.6 | % |
| Consumer Discretionary | 1.4 | % |
| Short-Term Securities | 51.3 | % |
| Security(b) | Percent of
Net Assets | |
| Exxon Mobil Corp. | 2.9 | % |
| Agnico Eagle Mines Ltd. | 1.5 | % |
| Shell PLC | 1.5 | % |
| Wheaton Precious Metals Corp. | 1.2 | % |
| Kinross Gold Corp. | 1.1 | % |
| Barrick Gold Corp. | 1.0 | % |
| TotalEnergies SE | 0.9 | % |
| Compass Group PLC | 0.9 | % |
| Rio Tinto PLC | 0.9 | % |
| Graphic Packaging Holding Co. | 0.8 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Commodity Strategies Fund
Institutional Shares | BICSX
Semi-Annual Shareholder Report — November 30, 2024
BICSX-11/24-SAR
BlackRock Commodity Strategies Fund
Investor A Shares | BCSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $49 | 0.97%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 0.10 | % | 7.00 | % | 9.50 | % | 3.06 | % |
| Investor A Shares (with sales charge) | (5.15 | ) | 1.38 | | 8.33 | | 2.51 | |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| Bloomberg Commodity Index Total ReturnSM | (2.31 | ) | 1.51 | | 7.60 | | 0.38 | |
| Net Assets | $633,298,869 |
| Number of Portfolio Holdings | 196 |
| Portfolio Turnover Rate | 37% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Materials | 24.7 | % |
| Energy | 14.5 | % |
| Consumer Staples | 3.4 | % |
| Industrials | 3.1 | % |
| Health Care | 1.6 | % |
| Consumer Discretionary | 1.4 | % |
| Short-Term Securities | 51.3 | % |
| Security(b) | Percent of
Net Assets | |
| Exxon Mobil Corp. | 2.9 | % |
| Agnico Eagle Mines Ltd. | 1.5 | % |
| Shell PLC | 1.5 | % |
| Wheaton Precious Metals Corp. | 1.2 | % |
| Kinross Gold Corp. | 1.1 | % |
| Barrick Gold Corp. | 1.0 | % |
| TotalEnergies SE | 0.9 | % |
| Compass Group PLC | 0.9 | % |
| Rio Tinto PLC | 0.9 | % |
| Graphic Packaging Holding Co. | 0.8 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Commodity Strategies Fund
Investor A Shares | BCSAX
Semi-Annual Shareholder Report — November 30, 2024
BCSAX-11/24-SAR
BlackRock Commodity Strategies Fund
Investor C Shares | BCSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $86 | 1.72%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | (0.23 | )% | 6.31 | % | 8.68 | % | 2.44 | % |
| Investor C Shares (with sales charge) | (1.21 | ) | 5.31 | | 8.68 | | 2.44 | |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| Bloomberg Commodity Index Total ReturnSM | (2.31 | ) | 1.51 | | 7.60 | | 0.38 | |
| Net Assets | $633,298,869 |
| Number of Portfolio Holdings | 196 |
| Portfolio Turnover Rate | 37% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Materials | 24.7 | % |
| Energy | 14.5 | % |
| Consumer Staples | 3.4 | % |
| Industrials | 3.1 | % |
| Health Care | 1.6 | % |
| Consumer Discretionary | 1.4 | % |
| Short-Term Securities | 51.3 | % |
| Security(b) | Percent of
Net Assets | |
| Exxon Mobil Corp. | 2.9 | % |
| Agnico Eagle Mines Ltd. | 1.5 | % |
| Shell PLC | 1.5 | % |
| Wheaton Precious Metals Corp. | 1.2 | % |
| Kinross Gold Corp. | 1.1 | % |
| Barrick Gold Corp. | 1.0 | % |
| TotalEnergies SE | 0.9 | % |
| Compass Group PLC | 0.9 | % |
| Rio Tinto PLC | 0.9 | % |
| Graphic Packaging Holding Co. | 0.8 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Commodity Strategies Fund
Investor C Shares | BCSCX
Semi-Annual Shareholder Report — November 30, 2024
BCSCX-11/24-SAR
BlackRock Commodity Strategies Fund
Class K Shares | BCSKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Commodity Strategies Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $34 | 0.67%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 0.23 | % | 7.39 | % | 9.81 | % | 3.35 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| Bloomberg Commodity Index Total ReturnSM | (2.31 | ) | 1.51 | | 7.60 | | 0.38 | |
| Net Assets | $633,298,869 |
| Number of Portfolio Holdings | 196 |
| Portfolio Turnover Rate | 37% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Materials | 24.7 | % |
| Energy | 14.5 | % |
| Consumer Staples | 3.4 | % |
| Industrials | 3.1 | % |
| Health Care | 1.6 | % |
| Consumer Discretionary | 1.4 | % |
| Short-Term Securities | 51.3 | % |
| Security(b) | Percent of
Net Assets | |
| Exxon Mobil Corp. | 2.9 | % |
| Agnico Eagle Mines Ltd. | 1.5 | % |
| Shell PLC | 1.5 | % |
| Wheaton Precious Metals Corp. | 1.2 | % |
| Kinross Gold Corp. | 1.1 | % |
| Barrick Gold Corp. | 1.0 | % |
| TotalEnergies SE | 0.9 | % |
| Compass Group PLC | 0.9 | % |
| Rio Tinto PLC | 0.9 | % |
| Graphic Packaging Holding Co. | 0.8 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Commodity Strategies Fund
Class K Shares | BCSKX
Semi-Annual Shareholder Report — November 30, 2024
BCSKX-11/24-SAR
BlackRock Energy Opportunities Fund
Institutional Shares | BACIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Energy Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $46 | 0.91%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 0.51 | % | 11.01 | % | 12.20 | % | 3.42 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI World Energy Index | 0.72 | | 11.17 | | 10.99 | | 4.29 | |
| Net Assets | $324,881,370 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 23% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Oil, Gas & Consumable Fuels | 90.9 | % |
| Energy Equipment & Services | 6.7 | % |
| Short-Term Securities | 2.2 | % |
| Other Assets Less Liabilities | 0.2 | % |
| Security(b) | Percent of
Net Assets | |
| Exxon Mobil Corp. | 20.0 | % |
| Shell PLC | 9.9 | % |
| TotalEnergies SE | 6.4 | % |
| ConocoPhillips | 5.4 | % |
| Williams Cos., Inc. (The) | 4.8 | % |
| Targa Resources Corp. | 4.5 | % |
| EOG Resources, Inc. | 4.0 | % |
| Cheniere Energy, Inc. | 3.9 | % |
| Chevron Corp. | 3.8 | % |
| Canadian Natural Resources Ltd. | 3.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Energy Opportunities Fund
Institutional Shares | BACIX
Semi-Annual Shareholder Report — November 30, 2024
BACIX-11/24-SAR
BlackRock Energy Opportunities Fund
Investor A Shares | BACAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Energy Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $65 | 1.29%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 0.35 | % | 10.67 | % | 11.74 | % | 3.00 | % |
| Investor A Shares (with sales charge) | (4.92 | ) | 4.86 | | 10.54 | | 2.44 | |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI World Energy Index | 0.72 | | 11.17 | | 10.99 | | 4.29 | |
| Net Assets | $324,881,370 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 23% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Oil, Gas & Consumable Fuels | 90.9 | % |
| Energy Equipment & Services | 6.7 | % |
| Short-Term Securities | 2.2 | % |
| Other Assets Less Liabilities | 0.2 | % |
| Security(b) | Percent of
Net Assets | |
| Exxon Mobil Corp. | 20.0 | % |
| Shell PLC | 9.9 | % |
| TotalEnergies SE | 6.4 | % |
| ConocoPhillips | 5.4 | % |
| Williams Cos., Inc. (The) | 4.8 | % |
| Targa Resources Corp. | 4.5 | % |
| EOG Resources, Inc. | 4.0 | % |
| Cheniere Energy, Inc. | 3.9 | % |
| Chevron Corp. | 3.8 | % |
| Canadian Natural Resources Ltd. | 3.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Energy Opportunities Fund
Investor A Shares | BACAX
Semi-Annual Shareholder Report — November 30, 2024
BACAX-11/24-SAR
BlackRock Energy Opportunities Fund
Investor C Shares | BACCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Energy Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $100 | 2.00%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | (0.08 | )% | 9.86 | % | 10.93 | % | 2.40 | % |
| Investor C Shares (with sales charge) | (1.08 | ) | 8.86 | | 10.93 | | 2.40 | |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI World Energy Index | 0.72 | | 11.17 | | 10.99 | | 4.29 | |
| Net Assets | $324,881,370 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 23% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Oil, Gas & Consumable Fuels | 90.9 | % |
| Energy Equipment & Services | 6.7 | % |
| Short-Term Securities | 2.2 | % |
| Other Assets Less Liabilities | 0.2 | % |
| Security(b) | Percent of
Net Assets | |
| Exxon Mobil Corp. | 20.0 | % |
| Shell PLC | 9.9 | % |
| TotalEnergies SE | 6.4 | % |
| ConocoPhillips | 5.4 | % |
| Williams Cos., Inc. (The) | 4.8 | % |
| Targa Resources Corp. | 4.5 | % |
| EOG Resources, Inc. | 4.0 | % |
| Cheniere Energy, Inc. | 3.9 | % |
| Chevron Corp. | 3.8 | % |
| Canadian Natural Resources Ltd. | 3.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Energy Opportunities Fund
Investor C Shares | BACCX
Semi-Annual Shareholder Report — November 30, 2024
BACCX-11/24-SAR
BlackRock Health Sciences Opportunities Portfolio
Institutional Shares | SHSSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $42 | 0.83%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 3.83 | % | 15.94 | % | 8.58 | % | 9.97 | % |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 3000® Health Care Index | 4.73 | | 16.21 | | 9.28 | | 9.43 | |
| Net Assets | $8,020,693,616 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 16% |
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Health Care Equipment & Supplies | 27.7 | % |
| Biotechnology | 26.6 | % |
| Pharmaceuticals | 17.8 | % |
| Health Care Providers & Services | 17.5 | % |
| Life Sciences Tools & Services | 8.9 | % |
| Financial Services | 0.1 | % |
| Software | 0.1 | % |
| Short-Term Securities | 2.5 | % |
| Liabilities in Excess of Other Assets | (1.2 | )% |
| Security(b) | Percent of
Net Assets | |
| UnitedHealth Group, Inc. | 9.0 | % |
| Eli Lilly & Co. | 8.8 | % |
| Boston Scientific Corp. | 6.9 | % |
| Intuitive Surgical, Inc. | 4.9 | % |
| AbbVie, Inc. | 4.3 | % |
| Abbott Laboratories | 3.8 | % |
| Stryker Corp. | 3.3 | % |
| Danaher Corp. | 3.2 | % |
| Thermo Fisher Scientific, Inc. | 2.8 | % |
| Amgen, Inc. | 2.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Health Sciences Opportunities Portfolio
Institutional Shares | SHSSX
Semi-Annual Shareholder Report — November 30, 2024
SHSSX-11/24-SAR
BlackRock Health Sciences Opportunities Portfolio
Service Shares | SHISX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Service Shares | $59 | 1.15%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Service Shares | 3.66 | % | 15.58 | % | 8.25 | % | 9.64 | % |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 3000® Health Care Index | 4.73 | | 16.21 | | 9.28 | | 9.43 | |
| Net Assets | $8,020,693,616 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 16% |
Average annual total returns reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Health Care Equipment & Supplies | 27.7 | % |
| Biotechnology | 26.6 | % |
| Pharmaceuticals | 17.8 | % |
| Health Care Providers & Services | 17.5 | % |
| Life Sciences Tools & Services | 8.9 | % |
| Financial Services | 0.1 | % |
| Software | 0.1 | % |
| Short-Term Securities | 2.5 | % |
| Liabilities in Excess of Other Assets | (1.2 | )% |
| Security(b) | Percent of
Net Assets | |
| UnitedHealth Group, Inc. | 9.0 | % |
| Eli Lilly & Co. | 8.8 | % |
| Boston Scientific Corp. | 6.9 | % |
| Intuitive Surgical, Inc. | 4.9 | % |
| AbbVie, Inc. | 4.3 | % |
| Abbott Laboratories | 3.8 | % |
| Stryker Corp. | 3.3 | % |
| Danaher Corp. | 3.2 | % |
| Thermo Fisher Scientific, Inc. | 2.8 | % |
| Amgen, Inc. | 2.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Health Sciences Opportunities Portfolio
Service Shares | SHISX
Semi-Annual Shareholder Report — November 30, 2024
SHISX-11/24-SAR
BlackRock Health Sciences Opportunities Portfolio
Investor A Shares | SHSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $55 | 1.08%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 3.69 | % | 15.64 | % | 8.30 | % | 9.67 | % |
| Investor A Shares (with sales charge) | (1.75 | ) | 9.56 | | 7.14 | | 9.09 | |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 3000® Health Care Index | 4.73 | | 16.21 | | 9.28 | | 9.43 | |
| Net Assets | $8,020,693,616 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 16% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Health Care Equipment & Supplies | 27.7 | % |
| Biotechnology | 26.6 | % |
| Pharmaceuticals | 17.8 | % |
| Health Care Providers & Services | 17.5 | % |
| Life Sciences Tools & Services | 8.9 | % |
| Financial Services | 0.1 | % |
| Software | 0.1 | % |
| Short-Term Securities | 2.5 | % |
| Liabilities in Excess of Other Assets | (1.2 | )% |
| Security(b) | Percent of
Net Assets | |
| UnitedHealth Group, Inc. | 9.0 | % |
| Eli Lilly & Co. | 8.8 | % |
| Boston Scientific Corp. | 6.9 | % |
| Intuitive Surgical, Inc. | 4.9 | % |
| AbbVie, Inc. | 4.3 | % |
| Abbott Laboratories | 3.8 | % |
| Stryker Corp. | 3.3 | % |
| Danaher Corp. | 3.2 | % |
| Thermo Fisher Scientific, Inc. | 2.8 | % |
| Amgen, Inc. | 2.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Health Sciences Opportunities Portfolio
Investor A Shares | SHSAX
Semi-Annual Shareholder Report — November 30, 2024
SHSAX-11/24-SAR
BlackRock Health Sciences Opportunities Portfolio
Investor C Shares | SHSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $94 | 1.84%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | 3.32 | % | 14.77 | % | 7.50 | % | 9.03 | % |
| Investor C Shares (with sales charge) | 2.33 | | 13.77 | | 7.50 | | 9.03 | |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 3000® Health Care Index | 4.73 | | 16.21 | | 9.28 | | 9.43 | |
| Net Assets | $8,020,693,616 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 16% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Health Care Equipment & Supplies | 27.7 | % |
| Biotechnology | 26.6 | % |
| Pharmaceuticals | 17.8 | % |
| Health Care Providers & Services | 17.5 | % |
| Life Sciences Tools & Services | 8.9 | % |
| Financial Services | 0.1 | % |
| Software | 0.1 | % |
| Short-Term Securities | 2.5 | % |
| Liabilities in Excess of Other Assets | (1.2 | )% |
| Security(b) | Percent of
Net Assets | |
| UnitedHealth Group, Inc. | 9.0 | % |
| Eli Lilly & Co. | 8.8 | % |
| Boston Scientific Corp. | 6.9 | % |
| Intuitive Surgical, Inc. | 4.9 | % |
| AbbVie, Inc. | 4.3 | % |
| Abbott Laboratories | 3.8 | % |
| Stryker Corp. | 3.3 | % |
| Danaher Corp. | 3.2 | % |
| Thermo Fisher Scientific, Inc. | 2.8 | % |
| Amgen, Inc. | 2.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Health Sciences Opportunities Portfolio
Investor C Shares | SHSCX
Semi-Annual Shareholder Report — November 30, 2024
SHSCX-11/24-SAR
BlackRock Health Sciences Opportunities Portfolio
Class K Shares | SHSKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $38 | 0.74%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 3.87 | % | 16.05 | % | 8.69 | % | 10.01 | % |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 3000® Health Care Index | 4.73 | | 16.21 | | 9.28 | | 9.43 | |
| Net Assets | $8,020,693,616 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 16% |
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of June 8, 2016 is that of Investor A Shares. The performance of the Class K Shares would be substantially similar to Investor A Shares because Class K Shares and Investor A Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Investor A Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Investor A Shares because Class K Shares have lower expenses than the Investor A Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Health Care Equipment & Supplies | 27.7 | % |
| Biotechnology | 26.6 | % |
| Pharmaceuticals | 17.8 | % |
| Health Care Providers & Services | 17.5 | % |
| Life Sciences Tools & Services | 8.9 | % |
| Financial Services | 0.1 | % |
| Software | 0.1 | % |
| Short-Term Securities | 2.5 | % |
| Liabilities in Excess of Other Assets | (1.2 | )% |
| Security(b) | Percent of
Net Assets | |
| UnitedHealth Group, Inc. | 9.0 | % |
| Eli Lilly & Co. | 8.8 | % |
| Boston Scientific Corp. | 6.9 | % |
| Intuitive Surgical, Inc. | 4.9 | % |
| AbbVie, Inc. | 4.3 | % |
| Abbott Laboratories | 3.8 | % |
| Stryker Corp. | 3.3 | % |
| Danaher Corp. | 3.2 | % |
| Thermo Fisher Scientific, Inc. | 2.8 | % |
| Amgen, Inc. | 2.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Health Sciences Opportunities Portfolio
Class K Shares | SHSKX
Semi-Annual Shareholder Report — November 30, 2024
SHSKX-11/24-SAR
BlackRock Health Sciences Opportunities Portfolio
Class R Shares | BHSRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Health Sciences Opportunities Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class R Shares | $73 | 1.44%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class R Shares | 3.50 | % | 15.23 | % | 7.92 | % | 9.30 | % |
| Russell 3000® Index | 15.95 | | 34.49 | | 15.23 | | 12.89 | |
| Russell 3000® Health Care Index | 4.73 | | 16.21 | | 9.28 | | 9.43 | |
| Net Assets | $8,020,693,616 |
| Number of Portfolio Holdings | 140 |
| Portfolio Turnover Rate | 16% |
Average annual total returns reflect reductions for distribution and service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Health Care Equipment & Supplies | 27.7 | % |
| Biotechnology | 26.6 | % |
| Pharmaceuticals | 17.8 | % |
| Health Care Providers & Services | 17.5 | % |
| Life Sciences Tools & Services | 8.9 | % |
| Financial Services | 0.1 | % |
| Software | 0.1 | % |
| Short-Term Securities | 2.5 | % |
| Liabilities in Excess of Other Assets | (1.2 | )% |
| Security(b) | Percent of
Net Assets | |
| UnitedHealth Group, Inc. | 9.0 | % |
| Eli Lilly & Co. | 8.8 | % |
| Boston Scientific Corp. | 6.9 | % |
| Intuitive Surgical, Inc. | 4.9 | % |
| AbbVie, Inc. | 4.3 | % |
| Abbott Laboratories | 3.8 | % |
| Stryker Corp. | 3.3 | % |
| Danaher Corp. | 3.2 | % |
| Thermo Fisher Scientific, Inc. | 2.8 | % |
| Amgen, Inc. | 2.5 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Health Sciences Opportunities Portfolio
Class R Shares | BHSRX
Semi-Annual Shareholder Report — November 30, 2024
BHSRX-11/24-SAR
BlackRock High Equity Income Fund
Institutional Shares | BMCIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $44 | 0.85%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 6.42 | % | 18.56 | % | 9.31 | % | 8.04 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Value Index | 14.05 | | 29.56 | | 10.84 | | 9.32 | |
| Net Assets | $2,023,457,783 |
| Number of Portfolio Holdings | 182 |
| Portfolio Turnover Rate | 54% |
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund’s returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.9 | % |
| Health Care | 17.8 | % |
| Industrials | 13.1 | % |
| Information Technology | 9.8 | % |
| Consumer Discretionary | 7.7 | % |
| Consumer Staples | 7.6 | % |
| Communication Services | 7.2 | % |
| Energy | 5.4 | % |
| Materials | 5.3 | % |
| Utilities | 4.4 | % |
| Real Estate | 1.4 | % |
| Short-Term Securities | 2.9 | % |
| Liabilities in Excess of Other Assets | (1.5 | )% |
| Security(b) | Percent of
Net Assets | |
| Wells Fargo & Co. | 2.2 | % |
| Cardinal Health, Inc. | 2.2 | % |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.0 | % |
| First Citizens BancShares, Inc., Class A | 1.6 | % |
| CVS Health Corp. | 1.6 | % |
| Barclays Capital, Inc. (Wells Fargo & Co.) | 1.6 | % |
| Citigroup, Inc. | 1.5 | % |
| SS&C Technologies Holdings, Inc. | 1.5 | % |
| Baxter International, Inc. | 1.4 | % |
| Comcast Corp., Class A | 1.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock High Equity Income Fund
Institutional Shares | BMCIX
Semi-Annual Shareholder Report — November 30, 2024
BMCIX-11/24-SAR
BlackRock High Equity Income Fund
Investor A Shares | BMEAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $57 | 1.10%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 6.29 | % | 18.28 | % | 9.04 | % | 7.74 | % |
| Investor A Shares (with sales charge) | 0.71 | | 12.07 | | 7.87 | | 7.16 | |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Value Index | 14.05 | | 29.56 | | 10.84 | | 9.32 | |
| Net Assets | $2,023,457,783 |
| Number of Portfolio Holdings | 182 |
| Portfolio Turnover Rate | 54% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund’s returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.9 | % |
| Health Care | 17.8 | % |
| Industrials | 13.1 | % |
| Information Technology | 9.8 | % |
| Consumer Discretionary | 7.7 | % |
| Consumer Staples | 7.6 | % |
| Communication Services | 7.2 | % |
| Energy | 5.4 | % |
| Materials | 5.3 | % |
| Utilities | 4.4 | % |
| Real Estate | 1.4 | % |
| Short-Term Securities | 2.9 | % |
| Liabilities in Excess of Other Assets | (1.5 | )% |
| Security(b) | Percent of
Net Assets | |
| Wells Fargo & Co. | 2.2 | % |
| Cardinal Health, Inc. | 2.2 | % |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.0 | % |
| First Citizens BancShares, Inc., Class A | 1.6 | % |
| CVS Health Corp. | 1.6 | % |
| Barclays Capital, Inc. (Wells Fargo & Co.) | 1.6 | % |
| Citigroup, Inc. | 1.5 | % |
| SS&C Technologies Holdings, Inc. | 1.5 | % |
| Baxter International, Inc. | 1.4 | % |
| Comcast Corp., Class A | 1.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock High Equity Income Fund
Investor A Shares | BMEAX
Semi-Annual Shareholder Report — November 30, 2024
BMEAX-11/24-SAR
BlackRock High Equity Income Fund
Investor C Shares | BMECX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $95 | 1.85%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | 5.87 | % | 17.33 | % | 8.21 | % | 7.10 | % |
| Investor C Shares (with sales charge) | 4.87 | | 16.33 | | 8.21 | | 7.10 | |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Value Index | 14.05 | | 29.56 | | 10.84 | | 9.32 | |
| Net Assets | $2,023,457,783 |
| Number of Portfolio Holdings | 182 |
| Portfolio Turnover Rate | 54% |
Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund’s returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.9 | % |
| Health Care | 17.8 | % |
| Industrials | 13.1 | % |
| Information Technology | 9.8 | % |
| Consumer Discretionary | 7.7 | % |
| Consumer Staples | 7.6 | % |
| Communication Services | 7.2 | % |
| Energy | 5.4 | % |
| Materials | 5.3 | % |
| Utilities | 4.4 | % |
| Real Estate | 1.4 | % |
| Short-Term Securities | 2.9 | % |
| Liabilities in Excess of Other Assets | (1.5 | )% |
| Security(b) | Percent of
Net Assets | |
| Wells Fargo & Co. | 2.2 | % |
| Cardinal Health, Inc. | 2.2 | % |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.0 | % |
| First Citizens BancShares, Inc., Class A | 1.6 | % |
| CVS Health Corp. | 1.6 | % |
| Barclays Capital, Inc. (Wells Fargo & Co.) | 1.6 | % |
| Citigroup, Inc. | 1.5 | % |
| SS&C Technologies Holdings, Inc. | 1.5 | % |
| Baxter International, Inc. | 1.4 | % |
| Comcast Corp., Class A | 1.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock High Equity Income Fund
Investor C Shares | BMECX
Semi-Annual Shareholder Report — November 30, 2024
BMECX-11/24-SAR
BlackRock High Equity Income Fund
Class K Shares | BHEIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock High Equity Income Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $41 | 0.80%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 6.45 | % | 18.58 | % | 9.34 | % | 8.06 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell 1000® Value Index | 14.05 | | 29.56 | | 10.84 | | 9.32 | |
| Net Assets | $2,023,457,783 |
| Number of Portfolio Holdings | 182 |
| Portfolio Turnover Rate | 54% |
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
The Fund’s returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock U.S. Opportunities Portfolio.
Performance shown prior to the Class K Shares inception date of April 21, 2020 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Financials | 18.9 | % |
| Health Care | 17.8 | % |
| Industrials | 13.1 | % |
| Information Technology | 9.8 | % |
| Consumer Discretionary | 7.7 | % |
| Consumer Staples | 7.6 | % |
| Communication Services | 7.2 | % |
| Energy | 5.4 | % |
| Materials | 5.3 | % |
| Utilities | 4.4 | % |
| Real Estate | 1.4 | % |
| Short-Term Securities | 2.9 | % |
| Liabilities in Excess of Other Assets | (1.5 | )% |
| Security(b) | Percent of
Net Assets | |
| Wells Fargo & Co. | 2.2 | % |
| Cardinal Health, Inc. | 2.2 | % |
| Samsung Electronics Co. Ltd., Registered Shares, GDR | 2.0 | % |
| First Citizens BancShares, Inc., Class A | 1.6 | % |
| CVS Health Corp. | 1.6 | % |
| Barclays Capital, Inc. (Wells Fargo & Co.) | 1.6 | % |
| Citigroup, Inc. | 1.5 | % |
| SS&C Technologies Holdings, Inc. | 1.5 | % |
| Baxter International, Inc. | 1.4 | % |
| Comcast Corp., Class A | 1.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock High Equity Income Fund
Class K Shares | BHEIX
Semi-Annual Shareholder Report — November 30, 2024
BHEIX-11/24-SAR
BlackRock Infrastructure Sustainable Opportunities Fund
Institutional Shares | BINFX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Infrastructure Sustainable Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $52 | 1.00%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Institutional Shares | 7.69 | % | 9.75 | % | 0.80 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 8.12 | |
| FTSE Developed Core Infrastructure 50/50 Net Tax Index | 12.00 | | 20.58 | | 6.16 | |
| Net Assets | $9,621,118 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 59% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund commenced operations on September 30, 2021.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Utilities | 47.6 | % |
| Industrials | 32.6 | % |
| Real Estate | 13.0 | % |
| Communication Services | 4.3 | % |
| Information Technology | 1.8 | % |
| Short-Term Securities | 3.6 | % |
| Liabilities in Excess of Other Assets | (2.9 | )% |
| Security(b) | Percent of
Net Assets | |
| National Grid PLC | 6.8 | % |
| Canadian National Railway Co. | 5.6 | % |
| E.ON SE, Registered Shares | 5.1 | % |
| Exelon Corp. | 5.0 | % |
| CSX Corp. | 4.9 | % |
| SBA Communications Corp. | 4.7 | % |
| Consolidated Edison, Inc. | 4.5 | % |
| PG&E Corp. | 4.3 | % |
| United Utilities Group PLC | 4.1 | % |
| Enel SpA | 3.7 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Infrastructure Sustainable Opportunities Fund
Institutional Shares | BINFX
Semi-Annual Shareholder Report — November 30, 2024
BINFX-11/24-SAR
BlackRock Infrastructure Sustainable Opportunities Fund
Investor A Shares | BINAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Infrastructure Sustainable Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $65 | 1.25%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Investor A Shares | 7.58 | % | 9.51 | % | 0.57 | % |
| Investor A Shares (with sales charge) | 1.93 | | 3.76 | | (1.13 | ) |
| MSCI All Country World Index | 10.53 | | 26.12 | | 8.12 | |
| FTSE Developed Core Infrastructure 50/50 Net Tax Index | 12.00 | | 20.58 | | 6.16 | |
| Net Assets | $9,621,118 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 59% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund commenced operations on September 30, 2021.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Utilities | 47.6 | % |
| Industrials | 32.6 | % |
| Real Estate | 13.0 | % |
| Communication Services | 4.3 | % |
| Information Technology | 1.8 | % |
| Short-Term Securities | 3.6 | % |
| Liabilities in Excess of Other Assets | (2.9 | )% |
| Security(b) | Percent of
Net Assets | |
| National Grid PLC | 6.8 | % |
| Canadian National Railway Co. | 5.6 | % |
| E.ON SE, Registered Shares | 5.1 | % |
| Exelon Corp. | 5.0 | % |
| CSX Corp. | 4.9 | % |
| SBA Communications Corp. | 4.7 | % |
| Consolidated Edison, Inc. | 4.5 | % |
| PG&E Corp. | 4.3 | % |
| United Utilities Group PLC | 4.1 | % |
| Enel SpA | 3.7 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Infrastructure Sustainable Opportunities Fund
Investor A Shares | BINAX
Semi-Annual Shareholder Report — November 30, 2024
BINAX-11/24-SAR
BlackRock Infrastructure Sustainable Opportunities Fund
Class K Shares | BINKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Infrastructure Sustainable Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $49 | 0.95%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Class K Shares | 7.58 | % | 9.67 | % | 0.84 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 8.12 | |
| FTSE Developed Core Infrastructure 50/50 Net Tax Index | 12.00 | | 20.58 | | 6.16 | |
| Net Assets | $9,621,118 |
| Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 59% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund commenced operations on September 30, 2021.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Utilities | 47.6 | % |
| Industrials | 32.6 | % |
| Real Estate | 13.0 | % |
| Communication Services | 4.3 | % |
| Information Technology | 1.8 | % |
| Short-Term Securities | 3.6 | % |
| Liabilities in Excess of Other Assets | (2.9 | )% |
| Security(b) | Percent of
Net Assets | |
| National Grid PLC | 6.8 | % |
| Canadian National Railway Co. | 5.6 | % |
| E.ON SE, Registered Shares | 5.1 | % |
| Exelon Corp. | 5.0 | % |
| CSX Corp. | 4.9 | % |
| SBA Communications Corp. | 4.7 | % |
| Consolidated Edison, Inc. | 4.5 | % |
| PG&E Corp. | 4.3 | % |
| United Utilities Group PLC | 4.1 | % |
| Enel SpA | 3.7 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Infrastructure Sustainable Opportunities Fund
Class K Shares | BINKX
Semi-Annual Shareholder Report — November 30, 2024
BINKX-11/24-SAR
BlackRock Mid-Cap Growth Equity Portfolio
Institutional Shares | CMGIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $44 | 0.80%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 17.79 | % | 29.31 | % | 10.09 | % | 12.75 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell Midcap® Growth Index | 24.90 | | 40.07 | | 13.18 | | 12.22 | |
| Net Assets | $11,438,123,470 |
| Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 38% |
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 28.4 | % |
| Industrials | 26.2 | % |
| Consumer Discretionary | 11.4 | % |
| Financials | 10.7 | % |
| Health Care | 9.9 | % |
| Communication Services | 9.2 | % |
| Real Estate | 2.1 | % |
| Utilities | 1.2 | % |
| Materials | 1.0 | % |
| Short-Term Securities | 3.8 | % |
| Liabilities in Excess of Other Assets | (3.9 | )% |
| Security(b) | Percent of
Net Assets | |
| AppLovin Corp., Class A | 5.1 | % |
| Axon Enterprise, Inc. | 4.4 | % |
| Vertiv Holdings Co., Class A | 4.0 | % |
| Ares Management Corp., Class A | 3.1 | % |
| Comfort Systems U.S.A., Inc. | 2.7 | % |
| Live Nation Entertainment, Inc. | 2.6 | % |
| HEICO Corp. | 2.5 | % |
| Saia, Inc. | 2.5 | % |
| Tradeweb Markets, Inc., Class A | 2.5 | % |
| TPG, Inc., Class A | 2.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Mid-Cap Growth Equity Portfolio
Institutional Shares | CMGIX
Semi-Annual Shareholder Report — November 30, 2024
CMGIX-11/24-SAR
BlackRock Mid-Cap Growth Equity Portfolio
Service Shares | CMGSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Service Shares | $57 | 1.05%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Service Shares | 17.62 | % | 28.98 | % | 9.81 | % | 12.46 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell Midcap® Growth Index | 24.90 | | 40.07 | | 13.18 | | 12.22 | |
| Net Assets | $11,438,123,470 |
| Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 38% |
Average annual total returns reflect reductions for service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 28.4 | % |
| Industrials | 26.2 | % |
| Consumer Discretionary | 11.4 | % |
| Financials | 10.7 | % |
| Health Care | 9.9 | % |
| Communication Services | 9.2 | % |
| Real Estate | 2.1 | % |
| Utilities | 1.2 | % |
| Materials | 1.0 | % |
| Short-Term Securities | 3.8 | % |
| Liabilities in Excess of Other Assets | (3.9 | )% |
| Security(b) | Percent of
Net Assets | |
| AppLovin Corp., Class A | 5.1 | % |
| Axon Enterprise, Inc. | 4.4 | % |
| Vertiv Holdings Co., Class A | 4.0 | % |
| Ares Management Corp., Class A | 3.1 | % |
| Comfort Systems U.S.A., Inc. | 2.7 | % |
| Live Nation Entertainment, Inc. | 2.6 | % |
| HEICO Corp. | 2.5 | % |
| Saia, Inc. | 2.5 | % |
| Tradeweb Markets, Inc., Class A | 2.5 | % |
| TPG, Inc., Class A | 2.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Mid-Cap Growth Equity Portfolio
Service Shares | CMGSX
Semi-Annual Shareholder Report — November 30, 2024
CMGSX-11/24-SAR
BlackRock Mid-Cap Growth Equity Portfolio
Investor A Shares | BMGAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $57 | 1.05%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 17.65 | % | 29.00 | % | 9.81 | % | 12.45 | % |
| Investor A Shares (with sales charge) | 11.47 | | 22.22 | | 8.63 | | 11.84 | |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell Midcap® Growth Index | 24.90 | | 40.07 | | 13.18 | | 12.22 | |
| Net Assets | $11,438,123,470 |
| Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 38% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 28.4 | % |
| Industrials | 26.2 | % |
| Consumer Discretionary | 11.4 | % |
| Financials | 10.7 | % |
| Health Care | 9.9 | % |
| Communication Services | 9.2 | % |
| Real Estate | 2.1 | % |
| Utilities | 1.2 | % |
| Materials | 1.0 | % |
| Short-Term Securities | 3.8 | % |
| Liabilities in Excess of Other Assets | (3.9 | )% |
| Security(b) | Percent of
Net Assets | |
| AppLovin Corp., Class A | 5.1 | % |
| Axon Enterprise, Inc. | 4.4 | % |
| Vertiv Holdings Co., Class A | 4.0 | % |
| Ares Management Corp., Class A | 3.1 | % |
| Comfort Systems U.S.A., Inc. | 2.7 | % |
| Live Nation Entertainment, Inc. | 2.6 | % |
| HEICO Corp. | 2.5 | % |
| Saia, Inc. | 2.5 | % |
| Tradeweb Markets, Inc., Class A | 2.5 | % |
| TPG, Inc., Class A | 2.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Mid-Cap Growth Equity Portfolio
Investor A Shares | BMGAX
Semi-Annual Shareholder Report — November 30, 2024
BMGAX-11/24-SAR
BlackRock Mid-Cap Growth Equity Portfolio
Investor C Shares | BMGCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $98 | 1.80%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | 17.20 | % | 28.02 | % | 9.00 | % | 11.79 | % |
| Investor C Shares (with sales charge) | 16.20 | | 27.02 | | 9.00 | | 11.79 | |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell Midcap® Growth Index | 24.90 | | 40.07 | | 13.18 | | 12.22 | |
| Net Assets | $11,438,123,470 |
| Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 38% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 28.4 | % |
| Industrials | 26.2 | % |
| Consumer Discretionary | 11.4 | % |
| Financials | 10.7 | % |
| Health Care | 9.9 | % |
| Communication Services | 9.2 | % |
| Real Estate | 2.1 | % |
| Utilities | 1.2 | % |
| Materials | 1.0 | % |
| Short-Term Securities | 3.8 | % |
| Liabilities in Excess of Other Assets | (3.9 | )% |
| Security(b) | Percent of
Net Assets | |
| AppLovin Corp., Class A | 5.1 | % |
| Axon Enterprise, Inc. | 4.4 | % |
| Vertiv Holdings Co., Class A | 4.0 | % |
| Ares Management Corp., Class A | 3.1 | % |
| Comfort Systems U.S.A., Inc. | 2.7 | % |
| Live Nation Entertainment, Inc. | 2.6 | % |
| HEICO Corp. | 2.5 | % |
| Saia, Inc. | 2.5 | % |
| Tradeweb Markets, Inc., Class A | 2.5 | % |
| TPG, Inc., Class A | 2.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Mid-Cap Growth Equity Portfolio
Investor C Shares | BMGCX
Semi-Annual Shareholder Report — November 30, 2024
BMGCX-11/24-SAR
BlackRock Mid-Cap Growth Equity Portfolio
Class K Shares | BMGKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $38 | 0.70%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 17.83 | % | 29.46 | % | 10.19 | % | 12.84 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell Midcap® Growth Index | 24.90 | | 40.07 | | 13.18 | | 12.22 | |
| Net Assets | $11,438,123,470 |
| Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 38% |
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 28.4 | % |
| Industrials | 26.2 | % |
| Consumer Discretionary | 11.4 | % |
| Financials | 10.7 | % |
| Health Care | 9.9 | % |
| Communication Services | 9.2 | % |
| Real Estate | 2.1 | % |
| Utilities | 1.2 | % |
| Materials | 1.0 | % |
| Short-Term Securities | 3.8 | % |
| Liabilities in Excess of Other Assets | (3.9 | )% |
| Security(b) | Percent of
Net Assets | |
| AppLovin Corp., Class A | 5.1 | % |
| Axon Enterprise, Inc. | 4.4 | % |
| Vertiv Holdings Co., Class A | 4.0 | % |
| Ares Management Corp., Class A | 3.1 | % |
| Comfort Systems U.S.A., Inc. | 2.7 | % |
| Live Nation Entertainment, Inc. | 2.6 | % |
| HEICO Corp. | 2.5 | % |
| Saia, Inc. | 2.5 | % |
| Tradeweb Markets, Inc., Class A | 2.5 | % |
| TPG, Inc., Class A | 2.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Mid-Cap Growth Equity Portfolio
Class K Shares | BMGKX
Semi-Annual Shareholder Report — November 30, 2024
BMGKX-11/24-SAR
BlackRock Mid-Cap Growth Equity Portfolio
Class R Shares | BMRRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Mid-Cap Growth Equity Portfolio (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class R Shares | $71 | 1.30%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class R Shares | 17.50 | % | 28.68 | % | 9.54 | % | 12.16 | % |
| Russell 1000® Index | 15.83 | | 34.40 | | 15.58 | | 13.16 | |
| Russell Midcap® Growth Index | 24.90 | | 40.07 | | 13.18 | | 12.22 | |
| Net Assets | $11,438,123,470 |
| Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 38% |
Average annual total returns reflect reductions for distribution and service fees.
The Fund has added the Russell 1000® Index in response to new regulatory requirements.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Information Technology | 28.4 | % |
| Industrials | 26.2 | % |
| Consumer Discretionary | 11.4 | % |
| Financials | 10.7 | % |
| Health Care | 9.9 | % |
| Communication Services | 9.2 | % |
| Real Estate | 2.1 | % |
| Utilities | 1.2 | % |
| Materials | 1.0 | % |
| Short-Term Securities | 3.8 | % |
| Liabilities in Excess of Other Assets | (3.9 | )% |
| Security(b) | Percent of
Net Assets | |
| AppLovin Corp., Class A | 5.1 | % |
| Axon Enterprise, Inc. | 4.4 | % |
| Vertiv Holdings Co., Class A | 4.0 | % |
| Ares Management Corp., Class A | 3.1 | % |
| Comfort Systems U.S.A., Inc. | 2.7 | % |
| Live Nation Entertainment, Inc. | 2.6 | % |
| HEICO Corp. | 2.5 | % |
| Saia, Inc. | 2.5 | % |
| Tradeweb Markets, Inc., Class A | 2.5 | % |
| TPG, Inc., Class A | 2.3 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Mid-Cap Growth Equity Portfolio
Class R Shares | BMRRX
Semi-Annual Shareholder Report — November 30, 2024
BMRRX-11/24-SAR
BlackRock SMID-Cap Growth Equity Fund
Institutional Shares | BSMDX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock SMID-Cap Growth Equity Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $46 | 0.85%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Institutional Shares | 14.98 | % | 26.95 | % | (8.95 | )% |
| Russell 3000® Index | 15.95 | | 34.49 | | 10.79 | |
| Russell 2500TM Growth Index | 18.78 | | 37.95 | | 1.41 | |
| Net Assets | $11,395,528 |
| Number of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 30% |
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
The Fund commenced operations on June 29, 2021.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Industrials | 27.8 | % |
| Information Technology | 24.9 | % |
| Consumer Discretionary | 16.5 | % |
| Health Care | 11.1 | % |
| Financials | 8.3 | % |
| Communication Services | 6.3 | % |
| Energy | 3.6 | % |
| Consumer Staples | 1.3 | % |
| Real Estate | 0.2 | % |
| Short-Term Securities | 6.1 | % |
| Liabilities in Excess of Other Assets | (6.1 | )% |
| Security(b) | Percent of
Net Assets | |
| Axon Enterprise, Inc. | 3.3 | % |
| Comfort Systems U.S.A., Inc. | 3.2 | % |
| Saia, Inc. | 2.7 | % |
| Vertiv Holdings Co., Class A | 2.7 | % |
| TPG, Inc., Class A | 2.6 | % |
| Texas Pacific Land Corp. | 2.3 | % |
| Tradeweb Markets, Inc., Class A | 2.3 | % |
| Live Nation Entertainment, Inc. | 2.2 | % |
| DraftKings, Inc., Class A | 2.0 | % |
| Planet Fitness, Inc., Class A | 2.0 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock SMID-Cap Growth Equity Fund
Institutional Shares | BSMDX
Semi-Annual Shareholder Report — November 30, 2024
BSMDX-11/24-SAR
BlackRock SMID-Cap Growth Equity Fund
Investor A Shares | BSDAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock SMID-Cap Growth Equity Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $59 | 1.10%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Investor A Shares | 14.76 | % | 26.58 | % | (9.19 | )% |
| Investor A Shares (with sales charge) | 8.74 | | 19.94 | | (10.61 | ) |
| Russell 3000® Index | 15.95 | | 34.49 | | 10.79 | |
| Russell 2500TM Growth Index | 18.78 | | 37.95 | | 1.41 | |
| Net Assets | $11,395,528 |
| Number of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 30% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
The Fund commenced operations on June 29, 2021.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Industrials | 27.8 | % |
| Information Technology | 24.9 | % |
| Consumer Discretionary | 16.5 | % |
| Health Care | 11.1 | % |
| Financials | 8.3 | % |
| Communication Services | 6.3 | % |
| Energy | 3.6 | % |
| Consumer Staples | 1.3 | % |
| Real Estate | 0.2 | % |
| Short-Term Securities | 6.1 | % |
| Liabilities in Excess of Other Assets | (6.1 | )% |
| Security(b) | Percent of
Net Assets | |
| Axon Enterprise, Inc. | 3.3 | % |
| Comfort Systems U.S.A., Inc. | 3.2 | % |
| Saia, Inc. | 2.7 | % |
| Vertiv Holdings Co., Class A | 2.7 | % |
| TPG, Inc., Class A | 2.6 | % |
| Texas Pacific Land Corp. | 2.3 | % |
| Tradeweb Markets, Inc., Class A | 2.3 | % |
| Live Nation Entertainment, Inc. | 2.2 | % |
| DraftKings, Inc., Class A | 2.0 | % |
| Planet Fitness, Inc., Class A | 2.0 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock SMID-Cap Growth Equity Fund
Investor A Shares | BSDAX
Semi-Annual Shareholder Report — November 30, 2024
BSDAX-11/24-SAR
BlackRock SMID-Cap Growth Equity Fund
Class K Shares | BSDKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock SMID-Cap Growth Equity Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $40 | 0.75%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Class K Shares | 15.01 | % | 27.05 | % | (8.86 | )% |
| Russell 3000® Index | 15.95 | | 34.49 | | 10.79 | |
| Russell 2500TM Growth Index | 18.78 | | 37.95 | | 1.41 | |
| Net Assets | $11,395,528 |
| Number of Portfolio Holdings | 92 |
| Portfolio Turnover Rate | 30% |
The Fund has added the Russell 3000® Index in response to new regulatory requirements.
The Fund commenced operations on June 29, 2021.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Sector(a) | Percent of
Net Assets | |
| Industrials | 27.8 | % |
| Information Technology | 24.9 | % |
| Consumer Discretionary | 16.5 | % |
| Health Care | 11.1 | % |
| Financials | 8.3 | % |
| Communication Services | 6.3 | % |
| Energy | 3.6 | % |
| Consumer Staples | 1.3 | % |
| Real Estate | 0.2 | % |
| Short-Term Securities | 6.1 | % |
| Liabilities in Excess of Other Assets | (6.1 | )% |
| Security(b) | Percent of
Net Assets | |
| Axon Enterprise, Inc. | 3.3 | % |
| Comfort Systems U.S.A., Inc. | 3.2 | % |
| Saia, Inc. | 2.7 | % |
| Vertiv Holdings Co., Class A | 2.7 | % |
| TPG, Inc., Class A | 2.6 | % |
| Texas Pacific Land Corp. | 2.3 | % |
| Tradeweb Markets, Inc., Class A | 2.3 | % |
| Live Nation Entertainment, Inc. | 2.2 | % |
| DraftKings, Inc., Class A | 2.0 | % |
| Planet Fitness, Inc., Class A | 2.0 | % |
(a) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock SMID-Cap Growth Equity Fund
Class K Shares | BSDKX
Semi-Annual Shareholder Report — November 30, 2024
BSDKX-11/24-SAR
BlackRock Technology Opportunities Fund
Institutional Shares | BGSIX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $50 | 0.92%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Institutional Shares | 15.75 | % | 41.43 | % | 19.42 | % | 19.97 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI All-Country World Information Technology 10/40 Index | 12.85 | | 35.23 | | 19.87 | | 18.32 | |
| MSCI All-Country World Information Technology Index | 13.94 | | 36.18 | | 21.41 | | 18.83 | |
| Net Assets | $6,122,219,562 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 28% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Software | 31.1 | % |
| Semiconductors & Semiconductor Equipment | 29.2 | % |
| Technology Hardware, Storage & Peripherals | 8.3 | % |
| Interactive Media & Services | 5.4 | % |
| Entertainment | 4.4 | % |
| Broadline Retail | 4.3 | % |
| IT Services | 3.1 | % |
| Automobiles | 2.3 | % |
| Financial Services | 2.1 | % |
| Professional Services | 1.9 | % |
| Other# | 6.8 | % |
| Short-Term Securities | 2.0 | % |
| Liabilities in Excess of Other Assets | (0.9 | )% |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 15.1 | % |
| Microsoft Corp. | 8.4 | % |
| Apple Inc. | 7.8 | % |
| Broadcom, Inc. | 4.4 | % |
| Meta Platforms, Inc., Class A | 3.6 | % |
| Cadence Design Systems, Inc. | 3.3 | % |
| Oracle Corp. | 2.8 | % |
| Amazon.com, Inc. | 2.6 | % |
| Tesla, Inc. | 2.3 | % |
| Fair Isaac Corp. | 2.2 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
# | Ten largest industries are presented. Additional industries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Technology Opportunities Fund
Institutional Shares | BGSIX
Semi-Annual Shareholder Report — November 30, 2024
BGSIX-11/24-SAR
BlackRock Technology Opportunities Fund
Service Shares | BSTSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Service Shares | $63 | 1.17%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Service Shares | 15.62 | % | 41.07 | % | 19.13 | % | 19.69 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI All-Country World Information Technology 10/40 Index | 12.85 | | 35.23 | | 19.87 | | 18.32 | |
| MSCI All-Country World Information Technology Index | 13.94 | | 36.18 | | 21.41 | | 18.83 | |
| Net Assets | $6,122,219,562 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 28% |
Average annual total returns reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Software | 31.1 | % |
| Semiconductors & Semiconductor Equipment | 29.2 | % |
| Technology Hardware, Storage & Peripherals | 8.3 | % |
| Interactive Media & Services | 5.4 | % |
| Entertainment | 4.4 | % |
| Broadline Retail | 4.3 | % |
| IT Services | 3.1 | % |
| Automobiles | 2.3 | % |
| Financial Services | 2.1 | % |
| Professional Services | 1.9 | % |
| Other# | 6.8 | % |
| Short-Term Securities | 2.0 | % |
| Liabilities in Excess of Other Assets | (0.9 | )% |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 15.1 | % |
| Microsoft Corp. | 8.4 | % |
| Apple Inc. | 7.8 | % |
| Broadcom, Inc. | 4.4 | % |
| Meta Platforms, Inc., Class A | 3.6 | % |
| Cadence Design Systems, Inc. | 3.3 | % |
| Oracle Corp. | 2.8 | % |
| Amazon.com, Inc. | 2.6 | % |
| Tesla, Inc. | 2.3 | % |
| Fair Isaac Corp. | 2.2 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
# | Ten largest industries are presented. Additional industries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Technology Opportunities Fund
Service Shares | BSTSX
Semi-Annual Shareholder Report — November 30, 2024
BSTSX-11/24-SAR
BlackRock Technology Opportunities Fund
Investor A Shares | BGSAX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $63 | 1.17%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor A Shares | 15.62 | % | 41.08 | % | 19.13 | % | 19.66 | % |
| Investor A Shares (with sales charge) | 9.55 | | 33.67 | | 17.85 | | 19.02 | |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI All-Country World Information Technology 10/40 Index | 12.85 | | 35.23 | | 19.87 | | 18.32 | |
| MSCI All-Country World Information Technology Index | 13.94 | | 36.18 | | 21.41 | | 18.83 | |
| Net Assets | $6,122,219,562 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 28% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Software | 31.1 | % |
| Semiconductors & Semiconductor Equipment | 29.2 | % |
| Technology Hardware, Storage & Peripherals | 8.3 | % |
| Interactive Media & Services | 5.4 | % |
| Entertainment | 4.4 | % |
| Broadline Retail | 4.3 | % |
| IT Services | 3.1 | % |
| Automobiles | 2.3 | % |
| Financial Services | 2.1 | % |
| Professional Services | 1.9 | % |
| Other# | 6.8 | % |
| Short-Term Securities | 2.0 | % |
| Liabilities in Excess of Other Assets | (0.9 | )% |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 15.1 | % |
| Microsoft Corp. | 8.4 | % |
| Apple Inc. | 7.8 | % |
| Broadcom, Inc. | 4.4 | % |
| Meta Platforms, Inc., Class A | 3.6 | % |
| Cadence Design Systems, Inc. | 3.3 | % |
| Oracle Corp. | 2.8 | % |
| Amazon.com, Inc. | 2.6 | % |
| Tesla, Inc. | 2.3 | % |
| Fair Isaac Corp. | 2.2 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
# | Ten largest industries are presented. Additional industries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Technology Opportunities Fund
Investor A Shares | BGSAX
Semi-Annual Shareholder Report — November 30, 2024
BGSAX-11/24-SAR
BlackRock Technology Opportunities Fund
Investor C Shares | BGSCX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor C Shares | $103 | 1.91%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Investor C Shares | 15.22 | % | 40.02 | % | 18.24 | % | 18.94 | % |
| Investor C Shares (with sales charge) | 14.22 | | 39.02 | | 18.24 | | 18.94 | |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI All-Country World Information Technology 10/40 Index | 12.85 | | 35.23 | | 19.87 | | 18.32 | |
| MSCI All-Country World Information Technology Index | 13.94 | | 36.18 | | 21.41 | | 18.83 | |
| Net Assets | $6,122,219,562 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 28% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Software | 31.1 | % |
| Semiconductors & Semiconductor Equipment | 29.2 | % |
| Technology Hardware, Storage & Peripherals | 8.3 | % |
| Interactive Media & Services | 5.4 | % |
| Entertainment | 4.4 | % |
| Broadline Retail | 4.3 | % |
| IT Services | 3.1 | % |
| Automobiles | 2.3 | % |
| Financial Services | 2.1 | % |
| Professional Services | 1.9 | % |
| Other# | 6.8 | % |
| Short-Term Securities | 2.0 | % |
| Liabilities in Excess of Other Assets | (0.9 | )% |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 15.1 | % |
| Microsoft Corp. | 8.4 | % |
| Apple Inc. | 7.8 | % |
| Broadcom, Inc. | 4.4 | % |
| Meta Platforms, Inc., Class A | 3.6 | % |
| Cadence Design Systems, Inc. | 3.3 | % |
| Oracle Corp. | 2.8 | % |
| Amazon.com, Inc. | 2.6 | % |
| Tesla, Inc. | 2.3 | % |
| Fair Isaac Corp. | 2.2 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
# | Ten largest industries are presented. Additional industries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Technology Opportunities Fund
Investor C Shares | BGSCX
Semi-Annual Shareholder Report — November 30, 2024
BGSCX-11/24-SAR
BlackRock Technology Opportunities Fund
Class K Shares | BTEKX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $45 | 0.83%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class K Shares | 15.81 | % | 41.54 | % | 19.51 | % | 20.02 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI All-Country World Information Technology 10/40 Index | 12.85 | | 35.23 | | 19.87 | | 18.32 | |
| MSCI All-Country World Information Technology Index | 13.94 | | 36.18 | | 21.41 | | 18.83 | |
| Net Assets | $6,122,219,562 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 28% |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
Performance shown prior to the Class K Shares inception date of December 10, 2019 is that of Institutional Shares. The performance of the Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Software | 31.1 | % |
| Semiconductors & Semiconductor Equipment | 29.2 | % |
| Technology Hardware, Storage & Peripherals | 8.3 | % |
| Interactive Media & Services | 5.4 | % |
| Entertainment | 4.4 | % |
| Broadline Retail | 4.3 | % |
| IT Services | 3.1 | % |
| Automobiles | 2.3 | % |
| Financial Services | 2.1 | % |
| Professional Services | 1.9 | % |
| Other# | 6.8 | % |
| Short-Term Securities | 2.0 | % |
| Liabilities in Excess of Other Assets | (0.9 | )% |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 15.1 | % |
| Microsoft Corp. | 8.4 | % |
| Apple Inc. | 7.8 | % |
| Broadcom, Inc. | 4.4 | % |
| Meta Platforms, Inc., Class A | 3.6 | % |
| Cadence Design Systems, Inc. | 3.3 | % |
| Oracle Corp. | 2.8 | % |
| Amazon.com, Inc. | 2.6 | % |
| Tesla, Inc. | 2.3 | % |
| Fair Isaac Corp. | 2.2 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
# | Ten largest industries are presented. Additional industries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Technology Opportunities Fund
Class K Shares | BTEKX
Semi-Annual Shareholder Report — November 30, 2024
BTEKX-11/24-SAR
BlackRock Technology Opportunities Fund
Class R Shares | BGSRX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock Technology Opportunities Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class R Shares | $77 | 1.42%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | 5 Years | | 10 Years | |
| Class R Shares | 15.48 | % | 40.73 | % | 18.83 | % | 19.35 | % |
| MSCI All Country World Index | 10.53 | | 26.12 | | 11.36 | | 9.28 | |
| MSCI All-Country World Information Technology 10/40 Index | 12.85 | | 35.23 | | 19.87 | | 18.32 | |
| MSCI All-Country World Information Technology Index | 13.94 | | 36.18 | | 21.41 | | 18.83 | |
| Net Assets | $6,122,219,562 |
| Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 28% |
Average annual total returns reflect reductions for distribution and service fees.
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The Fund’s returns shown prior to December 30, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Science & Technology Opportunities Portfolio.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Industry(a) | Percent of
Net Assets | |
| Software | 31.1 | % |
| Semiconductors & Semiconductor Equipment | 29.2 | % |
| Technology Hardware, Storage & Peripherals | 8.3 | % |
| Interactive Media & Services | 5.4 | % |
| Entertainment | 4.4 | % |
| Broadline Retail | 4.3 | % |
| IT Services | 3.1 | % |
| Automobiles | 2.3 | % |
| Financial Services | 2.1 | % |
| Professional Services | 1.9 | % |
| Other# | 6.8 | % |
| Short-Term Securities | 2.0 | % |
| Liabilities in Excess of Other Assets | (0.9 | )% |
| Security(b) | Percent of
Net Assets | |
| NVIDIA Corp. | 15.1 | % |
| Microsoft Corp. | 8.4 | % |
| Apple Inc. | 7.8 | % |
| Broadcom, Inc. | 4.4 | % |
| Meta Platforms, Inc., Class A | 3.6 | % |
| Cadence Design Systems, Inc. | 3.3 | % |
| Oracle Corp. | 2.8 | % |
| Amazon.com, Inc. | 2.6 | % |
| Tesla, Inc. | 2.3 | % |
| Fair Isaac Corp. | 2.2 | % |
(a) | For purposes of this report, industry sub-classifications may differ from those utilized by the Fund for compliance purposes. |
(b) | Excludes short-term securities. |
# | Ten largest industries are presented. Additional industries are found in Other. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock Technology Opportunities Fund
Class R Shares | BGSRX
Semi-Annual Shareholder Report — November 30, 2024
BGSRX-11/24-SAR
BlackRock U.S. Insights Long/Short Equity Fund
Institutional Shares | BILSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Institutional Shares | $82 | 1.61%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Institutional Shares | (4.23 | )% | 4.64 | % | 11.02 | % |
| S&P 500® Index | 15.07 | | 33.89 | | 26.48 | |
| 50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index | 8.70 | | 18.95 | | 15.68 | |
| Net Assets | $11,855,118 |
| Number of Portfolio Holdings | 378 |
| Portfolio Turnover Rate | 69% |
The Fund commenced operations on June 13, 2023.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Percent of Total Investments(a) |
| Sector(b) | Long | | Short | | Total | |
| Information Technology | 12.3 | % | 5.5 | % | 17.8 | % |
| Health Care | 9.3 | % | 6.1 | % | 15.4 | % |
| Financials | 8.7 | % | 5.8 | % | 14.5 | % |
| Energy | 7.2 | % | 6.9 | % | 14.1 | % |
| Industrials | 7.2 | % | 6.0 | % | 13.2 | % |
| Utilities | 3.5 | % | 3.3 | % | 6.8 | % |
| Consumer Discretionary | 4.6 | % | 1.6 | % | 6.2 | % |
| Communication Services | 4.2 | % | 0.9 | % | 5.1 | % |
| Materials | 1.2 | % | 1.3 | % | 2.5 | % |
| Real Estate | 1.1 | % | 1.2 | % | 2.3 | % |
| Consumer Staples | 0.8 | % | 1.3 | % | 2.1 | % |
| 60.1 | | 39.9 | | 100.0 | |
(a) | Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any. |
(b) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock U.S. Insights Long/Short Equity Fund
Institutional Shares | BILSX
Semi-Annual Shareholder Report — November 30, 2024
BILSX-11/24-SAR
BlackRock U.S. Insights Long/Short Equity Fund
Investor A Shares | BALSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Investor A Shares | $95 | 1.86%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Investor A Shares | (4.34 | )% | 4.41 | % | 10.72 | % |
| Investor A Shares (with sales charge) | (9.36 | ) | (1.07 | ) | 6.72 | |
| S&P 500® Index | 15.07 | | 33.89 | | 26.48 | |
| 50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index | 8.70 | | 18.95 | | 15.68 | |
| Net Assets | $11,855,118 |
| Number of Portfolio Holdings | 378 |
| Portfolio Turnover Rate | 69% |
Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.
The Fund commenced operations on June 13, 2023.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Percent of Total Investments(a) |
| Sector(b) | Long | | Short | | Total | |
| Information Technology | 12.3 | % | 5.5 | % | 17.8 | % |
| Health Care | 9.3 | % | 6.1 | % | 15.4 | % |
| Financials | 8.7 | % | 5.8 | % | 14.5 | % |
| Energy | 7.2 | % | 6.9 | % | 14.1 | % |
| Industrials | 7.2 | % | 6.0 | % | 13.2 | % |
| Utilities | 3.5 | % | 3.3 | % | 6.8 | % |
| Consumer Discretionary | 4.6 | % | 1.6 | % | 6.2 | % |
| Communication Services | 4.2 | % | 0.9 | % | 5.1 | % |
| Materials | 1.2 | % | 1.3 | % | 2.5 | % |
| Real Estate | 1.1 | % | 1.2 | % | 2.3 | % |
| Consumer Staples | 0.8 | % | 1.3 | % | 2.1 | % |
| 60.1 | | 39.9 | | 100.0 | |
(a) | Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any. |
(b) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock U.S. Insights Long/Short Equity Fund
Investor A Shares | BALSX
Semi-Annual Shareholder Report — November 30, 2024
BALSX-11/24-SAR
BlackRock U.S. Insights Long/Short Equity Fund
Class K Shares | BKLSX
Semi-Annual Shareholder Report — November 30, 2024
This semi-annual shareholder report contains important information about BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441‑7762.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Class name | Costs of a $10,000
investment | Costs paid as a percentage of a
$10,000 investment |
| Class K Shares | $80 | 1.56%(a) |
Average annual total returns
| 6-Month
Total
Returns | | 1 Year | | Since Fund
Inception | |
| Class K Shares | (4.23 | )% | 4.65 | % | 11.04 | % |
| S&P 500® Index | 15.07 | | 33.89 | | 26.48 | |
| 50% S&P 500 Index/50% ICE BofA 3-Month U.S. Treasury Bill Index | 8.70 | | 18.95 | | 15.68 | |
| Net Assets | $11,855,118 |
| Number of Portfolio Holdings | 378 |
| Portfolio Turnover Rate | 69% |
The Fund commenced operations on June 13, 2023.
On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index.
Past performance is not an indication of future results. Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.
What did the Fund invest in?
(as of November 30, 2024)
| Percent of Total Investments(a) |
| Sector(b) | Long | | Short | | Total | |
| Information Technology | 12.3 | % | 5.5 | % | 17.8 | % |
| Health Care | 9.3 | % | 6.1 | % | 15.4 | % |
| Financials | 8.7 | % | 5.8 | % | 14.5 | % |
| Energy | 7.2 | % | 6.9 | % | 14.1 | % |
| Industrials | 7.2 | % | 6.0 | % | 13.2 | % |
| Utilities | 3.5 | % | 3.3 | % | 6.8 | % |
| Consumer Discretionary | 4.6 | % | 1.6 | % | 6.2 | % |
| Communication Services | 4.2 | % | 0.9 | % | 5.1 | % |
| Materials | 1.2 | % | 1.3 | % | 2.5 | % |
| Real Estate | 1.1 | % | 1.2 | % | 2.3 | % |
| Consumer Staples | 0.8 | % | 1.3 | % | 2.1 | % |
| 60.1 | | 39.9 | | 100.0 | |
(a) | Includes the gross market value of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any. |
(b) | For purposes of this report, sector sub-classifications may differ from those utilized by the Fund for compliance purposes. |
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, S&P Dow Jones Indices, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
BlackRock U.S. Insights Long/Short Equity Fund
Class K Shares | BKLSX
Semi-Annual Shareholder Report — November 30, 2024
BKLSX-11/24-SAR
(b) Not Applicable
| Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
| Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
| Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
| Item 5 – | Audit Committee of Listed Registrant – Not Applicable |
(a) The registrant’s Schedule of Investments is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
| Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies |
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are attached herewith.
| | |
| | NOVEMBER 30, 2024 |
| | |
| |
| | 2024 Semi-Annual Financial Statements and Additional Information (Unaudited) |
BlackRock FundsSM
| · | | BlackRock Energy Opportunities Fund |
| · | | BlackRock High Equity Income Fund |
|
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Energy Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Common Stocks | | | | | | |
| | |
| Energy Equipment & Services — 6.7% | | | | | | |
ARC Resources Ltd. | | | 429,303 | | | $ | 7,923,424 | |
Poseidon Concepts Corp.(a)(b) | | | 35,081 | | | | — | |
Saipem SpA(b) | | | 2,009,618 | | | | 5,186,393 | |
TechnipFMC PLC | | | 179,223 | | | | 5,622,225 | |
Tenaris SA | | | 153,016 | | | | 2,935,639 | |
| | | | | | | | |
| | |
| | | | | | | 21,667,681 | |
| | |
| Oil, Gas & Consumable Fuels — 90.9% | | | | | | |
Cameco Corp. (CAD) | | | 89,600 | | | | 5,327,810 | |
Canadian Natural Resources Ltd. | | | 335,348 | | | | 11,348,729 | |
Cheniere Energy, Inc. | | | 56,503 | | | | 12,657,237 | |
Chevron Corp. | | | 75,504 | | | | 12,226,363 | |
ConocoPhillips | | | 161,616 | | | | 17,509,477 | |
Diamondback Energy, Inc. | | | 43,043 | | | | 7,644,006 | |
Eni SpA | | | 479,500 | | | | 6,784,533 | |
EOG Resources, Inc. | | | 98,500 | | | | 13,126,110 | |
Exxon Mobil Corp. | | | 551,485 | | | | 65,053,171 | |
Gazprom PJSC(a)(b) | | | 639,500 | | | | 60 | |
Gaztransport Et Technigaz SA | | | 22,000 | | | | 3,203,307 | |
Hess Corp. | | | 64,763 | | | | 9,531,818 | |
Keyera Corp. | | | 156,500 | | | | 5,210,146 | |
Kosmos Energy Ltd.(b) | | | 279,784 | | | | 1,102,349 | |
Marathon Petroleum Corp. | | | 60,730 | | | | 9,482,990 | |
Pembina Pipeline Corp. | | | 248,280 | | | | 10,292,612 | |
Permian Resources Corp., Class A | | | 449,250 | | | | 7,035,255 | |
Shell PLC | | | 1,005,423 | | | | 32,311,358 | |
South Bow Corp.(b) | | | 23,577 | | | | 614,664 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Oil, Gas & Consumable Fuels (continued) | | | | | | |
Targa Resources Corp. | | | 70,835 | | | $ | 14,471,591 | |
TC Energy Corp. | | | 118,687 | | | | 5,803,587 | |
TotalEnergies SE | | | 355,095 | | | | 20,638,191 | |
Tourmaline Oil Corp. | | | 180,585 | | | | 8,516,858 | |
Williams Cos., Inc. (The) | | | 265,381 | | | | 15,530,096 | |
| | | | | | | | |
| | |
| | | | | | | 295,422,318 | |
| | | | | | | | |
| |
Total Long-Term Investments — 97.6%
(Cost: $206,269,982) | | | | 317,089,999 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 2.2% | | | | | | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(c)(d) | | | 6,998,958 | | | | 6,998,958 | |
| | | | | | | | |
| |
Total Short-Term Securities — 2.2%
(Cost: $6,998,958) | | | | 6,998,958 | |
| | | | | | | | |
| |
Total Investments — 99.8%
(Cost: $213,268,940) | | | | 324,088,957 | |
| | |
Other Assets Less Liabilities — 0.2% | | | | | | | 792,413 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 324,881,370 | |
| | | | | | | | |
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) | Non-income producing security. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Affiliated Issuer | | Value at
05/31/24 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at 11/30/24 | | | Shares
Held at
11/30/24 | | | Income | | | Capital Gain
Distributions
from Underlying
Funds | | | | |
| | BlackRock Cash Funds: Institutional, SL Agency Shares(a) | | $ | — | | | $ | 120 | (b) | | $ | — | | | $ | (120 | ) | | | | | | $ | — | | | $ | — | | | | — | | | $ | 47 | (c) | | $ | — | | | | | |
| | | | | | | | | | | | |
| | BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 2,548,266 | | | | 4,450,692 | (b) | | | — | | | | — | | | | | | | | — | | | | 6,998,958 | | | | 6,998,958 | | | | 130,159 | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | (120 | ) | | | | | | $ | — | | | $ | 6,998,958 | | | | | | | $ | 130,206 | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | As of period end, the entity is no longer held. | |
| | (b) | Represents net amount purchased (sold). | |
| | (c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 3 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Energy Opportunities Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Level 1 | | | | | Level 2 | | | | | Level 3 | | | | | Total | |
| | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | |
Energy Equipment & Services | | $ | 13,545,649 | | | | | $ | 8,122,032 | | | | | $ | — | | | | | $ | 21,667,681 | |
Oil, Gas & Consumable Fuels | | | 232,484,869 | | | | | | 62,937,389 | | | | | | 60 | | | | | | 295,422,318 | |
Short-Term Securities | | | | | | | | | | | | | | | | | | | | | | |
Money Market Funds | | | 6,998,958 | | | | | | — | | | | | | — | | | | | | 6,998,958 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | $ | 253,029,476 | | | | | $ | 71,059,421 | | | | | $ | 60 | | | | | $ | 324,088,957 | |
| | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 4 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock High Equity Income Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
Common Stocks | |
|
| Aerospace & Defense — 2.6% | |
Airbus SE | | | 58,650 | | | $ | 9,167,336 | |
Boeing Co. (The)(a) | | | 48,515 | | | | 7,541,172 | |
L3Harris Technologies, Inc. | | | 100,295 | | | | 24,697,644 | |
RTX Corp. | | | 93,426 | | | | 11,382,090 | |
| | | | | | | | |
| | |
| | | | | | | 52,788,242 | |
| | |
| Automobile Components — 0.7% | | | | | | |
Aptiv PLC(a) | | | 174,173 | | | | 9,671,827 | |
Lear Corp. | | | 52,140 | | | | 5,101,377 | |
| | | | | | | | |
| | |
| | | | | | | 14,773,204 | |
| | |
| Automobiles — 0.5% | | | | | | |
General Motors Co. | | | 185,812 | | | | 10,329,289 | |
| | | | | | | | |
| | |
| Banks — 5.4% | | | | | | |
Citigroup, Inc. | | | 439,168 | | | | 31,123,836 | |
First Citizens BancShares, Inc., Class A | | | 14,342 | | | | 32,914,890 | |
Wells Fargo & Co. | | | 586,178 | | | | 44,649,178 | |
| | | | | | | | |
| | |
| | | | | | | 108,687,904 | |
| | |
| Beverages — 1.2% | | | | | | |
Constellation Brands, Inc., Class A | | | 34,289 | | | | 8,261,935 | |
Diageo PLC | | | 143,078 | | | | 4,274,420 | |
Keurig Dr. Pepper, Inc. | | | 97,925 | | | | 3,197,251 | |
Pernod Ricard SA | | | 67,836 | | | | 7,600,010 | |
| | | | | | | | |
| | |
| | | | | | | 23,333,616 | |
| | |
| Broadline Retail — 1.3% | | | | | | |
Alibaba Group Holding Ltd., ADR | | | 91,525 | | | | 7,996,539 | |
Amazon.com, Inc.(a) | | | 56,876 | | | | 11,823,952 | |
PDD Holdings, Inc., ADR(a) | | | 70,579 | | | | 6,815,108 | |
| | | | | | | | |
| | |
| | | | | | | 26,635,599 | |
| | |
| Building Products — 0.5% | | | | | | |
Johnson Controls International PLC | | | 115,904 | | | | 9,719,709 | |
| | | | | | | | |
| | |
| Capital Markets — 1.0% | | | | | | |
Goldman Sachs Group, Inc. (The) | | | 34,312 | | | | 20,881,254 | |
| | | | | | | | |
| | |
| Chemicals — 1.5% | | | | | | |
Air Products & Chemicals, Inc. | | | 39,306 | | | | 13,141,175 | |
Albemarle Corp. | | | 47,091 | | | | 5,071,701 | |
International Flavors & Fragrances, Inc. | | | 129,898 | | | | 11,867,481 | |
| | | | | | | | |
| | |
| | | | | | | 30,080,357 | |
|
| Commercial Services & Supplies — 0.2% | |
Rentokil Initial PLC | | | 974,797 | | | | 4,892,740 | |
| | | | | | | | |
| | |
| Communications Equipment — 0.8% | | | | | | |
Cisco Systems, Inc. | | | 271,177 | | | | 16,056,390 | |
| | | | | | | | |
|
| Consumer Staples Distribution & Retail — 0.7% | |
Dollar General Corp. | | | 96,099 | | | | 7,425,570 | |
Dollar Tree, Inc.(a) | | | 104,520 | | | | 7,449,140 | |
| | | | | | | | |
| | |
| | | | | | | 14,874,710 | |
| | |
| Containers & Packaging — 0.9% | | | | | | |
Sealed Air Corp. | | | 522,635 | | | | 19,128,441 | |
| | | | | | | | |
|
| Diversified Telecommunication Services — 0.6% | |
Verizon Communications, Inc. | | | 270,079 | | | | 11,975,303 | |
| | | | | | | | |
| | |
| Electric Utilities — 1.8% | | | | | | |
American Electric Power Co., Inc. | | | 78,769 | | | | 7,865,872 | |
Entergy Corp. | | | 40,048 | | | | 6,254,296 | |
Exelon Corp. | | | 321,281 | | | | 12,709,877 | |
PG&E Corp. | | | 485,214 | | | | 10,495,179 | |
| | | | | | | | |
| | |
| | | | | | | 37,325,224 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Electrical Equipment — 0.4% | | | | | | |
Sensata Technologies Holding PLC | | | 248,851 | | | $ | 7,998,071 | |
| | | | | | | | |
|
| Electronic Equipment, Instruments & Components — 0.5% | |
Keysight Technologies, Inc.(a) | | | 58,068 | | | | 9,920,337 | |
| | | | | | | | |
| | |
| Entertainment — 1.2% | | | | | | |
Electronic Arts, Inc. | | | 106,035 | | | | 17,354,749 | |
Walt Disney Co. (The) | | | 57,279 | | | | 6,728,564 | |
| | | | | | | | |
| | |
| | | | | | | 24,083,313 | |
| | |
| Financial Services — 2.8% | | | | | | |
Fidelity National Information Services, Inc. | | | 290,675 | | | | 24,794,578 | |
Global Payments, Inc. | | | 57,094 | | | | 6,791,902 | |
Visa, Inc., Class A | | | 40,726 | | | | 12,831,948 | |
Voya Financial, Inc. | | | 144,326 | | | | 11,979,058 | |
| | | | | | | | |
| | |
| | | | | | | 56,397,486 | |
| | |
| Food Products — 1.1% | | | | | | |
Kraft Heinz Co. (The) | | | 674,925 | | | | 21,577,352 | |
| | | | | | | | |
|
| Health Care Equipment & Supplies — 2.8% | |
Baxter International, Inc. | | | 847,139 | | | | 28,557,056 | |
Edwards Lifesciences Corp.(a) | | | 81,618 | | | | 5,823,444 | |
Koninklijke Philips NV(a) | | | 391,183 | | | | 10,700,310 | |
Medtronic PLC | | | 136,963 | | | | 11,852,778 | |
| | | | | | | | |
| | |
| | | | | | | 56,933,588 | |
|
| Health Care Providers & Services — 6.2% | |
Cardinal Health, Inc. | | | 357,851 | | | | 43,743,706 | |
Centene Corp.(a) | | | 68,023 | | | | 4,081,380 | |
Cigna Group (The) | | | 38,726 | | | | 13,081,643 | |
CVS Health Corp. | | | 548,575 | | | | 32,832,214 | |
Elevance Health, Inc. | | | 19,100 | | | | 7,772,936 | |
Humana, Inc. | | | 33,125 | | | | 9,817,587 | |
Labcorp Holdings, Inc. | | | 58,354 | | | | 14,072,651 | |
| | | | | | | | |
| | |
| | | | | | | 125,402,117 | |
| | |
| Household Durables — 0.7% | | | | | | |
Newell Brands, Inc. | | | 175,237 | | | | 1,680,523 | |
Sony Group Corp., ADR(b) | | | 587,752 | | | | 11,784,427 | |
| | | | | | | | |
| | |
| | | | | | | 13,464,950 | |
| | |
| Household Products — 0.6% | | | | | | |
Henkel AG & Co. KGaA, Preference Shares, NVS | | | 51,644 | | | | 4,407,461 | |
Reckitt Benckiser Group PLC | | | 136,211 | | | | 8,449,178 | |
| | | | | | | | |
| | |
| | | | | | | 12,856,639 | |
| | |
| Industrial Conglomerates — 0.4% | | | | | | |
Siemens AG, Registered Shares | | | 41,073 | | | | 7,978,754 | |
| | | | | | | | |
| | |
| Insurance — 2.5% | | | | | | |
American International Group, Inc. | | | 195,571 | | | | 15,035,499 | |
Fidelity National Financial, Inc., Class A | | | 314,249 | | | | 19,920,244 | |
Willis Towers Watson PLC | | | 46,564 | | | | 14,993,608 | |
| | | | | | | | |
| | |
| | | | | | | 49,949,351 | |
| | |
| IT Services — 1.1% | | | | | | |
Cognizant Technology Solutions Corp., Class A | | | 277,905 | | | | 22,368,574 | |
| | | | | | | | |
| | |
| Leisure Products — 0.5% | | | | | | |
Hasbro, Inc. | | | 148,182 | | | | 9,654,057 | |
| | | | | | | | |
|
| Life Sciences Tools & Services — 0.5% | |
Fortrea Holdings, Inc.(a) | | | 207,422 | | | | 4,366,233 | |
ICON PLC(a) | | | 30,407 | | | | 6,393,072 | |
| | | | | | | | |
| | |
| | | | | | | 10,759,305 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 5 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock High Equity Income Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | |
Shares | | | Value | |
| | |
| Machinery — 0.8% | | | | | | |
CNH Industrial NV | | | 404,064 | | | $ | 5,075,044 | |
Komatsu Ltd. | | | 407,700 | | | | 11,038,912 | |
| | | | | | | | |
| | | | | | | 16,113,956 | |
| | |
| Media — 2.3% | | | | | | |
Comcast Corp., Class A | | | 598,808 | | | | 25,862,518 | |
WPP PLC | | | 1,887,412 | | | | 20,644,636 | |
| | | | | | | | |
| | | | | | | 46,507,154 | |
| | |
| Metals & Mining — 1.0% | | | | | | |
Teck Resources Ltd., Class B | | | 172,078 | | | | 8,032,601 | |
United States Steel Corp. | | | 305,366 | | | | 12,449,772 | |
| | | | | | | | |
| | | | | | | 20,482,373 | |
| | |
| Multi-Utilities — 0.6% | | | | | | |
Sempra | | | 127,158 | | | | 11,910,890 | |
| | | | | | | | |
| | |
| Oil, Gas & Consumable Fuels — 3.2% | | | | | | |
BP PLC | | | 2,494,668 | | | | 12,216,509 | |
Hess Corp. | | | 136,332 | | | | 20,065,344 | |
Kosmos Energy Ltd.(a) | | | 2,704,050 | | | | 10,653,957 | |
Shell PLC | | | 566,430 | | | | 18,203,405 | |
Suncor Energy, Inc. | | | 81,473 | | | | 3,216,554 | |
| | | | | | | | |
| | | | | | | 64,355,769 | |
| | |
| Pharmaceuticals — 1.8% | | | | | | |
Bayer AG, Registered Shares | | | 335,448 | | | | 6,886,365 | |
Eli Lilly & Co. | | | 7,534 | | | | 5,992,167 | |
GSK PLC, ADR | | | 61,071 | | | | 2,084,353 | |
Sanofi SA | | | 219,898 | | | | 21,358,092 | |
| | | | | | | | |
| | | | | | | 36,320,977 | |
| | |
| Professional Services — 3.0% | | | | | | |
Dun & Bradstreet Holdings, Inc. | | | 1,262,369 | | | | 16,032,086 | |
Leidos Holdings, Inc. | | | 90,886 | | | | 15,032,544 | |
SS&C Technologies Holdings, Inc. | | | 380,652 | | | | 29,439,626 | |
| | | | | | | | |
| | |
| | | | | | | 60,504,256 | |
|
| Semiconductors & Semiconductor Equipment — 0.7% | |
Intel Corp. | | | 158,463 | | | | 3,811,035 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 330,000 | | | | 10,282,984 | |
| | | | | | | | |
| | | | | | | 14,094,019 | |
| | |
| Software — 0.9% | | | | | | |
Microsoft Corp. | | | 41,207 | | | | 17,449,516 | |
| | | | | | | | |
| | |
| Specialized REITs — 0.8% | | | | | | |
Crown Castle, Inc. | | | 154,549 | | | | 16,420,831 | |
| | | | | | | | |
|
| Technology Hardware, Storage & Peripherals — 2.7% | |
HP, Inc. | | | 405,351 | | | | 14,361,586 | |
Samsung Electronics Co. Ltd., Registered Shares, GDR | | | 41,941 | | | | 41,174,457 | |
| | | | | | | | |
| | | | | | | 55,536,043 | |
| | |
| Textiles, Apparel & Luxury Goods — 1.3% | | | | | | |
Capri Holdings Ltd.(a) | | | 253,808 | | | | 5,941,645 | |
NIKE, Inc., Class B | | | 87,211 | | | | 6,869,610 | |
Swatch Group AG (The) | | | 74,820 | | | | 13,635,845 | |
| | | | | | | | |
| | | | | | | 26,447,100 | |
| | |
| Tobacco — 1.1% | | | | | | |
British American Tobacco PLC | | | 562,536 | | | | 21,365,307 | |
| | | | | | | | |
| | |
Total Common Stocks — 61.2%
(Cost: $1,031,505,804) | | | | | | | 1,238,334,067 | |
| | | | | | | | |
| | | | | | | | | | | | |
| Security | | | | | Par (000) | | | Value | |
| | | |
Equity-Linked Notes | | | | | | | | | | | | |
| | | |
| Aerospace & Defense — 1.8% | | | | | | | | | |
Barclays Capital, Inc. (RTX Corp.)
18.32% 01/28/25 | | | USD | | | | 68,900 | | | $ | 8,412,227 | |
BMO Capital Markets Corp. (Boeing Co. (The)) 19.81% 01/16/25 | | | | | | | 25,500 | | | | 3,931,494 | |
JP Morgan Securities LLC (Airbus SE)
Series N10W 20.44% 01/30/25 | | | EUR | | | | 43,300 | | | | 6,457,388 | |
Mizuho Securities USA LLC (L3Harris Technologies, Inc.) 19.75% 12/12/24 | | | USD | | | | 74,800 | | | | 18,374,241 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 37,175,350 | |
| | | |
| Automobile Components — 0.4% | | | | | | | | | |
SG Americas Securities LLC (Aptiv PLC) 21.85% 01/21/25 | | | | | | | 128,600 | | | | 6,948,253 | |
UBS Securities LLC (Lear Corp.)
23.50% 01/16/25 | | | | | | | 15,300 | | | | 1,480,070 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,428,323 | |
| | | |
| Automobiles — 0.4% | | | | | | | | | |
Mizuho Securities USA LLC (General Motors Co.) 22.97% 12/05/24 | | | | | | | 148,600 | | | | 7,781,484 | |
| | | | | | | | | | | | |
| | | |
| Banks — 3.6% | | | | | | | | | |
Barclays Capital, Inc. (First Citizens BancShares, Inc.) 15.88% 12/19/24 | | | | | | | 11,300 | | | | 23,572,014 | |
Barclays Capital, Inc. (Wells Fargo & Co.) 17.49% 02/06/25 | | | | | | | 433,200 | | | | 32,304,403 | |
RBC Capital Markets LLC (Citigroup, Inc.) 17.84% 12/19/24 | | | | | | | 238,600 | | | | 16,412,932 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 72,289,349 | |
| | | |
| Beverages — 0.6% | | | | | | | | | |
BNP Paribas Arbitrage SNC (Diageo PLC) 15.41% 01/14/25 | | | GBP | | | | 106,700 | | | | 3,187,264 | |
SG Americas Securities LLC (Constellation Brands, Inc.) 17.67% 12/19/24 | | | USD | | | | 25,400 | | | | 6,093,721 | |
SG Americas Securities LLC (Keurig Dr. Pepper, Inc.) 16.71% 02/10/25 | | | | | | | 80,000 | | | | 2,613,536 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,894,521 | |
| | | |
| Broadline Retail — 0.7% | | | | | | | | | |
Morgan Stanley & Co. LLC (Alibaba Group Holding Ltd.) Series GMUT
16.05% 12/12/24 | | | | | | | 49,600 | | | | 4,365,387 | |
RBC Capital Markets LLC (Amazon.com, Inc.) 14.69% 01/16/25 | | | | | | | 18,700 | | | | 3,894,795 | |
UBS Securities LLC (PDD Holdings, Inc.) 30.60% 01/21/25 | | | | | | | 52,000 | | | | 5,234,475 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,494,657 | |
| | | |
| Building Products — 0.6% | | | | | | | | | |
Barclays Capital, Inc. (Johnson Controls International PLC) 14.67% 02/03/25 | | | | | | | 85,600 | | | | 7,133,108 | |
Morgan Stanley & Co. LLC (Allegion PLC) Series MTOR 20.55% 12/05/24 | | | | | | | 36,000 | | | | 5,089,282 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,222,390 | |
| | | |
| Chemicals — 1.1% | | | | | | | | | |
Barclays Capital, Inc. (Air Products & Chemicals, Inc.) 18.27% 01/28/25 | | | | | | | 29,000 | | | | 9,214,262 | |
BMO Capital Markets Corp. (International Flavors & Fragrances, Inc.)
16.23% 02/03/25 | | | | | | | 96,000 | | | | 8,651,583 | |
SG Americas Securities LLC (Albemarle Corp.) Series 0001 40.11% 02/10/25 | | | | | | | 38,400 | | | | 4,116,369 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 21,982,214 | |
| | | |
| Communications Equipment — 0.6% | | | | | | | | | |
RBC Capital Markets LLC (Cisco Systems, Inc.) 17.63% 01/16/25 | | | | | | | 202,100 | | | | 11,932,223 | |
| | | | | | | | | | | | |
| | |
| 6 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock High Equity Income Fund (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par (000) | | | Value | |
|
| Consumer Staples Distribution & Retail — 0.6% | |
Mizuho Securities USA LLC (Dollar General Corp.) 51.92% 01/23/25 | | | USD | | | | 70,900 | | | $ | 5,336,591 | |
UBS Securities LLC (Dollar Tree, Inc.) 44.00% 01/16/25 | | | | | | | 105,400 | | | | 6,944,177 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,280,768 | |
| | | |
| Containers & Packaging — 0.5% | | | | | | | | | |
BMO Capital Markets Corp. (Sealed Air Corp.) 16.77% 02/03/25 | | | | | | | 287,800 | | | | 10,278,862 | |
| | | | | | | | | | | | |
|
| Diversified Telecommunication Services — 0.4% | |
HSBC Securities (USA), Inc. (Verizon Communications, Inc.) Series 005R 18.41% 02/06/25 | | | | | | | 199,600 | | | | 8,659,387 | |
| | | | | | | | | | | | |
| | | |
| Electric Utilities — 1.5% | | | | | | | | | |
BNP Paribas Securities Corporation (Entergy Corp.) Series 008O 15.62% 12/05/24 | | | | | | | 35,200 | | | | 4,837,502 | |
Mizuho Securities USA LLC (PG&E Corp.) 16.20% 12/12/24 | | | | | | | 361,800 | | | | 7,630,795 | |
RBC Capital Markets LLC (American Electric Power Co., Inc.) 16.36% 01/16/25 | | | | | | | 73,100 | | | | 7,161,402 | |
UBS Securities LLC (Exelon Corp.)
14.20% 02/10/25 | | | | | | | 262,700 | | | | 10,271,570 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 29,901,269 | |
| | | |
| Electrical Equipment — 0.2% | | | | | | | | | |
RBC Capital Markets LLC (Sensata Technologies Holding PLC)
19.03% 01/16/25 | | | | | | | 135,200 | | | | 4,404,121 | |
| | | | | | | | | | | | |
|
| Electronic Equipment, Instruments & Components — 0.4% | |
Citigroup Global Markets, Inc. (Keysight Technologies, Inc.) 17.59% 02/10/25 | | | | | | | 47,400 | | | | 8,012,970 | |
| | | | | | | | | | | | |
| | | |
| Entertainment — 0.8% | | | | | | | | | |
SG Americas Securities LLC (Electronic Arts, Inc.) 16.32% 01/28/25 | | | | | | | 69,100 | | | | 11,261,836 | |
SG Americas Securities LLC (Walt Disney Co. (The)) 19.37% 02/10/25 | | | | | | | 46,700 | | | | 5,399,716 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,661,552 | |
| | | |
| Financial Services — 1.8% | | | | | | | | | |
Mizuho Securities USA LLC (Fidelity National Information Services, Inc.) 19.22% 01/23/25 | | | | | | | 156,500 | | | | 13,497,682 | |
Morgan Stanley & Co. LLC (Visa, Inc.) Series GMUV 18.85% 12/12/24 | | | | | | | 30,200 | | | | 8,828,059 | |
RBC Capital Markets LLC (Global Payments, Inc.) 18.40% 01/16/25 | | | | | | | 42,500 | | | | 4,918,751 | |
SG Americas Securities LLC (Voya Financial, Inc.) 18.95% 01/28/25 | | | | | | | 106,600 | | | | 8,772,877 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 36,017,369 | |
| | | |
| Food Products — 0.8% | | | | | | | | | |
Mizuho Securities USA LLC (Kraft Heinz Co. (The)) 19.25% 12/12/24 | | | | | | | 503,200 | | | | 16,119,223 | |
| | | | | | | | | | | | |
|
| Health Care Equipment & Supplies — 1.8% | |
BNP Paribas Securities Corporation (Baxter International, Inc.) 20.59% 01/09/25 | | | | | | | 391,600 | | | | 13,416,737 | |
JP Morgan Securities LLC (Koninklijke Philips NV) Series E10U 20.50% 01/14/25 | | | EUR | | | | 208,900 | | | | 5,600,730 | |
Mizuho Securities USA LLC (Medtronic PLC) 14.82% 12/05/24 | | | USD | | | | 143,200 | | | | 12,408,498 | |
SG Americas Securities LLC (Edwards Lifesciences Corp.) 20.61% 01/21/25 | | | | | | | 60,300 | | | | 4,272,635 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 35,698,600 | |
| | | | | | | | | | | | |
| Security | | | | | Par (000) | | | Value | |
| | | |
| Health Care Providers & Services — 3.1% | | | | | | | | | |
BMO Capital Markets Corp. (CVS Health Corp.) 23.40% 02/03/25 | | | USD | | | | 295,300 | | | $ | 17,231,487 | |
Citigroup Global Markets, Inc. (Cardinal Health, Inc.) 17.72% 01/09/25 | | | | | | | 73,500 | | | | 8,391,419 | |
JP Morgan Securities LLC (Cigna Group (The)) Series N11D 15.37% 12/05/24 | | | | | | | 28,800 | | | | 9,753,519 | |
JP Morgan Securities LLC (Humana, Inc.) Series N11C 29.02% 12/05/24 | | | | | | | 24,600 | | | | 6,982,381 | |
JP Morgan Securities LLC (Labcorp Holdings, Inc.) Series N11B 17.96% 12/05/24 | | | | | | | 70,200 | | | | 16,004,576 | |
SG Americas Securities LLC (Centene Corp.) 26.06% 02/10/25 | | | | | | | 55,600 | | | | 3,336,964 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 61,700,346 | |
| | | |
| Household Durables — 0.6% | | | | | | | | | |
BMO Capital Markets Corp. (Newell Brands, Inc.) 25.07% 01/09/25 | | | | | | | 330,600 | | | | 3,102,671 | |
Goldman Sachs & Co. LLC (Sony Group Corp.) 11.02% 02/06/25 | | | | | | | 434,300 | | | | 8,507,821 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,610,492 | |
| | | |
| Household Products — 0.4% | | | | | | | | | |
BNP Paribas Arbitrage SNC (Henkel AG & Co. KGaA) 13.32% 01/14/25 | | | EUR | | | | 38,400 | | | | 3,249,239 | |
HSBC Securities (USA), Inc. (Reckitt Benckiser Group PLC) Series DMWD 17.97% 01/30/25 | | | GBP | | | | 73,300 | | | | 4,431,447 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,680,686 | |
| | | |
| Industrial Conglomerates — 0.2% | | | | | | | | | |
BNP Paribas Arbitrage SNC (Siemens AG) 20.75% 01/30/25 | | | EUR | | | | 22,700 | | | | 4,266,623 | |
| | | | | | | | | | | | |
| | | |
| Insurance — 1.9% | | | | | | | | | |
Morgan Stanley & Co. LLC (Willis Towers Watson PLC) Series GMUS 16.98% 12/12/24 | | | USD | | | | 35,519 | | | | 10,708,122 | |
RBC Capital Markets LLC (American International Group, Inc.) 21.59% 01/23/25 | | | | | | | 144,400 | | | | 11,049,014 | |
UBS Securities LLC (Fidelity National Financial, Inc.) 19.80% 01/28/25 | | | | | | | 270,700 | | | | 16,531,088 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 38,288,224 | |
| | | |
| IT Services — 0.8% | | | | | | | | | |
UBS Securities LLC (Cognizant Technology Solutions Corp.) 13.40% 01/16/25 | | | | | | | 207,100 | | | | 16,720,453 | |
| | | | | | | | | | | | |
| | | |
| Leisure Products — 0.3% | | | | | | | | | |
RBC Capital Markets LLC (Hasbro, Inc.) 25.72% 01/23/25 | | | | | | | 109,400 | | | | 6,987,109 | |
| | | | | | | | | | | | |
| | | |
| Life Sciences Tools & Services — 0.3% | | | | | | | | | |
Barclays Capital, Inc. (Fortrea Holdings, Inc.) 33.94% 02/03/25 | | | | | | | 156,600 | | | | 3,038,600 | |
Mizuho Securities USA LLC (ICON PLC) 30.27% 12/05/24 | | | | | | | 15,900 | | | | 3,355,497 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,394,097 | |
| | | |
| Machinery — 0.2% | | | | | | | | | |
SG Americas Securities LLC (CNH Industrial NV) 20.04% 02/10/25 | | | | | | | 330,500 | | | | 4,100,117 | |
| | | | | | | | | | | | |
| | | |
| Media — 1.6% | | | | | | | | | |
BNP Paribas Arbitrage SNC (WPP PLC) 18.55% 12/17/24 | | | GBP | | | | 888,700 | | | | 9,479,913 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 7 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock High Equity Income Fund (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par (000) | | | Value | |
| | | |
| Media (continued) | | | | | | | | | |
Citigroup Global Markets, Inc. (Comcast Corp.) 18.74% 01/09/25 | | | USD | | | | 446,500 | | | $ | 19,270,363 | |
RBC Capital Markets LLC (Fox Corp.) 18.01% 01/23/25 | | | | | | | 95,100 | | | | 4,460,738 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,211,014 | |
| | | |
| Metals & Mining — 0.3% | | | | | | | | | |
Goldman Sachs & Co. LLC (Teck Resources Ltd.) 34.65% 12/05/24 | | | | | | | 128,300 | | | | 6,026,190 | |
| | | | | | | | | | | | |
| | | |
| Multi-Utilities — 0.4% | | | | | | | | | |
BNP Paribas Securities Corporation (Sempra) 16.29% 01/23/25 | | | | | | | 93,900 | | | | 8,616,591 | |
| | | | | | | | | | | | |
|
| Oil, Gas & Consumable Fuels — 2.2% | |
Barclays Capital, Inc. (Kosmos Energy Ltd.) 38.93% 01/28/25 | | | | | | | 1,455,900 | | | | 5,602,689 | |
BMO Capital Markets Corp. (EQT Corp.) 19.46% 01/09/25 | | | | | | | 126,000 | | | | 5,096,205 | |
BNP Paribas Arbitrage SNC (BP PLC) 24.16% 12/17/24 | | | GBP | | | | 3,397,200 | | | | 16,812,019 | |
JP Morgan Securities LLC (Shell PLC) Series N10V 16.93% 01/30/25 | | | | | | | 418,600 | | | | 13,507,802 | |
RBC Capital Markets LLC (Suncor Energy, Inc.) 19.47% 12/19/24 | | | USD | | | | 100,100 | | | | 3,934,356 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 44,953,071 | |
| | | |
| Pharmaceuticals — 1.4% | | | | | | | | | |
Barclays Capital, Inc. (Eli Lilly & Co.) 17.44% 12/19/24 | | | | | | | 5,600 | | | | 4,496,984 | |
HSBC Securities (USA), Inc. (Sanofi SA) Series DMX0 15.45% 12/17/24 | | | EUR | | | | 163,900 | | | | 16,071,127 | |
JP Morgan Securities LLC (Bayer AG) Series E10V 21.70% 01/14/25 | | | | | | | 250,100 | | | | 5,291,752 | |
SG Americas Securities LLC (GSK PLC) 19.00% 02/10/25 | | | USD | | | | 49,800 | | | | 1,694,196 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 27,554,059 | |
| | | |
| Professional Services — 2.1% | | | | | | | | | |
Morgan Stanley & Co. LLC (Dun & Bradstreet Holdings, Inc.) Series GMUU 34.20% 12/12/24 | | | | | | | 470,700 | | | | 5,349,188 | |
Morgan Stanley & Co. LLC (Dun & Bradstreet Holdings, Inc.) Series MTP6 36.35% 12/19/24 | | | | | | | 470,700 | | | | 5,313,830 | |
RBC Capital Markets LLC (SS&C Technologies Holdings, Inc.) 15.75% 01/23/25 | | | | | | | 281,200 | | | | 21,196,645 | |
SG Americas Securities LLC (Leidos Holdings, Inc.) 17.65% 01/28/25 | | | | | | | 67,100 | | | | 11,425,457 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 43,285,120 | |
|
| Semiconductors & Semiconductor Equipment — 0.2% | |
BMO Capital Markets Corp. (Intel Corp.) 27.90% 01/21/25 | | | | | | | 178,600 | | | | 4,333,253 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Security | | | | | Par (000) | | | Value | |
| | | |
| Software — 0.6% | | | | | | | | | |
Barclays Capital, Inc. (Microsoft Corp.) 18.59% 12/19/24 | | | USD | | | | 30,600 | | | $ | 13,058,679 | |
| | | | | | | | | | | | |
| | | |
| Specialized REITs — 0.6% | | | | | | | | | |
Mizuho Securities USA LLC (Crown Castle, Inc.) 13.67% 12/05/24 | | | | | | | 115,200 | | | | 12,255,333 | |
| | | | | | | | | | | | |
|
| Technology Hardware, Storage & Peripherals — 0.5% | |
SG Americas Securities LLC (HP, Inc.) 28.67% 02/10/25 | | | | | | | 243,200 | | | | 9,509,991 | |
| | | | | | | | | | | | |
|
| Textiles, Apparel & Luxury Goods — 0.3% | |
Mizuho Securities USA LLC (NIKE, Inc.) 17.37% 12/05/24 | | | | | | | 64,900 | | | | 5,095,361 | |
| | | | | | | | | | | | |
| | | |
| Tobacco — 0.5% | | | | | | | | | |
JP Morgan Securities LLC (British American Tobacco PLC) Series E10T 20.93% 01/14/25 | | | GBP | | | | 305,600 | | | | 10,868,909 | |
| | | | | | | | | | | | |
|
| Wireless Telecommunication Services — 0.3% | |
BNP Paribas Arbitrage SNC (Vodafone Group PLC) 30.59% 12/17/24 | | | | | | | 5,676,200 | | | | 5,188,017 | |
| | | | | | | | | | | | |
| | |
Total Equity-Linked Notes — 37.4%
(Cost: $761,582,263) | | | | | | | | 756,938,367 | |
| | | | | | | | | | | | |
| | |
Total Long-Term Investments — 98.6%
(Cost: $1,793,088,067) | | | | | | | | 1,995,272,434 | |
| | | | | | | | | | | | |
| | | |
| | | | | | Shares | | | | |
| | | |
Short-Term Securities | | | | | | | | | | | | |
| | | |
| Money Market Funds — 2.9% | | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(c)(d)(e) | | | | | | | 958,899 | | | | 959,379 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(c)(d) | | | | | | | 57,950,738 | | | | 57,950,738 | |
| | | | | | | | | | | | |
| | |
Total Short-Term Securities — 2.9%
(Cost: $58,910,117) | | | | | | | | 58,910,117 | |
| | | | | | | | | | | | |
| | |
Total Investments — 101.5%
(Cost: $1,851,998,184) | | | | | | | | 2,054,182,551 | |
| |
Liabilities in Excess of Other Assets — (1.5)% | | | | (30,724,768 | ) |
| | | | | | | | | | | | |
| | | |
Net Assets — 100.0% | | | | | | | | | | $ | 2,023,457,783 | |
| | | | | | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
| | |
| 8 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock High Equity Income Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
11/30/24 | | | Shares
Held at
11/30/24 | | | Income | | | Capital Gain
Distributions
from Underlying
Funds | |
| | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 1,740,145 | | | $ | — | | | $ | (777,226 | )(a) | | $ | (3,540 | ) | | $ | — | | | $ | 959,379 | | | | 958,899 | | | $ | 5,738 | (b) | | $ | — | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 19,702,202 | | | | 38,248,536 | (a) | | | — | | | | — | | | | — | | | | 57,950,738 | | | | 57,950,738 | | | | 1,460,538 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (3,540 | ) | | $ | — | | | $ | 58,910,117 | | | | | | | $ | 1,466,276 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 43,620,906 | | | $ | 9,167,336 | | | $ | — | | | $ | 52,788,242 | |
Automobile Components | | | 14,773,204 | | | | — | | | | — | | | | 14,773,204 | |
Automobiles | | | 10,329,289 | | | | — | | | | — | | | | 10,329,289 | |
Banks | | | 108,687,904 | | | | — | | | | — | | | | 108,687,904 | |
Beverages | | | 11,459,186 | | | | 11,874,430 | | | | — | | | | 23,333,616 | |
Broadline Retail | | | 26,635,599 | | | | — | | | | — | | | | 26,635,599 | |
Building Products | | | 9,719,709 | | | | — | | | | — | | | | 9,719,709 | |
Capital Markets | | | 20,881,254 | | | | — | | | | — | | | | 20,881,254 | |
Chemicals | | | 30,080,357 | | | | — | | | | — | | | | 30,080,357 | |
Commercial Services & Supplies | | | — | | | | 4,892,740 | | | | — | | | | 4,892,740 | |
Communications Equipment | | | 16,056,390 | | | | — | | | | — | | | | 16,056,390 | |
Consumer Staples Distribution & Retail | | | 14,874,710 | | | | — | | | | — | | | | 14,874,710 | |
Containers & Packaging | | | 19,128,441 | | | | — | | | | — | | | | 19,128,441 | |
Diversified Telecommunication Services | | | 11,975,303 | | | | — | | | | — | | | | 11,975,303 | |
Electric Utilities | | | 37,325,224 | | | | — | | | | — | | | | 37,325,224 | |
Electrical Equipment | | | 7,998,071 | | | | — | | | | — | | | | 7,998,071 | |
Electronic Equipment, Instruments & Components | | | 9,920,337 | | | | — | | | | — | | | | 9,920,337 | |
Entertainment | | | 24,083,313 | | | | — | | | | — | | | | 24,083,313 | |
Financial Services | | | 56,397,486 | | | | — | | | | — | | | | 56,397,486 | |
Food Products | | | 21,577,352 | | | | — | | | | — | | | | 21,577,352 | |
Health Care Equipment & Supplies | | | 46,233,278 | | | | 10,700,310 | | | | — | | | | 56,933,588 | |
Health Care Providers & Services | | | 125,402,117 | | | | — | | | | — | | | | 125,402,117 | |
Household Durables | | | 13,464,950 | | | | — | | | | — | | | | 13,464,950 | |
Household Products | | | 4,407,461 | | | | 8,449,178 | | | | — | | | | 12,856,639 | |
Industrial Conglomerates | | | — | | | | 7,978,754 | | | | — | | | | 7,978,754 | |
Insurance | | | 49,949,351 | | | | — | | | | — | | | | 49,949,351 | |
IT Services | | | 22,368,574 | | | | — | | | | — | | | | 22,368,574 | |
Leisure Products | | | 9,654,057 | | | | — | | | | — | | | | 9,654,057 | |
Life Sciences Tools & Services | | | 10,759,305 | | | | — | | | | — | | | | 10,759,305 | |
Machinery | | | 5,075,044 | | | | 11,038,912 | | | | — | | | | 16,113,956 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 9 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock High Equity Income Fund |
Fair Value Hierarchy as of Period End (continued)
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
Common Stocks (continued) | | | | | | | | | | | | | | | | |
Media | | $ | 25,862,518 | | | $ | 20,644,636 | | | $ | — | | | $ | 46,507,154 | |
Metals & Mining | | | 20,482,373 | | | | — | | | | — | | | | 20,482,373 | |
Multi-Utilities | | | 11,910,890 | | | | — | | | | — | | | | 11,910,890 | |
Oil, Gas & Consumable Fuels | | | 33,935,855 | | | | 30,419,914 | | | | — | | | | 64,355,769 | |
Pharmaceuticals | | | 8,076,520 | | | | 28,244,457 | | | | — | | | | 36,320,977 | |
Professional Services | | | 60,504,256 | | | | — | | | | — | | | | 60,504,256 | |
Semiconductors & Semiconductor Equipment | | | 3,811,035 | | | | 10,282,984 | | | | — | | | | 14,094,019 | |
Software | | | 17,449,516 | | | | — | | | | — | | | | 17,449,516 | |
Specialized REITs | | | 16,420,831 | | | | — | | | | — | | | | 16,420,831 | |
Technology Hardware, Storage & Peripherals | | | 14,361,586 | | | | 41,174,457 | | | | — | | | | 55,536,043 | |
Textiles, Apparel & Luxury Goods | | | 12,811,255 | | | | 13,635,845 | | | | — | | | | 26,447,100 | |
Tobacco | | | — | | | | 21,365,307 | | | | — | | | | 21,365,307 | |
Equity-Linked Notes | | | — | | | | 756,938,367 | | | | — | | | | 756,938,367 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 58,910,117 | | | | — | | | | — | | | | 58,910,117 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,067,374,924 | | | $ | 986,807,627 | | | $ | — | | | $ | 2,054,182,551 | |
| | | | | | | | | | | | | | | | |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| | | | |
| | |
| | | Equity-Linked Notes | |
Assets | | | | |
Opening Balance, as of May 31, 2024 | | $ | 20,384,632 | |
Transfers into Level 3 | | | — | |
Transfers out of Level 3 | | | — | |
Accrued discounts/premiums | | | — | |
Net realized gain (loss) | | | (249,328 | ) |
Net change in unrealized appreciation (depreciation)(a)(b) | | | (101,215 | ) |
Purchases | | | — | |
Sales | | | (20,034,089 | ) |
| | | | |
| |
Closing Balance, as of November 30, 2024 | | $ | — | |
| | | | |
| |
Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024(b) | | $ | — | |
| | | | |
| | (a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. | |
| | (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024, is generally due to investments no longer held or categorized as Level 3 at period end. | |
See notes to financial statements.
