Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print BlackRock Advantage Small Cap Gr Inv A  CSGEX Release date as of 2024-04-30. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-04-30 Out of 550 Small Growth Funds Morningstar® Style Box™ What is this? As of 2024-03-31 Total Fund Assets ($ Mil) 553.97 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term capital growth. The fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small cap companies and at least 80% of its net assets (plus any borrowings for investment purposes) in securities or instruments of issuers located in the United States. The advisor defines these companies as those with market capitalizations, at the time of the fund's investment, comparable in size to the companies in the Russell 2000® Growth Index. From time to time it may invest in shares of companies through "new issues" or initial public offerings ("IPOs").

Morningstar Category: Small Growth Small-growth portfolios focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companies in up-and-coming industries or young firms in their early growth stages. Because these businesses are fast-growing and often richly valued, their stocks tend to be volatile. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Performance Growth of $10,000 (from 2014-01-01 to 2024-04-30) Investment: BlackRock Advantage Small Cap Gr Inv A Benchmark 1: S&P 500 TR USD Benchmark 2: Russell 2000 Growth TR USD Category: Small Growth This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment 0.25 15.21 -5.23 6.07 7.50 8.74 S&P 500 TR USD 6.04 22.66 8.06 13.19 12.41 10.22 Russell 2000 Growth TR USD -0.70 12.39 -5.92 5.04 7.60 7.39 Category 0.35 12.39 -5.38 6.76 8.65 8.94 Morningstar Rating --- --- --- # of compared Small Growth funds covered (3 yrs : out of 550 funds) (5 yrs : out of 520 funds) (10 yrs : out of 399 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 1.06% Prospectus Net Expense Ratio 0.75% Maximum Sales Charge 5.25% The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % ExpenseRatio Contractual 2025-06-30 0.31

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 95.6 Non-U.S. Stocks 2.8 Bonds 0.0 Cash 1.1 Other 0.6 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 19.66 Basic Materials 4.64 Consumer Cyclical 10.44 Financial Services 3.90 Real Estate 0.68 Sensitive 52.72 Communication Services 1.57 Energy 3.03 Industrials 18.50 Technology 29.62 Defensive 27.64 Consumer Defensive 4.68 Healthcare 22.49 Utilities 0.47 Data through 2024-03-31 Holding Status Total Number of Stock Holdings 592 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 13.13 Turnover % (as of 2023-09-30) 133.00 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets Super Micro Computer Inc 47.82 3.74 MicroStrategy Inc Class A --- 1.74 ExlService Holdings Inc 26.36 0.99 BlackRock Liquidity T-Fund Instl --- --- 0.98 Installed Building Products Inc 27.38 0.96 Comfort Systems USA Inc 30.60 0.95 Visteon Corp 6.37 0.95 Insperity Inc 23.03 0.95 Flowserve Corp 26.49 0.94 Atkore Inc 10.51 0.93 Data through 2024-03-31

Principal Risks    Loss of Money, Not FDIC Insured, Country or Region, Growth Investing, Quantitative Investing, High Portfolio Turnover, Index Correlation/Tracking Error, Market/Market Volatility, Convertible Securities, Equity Securities, IPO, Preferred Stocks, Warrants, Derivatives, Leverage, Management, Small Cap Show Risk Definitions

Other Information Inception Date: 1993-09-15 Portfolio Manager(s) Travis Cooke   (2013-05-01) Travis Cooke, CFA, Managing Director, is Head of the US portfolio management group within BlackRock's Scientific Active Equity (SAE) team. He is responsible for the management of the US long-only, partial long-short, and long-short equity strategies within SAE. Richard Mathieson   (2017-03-29) Richard Mathieson, CA, Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2011; Principal at Barclays Global Investors from 2008 to 2009; Equity Analyst for Exista UK from 2007 to 2008; Principal at Barclays Global Investors from 2005 to 2007; Associate of Barclays Global Investors from 2001 to 2005. Mr. Mathieson is a member of the Systematic Active Equity division within BlackRock's Active Equities Group. He is a Portfolio Manager responsible for global equity strategies. Prior to this he led the Investment Strategy team in EMEA for Scientific Active Equity. Mr. Mathieson's service with the firm dates back to 2002, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to rejoining BGI in 2008, Mr. Mathieson was an equity analyst for a specialist investment company focused on European financial stocks. Previously he was with BGI as a senior portfolio manager, where he was responsible for managing both long only and market neutral strategies. Prior to joining the BlackRock, Inc. in 1999, Robert was a mortgage banking specialist at Ohio Savings Bank. Mr. Mathieson qualified as a Chartered Accountant with PricewaterhouseCoopers in 2000, and holds a Bachelor of Accountancy from the University of Glasgow Raffaele Savi   (2017-03-29) "Raffaele Savi is Global Head of BlackRock Systematic (BSYS) and Co-CIO and Co-Head of Systematic Active Equity (SAE). He is a member of BlackRock's Global Executive Committee and its Investment Sub Committee. As head of BSYS, Mr. Savi leads the firm's quantitative investing teams, including fixed income, equity and factor strategies. In 2006, Mr. Savi joined Barclay's Global Investors (BGI), which merged with BlackRock in 2009. At BGI, Mr. Savi was global head of portfolio management for active equities and also served as its head of investments for European active equities. Investment Advisor(s) BlackRock Advisors LLC Issuer BlackRock

Show Data Definitions © Copyright 2024 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.