N-Q 1 d455013dnq.htm BLACKROCK FUNDS BLACKROCK FUNDS

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

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 52nd 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: 06/30/2018

Item 1 — Schedule of Investments

Schedule of Investments

June 30, 2018 (unaudited)

   

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 95.8%

    
Australia — 6.2%            

AGL Energy Ltd.

     5,503     $ 91,563  

Aristocrat Leisure Ltd.

     285,530       6,520,758  

ASX Ltd.

     18,607       886,954  

BHP Billiton Ltd.

     180,042       4,505,015  

BHP Billiton PLC

     96,672       2,169,553  

BlueScope Steel Ltd.

     206,667       2,637,602  

CIMIC Group Ltd.

     51,490       1,609,592  

Coca-Cola Amatil Ltd.

     8,647       58,814  

Cochlear Ltd.

     5,568       824,352  

Crown Resorts Ltd.

     11,924       118,976  

CSL Ltd.

     22,317       3,176,672  

CSR Ltd.

     51,699       175,419  

Ensogo Ltd.(a)(b)

     122,284       1  

Flight Centre Travel Group Ltd.

     1,412       66,468  

Iluka Resources Ltd.

     22,334       184,475  

Macquarie Group Ltd.

     54,435       4,961,002  

National Australia Bank Ltd.

     104,052       2,112,736  

Northern Star Resources Ltd.

     12,155       65,804  

Oil Search Ltd.

     4,441       29,177  

Qantas Airways Ltd.

     1,301,523       5,926,616  

Regis Resources, Ltd.

     39,791       151,535  

Rio Tinto PLC

     44,180       2,435,134  

Santos Ltd.(a)

     370,927       1,718,004  

South32 Ltd.

     13,150       35,115  

St Barbara, Ltd.

     4,373       15,726  

Stockland

     231,203       679,320  

Wesfarmers Ltd.

     3,567       130,147  

Westpac Banking Corp.

     84,435       1,833,672  

Whitehaven Coal Ltd.

     294,041       1,255,182  

Woolworths Group Ltd.

     48,566       1,096,801  
   

 

 

  
      45,472,185  
Austria — 0.6%            

Erste Group Bank AG

     31,092       1,296,224  

OMV AG

     57,610       3,258,297  
   

 

 

  
      4,554,521  
Belgium — 1.4%            

KBC Group NV

     54,963       4,221,169  

Solvay SA

     1,427       179,715  

UCB SA

     71,884       5,635,016  
   

 

 

  
      10,035,900  
China — 0.0%            

BOC Hong Kong Holdings Ltd.

     19,500       91,649  
   

 

 

  
Denmark — 1.6%            

Carlsberg A/S, Class B

     38,954       4,583,269  

Danske Bank A/S

     138,480       4,314,192  

Genmab A/S(a)

     3,023       465,143  

H Lundbeck A/S

     21,575       1,512,116  

Topdanmark A/S

     20,471       893,993  
   

 

 

  
      11,768,713  
Finland — 1.9%            

Amer Sports Oyj

     14,923       469,241  

Kesko Oyj - Series B

     3,003       183,420  

Metso OYJ

     1       33  

Neste Oyj

     601       47,022  

Nokia OYJ

     790,826       4,536,089  

Sampo OYJ, A Shares

     35,997       1,753,081  

Stora Enso Oyj, Class R

     6,084       118,528  

UPM-Kymmene OYJ

     163,627           5,825,963  

Valmet OYJ

     42,047       808,201  
   

 

 

  
          13,741,578  
France — 10.9%            

Arkema SA

     33,714       3,978,266  

AXA SA

     194,895       4,762,027  
Security   Shares     Value  
France (continued)            

BNP Paribas SA

     64,651     $     3,999,118  

Capgemini SE

     19,172       2,569,241  

Christian Dior SE

     5,709       2,384,407  

Cie Generale des Etablissements Michelin

     36,041       4,360,176  

CNP Assurances

     2,071       47,052  

Compagnie de Saint-Gobain

     141,603       6,307,706  

Danone SA

     5,915       431,869  

Dassault Aviation SA

     215       408,816  

Dassault Systemes

     143       20,012  

Engie SA

     183,489       2,806,744  

Faurecia

     78,570       5,585,266  

Kering

     14,102       7,943,665  

Klepierre SA

     10,322       387,831  

L’Oreal SA

     6,955       1,714,596  

LVMH Moet Hennessy Louis Vuitton SE

     15,329       5,089,525  

Natixis SA

     42,151       298,242  

Nexity SA

     9,731       614,328  

Pernod Ricard SA

     15,693       2,561,176  

Peugeot SA

     246,665       5,620,337  

Sanofi

     60,704       4,872,080  

Schneider Electric SE

     14,310       1,190,118  

Thales SA

     38,103       4,902,105  

TOTAL SA

     39,891       2,422,414  

Ubisoft Entertainment SA(a)

     1,835       200,581  

Unibail-Rodamco-Westfield

     4,526       996,575  

Veolia Environnement SA

     154,533       3,302,223  

Vinci SA

     7,515       721,374  
   

 

 

  
      80,497,870  
Germany — 10.6%            

adidas AG

     6,536       1,423,005  

Allianz SE, Registered Shares

     18,193       3,748,758  

BASF SE

     28,368       2,708,255  

Bayer AG, Registered Shares

     40,240       4,419,307  

Bayerische Motoren Werke AG

     47,445       4,288,676  

Continental AG

     4,329       985,186  

Deutsche Boerse AG

     52,619       6,995,923  

Deutsche Lufthansa AG, Registered Shares

     221,046       5,295,745  

Deutsche Telekom AG, Registered Shares

     327,217       5,056,952  

E.ON SE

     454,097       4,838,184  

Evonik Industries AG

     1,960       67,059  

Fresenius Medical Care AG & Co. KGaA

     58,400       5,880,388  

Hella GmbH & Co. KGaA

     2,437       136,076  

HOCHTIEF AG

     35,510       6,403,630  

Infineon Technologies AG

     45,586       1,157,945  

LEG Immobilien AG

     1,240       134,706  

Linde AG

     651       135,589  

MTU Aero Engines AG

     305       58,420  

Puma SE(c)

     3,835       2,240,439  

Rheinmetall AG

     14,596       1,605,888  

Salzgitter AG

     8,694       378,259  

SAP SE

     101,219       11,682,487  

Siemens AG, Registered Shares

     2,769       364,832  

Software AG

     27,231       1,265,624  

Suedzucker AG(c)

     107,141       1,702,991  

Talanx AG

     4,743       172,786  

Telefonica Deutschland Holding AG

     25,816       101,559  

TUI AG

     152,255       3,330,118  

Uniper SE

     9,923       295,436  

Vonovia SE

     6,289       298,913  

Wirecard AG

     8,563       1,370,256  
   

 

 

  
          78,543,392  
Hong Kong — 2.0%            

AIA Group Ltd.

     87,600       763,120  

Chow Tai Fook Jewellery Group Ltd.

     134,200       150,932  

CLP Holdings Ltd.

     302,000       3,252,960  

Galaxy Entertainment Group Ltd.

     178,000       1,372,104  

Hang Lung Properties Ltd.

     502,000       1,031,146  

Henderson Land Development Co. Ltd.

     233,200       1,229,728  
 

 

 

     1  

Schedule of Investments  (continued)

June 30, 2018 (unaudited)

   

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Hong Kong (continued)            

HKT Trust & HKT Ltd.

     174,000     $ 221,957  

Jardine Matheson Holdings Ltd.

     300       18,904  

Kerry Properties Ltd.

     525,500           2,511,329  

Link REIT

     37,000       337,417  

MTR Corp Ltd.

     35,500       196,089  

Sun Hung Kai Properties Ltd.

     107,000       1,612,055  

Swire Properties Ltd.

     158,400       584,174  

WH Group Ltd.(d)

     1,288,500       1,042,637  

Wharf Holdings Ltd.

     52,000       166,521  

Wheelock & Co. Ltd.

     75,005       521,250  
   

 

 

  
          15,012,323  
Ireland — 0.0%            

Smurfit Kappa Group PLC

     8,856       357,528  
   

 

 

  
Israel — 0.0%            

Gazit-Globe Ltd.

     3,857       35,607  
   

 

 

  
Italy — 2.8%            

Amplifon SpA

     9,032       186,755  

Atlantia SpA

     3,455       101,861  

Enel SpA

     47,876       265,290  

ERG SpA

     7,739       168,799  

Ferrari NV

     50,061       6,766,713  

Hera SpA

     28,144       87,573  

Intesa Sanpaolo SpA

     367,951       1,064,583  

Mediobanca SpA

     616,973       5,707,026  

Moncler SpA

     137,544       6,241,072  

Saipem SpA(a)

     13,530       62,051  
   

 

 

  
      20,651,723  
Japan — 21.6%            

Aeon Co. Ltd.

     16,600       355,111  

Aica Kogyo Co. Ltd.

     4,700       164,776  

Alfresa Holdings Corp.

     18,700       439,119  

Amada Holdings Co. Ltd.

     46,200       443,398  

Asahi Group Holdings Ltd.

     3,400       174,378  

Astellas Pharma, Inc.

     463,000       7,046,204  

Autobacs Seven Co. Ltd.

     800       14,166  

Benesse Holdings, Inc.

     1,200       42,555  

Bridgestone Corp.

     1,800       70,313  

Brother Industries Ltd.

     700       13,791  

Capcom Co. Ltd.

     7,800       191,800  

Century Tokyo Corp.

     2,500       141,523  

Chubu Electric Power Co., Inc.

     65,900       988,131  

Chugoku Bank Ltd.

     3,500       35,319  

Dai Nippon Printing Co. Ltd.

     11,700       261,456  

Daicel Corp.

     112,600       1,243,876  

Dai-ichi Life Holdings, Inc.

     152,100       2,707,022  

Daiichi Sankyo Co. Ltd.

     48,900       1,868,150  

Daito Trust Construction Co. Ltd.

     26,000       4,229,516  

Daiwa Securities Group, Inc.

     290,200       1,681,961  

DMG Mori Co. Ltd.

     11,100       153,457  

East Japan Railway Co.

     43,900       4,204,101  

en-japan, Inc.(c)

     3,200       161,032  

Fancl Corp.

     500       25,014  

FUJIFILM Holdings Corp.

     27,900       1,088,175  

Fujitsu Ltd.

     619,000       3,745,889  

Glory Ltd.

     3,000       83,822  

Hachijuni Bank Ltd.

     5,300       22,582  

Hakuhodo DY Holdings, Inc.

     6,300       101,014  

Haseko Corp.

     18,100       249,474  

Hitachi Ltd.

     988,000       6,960,444  

Hitachi Transport System Ltd.

     3,100       79,327  

Hokuhoku Financial Group, Inc.

     2,300       30,538  

Hokuriku Electric Power Co.(a)(c)

     4,600       46,202  

Honda Motor Co. Ltd.

     66,100       1,938,117  

Iida Group Holdings Co. Ltd.

     95,300       1,834,673  

Itochu Techno-Solutions Corp.

     19,000       327,745  

Jafco Co. Ltd.

     1,000       40,537  

Japan Post Bank Co. Ltd.

     4,300       49,994  
Security   Shares     Value  
Japan (continued)            

Japan Retail Fund Investment Corp.

     28     $ 50,508  

Japan Tobacco, Inc.

     232,300           6,491,953  

JTEKT Corp.

     26,700       362,411  

JXTG Holdings, Inc.

     722,000       5,009,076  

Kao Corp.

     24,200       1,844,562  

KDDI Corp.

     67,700       1,851,251  

Kikkoman Corp.

     400       20,195  

Kirin Holdings Co. Ltd.

     253,200       6,786,998  

Kobayashi Pharmaceutical Co. Ltd.

     8,400       725,050  

Konami Holdings Corp.

     20,400       1,036,558  

Kose Corp.

     5,200       1,118,491  

Kurita Water Industries Ltd.

     7,100       202,224  

Kyushu Financial Group, Inc.

     3,500       16,844  

Leopalace21 Corp.

     12,000       65,656  

Lintec Corp.

     11,900       344,826  

Lion Corp.

     2,800       51,235  

Marubeni Corp.

     14,400       109,633  

Medipal Holdings Corp.

     2,400       48,209  

Miraca Holdings, Inc.

     36,200       1,076,779  

Mitsubishi Chemical Holdings Corp.

     622,400             5,197,528  

Mitsubishi Corp.

     79,100       2,193,370  

Mitsubishi Estate Co. Ltd.

     56,500       986,315  

Mitsubishi Gas Chemical Co., Inc.

     3,500       79,092  

Mitsubishi Motors Corp.

     122,000       972,499  

Mitsubishi Tanabe Pharma Corp.

     13,200       227,900  

Mitsubishi UFJ Financial Group, Inc.

     16,500       93,471  

Mitsubishi UFJ Lease & Finance Co. Ltd.

     11,400       69,886  

Mitsui & Co. Ltd.

     248,500       4,138,095  

MS&AD Insurance Group Holdings, Inc.

     27,300       847,900  

Nagase & Co. Ltd.

     1,800       28,090  

Nihon Unisys, Ltd.

     2,200       55,171  

Nikon Corp.

     1,400       22,249  

Nintendo Co. Ltd.

     300       97,929  

Nippon Kayaku Co. Ltd.

     6,700       74,847  

Nippon Telegraph & Telephone Corp.

     118,800       5,396,848  

Nisshin Seifun Group, Inc.

     1,000       21,189  

Nitori Holdings Co. Ltd.

     3,000       466,735  

Nomura Real Estate Holdings, Inc.

     2,100       46,496  

NTN Corp.

     14,400       58,938  

NTT Data Corp.

     3,000       34,509  

NTT DOCOMO, Inc.

     266,200       6,783,406  

Odakyu Electric Railway Co. Ltd.

     900       19,301  

ORIX Corp.

     77,400       1,219,987  

Otsuka Corp.

