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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09637

Name of Fund:

BlackRock Large Cap Series Funds, Inc.

BlackRock Advantage Large Cap Core Fund

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 05/31/2023

Date of reporting period: 11/30/2022

Item 1 –

Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		NOVEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

BlackRock Advantage International Fund

BlackRock Advantage Large Cap Growth Fund

BlackRock Advantage Small Cap Core Fund

BlackRock Large Cap Series Funds, Inc.

BlackRock Advantage Large Cap Core Fund

BlackRock Advantage Large Cap Value Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


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



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


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

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
Derivative Financial Instruments		15
Financial Statements:
Schedules of Investments		16
Statements of Assets and Liabilities		51
Statements of Operations		53
Statements of Changes in Net Assets		55
Financial Highlights		58
Notes to Financial Statements		82
Statement Regarding Liquidity Risk Management Program		97
Additional Information		98
Glossary of Terms Used in this Report		100

LOGO


		3


Fund Summary as of November 30, 2022		BlackRock Advantage International Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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


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


Fund Summary as of November 30, 2022 (continued)		BlackRock Advantage International Fund

Performance


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

^(a)

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

^(b)

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

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

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

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return
		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	988.40	$	2.49		$	1,000.00	$	1,022.56	$	2.54		0.50	%
Investor A		1,000.00		987.00		3.74			1,000.00		1,021.31		3.80		0.75
Investor C		1,000.00		983.50		7.46			1,000.00		1,017.55		7.59		1.50
Class K		1,000.00		988.70		2.24			1,000.00		1,022.81		2.28		0.45
Class R		1,000.00		985.80		4.98			1,000.00		1,020.05		5.06		1.00

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

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

Portfolio Information

TEN LARGEST HOLDINGS


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

^(a)

Excludes short-term securities.

GEOGRAPHIC ALLOCATION


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


FUND SUMMARY		5


Fund Summary as of November 30, 2022		BlackRock Advantage Large Cap Growth Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

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

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

Describe recent portfolio activity.

Describe portfolio positioning at period end.

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


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


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

Performance


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

^(a)

^(b)

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

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

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

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return
		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	969.10	$	2.95		$	1,000.00	$	1,000.00	$	0.00		0.60	%
Investor A		1,000.00		967.70		4.29			1,000.00		1,000.00		0.00		0.87
Investor C		1,000.00		964.20		7.98			1,000.00		1,000.00		0.00		1.62
Class K		1,000.00		969.10		2.81			1,000.00		1,000.00		0.00		0.57
Class R		1,000.00		966.20		5.52			1,000.00		1,000.00		0.00		1.12

^(a)

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

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

Portfolio Information

TEN LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Apple Inc.		10.8	%
Microsoft Corp.		9.6
Amazon.com, Inc.		4.6
Tesla, Inc.		2.7
Alphabet, Inc., Class C, NVS		2.5
Alphabet, Inc., Class A		2.5
PepsiCo, Inc.		2.4
UnitedHealth Group, Inc.		2.4
NVIDIA Corp.		2.1
Eli Lilly & Co.		1.8

^(a)	Excludes short-term securities.

SECTOR ALLOCATION


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

^(a)

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


FUND SUMMARY		7


Fund Summary as of November 30, 2022		BlackRock Advantage Small Cap Core Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

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

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

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

Describe recent portfolio activity.

Describe portfolio positioning at period end.

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


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


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

Performance


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

^(a)

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

^(c)	The Fund commenced operations on March 14, 2013.

^(d)

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

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

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return
		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,025.30	$	2.54		$	1,000.00	$	1,022.56	$	2.54		0.50	%
Investor A		1,000.00		1,024.30		3.81			1,000.00		1,021.31		3.80		0.75
Investor C		1,000.00		1,020.20		7.60			1,000.00		1,017.55		7.59		1.50
Class K		1,000.00		1,025.50		2.29			1,000.00		1,022.81		2.28		0.45

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

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

Portfolio Information

TEN LARGEST HOLDINGS


Security^(a)	Percent of Net Assets
Insperity, Inc.		1.2	%
Essent Group Ltd.		1.2
Outfront Media, Inc.		1.2
Hancock Whitney Corp.		1.1
Heartland Financial U.S.A., Inc.		1.0
EMCOR Group, Inc.		0.9
Applied Industrial Technologies, Inc.		0.9
Watts Water Technologies, Inc., Class A		0.9
Rush Enterprises, Inc., Class A		0.8
Silicon Laboratories, Inc.		0.8

^(a)	Excludes short-term investments.

SECTOR ALLOCATION


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

^(a)


FUND SUMMARY		9


Fund Summary as of November 30, 2022		BlackRock Advantage Large Cap Core Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

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

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

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

Describe recent portfolio activity.

Describe portfolio positioning at period end.

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


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


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

Performance


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

^(a)

^(b)

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

^(c)

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

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

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return
		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	989.50	$	2.39		$	1,000.00	$	1,022.66	$	2.43		0.48	%
Investor A		1,000.00		988.10		3.64			1,000.00		1,021.41		3.70		0.73
Investor C		1,000.00		984.40		7.36			1,000.00		1,017.65		7.49		1.48
Class K		1,000.00		989.50		2.14			1,000.00		1,022.91		2.18		0.43
Class R		1,000.00		987.20		4.88			1,000.00		1,020.16		4.96		0.98

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

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

Portfolio Information

TEN LARGEST HOLDINGS


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

^(a)	Excludes short-term securities.

SECTOR ALLOCATION


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

^(a)


FUND SUMMARY		11


Fund Summary as of November 30, 2022		BlackRock Advantage Large Cap Value Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

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

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

Describe recent portfolio activity.

Describe portfolio positioning at period end.

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


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


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

Performance


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

^(a)

^(b)

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

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

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return
		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (06/01/22)		Ending Account Value (11/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,004.60	$	2.71		$	1,000.00	$	1,022.36	$	2.74		0.54	%
Investor A		1,000.00		1,003.50		3.97			1,000.00		1,021.11		4.00		0.79
Investor C		1,000.00		999.70		7.72			1,000.00		1,017.35		7.79		1.54
Class K		1,000.00		1,004.80		2.46			1,000.00		1,022.61		2.48		0.49
Class R		1,000.00		1,002.00		5.22			1,000.00		1,019.85		5.27		1.04

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

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

Portfolio Information

TEN LARGEST HOLDINGS


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

^(a)	Excludes short-term securities.

SECTOR ALLOCATION


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

^(a)


FUND SUMMARY		13

About Fund Performance

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

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

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

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

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

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

Disclosure of Expenses

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

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

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

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


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

Derivative Financial Instruments

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


DERIVATIVE FINANCIAL INSTRUMENTS		15

Schedule of Investments (unaudited)

November 30, 2022

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 8.6%
AGL Energy Ltd.		329,399	$	1,794,368
Allkem Ltd.^(a)		108,476		1,026,252
Aristocrat Leisure Ltd.		343,932		8,264,839
Australia & New Zealand Banking Group Ltd.		123,092		2,078,375
BHP Group Ltd.		661,902		20,555,609
Commonwealth Bank of Australia		7,683		566,216
CSL Ltd.		31,537		6,479,549
Deterra Royalties Ltd.		12,775		40,277
Downer EDI Ltd.		21,821		77,225
Flight Centre Travel Group Ltd.^(a)(b)		110,181		1,220,688
Fortescue Metals Group Ltd.		168,807		2,246,767
Glencore PLC		173,496		1,183,957
Iluka Resources Ltd.		48,312		336,228
Macquarie Group Ltd.		79,678		9,798,922
Magellan Financial Group Ltd.		3,521		23,828
Medibank Pvt Ltd.		712,567		1,421,702
Mineral Resources Ltd.		1,227		73,905
National Australia Bank Ltd.		241,692		5,202,165
Newcrest Mining Ltd.		54,685		744,658
Pro Medicus Ltd.		708		29,185
QBE Insurance Group Ltd.		6,821		59,918
REA Group Ltd.		39,133		3,334,240
Rio Tinto Ltd.		15,305		1,142,590
Rio Tinto PLC		28,162		1,895,829
Rocketboots Ltd.^(a)(b)		1,389		99
Scentre Group		528,272		1,077,511
South32 Ltd.		520,223		1,444,937
Steadfast Group Ltd.		81,878		296,987
Stockland		504,674		1,317,641
Telstra Group Ltd.		1,276,583		3,463,648
Treasury Wine Estates Ltd.		17,537		165,615
Westpac Banking Corp.		607,383		9,863,856
WiseTech Global Ltd.		7,556		302,132
Worley Ltd.		369,619		3,748,854

				91,278,572

Austria — 0.4%
ams-OSRAM AG^(a)		80,457		670,072
ANDRITZ AG		39,560		2,165,001
BAWAG Group AG^(c)		9,524		498,989
Erste Group Bank AG		24,322		761,556
OMV AG		1,749		92,822

				4,188,440

Belgium — 2.1%
Ageas SA/NV		10,213		413,544
Anheuser-Busch InBev SA/NV		224,505		13,240,267
Galapagos NV^(a)		4,907		195,580
KBC Group NV		71,514		3,961,425
Proximus SADP		16,858		176,348
Solvay SA		40,178		3,985,454
UCB SA		4,329		349,422

				22,322,040

China — 0.2%
BOC Hong Kong Holdings Ltd.		339,500		1,083,683
Budweiser Brewing Co. APAC Ltd.^(c)		207,500		601,933
ESR Cayman Ltd.^(c)		70,400		159,801
SITC International Holdings Co. Ltd.		167,000		370,465

				2,215,882

Denmark — 3.1%
AP Moller - Maersk A/S, Class A		373		791,903


Security	Shares		Value

Denmark (continued)
AP Moller - Maersk A/S, Class B		1,753	$	3,800,429
Carlsberg AS, Class B		6,884		870,242
Chr Hansen Holding A/S		1,127		69,558
Coloplast A/S, Class B		1,207		142,688
Demant A/S^(a)		5,983		170,899
DSV A/S		11,652		1,864,242
Genmab A/S^(a)		5,781		2,678,886
H Lundbeck A/S		69,625		257,277
Novo Nordisk A/S, Class B		127,046		15,936,413
Novozymes A/S, B Shares		31,672		1,841,666
Pandora A/S		6,410		487,999
Tryg A/S		164,830		3,834,951

				32,747,153

Finland — 0.3%
Nokia Oyj		700,600		3,451,792


France — 11.1%
Accor SA^(a)		24,880		655,344
Air Liquide SA		15,192		2,211,820
ALD SA^(c)		19		191
Amundi SA^(c)		23,156		1,302,992
Arkema SA		13,690		1,217,202
BNP Paribas SA		82,010		4,608,306
Capgemini SE		31,469		5,689,516
Covivio		764		44,240
Danone SA		2,922		153,572
Dassault Systemes SE		167,757		6,255,205
Engie SA		418,184		6,357,147
Eramet SA		447		38,251
Eurazeo SE		886		55,920
Hermes International		5,054		8,214,158
Ipsen SA		4,681		523,267
Kering SA		576		346,082
Klepierre SA		2,750		63,724
La Francaise des Jeux SAEM^(c)		785		31,476
L’Oreal SA		25,229		9,474,902
LVMH Moet Hennessy Louis Vuitton SE		15,536		12,056,384
Pernod Ricard SA		25,043		4,968,176
Remy Cointreau SA		873		151,091
Rexel SA		413,969		7,607,226
Safran SA		63,123		7,801,100
Sanofi		175,876		15,886,758
Schneider Electric SE		44,221		6,530,303
Société Générale SA		210,167		5,289,701
Teleperformance		10,422		2,379,152
Thales SA		12,575		1,608,659
TotalEnergies SE		50,437		3,152,317
Ubisoft Entertainment SA^(a)		51,819		1,441,511
Vinci SA		20,627		2,082,622

				118,198,315

Germany — 9.6%
1&1 AG		921		13,238
adidas AG		30,561		3,939,557
Aurubis AG		1,403		112,636
Bayer AG, Registered Shares		67,768		3,933,045
Bayerische Motoren Werke AG		68,644		6,232,787
Carl Zeiss Meditec AG		13,585		1,852,111
Continental AG		1,567		94,835
Deutsche Boerse AG		13,437		2,469,377
Deutsche Post AG, Registered Shares		111,520		4,455,029
Deutsche Telekom AG, Registered Shares		288,962		5,878,282
DWS Group GmbH & Co. KGaA^(c)		36,586		1,170,927


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
E.ON SE		4,441	$	42,578
Evonik Industries AG		213,177		4,202,141
Fraport AG Frankfurt Airport Services Worldwide^(a)		1,355		59,302
Freenet AG		33,859		752,603
HelloFresh SE^(a)		6,988		173,058
HOCHTIEF AG		52,624		3,060,732
Infineon Technologies AG		181,687		6,102,948
K+S AG, Registered Shares		6,129		135,283
LANXESS AG		1,076		43,231
Mercedes-Benz Group AG		123,334		8,379,711
MTU Aero Engines AG		2,012		424,257
Nemetschek SE		29,868		1,492,732
Porsche Automobil Holding SE, Preference Shares		6,604		405,939
SAP SE		132,579		14,710,522
Scout24 SE^(c)		91,845		5,041,196
Siemens AG, Registered Shares		121,089		16,793,209
Siemens Energy AG		34,303		576,152
Talanx AG		707		31,432
thyssenkrupp AG^(a)		6,069		34,210
Volkswagen AG		2,436		470,264
Volkswagen AG, Preference Shares		43,382		6,407,987
Wacker Chemie AG		17,094		2,195,471

				101,686,782

Hong Kong — 3.3%
AIA Group Ltd.		1,520,600		15,441,099
ASMPT Ltd.		136,800		1,018,408
Bank of East Asia Ltd.		31,800		36,675
CK Asset Holdings Ltd.		169,500		1,014,541
CK Infrastructure Holdings Ltd.		108,000		545,808
Dah Sing Financial Holdings Ltd.		17,600		39,315
Hang Lung Properties Ltd.		64,000		118,281
Henderson Land Development Co. Ltd.		36,000		118,675
Hong Kong & China Gas Co. Ltd.		25,000		21,330
Hong Kong Exchanges & Clearing Ltd.		37,100		1,475,004
Hongkong Land Holdings Ltd.		7,300		29,455
Hysan Development Co. Ltd.		67,000		176,923
Jardine Matheson Holdings Ltd.		83,200		4,032,622
Kerry Properties Ltd.		605,000		1,156,577
Link REIT		137,400		928,110
Man Wah Holdings Ltd.		154,400		142,908
New World Development Co. Ltd.		1,051,000		2,500,682
NWS Holdings Ltd.		249,000		205,307
Pacific Basin Shipping Ltd.		472,000		159,382
PCCW Ltd.		1,203,000		526,039
Power Assets Holdings Ltd.		45,000		232,139
Sino Land Co. Ltd.		316,000		395,222
Sun Hung Kai Properties Ltd.		108,000		1,302,834
Swire Properties Ltd.		951,000		2,141,889
Techtronic Industries Co. Ltd.		88,000		1,072,734
WH Group Ltd.^(c)		236,000		138,276
Yue Yuen Industrial Holdings Ltd.		35,500		44,773

				35,015,008

India — 0.0%
Jasper Infotech Private Ltd.. (Acquired 05/07/14, cost $804,375)^(a)(d)(e)		172,800		168,352


Ireland — 0.2%
AIB Group PLC		27,038		87,800
CRH PLC		3,199		128,605
James Hardie Industries PLC		59,622		1,196,911
Kingspan Group PLC		15,338		870,675

				2,283,991


Security	Shares		Value

Israel — 0.2%
Bank Hapoalim BM		63,381	$	616,233
Bezeq The Israeli Telecommunication Corp. Ltd.		375,354		698,136
Israel Discount Bank Ltd., Class A		3,962		23,726
Nice Ltd.^(a)		4,454		862,914
Teva Pharmaceutical Industries Ltd.^(a)		37,744		331,937

				2,532,946

Italy — 2.5%
A2A SpA		193,195		259,376
Assicurazioni Generali SpA		51,950		921,562
Banca Mediolanum SpA		76,825		650,108
Banca Monte dei Paschi di Siena SpA^(a)		73,042		144,111
Buzzi Unicem SpA		1,432		27,648
Davide Campari-Milano NV		10,316		108,723
Eni SpA		361,799		5,394,423
Ferrari NV		8,874		1,980,694
Intesa Sanpaolo SpA		1,114,173		2,473,757
Italgas SpA		54,102		318,394
Mediobanca Banca di Credito Finanziario SpA		191,540		1,851,016
MFE-MediaForEurope NV, Class A		119		50
MFE-MediaForEurope NV, Class B		11		6
Moncler SpA		9,254		482,356
Pirelli & C SpA^(c)		333,016		1,486,568
Poste Italiane SpA^(c)		191,320		1,882,901
PRADA SpA		22,100		121,731
Reply SpA		1,913		227,497
Snam SpA		1,172,381		5,984,666
UniCredit SpA		126,818		1,732,071
UnipolSai Assicurazioni SpA		70,531		179,938

				26,227,596

Japan — 20.5%
Acom Co. Ltd.		264,400		620,355
Advantest Corp.		8,900		605,758
Aisin Corp.		800		22,048
Alfresa Holdings Corp.		49,800		606,344
Amada Co. Ltd.		602,100		4,854,077
Aozora Bank Ltd.		2,500		47,269
Astellas Pharma, Inc.		454,000		7,041,372
Benesse Holdings, Inc.		191,900		2,790,132
Casio Computer Co. Ltd.		85,700		846,566
Central Japan Railway Co.		18,800		2,278,623
COMSYS Holdings Corp.		1,200		21,632
Cosmos Pharmaceutical Corp.		2,900		295,624
Daifuku Co. Ltd.		5,200		270,713
Dai-ichi Life Holdings, Inc.		241,100		4,471,968
Daikin Industries Ltd.		1,400		230,889
Daiwa House Industry Co. Ltd.		87,500		2,015,041
DMG Mori Co. Ltd.		141,400		1,909,886
Ebara Corp.		14,500		563,757
Fancl Corp.		6,100		114,806
FANUC Corp.		23,400		3,518,448
Fast Retailing Co. Ltd.		10,800		6,422,108
Fuji Media Holdings, Inc.		78,400		617,173
FUJIFILM Holdings Corp.		30,000		1,613,766
Hino Motors Ltd.^(a)		42,600		193,602
Hitachi Ltd.		8,600		459,923
Honda Motor Co. Ltd.		396,200		9,656,029
Horiba Ltd.		17,200		790,553
Hoya Corp.		23,000		2,380,043
IHI Corp.		2,100		57,953
Inpex Corp.		212,500		2,341,671
ITOCHU Corp.		182,100		5,719,230
Itochu Techno-Solutions Corp.		27,000		664,685


SCHEDULES OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Post Bank Co. Ltd.		262,100	$	2,003,483
Japan Tobacco, Inc.		104,700		2,142,099
JGC Holdings Corp.		3,700		51,320
Kajima Corp.		68,800		778,497
Kakaku.com, Inc.		46,100		828,606
Kamigumi Co. Ltd.		29,100		594,248
Kandenko Co. Ltd.		23,400		148,181
Kao Corp.		1,300		52,029
KDDI Corp.		413,400		12,296,409
Kinden Corp.		22,000		236,346
Kubota Corp.		5,200		77,317
Lawson, Inc.		136,300		4,881,793
Lion Corp.		171,700		1,837,142
Makita Corp.		9,600		221,141
MatsukiyoCocokara & Co.		1,300		54,313
Mazda Motor Corp.		6,800		54,063
Medipal Holdings Corp.		16,200		216,358
Mitsubishi Corp.		357,100		12,026,828
Mitsubishi Electric Corp.		9,600		96,209
Mitsubishi Estate Co. Ltd.		101,000		1,426,177
Mitsubishi Gas Chemical Co., Inc.		104,700		1,508,156
Mitsubishi Heavy Industries Ltd.		2,700		107,468
Mitsubishi UFJ Financial Group, Inc.		40,200		219,233
Mitsui & Co. Ltd.		211,200		6,129,810
Mitsui Fudosan Co. Ltd.		225,300		4,567,526
MonotaRO Co. Ltd.		3,100		53,631
MS&AD Insurance Group Holdings, Inc.		47,000		1,395,021
Nabtesco Corp.		15,000		377,899
NEC Corp.		109,200		3,887,581
Nippon Kayaku Co. Ltd.		3,000		27,482
Nippon Steel Corp.		17,200		275,566
Nippon Telegraph & Telephone Corp.		182,600		5,063,317
Nippon Television Holdings, Inc.		4,600		35,565
Nissan Motor Co. Ltd.		90,400		326,162
Nissin Foods Holdings Co. Ltd.		300		22,862
Nitto Denko Corp.		59,300		3,746,628
Nomura Research Institute Ltd.		4,900		108,578
NSK Ltd.		20,600		114,790
Obayashi Corp.		51,700		386,513
Odakyu Electric Railway Co. Ltd.		1,600		21,121
Omron Corp.		97,300		5,060,694
Oracle Corp.. Japan		4,200		248,734
Oriental Land Co. Ltd.		2,400		346,921
Otsuka Corp.		15,500		521,699
Pigeon Corp.		7,600		113,895
Pola Orbis Holdings, Inc.		90,200		1,184,645
Recruit Holdings Co. Ltd.		225,000		7,279,934
Ricoh Co. Ltd.		132,200		1,050,125
Sankyu, Inc.		3,800		137,521
Santen Pharmaceutical Co. Ltd.		237,300		1,938,536
SCREEN Holdings Co. Ltd.		12,000		807,589
SCSK Corp.		7,100		114,986
Sega Sammy Holdings, Inc.		108,700		1,449,575
Sekisui Chemical Co. Ltd.		3,700		52,330
Seven & i Holdings Co. Ltd.		3,100		126,136
SG Holdings Co. Ltd.		15,500		241,680
Shimadzu Corp.		22,200		682,307
Shimamura Co. Ltd.		400		36,315
Shimizu Corp.		18,100		97,587
Shin-Etsu Chemical Co. Ltd.		16,900		2,186,949
Shiseido Co. Ltd.		26,900		1,148,898
SMC Corp.		2,100		958,253


Security	Shares		Value

Japan (continued)
SoftBank Corp.		203,500	$	2,214,009
SoftBank Group Corp.		85,200		3,733,338
Sohgo Security Services Co. Ltd.		15,000		407,814
Sompo Holdings, Inc.		700		30,876
Sony Group Corp.		26,800		2,220,117
Sumitomo Chemical Co. Ltd.		1,471,400		5,364,482
Sumitomo Corp.		283,000		4,639,577
Sumitomo Heavy Industries Ltd.		3,700		78,917
Sumitomo Mitsui Financial Group, Inc.		203,800		6,917,124
Sumitomo Mitsui Trust Holdings, Inc.		1,900		60,934
Sundrug Co. Ltd.		27,800		742,000
Suzuken Co. Ltd.		1,200		32,332
Suzuki Motor Corp.		40,600		1,464,603
Sysmex Corp.		6,300		387,047
T&D Holdings, Inc.		86,600		1,052,825
Taisho Pharmaceutical Holdings Co. Ltd.		1,100		44,968
Takeda Pharmaceutical Co. Ltd.		432,300		12,711,017
TBS Holdings, Inc.		2,300		26,372
Terumo Corp.		59,500		1,768,320
Tokyo Electron Ltd.		5,000		1,696,858
Toshiba Corp.		27,600		941,304
TOTO Ltd.		900		31,406
Toyota Industries Corp.		4,900		281,100
Toyota Motor Corp.		187,600		2,761,793
Trend Micro, Inc.		16,800		843,023
Tsuruha Holdings, Inc.		82,000		5,309,975
Yamada Holdings Co. Ltd.		393,500		1,363,823
Yaskawa Electric Corp.		50,300		1,655,397
ZOZO, Inc.		20,000		504,933

				217,511,105

Luxembourg — 0.5%
ArcelorMittal SA		205,754		5,641,592
SES SA		9		62

				5,641,654

Macau — 0.0%
Wynn Macau Ltd.^(a)		213,200		163,311


Netherlands — 6.9%
Aalberts NV		2,041		81,549
ABN AMRO Bank NV, CVA^(c)		37,624		485,196
Adyen NV^(a)(c)		377		593,895
Argenx SE^(a)		2,546		1,030,454
ASML Holding NV		28,880		17,631,822
ASR Nederland NV		50,729		2,321,802
Heineken NV		5,918		548,089
IMCD NV		9,112		1,347,704
JDE Peet’s NV		4,472		138,530
Koninklijke DSM NV		16,668		2,161,895
Koninklijke Philips NV		613,263		9,189,514
Koninklijke Vopak NV		16,891		501,337
Randstad NV		6,685		387,218
Shell PLC		763,661		22,349,144
Signify NV^(c)		2,110		72,066
Stellantis NV		425,147		6,706,894
Wolters Kluwer NV		68,818		7,584,462

				73,131,571

Norway — 1.4%
Aker BP ASA		78,676		2,737,144
DNB Bank ASA		510,504		9,968,174
Equinor ASA		7,059		271,848
Gjensidige Forsikring ASA		3,664		70,729
Kongsberg Gruppen ASA		6,284		260,615


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway (continued)
Mowi ASA		16,409	$	257,144
Var Energi ASA		317,568		1,172,331

				14,737,985

Singapore — 1.6%
ComfortDelGro Corp. Ltd.		149,700		136,183
Jardine Cycle & Carriage Ltd.		272,600		6,080,015
Mapletree Industrial Trust		51,000		84,025
Mapletree Pan Asia Commercial Trust		623,300		788,664
Oversea-Chinese Banking Corp. Ltd.		240,200		2,213,845
SATS Ltd.^(a)		69,300		136,586
Singapore Telecommunications Ltd.		1,054,500		2,119,991
STMicroelectronics NV		86,229		3,337,658
Suntec Real Estate Investment Trust		53,300		54,795
United Overseas Bank Ltd.		83,600		1,927,605

				16,879,367

South Africa — 0.4%
Anglo American PLC		103,649		4,309,219


Spain — 1.1%
Acciona SA^(b)		11,248		2,200,169
ACS Actividades de Construccion y Servicios SA		1,560		44,277
Amadeus IT Group SA^(a)		13,513		730,614
Banco Bilbao Vizcaya Argentaria SA		429,617		2,531,752
Banco Santander SA		953,146		2,844,031
Bankinter SA		4,197		27,604
Grifols SA, Class A^(a)		50,906		545,405
Iberdrola SA		195,535		2,209,042
Mapfre SA		29,699		56,478
Repsol SA		23,878		368,684

				11,558,056

Sweden — 2.6%
Atlas Copco AB, A Shares		252,836		3,151,577
Atlas Copco AB, B Shares		131,988		1,498,488
Boliden AB		13,319		503,103
EQT AB		19,846		455,526
Fastighets AB Balder, B Shares^(a)		8,422		37,861
Industrivarden AB, A Shares		73,722		1,902,624
Industrivarden AB, C Shares		201,303		5,156,711
Investor AB, A Shares		33,577		646,514
Investor AB, B Shares		347,466		6,466,643
L E Lundbergforetagen AB, B Shares		5,627		245,840
Saab AB, Class B		133,665		4,972,381
Tele2 AB, B Shares		44,672		396,834
Telefonaktiebolaget LM Ericsson, B Shares		206,386		1,302,639
Volvo AB, B Shares		12,540		230,380
Volvo Car AB, Class B^(a)		36,107		180,930

				27,148,051

Switzerland — 8.2%
ABB Ltd., Registered Shares		82,016		2,577,614
Alcon, Inc.		37,412		2,579,918
Baloise Holding AG, Registered Shares		1,869		282,671
Belimo Holding AG, Registered Shares		69		31,911
Chocoladefabriken Lindt & Spruengli AG		432		4,544,347
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		3		308,966
Cie Financiere Richemont SA, Registered Shares		16,204		2,148,132
Clariant AG, Registered Shares		8,830		143,486
Flughafen Zurich AG, Registered Shares^(a)		2,291		380,934
Geberit AG, Registered Shares		1,935		927,550
Givaudan SA, Registered Shares		2,017		6,818,824
Helvetia Holding AG, Registered Shares		4,497		505,734


Security	Shares		Value

Switzerland (continued)
Holcim AG		12,423	$	648,975
Medmix AG^(c)		2		35
Nestlé SA, Registered Shares		141,745		16,871,001
Novartis AG, Registered Shares		233,309		20,753,898
Roche Holding AG		2,898		1,164,169
Roche Holding AG, NVS		26,070		8,515,085
Sonova Holding AG, Registered Shares		974		252,908
Swatch Group AG		17,631		4,717,825
Temenos AG, Registered Shares		34,941		2,153,176
UBS Group AG, Registered Shares		321,847		5,938,943
VAT Group AG^(c)		3,439		963,864
Zurich Insurance Group AG		7,020		3,372,668

