UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds

BlackRock Advantage International Fund

BlackRock Advantage Large Cap Growth Fund

BlackRock Advantage Small Cap Growth Fund

BlackRock All-Cap Energy & Resources Portfolio

BlackRock Emerging Markets Dividend Fund

BlackRock Energy & Resources Portfolio

BlackRock Health Sciences Opportunities Portfolio

BlackRock High Equity Income Fund

BlackRock International Dividend Fund

BlackRock Mid-Cap Growth Equity Portfolio

BlackRock Technology Opportunities Fund (Formerly BlackRock Science & Technology Opportunities Portfolio)

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 09/30/2018

Date of reporting period: 12/31/2017

Item 1 — Schedule of Investments

Schedule of Investments December 31, 2017 (unaudited) BlackRock Advantage International Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.9%
Australia — 6.8%
Aristocrat Leisure Ltd.		371,451	$	6,839,972
Australia & New Zealand Banking Group Ltd.		1,647		36,743
Beach Energy, Ltd.		50,075		48,361
BHP Billiton Ltd.		144,088		3,309,833
BHP Billiton PLC		97,671		1,974,937
BlueScope Steel Ltd.		31,707		377,648
Caltex Australia Ltd.		93,296		2,471,525
CIMIC Group Ltd.		41,360		1,654,212
Coca-Cola Amatil Ltd.		59,693		395,458
Cochlear Ltd.		18,684		2,490,626
Commonwealth Bank of Australia		5,138		320,655
CSL Ltd.		22,028		2,420,739
CSR Ltd.		162,790		601,853
Ensogo Ltd.(a)(b)		122,284		—
Fortescue Metals Group Ltd.		414,682		1,569,310
GPT Group		39,493		157,096
Macquarie Group Ltd.		59,883		4,631,644
National Australia Bank Ltd.		193,423		4,441,994
OZ Minerals Ltd.		15,132		107,475
Platinum Asset Management Ltd.		41,408		248,526
Qantas Airways Ltd.		1,218,706		4,778,608
Santos Ltd.(a)		89,432		378,545
Star Entertainment Grp, Ltd.		5,860		27,688
Stockland		458,794		1,600,428
Sydney Airport		403,521		2,214,167
Tabcorp Holdings Ltd.		17,740		76,967
Telstra Corp. Ltd.		1,944,574		5,497,019
Wesfarmers Ltd.		4,380		151,451
Westpac Banking Corp.		2,856		69,468
Woolworths Group Ltd.		77,320		1,642,765
				50,535,713
Austria — 0.6%
BAWAG Group AG(a)(c)		783		41,769
Erste Group Bank AG		855		37,052
OMV AG		70,652		4,478,481
				4,557,302
Belgium — 1.3%
Bekaert SA		830		36,195
bpost SA		26,500		806,507
Colruyt SA		897		46,663
KBC Group NV		41,652		3,549,299
Solvay SA		3,898		541,963
Telenet Group Holding NV(a)		1,486		103,524
UCB SA		60,410		4,790,073
				9,874,224
China — 0.1%
BOC Hong Kong Holdings Ltd.		144,500		730,271
Yangzijiang Shipbuilding Holdings Ltd.		190,100		208,449
				938,720
Denmark — 1.5%
Carlsberg A/S, Class B		25,662		3,077,855
Danske Bank A/S		137,261		5,342,472
Genmab A/S(a)		2,847		472,152
Royal Unibrew A/S		2,103		125,958
Sydbank A/S		2,594		104,412
Topdanmark A/S(a)		38,146		1,647,456
				10,770,305
Finland — 2.1%
Metso OYJ		1		34
Sampo OYJ, A Shares		114,224		6,268,842
Tieto OYJ		1,431		44,604
UPM-Kymmene OYJ		215,447		6,688,499

Security	Shares		Value
Finland (continued)
Valmet OYJ		125,628	$	2,478,913
				15,480,892
France — 9.9%
Arkema SA		7,707		939,055
Atos SE		9,875		1,435,725
AXA SA		167,089		4,951,374
BNP Paribas SA		59,442		4,421,796
Bouygues SA		4,386		227,579
Capgemini SE		18,589		2,201,710
Cie Plastic Omnium SA		827		37,533
Compagnie de Saint-Gobain		121,486		6,686,115
Dassault Aviation SA		115		178,810
Elior Group SA(c)		5,987		123,471
Engie SA		108,205		1,860,203
Eramet(a)		563		66,749
Faurecia		43,219		3,368,268
ICADE		247		24,281
Kering		13,812		6,501,665
Klepierre SA		10,929		480,376
Lagardere SCA		12,100		387,491
Legrand SA		10,540		810,302
LVMH Moet Hennessy Louis Vuitton SE		19,524		5,730,382
Neopost SA		1,276		36,744
Nexity SA(a)		12,010		714,404
Orange SA		54,680		947,647
Pernod Ricard SA		3,961		626,450
Peugeot SA		253,317		5,145,169
Publicis Groupe SA		1,634		110,764
Renault SA		20,287		2,036,364
Sanofi		60,508		5,209,238
SCOR SE		23,731		953,830
Société Générale SA		28,946		1,492,322
Sodexo SA		149		19,975
SOITEC(a)		360		25,679
Sopra Steria Group		190		35,507
Television Francaise 1		84,510		1,245,687
Thales SA		38,987		4,195,761
TOTAL SA		24,847		1,371,549
Ubisoft Entertainment SA(a)		779		59,852
Unibail-Rodamco SE		4,177		1,051,147
Veolia Environnement SA		140,254		3,576,351
Vinci SA		3,558		363,241
Vivendi SA		148,963		3,998,085
				73,648,651
Germany — 11.0%
Aareal Bank AG		6,112		275,970
adidas AG		3,659		731,760
Allianz SE, Registered Shares		22,340		5,112,447
Aurubis AG		8,081		750,106
BASF SE		69,641		7,634,822
Bayer AG, Registered Shares		39,714		4,934,976
Beiersdorf AG		20,597		2,414,644
CECONOMY AG		28,580		431,347
Covestro AG(c)		660		67,958
CTS Eventim AG & Co. KGaA		20,328		945,080
Deutsche Lufthansa AG, Registered Shares		87,819		3,225,031
Deutsche Post AG, Registered Shares		129,730		6,166,512
Deutsche Telekom AG, Registered Shares		196,926		3,480,940
E.ON SE		656,156		7,110,200
Fielmann AG		2,505		220,650
Fresenius Medical Care AG & Co. KGaA		60,175		6,318,944
Hannover Rueck SE		4,101		514,526
Hella GmbH & Co. KGaA		1,644		101,473
HOCHTIEF AG		36,188		6,391,054
Infineon Technologies AG		19,612		534,116
Kloeckner & Co. SE		14,965		183,862

SCHEDULE OF INVESTMENTS 1

Schedule of Investments   (continued) December 31, 2017 (unaudited) BlackRock Advantage International Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
METRO AG(a)		6,523	$	129,929
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		7,655		1,653,092
ProSiebenSat.1 Media SE		3,864		132,634
Puma SE		256		111,499
Rheinmetall AG		8,526		1,078,225
SAP SE		101,712		11,379,034
Siemens AG, Registered Shares		2,552		353,343
Siltronic AG(a)		930		134,452
Software AG		11,861		665,290
Suedzucker AG		183,421		3,970,452
Talanx AG		13,713		558,827
Telefonica Deutschland Holding AG		113,386		567,466
TUI AG		108,583		2,249,540
Wacker Chemie AG		2,296		444,865
Wirecard AG		2,903		322,646
				81,297,712
Hong Kong — 3.1%
AIA Group Ltd.		337,000		2,866,403
Chow Tai Fook Jewellery Group Ltd.		147,200		154,494
CLP Holdings Ltd.		452,000		4,625,380
Galaxy Entertainment Group Ltd.		174,000		1,389,180
Hang Lung Group Ltd.		6,000		22,061
Hang Lung Properties Ltd.		532,000		1,295,938
Hang Seng Bank Ltd.		1,100		27,290
Henderson Land Development Co. Ltd.		288,000		1,893,601
Hong Kong Exchanges & Clearing Ltd.		20,400		624,001
Jardine Matheson Holdings Ltd.		1,700		103,143
Kerry Properties Ltd.		534,000		2,398,886
Sands China Ltd.		33,600		172,947
Sino Land Co. Ltd.		104,000		183,987
SJM Holdings Ltd.		405,000		361,882
Sun Hung Kai Properties Ltd.		180,000		2,996,830
Swire Properties Ltd.		158,400		510,912
VTech Holdings, Ltd.		6,000		78,474
WH Group Ltd.(c)		1,913,000		2,159,604
Wharf Holdings Ltd.		52,000		179,322
Wharf Real Estate Investment Co., Ltd.(a)		12,000		79,868
Wheelock & Co. Ltd.		79,000		563,131
				22,687,334
Ireland — 0.0%
Smurfit Kappa Group PLC(a)		1,106		37,409
Italy — 1.8%
A2A SpA		19,316		35,740
Amplifon SpA		9,032		139,147
Assicurazioni Generali SpA		165,022		3,003,632
Atlantia SpA		44,176		1,392,706
Azimut Holding SpA		15,211		291,003
Banca Mediolanum SpA		38,855		336,364
Eni SpA		4,685		77,527
Ferrari NV		7,439		779,458
Hera SpA		28,144		98,219
Italgas SpA		3,728		22,747
Mediaset SpA(a)(d)		54,136		209,804
Mediobanca SpA		409,236		4,636,932
Moncler SpA		37,497		1,172,061
Recordati SpA		22,283		990,243
Snam SpA		13,492		66,077
Terna Rete Elettrica Nazionale SpA		15,897		92,410
				13,344,070
Japan — 22.1%
ABC-Mart, Inc.		400		22,927
Alfresa Holdings Corp.		4,600		107,743
Amada Holdings Co. Ltd.		11,000		149,348
Astellas Pharma, Inc.		524,700		6,665,408
Brother Industries Ltd.		1,700		41,785

Security	Shares		Value
Japan (continued)
Canon, Inc.		8,100	$	301,791
Casio Computer Co. Ltd.		1,600		22,959
Chiba Bank Ltd.		31,000		257,075
Chubu Electric Power Co., Inc.		82,300		1,020,825
Dai Nippon Printing Co. Ltd.		36,000		801,477
Daicel Corp.		111,700		1,267,606
Dai-ichi Life Holdings, Inc.		78,000		1,603,067
Daiichi Sankyo Co. Ltd.		151,400		3,936,714
Daiichikosho Co. Ltd.		800		39,861
Daito Trust Construction Co. Ltd.		33,700		6,865,741
Daiwa Securities Group, Inc.		119,000		744,525
Denso Corp.		7,400		443,325
Dentsu, Inc.		6,000		253,710
Disco Corp.		700		155,148
East Japan Railway Co.		18,900		1,843,095
FANUC Corp.		6,800		1,631,296
Fast Retailing Co. Ltd.		5,300		2,107,353
FUJIFILM Holdings Corp.		5,900		240,749
Fujitsu General Ltd.		20,800		455,976
Fujitsu Ltd.		342,000		2,424,620
Glory Ltd.		5,300		199,780
Gree, Inc.		5,400		33,848
Haseko Corp.		2,800		43,395
Hitachi Ltd.		1,057,000		8,200,418
Hokuhoku Financial Group, Inc.		16,400		255,537
Hokuriku Electric Power Co.(a)		14,800		119,070
Honda Motor Co. Ltd.		114,700		3,914,424
Hoya Corp.		12,700		632,501
Iida Group Holdings Co. Ltd.		166,600		3,135,855
ITOCHU Corp.		2,900		54,060
Itochu Techno-Solutions Corp.		3,200		138,794
J Front Retailing Co. Ltd.		23,900		449,132
Japan Airlines Co. Ltd.		15,900		621,211
Japan Display, Inc.(a)(d)		79,400		160,146
Japan Post Holdings Co. Ltd.		40,500		463,884
Japan Tobacco, Inc.		54,000		1,738,968
JSR Corp.		4,100		80,542
JTEKT Corp.		70,100		1,201,103
JXTG Holdings, Inc.		669,200		4,300,486
Kakaku.com, Inc.		3,500		59,082
Kao Corp.		35,100		2,371,693
KDDI Corp.		74,200		1,843,093
Konami Holdings Corp.		400		21,997
Lawson, Inc.		2,100		139,552
Lintec Corp.		12,500		348,106
Lion Corp.		4,300		81,279
Marubeni Corp.		10,200		73,743
MEIJI Holdings Co. Ltd.		600		51,065
Miraca Holdings, Inc.		17,400		742,199
Mitsubishi Chemical Holdings Corp.		580,800		6,355,074
Mitsubishi Corp.		84,300		2,324,469
Mitsubishi Estate Co. Ltd.		41,500		720,566
Mitsubishi Logistics Corp.		32,000		829,603
Mitsubishi Materials Corp.		2,900		102,908
Mitsui & Co. Ltd.		144,600		2,345,908
Mizuho Financial Group, Inc.		2,110,000		3,815,070
MS&AD Insurance Group Holdings, Inc.		28,900		974,810
Murata Manufacturing Co. Ltd.		3,800		508,775
NGK Insulators Ltd.		4,400		82,883
Nichirei Corp.		1,500		41,463
Nihon Unisys, Ltd.		5,200		107,968
Nippon Building Fund, Inc.		33		161,376
Nippon Kayaku Co. Ltd.		15,000		222,421
Nippon Steel & Sumitomo Metal Corp.		28,400		725,601
Nippon Telegraph & Telephone Corp.		116,100		5,458,338
Nippon Television Holdings, Inc.		18,600		318,221
Nissan Chemical Industries Ltd.		15,100		601,504
Nissan Motor Co. Ltd.		477,500		4,754,033
Nisshin Seifun Group, Inc.		1,800		36,330

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Advantage International Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Nitto Denko Corp.		10,000	$	884,487
Nomura Holdings, Inc.		32,900		192,852
NS Solutions Corp.		1,500		41,008
NSK Ltd.		24,500		383,842
NTT Data Corp.		11,300		134,061
NTT DOCOMO, Inc.		322,000		7,613,370
ORIX Corp.		76,800		1,294,916
Pigeon Corp.		3,300		125,384
Pola Orbis Holdings, Inc.		6,900		241,781
Resona Holdings, Inc.		949,500		5,657,853
Sankyo Co. Ltd.		4,000		125,787
Secom Co. Ltd.		38,600		2,912,096
Seino Holdings Co. Ltd.		3,000		47,594
Sekisui House Ltd.		25,200		454,574
Senshu Ikeda Holdings, Inc.		135,100		497,187
Seven & i Holdings Co. Ltd.		88,700		3,674,523
Shikoku Electric Power Co., Inc.		17,000		185,048
Shionogi & Co. Ltd.		57,200		3,090,796
Skylark Co., Ltd.		22,600		321,137
Sojitz Corp.		73,400		224,874
Sumitomo Chemical Co. Ltd.		200,000		1,431,130
Sumitomo Dainippon Pharma Co. Ltd.		19,400		287,182
Sumitomo Electric Industries Ltd.		60,300		1,016,495
Sumitomo Mitsui Financial Group, Inc.		210,200		9,060,569
Sumitomo Mitsui Trust Holdings, Inc.		118,500		4,688,572
Sumitomo Realty & Development Co. Ltd.		75,000		2,461,424
Suzuken Co. Ltd.		3,900		160,120
T&D Holdings, Inc.		36,200		617,590
Toho Gas Co. Ltd.		1,900		52,018
Tokai Rika Co. Ltd.		15,000		314,759
Tokio Marine Holdings, Inc.		8,300		377,509
Tokyo Electric Power Co. Holdings, Inc.(a)		40,300		159,051
Tokyo Electron Ltd.		30,700		5,537,956
Tokyo Gas Co. Ltd.		145,700		3,329,018
Tokyu Corp.		15,300		243,883
Tokyu Fudosan Holdings Corp.		3,000		21,650
Toppan Printing Co. Ltd.		18,000		162,596
Toyo Seikan Group Holdings Ltd.		32,500		521,700
Toyoda Gosei Co. Ltd.		1,000		25,372
Toyota Boshoku Corp.		1,300		27,135
Toyota Motor Corp.		50,600		3,224,738
TS Tech Co. Ltd.		17,500		718,057
Ulvac, Inc.		7,400		464,105
Unicharm Corp.		800		20,774
West Japan Railway Co.		46,000		3,355,885
Yamato Holdings Co. Ltd.		12,600		252,949
Yamazaki Baking Co. Ltd.		6,100		118,776
Zeon Corp.		100,200		1,446,042
				163,566,633
Jersey — 0.0%
Centamin PLC		18,475		39,351
Luxembourg — 0.3%
APERAM SA		10,136		520,717
ArcelorMittal(a)		46,253		1,500,594
				2,021,311
Netherlands — 5.9%
BE Semiconductor Industries NV		57,361		4,791,618
Euronext NV(c)		2,886		179,015
Gemalto NV		10,993		651,005
ING Groep NV		496,933		9,122,042
Koninklijke Ahold Delhaize NV		260,550		5,727,650
Koninklijke DSM NV		73,468		7,017,931
Koninklijke KPN NV		885,342		3,090,969
Koninklijke Philips NV		63,087		2,382,075
PostNL NV(a)		23,150		113,005

Security	Shares		Value
Netherlands (continued)
Randstad Holding NV		6,933	$	425,401
Royal Dutch Shell PLC, A Shares		175,867		5,870,990
Royal Dutch Shell PLC, B Shares		135,683		4,568,984
				43,940,685
Norway — 0.8%
DNB ASA		62,455		1,156,130
Norsk Hydro ASA		71,887		544,962
Orkla ASA		71,459		757,257
Salmar ASA		744		22,352
Statoil ASA		134,182		2,872,626
Telenor ASA		39,894		854,003
				6,207,330
Portugal — 0.5%
Banco Comercial Portugues SA, Class R(a)		1,356,700		441,597
Jeronimo Martins SGPS SA		177,651		3,452,028
				3,893,625
Russia — 0.0%
Evraz PLC		5,083		23,334
Singapore — 1.0%
Ascendas Real Estate Investment Trust		123,500		250,649
CapitaLand Ltd.		935,800		2,461,799
CapitaLand Mall Trust		72,100		114,706
Genting Singapore PLC		229,800		224,432
Venture Corp. Ltd.		283,400		4,326,693
Yanlord Land Group Ltd.		240,000		290,198
				7,668,477
South Africa — 0.2%
Mondi PLC		44,877		1,166,291
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA		101,110		3,949,711
Amadeus IT Group SA		38,774		2,790,266
Banco Bilbao Vizcaya Argentaria SA		34,361		292,006
Banco Santander SA		77,252		506,481
Corp. Financiera Alba SA		7,246		414,882
Distribuidora Internacional de Alimentacion SA		27,239		140,489
Endesa SA		1,638		35,033
Grifols SA		14,735		430,836
Mediaset Espana Comunicacion SA		313,251		3,513,058
Melia Hotels International SA		9,257		127,374
NH Hotel Group SA		8,574		61,725
Repsol SA		32,798		579,095
Telefonica SA		449,695		4,379,005
Viscofan SA		269		17,737
				17,237,698
Sweden — 4.1%
Atlas Copco AB, A Shares		18,401		794,115
Boliden AB		82,929		2,835,983
Electrolux AB, Series B		122,348		3,939,042
Essity AB, B Shares(a)		1,228		34,897
Fabege AB		19,939		424,875
JM AB		28,602		651,562
NCC AB, B Shares		38,661		741,351
Sandvik AB		153,529		2,687,478
Skandinaviska Enskilda Banken AB, Class A		185,759		2,181,255
SSAB AB, A Shares(a)		44,983		245,816
Svenska Cellulosa AB SCA, Class B		85,757		883,904
Svenska Handelsbanken AB, A Shares		274,000		3,744,496
Swedish Match AB		91,894		3,619,858
Telefonaktiebolaget LM Ericsson, Class B		46,542		307,165