     1,700       66,550  

Pigeon Corp.

     12,500       607,464  

Pola Orbis Holdings, Inc.

     17,200       755,863  

Resona Holdings, Inc.

     1,049,800       5,595,202  

Ricoh Co. Ltd.

     11,300       103,482  

Ryohin Keikaku Co. Ltd.

     1,600       562,118  

Sanwa Holdings Corp.

     8,000       84,540  

Secom Co. Ltd.

     16,800       1,288,289  

Seven & i Holdings Co. Ltd.

     101,300       4,418,269  

SG Holdings Co., Ltd.(c)

     11,600       253,771  

Shikoku Electric Power Co., Inc.

     28,000       374,503  

Shionogi & Co. Ltd.

     38,700       1,985,847  

Shiseido Co. Ltd.

     600       47,614  

Shizuoka Bank Ltd.

     11,100       99,804  

Sojitz Corp.

     380,500       1,378,028  

Sumitomo Chemical Co. Ltd.

     289,000       1,634,478  

Sumitomo Electric Industries Ltd.

     64,800       963,746  

Sumitomo Mitsui Financial Group, Inc.

     216,100       8,429,196  

Sumitomo Mitsui Trust Holdings, Inc.

     61,200       2,414,562  

Sumitomo Realty & Development Co. Ltd.

     78,000       2,872,348  

Suruga Bank Ltd.

     8,000       71,259  

Suzuken Co. Ltd.

     9,900       418,665  

Suzuki Motor Corp.

     28,400       1,565,071  

Takeda Pharmaceutical Co. Ltd.

     190,100       7,997,145  

TIS, Inc.

     8,700       399,813  

Tohoku Electric Power Co., Inc.

     1,400       17,105  

Tokai Carbon Co. Ltd.(c)

     18,200       326,021  
 

 

 

2   

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Japan (continued)            

Tokai Rika Co. Ltd.

     6,400     $ 121,339  

Tokio Marine Holdings, Inc.

     9,200       430,406  

Tokyo Electric Power Co. Holdings, Inc.(a)

     136,700       636,413  

Tokyo Electron Ltd.

     7,900       1,356,061  

Tokyo Gas Co. Ltd.

     31,100       825,776  

Tokyu Fudosan Holdings Corp.

     8,200       57,842  

Toppan Printing Co. Ltd.

     8,000       62,585  

Toyo Seikan Group Holdings Ltd.

     6,500       114,074  

Toyota Motor Corp.

     52,500       3,395,122  

TS Tech Co. Ltd.

     17,900       745,695  

Ulvac, Inc.

     16,900       644,682  

Unicharm Corp.

     24,300       730,561  

United Urban Investment Corp.

     14       21,755  

West Japan Railway Co.

     58,600       4,314,388  

Yahoo Japan Corp.

     38,000       125,889  

Zeon Corp.

     138,200       1,630,309  
   

 

 

  
      159,542,562  
Jersey — 0.0%            

Centamin PLC

     18,475       28,968  
   

 

 

  
Macau — 0.0%            

Sands China Ltd.

     52,000       277,232  
   

 

 

  
Netherlands — 6.2%            

Aalberts Industries NV

     31,982       1,527,797  

BE Semiconductor Industries NV

     115,262       3,101,687  

ING Groep NV

     479,476       6,882,656  

Koninklijke Ahold Delhaize NV

     152,565       3,642,890  

Koninklijke DSM NV

     70,193       7,022,048  

Koninklijke KPN NV

     2,298,778       6,250,796  

Koninklijke Philips NV

     112,401       4,762,208  

Royal Dutch Shell PLC, A Shares

     184,217       6,375,547  

Royal Dutch Shell PLC, B Shares

     142,880       5,116,956  

Wolters Kluwer NV

     17,650       991,520  
   

 

 

  
      45,674,105  
New Zealand — 0.0%            

Xero Ltd.(a)

     1,730       57,545  
   

 

 

  
Norway — 2.0%            

DNB ASA

     89,468       1,742,216  

EQUINOR ASA

     265,641       7,024,227  

Telenor ASA

     264,482       5,416,724  

TGS NOPEC Geophysical Co. ASA

     25,272       928,113  
   

 

 

  
      15,111,280  
Portugal — 0.3%            

Galp Energia SGPS SA

     39,351       748,601  

Jeronimo Martins SGPS SA

     76,389       1,100,346  
   

 

 

  
      1,848,947  
Russia — 0.0%            

Evraz PLC

     10,635       70,982  
   

 

 

  
Singapore — 0.6%            

Ascendas Real Estate Investment Trust

     444,600       860,987  

CapitaLand Mall Trust

     23,900       36,329  

DBS Group Holdings Ltd.

     700       13,613  

Genting Singapore, Ltd.

     1,108,400       992,476  

Keppel Corp. Ltd.

     3,300       17,263  

Singapore Airlines Ltd.

     4,200       32,892  

Venture Corp. Ltd.(c)

     204,500       2,671,794  
   

 

 

  
      4,625,354  
South Africa — 0.1%            

Anglo American PLC

     16,775       372,420  
   

 

 

  
Spain — 3.2%            

ACS Actividades de Construccion y Servicios SA

     72,657       2,931,419  

Aena SME SA(d)

     12,404       2,245,710  
Security   Shares     Value  
Spain (continued)            

Amadeus IT Group SA

     33,208     $ 2,611,230  

Banco Bilbao Vizcaya Argentaria SA

     1,218,200       8,591,449  

Corp. Financiera Alba SA

     4,195       243,447  

EDP Renovaveis SA

     8,184       85,347  

Grifols SA

     14,627       438,413  

Mediaset Espana Comunicacion SA

     371,590       3,123,485  

Repsol SA

     186,535       3,640,997  
   

 

 

  
      23,911,497  
Sweden — 3.9%            

Assa Abloy AB

     5,884       124,809  

Boliden AB

     44,122       1,423,971  

Castellum AB

     4,297       69,496  

Electrolux AB, Series B

     204,181       4,633,605  

Essity AB, B Shares

     11,213       275,858  

Fabege AB

     2,829       33,648  

Sandvik AB

     202,323       3,573,223  

Skandinaviska Enskilda Banken AB, Class A

     55,036       520,882  

SSAB AB, A Shares

     273,415       1,285,827  

Svenska Cellulosa AB SCA, Class B

     171,252       1,853,928  

Swedbank AB, A Shares

     49,232       1,048,949  

Swedish Match AB

     137,247       6,782,981  

Volvo AB, B Shares

     461,763       7,338,856  
   

 

 

  
      28,966,033  
Switzerland — 6.5%            

Barry Callebaut AG, Registered Shares

     682       1,222,088  

Bucher Industries AG, Registered Shares

     116       38,694  

Coca-Cola HBC AG

     2,338       77,819  

Ferguson PLC

     18,015       1,457,553  

Galenica AG(d)

     6,656       352,857  

Georg Fischer AG, Registered Shares

     2,952       3,769,659  

Glencore PLC

     154,161       731,923  

IWG PLC

     15,932       66,949  

Logitech International SA, Registered Shares

     81,173       3,556,264  

Nestle SA, Registered Shares

     104,671       8,112,091  

Novartis AG, Registered Shares

     72,721       5,508,684  

OC Oerlikon Corp. AG, Registered Shares

     41,131       626,620  

Roche Holding AG

     63,863       14,168,530  

Sika AG

     1,226       169,396  

STMicroelectronics NV

     47,507       1,054,813  

Sulzer AG, Registered Shares

     2       242  

Swiss Life Holding AG

     5,069       1,757,684  

Swiss Re AG

     57,805       5,046,889  
   

 

 

  
      47,718,755  
United Arab Emirates — 0.0%            

NMC Health PLC

     4,931       232,091  
   

 

 

  
United Kingdom — 12.9%            

Ashmore Group PLC

     40,463       198,381  

Ashtead Group PLC

     24,783       738,021  

ASOS PLC(a)

     20,139       1,615,406  

Associated British Foods PLC

     173,373       6,251,532  

AstraZeneca PLC

     9,509       657,710  

Auto Trader Group PLC(d)

     24,587       137,795  

Aviva PLC

     148,120       982,788  

BAE Systems PLC

     61,981       527,291  

Barratt Developments PLC

     70,807       479,994  

Bodycote PLC

     6,703       86,277  

Bovis Homes Group PLC

     36,989       557,710  

BP PLC

     659,097       5,014,746  

British American Tobacco PLC

     16,514       831,865  

British Land Co. PLC

     75,853       671,070  

Britvic PLC

     74,738       766,359  

Burberry Group PLC

     23,700       673,566  

Centrica PLC

     402,795       836,355  

Close Brothers Group PLC

     19,141       373,667  

Compass Group PLC

     86,545       1,844,759  

Croda International PLC

     3,184       201,156  
 

 

 

     3  

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock Advantage International Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

DCC PLC

     27,687     $ 2,510,632  

Derwent London PLC

     366       14,974  

Diageo PLC

     187,318       6,729,561  

Dialog Semiconductor PLC(a)

     20,956       317,629  

Direct Line Insurance Group PLC

     143,529       647,699  

Dixons Carphone PLC

     67,624       165,951  

DS Smith PLC

     7,700       52,758  

Electrocomponents PLC

     37,448       373,329  

Experian PLC

     2,938       72,476  

Fevertree Drinks PLC

     2,583       115,148  

Fiat Chrysler Automobiles NV(a)

     32,773       618,238  

GlaxoSmithKline PLC

     204,373       4,120,348  

Hays PLC

     103,398       253,914  

HSBC Holdings PLC

     963,689       9,005,040  

IG Group Holdings PLC

     3,042       34,493  

Imperial Brands PLC

     52,982       1,967,650  

Inchcape PLC

     55,105       566,507  

Indivior PLC(a)

     30,511       153,638  

InterContinental Hotels Group PLC

     43,423       2,699,397  

International Consolidated Airlines Group SA

     36,237       317,111  

Intertek Group PLC

     89,881       6,758,197  

ITV PLC

     95,437       218,192  

JD Sports Fashion PLC

     125,256       725,792  

Jupiter Fund Management PLC

     37,706       221,067  

Legal & General Group PLC

     1,323,841       4,630,576  

Lloyds Banking Group PLC

     3,024,360       2,509,362  

Man Group PLC

     262,561       608,646  

Mondi PLC

     44,877       1,210,694  

National Grid PLC

     19,872       219,607  

Pennon Group PLC

     6,471       67,674  

Persimmon PLC

     19,040       634,216  

Petrofac Ltd.

     121,240       931,371  

Rentokil Initial PLC

     234,472       1,081,062  

Rightmove PLC

     54,498       3,809,540  

Royal Mail PLC

     144,129       958,878  

Schroders PLC

     5,607       232,672  

Severn Trent PLC

     53,771       1,402,011  

Smiths Group PLC

     4,572       102,127  

Spirax-Sarco Engineering PLC

     14,865       1,274,726  

SSE PLC

     7,076       126,310  

SSP Group PLC

     28,628       238,862  

Standard Life ABERDEEN PLC

     46,840       200,576  

Tate & Lyle PLC

     112,764       959,661  

Taylor Wimpey PLC

     49,374       116,227  

Thomas Cook Group PLC

     1,219,054       1,727,471  

Unilever NV CVA

     33,199       1,849,750  

Unilever PLC

     21,418       1,183,139  

Vodafone Group PLC

     1,963,484       4,756,126  

WH Smith PLC

     5,486       144,403  

William Hill PLC

     90,454       361,270  

Wm Morrison Supermarkets PLC

     456,782       1,515,145  
   

 

 

  
      94,958,291  
United States — 0.5%            

Carnival PLC

     33,186       1,896,742  

FirstSun Capital Bancorp (Acquired 3/10/14,cost $1,691,203)(a)(b)(e)

     37,254       1,366,104  

Sims Metal Management Ltd.

     16,388       194,632  
   

 

 

  
      3,457,478  

Total Common Stocks — 95.8%
(Cost: $704,095,301)

             707,616,529  
   

 

 

  
Security   Shares     Value  

Preferred Stocks — 0.3%

    
Germany — 0.0%            

Schaeffler AG, Preference Shares

     1,218     $ 15,809  
   

 

 

  
India — 0.0%            

Jasper Infotech Private Ltd., Series F (Acquired 5/07/14, cost $576,742)(a)(b)(e)

     81       141,696  

Jasper Infotech Private Ltd., Series G (Acquired 10/29/14, cost $227,633)(a)(b)(e)

     27       57,670  
   

 

 

  
      199,366  
United States — 0.3%            

Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $942,242)(a)(b)(e)

     153,710       888,444  

Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $1,176,386)(a)(b)(e)

     31,780       1,271,200  
   

 

 

  
      2,159,644  
   

 

 

  

Total Preferred Stocks — 0.3%
(Cost: $2,257,517)

       2,374,819  
   

 

 

  

Rights — 0.0%

    
United States — 0.0%            

ACS Actividades de Construccion y Servicios SA(a)

     66,199       68,185  

Intesa Sanpaolo(a)(b)

     365,533       —  

REPSOL SA(a)

     186,535       105,890  
   

 

 

  
      174,075  
   

 

 

  

Total Rights — 0.0%
(Cost: $177,005)

       174,075  
   

 

 

  

Total Long-Term Investments — 96.1%
(Cost: $706,529,823)

             710,165,423  
   

 

 

  

Short-Term Securities — 3.4%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(f)(h)

     19,453,890       19,453,890  

SL Liquidity Series, LLC, Money Market Series, 2.15%(f)(g)(h)

     5,249,343       5,249,868  
   

 

 

  

Total Short-Term Investments — 3.4%
(Cost: $24,703,260)

       24,703,758  
   

 

 

  

Total Investments — 99.5%
(Cost: $731,233,083)

       734,869,181  

Other Assets Less Liabilities — 0.5%

       3,792,312  
   

 

 

  

Net Assets — 100.0%

     $ 738,661,493  
   

 

 

  

 

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

(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 $3,725,114, representing 0.50% of its net assets as of period end, and an original cost of $4,614,206.