				86,602,634

United Kingdom — 12.6%
Ashtead Group PLC		5,000		305,173
AstraZeneca PLC		101,568		13,746,280
Auto Trader Group PLC^(c)		73,040		504,218
Barclays PLC		1,185,978		2,319,859
Bellway PLC		17,527		425,891
BP PLC		2,451,524		14,639,849
British American Tobacco PLC		355,266		14,566,617
BT Group PLC		2,802,156		4,123,405
Centrica PLC		953,912		1,101,219
CK Hutchison Holdings Ltd.		38,000		220,903
Close Brothers Group PLC		15		194
Croda International PLC		6,432		531,896
Diageo PLC		220,628		10,189,042
Direct Line Insurance Group PLC		219,470		555,395
Dunelm Group PLC		24		291
easyJet PLC^(a)		7,373		35,433
Experian PLC		150,490		5,324,524
Ferguson PLC		6,499		736,798
GSK PLC		814,966		13,857,735
Halma PLC		1,321		35,041
Hargreaves Lansdown PLC		16,193		166,844
HSBC Holdings PLC		559,333		3,426,889
IG Group Holdings PLC		51,564		512,935
IMI PLC		34,631		569,534
Intertek Group PLC		135,029		6,620,423
Lloyds Banking Group PLC		7,586,873		4,329,173
Man Group PLC		12,781		32,409
National Grid PLC		472,263		5,809,344
Reckitt Benckiser Group PLC		21,498		1,542,772
RELX PLC		105,314		2,953,104
Rightmove PLC		391,500		2,656,628
Sage Group PLC		10,630		103,105
Segro PLC		5,212		50,438
Smiths Group PLC		149,870		2,884,446
Spectris PLC		26,641		1,031,444
Spirax-Sarco Engineering PLC		5,746		784,740
SSE PLC		226,715		4,702,195
Standard Chartered PLC		68,564		510,736
Subsea 7 SA		39		444
Tesco PLC		782,877		2,157,022
Travis Perkins PLC		8,082		90,742
Tritax Big Box REIT PLC		51,807		90,546
Unilever PLC		161,493		8,074,835
UNITE Group PLC		2,279		25,522
Vodafone Group PLC		1,417,130		1,569,703


			133,915,736


Total Common Stocks — 97.4% (Cost: $938,038,688)				1,033,915,558


SCHEDULES OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Securities

Preferred Stocks — —%

Germany — 0.0%
FUCHS PETROLUB SE		9,210	$	322,609


Total Preferred Securities — 0.0% (Cost: $297,701)				322,609


Rights

France — 0.0%
ALD SA^(a)		19		16


Total Rights — 0.0% (Cost: $ —)				16


Total Long-Term Investments — 97.4% (Cost: $938,336,389)				1,034,238,183


Short-Term Securities

Money Market Funds — 2.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%^(f)(g)		21,217,796		21,217,796
SL Liquidity Series, LLC, Money Market Series, 4.05%^(f)(g)(h)		1,711,874		1,711,189


Total Short-Term Securities — 2.2% (Cost: $22,928,699)				22,928,985

Total Investments — 99.6% (Cost: $961,265,088)				1,057,167,168

Other Assets Less Liabilities — 0.4%				4,027,365


Net Assets — 100.0%			$	1,061,194,533

^(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 $168,352, 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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 05/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 11/30/22		Shares Held at 11/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	20,534,364	$	683,432	^(a)	$	—		$	—		$	—		$	21,217,796		21,217,796	$	213,855		$	—
SL Liquidity Series, LLC, Money Market Series		6,246,194		—			(4,533,401	)^(a)		(1,010	)		(594	)		1,711,189		1,711,874		13,292	^(b)		—

									$	(1,010	)	$	(594	)	$	22,928,985			$	227,147		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage International Fund

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI EAFE Index

253

12/16/22

25,044

1,856,963

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)	$	—	$	—	$	1,856,963	$	—	$	—	$	—	$	1,856,963

^(a)

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

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,535,177	)	$	—	$	—	$	—	$	(2,535,177	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,641,776		$	—	$	—	$	—	$	1,641,776

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	22,388,575

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

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	91,278,572	$	—	$	91,278,572
Austria		—		4,188,440		—		4,188,440
Belgium		—		22,322,040		—		22,322,040
China		—		2,215,882		—		2,215,882
Denmark		257,277		32,489,876		—		32,747,153
Finland		—		3,451,792		—		3,451,792
France		—		118,198,315		—		118,198,315
Germany		—		101,686,782		—		101,686,782
Hong Kong		—		35,015,008		—		35,015,008
India		—		—		168,352		168,352


SCHEDULES OF INVESTMENTS		21

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage International Fund


	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Ireland	$	—	$	2,283,991	$	—	$	2,283,991
Israel		—		2,532,946		—		2,532,946
Italy		—		26,227,596		—		26,227,596
Japan		—		217,511,105		—		217,511,105
Luxembourg		—		5,641,654		—		5,641,654
Macau		—		163,311		—		163,311
Netherlands		—		73,131,571		—		73,131,571
Norway		—		14,737,985		—		14,737,985
Singapore		—		16,879,367		—		16,879,367
South Africa		—		4,309,219		—		4,309,219
Spain		—		11,558,056		—		11,558,056
Sweden		—		27,148,051		—		27,148,051
Switzerland		—		86,602,634		—		86,602,634
United Kingdom		485		133,915,251		—		133,915,736
Preferred Securities		—		322,609		—		322,609
Rights		16		—		—		16
Short-Term Securities
Money Market Funds		21,217,796		—		—		21,217,796

	$	21,475,574	$	1,033,812,053	$	168,352		1,055,455,979

Investments valued at NAV^(a)								1,711,189

							$	1,057,167,168

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	1,856,963	$	—	$	—	$	1,856,963

^(a)

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

^(b)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

November 30, 2022

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.7%
General Dynamics Corp.		19,984	$	5,043,762
HEICO Corp.		3,861		626,679
Lockheed Martin Corp.		20,413		9,904,183

				15,574,624

Air Freight & Logistics — 0.8%
United Parcel Service, Inc., Class B		39,886		7,567,571


Auto Components — 0.1%
Lear Corp.		5,609		809,042


Automobiles — 2.7%
Tesla, Inc.^(a)		127,798		24,882,271


Beverages — 2.6%
Brown-Forman Corp., Class B, NVS		17,605		1,285,517
PepsiCo, Inc.		118,243		21,935,259

				23,220,776

Biotechnology — 2.7%
AbbVie, Inc.		59,540		9,596,657
Amgen, Inc.		30,977		8,871,813
BioMarin Pharmaceutical, Inc.^(a)		10,282		1,038,276
Blueprint Medicines Corp.^(a)		18,587		888,273
Exact Sciences Corp.^(a)		8,796		395,380
Exelixis, Inc.^(a)		4,625		78,995
Novavax, Inc.^(a)		23,156		381,843
Seagen, Inc.^(a)		12,326		1,496,253
Ultragenyx Pharmaceutical, Inc.^(a)		5,807		210,794
Vertex Pharmaceuticals, Inc.^(a)		3,666		1,159,922

				24,118,206

Building Products — 0.2%
Builders FirstSource, Inc.^(a)		14,403		920,784
Trane Technologies PLC		3,414		609,126

				1,529,910

Capital Markets — 0.3%
Blackstone, Inc., NVS		2,687		245,941
Cboe Global Markets, Inc.		15,945		2,022,464
Charles Schwab Corp.		2,964		244,649
CME Group, Inc.		960		169,440
Intercontinental Exchange, Inc.		1,195		129,430

				2,811,924

Chemicals — 1.7%
Cabot Corp.		1		74
Corteva, Inc.		26,226		1,761,338
Ecolab, Inc.		46,216		6,924,543
FMC Corp.		11,814		1,543,381
Linde PLC		8,003		2,692,849
Sherwin-Williams Co.		8,307		2,069,938
Valvoline, Inc.		5,465		180,236

				15,172,359

Commercial Services & Supplies — 0.2%
Tetra Tech, Inc.		8,220		1,270,730
Waste Management, Inc.		3,244		544,083

				1,814,813

Communications Equipment — 0.0%
Juniper Networks, Inc.		5,980		198,775


Construction & Engineering — 0.1%
AECOM		11,764		999,940


Security	Shares		Value

Consumer Finance — 1.5%
American Express Co.		72,568	$	11,435,991
Discover Financial Services		13,703		1,484,857
Synchrony Financial		7,594		285,383

				13,206,231

Diversified Consumer Services — 0.1%
H&R Block, Inc.		22,826		997,724


Diversified Financial Services — 0.1%
Voya Financial, Inc.		18,395		1,213,702


Electrical Equipment — 0.0%
Eaton Corp. PLC		876		143,182


Electronic Equipment, Instruments & Components — 1.8%
CDW Corp.		24,094		4,545,092
Flex Ltd.^(a)		304,526		6,693,482
Jabil, Inc.		14,506		1,047,188
TE Connectivity Ltd.		31,406		3,960,925

				16,246,687

Energy Equipment & Services — 0.3%
Halliburton Co.		55,579		2,105,888
Schlumberger Ltd.		19,111		985,172

				3,091,060

Entertainment — 0.2%
Live Nation Entertainment, Inc.^(a)		3,902		283,910
Spotify Technology SA^(a)		20,410		1,620,962

				1,904,872

Equity Real Estate Investment Trusts (REITs) — 1.2%
American Tower Corp.		2,544		562,860
Crown Castle, Inc.		16,098		2,276,740
Essex Property Trust, Inc.		4,253		937,276
Prologis, Inc.		5,374		633,003
SBA Communications Corp.		7,022		2,101,685
Simon Property Group, Inc.		34,990		4,179,206

				10,690,770

Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		17,848		9,624,534
Kroger Co.		2,217		109,054

				9,733,588

Food Products — 0.9%
Hershey Co.		32,187		7,569,417
Tyson Foods, Inc., Class A		3,694		244,838

				7,814,255

Health Care Equipment & Supplies — 1.6%
Abbott Laboratories		20,591		2,215,180
Becton Dickinson and Co.		21,644		5,396,715
Boston Scientific Corp.^(a)		40,106		1,815,599
Edwards Lifesciences Corp.^(a)		25,339		1,957,438
IDEXX Laboratories, Inc.^(a)		7,074		3,012,604
Medtronic PLC		6,053		478,429

				14,875,965

Health Care Providers & Services — 4.3%
AmerisourceBergen Corp.		24,886		4,247,792
Cigna Corp.		33,545		11,032,615
Elevance Health, Inc.		3,751		1,998,983
UnitedHealth Group, Inc.		39,757		21,777,294

				39,056,684


SCHEDULES OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology — 0.4%
Teladoc Health, Inc.^(a)		31,637	$	901,971
Veeva Systems, Inc., Class A^(a)		11,963		2,277,277

				3,179,248

Hotels, Restaurants & Leisure — 1.0%
Airbnb, Inc., Class A^(a)		2,557		261,172
Booking Holdings, Inc.^(a)		137		284,885
Domino’s Pizza, Inc.		1,719		668,227
Marriott International, Inc., Class A		5,036		832,703
Starbucks Corp.		1,560		159,432
Travel + Leisure Co.		175,473		6,820,635
Yum! Brands, Inc.		688		88,518

				9,115,572

Household Durables — 0.1%
TopBuild Corp.^(a)		4,905		755,762


Household Products — 1.4%
Colgate-Palmolive Co.		68,629		5,317,375
Procter & Gamble Co.		49,655		7,406,540

				12,723,915

Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp.		5,059		123,085


Insurance — 1.4%
Aon PLC, Class A		2,921		900,486
Marsh & McLennan Cos., Inc.		69,058		11,959,464

				12,859,950

Interactive Media & Services — 5.4%
Alphabet, Inc., Class A^(a)		224,724		22,694,877
Alphabet, Inc., Class C, NVS^(a)		226,034		22,931,149
Meta Platforms, Inc., Class A^(a)		18,747		2,214,021
Snap, Inc., Class A, NVS^(a)		105,354		1,086,200

				48,926,247

Internet & Direct Marketing Retail — 5.4%
Amazon.com, Inc.^(a)		432,757		41,778,361
Coupang, Inc.^(a)(b)		21,238		413,716
eBay, Inc.		123,213		5,598,798
Etsy, Inc.^(a)		1,686		222,704
MercadoLibre, Inc.^(a)		1,284		1,195,385

				49,208,964

IT Services — 7.1%
Accenture PLC, Class A		33,690		10,138,332
Automatic Data Processing, Inc.		41,823		11,047,127
Cognizant Technology Solutions Corp., Class A		52,628		3,273,988
Gartner, Inc.^(a)		13,284		4,654,315
Mastercard, Inc., Class A		43,145		15,376,878
Paychex, Inc.		12,668		1,571,212
PayPal Holdings, Inc.^(a)		41,939		3,288,437
Visa, Inc., Class A		71,218		15,454,306

				64,804,595

Life Sciences Tools & Services — 2.7%
Agilent Technologies, Inc.		56,302		8,725,684
Bruker Corp.		11,273		759,913
Danaher Corp.		14,724		4,025,689
Mettler-Toledo International, Inc.^(a)		1,883		2,767,181
Thermo Fisher Scientific, Inc.		12,603		7,060,453
West Pharmaceutical Services, Inc.		5,586		1,310,811

				24,649,731

Machinery — 2.2%
Caterpillar, Inc.		455		107,567
Deere & Co.		15,838		6,984,558


Security	Shares		Value

Machinery (continued)
Illinois Tool Works, Inc.		6,034	$	1,372,554
Otis Worldwide Corp.		5,717		446,440
PACCAR, Inc.		47,316		5,011,238
Timken Co.		41,185		3,129,236
Xylem, Inc.		26,043		2,925,931

				19,977,524

Media — 0.8%
Fox Corp., Class A, NVS		234,225		7,600,601


Multiline Retail — 0.5%
Dollar General Corp.		485		124,005
Target Corp.		27,318		4,564,018

				4,688,023

Multi-Utilities — 0.4%
DTE Energy Co.		31,815		3,690,858


Oil, Gas & Consumable Fuels — 1.1%
APA Corp.		2,131		99,837
Chevron Corp.		7,665		1,405,071
Devon Energy Corp.		8,993		616,200
EOG Resources, Inc.		30,323		4,303,744
Exxon Mobil Corp.		6,110		680,288
Marathon Petroleum Corp.		17,848		2,174,065
Ovintiv, Inc.		9,007		502,230

				9,781,435

Pharmaceuticals — 1.9%
Eli Lilly & Co.		44,347		16,456,285
Merck & Co., Inc.		8,023		883,493

				17,339,778

Professional Services — 0.0%
KBR, Inc.		4,012		207,300


Real Estate Management & Development — 0.0%
Zillow Group, Inc., Class A^(a)		163		6,096


Road & Rail — 1.4%
CSX Corp.		69,421		2,269,373
Landstar System, Inc.		5,980		1,034,420
Lyft, Inc., Class A^(a)		59,209		664,325
Uber Technologies, Inc.^(a)		125,378		3,653,515
Union Pacific Corp.		21,333		4,638,434

				12,260,067

Semiconductors & Semiconductor Equipment — 7.0%
Advanced Micro Devices, Inc.^(a)		12,314		955,936
Analog Devices, Inc.		59,621		10,249,446
Applied Materials, Inc.		29,653		3,249,969
Enphase Energy, Inc.^(a)		7,553		2,421,416
Intel Corp.		78,202		2,351,534
KLA Corp.		14,308		5,625,190
Lam Research Corp.		11,941		5,640,690
Lattice Semiconductor Corp.^(a)		29,219		2,128,020
Marvell Technology, Inc.		10,239		476,318
Monolithic Power Systems, Inc.		2,919		1,114,941
NVIDIA Corp.		115,391		19,527,619
NXP Semiconductors NV		10,848		1,907,512
QUALCOMM, Inc.		51,113		6,465,284
Semtech Corp.^(a)		24,130		741,756
Silicon Laboratories, Inc.^(a)		3,837		558,053
Texas Instruments, Inc.		3,112		561,592

				63,975,276

Software — 16.9%
Adobe, Inc.^(a)		28,423		9,803,945


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
ANSYS, Inc.^(a)		933	$	237,262
Atlassian Corp. Ltd., Class A^(a)		6,311		830,212
Autodesk, Inc.^(a)		6,207		1,253,504
Bill.com Holdings, Inc.^(a)		4,842		583,074
Box, Inc., Class A^(a)		56,205		1,542,827
Cadence Design Systems, Inc.^(a)		26,613		4,578,500
Ceridian HCM Holding, Inc.^(a)		10,962		750,239
Crowdstrike Holdings, Inc., Class A^(a)		21,022		2,473,238
DocuSign, Inc.^(a)		27,564		1,297,437
Dynatrace, Inc.^(a)		2,455		95,131
FreedomPay, Inc.^(a)(c)		43,051		—
HubSpot, Inc.^(a)		7,686		2,329,089
Intuit, Inc.		22,150		9,028,119
Manhattan Associates, Inc.^(a)		13,975		1,760,012
Microsoft Corp.		340,244		86,809,854
Palo Alto Networks, Inc.^(a)		16,132		2,740,827
Paycom Software, Inc.^(a)		8,638		2,929,146
Paylocity Holding Corp.^(a)		8,363		1,821,712
Rapid7, Inc.^(a)		1,940		57,036
RingCentral, Inc., Class A^(a)		64,170		2,378,140
Salesforce, Inc.^(a)		34,897		5,592,244
ServiceNow, Inc.^(a)		16,845		7,012,574
Splunk, Inc.^(a)		8,434		655,153
Synopsys, Inc.^(a)		396		134,458
VMware, Inc., Class A^(a)		4,469		542,939
Workday, Inc., Class A^(a)		21,728		3,648,131
Zscaler, Inc.^(a)		21,234		2,833,677

				153,718,480

Specialty Retail — 3.2%
AutoZone, Inc.^(a)		910		2,346,890
Bath & Body Works, Inc.		14,450		614,125
Home Depot, Inc.		42,483		13,764,067
Lowe’s Cos., Inc.^(b)		38,745		8,235,250
Ulta Beauty, Inc.^(a)		8,075		3,753,583
Williams-Sonoma, Inc.		1,968		230,059

				28,943,974

Technology Hardware, Storage & Peripherals — 11.2%
Apple Inc.		662,429		98,059,365
Dell Technologies, Inc., Class C		39,814		1,783,269


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
HP, Inc.		4,944	$	148,518
NetApp, Inc.		2,084		140,899
Pure Storage, Inc., Class A^(a)		42,062		1,227,790

				101,359,841

Textiles, Apparel & Luxury Goods — 0.8%
Deckers Outdoor Corp.^(a)		539		214,996
Lululemon Athletica, Inc.^(a)		16,767		6,376,658
Ralph Lauren Corp.		9,465		1,070,681

				7,662,335

Trading Companies & Distributors — 0.3%
SiteOne Landscape Supply, Inc.^(a)		16,315		2,048,022
WW Grainger, Inc.		1,206		727,290

				2,775,312


Total Long-Term Investments — 98.8% (Cost: $639,685,734)				898,008,900


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%^(d)(e)		8,430,406		8,430,406
SL Liquidity Series, LLC, Money Market Series, 4.05%^(d)(e)(f)		5,916,672		5,914,306


Total Short-Term Securities — 1.6% (Cost: $14,344,077)				14,344,712

Total Investments — 100.4% (Cost: $654,029,811)				912,353,612

Liabilities in Excess of Other Assets — (0.4)%				(4,016,017	)


Net Assets — 100.0%			$	908,337,595

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 05/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 11/30/22		Shares Held at 11/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	8,039,456	$	390,950	^(a)	$	—	$	—	$	—	$	8,430,406		8,430,406	$	103,572		$	—
SL Liquidity Series, LLC, Money Market Series		1,498,897		4,413,907	^(a)		—		912		590		5,914,306		5,916,672		3,901	^(b)		—

								$	912	$	590	$	14,344,712			$	107,473		$	—

^(a)

Represents net amount purchased (sold).

^(b)


SCHEDULES OF INVESTMENTS		25

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Growth Fund

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

NASDAQ 100 E-Mini Index

12/16/22

10,356

583,798

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)	$	—	$	—	$	583,798	$	—	$	—	$	—	$	583,798

^(a)

For the period ended November 30, 2022, 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	$	—	$	—	$	(1,369,177	)	$	—	$	—	$	—	$	(1,369,177	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	904,128		$	—	$	—	$	—	$	904,128

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	9,969,415

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


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Growth Fund

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	898,008,900	$	—	$	—	$	898,008,900
Short-Term Securities
Money Market Funds		8,430,406		—		—		8,430,406

	$	906,439,306	$	—	$	—		906,439,306

Investments valued at NAV^(a)								5,914,306

							$	912,353,612

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	583,798	$	—	$	—	$	583,798

^(a)

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

^(b)

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

See notes to financial statements.


SCHEDULES OF INVESTMENTS		27

Schedule of Investments (unaudited)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
AAR Corp.^(a)		9,813	$	456,893
Aerojet Rocketdyne Holdings, Inc.^(a)		60,741		3,158,532
Astra Space, Inc.^(a)(b)		187,417		92,603
Astronics Corp.^(a)		87,253		732,925
HEICO Corp., Class A^(b)		7,791		987,743
Kratos Defense & Security Solutions, Inc.^(a)		197,378		1,879,039
Moog, Inc., Class A		205,366		17,873,003
Parsons Corp.^(a)		170,807		8,454,946
V2X, Inc.^(a)		50,938		2,058,405

				35,694,089

Air Freight & Logistics — 0.7%
Forward Air Corp.		20,076		2,255,940
Hub Group, Inc., Class A^(a)		297,845		25,063,657
Radiant Logistics, Inc.^(a)		2,988		15,956

				27,335,553

Airlines — 0.2%
Allegiant Travel Co.^(a)		24,197		1,998,914
Hawaiian Holdings, Inc.^(a)		1,126		15,651
SkyWest, Inc.^(a)		9,446		174,279
Spirit Airlines, Inc.^(a)(b)		171,753		3,728,758
Wheels Up Experience, Inc.^(a)(b)		681,394		872,184

				6,789,786

Auto Components — 1.4%
Adient PLC^(a)		139,957		5,449,926
Cooper-Standard Holdings, Inc.^(a)		80,892		571,906
Dana, Inc.		195,453		3,441,927
Dorman Products, Inc.^(a)		1,811		162,338
Fox Factory Holding Corp.^(a)		33,622		3,567,294
Goodyear Tire & Rubber Co.^(a)		326,581		3,664,239
LCI Industries		68,473		6,769,241
Modine Manufacturing Co.^(a)		200,436		4,243,230
Patrick Industries, Inc.		60,245		3,369,503
Spruce Power Holding Corp.^(a)		883		848
Standard Motor Products, Inc.		15,984		613,945
Visteon Corp.^(a)		146,324		21,480,363

				53,334,760

Automobiles — 0.2%
Cenntro Electric Group Ltd.^(a)		7,710		4,811
Winnebago Industries, Inc.		155,607		9,117,014

				9,121,825

Banks — 8.7%
1st Source Corp.^(b)		22,259		1,270,989
Amalgamated Financial Corp.^(b)		102,312		2,728,661
Ameris Bancorp		30,610		1,618,657
Associated Banc-Corp.		638,643		15,710,618
BancFirst Corp.		24,387		2,486,011
BankFinancial Corp.		47,619		469,523
Bankwell Financial Group, Inc.		1,148		33,969
Bar Harbor Bankshares		5,243		158,706
Cadence Bank		213,672		6,162,300
Capital Bancorp, Inc.		416		10,325
Capital City Bank Group, Inc.		169,256		5,957,811
Capstar Financial Holdings, Inc.^(b)		100,517		1,799,254
Carter Bankshares, Inc.^(a)		39,227		727,269
Cathay General Bancorp		52,313		2,430,985
CNB Financial Corp.		12,383		316,386
Coastal Financial Corp.^(a)		4,650		232,128
Colony Bankcorp, Inc.		1,929		26,447
Community Trust Bancorp, Inc.		61,180		2,931,134


Security	Shares		Value

Banks (continued)
ConnectOne Bancorp, Inc.		42,294	$	1,109,795
Customers Bancorp, Inc.^(a)		17,542		566,080
Enterprise Bancorp, Inc.^(b)		1,190		41,626
Equity Bancshares, Inc., Class A^(b)		4,254		155,526
Farmers National Banc Corp.		11,621		176,755
FB Financial Corp.		263,982		11,301,069
Financial Institutions, Inc.		40,108		1,015,535
First Bancshares, Inc.^(b)		124,459		4,255,253
First Bank/Hamilton NJ		2,298		35,251
First Business Financial Services, Inc.		40,614		1,556,328
First Commonwealth Financial Corp.		70,246		1,034,021
First Community Bankshares, Inc.		68,993		2,549,291
First Financial Corp.		75,287		3,619,046
First Financial Northwest, Inc.		124,456		1,889,242
First Foundation, Inc.		87,125		1,220,621
First of Long Island Corp.		17,948		349,089
First United Corp.		32,938		677,205
Fulton Financial Corp.		1,116,399		20,753,857
Hancock Whitney Corp.^(b)		757,207		41,525,232
HarborOne Bancorp, Inc.		30,376		444,401
HBT Financial, Inc.		155,108		3,047,872
Heartland Financial U.S.A., Inc.		785,378		38,318,593
Heritage Commerce Corp.		213,749		3,037,373
HomeTrust Bancshares, Inc.		53,811		1,377,562
Horizon Bancorp, Inc.		198,460		3,226,960
Independent Bank Corp.		126,016		3,092,433
Independent Bank Group, Inc.		54,910		3,620,765
Lakeland Bancorp, Inc.		301,498		5,631,983
Mercantile Bank Corp.		58,745		2,044,913
Meridian Corp.		220		7,421
Metropolitan Bank Holding Corp.^(a)		18,830		1,196,458
Mid Penn Bancorp, Inc.		99,877		3,295,941
Midland States Bancorp, Inc.		269,161		7,243,123
MidWestOne Financial Group, Inc.		14,208		495,717
National Bank Holdings Corp., Class A		11,812		549,376
Northrim BanCorp, Inc.		120,320		6,690,995
OceanFirst Financial Corp.		875,100		20,442,336
Old National Bancorp		364,451		6,964,659
Origin Bancorp, Inc.		115,279		4,717,217
PCB Bancorp		1,660		30,909
Peapack-Gladstone Financial Corp.		99,425		4,098,299
Premier Financial Corp.		283,591		8,275,185
Republic Bancorp, Inc., Class A		35,023		1,543,464
Republic First Bancorp, Inc.^(a)		1,353,987		3,452,667
Riverview Bancorp, Inc.		229,240		1,739,932
Sandy Spring Bancorp, Inc.		338,219		11,776,786
Seacoast Banking Corp. of Florida		6,760		232,409
Sierra Bancorp		92,196		1,995,121
Simmons First National Corp., Class A		25,997		603,390
SmartFinancial, Inc.		39,803		1,193,294
South Plains Financial, Inc.		77,229		2,391,010
Southern First Bancshares, Inc.^(a)		26,302		1,301,949
Summit Financial Group, Inc.		16,031		454,639
Texas Capital Bancshares, Inc.^(a)(b)		19,323		1,159,187
Towne Bank		213,716		6,903,027
UMB Financial Corp.		74,702		6,388,515
Unity Bancorp, Inc.		1,563		44,561
Univest Financial Corp.		113,676		3,206,800
Veritex Holdings, Inc.		70,741		2,310,401
Washington Federal, Inc.		81,705		2,881,735
Washington Trust Bancorp, Inc.		58,519		2,911,905


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Banks (continued)
WesBanco, Inc.		500,275	$	20,236,124
Wintrust Financial Corp.		27,930		2,553,640

				342,033,042

Beverages — 0.9%
Coca-Cola Consolidated, Inc.		9,129		4,489,642
Duckhorn Portfolio, Inc.^(a)(b)		19,146		307,485
MGP Ingredients, Inc.		66,052		8,260,463
Primo Water Corp.		1,411,443		22,089,083