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Advantage International Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Volvo AB, B Shares		381,173	$	7,098,161
				30,189,958
Switzerland — 7.7%
Banque Cantonale Vaudoise, Registered Shares		81		61,093
Barry Callebaut AG, Registered Shares(a)		38		79,207
Bucher Industries AG, Registered Shares		488		198,315
dormakaba Holding AG(a)		25		23,279
Georg Fischer AG, Registered Shares		2,529		3,338,701
Glencore PLC(a)		264,387		1,383,789
Helvetia Holding AG, Registered Shares		1,209		680,013
IWG PLC		27,318		94,938
Landis+Gyr Group AG(a)		3,713		295,224
Logitech International SA, Registered Shares		157,858		5,317,819
Nestle SA, Registered Shares		96,447		8,292,153
Novartis AG, Registered Shares		51,142		4,303,728
OC Oerlikon Corp. AG, Registered Shares		3,089		52,141
Roche Holding AG		60,248		15,234,030
Schindler Holding AG Participation Certificates		11,450		2,633,392
SGS SA, Registered Shares		155		404,091
STMicroelectronics NV		303,435		6,619,128
Sulzer AG, Registered Shares		365		44,274
Swiss Re AG		7,441		695,888
Temenos Group AG, Registered Shares(a)		15,322		1,960,768
UBS Group AG, Registered Shares(a)		220,284		4,047,225
Wolseley PLC		18,789		1,348,369
				57,107,565
United Kingdom — 14.1%
Anglo American PLC		102,288		2,127,481
Ashmore Group PLC		22,167		120,792
Associated British Foods PLC		95,140		3,622,375
Auto Trader Group PLC(c)		24,587		117,116
Aviva PLC		145,708		993,773
BAE Systems PLC		61,981		478,884
Barratt Developments PLC		118,500		1,033,729
Bodycote PLC		5,182		63,740
BP PLC		602,852		4,229,170
British American Tobacco PLC		150,804		10,194,146
Britvic PLC		84,083		922,759
Centrica PLC		155,435		288,138
Close Brothers Group PLC		19,141		374,209
CNH Industrial NV		10,455		139,872
Compass Group PLC		90,260		1,946,201
Croda International PLC		3,151		187,839
DCC PLC		27,687		2,786,335
Diageo PLC		165,859		6,079,443
Dialog Semiconductor PLC(a)		47,812		1,480,613
Direct Line Insurance Group PLC		102,721		528,580
Dixons Carphone PLC		89,536		240,197
DS Smith PLC		18,113		126,256
Electrocomponents PLC		35,370		298,580
Experian PLC		2,938		64,761
Fevertree Drinks PLC		2,583		79,409
GKN PLC		127,983		550,366
GlaxoSmithKline PLC		204,373		3,619,273
Hays PLC		103,398		254,661
HSBC Holdings PLC		990,138		10,226,195
Imperial Brands PLC		91,478		3,901,953
Inchcape PLC		55,105		580,500
Indivior PLC(a)		32,948		180,935
InterContinental Hotels Group PLC		57,725		3,671,578
International Consolidated Airlines Group SA		43,526		377,201
Intertek Group PLC		93,926		6,568,571
ITV PLC		92,476		206,637
JD Sports Fashion PLC		19,121		86,634
Johnson Matthey PLC		4,481		185,685
Jupiter Fund Management PLC		15,285		129,334
Legal & General Group PLC		107,012		393,973

Security	Shares		Value
United Kingdom (continued)
Lloyds Banking Group PLC		3,024,360	$	2,773,280
National Grid PLC		144,603		1,704,652
Old Mutual PLC		307,800		962,888
Persimmon PLC		19,040		703,852
Playtech PLC		1,876		21,772
Prudential PLC		67,679		1,733,277
QinetiQ Group PLC		664,873		2,074,530
Rentokil Initial PLC		234,472		1,004,514
Rightmove PLC		60,616		3,678,516
Rio Tinto PLC		44,180		2,317,572
Royal Mail PLC		45,864		280,210
Schroders PLC		4,641		219,687
Severn Trent PLC		37,849		1,102,864
Smiths Group PLC		4,572		91,758
Spirax-Sarco Engineering PLC		14,865		1,123,861
SSE PLC		4,746		84,373
SSP Group PLC		7,464		68,554
Standard Life ABERDEEN PLC		55,497		326,434
Tate & Lyle PLC		62,041		588,053
Taylor Wimpey PLC		49,374		137,591
Thomas Cook Group PLC		1,454,114		2,412,856
Unilever NV CVA		62,362		3,511,157
Unilever PLC		21,418		1,187,971
Vodafone Group PLC		1,703,015		5,383,211
WH Smith PLC		5,486		173,840
William Hill PLC		7,460		32,432
Wm Morrison Supermarkets PLC		406,799		1,207,776
WPP PLC		12,596		227,556
				104,592,931
United States — 0.7%
Carnival PLC		25,471		1,675,873
Shire PLC		44,085		2,284,529
FirstSun Capital Bancorp (Acquired 3/10/14, cost $1,691,203)(a)(b)(e)		37,254		1,366,104
				5,326,506
Total Common Stocks — 97.9% (Cost: $693,929,912)				726,154,027
Preferred Stocks — 0.5%
India — 0.0%
Jasper Infotech Private Ltd., Series F (Acquired 5/07/14, cost $576,742)(a)(b)(e)		81		127,662
Jasper Infotech Private Ltd., Series G (Acquired 10/29/14, cost $227,633)(a)(b)(e)		27		51,801
				179,463
United States — 0.5%
Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $942,242)(a)(b)(e)		153,710		871,536
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $1,176,386)(a)(b)(e)		75,832		2,500,181
				3,371,717
Total Preferred Stocks — 0.5% (Cost: $2,923,003)				3,551,180

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments   (continued) December 31, 2017(unaudited) BlackRock Advantage International Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights — 0.0%
Spain — 0.0%
Repsol SA(a)		23,919	$	10,877
Total Long-Term Investments — 98.4% (Cost: $696,863,824)				729,716,084

Security	Shares		Value
Short-Term Securities — 2.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(f)(h)		15,640,169	$	15,640,169
SL Liquidity Series, LLC, Money Market Series, 1.53% (f)(g)(h)		262,652		262,626
Total Short-Term Investments — 2.1% (Cost: $15,902,819)				15,902,795
Total Investments — 100.5% (Cost: $712,766,643)				745,618,879
Liabilities in Excess of Other Assets — (0.5)%				(3,625,307	)
Net Assets — 100.0%			$	741,993,572

^(a)  Non-income producing security.

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

^(c)  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, or a portion of the security, is on loan.

^(e)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $4,917,284, representing 0.66% of its net assets as of period end, and an original cost of $4,614,206.

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

^(g)  Security was purchased with the cash collateral from loaned securities.

^(h)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity		Shares Held at 12/31/2017		Value at, 12/31/2017		Income			Net Realized Gain/(Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		8,142,638		7,497,531		15,640,169	$	15,640,169	$	38,173		$	52		$	(1	)
SL Liquidity Series, LLC, Money Market Series		122,087		140,565		262,652		262,626		5,297	(b)		(6	)		(21	)
							$	15,902,795	$	43,470		$	46		$	(22	)

^(a)  Includes net capital gain distributions, if applicable.

^(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.

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
Nikkei 225 Index		46		March 2018	$	510,750	$	(28,799	)
SPI 200 Index		11		March 2018		1,656		(921	)
Euro STOXX 50 Index		178		March 2018		6,008		(190,549	)
FTSE 100 Index		28		March 2018		2,139		71,203
							$	(149,066	)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 the 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)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Advantage International Fund (Percentages shown are based on Net Assets)

Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Investments:
Assets:
Long-Term Investments:
Common Stocks:
Australia	$	—		$	50,535,713	$	—	$	50,535,713
Austria		4,520,250			37,052		—		4,557,302
Belgium		—			9,874,224		—		9,874,224
China		—			938,720		—		938,720
Denmark		472,152			10,298,153		—		10,770,305
Finland		—			15,480,892		—		15,480,892
France		2,271,446			71,377,205		—		73,648,651
Germany		111,499			81,186,213		—		81,297,712
Hong Kong		7,530,258			15,157,076		—		22,687,334
Ireland		37,409			—		—		37,409
Italy		685,315			12,658,755		—		13,344,070
Japan		161,376			163,405,257		—		163,566,633
Jersey		—			39,351		—		39,351
Luxembourg		—			2,021,311		—		2,021,311
Netherlands		—			43,940,685		—		43,940,685
Norway		—			6,207,330		—		6,207,330
Portugal		3,452,028			441,597		—		3,893,625
Russia		23,334			—		—		23,334
Singapore		—			7,668,477		—		7,668,477
South Africa		—			1,166,291		—		1,166,291
Spain		476,607			16,761,091		—		17,237,698
Sweden		1,625,255			28,564,703		—		30,189,958
Switzerland		337,527			56,770,038		—		57,107,565
United Kingdom		12,393,649			92,199,282		—		104,592,931
United States		—			3,960,402		1,366,104		5,326,506
Preferred Stocks:
India		—			—		179,463		179,463
United States		—			—		3,371,717		3,371,717
Rights:
Spain		10,877			—		—		10,877
Short-Term Securities		15,640,169			—		—		15,640,169
Subtotal	$	49,749,151		$	690,689,818	$	4,917,284	$	745,356,253
Investments Valued at NAV1									262,626
Total Investments								$	745,618,879
Derivative Financial Instruments2
Assets:
Equity contracts	$	71,203		$	—	$	—	$	71,203
Liabilities:
Equity contracts		(220,269	)		—		—		(220,269	)
Total	$	(149,066	)	$	—	$	—	$	(149,066	)

¹  As of December 31, 2017, certain of the Fund’s investments were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

²  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended December 31, 2017, there were no transfers between levels.

6 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Advantage International Fund

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

	Common Stocks			Preferred Stocks			Total
Assets:
Opening Balance, as of September 30, 2017	$	1,224,913		$	4,937,035		$	6,161,948
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		(5	)		—			(5	)
Net change in unrealized appreciation (depreciation)1		141,196			(1,385,855	)		(1,244,659	)
Purchases		—			—			—
Sales		—			—			—
Closing Balance, as of December 31, 2017	$	1,366,104		$	3,551,180		$	4,917,284
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20171	$	141,196		$	(1,385,855	)	$	(1,244,659	)

¹  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017, is generally due to investments no longer held or categorized as Level 3 at period end.

SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (unaudited) December 31, 2017 BlackRock Advantage Large Cap Growth Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.8%
Aerospace & Defense — 3.8%
Boeing Co.		62,813	$	18,524,182
Curtiss-Wright Corp.		3,375		411,244
Raytheon Co.		52,572		9,875,650
Rockwell Collins, Inc.		9,866		1,338,027
				30,149,103
Air Freight & Logistics — 0.4%
XPO Logistics, Inc.(a)		33,939		3,108,473
Auto Components — 1.5%
Aptiv PLC		34,354		2,914,250
BorgWarner, Inc.		167,797		8,572,749
Delphi Technologies PLC(a)		11,451		600,834
				12,087,833
Banks — 0.4%
Citizens Financial Group, Inc.		64,078		2,689,994
First Republic Bank		3,916		339,282
				3,029,276
Beverages — 1.0%
Brown-Forman Corp., Class B		2,224		152,722
Coca-Cola European Partners PLC		58,523		2,332,142
Dr. Pepper Snapple Group, Inc.		51,473		4,995,969
PepsiCo, Inc.		2,873		344,530
				7,825,363
Biotechnology — 4.7%
AbbVie, Inc.		184,773		17,869,397
Celgene Corp.(a)		62,586		6,531,475
Gilead Sciences, Inc.		171,090		12,256,888
				36,657,760
Capital Markets — 2.6%
Freedom Pay, Inc.(a)(b)		43,051		—
Intercontinental Exchange, Inc.		137,161		9,678,080
S&P Global, Inc.		65,277		11,057,924
				20,736,004
Chemicals — 1.7%
Air Products & Chemicals, Inc.		53,173		8,724,626
Cabot Corp.		3		185
Celanese Corp., Series A		1,287		137,812
Eastman Chemical Co.		43,644		4,043,180
WR Grace & Co.		11,569		811,334
				13,717,137
Commercial Services & Supplies — 0.4%
Brink’s Co.		38,855		3,057,889
Communications Equipment — 0.3%
InterDigital, Inc.		6,855		522,008
Palo Alto Networks, Inc.(a)		11,850		1,717,539
				2,239,547
Consumer Finance — 0.0%
Green Dot Corp., Class A(a)		1,072		64,599
Containers & Packaging — 0.4%
Crown Holdings, Inc.(a)		2,737		153,956
WestRock Co.		43,933		2,777,005
				2,930,961
Diversified Consumer Services — 0.4%
H&R Block, Inc.		127,634		3,346,563
Diversified Telecommunication Services — 0.0%
Zayo Group Holdings, Inc.(a)		4,457		164,018
Electric Utilities — 0.5%
Westar Energy, Inc.		70,898		3,743,414

Security	Shares		Value
Electrical Equipment — 1.7%
AMETEK, Inc.		51,114	$	3,704,232
Rockwell Automation, Inc.		50,194		9,855,592
				13,559,824
Electronic Equipment, Instruments & Components — 0.6%
CDW Corp.		6,443		447,724
IPG Photonics Corp.(a)		14,377		3,078,547
SYNNEX Corp.		3,387		460,463
Zebra Technologies Corp., Class A(a)		5,052		524,398
				4,511,132
Equity Real Estate Investment Trusts (REITs) — 1.4%
Alexandria Real Estate Equities, Inc.		17,036		2,224,731
Gaming and Leisure Properties, Inc.		28,837		1,066,969
Outfront Media, Inc.		123,506		2,865,339
Prologis, Inc.		40,238		2,595,753
Weingarten Realty Investors		59,833		1,966,711
				10,719,503
Food & Staples Retailing — 0.5%
Costco Wholesale Corp.		6,093		1,134,029
Performance Food Group Co.(a)		75,181		2,488,491
Wal-Mart Stores, Inc.		4,724		466,495
				4,089,015
Food Products — 1.8%
Archer-Daniels-Midland Co.		50,948		2,041,996
Bunge, Ltd.		33,278		2,232,288
Hershey Co.		60,005		6,811,168
Kellogg Co.		4,590		312,028
Tyson Foods, Inc., Class A		36,515		2,960,271
				14,357,751
Health Care Equipment & Supplies — 2.7%
Baxter International, Inc.		107,594		6,954,876
Danaher Corp.		15,707		1,457,924
Edwards Lifesciences Corp.(a)		60,526		6,821,885
IDEXX Laboratories, Inc.(a)		37,180		5,814,208
				21,048,893
Health Care Providers & Services — 2.1%
Aetna, Inc.		3,491		629,741
AmerisourceBergen Corp.		9,731		893,500
Humana, Inc.		41,188		10,217,507
McKesson Corp.		1,338		208,661
UnitedHealth Group, Inc.		20,320		4,479,747
				16,429,156
Health Care Technology — 0.8%
Veeva Systems, Inc., Class A(a)		108,309		5,987,322
Hotels, Restaurants & Leisure — 3.8%
Carnival Corp.		88,464		5,871,356
Choice Hotels International, Inc.		67,455		5,234,508
Domino’s Pizza, Inc.		1,146		216,548
Extended Stay America, Inc.		85,827		1,630,713
McDonald’s Corp.		98,213		16,904,422
				29,857,547
Industrial Conglomerates — 2.1%
3M Co.		71,559		16,842,842
Roper Technologies, Inc.		228		59,052
				16,901,894
Insurance — 0.8%
Allstate Corp.		3,130		327,742
Lincoln National Corp.		46,920		3,606,740
Unum Group		38,113		2,092,023
				6,026,505

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Large Cap Growth Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 4.1%
Amazon.com, Inc.(a)		22,369	$	26,159,874
Netflix, Inc.(a)		13,333		2,559,403
Priceline Group, Inc.(a)		1,846		3,207,868
				31,927,145
Internet Software & Services — 9.3%
Alphabet, Inc., Class A(a)		16,104		16,963,954
Alphabet, Inc., Class C(a)		17,916		18,747,302
Facebook, Inc., Class A(a)		186,592		32,926,024
GoDaddy, Inc., Class A(a)		15,120		760,234
VeriSign, Inc.(a)		28,612		3,274,357
Yelp, Inc.(a)		14,812		621,512
				73,293,383
IT Services — 7.2%
Accenture PLC, Class A		679		103,948
Booz Allen Hamilton Holding Corp.		36,056		1,374,815
Broadridge Financial Solutions, Inc.		49,802		4,511,065
EPAM Systems, Inc.(a)		31,488		3,382,756
Euronet Worldwide, Inc.(a)		3,558		299,833
Fidelity National Information Services, Inc.		5,665		533,020
International Business Machines Corp.		24,276		3,724,424
Mastercard, Inc., Class A		114,166		17,280,166
Total System Services, Inc.		55,380		4,380,004
Visa, Inc., Class A		186,881		21,308,172
				56,898,203
Leisure Products — 0.3%
Hasbro, Inc.		23,005		2,090,924
Life Sciences Tools & Services — 1.3%
Bruker Corp.		27,690		950,321
Mettler-Toledo International, Inc.(a)		8,246		5,108,562
Waters Corp.(a)		20,449		3,950,542
				10,009,425
Machinery — 4.0%
Cummins, Inc.		14,166		2,502,282
Illinois Tool Works, Inc.		61,193		10,210,052
Oshkosh Corp.		9,499		863,364
PACCAR, Inc.		120,791		8,585,824
Xylem, Inc.		132,681		9,048,844
				31,210,366
Media — 2.8%
Comcast Corp., Class A		103,117		4,129,836
Interpublic Group of Cos., Inc.		27,137		547,082
John Wiley & Sons, Inc., Class A		75,047		4,934,340
Lions Gate Entertainment Corp., Class A(a)		4,226		142,881
Live Nation Entertainment, Inc.(a)		44,061		1,875,677
Scripps Networks Interactive, Inc., Class A		2,736		233,600
Walt Disney Co.		97,481		10,480,182
				22,343,598
Metals & Mining — 1.1%
Newmont Mining Corp.		229,639		8,616,055
Multiline Retail — 0.9%
Target Corp.		112,537		7,343,039
Multi-Utilities — 0.0%
CMS Energy Corp.		1,975		93,418
Vectren Corp.		1,197		77,829
				171,247
Oil, Gas & Consumable Fuels — 0.9%
ConocoPhillips		133,143		7,308,219
Personal Products — 1.3%
Estee Lauder Cos., Inc., Class A		80,498		10,242,566
Herbalife Ltd.(a)		4,365		295,598
				10,538,164