 

 

4   

Schedule of Investments  (continued)

June 30, 2018 (unaudited)

   

BlackRock Advantage International Fund

 

 

(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 June 30, 2018, 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
09/30/17		      Net
Activity		      Shares
Held at
06/30/18		      Value at
06/30/18		      Income      Net
Realized Gain
(Loss)(a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      8,142,638        11,311,252        19,453,890      $ 19,453,890      $ 189,715      $ 52      $ —  

SL Liquidity Series, LLC, Money Market Series

      122,087        5,127,256        5,249,343        5,249,868        70,415 (b)        261        501  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 24,703,758      $ 260,130      $ 313      $ 501  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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

      64          September 2018          6,424          (65,716 ) 

SPI 200 Index

      15          September 2018          1,706          37,806  

Euro STOXX 50 Index

      261          September 2018          10,336          (182,489 ) 

FTSE 100 Index

      41          September 2018          4,113          (16,376 ) 
                 

 

 

  
                    (226,775 ) 
                                           

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 semi-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

    $             130,147        $             45,342,037        $                     1        $             45,472,185  

Austria

      —          4,554,521          —          4,554,521  

Belgium

      —          10,035,900          —          10,035,900  

China

      —          91,649          —          91,649  

Denmark

      —          11,768,713          —          11,768,713  

Finland

      —          13,741,578          —          13,741,578  

France

      996,575          79,501,295          —          80,497,870  

 

 

     5  

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock Advantage International Fund

 

      Level 1        Level 2        Level 3        Total  

Germany

    $     —        $ 78,543,392        $ —        $ 78,543,392  

Hong Kong

      —          15,012,323          —          15,012,323  

Ireland

      —          357,528          —          357,528  

Israel

      —          35,607          —          35,607  

Italy

      —          20,651,723          —          20,651,723  

Japan

      —          159,542,562          —          159,542,562  

Jersey

      —          28,968          —          28,968  

Macau

      —          277,232          —          277,232  

Netherlands

      —          45,674,105          —          45,674,105  

New Zealand

      —          57,545          —          57,545  

Norway

      —          15,111,280          —          15,111,280  

Portugal

      —          1,848,947          —          1,848,947  

Russia

      —          70,982          —          70,982  

Singapore

      992,476          3,632,878          —          4,625,354  

South Africa

      —          372,420          —          372,420  

Spain

      85,347          23,826,150          —          23,911,497  

Sweden

      124,809          28,841,224          —          28,966,033  

Switzerland

      —          47,718,755          —          47,718,755  

United Arab Emirates

      —          232,091          —          232,091  

United Kingdom

      219,607          94,738,684          —          94,958,291  

United States

      —          2,091,374          1,366,104          3,457,478  

Preferred Stocks:

                  

Germany

      15,809          —          —          15,809  

India

      —          —          199,366          199,366  

United States

      —          —          2,159,644          2,159,644  

Rights:

                  

United States

      174,075          —          —          174,075  

Short-Term Securities

      19,453,890          —          —          19,453,890  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $         22,192,735        $         703,701,463        $         3,725,115        $         729,619,313  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                     5,249,868  
                 

 

 

  

Total Investments

                   $ 734,869,181  
                 

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                  

Equity contracts

    $ 37,806        $ —        $ —        $ 37,806  

Liabilities:

                  

Equity contracts

      (264,581 )         —          —          (264,581 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ (226,775 )       $ —        $ —        $ (226,775 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

As of June 30, 2018, 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.

 
  (b) 

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

 

During the period ended June 30, 2018, 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        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)

        —          767,945          767,945  

Net change in unrealized appreciation (depreciation)(a)

        141,192          (2,662,589 )         (2,521,397 ) 

Purchases

        —          —          —  

Sales

        —          (683,381 )         (683,381 ) 
    

 

 

       

 

 

       

 

 

  

Closing Balance, as of June 30, 2018

      $ 1,366,105        $ 2,359,010        $ 3,725,115  
    

 

 

       

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)

      $ 141,192        $ (2,662,589 )       $ (2,521,397 ) 
    

 

 

       

 

 

       

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018, is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

 

6   

Schedule of Investments  (unaudited)

June 30, 2018

   

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 99.1%

    
Aerospace & Defense — 3.2%            

Boeing Co.

     18,220     $ 6,112,992  

Harris Corp.

     5,626       813,182  

HEICO Corp., Class A

     371       22,612  

Lockheed Martin Corp.

     23,253       6,869,634  

Raytheon Co.

     63,474       12,261,907  

Rockwell Collins, Inc.

     1,377       185,454  
   

 

 

  
          26,265,781  
Air Freight & Logistics — 0.4%            

FedEx Corp.

     12,560       2,851,874  

XPO Logistics, Inc.(a)

     3,710       371,668  
   

 

 

  
      3,223,542  
Airlines — 0.0%            

Southwest Airlines Co.

     8,030       408,566  
   

 

 

  
Auto Components — 1.0%            

BorgWarner, Inc.

     180,249       7,779,547  
   

 

 

  
Banks — 0.6%            

Citizens Financial Group, Inc.

     100,485       3,908,867  

Synovus Financial Corp.

     20,480       1,081,958  
   

 

 

  
      4,990,825  
Beverages — 2.6%            

Brown-Forman Corp., Class A

     11,083       541,515  

Brown-Forman Corp., Class B

     42,541       2,084,934  

Coca-Cola European Partners PLC

     55,886       2,271,207  

Constellation Brands, Inc., Class A

     31,656       6,928,549  

Dr. Pepper Snapple Group, Inc.

     10,632       1,297,104  

PepsiCo, Inc.

     73,300       7,980,171  
   

 

 

  
      21,103,480  
Biotechnology — 5.8%            

AbbVie, Inc.

     114,998       10,654,565  

Amgen, Inc.

     7,936       1,464,906  

Biogen, Inc.(a)

     13,833       4,014,890  

Celgene Corp.(a)

     133,222       10,580,491  

Exelixis, Inc.(a)

     62,204       1,338,630  

Gilead Sciences, Inc.

     172,358       12,209,841  

Vertex Pharmaceuticals, Inc.(a)

     38,650       6,568,954  
   

 

 

  
      46,832,277  
Building Products — 0.9%            

Fortune Brands Home & Security, Inc.

     136,022       7,303,021  
   

 

 

  
Capital Markets — 3.0%            

Charles Schwab Corp.

     123,981       6,335,429  

Freedom Pay, Inc.(a)(b)

     43,051       —  

Intercontinental Exchange, Inc.

     105,524       7,761,290  

Moelis & Co., Class A

     45,768       2,684,293  

S&P Global, Inc.

     38,131       7,774,530  
   

 

 

  
      24,555,542  
Chemicals — 0.9%            

Air Products & Chemicals, Inc.

     37,099       5,777,427  

Cabot Corp.

     3       185  

Eastman Chemical Co.

     5,535       553,279  

International Flavors & Fragrances, Inc.

     8,406       1,042,008  

WR Grace & Co.

     3,653       267,801  
   

 

 

  
      7,640,700  
Commercial Services & Supplies — 0.0%            

Republic Services, Inc.

     6,124       418,637  
   

 

 

  
Communications Equipment — 0.6%            

Arista Networks, Inc.(a)

     575       148,057  

Motorola Solutions, Inc.

     26,724       3,109,872  

Palo Alto Networks, Inc.(a)

     6,662       1,368,841  
   

 

 

  
      4,626,770  
Security   Shares     Value  
Containers & Packaging — 0.7%            

Packaging Corp. of America

     49,571     $ 5,541,542  
   

 

 

  
Diversified Consumer Services — 0.5%            

H&R Block, Inc.

     162,524       3,702,297  
   

 

 

  
Electrical Equipment — 1.2%            

AMETEK, Inc.

     124,055       8,951,809  

Rockwell Automation, Inc.

     3,207       533,100  
   

 

 

  
          9,484,909  
Electronic Equipment, Instruments & Components — 0.7%  

Amphenol Corp., Class A

     47,175       4,111,301  

CDW Corp.

     19,727       1,593,744  

Zebra Technologies Corp., Class A(a)

     1,050       150,413  
   

 

 

  
      5,855,458  
Equity Real Estate Investment Trusts (REITs) — 1.9%  

Equity Lifestyle Properties, Inc.

     4,432       407,301  

Prologis, Inc.

     137,815       9,053,067  

Simon Property Group, Inc.

     36,011       6,128,712  
   

 

 

  
      15,589,080  
Food & Staples Retailing — 1.6%            

Costco Wholesale Corp.

     36,993       7,730,797  

Performance Food Group Co.(a)

     4,230       155,241  

Walmart, Inc.

     56,574       4,845,563  
   

 

 

  
      12,731,601  
Food Products — 0.5%            

Archer-Daniels-Midland Co.

     15,641       716,827  

Bunge Ltd.

     30,871       2,152,017  

Hershey Co.

     7,446       692,925  

Hormel Foods Corp.

     2,738       101,881  

Kellogg Co.

     3,322       232,108  
   

 

 

  
      3,895,758  
Health Care Equipment & Supplies — 1.7%            

IDEXX Laboratories, Inc.(a)

     12,975       2,827,772  

Masimo Corp.(a)

     8,883       867,425  

Stryker Corp.

     59,531       10,052,405  

Varian Medical Systems, Inc.(a)

     670       76,192  
   

 

 

  
      13,823,794  
Health Care Providers & Services — 3.2%            

Aetna, Inc.

     6,092       1,117,882  

AmerisourceBergen Corp.

     28,499       2,430,110  

Express Scripts Holding Co.(a)

     2,290       176,811  

Humana, Inc.

     36,495       10,862,007  

McKesson Corp.

     16,871       2,250,591  

UnitedHealth Group, Inc.

     24,192       5,935,265  

WellCare Health Plans, Inc.(a)

     11,347       2,794,085  
   

 

 

  
      25,566,751  
Health Care Technology — 0.5%            

Veeva Systems, Inc., Class A(a)

     52,454       4,031,614  
   

 

 

  
Hotels, Restaurants & Leisure — 4.3%            

Carnival Corp.

     92,863       5,321,979  

Darden Restaurants, Inc.

     20,556       2,200,725  

Domino’s Pizza, Inc.

     25,627       7,231,171  

Las Vegas Sands Corp.

     127,195       9,712,610  

Marriott International, Inc., Class A

     23,234       2,941,424  

McDonald’s Corp.

     45,215       7,084,738  
   

 

 

  
      34,492,647  
Household Durables — 0.3%            

DR Horton, Inc.

     47,930       1,965,130  

Whirlpool Corp.

     4,358       637,270  
   

 

 

  
      2,602,400  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Industrial Conglomerates — 2.2%            

3M Co.

     58,400     $ 11,488,448  

Honeywell International, Inc.

     41,485       5,975,914  
   

 

 

  
          17,464,362  
Insurance — 0.5%            

Allstate Corp.

     22,151       2,021,722  

American Financial Group, Inc.

     4,517       484,810  

Athene Holding Ltd., Class A (a)

     14,508       636,031  

Hanover Insurance Group, Inc.

     858       102,582  

Progressive Corp.

     17,271       1,021,580  
   

 

 

  
      4,266,725  
Internet & Direct Marketing Retail — 6.6%            

Amazon.com, Inc.(a)

     26,956       45,819,809  

Netflix, Inc.(a)

     20,225       7,916,672  
   

 

 

  
      53,736,481  
Internet Software & Services — 9.5%            

Alphabet, Inc., Class A(a)

     15,241       17,209,985  

Alphabet, Inc., Class C(a)

     17,960       20,037,074  

Facebook, Inc., Class A(a)

     142,232       27,638,522  

GoDaddy, Inc., Class A(a)

     84,821       5,988,363  

GrubHub, Inc.(a)(c)

     8,987       942,826  

New Relic, Inc.(a)

     8,422       847,169  

Twitter, Inc.(a)

     64,638       2,822,741  

Yelp, Inc.(a)

     42,818       1,677,609  
   

 

 

  
      77,164,289  
IT Services — 8.3%            

Accenture PLC, Class A

     35,566       5,818,242  

Automatic Data Processing, Inc.

     30,178       4,048,077  

Booz Allen Hamilton Holding Corp.

     92,230       4,033,218  

Broadridge Financial Solutions, Inc.

     1,179       135,703  

Cognizant Technology Solutions Corp., Class A

     18,382       1,451,994  

EPAM Systems, Inc.(a)

     1       124  

Fidelity National Information Services, Inc.

     85,683       9,084,969  

First Data Corp., Class A(a)

     115,851       2,424,761  

Mastercard, Inc., Class A

     100,007       19,653,376  

Square, Inc., Class A(a)

     31,233       1,925,202  

Visa, Inc., Class A

     142,540       18,879,423  
   

 

 

  
      67,455,089  
Life Sciences Tools & Services — 0.3%            

Agilent Technologies, Inc.

     14,877       919,994  

Bio-Rad Laboratories, Inc., Class A(a)

     2,502       721,927  

Thermo Fisher Scientific, Inc.

     2,935       607,956  
   

 

 

  
      2,249,877  
Machinery — 1.8%            

Graco, Inc.

     36,929       1,669,929  

Illinois Tool Works, Inc.

     44,336       6,142,309  

Ingersoll-Rand PLC

     37,056       3,325,035  

PACCAR, Inc.

     51,010       3,160,580  
   

 

 

  
      14,297,853  
Media — 0.4%            

CBS Corp., Class B

     4,629       260,242  

Interpublic Group of Cos., Inc.

     124,629       2,921,304  
   

 

 

  
      3,181,546  
Metals & Mining — 0.0%            

Newmont Mining Corp.

     4,628       174,522  
   

 

 

  
Multiline Retail — 1.1%            

Target Corp.