				35,146,673

Biotechnology — 7.4%
2seventy bio, Inc.^(a)		39,311		616,003
4D Molecular Therapeutics, Inc.^(a)(b)		79,572		1,923,255
89bio, Inc.^(a)		198,995		1,591,960
ACADIA Pharmaceuticals, Inc.^(a)(b)		225,006		3,505,594
ADMA Biologics, Inc.^(a)(b)		151,789		506,975
Adverum Biotechnologies, Inc.^(a)(b)		518,430		347,296
Agenus, Inc.^(a)		845,932		2,284,016
Agios Pharmaceuticals, Inc.^(a)(b)		144,577		4,357,551
Albireo Pharma, Inc.^(a)		24,967		551,271
Alector, Inc.^(a)(b)		448,925		3,811,373
Alkermes PLC^(a)		528,768		13,102,871
Allakos, Inc.^(a)		223,411		1,843,141
Allogene Therapeutics, Inc.^(a)(b)		466,084		4,595,588
Allovir, Inc.^(a)		20,066		150,696
Alpine Immune Sciences, Inc.^(a)		1,000		6,280
ALX Oncology Holdings, Inc.^(a)(b)		13,822		153,424
Anika Therapeutics, Inc.^(a)		27,066		853,662
Apellis Pharmaceuticals, Inc.^(a)		175,737		8,774,548
Applied Molecular Transport, Inc.^(a)		65,272		68,536
Arcturus Therapeutics Holdings, Inc.^(a)(b)		74,300		1,370,092
Arcus Biosciences, Inc.^(a)		59,868		2,105,558
Arcutis Biotherapeutics, Inc.^(a)(b)		62,084		1,069,707
ARS Pharmaceuticals, Inc.^(a)		18,285		113,733
Atara Biotherapeutics, Inc.^(a)		419,778		1,901,594
Atossa Therapeutics, Inc.^(a)(b)		475,215		356,411
Avidity Biosciences, Inc.^(a)(b)		116,847		1,360,099
Avita Medical, Inc.^(a)		1,282		8,525
Avrobio, Inc.^(a)		318,078		289,101
Beam Therapeutics, Inc.^(a)(b)		110,349		5,097,020
Beyondspring, Inc.^(a)(b)		9,468		5,491
BioAtla, Inc.^(a)		110,406		1,215,570
Biomea Fusion, Inc.^(a)		5,814		41,803
Bioxcel Therapeutics, Inc.^(a)(b)		37,409		619,867
Black Diamond Therapeutics, Inc.^(a)(b)		102,286		215,823
Bluebird Bio, Inc.^(a)		321,059		2,501,050
Blueprint Medicines Corp.^(a)		267,091		12,764,279
Bridgebio Pharma, Inc.^(a)		451,359		4,229,234
C4 Therapeutics, Inc.^(a)		90,727		777,530
CareDx, Inc.^(a)		43,111		558,287
Coherus Biosciences, Inc.^(a)		567,899		3,895,787
Concert Pharmaceuticals, Inc.^(a)		23,364		112,614
Cue Biopharma, Inc.^(a)		24,211		93,454
Cullinan Oncology, Inc.^(a)(b)		25,173		312,900
Curis, Inc.^(a)		268,175		216,390
Cyteir Therapeutics, Inc.^(a)		2,314		3,332
Cytokinetics, Inc.^(a)		42,473		1,805,103
Deciphera Pharmaceuticals, Inc.^(a)		481,650		7,663,052
Denali Therapeutics, Inc.^(a)		328,789		10,491,657
Dyne Therapeutics, Inc.^(a)(b)		89,958		1,052,509
Editas Medicine, Inc.^(a)(b)		458,598		4,861,139
Eiger BioPharmaceuticals, Inc.^(a)		3,312		15,036
Emergent BioSolutions, Inc.^(a)		287,340		3,534,282


Security	Shares		Value

Biotechnology (continued)
Enanta Pharmaceuticals, Inc.^(a)		96,206	$	4,212,861
Fate Therapeutics, Inc.^(a)		525,611		10,943,221
FibroGen, Inc.^(a)(b)		178,094		2,559,211
Foghorn Therapeutics, Inc.^(a)		601		4,057
Frequency Therapeutics, Inc.^(a)		399,434		886,744
G1 Therapeutics, Inc.^(a)(b)		185,389		1,104,918
Gossamer Bio, Inc.^(a)(b)		279,252		2,390,397
Gritstone bio, Inc.^(a)		74,017		217,610
Halozyme Therapeutics, Inc.^(a)		116,107		6,648,287
Harpoon Therapeutics, Inc.^(a)		176,944		121,224
Heron Therapeutics, Inc.^(a)(b)		843,491		2,285,861
Homology Medicines, Inc.^(a)(b)		238,568		367,395
Humacyte, Inc.^(a)		979		3,054
Icosavax, Inc.^(a)		5,278		17,629
IGM Biosciences, Inc.^(a)		2,232		49,126
ImmunoGen, Inc.^(a)		51,272		266,102
Inhibrx, Inc.^(a)		28,256		847,115
Inovio Pharmaceuticals, Inc.^(a)(b)		740,764		1,511,159
Inozyme Pharma, Inc.^(a)		148,806		215,769
Insmed, Inc.^(a)(b)		266,114		4,920,448
Intellia Therapeutics, Inc.^(a)		175,486		9,030,510
Intercept Pharmaceuticals, Inc.^(a)		242,281		3,612,410
Ironwood Pharmaceuticals, Inc.^(a)		834,345		10,103,918
iTeos Therapeutics, Inc.^(a)		55,571		1,119,756
Jounce Therapeutics, Inc.^(a)		2,088		1,837
Karuna Therapeutics, Inc.^(a)		20,938		4,926,921
Karyopharm Therapeutics, Inc.^(a)		665,807		3,522,119
Kiniksa Pharmaceuticals Ltd., Class A^(a)		425,763		7,165,591
Kinnate Biopharma, Inc.^(a)		15,283		121,041
Kodiak Sciences, Inc.^(a)		469,764		3,466,858
Kronos Bio, Inc.^(a)		43,065		81,824
Kura Oncology, Inc.^(a)		68,382		1,078,384
Kymera Therapeutics, Inc.^(a)		124,118		3,596,940
Lexicon Pharmaceuticals, Inc.^(a)		11,193		23,953
MacroGenics, Inc.^(a)		411,654		2,646,935
Madrigal Pharmaceuticals, Inc.^(a)(b)		31,256		2,191,358
Mersana Therapeutics, Inc.^(a)		48,020		319,813
MiMedx Group, Inc.^(a)		9,827		31,938
Mirum Pharmaceuticals, Inc.^(a)		195,889		3,653,330
Monte Rosa Therapeutics, Inc.^(a)		495		4,198
Morphic Holding, Inc.^(a)(b)		15,899		437,540
Myriad Genetics, Inc.^(a)		126,713		2,567,205
Natera, Inc.^(a)(b)		34,346		1,412,308
NextCure, Inc.^(a)		208,022		293,311
Nkarta, Inc.^(a)		16,575		140,556
Nurix Therapeutics, Inc.^(a)		64,760		802,376
Olema Pharmaceuticals, Inc.^(a)(b)		164,003		470,689
Oyster Point Pharma, Inc.^(a)(b)		107,635		1,203,359
Passage Bio, Inc.^(a)		213,999		261,079
Poseida Therapeutics, Inc.^(a)(b)		157,250		717,060
Praxis Precision Medicines, Inc.^(a)		5,607		12,391
Precigen, Inc.^(a)		121,854		221,774
Protagonist Therapeutics, Inc.^(a)		3,151		24,924
PTC Therapeutics, Inc.^(a)		225,182		9,342,801
Puma Biotechnology, Inc.^(a)		228,047		1,030,772
Pyxis Oncology, Inc.^(a)(b)		12,210		17,705
Recursion Pharmaceuticals, Inc., Class A^(a)(b)		135,240		1,271,256
REGENXBIO, Inc.^(a)		91,701		2,191,654
Relay Therapeutics, Inc.^(a)(b)		288,174		5,354,273
REVOLUTION Medicines, Inc.^(a)		39,818		939,307
Rigel Pharmaceuticals, Inc.^(a)		800,655		537,720
Rocket Pharmaceuticals, Inc.^(a)		220,759		4,167,930


SCHEDULES OF INVESTMENTS		29

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Biotechnology (continued)
Roivant Sciences Ltd.^(a)		4,029	$	21,595
Sana Biotechnology, Inc.^(a)(b)		35,105		175,174
Sangamo Therapeutics, Inc.^(a)		1,299,078		4,754,626
Scholar Rock Holding Corp.^(a)(b)		93,376		725,532
Seres Therapeutics, Inc.^(a)		199,594		1,297,361
Shattuck Labs, Inc.^(a)		4,414		10,020
Sorrento Therapeutics, Inc.^(a)(b)		3,037,646		3,948,940
Spectrum Pharmaceuticals, Inc.^(a)(b)		166,749		76,805
SpringWorks Therapeutics, Inc.^(a)		79,254		1,916,362
Stoke Therapeutics, Inc.^(a)		5,763		43,453
Surface Oncology, Inc.^(a)		58,721		54,023
Sutro Biopharma, Inc.^(a)(b)		203,068		1,520,979
Taysha Gene Therapies, Inc.^(a)		15,649		34,584
TCR2 Therapeutics, Inc.^(a)		2,520		3,352
Tenaya Therapeutics, Inc.^(a)		6,743		17,869
TG Therapeutics, Inc.^(a)(b)		188,603		1,663,478
Travere Therapeutics, Inc.^(a)		99,829		2,009,558
Twist Bioscience Corp.^(a)(b)		151,976		4,156,544
Ultragenyx Pharmaceutical, Inc.^(a)		56,761		2,060,424
UroGen Pharma Ltd.^(a)(b)		77,081		660,584
Veracyte, Inc.^(a)		202,750		5,624,285
Vir Biotechnology, Inc.^(a)		323,244		9,121,946
Vor BioPharma, Inc.^(a)		2,295		10,557
Voyager Therapeutics, Inc.^(a)		47,657		283,083
Xencor, Inc.^(a)		31,714		942,540
Zentalis Pharmaceuticals, Inc.^(a)(b)		31,068		687,224

				291,212,779

Building Products — 1.3%
Apogee Enterprises, Inc.		25,154		1,213,681
Builders FirstSource, Inc.^(a)		123,633		7,903,858
Caesarstone Ltd.		35,287		221,249
Gibraltar Industries, Inc.^(a)		49,739		2,517,291
JELD-WEN Holding, Inc.^(a)		208,424		2,155,104
PGT Innovations, Inc.^(a)		314,963		6,233,118
Quanex Building Products Corp.		25,983		617,616
Resideo Technologies, Inc.^(a)(b)		182,515		2,956,743
UFP Industries, Inc.		338,990		27,749,721

				51,568,381

Capital Markets — 2.2%
AssetMark Financial Holdings, Inc.^(a)		227,112		5,646,004
Cohen & Steers, Inc.		55,699		3,690,059
Cowen, Inc., Class A		76,785		2,968,508
Federated Hermes, Inc.		10,459		397,024
GCM Grosvenor, Inc., Class A		4,323		37,913
Greenhill & Co., Inc.		4,987		46,678
Hamilton Lane, Inc., Class A		112,523		8,313,199
Houlihan Lokey, Inc.		195,522		19,229,589
Moelis & Co., Class A		214,898		9,287,891
Open Lending Corp., Class A^(a)		349,960		2,474,217
Piper Sandler Cos		58,306		8,376,240
Raymond James Financial, Inc.		11,184		1,307,410
Stifel Financial Corp.		260,245		16,720,741
StoneX Group, Inc.^(a)		5,059		513,337
Virtus Investment Partners, Inc.		27,759		5,383,580
WisdomTree, Inc.		176,433		982,732

				85,375,122

Chemicals — 2.4%
Avient Corp.		553,954		19,172,348
Cabot Corp.		163,080		12,005,950
Ecovyst, Inc.^(a)		175,220		1,627,794
FutureFuel Corp.		6,740		59,582


Security	Shares		Value

Chemicals (continued)
HB Fuller Co		252,776	$	20,300,441
Ingevity Corp.^(a)		95,461		7,471,732
Innospec, Inc.		45,018		4,992,046
Livent Corp.^(a)		217,149		6,078,000
LSB Industries, Inc.^(a)		61,936		955,672
Quaker Chemical Corp.^(b)		30,505		6,003,079
Sensient Technologies Corp.		85,390		6,379,487
Stepan Co.		82,934		9,252,946
Tronox Holdings PLC		38,516		544,231

				94,843,308

Commercial Services & Supplies — 0.8%
ACCO Brands Corp.		816,427		4,547,499
BrightView Holdings, Inc.^(a)		177,144		1,220,522
CECO Environmental Corp.^(a)		8,346		101,154
Cimpress PLC^(a)(b)		37,180		1,100,156
Deluxe Corp.		54,601		1,055,983
Kimball International, Inc., Class B		423,932		3,035,353
Li-Cycle Holdings Corp.^(a)		18,801		119,762
Steelcase, Inc., Class A		551,973		4,377,146
Tetra Tech, Inc.		113,205		17,500,361

				33,057,936

Communications Equipment — 0.4%
Calix, Inc.^(a)		170,535		12,159,146
NETGEAR, Inc.^(a)		188,833		3,725,675

				15,884,821

Construction & Engineering — 1.5%
Ameresco, Inc., Class A^(a)(b)		106,681		6,989,739
Comfort Systems U.S.A., Inc.		5,434		688,814
Concrete Pumping Holdings, Inc.^(a)		18,732		132,248
EMCOR Group, Inc.		239,254		37,060,445
Fluor Corp.^(a)(b)		36,712		1,233,890
Matrix Service Co.^(a)		93,417		478,295
MYR Group, Inc.^(a)(b)		56,633		5,410,150
Primoris Services Corp.		187,235		3,997,467
Tutor Perini Corp.^(a)		238,184		1,703,016

				57,694,064

Construction Materials — 0.2%
Summit Materials, Inc., Class A^(a)		261,805		7,930,073


Consumer Finance — 1.0%
Encore Capital Group, Inc.^(a)		65,415		3,296,916
Enova International, Inc.^(a)		173,543		7,000,725
EZCORP, Inc., Class A, NVS^(a)		88,455		886,319
LendingClub Corp.^(a)		328,595		3,387,814
LendingTree, Inc.^(a)		184,806		4,426,104
Moneylion, Inc.^(a)		6,186		4,619
Navient Corp.		485,592		8,046,259
Nelnet, Inc., Class A		4,177		411,602
Oportun Financial Corp.^(a)		6,353		35,196
PRA Group, Inc.^(a)		194,332		6,681,134
PROG Holdings, Inc.^(a)		187,241		3,686,775
Regional Management Corp.		92,453		2,721,816

				40,585,279

Containers & Packaging — 0.1%
Greif, Inc., Class A, NVS		53,810		3,783,381


Diversified Consumer Services — 0.6%
2U, Inc.^(a)		20,566		165,145
Beachbody Co., Inc.^(a)(b)		33,933		23,753
Carriage Services, Inc.		14,983		376,822
Chegg, Inc.^(a)		194,872		5,814,980


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Diversified Consumer Services (continued)
Duolingo, Inc.^(a)		25,845	$	1,800,621
Laureate Education, Inc.		852,574		8,934,976
OneSpaWorld Holdings Ltd.^(a)		172,308		1,717,911
Strategic Education, Inc.		41,547		3,398,545

				22,232,753

Diversified Financial Services — 0.1%
Jackson Financial, Inc., Class A		116,200		4,340,070


Diversified Telecommunication Services — 0.9%
Bandwidth, Inc., Class A^(a)		196,031		4,481,269
Cogent Communications Holdings, Inc.		17,129		994,338
EchoStar Corp., Class A^(a)		182,629		3,177,745
IDT Corp., Class B^(a)		24,443		683,182
Iridium Communications, Inc.^(a)		406,396		21,579,628
Liberty Latin America Ltd., Class A^(a)		23,638		182,958
Ooma, Inc.^(a)		389,111		6,128,498
Telesat Corp.^(a)		2,252		19,367

				37,246,985

Electric Utilities — 0.7%
Portland General Electric Co.		547,199		26,938,607


Electrical Equipment — 1.0%
Atkore, Inc.^(a)		142,964		17,463,053
Bloom Energy Corp., Class A^(a)		487,982		10,389,137
Encore Wire Corp.		5,883		859,565
LSI Industries, Inc.		73,401		871,270
SunPower Corp.^(a)		303,696		7,364,628
Sunrun, Inc.^(a)(b)		41,338		1,346,792
TPI Composites, Inc.^(a)		61,527		743,246

				39,037,691

Electronic Equipment, Instruments & Components — 2.3%
Belden, Inc.		7,852		631,615
Benchmark Electronics, Inc.		190,819		5,508,944
Daktronics, Inc.^(a)		7,812		26,951
ePlus, Inc.^(a)		235,833		11,711,467
FARO Technologies, Inc.^(a)(b)		39,572		1,183,994
Insight Enterprises, Inc.^(a)(b)		104,603		10,869,298
Knowles Corp.^(a)		634,413		9,896,843
OSI Systems, Inc.^(a)		171,268		15,153,793
PC Connection, Inc.^(a)		185,200		10,287,860
Plexus Corp.^(a)		6,556		722,602
Sanmina Corp.^(a)		330,588		21,848,561
ScanSource, Inc.^(a)		154,545		4,614,714

				92,456,642

Energy Equipment & Services — 2.9%
Archrock, Inc.		542,495		4,725,132
Borr Drilling Ltd.^(a)		982,043		4,586,141
ChampionX Corp.		260,234		8,025,617
Diamond Offshore Drilling, Inc.^(a)(b)		148,106		1,417,374
Helix Energy Solutions Group, Inc.^(a)		282,906		1,804,940
Helmerich & Payne, Inc.		122,195		6,241,721
Liberty Energy, Inc.^(a)		1,197,213		19,789,931
Nabors Industries Ltd.^(a)		53,528		8,475,088
National Energy Services Reunited Corp.^(a)		5,190		33,164
Newpark Resources, Inc.^(a)		2,233		8,954
NexTier Oilfield Solutions, Inc.^(a)		328,619		3,348,628
Noble Corp. PLC^(a)		160,610		5,963,449
Oceaneering International, Inc.^(a)		669,915		10,176,009
Oil States International, Inc.^(a)		344,376		2,324,538
Patterson-UTI Energy, Inc.		985,999		17,698,682
ProPetro Holding Corp.^(a)		1,132,784		12,437,968
Solaris Oilfield Infrastructure, Inc., Class A		144,726		1,587,644


Security	Shares		Value

Energy Equipment & Services (continued)
Tidewater, Inc.^(a)		58,140	$	1,767,456
U.S. Silica Holdings, Inc.^(a)		242,945		3,180,150

				113,592,586

Entertainment — 0.2%
Cinemark Holdings, Inc.^(a)		432,810		5,890,544
Eros Media World PLC^(a)		23,977		5,994
Lions Gate Entertainment Corp., Class A^(a)(b)		58,453		446,581

				6,343,119

Equity Real Estate Investment Trusts (REITs) — 4.4%
Acadia Realty Trust		734,871		11,302,316
Alexander & Baldwin, Inc.		144,337		2,850,656
American Assets Trust, Inc.		282,496		8,274,308
Apple Hospitality REIT, Inc.		73,980		1,262,099
Armada Hoffler Properties, Inc.		144,175		1,751,726
Ashford Hospitality Trust, Inc.^(a)		74,574		485,477
Bluerock Homes Trust, Inc.^(a)		5,611		137,582
Braemar Hotels & Resorts, Inc.		2,175,200		8,026,488
Brandywine Realty Trust		273,416		1,889,304
Broadstone Net Lease, Inc.		98,710		1,675,109
Corporate Office Properties Trust		388,486		10,788,256
DiamondRock Hospitality Co.		3,771		35,485
Diversified Healthcare Trust		22,142		21,921
EastGroup Properties, Inc.^(b)		3,341		518,657
Empire State Realty Trust, Inc., Class A		7,243		55,843
Essential Properties Realty Trust, Inc.		234,095		5,433,345
First Industrial Realty Trust, Inc.^(b)		138,714		7,011,993
Four Corners Property Trust, Inc.		148,859		4,040,033
Hersha Hospitality Trust, Class A		56,326		542,419
Macerich Co.		340,921		4,329,697
NexPoint Residential Trust, Inc.		95,760		4,605,098
Office Properties Income Trust		23,226		355,125
Outfront Media, Inc.		2,476,344		45,292,332
Paramount Group, Inc.		2,099,654		13,689,744
Phillips Edison & Co., Inc.		246,050		7,930,191
Physicians Realty Trust		41,656		621,924
Piedmont Office Realty Trust, Inc., Class A		6,131		63,824
RLJ Lodging Trust		260,659		3,159,187
RPT Realty		209,553		2,346,994
Ryman Hospitality Properties, Inc.^(b)		38,990		3,568,755
Tanger Factory Outlet Centers, Inc.		95,078		1,849,267
Terreno Realty Corp.		310,845		18,227,951

				172,143,106

Food & Staples Retailing — 0.3%
Andersons, Inc.		160,718		6,187,643
Performance Food Group Co.^(a)		53,293		3,249,807
United Natural Foods, Inc.^(a)		20,439		974,532

				10,411,982

Food Products — 1.6%
Cal-Maine Foods, Inc.		188,857		11,006,586
Hain Celestial Group, Inc.^(a)(b)		311,575		5,838,915
Hostess Brands, Inc.^(a)		525,710		13,878,744
J & J Snack Foods Corp.		6,166		1,011,347
Lancaster Colony Corp.		16,404		3,397,925
Lifecore Biomedical, Inc.^(a)		905		7,702
Mission Produce, Inc.^(a)		43,594		692,709
Seneca Foods Corp., Class A^(a)		57,468		3,694,043
Simply Good Foods Co.^(a)		257,638		10,279,756
SunOpta, Inc.^(a)		162,529		1,519,646
TreeHouse Foods, Inc.^(a)		128,816		6,367,375


SCHEDULES OF INVESTMENTS		31

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Vital Farms, Inc.^(a)		416,220	$	5,939,459
Whole Earth Brands, Inc.^(a)		839		3,633

				63,637,840

Gas Utilities — 0.4%
Brookfield Infrastructure Corp., Class A		260,661		12,219,788
ONE Gas, Inc.		62,598		5,442,896

				17,662,684

Health Care Equipment & Supplies — 2.7%
Accuray, Inc.^(a)		366,982		752,313
Artivion, Inc.^(a)		134,566		1,721,099
AtriCure, Inc.^(a)		64,417		2,934,838
Atrion Corp.		4,496		2,719,181
Axogen, Inc.^(a)		2,479		27,145
Cardiovascular Systems, Inc.^(a)		192,994		2,703,846
Cerus Corp.^(a)		258,159		1,032,636
Haemonetics Corp.^(a)		20,490		1,748,002
Heska Corp.^(a)		59,776		3,846,586
Inspire Medical Systems, Inc.^(a)(b)		41,956		10,135,311
iRadimed Corp.		589		17,411
Lantheus Holdings, Inc.^(a)		163,271		10,135,864
LeMaitre Vascular, Inc.		55,806		2,614,511
LivaNova PLC^(a)		75,048		4,155,408
Meridian Bioscience, Inc.^(a)		67,790		2,169,280
Merit Medical Systems, Inc.^(a)(b)		220,132		15,849,504
NeuroPace, Inc.^(a)		911		1,467
Nevro Corp.^(a)(b)		91,545		4,276,067
NuVasive, Inc.^(a)		137,374		5,335,606
OraSure Technologies, Inc.^(a)		693,906		3,497,286
Orthofix Medical, Inc.^(a)(b)		36,491		656,473
SeaSpine Holdings Corp.^(a)(b)		110,928		830,851
Shockwave Medical, Inc.^(a)		73,676		18,684,233
SI-BONE, Inc.^(a)		30,428		373,656
Silk Road Medical, Inc.^(a)		52,234		2,781,460
Tactile Systems Technology, Inc.^(a)		235,284		2,014,031
Varex Imaging Corp.^(a)(b)		207,839		4,414,500
ViewRay, Inc.^(a)		77,030		371,285

				105,799,850

Health Care Providers & Services — 2.6%
1Life Healthcare, Inc.^(a)(b)		284,938		4,841,097
Accolade, Inc.^(a)		60,801		536,873
Addus HomeCare Corp.^(a)		12,985		1,431,986
Alignment Healthcare, Inc.^(a)		83,916		1,116,083
AMN Healthcare Services, Inc.^(a)		82,271		10,176,923
Aveanna Healthcare Holdings, Inc.^(a)		142,707		96,827
Brookdale Senior Living, Inc.^(a)		288,603		909,099
CareMax, Inc.^(a)		4,252		16,838
Clover Health Investments Corp.^(a)		494,484		647,774
CorVel Corp.^(a)		11,430		1,748,447
Cross Country Healthcare, Inc.^(a)		113,383		4,056,844
Ensign Group, Inc.		298,044		28,314,180
HealthEquity, Inc.^(a)		180,629		11,466,329
Hims & Hers Health, Inc.^(a)		27,228		168,541
LHC Group, Inc.^(a)(b)		47,148		7,704,455
OPKO Health, Inc.^(a)(b)		766,234		1,149,351
Option Care Health, Inc.^(a)(b)		583,976		17,583,517
Patterson Cos., Inc.		79,717		2,267,151
PetIQ, Inc.^(a)		7,332		87,031
Privia Health Group, Inc.^(a)(b)		59,079		1,413,760
Progyny, Inc.^(a)(b)		151,486		5,548,932


Security	Shares		Value

Health Care Providers & Services (continued)
Sonida Senior Living, Inc.^(a)		142	$	2,182
Viemed Healthcare, Inc.^(a)		189,684		1,392,281

				102,676,501

Health Care Technology — 1.3%
Allscripts Healthcare Solutions, Inc.^(a)		931,395		17,640,621
American Well Corp., Class A^(a)(b)		1,021,571		3,728,734
Evolent Health, Inc., Class A^(a)		582,408		16,767,526
Health Catalyst, Inc.^(a)		232,246		2,433,938
HealthStream, Inc.^(a)		19,763		501,980
Multiplan Corp.^(a)		232,929		347,064
NextGen Healthcare, Inc.^(a)		59,936		1,246,669
Phreesia, Inc.^(a)		242,135		6,736,196
Schrodinger, Inc.^(a)		39,763		715,734
Sharecare, Inc.^(a)		71,693		136,934

				50,255,396

Hotels, Restaurants & Leisure — 2.8%
Accel Entertainment, Inc.^(a)		224,915		1,923,023
BJ’s Restaurants, Inc.^(a)(b)		174,787		5,607,167
Century Casinos, Inc.^(a)		666		4,975
Dave & Buster’s Entertainment, Inc.^(a)		45,659		1,810,836
Everi Holdings, Inc.^(a)		29,354		490,799
Fiesta Restaurant Group, Inc.^(a)		710		4,629
GAN Ltd.^(a)		11,110		14,887
Hilton Grand Vacations, Inc.^(a)(b)		194,600		8,566,292
International Game Technology PLC^(b)		728,859		17,886,200
Noodles & Co.^(a)		1,561		8,601
Papa John’s International, Inc.		286,533		23,856,738
PlayAGS, Inc.^(a)		115,864		614,079
Rush Street Interactive, Inc.^(a)(b)		108,124		381,678
Shake Shack, Inc., Class A^(a)		202,290		10,640,454
Texas Roadhouse, Inc.		230,529		22,896,140
Wingstop, Inc.^(b)		92,156		15,252,740

				109,959,238

Household Durables — 0.8%
Beazer Homes U.S.A., Inc.^(a)		25,256		344,745
Ethan Allen Interiors, Inc.		194,735		5,540,211
GoPro, Inc., Class A^(a)		758,973		4,159,172
Hooker Furnishings Corp.		33,057		562,300
Installed Building Products, Inc.		15,950		1,354,634
iRobot Corp.^(a)(b)		42,335		2,205,230
La-Z-Boy, Inc.		6,671		181,651
Lovesac Co.^(a)		9,748		253,935
MDC Holdings, Inc.		322,073		10,444,827
Taylor Morrison Home Corp.^(a)		91,824		2,790,531
Tri Pointe Homes, Inc.^(a)		135,545		2,499,450

				30,336,686

Household Products — 0.3%
Central Garden & Pet Co.^(a)		15,876		651,710
Central Garden & Pet Co., Class A, NVS^(a)		284,837		11,128,581
Oil-Dri Corp. of America		1,758		57,487

				11,837,778

Independent Power and Renewable Electricity Producers — 1.2%
Brookfield Renewable Corp., Class A		173,500		5,657,835
Clearway Energy, Inc., Class A		310,878		10,234,104
Clearway Energy, Inc., Class C		668,006		23,674,132
Sunnova Energy International, Inc.^(a)(b)		254,476		5,809,687

				45,375,758

Insurance — 1.4%
Ambac Financial Group, Inc.^(a)		128,086		2,082,678
Argo Group International Holdings Ltd.		5,508		149,707


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
Bright Health Group, Inc.^(a)		156,995	$	154,954
CNO Financial Group, Inc.		108,096		2,538,094
Donegal Group, Inc., Class A		113,705		1,690,793
eHealth, Inc.^(a)(b)		124,107		441,821
Enstar Group Ltd.^(a)		9,181		2,001,366
Genworth Financial, Inc., Class A^(a)		556,217		2,797,772
Goosehead Insurance, Inc., Class A^(a)		38,908		1,580,054
HCI Group, Inc.		1,868		69,901
Heritage Insurance Holdings, Inc.		195,711		322,923
Hippo Holdings, Inc.^(a)		18,375		274,339
Kinsale Capital Group, Inc.		22,759		7,014,551
Mercury General Corp.		279,003		10,122,229
Oscar Health, Inc., Class A^(a)		732,316		2,109,070
RLI Corp.		92,420		12,021,069
Selective Insurance Group, Inc.		66,518		6,393,710
Selectquote, Inc.^(a)		212,882		127,751
Trean Insurance Group, Inc.^(a)		16,043		44,279
Trupanion, Inc.^(a)(b)		49,495		2,587,104
United Fire Group, Inc.		33,775		1,031,826
Universal Insurance Holdings, Inc.		12,140		133,419