Security	Shares		Value
Pharmaceuticals — 1.7%
Bristol-Myers Squibb Co.		114,236	$	7,000,382
Zoetis, Inc.		89,224		6,427,697
				13,428,079
Professional Services — 0.3%
ManpowerGroup, Inc.		18,070		2,278,808
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A(a)		155,240		6,723,444
Jones Lang LaSalle, Inc.		4,222		628,782
				7,352,226
Road & Rail — 0.4%
Norfolk Southern Corp.		12,204		1,768,360
Union Pacific Corp.		7,432		996,631
				2,764,991
Semiconductors & Semiconductor Equipment — 4.9%
KLA-Tencor Corp.		20,873		2,193,126
Lam Research Corp.		35,199		6,479,080
Maxim Integrated Products, Inc.		180,916		9,458,289
Skyworks Solutions, Inc.		54,105		5,137,270
Texas Instruments, Inc.		143,583		14,995,809
				38,263,574
Software — 7.8%
Activision Blizzard, Inc.		174,023		11,019,136
Adobe Systems, Inc.(a)		40,475		7,092,839
Electronic Arts, Inc.(a)		10,674		1,121,410
Intuit, Inc.		24,241		3,824,745
Microsoft Corp.		354,804		30,349,934
Oracle Corp.		69,481		3,285,062
RingCentral, Inc., Class A(a)		34,787		1,683,691
Synopsys, Inc.(a)		9,104		776,025
Take-Two Interactive Software, Inc.(a)		16,034		1,760,213
Verint Systems, Inc.(a)		4,142		173,343
				61,086,398
Specialty Retail — 2.9%
Aaron’s, Inc.		24,488		975,847
Home Depot, Inc.		26,627		5,046,615
Lowe’s Cos., Inc.		129,234		12,011,008
Penske Automotive Group, Inc.		85,218		4,077,681
Tiffany & Co.		4,149		431,289
				22,542,440
Technology Hardware, Storage & Peripherals — 7.2%
Apple Inc.		317,891		53,796,694
HP, Inc.		56,549		1,188,094
Pure Storage, Inc., Class A(a)		88,522		1,403,959
				56,388,747
Textiles, Apparel & Luxury Goods — 0.6%
Michael Kors Holdings, Ltd.(a)		1,919		120,801
Ralph Lauren Corp.		1,112		115,303
Skechers U.S.A., Inc., Class A(a)		124,235		4,701,052
				4,937,156
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.(a)		10,168		441,495
Tobacco — 1.9%
Altria Group, Inc.		214,083		15,287,667
Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.(a)		56,773		3,605,653
Total Long-Term Investments — 98.8% (Cost: $701,779,311)				776,473,484

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Large Cap Growth Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(c)(d)		8,336,054	$	8,336,054
Total Short-Term Securities — 1.1% (Cost: $8,336,054)				8,336,054
Total Investments — 99.9% (Cost: $710,115,365)				784,809,538
Other Assets Less Liabilities — 0.1%				868,225
Net Assets — 100.0%			$	785,677,763

^(a)  Non-income producing security.

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

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

^(d)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity		Shares Held at 12/31/2017		Value at 12/31/2017		Income			Net Realized Gain(Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		3,215,330		5,120,724		8,336,054	$	8,336,054	$	24,943		$	27	$	—
SL Liquidity Series, LLC Money Market Series		—		—		—		—		224	(b)		—		—
							$	8,336,054	$	25,167		$	27	$	—

^(a)  Includes net capital gain distributions, if applicable.

^(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.

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 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 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
Long Contracts
E-Mini S&P 500 Index		74		March 2018	$9,901		59,986

Portfolio Abbreviation

S&P      Standard & Poor’s

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 the 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Large Cap Growth Fund

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments
Assets
Long-Term Investments
Common Stocks(a)	$	776,473,484	$	—	$	—	$	776,473,484
Short-Term Securities		8,336,054		—		—		8,336,054
	$	784,809,538	$	—	$	—	$	784,809,538
Derivative Financial Instruments(b)
Assets
Equity contracts	$	59,986	$	—	$	—	$	59,986

^(a) See above Schedule of Investments for values in each industry.

^(b)  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended December 31, 2017, there were no transfers between levels.

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) December 31, 2017 BlackRock Advantage Small Cap Growth Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.9%
Aerospace & Defense — 1.6%
Curtiss-Wright Corp.		51,326	$	6,254,073
HEICO Corp., Class A		29,775		2,353,714
				8,607,787
Airlines — 0.2%
Hawaiian Holdings, Inc.(a)		30,803		1,227,500
Auto Components — 2.1%
LCI Industries		4,718		613,340
Modine Manufacturing Co.(a)		42,760		863,752
Stoneridge, Inc.(a)		2,701		61,745
Tenneco, Inc.		110,564		6,472,417
Tower International, Inc.		113,664		3,472,435
				11,483,689
Banks — 2.2%
Cadence Bancorp(a)		13,325		361,374
Central Pacific Financial Corp.		164,349		4,902,531
First Connecticut Bancorp, Inc.		4,209		110,065
QCR Holdings, Inc.		2,550		109,268
Sandy Spring Bancorp, Inc.		11,146		434,917
Union Bankshares Corp.		4		145
Wintrust Financial Corp.		71,432		5,883,854
				11,802,154
Biotechnology — 9.0%
Acceleron Pharma, Inc.(a)		3,994		169,505
Achillion Pharmaceuticals, Inc.(a)		195,236		562,280
Aduro Biotech, Inc.(a)		34,488		258,660
Aimmune Therapeutics, Inc.(a)		4,712		178,208
Akebia Therapeutics, Inc.(a)		58,058		863,322
Alder Biopharmaceuticals, Inc.(a)		5,423		62,093
AMAG Pharmaceuticals, Inc.(a)		15,963		211,510
Amicus Therapeutics, Inc.(a)		63,073		907,620
AnaptysBio, Inc.(a)		3,603		362,894
Applied Genetic Technologies Corp.(a)		59,052		212,587
Arena Pharmaceuticals, Inc.(a)		4,180		141,995
Array BioPharma, Inc.(a)		82,723		1,058,854
aTyr Pharma, Inc.(a)		110,811		387,838
Avexis, Inc.(a)		7,549		835,448
BioCryst Pharmaceuticals, Inc.(a)		28,565		140,254
BioSpecifics Technologies Corp.(a)		4,589		198,841
Bluebird Bio, Inc.(a)		6,889		1,226,931
Blueprint Medicines Corp.(a)		15,491		1,168,176
Calithera Biosciences, Inc.(a)		79,136		660,786
ChemoCentryx, Inc.(a)		103,799		617,604
Clovis Oncology, Inc.(a)		26,391		1,794,588
Concert Pharmaceuticals, Inc.(a)		24,057		622,355
CytomX Therapeutics, Inc.(a)		39,426		832,283
Editas Medicine, Inc.(a)		2,429		74,643
Emergent BioSolutions, Inc.(a)		19,442		903,470
Enanta Pharmaceuticals, Inc.(a)		9,653		566,438
Enzon Pharmaceuticals, Inc.		429,304		115,912
Esperion Therapeutics, Inc.(a)		831		54,713
Exact Sciences Corp.(a)		68,924		3,621,267
Exelixis, Inc.(a)		17,575		534,280
FibroGen, Inc.(a)		46,071		2,183,765
Five Prime Therapeutics, Inc.(a)		6,462		141,647
Foundation Medicine, Inc.(a)		2,056		140,219
Genomic Health, Inc.(a)		24,978		854,248
Global Blood Therapeutics, Inc.(a)		6,784		266,950
Halozyme Therapeutics, Inc.(a)		86,692		1,756,380
Heron Therapeutics, Inc.(a)		29,050		525,805
Ignyta, Inc.(a)		28,026		748,294
Immune Design Corp.(a)		45,125		175,987
ImmunoGen, Inc.(a)		24,884		159,506
Insmed, Inc.(a)		18,483		576,300
Insys Therapeutics, Inc.(a)(b)		29,831		286,974
Ironwood Pharmaceuticals, Inc.(a)		101,227		1,517,393
Jounce Therapeutics, Inc.(a)		27,280		347,820

Security	Shares		Value
Biotechnology (continued)
Ligand Pharmaceuticals, Inc.(a)		14,156	$	1,938,381
Loxo Oncology, Inc.(a)		7,301		614,598
Mersana Therapeutics, Inc.(a)		9,784		160,751
MiMedx Group, Inc.(a)(b)		94,370		1,190,006
Myriad Genetics, Inc.(a)		16,102		553,023
Natera, Inc.(a)		21,936		197,205
Novavax, Inc.(a)		207,234		256,970
Portola Pharmaceuticals, Inc.(a)		18,045		878,431
Prothena Corp. PLC(a)		3,534		132,490
PTC Therapeutics, Inc.(a)		6,815		113,674
Puma Biotechnology, Inc.(a)		15,891		1,570,825
Ra Pharmaceuticals, Inc.(a)		41,582		353,447
Radius Health, Inc.(a)		4,332		137,628
REGENXBIO, Inc.(a)		19,847		659,913
Repligen Corp.(a)		34,446		1,249,701
Retrophin, Inc.(a)		24,665		519,692
Rhythm Pharmaceuticals, Inc.(a)		2,082		60,503
Sage Therapeutics, Inc.(a)		19,404		3,196,033
Sangamo Therapeutics, Inc.(a)		74,640		1,224,096
Sarepta Therapeutics, Inc.(a)		15,673		872,046
Sorrento Therapeutics, Inc.(a)		45,078		171,296
Spark Therapeutics, Inc.(a)		8,512		437,687
Spectrum Pharmaceuticals, Inc.(a)		16,044		304,034
Ultragenyx Pharmaceutical, Inc.(a)		11,612		538,565
Vanda Pharmaceuticals, Inc.(a)		59,447		903,594
Veracyte, Inc.(a)		97,507		636,721
Xencor, Inc.(a)		42,561		932,937
ZIOPHARM Oncology, Inc.(a)(b)		126,099		522,050
				49,352,940
Building Products — 2.8%
Apogee Enterprises, Inc.		15,151		692,855
Builders FirstSource, Inc.(a)		159,358		3,472,411
Continental Building Products, Inc.(a)		16,478		463,856
JELD-WEN Holding, Inc.(a)		2,501		98,464
Ply Gem Holdings, Inc.(a)		19,215		355,478
Trex Co., Inc.(a)		25,226		2,734,246
Universal Forest Products, Inc.		203,776		7,666,053
				15,483,363
Capital Markets — 1.7%
Houlihan Lokey, Inc.		36,023		1,636,525
Moelis & Co., Class A		155,871		7,559,743
				9,196,268
Chemicals — 2.5%
AdvanSix, Inc.(a)		31,839		1,339,467
Ferro Corp.(a)		17,323		408,650
Ingevity Corp.(a)		45,573		3,211,529
Innospec, Inc.		30,167		2,129,790
Koppers Holdings, Inc.(a)		28,233		1,437,060
Kraton Corp.(a)		10,976		528,714
Sensient Technologies Corp.		43,983		3,217,356
Stepan Co.		14,595		1,152,567
				13,425,133
Commercial Services & Supplies — 2.1%
ARC Document Solutions, Inc.(a)		312,229		796,184
Brink’s Co.		59,036		4,646,133
InnerWorkings, Inc.(a)		105,645		1,059,619
Interface, Inc.		44,510		1,119,426
Kimball International, Inc., Class B		60,749		1,134,184
Matthews International Corp., Class A		2,627		138,706
Quad/Graphics, Inc.		718		16,227
Steelcase, Inc., Class A		30,595		465,044
Tetra Tech, Inc.		46,328		2,230,693
				11,606,216
Communications Equipment — 1.4%
Ciena Corp.(a)		62,696		1,312,227
Extreme Networks, Inc.(a)		94,865		1,187,710

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Small Cap Growth Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
InterDigital, Inc.		63,557	$	4,839,866
Ubiquiti Networks, Inc.(a)(b)		5,494		390,184
				7,729,987
Construction & Engineering — 2.2%
Argan Inc.		28,541		1,284,345
Comfort Systems U.S.A., Inc.		125,079		5,459,698
MasTec, Inc.(a)		112,232		5,493,756
				12,237,799
Consumer Finance — 1.1%
Consumer Portfolio Services, Inc.(a)		48,933		203,072
Enova International, Inc.(a)		79,823		1,213,310
Green Dot Corp., Class A(a)		72,645		4,377,588
				5,793,970
Distributors — 0.0%
Funko, Inc., Class A(a)(b)		9,203		61,200
Diversified Consumer Services — 1.5%
Capella Education Co.		22,392		1,733,141
Carriage Services, Inc.		4,665		119,937
Collectors Universe, Inc.		36,137		1,034,964
Grand Canyon Education, Inc.(a)		52,577		4,707,219
Weight Watchers International, Inc.(a)		11,807		522,814
				8,118,075
Diversified Telecommunication Services — 1.1%
Cogent Communications Holdings, Inc.		133,883		6,064,900
Electric Utilities — 0.2%
Portland General Electric Co.		18,308		834,479
Electrical Equipment — 0.2%
Generac Holdings, Inc.(a)		17,024		843,028
Electronic Equipment, Instruments & Components — 3.0%
Control4 Corp.(a)		4,688		139,515
Fitbit, Inc., Class A(a)		97,927		559,163
Insight Enterprises, Inc.(a)		40,537		1,552,162
Novanta, Inc.(a)		19,113		955,650
OSI Systems, Inc.(a)		5,510		354,734
PC Connection, Inc.		9,335		244,670
Rogers Corp.(a)		24,400		3,950,848
SYNNEX Corp.		53,603		7,287,328
Vishay Intertechnology, Inc.		56,589		1,174,222
				16,218,292
Energy Equipment & Services — 1.4%
Aspen Aerogels, Inc.(a)		30		146
Exterran Corp.(a)		51,290		1,612,558
Noble Corp. PLC(a)		50,737		229,331
Pioneer Energy Services Corp.(a)		70,469		214,930
ProPetro Holding Corp.(a)		280,324		5,651,332
				7,708,297
Equity Real Estate Investment Trusts (REITs) — 3.7%
First Industrial Realty Trust, Inc.		145,170		4,568,500
PS Business Parks, Inc.		58,831		7,359,170
Ryman Hospitality Properties, Inc.		23,498		1,621,832
Terreno Realty Corp.		188,036		6,592,542
				20,142,044
Food & Staples Retailing — 1.2%
Performance Food Group Co.(a)		203,733		6,743,562
Food Products — 0.4%
Dean Foods Co.		166,074		1,919,815
Health Care Equipment & Supplies — 5.7%
Accuray, Inc.(a)		105,785		454,875
AtriCure, Inc.(a)		57,073		1,041,012
Cantel Medical Corp.		51,339		5,281,243
Cutera, Inc.(a)		23,505		1,065,952

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Globus Medical, Inc., Class A(a)		20,927	$	860,100
Inogen, Inc.(a)		39,371		4,688,299
Insulet Corp.(a)		16,890		1,165,410
LeMaitre Vascular, Inc.		49,421		1,573,565
Masimo Corp.(a)		96,753		8,204,654
Merit Medical Systems, Inc.(a)		16,870		728,784
Neogen Corp.(a)		14,640		1,203,554
Nevro Corp.(a)		1,507		104,043
Orthofix International NV(a)		18,208		995,978
RTI Surgical, Inc.(a)		344,683		1,413,200
SeaSpine Holdings Corp.(a)		80,807		817,767
STAAR Surgical Co.(a)		4,073		63,132
Wright Medical Group NV(a)		72,619		1,612,142
				31,273,710
Health Care Providers & Services — 2.3%
Chemed Corp.		9,020		2,192,040
CorVel Corp.(a)		4,563		241,383
Diplomat Pharmacy, Inc.(a)		21,121		423,898
HealthSouth Corp.(a)		3,697		182,669
LHC Group, Inc.(a)		63,016		3,859,730
National Research Corp., Class A		14,252		531,600
Tivity Health, Inc.(a)		16,990		620,985
WellCare Health Plans, Inc.(a)		21,595		4,342,970
				12,395,275
Health Care Technology — 1.9%
Medidata Solutions, Inc.(a)		114,738		7,270,947
Quality Systems, Inc.(a)		9,221		125,221
Vocera Communications, Inc.(a)		102,851		3,108,157
				10,504,325
Hotels, Restaurants & Leisure — 3.4%
Bloomin’ Brands, Inc.		107,750		2,299,385
Bravo Brio Restaurant Group, Inc.(a)		35,777		89,442
Brinker International, Inc.		5,918		229,855
Cheesecake Factory, Inc.		32,643		1,572,740
J. Alexander’s Holdings, Inc.(a)		87,502		848,769
La Quinta Holdings, Inc.(a)		92,426		1,706,184
Papa John’s International, Inc.		82,137		4,608,707
Ruth’s Hospitality Group, Inc.		71,780		1,554,037
Scientific Games Corp., Class A(a)		14,944		766,627
Texas Roadhouse, Inc.		41,125		2,166,465
Vail Resorts, Inc.		14,011		2,976,917
				18,819,128
Household Durables — 1.2%
GoPro, Inc., Class A(a)(b)		65,506		495,880
iRobot Corp.(a)		55,256		4,238,135
TopBuild Corp.(a)		14,374		1,088,687
William Lyon Homes, Class A(a)		26,130		759,860
				6,582,562
Household Products — 0.1%
Central Garden & Pet Co.(a)		18,425		717,101
Independent Power and Renewable Electricity Producers — 0.0%
NRG Yield, Inc., Class A		11,359		214,117
Insurance — 0.4%
Infinity Property & Casualty Corp.		750		79,500
James River Group Holdings Ltd.		48,708		1,948,807
				2,028,307
Internet & Direct Marketing Retail — 0.5%
Nutrisystem, Inc.		39,519		2,078,699
PetMed Express, Inc.		18,415		837,882
				2,916,581
Internet Software & Services — 5.6%
Appfolio, Inc., Class A(a)		27,265		1,131,497
Box, Inc., Class A(a)		165,156		3,488,095