     116,614       8,876,658  
   

 

 

  
Oil, Gas & Consumable Fuels — 0.5%            

ConocoPhillips

     55,969       3,896,562  

Continental Resources, Inc.(a)

     1,645       106,530  

RSP Permian, Inc.(a)

     4,980       219,220  
   

 

 

  
      4,222,312  
Security   Shares      Value  
Personal Products — 0.5%             

Estee Lauder Cos., Inc., Class A

     19,529      $ 2,786,593  

Herbalife Nutrition Ltd.(a)

     18,767        1,008,163  
    

 

 

  
       3,794,756  
Pharmaceuticals — 2.4%             

Bristol-Myers Squibb Co.

     152,474        8,437,911  

Eli Lilly & Co.

     18,063        1,541,316  

Johnson & Johnson

     24,423        2,963,487  

Merck & Co., Inc.

     45,718        2,775,083  

Zoetis, Inc.

     44,014        3,749,553  
    

 

 

  
           19,467,350  
Professional Services — 0.3%             

Insperity, Inc.

     22,640        2,156,460  

ManpowerGroup, Inc.

     7,171        617,136  
    

 

 

  
       2,773,596  
Real Estate Management & Development — 0.1%         

Jones Lang LaSalle, Inc.

     2,829        469,586  
    

 

 

  
Road & Rail — 1.4%             

Landstar System, Inc.

     66,716        7,285,387  

Norfolk Southern Corp.

     13,167        1,986,505  

Union Pacific Corp.

     13,833        1,959,859  
    

 

 

  
       11,231,751  
Semiconductors & Semiconductor Equipment — 4.6%  

Applied Materials, Inc.

     110,553        5,106,443  

Broadcom, Inc.

     13,173        3,196,297  

Cavium, Inc.(a)

     3,972        343,578  

Maxim Integrated Products, Inc.

     153,238        8,988,941  

NVIDIA Corp.

     20,251        4,797,462  

Texas Instruments, Inc.

     124,670        13,744,868  

Xilinx, Inc.

     17,002        1,109,551  
    

 

 

  
       37,287,140  
Software — 11.6%             

Activision Blizzard, Inc.

     37,464        2,859,253  

Adobe Systems, Inc.(a)

     33,280        8,113,997  

Cadence Design Systems, Inc.(a)

     27,458        1,189,206  

Dell Technologies, Inc., Class V(a)

     21,517        1,819,908  

Electronic Arts, Inc.(a)

     42,206        5,951,890  

Intuit, Inc.

     5,530        1,129,807  

Microsoft Corp.

     433,003        42,698,426  

RingCentral, Inc., Class A(a)

     48,827        3,434,979  

salesforce.com, Inc.(a)

     61,860        8,437,704  

Splunk, Inc.(a)

     5,057        501,199  

Synopsys, Inc.(a)

     77,903        6,666,160  

Workday, Inc., Class A(a)

     46,098        5,583,390  

Zendesk, Inc.(a)

     107,682        5,867,592  
    

 

 

  
       94,253,511  
Specialty Retail — 2.5%             

Burlington Stores, Inc.(a)

     14,698        2,212,490  

Home Depot, Inc.

     50,941        9,938,589  

Lithia Motors, Inc., Class A

     37,092        3,507,790  

Penske Automotive Group, Inc.

     41,401        1,939,637  

Tiffany & Co.

     22,862        3,008,639  
    

 

 

  
       20,607,145  
Technology Hardware, Storage & Peripherals — 6.2%  

Apple Inc.

     270,407        50,055,040  
    

 

 

  
Textiles, Apparel & Luxury Goods — 1.4%  

Lululemon Athletica, Inc.(a)

     22,392        2,795,641  

Michael Kors Holdings Ltd.(a)

     7,397        492,640  

NIKE, Inc., Class B

     37,544        2,991,506  

Skechers U.S.A., Inc., Class A(a)

     84,874        2,547,069  

VF Corp.

     26,648        2,172,345  
    

 

 

  
       10,999,201  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Large Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Trading Companies & Distributors — 0.8%            

HD Supply Holdings, Inc.(a)

     4,544     $ 194,892  

Univar, Inc.(a)

     63,627       1,669,572  

Watsco, Inc.

     25,395       4,527,421  
   

 

 

  
      6,391,885  
   

 

 

  

Total Long-Term Investments — 99.1%
(Cost: $705,723,201)

           802,887,214  
   

 

 

  
Security   Shares     Value  

Short-Term Securities — 0.9%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(d)(f)

     7,023,162     $ 7,023,162  

SL Liquidity Series, LLC, Money Market Series, 2.15%(d)(e)(f)

     135,644       135,657  
   

 

 

  

Total Short-Term Securities — 0.9%
(Cost: $7,158,819)

       7,158,819  
   

 

 

  

Total Investments — 100.0%
(Cost: $712,882,020)

       810,046,033  

Liabilities in Excess of Other Assets — 0.0%

 

     (92,759 ) 
   

 

 

  

Net Assets — 100.0%

     $     809,953,274  
   

 

 

  
 

 

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

(d)

Annualized 7-day yield as of period end.

(e)

Security was purchased with the cash collateral from loaned securities.

(f)

During the period ended June 30, 2018, 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
09/30/17		      Net
Activity		      Shares
Held at
06/30/18		      Value at
06/30/18		      Income     

Net

Realized
Gain (Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      3,215,330        3,807,832        7,023,162      $ 7,023,162      $ 79,169      $ 27      $ —  

SL Liquidity Series, LLC Money Market Series

      —        135,644        135,644        135,657        3,948 (b)        131        —  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 7,158,819      $ 83,117      $ 158      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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
(Depreciation)		  

Long Contracts

                  

E-Mini S&P 500 Index

      61          09/21/18        $8,301        $(141,009)  
            

 

     

 

 

  

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

 

 

     3  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Large Cap Growth Fund

 

“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 semi-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  

Assets:

                  

Investments:

                  

Long-Term Investments:

                  

Common Stocks(a)

    $         802,887,214        $ —        $ —        $ 802,887,214  

Short-Term Securities

      7,023,162          —          —          7,023,162  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 809,910,376        $ —        $ —        $         809,910,376  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(b)

                     135,657  
                 

 

 

  

Total Investments.

                   $ 810,046,033  
                 

 

 

  

Derivative Financial Instruments(c)

                  

Liabilities:

                  

Equity contracts

    $ (141,009 )       $                             —        $                             —        $ (141,009 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

See above Schedule of Investments for values in each industry.

 

 

  (b)

As of June 30, 2018, certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 

 

  (c)

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

 

During the period ended June 30, 2018, there were no transfers between levels.

 

 

4   

Schedule of Investments  (unaudited)

June 30, 2018

   

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 98.6%

    
Aerospace & Defense — 1.2%            

Axon Enterprise, Inc.(a)(b)

     34,246     $ 2,163,662  

Curtiss-Wright Corp.

     56,295       6,700,231  

HEICO Corp., Class A

     6,918       421,652  
   

 

 

  
      9,285,545  
Air Freight & Logistics — 0.2%            

Air Transport Services Group, Inc.(a)(b)

     35,412       799,957  

Echo Global Logistics Inc(a)

     29,692       868,491  
   

 

 

  
      1,668,448  
Auto Components — 1.2%            

Dana, Inc.

     109,297       2,206,706  

Fox Factory Holding Corp.(a)(b)

     36,579       1,702,752  

Modine Manufacturing Co.(a)

     74,677       1,362,855  

Stoneridge, Inc.(a)

     6,177       217,060  

Tenneco, Inc.

     27,211       1,196,196  

Tower International, Inc.

     80,019       2,544,604  
   

 

 

  
          9,230,173  
Banks — 2.6%            

Bank of Commerce Holdings

     4,699       59,912  

Bank of Marin Bancorp

     1,243       100,497  

Cadence BanCorp

     140,143       4,045,928  

Carolina Financial Corp.

     26,180       1,123,646  

Central Pacific Financial Corp.

     185,778       5,322,540  

FCB Financial Holdings, Inc., Class A(a)

     48,564       2,855,563  

First Connecticut Bancorp, Inc.

     4,627       141,586  

First Financial Northwest, Inc.

     4,807       93,833  

Guaranty Bancorp

     14,093       419,971  

Heritage Commerce Corp.

     54,662       928,707  

Home BancShares, Inc.

     14,927       336,753  

Lakeland Financial Corp.

     40,664       1,959,598  

National Bank Holdings Corp., Class A

     2,250       86,828  

People’s Utah Bancorp

     5,214       186,140  

QCR Holdings, Inc.

     3,381       160,428  

Republic Bancorp, Inc., Class A

     139       6,297  

Republic First Bancorp, Inc.(a)(b)

     20,205       158,609  

TriState Capital Holdings, Inc.(a)

     35,915       937,381  

Union Bankshares Corp.

     4       156  

United Community Banks, Inc.

     22,841       700,533  
   

 

 

  
      19,624,906  
Biotechnology — 11.7%            

ACADIA Pharmaceuticals, Inc.(a)(b)

     114,248       1,744,567  

Acceleron Pharma, Inc.(a)

     3,130       151,868  

Achaogen, Inc.(a)(b)

     20,031       173,468  

Acorda Therapeutics, Inc.(a)(b)

     3,184       91,381  

Adamas Pharmaceuticals, Inc.(a)(b)

     25,775       665,768  

ADMA Biologics, Inc.(a)

     19,493       87,913  

Aduro Biotech, Inc.(a)(b)

     86,585       606,095  

Agenus, Inc.(a)(b)

     229,413       520,768  

Aimmune Therapeutics, Inc.(a)(b)

     56,915       1,530,444  

Akebia Therapeutics, Inc.(a)

     108,297       1,080,804  

Alder Biopharmaceuticals, Inc.(a)

     25,055       395,869  

AMAG Pharmaceuticals, Inc.(a)(b)

     8,278       161,421  

Amicus Therapeutics, Inc.(a)(b)

     86,886       1,357,159  

AnaptysBio, Inc.(a)

     3,318       235,711  

Apellis Pharmaceuticals, Inc.(a)

     5,167       113,674  

Applied Genetic Technologies Corp.(a)

     26,780       99,086  

Ardelyx, Inc.(a)

     23,485       86,895  

Arena Pharmaceuticals, Inc.(a)

     16,294       710,418  

Array BioPharma, Inc.(a)

     180,503       3,028,840  

Arrowhead Pharmaceuticals, Inc.(a)

     6,594       89,678  

Atara Biotherapeutics, Inc.(a)(b)

     37,498       1,378,052  

Athersys, Inc.(a)

     84,462       166,390  

aTyr Pharma, Inc.(a)(b)

     126,299       114,932  

Audentes Therapeutics, Inc.(a)

     5,439       207,824  

AVEO Pharmaceuticals, Inc.(a)

     52,557       118,779  

Biohaven Pharmaceutical Holding, Co. Ltd.(a)(b)

    16,460       650,499  
Security   Shares     Value  
Biotechnology (continued)            

BioSpecifics Technologies Corp.(a)

     10,698     $ 479,912  

Blueprint Medicines Corp.(a)

     17,058       1,082,842  

Calithera Biosciences, Inc.(a)

     109,321       546,605  

CareDx, Inc.(a)

     33,384       408,620  

Catalyst Pharmaceuticals, Inc.(a)(b)

     34,581       107,893  

ChemoCentryx, Inc.(a)

     67,625       890,621  

Clovis Oncology, Inc.(a)(b)

     48,225           2,192,791  

Coherus Biosciences, Inc.(a)(b)

     70,842       991,788  

Conatus Pharmaceuticals, Inc.(a)

     153,402       656,561  

Corvus Pharmaceuticals, Inc.(a)

     13,120       144,058  

CytomX Therapeutics, Inc.(a)

     49,893       1,140,554  

Deciphera Pharmaceuticals, Inc.(a)

     2,441       96,053  

Denali Therapeutics, Inc.(a)(b)

     4,837       73,764  

Dynavax Technologies Corp.(a)

     25,964       395,951  

Editas Medicine, Inc.(a)(b)

     15,698       562,459  

Eiger BioPharmaceuticals, Inc.(a)

     15,707       191,625  

Emergent BioSolutions, Inc.(a)

     17,498       883,474  

Enanta Pharmaceuticals, Inc.(a)

     8,179       947,946  

EPIRUS Biopharmaceuticals, Inc.(a)

     6,060       18  

Epizyme, Inc.(a)

     14,499       196,461  

Evelo Biosciences, Inc.(a)

     6,159       72,676  

Exact Sciences Corp.(a)(b)

     10,384       620,859  

Exelixis, Inc.(a)

     19,432       418,177  

FibroGen, Inc.(a)(b)

     54,462       3,409,321  

Flexion Therapeutics, Inc.(a)

     14,086       364,123  

Foundation Medicine, Inc.(a)(b)

     6,793       928,603  

G1 Therapeutics, Inc.(a)

     2,063       89,658  

Genomic Health, Inc.(a)

     27,540       1,388,016  

Global Blood Therapeutics, Inc.(a)(b)

     42,351       1,914,265  

GTx, Inc.(a)

     10,417       159,484  

Halozyme Therapeutics, Inc.(a)(b)

     125,409       2,115,650  

Heron Therapeutics, Inc.(a)

     60,273       2,341,606  

Homology Medicines, Inc.(a)

     10,060       205,224  

Immune Design Corp.(a)(b)

     51,578       234,680  

ImmunoGen, Inc.(a)

     56,975       554,367  

Immunomedics, Inc.(a)

     52,259       1,236,971  

Insmed, Inc.(a)(b)

     23,176       548,112  

Intercept Pharmaceuticals, Inc.(a)

     10,873       912,353  

Invitae Corp.(a)(b)

     138,550       1,018,343  

Iovance Biotherapeutics, Inc.(a)

     5,771       73,869  

Ironwood Pharmaceuticals, Inc., Class A(a)(b)

     124,783       2,385,851  

Jounce Therapeutics, Inc.(a)(b)