| | |
| 10 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Assets and Liabilities (unaudited)
November 30, 2024
| | | | | | | | | | |
| | | BlackRock Energy
Opportunities Fund | | | BlackRock High Equity Income
Fund | | | |
| | | |
ASSETS | | | | | | | | | | |
Investments, at value — unaffiliated(a)(b) | | $ | 317,089,999 | | | $ | 1,995,272,434 | | | |
Investments, at value — affiliated(c) | | | 6,998,958 | | | | 58,910,117 | | | |
Cash | | | 41,149 | | | | 233,667 | | | |
Foreign currency, at value(d) | | | 21,465 | | | | 4,632,669 | | | |
Receivables: | | | | | | | | | | |
Investments sold | | | — | | | | 13,831,002 | | | |
Securities lending income — affiliated | | | — | | | | 1,385 | | | |
Capital shares sold | | | 169,182 | | | | 1,128,081 | | | |
Dividends — unaffiliated | | | 1,240,156 | | | | 2,405,319 | | | |
Dividends — affiliated | | | 28,350 | | | | 270,955 | | | |
Interest — unaffiliated | | | — | | | | 5,336,755 | | | |
From the Manager | | | 7,461 | | | | 58,337 | | | |
Prepaid expenses | | | 26,623 | | | | 62,256 | | | |
| | | | | | | | | | |
Total assets | | | 325,623,343 | | | | 2,082,142,977 | | | |
| | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | |
Collateral on securities loaned | | | — | | | | 962,773 | | | |
Payables: | | | | | | | | | | |
Investments purchased | | | — | | | | 49,282,432 | | | |
Administration fees | | | 14,692 | | | | 64,533 | | | |
Capital shares redeemed | | | 146,991 | | | | 5,302,147 | | | |
Income dividend distributions | | | — | | | | 1,146,576 | | | |
Interest expense | | | 3,270 | | | | — | | | |
Investment advisory fees | | | 197,713 | | | | 1,200,133 | | | |
IRS compliance fee for foreign withholding tax claims | | | 43,084 | | | | — | | | |
Trustees’ and Officer’s fees | | | 1,895 | | | | 4,292 | | | |
Other accrued expenses | | | 44,957 | | | | 96,365 | | | |
Other affiliate fees | | | 14,661 | | | | — | | | |
Professional fees | | | 52,580 | | | | 12,915 | | | |
Service and distribution fees | | | 54,622 | | | | 114,994 | | | |
Transfer agent fees | | | 167,508 | | | | 498,034 | | | |
| | | | | | | | | | |
Total liabilities | | | 741,973 | | | | 58,685,194 | | | |
| | | | | | | | | | |
Commitments and contingent liabilities | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 324,881,370 | | | $ | 2,023,457,783 | | | |
| | | | | | | | | | |
| | | |
NET ASSETS CONSIST OF: | | | | | | | | | | |
Paid-in capital | | $ | 504,583,577 | | | $ | 1,917,951,761 | | | |
Accumulated earnings (loss) | | | (179,702,207 | ) | | | 105,506,022 | | | |
| | | | | | | | | | |
NET ASSETS | | $ | 324,881,370 | | | $ | 2,023,457,783 | | | |
| | | | | | | | | | |
| | | |
(a) Investments, at cost — unaffiliated | | $ | 206,269,982 | | | $ | 1,793,088,067 | | | |
(b) Securities loaned, at value | | $ | — | | | $ | 952,255 | | | |
(c) Investments, at cost — affiliated | | $ | 6,998,958 | | | $ | 58,910,117 | | | |
(d) Foreign currency, at cost | | $ | 21,156 | | | $ | 4,563,854 | | | |
| | |
S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S | | 11 |
Statements of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | | | | | | | |
| | | BlackRock Energy
Opportunities Fund | | | BlackRock High Equity Income
Fund | | | |
NET ASSET VALUE | | | | | | | | | | |
| | | |
| Institutional | | | | | | | | |
Net assets | | $ | 111,331,564 | | | $ | 1,416,991,866 | | | |
| | | | | | | | | | |
Shares outstanding | | | 7,664,981 | | | | 47,728,999 | | | |
| | | | | | | | | | |
Net asset value | | $ | 14.52 | | | $ | 29.69 | | | |
| | | | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | |
| | | | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | |
| | | | | | | | | | |
| | | |
| Investor A | | | | | | | | |
Net assets | | $ | 193,918,635 | | | $ | 308,168,406 | | | |
| | | | | | | | | | |
Shares outstanding | | | 13,784,079 | | | | 12,407,813 | | | |
| | | | | | | | | | |
Net asset value | | $ | 14.07 | | | $ | 24.84 | | | |
| | | | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | |
| | | | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | |
| | | | | | | | | | |
| | | |
| Investor C | | | | | | | | |
Net assets | | $ | 19,631,171 | | | $ | 64,638,318 | | | |
| | | | | | | | | | |
Shares outstanding | | | 1,452,817 | | | | 4,193,240 | | | |
| | | | | | | | | | |
Net asset value | | $ | 13.51 | | | $ | 15.41 | | | |
| | | | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | |
| | | | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | |
| | | | | | | | | | |
| | | |
| Class K | | | | | | | | |
Net assets | | | N/A | | | $ | 233,659,193 | | | |
| | | | | | | | | | |
Shares outstanding | | | N/A | | | | 7,875,151 | | | |
| | | | | | | | | | |
Net asset value | | | N/A | | | $ | 29.67 | | | |
| | | | | | | | | | |
Shares authorized | | | N/A | | | | Unlimited | | | |
| | | | | | | | | | |
Par value | | | N/A | | | $ | 0.001 | | | |
| | | | | | | | | | |
See notes to financial statements.
| | |
| 12 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Operations (unaudited)
Six Months Ended November 30, 2024
| | | | | | | | | | |
| | | BlackRock Energy
Opportunities
Fund | | | BlackRock High Equity Income
Fund | | | |
| | | |
INVESTMENT INCOME | | | | | | | | | | |
Dividends — unaffiliated | | $ | 5,504,750 | | | $ | 16,884,543 | | | |
Dividends — affiliated | | | 130,159 | | | | 1,460,538 | | | |
Interest — unaffiliated | | | — | | | | 69,385,955 | | | |
Securities lending income — affiliated — net | | | 47 | | | | 5,738 | | | |
Foreign taxes withheld | | | (262,339 | ) | | | (240,474 | ) | | |
Foreign withholding tax claims | | | 223,271 | | | | — | | | |
IRS compliance fee for foreign withholding tax claims | | | (3,270 | ) | | | — | | | |
| | | | | | | | | | |
Total investment income | | | 5,592,618 | | | | 87,496,300 | | | |
| | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | |
Investment advisory | | | 1,213,389 | | | | 7,876,611 | | | |
Service and distribution — class specific | | | 328,118 | | | | 694,360 | | | |
Transfer agent — class specific | | | 230,374 | | | | 890,994 | | | |
Administration | | | 68,759 | | | | 394,943 | | | |
Professional | | | 41,516 | | | | 20,024 | | | |
Administration — class specific | | | 32,361 | | | | 200,750 | | | |
Registration | | | 29,239 | | | | 63,077 | | | |
Accounting services | | | 27,121 | | | | 72,969 | | | |
Printing and postage | | | 16,019 | | | | 25,345 | | | |
Custodian | | | 12,573 | | | | 56,576 | | | |
Trustees and Officer | | | 4,505 | | | | 11,030 | | | |
Miscellaneous | | | 6,013 | | | | 17,613 | | | |
| | | | | | | | | | |
Total expenses excluding interest expense | | | 2,009,987 | | | | 10,324,292 | | | |
Interest expense | | | 1,529 | | | | 32,729 | | | |
| | | | | | | | | | |
Total expenses | | | 2,011,516 | | | | 10,357,021 | | | |
| | | | | | | | | | |
Less: | | | | | | | | | | |
Administration fees waived — class specific | | | (11,838 | ) | | | (200,750 | ) | | |
Fees waived and/or reimbursed by the Manager | | | (2,258 | ) | | | (510,386 | ) | | |
Transfer agent fees waived and/or reimbursed — class specific | | | (49,019 | ) | | | (445,933 | ) | | |
| | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1,948,401 | | | | 9,199,952 | | | |
| | | | | | | | | | |
Net investment income | | | 3,644,217 | | | | 78,296,348 | | | |
| | | | | | | | | | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | |
Investments — unaffiliated | | | 9,652,596 | | | | 46,157,238 | | | |
Investments — affiliated | | | (120 | ) | | | (3,540 | ) | | |
Foreign currency transactions | | | 10,202 | | | | (331,429 | ) | | |
| | | | | | | | | | |
| | $ | 9,662,678 | | | $ | 45,822,269 | | | |
| | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | |
Investments — unaffiliated | | | (12,806,050 | ) | | | (206,824 | ) | | |
Foreign currency translations | | | 577 | | | | 171,740 | | | |
| | | | | | | | | | |
| | | (12,805,473 | ) | | | (35,084 | ) | | |
| | | | | | | | | | |
Net realized and unrealized gain (loss) | | | (3,142,795 | ) | | | 45,787,185 | | | |
| | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 501,422 | | | $ | 124,083,533 | | | |
| | | | | | | | | | |
See notes to financial statements.
| | |
S T A T E M E N T S O F O P E R A T I O N S | | 13 |
Statements of Changes in Net Assets
| | | | | | | | |
| | | BlackRock Energy Opportunities Fund | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | |
| |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment income | | $ | 3,644,217 | | | $ | 7,995,879 | |
Net realized gain | | | 9,662,678 | | | | 20,452,624 | |
Net change in unrealized appreciation (depreciation) | | | (12,805,473 | ) | | | 54,592,066 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 501,422 | | | | 83,040,569 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | |
Institutional | | | (1,225,993 | ) | | | (4,041,903 | ) |
Investor A | | | (1,865,806 | ) | | | (6,302,765 | ) |
Investor C | | | (113,685 | ) | | | (458,800 | ) |
| | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (3,205,484 | ) | | | (10,803,468 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
Net decrease in net assets derived from capital share transactions | | | (15,700,984 | ) | | | (105,569,884 | ) |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total decrease in net assets | | | (18,405,046 | ) | | | (33,332,783 | ) |
Beginning of period | | | 343,286,416 | | | | 376,619,199 | |
| | | | | | | | |
End of period | | $ | 324,881,370 | | | $ | 343,286,416 | |
| | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
See notes to financial statements.
| | |
| 14 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| | | BlackRock High Equity Income Fund | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | |
| |
INCREASE (DECREASE) IN NET ASSETS | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment income | | $ | 78,296,348 | | | $ | 138,011,642 | |
Net realized gain (loss) | | | 45,822,269 | | | | (14,910,913 | ) |
Net change in unrealized appreciation (depreciation) | | | (35,084 | ) | | | 218,437,823 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 124,083,533 | | | | 341,538,552 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | |
Institutional | | | (55,324,971 | ) | | | (101,737,937 | ) |
Investor A | | | (11,525,439 | ) | | | (19,982,439 | ) |
Investor C | | | (2,163,298 | ) | | | (3,614,308 | ) |
Class K | | | (9,055,466 | ) | | | (13,231,823 | ) |
| | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (78,069,174 | ) | | | (138,566,507 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
Net decrease in net assets derived from capital share transactions | | | (55,287,836 | ) | | | (139,152,881 | ) |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total increase (decrease) in net assets | | | (9,273,477 | ) | | | 63,819,164 | |
Beginning of period | | | 2,032,731,260 | | | | 1,968,912,096 | |
| | | | | | | | |
End of period | | $ | 2,023,457,783 | | | $ | 2,032,731,260 | |
| | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
See notes to financial statements.
| | |
S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S | | 15 |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | BlackRock Energy Opportunities Fund | |
| |
| | | Institutional | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19
to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 14.60 | | | $ | 11.94 | | | $ | 13.73 | | | $ | 8.55 | | | $ | 6.64 | | | $ | 9.66 | | | $ | 12.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.18 | | | | 0.35 | | | | 0.42 | | | | 0.32 | | | | 0.26 | | | | 0.21 | | | | 0.29 | |
Net realized and unrealized gain (loss) | | | (0.11 | ) | | | 2.75 | | | | (1.88 | ) | | | 5.11 | | | | 1.90 | | | | (2.93 | ) | | | (2.66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.07 | | | | 3.10 | | | | (1.46 | ) | | | 5.43 | | | | 2.16 | | | | (2.72 | ) | | | (2.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.15 | ) | | | (0.44 | ) | | | (0.33 | ) | | | (0.25 | ) | | | (0.25 | ) | | | (0.30 | ) | | | (0.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 14.52 | | | $ | 14.60 | | | $ | 11.94 | | | $ | 13.73 | | | $ | 8.55 | | | $ | 6.64 | | | $ | 9.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.51 | %(d) | | | 26.56 | % | | | (10.59 | )% | | | 65.17 | % | | | 33.50 | % | | | (29.02 | )%(d) | | | (19.24 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.03 | %(f) | | | 1.07 | % | | | 1.03 | % | | | 1.11 | % | | | 1.33 | % | | | 1.40 | %(f)(g) | | | 1.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.91 | %(f) | | | 0.91 | % | | | 0.91 | % | | | 0.91 | % | | | 0.91 | % | | | 0.91 | %(f)(g) | | | 0.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.55 | %(f) | | | 2.59 | % | | | 3.28 | % | | | 3.05 | % | | | 3.75 | % | | | 3.89 | %(f) | | | 2.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 111,332 | | | $ | 116,190 | | | $ | 153,530 | | | $ | 128,580 | | | $ | 52,377 | | | $ | 38,779 | | | $ | 23,579 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 23 | % | | | 35 | % | | | 77 | % | | | 75 | % | | | 79 | % | | | 39 | % | | | 37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Reorganization, Audit and Printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 1.47% and 0.91%, respectively. |
See notes to financial statements.
| | |
| 16 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Energy Opportunities Fund (continued) | |
| | | Investor A | |
| | | | | | | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19
to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 14.15 | | | $ | 11.58 | | | $ | 13.33 | | | $ | 8.31 | | | $ | 6.46 | | | $ | 9.39 | | | $ | 11.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.15 | | | | 0.29 | | | | 0.37 | | | | 0.27 | | | | 0.23 | | | | 0.18 | | | | 0.24 | |
Net realized and unrealized gain (loss) | | | (0.10 | ) | | | 2.67 | | | | (1.84 | ) | | | 4.97 | | | | 1.84 | | | | (2.85 | ) | | | (2.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.05 | | | | 2.96 | | | | (1.47 | ) | | | 5.24 | | | | 2.07 | | | | (2.67 | ) | | | (2.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.13 | ) | | | (0.39 | ) | | | (0.28 | ) | | | (0.22 | ) | | | (0.22 | ) | | | (0.26 | ) | | | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 14.07 | | | $ | 14.15 | | | $ | 11.58 | | | $ | 13.33 | | | $ | 8.31 | | | $ | 6.46 | | | $ | 9.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.35 | %(d) | | | 26.06 | % | | | (10.97 | )% | | | 64.51 | % | | | 33.00 | % | | | (29.23 | )%(d) | | | (19.61 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.30 | %(f) | | | 1.36 | % | | | 1.33 | % | | | 1.43 | % | | | 1.73 | % | | | 1.94 | %(f)(g) | | | 1.66 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.29 | %(f) | | | 1.32 | % | | | 1.32 | % | | | 1.32 | % | | | 1.32 | % | | | 1.32 | %(f)(g) | | | 1.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 2.13 | %(f) | | | 2.22 | % | | | 2.94 | % | | | 2.66 | % | | | 3.30 | % | | | 3.65 | %(f) | | | 2.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 193,919 | | | $ | 209,291 | | | $ | 204,035 | | | $ | 232,979 | | | $ | 103,858 | | | $ | 72,733 | | | $ | 34,574 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 23 | % | | | 35 | % | | | 77 | % | | | 75 | % | | | 79 | % | | | 39 | % | | | 37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Reorganization, Audit and Printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.00% and 1.32%, respectively. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 17 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Energy Opportunities Fund (continued) | |
| |
| | | Investor C | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19
to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 13.61 | | | $ | 11.14 | | | $ | 12.83 | | | $ | 8.01 | | | $ | 6.24 | | | $ | 9.03 | | | $ | 11.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.11 | | | | 0.19 | | | | 0.27 | | | | 0.19 | | | | 0.17 | | | | 0.14 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | (0.12 | ) | | | 2.57 | | | | (1.76 | ) | | | 4.79 | | | | 1.77 | | | | (2.75 | ) | | | (2.44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | (0.01 | ) | | | 2.76 | | | | (1.49 | ) | | | 4.98 | | | | 1.94 | | | | (2.61 | ) | | | (2.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(b) | | | (0.09 | ) | | | (0.29 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.17 | ) | | | (0.18 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 13.51 | | | $ | 13.61 | | | $ | 11.14 | | | $ | 12.83 | | | $ | 8.01 | | | $ | 6.24 | | | $ | 9.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | (0.08 | )%(d) | | | 25.20 | % | | | (11.57 | )% | | | 63.37 | % | | | 31.89 | % | | | (29.51 | )%(d) | | | (20.21 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses(f) | | | 2.01 | %(g) | | | 2.10 | % | | | 2.05 | % | | | 2.16 | % | | | 2.53 | % | | | 2.61 | %(g)(h) | | | 2.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 2.00 | %(g) | | | 2.04 | % | | | 2.03 | % | | | 2.04 | % | | | 2.04 | % | |
| 2.04
| %(g)(h)
| | | 2.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 1.66 | %(g) | | | 1.49 | % | | | 2.22 | % | | | 1.92 | % | | | 2.60 | % | | | 2.77 | %(g) | | | 1.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 19,631 | | | $ | 17,804 | | | $ | 19,054 | | | $ | 26,559 | | | $ | 10,699 | | | $ | 11,152 | | | $ | 7,554 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 23 | % | | | 35 | % | | | 77 | % | | | 75 | % | | | 79 | % | | | 39 | % | | | 37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (f) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the ratios were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19 to 5/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | |
Expense ratios | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | N/A | | | | 2.61 | % | | | 2.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (h) | Reorganization, Audit and Printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 2.67% and 2.04%, respectively. |
See notes to financial statements.
| | |
| 18 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock High Equity Income Fund | |
| |
| | | Institutional | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19
to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 29.01 | | | $ | 26.23 | | | $ | 29.54 | | | $ | 29.99 | | | $ | 22.81 | | | $ | 26.57 | | | $ | 28.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 1.15 | | | | 1.89 | | | | 1.86 | | | | 1.99 | | | | 1.81 | | | | 0.94 | | | | 1.24 | |
Net realized and unrealized gain (loss) | | | 0.68 | | | | 2.78 | | | | (3.25 | ) | | | (0.20 | ) | | | 7.13 | | | | (3.54 | ) | | | (0.73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 1.83 | | | | 4.67 | | | | (1.39 | ) | | | 1.79 | | | | 8.94 | | | | (2.60 | ) | | | 0.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (1.15 | ) | | | (1.89 | ) | | | (1.86 | ) | | | (1.95 | ) | | | (1.76 | ) | | | (1.16 | ) | | | (1.05 | ) |
From net realized gain | | | — | | | | — | | | | (0.06 | ) | | | (0.29 | ) | | | — | | | | — | | | | (1.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.15 | ) | | | (1.89 | ) | | | (1.92 | ) | | | (2.24 | ) | | | (1.76 | ) | | | (1.16 | ) | | | (2.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 29.69 | | | $ | 29.01 | | | $ | 26.23 | | | $ | 29.54 | | | $ | 29.99 | | | $ | 22.81 | | | $ | 26.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 6.42 | %(d) | | | 18.41 | % | | | (4.70 | )% | | | 6.28 | %(e) | | | 40.81 | % | | | (9.94 | )%(d) | | | 2.27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.98 | %(g) | | | 0.99 | % | | | 1.00 | % | | | 1.02 | % | | | 1.12 | % | | | 1.12 | %(g) | | | 1.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.85 | %(g) | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | %(g) | | | 0.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 7.87 | %(g) | | | 6.89 | % | | | 6.81 | % | | | 6.76 | % | | | 6.93 | % | | | 5.63 | %(g) | | | 4.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,416,992 | | | $ | 1,446,440 | | | $ | 1,475,683 | | | $ | 953,582 | | | $ | 277,653 | | | $ | 128,474 | | | $ | 151,747 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 54 | % | | | 85 | % | | | 126 | % | | | 140 | % | | | 146 | % | | | 76 | % | | | 79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 19 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | BlackRock High Equity Income Fund (continued) | |
| | Investor A | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19
to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 24.27 | | | $ | 21.94 | | | $ | 24.73 | | | $ | 25.16 | | | $ | 19.14 | | | $ | 22.43 | | | $ | 24.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.93 | | | | 1.53 | | | | 1.49 | | | | 1.58 | | | | 1.42 | | | | 0.75 | | | | 1.00 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | 2.32 | | | | (2.72 | ) | | | (0.14 | ) | | | 6.03 | | | | (2.98 | ) | | | (0.64 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 1.50 | | | | 3.85 | | | | (1.23 | ) | | | 1.44 | | | | 7.45 | | | | (2.23 | ) | | | 0.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.93 | ) | | | (1.52 | ) | | | (1.50 | ) | | | (1.58 | ) | | | (1.43 | ) | | | (1.06 | ) | | | (1.00 | ) |
From net realized gain | | | — | | | | — | | | | (0.06 | ) | | | (0.29 | ) | | | — | | | | — | | | | (1.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.93 | ) | | | (1.52 | ) | | | (1.56 | ) | | | (1.87 | ) | | | (1.43 | ) | | | (1.06 | ) | | | (2.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 24.84 | | | $ | 24.27 | | | $ | 21.94 | | | $ | 24.73 | | | $ | 25.16 | | | $ | 19.14 | | | $ | 22.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 6.29 | %(d) | | | 18.14 | % | | | (4.96 | )% | | | 5.99 | %(e) | | | 40.44 | % | | | (10.09 | )%(d) | | | 2.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.22 | %(g) | | | 1.23 | % | | | 1.24 | % | | | 1.31 | % | | | 1.40 | % | | | 1.40 | %(g) | | | 1.37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.10 | %(g) | | | 1.10 | % | | | 1.10 | % | | | 1.10 | % | | | 1.10 | % | | | 1.10 | %(g) | | | 1.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 7.62 | %(g) | | | 6.65 | % | | | 6.54 | % | | | 6.41 | % | | | 6.64 | % | | | 5.35 | %(g) | | | 4.55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 308,168 | | | $ | 303,692 | | | $ | 296,254 | | | $ | 293,050 | | | $ | 208,207 | | | $ | 172,696 | | | $ | 215,121 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 54 | % | | | 85 | % | | | 126 | % | | | 140 | % | | | 146 | % | | | 76 | % | | | 79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 20 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | BlackRock High Equity Income Fund (continued) | |
| |
| | | Investor C | |
| | | | | | | |
| |
| Six Months
Ended
11/30/24
(unaudited) |
| |
| Year Ended
05/31/24 |
| |
| Year Ended
05/31/23 |
| |
| Year Ended
05/31/22 |
| |
| Year Ended
05/31/21 |
| |
| Period from
10/01/19
to 05/31/20 |
| |
| Year Ended
09/30/19 |
|
| | | | | | | | |
Net asset value, beginning of period | | $ | 15.06 | | | $ | 13.62 | | | $ | 15.37 | | | $ | 15.75 | | | $ | 11.98 | | | $ | 14.35 | | | $ | 16.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.52 | | | | 0.84 | | | | 0.82 | | | | 0.87 | | | | 0.78 | | | | 0.41 | | | | 0.55 | |
Net realized and unrealized gain (loss) | | | 0.35 | | | | 1.44 | | | | (1.68 | ) | | | (0.09 | ) | | | 3.78 | | | | (1.88 | ) | | | (0.45 | ) |
| | | | | | | | | | | | | | | �� | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.87 | | | | 2.28 | | | | (0.86 | ) | | | 0.78 | | | | 4.56 | | | | (1.47 | ) | | | 0.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.52 | ) | | | (0.84 | ) | | | (0.83 | ) | | | (0.87 | ) | | | (0.79 | ) | | | (0.90 | ) | | | (0.89 | ) |
From net realized gain | | | — | | | | — | | | | (0.06 | ) | | | (0.29 | ) | | | — | | | | — | | | | (1.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.52 | ) | | | (0.84 | ) | | | (0.89 | ) | | | (1.16 | ) | | | (0.79 | ) | | | (0.90 | ) | | | (1.94 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 15.41 | | | $ | 15.06 | | | $ | 13.62 | | | $ | 15.37 | | | $ | 15.75 | | | $ | 11.98 | | | $ | 14.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 5.87 | %(d) | | | 17.22 | % | | | (5.63 | )% | | | 5.17 | %(e) | | | 39.41 | % | | | (10.52 | )%(d) | | | 1.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.97 | %(g) | | | 1.98 | % | | | 1.98 | % | | | 2.04 | % | | | 2.18 | % | | | 2.16 | %(g) | | | 2.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.85 | %(g) | | | 1.85 | % | | | 1.85 | % | | | 1.85 | % | | | 1.85 | % | | | 1.85 | %(g) | | | 1.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 6.86 | %(g) | | | 5.90 | % | | | 5.80 | % | | | 5.67 | % | | | 5.85 | % | | | 4.57 | %(g) | | | 3.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 64,638 | | | $ | 62,685 | | | $ | 59,276 | | | $ | 42,543 | | | $ | 22,379 | | | $ | 24,163 | | | $ | 36,132 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 54 | % | | | 85 | % | | | 126 | % | | | 140 | % | | | 146 | % | | | 76 | % | | | 79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 21 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | BlackRock High Equity Income Fund (continued) | |
| |
| | | Class K | |
| |
| Six Months
Ended
11/30/24
(unaudited) |
| |
| Year Ended
05/31/24 |
| |
| Year Ended
05/31/23 |
| |
| Year Ended
05/31/22 |
| |
| Year Ended
05/31/21 |
| |
| Period from
04/21/20to 05/31/20 |
(a) |
| | | | | | | |
Net asset value, beginning of period | | $ | 28.99 | | | $ | 26.21 | | | $ | 29.53 | | | $ | 30.00 | | | $ | 22.81 | | | $ | 21.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | 1.15 | | | | 1.91 | | | | 1.87 | | | | 2.00 | | | | 1.78 | | | | 0.20 | |
Net realized and unrealized gain (loss) | | | 0.68 | | | | 2.77 | | | | (3.25 | ) | | | (0.21 | ) | | | 7.19 | | | | 1.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 1.83 | | | | 4.68 | | | | (1.38 | ) | | | 1.79 | | | | 8.97 | | | | 1.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (1.15 | ) | | | (1.90 | ) | | | (1.88 | ) | | | (1.97 | ) | | | (1.78 | ) | | | (0.20 | ) |
From net realized gain | | | — | | | | — | | | | (0.06 | ) | | | (0.29 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (1.15 | ) | | | (1.90 | ) | | | (1.94 | ) | | | (2.26 | ) | | | (1.78 | ) | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net asset value, end of period | | $ | 29.67 | | | $ | 28.99 | | | $ | 26.21 | | | $ | 29.53 | | | $ | 30.00 | | | $ | 22.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 6.45 | %(e) | | | 18.48 | % | | | (4.68 | )% | | | 6.27 | %(f) | | | 40.93 | % | | | 9.35 | %(e) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.88 | %(h) | | | 0.88 | % | | | 0.89 | % | | | 0.98 | % | | | 1.01 | % | | | 0.99 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.80 | %(h) | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | % | | | 0.80 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 7.91 | %(h) | | | 6.94 | % | | | 6.88 | % | | | 6.76 | % | | | 6.94 | % | | | 8.28 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 233,659 | | | $ | 219,915 | | | $ | 137,700 | | | $ | 535 | | | $ | 359 | | | $ | 288 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 54 | % | | | 85 | % | | | 126 | % | | | 140 | % | | | 146 | % | | | 76 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (i) | Portfolio turnover is representative of the Fund for the entire year. |
See notes to financial statements.
| | |
| 22 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited)
1. ORGANIZATION
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:
| | | | |
| | | |
| Fund Name | | Herein Referred To As | | Diversification Classification |
BlackRock Energy Opportunities Fund | | Energy Opportunities | | Non-Diversified |
BlackRock High Equity Income Fund | | High Equity Income | | Diversified |
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).
| | | | | | |
| | | | |
| Share Class | | Initial Sales Charge | | CDSC | | Conversion Privilege |
Institutional and Class K Shares | | No | | No | | None |
Investor A Shares | | Yes | | No(a) | | None |
Investor C Shares | | No | | Yes(b) | | To Investor A Shares after approximately 8 years |
| | (a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. | |
| | (b) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | |
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 23 |
Notes to Financial Statements (unaudited) (continued)
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by each Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of each Fund (the “Board”) has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| | · | | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price. |
| | · | | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
| | · | | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”). |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
| | |
| 24 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| | · | | Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities; |
| | · | | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and |
| | · | | Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS
Equity-Linked Notes: Equity-linked notes seek to generate income and provide exposure to the performance of an underlying security, group of securities or exchange-traded funds (the “underlying reference instrument”). In an equity-linked note, a fund purchases a note from a bank or broker-dealer and in return, the issuer provides for interest payments during the term of the note. At maturity or when the security is sold, a fund will either settle by taking physical delivery of the underlying reference instrument or by receipt of a cash settlement amount equal to the value of the note at termination or maturity. The use of equity-linked notes involves the risk that the value of the note changes unfavorably due to movements in the value of the underlying reference instrument. Equity-linked notes are considered general unsecured contractual obligations of the bank or broker-dealer. A fund must rely on the creditworthiness of the issuer for its investment returns.
Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 25 |
Notes to Financial Statements (unaudited) (continued)
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Fund’s securities on loan by counterparty which are subject to offset under an MSLA:
| | | | | | | | | | | | | | | | |
| | | | | |
Fund Name/Counterparty | |
| Securities
Loaned at Value |
| |
| Cash
Collateral Received(a) |
| |
| Non-Cash
Collateral Received,
at Fair Value(a) |
| |
| Net
Amount |
|
High Equity Income | | | | | | | | | | | | | | | | |
Citigroup Global Markets, Inc | | $ | 952,255 | | | $ | (952,255 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statements of Assets and Liabilities. | |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
| | | | |
| | |
| | | Investment Advisory Fees | |
| Average Daily Net Assets | |
| Energy
Opportunities |
|
First $1 billion | | | 0.750 | % |
$1 billion - $2 billion | | | 0.700 | |
$2 billion - $3 billion | | | 0.675 | |
Greater than $3 billion | | | 0.650 | |
| | | | |
| | |
| | | Investment Advisory Fees | |
| Average Daily Net Assets | |
| High Equity
Income |
|
First $1 billion | | | 0.810 | % |
$1 billion - $3 billion | | | 0.760 | |
$3 billion - $5 billion | | | 0.730 | |
$5 billion - $10 billion | | | 0.700 | |
Greater than $10 billion | | | 0.680 | |
| | |
| 26 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
With respect to Energy Opportunities, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL, for services it provides for that portion of each applicable Fund for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.
Service and Distribution Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:
| | | | | | | | |
| | | |
| Share Class | | Service Fees | | | Distribution Fees | |
Investor A | | | 0.25 | % | | | N/A | |
Investor C | | | 0.25 | | | | 0.75 | % |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
| | | | | | | | | | | | |
| | | | |
| Fund Name | | Investor A | | | Investor C | | | Total | |
BlackRock Energy Opportunities Fund | | $ | 244,133 | | | $ | 83,985 | | | $ | 328,118 | |
BlackRock High Equity Income Fund | | | 378,893 | | | | 315,467 | | | | 694,360 | |
Administration: The Trust, on behalf of each Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.
| | | | |
| | |
| Average Daily Net Assets | | Administration Fees | |
First $500 million | | | 0.0425 | % |
$500 million - $1 billion | | | 0.0400 | |
$1 billion - $2 billion | | | 0.0375 | |
$2 billion - $4 billion | | | 0.0350 | |
$4 billion - $13 billion | | | 0.0325 | |
Greater than $13 billion | | | 0.0300 | |
In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.
For the six months ended November 30, 2024, the following table shows the class specific administration fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
Energy Opportunities | | $ | 11,090 | | | $ | 19,587 | | | $ | 1,684 | | | $ | — | | | $ | 32,361 | |
High Equity Income | | | 141,124 | | | | 30,355 | | | | 6,318 | | | | 22,953 | | | | 200,750 | |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2024, the Funds did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2024, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
Energy Opportunities | | $ | 1,185 | | | $ | 12,833 | | | $ | 1,691 | | | $ | — | | | $ | 15,709 | |
High Equity Income | | | 2,450 | | | | 12,617 | | | | 2,087 | | | | 376 | | | | 17,530 | |
For the six months ended November 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
Energy Opportunities | | $ | 74,948 | | | $ | 145,981 | | | $ | 9,445 | | | $ | — | | | $ | 230,374 | |
High Equity Income | | | 712,978 | | | | 141,564 | | | | 29,181 | | | | 7,271 | | | | 890,994 | |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 27 |
Notes to Financial Statements (unaudited) (continued)
Other Fees: For the six months ended November 30, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:
| | | | |
| | |
| Fund Name | | Amounts | |
Energy Opportunities | | $ | 4,768 | |
High Equity Income | | | 13,295 | |
For the six months ended November 30, 2024, affiliates received CDSCs as follows:
| | | | | | | | |
| | | |
| Share Class | | Energy
Opportunities | | | High
Equity
Income | |
Investor A | | $ | — | | | $ | 308 | |
Investor C | | | 608 | | | | 846 | |
Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2024, the amounts waived were as follows:
| | | | |
| | |
| Fund Name | | Amounts Waived | |
Energy Opportunities | | $ | 1,950 | |
High Equity Income | | | 20,007 | |
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | |
Energy Opportunities | | | 0.91 | % | | | 1.32 | % | | | 2.04 | % | | | 0.91 | %(a) |
High Equity Income | | | 0.85 | | | | 1.10 | | | | 1.85 | | | | 0.80 | % |
| | (a) | There were no shares outstanding as of November 30, 2024. |
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2024, the amounts included in the Statements of Operations were as follows:
| | | | |
| | |
| Fund Name | | Amounts Waived | |
Energy Opportunities | | $ | 308 | |
High Equity Income | | | 490,379 | |
In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Administration Fees Waived by the Manager - Class Specific | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
Energy Opportunities | | $ | 11,090 | | | $ | 676 | | | $ | 72 | | | $ | — | | | $ | 11,838 | |
High Equity Income | | | 141,124 | | | | 30,355 | | | | 6,318 | | | | 22,953 | | | | 200,750 | |
| | | | | | | | | | | | | | | | | | | | |
| | | Transfer Agent Fees Waived and/or Reimbursed by the Manager -
Class Specific | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
Energy Opportunities | | $ | 48,376 | | | $ | 577 | | | $ | 66 | | | $ | — | | | $ | 49,019 | |
High Equity Income | | | 361,071 | | | | 65,136 | | | | 12,954 | | | | 6,772 | | | | 445,933 | |
| | |
| 28 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, Energy Opportunities retain 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Pursuant to the current securities lending agreement, High Equity Income retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, Energy Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. High Equity Income, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2024, each Fund paid BIM the following amounts for securities lending agent services:
| | | | |
| | |
| Fund Name | | Amounts | |
High Equity Income | | $ | 1,208 | |
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities and equity-linked notes, were as follows:
| | | | | | | | |
| Fund Name | | Purchases | | | Sales | |
Energy Opportunities | | $ | 74,526,749 | | | $ | 93,161,996 | |
High Equity Income | | | 680,994,948 | | | | 837,490,868 | |
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 29 |
Notes to Financial Statements (unaudited) (continued)
As of May 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| | | | |
| | |
| Fund Name | | Non-Expiring Capital
Loss Carryforwards | |
Energy Opportunities | | $ | (292,466,462 | ) |
High Equity Income | | | (54,064,620 | ) |
As of November 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name | | Tax Cost | | | Gross Unrealized
Appreciation | | | Gross Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
Energy Opportunities | | $ | 224,633,068 | | | $ | 103,028,385 | | | $ | (3,572,496) | | | $ | 99,455,889 | |
High Equity Income | | | 1,940,038,181 | | | | 175,191,440 | | | | (61,047,070 | ) | | | 114,144,370 | |
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2024, the Fund did not borrow under the credit agreement.
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
| | |
| 30 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the certain Funds invest.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
| 10. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Energy Opportunities | | | | | | | | | | | | | | | | |
| | | | |
Institutional | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,172,581 | | | $ | 16,557,880 | | | | 7,173,629 | | | $ | 97,116,078 | |
| | | | |
Shares issued in reinvestment of distributions | | | 84,351 | | | | 1,223,090 | | | | 314,646 | | | | 4,030,855 | |
| | | | |
Shares redeemed | | | (1,547,686 | ) | | | (21,789,272 | ) | | | (12,393,223 | ) | | | (165,638,410 | ) |
| | | | | | | | | | | | | | | | |
| | | (290,754 | ) | | $ | (4,008,302 | ) | | | (4,904,948 | ) | | $ | (64,491,477 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
| | | | |
Shares sold and automatic conversion of shares | | | 1,359,613 | | | $ | 18,682,913 | | | | 3,464,629 | | | $ | 45,743,773 | |
| | | | |
Shares issued in reinvestment of distributions | | | 130,565 | | | | 1,837,044 | | | | 500,381 | | | | 6,209,339 | |
| | | | |
Shares redeemed | | | (2,494,762 | ) | | | (34,191,365 | ) | | | (6,800,384 | ) | | | (88,026,155 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,004,584 | ) | | $ | (13,671,408 | ) | | | (2,835,374 | ) | | $ | (36,073,043 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 311,769 | | | $ | 4,189,684 | | | | 176,928 | | | $ | 2,249,456 | |
| | | | |
Shares issued in reinvestment of distributions | | | 8,313 | | | | 112,643 | | | | 38,007 | | | | 455,047 | |
| | | | |
Shares redeemed and automatic conversion of shares | | | (175,864 | ) | | | (2,323,601 | ) | | | (617,417 | ) | | | (7,709,867 | ) |
| | | | | | | | | | | | | | | | |
| | | 144,218 | | | $ | 1,978,726 | | | | (402,482 | ) | | $ | (5,005,364 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,151,120 | ) | | $ | (15,700,984 | ) | | | (8,142,804 | ) | | $ | (105,569,884 | ) |
| | | | | | | | | | | | | | | | |
High Equity Income | | | | | | | | | | | | | | | | |
| | | | |
Institutional | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,704,543 | | | $ | 165,977,540 | | | | 21,509,286 | | | $ | 588,083,365 | |
| | | | |
Shares issued in reinvestment of distributions | | | 1,814,815 | | | | 53,200,534 | | | | 3,537,819 | | | | 97,630,330 | |
| | | | |
Shares redeemed | | | (9,657,041 | ) | | | (280,540,708 | ) | | | (31,448,082 | ) | | | (861,048,299 | ) |
| | | | | | | | | | | | | | | | |
| | | (2,137,683 | ) | | $ | (61,362,634 | ) | | | (6,400,977 | ) | | $ | (175,334,604 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
| | | | |
Shares sold and automatic conversion of shares | | | 630,539 | | | $ | 15,316,918 | | | | 1,989,055 | | | $ | 45,453,814 | |
| | | | |
Shares issued in reinvestment of distributions | | | 461,284 | | | | 11,313,184 | | | | 840,974 | | | | 19,429,061 | |
| | | | |
Shares redeemed | | | (1,198,947 | ) | | | (29,147,190 | ) | | | (3,817,910 | ) | | | (87,203,434 | ) |
| | | | | | | | | | | | | | | | |
| | | (107,124 | ) | | $ | (2,517,088 | ) | | | (987,881 | ) | | $ | (22,320,559 | ) |
| | | | | | | | | | | | | | | | |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 31 |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
High Equity Income (continued) | | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 238,281 | | | $ | 3,606,228 | | | | 608,558 | | | $ | 8,640,528 | |
| | | | |
Shares issued in reinvestment of distributions | | | 142,428 | | | | 2,163,298 | | | | 250,046 | | | | 3,586,042 | |
| | | | |
Shares redeemed and automatic conversions of shares | | | (349,376 | ) | | | (5,295,300 | ) | | | (1,050,128 | ) | | | (14,933,876 | ) |
| | | | | | | | | | | | | | | | |
| | | 31,333 | | | $ | 474,226 | | | | (191,524 | ) | | $ | (2,707,306 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 641,113 | | | $ | 18,360,600 | | | | 3,626,200 | | | $ | 96,784,712 | |
| | | | |
Shares issued in reinvestment of distributions | | | 308,856 | | | | 9,052,810 | | | | 473,682 | | | | 13,113,564 | |
| | | | |
Shares redeemed | | | (661,109 | ) | | | (19,295,750 | ) | | | (1,767,169 | ) | | | (48,688,688 | ) |
| | | | | | | | | | | | | | | | |
| | | 288,860 | | | $ | 8,117,660 | | | | 2,332,713 | | | $ | 61,209,588 | |
| | | | | | | | | | | | | | | | |
| | | (1,924,614 | ) | | $ | (55,287,836 | ) | | | (5,247,669 | ) | | $ | (139,152,881 | ) |
| | | | | | | | | | | | | | | | |
As of November 30, 2024, BlackRock Financial Management, Inc., an affiliate of the Fund, owned 11,882 Class K Shares of High Equity Income.
| 11. | FOREIGN WITHHOLDINGS TAX CLAIMS |
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the Funds is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of November 30, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund’s performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
Energy Opportunities is seeking, a closing agreement with the IRS to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
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| 32 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Funds.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
| | |
A D D I T I O N A L I N F O R M A T I O N | | 33 |
Additional Information (continued)
Fund and Service Providers
Investment Adviser and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser(a)
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Custodian
The Bank of New York Mellon
New York, NY 10286
(a) BlackRock Energy Opportunities Fund.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Distributor
BlackRock Investments, LLC
New York, NY 10022
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
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| 34 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Glossary of Terms Used in this Report
| | |
| Currency Abbreviation |
| |
| CAD | | Canadian Dollar |
| |
| EUR | | Euro |
| |
| GBP | | British Pound |
| |
| USD | | United States Dollar |
| | |
| Portfolio Abbreviation |
| |
| ADR | | American Depositary Receipt |
| |
| GDR | | Global Depositary Receipt |
| |
| NVS | | Non-Voting Shares |
| |
| REIT | | Real Estate Investment Trust |
| | |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | | 35 |
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
| | |
| | NOVEMBER 30, 2024 |
| | |
| |
| | 2024 Semi-Annual Financial Statements and Additional Information (Unaudited) |
BlackRock FundsSM
· BlackRock Advantage International Fund
· BlackRock Advantage Large Cap Growth Fund
· BlackRock Advantage Small Cap Core Fund
BlackRock Large Cap Series Funds, Inc.
· BlackRock Advantage Large Cap Core Fund
· BlackRock Advantage Large Cap Value Fund
|
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
| | |
D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S | | 3 |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Advantage International Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Australia — 6.7% | | | | | | |
AGL Energy Ltd. | | | 763,130 | | | $ | 5,583,843 | |
Aristocrat Leisure Ltd. | | | 255,763 | | | | 11,342,129 | |
BHP Group Ltd. | | | 1,335,308 | | | | 35,211,040 | |
Cochlear Ltd. | | | 4,755 | | | | 946,811 | |
Coles Group Ltd. | | | 20,639 | | | | 250,651 | |
Commonwealth Bank of Australia | | | 153,295 | | | | 15,914,202 | |
Computershare Ltd. | | | 275,880 | | | | 5,748,008 | |
Glencore PLC | | | 1,867,104 | | | | 9,040,903 | |
GPT Group (The) | | | 659,251 | | | | 2,050,453 | |
IGO Ltd. | | | 84,713 | | | | 269,593 | |
Macquarie Group Ltd. | | | 49,009 | | | | 7,412,321 | |
Medibank Pvt Ltd. | | | 96,424 | | | | 240,808 | |
National Australia Bank Ltd. | | | 49,639 | | | | 1,270,664 | |
Northern Star Resources Ltd. | | | 562,341 | | | | 6,448,154 | |
Orica Ltd. | | | 23,121 | | | | 273,955 | |
QBE Insurance Group Ltd. | | | 63,734 | | | | 832,653 | |
REA Group Ltd. | | | 61,279 | | | | 10,106,768 | |
Rio Tinto PLC | | | 31,656 | | | | 1,990,305 | |
Rocketboots Ltd.(a)(b) | | | 1,389 | | | | 81 | |
Santos Ltd. | | | 610,555 | | | | 2,639,278 | |
Scentre Group | | | 1,492,844 | | | | 3,591,368 | |
Sonic Healthcare Ltd. | | | 176,773 | | | | 3,304,262 | |
South32 Ltd. | | | 130,120 | | | | 315,786 | |
Telstra Group Ltd. | | | 2,976,096 | | | | 7,664,082 | |
Transurban Group | | | 737,146 | | | | 6,171,560 | |
Wesfarmers Ltd. | | | 179,869 | | | | 8,454,550 | |
Westpac Banking Corp. | | | 146,478 | | | | 3,197,939 | |
Worley Ltd. | | | 363,632 | | | | 3,300,382 | |
| | | | | | | | |
| | |
| | | | | | | 153,572,549 | |
| | |
| Austria — 0.3% | | | | | | |
Erste Group Bank AG | | | 80,168 | | | | 4,400,459 | |
OMV AG | | | 54,815 | | | | 2,197,810 | |
| | | | | | | | |
| | |
| | | | | | | 6,598,269 | |
| | |
| Belgium — 0.5% | | | | | | |
Ageas SA/NV | | | 57,925 | | | | 2,927,985 | |
Groupe Bruxelles Lambert NV | | | 18,220 | | | | 1,262,163 | |
KBC Group NV | | | 105,831 | | | | 7,652,645 | |
| | | | | | | | |
| | |
| | | | | | | 11,842,793 | |
| | |
| China — 0.5% | | | | | | |
BOC Hong Kong Holdings Ltd. | | | 571,500 | | | | 1,763,365 | |
Budweiser Brewing Co. APAC Ltd.(c) | | | 1,916,000 | | | | 1,835,158 | |
Yangzijiang Shipbuilding Holdings Ltd. | | | 5,090,200 | | | | 9,159,730 | |
| | | | | | | | |
| | |
| | | | | | | 12,758,253 | |
| | |
| Denmark — 2.7% | | | | | | |
AP Moller - Maersk A/S, Class A | | | 27 | | | | 44,381 | |
AP Moller - Maersk A/S, Class B, NVS | | | 6,189 | | | | 10,532,877 | |
Genmab A/S(a) | | | 13,405 | | | | 2,889,076 | |
Novo Nordisk A/S, Class B | | | 399,950 | | | | 42,862,579 | |
Vestas Wind Systems A/S(a) | | | 296,137 | | | | 4,636,741 | |
| | | | | | | | |
| | |
| | | | | | | 60,965,654 | |
| | |
| Finland — 1.0% | | | | | | |
Nokia Oyj | | | 342,293 | | | | 1,437,782 | |
Nordea Bank Abp | | | 1,353,982 | | | | 15,299,331 | |
Stora Enso Oyj, R Shares | | | 204,346 | | | | 1,985,098 | |
Wartsila Oyj Abp | | | 180,223 | | | | 3,279,867 | |
| | | | | | | | |
| | |
| | | | | | | 22,002,078 | |
| | |
| France — 7.7% | | | | | | |
Amundi SA(c) | | | 22,945 | | | | 1,494,654 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| France (continued) | | | | | | |
AXA SA | | | 72,399 | | | $ | 2,523,314 | |
BNP Paribas SA | | | 501,929 | | | | 30,003,191 | |
Bouygues SA | | | 21,512 | | | | 640,340 | |
Bureau Veritas SA | | | 91,128 | | | | 2,775,265 | |
Capgemini SE | | | 28,776 | | | | 4,625,748 | |
Cie Generale des Etablissements Michelin SCA | | | 30,345 | | | | 987,213 | |
Credit Agricole SA | | | 895,470 | | | | 11,992,911 | |
Danone SA | | | 213,396 | | | | 14,596,235 | |
Dassault Aviation SA | | | 302 | | | | 60,175 | |
Dassault Systemes SE | | | 215,211 | | | | 7,428,402 | |
Eiffage SA | | | 73,398 | | | | 6,627,153 | |
Engie SA | | | 789,657 | | | | 12,587,889 | |
Gaztransport Et Technigaz SA | | | 1,081 | | | | 157,399 | |
Gecina SA | | | 17,643 | | | | 1,777,206 | |
Hermes International SCA | | | 46 | | | | 100,401 | |
Ipsen SA | | | 4,783 | | | | 553,152 | |
Kering SA | | | 19,058 | | | | 4,462,564 | |
L’Oreal SA | | | 10,473 | | | | 3,644,040 | |
LVMH Moet Hennessy Louis Vuitton SE | | | 37,307 | | | | 23,387,359 | |
Orange SA | | | 243,181 | | | | 2,591,831 | |
Publicis Groupe SA | | | 74,562 | | | | 8,099,664 | |
Safran SA | | | 73,136 | | | | 17,065,867 | |
Sanofi SA | | | 31,813 | | | | 3,089,910 | |
Valeo SE | | | 481,523 | | | | 4,010,471 | |
Veolia Environnement SA | | | 393,405 | | | | 11,468,019 | |
| | | | | | | | |
| | |
| | | | | | | 176,750,373 | |
| | |
| Germany — 10.1% | | | | | | |
adidas AG, Class N | | | 127,526 | | | | 30,157,231 | |
Allianz SE, Registered Shares | | | 101,230 | | | | 31,337,226 | |
Bayer AG, Registered Shares | | | 195,770 | | | | 4,018,935 | |
Continental AG | | | 55,713 | | | | 3,666,532 | |
Deutsche Bank AG, Registered Shares | | | 414,008 | | | | 7,041,553 | |
Deutsche Post AG, Registered Shares | | | 26,018 | | | | 957,328 | |
Deutsche Telekom AG, Registered Shares | | | 1,229,013 | | | | 39,317,286 | |
Evonik Industries AG | | | 158,947 | | | | 2,922,126 | |
Fresenius Medical Care AG | | | 74,011 | | | | 3,257,411 | |
Fresenius SE & Co. KGaA(a) | | | 204,235 | | | | 7,189,249 | |
GEA Group AG | | | 2,868 | | | | 143,610 | |
Hannover Rueck SE, Registered Shares | | | 13,372 | | | | 3,494,830 | |
Henkel AG & Co. KGaA | | | 18,515 | | | | 1,405,797 | |
Henkel AG & Co. KGaA, Preference Shares, NVS | | | 41,127 | | | | 3,509,907 | |
Hugo Boss AG | | | 16 | | | | 544 | |
Infineon Technologies AG, Class N | | | 209,859 | | | | 6,840,748 | |
Merck KGaA | | | 30,575 | | | | 4,582,706 | |
Rational AG | | | 467 | | | | 437,380 | |
SAP SE | | | 241,163 | | | | 57,267,985 | |
Scout24 SE(c) | | | 5,882 | | | | 530,364 | |
Siemens AG, Registered Shares | | | 81,179 | | | | 15,769,660 | |
Siemens Energy AG(a) | | | 51,512 | | | | 2,794,637 | |
Siemens Healthineers AG(c) | | | 18,925 | | | | 1,027,550 | |
Symrise AG | | | 474 | | | | 52,435 | |
Zalando SE(a)(c) | | | 143,790 | | | | 4,496,598 | |
| | | | | | | | |
| | |
| | | | | | | 232,219,628 | |
| | |
| Hong Kong — 1.6% | | | | | | |
AIA Group Ltd. | | | 724,000 | | | | 5,451,430 | |
CLP Holdings Ltd. | | | 357,000 | | | | 3,007,023 | |
Hang Seng Bank Ltd. | | | 11,000 | | | | 131,244 | |
Hong Kong & China Gas Co. Ltd. | | | 2,253,000 | | | | 1,714,330 | |
Hong Kong Exchanges & Clearing Ltd. | | | 91,600 | | | | 3,448,392 | |
Jardine Matheson Holdings Ltd. | | | 14,000 | | | | 611,240 | |
Link REIT | | | 1,134,700 | | | | 4,963,347 | |
Prudential PLC | | | 1,701,347 | | | | 13,943,717 | |
| | |
| 4 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage International Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Hong Kong (continued) | | | | | | |
Sino Land Co. Ltd. | | | 570,000 | | | $ | 558,880 | |
Sun Hung Kai Properties Ltd. | | | 47,500 | | | | 474,712 | |
WH Group Ltd.(c) | | | 3,269,000 | | | | 2,605,906 | |
| | | | | | | | |
| | |
| | | | | | | 36,910,221 | |
| | |
| India — 0.0% | | | | | | |
AceVector Ltd. (Acquired 05/07/14, cost $804,375)(a)(d)(e) | | | 172,800 | | | | 65,851 | |
| | | | | | | | |
| | |
| Ireland — 0.2% | | | | | | |
Kerry Group PLC, Class A | | | 41,111 | | | | 3,976,924 | |
| | | | | | | | |
| | |
| Israel — 0.5% | | | | | | |
Bank Hapoalim BM | | | 168,991 | | | | 1,942,366 | |
Bank Leumi Le-Israel BM | | | 87,892 | | | | 1,001,625 | |
Israel Discount Bank Ltd., Class A | | | 142,605 | | | | 938,797 | |
Mizrahi Tefahot Bank Ltd. | | | 53,777 | | | | 2,326,119 | |
Nice Ltd.(a) | | | 26,444 | | | | 4,772,313 | |
| | | | | | | | |
| | |
| | | | | | | 10,981,220 | |
| | |
| Italy — 2.5% | | | | | | |
A2A SpA | | | 1,897,103 | | | | 4,285,088 | |
Banca Monte dei Paschi di Siena SpA | | | 2,393,835 | | | | 15,735,173 | |
Banco BPM SpA | | | 108,275 | | | | 825,046 | |
Enel SpA | | | 2,069,099 | | | | 14,900,601 | |
Generali | | | 57,270 | | | | 1,638,505 | |
Intesa Sanpaolo SpA | | | 1,944,995 | | | | 7,465,941 | |
Mediobanca Banca di Credito Finanziario SpA | | | 65,099 | | | | 950,063 | |
MFE-MediaForEurope NV, Class A | | | 23 | | | | 69 | |
MFE-MediaForEurope NV, Class B | | | 2 | | | | 8 | |
Moncler SpA | | | 4,077 | | | | 199,652 | |
Poste Italiane SpA(c) | | | 200,270 | | | | 2,811,990 | |
Prysmian SpA | | | 9,146 | | | | 603,287 | |
Recordati Industria Chimica e Farmaceutica SpA | | | 30,333 | | | | 1,652,898 | |
Saipem SpA(a) | | | 987,738 | | | | 2,549,140 | |
Terna - Rete Elettrica Nazionale | | | 5,575 | | | | 47,184 | |
UniCredit SpA | | | 95,423 | | | | 3,665,374 | |
| | | | | | | | |
| | |
| | | | | | | 57,330,019 | |
| | |
| Japan — 23.3% | | | | | | |
Amada Co. Ltd. | | | 302,900 | | | | 2,922,039 | |
Asahi Intecc Co. Ltd. | | | 65,700 | | | | 1,141,164 | |
Asahi Kasei Corp. | | | 696,500 | | | | 4,977,727 | |
Astellas Pharma, Inc. | | | 855,100 | | | | 8,904,009 | |
Bandai Namco Holdings, Inc. | | | 44,600 | | | | 944,139 | |
Canon, Inc. | | | 380,600 | | | | 12,399,106 | |
Concordia Financial Group Ltd. | | | 28,900 | | | | 173,472 | |
Dai-ichi Life Holdings, Inc. | | | 124,000 | | | | 3,361,052 | |
Daiichi Sankyo Co. Ltd. | | | 244,700 | | | | 7,770,633 | |
Daikin Industries Ltd. | | | 154,300 | | | | 18,667,976 | |
Daito Trust Construction Co. Ltd. | | | 21,400 | | | | 2,388,849 | |
Daiwa House Industry Co. Ltd. | | | 214,900 | | | | 6,766,058 | |
Daiwa Securities Group, Inc. | | | 177,800 | | | | 1,196,200 | |
DMG Mori Co. Ltd. | | | 198,200 | | | | 3,384,359 | |
FANUC Corp. | | | 309,000 | | | | 8,028,204 | |
Fast Retailing Co. Ltd. | | | 28,500 | | | | 9,766,150 | |
Fujitsu Ltd. | | | 644,800 | | | | 12,388,357 | |
Hirose Electric Co. Ltd. | | | 24,600 | | | | 2,964,185 | |
Hitachi Ltd. | | | 552,500 | | | | 13,923,472 | |
Honda Motor Co. Ltd. | | | 491,000 | | | | 4,236,345 | |
Horiba Ltd. | | | 11,700 | | | | 671,135 | |
J Front Retailing Co. Ltd. | | | 384,800 | | | | 4,586,081 | |
Japan Exchange Group, Inc. | | | 128,100 | | | | 1,550,146 | |
Japan Metropolitan Fund Invest | | | 4,359 | | | | 2,660,028 | |
Japan Post Bank Co. Ltd. | | | 182,600 | | | | 1,727,809 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Japan (continued) | | | | | | |
Japan Post Holdings Co. Ltd. | | | 252,800 | | | $ | 2,535,204 | |
Japan Post Insurance Co. Ltd. | | | 11,800 | | | | 247,457 | |
Japan Tobacco, Inc. | | | 73,400 | | | | 2,070,608 | |
Kakaku.com, Inc. | | | 83,300 | | | | 1,398,235 | |
Kao Corp. | | | 22,600 | | | | 983,337 | |
KDDI Corp. | | | 190,700 | | | | 6,303,080 | |
Koito Manufacturing Co. Ltd. | | | 11,400 | | | | 148,501 | |
Komatsu Ltd. | | | 88,100 | | | | 2,385,402 | |
Kyocera Corp. | | | 573,600 | | | | 5,657,052 | |
Lixil Corp. | | | 96,500 | | | | 1,103,076 | |
Makita Corp. | | | 1,600 | | | | 50,243 | |
Marubeni Corp. | | | 242,800 | | | | 3,664,687 | |
Mazda Motor Corp. | | | 6,800 | | | | 43,364 | |
Mitsubishi Chemical Group Corp. | | | 908,300 | | | | 4,778,664 | |
Mitsubishi Corp. | | | 83,700 | | | | 1,417,383 | |
Mitsubishi Electric Corp. | | | 541,600 | | | | 9,196,020 | |
Mitsubishi HC Capital, Inc. | | | 95,900 | | | | 647,074 | |
Mitsubishi UFJ Financial Group, Inc. | | | 1,560,600 | | | | 18,627,190 | |
Mitsui Fudosan Co. Ltd. | | | 182,700 | | | | 1,531,624 | |
Mizuho Financial Group, Inc. | | | 321,600 | | | | 8,120,249 | |
MS&AD Insurance Group Holdings, Inc. | | | 168,900 | | | | 3,782,509 | |
Murata Manufacturing Co. Ltd. | | | 1,234,400 | | | | 20,654,928 | |
NEC Corp. | | | 8,600 | | | | 735,286 | |
Nexon Co. Ltd. | | | 4,900 | | | | 67,393 | |
Nidec Corp. | | | 201,200 | | | | 3,710,870 | |
Nomura Holdings, Inc. | | | 3,200,100 | | | | 19,401,019 | |
Nomura Real Estate Holdings, Inc. | | | 44,500 | | | | 1,106,236 | |
Nomura Research Institute Ltd. | | | 10,800 | | | | 330,702 | |
Obayashi Corp. | | | 257,100 | | | | 3,673,860 | |
Oji Holdings Corp. | | | 443,400 | | | | 1,637,433 | |
Olympus Corp. | | | 72,900 | | | | 1,152,649 | |
Ono Pharmaceutical Co. Ltd. | | | 120,200 | | | | 1,380,996 | |
ORIX Corp. | | | 164,900 | | | | 3,711,929 | |
Panasonic Holdings Corp. | | | 952,000 | | | | 9,287,738 | |
Rakuten Group, Inc.(a) | | | 404,300 | | | | 2,330,040 | |
Recruit Holdings Co. Ltd. | | | 534,300 | | | | 37,164,663 | |
Resona Holdings, Inc. | | | 268,100 | | | | 2,242,271 | |
Santen Pharmaceutical Co. Ltd. | | | 214,700 | | | | 2,472,477 | |
SBI Holdings, Inc. | | | 2,600 | | | | 65,732 | |
Shimizu Corp. | | | 34,100 | | | | 271,136 | |
Shionogi & Co. Ltd. | | | 161,000 | | | | 2,283,741 | |
Skylark Holdings Co. Ltd. | | | 105,700 | | | | 1,609,144 | |
SoftBank Corp. | | | 3,806,100 | | | | 4,919,424 | |
SoftBank Group Corp. | | | 136,700 | | | | 8,194,774 | |
Sompo Holdings, Inc. | | | 150,000 | | | | 3,963,342 | |
Sony Group Corp. | | | 1,909,700 | | | | 38,339,769 | |
Subaru Corp. | | | 345,200 | | | | 5,539,294 | |
Sumitomo Chemical Co. Ltd. | | | 4,338,600 | | | | 10,527,544 | |
Sumitomo Corp. | | | 414,600 | | | | 8,899,035 | |
Sumitomo Mitsui Financial Group, Inc. | | | 671,200 | | | | 16,565,778 | |
Sumitomo Mitsui Trust Group, Inc. | | | 370,600 | | | | 9,291,607 | |
Suzuki Motor Corp. | | | 1,073,600 | | | | 11,417,012 | |
T&D Holdings, Inc. | | | 102,400 | | | | 1,941,010 | |
Takeda Pharmaceutical Co. Ltd. | | | 756,300 | | | | 20,620,652 | |
TDK Corp. | | | 51,800 | | | | 671,407 | |
Terumo Corp. | | | 441,800 | | | | 9,023,755 | |
Tokio Marine Holdings, Inc. | | | 250,100 | | | | 9,325,880 | |
Tokyo Electron Ltd. | | | 156,700 | | | | 24,567,767 | |
Tokyu Fudosan Holdings Corp. | | | 70,900 | | | | 465,020 | |
Toyota Industries Corp. | | | 47,700 | | | | 3,565,592 | |
Toyota Motor Corp. | | | 359,400 | | | | 6,140,887 | |
Toyota Tsusho Corp. | | | 227,300 | | | | 3,889,041 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 5 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage International Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Japan (continued) | | | | | | |
Ulvac, Inc. | | | 7,200 | | | $ | 297,079 | |
Unicharm Corp. | | | 135,100 | | | | 3,519,718 | |
USS Co. Ltd. | | | 19,100 | | | | 177,119 | |
Z Holdings Corp. | | | 1,805,900 | | | | 4,983,149 | |
| | | | | | | | |
| | |
| | | | | | | 534,325,552 | |
| | |
| Luxembourg — 0.0% | | | | | | |
SES SA | | | 9 | | | | 31 | |
| | | | | | | | |
| | |
| Netherlands — 3.7% | | | | | | |
Adyen NV(a)(c) | | | 2,093 | | | | 3,046,390 | |
Aegon Ltd. | | | 737,647 | | | | 4,763,564 | |
Argenx SE(a) | | | 5,982 | | | | 3,691,883 | |
ASML Holding NV | | | 50,167 | | | | 34,279,572 | |
EXOR NV | | | 13,044 | | | | 1,288,352 | |
ING Groep NV | | | 1,093,072 | | | | 16,874,160 | |
Koninklijke Philips NV(a) | | | 583,574 | | | | 15,962,919 | |
Wolters Kluwer NV, Class C | | | 36,091 | | | | 6,023,282 | |
| | | | | | | | |
| | |
| | | | | | | 85,930,122 | |
| | |
| New Zealand — 0.6% | | | | | | |
Xero Ltd.(a) | | | 113,974 | | | | 12,978,473 | |
| | | | | | | | |
| | |
| Norway — 0.8% | | | | | | |
Aker BP ASA | | | 37,514 | | | | 771,376 | |
DNB Bank ASA | | | 232,635 | | | | 4,868,483 | |
Equinor ASA | | | 190,361 | | | | 4,613,876 | |
Kongsberg Gruppen ASA | | | 29,881 | | | | 3,521,237 | |
Telenor ASA | | | 369,522 | | | | 4,350,881 | |
| | | | | | | | |
| | |
| | | | | | | 18,125,853 | |
| | |
| Singapore — 2.3% | | | | | | |
CapitaLand Integrated Commercial Trust | | | 251,400 | | | | 368,140 | |
DBS Group Holdings Ltd. | | | 494,860 | | | | 15,702,816 | |
Singapore Telecommunications Ltd. | | | 7,969,100 | | | | 18,456,901 | |
STMicroelectronics NV | | | 520,869 | | | | 13,356,634 | |
United Overseas Bank Ltd. | | | 163,500 | | | | 4,439,149 | |
| | | | | | | | |
| | |
| | | | | | | 52,323,640 | |
| | |
| Spain — 1.6% | | | | | | |
ACS Actividades de Construccion y Servicios SA | | | 156,281 | | | | 7,263,509 | |
Banco Bilbao Vizcaya Argentaria SA | | | 784,323 | | | | 7,408,838 | |
Banco Santander SA | | | 4,921,647 | | | | 22,721,335 | |
| | | | | | | | |
| | |
| | | | | | | 37,393,682 | |
| | |
| Sweden — 2.3% | | | | | | |
AddTech AB, B Shares | | | 44,158 | | | | 1,215,659 | |
Alfa Laval AB | | | 92,450 | | | | 3,939,150 | |
Assa Abloy AB, Class B | | | 91,385 | | | | 2,806,634 | |
Atlas Copco AB, B Shares | | | 28,879 | | | | 408,400 | |
Electrolux AB, Class B(a) | | | 117,884 | | | | 881,861 | |
Hexagon AB, B Shares | | | 785,275 | | | | 6,694,686 | |
Investor AB, B Shares | | | 226,026 | | | | 6,201,368 | |
Skanska AB, B Shares | | | 110,702 | | | | 2,311,294 | |
Svenska Handelsbanken AB, A Shares | | | 906,433 | | | | 9,427,281 | |
Swedbank AB, A Shares | | | 656,971 | | | | 12,869,418 | |
Telefonaktiebolaget LM Ericsson, B Shares | | | 642,653 | | | | 5,221,378 | |
Volvo AB, B Shares | | | 43,483 | | | | 1,083,051 | |
| | | | | | | | |
| | |
| | | | | | | 53,060,180 | |
| | |
| Switzerland — 7.8% | | | | | | |
ABB Ltd., Registered Shares | | | 575,826 | | | | 32,873,443 | |
Belimo Holding AG, Registered Shares | | | 3,205 | | | | 2,148,765 | |
Cie Financiere Richemont SA, Registered Shares | | | 119,596 | | | | 16,729,291 | |
DSM-Firmenich AG | | | 154,096 | | | | 16,926,519 | |
Givaudan SA, Registered Shares | | | 3,703 | | | | 16,336,766 | |
Logitech International SA, Registered Shares | | | 85,252 | | | | 6,928,302 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Switzerland (continued) | | | | | | | | |
Medmix AG(c) | | | 2 | | | $ | 19 | |
Nestlé SA, Registered Shares | | | 145,904 | | | | 12,670,264 | |
Novartis AG, Registered Shares | | | 493,534 | | | | 52,324,188 | |
Schindler Holding AG, NVS | | | 1,409 | | | | 407,426 | |
Schindler Holding AG, Registered Shares | | | 178 | | | | 50,492 | |
SGS SA, Registered Shares | | | 11,829 | | | | 1,175,021 | |
Zurich Insurance Group AG, Class N | | | 31,634 | | | | 20,078,548 | |
| | | | | | | | |
| | |
| | | | | | | 178,649,044 | |
| | |
| United Kingdom — 13.6% | | | | | | |
AstraZeneca PLC | | | 129,300 | | | | 17,500,052 | |
Auto Trader Group PLC(c) | | | 193,538 | | | | 2,067,353 | |
Aviva PLC | | | 20,697 | | | | 127,465 | |
B&M European Value Retail SA | | | 90,314 | | | | 398,903 | |
BAE Systems PLC | | | 1,165,878 | | | | 18,222,526 | |
British American Tobacco PLC | | | 595,494 | | | | 22,617,063 | |
British Land Co. PLC (The) | | | 398,984 | | | | 1,973,654 | |
Bunzl PLC | | | 9,598 | | | | 434,663 | |
Centrica PLC | | | 745,498 | | | | 1,209,073 | |
CK Hutchison Holdings Ltd. | | | 3,083,000 | | | | 16,122,565 | |
Close Brothers Group PLC(a) | | | 15 | | | | 43 | |
Compass Group PLC | | | 636,619 | | | | 21,812,949 | |
Direct Line Insurance Group PLC | | | 219,470 | | | | 655,210 | |
Dunelm Group PLC | | | 24 | | | | 349 | |
Experian PLC | | | 421,527 | | | | 20,150,572 | |
Halma PLC | | | 16,254 | | | | 560,260 | |
HSBC Holdings PLC | | | 542,845 | | | | 5,058,922 | |
IG Group Holdings PLC | | | 15,460 | | | | 188,360 | |
IMI PLC | | | 17,522 | | | | 405,916 | |
Imperial Brands PLC | | | 451,717 | | | | 14,773,989 | |
Informa PLC | | | 1,340,257 | | | | 14,621,125 | |
International Consolidated Airlines Group SA | | | 172,251 | | | | 572,406 | |
Intertek Group PLC | | | 129,032 | | | | 7,747,196 | |
J Sainsbury PLC | | | 1,221,909 | | | | 4,063,536 | |
Johnson Matthey PLC | | | 319,338 | | | | 5,524,487 | |
Marks & Spencer Group PLC | | | 313,125 | | | | 1,526,374 | |
NatWest Group PLC | | | 1,496,066 | | | | 7,673,837 | |
Ocado Group PLC(a) | | | 10,864 | | | | 43,697 | |
RELX PLC | | | 250,401 | | | | 11,804,933 | |
Rolls-Royce Holdings PLC(a) | | | 1,910,141 | | | | 13,587,697 | |
Sage Group PLC (The) | | | 453,933 | | | | 7,578,893 | |
Shell PLC | | | 1,441,207 | | | | 46,316,183 | |
Smiths Group PLC | | | 302,708 | | | | 6,822,795 | |
Standard Chartered PLC | | | 322,705 | | | | 3,989,596 | |
Tesco PLC | | | 3,835,324 | | | | 17,889,786 | |
Unilever PLC | | | 203,211 | | | | 12,168,662 | |
Vodafone Group PLC | | | 6,028,417 | | | | 5,439,092 | |
| | | | | | | | |
| | |
| | | | | | | 311,650,182 | |
| | |
| United States — 5.8% | | | | | | |
Alcon AG | | | 15,392 | | | | 1,370,281 | |
BP PLC | | | 1,789,082 | | | | 8,761,220 | |
CSL Ltd. | | | 70,354 | | | | 12,970,611 | |
GSK PLC | | | 1,364,264 | | | | 23,176,536 | |
Holcim AG | | | 55,457 | | | | 5,652,146 | |
Roche Holding AG, NVS | | | 177,353 | | | | 51,530,064 | |
Roche Holding AG | | | 7,313 | | | | 2,251,369 | |
Schneider Electric SE | | | 103,929 | | | | 26,774,306 | |
| | | | | | | | |
| | |
| | | | | | | 132,486,533 | |
| | | | | | | | |
| |
Total Long-Term Investments — 96.1%
(Cost: $1,968,864,010) | | | | 2,202,897,124 | |
| | | | | | | | |
| | |
| 6 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage International Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 2.8% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h) | | | 448 | | | $ | 448 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(f)(g) | | | 65,052,362 | | | | 65,052,362 | |
| | | | | | | | |
| |
Total Short-Term Securities — 2.8%
(Cost: $65,052,810) | | | | 65,052,810 | |
| | | | | | | | |
| |
Total Investments — 98.9%
(Cost: $2,033,916,820) | | | | 2,267,949,934 | |
| | |
Other Assets Less Liabilities — 1.1% | | | | | | | 25,804,371 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 2,293,754,305 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $65,851, representing 0.0% of its net assets as of period end, and an original cost of $804,375. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 11/30/24 | | | Shares Held at 11/30/24 | | | Income | | | Capital Gain Distributions from Underlying Funds | |
| | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 760,404 | | | $ | — | | | $ | (760,388 | )(a) | | $ | 432 | | | $ | — | | | $ | 448 | | | | 448 | | | $ | 1,318 | (b) | | $ | — | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 60,864,854 | | | | 4,187,508 | (a) | | | — | | | | — | | | | — | | | | 65,052,362 | | | | 65,052,362 | | | | 1,242,982 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | $ | 432 | | | $ | — | | | $ | 65,052,810 | | | | | | | $ | 1,244,300 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | |
| | | | |
Long Contracts | | | | | | | | | | | | | | | | |
MSCI EAFE Index | | | 583 | | | | 12/20/24 | | | $ | 67,969 | | | $ | 915,046 | |
| | | | | | | | | | | | | | | | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 7 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage International Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other Contracts | | | Total | |
| | | | | | | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 915,046 | | | $ | — | | | $ | — | | | $ | — | | | $ | 915,046 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other Contracts | | | Total | |
| | | | | | | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | (1,941,338 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (1,941,338 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 712,518 | | | $ | — | | | $ | — | | | $ | — | | | $ | 712,518 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| | |
Futures contracts | | | | |
Average notional value of contracts — long | | $ | 51,993,040 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | 81 | | | $ | 153,572,468 | | | $ | — | | | $ | 153,572,549 | |
Austria | | | — | | | | 6,598,269 | | | | — | | | | 6,598,269 | |
Belgium | | | — | | | | 11,842,793 | | | | — | | | | 11,842,793 | |
China | | | — | | | | 12,758,253 | | | | — | | | | 12,758,253 | |
Denmark | | | — | | | | 60,965,654 | | | | — | | | | 60,965,654 | |
Finland | | | — | | | | 22,002,078 | | | | — | | | | 22,002,078 | |
France | | | — | | | | 176,750,373 | | | | — | | | | 176,750,373 | |
Germany | | | 4,915,704 | | | | 227,303,924 | | | | — | | | | 232,219,628 | |
Hong Kong | | | 611,240 | | | | 36,298,981 | | | | — | | | | 36,910,221 | |
India | | | — | | | | — | | | | 65,851 | | | | 65,851 | |
Ireland | | | — | | | | 3,976,924 | | | | — | | | | 3,976,924 | |
Israel | | | — | | | | 10,981,220 | | | | — | | | | 10,981,220 | |
Italy | | | 8 | | | | 57,330,011 | | | | — | | | | 57,330,019 | |
Japan | | | — | | | | 534,325,552 | | | | — | | | | 534,325,552 | |
Luxembourg | | | — | | | | 31 | | | | — | | | | 31 | |
Netherlands | | | — | | | | 85,930,122 | | | | — | | | | 85,930,122 | |
New Zealand | | | — | | | | 12,978,473 | | | | — | | | | 12,978,473 | |
| | |
| 8 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage International Fund |
Fair Value Hierarchy as of Period End (continued)
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Common Stocks (continued) | | | | | | | | | | | | | | | | |
Norway | | $ | 4,350,881 | | | $ | 13,774,972 | | | $ | — | | | $ | 18,125,853 | |
Singapore | | | — | | | | 52,323,640 | | | | — | | | | 52,323,640 | |
Spain | | | — | | | | 37,393,682 | | | | — | | | | 37,393,682 | |
Sweden | | | — | | | | 53,060,180 | | | | — | | | | 53,060,180 | |
Switzerland | | | 19 | | | | 178,649,025 | | | | — | | | | 178,649,044 | |
United Kingdom | | | 188,752 | | | | 311,461,430 | | | | — | | | | 311,650,182 | |
United States | | | — | | | | 132,486,533 | | | | — | | | | 132,486,533 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 65,052,810 | | | | — | | | | — | | | | 65,052,810 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 75,119,495 | | | $ | 2,192,764,588 | | | $ | 65,851 | | | $ | 2,267,949,934 | |
| | | | | | | | | | | | | | | | |
| | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | 915,046 | | | $ | — | | | $ | — | | | $ | 915,046 | |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
See notes to financial statements.
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 9 |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Advantage Large Cap Growth Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Aerospace & Defense — 0.4% | | | | | | |
Lockheed Martin Corp. | | | 894 | | | $ | 473,292 | |
Northrop Grumman Corp. | | | 11,255 | | | | 5,511,011 | |
| | | | | | | | |
| | |
| | | | | | | 5,984,303 | |
| | |
| Automobiles — 3.2% | | | | | | |
Tesla, Inc.(a) | | | 126,967 | | | | 43,823,930 | |
| | | | | | | | |
| | |
| Banks — 0.1% | | | | | | |
Bank of America Corp. | | | 20,366 | | | | 967,589 | |
| | | | | | | | |
| | |
| Biotechnology — 1.1% | | | | | | |
Amgen, Inc. | | | 12,503 | | | | 3,536,723 | |
Biogen, Inc.(a) | | | 21,811 | | | | 3,503,501 | |
BioMarin Pharmaceutical, Inc.(a) | | | 11,048 | | | | 729,499 | |
Natera, Inc.(a) | | | 14,202 | | | | 2,382,811 | |
Neurocrine Biosciences, Inc.(a) | | | 39,577 | | | | 5,016,385 | |
Regeneron Pharmaceuticals, Inc.(a) | | | 935 | | | | 701,456 | |
| | | | | | | | |
| | |
| | | | | | | 15,870,375 | |
| | |
| Broadline Retail — 5.2% | | | | | | |
Amazon.com, Inc.(a) | | | 334,309 | | | | 69,499,498 | |
MercadoLibre, Inc.(a) | | | 1,609 | | | | 3,194,138 | |
| | | | | | | | |
| | |
| | | | | | | 72,693,636 | |
| | |
| Building Products — 0.6% | | | | | | |
Trane Technologies PLC | | | 20,903 | | | | 8,700,247 | |
| | | | | | | | |
| | |
| Capital Markets — 1.5% | | | | | | |
CME Group, Inc., Class A | | | 27,508 | | | | 6,546,904 | |
Intercontinental Exchange, Inc. | | | 5,001 | | | | 804,961 | |
Moody’s Corp. | | | 10,787 | | | | 5,393,284 | |
Morgan Stanley | | | 13,525 | | | | 1,780,025 | |
S&P Global, Inc. | | | 11,994 | | | | 6,266,985 | |
| | | | | | | | |
| | |
| | | | | | | 20,792,159 | |
| | |
| Chemicals — 0.0% | | | | | | |
Cabot Corp. | | | 1 | | | | 110 | |
| | | | | | | | |
|
| Commercial Services & Supplies — 2.9% | |
Cintas Corp. | | | 107,184 | | | | 24,201,076 | |
Waste Management, Inc. | | | 67,710 | | | | 15,452,776 | |
| | | | | | | | |
| | |
| | | | | | | 39,653,852 | |
| | |
| Communications Equipment — 1.6% | | | | | | |
Arista Networks, Inc.(a) | | | 29,192 | | | | 11,846,698 | |
Motorola Solutions, Inc. | | | 19,626 | | | | 9,807,112 | |
| | | | | | | | |
| | |
| | | | | | | 21,653,810 | |
| | |
| Construction & Engineering — 0.3% | | | | | | |
Comfort Systems U.S.A., Inc. | | | 3,981 | | | | 1,963,708 | |
EMCOR Group, Inc. | | | 2,737 | | | | 1,396,199 | |
MasTec, Inc.(a) | | | 1,971 | | | | 283,942 | |
| | | | | | | | |
| | |
| | | | | | | 3,643,849 | |
|
| Consumer Staples Distribution & Retail — 3.1% | |
Costco Wholesale Corp. | | | 35,482 | | | | 34,484,246 | |
Walmart, Inc. | | | 93,126 | | | | 8,614,155 | |
| | | | | | | | |
| | |
| | | | | | | 43,098,401 | |
| | |
| Electrical Equipment — 0.8% | | | | | | |
Eaton Corp. PLC | | | 29,835 | | | | 11,200,656 | |
| | | | | | | | |
|
| Electronic Equipment, Instruments & Components — 1.0% | |
Amphenol Corp., Class A | | | 116,643 | | | | 8,474,114 | |
Badger Meter, Inc. | | | 2,498 | | | | 541,616 | |
Flex Ltd.(a) | | | 79,316 | | | | 3,090,945 | |
TE Connectivity PLC | | | 14,860 | | | | 2,245,643 | |
| | | | | | | | |
| | |
| | | | | | | 14,352,318 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Entertainment — 1.5% | | | | | | |
Netflix, Inc.(a) | | | 21,628 | | | $ | 19,179,927 | |
ROBLOX Corp., Class A(a) | | | 30,746 | | | | 1,541,297 | |
| | | | | | | | |
| | |
| | | | | | | 20,721,224 | |
| | |
| Financial Services — 4.8% | | | | | | |
Mastercard, Inc., Class A | | | 62,804 | | | | 33,470,764 | |
Visa, Inc., Class A | | | 107,609 | | | | 33,905,443 | |
| | | | | | | | |
| | |
| | | | | | | 67,376,207 | |
| | |
| Ground Transportation — 0.8% | | | | | | |
Uber Technologies, Inc.(a) | | | 163,032 | | | | 11,731,783 | |
| | | | | | | | |
|
| Health Care Equipment & Supplies — 1.2% | |
Boston Scientific Corp.(a) | | | 68,778 | | | | 6,235,413 | |
Intuitive Surgical, Inc.(a) | | | 267 | | | | 144,714 | |
Medtronic PLC | | | 6,378 | | | | 551,952 | |
Stryker Corp. | | | 23,271 | | | | 9,125,723 | |
| | | | | | | | |
| | |
| | | | | | | 16,057,802 | |
| | |
| Health Care Providers & Services — 0.6% | | | | | | |
Cardinal Health, Inc. | | | 15,597 | | | | 1,906,577 | |
Elevance Health, Inc. | | | 370 | | | | 150,575 | |
HCA Healthcare, Inc. | | | 18,421 | | | | 6,027,720 | |
| | | | | | | | |
| | |
| | | | | | | 8,084,872 | |
| | |
| Hotels, Restaurants & Leisure — 2.2% | | | | | | |
Airbnb, Inc., Class A(a) | | | 6,974 | | | | 949,231 | |
Booking Holdings, Inc. | | | 3,778 | | | | 19,653,080 | |
Chipotle Mexican Grill, Inc.(a) | | | 52,303 | | | | 3,217,681 | |
DoorDash, Inc., Class A(a) | | | 7,568 | | | | 1,365,873 | |
Texas Roadhouse, Inc. | | | 23,374 | | | | 4,797,981 | |
Wingstop, Inc. | | | 2,863 | | | | 941,268 | |
| | | | | | | | |
| | |
| | | | | | | 30,925,114 | |
| | |
| Household Durables — 0.5% | | | | | | |
DR Horton, Inc. | | | 4,295 | | | | 724,910 | |
NVR, Inc.(a) | | | 140 | | | | 1,292,981 | |
Taylor Morrison Home Corp., Class A(a) | | | 11,622 | | | | 858,517 | |
Toll Brothers, Inc. | | | 22,073 | | | | 3,645,798 | |
| | | | | | | | |
| | |
| | | | | | | 6,522,206 | |
| | |
| Household Products — 0.2% | | | | | | |
Colgate-Palmolive Co. | | | 18,600 | | | | 1,797,318 | |
Procter & Gamble Co. (The) | | | 7,619 | | | | 1,365,782 | |
| | | | | | | | |
| | |
| | | | | | | 3,163,100 | |
| | |
| Industrial REITs — 0.1% | | | | | | |
Lineage, Inc. | | | 29,431 | | | | 1,866,514 | |
| | | | | | | | |
| | |
| Insurance — 1.2% | | | | | | |
Progressive Corp. (The) | | | 63,374 | | | | 17,040,001 | |
| | | | | | | | |
| | |
| Interactive Media & Services — 10.2% | | | | | | |
Alphabet, Inc., Class A | | | 178,559 | | | | 30,167,543 | |
Alphabet, Inc., Class C, NVS | | | 232,433 | | | | 39,627,502 | |
Meta Platforms, Inc., Class A | | | 117,758 | | | | 67,630,774 | |
Pinterest, Inc., Class A(a) | | | 93,947 | | | | 2,848,473 | |
Snap, Inc., Class A, NVS(a) | | | 146,523 | | | | 1,730,437 | |
| | | | | | | | |
| | |
| | | | | | | 142,004,729 | |
| | |
| IT Services — 0.8% | | | | | | |
Accenture PLC, Class A | | | 30,751 | | | | 11,143,240 | |
Snowflake, Inc., Class A(a) | | | 1,647 | | | | 287,895 | |
| | | | | | | | |
| | |
| | | | | | | 11,431,135 | |
| | |
| Life Sciences Tools & Services — 0.6% | | | | | | |
Agilent Technologies, Inc. | | | 7,491 | | | | 1,033,533 | |
Thermo Fisher Scientific, Inc. | | | 14,345 | | | | 7,597,543 | |
| | | | | | | | |
| | |
| | | | | | | 8,631,076 | |
| | |
| 10 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Growth Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| | |
| Machinery — 1.1% | | | | | | |
Parker-Hannifin Corp. | | | 20,809 | | | $ | 14,626,646 | |
| | | | | | | | |
| | |
| Media — 0.5% | | | | | | |
Comcast Corp., Class A | | | 165,764 | | | | 7,159,347 | |
| | | | | | | | |
| | |
| Metals & Mining — 0.0% | | | | | | |
Freeport-McMoRan, Inc. | | | 14,038 | | | | 620,480 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 3.9% | | | | | | |
Eli Lilly & Co. | | | 46,488 | | | | 36,974,231 | |
Merck & Co., Inc. | | | 159,994 | | | | 16,261,790 | |
Pfizer, Inc. | | | 8,926 | | | | 233,950 | |
Zoetis, Inc., Class A | | | 1,491 | | | | 261,298 | |
| | | | | | | | |
| | |
| | | | | | | 53,731,269 | |
| | |
| Professional Services — 0.0% | | | | | | |
Booz Allen Hamilton Holding Corp., Class A | | | 1,744 | | | | 258,426 | |
| | | | | | | | |
| | |
| Retail REITs — 0.1% | | | | | | |
Simon Property Group, Inc. | | | 10,229 | | | | 1,878,044 | |
| | | | | | | | |
|
| Semiconductors & Semiconductor Equipment — 16.9% | |
Advanced Micro Devices, Inc.(a) | | | 28,523 | | | | 3,912,643 | |
Applied Materials, Inc. | | | 63,260 | | | | 11,052,155 | |
Broadcom, Inc. | | | 232,317 | | | | 37,653,939 | |
KLA Corp. | | | 8,562 | | | | 5,539,871 | |
Lam Research Corp. | | | 142,816 | | | | 10,551,246 | |
Micron Technology, Inc. | | | 57,262 | | | | 5,608,813 | |
Monolithic Power Systems, Inc. | | | 3,666 | | | | 2,080,968 | |
NVIDIA Corp. | | | 1,039,484 | | | | 143,708,663 | |
QUALCOMM, Inc. | | | 98,516 | | | | 15,617,741 | |
| | | | | | | | |
| | |
| | | | | | | 235,726,039 | |
| | |
| Software — 17.7% | | | | | | |
Adobe, Inc.(a) | | | 34,289 | | | | 17,690,724 | |
Atlassian Corp., Class A(a) | | | 2,367 | | | | 623,894 | |
Autodesk, Inc.(a) | | | 40,909 | | | | 11,941,337 | |
Cadence Design Systems, Inc.(a) | | | 5,500 | | | | 1,687,455 | |
Crowdstrike Holdings, Inc., Class A(a) | | | 16,409 | | | | 5,677,022 | |
Datadog, Inc., Class A(a) | | | 17,596 | | | | 2,687,789 | |
Dropbox, Inc., Class A(a) | | | 27,540 | | | | 761,756 | |
Fortinet, Inc.(a) | | | 99,539 | | | | 9,461,182 | |
FreedomPay, Inc.(a)(b) | | | 43,051 | | | | 809,359 | |
Intuit, Inc. | | | 32,879 | | | | 21,099,441 | |
Manhattan Associates, Inc.(a) | | | 23,061 | | | | 6,582,532 | |
Microsoft Corp. | | | 191,045 | | | | 80,899,916 | |
Nutanix, Inc., Class A(a) | | | 9,459 | | | | 617,483 | |
Oracle Corp. | | | 69,259 | | | | 12,801,833 | |
Palantir Technologies, Inc., Class A(a) | | | 48,897 | | | | 3,280,011 | |
Palo Alto Networks, Inc.(a) | | | 34,732 | | | | 13,469,764 | |
Qualys, Inc.(a) | | | 18,560 | | | | 2,850,816 | |
Salesforce, Inc. | | | 13,526 | | | | 4,463,445 | |
ServiceNow, Inc.(a) | | | 28,839 | | | | 30,264,800 | |
Smartsheet, Inc., Class A(a) | | | 13,650 | | | | 763,717 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| | |
| Software (continued) | | | | | | |
Synopsys, Inc.(a) | | | 20,178 | | | $ | 11,269,211 | |
Tenable Holdings, Inc.(a) | | | 55,661 | | | | 2,336,649 | |
Workday, Inc., Class A(a) | | | 16,491 | | | | 4,122,585 | |
| | | | | | | | |
| | |
| | | | | | | 246,162,721 | |
| | |
| Specialty Retail — 2.1% | | | | | | |
Burlington Stores, Inc.(a) | | | 1,101 | | | | 310,350 | |
Home Depot, Inc. (The) | | | 33,716 | | | | 14,468,547 | |
Ross Stores, Inc. | | | 38,191 | | | | 5,914,640 | |
TJX Cos., Inc. (The) | | | 63,605 | | | | 7,994,513 | |
| | | | | | | | |
| | |
| | | | | | | 28,688,050 | |
|
| Technology Hardware, Storage & Peripherals — 9.8% | |
Apple Inc. | | | 495,900 | | | | 117,691,947 | |
Dell Technologies, Inc., Class C | | | 10,238 | | | | 1,306,266 | |
Hewlett Packard Enterprise Co. | | | 36,942 | | | | 783,909 | |
NetApp, Inc. | | | 124,125 | | | | 15,222,690 | |
Seagate Technology Holdings PLC | | | 15,954 | | | | 1,616,619 | |
Super Micro Computer, Inc.(a)(c) | | | 9,879 | | | | 322,451 | |
| | | | | | | | |
| | |
| | | | | | | 136,943,882 | |
| | |
| Textiles, Apparel & Luxury Goods — 0.3% | | | | | | |
Deckers Outdoor Corp.(a) | | | 21,558 | | | | 4,224,506 | |
| | | | | | | | |
| | |
| Trading Companies & Distributors — 0.2% | | | | | | |
Ferguson Enterprises, Inc. | | | 11,140 | | | | 2,405,460 | |
| | | | | | | | |
| |
Total Long-Term Investments — 99.1%
(Cost: $854,399,614) | | | | 1,380,415,868 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 0.9% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(d)(e)(f) | | | 184,408 | | | | 184,500 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(d)(e) | | | 12,485,688 | | | | 12,485,688 | |
| | | | | | | | |
| |
Total Short-Term Securities — 0.9%
(Cost: $12,670,188) | | | | 12,670,188 | |
| | | | | | | | |
| | |
Total Investments — 100.0%
(Cost: $867,069,802) | | | | | | | 1,393,086,056 | |
| | |
Other Assets Less Liabilities — 0.0% | | | | | | | 381,096 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 1,393,467,152 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (c) | All or a portion of this security is on loan. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 11 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Growth Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 11/30/24 | | | Shares Held at 11/30/24 | | | Income | | | Capital Gain Distributions from Underlying Funds | |
| | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | — | | | $ | 183,747 | (a) | | $ | — | | | $ | 753 | | | $ | — | | | $ | 184,500 | | | | 184,408 | | | $ | 4,161 | (b) | | $ | — | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 11,949,669 | | | | 536,019 | (a) | | | — | | | | — | | | | — | | | | 12,485,688 | | | | 12,485,688 | | | | 317,738 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | $ | 753 | | | $ | — | | | $ | 12,670,188 | | | | | | | $ | 321,899 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | |
| | | | |
Long Contracts | | | | | | | | | | | | | | | | |
NASDAQ 100 E-Mini Index | | | 33 | | | | 12/20/24 | | | $ | 13,856 | | | $ | 330,721 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other Contracts | | | Total | |
| | | | | | | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 330,721 | | | $ | — | | | $ | — | | | $ | — | | | $ | 330,721 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate
Contracts | | | Other Contracts | | | Total | |
| | | | | | | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 1,358,930 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,358,930 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 41,976 | | | $ | — | | | $ | — | | | $ | — | | | $ | 41,976 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| 12 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Growth Fund |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| | |
Futures contracts | | | | |
Average notional value of contracts — long | | $ | 14,188,365 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,379,606,509 | | | $ | — | | | $ | 809,359 | | | $ | 1,380,415,868 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 12,670,188 | | | | — | | | | — | | | | 12,670,188 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 1,392,276,697 | | | $ | — | | | $ | 809,359 | | | $ | 1,393,086,056 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | 330,721 | | | $ | — | | | $ | — | | | $ | 330,721 | |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
See notes to financial statements.