				55,689,410

Interactive Media & Services — 0.6%
Bumble, Inc., Class A^(a)		13,505		328,982
Cargurus, Inc.^(a)		112,271		1,468,505
DHI Group, Inc.^(a)		8,141		45,752
Eventbrite, Inc., Class A^(a)(b)		584,111		4,258,169
EverQuote, Inc., Class A^(a)		109,647		1,184,188
Shutterstock, Inc.		60,671		3,265,313
TrueCar, Inc.^(a)		239,959		597,498
Vimeo, Inc.^(a)(b)		1,107,473		4,739,985
Yelp, Inc.^(a)(b)		215,615		6,673,284
ZipRecruiter, Inc., Class A^(a)(b)		133,888		2,217,185

				24,778,861

Internet & Direct Marketing Retail — 0.5%
1-800-Flowers.com, Inc., Class A^(a)		434,722		3,677,748
CarParts.com, Inc.^(a)		4,751		25,750
ContextLogic, Inc., Class A^(a)(b)		1,105,792		811,320
Lulu’s Fashion Lounge Holdings, Inc.^(a)		163		628
Overstock.com, Inc.^(a)(b)		451,263		12,012,621
Stitch Fix, Inc., Class A^(a)(b)		700,471		2,829,903
ThredUp, Inc., Class A^(a)(b)		56,613		70,766

				19,428,736

IT Services — 2.1%
AvidXchange Holdings, Inc.^(a)		259,025		2,232,795
Backblaze, Inc., Class A^(a)(b)		3,087		13,799
Conduent, Inc.^(a)		1,267,196		5,119,472
CSG Systems International, Inc.		252,196		15,595,801
Evo Payments, Inc., Class A^(a)		2,627		88,556
ExlService Holdings, Inc.^(a)(b)		72,392		13,551,782
Fastly, Inc., Class A^(a)		136,203		1,315,721
Flywire Corp.^(a)(b)		40,481		878,033
Hackett Group, Inc.		272,856		6,302,974
Marqeta, Inc., Class A^(a)		1,204,171		8,055,904
MoneyGram International, Inc.^(a)		89,676		979,262
Paysafe Ltd.^(a)		507,837		721,128
Perficient, Inc.^(a)		38,616		2,743,667
Remitly Global, Inc.^(a)		84,263		881,391
Repay Holdings Corp.^(a)		86,708		768,233
Sabre Corp.^(a)		427,532		2,612,220


Security	Shares		Value

IT Services (continued)
StoneCo Ltd., Class A^(a)		1,756,595	$	20,517,030
TTEC Holdings, Inc.		21,193		1,016,204

				83,393,972

Leisure Products — 0.1%
Escalade, Inc.		357		3,609
Malibu Boats, Inc., Class A^(a)		42,332		2,442,980

				2,446,589

Life Sciences Tools & Services — 0.8%
AbCellera Biologics, Inc.^(a)		587,046		7,555,282
Adaptive Biotechnologies Corp.^(a)		639,164		5,611,860
Alpha Teknova, Inc.^(a)		665		3,139
Berkeley Lights, Inc.^(a)		292,963		861,311
Bionano Genomics, Inc.^(a)(b)		353,070		709,671
Codexis, Inc.^(a)		312,643		1,710,157
CryoPort, Inc.^(a)		14,269		281,813
Medpace Holdings, Inc.^(a)		13,038		2,736,546
NanoString Technologies, Inc.^(a)		259,944		1,817,009
NeoGenomics, Inc.^(a)		322,178		3,611,615
Pacific Biosciences of California, Inc.^(a)(b)		327,703		3,522,807
Personalis, Inc.^(a)		692,417		1,758,739
Quanterix Corp.^(a)		34,687		461,337
Quantum-Si, Inc.^(a)(b)		94,983		226,059
Seer, Inc.^(a)(b)		69,537		449,209
Singular Genomics Systems, Inc.^(a)(b)		130,459		266,136
SomaLogic, Inc.^(a)		12,452		34,866

				31,617,556

Machinery — 3.4%
Altra Industrial Motion Corp.		292,303		17,134,802
Astec Industries, Inc.		97,654		4,320,213
Chart Industries, Inc.^(a)		12,468		1,782,799
Columbus McKinnon Corp.^(b)		22,011		709,415
Franklin Electric Co., Inc.		327,398		27,272,253
Hyliion Holdings Corp.^(a)		539,847		1,630,338
Hyster-Yale Materials Handling, Inc.		26,083		763,710
Kennametal, Inc.		498,894		13,180,779
Lindsay Corp.		654		115,424
Manitowoc Co., Inc.^(a)		433,151		4,253,543
Mayville Engineering Co., Inc.^(a)		7,786		99,505
Mueller Water Products, Inc., Class A		5,318		62,008
NN, Inc.^(a)		1,027		1,962
Proto Labs, Inc.^(a)		82,512		2,188,218
Shyft Group, Inc.		17,588		431,434
SPX Technologies, Inc.^(a)		89,113		5,961,660
Standex International Corp.		11,669		1,225,828
Tennant Co.		17,383		1,104,342
Terex Corp.		406,955		18,683,304
Watts Water Technologies, Inc., Class A		216,988		34,381,749

				135,303,286

Marine — 0.5%
Eagle Bulk Shipping, Inc.		7,328		377,026
Genco Shipping & Trading Ltd.		87,433		1,296,631
Golden Ocean Group Ltd.^(b)		340,063		2,870,132
Matson, Inc.		217,775		13,885,334

				18,429,123

Media — 0.5%
Cardlytics, Inc.^(a)		142,605		640,296
Clear Channel Outdoor Holdings, Inc.^(a)		16,796		18,979
Emerald Holding, Inc.^(a)		2,401		9,220
Entravision Communications Corp., Class A		328,128		1,824,392
EW Scripps Co., Class A, NVS^(a)		231,270		3,464,425


SCHEDULES OF INVESTMENTS		33

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
iHeartMedia, Inc., Class A^(a)		116,451	$	936,266
Integral Ad Science Holding Corp.^(a)		8,854		88,097
Scholastic Corp., NVS		26,663		1,096,383
Sinclair Broadcast Group, Inc., Class A		246,449		4,574,093
TEGNA, Inc.		355,404		7,015,675
Townsquare Media, Inc., Class A^(a)		2,943		21,867

				19,689,693

Metals & Mining — 1.1%
5E Advanced Materials, Inc.^(a)		27,359		306,421
ATI, Inc.^(a)(b)		27,298		832,862
Coeur Mining, Inc.^(a)		839,520		2,938,320
Commercial Metals Co.		229,379		11,290,034
Constellium SE^(a)		667,722		8,313,139
Materion Corp.		37,080		2,987,165
Novagold Resources, Inc.^(a)(b)		634,666		3,662,023
Olympic Steel, Inc.		38,208		1,340,719
Perpetua Resources Corp.^(a)		713		1,497
Ryerson Holding Corp.		53,936		1,590,573
Schnitzer Steel Industries, Inc., Class A		192,059		6,593,385
SunCoke Energy, Inc.		74,653		631,564
TimkenSteel Corp.^(a)		135,329		2,530,652
Warrior Met Coal, Inc.		51,823		1,908,123

				44,926,477

Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AFC Gamma, Inc.		19,183		335,319
Arbor Realty Trust, Inc.		590,635		8,788,649
Great Ajax Corp.		175,776		1,371,053
Ladder Capital Corp.		166,736		1,850,769
Nexpoint Real Estate Finance, Inc.		5,826		109,937

				12,455,727

Multiline Retail — 0.2%
Big Lots, Inc.		55,318		1,078,701
Dillard’s, Inc., Class A		10,173		3,659,228
Macy’s, Inc.		166,487		3,912,445

				8,650,374

Multi-Utilities — 0.8%
Black Hills Corp.^(b)		363,919		26,067,518
NorthWestern Corp.		84,125		4,913,741

				30,981,259

Oil, Gas & Consumable Fuels — 4.5%
Alto Ingredients, Inc.^(a)		20,776		72,508
Antero Resources Corp.^(a)		16,557		605,158
Ardmore Shipping Corp.^(a)		320,391		4,831,496
Brigham Minerals, Inc., Class A		10,255		363,335
California Resources Corp.		463		21,011
Callon Petroleum Co.^(a)		28,082		1,177,197
Chesapeake Energy Corp.		58,660		6,071,310
Chord Energy Corp.		100,168		15,278,625
Civitas Resources, Inc.		5,587		376,340
Clean Energy Fuels Corp.^(a)		245,681		1,660,804
CNX Resources Corp.^(a)(b)		156,881		2,725,023
Comstock Resources, Inc.		45,670		838,044
Delek U.S. Holdings, Inc.		207,307		6,422,371
Denbury, Inc.^(a)		54,659		4,906,192
DHT Holdings, Inc.		311,842		3,158,959
Energy Fuels, Inc.^(a)		88,083		611,296
Evolution Petroleum Corp.		226,623		1,638,484
Golar LNG Ltd.^(a)(b)		155,081		3,887,881
Matador Resources Co		197,332		13,094,952
Murphy Oil Corp.		336,230		15,870,056


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Navigator Holdings Ltd.^(a)		2,705	$	32,839
Nordic American Tankers Ltd.		574,678		2,080,334
Ovintiv, Inc.		335,716		18,719,524
Par Pacific Holdings, Inc.^(a)		190,702		4,468,148
PBF Energy, Inc., Class A		318,062		12,649,326
Range Resources Corp.		43,067		1,243,344
SandRidge Energy, Inc.^(a)		44,889		915,736
Scorpio Tankers, Inc.		241,655		12,329,238
SM Energy Co.		380,196		16,390,250
Southwestern Energy Co.^(a)		88,666		613,569
Talos Energy, Inc.^(a)		264,078		5,189,133
Teekay Corp.^(a)		84,941		377,987
Teekay Tankers Ltd., Class A^(a)		202,400		6,828,976
World Fuel Services Corp.		377,377		10,736,376

				176,185,822

Paper & Forest Products — 0.0%
Resolute Forest Products, Inc.^(a)		73,166		1,543,803


Personal Products — 0.8%
elf Beauty, Inc.^(a)		243,736		13,395,731
Herbalife Nutrition Ltd.^(a)		539,550		9,452,916
Medifast, Inc.		54,168		6,827,876
Nature’s Sunshine Products, Inc.^(a)		1,259		11,205
Nu Skin Enterprises, Inc., Class A		7,190		299,895
USANA Health Sciences, Inc.^(a)		24,171		1,330,372

				31,317,995

Pharmaceuticals — 2.1%
Aclaris Therapeutics, Inc.^(a)(b)		141,978		2,160,905
Amphastar Pharmaceuticals, Inc.^(a)		303,365		8,946,234
Arvinas, Inc.^(a)		73,130		3,001,255
Atea Pharmaceuticals, Inc.^(a)		572,549		2,685,255
Collegium Pharmaceutical, Inc.^(a)		60,091		1,314,190
Corcept Therapeutics, Inc.^(a)(b)		477,602		12,073,779
Edgewise Therapeutics, Inc.^(a)(b)		46,540		416,533
Endo International PLC^(a)		724,513		67,235
Esperion Therapeutics, Inc.^(a)		260,662		1,746,435
Fulcrum Therapeutics, Inc.^(a)		39,505		270,609
Harmony Biosciences Holdings, Inc.^(a)(b)		67,602		4,040,572
Intra-Cellular Therapies, Inc.^(a)		126,433		6,855,197
Marinus Pharmaceuticals, Inc.^(a)(b)		19,905		95,345
Mind Medicine MindMed, Inc.^(a)(b)		16,675		42,521
Nektar Therapeutics^(a)		1,147,540		3,213,112
NGM Biopharmaceuticals, Inc.^(a)		269,105		1,488,151
Nuvation Bio, Inc.^(a)		156,901		299,681
Ocular Therapeutix, Inc.^(a)		8,370		24,859
Phathom Pharmaceuticals, Inc.^(a)(b)		15,354		153,233
Pliant Therapeutics, Inc.^(a)		96,517		1,773,982
Prestige Consumer Healthcare, Inc.^(a)		143,248		8,804,022
Provention Bio, Inc.^(a)		11,029		99,702
Reata Pharmaceuticals, Inc., Class A^(a)(b)		98,958		3,916,758
Revance Therapeutics, Inc.^(a)		268,904		5,837,906
Supernus Pharmaceuticals, Inc.^(a)		294,521		10,814,811
Tarsus Pharmaceuticals, Inc.^(a)		12,872		216,378
Theravance Biopharma, Inc.^(a)		83,110		894,264
Xeris Biopharma Holdings, Inc.^(a)(b)		204,564		306,846

				81,559,770

Professional Services — 2.5%
ASGN, Inc.^(a)		116,478		10,552,907
Barrett Business Services, Inc.		2,690		264,508
First Advantage Corp.^(a)		50,620		673,246
Franklin Covey Co.^(a)		86,312		4,484,771
Heidrick & Struggles International, Inc.		34,070		1,011,879


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
Insperity, Inc.		404,795	$	47,988,447
KBR, Inc.		219,152		11,323,584
Kelly Services, Inc., Class A, NVS		152,242		2,586,592
Kforce, Inc.		143,925		8,501,650
Korn Ferry^(b)		76,174		4,344,203
ShiftPixy, Inc.^(a)		2,332		37,708
TriNet Group, Inc.^(a)		62,229		4,509,736
TrueBlue, Inc.^(a)		8,107		174,949

				96,454,180

Real Estate Management & Development — 1.1%
Anywhere Real Estate, Inc.^(a)		593,390		4,480,095
Compass, Inc., Class A^(a)(b)		360,601		1,078,197
Cushman & Wakefield PLC^(a)		163,301		1,864,897
DigitalBridge Group, Inc.^(b)		130,074		1,876,968
eXp World Holdings, Inc.		41,162		537,987
FRP Holdings, Inc.^(a)(b)		33,158		2,019,322
Kennedy-Wilson Holdings, Inc.		470,525		8,008,336
Marcus & Millichap, Inc.		455,697		16,970,156
RMR Group, Inc., Class A		197,906		5,721,462

				42,557,420

Road & Rail — 0.6%
ArcBest Corp.		46,869		3,879,347
Covenant Logistics Group, Inc.		146,927		5,640,528
Marten Transport Ltd.		125,459		2,673,531
Saia, Inc.^(a)		18,164		4,424,569
U.S. Xpress Enterprises, Inc., Class A^(a)		1,693		3,826
Universal Logistics Holdings, Inc.		42		1,595
Werner Enterprises, Inc.^(b)		205,947		9,057,549

				25,680,945

Semiconductors & Semiconductor Equipment — 2.9%
Ambarella, Inc.^(a)		19,521		1,448,458
Amkor Technology, Inc.		266,558		7,468,955
Axcelis Technologies, Inc.^(a)		37,413		2,987,802
Cirrus Logic, Inc.^(a)		8,007		598,203
FormFactor, Inc.^(a)		670		15,457
Ichor Holdings Ltd.^(a)		110,824		3,300,339
Impinj, Inc.^(a)		1,808		230,610
Lattice Semiconductor Corp.^(a)		309,805		22,563,098
MaxLinear, Inc.^(a)		181,673		6,649,232
Photronics, Inc.^(a)		125,670		2,362,596
Power Integrations, Inc.		68,651		5,525,033
Semtech Corp.^(a)		581,644		17,879,737
Silicon Laboratories, Inc.^(a)(b)		210,251		30,578,906
Synaptics, Inc.^(a)		99,127		10,504,488
Ultra Clean Holdings, Inc.^(a)		89,902		3,203,208
Veeco Instruments, Inc.^(a)		38,090		757,229

				116,073,351

Software — 5.3%
8x8, Inc.^(a)		185,646		794,565
ACI Worldwide, Inc.^(a)		813,338		16,998,764
Alarm.com Holdings, Inc.^(a)		50,046		2,497,295
Appfolio, Inc., Class A^(a)(b)		39,783		4,538,842
Appian Corp., Class A^(a)		92,247		3,508,153
Asana, Inc., Class A^(a)(b)		246,117		4,469,485
Blackline, Inc.^(a)		29,075		1,968,087
Box, Inc., Class A^(a)		734,940		20,174,103
BTRS Holdings, Inc., Class A^(a)		159,465		1,510,134
C3.ai, Inc., Class A^(a)(b)		202,543		2,635,084
Cerence, Inc.^(a)		19,462		399,166
Clear Secure, Inc., Class A		53,605		1,666,043
Couchbase, Inc.^(a)		43,543		592,185


Security	Shares		Value

Software (continued)
Digital Turbine, Inc.^(a)		185,757	$	3,391,923
Domo, Inc., Class B^(a)		230,426		3,295,092
Duck Creek Technologies, Inc.^(a)		12,059		134,940
eGain Corp.^(a)		1,996		17,565
EngageSmart, Inc.^(a)(b)		214,835		3,645,750
Everbridge, Inc.^(a)		10,248		334,495
Intapp, Inc.^(a)		342		7,904
Kaleyra, Inc.^(a)		18,704		21,884
KnowBe4, Inc., Class A^(a)		46,757		1,154,430
LivePerson, Inc.^(a)		661,659		7,767,877
LiveRamp Holdings, Inc.^(a)		317,074		6,962,945
LiveVox Holdings, Inc.^(a)(b)		14,457		32,673
Model N, Inc.^(a)		193,169		7,510,411
Momentive Global, Inc.^(a)		292,022		2,315,734
PagerDuty, Inc.^(a)		587,356		13,062,797
Paylocity Holding Corp.^(a)		7,762		1,690,796
PowerSchool Holdings, Inc., Class A^(a)		16,650		339,826
Progress Software Corp.		128,226		6,837,010
PROS Holdings, Inc.^(a)(b)		184,387		4,392,098
Q2 Holdings, Inc.^(a)		199,421		5,424,251
Qualys, Inc.^(a)(b)		12,450		1,535,334
Rapid7, Inc.^(a)		348,648		10,250,251
RingCentral, Inc., Class A^(a)		11,308		419,074
Sprout Social, Inc., Class A^(a)(b)		135,546		8,037,878
SPS Commerce, Inc.^(a)		43,016		6,119,456
Sumo Logic, Inc.^(a)		425,676		3,235,138
Tenable Holdings, Inc.^(a)(b)		268,319		10,244,419
Upland Software, Inc.^(a)		31,473		237,306
Varonis Systems, Inc.^(a)		654,282		13,896,950
Verint Systems, Inc.^(a)		184,838		7,269,679
Vertex, Inc., Class A^(a)		348		5,979
Workiva, Inc.^(a)		123,537		9,952,141
Yext, Inc.^(a)		818,624		4,363,266
Zeta Global Holdings Corp., Class A^(a)		116,036		972,382
Zuora, Inc., Class A^(a)(b)		164,354		1,262,239

				207,893,799

Specialty Retail — 2.8%
Aaron’s Co., Inc.		161,053		1,963,236
Boot Barn Holdings, Inc.^(a)		24,564		1,654,385
Chico’s FAS, Inc.^(a)		629,919		3,697,625
Conn’s, Inc.^(a)(b)		312,630		3,113,795
Container Store Group, Inc.^(a)		45,151		214,467
Designer Brands, Inc., Class A		81,799		1,251,525
Foot Locker, Inc.		203,939		8,116,772
Group 1 Automotive, Inc.^(b)		35,739		6,909,778
Haverty Furniture Cos., Inc.		147,706		4,657,170
MarineMax, Inc.^(a)		221,490		7,315,815
Murphy U.S.A., Inc.		95,804		28,339,781
National Vision Holdings, Inc.^(a)(b)		39,388		1,593,639
ODP Corp.^(a)		49,408		2,378,007
Shoe Carnival, Inc.		60,566		1,599,548
Signet Jewelers Ltd.		247,006		16,055,390
Sonic Automotive, Inc., Class A		182,422		9,693,905
Sportsman’s Warehouse Holdings, Inc.^(a)(b)		608		5,971
Urban Outfitters, Inc.^(a)		379,712		10,988,865

				109,549,674

Technology Hardware, Storage & Peripherals — 0.4%
Super Micro Computer, Inc.^(a)(b)		143,570		12,954,321
Xerox Holdings Corp.		179,021		2,919,833

				15,874,154


SCHEDULES OF INVESTMENTS		35

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 0.5%
Crocs, Inc.^(a)		92,382	$	9,330,582
G-III Apparel Group Ltd.^(a)		189,619		4,101,459
Oxford Industries, Inc.		27,246		3,074,984
Steven Madden Ltd.		77,815		2,687,730

				19,194,755

Thrifts & Mortgage Finance — 2.6%
Axos Financial, Inc.^(a)(b)		4,670		187,314
Essent Group Ltd		1,176,242		47,155,542
Federal Agricultural Mortgage Corp., Class C, NVS		237,853		29,933,800
FS Bancorp, Inc.		3,393		116,041
Merchants Bancorp		164,267		4,203,592
NMI Holdings, Inc., Class A^(a)		561,950		12,098,783
Provident Bancorp, Inc.		46,455		322,398
Radian Group, Inc.		462,809		9,057,172
Western New England Bancorp, Inc.		4,196		41,708

				103,116,350

Tobacco — 0.1%
Turning Point Brands, Inc.		119,787		2,637,710


Trading Companies & Distributors — 2.9%
Applied Industrial Technologies, Inc.		274,013		36,303,982
BlueLinx Holdings, Inc.^(a)		4,186		290,508
Boise Cascade Co.		71,565		5,298,673
GATX Corp.		40,353		4,549,801
GMS, Inc.^(a)		113,689		5,582,130
H&E Equipment Services, Inc.		58,408		2,449,048
McGrath RentCorp		37,445		3,674,103
MRC Global, Inc.^(a)		143,578		1,688,477
NOW, Inc.^(a)		70,692		882,236
Rush Enterprises, Inc., Class A		607,434		31,301,074
SiteOne Landscape Supply, Inc.^(a)(b)		89,404		11,222,884
Titan Machinery, Inc.^(a)		1,462		64,372
WESCO International, Inc.^(a)(b)		71,235		9,183,616

				112,490,904

Wireless Telecommunication Services — 0.0%
United States Cellular Corp.^(a)(b)		34,008		723,010


Total Common Stocks — 98.8% (Cost: $3,929,010,426)				3,884,320,849


Security	Shares		Value

Rights

Biotechnology — 0.0%
Flexion Therapeutics, Inc., CVR^(a)(c)		73,745	$	45,722


Household Durables — 0.0%
ZAGG, Inc., CVR^(a)(b)(c)		122,846		11,056


Pharmaceuticals — 0.0%
Radius Health, Inc., CVR^(a)		72,193		5,775
Zogenix, Inc., CVR^(a)(c)		87,079		59,214

				64,989


Total Rights — 0.0% (Cost: $ —)				121,767


Total Long-Term Investments — 98.8% (Cost: $3,929,010,426)				3,884,442,616


Short-Term Securities

Money Market Funds — 3.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%^(d)(e)		30,902,190		30,902,190
SL Liquidity Series, LLC, Money Market Series, 4.05%^(d)(e)(f)		110,358,294		110,314,151


Total Short-Term Securities — 3.6% (Cost: $141,193,608)				141,216,341


Total Investments — 102.4% (Cost: $4,070,204,034)				4,025,658,957

Liabilities in Excess of Other Assets — (2.4)%				(94,149,134	)


Net Assets — 100.0%			$	3,931,509,823

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

Affiliates


Affiliated Issuer	Value at 05/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 11/30/22		Shares Held at 11/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	80,626,304	$	—	$	(49,724,114	)^(a)	$	—		$	—		$	30,902,190		30,902,190	$	435,964		$	—
SL Liquidity Series, LLC, Money Market Series		161,949,528		—		(51,593,708	)^(a)		(22,313	)		(19,356	)		110,314,151		110,358,294		855,007	^(b)		—

								$	(22,313	)	$	(19,356	)	$	141,216,341			$	1,290,971		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts Russell 2000 E-Mini Index		409		12/16/22	$	38,599	$	655,831

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)	$	—	$	—	$	655,831	$	—	$	—	$	—	$	655,831

^(a)

For the period ended November 30, 2022, 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		$	—	$	—	$	(605,094	)	$	—	$	—	$	—	$	(605,094	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts		$	—	$	—	$	(2,203,181	)	$	—	$	—	$	—	$	(2,203,181	)


SCHEDULES OF INVESTMENTS		37

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Small Cap Core Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	40,927,623

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,884,320,849	$	—	$	—	$	3,884,320,849
Rights		—		5,775		115,992		121,767
Short-Term Securities
Money Market Funds		30,902,190		—		—		30,902,190

	$	3,915,223,039	$	5,775	$	115,992		3,915,344,806

Investments valued at NAV^(a)								110,314,151

							$	4,025,658,957

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	655,831	$	—	$	—	$	655,831

^(a)

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

^(b)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

November 30, 2022

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.5%
Curtiss-Wright Corp.		32,623	$	5,762,853
General Dynamics Corp.		98,487		24,857,134
HEICO Corp.		19,286		3,130,311
HEICO Corp., Class A		18,580		2,355,572
Lockheed Martin Corp.		64,369		31,231,195
Northrop Grumman Corp.		6,579		3,508,515
Textron, Inc.		4,772		340,625

				71,186,205

Air Freight & Logistics — 0.6%
Expeditors International of Washington, Inc.		27,718		3,216,951
FedEx Corp.		5,415		986,721
United Parcel Service, Inc., Class B		73,050		13,859,777

				18,063,449

Auto Components — 0.4%
Aptiv PLC^(a)		9,885		1,054,433
BorgWarner, Inc.		54,278		2,307,358
Lear Corp.		57,185		8,248,364

				11,610,155

Automobiles — 1.3%
Tesla, Inc.^(a)		189,835		36,960,874


Banks — 2.7%
Bank of America Corp.		485,035		18,358,575
Citigroup, Inc.		68,539		3,317,973
Huntington Bancshares, Inc.		77,004		1,192,022
JPMorgan Chase & Co.		177,898		24,581,946
KeyCorp		45,816		861,799
Pinnacle Financial Partners, Inc.		27,199		2,281,724
PNC Financial Services Group, Inc.		8,057		1,355,671
Regions Financial Corp.		212,695		4,936,651
SVB Financial Group^(a)		3,832		888,181
U.S. Bancorp		275,352		12,498,227
Wells Fargo & Co.		159,216		7,634,407

				77,907,176

Beverages — 2.3%
Brown-Forman Corp., Class B, NVS		205,457		15,002,470
Coca-Cola Europacific Partners PLC		13,393		711,034
PepsiCo, Inc.		274,556		50,932,884

				66,646,388

Biotechnology — 1.7%
AbbVie, Inc.		59,035		9,515,261
Amgen, Inc.		75,353		21,581,099
Biogen, Inc.^(a)		8,373		2,555,189
BioMarin Pharmaceutical, Inc.^(a)		31,609		3,191,877
Blueprint Medicines Corp.^(a)(b)		18,023		861,319
Exact Sciences Corp.^(a)		77,602		3,488,210
Gilead Sciences, Inc.		25,581		2,246,779
Novavax, Inc.^(a)		35,910		592,156
Seagen, Inc.^(a)(b)		29,374		3,565,710

				47,597,600

Building Products — 0.4%
Builders FirstSource, Inc.^(a)		55,867		3,571,577
Fortune Brands Home & Security, Inc.		64,435		4,210,183
Owens Corning		37,391		3,321,816
Trane Technologies PLC		1,535		273,875

				11,377,451

Capital Markets — 1.5%
Bank of New York Mellon Corp.		285,242		13,092,608


Security	Shares		Value

Capital Markets (continued)
Carlyle Group, Inc.		50,462	$	1,572,901
Cboe Global Markets, Inc.		51,295		6,506,258
Charles Schwab Corp.		27,193		2,244,510
CME Group, Inc.		63,538		11,214,457
Intercontinental Exchange, Inc.		72,885		7,894,174

				42,524,908

Chemicals — 2.7%
Corteva, Inc.		226,564		15,216,038
Ecolab, Inc.		163,434		24,487,316
FMC Corp.		116,036		15,158,943
Linde PLC		59,695		20,086,174
Mosaic Co.		16,109		826,392
Sherwin-Williams Co.		1,255		312,721

				76,087,584

Commercial Services & Supplies — 0.0%
Tetra Tech, Inc.		4,737		732,293


Communications Equipment — 0.3%
Ciena Corp.^(a)		19,124		859,815
Juniper Networks, Inc.		198,999		6,614,727

				7,474,542

Construction & Engineering — 0.2%
AECOM		49,914		4,242,690


Consumer Finance — 2.5%
Ally Financial, Inc.		184,444		4,981,833
American Express Co.		247,992		39,081,059
Capital One Financial Corp.		134,052		13,839,529
Discover Financial Services		72,545		7,860,976
Synchrony Financial		138,666		5,211,068

				70,974,465

Diversified Consumer Services — 0.1%
H&R Block, Inc.		71,148		3,109,879


Diversified Financial Services — 1.8%
Berkshire Hathaway, Inc., Class B^(a)		79,843		25,437,980
Voya Financial, Inc.		388,803		25,653,222

				51,091,202

Diversified Telecommunication Services — 0.2%
Verizon Communications, Inc.		169,949		6,624,612