     20,195       154,694  

Karyopharm Therapeutics, Inc.(a)

     22,063       374,850  

Kindred Biosciences, Inc.(a)

     56,963       606,656  

La Jolla Pharmaceutical Co.(a)

     7,694       224,434  

Lexicon Pharmaceuticals, Inc.(a)

     87,104       1,045,248  

Ligand Pharmaceuticals, Inc.(a)(b)

     13,550       2,807,154  

Loxo Oncology, Inc.(a)

     22,043       3,824,020  

MacroGenics, Inc.(a)

     14,176       292,734  

Madrigal Pharmaceuticals, Inc.(a)(b)

     1,527       427,087  

MediciNova, Inc.(a)

     11,604       92,368  

Mersana Therapeutics, Inc.(a)

     10,993       196,335  

Miragen Therapeutics, Inc.(a)(b)

     21,546       138,110  

Momenta Pharmaceuticals, Inc.(a)

     20,368       416,526  

Myriad Genetics, Inc.(a)

     24,491       915,229  

Natera, Inc.(a)

     58,857       1,107,689  

Novavax, Inc.(a)(b)

     587,216       786,869  

Nymox Pharmaceutical Corp.(a)

     36,865       123,866  

Ophthotech Corp.(a)

     25,704       70,172  

Palatin Technologies, Inc.(a)

     446,652       433,163  

Pieris Pharmaceuticals, Inc.(a)

     40,969       207,713  

Portola Pharmaceuticals, Inc.(a)(b)

     46,795       1,767,447  

Progenics Pharmaceuticals, Inc.(a)(b)

     12,735       102,389  

PTC Therapeutics, Inc.(a)

     11,995       404,591  

Puma Biotechnology, Inc.(a)(b)

     32,523       1,923,735  

Ra Pharmaceuticals, Inc.(a)

     70,766       704,122  

Radius Health, Inc.(a)(b)

     30,807       907,882  

REGENXBIO, Inc.(a)

     12,562       901,324  

Repligen Corp.(a)

     11,377       535,174  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Retrophin, Inc.(a)

     42,077     $ 1,147,019  

Rhythm Pharmaceuticals, Inc.(a)(b)

     13,836       432,513  

Rigel Pharmaceuticals, Inc.(a)

     205,138       580,541  

Sangamo Therapeutics, Inc.(a)(b)

     76,141       1,081,202  

Savara, Inc.(a)

     7,685       86,994  

Seres Therapeutics, Inc.(a)

     90,576       778,954  

Sorrento Therapeutics, Inc.(a)(b)

     70,646       508,651  

Spark Therapeutics, Inc.(a)

     15,290       1,265,400  

Spectrum Pharmaceuticals, Inc.(a)

     78,922       1,654,205  

Stemline Therapeutics, Inc.(a)

     45,444       729,376  

Surface Oncology, Inc.(a)

     51,828       845,315  

Syndax Pharmaceuticals, Inc.(a)

     4,639       32,566  

Syros Pharmaceuticals, Inc.(a)

     6,961       71,072  

TG Therapeutics, Inc.(a)

     12,030       158,195  

Ultragenyx Pharmaceutical, Inc.(a)(b)

     37,068       2,849,417  

Unum Therapeutics, Inc.(a)

     52,765       757,178  

Vanda Pharmaceuticals, Inc.(a)

     67,685       1,289,399  

Veracyte, Inc.(a)

     100,790       941,379  

Vericel Corp.(a)

     12,775       123,917  

Voyager Therapeutics, Inc.(a)

     4,888       95,511  

vTv Therapeutics, Inc., Class A(a)

     2       3  

Xencor, Inc.(a)

     50,282       1,860,937  
   

 

 

  
          87,331,832  
Building Products — 3.4%            

Advanced Drainage Systems, Inc.

     24,737       706,241  

Builders FirstSource, Inc.(a)(b)

     131,365       2,402,666  

Patrick Industries, Inc.(a)

     5,722       325,296  

PGT Innovations, Inc.(a)

     210,216       4,383,004  

Simpson Manufacturing Co., Inc.

     10,779       670,346  

Trex Co., Inc.(a)(b)

     98,836       6,186,145  

Universal Forest Products, Inc.

     289,833       10,613,684  
   

 

 

  
      25,287,382  
Capital Markets — 1.0%            

Financial Engines, Inc.

     7,360       330,464  

Moelis & Co., Class A

     102,247       5,996,787  

PJT Partners, Inc., Class A

     19,083       1,018,841  

Westwood Holdings Group, Inc.

     4,557       271,324  
   

 

 

  
      7,617,416  
Chemicals — 2.2%            

AdvanSix, Inc.(a)

     10,732       393,113  

Ferro Corp.(a)(b)

     23,156       482,803  

HB Fuller Co.

     39,749       2,133,726  

Ingevity Corp.(a)

     34,555       2,794,117  

Innospec, Inc.

     17,485       1,338,477  

KMG Chemicals, Inc.

     1,884       139,002  

Koppers Holdings, Inc.(a)

     25,020       959,517  

Marrone Bio Innovations, Inc.(a)

     67,243       123,727  

PolyOne Corp.

     134,848       5,828,131  

Trinseo SA

     26,234       1,861,302  
   

 

 

  
      16,053,915  
Commercial Services & Supplies — 3.0%  

ARC Document Solutions, Inc.(a)

     244,783       433,266  

Cimpress NV(a)(b)

     24,882       3,606,895  

Deluxe Corp.

     31,930       2,114,085  

InnerWorkings, Inc.(a)

     4,488       39,001  

Interface, Inc.

     156,369       3,588,669  

Kimball International, Inc., Class B

     48,991       791,695  

McGrath RentCorp.

     78,488       4,965,936  

Mobile Mini, Inc.

     37,983       1,781,403  

MSA Safety, Inc.

     13,253       1,276,794  

Tetra Tech, Inc.

     60,974       3,566,979  
   

 

 

  
      22,164,723  
Communications Equipment — 0.4%            

Aerohive Networks, Inc.(a)

     5,351       21,243  

Infinera Corp.(a)

     24,196       240,266  

Lumentum Holdings, Inc.(a)(b)

     7,677       444,498  
Security   Shares     Value  
Communications Equipment (continued)            

NETGEAR, Inc.(a)

     6,870     $ 429,375  

Plantronics, Inc.

     9,084       692,655  

Ubiquiti Networks, Inc.(a)(b)

     11,027       934,207  
   

 

 

  
      2,762,244  
Construction & Engineering — 1.8%            

Comfort Systems U.S.A., Inc.

     191,536       8,772,349  

MasTec, Inc.(a)(b)

     80,837       4,102,478  

MYR Group, Inc.(a)

     9,993       354,352  
   

 

 

  
      13,229,179  
Construction Materials — 0.1%            

Summit Materials, Inc., Class A(a)(b)

     21,276       558,495  
   

 

 

  
Consumer Finance — 1.4%            

Enova International, Inc.(a)

     75,358       2,754,335  

Green Dot Corp., Class A(a)

     105,868       7,769,653  
   

 

 

  
          10,523,988  
Containers & Packaging — 0.0%            

Myers Industries, Inc.

     6,634       127,373  
   

 

 

  
Distributors — 0.0%            

Core-Mark Holding Co., Inc.

     10,042       227,953  

Funko, Inc., Class A(a)

     8,391       105,307  
   

 

 

  
      333,260  
Diversified Consumer Services — 0.8%            

Capella Education Co.

     28,289       2,792,124  

Carriage Services, Inc.

     25,024       614,339  

Chegg, Inc.(a)

     7,174       199,365  

Grand Canyon Education, Inc.(a)

     1,390       155,138  

Sotheby’s(a)

     13,893       754,946  

Weight Watchers International, Inc.(a)

     12,816       1,295,698  
   

 

 

  
      5,811,610  
Diversified Telecommunication Services — 0.8%  

Cogent Communications Holdings, Inc.

     89,399       4,773,907  

Ooma, Inc.(a)

     76,361       1,080,508  
   

 

 

  
      5,854,415  
Electrical Equipment — 1.0%            

Atkore International Group, Inc.(a)

     101,841       2,115,238  

EnerSys

     9,727       726,023  

Generac Holdings, Inc.(a)(b)

     94,713       4,899,503  
   

 

 

  
      7,740,764  
Electronic Equipment, Instruments & Components — 1.6%  

Control4 Corp.(a)(b)

     34,488       838,403  

Fitbit, Inc., Class A(a)(b)

     232,998       1,521,477  

Insight Enterprises, Inc.(a)

     6,243       305,470  

Itron, Inc.(a)

     10,920       655,746  

Novanta, Inc.(a)(b)

     19,554       1,218,214  

OSI Systems, Inc.(a)

     51,562       3,987,289  

ScanSource, Inc.(a)

     49,281       1,986,024  

Systemax, Inc.

     40,482       1,389,747  
   

 

 

  
      11,902,370  
Energy Equipment & Services — 0.8%            

Aspen Aerogels, Inc.(a)

     30       147  

Cactus, Inc., Class A(a)

     73,275       2,475,962  

Key Energy Services, Inc.(a)

     12,224       198,518  

Pioneer Energy Services Corp.(a)

     82,080       480,168  

ProPetro Holding Corp.(a)(b)

     197,200       3,092,096  
   

 

 

  
      6,246,891  
Equity Real Estate Investment Trusts (REITs) — 2.6%  

CareTrust REIT, Inc.

     9,786       163,328  

EastGroup Properties, Inc.

     103,200       9,861,792  

First Industrial Realty Trust, Inc.

     34,254       1,142,028  

Four Corners Property Trust, Inc.

     6,383       157,213  

National Storage Affiliates Trust

     42,752       1,317,617  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) (continued)  

PS Business Parks, Inc.

     23,736     $ 3,050,076  

Rexford Industrial Realty, Inc.

     63,558       1,995,086  

Ryman Hospitality Properties, Inc.

     24,330       2,023,039  
   

 

 

  
      19,710,179  
Food & Staples Retailing — 1.0%            

Performance Food Group Co.(a)

     197,283       7,240,286  
   

 

 

  
Food Products — 0.6%            

Calavo Growers, Inc.

     19,740       1,898,001  

John B. Sanfilippo & Son, Inc.

     35,636       2,653,100  
   

 

 

  
      4,551,101  
Gas Utilities — 0.1%            

Chesapeake Utilities Corp.

     8,035       642,398  
   

 

 

  
Health Care Equipment & Supplies — 5.7%            

Abaxis, Inc.

     14,708       1,220,911  

Accuray, Inc.(a)(b)

     230,659       945,702  

AtriCure, Inc.(a)(b)

     48,791       1,319,797  

Cantel Medical Corp.

     21,561       2,120,740  

Cerus Corp.(a)

     39,233       261,684  

Globus Medical, Inc., Class A(a)

     49,137       2,479,453  

Inogen, Inc.(a)

     24,131       4,496,329  

Integer Holdings Corp.(a)

     31,686       2,048,500  

iRadimed Corp.(a)

     13,563       281,432  

LeMaitre Vascular, Inc.(b)

     21,153       708,202  

Masimo Corp.(a)

     88,080       8,601,012  

Merit Medical Systems, Inc.(a)

     40,941       2,096,179  

Neogen Corp.(a)

     25,747       2,064,652  

Nevro Corp.(a)(b)

     26,232       2,094,625  

Novocure Ltd.(a)

     31,758       994,025  

NxStage Medical, Inc.(a)

     125,997       3,515,316  

Penumbra, Inc.(a)

     18,101       2,500,653  

Quidel Corp.(a)

     1,316       87,514  

RTI Surgical, Inc.(a)

     280,217       1,288,998  

SeaSpine Holdings Corp.(a)

     71,603       903,630  

STAAR Surgical Co.(a)

     38,582       1,196,042  

Wright Medical Group NV(a)

     48,526       1,259,735  
   

 

 

  
          42,485,131  
Health Care Providers & Services — 4.3%            

Addus Homecare Corp.(a)

     23,286       1,333,124  

Amedisys, Inc.(a)

     15,374       1,313,862  

AMN Healthcare Services, Inc.(a)(b)

     23,822       1,395,969  

BioTelemetry, Inc.(a)

     3,793       170,685  

Chemed Corp.

     28,810       9,271,346  

CorVel Corp.(a)

     6,425       346,950  

Diplomat Pharmacy, Inc.(a)

     3,145       80,386  

Ensign Group, Inc.

     105,927       3,794,305  

HealthEquity, Inc.(a)

     10,921       820,167  

LHC Group, Inc.(a)

     69,416       5,941,315  

National Research Corp., Class A

     13,008       486,499  

PetIQ, Inc.(a)(b)

     16,946       455,170  

Select Medical Holdings Corp.(a)

     24,475       444,221  

Tenet Healthcare Corp.(a)

     19,822       665,425  

Tivity Health, Inc.(a)(b)

     2,877       101,270  

WellCare Health Plans, Inc.(a)

     22,309       5,493,368  
   

 

 

  
      32,114,062  
Health Care Technology — 1.6%            

Castlight Health, Inc., Class B(a)

     131,366       558,306  

Medidata Solutions, Inc.(a)(b)

     64,223       5,173,805  

Omnicell, Inc.(a)(b)

     46,948       2,462,423  

Quality Systems, Inc.(a)

     8,277       161,402  

Teladoc, Inc.(a)(b)

     25,685       1,491,014  

Vocera Communications, Inc.(a)(b)

     76,340       2,281,803  
   

 

 

  
      12,128,753  
Hotels, Restaurants & Leisure — 5.2%            

BJ’s Restaurants, Inc.

     61,256       3,675,360  

Bloomin’ Brands, Inc.

     111,159       2,234,296  
Security   Shares     Value  
Hotels, Restaurants & Leisure (continued)  

Boyd Gaming Corp.

     100,901     $ 3,497,229  

Carrols Restaurant Group, Inc.(a)

     37,572       557,944  

Cheesecake Factory, Inc.