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Small Cap Growth Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet Software & Services (continued)
Care.com, Inc.(a)		30,183	$	544,501
Cloudera, Inc.(a)		38,119		629,726
CommerceHub, Inc., Series A(a)		34,229		752,696
CommerceHub, Inc., Series C(a)		4,716		97,102
Cornerstone OnDemand, Inc.(a)		72,475		2,560,542
Five9, Inc.(a)		106,577		2,651,636
Gogo, Inc.(a)		11,569		130,498
GrubHub, Inc.(a)		3,222		231,340
Hortonworks, Inc.(a)		8,548		171,900
Internap Corp.(a)		3,386		53,194
Limelight Networks, Inc.(a)		411,584		1,815,085
MongoDB, Inc.(a)		25,405		754,020
MongoDB, Inc. (Acquired 12/19/13, cost $2,006,862)(a)(c)		59,999		1,726,853
New Relic, Inc.(a)		15,976		922,934
NIC, Inc.		271,536		4,507,498
Nutanix, Inc., Class A(a)		41,803		1,474,810
Okta, Inc.(a)		6,654		170,409
Q2 Holdings, Inc.(a)		2,083		76,759
QuinStreet, Inc.(a)		186,925		1,566,432
Remark Holdings, Inc.(a)		15,935		155,048
Shutterstock, Inc.(a)		10,509		452,202
Twilio, Inc., Class A(a)		29,557		697,545
Wix.com Ltd.(a)		15,411		886,903
Yelp, Inc.(a)		74,376		3,120,817
YuMe, Inc.		18,261		87,288
				30,857,330
IT Services — 1.7%
CSG Systems International, Inc.		122,431		5,364,926
EPAM Systems, Inc.(a)		2,490		267,501
Everi Holdings, Inc.(a)		130,413		983,314
Hackett Group, Inc.		109,767		1,724,440
Unisys Corp.(a)		109,745		894,422
				9,234,603
Leisure Products — 1.3%
Malibu Boats, Inc., Class A(a)		122,194		3,632,828
MCBC Holdings, Inc.(a)		150,734		3,349,309
				6,982,137
Life Sciences Tools & Services — 1.2%
Cambrex Corp.(a)		17,122		821,856
Enzo Biochem, Inc.(a)		83,739		682,473
Harvard Bioscience, Inc.(a)		164,095		541,513
Luminex Corp.		35,148		692,416
Medpace Holdings, Inc.(a)		13,798		500,315
NanoString Technologies, Inc.(a)		13,789		103,004
PRA Health Sciences, Inc.(a)		30,620		2,788,563
Syneos Health, Inc.(a)		15,335		668,606
				6,798,746
Machinery — 4.7%
Alamo Group, Inc.		64,226		7,249,189
Altra Industrial Motion Corp.		29,725		1,498,140
Briggs & Stratton Corp.		98,802		2,506,607
Harsco Corp.(a)		84,639		1,578,517
Kadant, Inc.		67,079		6,734,732
Mueller Water Products, Inc., Class A		46,639		584,387
Rexnord Corp.(a)		70,698		1,839,562
Watts Water Technologies, Inc., Class A		48,939		3,716,917
				25,708,051
Media — 1.4%
Central European Media Enterprises Ltd., Class A(a)		109,489		509,124
Entravision Communications Corp., Class A		573,249		4,098,730
Eros International PLC(a)		6,316		60,949
Harte-Hanks, Inc.(a)		134,799		127,884
Meredith Corp.		30,808		2,034,868

Security	Shares		Value
Media (continued)
World Wrestling Entertainment, Inc., Class A		31,322	$	957,827
				7,789,382
Metals & Mining — 0.8%
Materion Corp.		6,221		302,341
Ryerson Holding Corp.(a)		14,404		149,802
Schnitzer Steel Industries, Inc., Class A		25,888		867,248
Worthington Industries, Inc.		71,757		3,161,613
				4,481,004
Multiline Retail — 0.3%
Big Lots, Inc.		22,883		1,284,880
Ollie’s Bargain Outlet Holdings, Inc.(a)		8,320		443,040
				1,727,920
Oil, Gas & Consumable Fuels — 0.4%
Bill Barrett Corp.(a)		15,843		81,275
California Resources Corp.(a)		52,881		1,028,007
Eclipse Resources Corp.(a)		62,169		149,206
EP Energy Corp., Class A(a)(b)		92,128		217,422
Evolution Petroleum Corp.		97,006		664,491
W&T Offshore, Inc.(a)		29,415		97,364
				2,237,765
Paper & Forest Products — 0.3%
Boise Cascade Co.		17,740		707,826
Louisiana-Pacific Corp.(a)		34,098		895,413
				1,603,239
Personal Products — 1.0%
Inter Parfums, Inc.		63,120		2,742,564
Medifast, Inc.		36,054		2,516,930
				5,259,494
Pharmaceuticals — 3.5%
Aerie Pharmaceuticals, Inc.(a)		3,368		201,238
Catalent, Inc.(a)		206,191		8,470,326
Corcept Therapeutics, Inc.(a)		182,226		3,291,002
Durect Corp.(a)		64,163		59,145
Juniper Pharmaceuticals, Inc.(a)		58,996		286,131
Medicines Co.(a)		73,079		1,997,980
Nektar Therapeutics(a)		66,624		3,978,785
Omeros Corp.(a)		3,202		62,215
Phibro Animal Health Corp., Class A		6,443		215,840
Revance Therapeutics, Inc.(a)		9,815		350,886
Zogenix, Inc.(a)		1,401		56,110
				18,969,658
Professional Services — 1.9%
CRA International Inc.		28,275		1,270,961
Forrester Research, Inc.		5,673		250,747
Insperity, Inc.		132,723		7,611,664
RPX Corp.(a)		45,094		606,063
WageWorks, Inc.(a)		13,408		831,296
				10,570,731
Road & Rail — 0.6%
Marten Transport Ltd.		46,647		946,934
Saia, Inc.(a)		26,768		1,893,836
Werner Enterprises, Inc.		5,592		216,131
				3,056,901
Semiconductors & Semiconductor Equipment — 5.2%
Advanced Energy Industries, Inc.(a)		47,656		3,215,827
Alpha & Omega Semiconductor Ltd.(a)		63,639		1,041,134
Brooks Automation, Inc.		41,922		999,840
Cabot Microelectronics Corp.		37,875		3,563,280
Cirrus Logic, Inc.(a)		29,390		1,524,165
Entegris, Inc.(a)		255,005		7,764,902
Integrated Device Technology, Inc.(a)		13,016		386,966
Microsemi Corp.(a)		78,036		4,030,559

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Small Cap Growth Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
MKS Instruments, Inc.		12,446	$	1,176,147
Monolithic Power Systems, Inc.		15,800		1,775,288
Power Integrations, Inc.		9,441		694,386
Semtech Corp.(a)		60,148		2,057,062
Xcerra Corp.(a)		23,044		225,601
				28,455,157
Software — 7.2%
A10 Networks, Inc.(a)		272,996		2,107,529
Barracuda Networks, Inc.(a)		12,484		343,310
Bottomline Technologies, Inc.(a)		105,691		3,665,364
HubSpot, Inc.(a)		882		77,969
Imperva, Inc.(a)		72,369		2,873,049
MicroStrategy, Inc., Class A(a)		44,224		5,806,611
Mitek Systems, Inc.(a)		16,592		148,498
Paylocity Holding Corp.(a)		36,599		1,726,009
Proofpoint, Inc.(a)		56,047		4,977,534
RingCentral, Inc., Class A(a)		137,326		6,646,578
Silver Spring Networks, Inc.(a)		5,737		93,169
Varonis Systems, Inc.(a)		121,847		5,915,672
Verint Systems, Inc.(a)		55,537		2,324,223
Zendesk, Inc.(a)		58,959		1,995,173
Zix Corp.(a)		170,710		747,710
				39,448,398
Specialty Retail — 0.7%
Aaron’s, Inc.		15,083		601,058
Asbury Automotive Group, Inc.(a)		14,964		957,696
Citi Trends, Inc.		17,442		461,515
Group 1 Automotive, Inc.		3,611		256,273
Haverty Furniture Cos., Inc.		50,734		1,149,125
National Vision Holdings, Inc.(a)		1,832		74,398
RH(a)		5,645		486,655
				3,986,720
Technology Hardware, Storage & Peripherals — 0.4%
Pure Storage, Inc., Class A(a)		147,381		2,337,463
Textiles, Apparel & Luxury Goods — 0.4%
Culp, Inc.		39,987		1,339,564
Fossil Group, Inc.(a)(b)		8,293		64,437
Steven Madden Ltd.(a)		17,549		819,538
				2,223,539
Thrifts & Mortgage Finance — 0.8%
Essent Group Ltd.(a)		84,695		3,677,457
First Defiance Financial Corp.		10,903		566,629
				4,244,086
Trading Companies & Distributors — 1.8%
Applied Industrial Technologies, Inc.		119,072		8,108,803
H&E Equipment Services, Inc.		15,331		623,205
MRC Global, Inc.(a)		5,481		92,738
Rush Enterprises, Inc., Class A(a)		17,961		912,598
				9,737,344
Water Utilities — 0.0%
SJW Group		2,499		159,511

Security	Shares		Value
Wireless Telecommunication Services — 0.6%
Boingo Wireless, Inc.(a)		151,720	$	3,413,700
Total Common Stocks — 98.9% (Cost: $452,607,285)				541,334,483
Preferred Stocks — 0.5%
Household Durables — 0.0%
AliphCom: Series 8 (Acquired 8/31/15, cost $130,001)(a)(c)(d)		142,746		1
Series 6 (Acquired 6/03/14, cost $749,991)(a)(c)(d)		6,198		—
				1
Software — 0.5%
Illumio Inc., Series C (Acquired 3/10/15, cost $750,000)(a)(c)(d)		233,365		725,765
Palantir Technologies, Inc., Series I (Acquired 2/06/14, cost $1,999,998)(a)(c)(d)		326,264		1,849,917
				2,575,682
Total Preferred Stocks — 0.5% (Cost: $3,629,990)				2,575,683
Rights — 0.1%
Durata Therapeutics, Inc. — CVR(a)(d)		7,330		—
Dyax Corp. — CVR(a)(d)		149,927		343,333
Total Rights — 0.1% (Cost: $ — )				343,333
Total Long-Term Investments — 99.5% (Cost: $456,237,275)				544,253,499
Short-Term Securities — 1.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(e)(g)		3,369,763		3,369,763
SL Liquidity Series, LLC, Money Market Series, 1.53%(e)(f)(g)		3,056,289		3,055,984
Total Short-Term Securities — 1.2% (Cost: $6,425,910)				6,425,747
Total Investments — 100.7% (Cost: $462,663,185)				550,679,246
Liabilities in Excess of Other Assets — (0.7)%				(3,583,486	)
Net Assets — 100.0%			$	547,095,760

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $4,302,536, representing 0.8% of its net assets as of period end, and an original cost of $5,636,852.

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

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

^(f) Security was purchased with the cash collateral from loaned securities.

^(g) During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Small Cap Growth Fund

Affiliate	Shares Held at 09/30/2017		Net Activity			Shares Held at 12/31/2017		Value at 12/31/2017		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		9,080,253		(5,710,490	)		3,369,763	$	3,369,763	$	17,650		$	25		$	—
SL Liquidity Series, LLC, Money Market Series		4,197,442		(1,141,153	)		3,056,289		3,055,984		69,857	(b)		(244	)		(369	)
								$	6,425,747	$	87,507		$	(219	)	$	(369	)

^(a)  Includes net capital gain distributions, if applicable.

^(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.

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 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 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 Depreciation
Long Contracts
Russell 2000 E-Mini Index		59		March 2018	$4,533		(2,115	)

Portfolio Abbreviation

CVR      Contingent Value Rights

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 the 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	8,607,787	$	—	$	—	$	8,607,787
Airlines		1,227,500		—		—		1,227,500
Auto Components		11,483,689		—		—		11,483,689
Banks		11,802,154		—		—		11,802,154
Biotechnology		49,352,940		—		—		49,352,940
Building Products		15,483,363		—		—		15,483,363
Capital Markets		9,196,268		—		—		9,196,268
Chemicals		13,425,133		—		—		13,425,133
Commercial Services & Supplies		11,606,216		—		—		11,606,216
Communications Equipment		7,729,987		—		—		7,729,987
Construction & Engineering		12,237,799		—		—		12,237,799

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Advantage Small Cap Growth Fund

	Level 1			Level 2		Level 3		Total
Consumer Finance	$	5,793,970		$	—	$	—	$	5,793,970
Distributors		61,200			—		—		61,200
Diversified Consumer Services		8,118,075			—		—		8,118,075
Diversified Telecommunication Services		6,064,900			—		—		6,064,900
Electric Utilities		834,479			—		—		834,479
Electrical Equipment		843,028			—		—		843,028
Electronic Equipment, Instruments & Components		16,218,292			—		—		16,218,292
Energy Equipment & Services		7,708,297			—		—		7,708,297
Equity Real Estate Investment Trusts (REITs)		20,142,044			—		—		20,142,044
Food & Staples Retailing		6,743,562			—		—		6,743,562
Food Products		1,919,815			—		—		1,919,815
Health Care Equipment & Supplies		31,273,710			—		—		31,273,710
Health Care Providers & Services		12,395,275			—		—		12,395,275
Health Care Technology		10,504,325			—		—		10,504,325
Hotels, Restaurants & Leisure		18,819,128			—		—		18,819,128
Household Durables		6,582,562			—		—		6,582,562
Household Products		717,101			—		—		717,101
Independent Power and Renewable Electricity Producers		214,117			—		—		214,117
Insurance		2,028,307			—		—		2,028,307
Internet & Direct Marketing Retail		2,916,581			—		—		2,916,581
Internet Software & Services		29,130,477			1,726,853		—		30,857,330
IT Services		9,234,603			—		—		9,234,603
Leisure Products		6,982,137			—		—		6,982,137
Life Sciences Tools & Services		6,798,746			—		—		6,798,746
Machinery		25,708,051			—		—		25,708,051
Media		7,789,382			—		—		7,789,382
Metals & Mining		4,481,004			—		—		4,481,004
Multiline Retail		1,727,920			—		—		1,727,920
Oil, Gas & Consumable Fuels		2,237,765			—		—		2,237,765
Paper & Forest Products		1,603,239			—		—		1,603,239
Personal Products		5,259,494			—		—		5,259,494
Pharmaceuticals		18,969,658			—		—		18,969,658
Professional Services		10,570,731			—		—		10,570,731
Road & Rail		3,056,901			—		—		3,056,901
Semiconductors & Semiconductor Equipment		28,455,157			—		—		28,455,157
Software		39,448,398			—		—		39,448,398
Specialty Retail		3,986,720			—		—		3,986,720
Technology Hardware, Storage & Peripherals		2,337,463			—		—		2,337,463
Textiles, Apparel & Luxury Goods		2,223,539			—		—		2,223,539
Thrifts & Mortgage Finance		4,244,086			—		—		4,244,086
Trading Companies & Distributors		9,737,344			—		—		9,737,344
Water Utilities		159,511			—		—		159,511
Wireless Telecommunication Services		3,413,700			—		—		3,413,700
Preferred Stocks
Household Durables		—			—		1		1
Software		—			—		2,575,682		2,575,682
Rights		—			—		343,333		343,333
Short-Term Securities		3,369,763			—		—		3,369,763
Subtotal	$	542,977,393		$	1,726,853	$	2,919,016	$	547,623,262
Investments Valued at NAV(a)									3,055,984
Total Investments								$	550,679,246
Derivative Financial Instruments(b)
Equity contracts	$	(2,115	)	$	—	$	—	$	(2,115	)

^(a)  As of December 31, 2017, certain investments of the Fund’s were valued using NAV per share or its equivalent as no quoted market value was available and therefore have been excluded from the fair value hierarchy.

^(b)  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended December 31, 2017, there were no transfers between levels.

6 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments   December 31, 2017 (unaudited) BlackRock All-Cap Energy & Resources Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.4%
Energy Equipment & Services — 9.5%
Baker Hughes a GE Co.		46,534	$	1,472,336
Halliburton Co.		74,311		3,631,579
Patterson-UTI Energy, Inc.		40,326		927,901
Precision Drilling Corp.(a)		147,021		445,625
Schlumberger Ltd.		28,047		1,890,087
				8,367,528
Oil, Gas & Consumable Fuels — 89.9%
Anadarko Petroleum Corp.		42,678		2,289,248
Andeavor		14,767		1,688,459
BP PLC		864,960		6,067,929
Cabot Oil & Gas Corp.		53,518		1,530,615
Cairn Energy PLC(a)		296,606		854,708
Canadian Natural Resources Ltd.		73,873		2,639,917
Chevron Corp.		74,579		9,336,545
Cimarex Energy Co.		20,901		2,550,131
Concho Resources, Inc.(a)		6,005		902,071
ConocoPhillips		81,365		4,466,125
Devon Energy Corp.		64,945		2,688,723
Enbridge, Inc.		35,130		1,373,899
Encana Corp.		195,091		2,602,765
Eni SpA		51,285		848,659
EOG Resources, Inc.		34,152		3,685,342
EQT Corp.		25,865		1,472,236
Exxon Mobil Corp.		90,742		7,589,661
Kosmos Energy, Ltd.(a)		105,040		719,524
Marathon Oil Corp.		108,620		1,838,937

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Noble Energy, Inc.		53,939	$	1,571,782
Oil Search Ltd.		194,751		1,179,141
Phillips 66		9,016		911,968
Pioneer Natural Resources Co.		18,215		3,148,463
Royal Dutch Shell PLC, Class A		324,819		10,843,473
TOTAL SA		22,134		1,221,792
TransCanada Corp.		54,980		2,675,956
Valero Energy Corp.		28,450		2,614,839
				79,312,908
Total Common Stocks — 99.4% (Cost: $69,040,480)				87,680,436
Total Long-Term Investments — 99.4% (Cost: $69,040,480)				87,680,436
Short-Term Securities — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(b)(c)		815,666		815,666
Total Short-Term Investments — 0.9% (Cost: $815,666)				815,666
Total Investments — 100.3% (Cost: $69,856,146)				88,496,102
Liabilities in Excess of Other Assets — (0.3)%				(234,800	)
Net Assets — 100.0%			$	88,261,302

Notes to Schedule of Investments

^(a)  Non-income producing security.

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

^(c)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity		Shares Held at 12/31/2017		Value at 12/31/2017		Income		Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		478,745		336,921		815,666	$	815,666	$	1,829	$	1	$	—

^(a)  Includes net capital gain distributions.

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock All-Cap Energy & Resources Portfolio

• 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 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 industry sub-classifications for reporting ease.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 the 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Privately Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investment, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Long-Term Investments:
Common Stocks:
Energy Equipment & Services	$	8,367,528	$	—	$	—	$	8,367,528
Oil, Gas & Consumable Fuels		58,297,206		21,015,702		—		79,312,908
Short-Term Securities		815,666		—		—		815,666
	$	67,480,400	$	21,015,702	$	—	$	88,496,102

During the period ended December 31, 2017, there were no transfers between levels.