Electric Utilities — 0.5%
Edison International		10,098		673,133
Entergy Corp.		65,178		7,578,246
NRG Energy, Inc.		82,673		3,509,469
Xcel Energy, Inc.		31,465		2,209,472

				13,970,320

Electrical Equipment — 0.6%
AMETEK, Inc.		30,113		4,288,693
Eaton Corp. PLC		82,088		13,417,284

				17,705,977

Electronic Equipment, Instruments & Components — 0.7%
Flex Ltd.^(a)(b)		876,931		19,274,943
TE Connectivity Ltd.		11,290		1,423,895

				20,698,838

Energy Equipment & Services — 0.7%
Halliburton Co.		264,310		10,014,706
Schlumberger Ltd.		216,242		11,147,275

				21,161,981

Entertainment — 0.3%
Live Nation Entertainment, Inc.^(a)		49,890		3,629,996


SCHEDULES OF INVESTMENTS		39

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Roku, Inc.^(a)(b)		28,945	$	1,718,465
Spotify Technology SA^(a)		36,161		2,871,906
Walt Disney Co.^(a)		7,069		691,843
Warner Bros Discovery, Inc.^(a)		67,027		764,108

				9,676,318

Equity Real Estate Investment Trusts (REITs) — 3.1%
American Tower Corp.		2,483		549,364
Brixmor Property Group, Inc.		196,730		4,560,201
Crown Castle, Inc.		59,671		8,439,270
Equity Residential		28,875		1,872,832
Essex Property Trust, Inc.		71,438		15,743,506
Prologis, Inc.		200,578		23,626,083
RLJ Lodging Trust		56		679
SBA Communications Corp.		7,661		2,292,937
Simon Property Group, Inc.		246,156		29,400,873
Ventas, Inc.		15,198		707,163

				87,192,908

Food & Staples Retailing — 1.0%
Costco Wholesale Corp.		15,472		8,343,276
Kroger Co.		232,571		11,440,168
Walmart, Inc.		54,555		8,315,273

				28,098,717

Food Products — 1.7%
Archer-Daniels-Midland Co.		24,806		2,418,585
Bunge Ltd.		28,792		3,018,553
Hershey Co.		94,147		22,140,550
Mondelez International, Inc., Class A		104,615		7,073,020
Tyson Foods, Inc., Class A		209,671		13,896,994

				48,547,702

Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		106,539		11,461,466
Becton Dickinson and Co.		104,478		26,050,545
Boston Scientific Corp.^(a)		323,397		14,640,182
Edwards Lifesciences Corp.^(a)		17,378		1,342,450
IDEXX Laboratories, Inc.^(a)		15,399		6,557,972
Medtronic PLC		177,443		14,025,095

				74,077,710

Health Care Providers & Services — 4.1%
AmerisourceBergen Corp.		71,569		12,216,113
Cigna Corp.		116,092		38,181,498
CVS Health Corp.		133,873		13,638,981
Elevance Health, Inc.		43,312		23,081,831
UnitedHealth Group, Inc.		52,477		28,744,801

				115,863,224

Health Care Technology — 0.4%
Teladoc Health, Inc.^(a)(b)		324,647		9,255,686
Veeva Systems, Inc., Class A^(a)		7,099		1,351,366

				10,607,052

Hotels, Restaurants & Leisure — 0.9%
Caesars Entertainment, Inc.^(a)		15,900		807,879
Choice Hotels International, Inc.		7,854		967,770
Domino’s Pizza, Inc.		7,018		2,728,107
International Game Technology PLC^(b)		36,613		898,483
Royal Caribbean Cruises Ltd.^(a)		36,269		2,173,601
Starbucks Corp.		11,940		1,220,268
Travel + Leisure Co.		407,012		15,820,557
Yum! Brands, Inc.		13,782		1,773,192

				26,389,857


Security	Shares		Value

Household Durables — 0.2%
Lennar Corp., Class A		8,242	$	723,895
TopBuild Corp.^(a)		5,033		775,484
Whirlpool Corp.		28,162		4,126,578

				5,625,957

Household Products — 2.1%
Colgate-Palmolive Co.		291,905		22,616,800
Procter & Gamble Co.		240,402		35,858,362

				58,475,162

Independent Power and Renewable Electricity Producers — 0.3%
Vistra Corp.		308,028		7,494,321


Insurance — 3.3%
Allstate Corp.		25,251		3,381,109
American Financial Group, Inc.		4,404		626,337
Hartford Financial Services Group, Inc.		48,583		3,710,284
Marsh & McLennan Cos., Inc.		222,522		38,536,360
MetLife, Inc.		355,624		27,276,361
Travelers Cos., Inc.		115,550		21,932,545

				95,462,996

Interactive Media & Services — 4.2%
Alphabet, Inc., Class A^(a)		538,427		54,375,743
Alphabet, Inc., Class C, NVS^(a)		402,463		40,829,871
Meta Platforms, Inc., Class A^(a)		164,408		19,416,585
Snap, Inc., Class A, NVS^(a)		445,191		4,589,919

				119,212,118

Internet & Direct Marketing Retail — 2.9%
Amazon.com, Inc.^(a)		662,935		63,999,745
eBay, Inc.		394,453		17,923,944
MercadoLibre, Inc.^(a)		629		585,590

				82,509,279

IT Services — 3.8%
Accenture PLC, Class A		29,332		8,826,879
Automatic Data Processing, Inc.		87,023		22,986,255
Cognizant Technology Solutions Corp., Class A		235,497		14,650,268
Fidelity National Information Services, Inc.		3,520		255,482
Gartner, Inc.^(a)		7,827		2,742,346
Mastercard, Inc., Class A^(b)		67,889		24,195,640
Okta, Inc.^(a)		19,639		1,047,151
PayPal Holdings, Inc.^(a)		133,428		10,462,089
Twilio, Inc., Class A^(a)		10,376		508,632
Visa, Inc., Class A		105,025		22,790,425

				108,465,167

Life Sciences Tools & Services — 3.3%
Agilent Technologies, Inc.		166,582		25,816,878
Bruker Corp.		20,600		1,388,646
Danaher Corp.		86,656		23,692,617
Mettler-Toledo International, Inc.^(a)		3,921		5,762,145
Syneos Health, Inc.^(a)		140,027		4,940,153
Thermo Fisher Scientific, Inc.		56,133		31,446,829
West Pharmaceutical Services, Inc.		2,119		497,244

				93,544,512

Machinery — 2.9%
Deere & Co.		26,249		11,575,809
Illinois Tool Works, Inc.		93,958		21,372,626
Otis Worldwide Corp.		60,695		4,739,672
PACCAR, Inc.		229,049		24,258,580
Snap-on, Inc.		35,630		8,572,578
Stanley Black & Decker, Inc.		16,747		1,368,565


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Timken Co.		114,515	$	8,700,850
Xylem, Inc.		26,655		2,994,689

				83,583,369

Media — 1.7%
Comcast Corp., Class A		426,972		15,644,254
Fox Corp., Class A, NVS		958,536		31,104,493
Fox Corp., Class B		11,766		359,099

				47,107,846

Metals & Mining — 0.5%
Newmont Corp.		112,997		5,363,967
Reliance Steel & Aluminum Co.		8,099		1,711,238
Steel Dynamics, Inc.		66,804		6,942,940

				14,018,145

Multiline Retail — 0.5%
Target Corp.		78,978		13,194,854


Multi-Utilities — 1.6%
CMS Energy Corp.		202,997		12,397,027
DTE Energy Co.		284,927		33,054,381

				45,451,408

Oil, Gas & Consumable Fuels — 4.2%
Chevron Corp.		213,449		39,127,336
EOG Resources, Inc.		120,844		17,151,389
Exxon Mobil Corp.		336,989		37,520,355
Marathon Oil Corp.		178,847		5,478,084
Marathon Petroleum Corp.		103,499		12,607,213
Ovintiv, Inc.		43,775		2,440,894
Phillips 66		20,931		2,269,758
Valero Energy Corp.		28,985		3,872,976

				120,468,005

Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.		91,766		7,366,974
Eli Lilly & Co.		74,122		27,505,192
Johnson & Johnson		192,694		34,299,532
Merck & Co., Inc.		159,272		17,539,033
Perrigo Co. PLC		51,037		1,644,922
Pfizer, Inc.		329,075		16,496,530

				104,852,183

Professional Services — 0.1%
KBR, Inc.		48,026		2,481,503


Real Estate Management & Development — 0.0%
Zillow Group, Inc., Class C, NVS^(a)		12,995		493,550


Road & Rail — 1.2%
CSX Corp.		293,744		9,602,492
Landstar System, Inc.^(b)		52,385		9,061,557
Lyft, Inc., Class A^(a)		181,949		2,041,468
Ryder System, Inc.		37,489		3,504,847
Schneider National, Inc., Class B		50,703		1,306,109
Uber Technologies, Inc.^(a)(b)		264,251		7,700,274
Union Pacific Corp.		4,982		1,083,236

				34,299,983

Semiconductors & Semiconductor Equipment — 4.9%
Analog Devices, Inc.		222,423		38,236,738
Applied Materials, Inc.		62,725		6,874,660
Cirrus Logic, Inc.^(a)		65,027		4,858,167
Enphase Energy, Inc.^(a)		3,744		1,200,289
Intel Corp.		630,769		18,967,224
KLA Corp.		18,881		7,423,065
Lam Research Corp.		21,131		9,981,862


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Lattice Semiconductor Corp.^(a)		7,536	$	548,847
Marvell Technology, Inc.		73,475		3,418,057
MaxLinear, Inc.^(a)		20,486		749,787
Monolithic Power Systems, Inc.		2,107		804,790
NVIDIA Corp		136,254		23,058,264
NXP Semiconductors NV		10,682		1,878,323
QUALCOMM, Inc.		94,437		11,945,336
Semtech Corp.^(a)		30,619		941,228
Silicon Laboratories, Inc.^(a)		61,761		8,982,520

				139,869,157

Software — 9.7%
Adobe, Inc.^(a)		55,362		19,096,015
ANSYS, Inc.^(a)		1,102		280,239
Bill.com Holdings, Inc.^(a)(b)		18,854		2,270,399
Box, Inc., Class A^(a)		26,568		729,292
Cadence Design Systems, Inc.^(a)		31,203		5,368,164
Ceridian HCM Holding, Inc.^(a)		70,668		4,836,518
Coupa Software, Inc.^(a)		7,826		494,916
Crowdstrike Holdings, Inc., Class A^(a)		6,227		732,607
DocuSign, Inc.^(a)		14,782		695,789
HubSpot, Inc.^(a)		8,296		2,513,937
InterDigital, Inc.		7		351
Intuit, Inc.		24,467		9,972,505
Microsoft Corp.		616,157		157,206,297
Palo Alto Networks, Inc.^(a)		28,469		4,836,883
Paycom Software, Inc.^(a)		3,625		1,229,237
Paylocity Holding Corp.^(a)		9,322		2,030,611
Rapid7, Inc.^(a)		8,934		262,660
RingCentral, Inc., Class A^(a)		213,417		7,909,234
Salesforce, Inc.^(a)		145,819		23,367,495
ServiceNow, Inc.^(a)		37,425		15,580,027
Splunk, Inc.^(a)		27,336		2,123,460
VMware, Inc., Class A^(a)		3,243		393,992
Workday, Inc., Class A^(a)		69,716		11,705,316
Zscaler, Inc.^(a)		22,585		3,013,968

				276,649,912

Specialty Retail — 2.4%
AutoNation, Inc.^(a)		43,099		5,340,397
AutoZone, Inc.^(a)		617		1,591,243
Best Buy Co., Inc.		42,491		3,624,482
Home Depot, Inc.		103,805		33,631,782
Lowe’s Cos., Inc.		76,507		16,261,563
Penske Automotive Group, Inc.^(b)		9,748		1,232,635
Ulta Beauty, Inc.^(a)		15,494		7,202,231

				68,884,333

Technology Hardware, Storage & Peripherals — 6.5%
Apple Inc.^(b)		1,048,462		155,203,830
Dell Technologies, Inc., Class C		159,380		7,138,630
Hewlett Packard Enterprise Co.		1,043,968		17,517,783
HP, Inc.		178,757		5,369,860
NetApp, Inc.		23,304		1,575,584

				186,805,687

Textiles, Apparel & Luxury Goods — 0.7%
Levi Strauss & Co., Class A		96,660		1,597,790
Lululemon Athletica, Inc.^(a)		35,896		13,651,607
Ralph Lauren Corp.		48,940		5,536,093

				20,785,490

Thrifts & Mortgage Finance — 0.0%
Radian Group, Inc.		26,755		523,595


SCHEDULES OF INVESTMENTS		41

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Core Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Tobacco — 0.1%
Altria Group, Inc.		88,802	$	4,136,397


Trading Companies & Distributors — 0.3%
SiteOne Landscape Supply, Inc.^(a)		78,828		9,895,279


Wireless Telecommunication Services — 0.1%
United States Cellular Corp.^(a)		72,150		1,533,909


Total Long-Term Investments — 99.0% (Cost: $2,302,320,040)				2,824,026,194


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%^(c)(d)		23,865,494		23,865,494
SL Liquidity Series, LLC, Money Market Series, 4.05%^(c)(d)(e)		21,157,448		21,148,985


Total Short-Term Securities — 1.6% (Cost: $45,009,092)				45,014,479

Total Investments — 100.6% (Cost: $2,347,329,132)				2,869,040,673

Liabilities in Excess of Other Assets — (0.6)%				(15,707,888	)


Net Assets — 100.0%			$	2,853,332,785

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 05/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 11/30/22		Shares Held at 11/30/22		Income (Expense)			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity
Funds, T-Fund, Institutional Class	$	27,372,151	$	—		$	(3,506,657	)^(a)	$	—		$	—	$	23,865,494		23,865,494	$	250,651		$	—
SL Liquidity Series, LLC, Money Market Series		3,496,621		17,660,407	^(a)		—			(13,430	)		5,387		21,148,985		21,157,448		15,938	^(b)		—

									$	(13,430	)	$	5,387	$	45,014,479			$	266,589		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Core Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

162

12/16/22

33,058

2,230,917

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)	$	—	$	—	$	2,230,917	$	—	$	—	$	—	$	2,230,917

^(a)

For the period ended November 30, 2022, 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	$	—	$	—	$	(4,277,538	)	$	—	$	—	$	—	$	(4,277,538	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,184,776		$	—	$	—	$	—	$	2,184,776

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	31,860,500

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


SCHEDULES OF INVESTMENTS		43

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Core Fund

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,824,026,194	$	—	$	—	$	2,824,026,194
Short-Term Securities
Money Market Funds		23,865,494		—		—		23,865,494

	$	2,847,891,688	$	—	$	—		2,847,891,688

Investments valued at NAV^(a)								21,148,985

							$	2,869,040,673

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	2,230,917	$	—	$	—	$	2,230,917

^(a)

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

^(b)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

November 30, 2022

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.0%
Curtiss-Wright Corp.		13,423	$	2,371,173
General Dynamics Corp.^(a)		22,052		5,565,704
HEICO Corp.		5,027		815,932
Lockheed Martin Corp.		11,416		5,538,929
Northrop Grumman Corp.		4,083		2,177,423
Textron, Inc.		18,707		1,335,306

				17,804,467

Air Freight & Logistics — 0.6%
Expeditors International of Washington, Inc.		8,541		991,269
FedEx Corp.		7,315		1,332,939
United Parcel Service, Inc., Class B		5,491		1,041,807

				3,366,015

Airlines — 0.1%
Southwest Airlines Co.^(b)		16,191		646,183


Auto Components — 0.8%
Aptiv PLC^(b)		4,470		476,815
BorgWarner, Inc.		32,017		1,361,043
Goodyear Tire & Rubber Co.^(b)		57,536		645,554
Lear Corp.		16,844		2,429,578

				4,912,990

Banks — 6.2%
Citigroup, Inc.		104,260		5,047,227
Huntington Bancshares, Inc.		68,680		1,063,166
JPMorgan Chase & Co.		89,425		12,356,746
KeyCorp		48,446		911,269
Pinnacle Financial Partners, Inc.		8,000		671,120
PNC Financial Services Group, Inc.		10,224		1,720,290
Regions Financial Corp.		146,981		3,411,429
SVB Financial Group^(b)		544		126,088
Truist Financial Corp.		48,986		2,293,035
U.S. Bancorp		85,822		3,895,461
Wells Fargo & Co.		118,029		5,659,491

				37,155,322

Beverages — 1.8%
Brown-Forman Corp., Class B, NVS		30,511		2,227,913
Coca-Cola Europacific Partners PLC		12,364		656,405
PepsiCo, Inc.		42,478		7,880,094

				10,764,412

Biotechnology — 1.5%
Amgen, Inc.		9,826		2,814,166
Biogen, Inc.^(b)		3,602		1,099,222
BioMarin Pharmaceutical, Inc.^(b)		5,275		532,670
Blueprint Medicines Corp.^(b)		2,031		97,062
Exact Sciences Corp.^(b)		27,393		1,231,315
Gilead Sciences, Inc.		24,754		2,174,144
Moderna, Inc.^(b)		2,120		372,929
Novavax, Inc.^(b)		6,206		102,337
Regeneron Pharmaceuticals, Inc.^(b)		359		269,860
Seagen, Inc.^(b)		3,256		395,246
Ultragenyx Pharmaceutical, Inc.^(b)		4,385		159,176

				9,248,127

Building Products — 0.6%
Builders FirstSource, Inc.^(b)		12,903		824,889
Fortune Brands Home & Security, Inc.		23,194		1,515,496
Owens Corning		9,580		851,087
Trane Technologies PLC		863		153,976

				3,345,448


Security	Shares		Value

Capital Markets — 3.3%
Bank of New York Mellon Corp.		131,691	$	6,044,617
Carlyle Group, Inc.		57,683		1,797,979
Cboe Global Markets, Inc.		19,725		2,501,919
CME Group, Inc.		23,351		4,121,451
Intercontinental Exchange, Inc.		31,651		3,428,120
S&P Global, Inc.		3,166		1,116,965
State Street Corp.		5,663		451,171

				19,462,222

Chemicals — 2.4%
Corteva, Inc.		65,479		4,397,570
FMC Corp.		22,622		2,955,338
Huntsman Corp.		21,218		589,436
Linde PLC		17,879		6,015,926
Mosaic Co.		4,732		242,752
Sherwin-Williams Co.		839		209,062
Valvoline, Inc.		7,389		243,689

				14,653,773

Commercial Services & Supplies — 0.1%
Rentokil Initial PLC, ADR^(a)		4,521		149,419
Tetra Tech, Inc.		3,055		472,273

				621,692

Communications Equipment — 0.7%
Cisco Systems, Inc.		8,496		422,421
Juniper Networks, Inc.		114,447		3,804,218

				4,226,639

Construction & Engineering — 0.3%
AECOM		23,344		1,984,240


Consumer Finance — 3.0%
Ally Financial, Inc.		73,839		1,994,392
American Express Co.		56,280		8,869,165
Capital One Financial Corp.		37,871		3,909,802
Discover Financial Services		15,267		1,654,332
Synchrony Financial		39,271		1,475,804

				17,903,495

Containers & Packaging — 0.3%
Westrock Co.		52,168		1,978,211


Diversified Financial Services — 3.5%
Berkshire Hathaway, Inc., Class B^(b)		48,436		15,431,710
Voya Financial, Inc.		82,226		5,425,271

				20,856,981

Diversified Telecommunication Services — 1.4%
AT&T Inc.		204,544		3,943,608
Verizon Communications, Inc.		108,460		4,227,771

				8,171,379

Electric Utilities — 2.0%
Edison International		11,270		751,258
Entergy Corp.		34,971		4,066,078
Evergy, Inc.		10,984		650,363
NextEra Energy, Inc.		23,443		1,985,622
NRG Energy, Inc.		19,228		816,228
Portland General Electric Co.		11,517		566,982
Xcel Energy, Inc.		40,681		2,856,620

				11,693,151

Electrical Equipment — 1.1%
AMETEK, Inc.		5,715		813,930
Eaton Corp. PLC		33,299		5,442,722
Sunrun, Inc.^(b)		4,206		137,031

				6,393,683


SCHEDULES OF INVESTMENTS		45

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components — 1.1%
Arrow Electronics, Inc.^(b)		662	$	71,986
Avnet, Inc.		17,350		783,699
Flex Ltd.^(b)		217,505		4,780,760
TD SYNNEX Corp.		3,650		373,395
TE Connectivity Ltd.		3,215		405,476

				6,415,316

Energy Equipment & Services — 1.1%
Halliburton Co.		79,775		3,022,675
Patterson-UTI Energy, Inc.		29,151		523,261
Schlumberger Ltd.		53,726		2,769,575

				6,315,511

Entertainment — 0.8%
Activision Blizzard, Inc.		12,328		911,656
Live Nation Entertainment, Inc.^(b)		12,026		875,012
Spotify Technology SA^(b)		1,097		87,124
Walt Disney Co.^(b)		25,466		2,492,357
Warner Bros Discovery, Inc.^(b)		19,223		219,142

				4,585,291

Equity Real Estate Investment Trusts (REITs) — 4.5%
Brixmor Property Group, Inc.		41,467		961,205
Crown Castle, Inc.		7,810		1,104,568
Equity LifeStyle Properties, Inc.		13,124		871,696
Equity Residential^(a)		36,317		2,355,521
Essex Property Trust, Inc.		25,697		5,663,105
Lamar Advertising Co., Class A		2,890		289,405
Outfront Media, Inc.		3,722		68,075
Park Hotels & Resorts, Inc.		17,404		223,293
Prologis, Inc.		59,265		6,980,824
Regency Centers Corp.		2,562		170,194
SBA Communications Corp.		2,307		690,485
Simon Property Group, Inc.		54,644		6,526,679
Sun Communities, Inc.		1,281		188,179
Ventas, Inc.		12,167		566,131

				26,659,360

Food & Staples Retailing — 1.3%
Costco Wholesale Corp.		589		317,618
Kroger Co.		61,842		3,042,008
Walmart, Inc.		28,774		4,385,733

				7,745,359

Food Products — 2.6%
Archer-Daniels-Midland Co.		14,274		1,391,715
Bunge Ltd.		11,807		1,237,846
Hershey Co.		16,857		3,964,261
Mondelez International, Inc., Class A		69,650		4,709,036
Tyson Foods, Inc., Class A		63,670		4,220,048

				15,522,906

Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		30,970		3,331,753
Becton Dickinson and Co.		27,518		6,861,338
Boston Scientific Corp.^(b)		67,688		3,064,236
Edwards Lifesciences Corp.^(b)		2,665		205,871
Medtronic PLC		63,029		4,981,812

				18,445,010

Health Care Providers & Services — 3.7%
AmerisourceBergen Corp.		18,374		3,136,258
Cigna Corp.		26,843		8,828,394
CVS Health Corp.		51,423		5,238,975


Security	Shares		Value

Health Care Providers & Services (continued)
Elevance Health, Inc.		8,765	$	4,671,044
UnitedHealth Group, Inc.		614		336,325

				22,210,996

Health Care Technology — 0.3%
Teladoc Health, Inc.^(a)(b)		73,775		2,103,325


Hotels, Restaurants & Leisure — 1.2%
Caesars Entertainment, Inc.^(b)		4,183		212,538
Carnival Corp.^(b)		24,187		240,177
Darden Restaurants, Inc.		2,914		428,329
Domino’s Pizza, Inc.		1,764		685,720
Hilton Grand Vacations, Inc.^(b)		1,281		56,390
McDonald’s Corp.		3,489		951,764
Starbucks Corp.		7,481		764,558
Travel + Leisure Co.		100,542		3,908,067

				7,247,543

Household Durables — 0.5%
Lennar Corp., Class A		6,453		566,767
TopBuild Corp.^(b)		3,432		528,803
Whirlpool Corp.		12,217		1,790,157

				2,885,727

Household Products — 2.0%
Colgate-Palmolive Co.		35,608		2,758,908
Procter & Gamble Co.		60,773		9,064,901

				11,823,809

Independent Power and Renewable Electricity Producers — 0.5%
Brookfield Renewable Corp., Class A		5,551		181,018
Vistra Corp.		107,708		2,620,536

				2,801,554

Industrial Conglomerates — 0.2%
Honeywell International, Inc.		5,805		1,274,488


Insurance — 4.3%
Allstate Corp.		14,611		1,956,413
American Financial Group, Inc.		2,060		292,973
Hartford Financial Services Group, Inc.		35,687		2,725,416
Marsh & McLennan Cos., Inc.		38,922		6,740,512
MetLife, Inc.		106,631		8,178,598
Travelers Cos., Inc.		29,420		5,584,210

				25,478,122

Interactive Media & Services — 2.1%
Alphabet, Inc., Class A^(b)		32,930		3,325,601
Alphabet, Inc., Class C, NVS^(b)		21,524		2,183,610
Meta Platforms, Inc., Class A^(b)		54,327		6,416,019
Snap, Inc., Class A, NVS^(b)		78,285		807,118

				12,732,348

Internet & Direct Marketing Retail — 0.5%
eBay, Inc.		60,091		2,730,535


IT Services — 1.9%
Accenture PLC, Class A		880		264,818
Automatic Data Processing, Inc.		8,706		2,299,603
Cognizant Technology Solutions Corp., Class A		65,274		4,060,696
Fidelity National Information Services, Inc.		23,321		1,692,638
Gartner, Inc.^(b)		541		189,550
Kyndryl Holdings, Inc.^(b)		8,909		104,324
Okta, Inc.^(b)		2,586		137,886
PayPal Holdings, Inc.^(b)		31,625		2,479,716
StoneCo Ltd., Class A^(b)		7,561		88,313
Twilio, Inc., Class A^(b)		2,914		142,844

				11,460,388


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services — 3.4%
Agilent Technologies, Inc.		27,311	$	4,232,659
Bio-Rad Laboratories, Inc., Class A^(b)		352		145,978
Danaher Corp.		27,030		7,390,272
Syneos Health, Inc.^(b)		5,015		176,929
Thermo Fisher Scientific, Inc.		15,264		8,551,198

				20,497,036

Machinery — 3.6%
Deere & Co.		1,282		565,362
Illinois Tool Works, Inc.		14,725		3,349,496
Otis Worldwide Corp.		23,171		1,809,423
PACCAR, Inc.		57,034		6,040,471
Snap-on, Inc.		14,404		3,465,602
Stanley Black & Decker, Inc.		14,008		1,144,734
Timken Co.		53,552		4,068,881
Xylem, Inc.		8,459		950,369

				21,394,338

Media — 2.2%
Comcast Corp., Class A		174,283		6,385,729
Fox Corp., Class A, NVS		201,861		6,550,389
Fox Corp., Class B		4,563		139,263
Liberty Media Corp. - Liberty SiriusXM, Class A^(b)		2,077		91,014

				13,166,395

Metals & Mining — 0.9%
Freeport-McMoRan, Inc.		6,971		277,446
Newmont Corp.		45,643		2,166,673
Reliance Steel & Aluminum Co.		4,809		1,016,094
Steel Dynamics, Inc.		19,941		2,072,468

				5,532,681

Multiline Retail — 0.3%
Target Corp.		11,611		1,939,850


Multi-Utilities — 2.2%
Black Hills Corp.		9,025		646,461
CMS Energy Corp.		89,322		5,454,894
DTE Energy Co.		61,919		7,183,223

				13,284,578

Oil, Gas & Consumable Fuels — 7.2%
APA Corp.		1,249		58,516
Chevron Corp.		79,033		14,487,539
EOG Resources, Inc.		20,329		2,885,295
Exxon Mobil Corp.		136,909		15,243,448
Marathon Oil Corp.		66,614		2,040,387
Marathon Petroleum Corp.		27,478		3,347,095
Ovintiv, Inc.		14,062		784,097
Phillips 66		17,555		1,903,664
Valero Energy Corp.		11,988		1,601,837
Williams Cos., Inc.		13,155		456,478

				42,808,356

Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		48,233		3,872,145
Eli Lilly & Co.		3,656		1,356,668
Johnson & Johnson		82,140		14,620,920
Merck & Co., Inc.		38,789		4,271,445
Perrigo Co. PLC		18,203		586,683
Pfizer, Inc.		170,268		8,535,535

				33,243,396

Professional Services — 0.1%
KBR, Inc.		4,875		251,891
ManpowerGroup, Inc.		2,777		243,043

				494,934


Security	Shares		Value

Real Estate Management & Development — 0.0%
Zillow Group, Inc., Class C, NVS^(b)		5,339	$	202,775


Road & Rail — 0.9%
CSX Corp.		55,356		1,809,588
Landstar System, Inc.^(a)		1,911		330,565
Lyft, Inc., Class A^(b)		24,832		278,615
Norfolk Southern Corp.		607		155,695
Ryder System, Inc.		7,286		681,168
Schneider National, Inc., Class B^(a)		57,181		1,472,983
Uber Technologies, Inc.^(b)		28,923		842,816

				5,571,430

Semiconductors & Semiconductor Equipment — 2.7%
Analog Devices, Inc.		44,729		7,689,362
Cirrus Logic, Inc.^(b)		7,990		596,933
Intel Corp.		195,026		5,864,432
Lam Research Corp.		486		229,577
Marvell Technology, Inc.		12,237		569,265
NXP Semiconductors NV		381		66,995
Semtech Corp.^(b)		6,447		198,181
Silicon Laboratories, Inc.^(b)		7,578		1,102,144