     52,473       2,889,163  

Churchill Downs, Inc.

     3,200       948,800  

Marriott Vacations Worldwide Corp.

     15,758       1,780,024  

Pinnacle Entertainment, Inc.(a)

     1,690       57,004  

Planet Fitness, Inc., Class A(a)

     53,239       2,339,322  

PlayAGS, Inc.(a)(b)

     17,186       465,225  

Ruth’s Hospitality Group, Inc.

     62,205       1,744,850  

Scientific Games Corp.(a)

     9,935       488,305  

SeaWorld Entertainment, Inc.(a)

     98,510       2,149,488  

Texas Roadhouse, Inc.

     183,549       12,024,295  

Vail Resorts, Inc.

     15,040       4,123,818  
   

 

 

  
      38,975,123  
Household Durables — 1.9%            

Cavco Industries, Inc.(a)

     10,280       2,134,642  

Century Communities, Inc.(a)

     584       18,425  

GoPro, Inc., Class A(a)(b)

     160,456       1,033,337  

iRobot Corp.(a)(b)

     32,218       2,441,158  

LGI Homes, Inc.(a)

     1,307       75,453  

MDC Holdings, Inc.

     105,837       3,256,604  

Meritage Homes Corp.(a)

     24,159       1,061,788  

Roku, Inc.(a)(b)

     31,400       1,338,268  

Taylor Morrison Home Corp., Class A(a)

     21,556       447,934  

TRI Pointe Group, Inc.(a)(b)

     54,698       894,859  

William Lyon Homes, Class A(a)

     29,468       683,658  

ZAGG, Inc.(a)

     54,111       936,120  
   

 

 

  
      14,322,246  
Household Products — 0.2%            

Central Garden & Pet Co.(a)

     24,312       1,057,086  

Central Garden & Pet Co., Class A(a)

     4,771       193,082  
   

 

 

  
      1,250,168  
Independent Power and Renewable Electricity Producers — 0.0%  

Atlantic Power Corp.(a)

     46,288       101,834  
   

 

 

  
Insurance — 0.4%            

Infinity Property & Casualty Corp.

     951       135,375  

James River Group Holdings Ltd., Class L

     7,543       296,364  

Kinsale Capital Group, Inc.

     41,356       2,268,790  

RLI Corp.

     4,383       290,111  

Trupanion, Inc.(a)

     3,376       130,314  
   

 

 

  
          3,120,954  
Internet & Direct Marketing Retail — 0.6%            

Gaia, Inc.(a)

     6,764       136,971  

Groupon, Inc.(a)

     281,113       1,208,786  

Nutrisystem, Inc.

     40,923       1,575,536  

Overstock.com, Inc.(a)

     36,412       1,225,264  

PetMed Express, Inc.

     13,661       601,767  
   

 

 

  
      4,748,324  
Internet Software & Services — 7.2%            

Alteryx, Inc., Class A(a)

     9,204       351,225  

Appfolio, Inc., Class A(a)

     15,264       933,394  

Bandwidth, Inc., Class A(a)

     4,347       165,099  

Box, Inc., Class A(a)

     151,280       3,780,487  

Care.com, Inc.(a)

     93,336       1,948,856  

Cargurus, Inc.(a)

     75,885       2,636,245  

Cloudera, Inc.(a)

     29,992       409,091  

Cornerstone OnDemand, Inc.(a)

     27,069       1,283,883  

eGain Corp.(a)

     11,788       177,999  

Envestnet, Inc.(a)

     62,372       3,427,341  

Etsy, Inc.(a)

     60,892       2,569,033  

Five9, Inc.(a)(b)

     54,825       1,895,300  

GrubHub, Inc.(a)(b)

     13,763       1,443,876  

Hortonworks, Inc.(a)

     173,830       3,167,183  

Instructure, Inc.(a)

     2,058       87,568  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Internet Software & Services (continued)            

Leaf Group, Ltd.(a)

     7,162     $ 77,708  

Limelight Networks, Inc.(a)

     66,290       296,316  

LivePerson, Inc.(a)

     41,885       883,774  

New Relic, Inc.(a)

     61,273       6,163,451  

NIC, Inc.

     155,065       2,411,261  

Okta, Inc., Class A(a)(b)

     5,511       277,589  

Pandora Media, Inc.(a)

     36,958       291,229  

QuinStreet, Inc.(a)

     71,543       908,596  

Quotient Technology, Inc.(a)

     6,435       84,299  

Rhythmone PLC(a)

     2,850       6,327  

SendGrid, Inc.(a)

     19,136       507,487  

Shutterstock, Inc.(a)

     11,991       569,093  

SPS Commerce, Inc.(a)

     8,992       660,732  

Stamps.com, Inc.(a)(b)

     5,174       1,309,281  

TechTarget, Inc.(a)

     67,988       1,930,859  

Trade Desk, Inc., Class A(a)(b)

     25,234       2,366,949  

TrueCar, Inc.(a)(b)

     59,074       596,057  

Twilio, Inc., Class A(a)

     7,826       438,412  

XO Group, Inc.(a)

     25,367       811,744  

Yelp, Inc.(a)

     172,883       6,773,556  

Yext, Inc.(a)

     123,534       2,389,147  
   

 

 

  
          54,030,447  
IT Services — 0.9%            

CSG Systems International, Inc.

     17,240       704,599  

Everi Holdings, Inc.(a)

     146,043       1,051,510  

EVERTEC, Inc.

     6,223       135,973  

ExlService Holdings, Inc.(a)

     8,845       500,715  

GreenSky, Inc., Class A(a)(b)

     19,772       418,178  

Hackett Group, Inc.

     119,589       1,921,795  

Science Applications International Corp.

     1,221       98,816  

Syntel, Inc.(a)

     39,533       1,268,614  

Virtusa Corp.(a)

     4,722       229,867  
   

 

 

  
          6,330,067  
Leisure Products — 0.9%            

Callaway Golf Co.

     8,558       162,345  

Malibu Boats, Inc., Class A(a)

     43,704       1,832,946  

MCBC Holdings, Inc.(a)

     157,569       4,561,623  
   

 

 

  
          6,556,914  
Life Sciences Tools & Services — 0.6%            

Enzo Biochem, Inc.(a)

     95,693       496,647  

Harvard Bioscience, Inc.(a)(b)

     120,957       647,120  

Luminex Corp.

     36,193       1,068,779  

Medpace Holdings, Inc.(a)

     25,209       1,083,987  

NanoString Technologies, Inc.(a)

     60,568       828,570  

NeoGenomics, Inc.(a)

     20,286       265,949  

Pacific Biosciences of California, Inc.(a)

     53,092       188,477  
   

 

 

  
          4,579,529  
Machinery — 3.4%            

Alamo Group, Inc.

     39,756       3,592,352  

Altra Industrial Motion Corp.

     33,434       1,441,005  

Harsco Corp.(a)

     10,837       239,498  

Kadant, Inc.

     59,330       5,704,580  

Milacron Holdings Corp.(a)

     5,814       110,059  

Proto Labs, Inc.(a)

     26,444       3,145,514  

Rexnord Corp.(a)(b)

     7,795       226,523  

Standex International Corp.

     19,737       2,017,121  

Watts Water Technologies, Inc., Class A

     111,396       8,733,446  
   

 

 

  
      25,210,098  
Media — 1.0%            
Central European Media Enterprises Ltd.,
    Class A(a)(b)		   122,703     509,217  

Entravision Communications Corp., Class A

     397,602       1,988,010  

Eros International PLC, Class A(a)(b)

     14,606       189,878  

IMAX Corp.(a)

     39,057       865,113  

Marcus Corp.

     24,509       796,543  

Sinclair Broadcast Group, Inc., Class A

     9,714       312,305  
Security   Shares      Value  
Media (continued)  

World Wrestling Entertainment, Inc., Class A

     42,985      $ 3,130,168  
    

 

 

  
       7,791,234  
Metals & Mining — 0.5%             

Gold Resource Corp.

     24,862        163,841  

Ryerson Holding Corp.(a)(b)

     15,333        170,963  

Schnitzer Steel Industries, Inc., Class A

     69,535        2,343,329  

Worthington Industries, Inc.

     29,890        1,254,483  
    

 

 

  
       3,932,616  
Multiline Retail — 0.1%             

Big Lots, Inc.

     6,594        275,497  

Dillard’s, Inc., Class A(b)

     7,088        669,816  
    

 

 

  
       945,313  
Oil, Gas & Consumable Fuels — 1.1%             

Amyris, Inc.(a)

     35,282        225,452  

Carrizo Oil & Gas, Inc.(a)(b)

     9,295        258,866  

CONSOL Energy, Inc.(a)

     12,727        488,080  

Eclipse Resources Corp.(a)

     74,973        119,957  

Evolution Petroleum Corp.

     172,633        1,700,435  

Jagged Peak Energy, Inc.(a)(b)

     25,081        326,555  

Matador Resources Co.(a)(b)

     72,240        2,170,812  

Oasis Petroleum, Inc.(a)

     24        311  

Penn Virginia Corp.(a)

     22,673        1,924,711  

WildHorse Resource Development Corp.(a)

     33,194        841,800  
    

 

 

  
               8,056,979  
Paper & Forest Products — 0.5%             

Boise Cascade Co.

     88,938        3,975,529  
    

 

 

  
Personal Products — 0.9%             

Inter Parfums, Inc.

     60,899        3,258,097  

Medifast, Inc.

     3,658        585,865  

USANA Health Sciences, Inc.(a)

     23,219        2,677,151  
    

 

 

  
       6,521,113  
Pharmaceuticals — 2.8%             

Ampio Pharmaceuticals, Inc.(a)

     45,523        100,151  

Collegium Pharmaceutical, Inc.(a)(b)

     12,409        295,955  

Corcept Therapeutics, Inc.(a)(b)

     137,840        2,166,845  

Dermira, Inc.(a)(b)

     75,749        696,891  

Durect Corp.(a)

     291,214        454,294  

Horizon Pharma PLC(a)

     14,784        244,823  

Innoviva, Inc.(a)

     100,144        1,381,987  

Intersect ENT, Inc.(a)

     81,850        3,065,283  

Medicines Co.(a)(b)

     35,159        1,290,335  

MyoKardia, Inc.(a)

     3,453        171,441  

Phibro Animal Health Corp., Class A

     79,786        3,674,145  

Reata Pharmaceuticals, Inc., Class A(a)

     21,738        760,178  

Revance Therapeutics, Inc.(a)(b)

     82,184        2,255,951  

SIGA Technologies, Inc.(a)

     25,167        149,492  

Supernus Pharmaceuticals, Inc.(a)

     17,595        1,053,061  

Theravance Biopharma, Inc.(a)

     3,244        73,574  

Zogenix, Inc.(a)(b)

     66,469        2,937,930  
    

 

 

  
       20,772,336  
Professional Services — 2.6%             

ASGN, Inc.(a)

     50,617        3,957,743  

CRA International, Inc.

     31,443        1,600,134  

Insperity, Inc.

     91,471        8,712,613  

Kforce, Inc.

     85,704        2,939,647  

Korn/Ferry International

     32,563        2,016,627  

WageWorks, Inc.(a)

     9,323        466,150  
    

 

 

  
       19,692,914  
Real Estate Management & Development — 0.6%  

Marcus & Millichap, Inc.(a)

     110,132        4,296,249  
    

 

 

  
Road & Rail — 0.5%             

Avis Budget Group, Inc.(a)

     20,533        667,323  

Marten Transport Ltd.

     54,226        1,271,600  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Road & Rail (continued)            

Saia, Inc.(a)

     1,012     $ 81,820  

Universal Logistics Holdings, Inc.

     58,579       1,537,699  

Werner Enterprises, Inc.

     13,444       504,822  
   

 

 

  
          4,063,264  
Semiconductors & Semiconductor Equipment — 3.0%  

Advanced Energy Industries, Inc.(a)

     15,662       909,806  

Alpha & Omega Semiconductor Ltd.(a)

     65,067       926,554  

Ambarella, Inc.(a)(b)

     14,234       549,575  

Aquantia Corp.(a)

     6,564       76,011  

Brooks Automation, Inc.

     26,885       876,989  

Cabot Microelectronics Corp.

     11,349       1,220,698  

Cirrus Logic, Inc.(a)

     119,143       4,566,751  

Diodes, Inc.(a)(b)

     35,599       1,227,098  

Entegris, Inc.

     112,463       3,812,496  

Integrated Device Technology, Inc.(a)(b)

     90,406       2,882,143  

Kopin Corp.(a)(b)

     46,317       132,467  

Nanometrics, Inc.(a)

     43,258       1,531,766  

Power Integrations, Inc.

     9,615       702,376  

Rudolph Technologies, Inc.(a)

     19,225       569,060  

Semtech Corp.(a)(b)

     35,117       1,652,255  

Xcerra Corp.(a)

     35,374       494,175  
   

 

 

  
      22,130,220  
Software — 4.5%            

A10 Networks, Inc.(a)

     401,883       2,503,731  

Altair Engineering, Inc., Class A(a)

     2,386       81,553  

ForeScout Technologies, Inc.(a)

     9,421       322,763  

HubSpot, Inc.(a)

     12,534       1,571,764  

MicroStrategy, Inc., Class A(a)

     14,727       1,881,374  

MobileIron, Inc.(a)

     30,467       135,578  

Model N, Inc.(a)

     9,779       181,889  

Paylocity Holding Corp.(a)(b)

     53,900       3,172,554  

Progress Software Corp.

     51,253       1,989,641  

Qualys, Inc.(a)

     6,862       578,467  

RealPage, Inc.(a)

     7,868       433,527  

RingCentral, Inc., Class A(a)

     85,079       5,985,308  

Upland Software, Inc.(a)

     14,401       494,962  

Varonis Systems, Inc.(a)

     48,958       3,647,371  

Workiva, Inc.(a)

     63,311       1,544,788  

Zendesk, Inc.(a)

     155,112       8,452,053  

Zix Corp.(a)

     90,731       489,040  
   

 

 

  
      33,466,363  
Specialty Retail — 3.3%            

American Eagle Outfitters, Inc.