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 13 |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Aerospace & Defense — 1.3% | | | | | | |
AAR Corp.(a) | | | 31,489 | | | $ | 2,189,115 | |
AeroVironment, Inc.(a) | | | 36,858 | | | | 7,168,881 | |
Astronics Corp.(a) | | | 69,409 | | | | 1,120,955 | |
BWX Technologies, Inc. | | | 27,236 | | | | 3,563,831 | |
Cadre Holdings, Inc. | | | 22,363 | | | | 746,701 | |
Ducommun, Inc.(a) | | | 85,885 | | | | 5,754,295 | |
Huntington Ingalls Industries, Inc. | | | 9,274 | | | | 1,835,510 | |
Leonardo DRS, Inc.(a) | | | 27,002 | | | | 938,859 | |
Mercury Systems, Inc.(a) | | | 41,156 | | | | 1,692,746 | |
Moog, Inc., Class A | | | 70,740 | | | | 15,652,640 | |
Rocket Lab U.S.A., Inc., Class A(a)(b) | | | 286,270 | | | | 7,809,446 | |
Standardaero, Inc.(a)(b) | | | 97,864 | | | | 2,804,782 | |
V2X, Inc.(a) | | | 113,299 | | | | 6,826,265 | |
| | | | | | | | |
| | |
| | | | | | | 58,104,026 | |
| | |
| Air Freight & Logistics — 0.0% | | | | | | |
GXO Logistics, Inc.(a) | | | 11,985 | | | | 729,048 | |
Hub Group, Inc., Class A | | | 5,869 | | | | 303,075 | |
| | | | | | | | |
| | |
| | | | | | | 1,032,123 | |
| | |
| Automobile Components — 1.5% | | | | | | |
Adient PLC(a) | | | 511,362 | | | | 9,833,491 | |
Cooper-Standard Holdings, Inc.(a) | | | 83,576 | | | | 1,290,413 | |
Dana, Inc. | | | 975,861 | | | | 9,758,610 | |
Gentherm, Inc.(a) | | | 21,526 | | | | 906,245 | |
Goodyear Tire & Rubber Co. (The)(a) | | | 456,402 | | | | 4,901,757 | |
Modine Manufacturing Co.(a) | | | 135,588 | | | | 18,411,495 | |
Patrick Industries, Inc. | | | 42,105 | | | | 5,658,491 | |
Standard Motor Products, Inc. | | | 76,626 | | | | 2,519,463 | |
Visteon Corp.(a) | | | 129,144 | | | | 12,058,175 | |
| | | | | | | | |
| | |
| | | | | | | 65,338,140 | |
| | |
| Banks — 9.6% | | | | | | |
1st Source Corp. | | | 122,752 | | | | 7,965,377 | |
Amalgamated Financial Corp. | | | 416,215 | | | | 14,829,740 | |
Ameris Bancorp | | | 100,617 | | | | 7,071,363 | |
Associated Banc-Corp. | | | 152,005 | | | | 4,057,013 | |
Axos Financial, Inc.(a)(b) | | | 55,971 | | | | 4,637,197 | |
BancFirst Corp. | | | 5,469 | | | | 690,625 | |
Bank of Marin Bancorp | | | 77,586 | | | | 1,961,374 | |
Bank OZK | | | 138,778 | | | | 6,934,737 | |
Bank7 Corp. | | | 21,022 | | | | 1,001,909 | |
BankFinancial Corp. | | | 10,779 | | | | 144,223 | |
Business First Bancshares, Inc. | | | 73,890 | | | | 2,105,865 | |
Byline Bancorp, Inc. | | | 113,017 | | | | 3,550,994 | |
Capital City Bank Group, Inc. | | | 186,634 | | | | 7,345,914 | |
Capitol Federal Financial, Inc. | | | 174,601 | | | | 1,166,335 | |
Coastal Financial Corp.(a) | | | 46,059 | | | | 3,525,816 | |
Colony Bankcorp, Inc. | | | 12,917 | | | | 227,727 | |
Commerce Bancshares, Inc. | | | 71,785 | | | | 5,294,144 | |
Community Trust Bancorp, Inc. | | | 58,965 | | | | 3,477,756 | |
ConnectOne Bancorp, Inc. | | | 348,866 | | | | 9,593,815 | |
Cullen/Frost Bankers, Inc. | | | 39,256 | | | | 5,520,179 | |
Customers Bancorp, Inc.(a) | | | 12,336 | | | | 696,367 | |
Dime Community Bancshares, Inc. | | | 46,661 | | | | 1,674,197 | |
Eagle Bancorp, Inc. | | | 27,856 | | | | 817,852 | |
Enterprise Bancorp, Inc. | | | 20,744 | | | | 767,321 | |
Enterprise Financial Services Corp. | | | 265,769 | | | | 16,102,944 | |
FB Financial Corp. | | | 280,106 | | | | 15,811,984 | |
Financial Institutions, Inc. | | | 64,598 | | | | 1,754,482 | |
First Bancshares, Inc. (The) | | | 196,457 | | | | 7,296,413 | |
First Busey Corp. | | | 120,041 | | | | 3,203,894 | |
First Business Financial Services, Inc. | | | 79,585 | | | | 3,988,800 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Banks (continued) | | | | | | |
First Community Bankshares, Inc. | | | 65,480 | | | $ | 3,023,212 | |
First Financial Bankshares, Inc. | | | 359,039 | | | | 14,964,746 | |
First Financial Corp. | | | 100,517 | | | | 4,909,250 | |
First Financial Northwest, Inc. | | | 10,506 | | | | 237,436 | |
First Horizon Corp. | | | 584,156 | | | | 12,343,216 | |
First Internet Bancorp | | | 64,954 | | | | 2,723,521 | |
First Interstate BancSystem, Inc., Class A | | | 306,103 | | | | 10,704,422 | |
First of Long Island Corp. (The) | | | 63,493 | | | | 918,744 | |
First United Corp. | | | 27,302 | | | | 973,043 | |
Flushing Financial Corp. | | | 34,644 | | | | 614,585 | |
FNB Corp. | | | 362,171 | | | | 6,211,233 | |
Hancock Whitney Corp. | | | 436,021 | | | | 25,890,927 | |
HBT Financial, Inc. | | | 163,944 | | | | 3,926,459 | |
Heartland Financial U.S.A., Inc. | | | 64,718 | | | | 4,372,995 | |
Heritage Commerce Corp. | | | 697,987 | | | | 7,412,622 | |
Heritage Financial Corp. | | | 34,073 | | | | 901,231 | |
HomeTrust Bancshares, Inc. | | | 125,609 | | | | 4,658,838 | |
Horizon Bancorp, Inc. | | | 583,070 | | | | 10,664,350 | |
Independent Bank Corp. | | | 127,834 | | | | 4,810,393 | |
Independent Bank Group, Inc. | | | 55,440 | | | | 3,710,045 | |
Kearny Financial Corp. | | | 706,947 | | | | 5,599,020 | |
Live Oak Bancshares, Inc. | | | 19,295 | | | | 914,583 | |
Mercantile Bank Corp. | | | 59,567 | | | | 2,981,328 | |
Metropolitan Bank Holding Corp.(a) | | | 20,677 | | | | 1,342,764 | |
Mid Penn Bancorp, Inc. | | | 66,329 | | | | 2,125,844 | |
Midland States Bancorp, Inc. | | | 333,766 | | | | 8,961,617 | |
MidWestOne Financial Group, Inc. | | | 16,809 | | | | 553,857 | |
National Bank Holdings Corp., Class A | | | 39,476 | | | | 1,884,584 | |
Northeast Bank | | | 7,045 | | | | 693,580 | |
Northfield Bancorp, Inc. | | | 152,437 | | | | 2,039,607 | |
Northrim BanCorp, Inc. | | | 109,400 | | | | 9,306,658 | |
OceanFirst Financial Corp. | | | 904,207 | | | | 18,699,001 | |
Origin Bancorp, Inc. | | | 85,530 | | | | 2,938,811 | |
Orrstown Financial Services, Inc. | | | 9,625 | | | | 380,187 | |
Peapack-Gladstone Financial Corp. | | | 110,480 | | | | 3,992,747 | |
Peoples Bancorp, Inc. | | | 20,038 | | | | 702,933 | |
Premier Financial Corp. | | | 348,734 | | | | 9,663,419 | |
Primis Financial Corp. | | | 26,250 | | | | 328,125 | |
Provident Financial Services, Inc. | | | 481,474 | | | | 10,168,731 | |
Republic Bancorp, Inc., Class A | | | 32,246 | | | | 2,459,564 | |
Riverview Bancorp, Inc. | | | 204,610 | | | | 1,141,724 | |
Sandy Spring Bancorp, Inc. | | | 204,574 | | | | 7,708,348 | |
ServisFirst Bancshares, Inc. | | | 74,850 | | | | 7,169,133 | |
Shore Bancshares, Inc. | | | 136,114 | | | | 2,239,075 | |
Sierra Bancorp | | | 83,125 | | | | 2,615,944 | |
SmartFinancial, Inc. | | | 42,111 | | | | 1,526,945 | |
South Plains Financial, Inc. | | | 81,897 | | | | 3,184,974 | |
Southern First Bancshares, Inc.(a) | | | 50,429 | | | | 2,253,672 | |
Southern Missouri Bancorp, Inc. | | | 1,776 | | | | 116,594 | |
Southside Bancshares, Inc. | | | 28,544 | | | | 1,002,465 | |
Stellar Bancorp, Inc. | | | 23,175 | | | | 718,657 | |
Tompkins Financial Corp. | | | 9,058 | | | | 691,216 | |
UMB Financial Corp. | | | 44,091 | | | | 5,532,980 | |
Univest Financial Corp. | | | 182,924 | | | | 5,809,666 | |
Valley National Bancorp | | | 1,146,226 | | | | 12,195,845 | |
Veritex Holdings, Inc. | | | 61,981 | | | | 1,884,842 | |
Washington Trust Bancorp, Inc. | | | 211,860 | | | | 7,868,480 | |
Webster Financial Corp. | | | 12,752 | | | | 787,819 | |
WesBanco, Inc. | | | 325,594 | | | | 11,506,492 | |
| | | | | | | | |
| | |
| | | | | | | 428,879,456 | |
| | |
| Biotechnology — 9.1% | | | | | | |
4D Molecular Therapeutics, Inc.(a) | | | 152,112 | | | | 1,192,558 | |
| | |
| 14 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Biotechnology (continued) | | | | | | |
ACADIA Pharmaceuticals, Inc.(a) | | | 541,519 | | | $ | 8,837,590 | |
ADMA Biologics, Inc.(a) | | | 342,994 | | | | 6,897,609 | �� |
Agios Pharmaceuticals, Inc.(a) | | | 76,985 | | | | 4,572,139 | |
Akero Therapeutics, Inc.(a) | | | 142,893 | | | | 4,586,865 | |
Alector, Inc.(a) | | | 667,104 | | | | 1,727,799 | |
Alkermes PLC(a) | | | 109,341 | | | | 3,173,076 | |
Allogene Therapeutics, Inc.(a) | | | 328,343 | | | | 814,291 | |
Amicus Therapeutics, Inc.(a) | | | 1,144,107 | | | | 11,418,188 | |
AnaptysBio, Inc.(a) | | | 101,085 | | | | 2,523,082 | |
Anika Therapeutics, Inc.(a) | | | 37,826 | | | | 670,277 | |
Apellis Pharmaceuticals, Inc.(a)(b) | | | 155,024 | | | | 5,259,964 | |
Arcellx, Inc.(a) | | | 41,933 | | | | 3,693,039 | |
Arcturus Therapeutics Holdings, Inc.(a)(b) | | | 143,448 | | | | 2,630,836 | |
Arcus Biosciences, Inc.(a)(b) | | | 197,314 | | | | 3,046,528 | |
Arcutis Biotherapeutics, Inc.(a) | | | 51,411 | | | | 670,399 | |
Ardelyx, Inc.(a) | | | 127,885 | | | | 725,108 | |
Arrowhead Pharmaceuticals, Inc.(a) | | | 71,246 | | | | 1,854,533 | |
ARS Pharmaceuticals, Inc.(a) | | | 65 | | | | 943 | |
Astria Therapeutics, Inc.(a) | | | 29,356 | | | | 305,009 | |
Atossa Therapeutics, Inc.(a)(b) | | | 246,842 | | | | 320,895 | |
Avidity Biosciences, Inc.(a) | | | 79,729 | | | | 3,430,739 | |
Beam Therapeutics, Inc.(a) | | | 181,578 | | | | 4,969,790 | |
BioCryst Pharmaceuticals, Inc.(a) | | | 1,146,899 | | | | 8,601,743 | |
Biohaven Ltd.(a) | | | 27,173 | | | | 1,250,230 | |
Blueprint Medicines Corp.(a) | | | 149,020 | | | | 14,362,548 | |
Bridgebio Pharma, Inc.(a) | | | 195,725 | | | | 5,302,190 | |
C4 Therapeutics, Inc.(a)(b) | | | 82,888 | | | | 377,140 | |
CareDx, Inc.(a) | | | 197,999 | | | | 4,858,896 | |
Catalyst Pharmaceuticals, Inc.(a) | | | 510,596 | | | | 11,268,854 | |
Celldex Therapeutics, Inc.(a)(b) | | | 145,678 | | | | 3,997,404 | |
Coherus Biosciences, Inc.(a)(b) | | | 988,263 | | | | 1,205,681 | |
Crinetics Pharmaceuticals, Inc.(a) | | | 56,908 | | | | 3,255,138 | |
Cyclo Therapeutics, Inc.(a) | | | 623 | | | | 414 | |
Cytokinetics, Inc.(a) | | | 122,799 | | | | 6,368,356 | |
Day One Biopharmaceuticals, Inc.(a) | | | 202,590 | | | | 2,822,079 | |
Denali Therapeutics, Inc.(a) | | | 424,768 | | | | 10,619,200 | |
Dynavax Technologies Corp.(a) | | | 67,927 | | | | 873,541 | |
Dyne Therapeutics, Inc.(a) | | | 135,587 | | | | 4,150,318 | |
Editas Medicine, Inc.(a) | | | 281,423 | | | | 630,388 | |
Emergent BioSolutions, Inc.(a)(b) | | | 158,614 | | | | 1,605,174 | |
Enanta Pharmaceuticals, Inc.(a) | | | 109,547 | | | | 942,104 | |
Fate Therapeutics, Inc.(a) | | | 943,407 | | | | 2,990,600 | |
Halozyme Therapeutics, Inc.(a) | | | 161,195 | | | | 7,769,599 | |
Ideaya Biosciences, Inc.(a) | | | 291,562 | | | | 7,977,136 | |
Immunovant, Inc.(a) | | | 19,779 | | | | 557,768 | |
Insmed, Inc.(a)(b) | | | 183,240 | | | | 13,772,318 | |
Intellia Therapeutics, Inc.(a)(b) | | | 456,568 | | | | 7,131,592 | |
Ionis Pharmaceuticals, Inc.(a) | | | 225,791 | | | | 8,067,512 | |
Iovance Biotherapeutics, Inc.(a) | | | 259,822 | | | | 2,421,541 | |
iTeos Therapeutics, Inc.(a) | | | 423,181 | | | | 3,618,198 | |
Karyopharm Therapeutics, Inc.(a)(b) | | | 699,294 | | | | 590,973 | |
Keros Therapeutics, Inc.(a) | | | 12,122 | | | | 699,924 | |
Kiniksa Pharmaceuticals International PLC(a) | | | 323,349 | | | | 7,139,546 | |
Kodiak Sciences, Inc.(a) | | | 539,215 | | | | 3,596,564 | |
Krystal Biotech, Inc.(a) | | | 16,828 | | | | 3,322,184 | |
Kura Oncology, Inc.(a) | | | 364,184 | | | | 4,020,591 | |
Kymera Therapeutics, Inc.(a) | | | 125,386 | | | | 5,874,334 | |
Madrigal Pharmaceuticals, Inc.(a) | | | 14,563 | | | | 4,779,431 | |
MannKind Corp.(a)(b) | | | 287,794 | | | | 1,951,243 | |
MiMedx Group, Inc.(a) | | | 135,288 | | | | 1,251,414 | |
Mirum Pharmaceuticals, Inc.(a) | | | 10,928 | | | | 505,092 | |
Myriad Genetics, Inc.(a) | | | 210,879 | | | | 3,431,001 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Biotechnology (continued) | | | | | | |
Natera, Inc.(a) | | | 44,994 | | | $ | 7,549,093 | |
Neurocrine Biosciences, Inc.(a) | | | 5,884 | | | | 745,797 | |
NextCure, Inc.(a) | | | 169,789 | | | | 198,653 | |
Nurix Therapeutics, Inc.(a) | | | 141,523 | | | | 3,129,074 | |
Nuvalent, Inc., Class A(a) | | | 43,415 | | | | 4,197,362 | |
Olema Pharmaceuticals, Inc.(a) | | | 151,119 | | | | 1,529,324 | |
PMV Pharmaceuticals, Inc.(a)(b) | | | 280,445 | | | | 454,321 | |
Poseida Therapeutics, Inc.(a) | | | 104,999 | | | | 977,541 | |
Prothena Corp. PLC(a)(b) | | | 68,410 | | | | 1,108,926 | |
PTC Therapeutics, Inc.(a)(b) | | | 226,064 | | | | 9,919,688 | |
Puma Biotechnology, Inc.(a) | | | 222,482 | | | | 754,214 | |
Recursion Pharmaceuticals, Inc., Class A(a)(b) | | | 414,775 | | | | 2,932,459 | |
REGENXBIO, Inc.(a) | | | 299,426 | | | | 2,970,306 | |
Relay Therapeutics, Inc.(a) | | | 859,646 | | | | 4,040,336 | |
Replimune Group, Inc.(a) | | | 131,162 | | | | 1,846,761 | |
REVOLUTION Medicines, Inc.(a) | | | 157,558 | | | | 9,114,730 | |
Rhythm Pharmaceuticals, Inc.(a)(b) | | | 60,472 | | | | 3,751,683 | |
Rigel Pharmaceuticals, Inc.(a) | | | 72,295 | | | | 1,996,065 | |
Sana Biotechnology, Inc.(a)(b) | | | 189,921 | | | | 527,980 | |
Sangamo Therapeutics, Inc.(a) | | | 632,722 | | | | 1,429,952 | |
Sarepta Therapeutics, Inc.(a) | | | 23,334 | | | | 3,111,356 | |
Scholar Rock Holding Corp.(a) | | | 105,508 | | | | 4,209,769 | |
SpringWorks Therapeutics, Inc.(a) | | | 41,845 | | | | 1,735,731 | |
Sutro Biopharma, Inc.(a) | | | 352,850 | | | | 935,053 | |
Syndax Pharmaceuticals, Inc.(a) | | | 400,427 | | | | 6,695,139 | |
TG Therapeutics, Inc.(a) | | | 320,071 | | | | 11,138,471 | |
Travere Therapeutics, Inc.(a) | | | 404,387 | | | | 7,606,520 | |
Twist Bioscience Corp.(a)(b) | | | 131,870 | | | | 6,485,367 | |
Ultragenyx Pharmaceutical, Inc.(a) | | | 167,752 | | | | 7,990,028 | |
Vanda Pharmaceuticals, Inc.(a) | | | 833,460 | | | | 4,292,319 | |
Vaxcyte, Inc.(a) | | | 132,563 | | | | 12,505,993 | |
Vera Therapeutics, Inc., Class A(a) | | | 16,009 | | | | 796,448 | |
Veracyte, Inc.(a) | | | 298,833 | | | | 12,834,877 | |
Vericel Corp.(a) | | | 100,963 | | | | 5,869,989 | |
Verve Therapeutics, Inc.(a) | | | 402,532 | | | | 2,258,205 | |
Viking Therapeutics, Inc.(a) | | | 46,039 | | | | 2,437,305 | |
Vir Biotechnology, Inc.(a) | | | 395,351 | | | | 3,146,994 | |
Voyager Therapeutics, Inc.(a) | | | 114,859 | | | | 787,933 | |
Xencor, Inc.(a) | | | 281,714 | | | | 7,211,878 | |
| | | | | | | | |
| | |
| | | | | | | 408,504,856 | |
| | |
| Broadline Retail — 0.1% | | | | | | |
Etsy, Inc.(a)(b) | | | 75,395 | | | | 4,136,170 | |
Kohl’s Corp. | | | 62,199 | | | | 931,119 | |
| | | | | | | | |
| | |
| | | | | | | 5,067,289 | |
| | |
| Building Products — 1.6% | | | | | | |
Advanced Drainage Systems, Inc.(b) | | | 25,029 | | | | 3,386,173 | |
American Woodmark Corp.(a) | | | 85,327 | | | | 7,745,985 | |
Apogee Enterprises, Inc. | | | 59,374 | | | | 4,999,885 | |
AZEK Co., Inc. (The), Class A(a) | | | 255,692 | | | | 13,582,359 | |
Caesarstone Ltd.(a) | | | 75,741 | | | | 332,503 | |
CSW Industrials, Inc. | | | 3,806 | | | | 1,607,616 | |
Gibraltar Industries, Inc.(a) | | | 164,738 | | | | 11,933,621 | |
JELD-WEN Holding, Inc.(a) | | | 342,594 | | | | 3,730,849 | |
UFP Industries, Inc. | | | 110,126 | | | | 14,966,123 | |
Zurn Elkay Water Solutions Corp. | | | 192,194 | | | | 7,653,165 | |
| | | | | | | | |
| | |
| | | | | | | 69,938,279 | |
| | |
| Capital Markets — 3.2% | | | | | | |
Artisan Partners Asset Management, Inc., Class A | | | 81,903 | | | | 3,996,047 | |
Brightsphere Investment Group, Inc. | | | 204,889 | | | | 6,388,439 | |
Donnelley Financial Solutions, Inc.(a) | | | 68,600 | | | | 4,133,150 | |
Evercore, Inc., Class A | | | 79,774 | | | | 24,562,415 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 15 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Capital Markets (continued) | | | | | | |
Federated Hermes, Inc., Class B | | | 251,900 | | | $ | 10,768,725 | |
Hamilton Lane, Inc., Class A | | | 58,092 | | | | 11,176,901 | |
Houlihan Lokey, Inc., Class A | | | 125,240 | | | | 23,681,632 | |
Invesco Ltd. | | | 706,306 | | | | 12,777,076 | |
Patria Investments Ltd., Class A | | | 88,767 | | | | 1,061,653 | |
PJT Partners, Inc., Class A | | | 109,106 | | | | 18,259,980 | |
SEI Investments Co. | | | 88,932 | | | | 7,348,451 | |
StepStone Group, Inc., Class A | | | 34,826 | | | | 2,294,685 | |
Stifel Financial Corp. | | | 24,995 | | | | 2,894,421 | |
Victory Capital Holdings, Inc., Class A | | | 90,648 | | | | 6,298,223 | |
Virtu Financial, Inc., Class A | | | 163,393 | | | | 6,096,193 | |
| | | | | | | | |
| | |
| | | | | | | 141,737,991 | |
| | |
| Chemicals — 1.0% | | | | | | |
Balchem Corp. | | | 21,035 | | | | 3,797,238 | |
Cabot Corp. | | | 118,876 | | | | 13,031,187 | |
Huntsman Corp. | | | 123,172 | | | | 2,411,708 | |
Innospec, Inc. | | | 38,571 | | | | 4,574,906 | |
Minerals Technologies, Inc. | | | 125,501 | | | | 10,237,117 | |
Quaker Chemical Corp. | | | 54,191 | | | | 8,545,921 | |
Rayonier Advanced Materials, Inc.(a) | | | 225,092 | | | | 1,983,060 | |
| | | | | | | | |
| | |
| | | | | | | 44,581,137 | |
| | |
| Commercial Services & Supplies — 0.6% | | | | | | |
ABM Industries, Inc. | | | 28,222 | | | | 1,613,452 | |
ACV Auctions, Inc., Class A(a) | | | 17,950 | | | | 406,029 | |
BrightView Holdings, Inc.(a) | | | 69,651 | | | | 1,191,032 | |
Cimpress PLC(a) | | | 5,329 | | | | 427,919 | |
CoreCivic, Inc.(a) | | | 339,981 | | | | 7,591,776 | |
GEO Group, Inc. (The)(a) | | | 64,358 | | | | 1,834,846 | |
Healthcare Services Group, Inc.(a) | | | 376,931 | | | | 4,651,328 | |
Interface, Inc., Class A | | | 17,554 | | | | 466,059 | |
Steelcase, Inc., Class A | | | 367,910 | | | | 4,955,748 | |
Tetra Tech, Inc. | | | 79,154 | | | | 3,285,682 | |
| | | | | | | | |
| | |
| | | | | | | 26,423,871 | |
| | |
| Communications Equipment — 0.5% | | | | | | |
Calix, Inc.(a) | | | 278,398 | | | | 9,056,287 | |
Lumentum Holdings, Inc.(a) | | | 4,790 | | | | 416,586 | |
NETGEAR, Inc.(a) | | | 380,714 | | | | 9,365,564 | |
Viasat, Inc.(a) | | | 185,942 | | | | 1,734,839 | |
| | | | | | | | |
| | |
| | | | | | | 20,573,276 | |
| | |
| Construction & Engineering — 2.9% | | | | | | |
Comfort Systems U.S.A., Inc. | | | 58,588 | | | | 28,899,703 | |
Construction Partners, Inc., Class A(a) | | | 41,040 | | | | 4,170,074 | |
Dycom Industries, Inc.(a) | | | 98,730 | | | | 17,885,927 | |
EMCOR Group, Inc. | | | 34,826 | | | | 17,765,439 | |
IES Holdings, Inc.(a) | | | 8,353 | | | | 2,588,219 | |
MasTec, Inc.(a) | | | 50,548 | | | | 7,281,945 | |
Matrix Service Co.(a) | | | 67,511 | | | | 895,196 | |
Primoris Services Corp. | | | 318,585 | | | | 26,668,750 | |
Sterling Infrastructure, Inc.(a) | | | 90,962 | | | | 17,687,561 | |
Tutor Perini Corp.(a) | | | 241,157 | | | | 6,554,647 | |
| | | | | | | | |
| | |
| | | | | | | 130,397,461 | |
| | |
| Consumer Finance — 2.2% | | | | | | |
Encore Capital Group, Inc.(a) | | | 9,572 | | | | 470,799 | |
Enova International, Inc.(a) | | | 266,930 | | | | 28,163,784 | |
EZCORP, Inc., Class A, NVS(a) | | | 914,330 | | | | 11,703,424 | |
FirstCash Holdings, Inc. | | | 156,560 | | | | 17,043,122 | |
LendingTree, Inc.(a) | | | 72,393 | | | | 3,200,494 | |
OneMain Holdings, Inc. | | | 218,488 | | | | 12,530,287 | |
PROG Holdings, Inc. | | | 338,968 | | | | 16,494,183 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Consumer Finance (continued) | | | | | | |
Regional Management Corp. | | | 119,102 | | | $ | 3,636,184 | |
Upstart Holdings, Inc.(a)(b) | | | 44,706 | | | | 3,522,386 | |
| | | | | | | | |
| | |
| | | | | | | 96,764,663 | |
|
| Consumer Staples Distribution & Retail — 0.9% | |
Andersons, Inc. (The) | | | 20,976 | | | | 1,001,394 | |
PriceSmart, Inc. | | | 45,397 | | | | 4,073,927 | |
SpartanNash Co. | | | 66,157 | | | | 1,255,660 | |
Sprouts Farmers Market, Inc.(a) | | | 221,465 | | | | 34,211,913 | |
| | | | | | | | |
| | |
| | | | | | | 40,542,894 | |
| | |
| Containers & Packaging — 0.2% | | | | | | |
Crown Holdings, Inc. | | | 89,910 | | | | 8,279,812 | |
| | | | | | | | |
| | |
| Distributors — 0.0% | | | | | | |
GigaCloud Technology, Inc., Class A(a)(b) | | | 30,033 | | | | 741,815 | |
| | | | | | | | |
| | |
| Diversified Consumer Services — 1.0% | | | | | | |
American Public Education, Inc.(a) | | | 75,187 | | | | 1,550,356 | |
Bright Horizons Family Solutions, Inc.(a) | | | 60,598 | | | | 7,006,947 | |
Coursera, Inc.(a) | | | 429,425 | | | | 3,413,929 | |
Frontdoor, Inc.(a) | | | 82,674 | | | | 4,844,696 | |
Laureate Education, Inc., Class A(a) | | | 1,015,750 | | | | 19,299,250 | |
OneSpaWorld Holdings Ltd. | | | 140,911 | | | | 2,675,900 | |
Strategic Education, Inc. | | | 20,412 | | | | 2,016,910 | |
Stride, Inc.(a) | | | 32,343 | | | | 3,456,496 | |
| | | | | | | | |
| | |
| | | | | | | 44,264,484 | |
| | |
| Diversified REITs — 0.7% | | | | | | |
Alexander & Baldwin, Inc. | | | 19,616 | | | | 386,043 | |
American Assets Trust, Inc. | | | 597,562 | | | | 16,994,663 | |
Armada Hoffler Properties, Inc. | | | 154,912 | | | | 1,711,778 | |
CTO Realty Growth, Inc. | | | 544,352 | | | | 11,110,224 | |
Gladstone Commercial Corp. | | | 28,705 | | | | 505,495 | |
| | | | | | | | |
| | |
| | | | | | | 30,708,203 | |
|
| Diversified Telecommunication Services — 0.6% | |
AST SpaceMobile, Inc., Class A(a) | | | 21,888 | | | | 521,153 | |
ATN International, Inc. | | | 17,082 | | | | 337,882 | |
Bandwidth, Inc., Class A(a) | | | 241,413 | | | | 5,076,916 | |
IDT Corp., Class B | | | 99,202 | | | | 5,122,791 | |
Iridium Communications, Inc. | | | 262,164 | | | | 7,791,514 | |
Lumen Technologies, Inc.(a) | | | 1,106,854 | | | | 8,124,308 | |
| | | | | | | | |
| | |
| | | | | | | 26,974,564 | |
| | |
| Electric Utilities — 0.5% | | | | | | |
TXNM Energy, Inc. | | | 460,927 | | | | 22,608,469 | |
| | | | | | | | |
| | |
| Electrical Equipment — 0.9% | | | | | | |
Acuity Brands, Inc.(b) | | | 8,992 | | | | 2,883,644 | |
Allient, Inc. | | | 36,219 | | | | 940,607 | |
American Superconductor Corp.(a) | | | 65,314 | | | | 2,224,595 | |
Atkore, Inc. | | | 88,147 | | | | 8,313,144 | |
Bloom Energy Corp., Class A(a) | | | 85,877 | | | | 2,357,324 | |
EnerSys | | | 106,455 | | | | 10,289,940 | |
Generac Holdings, Inc.(a) | | | 7,706 | | | | 1,450,269 | |
NEXTracker, Inc., Class A(a) | | | 141,453 | | | | 5,397,847 | |
Powell Industries, Inc. | | | 25,515 | | | | 6,822,201 | |
Sunrun, Inc.(a) | | | 38,127 | | | | 439,604 | |
| | | | | | | | |
| | |
| | | | | | | 41,119,175 | |
|
| Electronic Equipment, Instruments & Components — 3.2% | |
Avnet, Inc. | | | 135,256 | | | | 7,399,856 | |
Badger Meter, Inc. | | | 36,484 | | | | 7,910,461 | |
Benchmark Electronics, Inc. | | | 213,314 | | | | 10,343,596 | |
ePlus, Inc.(a) | | | 36,855 | | | | 2,980,095 | |
Fabrinet(a) | | | 115,243 | | | | 27,033,703 | |
| | |
| 16 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| Electronic Equipment, Instruments & Components (continued) | |
FARO Technologies, Inc.(a) | | | 21,339 | | | $ | 560,149 | |
Flex Ltd.(a) | | | 327,359 | | | | 12,757,180 | |
Insight Enterprises, Inc.(a)(b) | | | 78,217 | | | | 12,237,050 | |
Itron, Inc.(a)(b) | | | 22,687 | | | | 2,689,090 | |
Kimball Electronics, Inc.(a) | | | 56,404 | | | | 1,106,082 | |
Methode Electronics, Inc. | | | 27,275 | | | | 297,843 | |
Napco Security Technologies, Inc. | | | 57,144 | | | | 2,241,759 | |
OSI Systems, Inc.(a) | | | 25,578 | | | | 4,537,537 | |
PC Connection, Inc. | | | 204,400 | | | | 14,835,352 | |
Plexus Corp.(a) | | | 31,303 | | | | 5,146,213 | |
Sanmina Corp.(a) | | | 184,733 | | | | 14,669,648 | |
ScanSource, Inc.(a) | | | 61,811 | | | | 3,115,893 | |
TTM Technologies, Inc.(a) | | | 508,619 | | | | 12,400,131 | |
| | | | | | | | |
| | |
| | | | | | | 142,261,638 | |
| | |
| Energy Equipment & Services — 2.0% | | | | | | |
Archrock, Inc. | | | 402,830 | | | | 10,320,505 | |
Borr Drilling Ltd.(b) | | | 259,795 | | | | 966,437 | |
ChampionX Corp. | | | 146,847 | | | | 4,544,915 | |
Helix Energy Solutions Group, Inc.(a) | | | 255,591 | | | | 2,732,268 | |
Helmerich & Payne, Inc. | | | 143,088 | | | | 4,955,137 | |
Liberty Energy, Inc., Class A | | | 623,834 | | | | 11,478,546 | |
Noble Corp. PLC | | | 30,670 | | | | 1,026,525 | |
NOV, Inc. | | | 386,716 | | | | 6,195,190 | |
Oceaneering International, Inc.(a) | | | 333,561 | | | | 10,000,159 | |
Oil States International, Inc.(a) | | | 513,017 | | | | 2,821,593 | |
Patterson-UTI Energy, Inc. | | | 1,492,034 | | | | 12,533,086 | |
ProPetro Holding Corp.(a)(b) | | | 1,239,070 | | | | 10,408,188 | |
RPC, Inc. | | | 119,973 | | | | 772,626 | |
Solaris Energy Infrastructure, Inc., Class A | | | 137,544 | | | | 3,390,460 | |
Tidewater, Inc.(a)(b) | | | 126,552 | | | | 6,545,269 | |
Transocean Ltd.(a)(b) | | | 702,193 | | | | 3,089,649 | |
| | | | | | | | |
| | |
| | | | | | | 91,780,553 | |
| | |
| Entertainment — 0.5% | | | | | | |
Cinemark Holdings, Inc.(a) | | | 109,858 | | | | 3,792,298 | |
Eros Media World PLC, Class A(a) | | | 23,977 | | | | 62 | |
Eventbrite, Inc., Class A(a) | | | 321,714 | | | | 1,132,433 | |
Lions Gate Entertainment Corp., Class A(a)(b) | | | 92,755 | | | | 764,301 | |
Lions Gate Entertainment Corp., Class B, NVS(a) | | | 66,880 | | | | 492,906 | |
Marcus Corp. (The) | | | 131,234 | | | | 2,971,138 | |
Roku, Inc., Class A(a) | | | 173,953 | | | | 12,007,976 | |
| | | | | | | | |
| | |
| | | | | | | 21,161,114 | |
| | |
| Financial Services — 1.8% | | | | | | |
Alerus Financial Corp. | | | 26,018 | | | | 573,437 | |
Banco Latinoamericano de Comercio Exterior SA, Class E | | | 150,287 | | | | 5,120,278 | |
Enact Holdings, Inc. | | | 20,094 | | | | 707,510 | |
Essent Group Ltd. | | | 301,697 | | | | 17,432,053 | |
Euronet Worldwide, Inc.(a) | | | 151,426 | | | | 15,919,415 | |
Flywire Corp.(a) | | | 10,580 | | | | 240,272 | |
Mr. Cooper Group, Inc.(a) | | | 90,103 | | | | 8,890,463 | |
NewtekOne, Inc. | | | 22,006 | | | | 319,087 | |
NMI Holdings, Inc., Class A(a) | | | 336,502 | | | | 13,456,715 | |
Pagseguro Digital Ltd., Class A(a) | | | 508,124 | | | | 3,729,630 | |
Remitly Global, Inc.(a) | | | 230,529 | | | | 4,739,676 | |
Repay Holdings Corp., Class A(a) | | | 294,432 | | | | 2,379,010 | |
StoneCo Ltd., Class A(a) | | | 522,960 | | | | 4,957,661 | |
Velocity Financial, Inc.(a) | | | 29,076 | | | | 594,895 | |
| | | | | | | | |
| | |
| | | | | | | 79,060,102 | |
| | |
| Food Products — 0.7% | | | | | | |
Fresh Del Monte Produce, Inc. | | | 78,514 | | | | 2,649,847 | |
Freshpet, Inc.(a) | | | 89,277 | | | | 13,663,845 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Food Products (continued) | | | | | | |
John B. Sanfilippo & Son, Inc. | | | 6,402 | | | $ | 552,813 | |
Lancaster Colony Corp. | | | 12,294 | | | | 2,284,717 | |
Simply Good Foods Co. (The)(a) | | | 14,187 | | | | 564,501 | |
SunOpta, Inc.(a)(b) | | | 490,807 | | | | 3,803,754 | |
Vital Farms, Inc.(a) | | | 220,520 | | | | 7,321,264 | |
| | | | | | | | |
| | |
| | | | | | | 30,840,741 | |
| | |
| Gas Utilities — 0.5% | | | | | | |
New Jersey Resources Corp. | | | 256,223 | | | | 13,215,982 | |
ONE Gas, Inc. | | | 13,581 | | | | 1,058,910 | |
Southwest Gas Holdings, Inc. | | | 50,435 | | | | 3,942,000 | |
UGI Corp. | | | 78,951 | | | | 2,397,742 | |
| | | | | | | | |
| | |
| | | | | | | 20,614,634 | |
| | |
| Ground Transportation — 0.2% | | | | | | |
Covenant Logistics Group, Inc., Class A | | | 134,145 | | | | 7,791,141 | |
Lyft, Inc., Class A(a) | | | 165,285 | | | | 2,869,348 | |
| | | | | | | | |
| | |
| | | | | | | 10,660,489 | |
| | |
| Health Care Equipment & Supplies — 2.1% | | | | | | |
Accuray, Inc.(a) | | | 337,460 | | | | 752,536 | |
AngioDynamics, Inc.(a) | | | 244,196 | | | | 1,692,278 | |
Artivion, Inc.(a) | | | 115,363 | | | | 3,405,516 | |
AtriCure, Inc.(a) | | | 94,481 | | | | 3,416,433 | |
Cerus Corp.(a) | | | 244,163 | | | | 451,702 | |
Envista Holdings Corp.(a)(b) | | | 83,310 | | | | 1,856,980 | |
ICU Medical, Inc.(a) | | | 21,474 | | | | 3,520,877 | |
Inspire Medical Systems, Inc.(a)(b) | | | 17,048 | | | | 3,286,172 | |
iRadimed Corp. | | | 60,544 | | | | 3,265,138 | |
iRhythm Technologies, Inc.(a) | | | 44,703 | | | | 3,887,596 | |
Lantheus Holdings, Inc.(a) | | | 25,934 | | | | 2,315,128 | |
LeMaitre Vascular, Inc. | | | 199,112 | | | | 21,302,993 | |
Novocure Ltd.(a)(b) | | | 526,859 | | | | 10,558,254 | |
Omnicell, Inc.(a) | | | 181,125 | | | | 8,438,614 | |
OraSure Technologies, Inc.(a) | | | 483,564 | | | | 1,837,543 | |
RxSight, Inc.(a) | | | 54,420 | | | | 2,551,210 | |
SI-BONE, Inc.(a) | | | 87,634 | | | | 1,188,317 | |
STAAR Surgical Co.(a) | | | 138,492 | | | | 4,030,117 | |
Surmodics, Inc.(a) | | | 21,058 | | | | 830,738 | |
Tactile Systems Technology, Inc.(a) | | | 234,130 | | | | 4,574,900 | |
Tandem Diabetes Care, Inc.(a) | | | 156,830 | | | | 4,803,703 | |
TransMedics Group, Inc.(a) | | | 11,274 | | | | 977,569 | |
Varex Imaging Corp.(a) | | | 200,483 | | | | 3,344,056 | |
| | | | | | | | |
| | |
| | | | | | | 92,288,370 | |
| | |
| Health Care Providers & Services — 2.8% | | | | | | |
Accolade, Inc.(a) | | | 139,304 | | | | 537,714 | |
AdaptHealth Corp.(a)(b) | | | 61,795 | | | | 619,804 | |
Addus HomeCare Corp.(a) | | | 121,741 | | | | 14,954,665 | |
Alignment Healthcare, Inc.(a) | | | 79,305 | | | | 1,000,036 | |
Aveanna Healthcare Holdings, Inc.(a) | | | 139,722 | | | | 811,785 | |
Brookdale Senior Living, Inc.(a) | | | 312,149 | | | | 1,773,006 | |
Castle Biosciences, Inc.(a) | | | 216,151 | | | | 6,545,052 | |
Concentra Group Holdings Parent, Inc. | | | 280,975 | | | | 6,130,875 | |
CorVel Corp.(a) | | | 29,341 | | | | 10,721,202 | |
Cross Country Healthcare, Inc.(a) | | | 247,603 | | | | 2,664,208 | |
Enhabit, Inc.(a) | | | 43,162 | | | | 333,642 | |
Ensign Group, Inc. (The) | | | 11,118 | | | | 1,625,563 | |
Fulgent Genetics, Inc.(a) | | | 21,751 | | | | 398,043 | |
Guardant Health, Inc.(a) | | | 299,649 | | | | 10,670,501 | |
HealthEquity, Inc.(a) | | | 89,895 | | | | 9,127,938 | |
Hims & Hers Health, Inc., Class A(a) | | | 266,164 | | | | 8,575,804 | |
NeoGenomics, Inc.(a)(b) | | | 97,296 | | | | 1,725,058 | |
Pediatrix Medical Group, Inc.(a) | | | 72,543 | | | | 1,085,243 | |
Privia Health Group, Inc.(a)(b) | | | 823,789 | | | | 17,694,988 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 17 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| Health Care Providers & Services (continued) | |
Progyny, Inc.(a) | | | 513,432 | | | $ | 7,994,136 | |
RadNet, Inc.(a) | | | 70,858 | | | | 5,793,350 | |
Select Medical Holdings Corp. | | | 348,185 | | | | 7,350,185 | |
Surgery Partners, Inc.(a)(b) | | | 314,092 | | | | 7,487,953 | |
Viemed Healthcare, Inc.(a) | | | 186,918 | | | | 1,620,579 | |
| | | | | | | | |
| | |
| | | | | | | 127,241,330 | |
| | |
| Health Care Technology — 0.5% | | | | | | |
Doximity, Inc., Class A(a) | | | 13,056 | | | | 691,968 | |
Evolent Health, Inc., Class A(a)(b) | | | 91,039 | | | | 1,176,224 | |
Health Catalyst, Inc.(a) | | | 260,475 | | | | 2,299,994 | |
HealthStream, Inc. | | | 42,303 | | | | 1,400,229 | |
Phreesia, Inc.(a)(b) | | | 340,627 | | | | 7,163,386 | |
Teladoc Health, Inc.(a) | | | 807,774 | | | | 9,677,133 | |
| | | | | | | | |
| | |
| | | | | | | 22,408,934 | |
| | |
| Hotel & Resort REITs — 1.1% | | | | | | |
Braemar Hotels & Resorts, Inc. | | | 1,921,586 | | | | 6,917,710 | |
Chatham Lodging Trust | | | 863,334 | | | | 7,951,306 | |
Park Hotels & Resorts, Inc. | | | 489,464 | | | | 7,611,165 | |
Pebblebrook Hotel Trust | | | 280,179 | | | | 3,880,479 | |
RLJ Lodging Trust | | | 1,799,732 | | | | 18,375,264 | |
Ryman Hospitality Properties, Inc. | | | 20,568 | | | | 2,411,392 | |
Summit Hotel Properties, Inc. | | | 302,624 | | | | 1,991,266 | |
| | | | | | | | |
| | |
| | | | | | | 49,138,582 | |
| | |
| Hotels, Restaurants & Leisure — 1.5% | | | | | | |
Accel Entertainment, Inc., Class A(a) | | | 211,235 | | | | 2,441,877 | |
BJ’s Restaurants, Inc.(a) | | | 21,152 | | | | 813,083 | |
Brinker International, Inc.(a) | | | 78,929 | | | | 10,439,939 | |
El Pollo Loco Holdings, Inc.(a) | | | 166,897 | | | | 2,122,930 | |
Everi Holdings, Inc.(a) | | | 120,664 | | | | 1,625,344 | |
Life Time Group Holdings, Inc.(a) | | | 163,623 | | | | 3,971,130 | |
Monarch Casino & Resort, Inc. | | | 42,775 | | | | 3,593,528 | |
PlayAGS, Inc.(a) | | | 199,050 | | | | 2,312,961 | |
Rush Street Interactive, Inc., Class A(a) | | | 254,459 | | | | 3,669,299 | |
Shake Shack, Inc., Class A(a) | | | 32,619 | | | | 4,362,139 | |
Super Group SGHC Ltd. | | | 137,722 | | | | 915,851 | |
Sweetgreen, Inc., Class A(a) | | | 52,238 | | | | 2,140,713 | |
Texas Roadhouse, Inc. | | | 34,792 | | | | 7,141,754 | |
Travel + Leisure Co. | | | 14,637 | | | | 817,769 | |
Wingstop, Inc. | | | 58,368 | | | | 19,189,647 | |
| | | | | | | | |
| | |
| | | | | | | 65,557,964 | |
| | |
| Household Durables — 2.5% | | | | | | |
Beazer Homes U.S.A., Inc.(a) | | | 16,580 | | | | 579,471 | |
Century Communities, Inc. | | | 167,912 | | | | 15,172,528 | |
Champion Homes, Inc.(a) | | | 15,077 | | | | 1,563,937 | |
Ethan Allen Interiors, Inc. | | | 91,653 | | | | 2,816,497 | |
Hooker Furnishings Corp. | | | 25,774 | | | | 482,747 | |
Installed Building Products, Inc. | | | 48,679 | | | | 11,134,835 | |
LGI Homes, Inc.(a) | | | 24,329 | | | | 2,663,782 | |
M/I Homes, Inc.(a) | | | 147,972 | | | | 24,419,819 | |
Newell Brands, Inc. | | | 262,051 | | | | 2,513,069 | |
Taylor Morrison Home Corp., Class A(a) | | | 120,368 | | | | 8,891,584 | |
Toll Brothers, Inc. | | | 125,189 | | | | 20,677,467 | |
Tri Pointe Homes, Inc.(a) | | | 494,284 | | | | 21,516,183 | |
Universal Electronics, Inc.(a) | | | 13,842 | | | | 160,290 | |
Vizio Holding Corp., Class A(a)(b) | | | 91,046 | | | | 1,037,014 | |
| | | | | | | | |
| | |
| | | | | | | 113,629,223 | |
| | |
| Household Products — 0.2% | | | | | | |
Central Garden & Pet Co.(a) | | | 18,562 | | | | 737,840 | |
Central Garden & Pet Co., Class A, NVS(a) | | | 247,171 | | | | 8,351,908 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Household Products (continued) | | | | | | |
Spectrum Brands Holdings, Inc. | | | 12,674 | | | $ | 1,165,374 | |
WD-40 Co. | | | 1,837 | | | | 509,014 | |
| | | | | | | | |
| | |
| | | | | | | 10,764,136 | |
|
| Independent Power and Renewable Electricity Producers — 0.0% | |
Spruce Power Holding Corp.(a) | | | 110 | | | | 281 | |
| | | | | | | | |
| | |
| Industrial REITs — 0.9% | | | | | | |
First Industrial Realty Trust, Inc. | | | 649,428 | | | | 34,711,927 | |
Industrial Logistics Properties Trust | | | 166,598 | | | | 644,734 | |
Plymouth Industrial REIT, Inc. | | | 293,293 | | | | 5,496,311 | |
| | | | | | | | |
| | |
| | | | | | | 40,852,972 | |
| | |
| Insurance — 1.6% | | | | | | |
Ambac Financial Group, Inc.(a) | | | 231,533 | | | | 2,972,884 | |
AMERISAFE, Inc. | | | 149,827 | | | | 8,842,789 | |
CNO Financial Group, Inc. | | | 154,561 | | | | 6,166,984 | |
Crawford & Co., Class A, NVS | | | 53,932 | | | | 639,094 | |
Donegal Group, Inc., Class A | | | 108,280 | | | | 1,801,779 | |
eHealth, Inc.(a) | | | 199,911 | | | | 1,129,497 | |
Genworth Financial, Inc., Class A(a) | | | 399,488 | | | | 3,116,006 | |
Hamilton Insurance Group Ltd., Class B(a) | | | 15,201 | | | | 290,035 | |
HCI Group, Inc. | | | 5,724 | | | | 697,584 | |
Kinsale Capital Group, Inc. | | | 5,468 | | | | 2,780,150 | |
Lemonade, Inc.(a) | | | 6,034 | | | | 312,621 | |
Mercury General Corp. | | | 66,481 | | | | 5,249,340 | |
Oscar Health, Inc., Class A(a) | | | 186,202 | | | | 3,226,881 | |
Palomar Holdings, Inc.(a) | | | 57,869 | | | | 6,267,213 | |
Reinsurance Group of America, Inc. | | | 99,858 | | | | 22,807,567 | |
Selective Insurance Group, Inc. | | | 37,356 | | | | 3,813,674 | |
Selectquote, Inc.(a) | | | 291,706 | | | | 872,201 | |
Tiptree, Inc. | | | 34,434 | | | | 784,751 | |
United Fire Group, Inc. | | | 48,573 | | | | 1,486,334 | |
| | | | | | | | |
| | |
| | | | | | | 73,257,384 | |
| | |
| Interactive Media & Services — 1.3% | | | | | | |
Bumble, Inc., Class A(a) | | | 261,804 | | | | 2,275,077 | |
EverQuote, Inc., Class A(a) | | | 406,491 | | | | 7,800,562 | |
MediaAlpha, Inc., Class A(a) | | | 330,010 | | | | 4,168,026 | |
Nextdoor Holdings, Inc., Class A(a) | | | 175,000 | | | | 425,250 | |
QuinStreet, Inc.(a) | | | 325,004 | | | | 7,403,591 | |
Shutterstock, Inc. | | | 94,735 | | | | 3,001,205 | |
TrueCar, Inc.(a) | | | 268,702 | | | | 1,144,671 | |
Vimeo, Inc.(a) | | | 819,836 | | | | 5,353,529 | |
Yelp, Inc.(a) | | | 460,226 | | | | 17,589,838 | |
Ziff Davis, Inc.(a) | | | 46,457 | | | | 2,733,994 | |
ZipRecruiter, Inc., Class A(a)(b) | | | 910,102 | | | | 8,063,504 | |
| | | | | | | | |
| | |
| | | | | | | 59,959,247 | |
| | |
| IT Services — 0.4% | | | | | | |
Backblaze, Inc., Class A(a) | | | 55,947 | | | | 363,096 | |
Fastly, Inc., Class A(a) | | | 172,215 | | | | 1,460,383 | |
Grid Dynamics Holdings, Inc., Class A(a) | | | 54,560 | | | | 998,448 | |
Hackett Group, Inc. (The) | | | 197,984 | | | | 6,204,819 | |
Kyndryl Holdings, Inc.(a) | | | 163,581 | | | | 5,677,896 | |
Unisys Corp.(a) | | | 185,891 | | | | 1,483,410 | |
| | | | | | | | |
| | |
| | | | | | | 16,188,052 | |
| | |
| Leisure Products — 0.3% | | | | | | |
MasterCraft Boat Holdings, Inc.(a) | | | 36,188 | | | | 767,186 | |
YETI Holdings, Inc.(a) | | | 330,761 | | | | 13,352,821 | |
| | | | | | | | |
| | |
| | | | | | | 14,120,007 | |
| | |
| Life Sciences Tools & Services — 0.5% | | | | | | |
10X Genomics, Inc., Class A(a) | | | 154,619 | | | | 2,458,442 | |
AbCellera Biologics, Inc.(a)(b) | | | 363,294 | | | | 1,093,515 | |
| | |
| 18 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Life Sciences Tools & Services (continued) | | | | | | |
Adaptive Biotechnologies Corp.(a)(b) | | | 852,994 | | | $ | 5,066,784 | |
Codexis, Inc.(a) | | | 526,075 | | | | 2,409,424 | |
Cytek Biosciences, Inc.(a) | | | 28,751 | | | | 187,744 | |
Harvard Bioscience, Inc.(a) | | | 307 | | | | 675 | |
Maravai LifeSciences Holdings, Inc., Class A(a) | | | 130,716 | | | | 741,160 | |
Medpace Holdings, Inc.(a) | | | 14,058 | | | | 4,788,577 | |
Personalis, Inc.(a)(b) | | | 642,191 | | | | 2,549,498 | |
Quanterix Corp.(a) | | | 31,447 | | | | 387,742 | |
Seer, Inc., Class A(a) | | | 320,994 | | | | 792,855 | |
| | | | | | | | |
| | |
| | | | | | | 20,476,416 | |
| | |
| Machinery — 3.4% | | | | | | |
Alamo Group, Inc. | | | 8,489 | | | | 1,697,375 | |
Atmus Filtration Technologies, Inc. | | | 139,344 | | | | 6,032,202 | |
Blue Bird Corp.(a) | | | 77,430 | | | | 3,147,529 | |
Chart Industries, Inc.(a) | | | 35,363 | | | | 6,833,900 | |
Columbus McKinnon Corp. | | | 14,431 | | | | 566,994 | |
Energy Recovery, Inc.(a) | | | 22,602 | | | | 351,687 | |
Federal Signal Corp. | | | 90,917 | | | | 8,856,225 | |
Flowserve Corp. | | | 546,294 | | | | 33,334,860 | |
Franklin Electric Co., Inc. | | | 118,432 | | | | 12,826,186 | |
Greenbrier Cos., Inc. (The) | | | 6,839 | | | | 465,052 | |
Kennametal, Inc. | | | 167,384 | | | | 4,803,921 | |
Manitowoc Co., Inc. (The)(a) | | | 445,261 | | | | 4,733,124 | |
Miller Industries, Inc. | | | 11,905 | | | | 876,446 | |
Mueller Industries, Inc. | | | 156,073 | | | | 12,606,016 | |
Mueller Water Products, Inc., Class A | | | 250,290 | | | | 6,267,262 | |
Oshkosh Corp. | | | 157,078 | | | | 17,845,632 | |
Shyft Group, Inc. (The) | | | 188,865 | | | | 2,662,996 | |
SPX Technologies, Inc.(a) | | | 20,013 | | | | 3,531,094 | |
Tennant Co. | | | 48,646 | | | | 4,298,847 | |
Trinity Industries, Inc. | | | 160,737 | | | | 6,059,785 | |
Wabash National Corp. | | | 53,963 | | | | 1,070,086 | |
Watts Water Technologies, Inc., Class A | | | 59,378 | | | | 12,813,179 | |
| | | | | | | | |
| | |
| | | | | | | 151,680,398 | |
| | |
| Marine Transportation — 0.3% | | | | | | |
Genco Shipping & Trading Ltd. | | | 263,298 | | | | 4,178,539 | |
Kirby Corp.(a) | | | 4,008 | | | | 507,052 | |
Matson, Inc. | | | 61,280 | | | | 9,386,871 | |
| | | | | | | | |
| | |
| | | | | | | 14,072,462 | |
| | |
| Media — 0.7% | | | | | | |
Cable One, Inc. | | | 17,784 | | | | 7,473,192 | |
EchoStar Corp., Class A(a) | | | 186,130 | | | | 4,707,228 | |
Entravision Communications Corp., Class A | | | 307,587 | | | | 750,512 | |
EW Scripps Co. (The), Class A(a) | | | 185,240 | | | | 370,480 | |
Gambling.com Group Ltd.(a) | | | 71,619 | | | | 949,668 | |
Gray Television, Inc. | | | 196,087 | | | | 837,291 | |
Integral Ad Science Holding Corp.(a) | | | 222,274 | | | | 2,485,023 | |
Magnite, Inc.(a) | | | 143,673 | | | | 2,412,270 | |
New York Times Co. (The), Class A | | | 100,999 | | | | 5,480,206 | |
PubMatic, Inc., Class A(a) | | | 82,443 | | | | 1,314,966 | |
TEGNA, Inc. | | | 113,509 | | | | 2,130,564 | |
Thryv Holdings, Inc.(a) | | | 285,444 | | | | 4,515,724 | |
Townsquare Media, Inc., Class A | | | 77 | | | | 778 | |
| | | | | | | | |
| | |
| | | | | | | 33,427,902 | |
| | |
| Metals & Mining — 2.1% | | | | | | |
Alcoa Corp. | | | 45,292 | | | | 2,102,908 | |
Alpha Metallurgical Resources, Inc. | | | 45,985 | | | | 11,292,536 | |
Carpenter Technology Corp. | | | 67,534 | | | | 13,104,297 | |
Century Aluminum Co.(a) | | | 450,488 | | | | 10,284,641 | |
Cleveland-Cliffs, Inc.(a) | | | 657,548 | | | | 8,186,473 | |
Coeur Mining, Inc.(a) | | | 873,234 | | | | 5,641,092 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Metals & Mining (continued) | | | | | | |
Compass Minerals International, Inc. | | | 194,403 | | | $ | 2,999,638 | |
Hecla Mining Co. | | | 1,041,357 | | | | 5,748,291 | |
i-80 Gold Corp.(a) | | | 531,838 | | | | 335,005 | |
Kaiser Aluminum Corp. | | | 106,187 | | | | 8,630,879 | |
Materion Corp. | | | 59,083 | | | | 6,831,176 | |
Novagold Resources, Inc.(a) | | | 661,232 | | | | 2,420,109 | |
Olympic Steel, Inc. | | | 110,390 | | | | 4,667,289 | |
Piedmont Lithium, Inc.(a)(b) | | | 100,082 | | | | 1,257,030 | |
Radius Recycling, Inc., Class A | | | 280,492 | | | | 5,559,351 | |
Ryerson Holding Corp. | | | 134,845 | | | | 3,465,517 | |
SunCoke Energy, Inc. | | | 73,344 | | | | 913,866 | |
Tredegar Corp.(a) | | | 72,228 | | | | 517,875 | |
Warrior Met Coal, Inc. | | | 16,055 | | | | 1,128,988 | |
| | | | | | | | |
| | |
| | | | | | | 95,086,961 | |
|
| Mortgage Real Estate Investment Trusts (REITs) — 0.2% | |
Chimera Investment Corp. | | | 362,498 | | | | 5,379,470 | |
TPG RE Finance Trust, Inc. | | | 183,452 | | | | 1,674,917 | |
| | | | | | | | |
| | |
| | | | | | | 7,054,387 | |
| | |
| Multi-Utilities — 0.9% | | | | | | |
Avista Corp. | | | 118,456 | | | | 4,583,063 | |
Black Hills Corp. | | | 172,397 | | | | 11,045,476 | |
Northwestern Energy Group, Inc. | | | 412,165 | | | | 22,767,994 | |
Unitil Corp. | | | 18,853 | | | | 1,131,557 | |
| | | | | | | | |
| | |
| | | | | | | 39,528,090 | |
| | |
| Office REITs — 0.7% | | | | | | |
Brandywine Realty Trust | | | 319,406 | | | | 1,788,674 | |
COPT Defense Properties | | | 278,264 | | | | 9,168,799 | |
Kilroy Realty Corp. | | | 134,795 | | | | 5,598,036 | |
Paramount Group, Inc. | | | 2,444,644 | | | | 11,880,970 | |
Piedmont Office Realty Trust, Inc., Class A | | | 289,460 | | | | 2,755,659 | |
| | | | | | | | |
| | |
| | | | | | | 31,192,138 | |
| | |
| Oil, Gas & Consumable Fuels — 2.3% | | | | | | |
Civitas Resources, Inc. | | | 81,425 | | | | 4,224,329 | |
Delek U.S. Holdings, Inc. | | | 390,266 | | | | 7,434,567 | |
Encore Energy Corp.(a)(b) | | | 198,939 | | | | 751,989 | |
Evolution Petroleum Corp. | | | 214,391 | | | | 1,256,331 | |
International Seaways, Inc. | | | 55,072 | | | | 2,147,808 | |
Matador Resources Co. | | | 212,530 | | | | 12,753,925 | |
Murphy Oil Corp. | | | 459,278 | | | | 14,912,757 | |
Ovintiv, Inc. | | | 374,351 | | | | 17,003,022 | |
Par Pacific Holdings, Inc.(a) | | | 512,660 | | | | 8,935,664 | |
PBF Energy, Inc., Class A | | | 176,701 | | | | 5,564,315 | |
Plains GP Holdings LP, Class A | | | 1,288,137 | | | | 25,788,503 | |
REX American Resources Corp.(a) | | | 65,919 | | | | 2,854,952 | |
Ur-Energy, Inc.(a)(b) | | | 150,462 | | | | 1,092,354 | |
| | | | | | | | |
| | |
| | | | | | | 104,720,516 | |
| | |
| Paper & Forest Products — 0.3% | | | | | | |
Louisiana-Pacific Corp. | | | 133,478 | | | | 15,777,100 | |
| | | | | | | | |
| | |
| Passenger Airlines — 0.6% | | | | | | |
Allegiant Travel Co. | | | 59,529 | | | | 4,871,853 | |
SkyWest, Inc.(a) | | | 157,271 | | | | 18,045,275 | |
Sun Country Airlines Holdings, Inc.(a) | | | 244,623 | | | | 3,520,125 | |
| | | | | | | | |
| | |
| | | | | | | 26,437,253 | |
| | |
| Personal Care Products — 0.1% | | | | | | |
BellRing Brands, Inc.(a) | | | 54,104 | | | | 4,245,000 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 2.3% | | | | | | |
Amphastar Pharmaceuticals, Inc.(a) | | | 42,002 | | | | 1,898,070 | |
Arvinas, Inc.(a)(b) | | | 160,425 | | | | 4,286,556 | |
Atea Pharmaceuticals, Inc.(a) | | | 664,087 | | | | 2,271,178 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 19 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Pharmaceuticals (continued) | | | | | | |
Axsome Therapeutics, Inc.(a) | | | 19,334 | | | $ | 1,898,985 | |
Collegium Pharmaceutical, Inc.(a)(b) | | | 152,271 | | | | 4,644,266 | |
Corcept Therapeutics, Inc.(a) | | | 454,971 | | | | 26,242,727 | |
Edgewise Therapeutics, Inc.(a) | | | 149,708 | | | | 4,940,364 | |
Elanco Animal Health, Inc.(a) | | | 321,393 | | | | 4,245,602 | |
Evolus, Inc.(a) | | | 64,865 | | | | 888,002 | |
Fulcrum Therapeutics, Inc.(a) | | | 129,124 | | | | 497,127 | |
Harmony Biosciences Holdings, Inc.(a) | | | 211,994 | | | | 7,349,832 | |
Intra-Cellular Therapies, Inc.(a) | | | 35,196 | | | | 3,014,537 | |
Jazz Pharmaceuticals PLC(a)(b) | | | 16,902 | | | | 2,055,114 | |
Longboard Pharmaceuticals, Inc.(a) | | | 16,688 | | | | 1,000,946 | |
Nektar Therapeutics(a) | | | 1,008,152 | | | | 1,149,293 | |
Nuvation Bio, Inc., Class A(a) | | | 597,364 | | | | 1,732,356 | |
Pacira BioSciences, Inc.(a) | | | 85,592 | | | | 1,447,361 | |
Phibro Animal Health Corp., Class A | | | 55,843 | | | | 1,305,051 | |
Prestige Consumer Healthcare, Inc.(a) | | | 112,628 | | | | 9,547,476 | |
Scilex Holding Co. (Acquired 03/05/21, cost $9,826,744)(a)(b)(c) | | | 430,177 | | | | 272,018 | |
Septerna, Inc.(a) | | | 52,916 | | | | 1,338,246 | |
Supernus Pharmaceuticals, Inc.(a) | | | 427,506 | | | | 15,633,894 | |
Tarsus Pharmaceuticals, Inc.(a) | | | 57,365 | | | | 3,008,794 | |
Terns Pharmaceuticals, Inc.(a) | | | 63,540 | | | | 396,490 | |
Trevi Therapeutics, Inc.(a) | | | 45 | | | | 130 | |
Xeris Biopharma Holdings, Inc.(a) | | | 191,086 | | | | 626,762 | |
| | | | | | | | |
| | |
| | | | | | | 101,691,177 | |
| | |
| Professional Services — 3.2% | | | | | | |
CACI International, Inc., Class A(a) | | | 9,603 | | | | 4,416,228 | |
CBIZ, Inc.(a) | | | 3,950 | | | | 326,191 | |
CRA International, Inc. | | | 11,441 | | | | 2,231,338 | |
CSG Systems International, Inc. | | | 64,679 | | | | 3,545,056 | |
ExlService Holdings, Inc.(a) | | | 999,685 | | | | 46,345,397 | |
Exponent, Inc. | | | 4,965 | | | | 490,095 | |
Franklin Covey Co.(a) | | | 80,406 | | | | 2,925,170 | |
FTI Consulting, Inc.(a) | | | 4,855 | | | | 983,235 | |
ICF International, Inc. | | | 16,737 | | | | 2,319,246 | |
Insperity, Inc. | | | 269,530 | | | | 21,252,440 | |
Kelly Services, Inc., Class A, NVS | | | 120,642 | | | | 1,767,405 | |
Kforce, Inc. | | | 32,344 | | | | 1,940,317 | |
Korn Ferry | | | 22,540 | | | | 1,765,784 | |
ManpowerGroup, Inc. | | | 305,661 | | | | 19,675,399 | |
Maximus, Inc. | | | 204,230 | | | | 15,215,135 | |
Parsons Corp.(a) | | | 24,162 | | | | 2,317,377 | |
Paylocity Holding Corp.(a) | | | 11,055 | | | | 2,294,355 | |
Robert Half, Inc. | | | 52,141 | | | | 3,890,240 | |
ShiftPixy, Inc.(a)(d) | | | 1 | | | | — | |
TriNet Group, Inc. | | | 74,243 | | | | 6,936,523 | |
UL Solutions, Inc., Class A | | | 13,007 | | | | 698,866 | |
Willdan Group, Inc.(a) | | | 25,618 | | | | 1,119,763 | |
| | | | | | | | |
| | |
| | | | | | | 142,455,560 | |
|
| Real Estate Management & Development — 0.5% | |
Anywhere Real Estate, Inc.(a) | | | 395,005 | | | | 1,935,525 | |
Forestar Group, Inc.(a) | | | 39,093 | | | | 1,166,926 | |
FRP Holdings, Inc.(a) | | | 57,822 | | | | 1,843,365 | |
RE/MAX Holdings, Inc., Class A(a) | | | 57,192 | | | | 752,647 | |
RMR Group, Inc. (The), Class A | | | 181,879 | | | | 4,037,714 | |
St. Joe Co. (The) | | | 208,591 | | | | 10,654,828 | |
| | | | | | | | |
| | |
| | | | | | | 20,391,005 | |
| | |
| Residential REITs — 0.2% | | | | | | |
Bluerock Homes Trust, Inc., Class A | | | 77 | | | | 1,092 | |
Elme Communities | | | 94,999 | | | | 1,609,283 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Residential REITs (continued) | | | | | | |
NexPoint Residential Trust, Inc. | | | 129,475 | | | $ | 6,094,388 | |
UMH Properties, Inc. | | | 30,032 | | | | 576,615 | |
| | | | | | | | |
| | |
| | | | | | | 8,281,378 | |
| | |
| Retail REITs — 1.1% | | | | | | |
Brixmor Property Group, Inc. | | | 180,864 | | | | 5,438,580 | |
Kite Realty Group Trust | | | 1,267,359 | | | | 34,941,088 | |
Saul Centers, Inc. | | | 10,171 | | | | 418,130 | |
Tanger, Inc. | | | 205,956 | | | | 7,614,193 | |
| | | | | | | | |
| | |
| | | | | | | 48,411,991 | |
|
| Semiconductors & Semiconductor Equipment — 2.7% | |
ACM Research, Inc., Class A(a) | | | 179,852 | | | | 3,091,656 | |
Ambarella, Inc.(a) | | | 165,456 | | | | 11,838,377 | |
Axcelis Technologies, Inc.(a) | | | 107,366 | | | | 7,970,852 | |
Credo Technology Group Holding Ltd.(a) | | | 269,175 | | | | 13,178,808 | |
Diodes, Inc.(a) | | | 106,711 | | | | 6,936,215 | |
Ichor Holdings Ltd.(a) | | | 61,840 | | | | 2,025,878 | |
Impinj, Inc.(a) | | | 33,123 | | | | 6,366,572 | |
inTEST Corp.(a) | | | 35,226 | | | | 267,013 | |
MaxLinear, Inc.(a) | | | 223,499 | | | | 3,381,540 | |
Onto Innovation, Inc.(a) | | | 61,228 | | | | 10,052,413 | |
Photronics, Inc.(a) | | | 150,419 | | | | 3,746,937 | |
Power Integrations, Inc. | | | 111,658 | | | | 7,314,716 | |
Rambus, Inc.(a) | | | 144,141 | | | | 8,332,791 | |
Semtech Corp.(a) | | | 69,504 | | | | 4,451,036 | |
Silicon Laboratories, Inc.(a) | | | 54,676 | | | | 6,049,899 | |
SiTime Corp.(a) | | | 12,129 | | | | 2,575,957 | |
Synaptics, Inc.(a)(b) | | | 265,370 | | | | 21,293,289 | |
Ultra Clean Holdings, Inc.(a) | | | 14,336 | | | | 550,933 | |
| | | | | | | | |
| | |
| | | | | | | 119,424,882 | |
| | |
| Software — 6.8% | | | | | | |
8x8, Inc.(a) | | | 653,895 | | | | 2,027,075 | |
ACI Worldwide, Inc.(a) | | | 765,683 | | | | 43,506,108 | |
Alarm.com Holdings, Inc.(a) | | | 157,899 | | | | 10,285,541 | |
Appfolio, Inc., Class A(a) | | | 3,367 | | | | 854,376 | |
Aurora Innovation, Inc., Class A(a) | | | 428,977 | | | | 2,775,481 | |
Bit Digital, Inc.(a)(b) | | | 820,372 | | | | 3,781,915 | |
BlackLine, Inc.(a) | | | 83,677 | | | | 5,188,811 | |
Box, Inc., Class A(a)(b) | | | 342,191 | | | | 12,007,482 | |
Braze, Inc., Class A(a)(b) | | | 323,273 | | | | 12,840,404 | |
C3.ai, Inc., Class A(a)(b) | | | 257,923 | | | | 9,589,577 | |
Cleanspark, Inc.(a) | | | 200,397 | | | | 2,875,697 | |
Clear Secure, Inc., Class A | | | 69,861 | | | | 1,808,003 | |
CommVault Systems, Inc.(a) | | | 80,513 | | | | 13,815,226 | |
Confluent, Inc., Class A(a) | | | 342,504 | | | | 10,562,823 | |
Domo, Inc., Class B(a) | | | 255,473 | | | | 2,391,227 | |
DoubleVerify Holdings, Inc.(a) | | | 14,603 | | | | 296,879 | |
Five9, Inc.(a)(b) | | | 106,687 | | | | 4,404,039 | |
Freshworks, Inc., Class A(a) | | | 304,014 | | | | 4,861,184 | |
Gitlab, Inc., Class A(a) | | | 93,082 | | | | 5,933,978 | |
Informatica, Inc., Class A(a) | | | 71,031 | | | | 1,883,742 | |
Intapp, Inc.(a) | | | 51,612 | | | | 3,228,331 | |
LiveRamp Holdings, Inc.(a) | | | 295,379 | | | | 8,967,706 | |
MARA Holdings, Inc.(a)(b) | | | 265,390 | | | | 7,276,994 | |
Nutanix, Inc., Class A(a) | | | 56,536 | | | | 3,690,670 | |
Olo, Inc., Class A(a) | | | 318,111 | | | | 2,319,029 | |
Ooma, Inc.(a) | | | 437,236 | | | | 6,471,093 | |
Pagaya Technologies Ltd., Class A(a) | | | 256,681 | | | | 2,805,523 | |
Pegasystems, Inc. | | | 85,100 | | | | 8,081,947 | |
PROS Holdings, Inc.(a) | | | 127,536 | | | | 2,955,009 | |
Q2 Holdings, Inc.(a) | | | 114,420 | | | | 11,984,351 | |
Qualys, Inc.(a)(b) | | | 105,574 | | | | 16,216,166 | |
| | |
| 20 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Software (continued) | | | | | | |
Rapid7, Inc.(a) | | | 17,996 | | | $ | 766,630 | |
RingCentral, Inc., Class A(a) | | | 221,636 | | | | 8,340,163 | |
Riot Platforms, Inc.(a) | | | 103,333 | | | | 1,307,162 | |
SEMrush Holdings, Inc., Class A(a) | | | 208,010 | | | | 2,828,936 | |
Smartsheet, Inc., Class A(a) | | | 86,333 | | | | 4,830,331 | |
Tenable Holdings, Inc.(a) | | | 67,348 | | | | 2,827,269 | |
Unity Software, Inc.(a) | | | 34,889 | | | | 841,174 | |
Upland Software, Inc.(a) | | | 147,254 | | | | 540,422 | |
Varonis Systems, Inc.(a) | | | 244,853 | | | | 12,232,856 | |
Verint Systems, Inc.(a) | | | 244,055 | | | | 6,150,186 | |
Workiva, Inc., Class A(a) | | | 197,612 | | | | 19,217,767 | |
Yext, Inc.(a) | | | 150,825 | | | | 1,245,815 | |
Zeta Global Holdings Corp., Class A(a) | | | 437,125 | | | | 9,310,762 | |
Zuora, Inc., Class A(a) | | | 597,002 | | | | 5,928,230 | |
| | | | | | | | |
| | |
| | | | | | | 302,054,090 | |
| | |
| Specialized REITs — 0.5% | | | | | | |
Lamar Advertising Co., Class A | | | 140,448 | | | | 18,822,841 | |
Outfront Media, Inc. | | | 294,439 | | | | 5,656,173 | |
| | | | | | | | |
| | |
| | | | | | | 24,479,014 | |
| | |
| Specialty Retail — 3.1% | | | | | | |
1-800-Flowers.com, Inc., Class A(a)(b) | | | 556,405 | | | | 4,523,573 | |
Abercrombie & Fitch Co., Class A(a) | | | 126,015 | | | | 18,863,185 | |
American Eagle Outfitters, Inc. | | | 227,632 | | | | 4,379,640 | |
America’s Car-Mart, Inc.(a) | | | 20,479 | | | | 945,311 | |
Boot Barn Holdings, Inc.(a)(b) | | | 62,609 | | | | 8,586,198 | |
CarParts.com, Inc.(a) | | | 170,354 | | | | 164,153 | |
Carvana Co., Class A(a) | | | 17,222 | | | | 4,484,953 | |
Chewy, Inc., Class A(a) | | | 160,951 | | | | 5,377,373 | |
Conn’s, Inc.(a) | | | 224,237 | | | | — | |
Foot Locker, Inc.(a) | | | 327,747 | | | | 8,242,837 | |
Gap, Inc. (The) | | | 132,889 | | | | 3,222,558 | |
Genesco, Inc.(a) | | | 31,505 | | | | 1,058,253 | |
Group 1 Automotive, Inc.(b) | | | 29,549 | | | | 12,581,964 | |
Haverty Furniture Cos., Inc. | | | 33,044 | | | | 780,169 | |
Lands’ End, Inc.(a) | | | 76,597 | | | | 1,221,722 | |
Lulu’s Fashion Lounge Holdings, Inc.(a) | | | 163 | | | | 201 | |
Murphy U.S.A., Inc. | | | 1,535 | | | | 840,873 | |
National Vision Holdings, Inc.(a) | | | 421,697 | | | | 5,102,534 | |
Penske Automotive Group, Inc. | | | 27,705 | | | | 4,613,991 | |
Revolve Group, Inc., Class A(a) | | | 179,731 | | | | 6,484,694 | |
Sonic Automotive, Inc., Class A | | | 25,053 | | | | 1,732,164 | |
Stitch Fix, Inc., Class A(a) | | | 957,554 | | | | 4,557,957 | |
Upbound Group, Inc. | | | 313,064 | | | | 10,766,271 | |
Victoria’s Secret & Co.(a) | | | 87,509 | | | | 3,398,850 | |
Warby Parker, Inc., Class A(a) | | | 374,427 | | | | 8,439,585 | |
Wayfair, Inc., Class A(a) | | | 196,604 | | | | 9,090,969 | |
Winmark Corp. | | | 9,582 | | | | 3,947,065 | |
Zumiez, Inc.(a)(b) | | | 259,177 | | | | 5,720,036 | |
| | | | | | | | |
| | |
| | | | | | | 139,127,079 | |
|
| Technology Hardware, Storage & Peripherals — 0.1% | |
IonQ, Inc.(a)(b) | | | 106,931 | | | | 3,902,982 | |
| | | | | | | | |
| | |
| Textiles, Apparel & Luxury Goods — 0.7% | | | | | | |
Figs, Inc., Class A(a) | | | 244,106 | | | | 1,266,910 | |
G-III Apparel Group Ltd.(a) | | | 288,246 | | | | 8,540,729 | |
Ralph Lauren Corp., Class A | | | 37,987 | | | | 8,790,192 | |
Skechers U.S.A., Inc., Class A(a) | | | 113,370 | | | | 7,235,273 | |
Steven Madden Ltd. | | | 110,435 | | | | 5,033,627 | |
Unifi, Inc.(a)(b) | | | 38,167 | | | | 212,209 | |
| | | | | | | | |
| | |
| | | | | | | 31,078,940 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Tobacco — 0.1% | | | | | | |
Turning Point Brands, Inc. | | | 89,627 | | | $ | 5,547,911 | |
| | | | | | | | |
| | |
| Trading Companies & Distributors — 2.9% | | | | | | |
Applied Industrial Technologies, Inc. | | | 61,253 | | | | 16,827,424 | |
BlueLinx Holdings, Inc.(a) | | | 61,408 | | | | 7,718,986 | |
Boise Cascade Co. | | | 244,148 | | | | 36,036,245 | |
DNOW, Inc.(a) | | | 677,307 | | | | 10,193,470 | |
FTAI Aviation Ltd. | | | 173,631 | | | | 29,312,385 | |
GATX Corp. | | | 38,742 | | | | 6,359,887 | |
Global Industrial Co. | | | 15,408 | | | | 435,276 | |
H&E Equipment Services, Inc. | | | 59,460 | | | | 3,552,140 | |
Herc Holdings, Inc. | | | 57,929 | | | | 13,439,528 | |
McGrath RentCorp. | | | 37,340 | | | | 4,549,879 | |
MRC Global, Inc.(a) | | | 76,925 | | | | 1,074,642 | |
Rush Enterprises, Inc., Class A | | | 38,060 | | | | 2,357,817 | |
SiteOne Landscape Supply, Inc.(a) | | | 1,770 | | | | 271,253 | |
| | | | | | | | |
| | |
| | | | | | | 132,128,932 | |
| | |
| Water Utilities — 0.1% | | | | | | |
California Water Service Group | | | 25,279 | | | | 1,294,032 | |
SJW Group | | | 61,571 | | | | 3,430,736 | |
| | | | | | | | |
| | |
| | | | | | | 4,724,768 | |
|
| Wireless Telecommunication Services — 0.2% | |
Telephone & Data Systems, Inc. | | | 213,258 | | | | 7,289,158 | |
| | | | | | | | |
| |
Total Common Stocks — 99.1%
(Cost: $3,681,768,838) | | | | 4,429,055,227 | |
| | | | | | | | |
| | |
Rights | | | | | | | | |
| | |
| Biotechnology — 0.0% | | | | | | |
Albireo Pharma Inc., CVR(a)(b)(d) | | | 28,456 | | | | 98,742 | |
Chinook Therapeutics, Inc., CVR(a)(d) | | | 35,990 | | | | 30,232 | |
Flexion Therapeutics, Inc., CVR(a)(d) | | | 73,745 | | | | 36,135 | |
Jounce Therapeutics, Inc., CVR(a) | | | 10,334 | | | | 91 | |
Radius Health, Inc., CVR(a) | | | 72,193 | | | | 5,775 | |
| | | | | | | | |
| | |
| | | | | | | 170,975 | |
| | |
| Health Care Providers & Services — 0.0% | | | | | | |
Surface Oncology, Inc., CVR(a) | | | 58,721 | | | | 5,515 | |
| | | | | | | | |
| | |
| Paper & Forest Products — 0.0% | | | | | | |
Resolute Forest Products, Inc., CVR(a)(d) | | | 72,036 | | | | 118,139 | |
| | | | | | | | |
| | |
Total Rights — 0.0%
(Cost: $ —) | | | | | | | 294,629 | |
| | | | | | | | |
| |
Total Long-Term Investments — 99.1%
(Cost: $3,681,768,838) | | | | 4,429,349,856 | |
| | | | | | | | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 21 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 3.3% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(e)(f)(g) | | | 109,552,197 | | | $ | 109,606,973 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(e)(f) | | | 38,732,193 | | | | 38,732,193 | |
| | | | | | | | |
| |
Total Short-Term Securities — 3.3%
(Cost: $148,319,732) | | | | 148,339,166 | |
| | | | | | | | |
| |
Total Investments — 102.4%
(Cost: $3,830,088,570) | | | | 4,577,689,022 | |
| |
Liabilities in Excess of Other Assets — (2.4)% | | | | (107,024,344 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 4,470,664,678 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $272,018, representing 0.0% of its net assets as of period end, and an original cost of $9,826,744. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Affiliate of the Fund. |
| (f) | Annualized 7-day yield as of period end. |
| (g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 11/30/24 | | | Shares Held at 11/30/24 | | | Income | | | Capital Gain Distributions from Underlying
Funds | | | |
| | | | | | | | | | | |
| | BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 153,856,296 | | | $ | — | | | $ | (44,275,716 | )(a) | | $ | 6,959 | | | $ | 19,434 | | | $ | 109,606,973 | | | | 109,552,197 | | | $ | 235,841 | (b) | | $ | — | | | |
| | BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 34,625,874 | | | | 4,106,319 | (a) | | | — | | | | — | | | | — | | | | 38,732,193 | | | | 38,732,193 | | | | 1,047,808 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 6,959 | | | $ | 19,434 | | | $ | 148,339,166 | | | | | | | $ | 1,283,649 | | | $ | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount
(000) | | | Value/
Unrealized
Appreciation
(Depreciation) | |
| | | | |
Long Contracts | | | | | | | | | | | | | | | | |
Russell 2000 E-Mini Index | | | 359 | | | | 12/20/24 | | | $ | 43,881 | | | $ | (144,732 | ) |
| | | | | | | | | | | | | | | | |
| | |
| 22 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other
Contracts | | | Total | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 144,732 | | | $ | — | | | $ | — | | | $ | — | | | $ | 144,732 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other
Contracts | | | Total | |
| | | | | | | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 5,831,455 | | | $ | — | | | $ | — | | | $ | — | | | $ | 5,831,455 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | (116,656 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (116,656 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| | |
Futures contracts | | | | |
Average notional value of contracts — long | | $ | 45,560,723 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | $ | | | | $ | | | | $ | | | | $ | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 58,104,026 | | | $ | — | | | $ | — | | | $ | 58,104,026 | |
Air Freight & Logistics | | | 1,032,123 | | | | — | | | | — | | | | 1,032,123 | |
Automobile Components | | | 65,338,140 | | | | — | | | | — | | | | 65,338,140 | |
Banks | | | 428,879,456 | | | | — | | | | — | | | | 428,879,456 | |
Biotechnology | | | 408,504,856 | | | | — | | | | — | | | | 408,504,856 | |
Broadline Retail | | | 5,067,289 | | | | — | | | | — | | | | 5,067,289 | |
Building Products | | | 69,938,279 | | | | — | | | | — | | | | 69,938,279 | |
Capital Markets | | | 141,737,991 | | | | — | | | | — | | | | 141,737,991 | |
Chemicals | | | 44,581,137 | | | | — | | | | — | | | | 44,581,137 | |
Commercial Services & Supplies | | | 26,423,871 | | | | — | | | | — | | | | 26,423,871 | |
Communications Equipment | | | 20,573,276 | | | | — | | | | — | | | | 20,573,276 | |
Construction & Engineering | | | 130,397,461 | | | | — | | | | — | | | | 130,397,461 | |
Consumer Finance | | | 96,764,663 | | | | — | | | | — | | | | 96,764,663 | |
Consumer Staples Distribution & Retail | | | 40,542,894 | | | | — | | | | — | | | | 40,542,894 | |
Containers & Packaging | | | 8,279,812 | | | | — | | | | — | | | | 8,279,812 | |
Distributors | | | 741,815 | | | | — | | | | — | | | | 741,815 | |
Diversified Consumer Services | | | 44,264,484 | | | | — | | | | — | | | | 44,264,484 | |
Diversified REITs | | | 30,708,203 | | | | — | | | | — | | | | 30,708,203 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 23 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Small Cap Core Fund |
Fair Value Hierarchy as of Period End (continued)
| | $ | | | | $ | | | | $ | | | | $ | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Common Stocks (continued) | | | | | | | | | | | | | | | | |
Diversified Telecommunication Services | | $ | 26,974,564 | | | $ | — | | | $ | — | | | $ | 26,974,564 | |
Electric Utilities | | | 22,608,469 | | | | — | | | | — | | | | 22,608,469 | |
Electrical Equipment | | | 41,119,175 | | | | — | | | | — | | | | 41,119,175 | |
Electronic Equipment, Instruments & Components | | | 142,261,638 | | | | — | | | | — | | | | 142,261,638 | |
Energy Equipment & Services | | | 91,780,553 | | | | — | | | | — | | | | 91,780,553 | |
Entertainment | | | 21,161,114 | | | | — | | | | — | | | | 21,161,114 | |
Financial Services | | | 79,060,102 | | | | — | | | | — | | | | 79,060,102 | |
Food Products | | | 30,840,741 | | | | — | | | | — | | | | 30,840,741 | |
Gas Utilities | | | 20,614,634 | | | | — | | | | — | | | | 20,614,634 | |
Ground Transportation | | | 10,660,489 | | | | — | | | | — | | | | 10,660,489 | |
Health Care Equipment & Supplies | | | 92,288,370 | | | | — | | | | — | | | | 92,288,370 | |
Health Care Providers & Services | | | 127,241,330 | | | | — | | | | — | | | | 127,241,330 | |
Health Care Technology | | | 22,408,934 | | | | — | | | | — | | | | 22,408,934 | |
Hotel & Resort REITs | | | 49,138,582 | | | | — | | | | — | | | | 49,138,582 | |
Hotels, Restaurants & Leisure | | | 65,557,964 | | | | — | | | | — | | | | 65,557,964 | |
Household Durables | | | 113,629,223 | | | | — | | | | — | | | | 113,629,223 | |
Household Products | | | 10,764,136 | | | | — | | | | — | | | | 10,764,136 | |
Independent Power and Renewable Electricity Producers | | | 281 | | | | — | | | | — | | | | 281 | |
Industrial REITs | | | 40,852,972 | | | | — | | | | — | | | | 40,852,972 | |
Insurance | | | 73,257,384 | | | | — | | | | — | | | | 73,257,384 | |
Interactive Media & Services | | | 59,959,247 | | | | — | | | | — | | | | 59,959,247 | |
IT Services | | | 16,188,052 | | | | — | | | | — | | | | 16,188,052 | |
Leisure Products | | | 14,120,007 | | | | — | | | | — | | | | 14,120,007 | |
Life Sciences Tools & Services | | | 20,476,416 | | | | — | | | | — | | | | 20,476,416 | |
Machinery | | | 151,680,398 | | | | — | | | | — | | | | 151,680,398 | |
Marine Transportation | | | 14,072,462 | | | | — | | | | — | | | | 14,072,462 | |
Media | | | 33,427,902 | | | | — | | | | — | | | | 33,427,902 | |
Metals & Mining | | | 95,086,961 | | | | — | | | | — | | | | 95,086,961 | |
Mortgage Real Estate Investment Trusts (REITs) | | | 7,054,387 | | | | — | | | | — | | | | 7,054,387 | |
Multi-Utilities | | | 39,528,090 | | | | — | | | | — | | | | 39,528,090 | |
Office REITs | | | 31,192,138 | | | | — | | | | — | | | | 31,192,138 | |
Oil, Gas & Consumable Fuels | | | 104,720,516 | | | | — | | | | — | | | | 104,720,516 | |
Paper & Forest Products | | | 15,777,100 | | | | — | | | | — | | | | 15,777,100 | |
Passenger Airlines | | | 26,437,253 | | | | — | | | | — | | | | 26,437,253 | |
Personal Care Products | | | 4,245,000 | | | | — | | | | — | | | | 4,245,000 | |
Pharmaceuticals | | | 101,419,159 | | | | 272,018 | | | | — | | | | 101,691,177 | |
Professional Services | | | 142,455,560 | | | | — | | | | — | | | | 142,455,560 | |
Real Estate Management & Development | | | 20,391,005 | | | | — | | | | — | | | | 20,391,005 | |
Residential REITs | | | 8,281,378 | | | | — | | | | — | | | | 8,281,378 | |
Retail REITs | | | 48,411,991 | | | | — | | | | — | | | | 48,411,991 | |
Semiconductors & Semiconductor Equipment | | | 119,424,882 | | | | — | | | | — | | | | 119,424,882 | |
Software | | | 302,054,090 | | | | — | | | | — | | | | 302,054,090 | |
Specialized REITs | | | 24,479,014 | | | | — | | | | — | | | | 24,479,014 | |
Specialty Retail | | | 139,127,079 | | | | — | | | | — | | | | 139,127,079 | |
Technology Hardware, Storage & Peripherals | | | 3,902,982 | | | | — | | | | — | | | | 3,902,982 | |
Textiles, Apparel & Luxury Goods | | | 31,078,940 | | | | — | | | | — | | | | 31,078,940 | |
Tobacco | | | 5,547,911 | | | | — | | | | — | | | | 5,547,911 | |
Trading Companies & Distributors | | | 132,128,932 | | | | — | | | | — | | | | 132,128,932 | |
Water Utilities | | | 4,724,768 | | | | — | | | | — | | | | 4,724,768 | |
Wireless Telecommunication Services | | | 7,289,158 | | | | — | | | | — | | | | 7,289,158 | |
Rights | | | — | | | | 11,381 | | | | 283,248 | | | | 294,629 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 148,339,166 | | | | — | | | | — | | | | 148,339,166 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 4,577,122,375 | | | $ | 283,399 | | | $ | 283,248 | | | $ | 4,577,689,022 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | (144,732 | ) | | $ | — | | | $ | — | | | $ | (144,732 | ) |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
See notes to financial statements.
| | |
| 24 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Advantage Large Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Aerospace & Defense — 2.1% | | | | | | |
Lockheed Martin Corp. | | | 50,395 | | | $ | 26,679,617 | |
Northrop Grumman Corp. | | | 80,758 | | | | 39,543,155 | |
| | | | | | | | |
| | |
| | | | | | | 66,222,772 | |
| | |
| Air Freight & Logistics — 0.6% | | | | | | |
Expeditors International of Washington, Inc. | | | 158,806 | | | | 19,317,162 | |
| | | | | | | | |
| | |
| Automobiles — 1.7% | | | | | | |
Tesla, Inc.(a) | | | 153,728 | | | | 53,060,756 | |
| | | | | | | | |
| | |
| Banks — 3.9% | | | | | | |
Bank of America Corp. | | | 1,190,708 | | | | 56,570,537 | |
Citigroup, Inc. | | | 436,159 | | | | 30,910,589 | |
JPMorgan Chase & Co. | | | 143,128 | | | | 35,741,924 | |
| | | | | | | | |
| | |
| | | | | | | 123,223,050 | |
| | |
| Biotechnology — 2.1% | | | | | | |
Biogen, Inc.(a) | | | 133,416 | | | | 21,430,612 | |
BioMarin Pharmaceutical, Inc.(a) | | | 172,638 | | | | 11,399,287 | |
Natera, Inc.(a) | | | 61,688 | | | | 10,350,013 | |
Neurocrine Biosciences, Inc.(a) | | | 118,131 | | | | 14,973,104 | |
United Therapeutics Corp.(a) | | | 22,420 | | | | 8,306,386 | |
| | | | | | | | |
| | |
| | | | | | | 66,459,402 | |
| | |
| Broadline Retail — 4.1% | | | | | | |
Amazon.com, Inc.(a) | | | 628,179 | | | | 130,592,132 | |
| | | | | | | | |
| | |
| Building Products — 1.1% | | | | | | |
Trane Technologies PLC | | | 86,193 | | | | 35,875,250 | |
| | | | | | | | |
| | |
| Capital Markets — 3.9% | | | | | | |
Cboe Global Markets, Inc. | | | 24,209 | | | | 5,225,513 | |
CME Group, Inc., Class A | | | 182,930 | | | | 43,537,340 | |
Invesco Ltd. | | | 1,528,844 | | | | 27,656,788 | |
Morgan Stanley | | | 199,305 | | | | 26,230,531 | |
Nasdaq, Inc. | | | 119,446 | | | | 9,912,824 | |
State Street Corp. | | | 116,001 | | | | 11,427,258 | |
| | | | | | | | |
| | |
| | | | | | | 123,990,254 | |
| | |
| Chemicals — 0.3% | | | | | | |
Mosaic Co. (The) | | | 302,541 | | | | 8,005,235 | |
| | | | | | | | |
| | |
| Commercial Services & Supplies — 2.3% | | | | | | |
Cintas Corp. | | | 192,839 | | | | 43,541,118 | |
Waste Management, Inc. | | | 121,493 | | | | 27,727,132 | |
| | | | | | | | |
| | |
| | | | | | | 71,268,250 | |
| | |
| Communications Equipment — 1.4% | | | | | | |
Arista Networks, Inc.(a) | | | 45,819 | | | | 18,594,267 | |
Motorola Solutions, Inc. | | | 48,476 | | | | 24,223,457 | |
| | | | | | | | |
| | |
| | | | | | | 42,817,724 | |
| | |
| Construction & Engineering — 1.1% | | | | | | |
AECOM | | | 57,618 | | | | 6,739,578 | |
Comfort Systems U.S.A., Inc. | | | 30,572 | | | | 15,080,250 | |
MasTec, Inc.(a) | | | 82,417 | | | | 11,872,993 | |
| | | | | | | | |
| | |
| | | | | | | 33,692,821 | |
|
| Consumer Staples Distribution & Retail — 3.3% | |
Costco Wholesale Corp. | | | 51,135 | | | | 49,697,084 | |
Kroger Co. (The) | | | 232,682 | | | | 14,212,217 | |
Walmart, Inc. | | | 415,163 | | | | 38,402,577 | |
| | | | | | | | |
| | |
| | | | | | | 102,311,878 | |
| | |
| Electric Utilities — 0.9% | | | | | | |
OGE Energy Corp. | | | 165,790 | | | | 7,288,128 | |
Pinnacle West Capital Corp. | | | 223,788 | | | | 20,968,936 | |
| | | | | | | | |
| | |
| | | | | | | 28,257,064 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Electrical Equipment — 1.4% | | | | | | |
Eaton Corp. PLC | | | 119,262 | | | $ | 44,773,340 | |
| | | | | | | | |
|
| Electronic Equipment, Instruments & Components — 0.2% | |
Flex Ltd.(a) | | | 147,075 | | | | 5,731,513 | |
| | | | | | | | |
| | |
| Energy Equipment & Services — 0.8% | | | | | | |
Halliburton Co. | | | 840,137 | | | | 26,766,765 | |
| | | | | | | | |
| | |
| Entertainment — 0.4% | | | | | | |
Netflix, Inc.(a) | | | 13,382 | | | | 11,867,291 | |
| | | | | | | | |
| | |
| Financial Services — 3.6% | | | | | | |
Berkshire Hathaway, Inc., Class B(a) | | | 24,350 | | | | 11,761,537 | |
Mastercard, Inc., Class A | | | 70,560 | | | | 37,604,246 | |
Visa, Inc., Class A | | | 199,234 | | | | 62,774,649 | |
| | | | | | | | |
| | |
| | | | | | | 112,140,432 | |
| | |
| Ground Transportation — 0.7% | | | | | | |
Uber Technologies, Inc.(a) | | | 301,845 | | | | 21,720,766 | |
| | | | | | | | |
| | |
| Health Care Equipment & Supplies — 2.0% | | | | | | |
Medtronic PLC | | | 421,933 | | | | 36,514,082 | |
Stryker Corp. | | | 70,254 | | | | 27,550,106 | |
| | | | | | | | |
| | |
| | | | | | | 64,064,188 | |
| | |
| Health Care Providers & Services — 2.5% | | | | | | |
Cardinal Health, Inc. | | | 128,613 | | | | 15,721,653 | |
Centene Corp.(a) | | | 273,830 | | | | 16,429,800 | |
Elevance Health, Inc. | | | 16,881 | | | | 6,869,892 | |
HCA Healthcare, Inc. | | | 77,040 | | | | 25,209,029 | |
UnitedHealth Group, Inc. | | | 25,381 | | | | 15,487,486 | |
| | | | | | | | |
| | |
| | | | | | | 79,717,860 | |
| | |
| Hotel & Resort REITs — 0.0% | | | | | | |
RLJ Lodging Trust | | | 51 | | | | 521 | |
| | | | | | | | |
| | |
| Hotels, Restaurants & Leisure — 2.2% | | | | | | |
Booking Holdings, Inc. | | | 7,432 | | | | 38,661,115 | |
Texas Roadhouse, Inc. | | | 143,677 | | | | 29,492,578 | |
| | | | | | | | |
| | |
| | | | | | | 68,153,693 | |
| | |
| Household Durables — 1.3% | | | | | | |
DR Horton, Inc. | | | 84,806 | | | | 14,313,557 | |
Toll Brothers, Inc. | | | 152,995 | | | | 25,270,184 | |
| | | | | | | | |
| | |
| | | | | | | 39,583,741 | |
| | |
| Household Products — 1.4% | | | | | | |
Colgate-Palmolive Co. | | | 186,080 | | | | 17,980,910 | |
Kimberly-Clark Corp. | | | 197,150 | | | | 27,472,853 | |
| | | | | | | | |
| | |
| | | | | | | 45,453,763 | |
| | |
| Industrial REITs — 0.5% | | | | | | |
First Industrial Realty Trust, Inc. | | | 201,596 | | | | 10,775,306 | |
Lineage, Inc. | | | 55,807 | | | | 3,539,280 | |
| | | | | | | | |
| | |
| | | | | | | 14,314,586 | |
| | |
| Insurance — 2.7% | | | | | | |
Allstate Corp. (The) | | | 109,101 | | | | 22,626,456 | |
Marsh & McLennan Cos., Inc. | | | 69,634 | | | | 16,240,738 | |
Progressive Corp. (The) | | | 175,251 | | | | 47,121,489 | |
| | | | | | | | |
| | |
| | | | | | | 85,988,683 | |
| | |
| Interactive Media & Services — 6.6% | | | | | | |
Alphabet, Inc., Class A | | | 456,837 | | | | 77,182,611 | |
Alphabet, Inc., Class C, NVS | | | 274,867 | | | | 46,862,075 | |
Meta Platforms, Inc., Class A | | | 146,861 | | | | 84,345,209 | |
| | | | | | | | |
| | |
| | | | | | | 208,389,895 | |
| | |
| IT Services — 0.8% | | | | | | |
Accenture PLC, Class A | | | 68,308 | | | | 24,752,770 | |
| | | | | | | | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 25 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Core Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Life Sciences Tools & Services — 1.0% | | | | | | |
Thermo Fisher Scientific, Inc. | | | 58,905 | | | $ | 31,197,855 | |
| | | | | | | | |
| | |
| Machinery — 2.6% | | | | | | |
Caterpillar, Inc. | | | 20,776 | | | | 8,437,341 | |
Flowserve Corp. | | | 167,668 | | | | 10,231,102 | |
Oshkosh Corp. | | | 164,828 | | | | 18,726,109 | |
Parker-Hannifin Corp. | | | 62,512 | | | | 43,939,685 | |
| | | | | | | | |
| | |
| | | | | | | 81,334,237 | |
| | |
| Media — 2.1% | | | | | | |
Comcast Corp., Class A | | | 955,105 | | | | 41,250,985 | |
Fox Corp., Class A, NVS | | | 516,654 | | | | 24,344,737 | |
Fox Corp., Class B | | | 7,439 | | | | 332,746 | |
| | | | | | | | |
| | |
| | | | | | | 65,928,468 | |
| | |
| Metals & Mining — 1.2% | | | | | | |
Freeport-McMoRan, Inc. | | | 304,039 | | | | 13,438,524 | |
Nucor Corp. | | | 158,493 | | | | 24,517,282 | |
| | | | | | | | |
| | |
| | | | | | | 37,955,806 | |
| | |
| Multi-Utilities — 0.8% | | | | | | |
CMS Energy Corp. | | | 343,541 | | | | 23,948,243 | |
| | | | | | | | |
| | |
| Oil, Gas & Consumable Fuels — 1.4% | | | | | | |
Chevron Corp. | | | 127,003 | | | | 20,565,596 | |
Devon Energy Corp. | | | 653,647 | | | | 24,805,903 | |
| | | | | | | | |
| | |
| | | | | | | 45,371,499 | |
| | |
| Pharmaceuticals — 3.1% | | | | | | |
Eli Lilly & Co. | | | 63,331 | | | | 50,370,311 | |
Merck & Co., Inc. | | | 226,126 | | | | 22,983,447 | |
Pfizer, Inc. | | | 960,979 | | | | 25,187,259 | |
| | | | | | | | |
| | |
| | | | | | | 98,541,017 | |
| | |
| Retail REITs — 1.4% | | | | | | |
Simon Property Group, Inc. | | | 232,101 | | | | 42,613,744 | |
| | | | | | | | |
|
| Semiconductors & Semiconductor Equipment — 9.8% | |
Broadcom, Inc. | | | 172,497 | | | | 27,958,314 | |
Intel Corp. | | | 239,269 | | | | 5,754,419 | |
Lam Research Corp. | | | 361,992 | | | | 26,743,969 | |
Micron Technology, Inc. | | | 216,980 | | | | 21,253,191 | |
Monolithic Power Systems, Inc. | | | 9,888 | | | | 5,612,824 | |
NVIDIA Corp. | | | 1,456,055 | | | | 201,299,604 | |
QUALCOMM, Inc. | | | 128,927 | | | | 20,438,797 | |
| | | | | | | | |
| | |
| | | | | | | 309,061,118 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Software — 10.3% | | | | | | |
Adobe, Inc.(a) | | | 56,063 | | | $ | 28,924,584 | |
Fortinet, Inc.(a) | | | 155,229 | | | | 14,754,517 | |
InterDigital, Inc. | | | 6 | | | | 1,176 | |
Intuit, Inc. | | | 25,514 | | | | 16,373,099 | |
Manhattan Associates, Inc.(a) | | | 48,778 | | | | 13,923,192 | |
Microsoft Corp. | | | 508,289 | | | | 215,240,060 | |
ServiceNow, Inc.(a) | | | 25,960 | | | | 27,243,462 | |
Smartsheet, Inc., Class A(a) | | | 135,459 | | | | 7,578,931 | |
| | | | | | | | |
| | |
| | | | | | | 324,039,021 | |
| | |
| Specialty Retail — 2.0% | | | | | | |
Home Depot, Inc. (The) | | | 88,690 | | | | 38,059,540 | |
Penske Automotive Group, Inc. | | | 40,800 | | | | 6,794,832 | |
Ross Stores, Inc. | | | 126,576 | | | | 19,602,825 | |
| | | | | | | | |
| | |
| | | | | | | 64,457,197 | |
|
| Technology Hardware, Storage & Peripherals — 7.1% | |
Apple Inc. | | | 938,413 | | | | 222,713,558 | |
| | | | | | | | |
| | |
| Tobacco — 0.4% | | | | | | |
Altria Group, Inc. | | | 199,020 | | | | 11,491,415 | |
| | | | | | | | |
| |
Total Long-Term Investments — 99.1%
(Cost: $2,001,283,532) | | | | 3,117,166,735 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 0.9% | | | | | | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(b)(c) | | | 28,946,320 | | | | 28,946,320 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 0.9%
(Cost: $28,946,320) | | | | | | | 28,946,320 | |
| | | | | | | | |
| | |
Total Investments — 100.0%
(Cost: $2,030,229,852) | | | | | | | 3,146,113,055 | |
| | |
Other Assets Less Liabilities — 0.0% | | | | | | | 1,368,594 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 3,147,481,649 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. |
| (c) | Annualized 7-day yield as of period end. |
| | |
| 26 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Core Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 11/30/24 | | | Shares Held at 11/30/24 | | | Income | | | Capital Gain Distributions from Underlying
Funds | |
| | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | | $ | 7,654,832 | | | $ | — | | | $ | (7,650,433 | )(b) | | $ | (4,579 | ) | | $ | 180 | | | $ | — | | | | — | | | $ | 2,840 | (c) | | $ | — | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 25,852,986 | | | | 3,093,334 | (b) | | | — | | | | — | | | | — | | | | 28,946,320 | | | | 28,946,320 | | | | 701,013 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | $ | (4,579 | ) | | $ | 180 | | | $ | 28,946,320 | | | | | | | $ | 703,853 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | As of period end, the entity is no longer held. | |
| | (b) | Represents net amount purchased (sold). | |
| | (c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/
Unrealized
Appreciation
(Depreciation) | |
| | | | |
Long Contracts | | | | | | | | | | | | | | | | |
S&P 500 E-Mini Index | | | 110 | | | | 12/20/24 | | | $ | 33,283 | | | $ | 1,907,954 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
| | | | | | | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 1,907,954 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,907,954 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
| | | | | | | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 2,512,887 | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,512,887 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 1,106,796 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,106,796 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 27 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Core Fund |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| | |
Futures contracts | | | | |
Average notional value of contracts — long | | $ | 32,350,900 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 3,117,166,735 | | | $ | — | | | $ | — | | | $ | 3,117,166,735 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 28,946,320 | | | | — | | | | — | | | | 28,946,320 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 3,146,113,055 | | | $ | — | | | $ | — | | | $ | 3,146,113,055 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | 1,907,954 | | | $ | — | | | $ | — | | | $ | 1,907,954 | |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
See notes to financial statements.