				16,316,889

Software — 2.2%
Adobe, Inc.^(b)		4,503		1,553,220
ANSYS, Inc.^(b)		1,023		260,149
Bill.com Holdings, Inc.^(b)		5,171		622,692
Box, Inc., Class A^(b)		3,120		85,644
Ceridian HCM Holding, Inc.^(a)(b)		35,002		2,395,537
DocuSign, Inc.^(b)		1,760		82,843
HubSpot, Inc.^(b)		673		203,939
Intuit, Inc.		968		394,547
Manhattan Associates, Inc.^(b)		1,043		131,355
Microsoft Corp.		11,242		2,868,284
Paycom Software, Inc.^(b)		153		51,882
Paylocity Holding Corp.^(b)		1,596		347,657
Rapid7, Inc.^(b)		7,730		227,262
RingCentral, Inc., Class A^(b)		42,622		1,579,571
ServiceNow, Inc.^(b)		4,051		1,686,431
VMware, Inc., Class A^(b)		2,275		276,390
Zscaler, Inc.^(b)		1,706		227,666

				12,995,069

Specialty Retail — 1.6%
AutoNation, Inc.^(b)		6,438		797,733
Best Buy Co., Inc.		12,175		1,038,528
Home Depot, Inc.		15,920		5,157,921
Lowe’s Cos., Inc.		7,397		1,572,232
Penske Automotive Group, Inc.^(a)		5,507		696,360
Ulta Beauty, Inc.^(b)		485		225,447

				9,488,221

Technology Hardware, Storage & Peripherals — 0.9%
Hewlett Packard Enterprise Co.		305,218		5,121,558


Textiles, Apparel & Luxury Goods — 0.2%
Lululemon Athletica, Inc.^(b)		3,469		1,319,295
Under Armour, Inc., Class C, NVS^(b)		6,023		52,521

				1,371,816

Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc.		29,108		569,644


Tobacco — 0.4%
Altria Group, Inc.		47,612		2,217,767


SCHEDULES OF INVESTMENTS		47

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Value Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors — 0.1%
United Rentals, Inc.^(b)		1,273	$	449,407


Wireless Telecommunication Services — 0.1%
United States Cellular Corp.^(b)		44,114		937,864


Total Long-Term Investments — 99.1% (Cost: $520,599,503)				591,230,022


Short-Term Securities

Money Market Funds — 1.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 3.57%^(c)(d)		5,891,617		5,891,617
SL Liquidity Series, LLC, Money Market Series, 4.05%^(c)(d)(e)		4,140,451		4,138,794


Total Short-Term Securities — 1.7% (Cost: $10,029,680)				10,030,411


Total Investments — 100.8% (Cost: $530,629,183)				601,260,433

Liabilities in Excess of Other Assets — (0.8)%				(4,632,689	)


Net Assets — 100.0%			$	596,627,744

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 05/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 11/30/22		Shares Held at 11/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	6,051,649	$	—		$	(160,032	)^(a)	$	—		$	—	$	5,891,617		5,891,617	$	56,822		$	—
SL Liquidity Series, LLC, Money Market Series		1,202,047		2,936,755	^(a)		—			(739	)		731		4,138,794		4,140,451		23,847	^(b)		—

									$	(739	)	$	731	$	10,030,411			$	80,669		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Value Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

12/16/22

7,142

547,821

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)	$	—	$	—	$	547,821	$	—	$	—	$	—	$	547,821

^(a)

For the period ended November 30, 2022, 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	$	—	$	—	$	(990,957	)	$	—	$	—	$	—	$	(990,957	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	436,787		$	—	$	—	$	—	$	436,787

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	6,934,119

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


SCHEDULES OF INVESTMENTS		49

Schedule of Investments (unaudited) (continued)

November 30, 2022

BlackRock Advantage Large Cap Value Fund

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	591,230,022	$	—	$	—	$	591,230,022
Short-Term Securities
Money Market Funds		5,891,617		—		—		5,891,617

	$	597,121,639	$	—	$	—		597,121,639

Investments valued at NAV^(a)								4,138,794

							$	601,260,433

Derivative Financial Instruments^(b)
Assets
Equity Contracts	$	547,821	$	—	$	—	$	547,821

^(a)

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

^(b)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

November 30, 2022


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

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,034,238,183		$	898,008,900	$	3,884,442,616		$	2,824,026,194	$	591,230,022
Investments, at value — affiliated^(c)		22,928,985			14,344,712		141,216,341			45,014,479		10,030,411
Cash		550			—		—			2,895,198		7,532
Cash pledged for futures contracts		1,250,000			671,000		2,455,000			1,799,000		375,006
Foreign currency, at value^(d)		408,622			75,522		—			—		—
Receivables:
Investments sold		10,632,291			8,253,511		35,356,230			22,889,045		5,273,462
Securities lending income — affiliated		1,554			739		39,448			3,995		163
Capital shares sold		318,992			871,037		10,027,175			3,148,106		1,962,172
Dividends — unaffiliated		6,207,116			921,976		4,720,214			3,922,939		1,226,328
Dividends — affiliated		55,259			23,689		102,641			66,201		15,112
Interest — unaffiliated		458			—		303			—		—
From the Manager		52,871			39,303		56,212			145,509		19,945
Variation margin on futures contracts		406,870			444,278		1,019,217			967,636		208,687
Prepaid expenses		46,262			58,643		63,668			79,171		67,972


Total assets		1,076,548,013			923,713,310		4,079,499,065			2,904,957,473		610,416,812


LIABILITIES
Collateral on securities loaned		1,718,277			5,914,994		110,383,751			21,155,513		4,139,966
Payables:
Investments purchased		9,689,331			7,944,884		28,061,134			22,137,238		5,368,260
Administration fees		34,161			37,059		118,137			86,099		19,950
Capital shares redeemed		2,798,922			741,071		6,886,345			2,212,264		1,544,220
Income dividend distributions		—			—		—			3,901,453		2,152,973
Investment advisory fees		291,274			343,227		1,226,826			831,858		181,838
Trustees’ and Officer’s fees		3,348			3,346		4,289			4,890		2,731
Other accrued expenses		661,822			207,710		1,195,117			707,224		275,485
Other affiliate fees		108,947			92,304		34,088			302,725		11,285
Service and distribution fees		47,398			91,120		79,555			285,424		92,360


Total liabilities		15,353,480			15,375,715		147,989,242			51,624,688		13,789,068


NET ASSETS	$	1,061,194,533		$	908,337,595	$	3,931,509,823		$	2,853,332,785	$	596,627,744


NET ASSETS CONSIST OF:
Paid-in capital	$	1,086,518,743		$	704,350,574	$	4,223,974,954		$	2,499,472,895	$	552,282,152
Accumulated earnings (loss)		(25,324,210	)		203,987,021		(292,465,131	)		353,859,890		44,345,592


NET ASSETS	$	1,061,194,533		$	908,337,595	$	3,931,509,823		$	2,853,332,785	$	596,627,744


^(a)Investments, at cost — unaffiliated	$	938,336,389		$	639,685,734	$	3,929,010,426		$	2,302,320,040	$	520,599,503
^(b)Securities loaned, at value	$	1,719,562		$	5,935,574	$	108,912,288		$	20,680,225	$	3,857,020
^(c)Investments, at cost — affiliated	$	22,928,699		$	14,344,077	$	141,193,608		$	45,009,092	$	10,029,680
^(d)Foreign currency, at cost	$	409,721		$	84,256	$	—		$	—	$	—


FINANCIAL STATEMENTS		51

Statements of Assets and Liabilities (unaudited) (continued)

November 30, 2022


	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	$	716,663,749	$	473,024,950	$	2,524,011,342	$	1,472,426,782	$	178,836,793


Shares outstanding		44,745,597		26,003,649		163,905,715		86,254,395		6,351,926


Net asset value	$	16.02	$	18.19	$	15.40	$	17.07	$	28.15


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	$	224,812,451	$	423,934,550	$	347,910,259	$	1,300,642,524	$	382,599,987


Shares outstanding		14,213,798		24,793,736		22,759,588		80,524,110		13,975,339


Net asset value	$	15.82	$	17.10	$	15.29	$	16.15	$	27.38


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	$	2,503,574	$	9,033,299	$	10,602,909	$	34,318,830	$	16,798,762


Shares outstanding		163,041		657,999		717,260		2,668,422		674,866


Net asset value	$	15.36	$	13.73	$	14.78	$	12.86	$	24.89


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	$	114,639,714	$	1,942,566	$	1,048,985,313	$	32,712,465	$	10,393,415


Shares outstanding		7,156,071		106,777		68,052,307		1,915,853		369,196


Net asset value	$	16.02	$	18.19	$	15.41	$	17.07	$	28.15


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	$	2,575,045	$	402,230		N/A	$	13,232,184	$	7,998,787


Shares outstanding		162,683		22,329		N/A		906,885		307,839


Net asset value	$	15.83	$	18.01		N/A	$	14.59	$	25.98


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.


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

Statements of Operations (unaudited)

Six Months Ended November 30, 2022


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

INVESTMENT INCOME
Dividends — unaffiliated	$	13,461,500		$	4,967,530		$	30,248,595
Dividends — affiliated		213,855			103,572			435,964
Securities lending income — affiliated — net		13,292			3,901			855,007
Non-cash dividends — unaffiliated		2,932,755			—			—
Foreign taxes withheld		(1,073,097	)		—			(88,463	)


Total investment income		15,548,305			5,075,003			31,451,103


EXPENSES
Investment advisory		2,203,161			2,467,742			7,969,315
Transfer agent — class specific		533,810			418,858			1,284,884
Service and distribution — class specific		283,083			578,128			474,268
Custodian		230,347			19,890			57,037
Administration		202,113			179,442			698,443
Administration — class specific		97,994			86,600			374,021
Professional		71,715			60,360			69,594
Registration		47,609			45,030			181,789
Accounting services		44,741			41,663			119,242
Printing and postage		20,441			17,963			21,822
Trustees and Officer		8,075			7,560			20,607
Miscellaneous		8,746			14,473			31,592


Total expenses		3,751,835			3,937,709			11,302,614
Less:
Fees waived and/or reimbursed by the Manager		(632,008	)		(386,204	)		(752,368	)
Administration fees waived — class specific		(97,994	)		(43,643	)		(374,021	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(316,313	)		(294,346	)		(592,816	)


Total expenses after fees waived and/or reimbursed		2,705,520			3,213,516			9,583,409


Net investment income		12,842,785			1,861,487			21,867,694


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized loss from:
Investments — unaffiliated		(90,452,074	)		(37,372,495	)		(130,876,382	)
Investments — affiliated		(1,010	)		912			(22,313	)
Futures contracts		(2,535,177	)		(1,369,177	)		(605,094	)
Foreign currency transactions		(540,327	)		—			—


		(93,528,588	)		(38,740,760	)		(131,503,789	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		66,932,831			12,111,910			208,671,770
Investments — affiliated		(594	)		590			(19,356	)
Futures contracts		1,641,776			904,128			(2,203,181	)
Foreign currency translations		187,649			(2,392	)		—


		68,761,662			13,014,236			206,449,233


Net realized and unrealized gain (loss)		(24,766,926	)		(25,726,524	)		74,945,444


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,924,141	)	$	(23,865,037	)	$	96,813,138

See notes to financial statements.


FINANCIAL STATEMENTS		53

Statements of Operations (unaudited) (continued)

Six Months Ended November 30, 2022


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

INVESTMENT INCOME
Dividends — unaffiliated	$	23,178,537		$	6,480,347
Dividends — affiliated		250,651			56,822
Securities lending income — affiliated — net		15,938			23,847
Foreign taxes withheld		(5,916	)		(581	)


Total investment income		23,439,210			6,560,435


EXPENSES
Investment advisory		6,025,583			1,386,069
Service and distribution — class specific		1,798,826			552,358
Transfer agent — class specific		1,671,900			285,734
Administration		533,485			119,416
Administration — class specific		279,888			56,596
Accounting services		93,862			33,565
Professional		61,148			73,954
Registration		60,390			43,256
Custodian		50,799			—
Directors and Officer		18,256			6,215
Printing and postage		16,905			21,188
Miscellaneous		23,243			13,784


Total expenses		10,634,285			2,592,135
Less:
Fees waived and/or reimbursed by the Manager		(868,345	)		(311,321	)
Administration fees waived — class specific		(279,888	)		(56,596	)
Transfer agent fees waived and/or reimbursed — class specific		(978,733	)		(146,691	)


Total expenses after fees waived and/or reimbursed		8,507,319			2,077,527


Net investment income		14,931,891			4,482,908


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(94,071,767	)		(9,790,592	)
Investments — affiliated		(13,430	)		(739	)
Futures contracts		(4,277,538	)		(990,957	)
Payment by affiliate		2,574			—


		(98,360,161	)		(10,782,288	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		38,354,384			6,324,385
Investments — affiliated		5,387			731
Futures contracts		2,184,776			436,787


		40,544,547			6,761,903


Net realized and unrealized loss		(57,815,614	)		(4,020,385	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(42,883,723	)	$	462,523

See notes to financial statements.


54		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

Six Months Ended November 30, 2022


	BlackRock Advantage International Fund						BlackRock Advantage Large Cap Growth Fund
	Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22			Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	12,842,785		$	26,775,669		$	1,861,487		$	(569,120	)
Net realized gain (loss)		(93,528,588	)		13,815,739			(38,740,760	)		61,322,883
Net change in unrealized appreciation (depreciation)		68,761,662			(158,114,198	)		13,014,236			(132,089,230	)


Net decrease in net assets resulting from operations		(11,924,141	)		(117,522,790	)		(23,865,037	)		(71,335,467	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(10,331,238	)		(56,532,048	)		—			(44,257,293	)
Investor A		(3,217,203	)		(29,302,058	)		—			(108,743,677	)
Investor C		(24,712	)		(240,559	)		—			(2,223,605	)
Class K		(1,797,713	)		(8,265,311	)		—			(260,167	)
Class R		(34,738	)		(255,950	)		—			(58,102	)


Decrease in net assets resulting from distributions to shareholders		(15,405,604	)		(94,595,926	)		—			(155,542,844	)


CAPITAL SHARE TRANSACTIONS

Net increase in net assets derived from capital share transactions		29,714,944			87,661,542			34,647,717			75,061,115


NET ASSETS
Total increase (decrease) in net assets		2,385,199			(124,457,174	)		10,782,680			(151,817,196	)
Beginning of period		1,058,809,334			1,183,266,508			897,554,915			1,049,372,111


End of period	$	1,061,194,533		$	1,058,809,334		$	908,337,595		$	897,554,915

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

See notes to financial statements.


FINANCIAL STATEMENTS		55

Statements of Changes in Net Assets (continued)

Six Months Ended November 30, 2022


	BlackRock Advantage Small Cap Core Fund						BlackRock Advantage Large Cap Core Fund
	Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22			Six Months Ended 11/30/22 (unaudited)			Period from 10/01/21 to 05/31/22			Year Ended 09/30/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	21,867,694		$	29,215,493		$	14,931,891		$	17,849,810		$	23,635,633
Net realized gain (loss)		(131,503,789	)		250,713,459			(98,360,161	)		105,141,301			591,709,028
Net change in unrealized appreciation (depreciation)		206,449,233			(1,069,259,136	)		40,544,547			(286,927,386	)		202,950,778


Net increase (decrease) in net assets resulting from operations		96,813,138			(789,330,184	)		(42,883,723	)		(163,936,275	)		818,295,439


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(49,294,852	)		(329,368,119	)		(87,947,101	)		(308,814,770	)		(70,259,334	)
Service		—			—			—			—			(15,503	)
Investor A		(6,589,178	)		(54,143,568	)		(78,931,541	)		(280,110,173	)		(66,523,425	)
Investor C		(206,143	)		(1,508,629	)		(2,397,702	)		(8,989,662	)		(1,882,579	)
Class K		(19,110,421	)		(113,826,903	)		(1,924,102	)		(11,248,178	)		(1,855,510	)
Class R		—			—			(849,067	)		(2,790,705	)		(595,042	)


Decrease in net assets resulting from distributions to shareholders		(75,200,594	)		(498,847,219	)		(172,049,513	)		(611,953,488	)		(141,131,393	)


CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions		70,693,683			860,940,149			23,307,871			466,117,456			(125,973,220	)


NET ASSETS
Total increase (decrease) in net assets		92,306,227			(427,237,254	)		(191,625,365	)		(309,772,307	)		551,190,826
Beginning of period		3,839,203,596			4,266,440,850			3,044,958,150			3,354,730,457			2,803,539,631


End of period	$	3,931,509,823		$	3,839,203,596		$	2,853,332,785		$	3,044,958,150		$	3,354,730,457

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)

Six Months Ended November 30, 2022


	BlackRock Advantage Large Cap Value Fund
	Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,482,908		$	7,845,046
Net realized gain (loss)		(10,782,288	)		73,721,702
Net change in unrealized appreciation (depreciation)		6,761,903			(78,673,932	)


Net increase in net assets resulting from operations		462,523			2,892,816


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(9,937,888	)		(31,826,031	)
Investor A		(20,893,090	)		(68,214,081	)
Investor C		(893,218	)		(3,358,960	)
Class K		(574,235	)		(1,517,442	)
Class R		(460,360	)		(1,494,991	)


Decrease in net assets resulting from distributions to shareholders		(32,758,791	)		(106,411,505	)


CAPITAL SHARE TRANSACTIONS

Net increase in net assets derived from capital share transactions		10,937,976			67,596,123


NET ASSETS
Total decrease in net assets		(21,358,292	)		(35,922,566	)
Beginning of period		617,986,036			653,908,602


End of period	$	596,627,744		$	617,986,036

^(a)

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

See notes to financial statements.


FINANCIAL STATEMENTS		57

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund
	Institutional
	Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	16.48		$	19.89		$	14.52		$	16.12		$	16.97		$	16.77		$	14.50


Net investment income^(a)		0.20			0.46			0.38			0.22			0.44			0.45			0.19
Net realized and unrealized gain (loss)		(0.42	)		(2.28	)		5.30			(1.37	)		(0.90	)		(0.12	)		2.37


Net increase (decrease) from investment operations		(0.22	)		(1.82	)		5.68			(1.15	)		(0.46	)		0.33			2.56


Distributions^(b)
From net investment income		(0.24	)		(0.62	)		(0.31	)		(0.45	)		(0.39	)		(0.13	)		(0.29	)

From net realized gain		—			(0.97	)		—			—			—			—			—


Total distributions		(0.24	)		(1.59	)		(0.31	)		(0.45	)		(0.39	)		(0.13	)		(0.29	)


Net asset value, end of period	$	16.02		$	16.48		$	19.89		$	14.52		$	16.12		$	16.97		$	16.77


Total Return^(c)
Based on net asset value		(1.16	)%^(d)		(9.93	)%		39.57	%		(7.45	)%^(d)		(2.52	)%		1.94	%^(e)		17.99	%


Ratios to Average Net Assets^(f)
Total expenses		0.69	%^(g)		0.73	%		0.78	%		0.82	%^(g)		0.88	%		0.86	%		1.10	%


Total expenses after fees waived and/or reimbursed		0.50	%^(g)		0.50	%		0.50	%		0.50	%^(g)		0.59	%		0.64	%		0.86	%


Net investment income		2.67	%^(g)		2.51	%		2.21	%		2.17	%^(g)		2.78	%		2.61	%		1.20	%


Supplemental Data
Net assets, end of period (000)	$	716,664		$	710,116		$	616,649		$	477,944		$	446,831		$	403,149		$	116,595


Portfolio turnover rate		67	%		132	%		247	%		131	%		140	%		106	%		177	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)
	Investor A
	Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

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


Net investment income^(a)		0.18			0.35			0.33			0.19			0.40			0.38			0.12
Net realized and unrealized gain (loss)		(0.42	)		(2.19	)		5.24			(1.35	)		(0.90	)		(0.10	)		2.38


Net increase (decrease) from investment operations		(0.24	)		(1.84	)		5.57			(1.16	)		(0.50	)		0.28			2.50


Distributions^(b)
From net investment income		(0.22	)		(0.56	)		(0.27	)		(0.42	)		(0.35	)		(0.10	)		(0.25	)

From net realized gain		—			(0.97	)		—			—			—			—			—


Total distributions		(0.22	)		(1.53	)		(0.27	)		(0.42	)		(0.35	)		(0.10	)		(0.25	)


Net asset value, end of period	$	15.82		$	16.28		$	19.65		$	14.35		$	15.93		$	16.78		$	16.60


Total Return^(c)
Based on net asset value		(1.30	)%^(d)		(10.13	)%		39.21	%		(7.61	)%^(d)		(2.77	)%		1.68	%^(e)		17.71	%


Ratios to Average Net Assets^(f)
Total expenses		1.06	%^(g)		1.02	%		1.05	%		1.08	%^(g)		1.16	%		1.15	%		1.42	%


Total expenses after fees waived and/or reimbursed		0.75	%^(g)		0.75	%		0.75	%		0.75	%^(g)		0.84	%		0.89	%		1.19	%


Net investment income		2.43	%^(g)		1.93	%		1.95	%		1.85	%^(g)		2.56	%		2.20	%		0.82	%


Supplemental Data
Net assets, end of period (000)	$	224,812		$	240,255		$	456,083		$	366,411		$	404,739		$	302,725		$	169,806


Portfolio turnover rate		67	%		132	%		247	%		131	%		140	%		106	%		177	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		59

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)
	Investor C
	Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	15.81		$	19.12		$	13.95		$	15.43		$	16.11		$	15.96		$	13.81


Net investment income (loss)^(a)		0.12			0.22			0.16			0.10			0.23			0.23			(0.01	)
Net realized and unrealized gain (loss)		(0.40	)		(2.15	)		5.14			(1.31	)		(0.80	)		(0.08	)		2.29


Net increase (decrease) from investment operations		(0.28	)		(1.93	)		5.30			(1.21	)		(0.57	)		0.15			2.28


Distributions^(b)
From net investment income		(0.17	)		(0.41	)		(0.13	)		(0.27	)		(0.11	)		—			(0.13	)

From net realized gain		—			(0.97	)		—			—			—			—			—


Total distributions		(0.17	)		(1.38	)		(0.13	)		(0.27	)		(0.11	)		—			(0.13	)


Net asset value, end of period	$	15.36		$	15.81		$	19.12		$	13.95		$	15.43		$	16.11		$	15.96


Total Return^(c)
Based on net asset value		(1.65	)%^(d)		(10.83	)%		38.21	%		(8.05	)%^(d)		(3.51	)%		0.94	%^(e)		16.70	%


Ratios to Average Net Assets^(f)
Total expenses		1.87	%^(g)		1.83	%		1.88	%		1.84	%^(g)		1.88	%		1.89	%		2.22	%^(h)


Total expenses after fees waived and/or reimbursed		1.50	%^(g)		1.50	%		1.50	%		1.50	%^(g)		1.59	%		1.64	%		2.03	%


Net investment income (loss)		1.68	%^(g)		1.27	%		0.98	%		1.04	%^(g)		1.52	%		1.39	%		(0.05	)%


Supplemental Data
Net assets, end of period (000)	$	2,504		$	2,356		$	3,664		$	6,193		$	9,448		$	23,111		$	24,717


Portfolio turnover rate		67	%		132	%		247	%		131	%		140	%		106	%		177	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)
	Class K
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Period from 01/25/18 to 09/30/18	^(a)

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


Net investment income^(b)		0.20			0.46			0.46			0.23			0.56			0.39
Net realized and unrealized gain (loss)		(0.42	)		(2.28	)		5.23			(1.37	)		(1.03	)		(1.74	)


Net increase (decrease) from investment operations		(0.22	)		(1.82	)		5.69			(1.14	)		(0.47	)		(1.35	)


Distributions^(c)
From net investment income		(0.24	)		(0.62	)		(0.32	)		(0.46	)		(0.39	)		—

From net realized gain		—			(0.97	)		—			—			—			—


Total distributions		(0.24	)		(1.59	)		(0.32	)		(0.46	)		(0.39	)		—


Net asset value, end of period	$	16.02		$	16.48		$	19.89		$	14.52		$	16.12		$	16.98


Total Return^(d)
Based on net asset value		(1.13	)%^(e)		(9.89	)%		39.64	%		(7.40	)%^(e)		(2.53	)%		(7.37	)%^(e)(f)


Ratios to Average Net Assets^(g)
Total expenses		0.60	%^(h)		0.61	%		0.63	%		0.65	%^(h)		0.75	%		0.80	%^(h)


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


Net investment income		2.73	%^(h)		2.55	%		2.65	%		2.20	%^(h)		3.59	%		3.33	%^(h)


Supplemental Data
Net assets, end of period (000)	$	114,640		$	103,329		$	103,454		$	43,073		$	43,721		$	8,175


Portfolio turnover rate		67	%		132	%		247	%		131	%		140	%		106	%⁽ⁱ⁾

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

^(f)	Includes the litigation settlement amount. Excluding this amount, the Fund’s total return is (7.42)%

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

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover is representative of the Fund for the entire year.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage International Fund (continued)
	Class R
	Six Months Ended 11/30/22 (unaudited)			Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	16.29		$	19.68		$	14.36		$	15.91		$	16.74		$	16.53		$	14.29


Net investment income^(a)		0.16			0.33			0.28			0.15			0.34			0.32			0.07
Net realized and unrealized gain (loss)		(0.42	)		(2.23	)		5.26			(1.34	)		(0.88	)		(0.08	)		2.36


Net increase (decrease) from investment operations		(0.26	)		(1.90	)		5.54			(1.19	)		(0.54	)		0.24			2.43


Distributions^(b)
From net investment income		(0.20	)		(0.52	)		(0.22	)		(0.36	)		(0.29	)		(0.03	)		(0.19	)

From net realized gain		—			(0.97	)		—			—			—			—			—


Total distributions		(0.20	)		(1.49	)		(0.22	)		(0.36	)		(0.29	)		(0.03	)		(0.19	)


Net asset value, end of period	$	15.83		$	16.29		$	19.68		$	14.36		$	15.91		$	16.74		$	16.53


Total Return^(c)
Based on net asset value		(1.42	)%^(d)		(10.42	)%		38.91	%		(7.75	)%^(d)		(3.04	)%		1.44	%^(e)		17.26	%


Ratios to Average Net Assets^(f)
Total expenses		1.36	%^(g)		1.35	%		1.36	%		1.37	%^(g)		1.44	%		1.45	%		1.75	%^(h)


Total expenses after fees waived and/or reimbursed		1.00	%^(g)		1.00	%		1.00	%		1.00	%^(g)		1.09	%		1.14	%		1.55	%


Net investment income		2.19	%^(g)		1.81	%		1.67	%		1.47	%^(g)		2.20	%		1.91	%		0.46	%


Supplemental Data
Net assets, end of period (000)	$	2,575		$	2,753		$	3,416		$	3,310		$	5,244		$	7,572		$	7,551


Portfolio turnover rate		67	%		132	%		247	%		131	%		140	%		106	%		177	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund
	Institutional
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17	^(a)

Net asset value, beginning of period	$	18.77		$	23.33		$	18.23		$	16.49		$	17.89		$	15.20		$	12.32


Net investment income^(b)		0.05			0.03			0.04			0.07			0.13			0.13			0.12
Net realized and unrealized gain (loss)		(0.63	)		(1.25	)		6.59			2.40			(0.22	)		3.52			2.87


Net increase (decrease) from investment operations		(0.58	)		(1.22	)		6.63			2.47			(0.09	)		3.65			2.99


Distributions^(c)
From net investment income		—			—			(0.07	)		(0.14	)		(0.13	)		(0.08	)		(0.11	)

From net realized gain		—			(3.34	)		(1.46	)		(0.59	)		(1.18	)		(0.88	)		—


Total distributions		—			(3.34	)		(1.53	)		(0.73	)		(1.31	)		(0.96	)		(0.11	)


Net asset value, end of period	$	18.19		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89		$	15.20


Total Return^(d)
Based on net asset value		(3.09	)%^(e)		(7.80	)%		37.54	%		15.34	%^(e)		0.41	%		25.31	%		24.43	%


Ratios to Average Net Assets^(f)
Total expenses		0.69	%^(g)		0.75	%		0.83	%		0.86	%^(g)		0.87	%		0.86	%		1.10	%


Total expenses after fees waived and/or reimbursed		0.60	%^(g)		0.61	%		0.62	%		0.62	%^(g)		0.62	%		0.62	%		0.84	%


Net investment income		0.58	%^(g)		0.15	%		0.21	%		0.65	%^(g)		0.82	%		0.83	%		0.91	%


Supplemental Data
Net assets, end of period (000)	$	473,025		$	432,076		$	125,061		$	89,737		$	79,564		$	74,886		$	36,574


Portfolio turnover rate		61	%		130	%		134	%		70	%		154	%		162	%		130	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)
	Investor A
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17	^(a)

Net asset value, beginning of period	$	17.67		$	22.13		$	17.35		$	15.71		$	17.11		$	14.59		$	11.83