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2017 (unaudited) BlackRock Emerging Markets Dividend Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 92.7%
Austria — 1.7%
Erste Group Bank AG		6,212	$	269,200
Brazil — 9.2%
BB Seguridade Participacoes SA		20,931		179,773
EcoRodovias Infraestrutura e Logistica SA		87,286		323,662
Hypermarcas SA		26,413		286,656
Itau Unibanco Holding SA — ADR		19,143		248,859
Kroton Educacional SA		35,075		194,562
MRV Engenharia e Participacoes SA		57,969		262,836
				1,496,348
China — 16.5%
Anhui Conch Cement Co. Ltd., H Shares		50,000		234,687
ANTA Sports Products Ltd.		50,000		226,870
Bank of China Ltd., H Shares		703,000		344,285
China Construction Bank Corp., H Shares		160,000		147,288
China Mobile Ltd.		29,500		298,305
CNOOC Ltd.		238,000		341,677
Industrial & Commercial Bank of China Ltd., H Shares		500,000		400,817
Jiangsu Expressway Co. Ltd., H Shares		122,000		185,476
Kweichow Moutai Co., Ltd.		200		21,422
NetEase, Inc. — ADR		906		312,633
Silergy Corp.		7,000		159,954
				2,673,414
Egypt — 1.5%
Centamin PLC		114,285		243,420
Hungary — 1.5%
Richter Gedeon Nyrt		9,462		247,733
India — 10.2%
Bharat Petroleum Corp. Ltd.		26,320		213,334
Housing Development Finance Corp. Ltd.		8,374		224,244
Indiabulls Housing Finance Ltd.		15,120		283,461
IndusInd Bank Ltd.		10,085		260,199
InterGlobe Aviation Ltd.(a)		8,192		154,342
NTPC Ltd.		121,039		335,653
Sun TV Network Ltd.		12,419		192,655
				1,663,888
Indonesia — 3.5%
Bank Mandiri Perseo Tbk PT		42,400		24,968
Bank Negara Indonesia Persero Tbk PT		305,500		222,919
Jardine Cycle & Carriage Ltd.		6,300		191,232
Media Nusantara Citra Tbk PT		1,392,124		131,850
				570,969
Macau — 2.4%
Wynn Macau Ltd.		122,400		386,964
Mexico — 6.3%
America Movil SAB de CV, Class L — ADR		12,762		218,868
Grupo Aeroportuario del Pacifico SAB de CV, Class B		14,919		153,268
Grupo Aeroportuario del Sureste SAB de CV — ADR		1,327		242,191
Grupo Financiero Banorte Sab de CV		42,311		232,251
PLA Administradora Industrial S de RL de CV		114,426		173,479
				1,020,057
Poland — 2.1%
Powszechny Zaklad Ubezpieczen SA		28,852		348,984
Qatar — 0.6%
Qatar Gas Transport Co., Ltd.		22,970		101,507
Russia — 5.3%
Inter RAO UES PJSC		2,624,133		154,473

Security	Shares		Value
Russia (continued)
LUKOIL PJSC — ADR		3,392	$	193,262
Mobile TeleSystems PJSC — ADR		27,468		279,899
NovaTek PJSC — GDR		2,009		241,482
				869,116
South Africa — 6.1%
Mr Price Group Ltd.		8,597		169,547
Sanlam Ltd.		57,922		405,945
Sasol Ltd.		8,776		303,369
SPAR Group Ltd.		6,708		110,239
				989,100
South Korea — 10.0%
ING Life Insurance Korea, Ltd.(a)		4,254		212,193
POSCO		1,034		321,627
Samsung Electronics Co. Ltd., Preference Shares		356		693,279
Shinhan Financial Group Co. Ltd.		8,559		395,060
				1,622,159
Taiwan — 9.5%
Far EasTone Telecommunications Co. Ltd.		27,000		66,687
MediaTek, Inc.		36,000		353,873
Nanya Technology Corp.		74,000		188,360
Primax Electronics Ltd.		111,000		293,324
St Shine Optical Co., Ltd.		4,000		130,526
Taiwan Semiconductor Manufacturing Co. Ltd.		15,000		114,856
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR		9,879		391,702
				1,539,328
Thailand — 3.5%
Land & Houses PCL — NVDR		457,100		147,271
PTT PCL — NVDR		17,300		233,139
Siam Commercial Bank PCL — NVDR		39,700		182,222
				562,632
Ukraine — 1.3%
Ferrexpo PLC		55,014		217,706
United Arab Emirates — 1.5%
DP World Ltd.		9,472		236,800
Total Common Stocks — 92.7% (Cost: $12,596,801)				15,059,325
Participation Notes — 2.5%
China — 2.1%
Deutsche Bank AG (Kweichow Moutai Co., Ltd., Class A), due 5/22/26(b)		1,464		156,807
UBS AG (Hangzhou Hikvision Digital Technology Co. Ltd., Class A), due 04/11/18(b)		30,215		180,955
Russia — 0.4%
Deutsche Bank AG (Inter RAO UES PJSC), due 01/13/2027(b)		1,231,339		72,484
Total Participation Notes — 2.5% (Cost: $242,531)				410,246
Total Long-Term Investments — 95.2% (Cost: $12,839,332)				15,469,571

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (continued) December 31, 2017(unaudited) BlackRock Emerging Markets Dividend Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 4.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(c)(d)		790,283	$	790,283
Total Short-Term Investments — 4.9% (Cost: $790,283)				790,283
Total Investments — 100.1% (Cost: $13,629,615)				16,259,854
Liabilities in Excess of Other Assets — (0.1)%				(19,455	)
Net Assets — 100.0%			$	16,240,399

Notes to Schedule of Investments

^(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)  Non-income producing security.

^(c)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity		Shares Held at 12/31/2017		Value at 12/31/2017		Income		Net Realized Gain		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		385,937		404,346		790,283		$790,283		$1,576		$2		$—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Market Mini Index		8		March 2018	$465		58,302

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 the 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Privately Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017(unaudited) BlackRock Emerging Markets Dividend Fund (Percentages shown are based on Net Assets)

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Long-Term Investments:
Common Stocks:
Austria	$	—	$	269,200	$	—	$	269,200
Brazil		1,496,348		—		—		1,496,348
China		720,879		1,952,535		—		2,673,414
Egypt		—		243,420		—		243,420
Hungary		247,733		—		—		247,733
India		811,769		852,119		—		1,663,888
Indonesia		354,769		216,200		—		570,969
Macau		—		386,964		—		386,964
Mexico		1,020,057		—		—		1,020,057
Poland		—		348,984		—		348,984
Qatar		101,507		—		—		101,507
Russia		521,381		347,735		—		869,116
South Africa		110,239		878,861		—		989,100
South Korea		212,193		1,409,966		—		1,622,159
Taiwan		458,389		1,080,939		—		1,539,328
Thailand		147,271		415,361		—		562,632
Ukraine		217,706		—		—		217,706
United Arab Emirates		236,800		—		—		236,800
Participation Notes:
China		—		337,762		—		337,762
Russia		—		72,484		—		72,484
Short-Term Securities		790,283		—		—		790,283
Total	$	7,447,324	$	8,812,530		—	$	16,259,854
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	58,302	$	—	$	—	$	58,302

^(a)  Derivative financial instruments are futures contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended December 31, 2017, there were no transfers between levels.

SCHEDULE OF INVESTMENTS 3

Schedule of Investments December 31, 2017 (unaudited) BlackRock Energy & Resources Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.3%
Energy Equipment & Services — 12.3%
Baker Hughes a GE Co.		98,599	$	3,119,672
Helmerich & Payne, Inc.		35,988		2,326,264
Patterson-UTI Energy, Inc.		285,225		6,563,027
Poseidon Concepts Corp.(a)		35,081		70
Precision Drilling Corp.(a)		666,572		2,020,397
Superior Energy Services, Inc.(a)		278,337		2,680,385
Tenaris SA		283,796		4,504,392
				21,214,207
Oil, Gas & Consumable Fuels — 87.0%
AltaGas Ltd.		79,704		1,814,740
Anadarko Petroleum Corp.		94,495		5,068,712
Andeavor		96,100		10,988,074
Cabot Oil & Gas Corp.		341,528		9,767,701
Cairn Energy PLC(a)		2,002,816		5,771,369
Carrizo Oil & Gas, Inc.(a)		64,111		1,364,282
Cimarex Energy Co.		91,020		11,105,350
Concho Resources, Inc.(a)		40,987		6,157,067
Devon Energy Corp.		161,958		6,705,061
Enbridge, Inc.		122,154		4,777,320
Encana Corp.		870,079		11,607,975
Energen Corp.(a)		56,480		3,251,554
EQT Corp.		171,114		9,739,809
Gulfport Energy Corp.(a)		203,738		2,599,697
Hess Corp.		91,314		4,334,676
HollyFrontier Corp.		99,152		5,078,565
Kosmos Energy, Ltd.(a)		669,906		4,588,856
Longview Energy Co.(a)		85,400		186,172
Lundin Petroleum AB(a)		112,458		2,574,299
Marathon Oil Corp.		601,276		10,179,603
Newfield Exploration Co.(a)		58,407		1,841,573

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Noble Energy, Inc.		172,794	$	5,035,217
Oil Search Ltd.		775,185		4,693,442
Painted Pony Energy Ltd.(a)(b)		406,986		864,481
Pioneer Natural Resources Co.		41,043		7,094,283
RSP Permian, Inc.(a)		154,264		6,275,460
TransCanada Corp.		151,260		7,362,042
				150,827,380
Total Common Stocks — 99.3% (Cost: $152,677,286)				172,041,587
Total Long-Term Investments — 99.3% (Cost: $152,677,286)				172,041,587
Short-Term Securities — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(c)(e)		1,862,178		1,862,178
SL Liquidity Series, LLC, Money Market Series, 1.53%(c)(d)(e)		568,757		568,700
Total Short-Term Investments — 1.4% (Cost: $2,430,878)				2,430,878
Total Investments — 100.7% (Cost: $155,108,164)				174,472,465
Liabilities in Excess of Other Assets — (0.7)%				(1,141,899	)
Net Assets — 100.0%			$	173,330,566

Notes to Schedule of Investments

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d)  Security was purchased with the cash collateral from loaned securities.

^(e)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity			Shares Held at 12/31/2017		Value at 12/31/2017		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,889,750		(27,572	)		1,862,178	$	1,862,178	$	3,802			$ 3			$—
SL Liquidity Series, LLC, Money Market Series		—		568,757			568,757		568,700		1,313	(b)		(2	)		—
								$	2,430,878	$	5,115			$ 1			$—

^(a)  Includes net capital gain distributions.

^(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.

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Energy & Resources Portfolio (Percentages shown are based on Net Assets)

• 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 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 industry sub-classifications for reporting ease.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 the 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Privately Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investment, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Energy Equipment & Services	$	16,709,745	$	4,504,462	$	—	$	21,214,207
Oil, Gas & Consumable Fuels		137,602,098		13,039,110		186,172		150,827,380
Short-Term Securities		1,862,178		—		—		1,862,178
Subtotal	$	156,174,021	$	17,543,572	$	186,172	$	173,903,765
Investments Valued at NAV(a)								568,700
Total Investments							$	174,472,465

^(a)  As of December 31, 2017, certain investments of the Fund’s were valued using NAV per share or its equivalent as no quoted market value was available and therefore have been excluded from the fair value hierarchy.

During the period ended December 31, 2017, there were no transfers between levels.

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2017 (unaudited) BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.6%
Biotechnology — 23.6%
AbbVie, Inc.		1,140,706	$	110,317,677
ACADIA Pharmaceuticals, Inc.(a)		651,300		19,610,643
Acceleron Pharma, Inc.(a)		963,300		40,882,452
Acerta Pharma BV, Series B (Acquired 5/6/15, cost $17,141,679)(a)(b)(c)		297,971,595		33,313,224
Agios Pharmaceuticals, Inc.(a)		271,500		15,521,655
Alexion Pharmaceuticals, Inc.(a)		230,500		27,565,495
Alkermes PLC(a)		490,300		26,834,119
Alnylam Pharmaceuticals, Inc.(a)		847,300		107,649,465
Amgen, Inc.		1,069,846		186,046,219
Apellis Pharmaceuticals, Inc.(a)		266,504		5,783,137
Aquinox Pharmaceuticals, Inc.(a)		318,217		3,742,232
Argenx SE — ADR(a)		80,941		5,110,615
Avexis, Inc.(a)		304,156		33,660,945
Biogen, Inc.(a)		419,162		133,532,438
Biohaven Pharmaceutical Holding, Co., Ltd.(a)		248,186		6,696,058
BioMarin Pharmaceutical, Inc.(a)		580,700		51,781,019
Bluebird Bio, Inc.(a)		40,200		7,159,620
Celgene Corp.(a)		577,538		60,271,866
Clementia Pharmaceuticals, Inc.(a)(d)		188,325		3,574,409
Cytokinetics, Inc.(a)		207,900		1,694,385
FibroGen, Inc.(a)		169,400		8,029,560
Galapagos NV(a)		104,600		9,807,296
Gilead Sciences, Inc.		732,156		52,451,656
Global Blood Therapeutics, Inc.(a)		201,637		7,934,416
Halozyme Therapeutics, Inc.(a)		856,100		17,344,586
Incyte Corp.(a)		278,100		26,338,851
InflaRx NV(a)		586,134		12,279,507
InflaRx NV, Series D (Acquired 11/8/17, cost $4,645,442)(a)(c)		357,336		7,217,933
Insmed, Inc.(a)		1,239,177		38,637,539
Myovant Sciences, Ltd.(a)(d)		535,198		6,764,903
Ovid therapeutics, Inc.(a)		781,407		7,712,487
Prothena Corp. PLC(a)		40,664		1,524,493
Regeneron Pharmaceuticals, Inc.(a)		89,622		33,694,287
Sage Therapeutics, Inc.(a)		279,697		46,068,893
Sarepta Therapeutics, Inc.(a)		817,355		45,477,632
Seattle Genetics, Inc.(a)		630,118		33,711,313
Spark Therapeutics, Inc.(a)		164,880		8,478,130
Spectrum Pharmaceuticals, Inc.(a)		1,391,594		26,370,706
Syndax Pharmaceuticals, Inc.(a)		288,521		2,527,444
TESARO, Inc.(a)		325,074		26,938,882
Ultragenyx Pharmaceutical, Inc.(a)		389,500		18,065,010
Vertex Pharmaceuticals, Inc.(a)		728,170		109,123,556
				1,427,246,753
Diversified Consumer Services — 0.5%
Service Corp. International		784,600		29,281,272
Health Care Equipment & Supplies — 23.1%
Abbott Laboratories		3,812,100		217,556,547
Align Technology, Inc.(a)		66,800		14,842,292
Baxter International, Inc.		1,999,400		129,241,216
Becton Dickinson and Co.		289,292		61,925,846
Boston Scientific Corp.(a)		3,308,352		82,014,046
Cooper Cos., Inc.		88,872		19,363,431
Edwards Lifesciences Corp.(a)		365,600		41,206,776
Hologic, Inc.(a)		1,440,000		61,560,000
Intuitive Surgical, Inc.(a)		208,600		76,126,484
iRhythm Technologies, Inc.(a)		275,995		15,469,520
Masimo Corp.(a)		624,400		52,949,120
Medtronic PLC		3,079,123		248,639,182
Nevro Corp.(a)		451,200		31,150,848
ResMed, Inc.		631,700		53,498,673
Stryker Corp.		1,446,500		223,976,060
Teleflex, Inc.		130,400		32,446,128
Varian Medical Systems, Inc.(a)		297,300		33,044,895
				1,395,011,064

Security	Shares		Value
Health Care Providers & Services — 24.4%
Amedisys, Inc.(a)		797,200	$	42,020,412
AmerisourceBergen Corp.		242,300		22,247,986
Anthem, Inc.		495,400		111,469,954
Cardinal Health, Inc.		536,000		32,840,720
Centene Corp.(a)		669,000		67,488,720
Cigna Corp.		871,200		176,932,008
DaVita, Inc.(a)		992,659		71,719,613
HCA Healthcare, Inc.(a)		435,148		38,223,400
HealthEquity, Inc.(a)		228,700		10,671,142
Humana, Inc.		514,200		127,557,594
McKesson Corp.		305,200		47,595,940
Quest Diagnostics, Inc.		1,368,700		134,803,263
Teladoc, Inc.(a)		764,700		26,649,795
UnitedHealth Group, Inc.		2,290,453		504,953,268
Universal Health Services, Inc., Class B		332,900		37,734,215
WellCare Health Plans, Inc.(a)		115,400		23,208,094
				1,476,116,124
Life Sciences Tools & Services — 2.4%
Agilent Technologies, Inc.		803,000		53,776,910
Thermo Fisher Scientific, Inc.		416,200		79,028,056
Wuxi Biologics Cayman, Inc.(a)(e)		1,806,500		10,104,386
				142,909,352
Pharmaceuticals — 23.6%
Allergan PLC		637,260		104,242,991
Assembly Biosciences, Inc.(a)		28,500		1,289,625
AstraZeneca PLC		1,093,327		75,445,530
AstraZeneca PLC — ADR		1,040,600		36,108,820
Bristol-Myers Squibb Co.		1,944,226		119,142,169
Chugai Pharmaceutical Co. Ltd.		251,500		12,853,846
Daiichi Sankyo Co. Ltd.		670,800		17,442,190
Dermira, Inc.(a)		362,800		10,089,468
Eisai Co. Ltd.		240,800		13,679,755
Eli Lilly & Co.		1,227,000		103,632,420
Johnson & Johnson		1,227,600		171,520,272
Merck & Co., Inc.		1,105,800		62,223,366
Merck KGaA		556,600		59,743,505
Novartis AG — ADR		928,100		77,923,276
Novo Nordisk A/S — ADR		1,798,000		96,498,660
Pfizer, Inc.		7,357,337		266,482,746
Reata Pharmaceuticals, Inc., Class A(a)		108,223		3,064,875
Roche Holding AG		137,200		34,691,757
Sanofi		380,100		32,723,466
Sanofi — ADR		937,500		40,312,500
Takeda Pharmaceutical Co. Ltd.		283,100		16,028,466
Theravance Biopharma, Inc.(a)		85,900		2,395,751
Zoetis, Inc.		951,200		68,524,448
				1,426,059,902
Total Common Stocks — 97.6% (Cost: $4,088,068,227)				5,896,624,467

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets)

Security	Beneficial Interest		Value
Other Interests — 0.1%
Biotechnology — 0.1%
Afferent Pharmaceuticals, Inc., Series C(b)		6,978,106	$	6,978,106
	Shares
Rights — 0.1%
Dyax Corp. — CVR(a)(b)		1,269,237		2,906,553
Total Long-Term Investments — 97.8% (Cost: $4,088,068,227)				5,906,509,126

Security	Shares		Value
Short-Term Securities — 2.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(f)(h)		140,258,243	$	140,258,243
SL Liquidity Series, LLC, Money Market Series, 1.53%(f)(g)(h)		1,468,143		1,467,997
Total Short-Term Investments — 2.3% (Cost: $141,726,240)				141,726,240
Total Investments — 100.1% (Cost: $4,229,794,467)				6,048,235,366
Liabilities in Excess of Other
Assets — (0.1)%				(6,178,459	)
Net Assets — 100.0%			$	6,042,056,907

^(a)  Non-income producing security.

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

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $40,531,157, representing 0.67% of its net assets as of period end, and an original cost of $21,787,121.

^(d)  Security, or a portion of the security, is on loan.

^(e) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(g)  Security was purchased with the cash collateral from loaned securities.