| | |
| 28 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Advantage Large Cap Value Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Aerospace & Defense — 3.0% | | | | | | |
General Electric Co. | | | 1,233 | | | $ | 224,603 | |
HEICO Corp., Class A | | | 11,570 | | | | 2,442,774 | |
Lockheed Martin Corp. | | | 12,819 | | | | 6,786,507 | |
Northrop Grumman Corp. | | | 17,078 | | | | 8,362,243 | |
RTX Corp. | | | 20,786 | | | | 2,532,358 | |
Standardaero, Inc.(a)(b) | | | 11,547 | | | | 330,937 | |
| | | | | | | | |
| | |
| | | | | | | 20,679,422 | |
| | |
| Air Freight & Logistics — 1.0% | | | | | | |
Expeditors International of Washington, Inc. | | | 48,996 | | | | 5,959,874 | |
United Parcel Service, Inc., Class B | | | 5,770 | | | | 783,104 | |
| | | | | | | | |
| | |
| | | | | | | 6,742,978 | |
| | |
| Automobile Components — 0.2% | | | | | | |
BorgWarner, Inc. | | | 23,145 | | | | 794,336 | |
Lear Corp. | | | 4,278 | | | | 418,560 | |
| | | | | | | | |
| | |
| | | | | | | 1,212,896 | |
| | |
| Automobiles — 0.1% | | | | | | |
General Motors Co. | | | 13,849 | | | | 769,866 | |
| | | | | | | | |
| | |
| Banks — 8.1% | | | | | | |
Bank of America Corp. | | | 325,494 | | | | 15,464,220 | |
Citigroup, Inc. | | | 128,546 | | | | 9,110,055 | |
Citizens Financial Group, Inc. | | | 50,105 | | | | 2,412,055 | |
First Horizon Corp. | | | 64,590 | | | | 1,364,787 | |
FNB Corp. | | | 26,096 | | | | 447,546 | |
JPMorgan Chase & Co. | | | 71,241 | | | | 17,790,302 | |
PNC Financial Services Group, Inc. (The) | | | 14,023 | | | | 3,011,019 | |
Truist Financial Corp. | | | 18,578 | | | | 885,799 | |
Wells Fargo & Co. | | | 73,160 | | | | 5,572,597 | |
| | | | | | | | |
| | |
| | | | | | | 56,058,380 | |
| | |
| Biotechnology — 3.4% | | | | | | |
AbbVie, Inc. | | | 3,508 | | | | 641,718 | |
Amgen, Inc. | | | 2,691 | | | | 761,203 | |
Biogen, Inc.(a) | | | 34,371 | | | | 5,521,014 | |
BioMarin Pharmaceutical, Inc.(a) | | | 46,084 | | | | 3,042,927 | |
Blueprint Medicines Corp.(a) | | | 7,595 | | | | 732,006 | |
Gilead Sciences, Inc. | | | 40,144 | | | | 3,716,532 | |
Ionis Pharmaceuticals, Inc.(a) | | | 22,219 | | | | 793,885 | |
Moderna, Inc.(a) | | | 1,754 | | | | 75,527 | |
Natera, Inc.(a) | | | 9,300 | | | | 1,560,354 | |
Neurocrine Biosciences, Inc.(a) | | | 19,063 | | | | 2,416,235 | |
Regeneron Pharmaceuticals, Inc.(a) | | | 2,228 | | | | 1,671,490 | |
Ultragenyx Pharmaceutical, Inc.(a) | | | 11,465 | | | | 546,078 | |
United Therapeutics Corp.(a) | | | 4,860 | | | | 1,800,581 | |
| | | | | | | | |
| | |
| | | | | | | 23,279,550 | |
| | |
| Broadline Retail — 0.7% | | | | | | |
Amazon.com, Inc.(a) | | | 23,676 | | | | 4,922,004 | |
| | | | | | | | |
| | |
| Building Products — 1.1% | | | | | | |
Trane Technologies PLC | | | 18,543 | | | | 7,717,967 | |
| | | | | | | | |
| | |
| Capital Markets — 5.9% | | | | | | |
Cboe Global Markets, Inc. | | | 8,939 | | | | 1,929,483 | |
Charles Schwab Corp. (The) | | | 6,252 | | | | 517,416 | |
CME Group, Inc., Class A | | | 44,963 | | | | 10,701,194 | |
Interactive Brokers Group, Inc., Class A | | | 2,874 | | | | 549,193 | |
Intercontinental Exchange, Inc. | | | 13,392 | | | | 2,155,576 | |
Invesco Ltd. | | | 388,999 | | | | 7,036,992 | |
Moody’s Corp. | | | 484 | | | | 241,990 | |
Morgan Stanley | | | 38,828 | | | | 5,110,153 | |
MSCI, Inc., Class A | | | 795 | | | | 484,656 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Capital Markets (continued) | | | | | | |
Nasdaq, Inc. | | | 45,301 | | | $ | 3,759,530 | |
S&P Global, Inc. | | | 7,667 | | | | 4,006,084 | |
State Street Corp. | | | 39,877 | | | | 3,928,283 | |
| | | | | | | | |
| | |
| | | | | | | 40,420,550 | |
| | |
| Chemicals — 1.5% | | | | | | |
DuPont de Nemours, Inc. | | | 7,177 | | | | 599,926 | |
Ecolab, Inc. | | | 3,214 | | | | 799,547 | |
Huntsman Corp. | | | 138,504 | | | | 2,711,908 | |
LyondellBasell Industries NV, Class A | | | 43,901 | | | | 3,658,709 | |
Mosaic Co. (The) | | | 108,050 | | | | 2,859,003 | |
| | | | | | | | |
| | |
| | | | | | | 10,629,093 | |
| | |
| Commercial Services & Supplies — 2.0% | | | | | | |
Cintas Corp. | | | 37,061 | | | | 8,368,003 | |
Waste Management, Inc. | | | 22,626 | | | | 5,163,706 | |
| | | | | | | | |
| | |
| | | | | | | 13,531,709 | |
| | |
| Communications Equipment — 1.3% | | | | | | |
Arista Networks, Inc.(a) | | | 5,438 | | | | 2,206,849 | |
Juniper Networks, Inc. | | | 8,367 | | | | 300,543 | |
Motorola Solutions, Inc. | | | 12,914 | | | | 6,453,126 | |
| | | | | | | | |
| | |
| | | | | | | 8,960,518 | |
| | |
| Construction & Engineering — 1.5% | | | | | | |
AECOM | | | 23,432 | | | | 2,740,841 | |
Comfort Systems U.S.A., Inc. | | | 6,328 | | | | 3,121,413 | |
EMCOR Group, Inc. | | | 5,885 | | | | 3,002,056 | |
MasTec, Inc.(a) | | | 8,480 | | | | 1,221,629 | |
| | | | | | | | |
| | |
| | | | | | | 10,085,939 | |
| | |
| Consumer Finance — 0.5% | | | | | | |
American Express Co. | | | 2,054 | | | | 625,813 | |
OneMain Holdings, Inc. | | | 43,530 | | | | 2,496,445 | |
| | | | | | | | |
| | |
| | | | | | | 3,122,258 | |
| | |
| Consumer Staples Distribution & Retail — 3.4% | | | | | | |
Costco Wholesale Corp. | | | 4,922 | | | | 4,783,593 | |
Kroger Co. (The) | | | 78,299 | | | | 4,782,503 | |
Walmart, Inc. | | | 151,006 | | | | 13,968,055 | |
| | | | | | | | |
| | |
| | | | | | | 23,534,151 | |
| | |
| Containers & Packaging — 0.6% | | | | | | |
Crown Holdings, Inc. | | | 25,214 | | | | 2,321,957 | |
Packaging Corp. of America | | | 8,403 | | | | 2,091,087 | |
| | | | | | | | |
| | |
| | | | | | | 4,413,044 | |
|
| Diversified Telecommunication Services — 1.2% | |
AT&T Inc. | | | 229,751 | | | | 5,321,033 | |
Liberty Global Ltd., Class A(a) | | | 11,911 | | | | 168,303 | |
Sunrise Communications AG, Class A, ADR(a) | | | 2,382 | | | | 115,551 | |
Verizon Communications, Inc. | | | 65,886 | | | | 2,921,385 | |
| | | | | | | | |
| | |
| | | | | | | 8,526,272 | |
| | |
| Electric Utilities — 2.7% | | | | | | |
Eversource Energy | | | 6,627 | | | | 427,375 | |
Exelon Corp. | | | 174,203 | | | | 6,891,471 | |
IDACORP, Inc. | | | 10,822 | | | | 1,282,082 | |
NextEra Energy, Inc. | | | 3,914 | | | | 307,914 | |
OGE Energy Corp. | | | 143,286 | | | | 6,298,853 | |
Pinnacle West Capital Corp. | | | 37,446 | | | | 3,508,690 | |
| | | | | | | | |
| | |
| | | | | | | 18,716,385 | |
| | |
| Electrical Equipment — 2.1% | | | | | | |
AMETEK, Inc. | | | 13,590 | | | | 2,641,624 | |
Eaton Corp. PLC | | | 31,738 | | | | 11,915,080 | |
| | | | | | | | |
| | |
| | | | | | | 14,556,704 | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 29 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Value Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| Electronic Equipment, Instruments & Components — 0.7% | |
Amphenol Corp., Class A | | | 22,008 | | | $ | 1,598,881 | |
Badger Meter, Inc. | | | 287 | | | | 62,228 | |
Flex Ltd.(a) | | | 32,865 | | | | 1,280,749 | |
TE Connectivity PLC | | | 11,868 | | | | 1,793,492 | |
| | | | | | | | |
| | |
| | | | | | | 4,735,350 | |
| | |
| Energy Equipment & Services — 0.9% | | | | | | |
Halliburton Co. | | | 201,722 | | | | 6,426,863 | |
| | | | | | | | |
| | |
| Entertainment — 0.0% | | | | | | |
ROBLOX Corp., Class A(a) | | | 4,705 | | | | 235,862 | |
Roku, Inc., Class A(a) | | | 1,203 | | | | 83,043 | |
| | | | | | | | |
| | |
| | | | | | | 318,905 | |
| | |
| Financial Services — 4.3% | | | | | | |
Berkshire Hathaway, Inc., Class B(a) | | | 36,802 | | | | 17,776,102 | |
Mastercard, Inc., Class A | | | 7,896 | | | | 4,208,094 | |
Visa, Inc., Class A | | | 24,411 | | | | 7,691,418 | |
| | | | | | | | |
| | |
| | | | | | | 29,675,614 | |
| | |
| Food Products — 0.3% | | | | | | |
Bunge Global SA | | | 2,440 | | | | 218,966 | |
Freshpet, Inc.(a) | | | 1,821 | | | | 278,704 | |
Ingredion, Inc. | | | 3,788 | | | | 558,124 | |
Tyson Foods, Inc., Class A | | | 20,218 | | | | 1,304,061 | |
| | | | | | | | |
| | |
| | | | | | | 2,359,855 | |
| | |
| Ground Transportation — 0.6% | | | | | | |
CSX Corp. | | | 79,340 | | | | 2,899,877 | |
Uber Technologies, Inc.(a) | | | 17,632 | | | | 1,268,799 | |
| | | | | | | | |
| | |
| | | | | | | 4,168,676 | |
| | |
| Health Care Equipment & Supplies — 3.0% | | | | | | |
Becton Dickinson & Co. | | | 6,093 | | | | 1,352,037 | |
Boston Scientific Corp.(a) | | | 17,306 | | | | 1,568,962 | |
Edwards Lifesciences Corp.(a) | | | 1,953 | | | | 139,346 | |
Medtronic PLC | | | 120,844 | | | | 10,457,840 | |
Stryker Corp. | | | 18,387 | | | | 7,210,462 | |
| | | | | | | | |
| | |
| | | | | | | 20,728,647 | |
| | |
| Health Care Providers & Services — 4.1% | | | | | | |
Cardinal Health, Inc. | | | 25,421 | | | | 3,107,463 | |
Centene Corp.(a) | | | 56,740 | | | | 3,404,400 | |
Cigna Group (The) | | | 6,975 | | | | 2,356,155 | |
Elevance Health, Inc. | | | 10,637 | | | | 4,328,834 | |
HCA Healthcare, Inc. | | | 17,591 | | | | 5,756,127 | |
Molina Healthcare, Inc.(a) | | | 871 | | | | 259,471 | |
Tenet Healthcare Corp.(a) | | | 5,241 | | | | 747,786 | |
UnitedHealth Group, Inc. | | | 13,097 | | | | 7,991,789 | |
| | | | | | | | |
| | |
| | | | | | | 27,952,025 | |
| | |
| Health Care REITs — 0.4% | | | | | | |
Ventas, Inc. | | | 47,172 | | | | 3,022,310 | |
| | | | | | | | |
| | |
| Hotels, Restaurants & Leisure — 1.6% | | | | | | |
Booking Holdings, Inc. | | | 545 | | | | 2,835,079 | |
Caesars Entertainment, Inc.(a) | | | 18,400 | | | | 708,216 | |
Carnival Corp.(a) | | | 46,626 | | | | 1,185,699 | |
Chipotle Mexican Grill, Inc.(a) | | | 2,379 | | | | 146,356 | |
Domino’s Pizza, Inc. | | | 517 | | | | 246,190 | |
McDonald’s Corp. | | | 2,073 | | | | 613,629 | |
MGM Resorts International(a) | | | 12,933 | | | | 495,851 | |
Texas Roadhouse, Inc. | | | 19,505 | | | | 4,003,792 | |
Travel + Leisure Co. | | | 7,339 | | | | 410,030 | |
Wingstop, Inc. | | | 499 | | | | 164,056 | |
| | | | | | | | |
| | |
| | | | | | | 10,808,898 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Household Durables — 1.6% | | | | | | |
DR Horton, Inc. | | | 22,565 | | | $ | 3,808,521 | |
NVR, Inc.(a) | | | 123 | | | | 1,135,976 | |
PulteGroup, Inc. | | | 2,945 | | | | 398,370 | |
Taylor Morrison Home Corp., Class A(a) | | | 2,918 | | | | 215,553 | |
Toll Brothers, Inc. | | | 34,738 | | | | 5,737,675 | |
| | | | | | | | |
| | |
| | | | | | | 11,296,095 | |
| | |
| Household Products — 2.3% | | | | | | |
Colgate-Palmolive Co. | | | 51,619 | | | | 4,987,944 | |
Kimberly-Clark Corp. | | | 46,586 | | | | 6,491,759 | |
Procter & Gamble Co. (The) | | | 23,262 | | | | 4,169,946 | |
Spectrum Brands Holdings, Inc. | | | 939 | | | | 86,341 | |
| | | | | | | | |
| | |
| | | | | | | 15,735,990 | |
|
| Independent Power and Renewable Electricity Producers — 0.0% | |
AES Corp. (The) | | | 5,652 | | | | 73,702 | |
| | | | | | | | |
| | |
| Industrial Conglomerates — 0.3% | | | | | | |
3M Co. | | | 15,499 | | | | 2,069,581 | |
| | | | | | | | |
| | |
| Industrial REITs — 0.8% | | | | | | |
First Industrial Realty Trust, Inc. | | | 65,679 | | | | 3,510,542 | |
Lineage, Inc. | | | 12,380 | | | | 785,140 | |
Prologis, Inc. | | | 11,876 | | | | 1,386,879 | |
| | | | | | | | |
| | |
| | | | | | | 5,682,561 | |
| | |
| Insurance — 4.7% | | | | | | |
Allstate Corp. (The) | | | 41,489 | | | | 8,604,404 | |
Brown & Brown, Inc. | | | 25,021 | | | | 2,829,875 | |
Globe Life, Inc. | | | 1,190 | | | | 132,376 | |
Hartford Financial Services Group, Inc. (The) | | | 3,412 | | | | 420,734 | |
Marsh & McLennan Cos., Inc. | | | 25,757 | | | | 6,007,305 | |
Progressive Corp. (The) | | | 18,072 | | | | 4,859,199 | |
Reinsurance Group of America, Inc. | | | 27,286 | | | | 6,232,122 | |
Unum Group | | | 39,874 | | | | 3,066,311 | |
| | | | | | | | |
| | |
| | | | | | | 32,152,326 | |
| | |
| Interactive Media & Services — 1.0% | | | | | | |
Alphabet, Inc., Class A | | | 28,002 | | | | 4,730,938 | |
Meta Platforms, Inc., Class A | | | 3,724 | | | | 2,138,768 | |
Snap, Inc., Class A, NVS(a) | | | 15,076 | | | | 178,047 | |
| | | | | | | | |
| | |
| | | | | | | 7,047,753 | |
| | |
| IT Services — 1.1% | | | | | | |
Accenture PLC, Class A | | | 20,258 | | | | 7,340,891 | |
| | | | | | | | |
| | |
| Life Sciences Tools & Services — 1.6% | | | | | | |
Agilent Technologies, Inc. | | | 23,778 | | | | 3,280,651 | |
Thermo Fisher Scientific, Inc. | | | 14,448 | | | | 7,652,094 | |
| | | | | | | | |
| | |
| | | | | | | 10,932,745 | |
| | |
| Machinery — 3.8% | | | | | | |
Caterpillar, Inc. | | | 11,268 | | | | 4,576,047 | |
Flowserve Corp. | | | 16,937 | | | | 1,033,496 | |
Illinois Tool Works, Inc. | | | 17,751 | | | | 4,926,257 | |
Oshkosh Corp. | | | 38,341 | | | | 4,355,921 | |
Parker-Hannifin Corp. | | | 11,931 | | | | 8,386,300 | |
Westinghouse Air Brake Technologies Corp. | | | 1,574 | | | | 315,776 | |
Xylem, Inc. | | | 18,725 | | | | 2,373,394 | |
| | | | | | | | |
| | |
| | | | | | | 25,967,191 | |
| | |
| Media — 2.7% | | | | | | |
Comcast Corp., Class A | | | 285,526 | | | | 12,331,868 | |
Fox Corp., Class A, NVS | | | 120,131 | | | | 5,660,573 | |
Fox Corp., Class B | | | 4,320 | | | | 193,234 | |
New York Times Co. (The), Class A | | | 3,371 | | | | 182,910 | |
| | | | | | | | |
| | |
| | | | | | | 18,368,585 | |
| | |
| 30 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Value Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Metals & Mining — 1.3% | | | | | | |
Freeport-McMoRan, Inc. | | | 69,292 | | | $ | 3,062,706 | |
Newmont Corp. | | | 12,739 | | | | 534,274 | |
Nucor Corp. | | | 36,630 | | | | 5,666,295 | |
| | | | | | | | |
| | |
| | | | | | | 9,263,275 | |
| | |
| Multi-Utilities — 1.1% | | | | | | |
CMS Energy Corp. | | | 104,257 | | | | 7,267,755 | |
| | | | | | | | |
| | |
| Oil, Gas & Consumable Fuels — 5.0% | | | | | | |
Chevron Corp. | | | 53,839 | | | | 8,718,149 | |
ConocoPhillips | | | 46,979 | | | | 5,089,705 | |
Devon Energy Corp. | | | 118,741 | | | | 4,506,221 | |
EOG Resources, Inc. | | | 3,792 | | | | 505,322 | |
Exxon Mobil Corp. | | | 63,756 | | | | 7,520,658 | |
Marathon Petroleum Corp. | | | 24,185 | | | | 3,776,488 | |
Ovintiv, Inc. | | | 2,098 | | | | 95,291 | |
Phillips 66 | | | 2,723 | | | | 364,828 | |
Valero Energy Corp. | | | 26,817 | | | | 3,729,708 | |
| | | | | | | | |
| | |
| | | | | | | 34,306,370 | |
| | |
| Passenger Airlines — 0.1% | | | | | | |
American Airlines Group, Inc.(a) | | | 34,702 | | | | 503,873 | |
Delta Air Lines, Inc. | | | 7,543 | | | | 481,394 | |
| | | | | | | | |
| | |
| | | | | | | 985,267 | |
| | |
| Pharmaceuticals — 2.2% | | | | | | |
Bristol-Myers Squibb Co. | | | 46,779 | | | | 2,770,252 | |
Eli Lilly & Co. | | | 558 | | | | 443,805 | |
Johnson & Johnson | | | 22,079 | | | | 3,422,466 | |
Merck & Co., Inc. | | | 5,024 | | | | 510,639 | |
Pfizer, Inc. | | | 291,934 | | | | 7,651,590 | |
Septerna, Inc.(a) | | | 6,060 | | | | 153,258 | |
Zoetis, Inc., Class A | | | 3,240 | | | | 567,810 | |
| | | | | | | | |
| | |
| | | | | | | 15,519,820 | |
| | |
| Professional Services — 0.1% | | | | | | |
Booz Allen Hamilton Holding Corp., Class A | | | 4,898 | | | | 725,786 | |
| | | | | | | | |
|
| Real Estate Management & Development — 0.1% | |
CBRE Group, Inc., Class A(a) | | | 3,922 | | | | 549,041 | |
Zillow Group, Inc., Class A(a) | | | 1,212 | | | | 98,814 | |
| | | | | | | | |
| | |
| | | | | | | 647,855 | |
| | |
| Residential REITs — 0.9% | | | | | | |
AvalonBay Communities, Inc. | | | 733 | | | | 172,512 | |
Camden Property Trust | | | 32,159 | | | | 4,045,602 | |
Essex Property Trust, Inc. | | | 6,052 | | | | 1,878,904 | |
| | | | | | | | |
| | |
| | | | | | | 6,097,018 | |
| | |
| Retail REITs — 1.7% | | | | | | |
Kimco Realty Corp. | | | 54,265 | | | | 1,387,556 | |
Kite Realty Group Trust | | | 22,914 | | | | 631,739 | |
Simon Property Group, Inc. | | | 52,565 | | | | 9,650,934 | |
| | | | | | | | |
| | |
| | | | | | | 11,670,229 | |
|
| Semiconductors & Semiconductor Equipment — 3.1% | |
Applied Materials, Inc. | | | 1,278 | | | | 223,279 | |
Intel Corp. | | | 110,332 | | | | 2,653,485 | |
KLA Corp. | | | 307 | | | | 198,638 | |
Lam Research Corp. | | | 39,926 | | | | 2,949,733 | |
Micron Technology, Inc. | | | 66,801 | | | | 6,543,158 | |
Monolithic Power Systems, Inc. | | | 679 | | | | 385,428 | |
NVIDIA Corp.(b) | | | 27,565 | | | | 3,810,861 | |
QUALCOMM, Inc. | | | 27,670 | | | | 4,386,525 | |
Texas Instruments, Inc. | | | 1,970 | | | | 396,029 | |
| | | | | | | | |
| | |
| | | | | | | 21,547,136 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Software — 2.1% | | | | | | |
Adobe, Inc.(a) | | | 6,269 | | | $ | 3,234,365 | |
Fortinet, Inc.(a) | | | 15,478 | | | | 1,471,184 | |
Intuit, Inc. | | | 162 | | | | 103,960 | |
Manhattan Associates, Inc.(a) | | | 3,418 | | | | 975,634 | |
Microsoft Corp. | | | 19,201 | | | | 8,130,856 | |
MicroStrategy, Inc., Class A(a) | | | 792 | | | | 306,876 | |
| | | | | | | | |
| | |
| | | | | | | 14,222,875 | |
| | |
| Specialized REITs — 0.1% | | | | | | |
Lamar Advertising Co., Class A | | | 3,783 | | | | 506,998 | |
Public Storage | | | 331 | | | | 115,204 | |
| | | | | | | | |
| | |
| | | | | | | 622,202 | |
| | |
| Specialty Retail — 1.9% | | | | | | |
Bath & Body Works, Inc. | | | 16,071 | | | | 582,413 | |
Best Buy Co., Inc. | | | 2,762 | | | | 248,580 | |
Burlington Stores, Inc.(a) | | | 434 | | | | 122,336 | |
Carvana Co., Class A(a) | | | 448 | | | | 116,668 | |
Dick’s Sporting Goods, Inc. | | | 3,168 | | | | 656,536 | |
Home Depot, Inc. (The) | | | 9,555 | | | | 4,100,337 | |
Lowe’s Cos., Inc. | | | 2,745 | | | | 747,821 | |
Penske Automotive Group, Inc. | | | 4,543 | | | | 756,591 | |
Ross Stores, Inc. | | | 12,761 | | | | 1,976,296 | |
TJX Cos., Inc. (The) | | | 29,937 | | | | 3,762,782 | |
| | | | | | | | |
| | |
| | | | | | | 13,070,360 | |
|
| Technology Hardware, Storage & Peripherals — 1.0% | |
Apple Inc. | | | 28,631 | | | | 6,794,995 | |
| | | | | | | | |
| | |
| Textiles, Apparel & Luxury Goods — 0.4% | | | | | | |
Deckers Outdoor Corp.(a) | | | 5,778 | | | | 1,132,257 | |
NIKE, Inc., Class B | | | 7,042 | | | | 554,698 | |
Ralph Lauren Corp., Class A | | | 877 | | | | 202,938 | |
Skechers U.S.A., Inc., Class A(a) | | | 11,360 | | | | 724,995 | |
Under Armour, Inc., Class C, NVS(a) | | | 5,011 | | | | 43,947 | |
| | | | | | | | |
| | |
| | | | | | | 2,658,835 | |
| | |
| Tobacco — 1.1% | | | | | | |
Altria Group, Inc. | | | 58,467 | | | | 3,375,885 | |
Philip Morris International, Inc. | | | 32,624 | | | | 4,340,949 | |
| | | | | | | | |
| | |
| | | | | | | 7,716,834 | |
| | |
| Trading Companies & Distributors — 0.6% | | | | | | |
Boise Cascade Co. | | | 1,827 | | | | 269,665 | |
Ferguson Enterprises, Inc. | | | 13,616 | | | | 2,940,103 | |
WW Grainger, Inc. | | | 689 | | | | 830,479 | |
| | | | | | | | |
| | |
| | | | | | | 4,040,247 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 98.9%
(Cost: $561,618,533) | | | | | | | 681,901,108 | |
| | | | | | | | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 31 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Value Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 1.6% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(c)(d)(e) | | | 4,102,878 | | | $ | 4,104,930 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(c)(d) | | | 6,769,294 | | | | 6,769,294 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 1.6%
(Cost: $10,874,634) | | | | | | | 10,874,224 | |
| | | | | | | | |
| | |
Total Investments — 100.5%
(Cost: $572,493,167) | | | | | | | 692,775,332 | |
| |
Liabilities in Excess of Other Assets — (0.5)% | | | | (3,231,259 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 689,544,073 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 11/30/24 | | | Shares Held at 11/30/24 | | | Income | | | Capital Gain Distributions from Underlying
Funds | |
| | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 3,324,253 | | | $ | 780,602 | (a) | | $ | — | | | $ | 485 | | | $ | (410 | ) | | $ | 4,104,930 | | | | 4,102,878 | | | $ | 1,527 | (b) | | $ | — | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 5,735,335 | | | | 1,033,959 | (a) | | | — | | | | — | | | | — | | | | 6,769,294 | | | | 6,769,294 | | | | 152,625 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | $ | 485 | | | $ | (410 | ) | | $ | 10,874,224 | | | | | | | $ | 154,152 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount
(000) | | | Value/
Unrealized
Appreciation
(Depreciation) | |
| | | | |
Long Contracts | | | | | | | | | | | | | | | | |
S&P 500 E-Mini Index | | | 26 | | | | 12/20/24 | | | $ | 7,867 | | | $ | 417,847 | |
| | | | | | | | | | | | | | | | |
| | |
| 32 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Advantage Large Cap Value Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
| | | | | | | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 417,847 | | | $ | — | | | $ | — | | | $ | — | | | $ | 417,847 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
| | | | | | | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 576,192 | | | $ | — | | | $ | — | | | $ | — | | | $ | 576,192 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 234,602 | | | $ | — | | | $ | — | | | $ | — | | | $ | 234,602 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| | |
Futures contracts | | | | |
Average notional value of contracts — long | | $ | 7,330,075 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 681,901,108 | | | $ | — | | | $ | — | | | $ | 681,901,108 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 10,874,224 | | | | — | | | | — | | | | 10,874,224 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 692,775,332 | | | $ | — | | | $ | — | | | $ | 692,775,332 | |
| | | | | | | | | | | | | | | | |
| | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | 417,847 | | | $ | — | | | $ | — | | | $ | 417,847 | |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
See notes to financial statements.
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 33 |
Statements of Assets and Liabilities (unaudited)
November 30, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage International Fund | | | BlackRock Advantage Large Cap Growth Fund | | | BlackRock Advantage Small Cap Core Fund | | | BlackRock Advantage Large Cap Core Fund | | | BlackRock Advantage Large Cap Value Fund | |
| | | | | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investments, at value — unaffiliated(a)(b) | | $ | 2,202,897,124 | | | $ | 1,380,415,868 | | | $ | 4,429,349,856 | | | $ | 3,117,166,735 | | | $ | 681,901,108 | |
Investments, at value — affiliated(c) | | | 65,052,810 | | | | 12,670,188 | | | | 148,339,166 | | | | 28,946,320 | | | | 10,874,224 | |
Cash | | | — | | | | — | | | | 72,865 | | | | 236,478 | | | | 42,311 | |
Cash pledged: | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | 1,814,000 | | | | 763,000 | | | | 3,052,000 | | | | 1,605,000 | | | | 376,006 | |
Foreign currency, at value(d) | | | 306,051 | | | | 77,398 | | | | — | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Investments sold | | | 517,725 | | | | 111,482 | | | | — | | | | 211,345 | | | | 46,865 | |
Securities lending income — affiliated | | | 2 | | | | 6 | | | | 28,451 | | | | — | | | | 275 | |
Capital shares sold | | | 15,409,979 | | | | 122,628 | | | | 3,572,032 | | | | 602,376 | | | | 264,659 | |
Dividends — unaffiliated | | | 9,444,270 | | | | 575,403 | | | | 2,009,686 | | | | 2,412,113 | | | | 916,423 | |
Dividends — affiliated | | | 282,272 | | | | 50,916 | | | | 169,989 | | | | 114,941 | | | | 25,169 | |
From the Manager | | | 84,481 | | | | 47,621 | | | | 75,382 | | | | 75,501 | | | | 9,547 | |
Variation margin on futures contracts | | | 626,897 | | | | 122,627 | | | | 204,353 | | | | 198,045 | | | | 46,660 | |
Foreign withholding tax claims | | | 232,529 | | | | — | | | | — | | | | — | | | | — | |
Prepaid expenses | | | 119,370 | | | | 70,714 | | | | 97,857 | | | | 69,765 | | | | 126,048 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total assets | | | 2,296,787,510 | | | | 1,395,027,851 | | | | 4,586,971,637 | | | | 3,151,638,619 | | | | 694,629,295 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Collateral on securities loaned | | | 100 | | | | 184,500 | | | | 109,584,185 | | | | — | | | | 4,105,347 | |
Payables: | | | | | | | | | | | | | | | | | | | | |
Administration fees | | | 69,784 | | | | 45,406 | | | | 130,500 | | | | 96,231 | | | | 23,214 | |
Capital shares redeemed | | | 1,294,975 | | | | 225,475 | | | | 4,014,283 | | | | 1,648,138 | | | | 434,651 | |
Custodian fees | | | 173,981 | | | | 22,231 | | | | 76,017 | | | | 6,787 | | | | — | |
Investment advisory fees | | | 670,810 | | | | 569,659 | | | | 1,402,875 | | | | 951,020 | | | | 220,556 | |
Directors’ and Officer’s fees | | | 2,419 | | | | 2,851 | | | | 5,360 | | | | 4,577 | | | | 1,856 | |
Other accrued expenses | | | 117,171 | | | | 52,365 | | | | 104,068 | | | | 82,215 | | | | 51,852 | |
Other affiliate fees | | | 36,025 | | | | 89,038 | | | | 19,931 | | | | 116,314 | | | | 495 | |
Professional fees | | | 43,152 | | | | 27,325 | | | | 9,303 | | | | 7,616 | | | | — | |
Registration fees | | | — | | | | — | | | | 200,033 | | | | — | | | | — | |
Service and distribution fees | | | 79,418 | | | | 154,372 | | | | 139,275 | | | | 387,514 | | | | 101,631 | |
Transfer agent fees | | | 545,370 | | | | 187,477 | | | | 621,129 | | | | 856,558 | | | | 145,620 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total liabilities | | | 3,033,205 | | | | 1,560,699 | | | | 116,306,959 | | | | 4,156,970 | | | | 5,085,222 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Commitments and contingent liabilities | | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 2,293,754,305 | | | $ | 1,393,467,152 | | | $ | 4,470,664,678 | | | $ | 3,147,481,649 | | | $ | 689,544,073 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS CONSIST OF: | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 2,051,128,851 | | | $ | 698,971,729 | | | $ | 3,781,782,274 | | | $ | 1,831,821,684 | | | $ | 524,049,146 | |
Accumulated earnings | | | 242,625,454 | | | | 694,495,423 | | | | 688,882,404 | | | | 1,315,659,965 | | | | 165,494,927 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 2,293,754,305 | | | $ | 1,393,467,152 | | | $ | 4,470,664,678 | | | $ | 3,147,481,649 | | | $ | 689,544,073 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
(a) Investments, at cost — unaffiliated | | $ | 1,968,864,010 | | | $ | 854,399,614 | | | $ | 3,681,768,838 | | | $ | 2,001,283,532 | | | $ | 561,618,533 | |
(b) Securities loaned, at value | | $ | 80 | | | $ | 167,280 | | | $ | 106,497,402 | | | $ | — | | | $ | 4,100,317 | |
(c) Investments, at cost — affiliated | | $ | 65,052,810 | | | $ | 12,670,188 | | | $ | 148,319,732 | | | $ | 28,946,320 | | | $ | 10,874,634 | |
(d) Foreign currency, at cost | | $ | 304,231 | | | $ | 84,978 | | | $ | — | | | $ | — | | | $ | — | |
| | |
| 34 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage International Fund | | | BlackRock Advantage Large Cap Growth Fund | | | BlackRock Advantage Small Cap Core Fund | | | BlackRock Advantage Large Cap Core Fund | | | BlackRock Advantage Large Cap Value Fund | |
| | | | | |
NET ASSET VALUE | | | | | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 1,700,161,028 | | | $ | 727,259,208 | | | $ | 2,478,383,540 | | | $ | 1,329,372,491 | | | $ | 226,061,207 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares outstanding | | | 87,835,049 | | | | 25,637,879 | | | | 123,747,087 | | | | 55,496,129 | | | | 6,577,108 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value | | $ | 19.36 | | | $ | 28.37 | | | $ | 20.03 | | | $ | 23.95 | | | $ | 34.37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | 400 million | | | | 400 million | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.10 | | | $ | 0.10 | |
| | | | | | | | | | | | | | | | | | | | |
Investor A | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 266,127,719 | | | $ | 622,712,244 | | | $ | 634,940,784 | | | $ | 1,700,918,908 | | | $ | 427,976,032 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares outstanding | | | 13,934,866 | | | | 23,501,778 | | | | 31,946,017 | | | | 75,582,404 | | | | 12,866,332 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value | | $ | 19.10 | | | $ | 26.50 | | | $ | 19.88 | | | $ | 22.50 | | | $ | 33.26 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | 300 million | | | | 400 million | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.10 | | | $ | 0.10 | |
| | | | | | | | | | | | | | | | | | | | |
Investor C | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 14,467,030 | | | $ | 33,944,820 | | | $ | 13,944,144 | | | $ | 50,664,981 | | | $ | 15,132,473 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares outstanding | | | 784,477 | | | | 1,651,755 | | | | 728,515 | | | | 2,917,962 | | | | 508,071 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value | | $ | 18.44 | | | $ | 20.55 | | | $ | 19.14 | | | $ | 17.36 | | | $ | 29.78 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | 400 million | | | | 400 million | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.10 | | | $ | 0.10 | |
| | | | | | | | | | | | | | | | | | | | |
Class K | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 278,462,081 | | | $ | 7,890,483 | | | $ | 1,343,396,210 | | | $ | 49,297,077 | | | $ | 12,273,172 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares outstanding | | | 14,382,383 | | | | 278,089 | | | | 67,010,303 | | | | 2,057,004 | | | | 357,004 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value | | $ | 19.36 | | | $ | 28.37 | | | $ | 20.05 | | | $ | 23.97 | | | $ | 34.38 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | 2 billion | | | | 2 billion | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.10 | | | $ | 0.10 | |
| | | | | | | | | | | | | | | | | | | | |
Class R | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 34,536,447 | | | $ | 1,660,397 | | | $ | N/A | | | $ | 17,228,192 | | | $ | 8,101,189 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares outstanding | | | 1,812,192 | | | | 59,370 | | | | N/A | | | | 857,855 | | | | 258,568 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net asset value | | $ | 19.06 | | | $ | 27.97 | | | $ | N/A | | | $ | 20.08 | | | $ | 31.33 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | | | | N/A | | | | 200 million | | | | 200 million | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | N/A | | | $ | 0.10 | | | $ | 0.10 | |
| | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S | | 35 |
Statements of Operations (unaudited)
Six Months Ended November 30, 2024
| | | | | | | | | | | | |
| | | BlackRock Advantage International Fund | | | BlackRock Advantage Large Cap Growth Fund | | | BlackRock Advantage Small Cap Core Fund | |
| | | |
INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliated | | $ | 20,555,457 | | | $ | 4,185,441 | | | $ | 25,197,934 | |
Dividends — affiliated | | | 1,242,982 | | | | 317,738 | | | | 1,047,808 | |
Securities lending income — affiliated — net | | | 1,318 | | | | 4,161 | | | | 235,841 | |
Other income | | | 9,394 | | | | — | | | | — | |
Foreign taxes withheld | | | (1,352,333 | ) | | | (261 | ) | | | (12,688 | ) |
Foreign withholding tax claims | | | 356,985 | | | | — | | | | — | |
| | | | | | | | | | | | |
| | | |
Total investment income | | | 20,813,803 | | | | 4,507,079 | | | | 26,468,895 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory | | | 4,220,267 | | | | 3,689,145 | | | | 8,140,409 | |
Transfer agent — class specific | | | 1,031,747 | | | | 722,377 | | | | 1,090,564 | |
Service and distribution — class specific | | | 492,631 | | | | 895,986 | | | | 669,207 | |
Administration | | | 381,546 | | | | 264,547 | | | | 712,174 | |
Administration — class specific | | | 193,443 | | | | 131,070 | | | | 382,214 | |
Custodian | | | 178,898 | | | | 20,448 | | | | 57,775 | |
Accounting services | | | 71,133 | | | | 54,029 | | | | 122,551 | |
Professional | | | 66,204 | | | | 20,431 | | | | 36,185 | |
Registration | | | 59,611 | | | | 41,151 | | | | 36,183 | |
Printing and postage | | | 23,253 | | | | 20,990 | | | | 24,755 | |
Directors and Officer | | | 9,758 | | | | 8,064 | | | | 16,573 | |
Miscellaneous | | | 1,941 | | | | 13,246 | | | | 34,564 | |
| | | | | | | | | | | | |
| | | |
Total expenses excluding interest expense | | | 6,730,432 | | | | 5,881,484 | | | | 11,323,154 | |
Interest expense | | | 116 | | | | 65 | | | | — | |
| | | | | | | | | | | | |
| | | |
Total expenses | | | 6,730,548 | | | | 5,881,549 | | | | 11,323,154 | |
| | | | | | | | | | | | |
| | | |
Less: | | | | | | | | | | | | |
Administration fees waived by the Manager — class specific | | | (193,443 | ) | | | (131,070 | ) | | | (382,214 | ) |
Fees waived and/or reimbursed by the Manager | | | (614,997 | ) | | | (396,802 | ) | | | (575,622 | ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | (611,145 | ) | | | (395,338 | ) | | | (431,639 | ) |
| | | | | | | | | | | | |
| | | |
Total expenses after fees waived and/or reimbursed | | | 5,310,963 | | | | 4,958,339 | | | | 9,933,679 | |
| | | | | | | | | | | | |
| | | |
Net investment income (loss) | | | 15,502,840 | | | | (451,260 | ) | | | 16,535,216 | |
| | | | | | | | | | | | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | 54,064,563 | | | | 174,845,449 | | | | 185,001,542 | |
Investments — affiliated | | | 432 | | | | 753 | | | | 6,959 | |
Futures contracts | | | (1,941,338 | ) | | | 1,358,930 | | | | 5,831,455 | |
Foreign currency transactions | | | (595,203 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
| | | |
| | $ | 51,528,454 | | | $ | 176,205,132 | | | $ | 190,839,956 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments — unaffiliated | | | (60,247,862 | ) | | | 32,715,071 | | | | 376,020,868 | |
Investments — affiliated | | | — | | | | — | | | | 19,434 | |
Futures contracts | | | 712,518 | | | | 41,976 | | | | (116,656 | ) |
Foreign currency translations | | | (86,896 | ) | | | (2,072 | ) | | | — | |
| | | | | | | | | | | | |
| | | |
| | | (59,622,240 | ) | | | 32,754,975 | | | | 375,923,646 | |
| | | | | | | | | | | | |
| | | |
Net realized and unrealized gain (loss) | | | (8,093,786 | ) | | | 208,960,107 | | | | 566,763,602 | |
| | | | | | | | | | | | |
| | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,409,054 | | | $ | 208,508,847 | | | $ | 583,298,818 | |
| | | | | | | | | | | | |
See notes to financial statements.
| | |
| 36 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Operations (unaudited) (continued)
Six Months Ended November 30, 2024
| | | | | | | | |
| | | BlackRock Advantage Large Cap Core Fund | | | BlackRock Advantage Large Cap Value Fund | |
| | |
INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliated | | $ | 17,384,009 | | | $ | 6,304,274 | |
Dividends — affiliated | | | 701,013 | | | | 152,625 | |
Securities lending income — affiliated — net | | | 2,840 | | | | 1,527 | |
| | | | | | | | |
| | |
Total investment income | | | 18,087,862 | | | | 6,458,426 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory | | | 6,420,661 | | | | 1,582,305 | |
Service and distribution — class specific | | | 2,307,910 | | | | 597,531 | |
Transfer agent — class specific | | | 1,555,831 | | | | 293,147 | |
Administration | | | 566,490 | | | | 135,435 | |
Administration — class specific | | | 298,711 | | | | 64,588 | |
Accounting services | | | 99,654 | | | | 35,907 | |
Registration | | | 51,485 | | | | 43,043 | |
Professional | | | 38,593 | | | | 37,483 | |
Custodian | | | 32,799 | | | | 21,940 | |
Printing and postage | | | 25,854 | | | | 20,347 | |
Directors and Officer | | | 13,656 | | | | 5,425 | |
Miscellaneous | | | 8,080 | | | | 7,904 | |
| | | | | | | | |
| | |
Total expenses | | | 11,419,724 | | | | 2,845,055 | |
| | | | | | | | |
| | |
Less: | | | | | | | | |
Administration fees waived by the Manager — class specific | | | (298,711 | ) | | | (64,588 | ) |
Fees waived and/or reimbursed by the Manager | | | (835,459 | ) | | | (307,321 | ) |
Transfer agent fees waived and/or reimbursed — class specific | | | (818,188 | ) | | | (133,634 | ) |
| | | | | | | | |
| | |
Total expenses after fees waived and/or reimbursed | | | 9,467,366 | | | | 2,339,512 | |
| | | | | | | | |
| | |
Net investment income | | | 8,620,496 | | | | 4,118,914 | |
| | | | | | | | |
| | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | |
Investments — unaffiliated | | | 222,521,367 | | | | 44,514,675 | |
Investments — affiliated | | | (4,579 | ) | | | 485 | |
Futures contracts | | | 2,512,887 | | | | 576,192 | |
| | | | | | | | |
| | |
| | $ | 225,029,675 | | | $ | 45,091,352 | |
| | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments — unaffiliated | | | 193,098,120 | | | | 36,008,374 | |
Investments — affiliated | | | 180 | | | | (410 | ) |
Futures contracts | | | 1,106,796 | | | | 234,602 | |
| | | | | | | | |
| | |
| | | 194,205,096 | | | | 36,242,566 | |
| | | | | | | | |
| | |
Net realized and unrealized gain | | | 419,234,771 | | | | 81,333,918 | |
| | | | | | | | |
| | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 427,855,267 | | | $ | 85,452,832 | |
| | | | | | | | |
See notes to financial statements.
| | |
S T A T E M E N T S O F O P E R A T I O N S | | 37 |
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | BlackRock Advantage International Fund | | | BlackRock Advantage Large Cap Growth
Fund | |
| | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 15,502,840 | | | $ | 38,108,647 | | | $ | (451,260 | ) | | $ | 949,147 | |
Net realized gain | | | 51,528,454 | | | | 65,371,744 | | | | 176,205,132 | | | | 132,674,713 | |
Net change in unrealized appreciation (depreciation) | | | (59,622,240 | ) | | | 174,630,396 | | | | 32,754,975 | | | | 180,428,268 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net increase in net assets resulting from operations | | | 7,409,054 | | | | 278,110,787 | | | | 208,508,847 | | | | 314,052,128 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | | | | | | | | |
Institutional | | | (21,567,625 | ) | | | (24,298,025 | ) | | | (50,376,401 | ) | | | (5,262,541 | ) |
Investor A | | | (4,474,560 | ) | | | (6,057,012 | ) | | | (46,202,144 | ) | | | (3,948,921 | ) |
Investor C | | | (214,742 | ) | | | (149,273 | ) | | | (3,115,817 | ) | | | (262,948 | ) |
Class K | | | (4,356,665 | ) | | | (6,005,547 | ) | | | (545,306 | ) | | | (47,549 | ) |
Class R | | | (574,013 | ) | | | (612,167 | ) | | | (126,212 | ) | | | (4,973 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Decrease in net assets resulting from distributions to shareholders | | | (31,187,605 | ) | | | (37,122,024 | ) | | | (100,365,880 | ) | | | (9,526,932 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | | | | |
| | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | 570,146,872 | | | | 288,550,165 | | | | 58,663,279 | | | | (30,979,579 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Total increase in net assets | | | 546,368,321 | | | | 529,538,928 | | | | 166,806,246 | | | | 273,545,617 | |
Beginning of period | | | 1,747,385,984 | | | | 1,217,847,056 | | | | 1,226,660,906 | | | | 953,115,289 | |
| | | | | | | | | | | | | | | | |
| | | | |
End of period | | $ | 2,293,754,305 | | | $ | 1,747,385,984 | | | $ | 1,393,467,152 | | | $ | 1,226,660,906 | |
| | | | | | | | | | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| | |
| 38 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Small Cap Core Fund | | | BlackRock Advantage Large Cap Core
Fund | |
| | | | |
| | | Six Months
Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | | | Six Months
Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | |
| | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
| | | | |
OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income | | $ | 16,535,216 | | | $ | 29,437,447 | | | $ | 8,620,496 | | | $ | 23,908,759 | |
Net realized gain | | | 190,839,956 | | | | 121,265,322 | | | | 225,029,675 | | | | 328,751,562 | |
Net change in unrealized appreciation (depreciation) | | | 375,923,646 | | | | 624,106,586 | | | | 194,205,096 | | | | 410,087,805 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net increase in net assets resulting from operations | | | 583,298,818 | | | | 774,809,355 | | | | 427,855,267 | | | | 762,748,126 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | | | | | | | | |
Institutional | | | (3,942,795 | ) | | | (22,210,384 | ) | | | (93,199,413 | ) | | | (14,370,753 | ) |
Investor A | | | (384,033 | ) | | | (2,752,160 | ) | | | (125,940,980 | ) | | | (11,658,748 | ) |
Investor C | | | — | | | | (22,398 | ) | | | (4,577,483 | ) | | | (186,649 | ) |
Class K | | | (2,425,345 | ) | | | (10,886,458 | ) | | | (3,265,062 | ) | | | (323,379 | ) |
Class R | | | — | | | | — | | | | (1,388,542 | ) | | | (100,028 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Decrease in net assets resulting from distributions to shareholders | | | (6,752,173 | ) | | | (35,871,400 | ) | | | (228,371,480 | ) | | | (26,639,557 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | | | | |
| | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | 379,320,493 | | | | (666,316,198 | ) | | | 100,774,867 | | | | (714,144,215 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS | | | | | | | | | | | | | | | | |
Total increase in net assets | | | 955,867,138 | | | | 72,621,757 | | | | 300,258,654 | | | | 21,964,354 | |
Beginning of period | | | 3,514,797,540 | | | | 3,442,175,783 | | | | 2,847,222,995 | | | | 2,825,258,641 | |
| | | | | | | | | | | | | | | | |
| | | | |
End of period | | $ | 4,470,664,678 | | | $ | 3,514,797,540 | | | $ | 3,147,481,649 | | | $ | 2,847,222,995 | |
| | | | | | | | | | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| | |
S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S | | 39 |
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| | | BlackRock Advantage Large Cap Value
Fund | |
| | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment income | | $ | 4,118,914 | | | $ | 9,006,911 | |
Net realized gain | | | 45,091,352 | | | | 62,624,250 | |
Net change in unrealized appreciation (depreciation) | | | 36,242,566 | | | | 58,748,318 | |
| | | | | | | | |
| | |
Net increase in net assets resulting from operations | | | 85,452,832 | | | | 130,379,479 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | |
Institutional | | | (14,372,518 | ) | | | (5,038,560 | ) |
Investor A | | | (29,492,210 | ) | | | (10,006,852 | ) |
Investor C | | | (1,115,347 | ) | | | (338,418 | ) |
Class K | | | (877,122 | ) | | | (421,604 | ) |
Class R | | | (600,587 | ) | | | (185,940 | ) |
| | | | | | | | |
| | |
Decrease in net assets resulting from distributions to shareholders | | | (46,457,784 | ) | | | (15,991,374 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | 29,047,730 | | | | (35,263,026 | ) |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total increase in net assets | | | 68,042,778 | | | | 79,125,079 | |
Beginning of period | | | 621,501,295 | | | | 542,376,216 | |
| | | | | | | | |
| | |
End of period | | $ | 689,544,073 | | | $ | 621,501,295 | |
| | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| | |
| 40 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage International Fund | |
| |
| | | Institutional | |
| | | | | | | |
| | | Six Months
Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19
to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 19.59 | | | $ | 16.73 | | | $ | 16.48 | | | $ | 19.89 | | | $ | 14.52 | | | $ | 16.12 | | | $ | 16.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.16 | | | | 0.49 | | | | 0.48 | | | | 0.46 | | | | 0.38 | | | | 0.22 | | | | 0.44 | |
Net realized and unrealized gain (loss) | | | (0.04 | ) | | | 2.86 | | | | 0.29 | | | | (2.28 | ) | | | 5.30 | | | | (1.37 | ) | | | (0.90 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.12 | | | | 3.35 | | | | 0.77 | | | | (1.82 | ) | | | 5.68 | | | | (1.15 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.35 | ) | | | (0.49 | ) | | | (0.52 | ) | | | (0.62 | ) | | | (0.31 | ) | | | (0.45 | ) | | | (0.39 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.97 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (0.35 | ) | | | (0.49 | ) | | | (0.52 | ) | | | (1.59 | ) | | | (0.31 | ) | | | (0.45 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 19.36 | | | $ | 19.59 | | | $ | 16.73 | | | $ | 16.48 | | | $ | 19.89 | | | $ | 14.52 | | | $ | 16.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.60 | %(d) | | | 20.40 | % | | | 5.10 | % | | | (9.93 | )% | | | 39.57 | % | | | (7.45 | )%(d) | | | (2.52 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.65 | %(f) | | | 0.70 | % | | | 0.68 | % | | | 0.73 | % | | | 0.78 | % | | | 0.82 | %(f) | | | 0.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.50 | %(f) | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | %(f) | | | 0.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 1.65 | %(f) | | | 2.73 | % | | | 3.08 | % | | | 2.51 | % | | | 2.21 | % | | | 2.17 | %(f) | | | 2.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,700,161 | | | $ | 1,183,511 | | | $ | 771,698 | | | $ | 710,116 | | | $ | 616,649 | | | $ | 477,944 | | | $ | 446,831 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 56 | % | | | 128 | % | | | 128 | % | | | 132 | % | | | 247 | % | | | 131 | % | | | 140 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 41 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | BlackRock Advantage International Fund (continued) | |
| | | Investor A | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19 to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 19.34 | | | $ | 16.52 | | | $ | 16.28 | | | $ | 19.65 | | | $ | 14.35 | | | $ | 15.93 | | | $ | 16.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.13 | | | | 0.42 | | | | 0.44 | | | | 0.35 | | | | 0.33 | | | | 0.19 | | | | 0.40 | |
Net realized and unrealized gain (loss) | | | (0.04 | ) | | | 2.85 | | | | 0.28 | | | | (2.19 | ) | | | 5.24 | | | | (1.35 | ) | | | (0.90 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.09 | | | | 3.27 | | | | 0.72 | | | | (1.84 | ) | | | 5.57 | | | | (1.16 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.33 | ) | | | (0.45 | ) | | | (0.48 | ) | | | (0.56 | ) | | | (0.27 | ) | | | (0.42 | ) | | | (0.35 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.97 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (0.33 | ) | | | (0.45 | ) | | | (0.48 | ) | | | (1.53 | ) | | | (0.27 | ) | | | (0.42 | ) | | | (0.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 19.10 | | | $ | 19.34 | | | $ | 16.52 | | | $ | 16.28 | | | $ | 19.65 | | | $ | 14.35 | | | $ | 15.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.46 | %(d) | | | 20.11 | % | | | 4.82 | % | | | (10.13 | )% | | | 39.21 | % | | | (7.61 | )%(d) | | | (2.77 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.90 | %(f) | | | 0.92 | % | | | 1.00 | % | | | 1.02 | % | | | 1.05 | % | | | 1.08 | %(f) | | | 1.16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.75 | %(f) | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | %(f) | | | 0.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 1.36 | %(f) | | | 2.38 | % | | | 2.82 | % | | | 1.93 | % | | | 1.95 | % | | | 1.85 | %(f) | | | 2.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 266,128 | | | $ | 264,866 | | | $ | 230,879 | | | $ | 240,255 | | | $ | 456,083 | | | $ | 366,411 | | | $ | 404,739 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 56 | % | | | 128 | % | | | 128 | % | | | 132 | % | | | 247 | % | | | 131 | % | | | 140 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 42 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage International Fund (continued) | |
| |
| | | Investor C | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended
05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 18.70 | | | $ | 16.03 | | | $ | 15.81 | | | $ | 19.12 | | | $ | 13.95 | | | $ | 15.43 | | | $ | 16.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income(a) | | | | | | | 0.06 | | | | 0.36 | | | | 0.32 | | | | 0.22 | | | | 0.16 | | | | 0.10 | | | | 0.23 | |
Net realized and unrealized gain (loss) | | | | | | | (0.04 | ) | | | 2.67 | | | | 0.27 | | | | (2.15 | ) | | | 5.14 | | | | (1.31 | ) | | | (0.80 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 0.02 | | | | 3.03 | | | | 0.59 | | | | (1.93 | ) | | | 5.30 | | | | (1.21 | ) | | | (0.57 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.28 | ) | | | (0.36 | ) | | | (0.37 | ) | | | (0.41 | ) | | | (0.13 | ) | | | (0.27 | ) | | | (0.11 | ) |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | (0.97 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total distributions | | | | | | | (0.28 | ) | | | (0.36 | ) | | | (0.37 | ) | | | (1.38 | ) | | | (0.13 | ) | | | (0.27 | ) | | | (0.11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 18.44 | | | $ | 18.70 | | | $ | 16.03 | | | $ | 15.81 | | | $ | 19.12 | | | $ | 13.95 | | | $ | 15.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 0.08 | %(d) | | | 19.21 | % | | | 4.04 | % | | | (10.83 | )% | | | 38.21 | % | | | (8.05 | )%(d) | | | (3.51 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 2.00 | %(f) | | | 1.73 | % | | | 1.78 | % | | | 1.83 | % | | | 1.88 | % | | | 1.84 | %(f) | | | 1.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.50 | %(f) | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % | | | 1.50 | %(f) | | | 1.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income | | | | | | | 0.61 | %(f) | | | 2.09 | % | | | 2.10 | % | | | 1.27 | % | | | 0.98 | % | | | 1.04 | %(f) | | | 1.52 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 14,467 | | | $ | 14,765 | | | $ | 2,598 | | | $ | 2,356 | | | $ | 3,664 | | | $ | 6,193 | | | $ | 9,448 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate | | | | | | | 56 | % | | | 128 | % | | | 128 | % | | | 132 | % | | | 247 | % | | | 131 | % | | | 140 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 43 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage International Fund (continued) | |
| |
| | | Class K | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 19.59 | | | $ | 16.73 | | | $ | 16.48 | | | $ | 19.89 | | | $ | 14.52 | | | $ | 16.12 | | | $ | 16.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.16 | | | | 0.48 | | | | 0.52 | | | | 0.46 | | | | 0.46 | | | | 0.23 | | | | 0.56 | |
Net realized and unrealized gain (loss) | | | (0.04 | ) | | | 2.88 | | | | 0.26 | | | | (2.28 | ) | | | 5.23 | | | | (1.37 | ) | | | (1.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.12 | | | | 3.36 | | | | 0.78 | | | | (1.82 | ) | | | 5.69 | | | | (1.14 | ) | | | (0.47 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.35 | ) | | | (0.50 | ) | | | (0.53 | ) | | | (0.62 | ) | | | (0.32 | ) | | | (0.46 | ) | | | (0.39 | ) |
From net realized gain | | | — | | | | — | | | | — | | | | (0.97 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (0.35 | ) | | | (0.50 | ) | | | (0.53 | ) | | | (1.59 | ) | | | (0.32 | ) | | | (0.46 | ) | | | (0.39 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 19.36 | | | $ | 19.59 | | | $ | 16.73 | | | $ | 16.48 | | | $ | 19.89 | | | $ | 14.52 | | | $ | 16.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.62 | %(d) | | | 20.45 | % | | | 5.16 | % | | | (9.89 | )% | | | 39.64 | % | | | (7.40 | )%(d) | | | (2.53 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.54 | %(f) | | | 0.56 | % | | | 0.57 | % | | | 0.61 | % | | | 0.63 | % | | | 0.65 | %(f) | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.45 | %(f) | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | %(f) | | | 0.54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 1.68 | %(f) | | | 2.71 | % | | | 3.28 | % | | | 2.55 | % | | | 2.65 | % | | | 2.20 | %(f) | | | 3.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 278,462 | | | $ | 249,178 | | | $ | 193,748 | | | $ | 103,329 | | | $ | 103,454 | | | $ | 43,073 | | | $ | 43,721 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 56 | % | | | 128 | % | | | 128 | % | | | 132 | % | | | 247 | % | | | 131 | % | | | 140 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 44 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage International Fund (continued) | |
| |
| | | Class R | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from
10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 19.30 | | | $ | 16.53 | | | $ | 16.29 | | | $ | 19.68 | | | $ | 14.36 | | | $ | 15.91 | | | $ | 16.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income(a) | | | | | | | 0.11 | | | | 0.40 | | | | 0.45 | | | | 0.33 | | | | 0.28 | | | | 0.15 | | | | 0.34 | |
Net realized and unrealized gain (loss) | | | | | | | (0.04 | ) | | | 2.82 | | | | 0.23 | | | | (2.23 | ) | | | 5.26 | | | | (1.34 | ) | | | (0.88 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 0.07 | | | | 3.22 | | | | 0.68 | | | | (1.90 | ) | | | 5.54 | | | | (1.19 | ) | | | (0.54 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.31 | ) | | | (0.45 | ) | | | (0.44 | ) | | | (0.52 | ) | | | (0.22 | ) | | | (0.36 | ) | | | (0.29 | ) |
From net realized gain | | | | | | | — | | | | — | | | | — | | | | (0.97 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total distributions | | | | | | | (0.31 | ) | | | (0.45 | ) | | | (0.44 | ) | | | (1.49 | ) | | | (0.22 | ) | | | (0.36 | ) | | | (0.29 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 19.06 | | | $ | 19.30 | | | $ | 16.53 | | | $ | 16.29 | | | $ | 19.68 | | | $ | 14.36 | | | $ | 15.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 0.37 | %(d) | | | 19.81 | % | | | 4.54 | % | | | (10.42 | )% | | | 38.91 | % | | | (7.75 | )%(d) | | | (3.04 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.51 | %(f) | | | 1.32 | % | | | 1.33 | % | | | 1.35 | % | | | 1.36 | % | | | 1.37 | %(f) | | | 1.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.00 | %(f) | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | % | | | 1.00 | %(f) | | | 1.09 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income | | | | | | | 1.11 | %(f) | | | 2.26 | % | | | 2.75 | % | | | 1.81 | % | | | 1.67 | % | | | 1.47 | %(f) | | | 2.20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 34,536 | | | $ | 35,066 | | | $ | 18,925 | | | $ | 2,753 | | | $ | 3,416 | | | $ | 3,310 | | | $ | 5,244 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate | | | | | | | 56 | % | | | 128 | % | | | 128 | % | | | 132 | % | | | 247 | % | | | 131 | % | | | 140 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 45 |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Growth Fund | |
| |
| | | Institutional | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 26.17 | | | $ | 19.76 | | | $ | 18.77 | | | $ | 23.33 | | | $ | 18.23 | | | $ | 16.49 | | | $ | 17.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.01 | | | | 0.05 | | | | 0.09 | | | | 0.03 | | | | 0.04 | | | | 0.07 | | | | 0.13 | |
Net realized and unrealized gain (loss) | | | 4.30 | | | | 6.58 | | | | 0.96 | | | | (1.25 | ) | | | 6.59 | | | | 2.40 | | | | (0.22 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 4.31 | | | | 6.63 | | | | 1.05 | | | | (1.22 | ) | | | 6.63 | | | | 2.47 | | | | (0.09 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.01 | ) | | | (0.06 | ) | | | (0.06 | ) | | | — | | | | (0.07 | ) | | | (0.14 | ) | | | (0.13 | ) |
From net realized gain | | | (2.10 | ) | | | (0.16 | ) | | | — | | | | (3.34 | ) | | | (1.46 | ) | | | (0.59 | ) | | | (1.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (2.11 | ) | | | (0.22 | ) | | | (0.06 | ) | | | (3.34 | ) | | | (1.53 | ) | | | (0.73 | ) | | | (1.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 28.37 | | | $ | 26.17 | | | $ | 19.76 | | | $ | 18.77 | | | $ | 23.33 | | | $ | 18.23 | | | $ | 16.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.30 | %(d) | | | 33.74 | %(e) | | | 5.62 | % | | | (7.80 | )% | | | 37.54 | % | | | 15.34 | %(d) | | | 0.41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.76 | %(g) | | | 0.80 | % | | | 0.75 | % | | | 0.75 | % | | | 0.83 | % | | | 0.86 | %(g) | | | 0.87 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.62 | %(g) | | | 0.62 | % | | | 0.61 | % | | | 0.61 | % | | | 0.62 | % | | | 0.62 | %(g) | | | 0.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 0.07 | %(g) | | | 0.22 | % | | | 0.50 | % | | | 0.15 | % | | | 0.21 | % | | | 0.65 | %(g) | | | 0.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 727,259 | | | $ | 639,878 | | | $ | 499,742 | | | $ | 432,076 | | | $ | 125,061 | | | $ | 89,737 | | | $ | 79,564 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 79 | % | | | 128 | % | | | 130 | % | | | 130 | % | | | 134 | % | | | 70 | % | | | 154 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 46 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Growth Fund (continued) | |
| |
| | | Investor A | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 24.58 | | | $ | 18.57 | | | $ | 17.67 | | | $ | 22.13 | | | $ | 17.35 | | | $ | 15.71 | | | $ | 17.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income (loss)(a) | | | (0.02 | ) | | | (0.01 | ) | | | 0.04 | | | | (0.03 | ) | | | (0.01 | ) | | | 0.04 | | | | 0.09 | |
Net realized and unrealized gain (loss) | | | 4.03 | | | | 6.19 | | | | 0.89 | | | | (1.16 | ) | | | 6.27 | | | | 2.28 | | | | (0.22 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 4.01 | | | | 6.18 | | | | 0.93 | | | | (1.19 | ) | | | 6.26 | | | | 2.32 | | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (0.01 | ) | | | (0.03 | ) | | | — | | | | (0.02 | ) | | | (0.09 | ) | | | (0.09 | ) |
From net realized gain | | | (2.09 | ) | | | (0.16 | ) | | | — | | | | (3.27 | ) | | | (1.46 | ) | | | (0.59 | ) | | | (1.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (2.09 | ) | | | (0.17 | ) | | | (0.03 | ) | | | (3.27 | ) | | | (1.48 | ) | | | (0.68 | ) | | | (1.27 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 26.50 | | | $ | 24.58 | | | $ | 18.57 | | | $ | 17.67 | | | $ | 22.13 | | | $ | 17.35 | | | $ | 15.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.16 | %(d) | | | 33.45 | %(e) | | | 5.28 | % | | | (8.05 | )% | | | 37.28 | % | | | 15.16 | %(d) | | | 0.15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.00 | %(g) | | | 1.01 | % | | | 1.06 | % | | | 1.07 | % | | | 1.08 | % | | | 1.12 | %(g) | | | 1.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.87 | %(g) | | | 0.87 | % | | | 0.87 | % | | | 0.87 | % | | | 0.87 | % | | | 0.87 | %(g) | | | 0.87 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income (loss) | | | (0.18 | )%(g) | | | (0.03 | )% | | | 0.24 | % | | | (0.16 | )% | | | (0.04 | )% | | | 0.40 | %(g) | | | 0.57 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 622,712 | | | $ | 548,827 | | | $ | 441,983 | | | $ | 452,791 | | | $ | 909,344 | | | $ | 713,162 | | | $ | 699,247 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 79 | % | | | 128 | % | | | 130 | % | | | 130 | % | | | 134 | % | | | 70 | % | | | 154 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 47 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Growth Fund (continued) | |
| |
| | | Investor C | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended 05/31/22 | | | Year Ended
05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 19.52 | | | $ | 14.88 | | | $ | 14.24 | | | $ | 18.42 | | | $ | 14.67 | | | $ | 13.35 | | | $ | 14.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment loss(a) | | | | | | | (0.09 | ) | | | (0.14 | ) | | | (0.07 | ) | | | (0.16 | ) | | | (0.13 | ) | | | (0.03 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) | | | | | | | 3.15 | | | | 4.94 | | | | 0.71 | | | | (0.87 | ) | | | 5.27 | | | | 1.93 | | | | (0.17 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 3.06 | | | | 4.80 | | | | 0.64 | | | | (1.03 | ) | | | 5.14 | | | | 1.90 | | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions from net realized gain(b) | | | | | | | (2.03 | ) | | | (0.16 | ) | | | — | | | | (3.15 | ) | | | (1.39 | ) | | | (0.58 | ) | | | (1.00 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 20.55 | | | $ | 19.52 | | | $ | 14.88 | | | $ | 14.24 | | | $ | 18.42 | | | $ | 14.67 | | | $ | 13.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 16.70 | %(d) | | | 32.46 | %(e) | | | 4.50 | % | | | (8.74 | )% | | | 36.25 | % | | | 14.56 | %(d) | | | (0.59 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 2.00 | %(g) | | | 1.83 | % | | | 1.87 | % | | | 1.83 | % | | | 1.84 | % | | | 1.83 | %(g) | | | 1.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.62 | %(g) | | | 1.62 | % | | | 1.62 | % | | | 1.62 | % | | | 1.62 | % | | | 1.62 | %(g) | | | 1.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment loss | | | | | | | (0.93 | )%(g) | | | (0.79 | )% | | | (0.51 | )% | | | (0.89 | )% | | | (0.78 | )% | | | (0.35 | )%(g) | | | (0.22 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 33,945 | | | $ | 30,540 | | | $ | 8,372 | | | $ | 10,162 | | | $ | 12,989 | | | $ | 14,728 | | | $ | 15,277 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate | | | | | | | 79 | % | | | 128 | % | | | 130 | % | | | 130 | % | | | 134 | % | | | 70 | % | | | 154 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 48 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Growth Fund (continued) | |
| |
| | | Class K | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 26.17 | | | $ | 19.76 | | | $ | 18.77 | | | $ | 23.33 | | | $ | 18.23 | | | $ | 16.49 | | | $ | 17.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.02 | | | | 0.06 | | | | 0.10 | | | | 0.04 | | | | 0.05 | | | | 0.08 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | 4.30 | | | | 6.58 | | | | 0.95 | | | | (1.25 | ) | | | 6.59 | | | | 2.40 | | | | (0.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 4.32 | | | | 6.64 | | | | 1.05 | | | | (1.21 | ) | | | 6.64 | | | | 2.48 | | | | (0.09 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.02 | ) | | | (0.07 | ) | | | (0.06 | ) | | | — | | | | (0.08 | ) | | | (0.15 | ) | | | (0.13 | ) |
From net realized gain | | | (2.10 | ) | | | (0.16 | ) | | | — | | | | (3.35 | ) | | | (1.46 | ) | | | (0.59 | ) | | | (1.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (2.12 | ) | | | (0.23 | ) | | | (0.06 | ) | | | (3.35 | ) | | | (1.54 | ) | | | (0.74 | ) | | | (1.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 28.37 | | | $ | 26.17 | | | $ | 19.76 | | | $ | 18.77 | | | $ | 23.33 | | | $ | 18.23 | | | $ | 16.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.32 | %(d) | | | 33.81 | %(e) | | | 5.63 | % | | | (7.76 | )% | | | 37.60 | % | | | 15.40 | %(d) | | | 0.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.66 | %(g) | | | 0.67 | % | | | 0.69 | % | | | 0.69 | % | | | 0.69 | % | | | 0.70 | %(g) | | | 0.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.57 | %(g) | | | 0.57 | % | | | 0.57 | % | | | 0.57 | % | | | 0.57 | % | | | 0.57 | %(g) | | | 0.57 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 0.11 | %(g) | | | 0.27 | % | | | 0.53 | % | | | 0.18 | % | | | 0.25 | % | | | 0.72 | %(g) | | | 0.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 7,890 | | | $ | 5,855 | | | $ | 2,489 | | | $ | 2,177 | | | $ | 1,152 | | | $ | 715 | | | $ | 973 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 79 | % | | | 128 | % | | | 130 | % | | | 130 | % | | | 134 | % | | | 70 | % | | | 154 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Growth Fund (continued) | |
| |
| | | Class R | |
| | | | | | | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | Year Ended
05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 25.86 | | | $ | 19.57 | | | $ | 18.64 | | | $ | 23.17 | | | $ | 18.10 | | | $ | 16.32 | | | $ | 17.69 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss)(a) | | | | | | | (0.06 | ) | | | (0.06 | ) | | | (0.00 | )(b) | | | (0.09 | ) | | | (0.06 | ) | | | 0.02 | | | | 0.05 | |
Net realized and unrealized gain (loss) | | | | | | | 4.25 | | | | 6.51 | | | | 0.94 | | | | (1.25 | ) | | | 6.55 | | | | 2.38 | | | | (0.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 4.19 | | | | 6.45 | | | | 0.94 | | | | (1.34 | ) | | | 6.49 | | | | 2.40 | | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | — | | | | — | | | | (0.01 | ) | | | — | | | | — | | | | (0.03 | ) | | | (0.01 | ) |
From net realized gain | | | | | | | (2.08 | ) | | | (0.16 | ) | | | — | | | | (3.19 | ) | | | (1.42 | ) | | | (0.59 | ) | | | (1.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total distributions | | | | | | | (2.08 | ) | | | (0.16 | ) | | | (0.01 | ) | | | (3.19 | ) | | | (1.42 | ) | | | (0.62 | ) | | | (1.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 27.97 | | | $ | 25.86 | | | $ | 19.57 | | | $ | 18.64 | | | $ | 23.17 | | | $ | 18.10 | | | $ | 16.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 17.00 | %(e) | | | 33.12 | %(f) | | | 5.03 | % | | | (8.28 | )% | | | 36.93 | % | | | 14.99 | %(e) | | | (0.15 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.40 | %(h) | | | 1.40 | % | | | 1.42 | % | | | 1.50 | % | | | 1.36 | % | | | 1.46 | %(h) | | | 1.42 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.12 | %(h) | | | 1.12 | % | | | 1.12 | % | | | 1.12 | % | | | 1.12 | % | | | 1.12 | %(h) | | | 1.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss) | | | | | | | (0.43 | )%(h) | | | (0.28 | )% | | | (0.03 | )% | | | (0.39 | )% | | | (0.30 | )% | | | 0.16 | %(h) | | | 0.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 1,660 | | | $ | 1,561 | | | $ | 530 | | | $ | 349 | | | $ | 577 | | | $ | 536 | | | $ | 867 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate | | | | | | | 79 | % | | | 128 | % | | | 130 | % | | | 130 | % | | | 134 | % | | | 70 | % | | | 154 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 50 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Small Cap Core Fund | |
| |
| | | Institutional | |
| | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Year Ended 05/31/20 | |
| | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 17.35 | | | $ | 14.06 | | | $ | 15.35 | | | $ | 20.72 | | | $ | 13.09 | | | $ | 13.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | | | | | 0.08 | | | | 0.14 | | | | 0.14 | | | | 0.13 | | | | 0.12 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | | | | | 2.63 | | | | 3.31 | | | | (1.02 | ) | | | (3.28 | ) | | | 7.97 | | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 2.71 | | | | 3.45 | | | | (0.88 | ) | | | (3.15 | ) | | | 8.09 | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.03 | ) | | | (0.16 | ) | | | (0.12 | ) | | | (0.14 | ) | | | (0.10 | ) | | | (0.13 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.29 | ) | | | (2.08 | ) | | | (0.36 | ) | | | (0.00 | )(c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | | | | | (0.03 | ) | | | (0.16 | ) | | | (0.41 | ) | | | (2.22 | ) | | | (0.46 | ) | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | | | | | $ | 20.03 | | | $ | 17.35 | | | $ | 14.06 | | | $ | 15.35 | | | $ | 20.72 | | | $ | 13.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 15.67 | %(e) | | | 24.68 | % | | | (5.75 | )% | | | (16.89 | )% | | | 62.61 | % | | | 0.61 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 0.56 | %(g) | | | 0.57 | % | | | 0.59 | % | | | 0.59 | % | | | 0.60 | % | | | 0.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 0.50 | %(g) | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | | | | | 0.88 | %(g) | | | 0.86 | % | | | 0.93 | % | | | 0.69 | % | | | 0.65 | % | | | 0.99 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 2,478,384 | | | $ | 2,020,581 | | | $ | 2,152,757 | | | $ | 2,501,959 | | | $ | 2,802,145 | | | $ | 847,753 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | | | | | 44 | % | | | 75 | % | | | 93 | % | | | 81 | % | | | 63 | % | | | 101 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Amount is greater than $(0.005) per share. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Small Cap Core Fund (continued) | |
| |
| | | Investor A | |
| | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Year Ended 05/31/20 | |
| | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 17.23 | | | $ | 13.96 | | | $ | 15.24 | | | $ | 20.58 | | | $ | 13.02 | | | $ | 13.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | | | | | 0.06 | | | | 0.09 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.10 | |
Net realized and unrealized gain (loss) | | | | | | | 2.61 | | | | 3.30 | | | | (1.01 | ) | | | (3.25 | ) | | | 7.91 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 2.67 | | | | 3.39 | | | | (0.91 | ) | | | (3.17 | ) | | | 7.99 | | | | 0.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.02 | ) | | | (0.12 | ) | | | (0.08 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.10 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.29 | ) | | | (2.08 | ) | | | (0.36 | ) | | | (0.00 | )(c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | | | | | (0.02 | ) | | | (0.12 | ) | | | (0.37 | ) | | | (2.17 | ) | | | (0.43 | ) | | | (0.10 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | | | | | $ | 19.88 | | | $ | 17.23 | | | $ | 13.96 | | | $ | 15.24 | | | $ | 20.58 | | | $ | 13.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 15.49 | %(e) | | | 24.42 | % | | | (5.98 | )% | | | (17.08 | )% | | | 62.05 | % | | | 0.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 0.90 | %(g) | | | 0.93 | % | | | 0.93 | % | | | 0.92 | % | | | 0.95 | % | | | 1.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 0.75 | %(g) | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | | | | | 0.62 | %(g) | | | 0.59 | % | | | 0.67 | % | | | 0.44 | % | | | 0.45 | % | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 634,941 | | | $ | 382,878 | | | $ | 315,694 | | | $ | 358,594 | | | $ | 530,664 | | | $ | 277,926 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | | | | | 44 | % | | | 75 | % | | | 93 | % | | | 81 | % | | | 63 | % | | | 101 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Amount is greater than $(0.005) per share. |
| (d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 52 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Small Cap Core Fund (continued) | |
| |
| | | Investor C | |
| | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Year Ended 05/31/20 | |
| | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 16.64 | | | $ | 13.50 | | | $ | 14.80 | | | $ | 20.08 | | | $ | 12.74 | | | $ | 12.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income (loss)(a) | | | | | | | (0.01 | ) | | | (0.03 | ) | | | (0.01 | ) | | | (0.05 | ) | | | (0.05 | ) | | | 0.00 | (b) |
Net realized and unrealized gain (loss) | | | | | | | 2.51 | | | | 3.20 | | | | (0.98 | ) | | | (3.18 | ) | | | 7.74 | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 2.50 | | | | 3.17 | | | | (0.99 | ) | | | (3.23 | ) | | | 7.69 | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | — | | | | (0.03 | ) | | | (0.02 | ) | | | — | | | | — | | | | (0.02 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.29 | ) | | | (2.05 | ) | | | (0.35 | ) | | | (0.00 | )(d) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | | | | | — | | | | (0.03 | ) | | | (0.31 | ) | | | (2.05 | ) | | | (0.35 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | | | | | $ | 19.14 | | | $ | 16.64 | | | $ | 13.50 | | | $ | 14.80 | | | $ | 20.08 | | | $ | 12.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 15.02 | %(f) | | | 23.55 | % | | | (6.70 | )% | | | (17.74 | )% | | | 60.90 | % | | | (0.33 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.65 | %(h) | | | 1.71 | % | | | 1.69 | % | | | 1.64 | % | | | 1.70 | % | | | 1.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.50 | %(h) | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % | | | 1.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income (loss) | | | | | | | (0.11 | )%(h) | | | (0.18 | )% | | | (0.07 | )% | | | (0.30 | )% | | | (0.32 | )% | | | 0.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 13,944 | | | $ | 11,679 | | | $ | 9,276 | | | $ | 10,969 | | | $ | 12,880 | | | $ | 4,955 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | | | | | 44 | % | | | 75 | % | | | 93 | % | | | 81 | % | | | 63 | % | | | 101 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Amount is less than $0.005 per share. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Amount is greater than $(0.005) per share. |
| (e) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Small Cap Core Fund (continued) | |
| |
| | | Class K | |
| | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Year Ended 05/31/20 | |
| | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 17.37 | | | $ | 14.07 | | | $ | 15.36 | | | $ | 20.73 | | | $ | 13.10 | | | $ | 13.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | | | | | 0.09 | | | | 0.14 | | | | 0.14 | | | | 0.13 | | | | 0.13 | | | | 0.14 | |
Net realized and unrealized gain (loss) | | | | | | | 2.63 | | | | 3.33 | | | | (1.02 | ) | | | (3.27 | ) | | | 7.97 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 2.72 | | | | 3.47 | | | | (0.88 | ) | | | (3.14 | ) | | | 8.10 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.04 | ) | | | (0.17 | ) | | | (0.12 | ) | | | (0.15 | ) | | | (0.11 | ) | | | (0.14 | ) |
From net realized gain | | | | | | | — | | | | — | | | | (0.29 | ) | | | (2.08 | ) | | | (0.36 | ) | | | (0.00 | )(c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | | | | | (0.04 | ) | | | (0.17 | ) | | | (0.41 | ) | | | (2.23 | ) | | | (0.47 | ) | | | (0.14 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | | | | | $ | 20.05 | | | $ | 17.37 | | | $ | 14.07 | | | $ | 15.36 | | | $ | 20.73 | | | $ | 13.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 15.67 | %(e) | | | 24.80 | % | | | (5.70 | )% | | | (16.84 | )% | | | 62.63 | % | | | 0.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 0.50 | %(g) | | | 0.51 | % | | | 0.51 | % | | | 0.51 | % | | | 0.52 | % | | | 0.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 0.45 | %(g) | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % | | | 0.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | | | | | 0.94 | %(g) | | | 0.89 | % | | | 0.97 | % | | | 0.73 | % | | | 0.71 | % | | | 0.99 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 1,343,396 | | | $ | 1,099,659 | | | $ | 964,449 | | | $ | 967,682 | | | $ | 920,752 | | | $ | 188,885 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | | | | | 44 | % | | | 75 | % | | | 93 | % | | | 81 | % | | | 63 | % | | | 101 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Amount is greater than $(0.005) per share. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 54 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Core Fund | |
| |
| | | Institutional | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Period from 10/01/21 to 05/31/22 | | | Year Ended 09/30/21 | | | Year Ended 09/30/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 22.42 | | | $ | 17.36 | | | $ | 18.39 | | | $ | 23.32 | | | $ | 18.78 | | | $ | 16.87 | | | $ | 18.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.08 | | | | 0.19 | | | | 0.20 | | | | 0.13 | | | | 0.19 | | | | 0.22 | | | | 0.25 | |
Net realized and unrealized gain (loss) | | | 3.22 | | | | 5.06 | | | | (0.18 | ) | | | (0.87 | ) | | | 5.31 | | | | 2.41 | | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 3.30 | | | | 5.25 | | | | 0.02 | | | | (0.74 | ) | | | 5.50 | | | | 2.63 | | | | 0.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.08 | ) | | | (0.19 | ) | | | (0.20 | ) | | | (0.19 | ) | | | (0.22 | ) | | | (0.29 | ) | | | (0.20 | ) |
From net realized gain | | | (1.69 | ) | | | — | | | | (0.85 | ) | | | (4.00 | ) | | | (0.74 | ) | | | (0.43 | ) | | | (1.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (1.77 | ) | | | (0.19 | ) | | | (1.05 | ) | | | (4.19 | ) | | | (0.96 | ) | | | (0.72 | ) | | | (1.43 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 23.95 | | | $ | 22.42 | | | $ | 17.36 | | | $ | 18.39 | | | $ | 23.32 | | | $ | 18.78 | | | $ | 16.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.44 | %(d) | | | 30.47 | % | | | 0.63 | % | | | (5.20 | )%(d) | | | 30.31 | % | | | 15.96 | % | | | 1.41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.60 | %(f) | | | 0.63 | % | | | 0.63 | % | | | 0.61 | %(f)(g) | | | 0.68 | %(h) | | | 0.84 | %(i) | | | 0.82 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.48 | %(f) | | | 0.48 | % | | | 0.48 | % | | | 0.48 | %(f)(g) | | | 0.48 | %(h) | | | 0.48 | %(i) | | | 0.47 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 0.73 | %(f) | | | 0.95 | % | | | 1.17 | % | | | 0.92 | %(f)(g) | | | 0.87 | %(h) | | | 1.29 | %(i) | | | 1.54 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,329,372 | | | $ | 1,193,777 | | | $ | 1,479,014 | | | $ | 1,547,621 | | | $ | 1,721,850 | | | $ | 1,399,612 | | | $ | 1,325,232 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate(j) | | | 58 | % | | | 116 | % | | | 105 | % | | | 73 | % | | | 111 | % | | | 99 | % | | | 151 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%. |
| (i) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (j) | Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 55 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Core Fund (continued) | |
| |
| | | Investor A | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Period from 10/01/21 to 05/31/22 | | | Year Ended 09/30/21 | | | Year Ended 09/30/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 21.17 | | | $ | 16.40 | | | $ | 17.44 | | | $ | 22.30 | | | $ | 18.00 | | | $ | 16.20 | | | $ | 17.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.05 | | | | 0.13 | | | | 0.15 | | | | 0.09 | | | | 0.13 | | | | 0.17 | | | | 0.20 | |
Net realized and unrealized gain (loss) | | | 3.03 | | | | 4.79 | | | | (0.19 | ) | | | (0.82 | ) | | | 5.08 | | | | 2.31 | | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 3.08 | | | | 4.92 | | | | (0.04 | ) | | | (0.73 | ) | | | 5.21 | | | | 2.48 | | | | 0.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.06 | ) | | | (0.15 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.17 | ) | | | (0.25 | ) | | | (0.17 | ) |
From net realized gain | | | (1.69 | ) | | | — | | | | (0.85 | ) | | | (4.00 | ) | | | (0.74 | ) | | | (0.43 | ) | | | (1.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (1.75 | ) | | | (0.15 | ) | | | (1.00 | ) | | | (4.13 | ) | | | (0.91 | ) | | | (0.68 | ) | | | (1.40 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 22.50 | | | $ | 21.17 | | | $ | 16.40 | | | $ | 17.44 | | | $ | 22.30 | | | $ | 18.00 | | | $ | 16.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.30 | %(d) | | | 30.18 | % | | | 0.34 | % | | | (5.37 | )%(d) | | | 30.01 | % | | | 15.66 | % | | | 1.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.86 | %(f) | | | 0.88 | % | | | 0.90 | % | | | 0.86 | %(f)(g) | | | 0.93 | %(h) | | | 1.09 | %(i) | | | 1.10 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.73 | %(f) | | | 0.73 | % | | | 0.73 | % | | | 0.73 | %(f)(g) | | | 0.73 | %(h) | | | 0.73 | %(i) | | | 0.73 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 0.48 | %(f) | | | 0.70 | % | | | 0.92 | % | | | 0.67 | %(f)(g) | | | 0.62 | %(h) | | | 1.04 | %(i) | | | 1.30 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,700,919 | | | $ | 1,547,821 | | | $ | 1,271,384 | | | $ | 1,382,899 | | | $ | 1,519,185 | | | $ | 1,325,195 | | | $ | 1,202,715 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate(j) | | | 58 | % | | | 116 | % | | | 105 | % | | | 73 | % | | | 111 | % | | | 99 | % | | | 151 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%. |
| (i) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (j) | Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022. |
See notes to financial statements.
| | |
| 56 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Core Fund (continued) | |
| |
| | | Investor C | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Period from 10/01/21 to 05/31/22 | | | Year Ended 09/30/21 | | | Year Ended 09/30/20 | | | Year Ended 09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 16.73 | | | $ | 13.01 | | | $ | 14.06 | | | $ | 18.68 | | | $ | 15.14 | | | $ | 13.72 | | | $ | 15.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss)(a) | | | | | | | (0.02 | ) | | | (0.01 | ) | | | 0.02 | | | | (0.01 | ) | | | (0.02 | ) | | | 0.04 | | | | 0.07 | |
Net realized and unrealized gain (loss) | | | | | | | 2.35 | | | | 3.80 | | | | (0.16 | ) | | | (0.61 | ) | | | 4.28 | | | | 1.95 | | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 2.33 | | | | 3.79 | | | | (0.14 | ) | | | (0.62 | ) | | | 4.26 | | | | 1.99 | | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.01 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.00 | )(c) | | | — | | | | (0.14 | ) | | | (0.03 | ) |
From net realized gain | | | | | | | (1.69 | ) | | | — | | | | (0.85 | ) | | | (4.00 | ) | | | (0.72 | ) | | | (0.43 | ) | | | (1.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total distributions | | | | | | | (1.70 | ) | | | (0.07 | ) | | | (0.91 | ) | | | (4.00 | ) | | | (0.72 | ) | | | (0.57 | ) | | | (1.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 17.36 | | | $ | 16.73 | | | $ | 13.01 | | | $ | 14.06 | | | $ | 18.68 | | | $ | 15.14 | | | $ | 13.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 14.86 | %(e) | | | 29.21 | % | | | (0.42 | )% | | | (5.81 | )%(e) | | | 29.03 | % | | | 14.80 | % | | | 0.37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.69 | %(g) | | | 1.69 | % | | | 1.72 | % | | | 1.69 | %(g)(h) | | | 1.69 | %(i) | | | 1.87 | %(j) | | | 1.89 | %(j) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.48 | %(g) | | | 1.48 | % | | | 1.48 | % | | | 1.48 | %(g)(h) | | | 1.48 | %(i) | | | 1.48 | %(j) | | | 1.48 | %(j) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss) | | | | | | | (0.27 | )%(g) | | | (0.05 | )% | | | 0.17 | % | | | (0.08 | )%(g)(h) | | | (0.13 | )%(i) | | | 0.32 | %(j) | | | 0.52 | %(j) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 50,665 | | | $ | 44,928 | | | $ | 31,813 | | | $ | 38,506 | | | $ | 42,561 | | | $ | 31,921 | | | $ | 95,571 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate(k) | | | | | | | 58 | % | | | 116 | % | | | 105 | % | | | 73 | % | | | 111 | % | | | 99 | % | | | 151 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Amount is greater than $(0.005) per share. |
| (d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (i) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%. |
| (j) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (k) | Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Core Fund (continued) | |
| |
| | | Class K | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended
05/31/23 | | | Period from 10/01/21 to 05/31/22 | | | Year Ended 09/30/21 | | | Year Ended 09/30/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 22.42 | | | $ | 17.36 | | | $ | 18.40 | | | $ | 23.34 | | | $ | 18.79 | | | $ | 16.88 | | | $ | 18.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.09 | | | | 0.20 | | | | 0.21 | | | | 0.13 | | | | 0.20 | | | | 0.22 | | | | 0.31 | |
Net realized and unrealized gain (loss) | | | 3.23 | | | | 5.06 | | | | (0.19 | ) | | | (0.87 | ) | | | 5.32 | | | | 2.42 | | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 3.32 | | | | 5.26 | | | | 0.02 | | | | (0.74 | ) | | | 5.52 | | | | 2.64 | | | | 0.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.08 | ) | | | (0.20 | ) | | | (0.21 | ) | | | (0.20 | ) | | | (0.23 | ) | | | (0.30 | ) | | | (0.21 | ) |
From net realized gain | | | (1.69 | ) | | | — | | | | (0.85 | ) | | | (4.00 | ) | | | (0.74 | ) | | | (0.43 | ) | | | (1.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (1.77 | ) | | | (0.20 | ) | | | (1.06 | ) | | | (4.20 | ) | | | (0.97 | ) | | | (0.73 | ) | | | (1.44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 23.97 | | | $ | 22.42 | | | $ | 17.36 | | | $ | 18.40 | | | $ | 23.34 | | | $ | 18.79 | | | $ | 16.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.56 | %(d) | | | 30.53 | % | | | 0.63 | % | | | (5.18 | )%(d) | | | 30.42 | % | | | 16.01 | % | | | 1.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.51 | %(f) | | | 0.52 | % | | | 0.54 | % | | | 0.51 | %(f)(g) | | | 0.55 | %(h) | | | 0.70 | %(i) | | | 0.72 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.43 | %(f) | | | 0.43 | % | | | 0.43 | % | | | 0.43 | %(f)(g) | | | 0.43 | %(h) | | | 0.43 | %(i) | | | 0.43 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 0.78 | %(f) | | | 1.01 | % | | | 1.22 | % | | | 0.98 | %(f)(g) | | | 0.91 | %(h) | | | 1.30 | %(i) | | | 1.87 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 49,297 | | | $ | 41,460 | | | $ | 31,568 | | | $ | 61,965 | | | $ | 56,736 | | | $ | 34,078 | | | $ | 3,079 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate(j) | | | 58 | % | | | 116 | % | | | 105 | % | | | 73 | % | | | 111 | % | | | 99 | % | | | 151 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%. |
| (i) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (j) | Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022. |
See notes to financial statements.
| | |
| 58 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Core Fund (continued) | |
| |
| | | Class R | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Period from 10/01/21 to 05/31/22 | | | Year Ended 09/30/21 | | | Year Ended 09/30/20 | | | Year Ended
09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 19.07 | | | $ | 14.80 | | | $ | 15.84 | | | $ | 20.60 | | | $ | 16.66 | | | $ | 15.03 | | | $ | 16.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income(a) | | | | | | | 0.02 | | | | 0.07 | | | | 0.10 | | | | 0.05 | | | | 0.07 | | | | 0.13 | | | | 0.15 | |
Net realized and unrealized gain (loss) | | | | | | | 2.71 | | | | 4.32 | | | | (0.17 | ) | | | (0.72 | ) | | | 4.70 | | | | 2.13 | | | | (0.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 2.73 | | | | 4.39 | | | | (0.07 | ) | | | (0.67 | ) | | | 4.77 | | | | 2.26 | | | | 0.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.03 | ) | | | (0.12 | ) | | | (0.12 | ) | | | (0.09 | ) | | | (0.09 | ) | | | (0.20 | ) | | | (0.14 | ) |
From net realized gain | | | | | | | (1.69 | ) | | | — | | | | (0.85 | ) | | | (4.00 | ) | | | (0.74 | ) | | | (0.43 | ) | | | (1.23 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total distributions | | | | | | | (1.72 | ) | | | (0.12 | ) | | | (0.97 | ) | | | (4.09 | ) | | | (0.83 | ) | | | (0.63 | ) | | | (1.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 20.08 | | | $ | 19.07 | | | $ | 14.80 | | | $ | 15.84 | | | $ | 20.60 | | | $ | 16.66 | | | $ | 15.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 15.16 | %(d) | | | 29.82 | % | | | 0.14 | % | | | (5.55 | )%(d) | | | 29.67 | % | | | 15.38 | % | | | 0.88 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.23 | %(f) | | | 1.22 | % | | | 1.24 | % | | | 1.23 | %(f)(g) | | | 1.26 | %(h) | | | 1.37 | %(i) | | | 1.32 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 0.98 | %(f) | | | 0.98 | % | | | 0.98 | % | | | 0.98 | %(f)(g) | | | 0.98 | %(h) | | | 0.98 | %(i) | | | 0.98 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income | | | | | | | 0.25 | %(f) | | | 0.44 | % | | | 0.68 | % | | | 0.42 | %(f)(g) | | | 0.37 | %(h) | | | 0.83 | %(i) | | | 1.04 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 17,228 | | | $ | 19,237 | | | $ | 11,479 | | | $ | 13,967 | | | $ | 14,399 | | | $ | 12,416 | | | $ | 27,003 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate(j) | | | | | | | 58 | % | | | 116 | % | | | 105 | % | | | 73 | % | | | 111 | % | | | 99 | % | | | 151 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From October 1, 2021 through April 25, 2022, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of less than 0.01%. |
| (i) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.01%. |
| (j) | Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 59 |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Value Fund | |
| |
| | | Institutional | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 32.45 | | | $ | 26.63 | | | $ | 29.79 | | | $ | 35.07 | | | $ | 24.74 | | | $ | 28.08 | | | $ | 30.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.24 | | | | 0.51 | | | | 0.47 | | | | 0.45 | | | | 0.46 | | | | 0.39 | | | | 0.57 | |
Net realized and unrealized gain (loss) | | | 4.09 | | | | 6.16 | | | | (2.02 | ) | | | (0.21 | ) | | | 10.36 | | | | (2.60 | ) | | | (0.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 4.33 | | | | 6.67 | | | | (1.55 | ) | | | 0.24 | | | | 10.82 | | | | (2.21 | ) | | | 0.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.20 | ) | | | (0.50 | ) | | | (0.47 | ) | | | (0.47 | ) | | | (0.49 | ) | | | (0.58 | ) | | | (0.59 | ) |
From net realized gain | | | (2.21 | ) | | | (0.35 | ) | | | (1.14 | ) | | | (5.05 | ) | | | — | | | | (0.55 | ) | | | (2.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (2.41 | ) | | | (0.85 | ) | | | (1.61 | ) | | | (5.52 | ) | | | (0.49 | ) | | | (1.13 | ) | | | (3.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 34.37 | | | $ | 32.45 | | | $ | 26.63 | | | $ | 29.79 | | | $ | 35.07 | | | $ | 24.74 | | | $ | 28.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 14.12 | %(d) | | | 25.48 | % | | | (4.97 | )% | | | 0.63 | % | | | 44.37 | % | | | (8.36 | )%(d) | | | 1.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.69 | %(f) | | | 0.71 | % | | | 0.70 | % | | | 0.70 | % | | | 0.84 | %(g) | | | 0.89 | %(f)(h) | | | 0.87 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.54 | %(f) | | | 0.54 | % | | | 0.54 | % | | | 0.54 | % | | | 0.54 | %(g) | | | 0.54 | %(f)(h) | | | 0.54 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 1.46 | %(f) | | | 1.73 | % | | | 1.72 | % | | | 1.41 | % | | | 1.58 | %(g) | | | 2.20 | %(f)(h) | | | 2.09 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 226,061 | | | $ | 193,379 | | | $ | 164,434 | | | $ | 186,903 | | | $ | 194,452 | | | $ | 146,365 | | | $ | 192,744 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 62 | % | | | 118 | % | | | 116 | % | | | 136 | % | | | 126 | %(i) | | | 70 | % | | | 161 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.03%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. |
| (i) | Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021. |
See notes to financial statements.
| | |
| 60 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Value Fund (continued) | |
| |
| | | Investor A | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended
05/31/22 | | | Year Ended
05/31/21 | | | Period from
10/01/19 to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 31.48 | | | $ | 25.86 | | | $ | 28.98 | | | $ | 34.26 | | | $ | 24.18 | | | $ | 27.45 | | | $ | 30.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.19 | | | | 0.43 | | | | 0.39 | | | | 0.36 | | | | 0.38 | | | | 0.34 | | | | 0.49 | |
Net realized and unrealized gain (loss) | | | 3.97 | | | | 5.97 | | | | (1.97 | ) | | | (0.20 | ) | | | 10.13 | | | | (2.55 | ) | | | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 4.16 | | | | 6.40 | | | | (1.58 | ) | | | 0.16 | | | | 10.51 | | | | (2.21 | ) | | | 0.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.17 | ) | | | (0.43 | ) | | | (0.40 | ) | | | (0.39 | ) | | | (0.43 | ) | | | (0.51 | ) | | | (0.52 | ) |
From net realized gain | | | (2.21 | ) | | | (0.35 | ) | | | (1.14 | ) | | | (5.05 | ) | | | — | | | | (0.55 | ) | | | (2.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (2.38 | ) | | | (0.78 | ) | | | (1.54 | ) | | | (5.44 | ) | | | (0.43 | ) | | | (1.06 | ) | | | (3.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 33.26 | | | $ | 31.48 | | | $ | 25.86 | | | $ | 28.98 | | | $ | 34.26 | | | $ | 24.18 | | | $ | 27.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 13.98 | %(d) | | | 25.15 | % | | | (5.22 | )% | | | 0.40 | % | | | 44.01 | % | | | (8.53 | )%(d) | | | 1.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.95 | %(f) | | | 0.96 | % | | | 0.97 | % | | | 0.97 | % | | | 1.10 | %(g) | | | 1.15 | %(f)(h) | | | 1.14 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.79 | %(f) | | | 0.79 | % | | | 0.79 | % | | | 0.79 | % | | | 0.79 | %(g) | | | 0.79 | %(f)(h) | | | 0.79 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 1.21 | %(f) | | | 1.48 | % | | | 1.47 | % | | | 1.16 | % | | | 1.33 | %(g) | | | 1.95 | %(f)(h) | | | 1.84 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 427,976 | | | $ | 393,788 | | | $ | 345,671 | | | $ | 394,334 | | | $ | 405,607 | | | $ | 280,449 | | | $ | 336,565 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 62 | % | | | 118 | % | | | 116 | % | | | 136 | % | | | 126 | %(i) | | | 70 | % | | | 161 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.03%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. |
| (i) | Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 61 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Value Fund (continued) | |
| |
| | | Investor C | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended
05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended
09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 28.44 | | | $ | 23.43 | | | $ | 26.40 | | | $ | 31.69 | | | $ | 22.31 | | | $ | 25.32 | | | $ | 28.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income(a) | | | | | | | 0.07 | | | | 0.19 | | | | 0.17 | | | | 0.12 | | | | 0.16 | | | | 0.19 | | | | 0.27 | |
Net realized and unrealized gain (loss) | | | | | | | 3.55 | | | | 5.40 | | | | (1.78 | ) | | | (0.19 | ) | | | 9.37 | | | | (2.36 | ) | | | (0.24 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 3.62 | | | | 5.59 | | | | (1.61 | ) | | | (0.07 | ) | | | 9.53 | | | | (2.17 | ) | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.07 | ) | | | (0.23 | ) | | | (0.22 | ) | | | (0.17 | ) | | | (0.15 | ) | | | (0.29 | ) | | | (0.24 | ) |
From net realized gain | | | | | | | (2.21 | ) | | | (0.35 | ) | | | (1.14 | ) | | | (5.05 | ) | | | — | | | | (0.55 | ) | | | (2.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total distributions | | | | | | | (2.28 | ) | | | (0.58 | ) | | | (1.36 | ) | | | (5.22 | ) | | | (0.15 | ) | | | (0.84 | ) | | | (2.77 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 29.78 | | | $ | 28.44 | | | $ | 23.43 | | | $ | 26.40 | | | $ | 31.69 | | | $ | 22.31 | | | $ | 25.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 13.53 | %(d) | | | 24.21 | % | | | (5.89 | )% | | | (0.38 | )% | | | 42.99 | % | | | (9.00 | )%(d) | | | 0.79 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.74 | %(f) | | | 1.76 | % | | | 1.74 | % | | | 1.73 | % | | | 1.85 | %(g) | | | 1.91 | %(f)(h) | | | 1.94 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.54 | %(f) | | | 1.54 | % | | | 1.54 | % | | | 1.54 | % | | | 1.54 | %(g) | | | 1.54 | %(f)(h) | | | 1.54 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income | | | | | | | 0.46 | %(f) | | | 0.73 | % | | | 0.72 | % | | | 0.41 | % | | | 0.63 | %(g) | | | 1.20 | %(f)(h) | | | 1.08 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 15,132 | | | $ | 14,553 | | | $ | 14,894 | | | $ | 18,099 | | | $ | 20,880 | | | $ | 43,395 | | | $ | 63,659 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate | | | | | | | 62 | % | | | 118 | % | | | 116 | % | | | 136 | % | | | 126 | %(i) | | | 70 | % | | | 161 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.03%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. |
| (i) | Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021. |
See notes to financial statements.
| | |
| 62 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Value Fund (continued) | |
| |
| | | Class K | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 32.45 | | | $ | 26.64 | | | $ | 29.80 | | | $ | 35.08 | | | $ | 24.74 | | | $ | 28.09 | | | $ | 30.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.25 | | | | 0.53 | | | | 0.48 | | | | 0.47 | | | | 0.47 | | | | 0.40 | | | | 0.58 | |
Net realized and unrealized gain (loss) | | | 4.10 | | | | 6.14 | | | | (2.01 | ) | | | (0.22 | ) | | | 10.38 | | | | (2.60 | ) | | | (0.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 4.35 | | | | 6.67 | | | | (1.53 | ) | | | 0.25 | | | | 10.85 | | | | (2.20 | ) | | | 0.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.21 | ) | | | (0.51 | ) | | | (0.49 | ) | | | (0.48 | ) | | | (0.51 | ) | | | (0.60 | ) | | | (0.60 | ) |
From net realized gain | | | (2.21 | ) | | | (0.35 | ) | | | (1.14 | ) | | | (5.05 | ) | | | — | | | | (0.55 | ) | | | (2.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (2.42 | ) | | | (0.86 | ) | | | (1.63 | ) | | | (5.53 | ) | | | (0.51 | ) | | | (1.15 | ) | | | (3.13 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 34.38 | | | $ | 32.45 | | | $ | 26.64 | | | $ | 29.80 | | | $ | 35.08 | | | $ | 24.74 | | | $ | 28.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 14.17 | %(d) | | | 25.49 | % | | | (4.91 | )% | | | 0.69 | % | | | 44.48 | % | | | (8.35 | )%(d) | | | 1.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.61 | %(f) | | | 0.62 | % | | | 0.63 | % | | | 0.63 | % | | | 0.74 | %(g) | | | 0.80 | %(f)(h) | | | 0.79 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.49 | %(f) | | | 0.49 | % | | | 0.49 | % | | | 0.49 | % | | | 0.49 | %(g) | | | 0.49 | %(f)(h) | | | 0.49 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 1.52 | %(f) | | | 1.80 | % | | | 1.77 | % | | | 1.47 | % | | | 1.62 | %(g) | | | 2.24 | %(f)(h) | | | 2.14 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 12,273 | | | $ | 12,053 | | | $ | 10,451 | | | $ | 10,210 | | | $ | 8,258 | | | $ | 4,971 | | | $ | 5,699 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 62 | % | | | 118 | % | | | 116 | % | | | 136 | % | | | 126 | %(i) | | | 70 | % | | | 161 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.03%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. |
| (i) | Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 63 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Advantage Large Cap Value Fund (continued) | |
| |
| | | Class R | |
| | | | | | | | |
| | | | | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 10/01/19 to 05/31/20 | | | Year Ended 09/30/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 29.80 | | | $ | 24.52 | | | $ | 27.56 | | | $ | 32.84 | | | $ | 23.18 | | | $ | 26.29 | | | $ | 29.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income(a) | | | | | | | 0.14 | | | | 0.34 | | | | 0.31 | | | | 0.27 | | | | 0.29 | | | | 0.28 | | | | 0.41 | |
Net realized and unrealized gain (loss) | | | | | | | 3.74 | | | | 5.65 | | | | (1.87 | ) | | | (0.19 | ) | | | 9.71 | | | | (2.43 | ) | | | (0.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | 3.88 | | | | 5.99 | | | | (1.56 | ) | | | 0.08 | | | | 10.00 | | | | (2.15 | ) | | | 0.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | | | | | (0.14 | ) | | | (0.36 | ) | | | (0.34 | ) | | | (0.31 | ) | | | (0.34 | ) | | | (0.41 | ) | | | (0.43 | ) |
From net realized gain | | | | | | | (2.21 | ) | | | (0.35 | ) | | | (1.14 | ) | | | (5.05 | ) | | | — | | | | (0.55 | ) | | | (2.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total distributions | | | | | | | (2.35 | ) | | | (0.71 | ) | | | (1.48 | ) | | | (5.36 | ) | | | (0.34 | ) | | | (0.96 | ) | | | (2.96 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 31.33 | | | $ | 29.80 | | | $ | 24.52 | | | $ | 27.56 | | | $ | 32.84 | | | $ | 23.18 | | | $ | 26.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | 13.82 | %(d) | | | 24.84 | % | | | (5.43 | )% | | | 0.14 | % | | | 43.63 | % | | | (8.65 | )%(d) | | | 1.29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.32 | %(f) | | | 1.35 | % | | | 1.36 | % | | | 1.35 | % | | | 1.41 | %(g) | | | 1.43 | %(f)(h) | | | 1.44 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.04 | %(f) | | | 1.04 | % | | | 1.04 | % | | | 1.04 | % | | | 1.04 | %(g) | | | 1.04 | %(f)(h) | | | 1.04 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income | | | | | | | 0.96 | %(f) | | | 1.23 | % | | | 1.22 | % | | | 0.91 | % | | | 1.11 | %(g) | | | 1.69 | %(f)(h) | | | 1.59 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 8,101 | | | $ | 7,729 | | | $ | 6,925 | | | $ | 8,440 | | | $ | 9,015 | | | $ | 10,820 | | | $ | 18,321 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate | | | | | | | 62 | % | | | 118 | % | | | 116 | % | | | 136 | % | | | 126 | %(i) | | | 70 | % | | | 161 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | From June 1, 2020 through February 28, 2021, the Fund invested in the Master Portfolio as part of a master-feeder structure and received its corresponding allocated fees waived and expenses and/or net investment income from the Master Portfolio. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.03%. |
| (h) | Includes the Fund’s share of the Master Portfolio’s allocated expenses and/or net investment income. Includes the Fund’s share of the Master Portfolio’s allocated fees waived of 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively. |
| (i) | Portfolio turnover rate includes transactions from the Master LLC prior to March 1, 2021. |
See notes to financial statements.
| | |
| 64 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited)
BlackRock FundsSM (the “Trust”) and BlackRock Large Cap Series Funds, Inc. (the “Corporation”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. The Trust is organized as a Massachusetts business trust. The Corporation is organized as a Maryland corporation. BlackRock Advantage International Fund, BlackRock Advantage Large Cap Growth Fund and BlackRock Small Cap Core Fund are series of the Trust. BlackRock Advantage Large Cap Core Fund and BlackRock Advantage Large Cap Value Fund are series of the Corporation. The following are referred to herein collectively as the “Funds” or individually as a “Fund”:
| | | | | | |
|
| | |
| Fund Name | | Herein Referred To As | | | Diversification Classification |
|
| | |
BlackRock Advantage International Fund | | | Advantage International | | | Diversified |
BlackRock Advantage Large Cap Growth Fund | | | Advantage Large Cap Growth | | | Diversified |
BlackRock Advantage Small Cap Core Fund | | | Advantage Small Cap Core | | | Diversified |
BlackRock Advantage Large Cap Core Fund | | | Advantage Large Cap Core | | | Diversified |
BlackRock Advantage Large Cap Value Fund | | | Advantage Large Cap Value | | | Diversified |
|
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).
| | | | | | | | | | | | |
| |
| | | |
| Share Class | | | Initial Sales Charge | | | | CDSC | | | | Conversion Privilege | |
| |
| | | |
Institutional, Class K and Class R Shares | | | No | | | | No | | | | None | |
Investor A Shares | | | Yes | | | | No | (a) | | | None | |
Investor C Shares | | | No | | | | Yes | (b) | | | To Investor A Shares after approximately 8 years | |
| |
| | (a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. | |
| | (b) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | |
The Board of Directors of the Corporation and the Board of Trustees of the Trust are collectively referred to throughout this report as the “Board”, and the directors/trustees thereof are collectively referred to throughout this report as “Directors”.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 65 |
Notes to Financial Statements (unaudited) (continued)
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of each Fund has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price. |
| | • | | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”). |
| | • | | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
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| 66 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| | • | | Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities; |
| | • | | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and |
| | • | | Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
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N O T E S T O F I N A N C I A L S T A T E M E N T S | | 67 |
Notes to Financial Statements (unaudited) (continued)
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Funds’ securities on loan by counterparty which are subject to offset under an MSLA:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name/Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | | | Non-Cash Collateral Received, at Fair Value | | | Net Amount(a) | |
| | | | |
Advantage International | | | | | | | | | | | | | | | | |
BofA Securities, Inc. | | $ | 80 | | | $ | (80 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Advantage Large Cap Growth | | | | | | | | | | | | | | | | |
BNP Paribas SA | | $ | 167,280 | | | $ | (167,280 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Advantage Small Cap Core | | | | | | | | | | | | | | | | |
Barclays Capital, Inc. | | $ | 2,825,323 | | | $ | (2,825,323 | ) | | $ | — | | | $ | — | |
BNP Paribas SA | | | 4,018,195 | | | | (4,018,195 | ) | | | — | | | | — | |
BofA Securities, Inc. | | | 10,551,083 | | | | (10,390,463 | ) | | | — | | | | 160,620 | |
Citigroup Global Markets, Inc. | | | 11,036,374 | | | | (11,036,374 | ) | | | — | | | | — | |
Credit Suisse Securities (USA) LLC | | | 50,327 | | | | (50,327 | ) | | | — | | | | — | |
J.P. Morgan Securities LLC | | | 39,804,835 | | | | (39,804,835 | ) | | | — | | | | — | |
Jefferies LLC | | | 105,507 | | | | (105,507 | ) | | | — | | | | — | |
Morgan Stanley | | | 27,737,104 | | | | (27,737,104 | ) | | | — | | | | — | |
National Financial Services LLC | | | 3,317,826 | | | | (3,317,826 | ) | | | — | | | | — | |
SG Americas Securities LLC | | | 1,116,346 | | | | (1,116,346 | ) | | | — | | | | — | |
State Street Bank & Trust Co. | | | 5,200,253 | | | | (5,200,253 | ) | | | — | | | | — | |
Toronto-Dominion Bank | | | 734,229 | | | | (734,229 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 106,497,402 | | | $ | (106,336,782 | ) | | $ | — | | | $ | 160,620 | |
| | | | | | | | | | | | | | | | |
| | | | |
Advantage Large Cap Value | | | | | | | | | | | | | | | | |
BofA Securities, Inc. | | $ | 3,772,704 | | | $ | (3,772,704 | ) | | $ | — | | | $ | — | |
Citigroup Global Markets, Inc. | | | 889 | | | | (889 | ) | | | — | | | | — | |
Goldman Sachs & Co. LLC | | | 326,724 | | | | (326,724 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 4,100,317 | | | $ | (4,100,317 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | (a) | The market value of the loaned securities is determined as of November 30, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. | |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
| 5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
| | |
| 68 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
| 6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
| | | | | | | | | | | | | | | | | | | | |
| | |
| | | Investment Advisory Fees | |
| | | | | |
| Average Daily Net Assets | | Advantage International | | | Advantage Large Cap Growth | | | Advantage Small Cap Core | | | Advantage Large Cap Core | | | Advantage Large Cap Value | |
| | | | | |
First $1 billion | | | 0.45 | % | | | 0.57 | % | | | 0.45 | % | | | 0.45 | % | | | 0.49 | % |
$1 billion - $3 billion | | | 0.42 | | | | 0.54 | | | | 0.42 | | | | 0.42 | | | | 0.46 | |
$3 billion - $5 billion | | | 0.41 | | | | 0.51 | | | | 0.41 | | | | 0.41 | | | | 0.44 | |
$5 billion - $10 billion | | | 0.39 | | | | 0.50 | | | | 0.39 | | | | 0.39 | | | | 0.43 | |
Greater than $10 billion | | | 0.38 | | | | 0.48 | | | | 0.38 | | | | 0.38 | | | | 0.42 | |
Service and Distribution Fees: The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | Advantage International | | | Advantage Large Cap Growth | | | Advantage Small Cap Core | |
| | | | | | |
| Share Class | | Service Fees | | | Distribution Fees | | | Service Fees | | | Distribution Fees | | | Service Fees | | | Distribution Fees | |
| | | | | | |
Investor A | | | 0.25 | % | | | N/A | | | | 0.25 | % | | | N/A | | | | 0.25 | % | | | N/A | |
Investor C | | | 0.25 | | | | 0.75 | % | | | 0.25 | | | | 0.75 | % | | | 0.25 | % | | | 0.75 | % |
Class R | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | Advantage Large Cap Core | | | Advantage Large Cap Value | |
| | | | | | |
| Share Class | | | | | | | | Service Fees | | | Distribution Fees | | | Service Fees | | | Distribution Fees | |
| | | | | | |
Investor A | | | | | | | | | | | 0.25 | % | | | N/A | | | | 0.25 | % | | | N/A | |
Investor C | | | | | | | | | | | 0.25 | | | | 0.75 | % | | | 0.25 | | | | 0.75 | % |
Class R | | | | | | | | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | |
| |
| | | | |
| Fund Name | | Investor A | | | Investor C | | | Class R | | | Total | |
| |
| | | | |
Advantage International | | $ | 331,051 | | | $ | 73,234 | | | $ | 88,346 | | | $ | 492,631 | |
Advantage Large Cap Growth | | | 732,004 | | | | 159,857 | | | | 4,125 | | | | 895,986 | |
Advantage Small Cap Core | | | 607,536 | | | | 61,671 | | | | — | | | | 669,207 | |
Advantage Large Cap Core | | | 2,024,780 | | | | 239,836 | | | | 43,294 | | | | 2,307,910 | |
Advantage Large Cap Value | | | 505,514 | | | | 72,713 | | | | 19,304 | | | | 597,531 | |
| |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 69 |
Notes to Financial Statements (unaudited) (continued)
Administration: The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.
| | | | |
| | |
| Average Daily Net Assets | | Administration Fees | |
| |
First $500 million | | | 0.0425 | % |
$500 million - $1 billion | | | 0.0400 | |
$1 billion - $2 billion | | | 0.0375 | |
$2 billion - $4 billion | | | 0.0350 | |
$4 billion - $13 billion | | | 0.0325 | |
Greater than $13 billion | | | 0.0300 | |
In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.