Net investment income (loss)^(b)		0.03			(0.03	)		(0.01	)		0.04			0.09			0.09			0.08
Net realized and unrealized gain (loss)		(0.60	)		(1.16	)		6.27			2.28			(0.22	)		3.37			2.75


Net increase (decrease) from investment operations		(0.57	)		(1.19	)		6.26			2.32			(0.13	)		3.46			2.83


Distributions^(c)
From net investment income		—			—			(0.02	)		(0.09	)		(0.09	)		(0.06	)		(0.07	)

From net realized gain		—			(3.27	)		(1.46	)		(0.59	)		(1.18	)		(0.88	)		—


Total distributions		—			(3.27	)		(1.48	)		(0.68	)		(1.27	)		(0.94	)		(0.07	)


Net asset value, end of period	$	17.10		$	17.67		$	22.13		$	17.35		$	15.71		$	17.11		$	14.59


Total Return^(d)
Based on net asset value		(3.23	)%^(e)		(8.05	)%		37.28	%		15.16	%^(e)		0.15	%		24.98	%		24.03	%


Ratios to Average Net Assets^(f)
Total expenses		1.11	%^(g)		1.07	%		1.08	%		1.12	%^(g)		1.12	%		1.12	%		1.35	%


Total expenses after fees waived and/or reimbursed		0.87	%^(g)		0.87	%		0.87	%		0.87	%^(g)		0.87	%		0.87	%		1.13	%


Net investment income (loss)		0.30	%^(g)		(0.16	)%		(0.04	)%		0.40	%^(g)		0.57	%		0.58	%		0.60	%


Supplemental Data
Net assets, end of period (000)	$	423,935		$	452,791		$	909,344		$	713,162		$	699,247		$	730,996		$	351,398


Portfolio turnover rate		61	%		130	%		134	%		70	%		154	%		162	%		130	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)
	Investor C
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17	^(a)

Net asset value, beginning of period	$	14.24		$	18.42		$	14.67		$	13.35		$	14.55		$	12.53		$	10.19


Net investment loss^(b)		(0.03	)		(0.16	)		(0.13	)		(0.03	)		(0.03	)		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		(0.48	)		(0.87	)		5.27			1.93			(0.17	)		2.89			2.36


Net increase (decrease) from investment operations		(0.51	)		(1.03	)		5.14			1.90			(0.20	)		2.86			2.34


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


Net asset value, end of period	$	13.73		$	14.24		$	18.42		$	14.67		$	13.35		$	14.55		$	12.53


Total Return^(d)
Based on net asset value		(3.58	)%^(e)		(8.74	)%		36.25	%		14.56	%^(e)		(0.59	)%		24.09	%		22.96	%


Ratios to Average Net Assets^(f)
Total expenses		1.87	%^(g)		1.83	%		1.84	%		1.83	%^(g)		1.85	%		1.87	%		2.12	%


Total expenses after fees waived and/or reimbursed		1.62	%^(g)		1.62	%		1.62	%		1.62	%^(g)		1.62	%		1.62	%		1.91	%


Net investment loss		(0.45	)%^(g)		(0.89	)%		(0.78	)%		(0.35	)%^(g)		(0.22	)%		(0.19	)%		(0.16	)%


Supplemental Data
Net assets, end of period (000)	$	9,033		$	10,162		$	12,989		$	14,728		$	15,277		$	48,702		$	46,804


Portfolio turnover rate		61	%		130	%		134	%		70	%		154	%		162	%		130	%

^(a)	Consolidated Financial Highlights.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)
	Class K
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Period from 01/25/18 to 09/30/18	^(a)

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


Net investment income^(b)		0.05			0.04			0.05			0.08			0.14			0.11
Net realized and unrealized gain (loss)		(0.63	)		(1.25	)		6.59			2.40			(0.23	)		1.41


Net increase (decrease) from investment operations		(0.58	)		(1.21	)		6.64			2.48			(0.09	)		1.52


Distributions^(c)
From net investment income		—			—			(0.08	)		(0.15	)		(0.13	)		—

From net realized gain		—			(3.35	)		(1.46	)		(0.59	)		(1.18	)		—


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


Net asset value, end of period	$	18.19		$	18.77		$	23.33		$	18.23		$	16.49		$	17.89


Total Return^(d)
Based on net asset value		(3.09	)%^(e)		(7.76	)%		37.60	%		15.40	%^(e)		0.47	%		9.29	%^(e)


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


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


Net investment income		0.60	%^(g)		0.18	%		0.25	%		0.72	%^(g)		0.85	%		0.93	%^(g)


Supplemental Data
Net assets, end of period (000)	$	1,943		$	2,177		$	1,152		$	715		$	973		$	609


Portfolio turnover rate		61	%		130	%		134	%		70	%		154	%		162	%^(h)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover is representative of the Fund for the entire year.

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Growth Fund (continued)
	Class R
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17	^(a)

Net asset value, beginning of period	$	18.64		$	23.17		$	18.10		$	16.32		$	17.69		$	15.01		$	12.17


Net investment income (loss)^(b)		0.00	^(c)		(0.09	)		(0.06	)		0.02			0.05			0.05			0.04
Net realized and unrealized gain (loss)		(0.63	)		(1.25	)		6.55			2.38			(0.23	)		3.49			2.84


Net increase (decrease) from investment operations		(0.63	)		(1.34	)		6.49			2.40			(0.18	)		3.54			2.88


Distributions^(d)
From net investment income		—			—			—			(0.03	)		(0.01	)		—			(0.04	)

From net realized gain		—			(3.19	)		(1.42	)		(0.59	)		(1.18	)		(0.86	)		—


Total distributions		—			(3.19	)		(1.42	)		(0.62	)		(1.19	)	��	(0.86	)		(0.04	)


Net asset value, end of period	$	18.01		$	18.64		$	23.17		$	18.10		$	16.32		$	17.69		$	15.01


Total Return^(e)
Based on net asset value		(3.38	)%^(f)		(8.28	)%		36.93	%		14.99	%^(f)		(0.15	)%		24.68	%		23.68	%


Ratios to Average Net Assets^(g)
Total expenses		1.46	%^(h)		1.50	%		1.36	%		1.46	%^(h)		1.42	%		1.40	%		1.66	%


Total expenses after fees waived and/or reimbursed		1.12	%^(h)		1.12	%		1.12	%		1.12	%^(h)		1.12	%		1.12	%		1.45	%


Net investment income (loss)		0.05	%^(h)		(0.39	)%		(0.30	)%		0.16	%^(h)		0.33	%		0.30	%		0.28	%


Supplemental Data
Net assets, end of period (000)	$	402		$	349		$	577		$	536		$	867		$	1,864		$	2,332


Portfolio turnover rate		61	%		130	%		134	%		70	%		154	%		162	%		130	%

^(a)	Consolidated Financial Highlights.

^(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, assumes the reinvestment of distributions.

^(f)	Not annualized.

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

^(h)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		67

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund
	Institutional
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19			Year Ended 05/31/18

Net asset value, beginning of period	$	15.35		$	20.72		$	13.09		$	13.13		$	14.80		$	12.70


Net investment income^(a)		0.09			0.13			0.12			0.14			0.13			0.11
Net realized and unrealized gain (loss)		0.27			(3.28	)		7.97			(0.05	)		(1.13	)		2.37


Net increase (decrease) from investment operations		0.36			(3.15	)		8.09			0.09			(1.00	)		2.48


Distributions^(b)
From net investment income		(0.02	)		(0.14	)		(0.10	)		(0.13	)		(0.11	)		(0.09	)

From net realized gain		(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)		(0.56	)		(0.29	)


Total distributions		(0.31	)		(2.22	)		(0.46	)		(0.13	)		(0.67	)		(0.38	)


Net asset value, end of period	$	15.40		$	15.35		$	20.72		$	13.09		$	13.13		$	14.80


Total Return^(d)
Based on net asset value		2.53	%^(e)		(16.89	)%		62.61	%		0.61	%		(6.89	)%		19.82	%


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)		0.59	%		0.60	%		0.64	%		0.70	%		0.66	%


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


Net investment income		1.18	%^(g)		0.69	%		0.65	%		0.99	%		0.95	%		0.83	%


Supplemental Data
Net assets, end of period (000)	$	2,524,011		$	2,501,959		$	2,802,145		$	847,753		$	551,833		$	356,274


Portfolio turnover rate		43	%		81	%		63	%		101	%		100	%		104	%

^(a)	Based on average shares outstanding.

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

^(c)	Amount is greater than $(0.005) per share.

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

^(e)	Not annualized.

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

^(g)	Annualized.

See notes to financial statements.


68		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)
	Investor A
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19			Year Ended 05/31/18

Net asset value, beginning of period	$	15.24		$	20.58		$	13.02		$	13.05		$	14.73		$	12.66


Net investment income^(a)		0.07			0.08			0.08			0.10			0.09			0.09
Net realized and unrealized gain (loss)		0.27			(3.25	)		7.91			(0.03	)		(1.13	)		2.34


Net increase (decrease) from investment operations		0.34			(3.17	)		7.99			0.07			(1.04	)		2.43


Distributions^(b)
From net investment income		—			(0.09	)		(0.07	)		(0.10	)		(0.08	)		(0.07	)

From net realized gain		(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)		(0.56	)		(0.29	)


Total distributions		(0.29	)		(2.17	)		(0.43	)		(0.10	)		(0.64	)		(0.36	)


Net asset value, end of period	$	15.29		$	15.24		$	20.58		$	13.02		$	13.05		$	14.73


Total Return^(d)
Based on net asset value		2.43	%^(e)		(17.08	)%		62.05	%		0.45	%		(7.16	)%		19.51	%


Ratios to Average Net Assets^(f)
Total expenses		0.94	%^(g)		0.92	%		0.95	%		1.01	%		1.03	%		1.08	%


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


Net investment income		0.93	%^(g)		0.44	%		0.45	%		0.75	%		0.69	%		0.64	%


Supplemental Data
Net assets, end of period (000)	$	347,910		$	358,594		$	530,664		$	277,926		$	248,574		$	79,515


Portfolio turnover rate		43	%		81	%		63	%		101	%		100	%		104	%

^(a)	Based on average shares outstanding.

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

^(c)	Amount is greater than $(0.005) per share.

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

^(e)	Not annualized.

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

^(g)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)
	Investor C
		Six Months Ended (unaudited 11/30/22	)		Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19			Year Ended 05/31/18

Net asset value, beginning of period	$	14.80		$	20.08		$	12.74		$	12.80		$	14.48		$	12.44


Net investment income (loss)^(a)		0.01			(0.05	)		(0.05	)		0.00	^(b)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		0.26			(3.18	)		7.74			(0.04	)		(1.10	)		2.31


Net increase (decrease) from investment operations		0.27			(3.23	)		7.69			(0.04	)		(1.11	)		2.29


Distributions^(c)
From net investment income		—			—			—			(0.02	)		(0.01	)		—

From net realized gain		(0.29	)		(2.05	)		(0.35	)		(0.00	)^(d)		(0.56	)		(0.25	)


Total distributions		(0.29	)		(2.05	)		(0.35	)		(0.02	)		(0.57	)		(0.25	)


Net asset value, end of period	$	14.78		$	14.80		$	20.08		$	12.74		$	12.80		$	14.48


Total Return^(e)
Based on net asset value		2.02	%^(f)		(17.74	)%		60.90	%		(0.33	)%		(7.83	)%		18.65	%


Ratios to Average Net Assets^(g)
Total expenses		1.69	%^(h)		1.64	%		1.70	%		1.71	%		1.81	%		1.94	%


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)		0.18	%^(h)		(0.30	)%		(0.32	)%		0.01	%		(0.06	)%		(0.16	)%


Supplemental Data
Net assets, end of period (000)	$	10,603		$	10,969		$	12,880		$	4,955		$	4,363		$	1,373


Portfolio turnover rate		43	%		81	%		63	%		101	%		100	%		104	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Amount is greater than $(0.005) per share.

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

^(f)	Not annualized.

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

^(h)	Annualized.

See notes to financial statements.


70		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Small Cap Core Fund (continued)
	Class K
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Year Ended 05/31/20			Year Ended 05/31/19			Year Ended 05/31/18

Net asset value, beginning of period	$	15.36		$	20.73		$	13.10		$	13.13		$	14.81		$	12.70


Net investment income^(a)		0.09			0.13			0.13			0.14			0.14			0.12
Net realized and unrealized gain (loss)		0.27			(3.27	)		7.97			(0.03	)		(1.15	)		2.37


Net increase (decrease) from investment operations		0.36			(3.14	)		8.10			0.11			(1.01	)		2.49


Distributions^(b)
From net investment income		(0.02	)		(0.15	)		(0.11	)		(0.14	)		(0.11	)		(0.09	)

From net realized gain		(0.29	)		(2.08	)		(0.36	)		(0.00	)^(c)		(0.56	)		(0.29	)


Total distributions		(0.31	)		(2.23	)		(0.47	)		(0.14	)		(0.67	)		(0.38	)


Net asset value, end of period	$	15.41		$	15.36		$	20.73		$	13.10		$	13.13		$	14.81


Total Return^(d)
Based on net asset value		2.55	%^(e)		(16.84	)%		62.63	%		0.73	%		(6.93	)%		19.94	%


Ratios to Average Net Assets^(f)
Total expenses		0.51	%^(g)		0.51	%		0.52	%		0.56	%		0.61	%		0.65	%


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


Net investment income		1.23	%^(g)		0.73	%		0.71	%		0.99	%		1.00	%		0.90	%


Supplemental Data
Net assets, end of period (000)	$	1,048,985		$	967,682		$	920,752		$	188,885		$	56,316		$	68,375


Portfolio turnover rate		43	%		81	%		63	%		101	%		100	%		104	%

^(a)	Based on average shares outstanding.

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

^(c)	Amount is greater than $(0.005) per share.

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

^(e)	Not annualized.

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

^(g)	Annualized.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		71

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund
	Institutional
		Six Months Ended 11/30/22 (unaudited	)		Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	18.39		$	23.32		$	18.78		$	16.87		$	18.18		$	21.42		$	18.51


Net investment income^(a)		0.10			0.13			0.19			0.22			0.25			0.25			0.21
Net realized and unrealized gain (loss)		(0.37	)		(0.87	)		5.31			2.41			(0.13	)		2.71			4.01


Net increase (decrease) from investment operations		(0.27	)		(0.74	)		5.50			2.63			0.12			2.96			4.22


Distributions^(b)
From net investment income		(0.20	)		(0.19	)		(0.22	)		(0.29	)		(0.20	)		(0.23	)		(0.19	)

From net realized gain		(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)		(5.97	)		(1.12	)


Total distributions		(1.05	)		(4.19	)		(0.96	)		(0.72	)		(1.43	)		(6.20	)		(1.31	)


Net asset value, end of period	$	17.07		$	18.39		$	23.32		$	18.78		$	16.87		$	18.18		$	21.42


Total Return^(c)
Based on net asset value		(1.05	)%^(d)(e)		(5.20	)%^(e)		30.31	%		15.96	%		1.41	%		17.36	%		23.78	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.62	%^(h)		0.61	%^(h)(i)		0.68	%^(j)		0.84	%^(k)		0.82	%^(k)		0.79	%^(j)		0.86	%^(j)


Total expenses after fees waived and/or reimbursed		0.48	%^(h)		0.48	%^(h)(i)		0.48	%^(j)		0.48	%^(k)		0.47	%^(k)		0.48	%^(j)		0.75	%^(j)


Net investment income		1.20	%^(h)		0.92	%^(h)(i)		0.87	%^(j)		1.29	%^(k)		1.54	%^(k)		1.44	%^(j)		1.07	%^(j)


Supplemental Data
Net assets, end of period (000)	$	1,472,427		$	1,547,621		$	1,721,850		$	1,399,612		$	1,325,232		$	1,197,729		$	514,830


Portfolio turnover rate^(l)		47	%		73	%		111	%		99	%		151	%		148	%		130	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

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

^(h)	Annualized.

⁽ⁱ⁾

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

^(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 less than 0.01%.

^(k)	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%.

^(l)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


72		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)
	Investor A
		Six Months Ended 11/30/22 (unaudited	)		Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	17.44		$	22.30		$	18.00		$	16.20		$	17.52		$	20.84		$	18.04


Net investment income^(a)		0.07			0.09			0.13			0.17			0.20			0.20			0.16
Net realized and unrealized gain (loss)		(0.36	)		(0.82	)		5.08			2.31			(0.12	)		2.63			3.89


Net increase (decrease) from investment operations		(0.29	)		(0.73	)		5.21			2.48			0.08			2.83			4.05


Distributions^(b)
From net investment income		(0.15	)		(0.13	)		(0.17	)		(0.25	)		(0.17	)		(0.18	)		(0.13	)

From net realized gain		(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)		(5.97	)		(1.12	)


Total distributions		(1.00	)		(4.13	)		(0.91	)		(0.68	)		(1.40	)		(6.15	)		(1.25	)


Net asset value, end of period	$	16.15		$	17.44		$	22.30		$	18.00		$	16.20		$	17.52		$	20.84


Total Return^(c)
Based on net asset value		(1.19	)%^(d)(e)		(5.37	)%^(e)		30.01	%		15.66	%		1.18	%		17.10	%		23.38	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.89	%^(h)		0.86	%^(h)(i)		0.93	%^(j)		1.09	%^(k)		1.10	%^(k)		1.14	%^(j)		1.22	%^(j)


Total expenses after fees waived and/or reimbursed		0.73	%^(h)		0.73	%^(h)(i)		0.73	%^(j)		0.73	%^(k)		0.73	%^(k)		0.73	%^(j)		1.00	%^(j)


Net investment income		0.95	%^(h)		0.67	%^(h)(i)		0.62	%^(j)		1.04	%^(k)		1.30	%^(k)		1.19	%^(j)		0.81	%^(j)


Supplemental Data
Net assets, end of period (000)	$	1,300,643		$	1,382,899		$	1,519,185		$	1,325,195		$	1,202,715		$	929,540		$	905,826


Portfolio turnover rate^(l)		47	%		73	%		111	%		99	%		151	%		148	%		130	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

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

^(h)	Annualized.

⁽ⁱ⁾

^(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 less than 0.01%.

^(k)	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%.

^(l)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		73

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)
	Investor C
		Six Months Ended 11/30/22 (unaudited	)		Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	14.06		$	18.68		$	15.14		$	13.72		$	15.03		$	18.61		$	16.22


Net investment income (loss)^(a)		0.01			(0.01	)		(0.02	)		0.04			0.07			0.06			(0.01	)
Net realized and unrealized gain (loss)		(0.30	)		(0.61	)		4.28			1.95			(0.12	)		2.29			3.50


Net increase (decrease) from investment operations		(0.29	)		(0.62	)		4.26			1.99			(0.05	)		2.35			3.49


Distributions^(b)
From net investment income		(0.06	)		(0.00	)^(c)		—			(0.14	)		(0.03	)		—			—

From net realized gain		(0.85	)		(4.00	)		(0.72	)		(0.43	)		(1.23	)		(5.93	)		(1.10	)


Total distributions		(0.91	)		(4.00	)		(0.72	)		(0.57	)		(1.26	)		(5.93	)		(1.10	)


Net asset value, end of period	$	12.86		$	14.06		$	18.68		$	15.14		$	13.72		$	15.03		$	18.61


Total Return^(d)
Based on net asset value		(1.56	)%^(e)(f)		(5.81	)%^(f)		29.03	%		14.80	%		0.37	%		16.24	%		22.42	%^(g)


Ratios to Average Net Assets^(h)
Total expenses		1.72	%⁽ⁱ⁾		1.69	%^(i)(j)		1.69	%^(k)		1.87	%^(l)		1.89	%^(l)		1.92	%^(k)		1.97	%^(k)


Total expenses after fees waived and/or reimbursed		1.48	%⁽ⁱ⁾		1.48	%^(i)(j)		1.48	%^(k)		1.48	%^(l)		1.48	%^(l)		1.48	%^(k)		1.87	%^(k)


Net investment income (loss)		0.19	%⁽ⁱ⁾		(0.08	)%^(i)(j)		(0.13	)%^(k)		0.32	%^(l)		0.52	%^(l)		0.44	%^(k)		(0.04	)%^(k)


Supplemental Data
Net assets, end of period (000)	$	34,319		$	38,506		$	42,561		$	31,921		$	95,571		$	159,351		$	190,416


Portfolio turnover rate^(m)		47	%		73	%		111	%		99	%		151	%		148	%		130	%

^(a)	Based on average shares outstanding.

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

^(c)	Amount is greater than $(0.005) per share.

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

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

^(f)	Not annualized.

^(g)	Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾	Annualized.

^(j)

^(k)	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%.

^(l)	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%.

^(m)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


74		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)
	Class K
		Six Months Ended 11/30/22 (unaudited	)		Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19			Period from 01/25/18 to 09/30/18	^(a)

Net asset value, beginning of period	$	18.40		$	23.34		$	18.79		$	16.88		$	18.19		$	17.48


Net investment income^(b)		0.10			0.13			0.20			0.22			0.31			0.18
Net realized and unrealized gain (loss)		(0.37	)		(0.87	)		5.32			2.42			(0.18	)		0.53


Net increase (decrease) from investment operations		(0.27	)		(0.74	)		5.52			2.64			0.13			0.71


Distributions^(c)
From net investment income		(0.21	)		(0.20	)		(0.23	)		(0.30	)		(0.21	)		—

From net realized gain		(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)		—


Total distributions		(1.06	)		(4.20	)		(0.97	)		(0.73	)		(1.44	)		—


Net asset value, end of period	$	17.07		$	18.40		$	23.34		$	18.79		$	16.88		$	18.19


Total Return^(d)
Based on net asset value		(1.05	)%^(e)(f)		(5.18	)%^(f)		30.42	%		16.01	%		1.45	%		4.06	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.52	%^(h)		0.51	%^(h)(i)		0.55	%^(j)		0.70	%^(k)		0.72	%^(k)		0.72	%^(h)(j)


Total expenses after fees waived and/or reimbursed		0.43	%^(h)		0.43	%^(h)(i)		0.43	%^(j)		0.43	%^(k)		0.43	%^(k)		0.43	%^(h)(j)


Net investment income		1.25	%^(h)		0.98	%^(h)(i)		0.91	%^(j)		1.30	%^(k)		1.87	%^(k)		1.55	%^(h)(j)


Supplemental Data
Net assets, end of period (000)	$	32,712		$	61,965		$	56,736		$	34,078		$	3,079		$	2,458


Portfolio turnover rate^(l)		47	%		73	%		111	%		99	%		151	%		148	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾

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

^(k)	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%.

^(l)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		75

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Core Fund (continued)
	Class R
		Six Months Ended 11/30/22 (unaudited	)		Period from 10/01/21 to 05/31/22			Year Ended 09/30/21			Year Ended 09/30/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	15.84		$	20.60		$	16.66		$	15.03		$	16.38		$	19.85		$	17.22


Net investment income^(a)		0.05			0.05			0.07			0.13			0.15			0.15			0.10
Net realized and unrealized gain (loss)		(0.33	)		(0.72	)		4.70			2.13			(0.13	)		2.47			3.72


Net increase (decrease) from investment operations		(0.28	)		(0.67	)		4.77			2.26			0.02			2.62			3.82


Distributions^(b)
From net investment income		(0.12	)		(0.09	)		(0.09	)		(0.20	)		(0.14	)		(0.12	)		(0.07	)

From net realized gain		(0.85	)		(4.00	)		(0.74	)		(0.43	)		(1.23	)		(5.97	)		(1.12	)


Total distributions		(0.97	)		(4.09	)		(0.83	)		(0.63	)		(1.37	)		(6.09	)		(1.19	)


Net asset value, end of period	$	14.59		$	15.84		$	20.60		$	16.66		$	15.03		$	16.38		$	19.85


Total Return^(c)
Based on net asset value		(1.28	)%^(d)(e)		(5.55	)%^(e)		29.67	%		15.38	%		0.88	%		16.83	%		23.06	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		1.25	%^(h)		1.23	%^(h)(i)		1.26	%^(j)		1.37	%^(k)		1.32	%^(k)		1.38	%^(j)		1.43	%^(j)


Total expenses after fees waived and/or reimbursed		0.98	%^(h)		0.98	%^(h)(i)		0.98	%^(j)		0.98	%^(k)		0.98	%^(k)		0.98	%^(j)		1.30	%^(j)


Net investment income		0.69	%^(h)		0.42	%^(h)(i)		0.37	%^(j)		0.83	%^(k)		1.04	%^(k)		0.94	%^(j)		0.52	%^(j)


Supplemental Data
Net assets, end of period (000)	$	13,232		$	13,967		$	14,399		$	12,416		$	27,003		$	41,488		$	36,445


Portfolio turnover rate^(l)		47	%		73	%		111	%		99	%		151	%		148	%		130	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Includes proceeds received from a settlement of litigation, which had no impact on the Fund’s total return.

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

^(h)	Annualized.

⁽ⁱ⁾

^(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 less than 0.01%.

^(k)	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%.

^(l)	Portfolio turnover rate includes transactions from the Master Portfolio prior to April 25, 2022.

See notes to financial statements.


76		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund
	Institutional
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	29.79		$	35.07		$	24.74		$	28.08		$	30.89		$	28.32		$	23.57


Net investment income^(a)		0.24			0.45			0.46			0.39			0.57			0.55			0.36
Net realized and unrealized gain (loss)		(0.27	)		(0.21	)		10.36			(2.60	)		(0.26	)		2.57			4.74


Net increase (decrease) from investment operations		(0.03	)		0.24			10.82			(2.21	)		0.31			3.12			5.10


Distributions^(b)
From net investment income		(0.47	)		(0.47	)		(0.49	)		(0.58	)		(0.59	)		(0.43	)		(0.35	)

From net realized gain		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)		—


Total distributions		(1.61	)		(5.52	)		(0.49	)		(1.13	)		(3.12	)		(0.55	)		(0.35	)


Net asset value, end of period	$	28.15		$	29.79		$	35.07		$	24.74		$	28.08		$	30.89		$	28.32


Total Return^(c)
Based on net asset value		0.46	%^(d)		0.63	%		44.37	%		(8.36	)%^(d)		1.80	%		11.16	%		21.79	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.70	%^(g)		0.70	%		0.84	%^(h)		0.89	%^(g)(i)		0.87	%⁽ⁱ⁾		0.92	%^(j)		0.94	%^(j)


Total expenses after fees waived and/or reimbursed		0.54	%^(g)		0.54	%		0.54	%^(h)		0.54	%^(g)(i)		0.54	%⁽ⁱ⁾		0.54	%^(j)		0.77	%^(j)


Net investment income		1.78	%^(g)		1.41	%		1.58	%^(h)		2.20	%^(g)(i)		2.09	%⁽ⁱ⁾		1.87	%^(j)		1.37	%^(j)


Supplemental Data
Net assets, end of period (000)	$	178,837		$	186,903		$	194,452		$	146,365		$	192,744		$	169,089		$	166,970


Portfolio turnover rate		56	%		136	%		126	%^(k)		70	%		161	%		143	%		137	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

^(h)

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%.

⁽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 0.05% and 0.03% for the period October 1, 2019 to May 31, 2020 and September 30, 2019, respectively.

^(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 less than 0.01%.

^(k)	Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		77

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)
	Investor A
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	28.98		$	34.26		$	24.18		$	27.45		$	30.26		$	27.76		$	23.09


Net investment income^(a)		0.20			0.36			0.38			0.34			0.49			0.47			0.28
Net realized and unrealized gain (loss)		(0.26	)		(0.20	)		10.13			(2.55	)		(0.25	)		2.51			4.65


Net increase (decrease) from investment operations		(0.06	)		0.16			10.51			(2.21	)		0.24			2.98			4.93


Distributions^(b)
From net investment income		(0.40	)		(0.39	)		(0.43	)		(0.51	)		(0.52	)		(0.36	)		(0.26	)

From net realized gain		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)		—


Total distributions		(1.54	)		(5.44	)		(0.43	)		(1.06	)		(3.05	)		(0.48	)		(0.26	)


Net asset value, end of period	$	27.38		$	28.98		$	34.26		$	24.18		$	27.45		$	30.26		$	27.76


Total Return^(c)
Based on net asset value		0.35	%^(d)		0.40	%		44.01	%		(8.53	)%^(d)		1.56	%		10.86	%		21.49	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.98	%^(g)		0.97	%		1.10	%^(h)		1.15	%^(g)(i)		1.14	%⁽ⁱ⁾		1.20	%^(j)		1.22	%^(j)


Total expenses after fees waived and/or reimbursed		0.79	%^(g)		0.79	%		0.79	%^(h)		0.79	%^(g)(i)		0.79	%⁽ⁱ⁾		0.79	%^(j)		1.04	%^(j)


Net investment income		1.53	%^(g)		1.16	%		1.33	%^(h)		1.95	%^(g)(i)		1.84	%⁽ⁱ⁾		1.61	%^(j)		1.10	%^(j)


Supplemental Data
Net assets, end of period (000)	$	382,600		$	394,334		$	405,607		$	280,449		$	336,565		$	337,798		$	346,128


Portfolio turnover rate		56	%		136	%		126	%^(k)		70	%		161	%		143	%		137	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

^(h)

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

^(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 less than 0.01%.