^(h)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity			Shares Held at 12/31/2017		Value at 12/31/2017		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		188,757,591		(48,499,348	)		140,258,243	$	140,258,243	$	483,906		$	1,045		$	—
SL Liquidity Series, LLC, Money Market Series		387,461		1,080,682			1,468,143		1,467,997		9,254	(b)		(175	)		—
								$	141,726,240	$	493,160		$	870		$	—

^(a)  Includes net capital gain distributions, if applicable.

^(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.

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	11,066,200	USD	12,931,989	HSBC Bank PLC	1/11/18		356,315
USD	49,190,218	CHF	47,648,400	Northern Trust Corp.	1/11/18		246,986
							603,301
USD	13,879,785	CHF	13,692,200	Credit Suisse International	1/11/18		(184,497	)
USD	7,386,976	CHF	7,353,900	National Australia Bank Ltd.	1/11/18		(166,865	)
USD	9,142,890	CHF	9,044,000	National Australia Bank Ltd.	1/11/18		(146,878	)
USD	10,186,097	CHF	9,976,300	National Australia Bank Ltd.	1/11/18		(61,306	)
USD	121,947,152	EUR	102,669,600	Bank of America N.A.	1/11/18		(1,338,611	)
USD	4,667,766	EUR	3,947,372	Royal Bank of Scotland PLC	1/11/18		(72,242	)
							(1,970,399	)
Net Unrealized Depreciation						$	(1,367,098	)

• 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 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 industry sub-classifications for reporting ease.

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments   (continued) December 31, 2017 (unaudited) BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 the 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)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Investments:
Assets:
Long-Term Investments:
Common Stocks:
Biotechnology	$	1,386,715,596	$	7,217,933		$	33,313,224	$	1,427,246,753
Diversified Consumer Services		29,281,272		—			—		29,281,272
Health Care Equipment & Supplies		1,395,011,064		—			—		1,395,011,064
Health Care Providers & Services		1,476,116,124		—			—		1,476,116,124
Life Sciences Tools & Services		142,909,352		—			—		142,909,352
Pharmaceuticals		1,163,451,387		262,608,515			—		1,426,059,902
Other Interests:
Biotechnology		—		—			6,978,106		6,978,106
Rights:
Biotechnology		—		—			2,906,553		2,906,553
Short-Term Securities		140,258,243		—			—		140,258,243
Subtotal	$	5,733,743,038	$	269,826,448		$	43,197,883	$	6,046,767,369
Investments Valued at NAV1									1,467,997
Total Investments								$	6,048,235,366
Derivative Financial Instruments2
Assets:
Foreign currency exchange contracts	$	—	$	603,301		$	—	$	603,301
Liabilities:
Foreign currency exchange contracts		—		(1,970,399	)		—		(1,970,399	)
Total	$	—	$	(1,367,098	)	$	—	$	(1,367,098	)

¹ As of December 31, 2017, certain of the Fund’s investments were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

²  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended December 31, 2017, there were no transfers between Level 1 and Level 2.

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Health Sciences Opportunities Portfolio (Percentages shown are based on Net Assets)

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

	Common Stocks			Preferred Stocks			Rights		Other Interests			Total
Assets:
Opening Balance, as of September 30, 2017	$	58,700,405		$	5,922,513		$	2,906,553	$	8,825,251		$	76,354,722
Transfers into Level 3		—			—			—		—			—
Transfers out of Level 3		—			(5,922,513	)		—		—			(5,922,513	)
Net realized gain (loss)		—			—			—		—			—
Net change in unrealized appreciation (depreciation)1		(25,387,181	)		—			—		(1,847,145	)		(27,234,326	)
Purchases		—			—			—		—			—
Sales		—			—			—		—			—
Closing Balance, as of December 31, 2017	$	33,313,224		$	—		$	2,906,553	$	6,978,106		$	43,197,883
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20171	$	(25,387,181	)	$	—		$	—	$	(1,847,145	)	$	(27,234,326	)

¹  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017, is generally due to investments no longer held or categorized as Level 3 at period end.

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2017 (unaudited) BlackRock High Equity Income Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 67.0%
Aerospace & Defense — 0.8%
Lockheed Martin Corp.		19,300	$	6,196,265
Automobiles — 0.7%
Ford Motor Co.		403,971		5,045,598
Banks — 11.7%
Bank of America Corp.		249,941		7,378,258
Citigroup, Inc.		120,860		8,993,193
JPMorgan Chase & Co.		253,977		27,160,300
Regions Financial Corp.		219,560		3,793,997
FirstSun Capital Bancorp (Acquired 3/10/14, cost $7,599,729)(a)(b)(c)		167,410		6,138,925
SunTrust Banks, Inc.		18,660		1,205,249
U.S. Bancorp		173,895		9,317,294
Wells Fargo & Co.		397,506		24,116,689
				88,103,905
Beverages — 1.5%
Diageo PLC		98,312		3,603,556
Dr. Pepper Snapple Group, Inc.		77,410		7,513,415
				11,116,971
Biotechnology — 0.5%
Acerta Pharma BV, Series B (Acquired 5/6/15, cost $1,815,300)(a)(b)(c)		31,555,035		3,527,853
Capital Markets — 1.2%
Invesco Ltd.		59,546		2,175,811
Morgan Stanley		129,411		6,790,195
				8,966,006
Chemicals — 0.6%
DowDuPont, Inc.		66,503		4,736,344
Communications Equipment — 1.2%
Cisco Systems, Inc.		229,511		8,790,271
Construction Materials — 0.3%
CRH PLC		54,170		1,944,157
Containers & Packaging — 0.6%
International Paper Co.		75,062		4,349,092
Diversified Telecommunication Services — 3.5%
BCE, Inc.		222,728		10,693,171
BT Group PLC		1,141,854		4,188,720
Verizon Communications, Inc.		221,719		11,735,587
				26,617,478
Electric Utilities — 4.2%
Edison International		27,600		1,745,424
Exelon Corp.		151,383		5,966,004
FirstEnergy Corp.		456,668		13,983,174
PG&E Corp.(a)		228,630		10,249,483
				31,944,085
Electronic Equipment, Instruments & Components — 1.2%
Hon Hai Precision Industry Co. Ltd.		2,739,000		8,708,896
Equity Real Estate Investment Trusts (REITs) — 1.4%
Crown Castle International Corp.		94,883		10,532,962
Food Products — 1.2%
General Mills, Inc.		75,854		4,497,384
Kellogg Co.		63,897		4,343,718
				8,841,102
Health Care Equipment & Supplies — 1.5%
Koninklijke Philips NV		165,501		6,249,081
Medtronic PLC		59,620		4,814,315
				11,063,396

Security	Shares		Value
Health Care Providers & Services — 1.5%
Cardinal Health, Inc.		107,925	$	6,612,565
UnitedHealth Group, Inc.		21,832		4,813,083
				11,425,648
Household Products — 0.9%
Procter & Gamble Co.		71,747		6,592,114
Industrial Conglomerates — 1.3%
General Electric Co.		400,609		6,990,627
Honeywell International, Inc.		16,730		2,565,713
				9,556,340
Insurance — 4.7%
American International Group, Inc.		69,730		4,154,513
Brighthouse Financial, Inc.(a)		16,107		944,514
MetLife, Inc.		172,521		8,722,662
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		26,957		5,821,346
Prudential Financial, Inc.		92,354		10,618,863
Swiss Re AG		59,226		5,538,860
				35,800,758
Internet Software & Services — 1.2%
MongoDB, Inc. (Acquired 12/19/13, cost $10,543,057)(a)(b)(c)		315,205		9,072,027
Leisure Products — 0.3%
Mattel, Inc.(a)		145,490		2,237,636
Machinery — 0.1%
Pentair PLC		15,920		1,124,270
Media — 1.2%
Comcast Corp., Class A		86,983		3,483,669
Interpublic Group of Cos., Inc.		91,620		1,847,059
Publicis Groupe SA		49,930		3,384,608
				8,715,336
Multi-Utilities — 1.9%
Engie SA		243,601		4,187,858
Public Service Enterprise Group, Inc.		203,421		10,476,182
				14,664,040
Oil, Gas & Consumable Fuels — 8.8%
BP PLC		867,990		6,089,186
Chevron Corp.		105,566		13,215,808
Enbridge, Inc.		118,623		4,639,346
Marathon Petroleum Corp.		41,693		2,750,904
Occidental Petroleum Corp.		75,390		5,553,227
Royal Dutch Shell PLC, Class A — ADR		303,878		20,271,701
Suncor Energy, Inc.		160,866		5,907,000
TOTAL SA — ADR		95,622		5,285,984
Valero Energy Corp.		30,492		2,802,520
				66,515,676
Personal Products — 0.5%
Unilever NV — NY Shares		73,393		4,133,494
Pharmaceuticals — 6.7%
AstraZeneca PLC		219,209		15,126,617
Merck & Co., Inc.		201,053		11,313,252
Pfizer, Inc.		658,886		23,864,851
				50,304,720
Professional Services — 0.5%
Nielsen Holdings PLC		95,255		3,467,282
Road & Rail — 0.1%
Norfolk Southern Corp.		7,970		1,154,853
Semiconductors & Semiconductor Equipment — 1.7%
QUALCOMM, Inc.		82,735		5,296,695

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock High Equity Income Fund (Percentages shown are based on Net Assets)

Security		Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Taiwan Semiconductor Manufacturing Co. Ltd.			628,000	$	4,808,643
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR			69,280		2,746,952
					12,852,290
Software — 0.7%
CA, Inc.			55,910		1,860,685
Microsoft Corp.			39,879		3,411,250
					5,271,935
Specialty Retail — 0.4%
Lowe’s Cos., Inc.			31,777		2,953,354
Technology Hardware, Storage & Peripherals — 0.7%
Lenovo Group Ltd.			9,642,000		5,429,533
Tobacco — 1.7%
Altria Group, Inc.			93,671		6,689,046
Philip Morris International, Inc.			57,025		6,024,691
					12,713,737
Total Common Stocks — 67.0% (Cost: $473,293,191)					504,469,424
Preferred Stocks — 2.6%
Internet Software & Services — 2.1%
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $5,217,971)(a)(b)(c)			336,360		11,089,789
Zuora, Inc. (Acquired 1/16/15, cost $3,742,311)(a)(b)(c)			985,000		4,777,250
					15,867,039
Software — 0.5%
Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $4,300,011)(a)(b)(c)			701,470		3,977,335
Total Preferred Stocks — 2.6% (Cost: $13,260,292)					19,844,374
		Par (000)
Equity-Linked Notes — 30.6%
Aerospace & Defense — 0.6%
RBC Capital Markets (Lockheed Martin Corp.) 13.53% 01/29/18 (Lmt Us), 0.00%	USD		14		4,328,593
Automobiles — 0.1%
Citigroup Global Markets, Inc. (Ford Motor Co.) 11.98% 01/18/18 (F US),			88		1,094,159
Banks — 4.5%
BNP Paribas Securities Corp.oration (Suntrust Banks, Inc.) 12.3% 01/23/18 (STI US),			10		639,562
CIBC World Markets Corp. (Jpmorgan Chase & Co.) 17.1% 01/30/18 (JPM US),			120		12,692,176
Credit Suisse Securities (Usa) LLC. (Us Bancorp) 11.6% 01/25/18 (USB US),			92		4,911,261
Credit Suisse Securities (Usa) LLC. (Wells Fargo & Co.) 16.4% 02/02/18 (WFC US),			174		10,553,865
Merrill Lynch Pierce Fenner & Smi (Citigroup, Inc.) 12.06% 01/08/18 (C US),			39		2,858,384
TD Securities, Inc. (Bank Of America Corp.) 15.4% 01/18/2018 (Bac Us), 0.00%			73		2,039,085
					33,694,333

Security		Par (000)		Value
Beverages — 0.8%
Citigroup Global Markets Limited (Diageo Plc) 14.22% 02/09/18 (DGE LN),	GBP		45	$	1,614,629
Deutsche Bank Securities, Inc. (Dr Pepper Snapple Group, Inc.) 9.49% 01/18/18 (DPS US),	USD		8		709,794
RBC Capital Markets (Coca-Cola Co.) 9.49% 01/29/18 (Ko Us), 0.00%			79		3,601,174
					5,925,597
Capital Markets — 1.2%
SG Americas Securities LLC. (Invesco, Ltd.) 12.55% 01/16/18 (IVZ US),			145		5,305,725
SG Americas Securities LLC. (Morgan Stanley) 12.61% 01/04/18 (MS US),			71		3,620,642
					8,926,367
Chemicals — 0.7%
SG Americas Securities LLC. (Dowdupont, Inc.) 10.92% 01/04/18 (DWDP US),			77		5,517,194
Communications Equipment — 0.8%
SGA Societe Generale Acceptance NV,			178		6,310,451
Containers & Packaging — 0.4%
UBS Securities LLC. (International Paper Co.) 12.1% 01/30/18 (Ip Us), 0.00%			58		3,212,362
Diversified Telecommunication Services — 1.6%
CIBC World Markets Corp. (Bce, Inc.) 13.4% 02.05.18 (BCE US),			101		4,908,594
Deutsche Bank Ag London (Bt Group Plc) 13.4% 01/09/18 (BT/A LN),	GBP		626		2,288,926
Royal Bank Of Canada (Verizon Communications, Inc.) 16.98% 01/31/18 (VZ US),	USD		110		5,203,651
					12,401,171
Electric Utilities — 1.1%
Deutsche Bank Securities, Inc. (FirstEnergy Corp.) 11.74% 01/18/18 (FE US),			146		4,494,636
Royal Bank Of Canada (Exelon Corp.) 12.37% 01/31/18 (EXC US),			97		3,879,133
					8,373,769
Equity Real Estate Investment Trusts (REITs) — 0.7%
SGA Societe Generale Acceptance NV,			47		5,268,704
Food Products — 0.2%
Citigroup Global Markets, Inc. (General Mills, Inc.) 11.04% 01/18/18 (GIS US),			13		700,471
Citigroup Global Markets, Inc. (Kellogg Co.) 11.28% 01/18/18 (K US),			11		683,739
					1,384,210
Health Care Equipment & Supplies — 0.3%
BNP Paribas Securities Corp.oration (Koninklijke Philips Nv) 15.68% 02/07/18 (PHIA NA),	EUR		60		2,291,093
Health Care Providers & Services — 0.6%
Citigroup Global Markets, Inc. (Cardinal Health, Inc.) 13.87% 01/18/18 (CAH US),	USD		25		1,518,581
RBC Capital Markets (Unitedhealth Group, Inc.) 12.27% 01/29/18 (Unh Us), 0.00%			15		3,331,079
					4,849,660

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock High Equity Income Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Household Products — 0.4%
UBS Securities LLC. (Procter & Gamble Co.) 8.4% 01/18/18 (Pg Us), 0.00%	USD		35	$	3,149,088
Industrial Conglomerates — 0.8%
BNP Paribas Securities Corp.oration (3M Co.) 10.76% 01/23/18 (MMM US),			4		882,191
J.P. Morgan Securities LLC. (General Electric Co.) 22.6% 01/16/2018 (GE US),			198		3,490,088
Merrill Lynch Pierce Fenner & Smi (Honeywell International, Inc.) 9.16% 01/08/18 (HON US),			9		1,324,697
					5,696,976
Insurance — 2.5%
BNP Paribas Securities Corp.oration (Metlife, Inc.) 12.34% 01/23/18 (MET US),			95		4,838,888
Citigroup Global Markets Limited (Muenchener Rueckversicherungs-Gesellschaft Ag In Muenchen) 13.57% 02/09/18 (MUV2 GR),	EUR		19		4,152,842
Citigroup Global Markets Limited (Swiss Re Ag) 10.73% 02/09/18 (SREN SE),	CHF		42		3,912,229
Citigroup Global Markets, Inc. (Brighthouse Financial, Inc.) 10.97% 01/18/18 (BHF US),	USD		9		523,045
Morgan Stanley & Co. LLC. (Prudential Financial, Inc.) 18.61% 01/30/18 (PRU US),			43		4,986,300
SG Americas Securities LLC. (American International Group, Inc.) 11.18% 01/09/18 (AIG US),			12		717,858
					19,131,162
Leisure Products — 0.2%
Credit Suisse Securities (Usa) LLC. (Mattel, Inc.) 18.5% 01/25/18 (MAT US),			80		1,214,509
Machinery — 0.1%
SG Americas Securities LLC. (Pentair Plc) 12.12% 01/09/18 (PNR US),			9		623,004
Media — 0.5%
CIBC World Markets Corp. (Comcast Corp.) 25.53% 02/02/18 (CMCSA US),			38		1,523,364
Societe Generale (Publicis Groupe Sa) 9.04% 01/11/18 (PUB FP),	EUR		34		2,284,898
					3,808,262
Multi-Utilities — 1.4%
Merrill Lynch International (Engie Sa) 13.9% 01/09/18 (ENGI FP),			208		3,556,047
Merrill Lynch Pierce Fenner & Smi (Public Service Enterprise Group, Inc.) 10.86% 01/08/18 (PEG US),	USD		139		6,875,536
					10,431,583
Oil, Gas & Consumable Fuels — 5.0%
CIBC World Markets Corp. (Royal Dutch Shell Plc) 9.33% 01/30/18 (RDS/A US),			157		10,254,996
Citigroup Global Markets, Inc. (Total Sa) 12.67% 02.07.18 (TOT US),			44		2,419,266
Credit Suisse Securities (Usa) LLC. (Chevron Corp.) 6.85% 02/02/18 (CVX US),			46		5,669,898
Deutsche Bank Ag London (Bp Plc) 12.37% 01/09/18 (BP/ LN),	GBP		345		2,358,176
Goldman Sachs & Co. LLC. (Occidental Petroleum Corp.) 14.22% 01/11/18 (OXY US),	USD		110		7,377,502

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
J.P. Morgan Securities LLC. (Enbridge, Inc.) 12.22% 02.07.18 (ENB US),	USD		84	$	3,253,658
Merrill Lynch Pierce Fenner & Smi (Marathon Petroleum Corp.) 13.67% 01/08/18 (MPC US),			23		1,341,102
Morgan Stanley & Co. LLC (Valero Energy Corp.) 12.08% 01/30/18 (VLO US),			24		2,054,064
Morgan Stanley & Co. LLC. (Suncor Energy, Inc.) 12.94% 02.07.18 (SU US),			73		2,591,878
					37,320,540
Personal Products — 0.2%
Morgan Stanley & Co. LLC. (Unilever Nv) 12.43% 02.07.18 (UN US),			33		1,888,445
Pharmaceuticals — 3.2%
BNP Paribas Securities Corp.oration (Merck & Co., Inc.) 12.32% 01/23/18 (MRK US),			98		5,541,139
Citigroup Global Markets Limited (Astrazeneca Plc) 15.94% 02/09/18 (AZN LN),	GBP		100		6,729,752
Goldman Sachs International,	USD		326		11,758,859
					24,029,750
Professional Services — 0.3%
Credit Suisse Securities (Usa) LLC. (Nielsen Holdings Plc) 12.5% 01/25/18 (NLSN US),			53		1,934,402
Road & Rail — 0.1%
RBC Capital Markets LLC. (Norfolk Southern Corp.) 16.33% 01/11/18 (Nsc Us), 0.00%			4		573,408
Semiconductors & Semiconductor Equipment — 1.1%
CIBC World Markets Corp. (Taiwan Semiconductor Manufacturing Co., Ltd.) 14.16% 02/02/18 (TSM US),			131		5,190,510
SG Americas Securities LLC. (Qualcomm, Inc.) 15.41% 01/09/18 (QCOM US),			63		3,451,947
					8,642,457
Software — 0.4%
SG Americas Securities LLC. (Microsoft Corp.) 10.38% 01/04/18 (MSFT US),			34		2,714,101
Specialty Retail — 0.2%
CIBC World Markets Corp. (Lowe’S Cos, Inc.) 16.98% 02/02/18 (LOW US),			14		1,271,687
Tobacco — 0.6%
Credit Suisse Securities (Usa) LLC. (Altria Group, Inc.) 11.5% 01/25/18 (MO US),			36		2,424,787
J.P. Morgan Securities LLC. (Philip Morris International, Inc.) 16.06% 01/16/2018 (PM US),			20		2,094,380
					4,519,167
Total Equity-Linked Notes — 30.6% (Cost: $229,781,062)					230,526,204
Total Long-Term Investments — 100.2% (Cost: $716,334,545)					754,840,002

SCHEDULE OF INVESTMENTS 3

Schedule of Investments   (continued) December 31, 2017 (unaudited) BlackRock High Equity Income Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(d)(e)		2,771,226	$	2,771,226
Total Short-Term Investments — 0.4% (Cost: $2,771,226)				2,771,226
Total Investments — 100.6% (Cost: $719,105,771)				757,611,228
Liabilities in Excess of Other Assets — (0.6)%				(4,518,380	)
Net Assets — 100.0%			$	753,092,848

Notes to Schedule of Investments

^(a)  Non-income producing security.