For the six months ended November 30, 2024, the following table shows the class specific administration fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
| |
| | | | | | |
Advantage International | | $ | 135,969 | | | $ | 26,538 | | | $ | 1,467 | | | $ | 25,928 | | | $ | 3,541 | | | $ | 193,443 | |
Advantage Large Cap Growth | | | 68,325 | | | | 58,655 | | | | 3,200 | | | | 725 | | | | 165 | | | | 131,070 | |
Advantage Small Cap Core | | | 213,077 | | | | 48,579 | | | | 1,235 | | | | 119,323 | | | | — | | | | 382,214 | |
Advantage Large Cap Core | | | 125,468 | | | | 162,210 | | | | 4,800 | | | | 4,507 | | | | 1,726 | | | | 298,711 | |
Advantage Large Cap Value | | | 20,640 | | | | 40,518 | | | | 1,457 | | | | 1,199 | | | | 774 | | | | 64,588 | |
| |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2024, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:
| | | | | | | | |
| |
| | |
| Fund Name | | Institutional | | | Total | |
| |
| | |
Advantage International | | $ | 266,307 | | | $ | 266,307 | |
Advantage Large Cap Growth | | | 291,008 | | | | 291,008 | |
Advantage Small Cap Core | | | 100,890 | | | | 100,890 | |
Advantage Large Cap Core | | | 195,185 | | | | 195,185 | |
| |
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2024, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
| |
| | | | | | |
Advantage International | | $ | 4,376 | | | $ | 8,235 | | | $ | 972 | | | $ | 360 | | | $ | 2,622 | | | $ | 16,565 | |
Advantage Large Cap Growth | | | 849 | | | | 50,723 | | | | 2,801 | | | | 51 | | | | 23 | | | | 54,447 | |
Advantage Small Cap Core | | | 2,020 | | | | 7,120 | | | | 726 | | | | 486 | | | | — | | | | 10,352 | |
Advantage Large Cap Core | | | 13,065 | | | | 85,456 | | | | 1,650 | | | | 40 | | | | 108 | | | | 100,319 | |
Advantage Large Cap Value | | | 474 | | | | 15,480 | | | | 1,017 | | | | 35 | | | | 69 | | | | 17,075 | |
| |
For the six months ended November 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
| |
| | | | | | |
Advantage International | | $ | 766,711 | | | $ | 143,325 | | | $ | 33,824 | | | $ | 3,705 | | | $ | 84,182 | | | $ | 1,031,747 | |
Advantage Large Cap Growth | | | 373,627 | | | | 290,995 | | | | 55,459 | | | | 270 | | | | 2,026 | | | | 722,377 | |
Advantage Small Cap Core | | | 687,096 | | | | 368,413 | | | | 9,221 | | | | 25,834 | | | | — | | | | 1,090,564 | |
Advantage Large Cap Core | | | 617,036 | | | | 875,328 | | | | 44,194 | | | | 322 | | | | 18,951 | | | | 1,555,831 | |
Advantage Large Cap Value | | | 90,268 | | | | 184,099 | | | | 10,097 | | | | 359 | | | | 8,324 | | | | 293,147 | |
| |
Other Fees: For the six months ended November 30, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:
| | | | |
| |
| |
| Fund Name | | Amounts | |
| |
| |
Advantage International | | $ | 2,449 | |
Advantage Large Cap Growth | | | 11,143 | |
Advantage Small Cap Core | | | 7,056 | |
Advantage Large Cap Core | | | 15,745 | |
Advantage Large Cap Value | | | 3,876 | |
| |
| | |
| 70 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
For the six months ended November 30, 2024, affiliates received CDSCs as follows:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | | | |
| Share Class | | Advantage International | | | Advantage
Large Cap
Growth | | | Advantage
Small Cap Core | | | Advantage
Large Cap Core | | | Advantage
Large Cap
Value | |
| |
| | | | | |
Investor A | | $ | 599 | | | $ | 1,013 | | | $ | 992 | | | $ | 3,821 | | | $ | — | |
Investor C | | | 73 | | | | 257 | | | | 939 | | | | 316 | | | | 58 | |
| |
Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Trust or the Corporation, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2024, the amounts waived were as follows:
| | | | |
| |
| |
| Fund Name | | Amounts Waived | |
| |
| |
Advantage International | | $ | 18,691 | |
Advantage Large Cap Growth | | | 4,750 | |
Advantage Small Cap Core | | | 15,704 | |
Advantage Large Cap Core | | | 10,433 | |
Advantage Large Cap Value | | | 2,281 | |
| |
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2024, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.
With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Class R | |
| |
| | | | | |
Advantage International | | | 0.50 | % | | | 0.75 | % | | | 1.50 | % | | | 0.45 | % | | | 1.00 | % |
Advantage Large Cap Growth | | | 0.62 | | | | 0.87 | | | | 1.62 | | | | 0.57 | | | | 1.12 | |
Advantage Small Cap Core | | | 0.50 | | | | 0.75 | | | | 1.50 | | | | 0.45 | | | | N/A | |
Advantage Large Cap Core | | | 0.48 | | | | 0.73 | | | | 1.48 | | | | 0.43 | | | | 0.98 | |
Advantage Large Cap Value | | | 0.54 | | | | 0.79 | | | | 1.54 | | | | 0.49 | | | | 1.04 | |
| |
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 (June 30, 2034 with respect to Advantage Large Cap Growth Class R Shares), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.
For the six months ended November 30, 2024, the Manager waived and/or reimbursed investment advisory fees, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations, as follows:
| | | | |
| |
| |
| Fund Name | | Amounts Waived | |
| |
| |
Advantage International | | $ | 596,306 | |
Advantage Large Cap Growth | | | 392,052 | |
Advantage Small Cap Core | | | 559,918 | |
Advantage Large Cap Core | | | 825,026 | |
Advantage Large Cap Value | | | 305,040 | |
| |
In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | Administration Fees Waived by the Manager - Class Specific | |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
| |
| | | | | | |
Advantage International | | $ | 135,969 | | | $ | 26,538 | | | $ | 1,467 | | | $ | 25,928 | | | $ | 3,541 | | | $ | 193,443 | |
Advantage Large Cap Growth | | | 68,325 | | | | 58,655 | | | | 3,200 | | | | 725 | | | | 165 | | | | 131,070 | |
Advantage Small Cap Core | | | 213,077 | | | | 48,579 | | | | 1,235 | | | | 119,323 | | | | — | | | | 382,214 | |
Advantage Large Cap Core | | | 125,468 | | | | 162,210 | | | | 4,800 | | | | 4,507 | | | | 1,726 | | | | 298,711 | |
Advantage Large Cap Value | | | 20,640 | | | | 40,518 | | | | 1,457 | | | | 1,199 | | | | 774 | | | | 64,588 | |
| |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 71 |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | |
| | | | | | |
| Fund Name | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
| |
| | | | | | |
Advantage International | | $ | 425,905 | | | $ | 76,350 | | | $ | 30,030 | | | $ | 3,705 | | | $ | 75,155 | | | $ | 611,145 | |
Advantage Large Cap Growth | | | 202,817 | | | | 143,301 | | | | 47,343 | | | | 270 | | | | 1,607 | | | | 395,338 | |
Advantage Small Cap Core | | | 154,161 | | | | 245,590 | | | | 6,054 | | | | 25,834 | | | | — | | | | 431,639 | |
Advantage Large Cap Core | | | 303,428 | | | | 467,641 | | | | 32,019 | | | | 322 | | | | 14,778 | | | | 818,188 | |
Advantage Large Cap Value | | | 38,651 | | | | 81,976 | | | | 6,298 | | | | 359 | | | | 6,350 | | | | 133,634 | |
| |
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund (except Advantage International) retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Pursuant to the current securities lending agreement, Advantage International retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund (except Advantage International), pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Advantage International, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2024, each Fund paid BIM the following amounts for securities lending agent services:
| | | | |
| |
| |
| Fund Name | | Amounts | |
| |
| |
Advantage International | | $ | 289 | |
Advantage Large Cap Growth | | | 955 | |
Advantage Small Cap Core | | | 54,454 | |
Advantage Large Cap Core | | | 665 | |
Advantage Large Cap Value | | | 400 | |
| |
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund other than Advantage Large Cap Growth may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Advantage Large Cap Core, Advantage Large Cap Value and Advantage International are currently permitted to borrow under the Interfund Lending Program. Advantage Small Cap Core is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the six months ended November 30, 2024, the Funds did not participate in the Interfund Lending Program.
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| 72 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
Directors and Officers: Certain directors and/or officers of the Corporation and the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Corporation’s/Trust’s Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors or trustees. For the six months ended November 30, 2024, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:
| | | | | | | | | | | | |
| | | | |
| Fund Name | | Purchases | | | Sales | | | Net Realized
Gain | |
| | | |
Advantage International | | $ | 138,093,835 | | | $ | 158,335,916 | | | $ | 8,077,597 | |
Advantage Large Cap Growth | | | 251,599,183 | | | | 262,826,339 | | | | 39,538,504 | |
Advantage Small Cap Core | | | 37,224,338 | | | | 92,160,043 | | | | 14,314,055 | |
Advantage Large Cap Core | | | 148,859,987 | | | | 186,234,960 | | | | 25,789,719 | |
Advantage Large Cap Value | | | 31,237,205 | | | | 45,283,855 | | | | 4,899,669 | |
| |
For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were as follows:
| | | | | | | | |
| |
| | |
| Fund Name | | Purchases | | | Sales | |
| |
| | |
Advantage International | | $ | 1,575,034,202 | | | $ | 1,066,833,585 | |
Advantage Large Cap Growth | | | 1,024,568,932 | | | | 1,064,114,942 | |
Advantage Small Cap Core | | | 2,076,813,361 | | | | 1,693,637,333 | |
Advantage Large Cap Core | | | 1,707,005,926 | | | | 1,823,404,014 | |
Advantage Large Cap Value | | | 396,522,651 | | | | 409,959,937 | |
| |
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
As of May 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| | | | |
| |
| |
| Fund Name | | Non-Expiring Capital
Loss Carryforwards | |
| |
| |
Advantage International | | $ | (36,663,284 | ) |
Advantage Small Cap Core | | | (203,707,240 | ) |
| |
As of November 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| |
| | | | |
| Fund Name | | Tax Cost | | | Gross Unrealized
Appreciation | | | Gross Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
| |
| | | | |
Advantage International | | $ | 2,056,205,658 | | | $ | 267,321,391 | | | $ | (54,662,069 | ) | | $ | 212,659,322 | |
Advantage Large Cap Growth | | | 874,378,782 | | | | 530,567,858 | | | | (11,529,863 | ) | | | 519,037,995 | |
Advantage Small Cap Core | | | 3,892,357,848 | | | | 940,971,407 | | | | (255,784,965 | ) | | | 685,186,442 | |
Advantage Large Cap Core | | | 2,065,209,852 | | | | 1,113,336,019 | | | | (30,524,862 | ) | | | 1,082,811,157 | |
Advantage Large Cap Value | | | 576,713,025 | | | | 124,814,971 | | | | (8,334,817 | ) | | | 116,480,154 | |
| |
The Trust, on behalf of Advantage International, Advantage Large Cap Growth and Advantage Small Cap Core, and the Corporation, on behalf of Advantage Large Cap Core and Advantage Large Cap Value, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit
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N O T E S T O F I N A N C I A L S T A T E M E N T S | | 73 |
Notes to Financial Statements (unaudited) (continued)
agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2024, the Funds did not borrow under the credit agreement.
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed
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| 74 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Advantage International invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Advantage International invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund’s investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
| 11. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Advantage International | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 33,163,693 | | | $ | 645,605,078 | | | | 23,297,357 | | | $ | 414,287,683 | |
Shares issued in reinvestment of distributions | | | 1,087,485 | | | | 21,053,717 | | | | 1,383,179 | | | | 24,124,489 | |
Shares redeemed | | | (6,830,988 | ) | | | (133,430,872 | ) | | | (10,399,113 | ) | | | (186,487,678 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 27,420,190 | | | $ | 533,227,923 | | | | 14,281,423 | | | $ | 251,924,494 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold and automatic conversion of shares | | | 969,442 | | | $ | 18,517,858 | | | | 1,964,803 | | | $ | 34,539,277 | |
Shares issued in reinvestment of distributions | | | 213,945 | | | | 4,090,638 | | | | 319,591 | | | | 5,512,362 | |
Shares redeemed | | | (945,507 | ) | | | (18,245,472 | ) | | | (2,564,768 | ) | | | (44,937,995 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 237,880 | | | $ | 4,363,024 | | | | (280,374 | ) | | $ | (4,886,356 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 73,034 | | | $ | 1,355,552 | | | | 759,644 | | | $ | 12,470,746 | |
Shares issued in reinvestment of distributions | | | 11,601 | | | | 214,742 | | | | 8,965 | | | | 149,273 | |
Shares redeemed and automatic conversion of shares | | | (89,693 | ) | | | (1,670,673 | ) | | | (141,151 | ) | | | (2,420,929 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (5,058 | ) | | $ | (100,379 | ) | | | 627,458 | | | $ | 10,199,090 | |
| | | | | | | | | | | | | | | | |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 75 |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Advantage International (continued) | | | | | | | | | | | | | | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 2,592,639 | | | $ | 51,015,270 | | | | 2,590,705 | | | $ | 46,132,287 | |
Shares issued in reinvestment of distributions | | | 225,034 | | | | 4,356,665 | | | | 344,221 | | | | 6,005,317 | |
Shares redeemed | | | (1,152,756 | ) | | | (22,618,434 | ) | | | (1,798,410 | ) | | | (32,102,894 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 1,664,917 | | | $ | 32,753,501 | | | | 1,136,516 | | | $ | 20,034,710 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 253,121 | | | $ | 4,856,642 | | | | 1,017,841 | | | $ | 17,350,290 | |
Shares issued in reinvestment of distributions | | | 30,069 | | | | 574,013 | | | | 35,544 | | | | 612,167 | |
Shares redeemed | | | (287,496 | ) | | | (5,527,852 | ) | | | (381,525 | ) | | | (6,684,230 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (4,306 | ) | | $ | (97,197 | ) | | | 671,860 | | | $ | 11,278,227 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 29,313,623 | | | $ | 570,146,872 | | | | 16,436,883 | | | $ | 288,550,165 | |
| | | | | | | | | | | | | | | | |
| | | | |
Advantage Large Cap Growth | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 1,772,157 | | | $ | 47,298,202 | | | | 3,274,605 | | | $ | 74,950,123 | |
Shares issued in reinvestment of distributions | | | 1,911,324 | | | | 49,178,358 | | | | 235,499 | | | | 5,243,158 | |
Shares redeemed | | | (2,499,856 | ) | | | (68,411,727 | ) | | | (4,350,268 | ) | | | (97,770,614 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 1,183,625 | | | $ | 28,064,833 | | | | (840,164 | ) | | $ | (17,577,333 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 612,201 | | | $ | 15,460,649 | | | | 985,440 | | | $ | 21,327,952 | |
Shares issued in reinvestment of distributions | | | 1,866,482 | | | | 44,888,885 | | | | 183,148 | | | | 3,842,876 | |
Shares redeemed | | | (1,306,745 | ) | | | (32,776,191 | ) | | | (2,634,857 | ) | | | (56,679,531 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 1,171,938 | | | $ | 27,573,343 | | | | (1,466,269 | ) | | $ | (31,508,703 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 108,623 | | | $ | 2,141,172 | | | | 1,314,696 | | | $ | 20,739,576 | |
Shares issued in reinvestment of distributions | | | 165,880 | | | | 3,103,619 | | | | 15,709 | | | | 263,290 | |
Shares redeemed and automatic conversion of shares | | | (187,431 | ) | | | (3,637,328 | ) | | | (328,177 | ) | | | (5,811,599 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 87,072 | | | $ | 1,607,463 | | | | 1,002,228 | | | $ | 15,191,267 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 66,607 | | | $ | 1,767,034 | | | | 138,788 | | | $ | 3,023,950 | |
Shares issued in reinvestment of distributions | | | 20,189 | | | | 519,458 | | | | 2,010 | | | | 44,757 | |
Shares redeemed | | | (32,408 | ) | | | (836,539 | ) | | | (43,058 | ) | | | (985,582 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 54,388 | | | $ | 1,449,953 | | | | 97,740 | | | $ | 2,083,125 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 3,993 | | | $ | 106,024 | | | | 36,480 | | | $ | 901,709 | |
Shares issued in reinvestment of distributions | | | 4,967 | | | | 126,212 | | | | 225 | | | | 4,973 | |
Shares redeemed | | | (9,974 | ) | | | (264,549 | ) | | | (3,405 | ) | | | (74,617 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (1,014 | ) | | $ | (32,313 | ) | | | 33,300 | | | $ | 832,065 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 2,496,009 | | | $ | 58,663,279 | | | | (1,173,165 | ) | | $ | (30,979,579 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Advantage Small Cap Core | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 19,642,857 | | | $ | 361,683,964 | | | | 21,347,099 | | | $ | 333,503,755 | |
Shares issued in reinvestment of distributions | | | 217,172 | | | | 3,932,991 | | | | 1,441,914 | | | | 22,168,806 | |
Shares redeemed | | | (12,553,026 | ) | | | (227,058,259 | ) | | | (59,497,255 | ) | | | (936,471,823 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 7,307,003 | | | $ | 138,558,696 | | | | (36,708,242 | ) | | $ | (580,799,262 | ) |
| | | | | | | | | | | | | | | | |
| | |
| 76 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Advantage Small Cap Core (continued) | | | | | | | | | | | | | | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold and automatic conversion of shares | | | 13,932,242 | | | $ | 249,983,509 | | | | 4,034,735 | | | $ | 63,459,431 | |
Shares issued in reinvestment of distributions | | | 21,333 | | | | 383,783 | | | | 180,437 | | | | 2,751,052 | |
Shares redeemed | | | (4,234,638 | ) | | | (77,853,944 | ) | | | (4,608,184 | ) | | | (72,025,154 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 9,718,937 | | | $ | 172,513,348 | | | | (393,012 | ) | | $ | (5,814,671 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 117,830 | | | $ | 2,072,051 | | | | 207,623 | | | $ | 3,184,439 | |
Shares issued in reinvestment of distributions | | | — | | | | — | | | | 1,527 | | | | 22,365 | |
Shares redeemed and automatic conversion of shares | | | (91,384 | ) | | | (1,553,340 | ) | | | (194,068 | ) | | | (2,922,880 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 26,446 | | | $ | 518,711 | | | | 15,082 | | | $ | 283,924 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 10,005,936 | | | $ | 181,872,580 | | | | 10,206,738 | | | $ | 162,561,113 | |
Shares issued in reinvestment of distributions | | | 133,448 | | | | 2,418,076 | | | | 706,613 | | | | 10,874,632 | |
Shares redeemed | | | (6,441,444 | ) | | | (116,560,918 | ) | | | (16,148,319 | ) | | | (253,421,934 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 3,697,940 | | | $ | 67,729,738 | | | | (5,234,968 | ) | | $ | (79,986,189 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 20,750,326 | | | $ | 379,320,493 | | | | (42,321,140 | ) | | $ | (666,316,198 | ) |
| | | | | | | | | | | | | | | | |
Advantage Large Cap Core | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 2,358,977 | | | $ | 53,800,139 | | | | 4,253,897 | | | $ | 85,531,661 | |
Shares issued in reinvestment of distributions | | | 3,869,666 | | | | 84,513,507 | | | | 692,648 | | | | 13,247,256 | |
Shares redeemed | | | (3,989,606 | ) | | | (90,216,209 | ) | | | (36,907,101 | ) | | | (738,281,082 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 2,239,037 | | | $ | 48,097,437 | | | | (31,960,556 | ) | | $ | (639,502,165 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 1,488,969 | | | $ | 31,748,171 | | | | 4,162,870 | | | $ | 77,141,036 | |
Shares issued in reinvestment of distributions | | | 5,768,714 | | | | 118,489,375 | | | | 603,551 | | | | 10,921,227 | |
Shares redeemed | | | (4,806,123 | ) | | | (102,639,517 | ) | | | (9,152,406 | ) | | | (171,310,982 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 2,451,560 | | | $ | 47,598,029 | | | | (4,385,985 | ) | | $ | (83,248,719 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 260,425 | | | $ | 4,287,043 | | | | 1,011,189 | | | $ | 14,414,272 | |
Shares issued in reinvestment of distributions | | | 281,854 | | | | 4,478,656 | | | | 12,705 | | | | 182,763 | |
Shares redeemed and automatic conversion of shares | | | (310,584 | ) | | | (5,115,783 | ) | | | (782,761 | ) | | | (11,561,228 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 231,695 | | | $ | 3,649,916 | | | | 241,133 | | | $ | 3,035,807 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 311,833 | | | $ | 7,045,299 | | | | 766,994 | | | $ | 15,907,891 | |
Shares issued in reinvestment of distributions | | | 148,678 | | | | 3,248,625 | | | | 16,885 | | | | 323,379 | |
Shares redeemed | | | (252,353 | ) | | | (5,730,670 | ) | | | (753,056 | ) | | | (14,656,265 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 208,158 | | | $ | 4,563,254 | | | | 30,823 | | | $ | 1,575,005 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 71,901 | | | $ | 1,345,794 | | | | 346,800 | | | $ | 5,958,058 | |
Shares issued in reinvestment of distributions | | | 75,711 | | | | 1,388,543 | | | | 6,126 | | | | 100,028 | |
Shares redeemed | | | (298,676 | ) | | | (5,868,106 | ) | | | (119,768 | ) | | | (2,062,229 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (151,064 | ) | | $ | (3,133,769 | ) | | | 233,158 | | | $ | 3,995,857 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 4,979,386 | | | $ | 100,774,867 | | | | (35,841,427 | ) | | $ | (714,144,215 | ) |
| | | | | | | | | | | | | | | | |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 77 |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Advantage Large Cap Value | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 843,911 | | | $ | 27,193,796 | | | | 927,476 | | | $ | 27,481,322 | |
Shares issued in reinvestment of distributions | | | 416,655 | | | | 12,982,968 | | | | 156,585 | | | | 4,498,448 | |
Shares redeemed | | | (642,923 | ) | | | (20,800,142 | ) | | | (1,298,843 | ) | | | (37,668,127 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 617,643 | | | $ | 19,376,622 | | | | (214,782 | ) | | $ | (5,688,357 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 294,497 | | | $ | 9,321,775 | | | | 633,902 | | | $ | 18,495,637 | |
Shares issued in reinvestment of distributions | | | 882,159 | | | | 26,623,565 | | | | 323,626 | | | | 9,028,137 | |
Shares redeemed | | | (817,585 | ) | | | (25,588,561 | ) | | | (1,815,261 | ) | | | (52,151,342 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 359,071 | | | $ | 10,356,779 | | | | (857,733 | ) | | $ | (24,627,568 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 18,573 | | | $ | 527,381 | | | | 59,407 | | | $ | 1,538,116 | |
Shares issued in reinvestment of distributions | | | 40,418 | | | | 1,095,334 | | | | 13,191 | | | | 333,274 | |
Shares redeemed and automatic conversion of shares | | | (62,638 | ) | | | (1,785,465 | ) | | | (196,611 | ) | | | (5,153,312 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (3,647 | ) | | $ | (162,750 | ) | | | (124,013 | ) | | $ | (3,281,922 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 10,073 | | | $ | 316,410 | | | | 193,424 | | | $ | 5,568,726 | |
Shares issued in reinvestment of distributions | | | 28,149 | | | | 877,123 | | | | 14,682 | | | | 421,603 | |
Shares redeemed | | | (52,588 | ) | | | (1,684,565 | ) | | | (229,117 | ) | | | (7,039,729 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (14,366 | ) | | $ | (491,032 | ) | | | (21,011 | ) | | $ | (1,049,400 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 8,029 | | | $ | 235,812 | | | | 24,923 | | | $ | 685,611 | |
Shares issued in reinvestment of distributions | | | 21,067 | | | | 599,560 | | | | 7,025 | | | | 185,628 | |
Shares redeemed | | | (29,909 | ) | | | (867,261 | ) | | | (55,037 | ) | | | (1,487,018 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (813 | ) | | $ | (31,889 | ) | | | (23,089 | ) | | $ | (615,779 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 957,888 | | | $ | 29,047,730 | | | | (1,240,628 | ) | | $ | (35,263,026 | ) |
| | | | | | | | | | | | | | | | |
As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:
| | | | |
| |
| |
| Share Class | | Advantage Large Cap Growth | |
| |
| |
Class K | | | 12,217 | |
| |
| 12. | FOREIGN WITHHOLDINGS TAX CLAIMS |
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which Advantage International is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of November 30, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund’s performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
| | |
| 78 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Compensation to the independent directors/trustees of the Corporation/Trust is paid by the Corporation/Trust, on behalf of the Funds.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
| | |
A D D I T I O N A L I N F O R M A T I O N | | 79 |
Additional Information (continued)
Fund and Service Providers
Investment Adviser and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Custodian
The Bank of New York Mellon
New York, NY 10286
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Distributor
BlackRock Investments, LLC
New York, NY 10001
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Trust and the Corporation
100 Bellevue Parkway
Wilmington, DE 19809
| | |
| 80 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Glossary of Terms Used in this Report
| | |
| Portfolio Abbreviation |
| |
| ADR | | American Depositary Receipt |
| |
| CVR | | Contingent Value Rights |
| |
| LP | | Limited Partnership |
| |
| NVS | | Non-Voting Shares |
| |
| REIT | | Real Estate Investment Trust |
| | |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T | | 81 |
THIS PAGE INTENTIONALLY LEFT BLANK.
THIS PAGE INTENTIONALLY LEFT BLANK.
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
| | |
| | NOVEMBER 30, 2024 |
| | |
| |
| | 2024 Semi-Annual Financial Statements and Additional Information (Unaudited) |
BlackRock FundsSM
· BlackRock Commodity Strategies Fund
|
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Derivative Financial Instruments
The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.
| | |
D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S | | 3 |
| | |
Consolidated Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Commodity Strategies Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
Broadline Retail — 0.5% | | | | | | | | |
Dollarama, Inc. | | | 31,632 | | | $ | 3,304,974 | |
| | | | | | | | |
| | |
Capital Markets — 0.0% | | | | | | | | |
Agronomics Ltd.(a) | | | 3,033,943 | | | | 151,333 | |
| | | | | | | | |
| | |
Chemicals — 1.6% | | | | | | | | |
CF Industries Holdings, Inc. | | | 14,878 | | | | 1,333,962 | |
DSM-Firmenich AG | | | 26,204 | | | | 2,878,352 | |
Nutrien Ltd. | | | 30,693 | | | | 1,432,135 | |
Robertet SA(b) | | | 2,656 | | | | 2,483,954 | |
Symrise AG | | | 16,955 | | | | 1,875,587 | |
| | | | | | | | |
| | |
| | | | | | 10,003,990 | |
| | |
| Commercial Services & Supplies — 0.4% | | | | | | |
Republic Services, Inc. | | | 11,663 | | | | 2,546,033 | |
| | | | | | | | |
|
Consumer Staples Distribution & Retail — 1.4% | |
Costco Wholesale Corp. | | | 4,696 | | | | 4,563,948 | |
Jeronimo Martins SGPS SA | | | 88,060 | | | | 1,715,979 | |
Koninklijke Ahold Delhaize NV | | | 84,178 | | | | 2,904,384 | |
| | | | | | | | |
| | |
| | | | | | | 9,184,311 | |
| | |
| Containers & Packaging — 3.6% | | | | | | |
Avery Dennison Corp. | | | 19,248 | | | | 3,964,126 | |
Crown Holdings, Inc. | | | 23,268 | | | | 2,142,750 | |
Graphic Packaging Holding Co. | | | 175,104 | | | | 5,268,879 | |
Packaging Corp. of America | | | 15,335 | | | | 3,816,115 | |
SIG Group AG | | | 87,073 | | | | 1,726,218 | |
Silgan Holdings, Inc. | | | 37,497 | | | | 2,157,202 | |
Smurfit WestRock PLC | | | 65,960 | | | | 3,629,119 | |
| | | | | | | | |
| | |
| | | | | | | 22,704,409 | |
| | |
| Energy Equipment & Services — 1.0% | | | | | | |
ARC Resources Ltd. | | | 121,244 | | | | 2,237,738 | |
Saipem SpA(a) | | | 571,650 | | | | 1,475,306 | |
TechnipFMC PLC | | | 49,387 | | | | 1,549,270 | |
Tenaris SA | | | 43,181 | | | | 828,435 | |
| | | | | | | | |
| | |
| | | | | | | 6,090,749 | |
| | |
| Food Products — 1.7% | | | | | | |
Bunge Global SA | | | 14,397 | | | | 1,291,987 | |
Danone SA | | | 37,638 | | | | 2,574,430 | |
Kerry Group PLC, Class A | | | 26,199 | | | | 2,534,393 | |
Salmar ASA | | | 28,947 | | | | 1,507,428 | |
SunOpta, Inc.(a) | | | 232,253 | | | | 1,799,961 | |
Tate & Lyle PLC | | | 86,058 | | | | 807,048 | |
| | | | | | | | |
| | |
| | | | | | | 10,515,247 | |
| | |
| Ground Transportation — 0.6% | | | | | | |
Canadian Pacific Kansas City Ltd. | | | 18,939 | | | | 1,450,538 | |
Union Pacific Corp. | | | 8,378 | | | | 2,049,761 | |
| | | | | | | | |
| | |
| | | | | | | 3,500,299 | |
| | |
| Hotels, Restaurants & Leisure — 0.9% | | | | | | |
Compass Group PLC | | | 166,793 | | | | 5,714,952 | |
| | | | | | | | |
| | |
Machinery — 1.2% | | | | | | | | |
Ag Growth International, Inc. | | | 51,966 | | | | 1,954,223 | |
Deere & Co. | | | 3,150 | | | | 1,467,585 | |
John Bean Technologies Corp. | | | 8,644 | | | | 1,089,317 | |
Marel HF | | | 200,974 | | | | 927,948 | |
Rational AG | | | 2,099 | | | | 1,965,868 | |
| | | | | | | | |
| | |
| | | | | | | 7,404,941 | |
| | |
| Metals & Mining — 19.5% | | | | | | |
Agnico Eagle Mines Ltd. | | | 110,060 | | | | 9,296,593 | |
Alamos Gold, Inc., Class A | | | 142,162 | | | | 2,674,581 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Metals & Mining (continued) | | | | | | | | |
Alcoa Corp. | | | 22,117 | | | $ | 1,026,892 | |
Allied Gold Corp.(a) | | | 261,209 | | | | 636,208 | |
Anglo American Platinum Ltd. | | | 12,958 | | | | 431,936 | |
Anglo American PLC | | | 89,560 | | | | 2,875,975 | |
Anglogold Ashanti PLC(b) | | | 121,510 | | | | 3,030,459 | |
ArcelorMittal SA | | | 42,275 | | | | 1,062,873 | |
Artemis Gold, Inc.(a) | | | 54,008 | | | | 559,734 | |
Aya Gold & Silver, Inc.(a)(b) | | | 58,764 | | | | 547,745 | |
B2Gold Corp. | | | 230,512 | | | | 665,991 | |
Barrick Gold Corp. | | | 358,198 | | | | 6,264,883 | |
Bellevue Gold Ltd.(a)(b) | | | 1,155,146 | | | | 968,805 | |
BHP Group Ltd. | | | 147,088 | | | | 3,878,597 | |
Blackstone Minerals Ltd.(a)(b) | | | 1,005,888 | | | | 19,027 | |
Capricorn Metals Ltd.(a) | | | 84,485 | | | | 359,409 | |
Capstone Copper Corp.(a) | | | 124,610 | | | | 853,993 | |
Centerra Gold, Inc. | | | 187,177 | | | | 1,128,370 | |
Chalice Mining Ltd.(a) | | | 102,100 | | | | 91,547 | |
Challenger Gold Ltd.(a)(b) | | | 1,752,860 | | | | 50,950 | |
Champion Iron Ltd. | | | 214,348 | | | | 805,843 | |
De Grey Mining Ltd.(a) | | | 1,189,829 | | | | 1,186,325 | |
Develop Global Ltd.(a)(b) | | | 544,363 | | | | 700,854 | |
Dundee Precious Metals, Inc. | | | 145,243 | | | | 1,357,974 | |
Eldorado Gold Corp.(a)(b) | | | 70,296 | | | | 1,124,736 | |
Emerald Resources NL(a) | | | 260,719 | | | | 619,079 | |
Endeavour Mining PLC | | | 146,275 | | | | 2,907,634 | |
ERO Copper Corp.(a) | | | 10,474 | | | | 159,648 | |
FireFly Metals Ltd.(a) | | | 421,590 | | | | 301,135 | |
First Quantum Minerals Ltd.(a) | | | 50,877 | | | | 696,990 | |
Foran Mining Corp.(a) | | | 429,204 | | | | 1,263,041 | |
Founders Metals, Inc.(a) | | | 230,890 | | | | 651,416 | |
Franco-Nevada Corp. | | | 26,619 | | | | 3,266,985 | |
Freeport-McMoRan, Inc. | | | 118,091 | | | | 5,219,622 | |
Fresnillo PLC | | | 22,524 | | | | 185,052 | |
Glencore PLC | | | 860,101 | | | | 4,164,787 | |
Gold Fields Ltd., ADR | | | 80,154 | | | | 1,161,431 | |
Grupo Mexico SAB de CV, Series B | | | 145,895 | | | | 715,437 | |
Iluka Resources Ltd. | | | 52,352 | | | | 191,550 | |
Ivanhoe Electric, Inc.(a) | | | 22,435 | | | | 213,357 | |
Ivanhoe Mines Ltd., Class A(a)(b) | | | 144,804 | | | | 1,965,127 | |
Kinross Gold Corp. | | | 697,760 | | | | 6,777,998 | |
Lithium Royalty Corp.(a)(b) | | | 47,593 | | | | 194,444 | |
Lundin Gold, Inc. | | | 100,285 | | | | 2,312,203 | |
Lundin Mining Corp. | | | 146,144 | | | | 1,429,029 | |
Lynas Rare Earths Ltd.(a) | | | 250,734 | | | | 1,131,122 | |
MAG Silver Corp.(a) | | | 109,749 | | | | 1,683,803 | |
Metals Acquisition Ltd. (Acquired 04/17/23, cost $744,770)(a)(c) | | | 83,477 | | | | 1,060,158 | |
Newmont Corp. | | | 116,312 | | | | 4,878,125 | |
NGEx Minerals Ltd.(a) | | | 35,836 | | | | 318,673 | |
Nickel Industries Ltd. | | | 1,393,715 | | | | 823,296 | |
Norsk Hydro ASA | | | 126,750 | | | | 787,608 | |
Northern Star Resources Ltd. | | | 446,439 | | | | 5,119,149 | |
Nucor Corp. | | | 10,799 | | | | 1,670,497 | |
Osisko Gold Royalties Ltd. | | | 92,521 | | | | 1,793,522 | |
Pan American Silver Corp. | | | 92,111 | | | | 2,023,679 | |
Polyus PJSC(a)(d) | | | 46,252 | | | | 4 | |
Predictive Discovery Ltd.(a) | | | 3,517,549 | | | | 562,588 | |
Rio Tinto PLC | | | 87,348 | | | | 5,491,823 | |
Robex Resources, Inc.(a) | | | 126,471 | | | | 205,960 | |
Rupert Resources Ltd.(a)(b) | | | 86,544 | | | | 252,514 | |
Rupert Resources Ltd. (Acquired 02/24/23, cost $315,608)(a)(c) | | | 91,372 | | | | 266,601 | |
| | |
| 4 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Consolidated Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Commodity Strategies Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| | |
Metals & Mining (continued) | | | | | | | | |
Sigma Lithium Corp.(a)(b) | | | 75,719 | | | $ | 1,038,395 | |
Skeena Resources Ltd.(a)(b) | | | 142,317 | | | | 1,321,468 | |
Sociedad Minera Cerro Verde SAA | | | 17,428 | | | | 711,062 | |
Solaris Resources, Inc.(a) | | | 70,948 | | | | 225,505 | |
Solaris Resources, Inc.(a) | | | 39,000 | | | | 123,960 | |
Southern Copper Corp. | | | 8,130 | | | | 815,846 | |
Steel Dynamics, Inc. | | | 7,413 | | | | 1,076,887 | |
Teck Resources Ltd., Class B | | | 57,452 | | | | 2,682,092 | |
Titan Mining Corp.(a) | | | 83,105 | | | | 13,652 | |
Titan Mining Corp.(a) | | | 20,773 | | | | 3,413 | |
Torex Gold Resources, Inc.(a) | | | 95,426 | | | | 2,012,735 | |
Vale SA, ADR | | | 203,162 | | | | 2,003,177 | |
Wheaton Precious Metals Corp. | | | 122,989 | | | | 7,662,820 | |
| | | | | | | | |
| | |
| | | | | | | 123,756,399 | |
| | |
| Oil, Gas & Consumable Fuels — 13.5% | | | | | | |
Cameco Corp. | | | 25,971 | | | | 1,543,976 | |
Cameco Corp. (CAD) | | | 26,000 | | | | 1,546,016 | |
Canadian Natural Resources Ltd. | | | 96,250 | | | | 3,257,259 | |
Cheniere Energy, Inc. | | | 16,146 | | | | 3,616,865 | |
Chevron Corp. | | | 21,686 | | | | 3,511,614 | |
ConocoPhillips | | | 46,180 | | | | 5,003,141 | |
Diamondback Energy, Inc. | | | 12,359 | | | | 2,194,835 | |
Eni SpA | | | 134,850 | | | | 1,908,017 | |
EOG Resources, Inc. | | | 28,100 | | | | 3,744,606 | |
Exxon Mobil Corp. | | | 158,085 | | | | 18,647,707 | |
Gazprom PJSC(a)(d) | | | 712,200 | | | | 67 | |
Gaztransport Et Technigaz SA | | | 6,338 | | | | 922,844 | |
Hess Corp. | | | 18,621 | | | | 2,740,639 | |
Keyera Corp. | | | 44,200 | | | | 1,471,492 | |
Kosmos Energy Ltd.(a) | | | 83,931 | | | | 330,688 | |
Marathon Petroleum Corp. | | | 17,143 | | | | 2,676,879 | |
Pembina Pipeline Corp. | | | 71,451 | | | | 2,962,049 | |
Permian Resources Corp., Class A | | | 125,302 | | | | 1,962,229 | |
Shell PLC | | | 286,786 | | | | 9,216,464 | |
South Bow Corp.(a) | | | 6,813 | | | | 177,618 | |
Targa Resources Corp. | | | 19,511 | | | | 3,986,097 | |
TC Energy Corp. | | | 33,417 | | | | 1,634,033 | |
TotalEnergies SE | | | 100,782 | | | | 5,857,470 | |
Tourmaline Oil Corp. | | | 50,673 | | | | 2,389,871 | |
Williams Cos., Inc. (The) | | | 75,714 | | | | 4,430,783 | |
| | | | | | | | |
| | |
| | | | | | | 85,733,259 | |
| | |
| Personal Care Products — 0.3% | | | | | | |
Jamieson Wellness, Inc.(e) | | | 74,673 | | | | 1,932,362 | |
| | | | | | | | |
| | |
Pharmaceuticals — 1.5% | | | | | | | | |
Eli Lilly & Co. | | | 5,029 | | | | 3,999,815 | |
Novo Nordisk A/S, Class B | | | 27,056 | | | | 2,899,587 | |
Zoetis, Inc., Class A | | | 15,978 | | | | 2,800,145 | |
| | | | | | | | |
| | |
| | | | | | | 9,699,547 | |
| | |
| Professional Services — 0.7% | | | | | | |
SGS SA, Registered Shares | | | 43,358 | | | | 4,306,919 | |
| | | | | | | | |
| | |
Trading Companies & Distributors — 0.3% | | | | | | | | |
Beijer Ref AB, Class B | | | 114,358 | | | | 1,804,206 | |
| | | | | | | | |
| |
Total Common Stocks — 48.7%
(Cost: $234,347,966) | | | | 308,353,930 | |
| | | | | | | | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| | |
Rights | | | | | | | | |
| | |
Metals & Mining — 0.0% | | | | | | | | |
Blackstone Minerals Ltd., CVR(a) | | | 251,472 | | | $ | 2 | |
Kincross Gold Corp., CVR(a) | | | 11,812 | | | | 4,252 | |
| | | | | | | | |
| | |
| | | | | | | 4,254 | |
| | | | | | | | |
| |
Total Rights — 0.0%
(Cost: $ —) | | | | 4,254 | |
| | | | | | | | |
| | |
Warrants(a) | | | | | | | | |
| | |
Capital Markets — 0.0% | | | | | | | | |
Agronomics Ltd. (Issued/Exercisable 12/03/21, 1 Share for 1 Warrant, Expires 12/08/24, Strike Price GBP 0.30) | | | 3,909,350 | | | | 50 | |
| | | | | | | | |
| | |
Metals & Mining — 0.0% | | | | | | | | |
Robex Resources, Inc. (Issued/Exercisable 06/19/24, 1 Share for 1 Warrant, Expires 06/17/26, Strike Price CAD 2.55) | | | 124,394 | | | | 26,655 | |
| | | | | | | | |
| |
Total Warrants — 0.0%
(Cost: $2) | | | | 26,705 | |
| | | | | | | | |
| |
Total Long-Term Investments — 48.7%
(Cost: $234,347,968) | | | | 308,384,889 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
Money Market Funds — 2.4% | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h) | | | 7,590,662 | | | | 7,594,457 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(f)(g) | | | 7,744,007 | | | | 7,744,007 | |
| | | | | | | | |
| | |
| | | | | | | 15,338,464 | |
| | | | | | | | |
| | | | | | | | | | | | |
| | | | | | Par (000) | | | | |
| |
| | | |
U.S. Treasury Obligations(i) — 48.9% | | | | | | | | | | | | |
U.S. Treasury Bills, 4.44%, 02/27/25 | | | USD | | | | 313,000 | | | | 309,685,005 | |
| | | | | | | | | | | | |
| |
Total Short-Term Securities — 51.3%
(Cost: $324,978,655) | | | | 325,023,469 | |
| | | | | | | | | | | | |
| |
Total Investments — 100.0%
(Cost: $559,326,623) | | | | 633,408,358 | |
| |
Liabilities in Excess of Other Assets — (0.0)% | | | | (109,489 | ) |
| | | | | | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 633,298,869 | |
| | | | | | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,326,759, representing 0.2% of its net assets as of period end, and an original cost of $1,060,378. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
| (i) | Rates are discount rates or a range of discount rates as of period end. |
| | |
S C H E D U L E O F I N V E S T M E N T S | | 5 |
| | |
Consolidated Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Commodity Strategies Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 11/30/24 | | | Shares Held at 11/30/24 | | | Income | | | Capital Gain Distributions from Underlying Funds | |
| | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 6,348,465 | | | $ | 1,245,065 | (a) | | $ | — | | | $ | 164 | | | $ | 763 | | | $ | 7,594,457 | | | | 7,590,662 | | | | $ 95,465 | (b) | | $ | — | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 3,589,797 | | | | 4,154,210 | (a) | | | — | | | | — | | | | — | | | | 7,744,007 | | | | 7,744,007 | | | | 196,130 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | �� | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | $ | 164 | | | $ | 763 | | | $ | 15,338,464 | | | | | | | $ | 291,595 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Outstanding as of Period End
OTC Total Return Swaps
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid by the Fund | | Received by the Fund | | | | Termination Date | | | Notional
Amount (000) | | | | | | Upfront Premium Paid (Received) | | | Unrealized Appreciation (Depreciation) | |
| Rate | | Frequency | | Reference | | | | Frequency | | Counterparty | | Value | |
| | | | | | | | | | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | | At Termination | | Macquarie Bank Ltd. | | | 12/02/24 | | | USD | 3,155 | | | $ | (506,782 | ) | | $ | — | | | $ | (506,782 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | | At Termination | | Goldman Sachs International | | | 01/03/25 | | | USD | 630 | | | | 23,178 | | | | — | | | | 23,178 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | | At Termination | | Merrill Lynch International | | | 01/03/25 | | | USD | 2,290 | | | | (248,177 | ) | | | — | | | | (248,177 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | | At Termination | | Merrill Lynch International | | | 01/17/25 | | | USD | 8,407 | | | | (659,422 | ) | | | — | | | | (659,422 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | | At Termination | | Goldman Sachs International | | | 01/24/25 | | | USD | 536 | | | | 23,105 | | | | — | | | | 23,105 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | | At Termination | | JPMorgan Chase Bank N.A. | | | 01/24/25 | | | USD | 244 | | | | (19,040 | ) | | | — | | | | (19,040 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | | At Termination | | Merrill Lynch International | | | 01/24/25 | | | USD | 1,363 | | | | (147,533 | ) | | | — | | | | (147,533 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | | At Termination | | JPMorgan Chase Bank N.A. | | | 01/31/25 | | | USD | 312 | | | | (22,577 | ) | | | — | | | | (22,577 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | | At Termination | | Macquarie Bank Ltd. | | | 01/31/25 | | | USD | 5,671 | | | | 253,655 | | | | — | | | | 253,655 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | | At Termination | | Societe Generale SA | | | 01/31/25 | | | USD | 242 | | | | 19,604 | | | | — | | | | 19,604 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | | At Termination | | Macquarie Bank Ltd. | | | 02/26/25 | | | USD | 13,375 | | | | (145,360 | ) | | | — | | | | (145,360 | ) |
| | |
| 6 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Consolidated Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Commodity Strategies Fund |
OTC Total Return Swaps (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Paid by the Fund | | Received by the Fund | | | | | Termination Date | | Notional
Amount (000) | | | | | | Upfront Premium Paid (Received) | | | Unrealized Appreciation (Depreciation) | | | |
| | | Rate | | Frequency | | Reference | | Frequency | | | Counterparty | | Value | |
| | | | | | | | | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | At Termination | | | Goldman Sachs International | | 02/28/25 | | USD | 19,118 | | | $ | (234,642 | ) | | $ | — | | | $ | (234,642 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Merrill Lynch International | | 03/14/25 | | USD | 9,412 | | | | 65,242 | | | | — | | | | 65,242 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | At Termination | | | Goldman Sachs International | | 03/21/25 | | USD | 29 | | | | 1,833 | | | | — | | | | 1,833 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | JPMorgan Chase Bank N.A. | | 03/21/25 | | USD | 145 | | | | (3,288 | ) | | | — | | | | (3,288 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Macquarie Bank Ltd. | | 03/21/25 | | USD | 136 | | | | (2,700 | ) | | | — | | | | (2,700 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | At Termination | | | Macquarie Bank Ltd. | | 03/21/25 | | USD | 62 | | | | (716 | ) | | | — | | | | (716 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Merrill Lynch International | | 04/01/25 | | USD | 15,100 | | | | (617,047 | ) | | | — | | | | (617,047 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | Goldman Sachs International | | 04/03/25 | | USD | 2,641 | | | | (174,922 | ) | | | — | | | | (174,922 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | At Termination | | | Goldman Sachs International | | 04/03/25 | | USD | 16,654 | | | | (1,050,532 | ) | | | — | | | | (1,050,532 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | Goldman Sachs International | | 04/30/25 | | USD | 1,962 | | | | 30,001 | | | | — | | | | 30,001 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | At Termination | | | Merrill Lynch International | | 05/02/25 | | USD | 332 | | | | 6,786 | | | | — | | | | 6,786 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | At Termination | | | Merrill Lynch International | | 06/10/25 | | USD | 1,095 | | | | 121,830 | | | | — | | | | 121,830 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Merrill Lynch International | | 06/10/25 | | USD | 855 | | | | 21,731 | | | | — | | | | 21,731 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | At Termination | | | Macquarie Bank Ltd. | | 06/30/25 | | USD | 66 | | | | (3,849 | ) | | | — | | | | (3,849 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | At Termination | | | Goldman Sachs International | | 07/01/25 | | USD | 5,806 | | | | (404,560 | ) | | | — | | | | (404,560 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Societe Generale SA | | 07/01/25 | | USD | 14,753 | | | | (599,672 | ) | | | — | | | | (599,672 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRPRT | | | At Termination | | | Societe Generale SA | | 07/01/25 | | USD | 7,687 | | | | (122,444 | ) | | | — | | | | (122,444 | ) | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | JPMorgan Chase Bank N.A. | | 07/21/25 | | USD | 62,821 | | | | 378,330 | | | | — | | | | 378,330 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | At Termination | | | Societe Generale SA | | 07/21/25 | | USD | 10,286 | | | | 387,816 | | | | — | | | | 387,816 | | | |
| | 3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRPRT | | | At Termination | | | Societe Generale SA | | 07/21/25 | | USD | 69,173 | | | | (3,307,983 | ) | | | — | | | | (3,307,983 | ) | | |
| | |
S C H E D U L E O F I N V E S T M E N T S | | 7 |
| | |
Consolidated Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Commodity Strategies Fund |
OTC Total Return Swaps (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Paid by the Fund | | Received by the Fund | | | | | Termination Date | | Notional
Amount (000) | | | | | | Upfront Premium Paid (Received) | | | Unrealized Appreciation (Depreciation) | |
| Rate | | Frequency | | Reference | | Frequency | | | Counterparty | | Value | |
| | | | | | | | | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | Goldman Sachs International | | 07/31/25 | | USD | 655 | | | $ | 13,348 | | | $ | — | | | $ | 13,348 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | At Termination | | | Goldman Sachs International | | 07/31/25 | | USD | 2,070 | | | | (37,475 | ) | | | — | | | | (37,475 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Merrill Lynch International | | 07/31/25 | | USD | 3,239 | | | | 30,760 | | | | — | | | | 30,760 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | JPMorgan Chase Bank N.A. | | 09/02/25 | | USD | 1,843 | | | | (53,185 | ) | | | — | | | | (53,185 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | At Termination | | | Merrill Lynch International | | 09/03/25 | | USD | 2,037 | | | | 163,505 | | | | — | | | | 163,505 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Merrill Lynch International | | 09/30/25 | | USD | 166 | | | | (6,141 | ) | | | — | | | | (6,141 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRPRT | | | At Termination | | | Goldman Sachs International | | 10/14/25 | | USD | 5,087 | | | | (65,379 | ) | | | — | | | | (65,379 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | JPMorgan Chase Bank N.A. | | 10/14/25 | | USD | 15,464 | | | | (874,170 | ) | | | — | | | | (874,170 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRINT | | | At Termination | | | Goldman Sachs International | | 10/29/25 | | USD | 428 | | | | (12,823 | ) | | | — | | | | (12,823 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | Goldman Sachs International | | 10/29/25 | | USD | 687 | | | | 21,437 | | | | — | | | | 21,437 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Merrill Lynch International | | 10/29/25 | | USD | 573 | | | | 12,638 | | | | — | | | | 12,638 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRPRT | | | At Termination | | | Societe Generale SA | | 10/29/25 | | USD | 819 | | | | (49,789 | ) | | | — | | | | (49,789 | ) |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | At Termination | | | Societe Generale SA | | 10/29/25 | | USD | 120 | | | | 1,970 | | | | — | | | | 1,970 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRENT | | | At Termination | | | JPMorgan Chase Bank N.A. | | 10/31/25 | | USD | 3,478 | | | | 72,660 | | | | — | | | | 72,660 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRAGT | | | At Termination | | | Merrill Lynch International | | 10/31/25 | | USD | 9,561 | | | | 95,778 | | | | — | | | | 95,778 | |
3-month U.S. Treasury Bill, 4.39%(a) | | At Termination | | BCOMRLIT | | | At Termination | | | Societe Generale SA | | 10/31/25 | | USD | 1,982 | | | | 33,471 | | | | — | | | | 33,471 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (7,591,530 | ) | | $ | — | | | $ | (7,591,530 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary. | |
Balances Reported in the Consolidated Statement of Assets and Liabilities for OTC Swaps
| | | | | | | | | | | | | | | | |
| | | | | |
| | | Swap Premiums Paid | | | Swap Premiums Received | | | Unrealized Appreciation | | | Unrealized Depreciation | |
| | | | |
OTC Swaps | | $ | — | | | $ | — | | | $ | 1,778,678 | | | $ | (9,370,208 | ) |
| | |
| 8 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Consolidated Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Commodity Strategies Fund |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other Contracts | | | Total | |
| | | | | | | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swaps — OTC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on OTC swaps; | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap premiums paid | | $ | 1,778,678 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,778,678 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swaps — OTC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on OTC swaps; | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap premiums received | | $ | 9,370,208 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 9,370,208 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the period ended November 30, 2024, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
| | | | | | | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swaps | | $ | (265,149 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (265,149 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swaps | | $ | (10,546,710 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (10,546,710 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| | |
Total return swaps | | | | |
Average notional amount | | $ | 323,862,263 | |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.
Derivative Financial Instruments – Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
| | | | | | | | |
| | | |
| | | Assets | | | Liabilities | |
| | |
Derivative Financial Instruments | | | | | | | | |
Swaps — OTC(a) | | $ | 1,778,678 | | | $ | 9,370,208 | |
| | | | | | | | |
| | |
Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | | $ | 1,778,678 | | | $ | 9,370,208 | |
| | | | | | | | |
| | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | | — | | | | — | |
| | | | | | | | |
| | |
Total derivative assets and liabilities subject to an MNA | | $ | 1,778,678 | | | $ | 9,370,208 | |
| | | | | | | | |
| | (a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Consolidated Statement of Assets and Liabilities. | |
| | |
S C H E D U L E O F I N V E S T M E N T S | | 9 |
| | |
Consolidated Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Commodity Strategies Fund |
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Counterparty | | Derivative Assets Subject to an MNA by Counterparty | | | Derivatives Available for Offset(a) | | | Non- Cash Collateral Received(b) | | | Cash Collateral Received(b) | | | Net Amount of Derivative Assets(c) | |
| | | | | |
Goldman Sachs International(d) | | $ | 112,902 | | | $ | (112,902 | ) | | $ | — | | | $ | — | | | $ | — | |
JPMorgan Chase Bank N.A(d) | | | 450,990 | | | | (450,990 | ) | | | — | | | | — | | | | — | |
Macquarie Bank Ltd.(d) | | | 253,655 | | | | (253,655 | ) | | | — | | | | — | | | | — | |
Merrill Lynch International(d) | | | 518,270 | | | | (518,270 | ) | | | — | | | | — | | | | — | |
Societe Generale SA(d) | | | 442,861 | | | | (442,861 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | $ | 1,778,678 | | | $ | (1,778,678 | ) | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset(a) | | | Non- Cash Collateral Pledged(b) | | | Cash Collateral Pledged(b) | | | Net Amount of Derivative Liabilities(e) | |
| | | | | |
Goldman Sachs International(d) | | $ | 1,980,333 | | | $ | (112,902 | ) | | $ | — | | | $ | (1,630,000 | ) | | $ | 237,431 | |
JPMorgan Chase Bank N.A.(d) | | | 972,260 | | | | (450,990 | ) | | | — | | | | (521,270 | ) | | | — | |
Macquarie Bank Ltd.(d) | | | 659,407 | | | | (253,655 | ) | | | — | | | | — | | | | 405,752 | |
Merrill Lynch International(d) | | | 1,678,320 | | | | (518,270 | ) | | | — | | | | (1,010,000 | ) | | | 150,050 | |
Societe Generale SA(d) | | | 4,079,888 | | | | (442,861 | ) | | | — | | | | (3,637,027 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | $ | 9,370,208 | | | $ | (1,778,678 | ) | | $ | — | | | $ | (6,798,297 | ) | | $ | 793,233 | |
| | | | | | | | | | | | | | | | | | | | |
| | (a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. | |
| | (b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. | |
| | (c) | Net amount represents the net amount receivable from the counterparty in the event of default. | |
| | (d) | Represents derivatives owned by the BlackRock Cayman Commodity Strategies Fund, Ltd., a wholly-owed subsidiary of the Fund. See Note 1 of the Notes to Consolidated Financial Statements. | |
| | (e) | Net amount represents the net amount payable due to the counterparty in the event of default. | |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Broadline Retail | | $ | 3,304,974 | | | $ | — | | | $ | — | | | $ | 3,304,974 | |
Capital Markets | | | 151,333 | | | | — | | | | — | | | | 151,333 | |
Chemicals | | | 5,250,051 | | | | 4,753,939 | | | | — | | | | 10,003,990 | |
Commercial Services & Supplies | | | 2,546,033 | | | | — | | | | — | | | | 2,546,033 | |
Consumer Staples Distribution & Retail | | | 9,184,311 | | | | — | | | | — | | | | 9,184,311 | |
Containers & Packaging | | | 20,978,191 | | | | 1,726,218 | | | | — | | | | 22,704,409 | |
Energy Equipment & Services | | | 3,787,008 | | | | 2,303,741 | | | | — | | | | 6,090,749 | |
Food Products | | | 3,898,996 | | | | 6,616,251 | | | | — | | | | 10,515,247 | |
Ground Transportation | | | 3,500,299 | | | | — | | | | — | | | | 3,500,299 | |
Hotels, Restaurants & Leisure | | | — | | | | 5,714,952 | | | | — | | | | 5,714,952 | |
Machinery | | | 4,511,125 | | | | 2,893,816 | | | | — | | | | 7,404,941 | |
Metals & Mining | | | 89,541,871 | | | | 34,214,524 | | | | 4 | | | | 123,756,399 | |
Oil, Gas & Consumable Fuels | | | 67,828,397 | | | | 17,904,795 | | | | 67 | | | | 85,733,259 | |
Personal Care Products | | | 1,932,362 | | | | — | | | | — | | | | 1,932,362 | |
Pharmaceuticals | | | 6,799,960 | | | | 2,899,587 | | | | — | | | | 9,699,547 | |
Professional Services | | | — | | | | 4,306,919 | | | | — | | | | 4,306,919 | |
Trading Companies & Distributors | | | — | | | | 1,804,206 | | | | — | | | | 1,804,206 | |
| | |
| 10 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Consolidated Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Commodity Strategies Fund |
Fair Value Hierarchy as of Period End (continued)
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
| | | | |
Rights | | $ | — | | | $ | 4,254 | | | $ | — | | | $ | 4,254 | |
Warrants | | | | | | | | | | | | | | | | |
Capital Markets | | | — | | | | 50 | | | | — | | | | 50 | |
Metals & Mining | | | 26,655 | | | | — | | | | — | | | | 26,655 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 15,338,464 | | | | — | | | | — | | | | 15,338,464 | |
U.S. Treasury Obligations | | | — | | | | 309,685,005 | | | | — | | | | 309,685,005 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 238,580,030 | | | $ | 394,828,257 | | | $ | 71 | | | $ | 633,408,358 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Commodity Contracts | | $ | — | | | $ | 1,778,678 | | | $ | — | | | $ | 1,778,678 | |
Liabilities | | | | | | | | | | | | | | | | |
Commodity Contracts | | | — | | | | (9,370,208 | ) | | | — | | | | (9,370,208 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | — | | | $ | (7,591,530 | ) | | $ | — | | | $ | (7,591,530 | ) |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. | |
See notes to consolidated financial statements.
| | |
S C H E D U L E O F I N V E S T M E N T S | | 11 |
Consolidated Statement of Assets and Liabilities (unaudited)
November 30, 2024
| | | | |
| | | BlackRock Commodity Strategies Fund | |
| |
ASSETS | | | | |
Investments, at value — unaffiliated(a)(b) | | $ | 618,069,894 | |
Investments, at value — affiliated(c) | | | 15,338,464 | |
Cash | | | 8,776,625 | |
Cash pledged: | | | | |
Collateral — OTC derivatives | | | 7,840,000 | |
Foreign currency, at value(d) | | | 21,841 | |
Receivables: | | | | |
Investments sold | | | 308,730,890 | |
Securities lending income — affiliated | | | 21,091 | |
Swaps | | | 45,723 | |
Capital shares sold | | | 664,446 | |
Dividends — unaffiliated | | | 672,628 | |
Dividends — affiliated | | | 41,494 | |
From the Manager | | | 18,854 | |
Unrealized appreciation on OTC swaps | | | 1,778,678 | |
Prepaid expenses | | | 56,195 | |
| | | | |
| |
Total assets | | | 962,076,823 | |
| | | | |
| |
LIABILITIES | | | | |
Cash received: | | | | |
Collateral — OTC derivatives | | | 290,000 | |
Collateral on securities loaned | | | 7,595,256 | |
Payables: | | | | |
Investments purchased | | | 310,074,960 | |
Administration fees | | | 21,962 | |
Capital shares redeemed | | | 692,314 | |
Deferred foreign capital gain tax | | | 20,220 | |
Investment advisory fees | | | 292,408 | |
Trustees’ and Officer’s fees | | | 2,495 | |
Other accrued expenses | | | 376,314 | |
Other affiliate fees | | | 2,418 | |
Professional fees | | | 9,696 | |
Service and distribution fees | | | 29,703 | |
Unrealized depreciation on OTC swaps | | | 9,370,208 | |
| | | | |
| |
Total liabilities | | | 328,777,954 | |
| | | | |
| |
Commitments and contingent liabilities | | | | |
| |
NET ASSETS | | $ | 633,298,869 | |
| | | | |
| |
NET ASSETS CONSIST OF: | | | | |
Paid-in capital | | $ | 775,224,180 | |
Accumulated loss | | | (141,925,311 | ) |
| | | | |
| |
NET ASSETS | | $ | 633,298,869 | |
| | | | |
(a) Investments, at cost — unaffiliated | | $ | 543,988,813 | |
(b) Securities loaned, at value | | $ | 7,210,902 | |
(c) Investments, at cost — affiliated | | $ | 15,337,810 | |
(d) Foreign currency, at cost | | $ | 22,510 | |
| | |
| 12 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Consolidated Statement of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | |
| | | BlackRock Commodity Strategies
Fund | |
| |
NET ASSET VALUE | | | | |
Institutional | | | | |
Net assets | | $ | 427,196,538 | |
| | | | |
| |
Shares outstanding | | | 48,786,426 | |
| | | | |
| |
Net asset value | | $ | 8.76 | |
| | | | |
| |
Shares authorized | | | Unlimited | |
| | | | |
| |
Par value | | $ | 0.001 | |
| | | | |
| |
Investor A | | | | |
Net assets | | $ | 83,943,084 | |
| | | | |
| |
Shares outstanding | | | 9,690,707 | |
| | | | |
| |
Net asset value | | $ | 8.66 | |
| | | | |
| |
Shares authorized | | | Unlimited | |
| | | | |
| |
Par value | | $ | 0.001 | |
| | | | |
| |
Investor C | | | | |
Net assets | | $ | 14,933,706 | |
| | | | |
| |
Shares outstanding | | | 1,815,006 | |
| | | | |
| |
Net asset value | | $ | 8.23 | |
| | | | |
| |
Shares authorized | | | Unlimited | |
| | | | |
| |
Par value | | $ | 0.001 | |
| | | | |
| |
Class K | | | | |
Net assets | | $ | 107,225,541 | |
| | | | |
| |
Shares outstanding | | | 12,236,071 | |
| | | | |
| |
Net asset value | | $ | 8.76 | |
| | | | |
| |
Shares authorized | | | Unlimited | |
| | | | |
| |
Par value | | $ | 0.001 | |
| | | | |
See notes to consolidated financial statements.
| | |
C O N S O L I D A T E D S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S | | 13 |
Consolidated Statement of Operations (unaudited)
Six Months Ended November 30, 2024
| | | | |
| | | BlackRock Commodity Strategies Fund | |
| |
INVESTMENT INCOME | | | | |
Dividends — unaffiliated | | $ | 3,728,686 | |
Dividends — affiliated | | | 196,130 | |
Interest — unaffiliated | | | 7,766,725 | |
Securities lending income — affiliated — net | | | 95,465 | |
Foreign taxes withheld | | | (189,053 | ) |
Foreign withholding tax claims | | | 126,406 | |
| | | | |
| |
Total investment income | | | 11,724,359 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory | | | 2,016,178 | |
Transfer agent — class specific | | | 277,660 | |
Service and distribution — class specific | | | 186,769 | |
Administration | | | 136,343 | |
Professional | | | 81,542 | |
Administration — class specific | | | 65,074 | |
Registration | | | 43,763 | |
Accounting services | | | 36,017 | |
Custodian | | | 32,878 | |
Printing and postage | | | 22,795 | |
Trustees and Officer | | | 5,501 | |
Miscellaneous | | | 21,328 | |
| | | | |
| |
Total expenses excluding interest expense | | | 2,925,848 | |
Interest expense | | | 1,454 | |
| | | | |
| |
Total expenses | | | 2,927,302 | |
| | | | |
Less: | | | | |
Administration fees waived by the Manager — class specific | | | (65,074 | ) |
Fees waived and/or reimbursed by the Manager | | | (204,864 | ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | (141,249 | ) |
| | | | |
| |
Total expenses after fees waived and/or reimbursed | | | 2,516,115 | |
| | | | |
| |
Net investment income | | | 9,208,244 | |
| | | | |
| |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated(a) | | | 21,796,366 | |
Investments — affiliated | | | 164 | |
Foreign currency transactions | | | (61,452 | ) |
Swaps | | | (265,149 | ) |
| | | | |
| |
| | $ | 21,469,929 | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments — unaffiliated(b) | | | (19,259,325 | ) |
Investments — affiliated | | | 763 | |
Foreign currency translations | | | 1,686 | |
Swaps | | | (10,546,710 | ) |
| | | | |
| |
| | | (29,803,586 | ) |
| | | | |
| |
Net realized and unrealized loss | | | (8,333,657 | ) |
| | | | |
| |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 874,587 | |
| | | | |
| |
(a) Net of foreign capital gain tax of | | | $(2,180 | ) |
(b) Net of decrease in deferred foreign capital gain tax of | | | 1,968 | |
See notes to consolidated financial statements.
| | |
| 14 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Consolidated Statements of Changes in Net Assets
| | | | | | | | |
| | | BlackRock Commodity Strategies
Fund | |
| | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment income | | $ | 9,208,244 | | | $ | 28,148,890 | |
Net realized gain (loss) | | | 21,469,929 | | | | (42,586,702 | ) |
Net change in unrealized appreciation (depreciation) | | | (29,803,586 | ) | | | 112,403,648 | |
| | | | | | | | |
| | |
Net increase in net assets resulting from operations | | | 874,587 | | | | 97,965,836 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | |
Institutional | | | (6,512,859 | ) | | | (63,779,042 | ) |
Investor A | | | (1,216,689 | ) | | | (9,950,222 | ) |
Investor C | | | (175,145 | ) | | | (2,042,128 | ) |
Class K | | | (1,563,271 | ) | | | (11,873,753 | ) |
| | | | | | | | |
| | |
Decrease in net assets resulting from distributions to shareholders | | | (9,467,964 | ) | | | (87,645,145 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| | |
Net decrease in net assets derived from capital share transactions | | | (38,186,499 | ) | | | (456,087,656 | ) |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total decrease in net assets | | | (46,779,876 | ) | | | (445,766,965 | ) |
Beginning of period | | | 680,078,745 | | | | 1,125,845,710 | |
| | | | | | | | |
| | |
End of period | | $ | 633,298,869 | | | $ | 680,078,745 | |
| | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to consolidated financial statements.
| | |
C O N S O L I D A T E D S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S | | 15 |
Consolidated Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Commodity Strategies Fund | |
| |
| | | Institutional | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 08/01/19 to 05/31/20 | | | Year Ended 07/31/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 8.86 | | | $ | 8.62 | | | $ | 11.33 | | | $ | 9.22 | | | $ | 6.33 | | | $ | 7.18 | | | $ | 7.82 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.13 | | | | 0.28 | | | | 0.22 | | | | 0.09 | | | | 0.07 | | | | 0.09 | | | | 0.14 | (b) |
Net realized and unrealized gain (loss) | | | (0.10 | ) | | | 0.73 | | | | (2.08 | ) | | | 2.27 | | | | 2.88 | | | | (0.79 | ) | | | (0.64 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.03 | | | | 1.01 | | | | (1.86 | ) | | | 2.36 | | | | 2.95 | | | | (0.70 | ) | | | (0.50 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions from net investment income(c) | | | (0.13 | ) | | | (0.77 | ) | | | (0.85 | ) | | | (0.25 | ) | | | (0.06 | ) | | | (0.15 | ) | | | (0.14 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 8.76 | | | $ | 8.86 | | | $ | 8.62 | | | $ | 11.33 | | | $ | 9.22 | | | $ | 6.33 | | | $ | 7.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.32 | %(e) | | | 12.30 | % | | | (16.46 | )% | | | 26.31 | % | | | 46.93 | % | | | (9.96 | )%(e) | | | (6.34 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.85 | %(g) | | | 0.87 | % | | | 0.83 | % | | | 0.82 | % | | | 0.90 | % | | | 1.04 | %(g) | | | 1.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.72 | %(g) | | | 0.72 | % | | | 0.72 | % | | | 0.72 | % | | | 0.72 | % | | | 0.72 | %(g) | | | 0.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 2.88 | %(g) | | | 3.35 | % | | | 2.37 | % | | | 0.95 | % | | | 0.90 | % | | | 1.61 | %(g) | | | 1.90 | %(b) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 427,197 | | | $ | 463,551 | | | $ | 837,334 | | | $ | 2,061,348 | | | $ | 862,528 | | | $ | 104,275 | | | $ | 145,239 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 37 | % | | | 53 | % | | | 78 | % | | | 91 | %(h) | | | 58 | % | | | 72 | % | | | 76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to consolidated financial statements.
| | |
| 16 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Commodity Strategies Fund (continued) | |
| |
| | | Investor A | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 08/01/19 to 05/31/20 | | | Year Ended 07/31/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 8.77 | | | $ | 8.53 | | | $ | 11.23 | | | $ | 9.14 | | | $ | 6.28 | | | $ | 7.12 | | | $ | 7.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.11 | | | | 0.26 | | | | 0.20 | | | | 0.07 | | | | 0.05 | | | | 0.08 | | | | 0.12 | (b) |
Net realized and unrealized gain (loss) | | | (0.10 | ) | | | 0.73 | | | | (2.07 | ) | | | 2.25 | | | | 2.86 | | | | (0.79 | ) | | | (0.63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.01 | | | | 0.99 | | | | (1.87 | ) | | | 2.32 | | | | 2.91 | | | | (0.71 | ) | | | (0.51 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions from net investment income(c) | | | (0.12 | ) | | | (0.75 | ) | | | (0.83 | ) | | | (0.23 | ) | | | (0.05 | ) | | | (0.13 | ) | | | (0.11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 8.66 | | | $ | 8.77 | | | $ | 8.53 | | | $ | 11.23 | | | $ | 9.14 | | | $ | 6.28 | | | $ | 7.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.10 | %(e) | | | 12.12 | % | | | (16.76 | )% | | | 26.06 | % | | | 46.53 | % | | | (10.18 | )%(e) | | | (6.50 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.13 | %(g) | | | 1.12 | % | | | 1.07 | % | | | 1.13 | % | | | 1.18 | % | | | 1.40 | %(g) | | | 1.38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.97 | %(g) | | | 0.97 | % | | | 0.97 | % | | | 0.97 | % | | | 0.97 | % | | | 0.97 | %(g) | | | 0.97 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 2.63 | %(g) | | | 3.10 | % | | | 2.15 | % | | | 0.68 | % | | | 0.62 | % | | | 1.38 | %(g) | | | 1.68 | %(b) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 83,943 | | | $ | 92,118 | | | $ | 120,674 | | | $ | 236,887 | | | $ | 127,923 | | | $ | 23,628 | | | $ | 33,853 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 37 | % | | | 53 | % | | | 78 | % | | | 91 | %(h) | | | 58 | % | | | 72 | % | | | 76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to consolidated financial statements.
| | |
C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S | | 17 |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Commodity Strategies Fund (continued) | |
| |
| | | Investor C | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended
05/31/21 | | | Period from 08/01/19 to 05/31/20 | | | Year Ended 07/31/19 | |
| | | | | | | | | |
Net asset value, beginning of period | | | | | | $ | 8.34 | | | $ | 8.13 | | | $ | 10.75 | | | $ | 8.78 | | | $ | 6.04 | | | $ | 6.84 | | | $ | 7.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss)(a) | | | | | | | 0.08 | | | | 0.19 | | | | 0.13 | | | | (0.00 | )(b) | | | (0.01 | ) | | | 0.03 | | | | 0.06 | (c) |
Net realized and unrealized gain (loss) | | | | | | | (0.10 | ) | | | 0.69 | | | | (1.98 | ) | | | 2.15 | | | | 2.75 | | | | (0.76 | ) | | | (0.60 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | | | | | (0.02 | ) | | | 0.88 | | | | (1.85 | ) | | | 2.15 | | | | 2.74 | | | | (0.73 | ) | | | (0.54 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Distributions from net investment income(d) | | | | | | | (0.09 | ) | | | (0.67 | ) | | | (0.77 | ) | | | (0.18 | ) | | | (0.00 | )(b) | | | (0.07 | ) | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net asset value, end of period | | | | | | $ | 8.23 | | | $ | 8.34 | | | $ | 8.13 | | | $ | 10.75 | | | $ | 8.78 | | | $ | 6.04 | | | $ | 6.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | | | | | (0.23 | )%(f) | | | 11.29 | % | | | (17.34 | )% | | | 25.06 | % | | | 45.48 | % | | | (10.80 | )%(f) | | | (7.19 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | | | | | 1.87 | %(h) | | | 1.86 | % | | | 1.80 | % | | | 1.81 | % | | | 1.96 | % | | | 2.07 | %(h) | | | 2.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | | 1.72 | %(h) | | | 1.72 | % | | | 1.72 | % | | | 1.72 | % | | | 1.72 | % | | | 1.72 | %(h) | | | 1.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Net investment income (loss) | | | | | | | 1.89 | %(h) | | | 2.34 | % | | | 1.49 | % | | | (0.04 | )% | | | (0.15 | )% | | | 0.63 | %(h) | | | 0.92 | %(c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | | | | | $ | 14,934 | | | $ | 16,586 | | | $ | 29,758 | | | $ | 42,138 | | | $ | 16,246 | | | $ | 4,255 | | | $ | 5,832 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Portfolio turnover rate | | | | | | | 37 | % | | | 53 | % | | | 78 | % | | | 91 | %(i) | | | 58 | % | | | 72 | % | | | 76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Amount is greater than $(0.005) per share. |
| (c) | Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend. |
| (d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (i) | Portfolio turnover rate excludes in-kind transactions. |
See notes to consolidated financial statements.
| | |
| 18 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Consolidated Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Commodity Strategies Fund (continued) | |
| |
| | | Class K | |
| | | | | | | |
| | | Six Months Ended 11/30/24 (unaudited) | | | Year Ended 05/31/24 | | | Year Ended 05/31/23 | | | Year Ended 05/31/22 | | | Year Ended 05/31/21 | | | Period from 08/01/19 to 05/31/20 | | | Year Ended 07/31/19 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 8.87 | | | $ | 8.62 | | | $ | 11.34 | | | $ | 9.22 | | | $ | 6.34 | | | $ | 7.19 | | | $ | 7.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(a) | | | 0.13 | | | | 0.29 | | | | 0.23 | | | | 0.10 | | | | 0.06 | | | | 0.09 | | | | 0.14 | (b) |
Net realized and unrealized gain (loss) | | | (0.11 | ) | | | 0.74 | | | | (2.09 | ) | | | 2.27 | | | | 2.89 | | | | (0.79 | ) | | | (0.63 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.02 | | | | 1.03 | | | | (1.86 | ) | | | 2.37 | | | | 2.95 | | | | (0.70 | ) | | | (0.49 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions from net investment income(c) | | | (0.13 | ) | | | (0.78 | ) | | | (0.86 | ) | | | (0.25 | ) | | | (0.07 | ) | | | (0.15 | ) | | | (0.15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 8.76 | | | $ | 8.87 | | | $ | 8.62 | | | $ | 11.34 | | | $ | 9.22 | | | $ | 6.34 | | | $ | 7.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 0.23 | %(e) | | | 12.49 | % | | | (16.48 | )% | | | 26.47 | % | | | 46.76 | % | | | (9.90 | )%(e) | | | (6.28 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.76 | %(g) | | | 0.77 | % | | | 0.72 | % | | | 0.72 | % | | | 0.80 | % | | | 0.95 | %(g) | | | 0.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.67 | %(g) | | | 0.67 | % | | | 0.67 | % | | | 0.67 | % | | | 0.67 | % | | | 0.67 | %(g) | | | 0.67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 2.92 | %(g) | | | 3.40 | % | | | 2.42 | % | | | 1.02 | % | | | 0.76 | % | | | 1.60 | %(g) | | | 1.97 | %(b) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 107,226 | | | $ | 107,825 | | | $ | 138,079 | | | $ | 312,639 | | | $ | 197,360 | | | $ | 25,283 | | | $ | 22,520 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 37 | % | | | 53 | % | | | 78 | % | | | 91 | %(h) | | | 58 | % | | | 72 | % | | | 76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Net investment income per share and the ratio of net investment income to average net assets includes $0.01 per share and 0.13%, respectively, resulting from a special dividend. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Portfolio turnover rate excludes in-kind transactions. |
See notes to consolidated financial statements.
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C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S | | 19 |
Notes to Consolidated Financial Statements (unaudited)
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Commodity Strategies Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.
The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).
| | | | | | | | | | |
| | | | |
| Share Class | | Initial Sales Charge | | | CDSC | | | Conversion Privilege |
Institutional and Class K Shares | | | No | | | | No | | | None |
Investor A Shares | | | Yes | | | | No | (a) | | None |
Investor C Shares | | | No | | | | Yes | (b) | | To Investor A Shares after approximately 8 years |
| | (a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. | |
| | (b) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | |
The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the accounts of BlackRock Cayman Commodity Strategies Fund, Ltd. (the “Cayman Subsidiary”), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $4,150, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.
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Notes to Consolidated Financial Statements (unaudited) (continued)
Consistent with U.S. GAAP accrual requirements for uncertain tax positions, the Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.
The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Consolidated Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Consolidated Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Net income and realized gains from investments held by the Cayman Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Consolidated Statement of Operations.
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the consolidated financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price. |
| | • | | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
| | • | | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”). |
| | • | | Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | | 21 |
Notes to Consolidated Financial Statements (unaudited) (continued)
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| | • | | Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities; |
| | • | | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and |
| | • | | Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. | SECURITIES AND OTHER INVESTMENTS |
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
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Notes to Consolidated Financial Statements (unaudited) (continued)
Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Consolidated Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund’s Consolidated Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Consolidated Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Fund’s securities on loan by counterparty which are subject to offset under an MSLA:
| | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | |
| | | | | | | | Non-Cash | | | | |
| | | Securities | | | Cash | | | Collateral Received, | | | Net | |
| Counterparty | | Loaned at Value | | | | | | Collateral Received | (a) | | | | | at Fair Value | (a) | | Amount | |
| |
| | | | | | | | |
Barclays Capital, Inc. | | | | $ | 12,208 | | | | | $ | (12,208 | ) | | | | $ | — | | | | | $ | — | |
BofA Securities, Inc. | | | | | 1,730,137 | | | | | | (1,730,137 | ) | | | | | — | | | | | | — | |
Citigroup Global Markets, Inc. | | | | | 1,991,925 | | | | | | (1,991,925 | ) | | | | | — | | | | | | — | |
J.P. Morgan Securities LLC | | | | | 2,167,548 | | | | | | (2,167,548 | ) | | | | | — | | | | | | — | |
Morgan Stanley | | | | | 699,297 | | | | | | (699,297 | ) | | | | | — | | | | | | — | |
SG Americas Securities LLC | | | | | 609,787 | | | | | | (609,787 | ) | | | | | — | | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | $ | 7,210,902 | | | | | $ | (7,210,902 | ) | | | | $ | — | | | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Consolidated Statement of Assets and Liabilities. | |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
| 5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Consolidated Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | | 23 |
Notes to Consolidated Financial Statements (unaudited) (continued)
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Consolidated Statement of Operations, including those at termination.
| | • | | Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk). |
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.
| 6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets:
| | | | |
| | |
| Average Daily Net Assets | | Investment Advisory Fees | |
| |
First $1 billion | | | 0.62 | % |
$1 billion - $3 billion | | | 0.58 | |
$3 billion - $5 billion | | | 0.56 | |
$5 billion - $10 billion | | | 0.54 | |
Greater than $10 billion | | | 0.53 | |
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| 24 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Consolidated Financial Statements (unaudited) (continued)
The Manager provides investment management and other services to the Cayman Subsidiary. The Manager does not receive separate compensation from the Cayman Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund’s net assets, which includes the assets of the Cayman Subsidiary.
With respect to the Fund, the Manager entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Service and Distribution Fees: The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:
| | | | | | |
| | | |
| Share Class | | Service Fees | | | Distribution Fees |
| | |
Investor A | | | 0.25 | % | | N/A |
Investor C | | | 0.25 | | | 0.75% |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Investor A | | | | | | Investor C | | | | | | Total | |
| | | | | |
Service and distribution — class specific | | $ | 108,905 | | | | | | | $ | 77,864 | | | | | | | $ | 186,769 | |
Administration: The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Consolidated Statement of Operations, is paid at the annual rates below.
| | | | |
| | |
| Average Daily Net Assets | | Administration Fees | |
| |
First $500 million | | | 0.0425 | % |
$500 million - $1 billion | | | 0.0400 | |
$1 billion - $2 billion | | | 0.0375 | |
$2 billion - $4 billion | | | 0.0350 | |
$4 billion - $13 billion | | | 0.0325 | |
Greater than $13 billion | | | 0.0300 | |
In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Consolidated Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.
For the six months ended November 30, 2024, the Fund paid the following to the Manager in return for these services, which are included in administration—class specific in the Consolidated Statement of Operations:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
| | | | | |
Administration — class specific | | $ | 44,157 | | | $ | 8,736 | | | $ | 1,561 | | | $ | 10,620 | | | $ | 65,074 | |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2024, the Fund did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2024, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
| | | | | |
Reimbursed amounts | | $ | 3 | | | $ | 2,235 | | | $ | 436 | | | $ | 99 | | | $ | 2,773 | |
For the six months ended November 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
| | | | | |
Transfer agent — class specific | | $ | 214,353 | | | $ | 53,784 | | | $ | 8,998 | | | $ | 525 | | | $ | 277,660 | |
Other Fees: For the six months ended November 30, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $2,396.
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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | | 25 |
Notes to Consolidated Financial Statements (unaudited) (continued)
For the six months ended November 30, 2024, affiliates received CDSCs of $151 for Investor C Shares.
Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended November 30, 2024, the amount waived was $2,950.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.
The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
| | | | | | | | | | | | |
| |
| | | |
Institutional | | | Investor A | | | | Investor C | | | | Class K | |
| |
| | | |
0.72% | | | 0.97 | % | | | 1.72 | % | | | 0.67% | |
| |
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2024, the Manager waived and/or reimbursed investment advisory fees of $201,914, which is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.
In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Consolidated Statement of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements were as follows:
| | | | | | | | | | | | | | | | | | | | |
| |
| | | | | |
| | | Institutional | | | Investor A | | | Investor C | | | Class K | | | Total | |
| |
| | | | | |
Administration fees waived by the Manager — class specific | | $ | 44,157 | | | $ | 8,736 | | | $ | 1,561 | | | $ | 10,620 | | | $ | 65,074 | |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | 104,026 | | | | 31,725 | | | | 4,973 | | | | 525 | | | | 141,249 | |
| |
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Consolidated Statement of Operations. For the six months ended November 30, 2024, the Fund paid BIM $20,956 for securities lending agent services.
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| 26 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Consolidated Financial Statements (unaudited) (continued)
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the six months ended November 30, 2024, the Fund did not participate in the Interfund Lending Program.
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Consolidated Statement of Operations.
For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were $117,135,811 and $148,532,241, respectively.
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Fund as of November 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s consolidated financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund’s NAV.
As of May 31, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $220,568,302.
As of November 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name | | Tax Cost | | | Gross Unrealized Appreciation | | | Gross Unrealized Depreciation | | | Net Unrealized Appreciation (Depreciation) | |
| | | | |
BlackRock Commodity Strategies Fund | | $ | 577,833,015 | | | $ | 71,628,413 | | | $ | (23,644,600 | ) | | $ | 47,983,813 | |
The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2024, the Fund did not borrow under the credit agreement.
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
| | |
N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | | 27 |
Notes to Consolidated Financial Statements (unaudited) (continued)
The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Market Risk: The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Consolidated Schedule of Investments.
The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. The Federal Reserve has raised the federal funds rate as part of its efforts to address inflation. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Fund’s performance.
The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
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| 28 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Consolidated Financial Statements (unaudited) (continued)
| 11. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Institutional | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,483,364 | | | $ | 47,671,321 | | | | 16,238,591 | | | $ | 137,317,730 | |
| | | | |
Shares issued in reinvestment of distributions | | | 734,417 | | | | 6,367,394 | | | | 7,095,202 | | | | 60,484,375 | |
| | | | |
Shares redeemed | | | (9,742,932 | ) | | | (84,526,632 | ) | | | (68,198,567 | ) | | | (578,220,648 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (3,525,151 | ) | | $ | (30,487,917 | ) | | | (44,864,774 | ) | | $ | (380,418,543 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
| | | | |
Shares sold and automatic conversion of shares | | | 563,044 | | | $ | 4,847,791 | | | | 1,577,748 | | | $ | 13,256,153 | |
| | | | |
Shares issued in reinvestment of distributions | | | 139,627 | | | | 1,199,393 | | | | 1,156,635 | | | | 9,757,319 | |
| | | | |
Shares redeemed | | | (1,517,074 | ) | | | (13,020,566 | ) | | | (6,373,307 | ) | | | (53,134,580 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (814,403 | ) | | $ | (6,973,382 | ) | | | (3,638,924 | ) | | $ | (30,121,108 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 49,128 | | | $ | 397,397 | | | | 162,325 | | | $ | 1,312,561 | |
| | | | |
Shares issued in reinvestment of distributions | | | 21,350 | | | | 174,642 | | | | 252,922 | | | | 2,040,080 | |
| | | | |
Shares redeemed and automatic conversion of shares | | | (244,482 | ) | | | (1,988,292 | ) | | | (2,085,435 | ) | | | (16,739,947 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (174,004 | ) | | $ | (1,416,253 | ) | | | (1,670,188 | ) | | $ | (13,387,306 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 1,794,304 | | | $ | 15,609,499 | | | | 4,418,921 | | | $ | 37,807,441 | |
| | | | |
Shares issued in reinvestment of distributions | | | 179,914 | | | | 1,561,648 | | | | 1,393,260 | | | | 11,870,505 | |
| | | | |
Shares redeemed | | | (1,897,746 | ) | | | (16,480,094 | ) | | | (9,665,648 | ) | | | (81,838,645 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 76,472 | | | $ | 691,053 | | | | (3,853,467 | ) | | $ | (32,160,699 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | (4,437,086 | ) | | $ | (38,186,499 | ) | | | (54,027,353 | ) | | $ | (456,087,656 | ) |
| | | | | | | | | | | | | | | | |
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
| | |
N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S | | 29 |
Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
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| 30 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Additional Information (continued)
Fund and Service Providers
Investment Adviser and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent and Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Custodian
The Bank of New York Mellon
New York, NY 10286
Distributor
BlackRock Investments, LLC
New York, NY 10001
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110.
Legal Counsel
Sidley Austin LLP
New York, NY 10019
Address of the Trust
100 Bellevue Parkway
Wilmington, DE 19809
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A D D I T I O N A L I N F O R M A T I O N | | 31 |
Glossary of Terms Used in this Report
Currency Abbreviation
| | |
| CAD | | Canadian Dollar |
| |
| GBP | | British Pound |
| |
| USD | | United States Dollar |
|
| Portfolio Abbreviation |
| |
| ADR | | American Depositary Receipt |
| |
| BCOMRAGT | | Bloomberg Roll Select Agriculture Subindex Total ReturnSM |
| |
| BCOMRENT | | Bloomberg Roll Select Energy Subindex Total ReturnSM |
| |
| BCOMRINT | | Bloomberg Roll Select Industrial Metals Subindex Total ReturnSM |
| |
| BCOMRLIT | | Bloomberg Roll Select Livestock Subindex Total ReturnSM |
| |
| BCOMRPRT | | Bloomberg Roll Select Precious Metals Subindex Total ReturnSM |
| |
| CVR | | Contingent Value Rights |
| |
| OTC | | Over-the-Counter |
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| 32 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
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Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
| | |
| | NOVEMBER 30, 2024 |
| | |
| |
| | 2024 Semi-Annual Financial Statements and Additional Information (Unaudited) |
BlackRock FundsSM
| · | | BlackRock SMID-Cap Growth Equity Fund |
|
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock SMID-Cap Growth Equity Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
Common Stocks | |
| | |
| Aerospace & Defense — 6.9% | | | | | | |
Axon Enterprise, Inc.(a) | | | 579 | | | $ | 374,590 | |
HEICO Corp. | | | 742 | | | | 202,841 | |
Loar Holdings, Inc.(a) | | | 2,219 | | | | 204,325 | |
| | | | | | | | |
| | | | | | | 781,756 | |
| | |
| Air Freight & Logistics — 0.5% | | | | | | |
GXO Logistics, Inc.(a) | | | 952 | | | | 57,910 | |
| | | | | | | | |
| | |
| Automobile Components — 0.5% | | | | | | |
Fox Factory Holding Corp.(a) | | | 1,929 | | | | 62,654 | |
| | | | | | | | |
| | |
| Biotechnology — 1.2% | | | | | | |
Halozyme Therapeutics, Inc.(a) | | | 1,267 | | | | 61,069 | |
Natera, Inc.(a) | | | 475 | | | | 79,696 | |
| | | | | | | | |
| | | | | | | 140,765 | |
| | |
| Broadline Retail — 0.1% | | | | | | |
Etsy, Inc.(a) | | | 142 | | | | 7,790 | |
| | | | | | | | |
| | |
| Building Products — 1.7% | | | | | | |
AZEK Co., Inc. (The), Class A(a) | | | 3,722 | | | | 197,713 | |
| | | | | | | | |
| | |
| Capital Markets — 7.3% | | | | | | |
Carlyle Group, Inc. (The) | | | 684 | | | | 36,409 | |
MarketAxess Holdings, Inc. | | | 71 | | | | 18,367 | |
Morningstar, Inc. | | | 632 | | | | 223,823 | |
TPG, Inc., Class A | | | 4,218 | | | | 295,091 | |
Tradeweb Markets, Inc., Class A | | | 1,920 | | | | 260,160 | |
| | | | | | | | |
| | | | | | | 833,850 | |
| | |
| Commercial Services & Supplies — 2.1% | | | | | | |
Casella Waste Systems, Inc., Class A(a) | | | 1,571 | | | | 177,853 | |
GFL Environmental, Inc. | | | 1,187 | | | | 55,908 | |
| | | | | | | | |
| | | | | | | 233,761 | |
| | |
| Construction & Engineering — 3.8% | | | | | | |
Comfort Systems U.S.A., Inc. | | | 745 | | | | 367,486 | |
WillScot Holdings Corp., Class A(a) | | | 1,632 | | | | 62,408 | |
| | | | | | | | |
| | | | | | | 429,894 | |
| | |
| Distributors — 0.3% | | | | | | |
Pool Corp. | | | 94 | | | | 35,446 | |
| | | | | | | | |
| | |
| Diversified Consumer Services — 3.7% | | | | | | |
Bright Horizons Family Solutions, Inc.(a) | | | 1,278 | | | | 147,775 | |
Duolingo, Inc., Class A(a) | | | 613 | | | | 213,490 | |
European Wax Center, Inc., Class A(a) | | | 1,803 | | | | 10,836 | |
Mister Car Wash, Inc.(a) | | | 6,742 | | | | 53,936 | |
| | | | | | | | |
| | | | | | | 426,037 | |
| | |
| Electrical Equipment — 2.7% | | | | | | |
Vertiv Holdings Co., Class A | | | 2,370 | | | | 302,412 | |
| | | | | | | | |
|
| Electronic Equipment, Instruments & Components — 1.2% | |
Coherent Corp.(a) | | | 1,318 | | | | 132,011 | |
| | | | | | | | |
| | |
| Entertainment — 4.1% | | | | | | |
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a) | | | 2,491 | | | | 220,105 | |
Live Nation Entertainment, Inc.(a) | | | 1,799 | | | | 248,711 | |
| | | | | | | | |
| | | | | | | 468,816 | |
| | |
| Financial Services — 1.0% | | | | | | |
Affirm Holdings, Inc., Class A(a) | | | 1,382 | | | | 96,754 | |
Jack Henry & Associates, Inc. | | | 95 | | | | 16,737 | |
| | | | | | | | |
| | | | | | | 113,491 | |
| | |
| Food Products — 1.3% | | | | | | |
Freshpet, Inc.(a) | | | 947 | | | | 144,938 | |
| | | | | | | | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Ground Transportation — 2.7% | | | | | | |
Saia, Inc.(a)(b) | | | 544 | | | $ | 309,579 | |
| | | | | | | | |
| | |
| Health Care Equipment & Supplies — 3.7% | | | | | | |
Align Technology, Inc.(a) | | | 742 | | | | 172,715 | |
Inmode Ltd.(a) | | | 233 | | | | 4,551 | |
Inspire Medical Systems, Inc.(a) | | | 125 | | | | 24,095 | |
Masimo Corp.(a) | | | 1,278 | | | | 220,506 | |
Teleflex, Inc. | | | 29 | | | | 5,593 | |
| | | | | | | | |
| | | | | | | 427,460 | |
| | |
| Health Care Providers & Services — 0.6% | | | | | | |
Surgery Partners, Inc.(a) | | | 2,948 | | | | 70,280 | |
| | | | | | | | |
| | |
| Health Care Technology — 0.2% | | | | | | |
Phreesia, Inc.(a) | | | 883 | | | | 18,569 | |
| | | | | | | | |
| | |
| Hotels, Restaurants & Leisure — 6.3% | | | | | | |
Churchill Downs, Inc. | | | 1,574 | | | | 223,681 | |
DraftKings, Inc., Class A(a)(b) | | | 5,155 | | | | 225,016 | |
Planet Fitness, Inc., Class A(a) | | | 2,252 | | | | 224,186 | |
Vail Resorts, Inc. | | | 232 | | | | 41,584 | |
| | | | | | | | |
| | | | | | | 714,467 | |
| | |
| Industrial REITs — 0.2% | | | | | | |
Rexford Industrial Realty, Inc. | | | 561 | | | | 23,607 | |
| | | | | | | | |
| | |
| Interactive Media & Services — 2.2% | | | | | | |
Match Group, Inc.(a) | | | 432 | | | | 14,144 | |
Pinterest, Inc., Class A(a) | | | 2,683 | | | | 81,348 | |
Reddit, Inc., Class A(a) | | | 1,088 | | | | 153,071 | |
| | | | | | | | |
| | | | | | | 248,563 | |
| | |
| IT Services — 2.6% | | | | | | |
DigitalOcean Holdings, Inc.(a) | | | 588 | | | | 22,391 | |
Globant SA(a) | | | 592 | | | | 134,834 | |
MongoDB, Inc., Class A(a) | | | 418 | | | | 134,801 | |
| | | | | | | | |
| | | | | | | 292,026 | |
| | |
| Life Sciences Tools & Services — 3.7% | | | | | | |
Bio-Techne Corp. | | | 740 | | | | 55,767 | |
Medpace Holdings, Inc.(a) | | | 291 | | | | 99,123 | |
Repligen Corp.(a) | | | 949 | | | | 142,863 | |
West Pharmaceutical Services, Inc. | | | 377 | | | | 122,781 | |
| | | | | | | | |
| | | | | | | 420,534 | |
| | |
| Machinery — 3.4% | | | | | | |
AutoStore Holdings Ltd.(a)(c) | | | 58,757 | | | | 66,326 | |
Energy Recovery, Inc.(a) | | | 4,101 | | | | 63,812 | |
Graco, Inc. | | | 1,678 | | | | 152,832 | |
IDEX Corp. | | | 451 | | | | 104,014 | |
| | | | | | | | |
| | | | | | | 386,984 | |
| | |
| Oil, Gas & Consumable Fuels — 3.6% | | | | | | |
Northern Oil & Gas, Inc. | | | 1,329 | | | | 57,798 | |
Permian Resources Corp., Class A | | | 5,475 | | | | 85,739 | |
Texas Pacific Land Corp. | | | 166 | | | | 265,615 | |
| | | | | | | | |
| | | | | | | 409,152 | |
| | |
| Pharmaceuticals — 1.7% | | | | | | |
Galderma Group AG(a) | | | 1,880 | | | | 192,599 | |
| | | | | | | | |
| | |
| Professional Services — 1.7% | | | | | | |
Booz Allen Hamilton Holding Corp., Class A | | | 1,135 | | | | 168,184 | |
Paylocity Holding Corp.(a) | | | 149 | | | | 30,924 | |
| | | | | | | | |
| | | | | | | 199,108 | |
|
| Semiconductors & Semiconductor Equipment — 8.0% | |
ASM International NV | | | 331 | | | | 178,136 | |
Astera Labs, Inc.(a) | | | 1,273 | | | | 131,437 | |
BE Semiconductor Industries NV | | | 1,235 | | | | 146,842 | |
| | |
S C H E D U L E O F I N V E S T M E N T S | | 3 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock SMID-Cap Growth Equity Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| Semiconductors & Semiconductor Equipment (continued) | |
Credo Technology Group Holding Ltd.(a) | | | 2,927 | | | $ | 143,306 | |
Entegris, Inc. | | | 1,955 | | | | 206,507 | |
Lattice Semiconductor Corp.(a) | | | 377 | | | | 21,395 | |
Monolithic Power Systems, Inc. | | | 150 | | | | 85,146 | |
| | | | | | | | |
| | | | | | | 912,769 | |
| | |
| Software — 11.8% | | | | | | |
ANSYS, Inc.(a) | | | 296 | | | | 103,926 | |
Aspen Technology, Inc.(a) | | | 215 | | | | 53,750 | |
Bentley Systems, Inc., Class B | | | 4,159 | | | | 205,871 | |
Confluent, Inc., Class A(a) | | | 6,347 | | | | 195,742 | |
CyberArk Software Ltd.(a) | | | 332 | | | | 107,405 | |
Guidewire Software, Inc.(a) | | | 732 | | | | 148,515 | |
JFrog Ltd.(a) | | | 1,776 | | | | 55,322 | |
Manhattan Associates, Inc.(a) | | | 665 | | | | 189,818 | |
Monday.com Ltd.(a) | | | 243 | | | | 69,342 | |
PTC, Inc.(a) | | | 399 | | | | 79,824 | |
QXO, Inc. | | | 6,828 | | | | 113,618 | |
Zscaler, Inc.(a) | | | 124 | | | | 25,617 | |
| | | | | | | | |
| | | | | | | 1,348,750 | |
| | |
| Specialty Retail — 2.8% | | | | | | |
Carvana Co., Class A(a) | | | 699 | | | | 182,034 | |
Floor & Decor Holdings, Inc., Class A(a) | | | 1,217 | | | | 136,559 | |
| | | | | | | | |
| | | | | | | 318,593 | |
|
| Technology Hardware, Storage & Peripherals — 1.3% | |
Pure Storage, Inc., Class A(a) | | | 2,824 | | | | 149,644 | |
| | | | | | | | |
| | |
| Textiles, Apparel & Luxury Goods — 2.8% | | | | | | |
Brunello Cucinelli SpA | | | 1,529 | | | | 151,450 | |
On Holding AG, Class A(a)(b) | | | 2,868 | | | | 167,291 | |
| | | | | | | | |
| | | | | | | 318,741 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Trading Companies & Distributors — 2.3% | | | | | | |
Core & Main, Inc., Class A(a) | | | 1,896 | | | $ | 92,051 | |
FTAI Aviation Ltd. | | | 545 | | | | 92,007 | |
SiteOne Landscape Supply, Inc.(a) | | | 543 | | | | 83,214 | |
| | | | | | | | |
| | | | | | | 267,272 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 100.0%
(Cost: $8,991,244) | | | | | | | 11,397,941 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 6.1% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(d)(e)(f) | | | 677,801 | | | | 678,140 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(d)(e) | | | 11,423 | | | | 11,423 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 6.1%
(Cost: $689,630) | | | | | | | 689,563 | |
| | | | | | | | |
| | |
Total Investments — 106.1%
(Cost: $9,680,874) | | | | | | | 12,087,504 | |
| | |
Liabilities in Excess of Other Assets — (6.1)% | | | | | | | (691,976 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 11,395,528 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Affiliated Issuer | | Value at 05/31/24 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation
(Depreciation) | | | Value at 11/30/24 | | | Shares Held at 11/30/24 | | | Income | | | Capital Gain Distributions
from Underlying Funds | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 451,119 | | | $ | 227,008 | (a) | | $ | — | | | $ | 70 | | | $ | (57 | ) | | $ | 678,140 | | | | 677,801 | | | $ | 372 | (b) | | $ | — | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 111,395 | | | | — | | | | (99,972 | )(a) | | | — | | | | — | | | | 11,423 | | | | 11,423 | | | | 794 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 70 | | | $ | (57 | ) | | $ | 689,563 | | | | | | | $ | 1,166 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
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| 4 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock SMID-Cap Growth Equity Fund |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 781,756 | | | $ | — | | | $ | — | | | $ | 781,756 | |
Air Freight & Logistics | | | 57,910 | | | | — | | | | — | | | | 57,910 | |
Automobile Components | | | 62,654 | | | | — | | | | — | | | | 62,654 | |
Biotechnology | | | 140,765 | | | | — | | | | — | | | | 140,765 | |
Broadline Retail | | | 7,790 | | | | — | | | | — | | | | 7,790 | |
Building Products | | | 197,713 | | | | — | | | | — | | | | 197,713 | |
Capital Markets | | | 833,850 | | | | — | | | | — | | | | 833,850 | |
Commercial Services & Supplies | | | 233,761 | | | | — | | | | — | | | | 233,761 | |
Construction & Engineering | | | 429,894 | | | | — | | | | — | | | | 429,894 | |
Distributors | | | 35,446 | | | | — | | | | — | | | | 35,446 | |
Diversified Consumer Services | | | 426,037 | | | | — | | | | — | | | | 426,037 | |
Electrical Equipment | | | 302,412 | | | | — | | | | — | | | | 302,412 | |
Electronic Equipment, Instruments & Components | | | 132,011 | | | | — | | | | — | | | | 132,011 | |
Entertainment | | | 468,816 | | | | — | | | | — | | | | 468,816 | |
Financial Services | | | 113,491 | | | | — | | | | — | | | | 113,491 | |
Food Products | | | 144,938 | | | | — | | | | — | | | | 144,938 | |
Ground Transportation | | | 309,579 | | | | — | | | | — | | | | 309,579 | |
Health Care Equipment & Supplies | | | 427,460 | | | | — | | | | — | | | | 427,460 | |
Health Care Providers & Services | | | 70,280 | | | | — | | | | — | | | | 70,280 | |
Health Care Technology | | | 18,569 | | | | — | | | | — | | | | 18,569 | |
Hotels, Restaurants & Leisure | | | 714,467 | | | | — | | | | — | | | | 714,467 | |
Industrial REITs | | | 23,607 | | | | — | | | | — | | | | 23,607 | |
Interactive Media & Services | | | 248,563 | | | | — | | | | — | | | | 248,563 | |
IT Services | | | 292,026 | | | | — | | | | — | | | | 292,026 | |
Life Sciences Tools & Services | | | 420,534 | | | | — | | | | — | | | | 420,534 | |
Machinery | | | 320,658 | | | | 66,326 | | | | — | | | | 386,984 | |
Oil, Gas & Consumable Fuels | | | 409,152 | | | | — | | | | — | | | | 409,152 | |
Pharmaceuticals | | | 192,599 | | | | — | | | | — | | | | 192,599 | |
Professional Services | | | 199,108 | | | | — | | | | — | | | | 199,108 | |
Semiconductors & Semiconductor Equipment | | | 587,791 | | | | 324,978 | | | | — | | | | 912,769 | |
Software | | | 1,348,750 | | | | — | | | | — | | | | 1,348,750 | |
Specialty Retail | | | 318,593 | | | | — | | | | — | | | | 318,593 | |
Technology Hardware, Storage & Peripherals | | | 149,644 | | | | — | | | | — | | | | 149,644 | |
Textiles, Apparel & Luxury Goods | | | 167,291 | | | | 151,450 | | | | — | | | | 318,741 | |
Trading Companies & Distributors | | | 267,272 | | | | — | | | | — | | | | 267,272 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 689,563 | | | | — | | | | — | | | | 689,563 | |
| | | | | | | | | | | | | | | | |
| | $ | 11,544,750 | | | $ | 542,754 | | | $ | — | | | $ | 12,087,504 | |
| | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
S C H E D U L E O F I N V E S T M E N T S | | 5 |
Statement of Assets and Liabilities (unaudited)
November 30, 2024
| | | | |
| | | BlackRock
SMID-Cap
Growth Equity Fund | |
| |
ASSETS | | | | |
Investments, at value — unaffiliated(a)(b) | | $ | 11,397,941 | |
Investments, at value — affiliated(c) | | | 689,563 | |
Receivables: | | | | |
Securities lending income — affiliated | | | 105 | |
Capital shares sold | | | 45 | |
Dividends — unaffiliated | | | 2,364 | |
Dividends — affiliated | | | 57 | |
From the Manager | | | 1,979 | |
| | | | |
| |
Total assets | | | 12,092,054 | |
| | | | |
| |
LIABILITIES | | | | |
Collateral on securities loaned | | | 678,300 | |
Payables: | | | | |
Administration fees | | | 499 | |
Investment advisory fees | | | 6,294 | |
Trustees’ and Officer’s fees | | | 1,266 | |
Professional fees | | | 10,059 | |
Service fees | | | 108 | |
| | | | |
| |
Total liabilities | | | 696,526 | |
| | | | |
Commitments and contingent liabilities | | | | |
| |
NET ASSETS | | $ | 11,395,528 | |
| | | | |
| |
NET ASSETS CONSIST OF: | | | | |
Paid-in capital | | $ | 15,343,578 | |
Accumulated loss | | | (3,948,050 | ) |
| | | | |
| |
NET ASSETS | | $ | 11,395,528 | |
| | | | |
(a) Investments, at cost — unaffiliated | | $ | 8,991,244 | |
(b) Securities loaned, at value | | $ | 670,479 | |
(c) Investments, at cost — affiliated | | $ | 689,630 | |
| | |
| 6 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statement of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | |
| | | BlackRock
SMID-Cap
Growth Equity Fund | |
| |
| NET ASSET VALUE | | | |
| |
| Institutional | | | |
| |
Net assets | | $ | 75,530 | |
| | | | |
| |
Shares outstanding | | | 5,207 | |
| | | | |
| |
Net asset value | | $ | 14.51 | |
| | | | |
| |
Shares authorized | | | Unlimited | |
| | | | |
| |
Par value | | $ | 0.001 | |
| | | | |
| |
| Investor A | | | |
| |
Net assets | | $ | 545,903 | |
| | | | |
| |
Shares outstanding | | | 37,953 | |
| | | | |
| |
Net asset value | | $ | 14.38 | |
| | | | |
| |
Shares authorized | | | Unlimited | |
| | | | |
| |
Par value | | $ | 0.001 | |
| | | | |
| |
| Class K | | | |
| |
Net assets | | $ | 10,774,095 | |
| | | | |
| |
Shares outstanding | | | 740,114 | |
| | | | |
| |
Net asset value | | $ | 14.56 | |
| | | | |
| |
Shares authorized | | | Unlimited | |
| | | | |
| |
Par value | | $ | 0.001 | |
| | | | |
See notes to financial statements.
| | |
S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S | | 7 |
Statement of Operations (unaudited)
Six Months Ended November 30, 2024
| | | | |
| | | BlackRock
SMID-Cap
Growth Equity Fund | |
| |
INVESTMENT INCOME | | | | |
| |
Dividends — unaffiliated | | $ | 19,049 | |
| |
Dividends — affiliated | | | 794 | |
| |
Securities lending income — affiliated — net | | | 372 | |
| |
Foreign taxes withheld | | | (5 | ) |
| |
| | | | |
| |
Total investment income | | | 20,210 | |
| | | | |
| |
EXPENSES | | | | |
| |
Investment advisory | | | 35,606 | |
| |
Professional | | | 9,310 | |
| |
Trustees and Officer | | | 3,191 | |
| |
Administration — class specific | | | 2,815 | |
| |
Service — class specific | | | 597 | |
| |
Miscellaneous | | | 58 | |
| |
| | | | |
| |
Total expenses excluding interest expense | | | 51,577 | |
| |
Interest expense | | | 38 | |
| | | | |
| |
Total expenses | | | 51,615 | |
| | | | |
| |
Less: | | | | |
| |
Fees waived and/or reimbursed by the Manager | | | (12,513 | ) |
| | | | |
| |
Total expenses after fees waived and/or reimbursed | | | 39,102 | |
| | | | |
| |
Net investment loss | | | (18,892 | ) |
| | | | |
| |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
| |
Net realized gain (loss) from: | | | | |
| |
Investments — unaffiliated | | | (211,644 | ) |
| |
Investments — affiliated | | | 70 | |
| |
Foreign currency transactions | | | 32 | |
| | | | |
| |
| | $ | (211,542 | ) |
| | | | |
| |
Net change in unrealized appreciation (depreciation) on: | | | | |
| |
Investments — unaffiliated | | | 1,722,488 | |
| |
Investments — affiliated | | | (57 | ) |
| | | | |
| |
| | | 1,722,431 | |
| | | | |
| |
Net realized and unrealized gain | | | 1,510,889 | |
| | | | |
| |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,491,997 | |
| | | | |
See notes to financial statements.
| | |
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Statements of Changes in Net Assets
| | | | | | | | |
| | | BlackRock SMID-Cap Growth Equity Fund | |
| | | Six Months Ended 11/30/24
(unaudited) | | | Year Ended
05/31/24 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment loss | | $ | (18,892 | ) | | $ | (27,880 | ) |
Net realized loss | | | (211,542 | ) | | | (581,925 | ) |
Net change in unrealized appreciation (depreciation) | | | 1,722,431 | | | | 1,596,390 | |
| | | | | | | | |
| | |
Net increase in net assets resulting from operations | | | 1,491,997 | | | | 986,585 | |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
| | |
Net increase in net assets derived from capital share transactions | | | 251,444 | | | | 132,415 | |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total increase in net assets | | | 1,743,441 | | | | 1,119,000 | |
Beginning of period | | | 9,652,087 | | | | 8,533,087 | |
| | | | | | | | |
| | |
End of period | | $ | 11,395,528 | | | $ | 9,652,087 | |
| | | | | | | | |
See notes to financial statements.
| | |
| S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S | | 9 |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | |
| | | BlackRock SMID-Cap Growth Equity Fund | |
| |
| | | Institutional | |
| | |
| Six Months
Ended
11/30/24
(unaudited) |
| |
| Year Ended
05/31/24 |
| |
| Year Ended
05/31/23 |
| |
| Period from
06/29/21to 05/31/22 |
(a) |
| | | | |
Net asset value, beginning of period | | $ | 12.62 | | | $ | 11.32 | | | $ | 11.45 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net investment loss(b) | | | (0.03 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.09 | ) |
Net realized and unrealized gain (loss) | | | 1.92 | | | | 1.35 | | | | (0.09 | ) | | | (8.46 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net increase (decrease) from investment operations | | | 1.89 | | | | 1.30 | | | | (0.13 | ) | | | (8.55 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net asset value, end of period | | $ | 14.51 | | | $ | 12.62 | | | $ | 11.32 | | | $ | 11.45 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(c) | | | | | | | | | | | | | | | | |
Based on net asset value | | | 14.98 | %(d) | | | 11.48 | % | | | (1.14 | )% | | | (42.75 | )%(d) |
| | | | | | | | | | | | | | | | |
| | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | |
Total expenses | | | 1.10 | %(f) | | | 1.12 | % | | | 1.23 | % | | | 1.06 | %(f)(g) |
| | | | | | | | | | | | | | | | |
| | | | |
Total expenses after fees waived and/or reimbursed | | | 0.85 | %(f) | | | 0.85 | % | | | 0.85 | % | | | 0.85 | %(f) |
| | | | | | | | | | | | | | | | |
| | | | |
Net investment loss | | | (0.46 | )%(f) | | | (0.40 | )% | | | (0.36 | )% | | | (0.56 | )%(f) |
| | | | | | | | | | | | | | | | |
| | | | |
Supplemental Data | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 76 | | | $ | 66 | | | $ | 59 | | | $ | 59 | |
| | | | | | | | | | | | | | | | |
| | | | |
Portfolio turnover rate | | | 30 | % | | | 36 | % | | | 53 | % | | | 54 | % |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.07%. |
See notes to financial statements.
| | |
| 10 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | |
| | | BlackRock SMID-Cap Growth Equity Fund (continued) | |
| |
| | | Investor A | |
| | |
| Six Months
Ended
11/30/24
(unaudited) |
| |
| Year Ended
05/31/24 |
| |
| Year Ended
05/31/23 |
| |
| Period from
06/29/21to 05/31/22 |
(a) |
| | | | |
Net asset value, beginning of period | | $ | 12.53 | | | $ | 11.26 | | | $ | 11.43 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net investment loss(b) | | | (0.05 | ) | | | (0.08 | ) | | | (0.07 | ) | | | (0.13 | ) |
Net realized and unrealized gain (loss) | | | 1.90 | | | | 1.35 | | | | (0.10 | ) | | | (8.44 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net increase (decrease) from investment operations | | | 1.85 | | | | 1.27 | | | | (0.17 | ) | | | (8.57 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net asset value, end of period | | $ | 14.38 | | | $ | 12.53 | | | $ | 11.26 | | | $ | 11.43 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(c) | | | | | | | | | | | | | | | | |
Based on net asset value | | | 14.76 | %(d) | | | 11.28 | % | | | (1.49 | )% | | | (42.85 | )%(d) |
| | | | | | | | | | | | | | | | |
| | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | |
Total expenses | | | 1.35 | %(f) | | | 1.37 | % | | | 1.48 | % | | | 1.31 | %(f)(g) |
| | | | | | | | | | | | | | | | |
| | | | |
Total expenses after fees waived and/or reimbursed | | | 1.10 | %(f) | | | 1.10 | % | | | 1.10 | % | | | 1.10 | %(f) |
| | | | | | | | | | | | | | | | |
| | | | |
Net investment loss | | | (0.71 | )%(f) | | | (0.64 | )% | | | (0.61 | )% | | | (0.80 | )%(f) |
| | | | | | | | | | | | | | | | |
| | | | |
Supplemental Data | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 546 | | | $ | 220 | | | $ | 82 | | | $ | 66 | |
| | | | | | | | | | | | | | | | |
| | | | |
Portfolio turnover rate | | | 30 | % | | | 36 | % | | | 53 | % | | | 54 | % |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.32%. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 11 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | |
| | | BlackRock SMID-Cap Growth Equity Fund (continued) | |
| |
| | | Class K | |
| | |
| Six Months
Ended
11/30/24 (unaudited) |
| |
| Year Ended
05/31/24 |
| |
| Year Ended
05/31/23 |
| |
| Period from
06/29/21 to 05/31/22 |
(a) |
| | | | |
Net asset value, beginning of period | | $ | 12.66 | | | $ | 11.34 | | | $ | 11.46 | | | $ | 20.00 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net investment loss(b) | | | (0.02 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.07 | ) |
Net realized and unrealized gain (loss) | | | 1.92 | | | | 1.36 | | | | (0.09 | ) | | | (8.47 | ) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 1.90 | | | | 1.32 | | | | (0.12 | ) | | | (8.54 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net asset value, end of period | | $ | 14.56 | | | $ | 12.66 | | | $ | 11.34 | | | $ | 11.46 | |
| | | | | | | | | | | | | | | | |
| | | | |
Total Return(c) | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.01 | %(d) | | | 11.64 | % | | | (1.05 | )% | | | (42.70 | )%(d) |
| | | | | | | | | | | | | | | | |
| | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | |
Total expenses | | | 1.00 | %(f) | | | 1.02 | % | | | 1.13 | % | | | 0.96 | %(f)(g) |
| | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.75 | %(f) | | | 0.75 | % | | | 0.75 | % | | | 0.75 | %(f) |
| | | | | | | | | | | | | | | | |
Net investment loss | | | (0.35 | )%(f) | | | (0.30 | )% | | | (0.26 | )% | | | (0.46 | )%(f) |
| | | | | | | | | | | | | | | | |
| | | | |
Supplemental Data | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 10,774 | | | $ | 9,366 | | | $ | 8,392 | | | $ | 8,528 | |
| | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 30 | % | | | 36 | % | | | 53 | % | | | 54 | % |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.97%. |
See notes to financial statements.
| | |
| 12 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited)
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock SMID-Cap Growth Equity Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.