     340,935       7,926,739  

America’s Car-Mart, Inc.(a)

     2,444       151,284  

Asbury Automotive Group, Inc.(a)

     66,905       4,586,338  

At Home Group, Inc.(a)

     11,238       439,968  

Carvana Co.(a)

     4,456       185,370  

Children’s Place, Inc.

     3,558       429,806  

Five Below, Inc.(a)(b)

     39,691       3,878,208  

Haverty Furniture Cos., Inc.

     12       259  

Hudson, Ltd., Class A(a)

     30,364       531,066  

Lithia Motors, Inc., Class A

     26,901       2,544,028  

Lumber Liquidators Holdings, Inc.(a)(b)

     10,981       267,387  

RH(a)

     21,823       3,048,673  

Sonic Automotive, Inc., Class A

     18,057       371,974  

Zumiez, Inc.(a)

     11,869       297,318  
   

 

 

  
      24,658,418  
Technology Hardware, Storage & Peripherals — 0.4%  

Pure Storage, Inc., Class A(a)

     139,158       3,323,093  
   

 

 

  
Textiles, Apparel & Luxury Goods — 0.7%            

Crocs, Inc.(a)

     57,604       1,014,406  

Deckers Outdoor Corp.(a)

     12,412       1,401,191  

Oxford Industries, Inc.

     22,402       1,858,918  

Steven Madden Ltd.

     10,232       543,319  

Wolverine World Wide, Inc.

     19,962       694,079  
   

 

 

  
      5,511,913  
Security   Shares     Value  
Thrifts & Mortgage Finance — 1.3%  

Charter Financial Corp.

     24,978     $ 603,219  

Essent Group Ltd.(a)

     100,210       3,589,522  

Federal Agricultural Mortgage Corp., Class C

     2,030       181,644  

LendingTree, Inc.(a)(b)

     4,381       936,658  

Meridian Bancorp, Inc.

     10,477       200,635  

Riverview Bancorp, Inc.

     9,446       79,724  

United Community Financial Corp.

     24,474       268,969  

Washington Federal, Inc.

     123,573       4,040,837  
   

 

 

  
          9,901,208  
Tobacco — 0.2%            

Vector Group Ltd.

     84,675       1,615,599  
   

 

 

  
Trading Companies & Distributors — 1.9%            

Applied Industrial Technologies, Inc.

     99,775       6,999,216  

Beacon Roofing Supply, Inc.(a)(b)

     25,486       1,086,213  

BMC Stock Holdings, Inc.(a)

     4,945       103,103  

DXP Enterprises, Inc.(a)

     10,063       384,407  

H&E Equipment Services, Inc.

     27,376       1,029,611  

Herc Holdings, Inc.(a)

     3,305       186,204  

MRC Global, Inc.(a)(b)

     55,749       1,208,081  

Rush Enterprises, Inc., Class A(a)

     68,771       2,983,286  
   

 

 

  
      13,980,121  
Wireless Telecommunication Services — 0.3%  

Boingo Wireless, Inc.(a)

     83,185       1,879,149  
   

 

 

  
Total Common Stocks — 98.6%
    (Cost: $627,120,315)		         737,966,174  
   

 

 

  

Preferred Stocks — 0.5%

    
Household Durables — 0.0%            

AliphCom:

    

Series 6 (Acquired 6/03/14, cost $0)(a)(c)(d)

     8,264       —  

Series 8 (Acquired 8/31/15, cost
    $1,174,984)(a)(c)(d)

     192,156       2  
   

 

 

  
          2  
   

 

 

  
Software — 0.5%            

Illumio Inc., Series C (Acquired 3/10/15, cost $1,000,317)(a)(c)(d)

     311,155       1,138,827  

Palantir Technologies, Inc., Series I (Acquired 2/06/14, cost $2,499,998)(a)(c)(d)

     407,830       2,357,257  
   

 

 

  
      3,496,084  
   

 

 

  
Total Preferred Stocks — 0.5%
    (Cost: $4,675,299)		         3,496,086  
   

 

 

  

Rights — 0.1%

    
Biotechnology — 0.1%            

Dyax Corp. - CVR(a)(c)(d)

     185,004       423,659  
   

 

 

  
Total Rights — 0.1%
    (Cost: $ — )		         423,659  
   

 

 

  
Total Long-Term Investments — 99.2%
    (Cost: $631,795,614)		         741,885,919  
   

 

 

  

Short-Term Securities — 8.2%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(e)(g)

     6,475,602       6,475,602  

SL Liquidity Series, LLC, Money Market Series, 2.15%(e)(f)(g)

     55,071,629       55,077,136  
   

 

 

  
Total Short-Term Securities — 8.2%
    (Cost: $61,541,750)		         61,552,738  
   

 

 

  
Total Investments — 107.4%
    (Cost: $693,337,364)		         803,438,657  
Liabilities in Excess of Other Assets — (7.4)%     (55,321,710)  
   

 

 

  
Net Assets — 100.0%         $748,116,947  
   

 

 

  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

    BlackRock Advantage Small Cap Growth Fund

 

(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) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,496,086, representing 0.5% of its net assets as of period end, and an original cost of $4,675,299.

(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 June 30, 2018, 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
09/30/17

     

Net

Activity

     

Shares

Held at
06/30/18

      Value at
06/30/18		      Income     

Net

Realized
Gain (Loss)(a)

     

Change in

Unrealized
Appreciation
(Depreciation)

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      9,080,253        2,604,651        6,475,602      $ 6,475,602      $ 70,141      $ 25      $ —  

SL Liquidity Series, LLC, Money Market Series

      4,197,442        50,874,187        55,071,629        55,077,136        336,272 (b)        164        10,782  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 61,552,738      $ 406,413      $             189      $         10,782  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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
(Depreciation)		  

Long Contracts

               

Russell 2000 E-Mini Index

      92          09/21/18        $7,579   $ (133,435 ) 
            

 

  

 

 

  

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 semi-annual report.

 

 

6   

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Small Cap Growth Fund

 

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

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments:

                  

Common Stocks:

                  

Aerospace & Defense

    $ 9,285,545        $           —        $           —        $ 9,285,545  

Air Freight & Logistics

      1,668,448          —          —          1,668,448  

Auto Components

      9,230,173          —          —          9,230,173  

Banks

      19,624,906          —          —          19,624,906  

Biotechnology

              87,331,832          —          —                  87,331,832  

Building Products

      25,287,382          —          —          25,287,382  

Capital Markets

      7,617,416          —          —          7,617,416  

Chemicals

      16,053,915          —          —          16,053,915  

Commercial Services & Supplies

      22,164,723          —          —          22,164,723  

Communications Equipment

      2,762,244          —          —          2,762,244  

Construction & Engineering

      13,229,179          —          —          13,229,179  

Construction Materials

      558,495          —          —          558,495  

Consumer Finance

      10,523,988          —          —          10,523,988  

Containers & Packaging

      127,373          —          —          127,373  

Distributors

      333,260          —          —          333,260  

Diversified Consumer Services

      5,811,610          —          —          5,811,610  

Diversified Telecommunication Services

      5,854,415          —          —          5,854,415  

Electrical Equipment

      7,740,764          —          —          7,740,764  

Electronic Equipment, Instruments & Components

      11,902,370          —          —          11,902,370  

Energy Equipment & Services

      6,246,891          —          —          6,246,891  

Equity Real Estate Investment Trusts (REITs)

      19,710,179          —          —          19,710,179  

Food & Staples Retailing

      7,240,286          —          —          7,240,286  

Food Products

      4,551,101          —          —          4,551,101  

Gas Utilities

      642,398          —          —          642,398  

Health Care Equipment & Supplies

      42,485,131          —          —          42,485,131  

Health Care Providers & Services

      32,114,062          —          —          32,114,062  

Health Care Technology

      12,128,753          —          —          12,128,753  

Hotels, Restaurants & Leisure

      38,975,123          —          —          38,975,123  

Household Durables

      14,322,246          —          —          14,322,246  

Household Products

      1,250,168          —          —          1,250,168  

Independent Power and Renewable Electricity Producers

      101,834          —          —          101,834  

Insurance

      3,120,954          —          —          3,120,954  

Internet & Direct Marketing Retail

      4,748,324          —          —          4,748,324  

Internet Software & Services

      54,030,447          —          —          54,030,447  

IT Services

      6,330,067          —          —          6,330,067  

Leisure Products

      6,556,914          —          —          6,556,914  

Life Sciences Tools & Services

      4,579,529          —          —          4,579,529  

Machinery

      25,210,098          —          —          25,210,098  

Media

      7,791,234          —          —          7,791,234  

Metals & Mining

      3,932,616          —          —          3,932,616  

Multiline Retail

      945,313          —          —          945,313  

Oil, Gas & Consumable Fuels

      8,056,979          —          —          8,056,979  

Paper & Forest Products

      3,975,529          —          —          3,975,529  

Personal Products

      6,521,113          —          —          6,521,113  

Pharmaceuticals

      20,772,336          —          —          20,772,336  

Professional Services

      19,692,914          —          —          19,692,914  

Real Estate Management & Development

      4,296,249          —          —          4,296,249  

Road & Rail

      4,063,264          —          —          4,063,264  

Semiconductors & Semiconductor Equipment

      22,130,220          —          —          22,130,220  

Software

      33,466,363          —          —          33,466,363  

Specialty Retail

      24,658,418          —          —          24,658,418  

Technology Hardware, Storage & Peripherals

      3,323,093          —          —          3,323,093  

Textiles, Apparel & Luxury Goods

      5,511,913          —          —          5,511,913  

Thrifts & Mortgage Finance

      9,901,208          —          —          9,901,208  

Tobacco

      1,615,599          —          —          1,615,599  

Trading Companies & Distributors

      13,980,121          —          —          13,980,121  

Wireless Telecommunication Services

      1,879,149          —          —          1,879,149  

 

 

     7  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Advantage Small Cap Growth Fund

 

 

      Level 1      Level 2      Level 3      Total  

Preferred Stocks

            

Household Durables

    $ —      $ —      $ 2      $ 2  

Software

      —        —        3,496,084        3,496,084  

Rights

      —        —        423,659        423,659  

Short-Term Securities

      6,475,602        —        —        6,475,602  
  

 

 

     

 

 

     

 

 

     

 

 

  

Subtotal

    $         744,441,776                            —      $         3,919,745      $         748,361,521  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investments Valued at NAV(a)

               55,077,136  
           

 

 

  

Total Investments

             $ 803,438,657  
           

 

 

  

Derivative Financial Instruments(b)

            

Liabilities:

            

Equity contracts

    $ (133,435 )     $ —      $ —      $ (133,435 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

As of June 30, 2018, certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

(b) 

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

During the period ended June 30, 2018, there were no transfers between levels.

 

 

8   

Schedule of Investments

June 30, 2018 (unaudited)

   

BlackRock All-Cap Energy & Resources Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 99.7%

    
Energy Equipment & Services — 7.6%            

Baker Hughes a GE Co.

     47,793     $       1,578,603  

Halliburton Co.

     57,022       2,569,411  

Patterson-UTI Energy, Inc.

     36,357       654,426  

Schlumberger Ltd.

     29,070       1,948,562  
   

 

 

  
      6,751,002  
Oil, Gas & Consumable Fuels — 92.1%            

Anadarko Petroleum Corp.

     30,507       2,234,638  

Andeavor

     19,214       2,520,492  

BP PLC

     831,391       6,325,647  

Cairn Energy PLC(a)

    313,720       1,030,118  

Canadian Natural Resources Ltd.

     78,264       2,824,803  

Chevron Corp.

     45,551       5,759,013  

Cimarex Energy Co.

     12,272       1,248,553  

CNOOC Ltd.

     817,000       1,399,967  

Concho Resources, Inc.(a)(b)

    4,918       680,405  

ConocoPhillips

     58,739       4,089,409  

Devon Energy Corp.

     63,642       2,797,702  

Encana Corp.

     157,333       2,054,849  

EOG Resources, Inc.

     26,579       3,307,225  

EQT Corp.

     33,967       1,874,299  

Exxon Mobil Corp.

     91,424       7,563,507  

Galp Energia SGPS SA

     3,014       57,337  

Kosmos Energy, Ltd.(a)(b)

    135,088       1,117,178  

Marathon Oil Corp.

     36,265       756,488  

Noble Energy, Inc.

     56,235       1,983,971  

Oil Search Ltd.

     170,967       1,123,245  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)            

Pioneer Natural Resources Co.

     15,407     $ 2,915,621  

Royal Dutch Shell PLC, Class A

     319,412       11,054,496  

Suncor Energy, Inc.

     102,450       4,169,228  

TOTAL SA

     79,896       4,851,752  

TransCanada Corp.

     55,732       2,411,316  

Valero Energy Corp.

     31,465       3,487,266  

Williams Cos., Inc.

     89,109       2,415,745  
   

 

 

  
      82,054,270  
   

 

 

  
Total Common Stocks — 99.7%
    (Cost: $67,652,946)		         88,805,272  
   

 

 

  
Total Long-Term Investments — 99.7%
    (Cost: $67,652,946)		         88,805,272  
   

 

 

  

Short-Term Securities — 1.3%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(c)(e)

    369,732       369,732  

SL Liquidity Series, LLC, Money Market Series, 2.15%(c)(d)(e)

    839,636       839,720  
   

 

 

  

Total Short-Term Investments — 1.3%
(Cost: $1,209,428)

 

     1,209,452  
   

 

 

  

Total Investments — 101.0%
(Cost: $68,862,374)

 

     90,014,724  
   

 

 

  

Liabilities in Excess of Other Assets — (1.0)%

 

     (932,183 ) 
   

 

 

  

Net Assets — 100.0%

 

   $     89,082,541  
   

 

 

  
 

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 June 30, 2018, 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
09/30/17		     

Net

Activity

      Shares
Held at
06/30/18		      Value at
06/30/18		      Income      Net
Realized
Gain
(Loss)(a) 		     Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      478,745        (109,013 )       369,732      $ 369,732      $ 6,594      $ 1      $ —  

SL Liquidity Series, LLC, Money Market Series

      —        839,636        839,636        839,720        1,064 (b)        298        24  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 1,209,452      $ 7,658      $ 299      $ 24  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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 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.