^(b)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $38,583,179, representing 5.12% of its net assets as of period end, and an original cost of $33,218,378.

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

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

^(e)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity		Shares Held at 12/31/2017		Value at 12/31/2017		Income		Net Realized Gain(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		2,231,691		539,535		2,771,226	$	2,771,226	$	34,316	$	130	$	—
							$	2,771,226	$	34,316	$	130	$	—

^(a)  Includes net capital gain distributions, if applicable.

• 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 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 industry sub-classifications for reporting ease.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 the 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its annual report.

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock High Equity Income Fund (Percentages shown are based on Net Assets)

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Long-Term Investments:
Common Stocks:
Aerospace & Defense	$	6,196,265	$	—	$	—	$	6,196,265
Automobiles		5,045,598		—		—		5,045,598
Banks		81,964,980		—		6,138,925		88,103,905
Beverages		7,513,415		3,603,556		—		11,116,971
Biotechnology		—		—		3,527,853		3,527,853
Capital Markets		8,966,006		—		—		8,966,006
Chemicals		4,736,344		—		—		4,736,344
Communications Equipment		8,790,271		—		—		8,790,271
Construction Materials		—		1,944,157		—		1,944,157
Containers & Packaging		4,349,092		—		—		4,349,092
Diversified Telecommunication Services		26,617,478		—		—		26,617,478
Electric Utilities		31,944,085		—		—		31,944,085
Electronic Equipment, Instruments & Components		—		8,708,896		—		8,708,896
Equity Real Estate Investment Trusts (REITs)		10,532,962		—		—		10,532,962
Food Products		8,841,102		—		—		8,841,102
Health Care Equipment & Supplies		4,814,315		6,249,081		—		11,063,396
Health Care Providers & Services		11,425,648		—		—		11,425,648
Household Products		6,592,114		—		—		6,592,114
Industrial Conglomerates		9,556,340		—		—		9,556,340
Insurance		24,440,552		11,360,206		—		35,800,758
Internet Software & Services		—		9,072,027		—		9,072,027
Leisure Products		2,237,636		—		—		2,237,636
Machinery		1,124,270		—		—		1,124,270
Media		5,330,728		3,384,608		—		8,715,336
Multi-Utilities		10,476,182		4,187,858		—		14,664,040
Oil, Gas & Consumable Fuels		60,426,490		6,089,186		—		66,515,676
Personal Products		4,133,494		—		—		4,133,494
Pharmaceuticals		35,178,103		15,126,617		—		50,304,720
Professional Services		3,467,282		—		—		3,467,282
Road & Rail		1,154,853		—		—		1,154,853
Semiconductors & Semiconductor Equipment		8,043,647		4,808,643		—		12,852,290
Software		5,271,935		—		—		5,271,935
Specialty Retail		2,953,354		—		—		2,953,354
Technology Hardware, Storage & Peripherals		—		5,429,533		—		5,429,533
Tobacco		12,713,737		—		—		12,713,737
Preferred Stocks:
Internet Software & Services		—		—		15,867,039		15,867,039
Software		—		—		3,977,335		3,977,335
Equity-Linked Notes:
Aerospace & Defense		—		4,328,593		—		4,328,593
Automobiles		—		1,094,159		—		1,094,159
Banks		—		23,140,468		10,553,865		33,694,333
Beverages		—		5,925,597		—		5,925,597
Capital Markets		—		8,926,367		—		8,926,367
Chemicals		—		5,517,194		—		5,517,194
Communications Equipment		—		6,310,451		—		6,310,451
Containers & Packaging		—		3,212,362		—		3,212,362
Diversified Telecommunication Services		—		12,401,171		—		12,401,171
Electric Utilities		—		8,373,769		—		8,373,769
Equity Real Estate Investment Trusts (REITs)		—		5,268,704		—		5,268,704
Food Products		—		1,384,210		—		1,384,210
Health Care Equipment & Supplies		—		2,291,093		—		2,291,093
Health Care Providers & Services		—		4,849,660		—		4,849,660
Household Products		—		3,149,088		—		3,149,088
Industrial Conglomerates		—		5,696,976		—		5,696,976
Insurance		—		19,131,162		—		19,131,162
Leisure Products		—		1,214,509		—		1,214,509
Machinery		—		623,004		—		623,004
Media		—		3,808,262		—		3,808,262

SCHEDULE OF INVESTMENTS 5

Schedule of Investments   (continued) December 31, 2017 (unaudited) BlackRock High Equity Income Fund (Percentages shown are based on Net Assets)

	Level 1		Level 2		Level 3		Total
Multi-Utilities	$	—	$	10,431,583	$	—	$	10,431,583
Oil, Gas & Consumable Fuels		—		31,650,642		5,669,898		37,320,540
Personal Products		—		1,888,445		—		1,888,445
Pharmaceuticals		—		24,029,750		—		24,029,750
Professional Services		—		1,934,402		—		1,934,402
Road & Rail		—		573,408		—		573,408
Semiconductors & Semiconductor Equipment		—		8,642,457		—		8,642,457
Software		—		2,714,101		—		2,714,101
Specialty Retail		—		1,271,687		—		1,271,687
Tobacco		—		4,519,167		—		4,519,167
Short-Term Securities		2,771,226		—		—		2,771,226
Total	$	417,609,504	$	294,266,809	$	45,734,915	$	757,611,228

During the period ended December 31, 2017, there were no transfers between levels.

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

	Common Stocks			Preferred Stocks			Equity-Linked Notes			Total
Assets:
Opening Balance, as of September 30, 2017	$	11,720,783		$	33,547,470		$	12,051,840		$	57,320,093
Transfers into Level 3		—			—			—			—
Transfers out of Level 3		—			(8,590,401	)		—			(8,590,401	)
Accrued discounts/premiums		—			—			—			—
Net realized gain (loss)		—			—			29,865			29,865
Net change in unrealized appreciation (depreciation)1		(2,054,005	)		(5,112,695	)		68,994			(7,097,706	)
Purchases		—			—			16,113,894			16,113,894
Sales		—			—			(12,040,830	)		(12,040,830	)
Closing Balance, as of December 31, 2017	$	9,666,778		$	19,844,374		$	16,223,763		$	45,734,915
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20171	$	(2,054,005	)	$	(5,112,695	)	$	68,994		$	(7,097,706	)

¹  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017, is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $16,223,763.

	Value		Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized		Weighted Average of Unobservable Inputs
Assets:
Common Stocks		$9,666,778	Market	Tangible Book Value Multiple1		1.90x		—
			Income	Discount Rate2		3.25%		—
Preferred Stocks		19,844,374	Market	Discount Rate2		25.00%		—
				Revenue Multiple1		6.25x-11.50x		8.98x
				Time to Exit1		0.5-1.1 years		—
				Recent Transactions1		—		—
		$29,511,152

¹  Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

²  Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.

6 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2017 (unaudited) BlackRock International Dividend Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.0%
Australia — 7.0%
Amcor Ltd.		1,109,569	$	13,295,210
Ansell Ltd.		355,012		6,703,943
Sonic Healthcare Ltd.		489,689		8,708,351
				28,707,504
Belgium — 4.1%
bpost SA		310,062		9,436,492
Anheuser-Busch InBev SA		65,204		7,279,447
				16,715,939
Canada — 8.9%
TELUS Corp.		488,716		18,514,444
Rogers Communications, Inc., Class B		353,145		17,994,381
				36,508,825
China — 1.8%
ANTA Sports Products Ltd.		1,649,400		7,483,982
Denmark — 1.8%
Novo Nordisk A/S, Class B		140,482		7,548,869
Finland — 3.3%
Kone OYJ, Class B		251,433		13,502,601
France — 5.0%
Sanofi		236,760		20,383,078
Germany — 4.0%
Deutsche Post AG, Registered Shares		349,457		16,610,889
Hong Kong — 1.6%
Sands China Ltd.		1,320,800		6,798,479
India — 0.9%
Hero MotoCorp Ltd.		62,920		3,726,851
Japan — 3.7%
Japan Tobacco, Inc.		473,400		15,244,956
Netherlands — 2.0%
Heineken NV		79,498		8,287,425
Sweden — 2.4%
Svenska Handelsbanken AB, A Shares		720,153		9,841,642
Switzerland — 16.6%
Givaudan SA, Registered Shares		4,468		10,320,755
Nestle SA, Registered Shares		203,253		17,474,933
Novartis AG, Registered Shares		236,155		19,873,036
Roche Holding AG		48,643		12,299,644
SGS SA, Registered Shares		3,106		8,097,457
				68,065,825
Taiwan — 4.5%
Taiwan Semiconductor Manufacturing Co. Ltd.		1,529,000		11,707,668
Far EasTone Telecommunications Co. Ltd.		2,730,000		6,742,779
				18,450,447
United Kingdom — 25.9%
Lloyds Banking Group PLC		6,392,238		5,861,560
Metro Bank PLC(a)		53		2,559
Diageo PLC		276,153		10,122,191
Unilever PLC		240,652		13,348,006

Security	Shares		Value
United Kingdom (continued)
AstraZeneca PLC		200,724	$	13,851,051
GlaxoSmithKline PLC		717,412		12,704,760
British American Tobacco PLC		401,558		27,144,776
Imperial Brands PLC		552,050		23,547,443
				106,582,346
United States — 4.5%
3M Co.		36,727		8,644,434
Microsoft Corp.		114,867		9,825,723
				18,470,157
Total Common Stocks — 98.0% (Cost: $370,463,563)				402,929,815
Preferred Stocks — 1.6%
China — 1.2%
Xiaoju Kuaizhi Inc., Series A-17 (Acquired 7/28/15, cost $2,770,046)(a)(b)(c)		101,000		5,143,930
India — 0.4%
Jasper Infotech Private Ltd., Series F (Acquired 5/07/14, cost $5,332,969)(a)(b)(c)		749		1,180,481
Jasper Infotech Private Ltd., Series G (Acquired 10/29/14, cost $2,090,847)(a)(b)(c)		248		475,799
				1,656,280
Total Preferred Stocks — 1.6% (Cost: $10,193,862)				6,800,210
Total Long-Term Investments — 99.6% (Cost: $380,657,425)				409,730,025
Short-Term Securities — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(d)(e)		1,509,293		1,509,293
Total Short-Term Investments — 0.4% (Cost: $1,509,293)				1,509,293
Total Investments — 100.0% (Cost: $382,166,718)				411,239,318
Liabilities in Excess of Other Assets — 0.0%				(100,659	)
Net Assets — 100.0%			$	411,138,659

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock International Dividend Fund (Percentages shown are based on Net Assets)

^(a)  Non-income producing security.

^(b)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $6,800,210, representing 1.65% of its net assets as of period end, and an original cost of $10,193,862.

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

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

^(e)  During the year ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity			Shares Held at 12/31/2017		Value at 12/31/2017		Income		Net Realized Gain(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		4,356,137		(2,846,844	)		1,509,293	$	1,509,293	$	9,023		—		—

^(a)  Includes net capital gain distributions, if applicable.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 the 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)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following table summarizes the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Long-Term Investments:
Common Stocks:
Australia	$	—	$	28,707,504	$	—	$	28,707,504
Belgium		—		16,715,939		—		16,715,939
Canada		36,508,825		—		—		36,508,825
China		7,483,982		—		—		7,483,982
Denmark		—		7,548,869		—		7,548,869
Finland		—		13,502,601		—		13,502,601
France		—		20,383,078		—		20,383,078
Germany		—		16,610,889		—		16,610,889
Hong Kong		—		6,798,479		—		6,798,479
India		—		3,726,851		—		3,726,851
Japan		—		15,244,956		—		15,244,956
Netherlands		—		8,287,425		—		8,287,425
Sweden		—		9,841,642		—		9,841,642
Switzerland		—		68,065,825		—		68,065,825
Taiwan		6,742,779		11,707,668		—		18,450,447
United Kingdom		—		106,582,346		—		106,582,346
United States		18,470,157		—		—		18,470,157

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock International Dividend Fund (Percentages shown are based on Net Assets)

	Level 1		Level 2		Level 3		Total
Preferred Stocks:
China	$	—	$	—	$	5,143,930	$	5,143,930
India		—		—		1,656,280		1,656,280
Short-Term Securities		1,509,293		—		—		1,509,293
Total	$	70,715,036	$	333,724,072	$	6,800,210	$	411,239,318

During the period ended December 31, 2017, there were no transfers between levels.

¹  External pricing service used to reflect any significant market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

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

	Preferred Stocks
Assets:
Opening Balance, as of September 30, 2017	$	8,091,669
Transfers into Level 3		—
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)1		(1,291,459	)
Purchases		—
Sales		—
Closing Balance, as of December 31, 2017	$	6,800,210
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20171	$	(1,291,459	)

¹  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017, is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Global Valuation Committee to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Value		Valuation Approach		Unobservable Inputs		Range of Unobservable Inputs Utilized
Assets:
Preferred Stocks3	$	6,800,210		Market		Revenue Multiple1		7.75x
						Time to Exit2		3 years
						Volatility2		41%
						Recent Transactions1		—

¹  Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

²  Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.

³  For the period ended December 31, 2017, the valuation technique for investments classified as preferred stocks with a total value of $1,656,280 changed to an Option Pricing Model (“OPM”). The investments were previously valued utilizing Probability-Weighted Expected Return Model (“PWERM”). The change was due to consideration of liquidation preferences and exit strategy.

3 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) December 31, 2017 BlackRock Mid-Cap Growth Equity Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.4%
Aerospace & Defense — 1.4%
TransDigm Group, Inc.		53,152	$	14,596,602
Banks — 4.1%
First Republic Bank		224,844		19,480,484
SVB Financial Group(a)		102,378		23,932,905
				43,413,389
Beverages — 2.8%
Constellation Brands, Inc., Class A		76,575		17,502,748
Dr. Pepper Snapple Group, Inc.		123,835		12,019,425
				29,522,173
Building Products — 2.5%
AO Smith Corp.		265,433		16,265,734
JELD-WEN Holding, Inc.(a)		263,601		10,377,971
				26,643,705
Capital Markets — 4.9%
Cboe Global Markets, Inc.		151,990		18,936,434
E*TRADE Financial Corp.(a)		295,618		14,653,784
MSCI, Inc.		142,989		18,093,828
				51,684,046
Commercial Services & Supplies — 1.5%
Waste Connections, Inc.		224,233		15,907,089
Construction Materials — 2.1%
Vulcan Materials Co.		169,387		21,744,209
Distributors — 1.2%
Pool Corp.		95,702		12,407,764
Diversified Consumer Services — 3.0%
Bright Horizons Family Solutions, Inc.(a)		237,469		22,322,086
ServiceMaster Global Holdings, Inc.(a)		182,052		9,333,806
				31,655,892
Diversified Telecommunication Services — 1.4%
Zayo Group Holdings, Inc.(a)		401,397		14,771,410
Electronic Equipment, Instruments & Components — 4.7%
Flex Ltd.(a)		1,122,531		20,194,333
II-VI, Inc.(a)		298,502		14,014,669
IPG Photonics Corp.(a)		73,802		15,803,222
				50,012,224
Equity Real Estate Investment Trusts (REITs) — 2.9%
Equinix, Inc.		23,670		10,727,717
SBA Communications Corp.(a)		120,366		19,662,990
				30,390,707
Food Products — 1.7%
Lamb Weston Holdings, Inc.		325,994		18,402,361
Health Care Equipment & Supplies — 10.5%
Align Technology, Inc.(a)		101,531		22,559,173
Cooper Cos., Inc.		77,938		16,981,131
IDEXX Laboratories, Inc.(a)		129,648		20,274,354
Intuitive Surgical, Inc.(a)		28,990		10,579,611
Teleflex, Inc.		86,664		21,563,737
West Pharmaceutical Services, Inc.		188,412		18,590,612
				110,548,618
Hotels, Restaurants & Leisure — 4.9%
Domino’s Pizza Enterprises Ltd.		305,644		11,108,929
Domino’s Pizza, Inc.		92,638		17,504,876
Vail Resorts, Inc.		106,640		22,657,801
				51,271,606
Industrial Conglomerates — 2.1%
Roper Technologies, Inc.		85,203		22,067,577

Security	Shares		Value
Internet & Direct Marketing Retail — 2.8%
Liberty Ventures, Series A(a)		207,276	$	11,242,650
Netflix, Inc.(a)		93,063		17,864,374
				29,107,024
Internet Software & Services — 8.9%
CoStar Group, Inc.(a)		86,011		25,540,966
Delivery Hero AG(a)(b)		129,625		5,132,493
GoDaddy, Inc., Class A(a)		247,414		12,439,976
IAC/InterActiveCorp.(a)		179,566		21,957,330
MercadoLibre, Inc.		47,110		14,823,633
Wix.com Ltd.(a)		241,488		13,897,634
				93,792,032
IT Services — 6.2%
Gartner, Inc.(a)		157,848		19,438,981
Global Payments, Inc.		180,279		18,071,167
Switch, Inc., Class A		432,935		7,875,088
Vantiv, Inc., Class A(a)		40,515		2,979,878
Worldpay Group PLC(b)		3,006,029		17,250,335
				65,615,449
Life Sciences Tools & Services — 2.0%
Illumina, Inc.(a)		96,565		21,098,487
Machinery — 5.0%
Dover Corp.		149,213		15,069,021
IDEX Corp.		132,122		17,436,140
Xylem, Inc.		299,470		20,423,854
				52,929,015
Media — 2.6%
Liberty Media Corp. — Liberty Formula One, Class A(a)		157,387		5,149,703
Live Nation Entertainment, Inc.(a)		213,387		9,083,885
Madison Square Garden Co., Class A(a)		63,310		13,348,914
				27,582,502
Oil, Gas & Consumable Fuels — 1.1%
Parsley Energy, Inc., Class A(a)		380,535		11,202,950
Pharmaceuticals — 2.0%
Zoetis, Inc.		286,170		20,615,687
Professional Services — 1.8%
Equifax, Inc.		164,886		19,443,357
Semiconductors & Semiconductor Equipment — 5.5%
Cree, Inc.(a)		297,204		11,038,157
Inphi Corp.(a)		137,175		5,020,605
ON Semiconductor Corp.(a)		718,291		15,041,014
Silicon Laboratories, Inc.(a)		127,683		11,274,409
Teradyne, Inc.		359,530		15,053,521
				57,427,706
Software — 5.5%
Altair Engineering, Inc., Class A(a)		243,478		5,823,994
Autodesk, Inc.(a)		124,291		13,029,426
Take-Two Interactive Software, Inc.(a)		191,408		21,012,770
Ubisoft Entertainment SA(a)		119,688		9,195,811
Zendesk, Inc.(a)		270,589		9,156,732
				58,218,733
Specialty Retail — 2.2%
Floor & Decor Holdings, Inc.(a)		221,791		10,796,786
Ulta Beauty, Inc.(a)		55,372		12,384,502
				23,181,288
Water Utilities — 1.1%
Evoqua Water Technologies Corp.(a)		510,963		12,114,933
Total Common Stocks — 98.4% (Cost: $793,428,827)				1,037,368,535

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Mid-Cap Growth Equity Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks — 1.3%
Internet Software & Services
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $5,000,911),(a)(c)(d)		322,368	$	10,628,473
Software
Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $2,811,905),(a)(c)(d)		458,712		2,600,897
Total Preferred Stocks — 1.3% (Cost: $7,812,816)				13,229,370
Total Long-Term Investments — 99.7% (Cost: $801,241,643)				1,050,597,905

Security	Shares		Value
Short-Term Securities — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(e)(h)		8,956,660	$	8,956,660
Total Short-Term Securities — 0.9% (Cost: $8,956,660)				8,956,660
Total Investments — 100.6% (Cost: $810,198,303)				1,059,554,565
Liabilities in Excess of Other Assets — (0.6)%				(5,853,667	)
Net Assets — 100.0%			$	1,053,700,898

^(a)  Non-income producing security.