The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.
| | | | | | |
| Share Class | | Initial Sales Charge | | CDSC | | Conversion Privilege |
Institutional and Class K Shares | | No | | No | | None |
| Investor A Shares | | Yes | | No(a) | | None |
| | (a) | | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager” or “BAL”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Statement of Assets and Liabilities.
The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 13 |
Notes to Financial Statements (unaudited) (continued)
Distributions: Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
| | · | | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price. |
| | · | | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”). |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| | · | | Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities; |
| | · | | Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and |
| | · | | Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least
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Notes to Financial Statements (unaudited) (continued)
105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Fund’s securities on loan by counterparty which are subject to offset under an MSLA:
| | | | | | | | | | | | | | |
| | | | | |
| Counterparty | |
| Securities
Loaned at Value |
| |
| Cash
Collateral Received |
(a) | |
| Non-Cash
Collateral Received,
at Fair Value |
(a) | | Net Amount |
J.P. Morgan Securities LLC | | $ | 284,540 | | | $ | (284,540 | ) | | $ | — | | | $ — |
Morgan Stanley | | | 163,324 | | | | (163,324 | ) | | | — | | | — |
Toronto-Dominion Bank | | | 222,615 | | | | (222,615 | ) | | | — | | | — |
| | | | | | | | | | | | | | |
| | $ | 670,479 | | | $ | (670,479 | ) | | $ | — | | | $ — |
| | | | | | | | | | | | | | |
| | (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
| 5. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets:
| | | | |
| | |
| Average Daily Net Assets | | Investment Advisory Fees | |
First $1 billion | | | 0.70 | % |
$1 billion - $3 billion | | | 0.66 | |
$3 billion - $5 billion | | | 0.63 | |
$5 billion - $10 billion | | | 0.61 | |
Greater than $10 billion | | | 0.60 | |
Service and Distribution Fees: The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:
| | | | | | | | |
| Share Class | | Service Fees | | | Distribution Fees | |
Investor A | | | 0.25 | % | | | N/A | |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 15 |
Notes to Financial Statements (unaudited) (continued)
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:
| | | | |
| | | Investor A | |
Service — class specific | | | $ 597 | |
Administration: The Trust, on behalf of the Fund, entered into an Administration Agreement with BAL, to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund’s ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee based on the average daily net assets of the Fund as follows:
| | | | |
Institutional | | | 0.15 | % |
Investor A | | | 0.15 | |
Class K | | | 0.05 | |
From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance. For the six months ended November 30, 2024, there were no fees waived/reimbursed by BAL pursuant to this arrangement.
For the six months ended November 30, 2024, the following table shows the class specific administration fees borne directly by each share class of the Fund:
| | | | | | | | | | | | | | | | |
| | | Institutional | | | Investor A | | | Class K | | | Total | |
Administration — class specific | | $ | 50 | | | $ | 358 | | | | $ 2,407 | | | | $ 2,815 | |
Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, the amount waived was $12.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.
The fees and expenses of the Fund’s Independent Trustees, counsel to the Independent Trustees and the Fund’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Fund. BAL has contractually agreed to reimburse the Fund or provide an offsetting credit for such independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, the amount waived was $12,501.
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
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Notes to Financial Statements (unaudited) (continued)
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended November 30, 2024, the Fund paid BIM $80 for securities lending agent services.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the six months ended November 30, 2024, the Fund did not participate in the Interfund Lending Program.
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.
For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were $3,350,908 and $3,100,768, respectively.
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Fund as of November 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund’s NAV.
As of May 31, 2024, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $6,086,903 and qualified late-year ordinary losses of $9,293.
As of November 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name | | Tax Cost | | | Gross Unrealized
Appreciation | | | Gross Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
BlackRock SMID-Cap Growth Equity Fund | | $ | 9,708,924 | | | $ | 2,929,747 | | | $ | (551,167) | | | $ | 2,378,580 | |
The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2024, the Fund did not borrow under the credit agreement.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 17 |
Notes to Financial Statements (unaudited) (continued)
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
| 10. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 20,978 | | | $ | 258,180 | | | | 17,493 | | | $ | 221,015 | |
Shares redeemed | | | (592 | ) | | | (7,338 | ) | | | (7,238 | ) | | | (89,255 | ) |
| | | | | | | | | | | | | | | | |
| | | 20,386 | | | $ | 250,842 | | | | 10,255 | | | $ | 131,760 | |
| | | | | | | | | | | | | | | | |
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Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 47 | | | $ | 602 | | | | 87 | | | $ | 1,055 | |
Shares redeemed | | | — | | | | — | | | | (31 | ) | | | (400 | ) |
| | | | | | | | | | | | | | | | |
| | | 47 | | | $ | 602 | | | | 56 | | | $ | 655 | |
| | | | | | | | | | | | | | | | |
| | | 20,433 | | | $ | 251,444 | | | | 10,311 | | | $ | 132,415 | |
| | | | | | | | | | | | | | | | |
As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:
| | |
| | |
| Share Class | | |
Institutional | | 5,000 |
Investor A | | 5,000 |
Class K | | 740,000 |
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 19 |
Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
| | |
| 20 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Additional Information (continued)
Fund and Service Providers
| | |
| |
| Investment Adviser and Administrator | | Distributor |
| BlackRock Advisors, LLC | | BlackRock Investments, LLC |
| Wilmington, DE 19809 | | New York, NY 10001 |
| |
| Accounting Agent and Transfer Agent | | Independent Registered Public Accounting Firm |
| BNY Mellon Investment Servicing (US) Inc. | | Deloitte & Touche LLP |
| Wilmington, DE 19809 | | Boston, MA 02110 |
| |
| Custodian | | Legal Counsel |
| The Bank of New York Mellon | | Sidley Austin LLP |
| New York, NY 10286 | | New York, NY 10019 |
| |
| | Address of the Trust |
| | 100 Bellevue Parkway |
| | Wilmington, DE 19809 |
| | |
A D D I T I O N A L I N F O R M A T I O N | | 21 |
Glossary of Terms Used in this Report
| | |
| Portfolio Abbreviation |
| |
| NVS | | Non-Voting Shares |
| |
| REIT | | Real Estate Investment Trust |
| | |
| 22 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
THIS PAGE INTENTIONALLY LEFT BLANK.
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
| | |
| | NOVEMBER 30, 2024 |
| | |
| |
| | 2024 Semi-Annual Financial
Statements and Additional
Information (Unaudited) |
BlackRock Capital Appreciation Fund, Inc.
BlackRock FundsSM
| · | | BlackRock Health Sciences Opportunities Portfolio |
| · | | BlackRock Infrastructure Sustainable Opportunities Fund |
| · | | BlackRock Mid-Cap Growth Equity Portfolio |
| · | | BlackRock Technology Opportunities Fund |
|
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
| | |
D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S | | 3 |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Capital Appreciation Fund, Inc. (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Aerospace & Defense — 1.7% | | | | | | |
TransDigm Group, Inc. | | | 50,454 | | | $ | 63,217,348 | |
| | | | | | | | |
| | |
| Automobiles — 3.3% | | | | | | |
Ferrari NV | | | 99,628 | | | | 43,254,493 | |
Tesla, Inc.(a) | | | 235,759 | | | | 81,374,576 | |
| | | | | | | | |
| | |
| | | | | | | 124,629,069 | |
| | |
| Broadline Retail — 10.1% | | | | | | |
Amazon.com, Inc.(a) | | | 1,822,920 | | | | 378,966,839 | |
| | | | | | | | |
| | |
| Building Products — 0.7% | | | | | | |
Trane Technologies PLC | | | 63,040 | | | | 26,238,509 | |
| | | | | | | | |
| | |
| Capital Markets — 2.7% | | | | | | |
Blackstone, Inc., Class A | | | 272,870 | | | | 52,142,728 | |
S&P Global, Inc. | | | 92,437 | | | | 48,299,257 | |
| | | | | | | | |
| | |
| | | | | | | 100,441,985 | |
| | |
| Chemicals — 1.4% | | | | | | |
Sherwin-Williams Co. (The) | | | 133,083 | | | | 52,887,184 | |
| | | | | | | | |
|
| Commercial Services & Supplies — 2.1% | |
Copart, Inc.(a) | | | 810,169 | | | | 51,356,613 | |
Waste Connections, Inc. | | | 147,354 | | | | 28,361,224 | |
| | | | | | | | |
| | |
| | | | | | | 79,717,837 | |
| | |
| Electrical Equipment — 1.6% | | | | | | |
Vertiv Holdings Co., Class A | | | 464,075 | | | | 59,215,970 | |
| | | | | | | | |
| | |
| Entertainment — 3.2% | | | | | | |
Netflix, Inc.(a) | | | 134,239 | | | | 119,044,488 | |
| | | | | | | | |
| | |
| Financial Services — 5.4% | | | | | | |
Mastercard, Inc., Class A | | | 107,777 | | | | 57,438,674 | |
Visa, Inc., Class A | | | 457,796 | | | | 144,242,364 | |
| | | | | | | | |
| | |
| | | | | | | 201,681,038 | |
| | |
| Ground Transportation — 1.0% | | | | | | |
Old Dominion Freight Line, Inc. | | | 157,939 | | | | 35,558,387 | |
| | | | | | | | |
|
| Health Care Equipment & Supplies — 4.1% | |
Align Technology, Inc.(a) | | | 148,152 | | | | 34,485,341 | |
Boston Scientific Corp.(a) | | | 390,170 | | | | 35,372,812 | |
Intuitive Surgical, Inc.(a) | | | 153,473 | | | | 83,182,366 | |
| | | | | | | | |
| | |
| | | | | | | 153,040,519 | |
| | |
| Hotels, Restaurants & Leisure — 0.7% | | | | | | |
Chipotle Mexican Grill, Inc.(a) | | | 443,020 | | | | 27,254,590 | |
| | | | | | | | |
| | |
| Interactive Media & Services — 9.1% | | | | | | |
Alphabet, Inc., Class A | | | 709,218 | | | | 119,822,381 | |
Meta Platforms, Inc., Class A | | | 381,716 | | | | 219,227,133 | |
| | | | | | | | |
| | |
| | | | | | | 339,049,514 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| IT Services — 0.9% | | | | | | |
Shopify, Inc., Class A(a) | | | 296,381 | | | $ | 34,261,644 | |
| | | | | | | | |
| | |
| Life Sciences Tools & Services — 1.0% | | | | | | |
Danaher Corp. | | | 160,915 | | | | 38,569,716 | |
| | | | | | | | |
| | |
| Media — 0.8% | | | | | | |
Trade Desk, Inc. (The), Class A(a) | | | 232,308 | | | | 29,863,194 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 3.5% | | | | | | |
Eli Lilly & Co. | | | 166,481 | | | | 132,410,663 | |
| | | | | | | | |
|
| Real Estate Management & Development — 1.1% | |
CoStar Group, Inc.(a) | | | 494,494 | | | | 40,222,142 | |
| | | | | | | | |
|
| Semiconductors & Semiconductor Equipment — 19.8% | |
ASML Holding NV, Registered Shares | | | 122,005 | | | | 83,769,853 | |
Broadcom, Inc. | | | 885,153 | | | | 143,465,598 | |
NVIDIA Corp. | | | 3,728,827 | | | | 515,510,333 | |
| | | | | | | | |
| | |
| | | | | | | 742,745,784 | |
| | |
| Software — 16.5% | | | | | | |
Cadence Design Systems, Inc.(a) | | | 285,912 | | | | 87,720,661 | |
Intuit, Inc. | | | 143,625 | | | | 92,168,471 | |
Microsoft Corp. | | | 873,418 | | | | 369,857,586 | |
Synopsys, Inc.(a) | | | 119,758 | | | | 66,883,646 | |
| | | | | | | | |
| | |
| | | | | | | 616,630,364 | |
|
| Technology Hardware, Storage & Peripherals — 8.3% | |
Apple Inc. | | | 1,317,046 | | | | 312,574,527 | |
| | | | | | | | |
| | |
Total Common Stocks — 99.0%
(Cost: $1,394,283,807) | | | | | | | 3,708,221,311 | |
| | | | | | | | |
| | |
| Preferred Securities | | | | | | |
| | |
| Preferred Stocks — 0.9% | | | | | | |
| | |
| Interactive Media & Services — 0.9% | | | | | | |
Bytedance Ltd., Series E-1 (Acquired 11/11/20, cost $19,426,516)(a)(b)(c) | | | 177,291 | | | | 32,036,484 | |
| | | | | | | | |
| | |
Total Investments — 99.9%
(Cost: $1,413,710,323) | | | | | | | 3,740,257,795 | |
| | |
Other Assets Less Liabilities — 0.1% | | | | | | | 4,659,374 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 3,744,917,169 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (c) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $32,036,484, representing 0.9% of its net assets as of period end, and an original cost of $19,426,516. |
| | |
| 4 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Capital Appreciation Fund, Inc. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Affiliated Issuer | | Value at
05/31/24 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
11/30/24 | | | Shares
Held at
11/30/24 | | | Income | | | Capital
Gain
Distributions
from Underlying
Funds | | | | |
| | BlackRock Liquidity Funds, T-Fund,
Institutional Shares(a) | | $ | 4,697,315 | | | $ | — | | | $ | (4,697,315 | )(b) | | $ | — | | | | | | | $ | — | | | $ | — | | | | — | | | $ | 80,519 | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | As of period end, the entity is no longer held. | |
| | (b) | Represents net amount purchased (sold). | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | |
| | | Level 1 | | | | | | Level 2 | | | | | | Level 3 | | | | | | Total | |
| |
| | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 3,708,221,311 | | | | | | | $ | — | | | | | | | $ | — | | | | | | | $ | 3,708,221,311 | |
Preferred Securities | | | — | | | | | | | | — | | | | | | | | 32,036,484 | | | | | | | | 32,036,484 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 3,708,221,311 | | | | | | | $ | — | | | | | | | $ | 32,036,484 | | | | | | | $ | 3,740,257,795 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 5 |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Biotechnology — 26.1% | | | | | | |
4D Molecular Therapeutics, Inc.(a) | | | 161,488 | | | $ | 1,266,066 | |
AbbVie, Inc. | | | 1,889,105 | | | | 345,573,978 | |
AC Immune SA(a)(b) | | | 1,083,340 | | | | 3,683,356 | |
Allogene Therapeutics, Inc.(a) | | | 1,479,779 | | | | 3,669,852 | |
Alnylam Pharmaceuticals, Inc.(a) | | | 490,798 | | | | 124,206,250 | |
Amgen, Inc. | | | 719,625 | | | | 203,560,324 | |
Arcellx, Inc.(a) | | | 282,233 | | | | 24,856,260 | |
Argenx SE, ADR(a)(b) | | | 221,539 | | | | 136,589,870 | |
Ascendis Pharma A/S, ADR(a) | | | 129,952 | | | | 17,683,868 | |
Autolus Therapeutics PLC, ADR(a) | | | 889,962 | | | | 2,954,674 | |
Avidity Biosciences, Inc.(a) | | | 245,371 | | | | 10,558,314 | |
Beam Therapeutics, Inc.(a)(b) | | | 285,429 | | | | 7,812,192 | |
BeiGene Ltd., ADR(a)(b) | | | 96,865 | | | | 20,825,975 | |
Biogen, Inc.(a) | | | 450,623 | | | | 72,383,572 | |
Biohaven Ltd.(a) | | | 337,770 | | | | 15,540,798 | |
BioMarin Pharmaceutical, Inc.(a) | | | 294,335 | | | | 19,434,940 | |
BioNTech SE, ADR(a) | | | 104,740 | | | | 12,400,169 | |
Blueprint Medicines Corp.(a) | | | 366,990 | | | | 35,370,496 | |
Bridgebio Pharma, Inc.(a) | | | 231,965 | | | | 6,283,932 | |
Cabaletta Bio, Inc.(a) | | | 419,920 | | | | 1,604,094 | |
CervoMed, Inc.(a)(b) | | | 62,555 | | | | 675,594 | |
CG oncology, Inc.(a) | | | 132,962 | | | | 4,620,429 | |
Denali Therapeutics, Inc.(a) | | | 485,670 | | | | 12,141,750 | |
Disc Medicine, Inc.(a) | | | 101,255 | | | | 6,424,630 | |
Dyne Therapeutics, Inc.(a) | | | 337,551 | | | | 10,332,436 | |
Exact Sciences Corp.(a) | | | 432,373 | | | | 26,841,716 | |
Gilead Sciences, Inc. | | | 2,088,937 | | | | 193,393,787 | |
Immatics NV(a)(b) | | | 298,703 | | | | 2,485,209 | |
Immunocore Holdings PLC, ADR(a) | | | 181,355 | | | | 5,937,563 | |
Incyte Corp.(a) | | | 212,725 | | | | 15,867,158 | |
Insmed, Inc.(a)(b) | | | 621,155 | | | | 46,686,010 | |
Ionis Pharmaceuticals, Inc.(a)(b) | | | 259,920 | | | | 9,286,942 | |
Kyverna Therapeutics, Inc.(a)(b) | | | 133,243 | | | | 768,812 | |
Legend Biotech Corp., ADR(a) | | | 146,621 | | | | 6,168,345 | |
Merus NV(a) | | | 314,737 | | | | 14,112,807 | |
MoonLake Immunotherapeutics(a)(b) | | | 144,884 | | | | 7,886,036 | |
Natera, Inc.(a) | | | 378,780 | | | | 63,551,708 | |
Neurocrine Biosciences, Inc.(a) | | | 141,165 | | | | 17,892,664 | |
Neurogene, Inc.(a) | | | 284,041 | | | | 7,223,163 | |
Nurix Therapeutics, Inc.(a) | | | 619,557 | | | | 13,698,405 | |
Nuvalent, Inc., Class A(a) | | | 384,892 | | | | 37,211,359 | |
Prime Medicine, Inc.(a)(b) | | | 360,982 | | | | 1,187,631 | |
Protagonist Therapeutics, Inc.(a) | | | 275,145 | | | | 12,051,351 | |
PTC Therapeutics, Inc.(a) | | | 287,575 | | | | 12,618,791 | |
Regeneron Pharmaceuticals, Inc.(a) | | | 101,367 | | | | 76,047,551 | |
REGENXBIO, Inc.(a) | | | 259,095 | | | | 2,570,222 | |
REVOLUTION Medicines, Inc.(a)(b) | | | 204,583 | | | | 11,835,126 | |
Rhythm Pharmaceuticals, Inc.(a)(b) | | | 690,347 | | | | 42,829,128 | |
Rocket Pharmaceuticals, Inc.(a) | | | 266,176 | | | | 3,830,273 | |
Roivant Sciences Ltd.(a) | | | 793,275 | | | | 10,082,525 | |
Sagimet Biosciences, Inc., Series A(a)(b) | | | 302,930 | | | | 1,723,672 | |
Sarepta Therapeutics, Inc.(a) | | | 475,457 | | | | 63,397,436 | |
Scholar Rock Holding Corp.(a)(b) | | | 237,470 | | | | 9,475,053 | |
Soleno Therapeutics, Inc.(a) | | | 168,265 | | | | 8,869,248 | |
Stoke Therapeutics, Inc.(a) | | | 969,335 | | | | 11,738,647 | |
TScan Therapeutics, Inc.(a) | | | 681,015 | | | | 3,248,442 | |
Ultragenyx Pharmaceutical, Inc.(a) | | | 203,611 | | | | 9,697,992 | |
Vaxcyte, Inc.(a) | | | 218,160 | | | | 20,581,214 | |
Vertex Pharmaceuticals, Inc.(a) | | | 389,174 | | | | 182,184,025 | |
Viking Therapeutics, Inc.(a) | | | 124,540 | | | | 6,593,148 | |
Voyager Therapeutics, Inc.(a) | | | 445,885 | | | | 3,058,771 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Biotechnology (continued) | | | | | | |
Xenon Pharmaceuticals, Inc.(a) | | | 491,964 | | | $ | 20,972,425 | |
Zealand Pharma A/S(a) | | | 117,407 | | | | 12,162,905 | |
| | | | | | | | |
| | |
| | | | | | | 2,096,221,079 | |
| | |
| Financial Services — 0.1% | | | | | | |
Helix Acquisition Corp. II, Class A(a) | | | 850,715 | | | | 8,855,943 | |
| | | | | | | | |
| | |
| Health Care Equipment & Supplies — 27.7% | | | | | | |
Abbott Laboratories | | | 2,549,993 | | | | 302,862,669 | |
Align Technology, Inc.(a) | | | 112,515 | | | | 26,190,116 | |
Becton Dickinson & Co. | | | 460,640 | | | | 102,216,016 | |
Boston Scientific Corp.(a) | | | 6,120,098 | | | | 554,848,085 | |
Cooper Cos., Inc. (The)(a) | | | 648,303 | | | | 67,721,731 | |
Dexcom, Inc.(a) | | | 810,440 | | | | 63,206,216 | |
Edwards Lifesciences Corp.(a) | | | 1,409,720 | | | | 100,583,522 | |
GE HealthCare Technologies, Inc. | | | 1,029,320 | | | | 85,660,010 | |
Glaukos Corp.(a) | | | 199,359 | | | | 28,637,920 | |
IDEXX Laboratories, Inc.(a) | | | 90,825 | | | | 38,305,444 | |
Inari Medical, Inc.(a) | | | 97,490 | | | | 5,061,681 | |
Inspire Medical Systems, Inc.(a) | | | 83,905 | | | | 16,173,528 | |
Intuitive Surgical, Inc.(a) | | | 728,889 | | | | 395,057,838 | |
Medtronic PLC | | | 1,002,212 | | | | 86,731,426 | |
Novocure Ltd.(a)(b) | | | 326,090 | | | | 6,534,844 | |
Nyxoah SA(a)(b) | | | 411,250 | | | | 3,394,869 | |
Orchestra BioMed Holdings, Inc.(a)(b) | | | 262,308 | | | | 1,476,794 | |
Penumbra, Inc.(a) | | | 169,035 | | | | 41,264,824 | |
STERIS PLC | | | 133,060 | | | | 29,148,124 | |
Stryker Corp. | | | 672,262 | | | | 263,627,543 | |
| | | | | | | | |
| | |
| | | | | | | 2,218,703,200 | |
| | |
| Health Care Providers & Services — 17.4% | | | | | | |
Cencora, Inc. | | | 377,045 | | | | 94,845,670 | |
Cigna Group (The) | | | 512,476 | | | | 173,114,393 | |
Elevance Health, Inc. | | | 323,317 | | | | 131,577,086 | |
Guardant Health, Inc.(a) | | | 338,156 | | | | 12,041,735 | |
HCA Healthcare, Inc. | | | 85,166 | | | | 27,868,019 | |
Humana, Inc. | | | 255,885 | | | | 75,839,196 | |
Labcorp Holdings, Inc. | | | 93,970 | | | | 22,661,805 | |
McKesson Corp. | | | 169,605 | | | | 106,596,742 | |
Quest Diagnostics, Inc. | | | 162,538 | | | | 26,438,431 | |
UnitedHealth Group, Inc. | | | 1,189,069 | | | | 725,569,904 | |
| | | | | | | | |
| | |
| | | | | | | 1,396,552,981 | |
| | |
| Life Sciences Tools & Services — 8.9% | | | | | | |
Agilent Technologies, Inc. | | | 210,463 | | | | 29,037,580 | |
Bio-Techne Corp. | | | 229,860 | | | | 17,322,250 | |
Danaher Corp. | | | 1,087,477 | | | | 260,657,362 | |
IQVIA Holdings, Inc.(a) | | | 92,792 | | | | 18,636,345 | |
Mettler-Toledo International, Inc.(a) | | | 16,205 | | | | 20,275,696 | |
Repligen Corp.(a) | | | 189,700 | | | | 28,557,438 | |
Thermo Fisher Scientific, Inc. | | | 421,007 | | | | 222,977,937 | |
Waters Corp.(a) | | | 179,040 | | | | 68,880,269 | |
West Pharmaceutical Services, Inc. | | | 141,185 | | | | 45,981,131 | |
| | | | | | | | |
| | |
| | | | | | | 712,326,008 | |
| | |
| Pharmaceuticals — 17.8% | | | | | | |
AstraZeneca PLC | | | 347,839 | | | | 47,078,117 | |
Daiichi Sankyo Co. Ltd. | | | 504,500 | | | | 16,020,778 | |
Eli Lilly & Co. | | | 884,903 | | | | 703,807,601 | |
Johnson & Johnson | | | 1,144,423 | | | | 177,397,009 | |
Longboard Pharmaceuticals, Inc.(a) | | | 138,291 | | | | 8,294,694 | |
Merck & Co., Inc. | | | 1,148,794 | | | | 116,763,422 | |
Novo Nordisk A/S, Class B | | | 252,665 | | | | 27,078,068 | |
Pfizer, Inc. | | | 3,037,515 | | | | 79,613,268 | |
Roche Holding AG, NVS | | | 193,515 | | | | 56,225,947 | |
| | |
| 6 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Pharmaceuticals (continued) | | | | | | |
Sanofi SA | | | 601,216 | | | $ | 58,394,466 | |
Septerna, Inc.(a) | | | 88,755 | | | | 2,244,614 | |
Structure Therapeutics, Inc., ADR(a)(b) | | | 196,098 | | | | 6,500,649 | |
UCB SA | | | 116,815 | | | | 22,907,663 | |
WaVe Life Sciences Ltd.(a) | | | 263,885 | | | | 3,984,664 | |
Zoetis, Inc., Class A | | | 557,146 | | | | 97,639,837 | |
| | | | | | | | |
| | |
| | | | | | | 1,423,950,797 | |
| | | | | | | | |
| | |
Total Common Stocks — 98.0%
(Cost: $4,433,857,882) | | | | | | | 7,856,610,008 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | | |
| | |
Corporate Bonds | | | | | | | | |
|
| Health Care Equipment & Supplies — 0.0% | |
Exo Imaging, Inc., 8.00%, 07/29/25 (Acquired 07/24/24,
cost $541,367)(c)(d) | | USD | 541 | | | | 1,450,864 | |
| | | | | | | | |
| | |
Total Corporate Bonds — 0.0%
(Cost: $541,367) | | | | | | | 1,450,864 | |
| | | | | | | | |
| | |
Other Interests(a)(c)(d)(e) | | | | | | | | |
Afferent Pharmaceuticals, Inc., Series C (Acquired 06/30/15, cost $0) | | | 3,421 | | | | 34 | |
Affinivax Inc. (Acquired 08/19/22, cost $0) | | | 123 | | | | 1,164,372 | |
| | | | | | | | |
| | |
Total Other Interests — 0.0%
(Cost: $0) | | | | | | | 1,164,406 | |
| | | | | | | | |
| | |
| | | Shares | | | | |
| | |
Preferred Securities | | | | | | | | |
| | |
| Preferred Stocks — 0.7% | | | | | | |
| | |
| Biotechnology — 0.4% | | | | | | |
Adarx Pharmaceuticals, Inc., Series C (Acquired 08/02/23, cost $6,399,994)(a)(c)(d) | | | 769,230 | | | | 6,923,070 | |
Cellarity, Inc., Series B (Acquired 01/15/21, cost $5,149,998)(a)(c)(d) | | | 858,333 | | | | 2,643,666 | |
Genesis Therapeutics, Inc., Series B (Acquired 08/10/23, cost $4,207,998)(a)(c)(d) | | | 823,870 | | | | 5,190,381 | |
Goldfinch Bio, Inc., Series B (Acquired 06/26/20, cost $4,152,184)(a)(c)(d) | | | 3,518,800 | | | | 1,372,332 | |
Kartos Therapeutics, Inc., Series C (Acquired 08/22/23, cost $6,974,988)(a)(c)(d) | | | 1,233,856 | | | | 7,785,631 | |
Laronde, Inc., Series B (Acquired 07/28/21, cost $10,822,560)(a)(c)(d) | | | 386,520 | | | | 10,822,560 | |
| | | | | | | | |
| | |
| | | | | | | 34,737,640 | |
|
| Health Care Equipment & Supplies — 0.1% | |
Exo Imaging, Inc., Series C (Acquired 06/24/21, cost $11,178,997)(a)(c)(d) | | | 1,908,330 | | | | 3,778,493 | |
Swift Health Systems, Inc., Series D (Acquired 08/27/21, cost $5,271,070)(a)(c)(d) | | | 1,700,345 | | | | 17 | |
| | | | | | | | |
| | |
| | | | | | | 3,778,510 | |
|
| Health Care Providers & Services — 0.1% | |
Quanta Dialysis Technologies Ltd., Series D (Acquired 06/18/21, cost $9,727,321)(a)(c)(d) | | | 80,024,425 | | | | 6,516,933 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 0.1% | | | | | | |
Insitro, Series C (Acquired 03/10/21, cost $10,839,964)(a)(c)(d) | | | 592,636 | | | | 5,013,701 | |
| | | | | | | | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Software — 0.0% | | | | | | |
Carbon Health Technologies, Inc. | | | | | | | | |
Series D2 (Acquired 07/09/21, cost $16,855,000)(a)(c)(d) | | | 1,670,499 | | | $ | 1,570,269 | |
Series D2 (Acquired 02/27/24, cost $1,209,000)(a)(c)(d) | | | 1,209 | | | | 1,270,538 | |
| | | | | | | | |
| | |
| | | | | | | 2,840,807 | |
| | | | | | | | |
| | |
Total Preferred Securities — 0.7%
(Cost: $92,789,074) | | | | | | | 52,887,591 | |
| | | | | | | | |
| | |
Rights | | | | | | | | |
| | |
| Biotechnology — 0.0% | | | | | | |
Korro Bio, Inc., CVR(a)(c) | | | 428,010 | | | | 4 | |
Mirati Therapeutics, Inc., CVR(a)(b)(c) | | | 228,510 | | | | 171,383 | |
| | | | | | | | |
| | |
| | | | | | | 171,387 | |
|
| Health Care Equipment & Supplies — 0.0% | |
ABIOMED INC, CVR(a)(c) | | | 243,643 | | | | 526,269 | |
| | | | | | | | |
| | |
Total Rights — 0.0%
(Cost: $ —) | | | | | | | 697,656 | |
| | | | | | | | |
| | |
Warrants(a) | | | | | | | | |
|
| Health Care Providers & Services — 0.0% | |
CareMax, Inc. (Issued/Exercisable 07/21/21, 1 Share for 1 Warrant, Expires 08/06/26, Strike Price USD 0.00) | | | 88,432 | | | | 442 | |
| | | | | | | | |
| | |
| Pharmaceuticals — 0.0% | | | | | | |
Nuvation Bio, Inc. (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 0.00) | | | 77,354 | | | | 12,717 | |
| | | | | | | | |
| | |
Total Warrants — 0.0%
(Cost: $306,235) | | | | | | | 13,159 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 98.7%
(Cost: $4,527,494,558) | | | | | | | 7,912,823,684 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 2.5% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h) | | | 91,556,290 | | | | 91,602,068 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(f)(g) | | | 111,091,333 | | | | 111,091,333 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 2.5%
(Cost: $202,675,361) | | | | | | | 202,693,401 | |
| | | | | | | | |
| | |
Total Investments — 101.2%
(Cost: $4,730,169,919) | | | | | | | 8,115,517,085 | |
Liabilities in Excess of Other Assets — (1.2)% | | | | (94,823,469 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 8,020,693,616 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $55,502,861, representing 0.7% of its net assets as of period end, and an original cost of $93,330,441. |
| (e) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 7 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Health Sciences Opportunities Portfolio |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Affiliated Issuer | | Value at
05/31/24 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
11/30/24 | | | Shares
Held at
11/30/24 | | | Income | | | Capital
Gain
Distributions
from Underlying
Funds | | | | |
| | BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 77,919,089 | | | $ | 13,650,656 | (a) | | $ | — | | | $ | 14,283 | | | | | | | $ | 18,040 | | | $ | 91,602,068 | | | | 91,556,290 | | | $ | 212,437 | (b) | | $ | — | | | | | |
| | | | | | | | | | | | |
| | BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 90,612,409 | | | | 20,478,924 | (a) | | | — | | | | — | | | | | | | | — | | | | 111,091,333 | | | | 111,091,333 | | | | 3,929,635 | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 14,283 | | | | | | | $ | 18,040 | | | $ | 202,693,401 | | | | | | | $ | 4,142,072 | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | |
| | | Level 1 | | | | | | Level 2 | | | | | | Level 3 | | | | | | Total | |
| |
| | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Biotechnology | | $ | 2,084,058,174 | | | | | | | $ | 12,162,905 | | | | | | | $ | — | | | | | | | $ | 2,096,221,079 | |
Financial Services | | | 8,855,943 | | | | | | | | — | | | | | | | | — | | | | | | | | 8,855,943 | |
Health Care Equipment & Supplies | | | 2,218,703,200 | | | | | | | | — | | | | | | | | — | | | | | | | | 2,218,703,200 | |
Health Care Providers & Services | | | 1,396,552,981 | | | | | | | | — | | | | | | | | — | | | | | | | | 1,396,552,981 | |
Life Sciences Tools & Services | | | 712,326,008 | | | | | | | | — | | | | | | | | — | | | | | | | | 712,326,008 | |
Pharmaceuticals | | | 1,196,245,758 | | | | | | | | 227,705,039 | | | | | | | | — | | | | | | | | 1,423,950,797 | |
Corporate Bonds | | | — | | | | | | | | — | | | | | | | | 1,450,864 | | | | | | | | 1,450,864 | |
Other Interests | | | — | | | | | | | | — | | | | | | | | 1,164,406 | | | | | | | | 1,164,406 | |
Preferred Securities | | | — | | | | | | | | — | | | | | | | | 52,887,591 | | | | | | | | 52,887,591 | |
Rights | | | — | | | | | | | | — | | | | | | | | 697,656 | | | | | | | | 697,656 | |
Warrants | | | 13,159 | | | | | | | | — | | | | | | | | — | | | | | | | | 13,159 | |
Short-Term Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Funds | | | 202,693,401 | | | | | | | | — | | | | | | | | — | | | | | | | | 202,693,401 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 7,819,448,624 | | | | | | | $ | 239,867,944 | | | | | | | $ | 56,200,517 | | | | | | | $ | 8,115,517,085 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 8 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Infrastructure Sustainable Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Construction & Engineering — 2.5% | | | | | | |
Ferrovial SE | | | 5,856 | | | $ | 241,578 | |
| | | | | | | | |
| | |
| Diversified Telecommunication Services — 4.3% | | | | | | |
Cellnex Telecom SA(a) | | | 6,059 | | | | 217,733 | |
Infrastrutture Wireless Italiane SpA(a) | | | 19,120 | | | | 197,036 | |
| | | | | | | | |
| | |
| | | | | | | 414,769 | |
| | |
| Electric Utilities — 19.5% | | | | | | |
Alliant Energy Corp. | | | 3,031 | | | | 191,559 | |
Enel SpA | | | 49,770 | | | | 358,418 | |
Eversource Energy | | | 1,516 | | | | 97,767 | |
Exelon Corp. | | | 12,193 | | | | 482,355 | |
Fortis, Inc. | | | 3,158 | | | | 141,203 | |
PG&E Corp. | | | 19,235 | | | | 416,053 | |
SSE PLC | | | 4,248 | | | | 95,806 | |
Terna - Rete Elettrica Nazionale | | | 11,327 | | | | 95,867 | |
| | | | | | | | |
| | |
| | | | | | | 1,879,028 | |
| | |
| Ground Transportation — 18.2% | | | | | | |
Canadian National Railway Co. | | | 4,819 | | | | 538,332 | |
Canadian Pacific Kansas City Ltd. | | | 2,560 | | | | 196,144 | |
CSX Corp. | | | 12,937 | | | | 472,847 | |
Tokyo Metro Co. Ltd.(b)(c) | | | 22,700 | | | | 251,860 | |
West Japan Railway Co. | | | 15,300 | | | | 288,121 | |
| | | | | | | | |
| | |
| | | | | | | 1,747,304 | |
| | |
| Health Care REITs — 3.4% | | | | | | |
Aedifica SA | | | 1,454 | | | | 89,282 | |
Healthpeak Properties, Inc. | | | 10,936 | | | | 240,483 | |
| | | | | | | | |
| | |
| | | | | | | 329,765 | |
|
| Independent Power and Renewable Electricity Producers — 6.1% | |
Boralex, Inc., Class A | | | 10,101 | | | | 216,226 | |
Clearway Energy, Inc., Class C | | | 4,281 | | | | 126,247 | |
Innergex Renewable Energy, Inc. | | | 25,162 | | | | 155,639 | |
Northland Power, Inc. | | | 6,160 | | | | 88,679 | |
| | | | | | | | |
| | |
| | | | | | | 586,791 | |
| | |
| IT Services — 1.8% | | | | | | |
NEXTDC Ltd.(b) | | | 16,103 | | | | 171,774 | |
| | | | | | | | |
| | |
| Multi-Utilities — 17.9% | | | | | | |
CMS Energy Corp. | | | 2,043 | | | | 142,418 | |
Consolidated Edison, Inc. | | | 4,267 | | | | 429,217 | |
E.ON SE, Registered Shares | | | 38,114 | | | | 491,246 | |
National Grid PLC | | | 52,172 | | | | 658,549 | |
| | | | | | | | |
| | |
| | | | | | | 1,721,430 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Specialized REITs — 9.6% | | | | | | |
American Tower Corp. | | | 846 | | | $ | 176,814 | |
Equinix, Inc. | | | 295 | | | | 289,537 | |
SBA Communications Corp. | | | 2,012 | | | | 455,215 | |
| | | | | | | | |
| | |
| | | | | | | 921,566 | |
| | |
| Transportation Infrastructure — 11.9% | | | | | | |
Aena SME SA(a) | | | 1,500 | | | | 324,858 | |
Enav SpA(a) | | | 44,878 | | | | 193,574 | |
Flughafen Zurich AG, Registered Shares | | | 1,463 | | | | 348,276 | |
Getlink SE | | | 5,597 | | | | 91,523 | |
Transurban Group | | | 21,992 | | | | 184,122 | |
| | | | | | | | |
| | |
| | | | | | | 1,142,353 | |
| | |
| Water Utilities — 4.1% | | | | | | |
United Utilities Group PLC | | | 27,800 | | | | 396,184 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 99.3%
(Cost: $9,126,536) | | | | | | | 9,552,542 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 3.6% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(d)(e)(f) | | | 274,935 | | | | 275,072 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(d)(e) | | | 69,854 | | | | 69,854 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 3.6%
(Cost: $344,926) | | | | | | | 344,926 | |
| | | | | | | | |
| | |
Total Investments — 102.9%
(Cost: $9,471,462) | | | | | | | 9,897,468 | |
| | |
Liabilities in Excess of Other Assets — (2.9)% | | | | | | | (276,350 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 9,621,118 | |
| | | | | | | | |
| (a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) | Non-income producing security. |
| (c) | All or a portion of this security is on loan. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 9 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Infrastructure Sustainable Opportunities Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Affiliated Issuer | | Value at
05/31/24 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
11/30/24 | | | Shares
Held at
11/30/24 | | | Income | | | Capital
Gain
Distributions
from Underlying
Funds | | | | |
| | BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | — | | | $ | 275,035 | (a) | | $ | — | | | $ | 37 | | | | | | | $ | — | | | $ | 275,072 | | | | 274,935 | | | $ | 35 | (b) | | $ | — | | | | | |
| | | | | | | | | | | | |
| | BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 179,426 | | | | — | | | | (109,572 | )(a) | | | — | | | | | | | | — | | | | 69,854 | | | | 69,854 | | | | 3,518 | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 37 | | | | | | | $ | — | | | $ | 344,926 | | | | | | | $ | 3,553 | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Categorized by Risk Exposure
For the period ended November 30, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swaps | | $ | — | | | $ | — | | | $ | 8,662 | | | $ | — | | | $ | — | | | $ | — | | | $ | 8,662 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Swaps | | $ | — | | | $ | — | | | $ | 3,171 | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,171 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| |
Total return swaps | | | | |
Average notional amount | | $ | 16,464 | |
| |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | |
| | | Level 1 | | | | | | Level 2 | | | | | | Level 3 | | | | | | Total | |
| |
| | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Engineering | | $ | — | | | | | | | $ | 241,578 | | | | | | | $ | — | | | | | | | $ | 241,578 | |
Diversified Telecommunication Services | | | — | | | | | | | | 414,769 | | | | | | | | — | | | | | | | | 414,769 | |
Electric Utilities | | | 1,328,937 | | | | | | | | 550,091 | | | | | | | | — | | | | | | | | 1,879,028 | |
Ground Transportation | | | 1,459,183 | | | | | | | | 288,121 | | | | | | | | — | | | | | | | | 1,747,304 | |
Health Care REITs | | | 240,483 | | | | | | | | 89,282 | | | | | | | | — | | | | | | | | 329,765 | |
Independent Power and Renewable Electricity Producers | | | 586,791 | | | | | | | | — | | | | | | | | — | | | | | | | | 586,791 | |
IT Services | | | — | | | | | | | | 171,774 | | | | | | | | — | | | | | | | | 171,774 | |
Multi-Utilities | | | 571,635 | | | | | | | | 1,149,795 | | | | | | | | — | | | | | | | | 1,721,430 | |
Specialized REITs | | | 921,566 | | | | | | | | — | | | | | | | | — | | | | | | | | 921,566 | |
| | |
| 10 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Infrastructure Sustainable Opportunities Fund |
Fair Value Hierarchy as of Period End (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | |
| | | Level 1 | | | | | | Level 2 | | | | | | Level 3 | | | | | | Total | |
| |
Common Stocks (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation Infrastructure | | $ | — | | | | | | | $ | 1,142,353 | | | | | | | $ | — | | | | | | | $ | 1,142,353 | |
Water Utilities | | | — | | | | | | | | 396,184 | | | | | | | | — | | | | | | | | 396,184 | |
Short-Term Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Funds | | | 344,926 | | | | | | | | — | | | | | | | | — | | | | | | | | 344,926 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 5,453,521 | | | | | | | $ | 4,443,947 | | | | | | | $ | — | | | | | | | $ | 9,897,468 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 11 |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Mid-Cap Growth Equity Portfolio (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
Common Stocks | |
|
| Aerospace & Defense — 9.1% | |
Axon Enterprise, Inc.(a) | | | 776,029 | | | $ | 502,059,722 | |
HEICO Corp.(b) | | | 1,050,536 | | | | 287,185,026 | |
Howmet Aerospace, Inc. | | | 2,150,375 | | | | 254,561,393 | |
| | | | | | | | |
| | |
| | | | | | | 1,043,806,141 | |
| | |
| Automobiles — 1.8% | | | | | | |
Ferrari NV(b) | | | 464,141 | | | | 201,511,456 | |
| | | | | | | | |
| | |
| Biotechnology — 0.4% | | | | | | |
Natera, Inc.(a) | | | 246,803 | | | | 41,408,607 | |
| | | | | | | | |
| | |
| Building Products — 1.1% | | | | | | |
AZEK Co., Inc. (The), Class A(a)(b) | | | 2,429,827 | | | | 129,072,410 | |
| | | | | | | | |
| | |
| Capital Markets — 8.3% | | | | | | |
Ares Management Corp., Class A | | | 2,038,300 | | | | 360,228,759 | |
MSCI, Inc., Class A | | | 68,526 | | | | 41,775,505 | |
TPG, Inc., Class A | | | 3,841,090 | | | | 268,722,656 | |
Tradeweb Markets, Inc., Class A | | | 2,095,335 | | | | 283,917,893 | |
| | | | | | | | |
| | |
| | | | | | | 954,644,813 | |
| | |
| Commercial Services & Supplies — 4.3% | | | | | | |
Copart, Inc.(a) | | | 3,870,086 | | | | 245,324,752 | |
Rollins, Inc. | | | 3,187,265 | | | | 160,415,047 | |
Waste Connections, Inc. | | | 470,595 | | | | 90,575,420 | |
| | | | | | | | |
| | |
| | | | | | | 496,315,219 | |
| | |
| Construction & Engineering — 4.1% | | | | | | |
Comfort Systems U.S.A., Inc. | | | 624,295 | | | | 307,945,995 | |
Quanta Services, Inc. | | | 474,779 | | | | 163,570,861 | |
| | | | | | | | |
| | |
| | | | | | | 471,516,856 | |
| | |
| Construction Materials — 1.0% | | | | | | |
Vulcan Materials Co. | | | 390,543 | | | | 112,527,155 | |
| | | | | | | | |
| | |
| Electrical Equipment — 4.0% | | | | | | |
Vertiv Holdings Co., Class A | | | 3,553,645 | | | | 453,445,102 | |
| | | | | | | | |
|
| Electronic Equipment, Instruments & Components — 0.8% | |
Coherent Corp.(a) | | | 948,013 | | | | 94,952,982 | |
| | | | | | | | |
| | |
| Entertainment — 4.7% | | | | | | |
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a) | | | 2,689,167 | | | | 237,614,796 | |
Live Nation Entertainment, Inc.(a)(b) | | | 2,190,785 | | | | 302,876,026 | |
| | | | | | | | |
| | |
| | | | | | | 540,490,822 | |
| | |
| Financial Services — 2.4% | | | | | | |
Adyen NV(a)(c) | | | 106,162 | | | | 154,520,258 | |
Affirm Holdings, Inc., Class A(a) | | | 1,644,888 | | | | 115,158,609 | |
| | | | | | | | |
| | |
| | | | | | | 269,678,867 | |
| | |
| Ground Transportation — 2.5% | | | | | | |
Saia, Inc.(a)(b) | | | 503,890 | | | | 286,753,721 | |
| | | | | | | | |
|
| Health Care Equipment & Supplies — 7.2% | |
Alcon AG | | | 1,764,600 | | | | 156,784,710 | |
Align Technology, Inc.(a) | | | 911,854 | | | | 212,252,255 | |
Dexcom, Inc.(a) | | | 2,964,432 | | | | 231,196,052 | |
IDEXX Laboratories, Inc.(a) | | | 125,832 | | | | 53,069,646 | |
Masimo Corp.(a)(b) | | | 970,331 | | | | 167,420,911 | |
| | | | | | | | |
| | |
| | | | | | | 820,723,574 | |
| | |
| Hotels, Restaurants & Leisure — 6.1% | | | | | | |
Churchill Downs, Inc. | | | 1,170,248 | | | | 166,303,943 | |
DraftKings, Inc., Class A(a)(b) | | | 5,291,718 | | | | 230,983,491 | |
Flutter Entertainment PLC(a) | | | 167,668 | | | | 46,330,022 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
| Hotels, Restaurants & Leisure (continued) | | | | | | |
Planet Fitness, Inc., Class A(a) | | | 1,554,953 | | | $ | 154,795,571 | |
Wingstop, Inc. | | | 287,364 | | | | 94,476,662 | |
| | | | | | | | |
| | |
| | | | | | | 692,889,689 | |
|
| Independent Power and Renewable Electricity Producers — 1.2% | |
Vistra Corp. | | | 850,138 | | | | 135,886,058 | |
| | | | | | | | |
| | |
| Interactive Media & Services — 2.1% | | | | | | |
Pinterest, Inc., Class A(a) | | | 4,174,517 | | | | 126,571,355 | |
Reddit, Inc., Class A(a) | | | 841,043 | | | | 118,326,340 | |
| | | | | | | | |
| | |
| | | | | | | 244,897,695 | |
| | |
| IT Services — 2.7% | | | | | | |
Globant SA(a)(b) | | | 560,399 | | | | 127,636,476 | |
MongoDB, Inc., Class A(a) | | | 560,739 | | | | 180,832,720 | |
| | | | | | | | |
| | |
| | | | | | | 308,469,196 | |
| | |
| Life Sciences Tools & Services — 2.4% | | | | | | |
Bio-Techne Corp.(b) | | | 101,181 | | | | 7,625,000 | |
Mettler-Toledo International, Inc.(a) | | | 9,151 | | | | 11,449,731 | |
Repligen Corp.(a) | | | 360,284 | | | | 54,237,154 | |
West Pharmaceutical Services, Inc. | | | 607,897 | | | | 197,979,895 | |
| | | | | | | | |
| | |
| | | | | | | 271,291,780 | |
| | |
| Machinery — 0.5% | | | | | | |
IDEX Corp. | | | 234,839 | | | | 54,160,919 | |
| | | | | | | | |
| | |
| Media — 2.3% | | | | | | |
Trade Desk, Inc. (The), Class A(a) | | | 2,068,490 | | | | 265,904,389 | |
| | | | | | | | |
|
| Real Estate Management & Development — 2.1% | |
CoStar Group, Inc.(a)(b) | | | 2,925,982 | | | | 237,999,376 | |
| | | | | | | | |
|
| Semiconductors & Semiconductor Equipment — 7.8% | |
ASM International NV | | | 352,023 | | | | 189,450,410 | |
Astera Labs, Inc.(a)(b) | | | 1,144,227 | | | | 118,141,438 | |
BE Semiconductor Industries NV | | | 837,315 | | | | 99,557,467 | |
Credo Technology Group Holding Ltd.(a) | | | 1,731,816 | | | | 84,789,711 | |
Entegris, Inc.(b) | | | 2,343,229 | | | | 247,515,279 | |
Monolithic Power Systems, Inc. | | | 269,247 | | | | 152,835,367 | |
| | | | | | | | |
| | |
| | | | | | | 892,289,672 | |
| | |
| Software — 16.3% | | | | | | |
AppLovin Corp., Class A(a) | | | 1,734,760 | | | | 584,180,430 | |
Aspen Technology, Inc.(a)(b) | | | 48,911 | | | | 12,227,750 | |
Bentley Systems, Inc., Class B | | | 2,643,307 | | | | 130,843,697 | |
Cadence Design Systems, Inc.(a) | | | 875,307 | | | | 268,552,941 | |
Confluent, Inc., Class A(a)(b) | | | 5,351,686 | | | | 165,045,996 | |
CyberArk Software Ltd.(a) | | | 195,295 | | | | 63,179,885 | |
Fair Isaac Corp.(a) | | | 104,642 | | | | 248,527,889 | |
Manhattan Associates, Inc.(a)(b) | | | 558,365 | | | | 159,379,706 | |
PTC, Inc.(a) | | | 526,838 | | | | 105,399,210 | |
Roper Technologies, Inc. | | | 34,995 | | | | 19,822,568 | |
Tyler Technologies, Inc.(a)(b) | | | 170,490 | | | | 107,267,193 | |
| | | | | | | | |
| | |
| | | | | | | 1,864,427,265 | |
| | |
| Specialty Retail — 2.4% | | | | | | |
Carvana Co., Class A(a) | | | 526,539 | | | | 137,121,286 | |
Floor & Decor Holdings, Inc., Class A(a)(b) | | | 1,220,745 | | | | 136,979,797 | |
| | | | | | | | |
| | |
| | | | | | | 274,101,083 | |
|
| Technology Hardware, Storage & Peripherals — 0.8% | |
Pure Storage, Inc., Class A(a) | | | 1,757,111 | | | | 93,109,312 | |
| | | | | | | | |
| | |
| Textiles, Apparel & Luxury Goods — 1.2% | | | | | | |
On Holding AG, Class A(a)(b) | | | 2,346,376 | | | | 136,864,112 | |
| | | | | | | | |
| | |
| 12 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Mid-Cap Growth Equity Portfolio (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | |
Shares | | | Value | |
|
| Trading Companies & Distributors — 0.5% | |
FTAI Aviation Ltd. | | | 376,924 | | | $ | 63,632,310 | |
| | | | | | | | |
| | |
Total Common Stocks — 100.1%
(Cost: $7,496,122,042) | | | | | | | 11,452,770,581 | |
| | | | | | | | |
| | |
| | | Par
(000) | | | | |
| | |
Other Interests(a)(d)(e) | | | | | | | | |
GCI Liberty, Inc., Class A | | USD | 1,529 | | | | 15 | |
| | | | | | | | |
| | |
Total Other Interests — 0.0%
(Cost: $0) | | | | | | | 15 | |
| | | | | | | | |
| |
Total Long-Term Investments — 100.1%
(Cost: $7,496,122,042) | | | | 11,452,770,596 | |
| | | | | | | | |
| | |
| | | Shares | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 3.8% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h) | | | 431,367,865 | | | | 431,583,549 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 3.8%
(Cost: $431,561,589) | | | | | | | 431,583,549 | |
| | | | | | | | |
| | |
Total Investments — 103.9%
(Cost: $7,927,683,631) | | | | | | | 11,884,354,145 | |
| |
Liabilities in Excess of Other Assets — (3.9)% | | | | (446,230,675 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 11,438,123,470 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Affiliated Issuer | | Value at
05/31/24 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
11/30/24 | | | Shares Held at
11/30/24 | | | Income | | | Capital
Gain
Distributions
from Underlying
Funds | | | | |
| | BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 462,938,124 | | | $ | — | | | $ | (31,574,329 | )(a) | | $ | 196,041 | | | | | | | $ | 23,713 | | | $ | 431,583,549 | | | | 431,367,865 | | | $ | 454,417 | (b) | | $ | — | | | | | |
| | | | | | | | | | | | |
| | BlackRock Liquidity Funds, T-Fund, Institutional Shares(c) | | | 750,097 | | | | — | | | | (750,097 | )(a) | | | — | | | | | | | | — | | | | — | | | | — | | | | 240,458 | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 196,041 | | | | | | | $ | 23,713 | | | $ | 431,583,549 | | | | | | | $ | 694,875 | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
| | (c) | As of period end, the entity is no longer held. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 13 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Mid-Cap Growth Equity Portfolio |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | |
| | | Level 1 | | | | | | Level 2 | | | | | | Level 3 | | | | | | Total | |
| |
| | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 1,043,806,141 | | | | | | | $ | — | | | | | | | $ | — | | | | | | | $ | 1,043,806,141 | |
Automobiles | | | 201,511,456 | | | | | | | | — | | | | | | | | — | | | | | | | | 201,511,456 | |
Biotechnology | | | 41,408,607 | | | | | | | | — | | | | | | | | — | | | | | | | | 41,408,607 | |
Building Products | | | 129,072,410 | | | | | | | | — | | | | | | | | — | | | | | | | | 129,072,410 | |
Capital Markets | | | 954,644,813 | | | | | | | | — | | | | | | | | — | | | | | | | | 954,644,813 | |
Commercial Services & Supplies | | | 496,315,219 | | | | | | | | — | | | | | | | | — | | | | | | | | 496,315,219 | |
Construction & Engineering | | | 471,516,856 | | | | | | | | — | | | | | | | | — | | | | | | | | 471,516,856 | |
Construction Materials | | | 112,527,155 | | | | | | | | — | | | | | | | | — | | | | | | | | 112,527,155 | |
Electrical Equipment | | | 453,445,102 | | | | | | | | — | | | | | | | | — | | | | | | | | 453,445,102 | |
Electronic Equipment, Instruments & Components | | | 94,952,982 | | | | | | | | — | | | | | | | | — | | | | | | | | 94,952,982 | |
Entertainment | | | 540,490,822 | | | | | | | | — | | | | | | | | — | | | | | | | | 540,490,822 | |
Financial Services | | | 115,158,609 | | | | | | | | 154,520,258 | | | | | | | | — | | | | | | | | 269,678,867 | |
Ground Transportation | | | 286,753,721 | | | | | | | | — | | | | | | | | — | | | | | | | | 286,753,721 | |
Health Care Equipment & Supplies | | | 820,723,574 | | | | | | | | — | | | | | | | | — | | | | | | | | 820,723,574 | |
Hotels, Restaurants & Leisure | | | 692,889,689 | | | | | | | | — | | | | | | | | — | | | | | | | | 692,889,689 | |
Independent Power and Renewable Electricity Producers | | | 135,886,058 | | | | | | | | — | | | | | | | | — | | | | | | | | 135,886,058 | |
Interactive Media & Services | | | 244,897,695 | | | | | | | | — | | | | | | | | — | | | | | | | | 244,897,695 | |
IT Services | | | 308,469,196 | | | | | | | | — | | | | | | | | — | | | | | | | | 308,469,196 | |
Life Sciences Tools & Services | | | 271,291,780 | | | | | | | | — | | | | | | | | — | | | | | | | | 271,291,780 | |
Machinery | | | 54,160,919 | | | | | | | | — | | | | | | | | — | | | | | | | | 54,160,919 | |
Media | | | 265,904,389 | | | | | | | | — | | | | | | | | — | | | | | | | | 265,904,389 | |
Real Estate Management & Development | | | 237,999,376 | | | | | | | | — | | | | | | | | — | | | | | | | | 237,999,376 | |
Semiconductors & Semiconductor Equipment | | | 603,281,795 | | | | | | | | 289,007,877 | | | | | | | | — | | | | | | | | 892,289,672 | |
Software | | | 1,864,427,265 | | | | | | | | — | | | | | | | | — | | | | | | | | 1,864,427,265 | |
Specialty Retail | | | 274,101,083 | | | | | | | | — | | | | | | | | — | | | | | | | | 274,101,083 | |
Technology Hardware, Storage & Peripherals | | | 93,109,312 | | | | | | | | — | | | | | | | | — | | | | | | | | 93,109,312 | |
Textiles, Apparel & Luxury Goods | | | 136,864,112 | | | | | | | | — | | | | | | | | — | | | | | | | | 136,864,112 | |
Trading Companies & Distributors | | | 63,632,310 | | | | | | | | — | | | | | | | | — | | | | | | | | 63,632,310 | |
Other Interests | | | — | | | | | | | | — | | | | | | | | 15 | | | | | | | | 15 | |
| | | | | | | |
Short-Term Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Funds | | | 431,583,549 | | | | | | | | — | | | | | | | | — | | | | | | | | 431,583,549 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 11,440,825,995 | | | | | | | $ | 443,528,135 | | | | | | | $ | 15 | | | | | | | $ | 11,884,354,145 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
| | |
| 14 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) November 30, 2024 | | BlackRock Technology Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
| Automobiles — 2.3% | | | | | | |
Tesla, Inc.(a) | | | 416,148 | | | $ | 143,637,644 | |
| | | | | | | | |
| | |
| Banks — 0.4% | | | | | | |
NU Holdings Ltd., Class A(a) | | | 1,720,887 | | | | 21,562,714 | |
| | | | | | | | |
| | |
| Broadline Retail — 4.3% | | | | | | |
Amazon.com, Inc.(a) | | | 776,493 | | | | 161,425,130 | |
MercadoLibre, Inc.(a) | | | 51,356 | | | | 101,950,390 | |
| | | | | | | | |
| | |
| | | | | | | 263,375,520 | |
| | |
| Capital Markets — 0.5% | | | | | | |
S&P Global, Inc. | | | 64,329 | | | | 33,612,546 | |
| | | | | | | | |
| | |
| Communications Equipment — 1.7% | | | | | | |
Arista Networks, Inc.(a) | | | 169,037 | | | | 68,598,595 | |
Motorola Solutions, Inc. | | | 69,230 | | | | 34,594,231 | |
| | | | | | | | |
| | |
| | | | | | | 103,192,826 | |
| | |
| Consumer Finance — 0.6% | | | | | | |
Kaspi.KZ JSC, ADR | | | 319,978 | | | | 34,045,659 | |
| | | | | | | | |
| | |
| Diversified Consumer Services — 0.0% | | | | | | |
Think & Learn Private Ltd. (Acquired 09/30/20, cost $3,427,642)(a)(b)(c) | | | 2,241 | | | | — | |
| | | | | | | | |
| | |
| Electric Utilities — 0.4% | | | | | | |
Constellation Energy Corp. | | | 103,188 | | | | 26,473,913 | |
| | | | | | | | |
| | |
| Electrical Equipment — 1.1% | | | | | | |
Vertiv Holdings Co., Class A | | | 533,886 | | | | 68,123,854 | |
| | | | | | | | |
|
| Electronic Equipment, Instruments & Components — 1.0% | |
Coherent Corp.(a) | | | 633,491 | | | | 63,450,458 | |
| | | | | | | | |
| | |
| Entertainment — 4.4% | | | | | | |
Electronic Arts, Inc. | | | 198,202 | | | | 32,439,721 | |
Netflix, Inc.(a) | | | 59,859 | | | | 53,083,560 | |
Nintendo Co. Ltd. | | | 696,800 | | | | 40,895,261 | |
Spotify Technology SA(a) | | | 210,362 | | | | 100,334,259 | |
Take-Two Interactive Software, Inc.(a) | | | 224,032 | | | | 42,203,148 | |
| | | | | | | | |
| | |
| | | | | | | 268,955,949 | |
| | |
| Financial Services — 2.1% | | | | | | |
Adyen NV(a)(d) | | | 23,234 | | | | 33,817,408 | |
Mastercard, Inc., Class A | | | 174,325 | | | | 92,904,765 | |
| | | | | | | | |
| | |
| | | | | | | 126,722,173 | |
| | |
| Industrial Conglomerates — 1.1% | | | | | | |
Hitachi Ltd. | | | 2,628,000 | | | | 66,227,843 | |
| | | | | | | | |
| | |
| Interactive Media & Services — 5.1% | | | | | | |
Alphabet, Inc., Class A | | | 569,952 | | | | 96,293,391 | |
Meta Platforms, Inc., Class A | | | 379,185 | | | | 217,773,529 | |
| | | | | | | | |
| | |
| | | | | | | 314,066,920 | |
| | |
| IT Services — 3.1% | | | | | | |
Farmer’s Business Network, Inc.(a)(b) | | | 194,200 | | | | 514,630 | |
Klarna Holdings AB (Acquired 09/15/20, cost $11,017,172)(a)(b)(c) | | | 25,600 | | | | 12,614,743 | |
MongoDB, Inc., Class A(a) | | | 247,774 | | | | 79,904,637 | |
Shopify, Inc., Class A(a) | | | 304,124 | | | | 35,156,734 | |
Snowflake, Inc., Class A(a) | | | 350,702 | | | | 61,302,710 | |
| | | | | | | | |
| | |
| | | | | | | 189,493,454 | |
| | |
| Professional Services — 1.9% | | | | | | |
RELX PLC | | | 1,265,101 | | | | 59,642,064 | |
Thomson Reuters Corp. | | | 345,555 | | | | 56,212,386 | |
| | | | | | | | |
| | |
| | | | | | | 115,854,450 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| Semiconductors & Semiconductor Equipment — 28.8% | |
Applied Materials, Inc. | | | 227,461 | | | $ | 39,739,711 | |
ARM Holdings PLC, ADR(a)(e) | | | 442,121 | | | | 59,372,429 | |
ASM International NV | | | 76,373 | | | | 41,102,133 | |
ASML Holding NV | | | 112,892 | | | | 77,140,141 | |
Broadcom, Inc. | | | 1,680,805 | | | | 272,424,874 | |
Marvell Technology, Inc. | | | 934,490 | | | | 86,617,878 | |
Micron Technology, Inc. | | | 1,055,668 | | | | 103,402,681 | |
Monolithic Power Systems, Inc. | | | 62,497 | | | | 35,475,797 | |
NVIDIA Corp.(e) | | | 6,671,918 | | | | 922,392,664 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 668,756 | | | | 123,492,483 | |
| | | | | | | | |
| | |
| | | | | | | 1,761,160,791 | |
| | |
| Software — 30.3% | | | | | | |
AppLovin Corp., Class A(a) | | | 126,916 | | | | 42,738,963 | |
Atlassian Corp., Class A(a) | | | 173,488 | | | | 45,727,967 | |
Autodesk, Inc.(a) | | | 154,393 | | | | 45,067,317 | |
Cadence Design Systems, Inc.(a) | | | 650,594 | | | | 199,608,745 | |
Constellation Software, Inc. | | | 22,901 | | | | 76,842,543 | |
Crowdstrike Holdings, Inc., Class A(a) | | | 194,314 | | | | 67,226,815 | |
CyberArk Software Ltd.(a) | | | 132,068 | | | | 42,725,319 | |
Databricks, Inc. (Acquired 07/24/20, cost $5,122,891)(a)(b)(c) | | | 319,983 | | | | 28,142,505 | |
Datadog, Inc., Class A(a) | | | 309,428 | | | | 47,265,127 | |
Fair Isaac Corp.(a) | | | 57,128 | | | | 135,680,714 | |
Guidewire Software, Inc.(a) | | | 210,435 | | | | 42,695,157 | |
Microsoft Corp. | | | 1,220,392 | | | | 516,787,196 | |
Nutanix, Inc., Class A(a) | | | 489,750 | | | | 31,970,880 | |
Oracle Corp. | | | 928,139 | | | | 171,557,213 | |
Palo Alto Networks, Inc.(a) | | | 131,838 | | | | 51,129,413 | |
Samsara, Inc., Class A(a)(e) | | | 879,228 | | | | 47,029,906 | |
SAP SE | | | 406,414 | | | | 96,509,460 | |
ServiceNow, Inc.(a) | | | 114,142 | | | | 119,785,180 | |
Unqork, Inc. (Acquired 03/05/21, cost $4,093,769)(a)(b)(c) | | | 149,520 | | | | 822,360 | |
Xero Ltd.(a) | | | 420,030 | | | | 47,829,752 | |
| | | | | | | | |
| | |
| | | | | | | 1,857,142,532 | |
| | |
| Specialty Retail — 0.0% | | | | | | |
AceVector Ltd. (Acquired 05/07/14, cost $1,414,399)(a)(b)(c) | | | 304,000 | | | | 115,849 | |
| | | | | | | | |
|
| Technology Hardware, Storage & Peripherals — 8.3% | |
Apple Inc. | | | 2,014,661 | | | | 478,139,495 | |
Dell Technologies, Inc., Class C | | | 235,465 | | | | 30,042,979 | |
| | | | | | | | |
| | |
| | | | | | | 508,182,474 | |
| | | | | | | | |
| | |
Total Common Stocks — 97.4%
(Cost: $2,915,845,092) | | | | | | | 5,965,397,569 | |
| | | | | | | | |
| | |
Preferred Securities | | | | | | | | |
| | |
| Preferred Stocks — 1.5% | | | | | | |
| | |
| Diversified Consumer Services — 0.0% | | | | | | |
Think & Learn Private Ltd., Series F (Acquired 09/30/20, cost $6,867,746)(a)(b)(c) | | | 2,371 | | | | — | |
| | | | | | | | |
| | |
| Interactive Media & Services — 0.3% | | | | | | |
Bytedance Ltd., Series E-1 (Acquired 11/11/20, cost $10,748,384)(a)(b)(c) | | | 94,889 | | | | 17,146,442 | |
| | | | | | | | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 15 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Technology Opportunities Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| |
| Semiconductors & Semiconductor Equipment — 0.5% | | | | |
PsiQuantum Corp., Series C (Acquired 09/09/19, cost $2,698,454)(a)(b)(c) | | | 581,814 | | | $ | 17,815,145 | |
SambaNova Systems, Inc., Series C (Acquired 02/20/20, cost $9,804,574)(a)(b)(c) | | | 184,153 | | | | 10,266,530 | |
| | | | | | | | |
| | |
| | | | | | | 28,081,675 | |
| | |
| Software — 0.7% | | | | | | |
Databricks, Inc. | | | | | | | | |
Series F (Acquired 10/22/19, cost $3,700,005)(a)(b)(c) | | | 258,450 | | | | 22,730,677 | |
Series G (Acquired 02/01/21, cost $12,500,003)(a)(b)(c) | | | 211,425 | | | | 18,594,829 | |
Unqork, Inc. | | | | | | | | |
Series A (Acquired 03/05/21, cost $194,941)(a)(b)(c) | | | 7,120 | | | | 41,296 | |
Series B (Acquired 03/05/21, cost $314,315)(a)(b)(c) | | | 11,480 | | | | 73,472 | |
Series C (Acquired 09/18/20, cost $8,323,340)(a)(b)(c) | | | 304,000 | | | | 2,441,120 | |
Series Seed (Acquired 03/05/21, cost $489,544)(a)(b)(c) | | | 17,880 | | | | 99,592 | |
Series Seed A (Acquired 03/05/21, cost $180,704)(a)(b)(c) | | | 6,600 | | | | 36,630 | |
| | | | | | | | |
| | |
| | | | | | | 44,017,616 | |
| | | | | | | | |
| | |
Total Preferred Securities — 1.5%
(Cost: $55,822,010) | | | | | | | 89,245,733 | |
| | | | | | | | |
| | |
Warrants(a)(b) | | | | | | | | |
| | |
| Software — 0.0% | | | | | | |
Constellation Software, Inc. (Issued/Exercisable 08/23/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD 0.00) | | | 22,107 | | | | — | |
| | | | | | | | |
| |
Total Warrants — 0.0%
(Cost: $0) | | | | — | |
| | | | | | | | |
| |
Total Long-Term Investments — 98.9%
(Cost: $2,971,667,102) | | | | 6,054,643,302 | |
| | | | | | | | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Short-Term Securities | | | | | | | | |
| | |
| Money Market Funds — 2.0% | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(f)(g)(h) | | | 51,325,295 | | | $ | 51,350,958 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.53%(f)(g) | | | 74,215,637 | | | | 74,215,637 | |
| | | | | | | | |
| |
Total Short-Term Securities — 2.0%
(Cost: $125,568,166) | | | | 125,566,595 | |
| | | | | | | | |
| |
Total Investments — 100.9%
(Cost: $3,097,235,268) | | | | 6,180,209,897 | |
| |
Liabilities in Excess of Other Assets — (0.9)% | | | | (57,990,335 | ) |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 6,122,219,562 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (c) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $130,941,190, representing 2.1% of its net assets as of period end, and an original cost of $80,897,883. |
| (d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (e) | All or a portion of this security is on loan. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | Affiliated Issuer | | Value at
05/31/24 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
11/30/24 | | | Shares
Held at
11/30/24 | | | Income | | | Capital
Gain
Distributions
from Underlying
Funds | | | | |
| | BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 42,718,478 | | | $ | 8,632,283 | (a) | | $ | — | | | $ | 1,768 | | | $ | (1,571 | ) | | $ | 51,350,958 | | | | 51,325,295 | | | $ | 80,247 | (b) | | $ | — | | | | | |
| | | | | | | | | | | |
| | BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | 25,083,311 | | | | 49,132,326 | (a) | | | — | | | | — | | | | — | | | | 74,215,637 | | | | 74,215,637 | | | | 1,298,846 | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 1,768 | | | $ | (1,571 | ) | | $ | 125,566,595 | | | | | | | $ | 1,379,093 | | | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
| | |
| 16 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Technology Opportunities Fund |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | |
| | | Level 1 | | | | | | Level 2 | | | | | | Level 3 | | | | | | Total | |
| |
| | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Automobiles | | $ | 143,637,644 | | | | | | | $ | — | | | | | | | $ | — | | | | | | | $ | 143,637,644 | |
Banks | | | 21,562,714 | | | | | | | | — | | | | | | | | — | | | | | | | | 21,562,714 | |
Broadline Retail | | | 263,375,520 | | | | | | | | — | | | | | | | | — | | | | | | | | 263,375,520 | |
Capital Markets | | | 33,612,546 | | | | | | | | — | | | | | | | | — | | | | | | | | 33,612,546 | |
Communications Equipment | | | 103,192,826 | | | | | | | | — | | | | | | | | — | | | | | | | | 103,192,826 | |
Consumer Finance | | | 34,045,659 | | | | | | | | — | | | | | | | | — | | | | | | | | 34,045,659 | |
Diversified Consumer Services | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | — | |
Electric Utilities | | | 26,473,913 | | | | | | | | — | | | | | | | | — | | | | | | | | 26,473,913 | |
Electrical Equipment | | | 68,123,854 | | | | | | | | — | | | | | | | | — | | | | | | | | 68,123,854 | |
Electronic Equipment, Instruments & Components | | | 63,450,458 | | | | | | | | — | | | | | | | | — | | | | | | | | 63,450,458 | |
Entertainment | | | 228,060,688 | | | | | | | | 40,895,261 | | | | | | | | — | | | | | | | | 268,955,949 | |
Financial Services | | | 92,904,765 | | | | | | | | 33,817,408 | | | | | | | | — | | | | | | | | 126,722,173 | |
Industrial Conglomerates | | | — | | | | | | | | 66,227,843 | | | | | | | | — | | | | | | | | 66,227,843 | |
Interactive Media & Services | | | 314,066,920 | | | | | | | | — | | | | | | | | — | | | | | | | | 314,066,920 | |
IT Services | | | 176,364,081 | | | | | | | | — | | | | | | | | 13,129,373 | | | | | | | | 189,493,454 | |
Professional Services | | | 56,212,386 | | | | | | | | 59,642,064 | | | | | | | | — | | | | | | | | 115,854,450 | |
Semiconductors & Semiconductor Equipment | | | 1,642,918,517 | | | | | | | | 118,242,274 | | | | | | | | — | | | | | | | | 1,761,160,791 | |
Software | | | 1,683,838,455 | | | | | | | | 144,339,212 | | | | | | | | 28,964,865 | | | | | | | | 1,857,142,532 | |
Specialty Retail | | | — | | | | | | | | — | | | | | | | | 115,849 | | | | | | | | 115,849 | |
Technology Hardware, Storage & Peripherals | | | 508,182,474 | | | | | | | | — | | | | | | | | — | | | | | | | | 508,182,474 | |
Preferred Securities | | | — | | | | | | | | — | | | | | | | | 89,245,733 | | | | | | | | 89,245,733 | |
Warrants | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | — | |
| | | | | | | |
Short-Term Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Money Market Funds | | | 125,566,595 | | | | | | | | — | | | | | | | | — | | | | | | | | 125,566,595 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | 5,585,590,015 | | | | | | | $ | 463,164,062 | | | | | | | $ | 131,455,820 | | | | | | | $ | 6,180,209,897 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| | | | | | | | | | | | | | | | |
| | | | | |
| | | Common
Stocks | | | Preferred
Stocks | | | Warrants | | | Total | |
Assets | | | | | | | | | | | | | | | | |
Opening Balance, as of May 31, 2024 | | $ | 35,470,366 | | | $ | 83,769,762 | | | $ | — | | | $ | 119,240,128 | |
Transfers into Level 3 | | | — | | | | — | | | | — | | | | — | |
Transfers out of Level 3 | | | — | | | | — | | | | — | | | | — | |
Accrued discounts/premiums | | | — | | | | — | | | | — | | | | — | |
Net realized gain (loss) | | | — | | | | (144,905 | ) | | | — | | | | (144,905 | ) |
Net change in unrealized appreciation (depreciation)(a)(b) | | | 6,739,721 | | | | 7,968,231 | | | | — | | | | 14,707,952 | |
Purchases | | | — | | | | — | | | | — | | | | — | |
Sales | | | — | | | | (2,347,355 | ) | | | — | | | | (2,347,355 | ) |
| | | | | | | | | | | | | | | | |
Closing Balance, as of November 30, 2024 | | $ | 42,210,087 | | | $ | 89,245,733 | | | $ | — | (c) | | $ | 131,455,820 | |
| | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024(c) | | $ | 6,739,721 | | | $ | 7,968,231 | | | $ | — | | | $ | 14,707,952 | |
| | | | | | | | | | | | | | | | |
| | (a) | Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. | |
| | (b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2024, is generally due to investments no longer held or categorized as Level 3 at period end. | |
| | (c) | Rounds to less than $1. | |
| | |
S C H E D U L E S O F I N V E S T M E N T S | | 17 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock Technology Opportunities Fund |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund’s Level 3 financial instruments as of period end.
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | Value | | | Valuation Approach | | | Unobservable
Inputs | | | Range of
Unobservable Inputs
Utilized(a) | | | Weighted Average of
Unobservable Inputs
Based on Fair Value | |
Assets | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 42,210,087 | | | | Market | | | | Revenue Multiple | | | | 2.10x - 23.00x | | | | 17.36x | |
| | | | | | | | | | | Volatility | | | | 70% | | | | — | |
| | | | | | | | | | | Time to Exit | | | | 3.0 years | | | | — | |
Preferred Stocks | | | 89,245,733 | | | | Market | | | | Revenue Multiple | | | | 1.34x - 23.00x | | | | 15.44x | |
| | | | | | | | | | | Volatility | | | | 50% - 90% | | | | 65% | |
| | | | | | | | | | | Time to Exit | | | | 3.0 - 4.0 years | | | | 3.6 years | |
| | | | | | | | | | | Market Adjustment Multiple | | | | 1.60x | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 131,455,820 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | (a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. | |
See notes to financial statements.
| | |
| 18 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Assets and Liabilities (unaudited)
November 30, 2024
| | | | | | | | | | | | |
| | | BlackRock
Capital
Appreciation
Fund,
Inc. | | | BlackRock
Health
Sciences
Opportunities
Portfolio | | | BlackRock
Infrastructure
Sustainable
Opportunities
Fund | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments, at value — unaffiliated(a)(b) | | $ | 3,740,257,795 | | | $ | 7,912,823,684 | | | $ | 9,552,542 | |
Investments, at value — affiliated(c) | | | — | | | | 202,693,401 | | | | 344,926 | |
Foreign currency, at value(d) | | | — | | | | 99,444 | | | | 2,592 | |
Receivables: | | | | | | | | | | | | |
Investments sold | | | 7,614,625 | | | | — | | | | 123,108 | |
Securities lending income — affiliated | | | — | | | | 39,583 | | | | 2 | |
Capital shares sold | | | 698,004 | | | | 2,541,913 | | | | — | |
Dividends — unaffiliated | | | 1,407,130 | | | | 7,496,969 | | | | 49,362 | |
Dividends — affiliated | | | 8,700 | | | | 392,938 | | | | 551 | |
From the Manager | | | — | | | | — | | | | 13,085 | |
Foreign withholding tax claims | | | 212,877 | | | | — | | | | — | |
Prepaid expenses | | | 80,243 | | | | 105,398 | | | | 33,927 | |
| | | | | | | | | | | | |
Total assets | | | 3,750,279,374 | | | | 8,126,193,330 | | | | 10,120,095 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Bank overdraft | | | 1,184,234 | | | | — | | | | — | |
Collateral on securities loaned | | | — | | | | 91,579,360 | | | | 275,072 | |
Payables: | | | | | | | | | | | | |
Investments purchased | | | — | | | | — | | | | 138,350 | |
Administration fees | | | — | | | | 361,217 | | | | — | |
Capital shares redeemed | | | 1,039,164 | | | | 5,824,691 | | | | — | |
Investment advisory fees | | | 1,876,869 | | | | 4,417,669 | | | | — | |
Directors’ and Officer’s fees | | | 6,750 | | | | 13,842 | | | | 1,442 | |
Other accrued expenses | | | 100,113 | | | | 280,506 | | | | 31,336 | |
Other affiliate fees | | | 51,096 | | | | 64,032 | | | | 42 | |
Professional fees | | | 19,756 | | | | 22,920 | | | | 52,320 | |
Service and distribution fees | | | 505,094 | | | | 907,158 | | | | 46 | |
Transfer agent fees | | | 579,129 | | | | 2,028,319 | | | | 369 | |
| | | | | | | | | | | | |
Total liabilities | | | 5,362,205 | | | | 105,499,714 | | | | 498,977 | |
| | | | | | | | | | | | |
| | | |
Commitments and contingent liabilities | | | | | | | | | | | | |
NET ASSETS | | $ | 3,744,917,169 | | | $ | 8,020,693,616 | | | $ | 9,621,118 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS CONSIST OF: | | | | | | | | | | | | |
Paid-in capital | | $ | 1,220,247,273 | | | $ | 4,264,783,946 | | | $ | 10,094,653 | |
Accumulated earnings (loss) | | | 2,524,669,896 | | | | 3,755,909,670 | | | | (473,535 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 3,744,917,169 | | | $ | 8,020,693,616 | | | $ | 9,621,118 | |
| | | | | | | | | | | | |
| | | |
(a) Investments, at cost — unaffiliated | | $ | 1,413,710,323 | | | $ | 4,527,494,558 | | | $ | 9,126,536 | |
(b) Securities loaned, at value | | $ | — | | | $ | 90,044,218 | | | $ | 248,531 | |
(c) Investments, at cost — affiliated | | $ | — | | | $ | 202,675,361 | | | $ | 344,926 | |
(d) Foreign currency, at cost | | $ | — | | | $ | 103,311 | | | $ | 2,586 | |
| | |
S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S | | 19 |
Statements of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | | | | | | | | | |
| | | BlackRock
Capital
Appreciation
Fund,
Inc. | | | BlackRock
Health
Sciences
Opportunities
Portfolio | | | BlackRock
Infrastructure
Sustainable
Opportunities
Fund | |
NET ASSET VALUE | | | | | | | | | | | | |
| | | |
| Institutional | | | | | | | | | |
Net assets | | $ | 853,525,300 | | | $ | 4,163,988,484 | | | $ | 110,924 | |
| | | | | | | | | | | | |
Shares outstanding | | | 19,132,388 | | | | 55,387,784 | | | | 11,723 | |
| | | | | | | | | | | | |
Net asset value | | $ | 44.61 | | | $ | 75.18 | | | $ | 9.46 | |
| | | | | | | | | | | | |
Shares authorized | | | 300 million | | | | Unlimited | | | | Unlimited | |
| | | | | | | | | | | | |
Par value | | $ | 0.10 | | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | | | | | |
| | | |
| Service | | | | | | | | | |
Net assets | | $ | N/A | | | $ | 29,920,951 | | | $ | N/A | |
| | | | | | | | | | | | |
Shares outstanding | | | N/A | | | | 425,452 | | | | N/A | |
| | | | | | | | | | | | |
Net asset value | | $ | N/A | | | $ | 70.33 | | | $ | N/A | |
| | | | | | | | | | | | |
Shares authorized | | | N/A | | | | Unlimited | | | | N/A | |
| | | | | | | | | | | | |
Par value | | $ | N/A | | | $ | 0.001 | | | $ | N/A | |
| | | | | | | | | | | | |
| | | |
| Investor A | | | | | | | | | |
Net assets | | $ | 2,262,412,776 | | | $ | 2,795,605,072 | | | $ | 230,435 | |
| | | | | | | | | | | | |
Shares outstanding | | | 58,840,902 | | | | 39,962,984 | | | | 24,392 | |
| | | | | | | | | | | | |
Net asset value | | $ | 38.45 | | | $ | 69.95 | | | $ | 9.45 | |
| | | | | | | | | | | | |
Shares authorized | | | 300 million | | | | Unlimited | | | | Unlimited | |
| | | | | | | | | | | | |
Par value | | $ | 0.10 | | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | | | | | |
| | | |
| Investor C | | | | | | | | | |
Net assets | | $ | 42,051,895 | | | $ | 275,601,646 | | | $ | N/A | |
| | | | | | | | | | | | |
Shares outstanding | | | 2,182,747 | | | | 4,873,984 | | | | N/A | |
| | | | | | | | | | | | |
Net asset value | | $ | 19.27 | | | $ | 56.55 | | | $ | N/A | |
| | | | | | | | | | | | |
Shares authorized | | | 300 million | | | | Unlimited | | | | N/A | |
| | | | | | | | | | | | |
Par value | | $ | 0.10 | | | $ | 0.001 | | | $ | N/A | |
| | | | | | | | | | | | |
| | | |
| Class K | | | | | | | | | |
Net assets | | $ | 561,470,079 | | | $ | 510,773,724 | | | $ | 9,279,759 | |
| | | | | | | | | | | | |
Shares outstanding | | | 12,418,004 | | | | 6,779,798 | | | | 980,507 | |
| | | | | | | | | | | | |
Net asset value | | $ | 45.21 | | | $ | 75.34 | | | $ | 9.46 | |
| | | | | | | | | | | | |
Shares authorized | | | 300 million | | | | Unlimited | | | | Unlimited | |
| | | | | | | | | | | | |
Par value | | $ | 0.10 | | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | | | | | |
| | | |
| Class R | | | | | | | | | |
Net assets | | $ | 25,457,119 | | | $ | 244,803,739 | | | $ | N/A | |
| | | | | | | | | | | | |
Shares outstanding | | | 976,140 | | | | 3,629,407 | | | | N/A | |
| | | | | | | | | | | | |
Net asset value | | $ | 26.08 | | | $ | 67.45 | | | $ | N/A | |
| | | | | | | | | | | | |
Shares authorized | | | 500 million | | | | Unlimited | | | | N/A | |
| | | | | | | | | | | | |
Par value | | $ | 0.10 | | | $ | 0.001 | | | $ | N/A | |
| | | | | | | | | | | | |
See notes to financial statements.
| | |
| 20 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | | | | | |
| | | BlackRock
Mid-Cap
Growth
Equity
Portfolio | | | BlackRock
Technology
Opportunities
Fund | |
| | |
ASSETS | | | | | | | | |
Investments, at value — unaffiliated(a)(b) | | $ | 11,452,770,596 | | | $ | 6,054,643,302 | |
Investments, at value — affiliated(c) | | | 431,583,549 | | | | 125,566,595 | |
Cash | | | — | | | | 5,848 | |
Foreign currency, at value(d) | | | — | | | | 329,521 | |
Receivables: | | | | | | | | |
Investments sold | | | 22,755,403 | | | | 3,527,997 | |
Securities lending income — affiliated | | | 59,524 | | | | 15,836 | |
Capital shares sold | | | 5,700,245 | | | | 4,022,047 | |
Dividends — unaffiliated | | | 2,892,967 | | | | 1,531,186 | |
Dividends — affiliated | | | 33,898 | | | | 64,806 | |
From the Manager | | | 24,952 | | | | 3,210 | |
Prepaid expenses | | | 130,542 | | | | 101,105 | |
| | | | | | | | |
Total assets | | | 11,915,951,676 | | | | 6,189,811,453 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Bank overdraft | | | 7,085,736 | | | | — | |
Collateral on securities loaned | | | 431,379,902 | | | | 51,344,691 | |
Payables: | | | | | | | | |
Investments purchased | | | 11,720,942 | | | | 4,978,824 | |
Administration fees | | | 384,793 | | | | 261,535 | |
Capital shares redeemed | | | 18,018,761 | | | | 4,441,841 | |
Investment advisory fees | | | 5,715,928 | | | | 3,779,670 | |
Directors’ and Officer’s fees | | | 24,051 | | | | 8,070 | |
Other accrued expenses | | | 334,840 | | | | 352,543 | |
Other affiliate fees | | | 25,067 | | | | 25,183 | |
Professional fees | | | 8,875 | | | | 4,908 | |
Service and distribution fees | | | 536,777 | | | | 732,604 | |
Transfer agent fees | | | 2,592,534 | | | | 1,662,022 | |
| | | | | | | | |
Total liabilities | | | 477,828,206 | | | | 67,591,891 | |
| | | | | | | | |
| | |
Commitments and contingent liabilities | | | | | | | | |
| | |
NET ASSETS | | $ | 11,438,123,470 | | | $ | 6,122,219,562 | |
| | | | | | | | |
| | |
NET ASSETS CONSIST OF: | | | | | | | | |
Paid-in capital | | $ | 7,667,026,297 | | | $ | 2,760,592,538 | |
Accumulated earnings | | | 3,771,097,173 | | | | 3,361,627,024 | |
| | | | | | | | |
NET ASSETS | | $ | 11,438,123,470 | | | $ | 6,122,219,562 | |
| | | | | | | | |
| | |
(a) Investments, at cost — unaffiliated | | $ | 7,496,122,042 | | | $ | 2,971,667,102 | |
(b) Securities loaned, at value | | $ | 424,224,215 | | | $ | 50,820,184 | |
(c) Investments, at cost — affiliated | | $ | 431,561,589 | | | $ | 125,568,166 | |
(d) Foreign currency, at cost | | $ | — | | | $ | 323,147 | |
| | |
S T A T E M E N T S O F A S S E T S A N D L I A B I L I T I E S | | 21 |
Statements of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | | | | | |
| | | BlackRock
Mid-Cap
Growth
Equity
Portfolio | | | BlackRock
Technology
Opportunities
Fund | |
NET ASSET VALUE | | | | | | | | |
| | |
| Institutional | | | | | | |
Net assets | | $ | 4,892,014,678 | | | $ | 3,165,791,734 | |
| | | | | | | | |
Shares outstanding | | | 105,999,726 | | | | 41,794,261 | |
| | | | | | | | |
Net asset value | | $ | 46.15 | | | $ | 75.75 | |
| | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | |
| | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | |
| | |
| Service | | | | | | |
Net assets | | $ | 59,903,820 | | | $ | 56,019,061 | |
| | | | | | | | |
Shares outstanding | | | 1,461,414 | | | | 797,150 | |
| | | | | | | | |
Net asset value | | $ | 40.99 | | | $ | 70.27 | |
| | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | |
| | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | |
| | |
| Investor A | | | | | | |
Net assets | | $ | 1,733,971,135 | | | $ | 2,188,541,317 | |
| | | | | | | | |
Shares outstanding | | | 44,396,888 | | | | 31,923,886 | |
| | | | | | | | |
Net asset value | | $ | 39.06 | | | $ | 68.55 | |
| | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | |
| | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | |
| | |
| Investor C | | | | | | |
Net assets | | $ | 186,860,194 | | | $ | 312,838,920 | |
| | | | | | | | |
Shares outstanding | | | 6,512,213 | | | | 5,786,942 | |
| | | | | | | | |
Net asset value | | $ | 28.69 | | | $ | 54.06 | |
| | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | |
| | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | |
| | |
| Class K | | | | | | |
Net assets | | $ | 4,474,464,016 | | | $ | 349,268,574 | |
| | | | | | | | |
Shares outstanding | | | 96,336,054 | | | | 4,596,656 | |
| | | | | | | | |
Net asset value | | $ | 46.45 | | | $ | 75.98 | |
| | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | |
| | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | |
| | |
| Class R | | | | | | |
Net assets | | $ | 90,909,627 | | | $ | 49,759,956 | |
| | | | | | | | |
Shares outstanding | | | 2,400,723 | | | | 727,310 | |
| | | | | | | | |
Net asset value | | $ | 37.87 | | | $ | 68.42 | |
| | | | | | | | |
Shares authorized | | | Unlimited | | | | Unlimited | |
| | | | | | | | |
Par value | | $ | 0.001 | | | $ | 0.001 | |
| | | | | | | | |
See notes to financial statements.
| | |
| 22 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Operations (unaudited)
Six Months Ended November 30, 2024
| | | | | | | | | | | | |
| | | BlackRock
Capital
Appreciation
Fund,
Inc. | | | BlackRock
Health
Sciences
Opportunities
Portfolio | | | BlackRock
Infrastructure
Sustainable
Opportunities
Fund | |
| | | |
INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — unaffiliated | | $ | 10,855,123 | (a) | | $ | 42,095,280 | | | $ | 154,795 | |
Dividends — affiliated | | | 80,519 | | | | 3,929,635 | | | | 3,518 | |
Securities lending income — affiliated — net | | | — | | | | 212,437 | | | | 35 | |
Other income | | | 10,484 | | | | — | | | | — | |
Foreign taxes withheld | | | (73,814 | ) | | | (36,082 | ) | | | (7,750 | ) |
Foreign withholding tax claims | | | 300,549 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 11,172,861 | | | | 46,201,270 | | | | 150,598 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory | | | 11,176,768 | | | | 28,230,850 | | | | 37,588 | |
Service and distribution — class specific | | | 3,009,266 | | | | 5,799,197 | | | | 285 | |
Transfer agent — class specific | | | 1,355,178 | | | | 3,828,562 | | | | 638 | |
Accounting services | | | 117,014 | | | | 247,746 | | | | 18,556 | |
Professional | | | 95,082 | | | | 43,476 | | | | 55,388 | |
Registration | | | 41,781 | | | | 67,564 | | | | 25,250 | |
Printing and postage | | | 30,085 | | | | 34,918 | | | | 18,905 | |
Custodian | | | 22,058 | | | | 65,531 | | | | 8,709 | |
Directors and Officer | | | 15,924 | | | | 35,637 | | | | 3,320 | |
Administration | | | — | | | | 1,461,679 | | | | 1,997 | |
Administration — class specific | | | — | | | | 842,015 | | | | 940 | |
Miscellaneous | | | 18,084 | | | | 143,481 | | | | 6,028 | |
| | | | | | | | | | | | |
Total expenses excluding interest expense | | | 15,881,240 | | | | 40,800,656 | | | | 177,604 | |
Interest expense | | | 8,871 | | | | 697 | | | | 1 | |
| | | | | | | | | | | | |
Total expenses | | | 15,890,111 | | | | 40,801,353 | | | | 177,605 | |
| | | | | | | | | | | | |
Less: | | | | | | | | | | | | |
Administration fees waived | | | — | | | | — | | | | (1,997 | ) |
Administration fees waived by the Manager — class specific | | | — | | | | — | | | | (940 | ) |
Fees waived and/or reimbursed by the Manager | | | (1,223 | ) | | | (58,232 | ) | | | (129,048 | ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | — | | | | — | | | | (554 | ) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 15,888,888 | | | | 40,743,121 | | | | 45,066 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | (4,716,027 | ) | | | 5,458,149 | | | | 105,532 | |
| | | | | | | | | | | | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments — unaffiliated | | | 214,582,315 | | | | 397,159,486 | | | | 105,641 | |
Investments — affiliated | | | — | | | | 14,283 | | | | 37 | |
Foreign currency transactions | | | (10,327 | ) | | | 126,216 | | | | 2,246 | |
Swaps | | | — | | | | — | | | | 8,662 | |
| | | | | | | | | | | | |
| | $ | 214,571,988 | | | $ | 397,299,985 | | | $ | 116,586 | |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Investments — unaffiliated | | | 264,419,127 | | | | (89,361,091 | ) | | | 461,346 | |
Investments — affiliated | | | — | | | | 18,040 | | | | — | |
Foreign currency translations | | | (8,392 | ) | | | (2,994 | ) | | | (447 | ) |
Swaps | | | — | | | | — | | | | 3,171 | |
| | | | | | | | | | | | |
| | | 264,410,735 | | | | (89,346,045 | ) | | | 464,070 | |
| | | | | | | | | | | | |
Net realized and unrealized gain | | | 478,982,723 | | | | 307,953,940 | | | | 580,656 | |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 474,266,696 | | | $ | 313,412,089 | | | $ | 686,188 | |
| | | | | | | | | | | | |
| (a) | Includes $3,851,625 related to a special distribution from TransDigm Group, Inc. | |
See notes to financial statements.
| | |
S T A T E M E N T S O F O P E R A T I O N S | | 23 |
Statements of Operations (unaudited) (continued)
Six Months Ended November 30, 2024
| | | | | | | | |
| | | BlackRock
Mid-Cap
Growth
Equity
Portfolio | | | BlackRock
Technology
Opportunities
Fund | |
| | |
INVESTMENT INCOME | | | | | | | | |
Dividends — unaffiliated | | $ | 16,622,971 | | | $ | 12,186,488 | |
Dividends — affiliated | | | 240,458 | | | | 1,298,846 | |
Securities lending income — affiliated — net | | | 454,417 | | | | 80,247 | |
Foreign taxes withheld | | | — | | | | (333,326 | ) |
| | | | | | | | |
Total investment income | | | 17,317,846 | | | | 13,232,255 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory | | | 34,954,003 | | | | 22,120,205 | |
Transfer agent — class specific | | | 4,680,358 | | | | 2,844,988 | |
Service and distribution — class specific | | | 3,150,732 | | | | 4,308,582 | |
Administration | | | 1,897,729 | | | | 1,039,996 | |
Administration — class specific | | | 1,110,777 | | | | 582,231 | |
Accounting services | | | 320,896 | | | | 176,992 | |
Registration | | | 95,158 | | | | 81,004 | |
Custodian | | | 83,882 | | | | 46,507 | |
Directors and Officer | | | 50,707 | | | | 24,381 | |
Printing and postage | | | 46,920 | | | | 30,942 | |
Professional | | | 30,611 | | | | 28,129 | |
Miscellaneous | | | 47,074 | | | | 45,408 | |
| | | | | | | | |
Total expenses excluding interest expense | | | 46,468,847 | | | | 31,329,365 | |
Interest expense | | | 222,576 | | | | 8,125 | |
| | | | | | | | |
Total expenses | | | 46,691,423 | | | | 31,337,490 | |
| | | | | | | | |
Less: | | | | | | | | |
Administration fees waived by the Manager — class specific | | | (653,175 | ) | | | (322,352 | ) |
Fees waived and/or reimbursed by the Manager | | | (3,615 | ) | | | (18,880 | ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | (459,575 | ) | | | (49,098 | ) |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 45,575,058 | | | | 30,947,160 | |
| | | | | | | | |
Net investment loss | | | (28,257,212 | ) | | | (17,714,905 | ) |
| | | | | | | | |
| | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | |
Net realized gain from: | | | | | | | | |
Investments — unaffiliated | | | 1,169,966,125 | | | | 751,481,879 | |
Investments — affiliated | | | 196,041 | | | | 1,768 | |
Foreign currency transactions | | | 2,754 | | | | (12,976 | ) |
| | | | | | | | |
| | $ | 1,170,164,920 | | | $ | 751,470,671 | |
| | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | |
Investments — unaffiliated | | | 649,803,191 | | | | 97,825,408 | |
Investments — affiliated | | | 23,713 | | | | (1,571 | ) |
Foreign currency translations | | | (14,111 | ) | | | 6,850 | |
| | | | | | | | |
| | | 649,812,793 | | | | 97,830,687 | |
| | | | | | | | |
Net realized and unrealized gain | | | 1,819,977,713 | | | | 849,301,358 | |
| | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,791,720,501 | | | $ | 831,586,453 | |
| | | | | | | | |
See notes to financial statements.