^(k)	Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


78		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)
	Investor C
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	26.40		$	31.69		$	22.31		$	25.32		$	28.06		$	25.71		$	21.36


Net investment income^(a)		0.09			0.12			0.16			0.19			0.27			0.23			0.07
Net realized and unrealized gain (loss)		(0.24	)		(0.19	)		9.37			(2.36	)		(0.24	)		2.33			4.32


Net increase (decrease) from investment operations		(0.15	)		(0.07	)		9.53			(2.17	)		0.03			2.56			4.39


Distributions^(b)
From net investment income		(0.22	)		(0.17	)		(0.15	)		(0.29	)		(0.24	)		(0.09	)		(0.04	)

From net realized gain		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)		—


Total distributions		(1.36	)		(5.22	)		(0.15	)		(0.84	)		(2.77	)		(0.21	)		(0.04	)


Net asset value, end of period	$	24.89		$	26.40		$	31.69		$	22.31		$	25.32		$	28.06		$	25.71


Total Return^(c)
Based on net asset value		(0.03	)%^(d)		(0.38	)%		42.99	%		(9.00	)%^(d)		0.79	%		10.03	%		20.59	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		1.76	%^(g)		1.73	%		1.85	%^(h)		1.91	%^(g)(i)		1.94	%⁽ⁱ⁾		1.97	%^(j)		1.98	%^(j)


Total expenses after fees waived and/or reimbursed		1.54	%^(g)		1.54	%		1.54	%^(h)		1.54	%^(g)(i)		1.54	%⁽ⁱ⁾		1.54	%^(j)		1.84	%^(j)


Net investment income		0.78	%^(g)		0.41	%		0.63	%^(h)		1.20	%^(g)(i)		1.08	%⁽ⁱ⁾		0.87	%^(j)		0.29	%^(j)


Supplemental Data
Net assets, end of period (000)	$	16,799		$	18,099		$	20,880		$	43,395		$	63,659		$	94,919		$	104,248


Portfolio turnover rate		56	%		136	%		126	%^(k)		70	%		161	%		143	%		137	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

^(h)

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

^(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 less than 0.01%.

^(k)	Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		79

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)
	Class K
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Period from 01/25/18 to 09/30/18	^(a)

Net asset value, beginning of period	$	29.80		$	35.08		$	24.74		$	28.09		$	30.90		$	30.90


Net investment income^(b)		0.25			0.47			0.47			0.40			0.58			0.39
Net realized and unrealized gain (loss)		(0.27	)		(0.22	)		10.38			(2.60	)		(0.26	)		(0.39	)


Net increase (decrease) from investment operations		(0.02	)		0.25			10.85			(2.20	)		0.32			—


Distributions^(c)
From net investment income		(0.49	)		(0.48	)		(0.51	)		(0.60	)		(0.60	)		—

From net realized gain		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		—


Total distributions		(1.63	)		(5.53	)		(0.51	)		(1.15	)		(3.13	)		—


Net asset value, end of period	$	28.15		$	29.80		$	35.08		$	24.74		$	28.09		$	30.90


Total Return^(d)
Based on net asset value		0.48	%^(e)		0.69	%		44.48	%		(8.35	)%^(e)		1.85	%		0.00	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.63	%^(g)		0.63	%		0.74	%^(h)		0.80	%^(g)(i)		0.79	%⁽ⁱ⁾		0.83	%^(g)(j)


Total expenses after fees waived and/or reimbursed		0.49	%^(g)		0.49	%		0.49	%^(h)		0.49	%^(g)(i)		0.49	%⁽ⁱ⁾		0.49	%^(g)(j)


Net investment income		1.83	%^(g)		1.47	%		1.62	%^(h)		2.24	%^(g)(i)		2.14	%⁽ⁱ⁾		1.88	%^(g)(j)


Supplemental Data
Net assets, end of period (000)	$	10,393		$	10,210		$	8,258		$	4,971		$	5,699		$	5,459


Portfolio turnover rate		56	%		136	%		126	%^(k)		70	%		161	%		143	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)

⁽ⁱ⁾	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.

^(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 less than 0.01%.

^(k)	Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


80		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Large Cap Value Fund (continued)
	Class R
		Six Months Ended 11/30/22 (unaudited	)		Year Ended 05/31/22			Year Ended 05/31/21			Period from 10/01/19 to 05/31/20			Year Ended 09/30/19			Year Ended 09/30/18			Year Ended 09/30/17

Net asset value, beginning of period	$	27.56		$	32.84		$	23.18		$	26.29		$	29.10		$	26.70		$	22.21


Net investment income^(a)		0.16			0.27			0.29			0.28			0.41			0.38			0.20
Net realized and unrealized gain (loss)		(0.26	)		(0.19	)		9.71			(2.43	)		(0.26	)		2.42			4.48


Net increase (decrease) from investment operations		(0.10	)		0.08			10.00			(2.15	)		0.15			2.80			4.68


Distributions^(b)
From net investment income		(0.34	)		(0.31	)		(0.34	)		(0.41	)		(0.43	)		(0.28	)		(0.19	)

From net realized gain		(1.14	)		(5.05	)		—			(0.55	)		(2.53	)		(0.12	)		—


Total distributions		(1.48	)		(5.36	)		(0.34	)		(0.96	)		(2.96	)		(0.40	)		(0.19	)


Net asset value, end of period	$	25.98		$	27.56		$	32.84		$	23.18		$	26.29		$	29.10		$	26.70


Total Return^(c)
Based on net asset value		0.20	%^(d)		0.14	%		43.63	%		(8.65	)%^(d)		1.29	%		10.60	%		21.15	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		1.36	%^(g)		1.35	%		1.41	%^(h)		1.43	%^(g)(i)		1.44	%⁽ⁱ⁾		1.47	%^(j)		1.50	%^(j)


Total expenses after fees waived and/or reimbursed		1.04	%^(g)		1.04	%		1.04	%^(h)		1.04	%^(g)(i)		1.04	%⁽ⁱ⁾		1.04	%^(j)		1.33	%^(j)


Net investment income		1.28	%^(g)		0.91	%		1.11	%^(h)		1.69	%^(g)(i)		1.59	%⁽ⁱ⁾		1.37	%^(j)		0.80	%^(j)


Supplemental Data
Net assets, end of period (000)	$	7,999		$	8,440		$	9,015		$	10,820		$	18,321		$	29,497		$	33,484


Portfolio turnover rate		56	%		136	%		126	%^(k)		70	%		161	%		143	%		137	%

^(a)	Based on average shares outstanding.

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

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

^(d)	Not annualized.

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

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

^(g)	Annualized.

^(h)

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

^(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 less than 0.01%.

^(k)	Portfolio turnover rate includes transactions from the Master Portfolio prior to March 1, 2021.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		81

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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


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

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


Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional, Class K and Class R Shares	No		No		None
Investor A Shares	Yes		No	^(a)	None
Investor C Shares	No		Yes	^(b)	To Investor A Shares after approximately 8 years

^(a)

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

^(b)

A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

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

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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

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


82		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

•

The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

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

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


NOTES TO FINANCIAL STATEMENTS		83

Notes to Financial Statements (unaudited) (continued)

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


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

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

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

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

•

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

•

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

•

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

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

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

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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


84		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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


Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received	^(a)		Net Amount	^(b)
Advantage International
BofA Securities, Inc.	$	98	$	(98	)	$	—		$	—
Morgan Stanley		1,719,464		(1,718,167	)		—			1,297

	$	1,719,562	$	(1,718,265	)	$	—		$	1,297

Advantage Large Cap Growth
Citigroup Global Markets, Inc.	$	5,526,300	$	(5,502,900	)	$	—		$	23,400
J.P. Morgan Securities LLC		409,274		(409,274	)		—			—

	$	5,935,574	$	(5,912,174	)	$	—		$	23,400

Advantage Small Cap Core
Barclays Capital, Inc.	$	2,243,041	$	(2,243,041	)	$	—		$	—
BofA Securities, Inc.		1,647,569		(1,608,450	)		—			39,119
Citigroup Global Markets, Inc.		12,548,223		(12,548,223	)		—			—
Credit Suisse Securities (USA) LLC		16,623,515		(16,623,515	)		—			—
J.P. Morgan Securities LLC		40,076,359		(39,340,563	)		—			735,796
Jefferies LLC		3,360,354		(3,360,354	)		—			—
Morgan Stanley		17,082,435		(17,082,435	)		—			—
National Financial Services LLC		2,053,392		(2,053,392	)		—			—
SG Americas Securities LLC		5,611,642		(5,611,642	)		—			—
State Street Bank & Trust Co.		3,399,606		(3,309,970	)		—			89,636
TD Prime Services LLC		4,254,262		(4,254,262	)		—			—
UBS Securities LLC		11,890		(11,890	)		—			—

	$	108,912,288	$	(108,047,737	)	$	—		$	864,551

Advantage Large Cap Core^(c)
BofA Securities, Inc.	$	6,375,550	$	(6,375,550	)	$	—		$	—
Citigroup Global Markets, Inc.		2,584,125		(2,584,125	)		—			—
Credit Suisse Securities (USA) LLC		870,022		(870,022	)		—			—
Goldman Sachs & Co. LLC		8,152,893		(8,152,893	)		—			—
J.P. Morgan Securities LLC		56,704		(56,704	)		—			—
SG Americas Securities LLC		1,924,974		(1,924,974	)		—			—
State Street Bank & Trust Co.		715,957		(715,957	)		—			—

	$	20,680,225	$	(20,680,225	)	$	—		$	—

Advantage Large Cap Value^(d)
Credit Suisse Securities (USA) LLC	$	50,864	$	(50,864	)	$	—		$	—
Goldman Sachs & Co. LLC		823,473		(823,473	)		—			—
J.P. Morgan Securities LLC		2,982,683		(2,982,683	)		—			—

	$	3,857,020	$	(3,857,020	)	$	—		$	—

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

^(c)

Securities loaned with a value of $ 51,872 have been sold and are pending settlement as of November 30, 2022.

^(d)

Securities loaned with a value of $ 581,921 have been sold and are pending settlement as of November 30, 2022.

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


NOTES TO FINANCIAL STATEMENTS		85

Notes to Financial Statements (unaudited) (continued)

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

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

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


	Investment Advisory Fees
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.


86		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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


Fund Name	Investor A		Investor C		Class R		Total
Advantage International	$	266,112	$	10,993	$	5,978	$	283,083
Advantage Large Cap Growth		530,365		46,843		920		578,128
Advantage Small Cap Core		422,924		51,344		—		474,268
Advantage Large Cap Core		1,595,379		170,988		32,459		1,798,826
Advantage Large Cap Value		453,042		79,939		19,377		552,358

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


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

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

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


Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total
Advantage International	$	65,184	$	21,309	$	221	$	11,041	$	239	$	97,994
Advantage Large Cap Growth		42,956		42,467		940		200		37		86,600
Advantage Small Cap Core		241,903		33,850		1,028		97,240		—		374,021
Advantage Large Cap Core		144,170		127,778		3,437		3,210		1,293		279,888
Advantage Large Cap Value		16,981		36,260		1,600		979		776		56,596

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


Fund Name	Institutional		Total
Advantage International	$	314,624	$	314,624
Advantage Large Cap Growth		186,303		186,303
Advantage Small Cap Core		109,354		109,354
Advantage Large Cap Core		595,836		595,836

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


Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total
Advantage International	$	3,623	$	9,361	$	646	$	153	$	43	$	13,826
Advantage Large Cap Growth		927		35,306		1,175		16		14		37,438
Advantage Small Cap Core		4,728		7,170		267		1,405		—		13,570
Advantage Large Cap Core		15,560		105,852		1,875		53		84		123,424
Advantage Large Cap Value		857		20,503		861		34		100		22,355

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


Fund Name	Institutional		Investor A		Investor C		Class K		Class R		Total
Advantage International	$	302,509	$	224,219	$	3,061	$	923	$	3,098	$	533,810
Advantage Large Cap Growth		15,520		393,444		9,264		113		517		418,858
Advantage Small Cap Core		954,569		301,014		9,450		19,851		—		1,284,884
Advantage Large Cap Core		771,988		846,765		36,723		1,451		14,973		1,671,900
Advantage Large Cap Value		71,146		193,790		11,001		298		9,499		285,734


NOTES TO FINANCIAL STATEMENTS		87

Notes to Financial Statements (unaudited) (continued)

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


Fund Name	Amounts
Advantage International	$	1,505
Advantage Large Cap Growth		4,160
Advantage Small Cap Core		7,923
Advantage Large Cap Core		10,871
Advantage Large Cap Value		3,284

For the six months ended November 30, 2022, 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	$	1,124	$	—	$	3,993	$	9,402	$	1,755
Investor C		9		129		788		1,521		146

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


Fund Name	Amounts Waived
Advantage International	$	7,236
Advantage Large Cap Growth		3,389
Advantage Small Cap Core		14,503
Advantage Large Cap Core		8,363
Advantage Large Cap Value		1,863

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

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


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

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

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


Fund Name	Amounts Waived
Advantage International	$	624,772
Advantage Large Cap Growth		382,815
Advantage Small Cap Core		737,865
Advantage Large Cap Core		859,982
Advantage Large Cap Value		309,458


88		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, service and distribution fees waived and service distribution fees reimbursed respectively, in the Statements of Operations. For the six months ended November 30, 2022, 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	$	65,184	$	21,309	$	221	$	11,041	$	239	$	97,994
Advantage Large Cap Growth		—		42,467		939		200		37		43,643
Advantage Small Cap Core		241,903		33,850		1,028		97,240		—		374,021
Advantage Large Cap Core		144,170		127,778		3,437		3,210		1,293		279,888
Advantage Large Cap Value		16,981		36,260		1,600		979		776		56,596


	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	$	139,534	$	170,886	$	2,472	$	923	$	2,498	$	316,313
Advantage Large Cap Growth		—		287,018		6,790		114		424		294,346
Advantage Small Cap Core		349,650		216,441		6,874		19,851		—		592,816
Advantage Large Cap Core		411,635		526,436		27,330		1,451		11,881		978,733
Advantage Large Cap Value		28,705		103,181		6,960		298		7,547		146,691

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Funds. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

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

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

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

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


Fund Name	Amounts
Advantage International	$	2,651
Advantage Large Cap Growth		905
Advantage Small Cap Core		200,557
Advantage Large Cap Core		3,652
Advantage Large Cap Value		5,395

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

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


NOTES TO FINANCIAL STATEMENTS		89

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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


Fund Name	Purchases		Sales		Net Realized Loss
Advantage International	$	80,821,911	$	70,991,503	$	(10,157,622	)
Advantage Large Cap Growth		120,137,719		109,544,412		(7,063,893	)
Advantage Small Cap Core		21,893,464		41,272,358		(3,531,870	)
Advantage Large Cap Core		176,277,611		149,013,262		(10,187,742	)
Advantage Large Cap Value		38,918,560		32,820,007		(1,395,070	)

7.	*PURCHASES AND SALES*

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


Fund Name	Purchases		Sales
Advantage International	$	673,240,314	$	645,469,082
Advantage Large Cap Growth		560,194,144		525,922,024
Advantage Small Cap Core		1,647,539,806		1,596,670,333
Advantage Large Cap Core		1,315,554,570		1,450,063,684
Advantage Large Cap Value		315,707,544		333,557,937

8.	*INCOME TAX INFORMATION*

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

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

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

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


Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Advantage International	$	982,987,867	$	106,678,365	$	(30,642,101	)	$	76,036,264
Advantage Large Cap Growth		665,660,581		265,889,124		(18,612,295	)		247,276,829
Advantage Small Cap Core		4,110,190,041		544,025,986		(627,901,239	)		(83,875,253	)
Advantage Large Cap Core		2,384,779,193		589,817,484		(103,325,087	)		486,492,397
Advantage Large Cap Value		537,399,593		85,788,075		(21,379,414	)		64,408,661

9.	*BANK BORROWINGS*

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


90		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

10.

PRINCIPAL RISKS

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

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

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

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

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

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

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

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

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

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


NOTES TO FINANCIAL STATEMENTS		91

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 11/30/22						Year Ended 05/31/22
Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage International

Institutional

Shares sold		6,784,439		$	96,349,936			13,777,161		$	261,293,357

Shares issued in reinvestment of distributions		720,281			10,235,193			2,994,510			55,505,073

Shares redeemed		(5,845,846	)		(83,550,678	)		(4,683,986	)		(84,719,670	)


		1,658,874		$	23,034,451			12,087,685		$	232,078,760


Investor A

Shares sold and automatic conversion of shares		871,085		$	12,461,153			1,609,445		$	29,061,798

Shares issued in reinvestment of distributions		207,344			2,913,181			1,366,649			25,210,535

Shares redeemed		(1,623,817	)		(23,670,559	)		(11,421,414	)		(216,904,290	)


		(545,388	)	$	(8,296,225	)		(8,445,320	)	$	(162,631,957	)


Investor C

Shares sold		33,817		$	486,976			15,572		$	276,617

Shares issued in reinvestment of distributions		1,806			24,706			13,423			240,443

Shares redeemed and automatic conversion of shares		(21,624	)		(306,931	)		(71,622	)		(1,273,660	)


		13,999		$	204,751			(42,627	)	$	(756,600	)


Class K

Shares sold		1,550,872		$	24,799,953			1,559,416		$	28,044,701

Shares issued in reinvestment of distributions		126,510			1,797,713			445,197			8,265,311

Shares redeemed		(789,614	)		(11,738,176	)		(936,345	)		(17,250,139	)


		887,768		$	14,859,490			1,068,268		$	19,059,873


92		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/22						Year Ended 05/31/22
Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage International (continued)

Class R

Shares sold		18,356		$	272,514			52,932		$	965,685

Shares issued in reinvestment of distributions		2,469			34,738			13,774			253,477

Shares redeemed		(27,123	)		(394,775	)		(71,361	)		(1,307,696	)


		(6,298	)	$	(87,523	)		(4,655	)	$	(88,534	)


		2,008,955		$	29,714,944			4,663,351		$	87,661,542


Advantage Large Cap Growth

Institutional

Shares sold		4,971,291		$	85,350,297			18,866,857		$	451,445,651

Shares issued in reinvestment of distributions		—			—			1,817,498			43,395,960

Shares redeemed		(1,985,522	)		(36,044,914	)		(3,026,155	)		(68,987,252	)


		2,985,769		$	49,305,383			17,658,200		$	425,854,359


Service^(a)

Shares sold		—		$	—			7		$	150

Shares redeemed and automatic conversion of shares		—			—			(10,889	)		(267,829	)


		—		$	—			(10,882	)	$	(267,679	)


Investor A

Shares sold		433,548		$	7,228,681			—		$	—

Shares sold and automatic conversion of shares		—			—			1,431,877			31,127,446

Shares issued in reinvestment of distributions		—			—			4,697,926			104,584,323

Shares redeemed		(1,266,559	)		(21,084,650	)		(21,602,520	)		(487,976,651	)


		(833,011	)	$	(13,855,969	)		(15,472,717	)	$	(352,264,882	)


Investor C

Shares sold		44,329		$	609,805			86,912		$	1,498,005

Shares issued in reinvestment of distributions		—			—			121,002			2,203,502

Shares redeemed and automatic conversion of shares		(99,949	)		(1,304,516	)		(199,549	)		(3,453,157	)


		(55,620	)	$	(694,711	)		8,365		$	248,350


Class K

Shares sold		3,410		$	59,165			69,002		$	1,702,198

Shares issued in reinvestment of distributions		—			—			9,209			219,275

Shares redeemed		(12,604	)		(228,531	)		(11,600	)		(275,935	)


		(9,194	)	$	(169,366	)		66,611		$	1,645,538


Class R

Shares sold		5,252		$	92,804			3,124		$	69,959

Shares issued in reinvestment of distributions		—			—			2,242			52,719

Shares redeemed		(1,668	)		(30,424	)		(11,539	)		(277,249	)


		3,584		$	62,380			(6,173	)	$	(154,571	)


		2,091,528		$	34,647,717			2,243,404		$	75,061,115


Advantage Small Cap Core

Institutional

Shares sold		30,395,596		$	443,559,010			69,055,122		$	1,263,123,865

Shares issued in reinvestment of distributions		3,583,555			49,273,876			17,566,446			329,082,359

Shares redeemed		(33,108,495	)		(482,993,811	)		(58,854,243	)		(1,047,621,729	)


		870,656		$	9,839,075			27,767,325		$	544,584,495


NOTES TO FINANCIAL STATEMENTS		93

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/22						Year Ended 05/31/22
Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage Small Cap Core (continued)

Investor A

Shares sold and automatic conversion of shares		1,502,019		$	21,796,588			6,829,398		$	128,844,710

Shares issued in reinvestment of distributions		481,717			6,585,067			2,896,706			54,040,890

Shares redeemed		(2,757,943	)		(39,968,812	)		(11,975,936	)		(222,210,668	)


		(774,207	)	$	(11,587,157	)		(2,249,832	)	$	(39,325,068	)


Investor C

Shares sold		65,222		$	920,547			204,917		$	3,763,393

Shares issued in reinvestment of distributions		15,537			205,859			82,849			1,504,284

Shares redeemed and automatic conversion of shares		(104,637	)		(1,463,064	)		(188,194	)		(3,180,500	)


		(23,878	)	$	(336,658	)		99,572		$	2,087,177


Class K

Shares sold		10,732,483		$	157,353,683			23,648,944		$	446,279,930

Shares issued in reinvestment of distributions		1,386,266			19,088,890			6,037,283			113,137,247

Shares redeemed		(7,064,831	)		(103,664,150	)		(11,100,191	)		(205,823,632	)


		5,053,918		$	72,778,423			18,586,036		$	353,593,545


		5,126,489		$	70,693,683			44,203,101		$	860,940,149

^(a)

On July 6, 2021, the Fund’s issued and outstanding Service Shares converted into Investor A Shares.


94		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/22						Period from 10/01/21 to 05/31/22						Year Ended 09/30/21
Fund Name/Share Class	Shares			Amount			Shares			Amount			Shares			Amount

Advantage Large Cap Core

Institutional

Shares sold		4,758,142		$	75,981,455			4,675,752		$	96,402,525			11,122,519		$	251,323,550

Shares issued in reinvestment of distributions		5,176,990			82,730,724			13,928,034			288,867,428			3,302,822			63,900,785

Shares redeemed		(7,831,352	)		(124,263,760	)		(8,280,673	)		(170,654,461	)		(15,124,464	)		(321,784,632	)


		2,103,780		$	34,448,419			10,323,113		$	214,615,492			(699,123	)	$	(6,560,297	)


Service^(a)

Shares sold		—		$	—			—		$	—			548		$	11,010

Shares issued in reinvestment of distributions		—			—			—			—			804			15,503

Shares redeemed		—			—			—			—			(18,313	)		(426,166	)


		—		$	—			—		$	—			(16,961	)	$	(399,653	)


Investor A

Shares sold and automatic conversion of shares		2,325,089		$	36,535,747			4,220,054		$	83,106,936			5,247,188		$	107,401,444

Shares issued in reinvestment of distributions		4,932,269			74,492,696			13,306,804			262,010,951			3,379,506			62,612,624

Shares redeemed		(6,031,687	)		(94,630,206	)		(6,366,773	)		(124,698,000	)		(14,126,753	)		(303,828,770	)


		1,225,671		$	16,398,237			11,160,085		$	220,419,887			(5,500,059	)	$	(133,814,702	)


Investor C

Shares sold		235,510		$	2,958,202			400,679		$	6,350,905			1,269,667		$	21,139,842

Shares issued in reinvestment of distributions		196,124			2,351,728			554,976			8,840,764			118,023			1,844,502

Shares redeemed and automatic conversion of shares		(502,245	)		(6,362,458	)		(494,580	)		(7,852,572	)		(1,217,765	)		(20,462,871	)


		(70,611	)	$	(1,052,528	)		461,075		$	7,339,097			169,925		$	2,521,473


Class K

Shares sold		325,194		$	5,394,639			1,076,338		$	23,074,817			924,918		$	19,893,604

Shares issued in reinvestment of distributions		120,270			1,924,088			542,342			11,248,178			95,892			1,855,510

Shares redeemed		(1,897,310	)		(34,109,746	)		(682,182	)		(13,799,154	)		(403,241	)		(8,643,340	)


		(1,451,846	)	$	(26,791,019	)		936,498		$	20,523,841			617,569		$	13,105,774


Class R

Shares sold		40,177		$	568,277			207,005		$	3,605,109			195,034		$	3,743,255

Shares issued in reinvestment of distributions		62,297			849,067			155,818			2,790,704			34,683			595,042

Shares redeemed		(77,115	)		(1,112,582	)		(180,329	)		(3,176,674	)		(276,127	)		(5,164,112	)


		25,359		$	304,762			182,494		$	3,219,139			(46,410	)	$	(825,815	)


		1,832,353		$	23,307,871			23,063,265		$	466,117,456			(5,475,059	)	$	(125,973,220	)

^(a)

On July 6, 2021, the Fund’s issued and outstanding Service Shares converted into Investor A Shares.


	Six Months Ended 11/30/22						Year Ended 05/31/22
	Shares			Amount			Shares			Amount

Advantage Large Cap Value

Institutional

Shares sold		390,484		$	10,506,527			915,940		$	28,986,414

Shares issued in reinvestment of distributions		344,993			8,902,293			917,328			28,547,837

Shares redeemed		(656,771	)		(17,712,512	)		(1,104,695	)		(34,353,481	)


		78,706		$	1,696,308			728,573		$	23,180,770


Service^(a)

Shares sold		—		$	—			2,088		$	71,736

Shares redeemed and automatic conversion of shares		—			—			(453,246	)		(15,610,547	)


		—		$	—			(451,158	)	$	(15,538,811	)


NOTES TO FINANCIAL STATEMENTS		95

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 11/30/22						Year Ended 05/31/22
Fund Name/Share Class	Shares			Amount			Shares			Amount

Advantage Large Cap Value (continued)

Investor A

Shares sold and automatic conversion of shares		770,559		$	19,937,601			1,527,485		$	48,539,900

Shares issued in reinvestment of distributions		759,779			19,035,760			2,044,253			62,034,841

Shares redeemed		(1,161,250	)		(30,234,519	)		(1,803,689	)		(55,590,938	)


		369,088		$	8,738,842			1,768,049		$	54,983,803


Investor C

Shares sold		52,756		$	1,259,202			172,422		$	4,896,841

Shares issued in reinvestment of distributions		38,672			875,748			118,748			3,308,545

Shares redeemed and automatic conversion of shares		(102,031	)		(2,399,804	)		(264,687	)		(7,567,062	)


		(10,603	)	$	(264,854	)		26,483		$	638,324


Class K

Shares sold		65,768		$	1,764,126			163,719		$	5,160,955

Shares issued in reinvestment of distributions		22,233			574,227			48,756			1,514,064

Shares redeemed		(61,430	)		(1,595,437	)		(105,279	)		(3,245,112	)


		26,571		$	742,916			107,196		$	3,429,907


Class R

Shares sold		22,943		$	566,944			45,560		$	1,349,808

Shares issued in reinvestment of distributions		19,382			459,712			51,590			1,492,653

Shares redeemed		(40,713	)		(1,001,892	)		(65,423	)		(1,940,331	)


		1,612		$	24,764			31,727		$	902,130


		465,374		$	10,937,976			2,662,028		$	83,134,934

^(a)

On July 6, 2021, the Fund’s issued and outstanding Service Shares converted into Investor A Shares.

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


Share Class	Advantage Large Cap Growth
Class K		12,217

12.

SUBSEQUENT EVENTS

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


96		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

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

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

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

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

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to each Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM		97

Additional Information

General Information

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

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.


98		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


Fund and Service Providers
Investment Adviser and Administrator		Independent Registered Public Accounting Firm
BlackRock Advisors, LLC		Deloitte & Touche LLP
Wilmington, DE 19809		Boston, MA 02116

Accounting Agent and Transfer Agent		Distributor
BNY Mellon Investment Servicing (US) Inc.		BlackRock Investments, LLC
Wilmington, DE 19809		New York, NY 10022

Custodian		Legal Counsel
The Bank of New York Mellon		Sidley Austin LLP
New York, NY 10286		New York, NY 10019

		Address of the Trust and the Corporation
		100 Bellevue Parkway
		Wilmington, DE 19809


ADDITIONAL INFORMATION		99

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares


100		2 0 2 2 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

blackrock.com | 800-441-7762

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

SC2-11/22--SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

Item 6 –

Investments

(a) The registrants’ Schedules of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

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

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a) The registrants’ principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants’ disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrants’ 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 registrants’ internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 –

Exhibits attached hereto

(a)(1) Code of Ethics – See Item 2

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Large Cap Series Funds, Inc.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Large Cap Series Funds, Inc.

		Date: January 20, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Large Cap Series Funds, Inc.

		Date: January 20, 2023

		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Large Cap Series Funds, Inc.

		Date: January 20, 2023

Blackrock Large Cap Series Funds N-CSRSCertified semi-annual shareholder report (management investment company)