^(b)  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.

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

^(d)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $13,229,370, representing 1.3% of its net assets as of period end, and an original cost of $7,812,816.

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

^(h)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity			Shares Held at 12/31/2017		Value at 12/31/2017		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		19,749,395		(10,792,735	)		8,956,660	$	8,956,660	$	27,325			$   25			$—
SL Liquidity Series, LLC, Money Market Series		5,359,993		(5,359,993	)		—		—		22,470	(b)		(301	)		—
								$	8,956,660	$	49,795			$(276	)		$—

^(a)  Includes net capital gain distributions, if applicable.

^(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.

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 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 industry sub-classifications for reporting ease.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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 the 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)

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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its annual report.

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Mid-Cap Growth Equity Portfolio

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	14,596,602	$	—	$	—	$	14,596,602
Banks		43,413,389		—		—		43,413,389
Beverages		29,522,173		—		—		29,522,173
Building Products		26,643,705		—		—		26,643,705
Capital Markets		51,684,046		—		—		51,684,046
Commercial Services & Supplies		15,907,089		—		—		15,907,089
Construction Materials		21,744,209		—		—		21,744,209
Distributors		12,407,764		—		—		12,407,764
Diversified Consumer Services		31,655,892		—		—		31,655,892
Diversified Telecommunication Services		14,771,410		—		—		14,771,410
Electronic Equipment, Instruments & Components		50,012,224		—		—		50,012,224
Equity Real Estate Investment Trusts (REITs)		30,390,707		—		—		30,390,707
Food Products		18,402,361		—		—		18,402,361
Health Care Equipment & Supplies		110,548,618		—		—		110,548,618
Hotels, Restaurants & Leisure		40,162,677		11,108,929		—		51,271,606
Industrial Conglomerates		22,067,577		—		—		22,067,577
Internet & Direct Marketing Retail		29,107,024		—		—		29,107,024
Internet Software & Services		93,792,032		—		—		93,792,032
IT Services		48,365,114		17,250,335		—		65,615,449
Life Sciences Tools & Services		21,098,487		—		—		21,098,487
Machinery		52,929,015		—		—		52,929,015
Media		27,582,502		—		—		27,582,502
Oil, Gas & Consumable Fuels		11,202,950		—		—		11,202,950
Pharmaceuticals		20,615,687		—		—		20,615,687
Professional Services		19,443,357		—		—		19,443,357
Semiconductors & Semiconductor Equipment		57,427,706		—		—		57,427,706
Software		49,022,922		9,195,811		—		58,218,733
Specialty Retail		23,181,288		—		—		23,181,288
Water Utilities		12,114,933		—		—		12,114,933
Preferred Stocks
Internet Software & Services		—		—		10,628,473		10,628,473
Software		—		—		2,600,897		2,600,897
Short-Term Securities		8,956,660		—		—		8,956,660
	$	1,008,770,120	$	37,555,075	$	13,229,370	$	1,059,554,565

During the period ended December 31, 2017, there were no transfers between Level 1 and Level 2.

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

	Preferred Securities
Assets
Opening balance, as of September 30, 2017	$	18,525,876
Transfers into Level 3		—
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)(a)		(5,296,506	)
Purchases		—
Sales		—
Closing balance, as of December 31, 2017	$	13,229,370
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017(a)	$	(5,296,506	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Mid-Cap Growth Equity Portfolio

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Global Valuation Committee to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Value		Valuation Approach		Unobservable Inputs	Unobservable Inputs Utilized
Assets
Preferred Stocks	$	13,229,370		Market	Revenue Multiple1		11.50x
					Recent Transactions1		—

¹  Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments December 31, 2017 (unaudited) BlackRock Technology Opportunities Portfolio “Formerly BlackRock Science & Technology Opportunities Portfolio” (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 94.3%
Automobiles — 0.6%
Tesla, Inc.(a)		12,900	$	4,016,415
Chemicals — 0.6%
Tokai Carbon Co. Ltd.		303,200		3,741,188
Consumer Finance — 0.5%
Jianpu Technology, Inc. — ADR(a)(b)		538,933		3,492,286
Electrical Equipment — 1.2%
Fuji Electric Co. Ltd.		565,000		4,244,481
Nidec Corp.		22,600		3,164,385
				7,408,866
Electronic Equipment, Instruments & Components — 3.1%
Flex Ltd.(a)		215,600		3,878,644
II-VI, Inc.(a)		68,200		3,201,990
Isra Vision AG		17,771		4,522,296
Samsung SDI Co. Ltd.(a)		23,700		4,518,307
Sunny Optical Technology Group Co. Ltd.		263,000		3,339,379
				19,460,616
Equity Real Estate Investment Trusts (REITs) — 0.7%
Equinix, Inc.		9,100		4,124,302
Household Durables — 1.2%
Roku, Inc.(a)(b)		142,086		7,357,213
Internet & Direct Marketing Retail — 5.8%
Amazon.com, Inc.(a)		19,400		22,687,718
Ensogo Ltd.(a)(c)		94,425		—
JD.com, Inc. — ADR(a)		81,600		3,379,873
Netflix, Inc.(a)		36,490		7,004,620
Start Today Co. Ltd.		111,500		3,384,372
				36,456,583
Internet Software & Services — 23.4%
58.com, Inc. — ADR(a)		50,000		3,578,500
Alibaba Group Holding Ltd. — ADR(a)		102,300		17,639,589
Alphabet, Inc., Class A(a)		29,713		31,299,674
Baidu, Inc. — ADR(a)		52,450		12,284,315
Bandwidth, Inc., Class A(a)		112,369		2,597,971
Delivery Hero AG(a)(d)		75,771		3,000,148
Facebook, Inc., Class A(a)		89,700		15,828,462
Five9, Inc.(a)		98,100		2,440,728
LogMeIn, Inc.		29,400		3,366,300
MercadoLibre, Inc.		15,800		4,971,628
MongoDB, Inc.(a)		46,181		1,370,652
MongoDB, Inc. (Acquired 12/19/13, cost $1,999,972)(a)(e)		59,793		1,720,924
NetEase, Inc. — ADR		7,000		2,415,490
Okta, Inc.(a)		117,052		2,997,702
SendGrid, Inc.(a)		120,511		2,888,649
Shopify, Inc., Class A(a)		36,600		3,696,600
Sogou, Inc. — ADR(a)		240,007		2,776,881
Takeaway.com Holding BV(a)(d)		39,500		2,411,403
Tencent Holdings Ltd.		486,300		25,169,893
Yandex NV, Class A(a)		124,600		4,080,650
				146,536,159
IT Services — 8.9%
Capgemini SE		37,400		4,429,714
Cielo SA(a)		642,700		4,557,084
DXC Technology Co.		45,800		4,346,420
GMO Payment Gateway, Inc.		48,900		4,037,702
InterXion Holding NV(a)		64,200		3,783,306
Mastercard, Inc., Class A		66,100		10,004,896
PayPal Holdings, Inc.(a)		79,200		5,830,704
Square, Inc., Class A(a)		234,000		8,112,780

Security	Shares		Value
IT Services (continued)
Visa, Inc., Class A		95,500	$	10,888,910
				55,991,516
Media — 1.3%
Naspers Ltd., N Shares		28,738		7,961,959
Multiline Retail — 0.4%
Magazine Luiza, S.A.(a)		111,225		2,689,840
Semiconductors & Semiconductor Equipment — 18.2%
Advanced Micro Devices, Inc.(a)		297,000		3,053,160
AIXTRON SE(a)		229,000		3,165,296
ams AG(a)		56,200		5,091,263
Applied Materials, Inc.		106,800		5,459,616
ASML Holding NV		59,100		10,275,005
Broadcom Ltd.		37,221		9,562,075
Cree, Inc.(a)		100,200		3,721,428
IQE PLC(a)(b)		1,370,591		2,535,184
Lam Research Corp.		31,900		5,871,833
MACOM Technology Solutions Holdings, Inc.(a)		76,600		2,492,564
MagnaChip Semiconductor Corp.(a)		284,400		2,829,780
MediaTek, Inc.		400,000		3,931,919
Megachips Corp.(b)		91,800		2,740,518
Microchip Technology, Inc.		33,700		2,961,556
Micron Technology, Inc.(a)		99,000		4,070,880
NVIDIA Corp.		30,800		5,959,800
ON Semiconductor Corp.(a)		195,300		4,089,582
QUALCOMM, Inc.		67,900		4,346,958
Rohm Co. Ltd.		39,800		4,384,438
Silicon Laboratories, Inc.(a)		34,700		3,064,010
SOITEC(a)		88,110		6,284,963
STMicroelectronics NV		199,300		4,347,528
Taiwan Semiconductor Manufacturing Co. Ltd.		992,000		7,595,818
Teradyne, Inc.		61,400		2,570,818
Tower Semiconductor, Ltd.(a)		101,300		3,452,304
				113,858,296
Software — 22.0%
Activision Blizzard, Inc.		115,600		7,319,792
Adobe Systems, Inc.(a)		45,500		7,973,420
Altair Engineering, Inc., Class A(a)		157,348		3,763,764
Altium Ltd.		275,000		2,842,485
Atlassian Corp. PLC, Class A(a)		92,500		4,210,600
Autodesk, Inc.(a)		65,800		6,897,814
BlackBerry Ltd.(a)		237,200		2,649,524
Electronic Arts, Inc.(a)		45,500		4,780,230
ForeScout Technologies, Inc.(a)		85,573		2,728,923
Guidewire Software, Inc.(a)		40,400		3,000,104
HubSpot, Inc.(a)		34,700		3,067,480
Linx SA(a)		483,400		3,121,530
Microsoft Corp.		338,200		28,929,628
Nintendo Co. Ltd.		24,200		8,714,339
Proofpoint, Inc.(a)		46,810		4,157,196
PTC, Inc.(a)		55,600		3,378,812
RIB Software SE(b)		135,600		4,022,964
SailPoint Technologies Holding, Inc.(a)		205,925		2,985,912
salesforce.com, Inc.(a)		129,200		13,208,116
Tableau Software, Inc., Class A(a)		35,700		2,470,440
Take-Two Interactive Software, Inc.(a)		58,000		6,367,240
Ubisoft Entertainment SA(a)		70,000		5,378,207
Xero Ltd.(a)		122,660		2,732,311
Zendesk, Inc.(a)		98,800		3,343,392
				138,044,223
Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		193,659		32,772,913

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Technology Opportunities Portfolio “Formerly BlackRock Science & Technology Opportunities Portfolio” (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Samsung Electronics Co. Ltd.		3,100	$	7,365,325
				40,138,238
Total Common Stocks — 94.3% (Cost: $380,915,741)				591,277,700
Preferred Stocks — 1.5%
Internet & Direct Marketing Retail — 0.1%
Jasper Infotech Private Ltd., Series F (Acquired 5/07/14, cost $1,018,150)(a)(c)(e)		143		225,379
Jasper Infotech Private Ltd., Series G (Acquired 10/29/14, cost $396,249)(a)(c)(e)		47		90,172
				315,551
Internet Software & Services — 1.2%
Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $2,000,004)(a)(c)(e)		128,924		4,250,624
Xiaoju Kuaizhi Inc., Series A-17 (Acquired 7/28/15, cost $1,080,592)(a)(c)(e)		39,400		2,006,642
Zuora, Inc. (Acquired 1/16/15, cost $1,006,815)(a)(c)(e)		265,000		1,285,250
				7,542,516
Software — 0.2%
Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $1,500,011)(a)(c)(e)		244,700		1,387,449
Total Preferred Stocks — 1.5% (Cost: $7,001,820)				9,245,516
Total Long-Term Investments — 95.8% (Cost: $387,917,561)				600,523,216

Security	Shares		Value
Short-Term Securities — 6.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(f)(h)		27,990,065	$	27,990,065
SL Liquidity Series, LLC, Money Market Series, 1.53%(f)(g)(h)		11,729,812		11,728,639
Total Short-Term Investments — 6.3% (Cost: $39,719,456)				39,718,704
Total Investments — 102.1% (Cost: $427,637,017)				640,241,920
Liabilities in Excess of Other Assets — (2.1)%				(13,340,730	)
Net Assets — 100.0%			$	626,901,190

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $10,966,440, representing 1.75% of its net assets as of period end, and an original cost $9,001,793.

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

^(g)  Security was purchased with the cash collateral from loaned securities.

^(h)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/2017		Net Activity		Shares Held at 12/31/2017		Value at 12/31/2017		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		18,686,309		9,303,756		27,990,065	$	27,990,065	$	88,915		$	118		$	—
SL Liquidity Series, LLC, Money Market Series		1,425,730		10,304,082		11,729,812		11,728,639		214,004	(b)		(1,803	)		(770	)
							$	39,718,704	$	302,919		$	(1,685	)	$	(770	)

^(a)  Includes net capital gain distributions.

^(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.

• 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 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 industry sub-classifications for reporting ease.

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Technology Opportunities Portfolio “Formerly BlackRock Science & Technology Opportunities Portfolio” (Percentages shown are based on Net Assets)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 the 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)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Investments:
Assets:
Long-Term Investments:
Common Stocks:
Automobiles	$	4,016,415	$	—	$	—	$	4,016,415
Chemicals		—		3,741,188		—		3,741,188
Consumer Finance		3,492,286		—		—		3,492,286
Electrical Equipment		—		7,408,866		—		7,408,866
Electronic Equipment, Instruments & Components		7,080,634		12,379,982		—		19,460,616
Equity Real Estate Investment Trusts (REITs)		. 4,124,302		—		—		4,124,302
Household Durables		7,357,213		—		—		7,357,213
Internet & Direct Marketing Retail		33,072,211		3,384,372		—		36,456,583
Internet Software & Services		119,645,342		26,890,817		—		146,536,159
IT Services		47,524,100		8,467,416		—		55,991,516
Media		—		7,961,959		—		7,961,959
Multiline Retail		2,689,840		—		—		2,689,840
Semiconductors & Semiconductor Equipment		72,326,511		41,531,785		—		113,858,296
Software		114,353,917		23,690,306		—		138,044,223
Technology Hardware, Storage & Peripherals		32,772,913		7,365,325		—		40,138,238
Preferred Stocks:
Internet & Direct Marketing Retail		—		—		315,551		315,551
Internet Software & Services		—		—		7,542,516		7,542,516
Software		—		—		1,387,449		1,387,449
Short-Term Securities		27,990,065		—		—		27,990,065
Subtotal	$	476,445,749	$	142,822,016	$	9,245,516	$	628,513,281
Investments Valued at NAV1								11,728,639
Total Investments							$	640,241,920

¹  As of December 31, 2017, certain of the Fund’s investments were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

During the period ended December 31, 2017, there were no transfers between Level 1 and Level 2.

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (continued) December 31, 2017 (unaudited) BlackRock Technology Opportunities Portfolio “Formerly BlackRock Science & Technology Opportunities Portfolio”

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

	Preferred Stocks
Assets:
Opening Balance, as of September 30, 2017	$	13,128,059
Transfers into Level 3		—
Transfers out of Level 3		(1,629,579	)
Accrued discounts/premiums		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)1		(2,252,964	)
Purchases		—
Sales
Closing Balance, as of December 31, 2017	$	9,245,516
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 20171	$	(2,252,964	)

¹  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017, is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Global Valuation Committee to determine the value of certain of the Fund’s Level 3 investments as of period end.

	Value		Valuation Approach	Unobservable Inputs		Range of Unobservable Inputs Utilized		Weighted Average of Unobservable Inputs
Assets:
Preferred Stocks3	$	9,245,516	Market		Discount Rate2		25%		—
					Revenue Multiple1		6.25x - 11.50x		9.11x
					Time to Exit2		0.5 - 3.0 years		—
					Volatility2		41%		—
					Recent Transactions1		—		—

¹  Increase in unobservable input may result in a significant increase to value, while a decrease in the unobservable input may result in a significant decrease to value.

²  Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.

³  For the period ended December 31, 2017, the valuation technique for investments classified as preferred stocks with a total value of $315,551 changed to an Option Pricing Model (“OPM”). The investments were previously valued utilizing Probability-Weighted Expected Return Model (“PWERM”). The change was due to consideration of liquidation preferences and exit strategy.

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Item 2 — Controls and Procedures

2(a) — The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) — There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 — Exhibits

Certifications — Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds

Date: February 22, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds

Date: February 22, 2018

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds

Date: February 22, 2018