| | |
| 24 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Capital Appreciation Fund, Inc. | | | | | | BlackRock Health Sciences Opportunities
Portfolio | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | | | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | |
| | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | |
| | | | | |
OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (4,716,027 | ) | | $ | (10,611,713 | ) | | | | | | $ | 5,458,149 | | | $ | 25,316,530 | |
Net realized gain | | | 214,571,988 | | | | 341,112,234 | | | | | | | | 397,299,985 | | | | 395,305,992 | |
Net change in unrealized appreciation (depreciation) | | | 264,410,735 | | | | 713,790,114 | | | | | | | | (89,346,045 | ) | | | 615,065,988 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 474,266,696 | | | | 1,044,290,635 | | | | | | | | 313,412,089 | | | | 1,035,688,510 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | | | | | | | | | | | | |
Institutional | | | (54,180,906 | ) | | | (24,574,161 | ) | | | | | | | (142,791,970 | ) | | | (165,666,116 | ) |
Service | | | — | | | | — | | | | | | | | (1,061,471 | ) | | | (1,218,171 | ) |
Investor A | | | (167,569,969 | ) | | | (69,431,098 | ) | | | | | | | (100,438,873 | ) | | | (108,961,191 | ) |
Investor C | | | (5,759,646 | ) | | | (2,509,299 | ) | | | | | | | (13,002,667 | ) | | | (16,034,475 | ) |
Class K | | | (35,917,298 | ) | | | (22,193,494 | ) | | | | | | | (16,517,766 | ) | | | (17,980,192 | ) |
Class R | | | (2,697,452 | ) | | | (1,215,316 | ) | | | | | | | (9,050,426 | ) | | | (8,884,277 | ) |
| | | | | | | | | | | | | | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (266,125,271 | ) | | | (119,923,368 | ) | | | | | | | (282,863,173 | ) | | | (318,744,422 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | 51,825,482 | | | | (551,525,947 | ) | | | | | | | (323,988,605 | ) | | | (872,061,789 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 259,966,907 | | | | 372,841,320 | | | | | | | | (293,439,689 | ) | | | (155,117,701 | ) |
Beginning of period | | | 3,484,950,262 | | | | 3,112,108,942 | | | | | | | | 8,314,133,305 | | | | 8,469,251,006 | |
| | | | | | | | | | | | | | | | | | | | |
End of period | | $ | 3,744,917,169 | | | $ | 3,484,950,262 | | | | | | | $ | 8,020,693,616 | | | $ | 8,314,133,305 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
See notes to financial statements.
| | |
S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S | | 25 |
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Infrastructure Sustainable Opportunities Fund | | | | | | BlackRock Mid-Cap Growth Equity
Portfolio | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | | | | | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | |
| | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | |
| | | | | |
OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 105,532 | | | $ | 198,809 | | | | | | | $ | (28,257,212 | ) | | $ | (47,778,831 | ) |
Net realized gain (loss) | | | 116,586 | | | | (375,488 | ) | | | | | | | 1,170,164,920 | | | | 1,006,857,842 | |
Net change in unrealized appreciation (depreciation) | | | 464,070 | | | | 200,297 | | | | | | | | 649,812,793 | | | | 1,133,709,179 | |
| | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | 686,188 | | | | 23,618 | | | | | | | | 1,791,720,501 | | | | 2,092,788,190 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | | | | | | | | | | | | |
Institutional | | | (654 | ) | | | (2,409 | ) | | | | | | | — | | | | — | |
Investor A | | | (1,137 | ) | | | (3,809 | ) | | | | | | | — | | | | — | |
Class K | | | (57,026 | ) | | | (214,945 | ) | | | | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (58,817 | ) | | | (221,163 | ) | | | | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | (35,124 | ) | | | 102,034 | | | | | | | | (2,020,736,553 | ) | | | (1,914,227,253 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 592,247 | | | | (95,511 | ) | | | | | | | (229,016,052 | ) | | | 178,560,937 | |
Beginning of period | | | 9,028,871 | | | | 9,124,382 | | | | | | | | 11,667,139,522 | | | | 11,488,578,585 | |
| | | | | | | | | | | | | | | | | | | | |
End of period | | $ | 9,621,118 | | | $ | 9,028,871 | | | | | | | $ | 11,438,123,470 | | | $ | 11,667,139,522 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | |
See notes to financial statements.
| | |
| 26 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statements of Changes in Net Assets (continued)
| | | | | | | | |
| | | BlackRock Technology Opportunities Fund | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Year Ended
05/31/24 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment loss | | $ | (17,714,905 | ) | | $ | (27,099,028 | ) |
Net realized gain | | | 751,470,671 | | | | 280,429,599 | |
Net change in unrealized appreciation (depreciation) | | | 97,830,687 | | | | 1,259,756,995 | |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 831,586,453 | | | | 1,513,087,566 | |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
Net decrease in net assets derived from capital share transactions | | | (44,924,865 | ) | | | (566,590,067 | ) |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total increase in net assets | | | 786,661,588 | | | | 946,497,499 | |
Beginning of period | | | 5,335,557,974 | | | | 4,389,060,475 | |
| | | | | | | | |
End of period | | $ | 6,122,219,562 | | | $ | 5,335,557,974 | |
| | | | | | | | |
See notes to financial statements.
| | |
S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S | | 27 |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Capital Appreciation Fund, Inc. | |
| |
| | | Institutional | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 41.93 | | | | | | | $ | 31.69 | | | | | | | $ | 31.98 | | | | | | | $ | 43.32 | | | | | | | $ | 38.32 | | | | | | | $ | 30.52 | | | | | | | $ | 33.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income (loss)(a) | | | (0.02 | )(b) | | | | | | | (0.06 | ) | | | | | | | 0.00 | (c) | | | | | | | (0.09 | ) | | | | | | | (0.06 | ) | | | | | | | (0.07 | ) | | | | | | | (0.05 | ) |
Net realized and unrealized gain (loss) | | | 5.67 | | | | | | | | 11.51 | | | | | | | | 1.82 | | | | | | | | (6.14 | ) | | | | | | | 7.06 | | | | | | | | 10.81 | | | | | | | | 0.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 5.65 | | | | | | | | 11.45 | | | | | | | | 1.82 | | | | | | | | (6.23 | ) | | | | | | | 7.00 | | | | | | | | 10.74 | | | | | | | | 0.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(d) | | | (2.97 | ) | | | | | | | (1.21 | ) | | | | | | | (2.11 | ) | | | | | | | (5.11 | ) | | | | | | | (2.00 | ) | | | | | | | (2.94 | ) | | | | | | | (3.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 44.61 | | | | | | | $ | 41.93 | | | | | | | $ | 31.69 | | | | | | | $ | 31.98 | | | | | | | $ | 43.32 | | | | | | | $ | 38.32 | | | | | | | $ | 30.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 14.10 | %(f) | | | | | | | 37.03 | % | | | | | | | 6.81 | % | | | | | | | (17.30 | )% | | | | | | | 18.72 | %(f) | | | | | | | 38.17 | % | | | | | | | 1.77 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.72 | %(h) | | | | | | | 0.75 | % | | | | | | | 0.73 | % | | | | | | | 0.70 | % | | | | | | | 0.72 | %(h) | | | | | | | 0.75 | % | | | | | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.72 | %(h) | | | | | | | 0.74 | % | | | | | | | 0.73 | % | | | | | | | 0.70 | % | | | | | | | 0.72 | %(h) | | | | | | | 0.75 | % | | | | | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income (loss) | | | (0.10 | )%(h) | | | | | | | (0.17 | )% | | | | | | | 0.01 | % | | | | | | | (0.21 | )% | | | | | | | (0.21 | )%(h) | | | | | | | (0.22 | )% | | | | | | | (0.17 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 853,525 | | | | | | | $ | 784,361 | | | | | | | $ | 678,965 | | | | | | | $ | 943,275 | | | | | | | $ | 1,072,833 | | | | | | | $ | 911,484 | | | | | | | $ | 644,983 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | | | | | 21 | % | | | | | | | 43 | % | | | | | | | 55 | % | | | | | | | 25 | % | | | | | | | 42 | % | | | | | | | 48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.07) per share and 0.21% of average net assets. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) | Where applicable, assumes the reinvestment of distributions. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 28 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Capital Appreciation Fund, Inc. (continued) | |
| |
| | | Investor A | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 36.54 | | | | | | | $ | 27.77 | | | | | | | $ | 28.38 | | | | | | | $ | 39.00 | | | | | | | $ | 34.74 | | | | | | | $ | 27.99 | | | | | | | $ | 31.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.07 | )(b) | | | | | | | (0.13 | ) | | | | | | | (0.07 | ) | | | | | | | (0.18 | ) | | | | | | | (0.11 | ) | | | | | | | (0.14 | ) | | | | | | | (0.12 | ) |
Net realized and unrealized gain (loss) | | | 4.91 | | | | | | | | 10.04 | | | | | | | | 1.57 | | | | | | | | (5.39 | ) | | | | | | | 6.37 | | | | | | | | 9.83 | | | | | | | | 0.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 4.84 | | | | | | | | 9.91 | | | | | | | | 1.50 | | | | | | | | (5.57 | ) | | | | | | | 6.26 | | | | | | | | 9.69 | | | | | | | | 0.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(c) | | | (2.93 | ) | | | | | | | (1.14 | ) | | | | | | | (2.11 | ) | | | | | | | (5.05 | ) | | | | | | | (2.00 | ) | | | | | | | (2.94 | ) | | | | | | | (3.32 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 38.45 | | | | | | | $ | 36.54 | | | | | | | $ | 27.77 | | | | | | | $ | 28.38 | | | | | | | $ | 39.00 | | | | | | | $ | 34.74 | | | | | | | $ | 27.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 13.95 | %(e) | | | | | | | 36.66 | % | | | | | | | 6.53 | % | | | | | | | (17.51 | )% | | | | | | | 18.51 | %(e) | | | | | | | 37.84 | % | | | | | | | 1.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.97 | %(g) | | | | | | | 1.00 | % | | | | | | | 1.00 | % | | | | | | | 0.97 | % | | | | | | | 0.97 | %(g) | | | | | | | 1.01 | % | | | | | | | 1.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.97 | %(g) | | | | | | | 0.99 | % | | | | | | | 1.00 | % | | | | | | | 0.97 | % | | | | | | | 0.97 | %(g) | | | | | | | 1.01 | % | | | | | | | 1.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.35 | )%(g) | | | | | | | (0.42 | )% | | | | | | | (0.27 | )% | | | | | | | (0.48 | )% | | | | | | | (0.46 | )%(g) | | | | | | | (0.48 | )% | | | | | | | (0.43 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 2,262,413 | | | | | | | $ | 2,117,888 | | | | | | | $ | 1,723,973 | | | | | | | $ | 1,871,340 | | | | | | | $ | 2,551,211 | | | | | | | $ | 2,195,906 | | | | | | | $ | 1,692,630 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | | | | | 21 | % | | | | | | | 43 | % | | | | | | | 55 | % | | | | | | | 25 | % | | | | | | | 42 | % | | | | | | | 48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.10) per share and 0.21% of average net assets. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 29 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Capital Appreciation Fund, Inc. (continued) | |
| |
| | | Investor C | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 19.74 | | | | | | | $ | 15.52 | | | | | | | $ | 17.01 | | | | | | | $ | 25.27 | | | | | | | $ | 23.27 | | | | | | | $ | 19.81 | | | | | | | $ | 23.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.11 | )(b) | | | | | | | (0.22 | ) | | | | | | | (0.16 | ) | | | | | | | (0.29 | ) | | | | | | | (0.20 | ) | | | | | | | (0.25 | ) | | | | | | | (0.24 | ) |
Net realized and unrealized gain (loss) | | | 2.53 | | | | | | | | 5.50 | | | | | | | | 0.78 | | | | | | | | (3.05 | ) | | | | | | | 4.20 | | | | | | | | 6.65 | | | | | | | | 0.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 2.42 | | | | | | | | 5.28 | | | | | | | | 0.62 | | | | | | | | (3.34 | ) | | | | | | | 4.00 | | | | | | | | 6.40 | | | | | | | | (0.20 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(c) | | | (2.89 | ) | | | | | | | (1.06 | ) | | | | | | | (2.11 | ) | | | | | | | (4.92 | ) | | | | | | | (2.00 | ) | | | | | | | (2.94 | ) | | | | | | | (3.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 19.27 | | | | | | | $ | 19.74 | | | | | | | $ | 15.52 | | | | | | | $ | 17.01 | | | | | | | $ | 25.27 | | | | | | | $ | 23.27 | | | | | | | $ | 19.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 13.48 | %(e) | | | | | | | 35.61 | % | | | | | | | 5.62 | % | | | | | | | (18.18 | )% | | | | | | | 17.89 | %(e) | | | | | | | 36.73 | % | | | | | | | 0.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.79 | %(g) | | | | | | | 1.84 | % | | | | | | | 1.84 | % | | | | | | | 1.76 | % | | | | | | | 1.77 | %(g) | | | | | | | 1.79 | % | | | | | | | 1.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.79 | %(g) | | | | | | | 1.83 | % | | | | | | | 1.84 | % | | | | | | | 1.76 | % | | | | | | | 1.77 | %(g) | | | | | | | 1.79 | % | | | | | | | 1.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (1.18 | )%(g) | | | | | | | (1.26 | )% | | | | | | | (1.11 | )% | | | | | | | (1.28 | )% | | | | | | | (1.27 | )%(g) | | | | | | | (1.26 | )% | | | | | | | (1.23 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 42,052 | | | | | | | $ | 40,228 | | | | | | | $ | 39,581 | | | | | | | $ | 48,332 | | | | | | | $ | 72,075 | | | | | | | $ | 89,336 | | | | | | | $ | 195,908 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | | | | | 21 | % | | | | | | | 43 | % | | | | | | | 55 | % | | | | | | | 25 | % | | | | | | | 42 | % | | | | | | | 48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.13) per share and 0.21% of average net assets. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 30 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Capital Appreciation Fund, Inc. (continued) | |
| |
| | | Class K | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 42.46 | | | | | | | $ | 32.08 | | | | | | | $ | 32.32 | | | | | | | $ | 43.71 | | | | | | | $ | 38.63 | | | | | | | $ | 30.71 | | | | | | | $ | 33.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income (loss)(a) | | | (0.01 | )(b) | | | | | | | (0.03 | ) | | | | | | | 0.02 | | | | | | | | (0.06 | ) | | | | | | | (0.03 | ) | | | | | | | (0.04 | ) | | | | | | | (0.02 | ) |
Net realized and unrealized gain (loss) | | | 5.74 | | | | | | | | 11.65 | | | | | | | | 1.85 | | | | | | | | (6.20 | ) | | | | | | | 7.11 | | | | | | | | 10.90 | | | | | | | | 0.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 5.73 | | | | | | | | 11.62 | | | | | | | | 1.87 | | | | | | | | (6.26 | ) | | | | | | | 7.08 | | | | | | | | 10.86 | | | | | | | | 0.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(c) | | | (2.98 | ) | | | | | | | (1.24 | ) | | | | | | | (2.11 | ) | | | | | | | (5.13 | ) | | | | | | | (2.00 | ) | | | | | | | (2.94 | ) | | | | | | | (3.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 45.21 | | | | | | | $ | 42.46 | | | | | | | $ | 32.08 | | | | | | | $ | 32.32 | | | | | | | $ | 43.71 | | | | | | | $ | 38.63 | | | | | | | $ | 30.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 14.13 | %(e) | | | | | | | 37.14 | % | | | | | | | 6.90 | % | | | | | | | (17.22 | )% | | | | | | | 18.78 | %(e) | | | | | | | 38.33 | % | | | | | | | 1.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.65 | %(g) | | | | | | | 0.65 | % | | | | | | | 0.65 | % | | | | | | | 0.64 | % | | | | | | | 0.63 | %(g) | | | | | | | 0.64 | % | | | | | | | 0.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.65 | %(g) | | | | | | | 0.65 | % | | | | | | | 0.65 | % | | | | | | | 0.63 | % | | | | | | | 0.63 | %(g) | | | | | | | 0.64 | % | | | | | | | 0.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income (loss) | | | (0.03 | )%(g) | | | | | | | (0.08 | )% | | | | | | | 0.08 | % | | | | | | | (0.15 | )% | | | | | | | (0.13 | )%(g) | | | | | | | (0.11 | )% | | | | | | | (0.06 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 561,470 | | | | | | | $ | 517,123 | | | | | | | $ | 645,860 | | | | | | | $ | 646,115 | | | | | | | $ | 845,106 | | | | | | | $ | 682,107 | | | | | | | $ | 552,523 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | | | | | 21 | % | | | | | | | 43 | % | | | | | | | 55 | % | | | | | | | 25 | % | | | | | | | 42 | % | | | | | | | 48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.05) per share and 0.21% of average net assets. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 31 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Capital Appreciation Fund, Inc. (continued) | |
| |
| | | Class R | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 25.70 | | | | | | | $ | 19.86 | | | | | | | $ | 21.02 | | | | | | | $ | 30.12 | | | | | | | $ | 27.30 | | | | | | | $ | 22.65 | | | | | | | $ | 26.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.09 | )(b) | | | | | | | (0.17 | ) | | | | | | | (0.11 | ) | | | | | | | (0.23 | ) | | | | | | | (0.15 | ) | | | | | | | (0.17 | ) | | | | | | | (0.16 | ) |
Net realized and unrealized gain (loss) | | | 3.37 | | | | | | | | 7.10 | | | | | | | | 1.06 | | | | | | | | (3.88 | ) | | | | | | | 4.97 | | | | | | | | 7.76 | | | | | | | | 0.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 3.28 | | | | | | | | 6.93 | | | | | | | | 0.95 | | | | | | | | (4.11 | ) | | | | | | | 4.82 | | | | | | | | 7.59 | | | | | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(c) | | | (2.90 | ) | | | | | | | (1.09 | ) | | | | | | | (2.11 | ) | | | | | | | (4.99 | ) | | | | | | | (2.00 | ) | | | | | | | (2.94 | ) | | | | | | | (3.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 26.08 | | | | | | | $ | 25.70 | | | | | | | $ | 19.86 | | | | | | | $ | 21.02 | | | | | | | $ | 30.12 | | | | | | | $ | 27.30 | | | | | | | $ | 22.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 13.76 | %(e) | | | | | | | 36.14 | % | | | | | | | 6.17 | % | | | | | | | (17.82 | )% | | | | | | | 18.26 | %(e) | | | | | | | 37.45 | % | | | | | | | 1.19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.35 | %(g) | | | | | | | 1.36 | % | | | | | | | 1.37 | % | | | | | | | 1.33 | % | | | | | | | 1.30 | %(g) | | | | | | | 1.28 | % | | | | | | | 1.29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.35 | %(g) | | | | | | | 1.35 | % | | | | | | | 1.36 | % | | | | | | | 1.33 | % | | | | | | | 1.30 | %(g) | | | | | | | 1.28 | % | | | | | | | 1.29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.74 | )%(g) | | | | | | | (0.78 | )% | | | | | | | (0.63 | )% | | | | | | | (0.85 | )% | | | | | | | (0.80 | )%(g) | | | | | | | (0.75 | )% | | | | | | | (0.71 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 25,457 | | | | | | | $ | 25,350 | | | | | | | $ | 23,731 | | | | | | | $ | 24,371 | | | | | | | $ | 36,933 | | | | | | | $ | 37,741 | | | | | | | $ | 54,828 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | | | | | 21 | % | | | | | | | 43 | % | | | | | | | 55 | % | | | | | | | 25 | % | | | | | | | 42 | % | | | | | | | 48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Includes a one-time special distribution from TransDigm Group, Inc. Excluding such special distribution, the net investment income would have been $(0.12) per share and 0.21% of average net assets. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 32 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Health Sciences Opportunities Portfolio | |
| |
| | | Institutional | |
| | | Six Months
Ended
11/30/24 (unaudited) | | | | | | Year Ended
05/31/24 | | | | | | Year Ended
05/31/23 | | | | | | Year Ended
05/31/22 | | | | | | Period from
10/01/20
to 05/31/21 | | | | | | Year Ended
09/30/20 | | | | | | Year Ended
09/30/19 | |
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 74.83 | | | | | | | $ | 68.47 | | | | | | | $ | 72.10 | | | | | | | $ | 81.77 | | | | | | | $ | 75.37 | | | | | | | $ | 61.55 | | | | | | | $ | 67.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income(a) | | | 0.10 | | | | | | | | 0.32 | | | | | | | | 0.34 | | | | | | | | 0.24 | | | | | | | | 0.13 | | | | | | | | 0.19 | | | | | | | | 0.28 | |
Net realized and unrealized gain (loss) | | | 2.74 | | | | | | | | 8.71 | | | | | | | | 1.07 | | | | | | | | (2.75 | ) | | | | | | | 9.66 | | | | | | | | 16.26 | | | | | | | | (1.64 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 2.84 | | | | | | | | 9.03 | | | | | | | | 1.41 | | | | | | | | (2.51 | ) | | | | | | | 9.79 | | | | | | | | 16.45 | | | | | | | | (1.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | | | | | (0.33 | ) | | | | | | | (0.38 | ) | | | | | | | (0.16 | ) | | | | | | | (0.13 | ) | | | | | | | (0.32 | ) | | | | | | | (0.23 | ) |
From net realized gain | | | (2.49 | ) | | | | | | | (2.34 | ) | | | | | | | (4.66 | ) | | | | | | | (7.00 | ) | | | | | | | (3.26 | ) | | | | | | | (2.31 | ) | | | | | | | (4.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total distributions | | | (2.49 | ) | | | | | | | (2.67 | ) | | | | | | | (5.04 | ) | | | | | | | (7.16 | ) | | | | | | | (3.39 | ) | | | | | | | (2.63 | ) | | | | | | | (4.76 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 75.18 | | | | | | | $ | 74.83 | | | | | | | $ | 68.47 | | | | | | | $ | 72.10 | | | | | | | $ | 81.77 | | | | | | | $ | 75.37 | | | | | | | $ | 61.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 3.83 | %(d) | | | | | | | 13.57 | % | | | | | | | 2.25 | % | | | | | | | (3.55 | )%(e) | | | | | | | 13.37 | %(d) | | | | | | | 27.34 | %(f) | | | | | | | (1.84 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.83 | %(h) | | | | | | | 0.84 | % | | | | | | | 0.84 | % | | | | | | | 0.85 | % | | | | | | | 0.84 | %(h) | | | | | | | 0.85 | % | | | | | | | 0.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.83 | %(h) | | | | | | | 0.84 | % | | | | | | | 0.84 | % | | | | | | | 0.85 | % | | | | | | | 0.84 | %(h) | | | | | | | 0.85 | % | | | | | | | 0.84 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income | | | 0.27 | %(h) | | | | | | | 0.45 | % | | | | | | | 0.49 | % | | | | | | | 0.31 | % | | | | | | | 0.24 | %(h) | | | | | | | 0.28 | % | | | | | | | 0.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 4,163,988 | | | | | | | $ | 4,374,721 | | | | | | | $ | 4,436,816 | | | | | | | $ | 5,062,514 | | | | | | | $ | 5,990,131 | | | | | | | $ | 5,133,191 | | | | | | | $ | 3,095,352 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | % | | | | | | | 27 | % | | | | | | | 29 | % | | | | | | | 51 | % | | | | | | | 19 | % | | | | | | | 28 | % | | | | | | | 41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Health Sciences Opportunities Portfolio (continued) | |
| |
| | | Service | |
| | | Six Months
Ended
11/30/24 (unaudited) | | | | | | Year Ended
05/31/24 | | | | | | Year Ended
05/31/23 | | | | | | Year Ended
05/31/22 | | | | | | Period from
10/01/20
to 05/31/21 | | | | | | Year Ended
09/30/20 | | | | | | Year Ended
09/30/19 | |
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 70.27 | | | | | | | $ | 64.44 | | | | | | | $ | 68.16 | | | | | | | $ | 77.63 | | | | | | | $ | 71.63 | | | | | | | $ | 58.66 | | | | | | | $ | 64.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income (loss)(a) | | | (0.02 | ) | | | | | | | 0.10 | | | | | | | | 0.13 | | | | | | | | 0.01 | | | | | | | | (0.03 | ) | | | | | | | (0.01 | ) | | | | | | | 0.08 | |
Net realized and unrealized gain (loss) | | | 2.57 | | | | | | | | 8.20 | | | | | | | | 1.00 | | | | | | | | (2.61 | ) | | | | | | | 9.18 | | | | | | | | 15.48 | | | | | | | | (1.57 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 2.55 | | | | | | | | 8.30 | | | | | | | | 1.13 | | | | | | | | (2.60 | ) | | | | | | | 9.15 | | | | | | | | 15.47 | | | | | | | | (1.49 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | | | | | (0.13 | ) | | | | | | | (0.19 | ) | | | | | | | — | | | | | | | | — | | | | | | | | (0.19 | ) | | | | | | | (0.05 | ) |
From net realized gain | | | (2.49 | ) | | | | | | | (2.34 | ) | | | | | | | (4.66 | ) | | | | | | | (6.87 | ) | | | | | | | (3.15 | ) | | | | | | | (2.31 | ) | | | | | | | (4.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total distributions | | | (2.49 | ) | | | | | | | (2.47 | ) | | | | | | | (4.85 | ) | | | | | | | (6.87 | ) | | | | | | | (3.15 | ) | | | | | | | (2.50 | ) | | | | | | | (4.58 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 70.33 | | | | | | | $ | 70.27 | | | | | | | $ | 64.44 | | | | | | | $ | 68.16 | | | | | | | $ | 77.63 | | | | | | | $ | 71.63 | | | | | | | $ | 58.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 3.66 | %(d) | | | | | | | 13.24 | % | | | | | | | 1.94 | % | | | | | | | (3.83 | )%(e) | | | | | | | 13.15 | %(d) | | | | | | | 26.96 | %(f) | | | | | | | (2.16 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.15 | %(h) | | | | | | | 1.14 | % | | | | | | | 1.14 | % | | | | | | | 1.14 | % | | | | | | | 1.14 | %(h) | | | | | | | 1.15 | % | | | | | | | 1.15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.15 | %(h) | | | | | | | 1.14 | % | | | | | | | 1.14 | % | | | | | | | 1.14 | % | | | | | | | 1.14 | %(h) | | | | | | | 1.15 | % | | | | | | | 1.15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income (loss) | | | (0.05 | )%(h) | | | | | | | 0.15 | % | | | | | | | 0.19 | % | | | | | | | 0.02 | % | | | | | | | (0.07 | )%(h) | | | | | | | (0.02 | )% | | | | | | | 0.14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 29,921 | | | | | | | $ | 31,141 | | | | | | | $ | 33,055 | | | | | | | $ | 36,625 | | | | | | | $ | 43,825 | | | | | | | $ | 40,252 | | | | | | | $ | 34,708 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | % | | | | | | | 27 | % | | | | | | | 29 | % | | | | | | | 51 | % | | | | | | | 19 | % | | | | | | | 28 | % | | | | | | | 41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 34 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Health Sciences Opportunities Portfolio (continued) | |
| |
| | | Investor A | |
| | | Six Months
Ended
11/30/24 (unaudited) | | | | | | Year Ended
05/31/24 | | | | | | Year Ended
05/31/23 | | | | | | Year Ended
05/31/22 | | | | | | Period from
10/01/20
to 05/31/21 | | | | | | Year Ended
09/30/20 | | | | | | Year Ended
09/30/19 | |
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 69.88 | | | | | | | $ | 64.11 | | | | | | | $ | 67.84 | | | | | | | $ | 77.31 | | | | | | | $ | 71.37 | | | | | | | $ | 58.45 | | | | | | | $ | 64.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income
(loss)(a) | | | 0.01 | | | | | | | | 0.13 | | | | | | | | 0.16 | | | | | | | | 0.05 | | | | | | | | (0.01 | ) | | | | | | | 0.01 | | | | | | | | 0.10 | |
Net realized and unrealized gain (loss) | | | 2.55 | | | | | | | | 8.15 | | | | | | | | 0.99 | | | | | | | | (2.59 | ) | | | | | | | 9.15 | | | | | | | | 15.42 | | | | | | | | (1.56 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 2.56 | | | | | | | | 8.28 | | | | | | | | 1.15 | | | | | | | | (2.54 | ) | | | | | | | 9.14 | | | | | | | | 15.43 | | | | | | | | (1.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | | | | | (0.17 | ) | | | | | | | (0.22 | ) | | | | | | | — | | | | | | | | — | | | | | | | | (0.20 | ) | | | | | | | (0.06 | ) |
From net realized gain | | | (2.49 | ) | | | | | | | (2.34 | ) | | | | | | | (4.66 | ) | | | | | | | (6.93 | ) | | | | | | | (3.20 | ) | | | | | | | (2.31 | ) | | | | | | | (4.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total distributions | | | (2.49 | ) | | | | | | | (2.51 | ) | | | | | | | (4.88 | ) | | | | | | | (6.93 | ) | | | | | | | (3.20 | ) | | | | | | | (2.51 | ) | | | | | | | (4.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 69.95 | | | | | | | $ | 69.88 | | | | | | | $ | 64.11 | | | | | | | $ | 67.84 | | | | | | | $ | 77.31 | | | | | | | $ | 71.37 | | | | | | | $ | 58.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 3.69 | %(d) | | | | | | | 13.28 | % | | | | | | | 1.99 | % | | | | | | | (3.78 | )%(e) | | | | | | | 13.18 | %(d) | | | | | | | 26.99 | %(f) | | | | | | | (2.11 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.08 | %(h) | | | | | | | 1.09 | % | | | | | | | 1.09 | % | | | | | | | 1.09 | % | | | | | | | 1.10 | %(h) | | | | | | | 1.11 | % | | | | | | | 1.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.08 | %(h) | | | | | | | 1.09 | % | | | | | | | 1.09 | % | | | | | | | 1.09 | % | | | | | | | 1.10 | %(h) | | | | | | | 1.11 | % | | | | | | | 1.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income (loss) | | | 0.02 | %(h) | | | | | | | 0.20 | % | | | | | | | 0.24 | % | | | | | | | 0.07 | % | | | | | | | (0.02 | )%(h) | | | | | | | 0.01 | % | | | | | | | 0.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 2,795,605 | | | | | | | $ | 2,851,925 | | | | | | | $ | 2,865,706 | | | | | | | $ | 3,151,912 | | | | | | | $ | 3,496,818 | | | | | | | $ | 3,135,882 | | | | | | | $ | 2,598,888 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | % | | | | | | | 27 | % | | | | | | | 29 | % | | | | | | | 51 | % | | | | | | | 19 | % | | | | | | | 28 | % | | | | | | | 41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Health Sciences Opportunities Portfolio (continued) | |
| |
| | | Investor C | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 57.16 | | | | | | | $ | 53.11 | | | | | | | $ | 57.24 | | | | | | | $ | 66.15 | | | | | | | $ | 61.38 | | | | | | | $ | 50.74 | | | | | | | $ | 56.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.21 | ) | | | | | | | (0.31 | ) | | | | | | | (0.27 | ) | | | | | | | (0.43 | ) | | | | | | | (0.33 | ) | | | | | | | (0.40 | ) | | | | | | | (0.28 | ) |
Net realized and unrealized gain (loss) | | | 2.09 | | | | | | | | 6.70 | | | | | | | | 0.80 | | | | | | | | (2.17 | ) | | | | | | | 7.85 | | | | | | | | 13.34 | | | | | | | | (1.38 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 1.88 | | | | | | | | 6.39 | | | | | | | | 0.53 | | | | | | | | (2.60 | ) | | | | | | | 7.52 | | | | | | | | 12.94 | | | | | | | | (1.66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | (2.49 | ) | | | | | | | (2.34 | ) | | | | | | | (4.66 | ) | | | | | | | (6.31 | ) | | | | | | | (2.75 | ) | | | | | | | (2.30 | ) | | | | | | | (4.15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 56.55 | | | | | | | $ | 57.16 | | | | | | | $ | 53.11 | | | | | | | $ | 57.24 | | | | | | | $ | 66.15 | | | | | | | $ | 61.38 | | | | | | | $ | 50.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 3.32 | %(d) | | | | | | | 12.42 | % | | | | | | | 1.22 | % | | | | | | | (4.50 | )%(e) | | | | | | | 12.61 | %(d) | | | | | | | 26.09 | %(f) | | | | | | | (2.82 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.84 | %(h) | | | | | | | 1.86 | % | | | | | | | 1.85 | % | | | | | | | 1.84 | % | | | | | | | 1.84 | %(h) | | | | | | | 1.85 | % | | | | | | | 1.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.84 | %(h) | | | | | | | 1.86 | % | | | | | | | 1.85 | % | | | | | | | 1.84 | % | | | | | | | 1.84 | %(h) | | | | | | | 1.85 | % | | | | | | | 1.85 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.74 | )%(h) | | | | | | | (0.57 | )% | | | | | | | (0.51 | )% | | | | | | | (0.68 | )% | | | | | | | (0.77 | )%(h) | | | | | | | (0.72 | )% | | | | | | | (0.56 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 275,602 | | | | | | | $ | 311,994 | | | | | | | $ | 404,306 | | | | | | | $ | 542,880 | | | | | | | $ | 719,525 | | | | | | | $ | 773,522 | | | | | | | $ | 745,636 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | % | | | | | | | 27 | % | | | | | | | 29 | % | | | | | | | 51 | % | | | | | | | 19 | % | | | | | | | 28 | % | | | | | | | 41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 36 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Health Sciences Opportunities Portfolio (continued) | |
| |
| | | Class K | |
| | | Six Months
Ended
11/30/24 (unaudited) | | | | | | Year Ended
05/31/24 | | | | | | Year Ended
05/31/23 | | | | | | Year Ended
05/31/22 | | | | | | Period from
10/01/20
to 05/31/21 | | | | | | Year Ended
09/30/20 | | | | | | Year Ended
09/30/19 | |
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 74.95 | | | | | | | $ | 68.58 | | | | | | | $ | 72.21 | | | | | | | $ | 81.91 | | | | | | | $ | 75.50 | | | | | | | $ | 61.63 | | | | | | | $ | 67.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income(a) | | | 0.13 | | | | | | | | 0.39 | | | | | | | | 0.40 | | | | | | | | 0.33 | | | | | | | | 0.18 | | | | | | | | 0.27 | | | | | | | | 0.34 | |
Net realized and unrealized gain (loss) | | | 2.75 | | | | | | | | 8.72 | | | | | | | | 1.08 | | | | | | | | (2.77 | ) | | | | | | | 9.68 | | | | | | | | 16.28 | | | | | | | | (1.65 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 2.88 | | | | | | | | 9.11 | | | | | | | | 1.48 | | | | | | | | (2.44 | ) | | | | | | | 9.86 | | | | | | | | 16.55 | | | | | | | | (1.31 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | | | | | (0.40 | ) | | | | | | | (0.45 | ) | | | | | | | (0.26 | ) | | | | | | | (0.19 | ) | | | | | | | (0.37 | ) | | | | | | | (0.28 | ) |
From net realized gain | | | (2.49 | ) | | | | | | | (2.34 | ) | | | | | | | (4.66 | ) | | | | | | | (7.00 | ) | | | | | | | (3.26 | ) | | | | | | | (2.31 | ) | | | | | | | (4.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total distributions | | | (2.49 | ) | | | | | | | (2.74 | ) | | | | | | | (5.11 | ) | | | | | | | (7.26 | ) | | | | | | | (3.45 | ) | | | | | | | (2.68 | ) | | | | | | | (4.81 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 75.34 | | | | | | | $ | 74.95 | | | | | | | $ | 68.58 | | | | | | | $ | 72.21 | | | | | | | $ | 81.91 | | | | | | | $ | 75.50 | | | | | | | $ | 61.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 3.87 | %(d) | | | | | | | 13.68 | % | | | | | | | 2.34 | % | | | | | | | (3.44 | )%(e) | | | | | | | 13.45 | %(d) | | | | | | | 27.47 | %(f) | | | | | | | (1.75 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.75 | %(h) | | | | | | | 0.75 | % | | | | | | | 0.75 | % | | | | | | | 0.74 | % | | | | | | | 0.74 | %(h) | | | | | | | 0.75 | % | | | | | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.74 | %(h) | | | | | | | 0.75 | % | | | | | | | 0.75 | % | | | | | | | 0.74 | % | | | | | | | 0.74 | %(h) | | | | | | | 0.75 | % | | | | | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment income | | | 0.35 | %(h) | | | | | | | 0.54 | % | | | | | | | 0.59 | % | | | | | | | 0.42 | % | | | | | | | 0.34 | %(h) | | | | | | | 0.39 | % | | | | | | | 0.55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 510,774 | | | | | | | $ | 496,504 | | | | | | | $ | 487,287 | | | | | | | $ | 436,984 | | | | | | | $ | 464,179 | | | | | | | $ | 344,822 | | | | | | | $ | 171,517 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | % | | | | | | | 27 | % | | | | | | | 29 | % | | | | | | | 51 | % | | | | | | | 19 | % | | | | | | | 28 | % | | | | | | | 41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 37 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Health Sciences Opportunities Portfolio (continued) | |
| |
| | | Class R | |
| | | Six Months
Ended
11/30/24 (unaudited) | | | | | | Year Ended
05/31/24 | | | | | | Year Ended
05/31/23 | | | | | | Year Ended
05/31/22 | | | | | | Period from
10/01/20
to 05/31/21 | | | | | | Year Ended
09/30/20 | | | | | | Year Ended
09/30/19 | |
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 67.59 | | | | | | | $ | 62.14 | | | | | | | $ | 65.94 | | | | | | | $ | 75.28 | | | | | | | $ | 69.54 | | | | | | | $ | 57.05 | | | | | | | $ | 63.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.12 | ) | | | | | | | (0.11 | ) | | | | | | | (0.08 | ) | | | | | | | (0.21 | ) | | | | | | | (0.18 | ) | | | | | | | (0.20 | ) | | | | | | | (0.09 | ) |
Net realized and unrealized gain (loss) | | | 2.47 | | | | | | | | 7.90 | | | | | | | | 0.96 | | | | | | | | (2.52 | ) | | | | | | | 8.91 | | | | | | | | 15.05 | | | | | | | | (1.53 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 2.35 | | | | | | | | 7.79 | | | | | | | | 0.88 | | | | | | | | (2.73 | ) | | | | | | | 8.73 | | | | | | | | 14.85 | | | | | | | | (1.62 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | | | | | — | | | | | | | | (0.02 | ) | | | | | | | — | | | | | | | | — | | | | | | | | (0.05 | ) | | | | | | | — | |
From net realized gain | | | (2.49 | ) | | | | | | | (2.34 | ) | | | | | | | (4.66 | ) | | | | | | | (6.61 | ) | | | | | | | (2.99 | ) | | | | | | | (2.31 | ) | | | | | | | (4.42 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total distributions | | | (2.49 | ) | | | | | | | (2.34 | ) | | | | | | | (4.68 | ) | | | | | | | (6.61 | ) | | | | | | | (2.99 | ) | | | | | | | (2.36 | ) | | | | | | | (4.42 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 67.45 | | | | | | | $ | 67.59 | | | | | | | $ | 62.14 | | | | | | | $ | 65.94 | | | | | | | $ | 75.28 | | | | | | | $ | 69.54 | | | | | | | $ | 57.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 3.50 | %(d) | | | | | | | 12.88 | % | | | | | | | 1.62 | % | | | | | | | (4.12 | )%(e) | | | | | | | 12.91 | %(d) | | | | | | | 26.60 | %(f) | | | | | | | (2.44 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.44 | %(h) | | | | | | | 1.46 | % | | | | | | | 1.46 | % | | | | | | | 1.45 | % | | | | | | | 1.44 | %(h) | | | | | | | 1.45 | % | | | | | | | 1.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.44 | %(h) | | | | | | | 1.46 | % | | | | | | | 1.46 | % | | | | | | | 1.45 | % | | | | | | | 1.44 | %(h) | | | | | | | 1.45 | % | | | | | | | 1.45 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.34 | )%(h) | | | | | | | (0.17 | )% | | | | | | | (0.13 | )% | | | | | | | (0.29 | )% | | | | | | | (0.37 | )%(h) | | | | | | | (0.32 | )% | | | | | | | (0.15 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 244,804 | | | | | | | $ | 247,848 | | | | | | | $ | 242,080 | | | | | | | $ | 263,195 | | | | | | | $ | 289,676 | | | | | | | $ | 260,488 | | | | | | | $ | 224,862 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 16 | % | | | | | | | 27 | % | | | | | | | 29 | % | | | | | | | 51 | % | | | | | | | 19 | % | | | | | | | 28 | % | | | | | | | 41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Includes a capital contribution from affiliate, which had no impact on the Fund’s total return. |
| (f) | Includes a payment received from an affiliate, which had no impact on the Fund’s total return. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 38 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Infrastructure Sustainable Opportunities Fund | |
| |
| | | Institutional | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Period from
09/30/21to 05/31/22 |
(a) |
| | | | | | | | |
Net asset value, beginning of period | | $ | 8.84 | | | | | | | $ | 9.04 | | | | | | | $ | 9.97 | | | | | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(b) | | | 0.10 | | | | | | | | 0.19 | | | | | | | | 0.14 | | | | | | | | 0.07 | |
Net realized and unrealized gain (loss) | | | 0.58 | | | | | | | | (0.18 | ) | | | | | | | (0.68 | ) | | | | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.68 | | | | | | | | 0.01 | | | | | | | | (0.54 | ) | | | | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.06 | ) | | | | | | | (0.21 | ) | | | | | | | (0.13 | ) | | | | | | | (0.04 | ) |
From net realized gain | | | — | | | | | | | | — | | | | | | | | (0.26 | ) | | | | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (0.06 | ) | | | | | | | (0.21 | ) | | | | | | | (0.39 | ) | | | | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 9.46 | | | | | | | $ | 8.84 | | | | | | | $ | 9.04 | | | | | | | $ | 9.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 7.69 | %(e) | | | | | | | 0.13 | % | | | | | | | (5.32 | )% | | | | | | | 0.45 | %(e) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 3.93 | %(g) | | | | | | | 4.73 | % | | | | | | | 4.54 | % | | | | | | | 3.62 | %(g)(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.00 | %(g) | | | | | | | 1.00 | % | | | | | | | 1.00 | % | | | | | | | 1.00 | %(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 2.20 | %(g) | | | | | | | 2.22 | % | | | | | | | 1.60 | % | | | | | | | 1.09 | %(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 111 | | | | | | | $ | 102 | | | | | | | $ | 102 | | | | | | | $ | 107 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 59 | % | | | | | | | 57 | %(i) | | | | | | | 104 | %(i) | | | | | | | 70 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.45%. |
| (i) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 39 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Infrastructure Sustainable Opportunities Fund (continued) | |
| |
| | | Investor A | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Period from
09/30/21to 05/31/22 |
(a) |
| | | | | | | | |
Net asset value, beginning of period | | $ | 8.83 | | | | | | | $ | 9.03 | | | | | | | $ | 9.96 | | | | | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(b) | | | 0.09 | | | | | | | | 0.17 | | | | | | | | 0.13 | | | | | | | | 0.06 | |
Net realized and unrealized gain (loss) | | | 0.58 | | | | | | | | (0.17 | ) | | | | | | | (0.69 | ) | | | | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.67 | | | | | | | | 0.00 | (c) | | | | | | | (0.56 | ) | | | | | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.05 | ) | | | | | | | (0.20 | ) | | | | | | | (0.11 | ) | | | | | | | (0.03 | ) |
From net realized gain | | | — | | | | | | | | — | | | | | | | | (0.26 | ) | | | | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (0.05 | ) | | | | | | | (0.20 | ) | | | | | | | (0.37 | ) | | | | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 9.45 | | | | | | | $ | 8.83 | | | | | | | $ | 9.03 | | | | | | | $ | 9.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 7.58 | %(f) | | | | | | | (0.08 | )% | | | | | | | (5.55 | )% | | | | | | | 0.29 | %(f) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 4.32 | %(h) | | | | | | | 5.05 | % | | | | | | | 4.75 | % | | | | | | | 3.88 | %(h)(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.25 | %(h) | | | | | | | 1.25 | % | | | | | | | 1.25 | % | | | | | | | 1.25 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 2.03 | %(h) | | | | | | | 1.97 | % | | | | | | | 1.41 | % | | | | | | | 0.84 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 230 | | | | | | | $ | 253 | | | | | | | $ | 156 | | | | | | | $ | 109 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 59 | % | | | | | | | 57 | %(j) | | | | | | | 104 | %(j) | | | | | | | 70 | %(j) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (i) | Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.71%. |
| (j) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
| | |
| 40 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Infrastructure Sustainable Opportunities Fund (continued) | |
| |
| | | Class K | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Period from
09/30/21to 05/31/22 |
(a) |
| | | | | | | | |
Net asset value, beginning of period | | $ | 8.85 | | | | | | | $ | 9.04 | | | | | | | $ | 9.97 | | | | | | | $ | 10.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income(b) | | | 0.10 | | | | | | | | 0.20 | | | | | | | | 0.15 | | | | | | | | 0.08 | |
Net realized and unrealized gain (loss) | | | 0.57 | | | | | | | | (0.17 | ) | | | | | | | (0.69 | ) | | | | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net increase (decrease) from investment operations | | | 0.67 | | | | | | | | 0.03 | | | | | | | | (0.54 | ) | | | | | | | 0.05 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.06 | ) | | | | | | | (0.22 | ) | | | | | | | (0.13 | ) | | | | | | | (0.04 | ) |
From net realized gain | | | — | | | | | | | | — | | | | | | | | (0.26 | ) | | | | | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total distributions | | | (0.06 | ) | | | | | | | (0.22 | ) | | | | | | | (0.39 | ) | | | | | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 9.46 | | | | | | | $ | 8.85 | | | | | | | $ | 9.04 | | | | | | | $ | 9.97 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 7.58 | %(e) | | | | | | | 0.29 | % | | | | | | | (5.27 | )% | | | | | | | 0.46 | %(e) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 3.76 | %(g) | | | | | | | 4.41 | % | | | | | | | 4.33 | % | | | | | | | 3.36 | %(g)(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.95 | %(g) | | | | | | | 0.95 | % | | | | | | | 0.95 | % | | | | | | | 0.95 | %(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net investment income | | | 2.25 | %(g) | | | | | | | 2.27 | % | | | | | | | 1.65 | % | | | | | | | 1.13 | %(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 9,280 | | | | | | | $ | 8,674 | | | | | | | $ | 8,866 | | | | | | | $ | 9,777 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Portfolio turnover rate | | | 59 | % | | | | | | | 57 | %(i) | | | | | | | 104 | %(i) | | | | | | | 70 | %(i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Audit, offering, organization and printing costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.21%. |
| (i) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 41 |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Mid-Cap Growth Equity Portfolio | |
| |
| | | Institutional | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 39.18 | | | | | | | $ | 32.79 | | | | | | | $ | 32.83 | | | | | | | $ | 45.95 | | | | | | | $ | 36.56 | | | | | | | $ | 28.68 | | | | | | | $ | 27.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.10 | ) | | | | | | | (0.14 | ) | | | | | | | (0.08 | ) | | | | | | | (0.23 | ) | | | | | | | (0.15 | ) | | | | | | | (0.14 | ) | | | | | | | (0.09 | ) |
Net realized and unrealized gain (loss) | | | 7.07 | | | | | | | | 6.53 | | | | | | | | 0.04 | | | | | | | | (10.52 | ) | | | | | | | 9.54 | | | | | | | | 8.14 | | | | | | | | 1.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 6.97 | | | | | | | | 6.39 | | | | | | | | (0.04 | ) | | | | | | | (10.75 | ) | | | | | | | 9.39 | | | | | | | | 8.00 | | | | | | | | 1.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (2.37 | ) | | | | | | | — | | | | | | | | (0.12 | ) | | | | | | | (1.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 46.15 | | | | | | | $ | 39.18 | | | | | | | $ | 32.79 | | | | | | | $ | 32.83 | | | | | | | $ | 45.95 | | | | | | | $ | 36.56 | | | | | | | $ | 28.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.79 | %(d) | | | | | | | 19.49 | % | | | | | | | (0.12 | )% | | | | | | | (24.87 | )% | | | | | | | 25.68 | %(d) | | | | | | | 27.98 | % | | | | | | | 7.43 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.83 | %(f) | | | | | | | 0.85 | % | | | | | | | 0.84 | % | | | | | | | 0.81 | % | | | | | | | 0.80 | %(f) | | | | | | | 0.85 | % | | | | | | | 0.87 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.80 | %(f) | | | | | | | 0.80 | % | | | | | | | 0.80 | % | | | | | | | 0.80 | % | | | | | | | 0.80 | %(f) | | | | | | | 0.80 | % | | | | | | | 0.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.49 | )%(f) | | | | | | | (0.38 | )% | | | | | | | (0.25 | )% | | | | | | | (0.52 | )% | | | | | | | (0.52 | )%(f) | | | | | | | (0.43 | )% | | | | | | | (0.34 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 4,892,015 | | | | | | | $ | 5,194,320 | | | | | | | $ | 5,266,832 | | | | | | | $ | 7,095,644 | | | | | | | $ | 9,260,191 | | | | | | | $ | 6,003,280 | | | | | | | $ | 2,700,531 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 38 | % | | | | | | | 48 | % | | | | | | | 46 | % | | | | | | | 28 | % | | | | | | | 22 | % | | | | | | | 35 | % | | | | | | | 38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 42 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Mid-Cap Growth Equity Portfolio (continued) | |
| |
| | | Service | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 34.85 | | | | | | | $ | 29.23 | | | | | | | $ | 29.34 | | | | | | | $ | 41.34 | | | | | | | $ | 32.95 | | | | | | | $ | 25.92 | | | | | | | $ | 25.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.13 | ) | | | | | | | (0.21 | ) | | | | | | | (0.14 | ) | | | | | | | (0.31 | ) | | | | | | | (0.20 | ) | | | | | | | (0.19 | ) | | | | | | | (0.15 | ) |
Net realized and unrealized gain (loss) | | | 6.27 | | | | | | | | 5.83 | | | | | | | | 0.03 | | | | | | | | (9.39 | ) | | | | | | | 8.59 | | | | | | | | 7.34 | | | | | | | | 1.76 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 6.14 | | | | | | | | 5.62 | | | | | | | | (0.11 | ) | | | | | | | (9.70 | ) | | | | | | | 8.39 | | | | | | | | 7.15 | | | | | | | | 1.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (2.30 | ) | | | | | | | — | | | | | | | | (0.12 | ) | | | | | | | (0.99 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 40.99 | | | | | | | $ | 34.85 | | | | | | | $ | 29.23 | | | | | | | $ | 29.34 | | | | | | | $ | 41.34 | | | | | | | $ | 32.95 | | | | | | | $ | 25.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.62 | %(d) | | | | | | | 19.23 | % | | | | | | | (0.38 | )% | | | | | | | (25.06 | )% | | | | | | | 25.46 | %(d) | | | | | | | 27.68 | % | | | | | | | 7.15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.14 | %(f) | | | | | | | 1.12 | % | | | | | | | 1.10 | % | | | | | | | 1.09 | % | | | | | | | 1.10 | %(f) | | | | | | | 1.11 | % | | | | | | | 1.16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.05 | %(f) | | | | | | | 1.05 | % | | | | | | | 1.05 | % | | | | | | | 1.05 | % | | | | | | | 1.05 | %(f) | | | | | | | 1.05 | % | | | | | | | 1.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.74 | )%(f) | | | | | | | (0.63 | )% | | | | | | | (0.50 | )% | | | | | | | (0.77 | )% | | | | | | | (0.78 | )%(f) | | | | | | | (0.67 | )% | | | | | | | (0.59 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 59,904 | | | | | | | $ | 59,731 | | | | | | | $ | 62,693 | | | | | | | $ | 81,276 | | | | | | | $ | 104,997 | | | | | | | $ | 83,680 | | | | | | | $ | 61,293 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 38 | % | | | | | | | 48 | % | | | | | | | 46 | % | | | | | | | 28 | % | | | | | | | 22 | % | | | | | | | 35 | % | | | | | | | 38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 43 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Mid-Cap Growth Equity Portfolio (continued) | |
| |
| | | Investor A | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 33.20 | | | | | | | $ | 27.85 | | | | | | | $ | 27.96 | | | | | | | $ | 39.50 | | | | | | | $ | 31.48 | | | | | | | $ | 24.78 | | | | | | | $ | 24.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.13 | ) | | | | | | | (0.20 | ) | | | | | | | (0.14 | ) | | | | | | | (0.29 | ) | | | | | | | (0.19 | ) | | | | | | | (0.18 | ) | | | | | | | (0.14 | ) |
Net realized and unrealized gain (loss) | | | 5.99 | | | | | | | | 5.55 | | | | | | | | 0.03 | | | | | | | | (8.94 | ) | | | | | | | 8.21 | | | | | | | | 7.00 | | | | | | | | 1.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 5.86 | | | | | | | | 5.35 | | | | | | | | (0.11 | ) | | | | | | | (9.23 | ) | | | | | | | 8.02 | | | | | | | | 6.82 | | | | | | | | 1.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (2.31 | ) | | | | | | | — | | | | | | | | (0.12 | ) | | | | | | | (0.98 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 39.06 | | | | | | | $ | 33.20 | | | | | | | $ | 27.85 | | | | | | | $ | 27.96 | | | | | | | $ | 39.50 | | | | | | | $ | 31.48 | | | | | | | $ | 24.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.65 | %(d) | | | | | | | 19.21 | % | | | | | | | (0.39 | )% | | | | | | | (25.05 | )% | | | | | | | 25.48 | %(d) | | | | | | | 27.61 | % | | | | | | | 7.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.11 | %(f) | | | | | | | 1.13 | % | | | | | | | 1.13 | % | | | | | | | 1.09 | % | | | | | | | 1.09 | %(f) | | | | | | | 1.14 | % | | | | | | | 1.16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.05 | %(f) | | | | | | | 1.05 | % | | | | | | | 1.05 | % | | | | | | | 1.05 | % | | | | | | | 1.05 | %(f) | | | | | | | 1.05 | % | | | | | | | 1.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.74 | )%(f) | | | | | | | (0.63 | )% | | | | | | | (0.50 | )% | | | | | | | (0.78 | )% | | | | | | | (0.78 | )%(f) | | | | | | | (0.67 | )% | | | | | | | (0.58 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,733,971 | | | | | | | $ | 1,622,438 | | | | | | | $ | 1,637,289 | | | | | | | $ | 1,913,190 | | | | | | | $ | 2,577,151 | | | | | | | $ | 1,917,773 | | | | | | | $ | 1,335,467 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 38 | % | | | | | | | 48 | % | | | | | | | 46 | % | | | | | | | 28 | % | | | | | | | 22 | % | | | | | | | 35 | % | | | | | | | 38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 44 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Mid-Cap Growth Equity Portfolio (continued) | |
| |
| | | Investor C | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 24.48 | | | | | | | $ | 20.69 | | | | | | | $ | 20.93 | | | | | | | $ | 30.22 | | | | | | | $ | 24.20 | | | | | | | $ | 19.21 | | | | | | | $ | 19.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.19 | ) | | | | | | | (0.32 | ) | | | | | | | (0.25 | ) | | | | | | | (0.43 | ) | | | | | | | (0.29 | ) | | | | | | | (0.30 | ) | | | | | | | (0.24 | ) |
Net realized and unrealized gain (loss) | | | 4.40 | | | | | | | | 4.11 | | | | | | | | 0.01 | | | | | | | | (6.67 | ) | | | | | | | 6.31 | | | | | | | | 5.41 | | | | | | | | 1.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 4.21 | | | | | | | | 3.79 | | | | | | | | (0.24 | ) | | | | | | | (7.10 | ) | | | | | | | 6.02 | | | | | | | | 5.11 | | | | | | | | 1.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (2.19 | ) | | | | | | | — | | | | | | | | (0.12 | ) | | | | | | | (0.87 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 28.69 | | | | | | | $ | 24.48 | | | | | | | $ | 20.69 | | | | | | | $ | 20.93 | | | | | | | $ | 30.22 | | | | | | | $ | 24.20 | | | | | | | $ | 19.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.20 | %(d) | | | | | | | 18.32 | % | | | | | | | (1.15 | )% | | | | | | | (25.61 | )% | | | | | | | 24.88 | %(d) | | | | | | | 26.72 | % | | | | | | | 6.33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.81 | %(f) | | | | | | | 1.84 | % | | | | | | | 1.83 | % | | | | | | | 1.78 | % | | | | | | | 1.80 | %(f) | | | | | | | 1.84 | % | | | | | | | 1.86 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.80 | %(f) | | | | | | | 1.80 | % | | | | | | | 1.80 | % | | | | | | | 1.78 | % | | | | | | | 1.79 | %(f) | | | | | | | 1.80 | % | | | | | | | 1.80 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (1.49 | )%(f) | | | | | | | (1.38 | )% | | | | | | | (1.25 | )% | | | | | | | (1.51 | )% | | | | | | | (1.52 | )%(f) | | | | | | | (1.42 | )% | | | | | | | (1.33 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 186,860 | | | | | | | $ | 184,966 | | | | | | | $ | 194,849 | | | | | | | $ | 243,284 | | | | | | | $ | 357,360 | | | | | | | $ | 280,143 | | | | | | | $ | 209,923 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 38 | % | | | | | | | 48 | % | | | | | | | 46 | % | | | | | | | 28 | % | | | | | | | 22 | % | | | | | | | 35 | % | | | | | | | 38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 45 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Mid-Cap Growth Equity Portfolio (continued) | |
| |
| | | Class K | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 39.42 | | | | | | | $ | 32.95 | | | | | | | $ | 32.96 | | | | | | | $ | 46.10 | | | | | | | $ | 36.66 | | | | | | | $ | 28.74 | | | | | | | $ | 27.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.08 | ) | | | | | | | (0.11 | ) | | | | | | | (0.05 | ) | | | | | | | (0.17 | ) | | | | | | | (0.12 | ) | | | | | | | (0.12 | ) | | | | | | | (0.09 | ) |
Net realized and unrealized gain (loss) | | | 7.11 | | | | | | | | 6.58 | | | | | | | | 0.04 | | | | | | | | (10.58 | ) | | | | | | | 9.56 | | | | | | | | 8.16 | | | | | | | | 1.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 7.03 | | | | | | | | 6.47 | | | | | | | | (0.01 | ) | | | | | | | (10.75 | ) | | | | | | | 9.44 | | | | | | | | 8.04 | | | | | | | | 1.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (2.39 | ) | | | | | | | — | | | | | | | | (0.12 | ) | | | | | | | (1.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 46.45 | | | | | | | $ | 39.42 | | | | | | | $ | 32.95 | | | | | | | $ | 32.96 | | | | | | | $ | 46.10 | | | | | | | $ | 36.66 | | | | | | | $ | 28.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.83 | %(d) | | | | | | | 19.64 | % | | | | | | | (0.03 | )% | | | | | | | (24.79 | )% | | | | | | | 25.75 | %(d) | | | | | | | 28.06 | % | | | | | | | 7.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.70 | %(f) | | | | | | | 0.71 | % | | | | | | | 0.71 | % | | | | | | | 0.70 | % | | | | | | | 0.70 | %(f) | | | | | | | 0.73 | %(g) | | | | | | | 0.76 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.70 | %(f) | | | | | | | 0.71 | % | | | | | | | 0.71 | % | | | | | | | 0.70 | % | | | | | | | 0.70 | %(f) | | | | | | | 0.73 | % | | | | | | | 0.75 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.39 | )%(f) | | | | | | | (0.29 | )% | | | | | | | (0.15 | )% | | | | | | | (0.40 | )% | | | | | | | (0.42 | )%(f) | | | | | | | (0.36 | )% | | | | | | | (0.31 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 4,474,464 | | | | | | | $ | 4,520,357 | | | | | | | $ | 4,233,488 | | | | | | | $ | 4,376,642 | | | | | | | $ | 3,674,402 | | | | | | | $ | 2,011,727 | | | | | | | $ | 652,138 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 38 | % | | | | | | | 48 | % | | | | | | | 46 | % | | | | | | | 28 | % | | | | | | | 22 | % | | | | | | | 35 | % | | | | | | | 38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios. |
| (h) | Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended September 30, 2019, the expense ratio would have been 0.75%. |
See notes to financial statements.
| | |
| 46 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Mid-Cap Growth Equity Portfolio (continued) | |
| |
| | | Class R | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 32.23 | | | | | | | $ | 27.11 | | | | | | | $ | 27.28 | | | | | | | $ | 38.65 | | | | | | | $ | 30.85 | | | | | | | $ | 24.34 | | | | | | | $ | 23.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.17 | ) | | | | | | | (0.26 | ) | | | | | | | (0.20 | ) | | | | | | | (0.37 | ) | | | | | | | (0.25 | ) | | | | | | | (0.24 | ) | | | | | | | (0.19 | ) |
Net realized and unrealized gain (loss) | | | 5.81 | | | | | | | | 5.38 | | | | | | | | 0.03 | | | | | | | | (8.73 | ) | | | | | | | 8.05 | | | | | | | | 6.87 | | | | | | | | 1.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 5.64 | | | | | | | | 5.12 | | | | | | | | (0.17 | ) | | | | | | | (9.10 | ) | | | | | | | 7.80 | | | | | | | | 6.63 | | | | | | | | 1.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (2.27 | ) | | | | | | | — | | | | | | | | (0.12 | ) | | | | | | | (0.95 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 37.87 | | | | | | | $ | 32.23 | | | | | | | $ | 27.11 | | | | | | | $ | 27.28 | | | | | | | $ | 38.65 | | | | | | | $ | 30.85 | | | | | | | $ | 24.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 17.50 | %(d) | | | | | | | 18.89 | % | | | | | | | (0.62 | )% | | | | | | | (25.24 | )% | | | | | | | 25.28 | %(d) | | | | | | | 27.33 | % | | | | | | | 6.89 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.42 | %(f) | | | | | | | 1.41 | % | | | | | | | 1.42 | % | | | | | | | 1.40 | % | | | | | | | 1.39 | %(f) | | | | | | | 1.45 | % | | | | | | | 1.47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.30 | %(f) | | | | | | | 1.30 | % | | | | | | | 1.30 | % | | | | | | | 1.30 | % | | | | | | | 1.30 | %(f) | | | | | | | 1.30 | % | | | | | | | 1.30 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.99 | )%(f) | | | | | | | (0.88 | )% | | | | | | | (0.75 | )% | | | | | | | (1.02 | )% | | | | | | | (1.03 | )%(f) | | | | | | | (0.92 | )% | | | | | | | (0.83 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 90,910 | | | | | | | $ | 85,328 | | | | | | | $ | 93,427 | | | | | | | $ | 93,527 | | | | | | | $ | 98,300 | | | | | | | $ | 59,411 | | | | | | | $ | 40,999 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 38 | % | | | | | | | 48 | % | | | | | | | 46 | % | | | | | | | 28 | % | | | | | | | 22 | % | | | | | | | 35 | % | | | | | | | 38 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 47 |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Technology Opportunities Fund | |
| |
| | | Institutional | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 65.44 | | | | | | | $ | 47.74 | | | | | | | $ | 45.31 | | | | | | | $ | 64.81 | | | | | | | $ | 55.33 | | | | | | | $ | 32.63 | | | | | | | $ | 31.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.17 | ) | | | | | | | (0.23 | ) | | | | | | | (0.13 | ) | | | | | | | (0.30 | ) | | | | | | | (0.28 | ) | | | | | | | (0.22 | ) | | | | | | | (0.10 | ) |
Net realized and unrealized gain (loss) | | | 10.48 | | | | | | | | 17.93 | | | | | | | | 2.56 | | | | | | | | (14.51 | ) | | | | | | | 12.67 | | | | | | | | 23.43 | | | | | | | | 1.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 10.31 | | | | | | | | 17.70 | | | | | | | | 2.43 | | | | | | | | (14.81 | ) | | | | | | | 12.39 | | | | | | | | 23.21 | | | | | | | | 1.10 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (4.69 | ) | | | | | | | (2.91 | ) | | | | | | | (0.51 | ) | | | | | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 75.75 | | | | | | | $ | 65.44 | | | | | | | $ | 47.74 | | | | | | | $ | 45.31 | | | | | | | $ | 64.81 | | | | | | | $ | 55.33 | | | | | | | $ | 32.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.75 | %(d) | | | | | | | 37.08 | % | | | | | | | 5.36 | % | | | | | | | (25.09 | )% | | | | | | | 22.68 | %(d) | | | | | | | 72.07 | % | | | | | | | 3.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.93 | %(f) | | | | | | | 0.97 | % | | | | | | | 0.98 | % | | | | | | | 0.94 | % | | | | | | | 0.92 | %(f) | | | | | | | 0.98 | % | | | | | | | 1.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.92 | %(f) | | | | | | | 0.92 | % | | | | | | | 0.92 | % | | | | | | | 0.92 | % | | | | | | | 0.92 | %(f) | | | | | | | 0.92 | % | | | | | | | 0.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.47 | )%(f) | | | | | | | (0.41 | )% | | | | | | | (0.30 | )% | | | | | | | (0.48 | )% | | | | | | | (0.66 | )%(f) | | | | | | | (0.50 | )% | | | | | | | (0.32 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 3,165,792 | | | | | | | $ | 2,751,350 | | | | | | | $ | 2,316,550 | | | | | | | $ | 2,943,616 | | | | | | | $ | 4,958,187 | | | | | | | $ | 3,641,519 | | | | | | | $ | 1,033,286 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | % | | | | | | | 21 | % | | | | | | | 39 | % | | | | | | | 29 | % | | | | | | | 25 | % | | | | | | | 27 | % | | | | | | | 33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 48 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Technology Opportunities Fund (continued) | |
| |
| | | Service | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 60.78 | | | | | | | $ | 44.45 | | | | | | | $ | 42.30 | | | | | | | $ | 60.86 | | | | | | | $ | 52.20 | | | | | | | $ | 30.88 | | | | | | | $ | 30.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.24 | ) | | | | | | | (0.34 | ) | | | | | | | (0.21 | ) | | | | | | | (0.42 | ) | | | | | | | (0.37 | ) | | | | | | | (0.30 | ) | | | | | | | (0.17 | ) |
Net realized and unrealized gain (loss) | | | 9.73 | | | | | | | | 16.67 | | | | | | | | 2.36 | | | | | | | | (13.52 | ) | | | | | | | 11.94 | | | | | | | | 22.13 | | | | | | | | 1.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 9.49 | | | | | | | | 16.33 | | | | | | | | 2.15 | | | | | | | | (13.94 | ) | | | | | | | 11.57 | | | | | | | | 21.83 | | | | | | | | 0.96 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (4.62 | ) | | | | | | | (2.91 | ) | | | | | | | (0.51 | ) | | | | | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 70.27 | | | | | | | $ | 60.78 | | | | | | | $ | 44.45 | | | | | | | $ | 42.30 | | | | | | | $ | 60.86 | | | | | | | $ | 52.20 | | | | | | | $ | 30.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.62 | %(d) | | | | | | | 36.74 | % | | | | | | | 5.08 | % | | | | | | | (25.28 | )% | | | | | | | 22.46 | %(d) | | | | | | | 71.68 | % | | | | | | | 3.36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.21 | %(f) | | | | | | | 1.21 | % | | | | | | | 1.20 | % | | | | | | | 1.19 | % | | | | | | | 1.17 | %(f) | | | | | | | 1.19 | % | | | | | | | 1.25 | %(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.17 | %(f) | | | | | | | 1.17 | % | | | | | | | 1.17 | % | | | | | | | 1.17 | % | | | | | | | 1.16 | %(f) | | | | | | | 1.17 | % | | | | | | | 1.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.71 | )%(f) | | | | | | | (0.67 | )% | | | | | | | (0.55 | )% | | | | | | | (0.73 | )% | | | | | | | (0.90 | )%(f) | | | | | | | (0.74 | )% | | | | | | | (0.57 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 56,019 | | | | | | | $ | 46,993 | | | | | | | $ | 47,332 | | | | | | | $ | 55,439 | | | | | | | $ | 83,886 | | | | | | | $ | 50,710 | | | | | | | $ | 20,429 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | % | | | | | | | 21 | % | | | | | | | 39 | % | | | | | | | 29 | % | | | | | | | 25 | % | | | | | | | 27 | % | | | | | | | 33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (g) | Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Technology Opportunities Fund (continued) | |
| |
| | | Investor A | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 59.29 | | | | | | | $ | 43.37 | | | | | | | $ | 41.27 | | | | | | | $ | 59.47 | | | | | | | $ | 51.06 | | | | | | | $ | 30.22 | | | | | | | $ | 29.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.23 | ) | | | | | | | (0.33 | ) | | | | | | | (0.21 | ) | | | | | | | (0.41 | ) | | | | | | | (0.36 | ) | | | | | | | (0.29 | ) | | | | | | | (0.17 | ) |
Net realized and unrealized gain (loss) | | | 9.49 | | | | | | | | 16.25 | | | | | | | | 2.31 | | | | | | | | (13.19 | ) | | | | | | | 11.68 | | | | | | | | 21.64 | | | | | | | | 1.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 9.26 | | | | | | | | 15.92 | | | | | | | | 2.10 | | | | | | | | (13.60 | ) | | | | | | | 11.32 | | | | | | | | 21.35 | | | | | | | | 0.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (4.60 | ) | | | | | | | (2.91 | ) | | | | | | | (0.51 | ) | | | | | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 68.55 | | | | | | | $ | 59.29 | | | | | | | $ | 43.37 | | | | | | | $ | 41.27 | | | | | | | $ | 59.47 | | | | | | | $ | 51.06 | | | | | | | $ | 30.22 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.62 | %(d) | | | | | | | 36.71 | % | | | | | | | 5.09 | % | | | | | | | (25.28 | )% | | | | | | | 22.48 | %(d) | | | | | | | 71.65 | % | | | | | | | 3.36 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.19 | %(f) | | | | | | | 1.21 | % | | | | | | | 1.23 | % | | | | | | | 1.21 | % | | | | | | | 1.19 | %(f) | | | | | | | 1.25 | % | | | | | | | 1.29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.17 | %(f) | | | | | | | 1.17 | % | | | | | | | 1.17 | % | | | | | | | 1.17 | % | | | | | | | 1.17 | %(f) | | | | | | | 1.17 | % | | | | | | | 1.17 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.72 | )%(f) | | | | | | | (0.66 | )% | | | | | | | (0.54 | )% | | | | | | | (0.73 | )% | | | | | | | (0.91 | )%(f) | | | | | | | (0.74 | )% | | | | | | | (0.58 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 2,188,541 | | | | | | | $ | 1,959,752 | | | | | | | $ | 1,572,976 | | | | | | | $ | 1,695,648 | | | | | | | $ | 2,524,052 | | | | | | | $ | 1,773,399 | | | | | | | $ | 672,110 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | % | | | | | | | 21 | % | | | | | | | 39 | % | | | | | | | 29 | % | | | | | | | 25 | % | | | | | | | 27 | % | | | | | | | 33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
| 50 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Technology Opportunities Fund (continued) | |
| |
| | | Investor C | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 46.92 | | | | | | | $ | 34.58 | | | | | | | $ | 33.17 | | | | | | | $ | 48.77 | | | | | | | $ | 42.52 | | | | | | | $ | 25.43 | | | | | | | $ | 25.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.37 | ) | | | | | | | (0.56 | ) | | | | | | | (0.40 | ) | | | | | | | (0.68 | ) | | | | | | | (0.54 | ) | | | | | | | (0.48 | ) | | | | | | | (0.32 | ) |
Net realized and unrealized gain (loss) | | | 7.51 | | | | | | | | 12.90 | | | | | | | | 1.81 | | | | | | | | (10.52 | ) | | | | | | | 9.70 | | | | | | | | 18.08 | | | | | | | | 0.92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 7.14 | | | | | | | | 12.34 | | | | | | | | 1.41 | | | | | | | | (11.20 | ) | | | | | | | 9.16 | | | | | | | | 17.60 | | | | | | | | 0.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (4.40 | ) | | | | | | | (2.91 | ) | | | | | | | (0.51 | ) | | | | | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 54.06 | | | | | | | $ | 46.92 | | | | | | | $ | 34.58 | | | | | | | $ | 33.17 | | | | | | | $ | 48.77 | | | | | | | $ | 42.52 | | | | | | | $ | 25.43 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.22 | %(d) | | | | | | | 35.68 | % | | | | | | | 4.25 | % | | | | | | | (25.81 | )% | | | | | | | 21.89 | %(d) | | | | | | | 70.39 | % | | | | | | | 2.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.92 | %(f) | | | | | | | 1.97 | % | | | | | | | 1.98 | % | | | | | | | 1.92 | % | | | | | | | 1.91 | %(f) | | | | | | | 1.98 | % | | | | | | | 2.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.91 | %(f) | | | | | | | 1.92 | % | | | | | | | 1.92 | % | | | | | | | 1.91 | % | | | | | | | 1.90 | %(f) | | | | | | | 1.92 | % | | | | | | | 1.92 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (1.46 | )%(f) | | | | | | | (1.42 | )% | | | | | | | (1.30 | )% | | | | | | | (1.47 | )% | | | | | | | (1.65 | )%(f) | | | | | | | (1.49 | )% | | | | | | | (1.33 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 312,839 | | | | | | | $ | 292,034 | | | | | | | $ | 259,247 | | | | | | | $ | 291,802 | | | | | | | $ | 427,435 | | | | | | | $ | 317,792 | | | | | | | $ | 152,505 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | % | | | | | | | 21 | % | | | | | | | 39 | % | | | | | | | 29 | % | | | | | | | 25 | % | | | | | | | 27 | % | | | | | | | 33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Technology Opportunities Fund (continued) | |
| |
| | | Class K | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Period from
12/10/19to 09/30/20 |
(a) |
| | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 65.61 | | | | | | | $ | 47.83 | | | | | | | $ | 45.37 | | | | | | | $ | 64.89 | | | | | | | $ | 55.36 | | | | | | | $ | 34.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net investment loss(b) | | | (0.13 | ) | | | | | | | (0.19 | ) | | | | | | | (0.10 | ) | | | | | | | (0.24 | ) | | | | | | | (0.24 | ) | | | | | | | (0.16 | ) |
Net realized and unrealized gain (loss) | | | 10.50 | | | | | | | | 17.97 | | | | | | | | 2.56 | | | | | | | | (14.55 | ) | | | | | | | 12.68 | | | | | | | | 20.93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 10.37 | | | | | | | | 17.78 | | | | | | | | 2.46 | | | | | | | | (14.79 | ) | | | | | | | 12.44 | | | | | | | | 20.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Distributions from net realized gain(c) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (4.73 | ) | | | | | | | (2.91 | ) | | | | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net asset value, end of period | | $ | 75.98 | | | | | | | $ | 65.61 | | | | | | | $ | 47.83 | | | | | | | $ | 45.37 | | | | | | | $ | 64.89 | | | | | | | $ | 55.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.81 | %(e) | | | | | | | 37.17 | % | | | | | | | 5.42 | % | | | | | | | (25.05 | )% | | | | | | | 22.77 | %(e) | | | | | | | 60.05 | %(e) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Ratios to Average Net Assets(f) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 0.83 | %(g) | | | | | | | 0.85 | % | | | | | | | 0.87 | % | | | | | | | 0.84 | % | | | | | | | 0.83 | %(g) | | | | | | | 0.87 | %(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 0.83 | %(g) | | | | | | | 0.85 | % | | | | | | | 0.87 | % | | | | | | | 0.83 | % | | | | | | | 0.82 | %(g) | | | | | | | 0.86 | %(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Net investment loss | | | (0.38 | )%(g) | | | | | | | (0.34 | )% | | | | | | | (0.24 | )% | | | | | | | (0.38 | )% | | | | | | | (0.56 | )%(g) | | | | | | | (0.46 | )%(g) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 349,269 | | | | | | | $ | 241,109 | | | | | | | $ | 157,185 | | | | | | | $ | 135,879 | | | | | | | $ | 122,568 | | | | | | | $ | 75,426 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Portfolio turnover rate | | | 28 | % | | | | | | | 21 | % | | | | | | | 39 | % | | | | | | | 29 | % | | | | | | | 25 | % | | | | | | | 27 | %(h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Portfolio turnover is representative of the Fund for the entire year. |
See notes to financial statements.
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| 52 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BlackRock Technology Opportunities Fund (continued) | |
| |
| | | Class R | |
| |
| Six Months
Ended
11/30/24(unaudited |
) | | | | | |
| Year Ended
05/31/24 |
| | | | | |
| Year Ended
05/31/23 |
| | | | | |
| Year Ended
05/31/22 |
| | | | | |
| Period from
10/01/20
to 05/31/21 |
| | | | | |
| Year Ended
09/30/20 |
| | | | | |
| Year Ended
09/30/19 |
|
| | | | | | | | | | | | | | |
Net asset value, beginning of period | | $ | 59.25 | | | | | | | $ | 43.44 | | | | | | | $ | 41.44 | | | | | | | $ | 59.75 | | | | | | | $ | 51.37 | | | | | | | $ | 30.48 | | | | | | | $ | 29.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss(a) | | | (0.31 | ) | | | | | | | (0.46 | ) | | | | | | | (0.30 | ) | | | | | | | (0.56 | ) | | | | | | | (0.46 | ) | | | | | | | (0.38 | ) | | | | | | | (0.24 | ) |
Net realized and unrealized gain (loss) | | | 9.48 | | | | | | | | 16.27 | | | | | | | | 2.30 | | | | | | | | (13.25 | ) | | | | | | | 11.75 | | | | | | | | 21.78 | | | | | | | | 1.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 9.17 | | | | | | | | 15.81 | | | | | | | | 2.00 | | | | | | | | (13.81 | ) | | | | | | | 11.29 | | | | | | | | 21.40 | | | | | | | | 0.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Distributions from net realized gain(b) | | | — | | | | | | | | — | | | | | | | | — | | | | | | | | (4.50 | ) | | | | | | | (2.91 | ) | | | | | | | (0.51 | ) | | | | | | | (0.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net asset value, end of period | | $ | 68.42 | | | | | | | $ | 59.25 | | | | | | | $ | 43.44 | | | | | | | $ | 41.44 | | | | | | | $ | 59.75 | | | | | | | $ | 51.37 | | | | | | | $ | 30.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 15.48 | %(d) | | | | | | | 36.39 | % | | | | | | | 4.83 | % | | | | | | | (25.47 | )% | | | | | | | 22.28 | %(d) | | | | | | | 71.20 | % | | | | | | | 3.12 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Ratios to Average Net Assets(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 1.53 | %(f) | | | | | | | 1.55 | % | | | | | | | 1.58 | % | | | | | | | 1.54 | % | | | | | | | 1.50 | %(f) | | | | | | | 1.57 | % | | | | | | | 1.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.42 | %(f) | | | | | | | 1.42 | % | | | | | | | 1.42 | % | | | | | | | 1.42 | % | | | | | | | 1.42 | %(f) | | | | | | | 1.42 | % | | | | | | | 1.42 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Net investment loss | | | (0.97 | )%(f) | | | | | | | (0.91 | )% | | | | | | | (0.79 | )% | | | | | | | (0.98 | )% | | | | | | | (1.17 | )%(f) | | | | | | | (0.99 | )% | | | | | | | (0.83 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 49,760 | | | | | | | $ | 44,320 | | | | | | | $ | 35,771 | | | | | | | $ | 35,001 | | | | | | | $ | 50,186 | | | | | | | $ | 38,907 | | | | | | | $ | 18,799 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | % | | | | | | | 21 | % | | | | | | | 39 | % | | | | | | | 29 | % | | | | | | | 25 | % | | | | | | | 27 | % | | | | | | | 33 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Based on average shares outstanding. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (c) | Where applicable, assumes the reinvestment of distributions. |
| (e) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 53 |
Notes to Financial Statements (unaudited)
BlackRock Capital Appreciation Fund, Inc. (the “Corporation”) and BlackRock FundsSM (the “Trust”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. The Corporation is organized as a Maryland corporation. The Trust is organized as a Massachusetts business trust. BlackRock Capital Appreciation Fund, Inc. is the only series of the Corporation. BlackRock Health Sciences Opportunities Portfolio, BlackRock Infrastructure Sustainable Opportunities Fund, BlackRock Mid-Cap Growth Equity Portfolio and BlackRock Technology Opportunities Fund are series of the Trust. The following are referred to herein collectively as the “Funds” or individually as a “Fund”:
| | | | |
| | | |
| Fund Name | | Herein Referred To As | | Diversification Classification |
BlackRock Capital Appreciation Fund, Inc. | | Capital Appreciation | | Diversified |
BlackRock Health Sciences Opportunities Portfolio | | Health Sciences Opportunities | | Diversified |
BlackRock Infrastructure Sustainable Opportunities Fund | | Infrastructure Sustainable Opportunities | | Non-Diversified |
BlackRock Mid-Cap Growth Equity Portfolio | | Mid-Cap Growth Equity | | Diversified |
BlackRock Technology Opportunities Fund | | Technology Opportunities | | Diversified |
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A, Investor C and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Class R Shares are sold only to certain employer-sponsored retirement plans. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).
| | | | | | | | | | |
| | | | |
| Share Class | | Initial Sales Charge | | | CDSC | | | Conversion Privilege |
Institutional, Service and Class K Shares | | | No | | | | No | | | None |
Investor A Shares | | | Yes | | | | No | (a) | | None |
Investor C Shares | | | No | | | | Yes | (b) | | To Investor A Shares after approximately 8 years |
| | (a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
| | (b) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. |
The Board of Directors of the Corporation and the Board of Trustees of the Trust are collectively referred to throughout this report as the “Board”, and the directors/trustees thereof are collectively referred to throughout this report as “Directors”.
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund
| | |
| 54 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of November 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that each Fund will sustain its position that it is due the reclaim.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Funds have an arrangement with their custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statements of Operations.
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of each Fund has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price. |
| | • | | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”). |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 55 |
Notes to Financial Statements (unaudited) (continued)
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| | • | | Level 1 – Unadjusted price quotations in active markets/exchanges that each Fund has the ability to access for identical assets or liabilities; |
| | • | | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and |
| | • | | Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. | SECURITIES AND OTHER INVESTMENTS |
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
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Notes to Financial Statements (unaudited) (continued)
Securities Lending: The Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Funds’ securities on loan by counterparty which are subject to offset under an MSLA:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name/Counterparty | | Securities
Loaned at Value | | | Cash
Collateral Received(a) | | | Non-Cash
Collateral Received,
at Fair Value(a) | | | Net
Amount | |
| | | | |
Health Sciences Opportunities | | | | | | | | | | | | | | | | |
BofA Securities, Inc. | | $ | 1,151,500 | | | $ | (1,151,500 | ) | | $ | — | | | $ | — | |
Citigroup Global Markets, Inc. | | | 9,139,796 | | | | (9,139,796 | ) | | | — | | | | — | |
Goldman Sachs & Co. LLC | | | 3,934,140 | | | | (3,845,400 | ) | | | — | | | | 88,740 | (b) |
J.P. Morgan Securities LLC | | | 28,225,023 | | | | (28,225,023 | ) | | | — | | | | — | |
Jefferies LLC | | | 38,099,139 | | | | (38,099,139 | ) | | | — | | | | — | |
Morgan Stanley | | | 7,289,594 | | | | (7,289,594 | ) | | | — | | | | — | |
Toronto-Dominion Bank | | | 2,205,026 | | | | (2,205,026 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | $ | 90,044,218 | | | $ | (89,955,478 | ) | | $ | — | | | $ | 88,740 | |
| | | | | | | | | | | | | | | | |
Infrastructure Sustainable Opportunities | | | | | | | | | | | | | | | | |
J.P. Morgan Securities LLC | | $ | 248,531 | | | $ | (248,531 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Mid-Cap Growth Equity | | | | | | | | | | | | | | | | |
Citigroup Global Markets, Inc. | | $ | 121,162,111 | | | $ | (121,162,111 | ) | | $ | — | | | $ | — | |
Goldman Sachs & Co. LLC | | | 61,382,040 | | | | (60,790,680 | ) | | | — | | | | 591,360 | |
J.P. Morgan Securities LLC | | | 8,991,464 | | | | (8,991,464 | ) | | | — | | | | — | |
Morgan Stanley | | | 163,575,718 | | | | (163,575,718 | ) | | | — | | | | — | |
National Financial Services LLC | | | 21,981,750 | | | | (21,981,750 | ) | | | — | | | | — | |
State Street Bank & Trust Co. | | | 27,640,499 | | | | (27,640,499 | ) | | | — | | | | — | |
Toronto-Dominion Bank | | | 19,490,633 | | | | (19,490,633 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | $ | 424,224,215 | | | $ | (423,632,855 | ) | | $ | — | | | $ | 591,360 | |
| | | | | | | | | | | | | | | | |
Technology Opportunities | | | | | | | | | | | | | | | | |
BofA Securities, Inc. | | $ | 16,452,856 | | | $ | (16,452,856 | ) | | $ | — | | | $ | — | |
Goldman Sachs & Co. LLC | | | 1,947,036 | | | | (1,947,036 | ) | | | — | | | | — | |
| | |
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Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name/Counterparty | | Securities
Loaned at Value | | | Cash
Collateral Received(a) | | | Non-Cash
Collateral Received,
at Fair Value(a) | | | Net
Amount | |
| | | | |
Technology Opportunities (continued) | | | | | | | | | | | | | | | | |
J.P. Morgan Securities LLC | | $ | 5,841,615 | | | $ | (5,841,615 | ) | | $ | — | | | $ | — | |
Morgan Stanley | | | 26,578,677 | | | | (26,578,677 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | $ | 50,820,184 | | | $ | (50,820,184 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities. |
| | (b) | The market value of the loaned securities is determined as of November 30, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
| 5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
| | • | | Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk). |
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master
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Notes to Financial Statements (unaudited) (continued)
Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Corporation, on behalf of Capital Appreciation, and the Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable Opportunities, Mid-Cap Growth Equity and Technology Opportunities, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services and with respect to Capital Appreciation, administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
| | | | | | | | |
| | | |
| | | | | | Investment Advisory Fees | |
| | |
| Average Daily Net Assets | | | | | Capital Appreciation | |
First $1 billion | | | | | | | 0.650 | % |
$1 billion - $1.5 billion | | | | | | | 0.625 | |
$1.5 billion - $5 billion | | | | | | | 0.600 | |
$5 billion - $7.5 billion | | | | | | | 0.575 | |
Greater than $7.5 billion | | | | | | | 0.550 | |
| | | | | | | | |
| | | |
| | | | | | Investment Advisory Fees | |
| | |
| Average Daily Net Assets | | | | | Health Sciences Opportunities | |
First $1 billion | | | | | | | 0.750 | % |
$1 billion - $2 billion | | | | | | | 0.700 | |
$2 billion - $3 billion | | | | | | | 0.675 | |
$3 billion - $10 billion | | | | | | | 0.650 | |
Greater than $10 billion | | | | | | | 0.640 | |
| | | | | | | | |
| | |
| | | Investment Advisory Fees | |
| | |
| Average Daily Net Assets | | Infrastructure Sustainable Opportunities | | | Technology Opportunities | |
First $1 billion | | | 0.800 | % | | | 0.820 | % |
$1 billion - $3 billion | | | 0.750 | | | | 0.770 | |
$3 billion - $5 billion | | | 0.720 | | | | 0.740 | |
$5 billion - $10 billion | | | 0.700 | | | | 0.710 | |
Greater than $10 billion | | | 0.680 | | | | 0.700 | |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 59 |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | |
| | | |
| | | | | | Investment Advisory Fees | |
| | |
| Average Daily Net Assets | | | | | Mid-Cap Growth Equity | |
First $1 billion | | | | | | | 0.700 | % |
$1 billion - $3 billion | | | | | | | 0.660 | |
$3 billion - $5 billion | | | | | | | 0.630 | |
$5 billion - $10 billion | | | | | | | 0.610 | |
$10 billion - $18 billion | | | | | | | 0.600 | |
Greater than $18 billion | | | | | | | 0.590 | |
With respect to Infrastructure Sustainable Opportunities, the Manager entered into separate sub-advisory agreements with each of BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide, for that portion of the Fund for which BIL and BSL, as applicable, act as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Service and Distribution Fees: The Corporation, on behalf of Capital Appreciation, and the Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable Opportunities, Mid-Cap Growth Equity and Technology Opportunities, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Capital Appreciation | | | Health Sciences Opportunities | | | Infrastructure Sustainable Opportunities | |
| Share Class | | Service Fees | | | Distribution Fees | | | Service Fees | | | Distribution Fees | | | Service Fees | | | Distribution Fees | |
Service | | | N/A | | | | N/A | | | | 0.25 | % | | | N/A | | | | N/A | | | | N/A | |
Investor A | | | 0.25 | % | | | N/A | | | | 0.25 | | | | N/A | | | | 0.25 | % | | | N/A | |
Investor C | | | 0.25 | | | | 0.75 | % | | | 0.25 | | | | 0.75 | % | | | N/A | | | | N/A | |
Class R | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | N/A | | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Mid-Cap Growth Equity | | | Technology Opportunities | |
| Share Class | | | | | | | | Service Fees | | | Distribution Fees | | | Service Fees | | | Distribution Fees | |
Service | | | | | | | | | | | 0.25 | % | | | N/A | | | | 0.25 | % | | | N/A | |
Investor A | | | | | | | | | | | 0.25 | | | | N/A | | | | 0.25 | | | | N/A | |
Investor C | | | | | | | | | | | 0.25 | | | | 0.75 | % | | | 0.25 | | | | 0.75 | % |
Class R | | | | | | | | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.25 | |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Fund Name | | Service | | | Investor A | | | Investor C | | | Class R | | | Total | |
Capital Appreciation | | $ | — | | | $ | 2,742,539 | | | $ | 204,771 | | | $ | 61,956 | | | $ | 3,009,266 | |
Health Sciences Opportunities | | | 38,575 | | | | 3,625,008 | | | | 1,504,232 | | | | 631,382 | | | | 5,799,197 | |
Infrastructure Sustainable Opportunities | | | — | | | | 285 | | | | — | | | | — | | | | 285 | |
Mid-Cap Growth Equity | | | 71,680 | | | | 1,987,472 | | | | 880,404 | | | | 211,176 | | | | 3,150,732 | |
Technology Opportunities | | | 62,331 | | | | 2,604,605 | | | | 1,526,146 | | | | 115,500 | | | | 4,308,582 | |
Administration: The Trust, on behalf of Health Sciences Opportunities, Infrastructure Sustainable Opportunities, Mid-Cap Growth Equity and Technology Opportunities, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.
| | | | |
| | |
| Average Daily Net Assets | | Administration Fees | |
First $500 million | | | 0.0425 | % |
$500 million - $1 billion | | | 0.0400 | |
$1 billion - $2 billion | | | 0.0375 | |
$2 billion - $4 billion | | | 0.0350 | |
$4 billion - $13 billion | | | 0.0325 | |
Greater than $13 billion | | | 0.0300 | |
In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.
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Notes to Financial Statements (unaudited) (continued)
For the six months ended November 30, 2024, the following table shows the class specific administration fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Fund Name | | Institutional | | | Service | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
Health Sciences Opportunities | | $ | 440,514 | | | $ | 3,093 | | | $ | 290,669 | | | $ | 30,155 | | | $ | 52,272 | | | $ | 25,312 | | | $ | 842,015 | |
Infrastructure Sustainable Opportunities | | | 11 | | | | — | | | | 23 | | | | — | | | | 906 | | | | — | | | | 940 | |
Mid-Cap Growth Equity | | | 483,645 | | | | 5,750 | | | | 159,385 | | | | 17,650 | | | | 435,881 | | | | 8,466 | | | | 1,110,777 | |
Technology Opportunities | | | 300,458 | | | | 4,995 | | | | 208,693 | | | | 30,569 | | | | 32,890 | | | | 4,626 | | | | 582,231 | |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2024, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:
| | | | | | | | |
| | | |
| Fund Name | | Institutional | | | Total | |
Capital Appreciation | | $ | 82,573 | | | $ | 82,573 | |
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended November 30, 2024, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Fund Name | | Institutional | | | Service | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
Capital Appreciation | | $ | 1,652 | | | $ | — | | | $ | 55,302 | | | $ | 4,248 | | | $ | 2,024 | | | $ | 142 | | | $ | 63,368 | |
Health Sciences Opportunities | | | 9,152 | | | | 267 | | | | 47,717 | | | | 6,878 | | | | 1,277 | | | | 655 | | | | 65,946 | |
Infrastructure Sustainable Opportunities | | | 8 | | | | — | | | | 125 | | | | — | | | | — | | | | — | | | | 133 | |
Mid-Cap Growth Equity | | | 18 | | | | 183 | | | | 80,990 | | | | 1,063 | | | | 5,786 | | | | 570 | | | | 88,610 | |
Technology Opportunities | | | 580 | | | | 91 | | | | 19,876 | | | | 3,066 | | | | 705 | | | | 383 | | | | 24,701 | |
For the six months ended November 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Fund Name | | Institutional | | | Service | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
Capital Appreciation | | $ | 352,493 | | | $ | — | | | $ | 917,776 | | | $ | 32,455 | | | $ | 25,912 | | | $ | 26,542 | | | $ | 1,355,178 | |
Health Sciences Opportunities | | | 2,032,348 | | | | 24,925 | | | | 1,350,801 | | | | 152,452 | | | | 14,153 | | | | 253,883 | | | | 3,828,562 | |
Infrastructure Sustainable Opportunities | | | 90 | | | | — | | | | 341 | | | | — | | | | 207 | | | | — | | | | 638 | |
Mid-Cap Growth Equity | | | 3,112,918 | | | | 54,127 | | | | 1,261,090 | | | | 95,190 | | | | 62,650 | | | | 94,383 | | | | 4,680,358 | |
Technology Opportunities | | | 1,496,082 | | | | 32,015 | | | | 1,127,131 | | | | 137,655 | | | | 5,225 | | | | 46,880 | | | | 2,844,988 | |
Other Fees: For the six months ended November 30, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:
| | | | |
| | |
| Fund Name | | Amounts | |
Capital Appreciation | | $ | 24,295 | |
Health Sciences Opportunities | | | 25,564 | |
Mid-Cap Growth Equity | | | 18,609 | |
Technology Opportunities | | | 57,123 | |
For the six months ended November 30, 2024, affiliates received CDSCs as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| Share Class | | Capital
Appreciation | | | Health
Sciences
Opportunities | | | Mid-Cap
Growth
Equity | | | Technology
Opportunities | |
Investor A | | $ | 2,512 | | | $ | 2,451 | | | $ | 4,722 | | | $ | 1,688 | |
Investor C | | | 708 | | | | 5,614 | | | | 2,988 | | | | 9,251 | |
Expense Limitations, Waivers, Reimbursements, and Recoupments: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the directors who are not “interested persons” of the Corporation or the Trust, as defined in the 1940 Act (“Independent Directors”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund
| | |
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Notes to Financial Statements (unaudited) (continued)
waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended November 30, 2024, the amounts waived were as follows:
| | | | |
| | |
| Fund Name | | Amounts Waived | |
Capital Appreciation | | $ | 1,223 | |
Health Sciences Opportunities | | | 58,232 | |
Infrastructure Sustainable Opportunities | | | 52 | |
Mid-Cap Growth Equity | | | 3,615 | |
Technology Opportunities | | | 18,880 | |
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended November 30, 2024, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.
With respect to each Fund (except Health Sciences Opportunities), the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| Share Class | | Capital Appreciation | | | Infrastructure Sustainable Opportunities | | | Mid-Cap Growth Equity | | | Technology Opportunities | |
Institutional | | | N/A | | | | 1.00 | % | | | 0.80 | % | | | 0.92 | % |
Service | | | N/A | | | | N/A | | | | 1.05 | | | | 1.17 | |
Investor A | | | N/A | | | | 1.25 | | | | 1.05 | | | | 1.17 | |
Investor C | | | 1.94 | % | | | N/A | | | | 1.80 | | | | 1.92 | |
Class K | | | 0.72 | | | | 0.95 | | | | 0.75 | | | | 0.87 | |
Class R | | | N/A | | | | N/A | | | | 1.30 | | | | 1.42 | |
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026 (or June 30, 2035 with respect to Capital Appreciation), unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund.
For the six months ended November 30, 2024, Infrastructure Sustainable Opportunities waived and/or reimbursed the Manager investment advisory fees and other expenses of $128,996, which is included in fees waived and/or reimbursed by the Manager in the Statements of Operations.
In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Administration Fees Waived by the Manager - Class Specific | |
| Fund Name | | Institutional | | | Service | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
Infrastructure Sustainable Opportunities | | $ | 11 | | | $ | — | | | $ | 23 | | | $ | — | | | $ | 906 | | | $ | — | | | $ | 940 | |
Mid-Cap Growth Equity | | | 475,544 | | | | 5,750 | | | | 158,943 | | | | 4,472 | | | | — | | | | 8,466 | | | | 653,175 | |
Technology Opportunities | | | 140,750 | | | | 4,995 | | | | 165,062 | | | | 6,919 | | | | — | | | | 4,626 | | | | 322,352 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific | |
| Fund Name | | Institutional | | | Service | | | Investor A | | | Investor C | | | Class K | | | Class R | | | Total | |
Infrastructure Sustainable Opportunities | | $ | 64 | | | $ | — | | | $ | 283 | | | $ | — | | | $ | 207 | | | $ | — | | | $ | 554 | |
Mid-Cap Growth Equity | | | 128,596 | | | | 18,462 | | | | 270,929 | | | | 120 | | | | — | | | | 41,468 | | | | 459,575 | |
Technology Opportunities | | | 3,987 | | | | 4,465 | | | | 19,412 | | | | — | | | | — | | | | 21,234 | | | | 49,098 | |
Infrastructure Sustainable Opportunities also had a waiver of administration fees, which are included in Administration fees waived in the Statements of Operations. For the six months ended November 30, 2024, the amount was $1,997.
With respect to the contractual expense limitation of Infrastructure Sustainable Opportunities, if during the Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:
| | (1) | the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and |
| | (2) | the Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator. |
This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective September 30, 2028 the repayment arrangement between the Fund and the Manager pursuant to which the Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.
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Notes to Financial Statements (unaudited) (continued)
As of November 30, 2024, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:
| | | | | | | | | | | | |
| | | Expiring May 31, | |
| Fund Name/Fund Level/Share Class | | 2025 | | | 2026 | | | 2027 | |
Infrastructure Sustainable Opportunities | | | | | | | | | | | | |
Fund Level | | $ | 299,135 | | | $ | 301,268 | | | $ | 130,993 | |
Institutional | | | 174 | | | | 281 | | | | 75 | |
Investor A | | | 40 | | | | 640 | | | | 306 | |
Class K | | | 1,854 | | | | 2,055 | | | | 1,113 | |
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, Capital Appreciation, Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Pursuant to the current securities lending agreement, Infrastructure Sustainable Opportunities retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, Capital Appreciation, Health Sciences Opportunities, Mid-Cap Growth Equity and Technology Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. Infrastructure Sustainable Opportunities, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended November 30, 2024, each Fund paid BIM the following amounts for securities lending agent services:
| | | | |
| | |
| Fund Name | | Amounts | |
Health Sciences Opportunities | | $ | 49,292 | |
Infrastructure Sustainable Opportunities | | | 7 | |
Mid-Cap Growth Equity | | | 92,479 | |
Technology Opportunities | | | 18,703 | |
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, Capital Appreciation and Infrastructure Sustainable Opportunities may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by Capital Appreciation’s and Infrastructure Sustainable Opportunities’s investment policies and restrictions. Capital Appreciation is currently permitted to borrow under the Interfund Lending Program. In addition, Infrastructure Sustainable Opportunities is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 63 |
Notes to Financial Statements (unaudited) (continued)
During the six months ended November 30, 2024, Capital Appreciation and Infrastructure Sustainable Opportunities did not participate in the Interfund Lending Program.
Directors and Officers: Certain directors and/or officers of the Corporation and the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Corporation’s/Trust’s Chief Compliance Officer, which is included in Directors and Officer in the Statements of Operations.
For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were as follows:
| | | | | | | | |
| | | |
| Fund Name | | Purchases | | | Sales | |
Capital Appreciation | | $ | 365,320,031 | | | $ | 583,990,866 | |
Health Sciences Opportunities | | | 1,344,117,260 | | | | 1,969,147,193 | |
Infrastructure Sustainable Opportunities | | | 5,691,082 | | | | 5,441,085 | |
Mid-Cap Growth Equity | | | 4,210,719,102 | | | | 6,255,764,350 | |
Technology Opportunities | | | 1,582,005,700 | | | | 1,690,974,372 | |
It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Funds as of November 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds’ NAV.
As of May 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:
| | | | | | | | |
| | | |
| Fund Name | | Non-Expiring Capital
Loss Carryforwards | | | Qualified Late-Year
Ordinary Losses | |
Capital Appreciation | | $ | — | | | $ | (6,308,381 | ) |
Health Sciences Opportunities | | | — | | | | (1,657,243 | ) |
Infrastructure Sustainable Opportunities | | | (968,437 | ) | | | — | |
Mid-Cap Growth Equity | | | (1,282,051,982 | ) | | | (23,606,786 | ) |
Technology Opportunities | | | (441,794,511 | ) | | | (10,030,779 | ) |
As of November 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| | | | | |
| Fund Name | | Tax Cost | | | Gross Unrealized
Appreciation | | | Gross Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
Capital Appreciation | | $ | 1,419,133,730 | | | $ | 2,326,859,893 | | | $ | (5,735,828 | ) | | $ | 2,321,124,065 | |
Health Sciences Opportunities | | | 4,760,708,205 | | | | 3,599,572,117 | | | | (244,763,237 | ) | | | 3,354,808,880 | |
Infrastructure Sustainable Opportunities | | | 9,627,729 | | | | 620,446 | | | | (350,707 | ) | | | 269,739 | |
Mid-Cap Growth Equity | | | 7,949,428,456 | | | | 4,030,847,660 | | | | (95,921,971 | ) | | | 3,934,925,689 | |
Technology Opportunities | | | 3,100,304,688 | | | | 3,118,718,823 | | | | (38,813,614 | ) | | | 3,079,905,209 | |
The Corporation and the Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2024, the Funds did not borrow under the credit agreement.
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Notes to Financial Statements (unaudited) (continued)
In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Investment percentages in specific sectors are presented in the Schedules of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
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N O T E S T O F I N A N C I A L S T A T E M E N T S | | 65 |
Notes to Financial Statements (unaudited) (continued)
| 11. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
Capital Appreciation | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 1,192,474 | | | $ | 50,481,614 | | | | 2,375,172 | | | $ | 85,564,796 | |
Shares issued in reinvestment of distributions | | | 1,123,280 | | | | 46,020,787 | | | | 607,843 | | | | 20,849,409 | |
Shares redeemed | | | (1,889,471 | ) | | | (81,337,922 | ) | | | (5,700,478 | ) | | | (206,766,629 | ) |
| | | | | | | | | | | | | | | | |
| | | 426,283 | | | $ | 15,164,479 | | | | (2,717,463 | ) | | $ | (100,352,424 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold and automatic conversion of shares | | | 1,330,755 | | | $ | 49,195,218 | | | | 3,059,279 | | | $ | 95,896,183 | |
Shares issued in reinvestment of distributions | | | 4,370,491 | | | | 154,453,099 | | | | 2,141,572 | | | | 64,101,470 | |
Shares redeemed | | | (4,821,545 | ) | | | (177,965,330 | ) | | | (9,329,188 | ) | | | (296,845,503 | ) |
| | | | | | | | | | | | | | | | |
| | | 879,701 | | | $ | 25,682,987 | | | | (4,128,337 | ) | | $ | (136,847,850 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 147,503 | | | $ | 2,789,149 | | | | 259,279 | | | $ | 4,516,743 | |
Shares issued in reinvestment of distributions | | | 317,610 | | | | 5,640,757 | | | | 150,664 | | | | 2,462,125 | |
Shares redeemed and automatic conversion of shares | | | (320,768 | ) | | | (6,007,341 | ) | | | (921,149 | ) | | | (15,736,877 | ) |
| | | | | | | | | | | | | | | | |
| | | 144,345 | | | $ | 2,422,565 | | | | (511,206 | ) | | $ | (8,758,009 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 562,402 | | | $ | 24,289,193 | | | | 1,392,489 | | | $ | 50,192,656 | |
Shares issued in reinvestment of distributions | | | 843,365 | | | | 35,008,091 | | | | 625,650 | | | | 21,705,654 | |
Shares redeemed | | | (1,167,359 | ) | | | (50,363,717 | ) | | | (9,972,800 | ) | | | (372,605,778 | ) |
| | | | | | | | | | | | | | | | |
| | | 238,408 | | | $ | 8,933,567 | | | | (7,954,661 | ) | | $ | (300,707,468 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 60,439 | | | $ | 1,540,379 | | | | 149,207 | | | $ | 3,233,921 | |
Shares issued in reinvestment of distributions | | | 112,014 | | | | 2,688,341 | | | | 57,317 | | | | 1,211,907 | |
Shares redeemed | | | (182,616 | ) | | | (4,606,836 | ) | | | (415,361 | ) | | | (9,306,024 | ) |
| | | | | | | | | | | | | | | | |
| | | (10,163 | ) | | $ | (378,116 | ) | | | (208,837 | ) | | $ | (4,860,196 | ) |
| | | | | | | | | | | | | | | | |
| | | 1,678,574 | | | $ | 51,825,482 | | | | (15,520,504 | ) | | $ | (551,525,947 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Health Sciences Opportunities | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 2,999,250 | | | $ | 228,394,797 | | | | 8,193,691 | | | $ | 583,683,482 | |
Shares issued in reinvestment of distributions | | | 1,832,268 | | | | 136,485,641 | | | | 2,283,482 | | | | 157,422,926 | |
Shares redeemed | | | (7,905,663 | ) | | | (601,033,205 | ) | | | (16,815,339 | ) | | | (1,183,104,439 | ) |
| | | | | | | | | | | | | | | | |
| | | (3,074,145 | ) | | $ | (236,152,767 | ) | | | (6,338,166 | ) | | $ | (441,998,031 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Service | | | | | | | | | | | | | | | | |
Shares sold | | | 16,487 | | | $ | 1,165,942 | | | | 41,297 | | | $ | 2,740,817 | |
Shares issued in reinvestment of distributions | | | 14,946 | | | | 1,042,793 | | | | 18,476 | | | | 1,199,629 | |
Shares redeemed | | | (49,174 | ) | | | (3,499,511 | ) | | | (129,496 | ) | | | (8,549,804 | ) |
| | | | | | | | | | | | | | | | |
| | | (17,741 | ) | | $ | (1,290,776 | ) | | | (69,723 | ) | | $ | (4,609,358 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold and automatic conversion of shares | | | 1,126,344 | | | $ | 80,147,032 | | | | 3,148,635 | | | $ | 208,743,219 | |
Shares issued in reinvestment of distributions | | | 1,393,987 | | | | 96,714,809 | | | | 1,628,677 | | | | 105,093,179 | |
Shares redeemed | | | (3,366,759 | ) | | | (238,724,728 | ) | | | (8,665,399 | ) | | | (573,000,127 | ) |
| | | | | | | | | | | | | | | | |
| | | (846,428 | ) | | $ | (61,862,887 | ) | | | (3,888,087 | ) | | $ | (259,163,729 | ) |
| | | | | | | | | | | | | | | | |
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| 66 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
Health Sciences Opportunities (continued) | | | | | | | | | | | | | | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 141,656 | | | $ | 8,166,627 | | | | 340,682 | | | $ | 18,635,857 | |
Shares issued in reinvestment of distributions | | | 228,569 | | | | 12,854,740 | | | | 298,034 | | | | 15,871,867 | |
Shares redeemed and automatic conversion of shares | | | (954,290 | ) | | | (55,043,192 | ) | | | (2,792,967 | ) | | | (151,349,046 | ) |
| | | | | | | | | | | | | | | | |
| | | (584,065 | ) | | $ | (34,021,825 | ) | | | (2,154,251 | ) | | $ | (116,841,322 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 771,062 | | | $ | 59,146,958 | | | | 1,849,326 | | | $ | 131,524,955 | |
Shares issued in reinvestment of distributions | | | 219,796 | | | | 16,403,366 | | | | 255,328 | | | | 17,603,287 | |
Shares redeemed | | | (835,440 | ) | | | (63,497,302 | ) | | | (2,585,491 | ) | | | (183,510,131 | ) |
| | | | | | | | | | | | | | | | |
| | | 155,418 | | | $ | 12,053,022 | | | | (480,837 | ) | | $ | (34,381,889 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 87,554 | | | $ | 6,021,344 | | | | 293,019 | | | $ | 18,639,450 | |
Shares issued in reinvestment of distributions | | | 135,121 | | | | 9,050,426 | | | | 141,806 | | | | 8,875,180 | |
Shares redeemed | | | (260,398 | ) | | | (17,785,142 | ) | | | (663,365 | ) | | | (42,582,090 | ) |
| | | | | | | | | | | | | | | | |
| | | (37,723 | ) | | $ | (2,713,372 | ) | | | (228,540 | ) | | $ | (15,067,460 | ) |
| | | | | | | | | | | | | | | | |
| | | (4,404,684 | ) | | $ | (323,988,605 | ) | | | (13,159,604 | ) | | $ | (872,061,789 | ) |
| | | | | | | | | | | | | | | | |
Infrastructure Sustainable Opportunities | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 215 | | | $ | 2,000 | | | | 538 | | | $ | 4,705 | |
Shares issued in reinvestment of distributions | | | 10 | | | | 90 | | | | 29 | | | | 261 | |
Shares redeemed | | | (53 | ) | | | (500 | ) | | | (262 | ) | | | (2,192 | ) |
| | | | | | | | | | | | | | | | |
| | | 172 | | | $ | 1,590 | | | | 305 | | | $ | 2,774 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold | | | 95 | | | $ | 868 | | | | 14,312 | | | $ | 123,978 | |
Shares issued in reinvestment of distributions | | | 71 | | | | 643 | | | | 194 | | | | 1,740 | |
Shares redeemed | | | (4,417 | ) | | | (38,254 | ) | | | (3,167 | ) | | | (26,060 | ) |
| | | | | | | | | | | | | | | | |
| | | (4,251 | ) | | $ | (36,743 | ) | | | 11,339 | | | $ | 99,658 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | $ | — | | | | 82 | | | $ | 710 | |
Shares issued in reinvestment of distributions | | | 329 | | | | | | | | 14 | | | | 132 | |
Shares redeemed | | | — | | | | — | | | | (145 | ) | | | (1,240 | ) |
| | | | | | | | | | | | | | | | |
| | | 3 | | | $ | 29 | | | | (49 | ) | | $ | (398 | ) |
| | | | | | | | | | | | | | | | |
| | | (4,076 | ) | | $ | (35,124 | ) | | | 11,595 | | | $ | 102,034 | |
| | | | | | | | | | | | | | | | |
Mid-Cap Growth Equity | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 7,858,582 | | | $ | 315,741,463 | | | | 25,774,794 | | | $ | 943,438,772 | |
Shares redeemed | | | (34,419,648 | ) | | | (1,387,284,824 | ) | | | (53,836,267 | ) | | | (1,966,094,068 | ) |
| | | | | | | | | | | | | | | | |
| | | (26,561,066 | ) | | $ | (1,071,543,361 | ) | | | (28,061,473 | ) | | $ | (1,022,655,296 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Service | | | | | | | | | | | | | | | | |
Shares sold | | | 65,088 | | | $ | 2,343,039 | | | | 218,068 | | | $ | 7,181,094 | |
Shares redeemed | | | (317,787 | ) | | | (11,501,219 | ) | | | (648,553 | ) | | | (21,108,643 | ) |
| | | | | | | | | | | | | | | | |
| | | (252,699 | ) | | $ | (9,158,180 | ) | | | (430,485 | ) | | $ | (13,927,549 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold and automatic conversion of shares | | | 1,691,490 | | | $ | 57,965,042 | | | | 5,192,371 | | | $ | 162,981,384 | |
Shares redeemed | | | (6,160,111 | ) | | | (210,450,398 | ) | | | (15,109,163 | ) | | | (469,268,479 | ) |
| | | | | | | | | | | | | | | | |
| | | (4,468,621 | ) | | $ | (152,485,356 | ) | | | (9,916,792 | ) | | $ | (306,287,095 | ) |
| | | | | | | | | | | | | | | | |
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 67 |
Notes to Financial Statements (unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Year Ended 05/31/24 | |
| | | | |
| Fund Name/Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
Mid-Cap Growth Equity (continued) | | | | | | | | | | | | | | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 117,370 | | | $ | 2,983,615 | | | | 459,280 | | | $ | 10,686,451 | |
Shares redeemed and automatic conversion of shares | | | (1,159,582 | ) | | | (29,126,677 | ) | | | (2,320,240 | ) | | | (53,855,034 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,042,212 | ) | | $ | (26,143,062 | ) | | | (1,860,960 | ) | | $ | (43,168,583 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 6,758,356 | | | $ | 273,175,230 | | | | 23,280,033 | | | $ | 866,092,270 | |
Shares redeemed | | | (25,107,782 | ) | | | (1,026,245,489 | ) | | | (37,065,253 | ) | | | (1,369,957,463 | ) |
| | | | | | | | | | | | | | | | |
| | | (18,349,426 | ) | | $ | (753,070,259 | ) | | | (13,785,220 | ) | | $ | (503,865,193 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 167,590 | | | $ | 5,520,146 | | | | 550,929 | | | $ | 16,719,131 | |
Shares redeemed | | | (414,182 | ) | | | (13,856,481 | ) | | | (1,350,214 | ) | | | (41,042,668 | ) |
| | | | | | | | | | | | | | | | |
| | | (246,592 | ) | | $ | (8,336,335 | ) | | | (799,285 | ) | | $ | (24,323,537 | ) |
| | | | | | | | | | | | | | | | |
| | | (50,920,616 | ) | | $ | (2,020,736,553 | ) | | | (54,854,215 | ) | | $ | (1,914,227,253 | ) |
| | | | | | | | | | | | | | | | |
Technology Opportunities | | | | | | | | | | | | | | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | 5,356,705 | | | $ | 378,849,860 | | | | 9,723,910 | | | $ | 537,366,881 | |
Shares redeemed | | | (5,607,634 | ) | | | (394,493,482 | ) | | | (16,207,338 | ) | | | (891,747,608 | ) |
| | | | | | | | | | | | | | | | |
| | | (250,929 | ) | | $ | (15,643,622 | ) | | | (6,483,428 | ) | | $ | (354,380,727 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Service | | | | | | | | | | | | | | | | |
Shares sold | | | 156,783 | | | $ | 10,655,049 | | | | 206,830 | | | $ | 10,760,963 | |
Shares redeemed | | | (132,796 | ) | | | (8,717,725 | ) | | | (498,430 | ) | | | (25,937,289 | ) |
| | | | | | | | | | | | | | | | |
| | | 23,987 | | | $ | 1,937,324 | | | | (291,600 | ) | | $ | (15,176,326 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold and automatic conversion of shares | | | 2,431,270 | | | $ | 156,891,497 | | | | 5,008,601 | | | $ | 252,087,332 | |
Shares redeemed | | | (3,559,779 | ) | | | (227,958,000 | ) | | | (8,228,564 | ) | | | (416,589,841 | ) |
| | | | | | | | | | | | | | | | |
| | | (1,128,509 | ) | | $ | (71,066,503 | ) | | | (3,219,963 | ) | | $ | (164,502,509 | ) |
| | | | | | | | | | | | | | | | |
Investor C | | | | | | | | | | | | | | | | |
Shares sold | | | 317,454 | | | $ | 16,137,924 | | | | 731,500 | | | $ | 29,296,687 | |
Shares redeemed and automatic conversion of shares | | | (755,244 | ) | | | (38,301,363 | ) | | | (2,003,356 | ) | | | (79,620,760 | ) |
| | | | | | | | | | | | | | | | |
| | | (437,790 | ) | | $ | (22,163,439 | ) | | | (1,271,856 | ) | | $ | (50,324,073 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | 1,686,929 | | | $ | 117,459,494 | | | | 1,737,800 | | | $ | 95,856,044 | |
Shares redeemed | | | (764,986 | ) | | | (54,225,678 | ) | | | (1,349,293 | ) | | | (74,821,457 | ) |
| | | | | | | | | | | | | | | | |
| | | 921,943 | | | $ | 63,233,816 | | | | 388,507 | | | $ | 21,034,587 | |
| | | | | | | | | | | | | | | | |
| | | | |
Class R | | | | | | | | | | | | | | | | |
Shares sold | | | 108,499 | | | $ | 6,938,173 | | | | 281,736 | | | $ | 14,160,044 | |
Shares redeemed | | | (129,242 | ) | | | (8,160,614 | ) | | | (357,121 | ) | | | (17,401,063 | ) |
| | | | | | | | | | | | | | | | |
| | | (20,743 | ) | | $ | (1,222,441 | ) | | | (75,385 | ) | | $ | (3,241,019 | ) |
| | | | | | | | | | | | | | | | |
| | | (892,041 | ) | | $ | (44,924,865 | ) | | | (10,953,725 | ) | | $ | (566,590,067 | ) |
| | | | | | | | | | | | | | | | |
As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:
| | | | | | | | |
| | | |
| Share Class | | Infrastructure
Sustainable
Opportunities | | | Technology
Opportunities | |
Institutional | | | 10,000 | | | | — | |
Investor A | | | 10,000 | | | | — | |
Class K | | | 980,000 | | | | 8,673 | |
| | |
| 68 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 69 |
Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Compensation to the independent directors/trustees of the Corporation/Trust is paid by the Corporation/Trust, on behalf of the Funds.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
| 1. | | Access the BlackRock website at blackrock.com |
| 2. | | Select “Access Your Account” |
| 3. | | Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions. |
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
| | |
| 70 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Additional Information (continued)
Fund and Service Providers
| | |
| Investment Adviser and Administrator | | Independent Registered Public Accounting Firm |
| BlackRock Advisors, LLC | | Deloitte & Touche LLP |
| Wilmington, DE 19809 | | Boston, MA 02110 |
| |
| Sub-Advisers(a) | | Distributor |
| BlackRock International Limited | | BlackRock Investments, LLC |
| Edinburgh, EH3 8BL | | New York, NY 10001 |
| United Kingdom | | |
| | Legal Counsel |
| BlackRock (Singapore) Limited | | Sidley Austin LLP |
079912 Singapore | | New York, NY 10019 |
| | |
| |
| Accounting Agent and Transfer Agent | | Address of the Corporation/Trust |
| BNY Mellon Investment Servicing (US) Inc. | | 100 Bellevue Parkway |
| Wilmington, DE 19809 | | Wilmington, DE 19809 |
| |
| Custodian | | |
| The Bank of New York Mellon | | |
| New York, NY 10286 | | |
| |
(a) For BlackRock Infrastructure Sustainable Opportunities Fund. | | |
| | |
A D D I T I O N A L I N F O R M A T I O N | | 71 |
Glossary of Terms Used in this Report
Currency Abbreviation
| | |
| |
| CAD | | Canadian Dollar |
| |
| USD | | United States Dollar |
| | |
| Portfolio Abbreviation |
| |
| ADR | | American Depositary Receipt |
| |
| CVR | | Contingent Value Rights |
| |
| NVS | | Non-Voting Shares |
| |
| REIT | | Real Estate Investment Trust |
| | |
| 72 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
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Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
| | |
| | NOVEMBER 30, 2024 |
| | |
| |
| | 2024 Semi-Annual Financial Statements and Additional Information (Unaudited) |
BlackRock FundsSM
| • | | BlackRock U.S. Insights Long/Short Equity Fund |
|
| Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Derivative Financial Instruments
The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
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D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S | | 3 |
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Schedule of Investments (unaudited) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
Aerospace & Defense — 0.2% | | | | | | | | |
Standardaero, Inc.(a)(b) | | | 862 | | | $ | 24,705 | |
| | | | | | | | |
| | |
Industrial REITs — 0.5% | | | | | | | | |
Lineage, Inc. | | | 995 | | | | 63,103 | |
| | | | | | | | |
| | |
Pharmaceuticals — 0.1% | | | | | | | | |
Septerna, Inc.(a) | | | 457 | | | | 11,557 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 0.8%
(Cost: $106,524) | | | | | | | 99,365 | |
| | | | | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
Money Market Funds — 0.2% | | | | | | | | |
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.79%(c)(d)(e) | | | 23,266 | | | | 23,278 | |
| | | | | | | | |
| | | | | | | | |
| Security | | Par
(000) | | | Value | |
| | |
U.S. Treasury Obligations — 96.2% | | | | | | | | |
U.S. Treasury Bills, 4.49%, 12/12/24(f) | | $ | 11,414 | | | $ | 11,399,300 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 96.4%
(Cost: $11,421,393) | | | | | | | 11,422,578 | |
| | | | | | | | |
| | |
Total Investments — 97.2%
(Cost: $11,527,917) | | | | | | | 11,521,943 | |
| | |
| Other Assets Less Liabilities — 2.8% | | | | | 333,175 | |
| | | | | | | | |
| | |
| Net Assets — 100.0% | | | | | $ 11,855,118 | |
| | | | | | | | |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
| (f) | Rates are discount rates or a range of discount rates as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended November 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| Affiliated Issuer | | Value at
05/31/24 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
11/30/24 | | | Shares
Held at
11/30/24 | | | Income | | | Capital Gain
Distributions
from Underlying
Funds | |
BlackRock Cash Funds: Institutional, SL Agency Shares | | $ | 3,806 | | | $ | 19,474 | (a) | | $ | — | | | $ | — | | | $ | (2 | ) | | $ | 23,278 | | | | 23,266 | | | $ | 5 | (b) | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. | |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
| | | | | |
| Description | | Number of Contracts | | | Expiration Date | | | Notional Amount (000) | | | Value/ Unrealized Appreciation (Depreciation) | |
| | | | |
Long Contracts | | | | | | | | | | | | | | | | |
S&P 500 Annual Dividend Index | | | 3 | | | | 12/19/25 | | | $ | 57 | | | $ | 251 | |
S&P 500 Annual Dividend Index | | | 4 | | | | 12/18/26 | | | | 78 | | | | (17 | ) |
S&P 500 E-Mini Index | | | 2 | | | | 12/20/24 | | | | 605 | | | | 24,658 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | | 24,892 | |
| | | | | | | | | | | | | | | | |
| | | | |
Short Contracts | | | | | | | | | | | | | | | | |
CBOE Volatility Index | | | 2 | | | | 12/18/24 | | | | 30 | | | | 1,892 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | $ | 26,784 | |
| | | | | | | | | | | | | | | | |
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| 4 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
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Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
OTC Total Return Swaps
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| Reference Entity | | Payment
Frequency | | Counterparty(i) | | | Termination
Date | | | Net
Notional | | | Accrued
Unrealized
Appreciation
(Depreciation) | | | Net Value of
Reference
Entity | | | Gross Notional
Amount
Net Asset
Percentage | |
| | | | | | | |
Equity Securities Long/Short | | Monthly | | | Barclays Bank PLC(a) | | | | 07/11/25 | | | $ | 1,708,926 | | | $ | (28,549 | )(b) | | $ | 1,684,645 | | | | 71.3 | % |
| | Monthly | | | Goldman Sachs Bank USA(c) | | | | 08/18/26–08/19/26 | | | | 1,459,878 | | | | (43,585 | )(d) | | | 1,418,436 | | | | 57.3 | |
| | Monthly | | | HSBC Bank PLC(e) | | | | 02/09/28 | | | | 1,433,105 | | | | (68,459 | )(f) | | | 1,381,899 | | | | 56.9 | |
| | Monthly | | | Merrill Lynch International(g) | | | | 06/15/28 | | | | 1,554,596 | | | | (43,517 | )(h) | | | 1,515,664 | | | | 62.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | $ | (184,110 | ) | | $ | 6,000,644 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (b) | Amount includes $(4,268) of net dividends and financing fees. | |
| | (d) | Amount includes $(2,143) of net dividends and financing fees. | |
| | (f) | Amount includes $(17,253) of net dividends and financing fees. | |
| | (h) | Amount includes $(4,585) of net dividends and financing fees. | |
| | (i) | The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. | |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
| | | | | | |
| | (a) | | (c) | | (e) |
| Range: | | 15-20 basis points | | 15-20 basis points | | 0-20 basis points |
| Benchmarks: | | USD Overnight Bank Funding Rate | | U.S. Overnight Federal Funds Effective Rate | | USD Overnight Bank Funding Rate |
| | | |
| | (g) | | | | |
| Range: | | 0-30 basis points | | | | |
| Benchmarks: | | USD Overnight Bank Funding Rate | | | | |
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination date July 11, 2025:
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Reference Entity — Long | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
| | | |
| Aerospace & Defense | | | | | | | | | |
RTX Corp. | | | 21 | | | $ | 2,559 | | | | 0.1 | % |
TransDigm Group, Inc. | | | 59 | | | | 73,925 | | | | 4.4 | |
| | | | | | | | | | | | |
| | | | | | | 76,484 | | | | | |
| | | |
Automobiles | | | | | | | | | | | | |
General Motors Co. | | | 932 | | | | 51,810 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | |
Banks | | | | | | | | | | | | |
M&T Bank Corp. | | | 337 | | | | 74,137 | | | | 4.4 | |
| | | | | | | | | | | | |
| | | |
Beverages | | | | | | | | | | | | |
Diageo PLC | | | 42 | | | | 5,013 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | |
Broadline Retail | | | | | | | | | | | | |
Amazon.com, Inc. | | | 284 | | | | 59,041 | | | | 3.5 | |
| | | | | | | | | | | | |
| | | |
Capital Markets | | | | | | | | | | | | |
Moody’s Corp. | | | 50 | | | | 24,999 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Chemicals | | | | | | | | | | | | |
Ecolab, Inc. | | | 370 | | | $ | 92,045 | | | | 5.5 | % |
| | | | | | | | | | | | |
| | | |
Communications Equipment | | | | | | | | | | | | |
Cisco Systems, Inc. | | | 1,286 | | | | 76,144 | | | | 4.5 | |
| | | | | | | | | | | | |
| | | |
Construction & Engineering | | | | | | | | | | | | |
Comfort Systems U.S.A., Inc. | | | 177 | | | | 87,309 | | | | 5.2 | |
| | | | | | | | | | | | |
| | | |
Construction Materials | | | | | | | | | | | | |
Vulcan Materials Co. | | | 178 | | | | 51,287 | | | | 3.0 | |
| | | | | | | | | | | | |
| | | |
Consumer Finance | | | | | | | | | | | | |
Capital One Financial Corp. | | | 621 | | | | 119,238 | | | | 7.1 | |
Discover Financial Services | | | 856 | | | | 156,160 | | | | 9.3 | |
| | | | | | | | | | | | |
| | | | | | | 275,398 | | | | | |
| | | |
Diversified Telecommunication Services | | | | | | | | | | | | |
Verizon Communications, Inc. | | | 2,096 | | | | 92,937 | | | | 5.5 | |
| | | | | | | | | | | | |
| | | |
Electric Utilities | | | | | | | | | | | | |
Entergy Corp. | | | 1,573 | | | | 245,655 | | | | 14.6 | |
| | | | | | | | | | | | |
| | | |
Financial Services | | | | | | | | | | | | |
Mastercard, Inc., Class A | | | 284 | | | | 151,355 | | | | 9.0 | |
Mr. Cooper Group, Inc. | | | 596 | | | | 58,807 | | | | 3.5 | |
Visa, Inc., Class A | | | 606 | | | | 190,939 | | | | 11.3 | |
Voya Financial, Inc. | | | 741 | | | | 61,503 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | | | | 462,604 | | | | | |
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S C H E D U L E O F I N V E S T M E N T S | | 5 |
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Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Ground Transportation | | | | | | | | | | | | |
Old Dominion Freight Line, Inc. | | | 768 | | | $ | 172,908 | | | | 10.3 | % |
| | | | | | | | | | | | |
| | | |
Health Care Equipment & Supplies | | | | | | | | | | | | |
Boston Scientific Corp. | | | 1,007 | | | | 91,295 | | | | 5.4 | |
Edwards Lifesciences Corp. | | | 3,847 | | | | 274,483 | | | | 16.3 | |
| | | | | | | | | | | | |
| | | | | | | 365,778 | | | | | |
| | | |
Health Care Providers & Services | | | | | | | | | | | | |
Cardinal Health, Inc. | | | 237 | | | | 28,971 | | | | 1.7 | |
Cencora, Inc. | | | 647 | | | | 162,753 | | | | 9.7 | |
| | | | | | | | | | | | |
| | | | | | | 191,724 | | | | | |
| | | |
Interactive Media & Services | | | | | | | | | | | | |
Meta Platforms, Inc., Class A | | | 45 | | | | 25,844 | | | | 1.5 | |
| | | | | | | | | | | | |
| | | |
IT Services | | | | | | | | | | | | |
MongoDB, Inc., Class A | | | 221 | | | | 71,270 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | |
Life Sciences Tools & Services | | | | | | | | | | | | |
Avantor, Inc. | | | 2,158 | | | | 45,447 | | | | 2.7 | |
ICON PLC | | | 746 | | | | 156,847 | | | | 9.3 | |
| | | | | | | | | | | | |
| | | | | | | 202,294 | | | | | |
| | | |
Machinery | | | | | | | | | | | | |
Westinghouse Air Brake Technologies Corp. | | | 301 | | | | 60,387 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | |
Media | | | | | | | | | | | | |
Fox Corp., Class A, NVS | | | 3,045 | | | | 143,480 | | | | 8.5 | |
| | | | | | | | | | | | |
| | | |
Metals & Mining | | | | | | | | | | | | |
Freeport-McMoRan, Inc. | | | 92 | | | | 4,066 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | |
Multi-Utilities | | | | | | | | | | | | |
Dominion Energy, Inc. | | | 291 | | | | 17,096 | | | | 1.0 | |
DTE Energy Co. | | | 496 | | | | 62,387 | | | | 3.7 | |
Sempra | | | 562 | | | | 52,643 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | | | | | 132,126 | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
BP PLC | | | 7,350 | | | | 215,428 | | | | 12.8 | |
ConocoPhillips | | | 100 | | | | 10,834 | | | | 0.7 | |
Devon Energy Corp. | | | 1,779 | | | | 67,513 | | | | 4.0 | |
Hess Corp. | | | 2,809 | | | | 413,429 | | | | 24.5 | |
Suncor Energy, Inc. | | | 2,908 | | | | 114,808 | | | | 6.8 | |
| | | | | | | | | | | | |
| | | | | | | 822,012 | | | | | |
| | | |
Pharmaceuticals | | | | | | | | | | | | |
Sanofi SA | | | 2,110 | | | | 102,314 | | | | 6.1 | |
Zoetis, Inc., Class A | | | 344 | | | | 60,286 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | | | | | 162,600 | | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Equifax, Inc. | | | 339 | | | | 88,669 | | | | 5.3 | |
Maximus, Inc. | | | 66 | | | | 4,917 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | | | | | 93,586 | | | | | |
| | | |
Residential REITs | | | | | | | | | | | | |
Camden Property Trust | | | 588 | | | | 73,970 | | | | 4.4 | |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
Entegris, Inc. | | | 555 | | | | 58,625 | | | | 3.5 | |
Monolithic Power Systems, Inc. | | | 82 | | | | 46,546 | | | | 2.7 | |
NVIDIA Corp. | | | 3,884 | | | | 536,963 | | | | 31.9 | |
| | | | | | | | | | | | |
| | | | | | | 642,134 | | | | | |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Software | | | | | | | | | | | | |
Microsoft Corp. | | | 458 | | | $ | 193,945 | | | | 11.5 | % |
Nice Ltd. | | | 46 | | | | 8,392 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | 202,337 | | | | | |
| | | |
Specialty Retail | | | | | | | | | | | | |
Bath & Body Works, Inc. | | | 1,677 | | | | 60,774 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | |
| Total Reference Entity — Long | | | | | 5,102,153 | | | | |
| | | | | | | | | | | | |
| | | |
Reference Entity — Short | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
| | | |
| Biotechnology | | | | | | | | | |
Exact Sciences Corp. | | | 913 | | | | (56,679 | ) | | | (3.4 | ) |
Gilead Sciences, Inc. | | | 800 | | | | (74,064 | ) | | | (4.4 | ) |
| | | | | | | | | | | | |
| | | | | | | (130,743 | ) | | | | |
| | | |
Capital Markets | | | | | | | | | | | | |
Goldman Sachs Group, Inc. (The) | | | 99 | | | | (60,248 | ) | | | (3.6 | ) |
LPL Financial Holdings, Inc. | | | 191 | | | | (62,104 | ) | | | (3.7 | ) |
MSCI, Inc., Class A | | | 148 | | | | (90,225 | ) | | | (5.3 | ) |
| | | | | | | | | | | | |
| | | | | | | (212,577 | ) | | | | |
| | | |
Chemicals | | | | | | | | | | | | |
Linde PLC | | | 510 | | | | (235,105 | ) | | | (14.0 | ) |
| | | | | | | | | | | | |
| | | |
Commercial Services & Supplies | | | | | | | | | | | | |
Copart, Inc. | | | 2,665 | | | | (168,934 | ) | | | (10.0 | ) |
| | | | | | | | | | | | |
| | | |
Communications Equipment | | | | | | | | | | | | |
F5, Inc. | | | 380 | | | | (95,133 | ) | | | (5.6 | ) |
| | | | | | | | | | | | |
| | | |
Consumer Finance | | | | | | | | | | | | |
American Express Co. | | | 122 | | | | (37,171 | ) | | | (2.2 | ) |
| | | | | | | | | | | | |
| | | |
Electric Utilities | | | | | | | | | | | | |
Avangrid, Inc. | | | 1,680 | | | | (60,648 | ) | | | (3.6 | ) |
FirstEnergy Corp. | | | 7,163 | | | | (304,786 | ) | | | (18.1 | ) |
| | | | | | | | | | | | |
| | | | | | | (365,434 | ) | | | | |
| | | |
Financial Services | | | | | | | | | | | | |
Jackson Financial, Inc., Class A | | | 381 | | | | (38,172 | ) | | | (2.3 | ) |
| | | | | | | | | | | | |
| | | |
Food Products | | | | | | | | | | | | |
The Campbell’s Co. | | | 62 | | | | (2,864 | ) | | | (0.2 | ) |
| | | | | | | | | | | | |
| | | |
Ground Transportation | | | | | | | | | | | | |
CSX Corp. | | | 1,638 | | | | (59,869 | ) | | | (3.5 | ) |
Norfolk Southern Corp. | | | 108 | | | | (29,792 | ) | | | (1.8 | ) |
| | | | | | | | | | | | |
| | | | | | | (89,661 | ) | | | | |
| | | |
Health Care Equipment & Supplies | | | | | | | | | | | | |
DENTSPLY SIRONA, Inc. | | | 4,683 | | | | (92,021 | ) | | | (5.5 | ) |
Solventum Corp. | | | 1,888 | | | | (135,011 | ) | | | (8.0 | ) |
TransMedics Group, Inc. | | | 47 | | | | (4,075 | ) | | | (0.2 | ) |
| | | | | | | | | | | | |
| | | | | | | (231,107 | ) | | | | |
| | | |
Health Care Providers & Services | | | | | | | | | | | | |
Henry Schein, Inc. | | | 430 | | | | (33,132 | ) | | | (2.0 | ) |
| | | | | | | | | | | | |
| | | |
Independent Power and Renewable Electricity Producers | | | | | | | | | | | | |
AES Corp. (The) | | | 8,217 | | | | (107,150 | ) | | | (6.4 | ) |
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| 6 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Insurance | | | | | | | | | | | | |
Aon PLC, Class A | | | 267 | | | $ | (104,541 | ) | | | (6.2 | )% |
Marsh & McLennan Cos., Inc. | | | 333 | | | | (77,666 | ) | | | (4.6 | ) |
| | | | | | | | | | | | |
| | | | | | | (182,207 | ) | | | | |
| | | |
IT Services | | | | | | | | | | | | |
International Business Machines Corp. | | | 918 | | | | (208,762 | ) | | | (12.4 | ) |
| | | | | | | | | | | | |
| | | |
Life Sciences Tools & Services | | | | | | | | | | | | |
Bio-Rad Laboratories, Inc., Class A | | | 229 | | | | (77,981 | ) | | | (4.6 | ) |
| | | | | | | | | | | | |
| | | |
Multi-Utilities | | | | | | | | | | | | |
CenterPoint Energy, Inc. | | | 1,779 | | | | (58,031 | ) | | | (3.4 | ) |
| | | | | | | | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
Antero Resources Corp. | | | 726 | | | | (23,733 | ) | | | (1.4 | ) |
Enbridge, Inc. | | | 530 | | | | (22,992 | ) | | | (1.4 | ) |
HF Sinclair Corp. | | | 1,609 | | | | (65,856 | ) | | | (3.9 | ) |
Range Resources Corp. | | | 1,364 | | | | (48,749 | ) | | | (2.9 | ) |
TotalEnergies SE | | | 2,615 | | | | (151,644 | ) | | | (9.0 | ) |
| | | | | | | | | | | | |
| | | | | | | (312,974 | ) | | | | |
| | | |
Personal Care Products | | | | | | | | | | | | |
Kenvue, Inc. | | | 5,387 | | | | (129,719 | ) | | | (7.7 | ) |
| | | | | | | | | | | | |
| | | |
Pharmaceuticals | | | | | | | | | | | | |
Bristol-Myers Squibb Co. | | | 864 | | | | (51,166 | ) | | | (3.0 | ) |
| | | | | | | | | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Paychex, Inc. | | | 557 | | | | (81,472 | ) | | | (4.8 | ) |
Thomson Reuters Corp. | | | 1,613 | | | | (262,258 | ) | | | (15.6 | ) |
| | | | | | | | | | | | |
| | | | | | | (343,730 | ) | | | | |
| | | |
Retail REITs | | | | | | | | | | | | |
Regency Centers Corp. | | | 811 | | | | (61,304 | ) | | | (3.6 | ) |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
Advanced Micro Devices, Inc. | | | 884 | | | | (121,263 | ) | | | (7.2 | ) |
Allegro MicroSystems, Inc. | | | 276 | | | | (5,998 | ) | | | (0.4 | ) |
Lam Research Corp. | | | 71 | | | | (5,245 | ) | | | (0.3 | ) |
| | | | | | | | | | | | |
| | | | | | | (132,506 | ) | | | | |
| | | |
Software | | | | | | | | | | | | |
Salesforce, Inc. | | | 95 | | | | (31,349 | ) | | | (1.9 | ) |
| | | | | | | | | | | | |
| | | |
Textiles, Apparel & Luxury Goods | | | | | | | | | | | | |
Amer Sports, Inc. | | | 3,061 | | | | (80,596 | ) | | | (4.8 | ) |
| | | | | | | | | | | | |
| | | |
Total Reference Entity — Short | | | | | | | (3,417,508 | ) | | | | |
| | | | | | | | | | | | |
| | |
Net Value of Reference Entity —
Barclays Bank PLC | | | $ 1,684,645 | | | | |
| | | | | | | | | | | | |
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates August 18, 2026 to August 19, 2026:
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Reference Entity — Long | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
Aerospace & Defense | | | | | | | | | | | | |
TransDigm Group, Inc. | | | 77 | | | $ | 96,479 | | | | 6.8 | % |
| | | | | | | | | | | | |
| | | |
Automobile Components | | | | | | | | | | | | |
Aptiv PLC | | | 1,905 | | | | 105,785 | | | | 7.5 | |
| | | | | | | | | | | | |
| | | |
Beverages | | | | | | | | | | | | |
Diageo PLC | | | 442 | | | | 52,757 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | |
Broadline Retail | | | | | | | | | | | | |
Amazon.com, Inc. | | | 1,083 | | | | 225,145 | | | | 15.9 | |
| | | | | | | | | | | | |
| | | |
Building Products | | | | | | | | | | | | |
Allegion PLC | | | 831 | | | | 117,038 | | | | 8.2 | |
| | | | | | | | | | | | |
| | | |
Chemicals | | | | | | | | | | | | |
Ecolab, Inc. | | | 340 | | | | 84,582 | | | | 6.0 | |
| | | | | | | | | | | | |
| | | |
Communications Equipment | | | | | | | | | | | | |
Ciena Corp. | | | 855 | | | | 59,611 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | |
Consumer Finance | | | | | | | | | | | | |
Discover Financial Services | | | 58 | | | | 10,581 | | | | 0.7 | |
| | | | | | | | | | | | |
| | | |
Consumer Staples Distribution & Retail | | | | | | | | | | | | |
Dollar General Corp. | | | 2,397 | | | | 185,216 | | | | 13.1 | |
| | | | | | | | | | | | |
| | | |
Diversified Telecommunication Services | | | | | | | | | | | | |
Verizon Communications, Inc. | | | 528 | | | | 23,412 | | | | 1.6 | |
| | | | | | | | | | | | |
| | | |
Electrical Equipment | | | | | | | | | | | | |
AMETEK, Inc. | | | 434 | | | | 84,361 | | | | 5.9 | |
Hubbell, Inc. | | | 70 | | | | 32,206 | | | | 2.3 | |
| | | | | | | | | | | | |
| | | | | | | 116,567 | | | | | |
| | | |
Energy Equipment & Services | | | | | | | | | | | | |
TechnipFMC PLC | | | 495 | | | | 15,528 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | |
Health Care Providers & Services | | | | | | | | | | | | |
CVS Health Corp. | | | 500 | | | | 29,925 | | | | 2.1 | |
| | | | | | | | | | | | |
| | | |
Hotels, Restaurants & Leisure | | | | | | | | | | | | |
Wingstop, Inc. | | | 522 | | | | 171,618 | | | | 12.1 | |
| | | | | | | | | | | | |
| | | |
Industrial REITs | | | | | | | | | | | | |
STAG Industrial, Inc. | | | 1,663 | | | | 61,182 | | | | 4.3 | |
| | | | | | | | | | | | |
| | | |
Insurance | | | | | | | | | | | | |
Assurant, Inc. | | | 117 | | | | 26,571 | | | | 1.9 | |
Fidelity National Financial, Inc., Class A | | | 564 | | | | 35,752 | | | | 2.5 | |
Reinsurance Group of America, Inc. | | | 68 | | | | 15,531 | | | | 1.1 | |
| | | | | | | | | | | | |
| | | | | | | 77,854 | | | | | |
| | |
S C H E D U L E O F I N V E S T M E N T S | | 7 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Interactive Media & Services | | | | | | | | | | | | |
Alphabet, Inc., Class A | | | 274 | | | $ | 46,292 | | | | 3.3 | % |
Meta Platforms, Inc., Class A | | | 149 | | | | 85,574 | | | | 6.0 | |
| | | | | | | | | | | | |
| | | | | | | 131,866 | | | | | |
| | | |
IT Services | | | | | | | | | | | | |
Accenture PLC, Class A | | | 268 | | | | 97,115 | | | | 6.8 | |
| | | | | | | | | | | | |
| | | |
Life Sciences Tools & Services | | | | | | | | | | | | |
Avantor, Inc. | | | 613 | | | | 12,910 | | | | 0.9 | |
Thermo Fisher Scientific, Inc. | | | 249 | | | | 131,878 | | | | 9.3 | |
West Pharmaceutical Services, Inc. | | | 6 | | | | 1,954 | | | | 0.1 | |
| | | | | | | | | | | | |
| | | | | | | 146,742 | | | | | |
| | | |
Media | | | | | | | | | | | | |
Comcast Corp., Class A | | | 8,038 | | | | 347,161 | | | | 24.5 | |
Fox Corp., Class A, NVS | | | 185 | | | | 8,717 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | 355,878 | | | | | |
| | | |
Metals & Mining | | | | | | | | | | | | |
Freeport-McMoRan, Inc. | | | 1,317 | | | | 58,211 | | | | 4.1 | |
| | | | | | | | | | | | |
| | | |
Multi-Utilities | | | | | | | | | | | | |
CMS Energy Corp. | | | 2,934 | | | | 204,529 | | | | 14.4 | |
Dominion Energy, Inc. | | | 2,487 | | | | 146,111 | | | | 10.3 | |
Sempra | | | 468 | | | | 43,838 | | | | 3.1 | |
| | | | | | | | | | | | |
| | | | | | | 394,478 | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
ConocoPhillips | | | 930 | | | | 100,756 | | | | 7.1 | |
Devon Energy Corp. | | | 1,161 | | | | 44,060 | | | | 3.1 | |
Hess Corp. | | | 49 | | | | 7,212 | | | | 0.5 | |
Shell PLC | | | 2,869 | | | | 185,739 | | | | 13.1 | |
| | | | | | | | | | | | |
| | | | | | | 337,767 | | | | | |
| | | |
Pharmaceuticals | | | | | | | | | | | | |
Eli Lilly & Co. | | | 333 | | | | 264,852 | | | | 18.7 | |
Sanofi SA | | | 1,078 | | | | 52,272 | | | | 3.7 | |
| | | | | | | | | | | | |
| | | | | | | 317,124 | | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Dun & Bradstreet Holdings, Inc. | | | 2,849 | | | | 36,182 | | | | 2.6 | |
Robert Half, Inc. | | | 887 | | | | 66,179 | | | | 4.7 | |
SS&C Technologies Holdings, Inc. | | | 100 | | | | 7,734 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | | | | | 110,095 | | | | | |
| | | |
Residential REITs | | | | | | | | | | | | |
AvalonBay Communities, Inc. | | | 350 | | | | 82,372 | | | | 5.8 | |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
Marvell Technology, Inc. | | | 766 | | | | 71,000 | | | | 5.0 | |
Monolithic Power Systems, Inc. | | | 17 | | | | 9,650 | | | | 0.7 | |
Texas Instruments, Inc. | | | 655 | | | | 131,675 | | | | 9.3 | |
| | | | | | | | | | | | |
| | | | | | | 212,325 | | | | | |
| | | |
Software | | | | | | | | | | | | |
Microsoft Corp. | | | 1,238 | | | | 524,243 | | | | 37.0 | |
| | | | | | | | | | | | |
| | | |
Specialty Retail | | | | | | | | | | | | |
Home Depot, Inc. (The) | | | 16 | | | | 6,866 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | |
| Total Reference Entity — Long | | | | | 4,208,362 | | | | |
| | | | | | | | | | | | |
| | | |
Reference Entity — Short | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
| | | |
| Banks | | | | | | | | | |
Fifth Third Bancorp | | | 1,062 | | | | (51,040 | ) | | | (3.6 | ) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Capital Markets | | | | | | | | | | | | |
Ares Management Corp., Class A | | | 51 | | | $ | (9,013 | ) | | | (0.6 | )% |
Raymond James Financial, Inc. | | | 67 | | | | (11,342 | ) | | | (0.8 | ) |
| | | | | | | | | | | | |
| | | | | | | (20,355 | ) | | | | |
| | | |
Chemicals | | | | | | | | | | | | |
Celanese Corp., Class A | | | 896 | | | | (65,596 | ) | | | (4.6 | ) |
Sherwin-Williams Co. (The) | | | 157 | | | | (62,392 | ) | | | (4.4 | ) |
| | | | | | | | | | | | |
| | | | | | | (127,988 | ) | | | | |
| | | |
Commercial Services & Supplies | | | | | | | | | | | | |
GFL Environmental, Inc. | | | 3,024 | | | | (142,430 | ) | | | (10.0 | ) |
Waste Management, Inc. | | | 472 | | | | (107,720 | ) | | | (7.6 | ) |
| | | | | | | | | | | | |
| | | | | | | (250,150 | ) | | | | |
| | | |
Electric Utilities | | | | | | | | | | | | |
Avangrid, Inc. | | | 123 | | | | (4,440 | ) | | | (0.3 | ) |
Duke Energy Corp. | | | 743 | | | | (86,968 | ) | | | (6.1 | ) |
NRG Energy, Inc. | | | 121 | | | | (12,295 | ) | | | (0.9 | ) |
| | | | | | | | | | | | |
| | | | | | | (103,703 | ) | | | | |
| | | |
Electrical Equipment | | | | | | | | | | | | |
Rockwell Automation, Inc. | | | 272 | | | | (80,278 | ) | | | (5.7 | ) |
| | | | | | | | | | | | |
| | | |
Electronic Equipment, Instruments & | | | | | | | | | | | | |
| Components | | | | | | | | | |
CDW Corp. | | | 209 | | | | (36,769 | ) | | | (2.6 | ) |
| | | | | | | | | | | | |
| | | |
Financial Services | | | | | | | | | | | | |
Fiserv, Inc. | | | 271 | | | | (59,880 | ) | | | (4.2 | ) |
Jackson Financial, Inc., Class A | | | 905 | | | | (90,672 | ) | | | (6.4 | ) |
| | | | | | | | | | | | |
| | | | | | | (150,552 | ) | | | | |
| | | |
Health Care Equipment & Supplies | | | | | | | | | | | | |
DENTSPLY SIRONA, Inc. | | | 408 | | | | (8,017 | ) | | | (0.6 | ) |
TransMedics Group, Inc. | | | 285 | | | | (24,713 | ) | | | (1.7 | ) |
Zimmer Biomet Holdings, Inc. | | | 573 | | | | (64,233 | ) | | | (4.5 | ) |
| | | | | | | | | | | | |
| | | | | | | (96,963 | ) | | | | |
| | | |
Health Care Providers & Services | | | | | | | | | | | | |
DaVita, Inc. | | | 971 | | | | (161,351 | ) | | | (11.4 | ) |
Universal Health Services, Inc., Class B | | | 156 | | | | (31,980 | ) | | | (2.2 | ) |
| | | | | | | | | | | | |
| | | | | | | (193,331 | ) | | | | |
| | | |
Health Care Technology | | | | | | | | | | | | |
Veeva Systems, Inc., Class A | | | 317 | | | | (72,228 | ) | | | (5.1 | ) |
| | | | | | | | | | | | |
| | | |
Hotels, Restaurants & Leisure | | | | | | | | | | | | |
Airbnb, Inc., Class A | | | 356 | | | | (48,455 | ) | | | (3.4 | ) |
| | | | | | | | | | | | |
| | | |
Insurance | | | | | | | | | | | | |
Aflac, Inc. | | | 529 | | | | (60,306 | ) | | | (4.3 | ) |
American International Group, Inc. | | | 793 | | | | (60,966 | ) | | | (4.3 | ) |
Arthur J Gallagher & Co. | | | 215 | | | | (67,131 | ) | | | (4.7 | ) |
| | | | | | | | | | | | |
| | | | | | | (188,403 | ) | | | | |
| | | |
Life Sciences Tools & Services | | | | | | | | | | | | |
Charles River Laboratories International, Inc. | | | 530 | | | | (105,502 | ) | | | (7.4 | ) |
| | | | | | | | | | | | |
| | | |
Media | | | | | | | | | | | | |
Trade Desk, Inc. (The), Class A | | | 83 | | | | (10,670 | ) | | | (0.8 | ) |
| | | | | | | | | | | | |
| | | |
Multi-Utilities | | | | | | | | | | | | |
Public Service Enterprise Group, Inc. | | | 645 | | | | (60,824 | ) | | | (4.3 | ) |
| | | | | | | | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
Antero Resources Corp. | | | 3,057 | | | | (99,933 | ) | | | (7.1 | ) |
CNX Resources Corp. | | | 909 | | | | (36,833 | ) | | | (2.6 | ) |
| | |
| 8 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Oil, Gas & Consumable Fuels (continued) | | | | | | | | | | | | |
Exxon Mobil Corp. | | | 687 | | | $ | (81,039 | ) | | | (5.7 | )% |
Murphy Oil Corp. | | | 5,830 | | | | (189,300 | ) | | | (13.4 | ) |
Range Resources Corp. | | | 849 | | | | (30,343 | ) | | | (2.1 | ) |
| | | | | | | | | | | | |
| | | | | | | (437,448 | ) | | | | |
| | | |
Pharmaceuticals | | | | | | | | | | | | |
Johnson & Johnson | | | 710 | | | | (110,057 | ) | | | (7.7 | ) |
Organon & Co. | | | 5,512 | | | | (87,476 | ) | | | (6.2 | ) |
Viatris, Inc. | | | 3,212 | | | | (42,045 | ) | | | (3.0 | ) |
| | | | | | | | | | | | |
| | | | | | | (239,578 | ) | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Paycom Software, Inc. | | | 78 | | | | (18,090 | ) | | | (1.3 | ) |
| | | | | | | | | | | | |
| | | |
Real Estate Management & Development | | | | | | | | | | | | |
CoStar Group, Inc. | | | 2,840 | | | | (231,006 | ) | | | (16.3 | ) |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
Advanced Micro Devices, Inc. | | | 95 | | | | (13,032 | ) | | | (0.9 | ) |
Allegro MicroSystems, Inc. | | | 2,569 | | | | (55,824 | ) | | | (3.9 | ) |
NXP Semiconductors NV | | | 257 | | | | (58,948 | ) | | | (4.2 | ) |
| | | | | | | | | | | | |
| | | | | | | (127,804 | ) | | | | |
| | | |
Software | | | | | | | | | | | | |
PTC, Inc. | | | 152 | | | | (30,409 | ) | | | (2.2 | ) |
Salesforce, Inc. | | | 82 | | | | (27,059 | ) | | | (1.9 | ) |
| | | | | | | | | | | | |
| | | | | | | (57,468 | ) | | | | |
| | | |
Trading Companies & Distributors | | | | | | | | | | | | |
Core & Main, Inc., Class A | | | 1,675 | | | | (81,321 | ) | | | (5.7 | ) |
| | | | | | | | | | | | |
| | | |
Total Reference Entity — Short | | | | | | | (2,789,926 | ) | | | | |
| | | | | | | | | | | | |
| | |
Net Value of Reference Entity —
Goldman Sachs Bank USA | | | $ 1,418,436 | | | | |
| | | | | | | | | | | | |
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 9, 2028:
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Reference Entity — Long | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
| | | |
| Aerospace & Defense | | | | | | | | | |
RTX Corp. | | | 485 | | | $ | 59,088 | | | | 4.3 | % |
| | | | | | | | | | | | |
| | | |
Automobiles | | | | | | | | | | | | |
General Motors Co. | | | 65 | | | | 3,613 | | | | 0.3 | |
| | | | | | | | | | | | |
| | | |
Banks | | | | | | | | | | | | |
Citigroup, Inc. | | | 1,141 | | | | 80,863 | | | | 5.9 | |
M&T Bank Corp. | | | 246 | | | | 54,117 | | | | 3.9 | |
Wells Fargo & Co. | | | 1,712 | | | | 130,403 | | | | 9.4 | |
| | | | | | | | | | | | |
| | | | | | | 265,383 | | | | | |
| | | |
Beverages | | | | | | | | | | | | |
Diageo PLC | | | 24 | | | | 2,865 | | | | 0.2 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Building Products | | | | | | | | | | | | |
Allegion PLC | | | 308 | | | $ | 43,379 | | | | 3.2 | % |
| | | | | | | | | | | | |
| | | |
Capital Markets | | | | | | | | | | | | |
Moody’s Corp. | | | 36 | | | | 17,999 | | | | 1.3 | |
UBS Group AG, Registered Shares | | | 1,927 | | | | 62,319 | | | | 4.5 | |
| | | | | | | | | | | | |
| | | | | | | 80,318 | | | | | |
| | | |
Commercial Services & Supplies | | | | | | | | | | | | |
Veralto Corp. | | | 553 | | | | 59,829 | | | | 4.3 | |
| | | | | | | | | | | | |
| | | |
Construction & Engineering | | | | | | | | | | | | |
Comfort Systems U.S.A., Inc. | | | 68 | | | | 33,542 | | | | 2.4 | |
| | | | | | | | | | | | |
| | | |
Consumer Finance | | | | | | | | | | | | |
Discover Financial Services | | | 339 | | | | 61,844 | | | | 4.5 | |
| | | | | | | | | | | | |
| | | |
Electric Utilities | | | | | | | | | | | | |
PG&E Corp. | | | 4,424 | | | | 95,691 | | | | 6.9 | |
| | | | | | | | | | | | |
| | | |
Electrical Equipment | | | | | | | | | | | | |
AMETEK, Inc. | | | 116 | | | | 22,548 | | | | 1.6 | |
Hubbell, Inc. | | | 327 | | | | 150,450 | | | | 10.9 | |
| | | | | | | | | | | | |
| | | | | | | 172,998 | | | | | |
| | | |
Energy Equipment & Services | | | | | | | | | | | | |
TechnipFMC PLC | | | 4,279 | | | | 134,232 | | | | 9.7 | |
| | | | | | | | | | | | |
| | | |
Health Care Equipment & Supplies | | | | | | | | | | | | |
Alcon AG | | | 1,497 | | | | 133,009 | | | | 9.6 | |
Baxter International, Inc. | | | 2,984 | | | | 100,591 | | | | 7.3 | |
Boston Scientific Corp. | | | 670 | | | | 60,742 | | | | 4.4 | |
Medtronic PLC | | | 1,182 | | | | 102,290 | | | | 7.4 | |
| | | | | | | | | | | | |
| | | | | | | 396,632 | | | | | |
| | | |
Health Care Providers & Services | | | | | | | | | | | | |
Cardinal Health, Inc. | | | 622 | | | | 76,033 | | | | 5.5 | |
| | | | | | | | | | | | |
| | | |
Insurance | | | | | | | | | | | | |
Allstate Corp. (The) | | | 27 | | | | 5,600 | | | | 0.4 | |
Assurant, Inc. | | | 82 | | | | 18,622 | | | | 1.3 | |
Fidelity National Financial, Inc., Class A | | | 2,170 | | | | 137,556 | | | | 10.0 | |
Reinsurance Group of America, Inc. | | | 260 | | | | 59,384 | | | | 4.3 | |
| | | | | | | | | | | | |
| | | | | | | 221,162 | | | | | |
| | | |
Interactive Media & Services | | | | | | | | | | | | |
Alphabet, Inc., Class A | | | 272 | | | | 45,955 | | | | 3.3 | |
Meta Platforms, Inc., Class A | | | 41 | | | | 23,547 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | 69,502 | | | | | |
| | | |
Life Sciences Tools & Services | | | | | | | | | | | | |
Avantor, Inc. | | | 73 | | | | 1,537 | | | | 0.1 | |
Fortrea Holdings, Inc. | | | 2,872 | | | | 60,456 | | | | 4.4 | |
Thermo Fisher Scientific, Inc. | | | 429 | | | | 227,211 | | | | 16.4 | |
West Pharmaceutical Services, Inc. | | | 204 | | | | 66,439 | | | | 4.8 | |
| | | | | | | | | | | | |
| | | | | | | 355,643 | | | | | |
| | | |
Multi-Utilities | | | | | | | | | | | | |
Sempra | | | 148 | | | | 13,863 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
Cenovus Energy, Inc. | | | 3,449 | | | | 54,391 | | | | 3.9 | |
Chevron Corp. | | | 780 | | | | 126,305 | | | | 9.1 | |
ConocoPhillips | | | 79 | | | | 8,559 | | | | 0.6 | |
Devon Energy Corp. | | | 20 | | | | 759 | | | | 0.1 | |
| | |
S C H E D U L E O F I N V E S T M E N T S | | 9 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Oil, Gas & Consumable Fuels (continued) | | | | | | | | | | | | |
Shell PLC | | | 141 | | | $ | 9,128 | | | | 0.7 | % |
Suncor Energy, Inc. | | | 3,044 | | | | 120,177 | | | | 8.7 | |
| | | | | | | | | | | | |
| | | | | | | 319,319 | | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Dun & Bradstreet Holdings, Inc. | | | 3,230 | | | | 41,021 | | | | 3.0 | |
Equifax, Inc. | | | 373 | | | | 97,562 | | | | 7.1 | |
SS&C Technologies Holdings, Inc. | | | 2,079 | | | | 160,790 | | | | 11.6 | |
| | | | | | | | | | | | |
| | | | | | | 299,373 | | | | | |
| | | |
Residential REITs | | | | | | | | | | | | |
Mid-America Apartment Communities, Inc. | | | 300 | | | | 49,248 | | | | 3.6 | |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
Applied Materials, Inc. | | | 323 | | | | 56,432 | | | | 4.1 | |
ASML Holding NV, Registered Shares | | | 118 | | | | 81,020 | | | | 5.8 | |
Broadcom, Inc. | | | 364 | | | | 58,997 | | | | 4.3 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 464 | | | | 85,682 | | | | 6.2 | |
| | | | | | | | | | | | |
| | | | | | | 282,131 | | | | | |
| | | |
Software | | | | | | | | | | | | |
Cadence Design Systems, Inc. | | | 749 | | | | 229,801 | | | | 16.6 | |
Nice Ltd. | | | 594 | | | | 108,369 | | | | 7.9 | |
| | | | | | | | | | | | |
| | | | | | | 338,170 | | | | | |
| | | |
Specialty Retail | | | | | | | | | | | | |
Burlington Stores, Inc. | | | 206 | | | | 58,067 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | |
Technology Hardware, Storage & Peripherals | | | | | | | | | | | | |
Apple Inc. | | | 1,953 | | | | 463,505 | | | | 33.6 | |
| | | | | | | | | | | | |
| | | |
Textiles, Apparel & Luxury Goods | | | | | | | | | | | | |
NIKE, Inc., Class B | | | 866 | | | | 68,215 | | | | 4.9 | |
| | | | | | | | | | | | |
| | | |
Trading Companies & Distributors | | | | | | | | | | | | |
United Rentals, Inc. | | | 118 | | | | 102,188 | | | | 7.4 | |
| | | | | | | | | | | | |
| | | |
| Total Reference Entity — Long | | | | | 4,125,833 | | | | |
| | | | | | | | | | | | |
| | | |
Reference Entity — Short | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
| | | |
| Banks | | | | | | | | | |
Fifth Third Bancorp | | | 301 | | | | (14,466 | ) | | | (1.0 | ) |
Western Alliance Bancorp | | | 2,078 | | | | (194,522 | ) | | | (14.1 | ) |
| | | | | | | | | | | | |
| | | | | | | (208,988 | ) | | | | |
| | | |
Biotechnology | | | | | | | | | | | | |
Gilead Sciences, Inc. | | | 783 | | | | (72,490 | ) | | | (5.2 | ) |
| | | | | | | | | | | | |
| | | |
Capital Markets | | | | | | | | | | | | |
Blackstone, Inc., Class A | | | 646 | | | | (123,444 | ) | | | (8.9 | ) |
LPL Financial Holdings, Inc. | | | 11 | | | | (3,576 | ) | | | (0.3 | ) |
Raymond James Financial, Inc. | | | 817 | | | | (138,302 | ) | | | (10.0 | ) |
| | | | | | | | | | | | |
| | | | | | | (265,322 | ) | | | | |
| | | |
Chemicals | | | | | | | | | | | | |
Linde PLC | | | 52 | | | | (23,971 | ) | | | (1.7 | ) |
| | | | | | | | | | | | |
| | | |
Communications Equipment | | | | | | | | | | | | |
F5, Inc. | | | 160 | | | | (40,056 | ) | | | (2.9 | ) |
| | | | | | | | | | | | |
| | | |
Consumer Finance | | | | | | | | | | | | |
American Express Co. | | | 218 | | | | (66,420 | ) | | | (4.8 | ) |
| | | | | | | | | | | | |
| | | |
Distributors | | | | | | | | | | | | |
Pool Corp. | | | 154 | | | | (58,072 | ) | | | (4.2 | ) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Electric Utilities | | | | | | | | | | | | |
Duke Energy Corp. | | | 38 | | | $ | (4,448 | ) | | | (0.3 | )% |
NRG Energy, Inc. | | | 1,408 | | | | (143,067 | ) | | | (10.4 | ) |
| | | | | | | | | | | | |
| | | | | | | (147,515 | ) | | | | |
| | | |
Electrical Equipment | | | | | | | | | | | | |
Rockwell Automation, Inc. | | | 90 | | | | (26,563 | ) | | | (1.9 | ) |
| | | | | | | | | | | | |
| | | |
Food Products | | | | | | | | | | | | |
Conagra Brands, Inc. | | | 2,831 | | | | (77,994 | ) | | | (5.6 | ) |
The Campbell’s Co. | | | 1,272 | | | | (58,766 | ) | | | (4.3 | ) |
| | | | | | | | | | | | |
| | | | | | | (136,760 | ) | | | | |
| | | |
Health Care Equipment & Supplies | | | | | | | | | | | | |
Envista Holdings Corp. | | | 2,829 | | | | (63,059 | ) | | | (4.6 | ) |
TransMedics Group, Inc. | | | 444 | | | | (38,499 | ) | | | (2.8 | ) |
| | | | | | | | | | | | |
| | | | | | | (101,558 | ) | | | | |
| | | |
Hotels, Restaurants & Leisure | | | | | | | | | | | | |
Airbnb, Inc., Class A | | | 514 | | | | (69,960 | ) | | | (5.1 | ) |
| | | | | | | | | | | | |
| | | |
Independent Power and Renewable Electricity | | | | | | | | | | | | |
| Producers | | | | | | | | | |
AES Corp. (The) | | | 1,567 | | | | (20,434 | ) | | | (1.5 | ) |
| | | | | | | | | | | | |
| | | |
Insurance | | | | | | | | | | | | |
Aon PLC, Class A | | | 39 | | | | (15,270 | ) | | | (1.1 | ) |
| | | | | | | | | | | | |
| | | |
IT Services | | | | | | | | | | | | |
Globant SA | | | 260 | | | | (59,218 | ) | | | (4.3 | ) |
International Business Machines Corp. | | | 66 | | | | (15,009 | ) | | | (1.1 | ) |
| | | | | | | | | | | | |
| | | | | | | (74,227 | ) | | | | |
| | | |
Media | | | | | | | | | | | | |
Trade Desk, Inc. (The), Class A | | | 1,054 | | | | (135,492 | ) | | | (9.8 | ) |
| | | | | | | | | | | | |
| | | |
Multi-Utilities | | | | | | | | | | | | |
CenterPoint Energy, Inc. | | | 68 | | | | (2,218 | ) | | | (0.2 | ) |
| | | | | | | | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
CNX Resources Corp. | | | 7,685 | | | | (311,396 | ) | | | (22.5 | ) |
Coterra Energy, Inc. | | | 1,330 | | | | (35,538 | ) | | | (2.6 | ) |
Exxon Mobil Corp. | | | 1,471 | | | | (173,519 | ) | | | (12.6 | ) |
Range Resources Corp. | | | 248 | | | | (8,863 | ) | | | (0.6 | ) |
| | | | | | | | | | | | |
| | | | | | | (529,316 | ) | | | | |
| | | |
Pharmaceuticals | | | | | | | | | | | | |
Bristol-Myers Squibb Co. | | | 392 | | | | (23,214 | ) | | | (1.7 | ) |
Organon & Co. | | | 327 | | | | (5,190 | ) | | | (0.4 | ) |
| | | | | | | | | | | | |
| | | | | | | (28,404 | ) | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Paycom Software, Inc. | | | 304 | | | | (70,504 | ) | | | (5.1 | ) |
Paylocity Holding Corp. | | | 286 | | | | (59,356 | ) | | | (4.3 | ) |
Thomson Reuters Corp. | | | 1 | | | | (163 | ) | | | (0.0 | ) |
UL Solutions, Inc., Class A | | | 1,085 | | | | (58,297 | ) | | | (4.2 | ) |
| | | | | | | | | | | | |
| | | | | | | (188,320 | ) | | | | |
| | | |
Real Estate Management & Development | | | | | | | | | | | | |
CBRE Group, Inc., Class A | | | 267 | | | | (37,377 | ) | | | (2.7 | ) |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
Advanced Micro Devices, Inc. | | | 39 | | | | (5,350 | ) | | | (0.4 | ) |
Allegro MicroSystems, Inc. | | | 1,962 | | | | (42,634 | ) | | | (3.1 | ) |
Lam Research Corp. | | | 1,710 | | | | (126,335 | ) | | | (9.1 | ) |
Lattice Semiconductor Corp. | | | 3,001 | | | | (170,307 | ) | | | (12.3 | ) |
| | | | | | | | | | | | |
| | | | | | | (344,626 | ) | | | | |
| | |
| 10 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Software | | | | | | | | | | | | |
PTC, Inc. | | | 118 | | | $ | (23,607 | ) | | | (1.7 | )% |
| | | | | | | | | | | | |
| | | |
Textiles, Apparel & Luxury Goods | | | | | | | | | | | | |
Lululemon Athletica, Inc. | | | 188 | | | | (60,284 | ) | | | (4.4 | ) |
| | | | | | | | | | | | |
| | | |
Trading Companies & Distributors | | | | | | | | | | | | |
FTAI Aviation Ltd. | | | 395 | | | | (66,684 | ) | | | (4.8 | ) |
| | | | | | | | | | | | |
| | | |
Total Reference Entity — Short | | | | | | | (2,743,934 | ) | | | | |
| | | | | | | | | | | | |
| | |
Net Value of Reference Entity —
HSBC Bank PLC | | | $ 1,381,899 | | | | |
| | | | | | | | | | | | |
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Merrill Lynch International as of period end, termination date June 15, 2028:
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Reference Entity — Long | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
| | | |
| Automobile Components | | | | | | | | | |
Lear Corp. | | | 807 | | | $ | 78,957 | | | | 5.2 | % |
| | | | | | | | | | | | |
| | | |
Banks | | | | | | | | | | | | |
Citigroup, Inc. | | | 2,180 | | | | 154,496 | | | | 10.2 | |
Citizens Financial Group, Inc. | | | 4,113 | | | | 198,000 | | | | 13.1 | |
| | | | | | | | | | | | |
| | | | | | | 352,496 | | | | | |
| | | |
Biotechnology | | | | | | | | | | | | |
Biogen, Inc. | | | 735 | | | | 118,063 | | | | 7.8 | |
| | | | | | | | | | | | |
| | | |
Broadline Retail | | | | | | | | | | | | |
Amazon.com, Inc. | | | 519 | | | | 107,895 | | | | 7.1 | |
| | | | | | | | | | | | |
| | | |
Capital Markets | | | | | | | | | | | | |
Franklin Resources, Inc. | | | 3,730 | | | | 84,895 | | | | 5.6 | |
Intercontinental Exchange, Inc. | | | 856 | | | | 137,782 | | | | 9.1 | |
Invesco Ltd. | | | 5,024 | | | | 90,884 | | | | 6.0 | |
Moody’s Corp. | | | 151 | | | | 75,497 | | | | 5.0 | |
Nasdaq, Inc. | | | 1,060 | | | | 87,969 | | | | 5.8 | |
| | | | | | | | | | | | |
| | | | | | | 477,027 | | | | | |
| | | |
Commercial Services & Supplies | | | | | | | | | | | | |
Rollins, Inc. | | | 1,171 | | | | 58,936 | | | | 3.9 | |
Waste Connections, Inc. | | | 959 | | | | 184,579 | | | | 12.2 | |
| | | | | | | | | | | | |
| | | | | | | 243,515 | | | | | |
| | | |
Communications Equipment | | | | | | | | | | | | |
Cisco Systems, Inc. | | | 489 | | | | 28,954 | | | | 1.9 | |
| | | | | | | | | | | | |
| | | |
Construction Materials | | | | | | | | | | | | |
Vulcan Materials Co. | | | 29 | | | | 8,356 | | | | 0.5 | |
| | | | | | | | | | | | |
| | | |
Consumer Finance | | | | | | | | | | | | |
Capital One Financial Corp. | | | 69 | | | | 13,249 | | | | 0.9 | |
| | | | | | | | | | | | |
| | | |
Containers & Packaging | | | | | | | | | | | | |
Sealed Air Corp. | | | 1,639 | | | | 59,987 | | | | 4.0 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Electric Utilities | | | | | | | | | | | | |
Entergy Corp. | | | 414 | | | $ | 64,655 | | | | 4.3 | % |
PG&E Corp. | | | 1,194 | | | | 25,826 | | | | 1.7 | |
| | | | | | | | | | | | |
| | | | | | | 90,481 | | | | | |
| | | |
Energy Equipment & Services | | | | | | | | | | | | |
TechnipFMC PLC | | | 510 | | | | 15,999 | | | | 1.0 | |
| | | | | | | | | | | | |
| | | |
Health Care Equipment & Supplies | | | | | | | | | | | | |
Boston Scientific Corp. | | | 1,379 | | | | 125,020 | | | | 8.2 | |
Intuitive Surgical, Inc. | | | 117 | | | | 63,414 | | | | 4.2 | |
| | | | | | | | | | | | |
| | | | | | | 188,434 | | | | | |
| | | |
Health Care Providers & Services | | | | | | | | | | | | |
Cardinal Health, Inc. | | | 52 | | | | 6,356 | | | | 0.4 | |
CVS Health Corp. | | | 1,563 | | | | 93,545 | | | | 6.2 | |
Elevance Health, Inc. | | | 184 | | | | 74,881 | | | | 4.9 | |
HCA Healthcare, Inc. | | | 198 | | | | 64,790 | | | | 4.3 | |
| | | | | | | | | | | | |
| | | | | | | 239,572 | | | | | |
| | | |
Hotels, Restaurants & Leisure | | | | | | | | | | | | |
Flutter Entertainment PLC | | | 269 | | | | 74,330 | | | | 4.9 | |
Wingstop, Inc. | | | 181 | | | | 59,507 | | | | 3.9 | |
| | | | | | | | | | | | |
| | | | | | | 133,837 | | | | | |
| | | |
Insurance | | | | | | | | | | | | |
Allstate Corp. (The) | | | 658 | | | | 136,462 | | | | 9.0 | |
Assurant, Inc. | | | 317 | | | | 71,991 | | | | 4.8 | |
Reinsurance Group of America, Inc. | | | 40 | | | | 9,136 | | | | 0.6 | |
| | | | | | | | | | | | |
| | | | | | | 217,589 | | | | | |
| | | |
Interactive Media & Services | | | | | | | | | | | | |
Alphabet, Inc., Class A | | | 2,513 | | | | 424,571 | | | | 28.0 | |
| | | | | | | | | | | | |
| | | |
IT Services | | | | | | | | | | | | |
Accenture PLC, Class A | | | 437 | | | | 158,356 | | | | 10.4 | |
| | | | | | | | | | | | |
| | | |
Leisure Products | | | | | | | | | | | | |
Hasbro, Inc. | | | 2,210 | | | | 143,982 | | | | 9.5 | |
| | | | | | | | | | | | |
| | | |
Multi-Utilities | | | | | | | | | | | | |
Sempra | | | 744 | | | | 69,691 | | | | 4.6 | |
| | | | | | | | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
BP PLC | | | 4,015 | | | | 117,680 | | | | 7.8 | |
Cenovus Energy, Inc. | | | 2,878 | | | | 45,386 | | | | 3.0 | |
Chevron Corp. | | | 980 | | | | 158,691 | | | | 10.5 | |
EOG Resources, Inc. | | | 1,531 | | | | 204,021 | | | | 13.4 | |
| | | | | | | | | | | | |
| | | | | | | 525,778 | | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Equifax, Inc. | | | 205 | | | | 53,620 | | | | 3.5 | |
Maximus, Inc. | | | 753 | | | | 56,098 | | | | 3.7 | |
SS&C Technologies Holdings, Inc. | | | 1,035 | | | | 80,047 | | | | 5.3 | |
| | | | | | | | | | | | |
| | | | | | | 189,765 | | | | | |
| | | |
Residential REITs | | | | | | | | | | | | |
Mid-America Apartment Communities, Inc. | | | 71 | | | | 11,655 | | | | 0.8 | |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
Applied Materials, Inc. | | | 36 | | | | 6,290 | | | | 0.4 | |
Micron Technology, Inc. | | | 2,033 | | | | 199,132 | | | | 13.1 | |
| | | | | | | | | | | | |
| | | | | | | 205,422 | | | | | |
| | | |
Software | | | | | | | | | | | | |
Confluent, Inc., Class A | | | 2,505 | | | | 77,254 | | | | 5.1 | |
| | |
S C H E D U L E O F I N V E S T M E N T S | | 11 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Software (continued) | | | | | | | | | | | | |
Gitlab, Inc., Class A | | | 904 | | | $ | 57,630 | | | | 3.8 | % |
Oracle Corp. | | | 1,130 | | | | 208,869 | | | | 13.8 | |
| | | | | | | | | | | | |
| | | | | | | 343,753 | | | | | |
| | | |
Specialty Retail | | | | | | | | | | | | |
Home Depot, Inc. (The) | | | 282 | | | | 121,015 | | | | 8.0 | |
| | | | | | | | | | | | |
| | | |
Trading Companies & Distributors | | | | | | | | | | | | |
United Rentals, Inc. | | | 9 | | | | 7,794 | | | | 0.5 | |
| | | | | | | | | | | | |
| | |
| Total Reference Entity — Long | | | 4,576,193 | | | | |
| | | | | | | | | | | | |
| | | |
Reference Entity — Short | | | | | | | | | | | | |
| | | |
| Common Stocks | | | | | | | | | |
| | | |
| Automobile Components | | | | | | | | | |
Magna International, Inc. | | | 1,291 | | | | (58,276 | ) | | | (3.8 | ) |
| | | | | | | | | | | | |
| | | |
Banks | | | | | | | | | | | | |
Fifth Third Bancorp | | | 406 | | | | (19,512 | ) | | | (1.3 | ) |
Truist Financial Corp. | | | 2,414 | | | | (115,100 | ) | | | (7.6 | ) |
| | | | | | | | | | | | |
| | | | | | | (134,612 | ) | | | | |
| | | |
Biotechnology | | | | | | | | | | | | |
Exact Sciences Corp. | | | 175 | | | | (10,864 | ) | | | (0.7 | ) |
| | | | | | | | | | | | |
| | | |
Capital Markets | | | | | | | | | | | | |
Ares Management Corp., Class A | | | 638 | | | | (112,754 | ) | | | (7.5 | ) |
Goldman Sachs Group, Inc. (The) | | | 105 | | | | (63,900 | ) | | | (4.2 | ) |
| | | | | | | | | | | | |
| | | | | | | (176,654 | ) | | | | |
| | | |
Commercial Services & Supplies | | | | | | | | | | | | |
GFL Environmental, Inc. | | | 1,025 | | | | (48,277 | ) | | | (3.2 | ) |
| | | | | | | | | | | | |
| | | |
Diversified Telecommunication Services | | | | | | | | | | | | |
AT&T Inc. | | | 5,499 | | | | (127,357 | ) | | | (8.4 | ) |
| | | | | | | | | | | | |
| | | |
Electric Utilities | | | | | | | | | | | | |
Southern Co. (The) | | | 1,464 | | | | (130,486 | ) | | | (8.6 | ) |
| | | | | | | | | | | | |
| | | |
Electrical Equipment | | | | | | | | | | | | |
Emerson Electric Co. | | | 471 | | | | (62,455 | ) | | | (4.1 | ) |
| | | | | | | | | | | | |
| | | |
Electronic Equipment, Instruments & Components | | | | | | | | | | | | |
CDW Corp. | | | 122 | | | | (21,463 | ) | | | (1.4 | ) |
| | | | | | | | | | | | |
| | | |
Energy Equipment & Services | | | | | | | | | | | | |
Schlumberger NV | | | 1,889 | | | | (83,003 | ) | | | (5.5 | ) |
| | | | | | | | | | | | |
| | | |
Food Products | | | | | | | | | | | | |
J M Smucker Co. (The) | | | 926 | | | | (109,073 | ) | | | (7.2 | ) |
The Campbell’s Co. | | | 45 | | | | (2,079 | ) | | | (0.1 | ) |
| | | | | | | | | | | | |
| | | | | | | (111,152 | ) | | | | |
| | | |
Ground Transportation | | | | | | | | | | | | |
Canadian National Railway Co. | | | 987 | | | | (110,238 | ) | | | (7.3 | ) |
Norfolk Southern Corp. | | | 430 | | | | (118,615 | ) | | | (7.8 | ) |
| | | | | | | | | | | | |
| | | | | | | (228,853 | ) | | | | |
| | | |
Health Care Equipment & Supplies | | | | | | | | | | | | |
DENTSPLY SIRONA, Inc. | | | 986 | | | | (19,375 | ) | | | (1.3 | ) |
Envista Holdings Corp. | | | 4,192 | | | | (93,440 | ) | | | (6.1 | ) |
| | | | | | | | | | | | |
| | | | | | | (112,815 | ) | | | | |
| | | | | | | | | | | | |
| |
| | | Shares | | | Value | | | % of
Basket
Value | |
| |
| | | |
Health Care Providers & Services | | | | | | | | | | | | |
Centene Corp. | | | 977 | | | $ | (58,620 | ) | | | (3.9 | )% |
Henry Schein, Inc. | | | 351 | | | | (27,044 | ) | | | (1.8 | ) |
Universal Health Services, Inc., Class B | | | 320 | | | | (65,600 | ) | | | (4.3 | ) |
| | | | | | | | | | | | |
| | | | | | | (151,264 | ) | | | | |
| | | |
Health Care Technology | | | | | | | | | | | | |
Veeva Systems, Inc., Class A | | | 56 | | | | (12,760 | ) | | | (0.8 | ) |
| | | | | | | | | | | | |
| | | |
Hotels, Restaurants & Leisure | | | | | | | | | | | | |
Domino’s Pizza, Inc. | | | 194 | | | | (92,381 | ) | | | (6.1 | ) |
| | | | | | | | | | | | |
| | | |
IT Services | | | | | | | | | | | | |
International Business Machines Corp. | | | 923 | | | | (209,899 | ) | | | (13.9 | ) |
| | | | | | | | | | | | |
| | | |
Machinery | | | | | | | | | | | | |
RBC Bearings, Inc. | | | 302 | | | | (101,203 | ) | | | (6.7 | ) |
| | | | | | | | | | | | |
| | | |
Media | | | | | | | | | | | | |
Trade Desk, Inc. (The), Class A | | | 65 | | | | (8,356 | ) | | | (0.6 | ) |
| | | | | | | | | | | | |
| | | |
Oil, Gas & Consumable Fuels | | | | | | | | | | | | |
Coterra Energy, Inc. | | | 893 | | | | (23,861 | ) | | | (1.6 | ) |
Diamondback Energy, Inc. | | | 671 | | | | (119,163 | ) | | | (7.8 | ) |
Enbridge, Inc. | | | 5,489 | | | | (238,113 | ) | | | (15.7 | ) |
Expand Energy Corp. | | | 1,595 | | | | (157,841 | ) | | | (10.4 | ) |
Exxon Mobil Corp. | | | 124 | | | | (14,627 | ) | | | (1.0 | ) |
Murphy Oil Corp. | | | 233 | | | | (7,566 | ) | | | (0.5 | ) |
PBF Energy, Inc., Class A | | | 1,888 | | | | (59,453 | ) | | | (3.9 | ) |
Range Resources Corp. | | | 2,911 | | | | (104,039 | ) | | | (6.9 | ) |
| | | | | | | | | | | | |
| | | | | | | (724,663 | ) | | | | |
| | | |
Pharmaceuticals | | | | | | | | | | | | |
Organon & Co. | | | 3,157 | | | | (50,101 | ) | | | (3.3 | ) |
Viatris, Inc. | | | 4,485 | | | | (58,709 | ) | | | (3.9 | ) |
| | | | | | | | | | | | |
| | | | | | | (108,810 | ) | | | | |
| | | |
Professional Services | | | | | | | | | | | | |
Paycom Software, Inc. | | | 186 | | | | (43,137 | ) | | | (2.8 | ) |
| | | | | | | | | | | | |
| | | |
Real Estate Management & Development | | | | | | | | | | | | |
CBRE Group, Inc., Class A | | | 292 | | | | (40,877 | ) | | | (2.7 | ) |
| | | | | | | | | | | | |
| | | |
Semiconductors & Semiconductor Equipment | | | | | | | | | | | | |
ON Semiconductor Corp. | | | 829 | | | | (58,958 | ) | | | (3.9 | ) |
| | | | | | | | | | | | |
| | | |
Software | | | | | | | | | | | | |
Asana, Inc., Class A | | | 4,915 | | | | (75,249 | ) | | | (5.0 | ) |
Procore Technologies, Inc. | | | 870 | | | | (70,644 | ) | | | (4.7 | ) |
PTC, Inc. | | | 269 | | | | (53,816 | ) | | | (3.5 | ) |
| | | | | | | | | | | | |
| | | | | | | (199,709 | ) | | | | |
| | | |
Textiles, Apparel & Luxury Goods | | | | | | | | | | | | |
Lululemon Athletica, Inc. | | | 7 | | | | (2,245 | ) | | | (0.1 | ) |
| | | | | | | | | | | | |
| | | |
Total Reference Entity — Short | | | | | | | (3,060,529 | ) | | | | |
| | | | | | | | | | | | |
| | |
Net Value of Reference Entity —
Merrill Lynch International | | | $ 1,515,664 | | | | |
| | | | | | | | | | | | |
| | |
| 12 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
Balances Reported in the Statement of Assets and Liabilities for OTC Swaps
| | | | | | | | | | | | | | | | |
| | | Swap
Premiums
Paid | | | Swap
Premiums
Received | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
OTC Swaps | | $ | — | | | $ | — | | | $ | — | | | $ | (184,110 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other Contracts | | | Total | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 26,801 | | | $ | — | | | $ | — | | | $ | — | | | $ | 26,801 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | 17 | | | $ | — | | | $ | — | | | $ | — | | | $ | 17 | |
Swaps — OTC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on OTC swaps;
Swap premiums received | | | — | | | | — | | | | 184,110 | | | | — | | | | — | | | | — | | | | 184,110 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | — | | | $ | 184,127 | | | $ | — | | | $ | — | | | $ | — | | | $ | 184,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the period ended November 30, 2024, the effect of derivative financial instruments in the Statement of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Commodity Contracts | | | Credit Contracts | | | Equity Contracts | | | Foreign Currency Exchange Contracts | | | Interest Rate Contracts | | | Other Contracts | | | Total | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 94,977 | | | $ | — | | | $ | — | | | $ | — | | | $ | 94,977 | |
Swaps | | | — | | | | — | | | | (732,114 | ) | | | — | | | | — | | | | — | | | | (732,114 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | — | | | $ | (637,137 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (637,137 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | (4,640 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (4,640 | ) |
Swaps | | | — | | | | — | | | | (81,542 | ) | | | — | | | | — | | | | — | | | | (81,542 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | — | | | $ | (86,182 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (86,182 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
| |
Futures contracts | | | | |
Average notional value of contracts — long | | | $1,513,163 | |
Average notional value of contracts — short | | | $22,557 | |
Total return swaps | | | | |
Average notional amount | | | $4,283,829 | |
| |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| | |
S C H E D U L E O F I N V E S T M E N T S | | 13 |
| | |
Schedule of Investments (unaudited) (continued) November 30, 2024 | | BlackRock U.S. Insights Long/Short Equity Fund |
Derivative Financial Instruments – Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
| | | | | | | | |
| | | |
| | | Assets | | | Liabilities | |
Derivative Financial Instruments | | | | | | | | |
Futures contracts | | $ | 4,322 | | | $ | — | |
Swaps — OTC(a) | | | — | | | | 184,110 | |
| | | | | | | | |
Total derivative assets and liabilities in the Statement of Assets and Liabilities | | $ | 4,322 | | | $ | 184,110 | |
| | | | | | | | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | | (4,322 | ) | | | — | |
| | | | | | | | |
Total derivative assets and liabilities subject to an MNA | | $ | — | | | $ | 184,110 | |
| | | | | | | | |
| | (a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statement of Assets and Liabilities. | |
The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset(a) | | | Non- Cash Collateral Pledged(b) | | | Cash Collateral Pledged(b)
| | | Net Amount of Derivative Liabilities(c) | |
Barclays Bank PLC | | $ | 28,549 | | | $ | — | | | $ | — | | | $ | — | | | $ | 28,549 | |
Goldman Sachs Bank USA | | | 43,585 | | | | — | | | | — | | | | — | | | | 43,585 | |
HSBC Bank PLC | | | 68,459 | | | | — | | | | — | | | | — | | | | 68,459 | |
Merrill Lynch International | | | 43,517 | | | | — | | | | — | | | | (43,517 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 184,110 | | | $ | — | | | $ | — | | | $ | (43,517 | ) | | $ | 140,593 | |
| | | | | | | | | | | | | | | | | | | | |
| | (a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. | |
| | (b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. | |
| | (c) | Net amount represents the net amount payable due to the counterparty in the event of default. | |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| |
| | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 99,365 | | | $ | — | | | $ | — | | | $ | 99,365 | |
| | | | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 23,278 | | | | — | | | | — | | | | 23,278 | |
U.S. Treasury Obligations | | | — | | | | 11,399,300 | | | | — | | | | 11,399,300 | |
| | | | | | | | | | | | | | | | |
| | $ | 122,643 | | | $ | 11,399,300 | | | $ | — | | | $ | 11,521,943 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | 26,801 | | | $ | — | | | $ | — | | | $ | 26,801 | |
Liabilities | | | | | | | | | | | | | | | | |
Equity Contracts | | | (17 | ) | | | (184,110 | ) | | | — | | | | (184,127 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 26,784 | | | $ | (184,110 | ) | | $ | — | | | $ | (157,326 | ) |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
See notes to financial statements.
| | |
| 14 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statement of Assets and Liabilities (unaudited)
November 30, 2024
| | | | |
| | | BlackRock U.S. Insights Long/Short Equity Fund | |
| |
ASSETS | | | | |
Investments, at value — unaffiliated(a)(b) | | $ | 11,498,665 | |
Investments, at value — affiliated(c) | | | 23,278 | |
Cash | | | 435,074 | |
Cash pledged: | | | | |
Collateral — OTC derivatives | | | 445,707 | |
Futures contracts | | | 50,000 | |
Receivables: | | | | |
Investments sold | | | 3,744 | |
Securities lending income — affiliated | | | 2 | |
Swaps | | | 818,649 | |
From the Administrator | | | 2,670 | |
Variation margin on futures contracts | | | 4,322 | |
Prepaid expenses | | | 25,220 | |
| | | | |
Total assets | | | 13,307,331 | |
| | | | |
| |
LIABILITIES | | | | |
Collateral on securities loaned | | | 23,280 | |
Payables: | | | | |
Swaps | | | 1,177,646 | |
Directors’ and Officer’s fees | | | 1,323 | |
Other accrued expenses | | | 41,332 | |
Professional fees | | | 24,458 | |
Service and distribution fees | | | 64 | |
Unrealized depreciation on OTC swaps | | | 184,110 | |
| | | | |
| |
Total liabilities | | | 1,452,213 | |
| | | | |
| |
Commitments and contingent liabilities | | | | |
| |
NET ASSETS | | $ | 11,855,118 | |
| | | | |
| |
NET ASSETS CONSIST OF: | | | | |
Paid-in capital | | $ | 12,363,589 | |
Accumulated loss | | | (508,471 | ) |
| | | | |
| |
NET ASSETS | | $ | 11,855,118 | |
| | | | |
| |
(a) Investments, at cost — unaffiliated | | $ | 11,504,637 | |
(b) Securities loaned, at value | | $ | 22,928 | |
(c) Investments, at cost — affiliated | | $ | 23,280 | |
| | |
S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S | | 15 |
Statement of Assets and Liabilities (unaudited) (continued)
November 30, 2024
| | | | |
| | | BlackRock U.S. Insights
Long/Short Equity Fund | |
| |
NET ASSET VALUE | | | | |
| |
| Institutional | | | |
Net assets | | $ | 116,551 | |
| | | | |
Shares outstanding | | | 12,206 | |
| | | | |
Net asset value | | $ | 9.55 | |
| | | | |
Shares authorized | | | Unlimited | |
| | | | |
Par value | | $ | 0.001 | |
| | | | |
| |
| Investor A | | | |
Net assets | | $ | 310,767 | |
| | | | |
Shares outstanding | | | 32,597 | |
| | | | |
Net asset value | | $ | 9.53 | |
| | | | |
Shares authorized | | | Unlimited | |
| | | | |
Par value | | $ | 0.001 | |
| | | | |
| |
| Class K | | | |
Net assets | | $ | 11,427,800 | |
| | | | |
Shares outstanding | | | 1,196,339 | |
| | | | |
Net asset value | | $ | 9.55 | |
| | | | |
Shares authorized | | | Unlimited | |
| | | | |
Par value | | $ | 0.001 | |
| | | | |
See notes to financial statements.
| | |
| 16 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Statement of Operations (unaudited)
Six Months Ended November 30, 2024
| | | | |
| | | BlackRock U.S. Insights
Long/Short Equity
Fund | |
| |
INVESTMENT INCOME | | | | |
Interest — unaffiliated | | $ | 308,418 | |
Securities lending income — affiliated — net | | | 5 | |
| | | | |
| |
Total investment income | | | 308,423 | |
| | | | |
| |
EXPENSES | | | | |
Investment advisory | | | 83,855 | |
Professional | | | 27,906 | |
Registration | | | 24,168 | |
Accounting services | | | 18,636 | |
Printing and postage | | | 12,967 | |
Trustees and Officer | | | 3,256 | |
Administration | | | 2,621 | |
Administration — class specific | | | 1,233 | |
Custodian | | | 696 | |
Service and distribution — class specific | | | 494 | |
Transfer agent — class specific | | | 259 | |
Miscellaneous | | | 4,227 | |
| | | | |
| |
Total expenses excluding interest expense | | | 180,318 | |
Interest expense | | | 31 | |
| | | | |
| |
Total expenses | | | 180,349 | |
| | | | |
| |
Less: | | | | |
Administration fees waived | | | (1,187 | ) |
Administration fees waived by the Manager — class specific | | | (1,211 | ) |
Fees waived and/or reimbursed by the Manager | | | (80,789 | ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | (165 | ) |
| | | | |
| |
Total expenses after fees waived and/or reimbursed | | | 96,997 | |
| | | | |
| |
Net investment income | | | 211,426 | |
| | | | |
| |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | 9,419 | |
Futures contracts | | | 94,977 | |
Swaps | | | (732,114 | ) |
| | | | |
| | $ | (627,718 | ) |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments — unaffiliated | | | (17,742 | ) |
Investments — affiliated | | | (2 | ) |
Futures contracts | | | (4,640 | ) |
Foreign currency translations | | | 22 | |
Swaps | | | (81,542 | ) |
| | | | |
| | | (103,904 | ) |
| | | | |
Net realized and unrealized loss | | | (731,622 | ) |
| | | | |
| |
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (520,196 | ) |
| | | | |
See notes to financial statements.
| | |
S T A T E M E N T O F O P E R A T I O N S | | 17 |
Statements of Changes in Net Assets
| | | | | | | | |
| | | BlackRock U.S. Insights Long/Short Equity
Fund | |
| | | Six Months
Ended
11/30/24
(unaudited) | | | Period from
06/13/23(a)
to 05/31/24 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment income | | $ | 211,426 | | | $ | 382,301 | |
Net realized gain (loss) | | | (627,718 | ) | | | 1,864,418 | |
Net change in unrealized appreciation (depreciation) | | | (103,904 | ) | | | (59,417 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | (520,196 | ) | | | 2,187,302 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(b) | | | | | | | | |
Institutional | | | (12,993 | ) | | | (9,320 | ) |
Investor A | | | (44,582 | ) | | | (13,901 | ) |
Class K | | | (1,274,478 | ) | | | (915,213 | ) |
| | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (1,332,053 | ) | | | (938,434 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
Net increase in net assets derived from capital share transactions | | | 1,264,065 | | | | 11,194,434 | |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total increase (decrease) in net assets | | | (588,184 | ) | | | 12,443,302 | |
Beginning of period | | | 12,443,302 | | | | — | |
| | | | | | | | |
End of period | | $ | 11,855,118 | | | $ | 12,443,302 | |
| | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| | |
| 18 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | |
| | | BlackRock U.S. Insights Long/Short Equity Fund | |
| |
| | | Institutional | |
| |
| Six Months
Ended
11/30/24
(unaudited) |
| |
| Period from
06/13/23 to 05/31/24 |
(a) |
| | | |
Net asset value, beginning of period | | $ | 11.15 | | | $ | 10.00 | |
| | | | | | | | |
Net investment income(b) | | | 0.17 | | | | 0.36 | |
Net realized and unrealized gain (loss) | | | (0.58 | ) | | | 1.72 | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | (0.41 | ) | | | 2.08 | |
| | | | | | | | |
| | |
Distributions(c) | | | | | | | | |
From net investment income | | | (0.94 | ) | | | (0.93 | ) |
From net realized gain | | | (0.25 | ) | | | — | |
| | | | | | | | |
Total distributions | | | (1.19 | ) | | | (0.93 | ) |
| | | | | | | | |
| | |
Net asset value, end of period | | $ | 9.55 | | | $ | 11.15 | |
| | | | | | | | |
| | |
Total Return(d) | | | | | | | | |
Based on net asset value | | | (4.23 | )%(e) | | | 21.71 | %(e) |
| | | | | | | | |
| | |
Ratios to Average Net Assets(f) | | | | | | | | |
Total expenses | | | 3.03 | %(g) | | | 4.85 | %(g)(h)(i) |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.61 | %(g) | | | 1.55 | %(g)(h)(i) |
| | | | | | | | |
Net investment income | | | 3.39 | %(g) | | | 3.47 | %(g) |
| | | | | | | | |
| | |
Supplemental Data | | | | | | | | |
Net assets, end of period (000) | | $ | 117 | | | $ | 122 | |
| | | | | | | | |
Portfolio turnover rate(j) | | | 69 | % | | | — | % |
| | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.93% and 1.14%, respectively. |
| (i) | Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.94% and 1.59%, respectively. |
| (j) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 19 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | |
| | | BlackRock U.S. Insights Long/Short Equity Fund
(continued) | |
| |
| | | Investor A | |
| |
| Six Months
Ended
11/30/24
(unaudited) |
| |
| Period from
06/13/23 to 05/31/24 |
(a) |
| | | |
Net asset value, beginning of period | | $ | 11.13 | | | $ | 10.00 | |
| | | | | | | | |
Net investment income(b) | | | 0.16 | | | | 0.34 | |
Net realized and unrealized gain (loss) | | | (0.58 | ) | | | 1.71 | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | (0.42 | ) | | | 2.05 | |
| | | | | | | | |
| | |
Distributions(c) | | | | | | | | |
From net investment income | | | (0.93 | ) | | | (0.92 | ) |
From net realized gain | | | (0.25 | ) | | | — | |
| | | | | | | | |
Total distributions | | | (1.18 | ) | | | (0.92 | ) |
| | | | | | | | |
| | |
Net asset value, end of period | | $ | 9.53 | | | $ | 11.13 | |
| | | | | | | | |
| | |
Total Return(d) | | | | | | | | |
Based on net asset value | | | (4.34 | )%(e) | | | 21.37 | %(e) |
| | | | | | | | |
| | |
Ratios to Average Net Assets(f) | | | | | | | | |
Total expenses | | | 3.22 | %(g) | | | 4.90 | %(g)(h)(i) |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.86 | %(g) | | | 1.80 | %(g)(h)(i) |
| | | | | | | | |
Net investment income | | | 3.16 | %(g) | | | 3.24 | %(g) |
| | | | | | | | |
| | |
Supplemental Data | | | | | | | | |
Net assets, end of period (000) | | $ | 311 | | | $ | 396 | |
| | | | | | | | |
Portfolio turnover rate(j) | | | 69 | % | | | — | % |
| | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.14% and 1.54%, respectively. |
| (i) | Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.99% and 1.83%, respectively. |
| (j) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
| | |
| 20 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | |
| | | BlackRock U.S. Insights Long/Short Equity Fund
(continued) | |
| |
| | | Class K | |
| |
| Six Months
Ended
11/30/24
(unaudited) |
| |
| Period from
06/13/23 to 05/31/24 |
(a) |
| | | |
Net asset value, beginning of period | | $ | 11.15 | | | $ | 10.00 | |
| | | | | | | | |
Net investment income(b) | | | 0.17 | | | | 0.36 | |
Net realized and unrealized gain (loss) | | | (0.58 | ) | | | 1.72 | |
| | | | | | | | |
Net increase (decrease) from investment operations | | | (0.41 | ) | | | 2.08 | |
| | | | | | | | |
| | |
Distributions(c) | | | | | | | | |
From net investment income | | | (0.94 | ) | | | (0.93 | ) |
From net realized gain | | | (0.25 | ) | | | — | |
| | | | | | | | |
Total distributions | | | (1.19 | ) | | | (0.93 | ) |
| | | | | | | | |
| | |
Net asset value, end of period | | $ | 9.55 | | | $ | 11.15 | |
| | | | | | | | |
| | |
Total Return(d) | | | | | | | | |
Based on net asset value | | | (4.23 | )%(e) | | | 21.73 | %(e) |
| | | | | | | | |
| | |
Ratios to Average Net Assets(f) | | | | | | | | |
Total expenses | | | 2.91 | %(g) | | | 4.75 | %(g)(h)(i) |
| | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 1.56 | %(g) | | | 1.52 | %(g)(h)(i) |
| | | | | | | | |
Net investment income | | | 3.44 | %(g) | | | 3.50 | %(g) |
| | | | | | | | |
| | |
Supplemental Data | | | | | | | | |
Net assets, end of period (000) | | $ | 11,428 | | | $ | 11,925 | |
| | | | | | | | |
Portfolio turnover rate(j) | | | 69 | % | | | — | % |
| | | | | | | | |
| (a) | Commencement of operations. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Where applicable, assumes the reinvestment of distributions. |
| (f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) | Includes non-recurring expenses of offering and organization costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.84% and 1.12%, respectively. |
| (i) | Audit, printing, offering, and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would have been 4.84% and 1.56%, respectively. |
| (j) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
| | |
F I N A N C I A L H I G H L I G H T S | | 21 |
Notes to Financial Statements (unaudited)
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock U.S. Insights Long/Short Equity Fund (the “Fund”) is a series of the Trust. The Fund is classified as non-diversified.
The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.
| | | | | | | | |
| Share Class | | Initial Sales Charge | | CDSC | | | Conversion Privilege |
Institutional and Class K Shares | | No | | | No | | | None |
Investor A Shares | | Yes | | | No | (a) | | None |
| | (a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Interest income, including amortization and accretion of premiums and discounts on debt securities is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
The Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances. For financial reporting purposes, custodian credits, if any, are included in interest income in the Statement of Operations.
| | |
| 22 | | 2 0 2 4 B L A C K R O C K S E M I - A N N U A L F I N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N |
Notes to Financial Statements (unaudited) (continued)
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Fund (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
| | • | | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price. |
| | • | | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
| | • | | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”). |
| | • | | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
| | • | | Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| | • | | Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities; |
| | • | | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and |
| | • | | Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 23 |
Notes to Financial Statements (unaudited) (continued)
| 4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Fund’s securities on loan by counterparty which are subject to offset under an MSLA:
| | | | | | | | | | | | | | | | |
| Counterparty | |
| Securities
Loaned at Value |
| |
| Cash
Collateral Received |
(a) | |
| Non-Cash
Collateral Received,
at Fair Value |
(a) | |
| Net
Amount |
|
Goldman Sachs & Co. LLC | | $ | 22,928 | | | $ | (22,928 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | (a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statement of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
| 5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the
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Notes to Financial Statements (unaudited) (continued)
difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Fund’s counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.
| | • | | Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk). |
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default
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Notes to Financial Statements (unaudited) (continued)
or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.
| 6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets:
| | | | |
| Average Daily Net Assets | | Investment Advisory Fees | |
First $1 billion | | | 1.36 | % |
$1 billion - $3 billion | | | 1.28 | |
$3 billion - $5 billion | | | 1.22 | |
$5 billion - $10 billion | | | 1.18 | |
Greater than $10 billion | | | 1.15 | |
The Manager entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Service and Distribution Fees: The Trust, on behalf of the Fund, entered into a Distribution Agreement and Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:
| | | | | | | | |
| | | |
| Share Class | | Service Fees | | | Distribution Fees | |
Investor A | | | 0.25 | % | | | N/A | |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the six months ended November 30, 2024, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:
| | | | |
| | | Investor A | |
Service and distribution — class specific | | $ | 494 | |
Administration: The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below:
| | | | |
| Average Daily Net Assets | | Administration Fees | |
First $500 million | | | 0.0425 | % |
$500 million - $1 billion | | | 0.0400 | |
$1 billion - $2 billion | | | 0.0375 | |
$2 billion - $4 billion | | | 0.0350 | |
$4 billion - $13 billion | | | 0.0325 | |
Greater than $13 billion | | | 0.0300 | |
In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.
For the six months ended November 30, 2024, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Statement of Operations:
| | | | | | | | | | | | | | | | |
| | | Institutional | | | Investor A | | | Class K | | | Total | |
Administration — class specific | | $ | 12 | | | $ | 40 | | | $ | 1,181 | | | $ | 1,233 | |
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Notes to Financial Statements (unaudited) (continued)
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended November 30, 2024, the Fund did not pay any amounts to affiliates in return for these services.
For the six months ended November 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:
| | | | | | | | | | | | | | | | |
| | | Institutional | | | Investor A | | | Class K | | | Total | |
Transfer agent — class specific | | $ | 70 | | | $ | 145 | | | $ | 44 | | | $ | 259 | |
Expense Limitations, Waivers, Reimbursements, and Recoupments: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, the amount waived was $77,568.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds, and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended November 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.
The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
| | | | | | |
| Institutional | | Investor A | | Investor C | |
1.61% | | 1.86% | | | 1.56 | % |
The Manager has agreed not to reduce or discontinue these contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended November 30, 2024, the Manager waived and/or reimbursed investment advisory fees of $3,221, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.
The Fund also had a waiver of administration fees, which are included in Administration fees waived in the Statement of Operations. For the six months ended November 30, 2024, the amount was $1,187.
In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the six months ended November 30, 2024, class specific expense waivers and/or reimbursements were as follows:
| | | | | | | | | | | | | | | | |
| | | Institutional | | | Investor A | | | Class K | | | Total | |
Administration fees waived by the Manager — class specific | | $ | 12 | | | $ | 18 | | | $ | 1,181 | | | $ | 1,211 | |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | | | 40 | | | | 81 | | | | 44 | | | | 165 | |
With respect to the contractual expense limitation, if during the Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:
| | (1) | the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and |
| | (2) | the Manager or an affiliate continues to serve as the Fund’s investment adviser or administrator. |
This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective June 14, 2030, the repayment arrangement between the Fund and the Manager pursuant to which the Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.
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Notes to Financial Statements (unaudited) (continued)
As of November 30, 2024, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:
| | | | | | | | |
| | | Expiring May 31, | |
| Fund Level/Share Class | | 2026 | | | 2027 | |
Fund Level | | $ | 207,693 | | | $ | 81,976 | |
Institutional | | | 95 | | | | 52 | |
Investor A | | | 96 | | | | 99 | |
Class K | | | 2,223 | | | | 1,225 | |
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended November 30, 2024, the Fund paid BIM $1 for securities lending agent services.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), the Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund’s investment policies and restrictions. The Fund is currently permitted to borrow and lend under the Interfund Lending Program.
A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.
During the six months ended November 30, 2024, the Fund did not participate in the Interfund Lending Program.
Trustees and Officers: Certain trustees and/or officers of the Trust are trustees and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.
For the six months ended November 30, 2024, purchases and sales of investments, excluding short-term securities, were $121,032 and $56,603, respectively.
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
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Notes to Financial Statements (unaudited) (continued)
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Fund as of November 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund’s NAV.
As of November 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| |
| Fund Name | | Tax Cost | | | Gross Unrealized
Appreciation | | | Gross Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
| |
U.S. Insights Long/Short Equity | | $ | 11,527,917 | | | $ | 35,336 | | | $ | (198,636 | ) | | $ | (163,300 | ) |
| |
The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended November 30, 2024, the Fund did not borrow under the credit agreement.
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Market Risk: The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
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N O T E S T O F I N A N C I A L S T A T E M E N T S | | 29 |
Notes to Financial Statements (unaudited) (continued)
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with the fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Fund invests.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
| 11. | CAPITAL SHARE TRANSACTIONS |
Transactions in capital shares for each class were as follows:
| | | | | | | | | | | | | | | | |
| | | Six Months Ended 11/30/24 | | | Period from 06/13/23(a)
to 05/31/24 | |
| | | | |
| Share Class | | Shares | | | Amount | | | Shares | | | Amount | |
| | | | |
Institutional | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | $ | — | | | | 10,000 | | | $ | 100,000 | |
Shares issued in reinvestment of distributions | | | 1,290 | | | | 12,993 | | | | 916 | | | | 9,320 | |
| | | | | | | | | | | | | | | | |
| | | 1,290 | | | $ | 12,993 | | | | 10,916 | | | $ | 109,320 | |
| | | | | | | | | | | | | | | | |
Investor A | | | | | | | | | | | | | | | | |
Shares sold and automatic conversion of shares | | | 3,738 | | | $ | 39,723 | | | | 34,230 | | | $ | 356,000 | |
Shares issued in reinvestment of distributions | | | 4,427 | | | | 44,582 | | | | 1,366 | | | | 13,901 | |
Shares redeemed | | | (11,164 | ) | | | (107,711 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | (2,999 | ) | | $ | (23,406 | ) | | | 35,596 | | | $ | 369,901 | |
| | | | | | | | | | | | | | | | |
Class K | | | | | | | | | | | | | | | | |
Shares sold | | | — | | | $ | — | | | | 980,000 | | | $ | 9,800,000 | |
Shares issued in reinvestment of distributions | | | 126,436 | | | | 1,274,478 | | | | 89,903 | | | | 915,213 | |
| | | | | | | | | | | | | | | | |
| | | 126,436 | | | $ | 1,274,478 | | | | 1,069,903 | | | $ | 10,715,213 | |
| | | | | | | | | | | | | | | | |
| | | 124,727 | | | $ | 1,264,065 | | | | 1,116,415 | | | $ | 11,194,434 | |
| | | | | | | | | | | | | | | | |
| | (a) | Commencement of operations. |
As of November 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:
| | | | |
| Share Class | | | |
Institutional | | | 12,206 | |
Investor A | | | 12,183 | |
Class K | | | 1,196,339 | |
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Notes to Financial Statements (unaudited) (continued)
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
| | |
N O T E S T O F I N A N C I A L S T A T E M E N T S | | 31 |
Additional Information
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.
General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.
Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.
Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at blackrock.com
2. Select “Access Your Account”
3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions.
BlackRock’s Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.
Shareholder Privileges
Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.
Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.
Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.
Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.
| | |
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Additional Information (continued)
Fund and Service Providers
| | |
| Investment Adviser and Administrator | | Distributor |
| BlackRock Advisors, LLC | | BlackRock Investments, LLC |
| Wilmington, DE 19809 | | New York, NY 10001 |
Sub-Adviser | | Independent Registered Public Accounting Firm |
| BlackRock International Limited | | Deloitte & Touche LLP |
| Edinburgh, EH3 8BL | | Boston, MA 02110 |
| United Kingdom | | |
| | Legal Counsel |
| Accounting Agent and Transfer Agent | | Sidley Austin LLP |
| BNY Mellon Investment Servicing (US) Inc. | | New York, NY 10019 |
| Wilmington, DE 19809 | | |
| | Address of the Trust |
| Custodian | | 100 Bellevue Parkway |
| The Bank of New York Mellon | | Wilmington, DE 19809 |
| New York, NY 10286 | | |
| | |
A D D I T I O N A L I N F O R M A T I O N | | 33 |
Glossary of Terms Used in this Report
Currency Abbreviation
| | |
| USD | | United States Dollar |
|
| Portfolio Abbreviation |
| |
| NVS | | Non-Voting Shares |
| |
| OTC | | Over-the-Counter |
| | |
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THIS PAGE INTENTIONALLY LEFT BLANK.
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
| Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7 |
| Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – See Item 7 |
| Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7 |
| Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7 |
| Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable |
| Item 13 – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable |
| Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
| Item 16 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
| Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
| Item 19 – | Exhibits attached hereto |
(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock FundsSM
| | | | |
| | By: | | /s/John M. Perlowski |
| | | | John M. Perlowski |
| | | | Chief Executive Officer (principal executive officer) of |
| | | | BlackRock FundsSM |
Date: January 21, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| | By: | | /s/John M. Perlowski |
| | | | John M. Perlowski |
| | | | Chief Executive Officer (principal executive officer) of |
| | | | BlackRock FundsSM |
Date: January 21, 2025
| | | | |
| | By: | | /s/Trent Walker |
| | | | Trent Walker |
| | | | Chief Financial Officer (principal financial officer) of |
| | | | BlackRock FundsSM |
Date: January 21, 2025