 

 

     1  

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock All-Cap Energy & Resources Portfolio

 

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

    $ 6,751,002        $ —        $ —        $ 6,751,002  

Oil, Gas & Consumable Fuels

      56,211,708          25,842,562          —          82,054,270  

Short-Term Securities.

      369,732          —          —          369,732  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $             63,332,442        $             25,842,562        $                     —        $             89,175,004  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    839,720  
                 

 

 

  

Total Investments

                   $ 90,014,724  
                 

 

 

  

 

  (a)

As of June 30, 2018, 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 June 30, 2018, there were no transfers between levels.

 

 

2   

Schedule of Investments

June 30, 2018 (unaudited)

   

BlackRock Emerging Markets Dividend Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 91.8%

    
Argentina — 0.9%            

Banco Macro SA—ADR

     2,522     $         148,268  
   

 

 

  
Austria — 2.1%            

Erste Group Bank AG

     7,778       324,265  
   

 

 

  
Brazil — 6.0%            

BB Seguridade Participacoes SA

     26,208       166,346  

Hypera SA

     33,074       235,015  

Itau Unibanco Holding SA—ADR

     23,969       248,798  

MRV Engenharia e Participacoes SA

     72,595       224,205  

Notre Dame Intermedica Participacoes SA(a)

    13,450       75,132  
   

 

 

  
      949,496  
   

 

 

  
China — 14.8%            

Bank of China Ltd., H Shares

     642,000       318,384  

China Construction Bank Corp., H Shares

     200,000       183,008  

China Mobile Ltd.

     22,000       195,205  

CNOOC Ltd.

     297,000       508,923  

Industrial & Commercial Bank of China Ltd., H Shares

     624,000       465,404  

Jiangsu Expressway Co. Ltd., H Shares

     152,000       180,999  

NetEase, Inc.—ADR

     1,133       286,275  

Silergy Corp.

     8,000       194,395  
   

 

 

  
      2,332,593  
   

 

 

  
Hungary — 1.8%            

Richter Gedeon Nyrt

     15,175       276,330  
   

 

 

  
India — 11.7%            

Bharat Petroleum Corp. Ltd.

     44,331       242,320  

HDFC Bank Ltd.(b)

    12,249       377,354  

Indiabulls Housing Finance Ltd.

     14,175       237,007  

IndusInd Bank Ltd.(b)

    12,623       361,785  

Larsen & Toubro Ltd.

     17,658       328,758  

NTPC Ltd.

     124,303       289,886  
   

 

 

  
      1,837,110  
   

 

 

  
Indonesia — 2.3%            

Bank Mandiri Perseo Tbk PT

     530,000       253,567  

Media Nusantara Citra Tbk PT

     1,640,324       105,027  
   

 

 

  
      358,594  
   

 

 

  
Mexico — 5.4%            

America Movil SAB de CV, Class L—ADR

     10,614       176,829  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

     18,679       173,338  

Grupo Financiero Banorte Sab de CV

     52,985       311,556  

PLA Administradora Industrial S de RL de CV

     143,294       195,530  
   

 

 

  
      857,253  
   

 

 

  
Poland — 3.0%            

Bank Polska Kasa Opieki SA

     6,480       195,045  

Powszechny Zaklad Ubezpieczen SA

     27,480       284,899  
   

 

 

  
      479,944  
   

 

 

  
Qatar — 2.4%            

Industries Qatar QSC

     2,319       68,219  

Qatar Gas Transport Co., Ltd.

     72,706       315,505  
   

 

 

  
      383,724  
   

 

 

  
Russia — 8.5%            

Inter RAO UES PJSC

     3,414,380       223,788  

LUKOIL PJSC—ADR

     4,116       280,307  

Mobile TeleSystems PJSC—ADR

     33,344       294,428  

NovaTek PJSC—GDR

     2,316       342,333  

TCS Group Holding PLC

     9,682       200,417  
   

 

 

  
      1,341,273  
   

 

 

  
South Africa — 2.6%            

Old Mutual, Ltd.(a)

    61,385       121,356  
Security   Shares      Value  
South Africa (continued)             

Shoprite Holdings, Ltd.

     17,545      $         281,224  
    

 

 

  
       402,580  
    

 

 

  
South Korea — 12.3%             

POSCO

     1,293        381,513  

S-1 Corp.

     680        59,061  

Samsung Electronics Co. Ltd., Preference Shares

     24,362        822,678  

Shinhan Financial Group Co. Ltd.

     10,715        414,865  

SK Holdings Co., Ltd.(a)

    1,112        258,201  
    

 

 

  
       1,936,318  
    

 

 

  
Taiwan — 8.5%             

Far EasTone Telecommunications Co. Ltd.

     34,000        87,828  

MediaTek, Inc.

     30,000        294,483  

Merry Electronics Co. Ltd.

     7,000        30,402  

Nanya Technology Corp.

     120,000        325,736  

Taiwan Semiconductor Manufacturing Co. Ltd.

     32,000        227,235  

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

     10,092        368,964  
    

 

 

  
       1,334,648  
    

 

 

  
Thailand — 4.8%             

Land & Houses PCL—NVDR

     754,600        257,379  

Land and Houses Public Co. Ltd. (Foreign Shares)

     98,400        33,562  

PTT PCL—NVDR

     153,500        221,924  

Siam Commercial Bank PCL—NVDR

     65,800        234,924  
    

 

 

  
       747,789  
    

 

 

  
Ukraine — 1.5%             

Ferrexpo PLC

     97,684        234,883  
    

 

 

  
United Arab Emirates — 1.6%             

DP World Ltd.

     11,130        255,990  
    

 

 

  
United Kingdom — 1.6%             

Quilter PLC(a)(c)

    20,461        39,133  

Vivo Energy PLC(a)(c)

    107,313        209,720  
    

 

 

  
       248,853  
    

 

 

  
Total Common Stocks — 91.8%
    (Cost: $14,707,238)		          14,449,911  
    

 

 

  

Participation Notes — 4.4%

     
China — 2.6%             

Deutsche Bank AG (Hangzhou Hikvision Digital Technology Co., Ltd., Class A), due 11/15/2024(a)

    37,700        210,709  

Deutsche Bank AG (Wuliangye Yibin Co. Ltd., Class A), due 02/22/2027(a)

    17,000        194,190  
    

 

 

  
Russia — 0.5%             

Deutsche Bank AG (Inter RAO UES PJSC), due 01/13/2027(a)

    1,231,339        80,706  
    

 

 

  
Taiwan — 1.3%             

Deutsche Bank AG (Merry Electronics Co.), due 01/10/2028(a)

    47,000        204,130  
    

 

 

  
Total Participation Notes — 4.4%
    (Cost: $803,841)		          689,735  
    

 

 

  
Total Long-Term Investments — 96.2%
    (Cost: $15,511,079)		      15,139,646  
    

 

 

  

Short-Term Securities — 4.4%

     

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(d)(e)

    681,757        681,757  
    

 

 

  
Total Short-Term Investments — 4.4%
    (Cost: $681,757)		          681,757  
    

 

 

  
 

 

 

     3  

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock Emerging Markets Dividend Fund

(Percentages shown are based on Net Assets)

 

     Value  

Total Investments — 100.6%

    (Cost: $16,192,836)

   $ 15,821,403  
 

 

 

  

Liabilities in Excess of Other Assets — (0.6)%

     (87,444 ) 
 

 

 

  

Net Assets — 100.0%

   $         15,733,959  
 

 

 

  
 

 

Notes to Schedule of Investments

 

(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) 

Annualized 7-day yield as of period end.

(e) 

During the period ended June 30, 2018, investments in issuers considered to be an affiliate 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

09/30/17

     

Net

Activity

     

Shares

Held at

06/30/18

     

Value at

06/30/18

     

Income

     

Net

Realized

Gain
(Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      385,937        295,820        681,757      $ 681,757      $ 7,665      $ 2      $ —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

    Number
of
Contracts		     

Expiration Date

      Notional
Amount
(000)		      Value/
Unrealized
Appreciation
(Depreciation)		  

Contracts

            

MSCI Emerging Markets Mini Index

      6        September 2018      $ 319      $ (19,723 ) 
                                     

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 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.

 

 

4   

Schedule of Investments  (continued)

June 30, 2018 (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:

                  

Argentina

    $ 148,268        $ —        $ —        $ 148,268  

Austria

      —          324,265          —          324,265  

Brazil

      949,496          —          —          949,496  

China

      286,275          2,046,318          —          2,332,593  

Hungary

      —          276,330          —          276,330  

India

      —          1,097,971          739,139          1,837,110  

Indonesia

      —          358,594          —          358,594  

Mexico

      857,253          —          —          857,253  

Poland

      —          479,944          —          479,944  

Qatar

      315,505          68,219          —          383,724  

Russia

      494,845          846,428          —          1,341,273  

South Africa

      —          402,580          —          402,580  

South Korea

      881,739          1,054,579          —          1,936,318  

Taiwan

      368,964          965,684          —          1,334,648  

Thailand

      257,379          490,410          —          747,789  

Ukraine

      —          234,883          —          234,883  

United Arab Emirates

      255,990          —          —          255,990  

United Kingdom

      248,853          —          —          248,853  

Participation Notes:

                  

China

      —          404,899          —          404,899  

Russia

      —          80,706          —          80,706  

Taiwan

      —          204,130          —          204,130  

Short-Term Securities

      681,757          —          —          681,757  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $             5,746,324        $             9,335,940        $             739,139        $             15,821,403  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities:

                  

Equity contracts

    $ (19,723 )       $ —        $ —        $ (19,723 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

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

 

During the period ended June 30, 2018, 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

  

Assets:

   

Opening Balance, as of September 30, 2017

    $ —  

Transfers into Level 3

      —  

Transfers out of Level 3

      —  

Accrued discounts/premiums

      —  

Net realized gain (loss)

      —  

Net change in unrealized appreciation (depreciation)(a)

      294,391  

Purchases

      444,748  

Sales

      —  
  

 

 

  

Closing Balance, as of June 30, 2018

    $ 739,139  
  

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)

    $     294,391  
  

 

 

  

 

  (a)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018, is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

 

     5  

Schedule of Investments   

June 30, 2018 (unaudited)

   

BlackRock Energy & Resources Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 101.3%

    
Energy Equipment & Services — 12.1%            

Baker Hughes a GE Co.

     124,121     $ 4,099,717  

Helmerich & Payne, Inc.

     31,915       2,034,900  

Patterson-UTI Energy, Inc.

     270,518       4,869,324  

Poseidon Concepts Corp.(a)

    35,081       11  

Precision Drilling Corp.(a)

    656,646       2,172,753  

Superior Energy Services, Inc.(a)

    268,365       2,613,875  

Tenaris SA

     225,617       4,117,519  
   

 

 

  
      19,908,099  
Oil, Gas & Consumable Fuels — 89.2%            

Anadarko Petroleum Corp.

     72,243       5,291,800  

Andeavor

     91,260       11,971,487  

Cabot Oil & Gas Corp.

     265,233       6,312,545  

Cairn Energy PLC(a)

    1,898,320       6,233,245  

Cheniere Energy, Inc.(a)

    56,800       3,702,792  

Cimarex Energy Co.

     73,180       7,445,333  

Concho Resources, Inc.(a)

    14,577       2,016,728  

Devon Energy Corp.

     156,887       6,896,752  

Enbridge, Inc.

     15,667       560,110  

Encana Corp.

     747,059       9,756,972  

Energen Corp.(a)(b)

    24,810       1,806,664  

EQT Corp.

     169,833       9,371,385  

Galp Energia SGPS SA

     316,112       6,013,612  

Green Plains, Inc.

     66,700       1,220,610  

Hess Corp.

     41,194       2,755,467  

HollyFrontier Corp.

     91,138       6,236,573  

Kosmos Energy, Ltd.(a)(b)

    683,554       5,652,992  

Longview Energy Co.(a)(c)

    85,400       134,932  

Lundin Petroleum AB

     131,037       4,159,125  

Marathon Oil Corp.

     470,658       9,817,926  
Security   Shares      Value  
Oil, Gas & Consumable Fuels (continued)  

Noble Energy, Inc.

     168,464      $ 5,943,410  

Oil Search Ltd.

     746,968        4,907,544  

Painted Pony Energy Ltd.(a)(b)

    341,163        591,680  

Pioneer Natural Resources Co.

     34,150        6,462,546  

RSP Permian, Inc.(a)

    146,664        6,456,149  

TransCanada Corp.

     147,936        6,400,639  

Valero Energy Corp.

     19,159        2,123,392  

Williams Cos., Inc.

     244,173        6,619,530  
    

 

 

  
           146,861,940  
    

 

 

  

Total Common Stocks — 101.3%
(Cost: $137,925,992)

 

      166,770,039  
    

 

 

  

Total Long-Term Investments — 101.3%
(Cost: $137,925,992)

 

      166,770,039  
    

 

 

  

Short-Term Securities — 0.6%

     

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(d)(f)

    391,630        391,630  

SL Liquidity Series, LLC, Money Market Series, 2.15%(d)(e)(f)

     610,598        610,659  
    

 

 

  

Total Short-Term Investments — 0.6%
(Cost: $1,002,188)

 

      1,002,289  
    

 

 

  

Total Investments — 101.9%
(Cost: $138,928,180)

 

      167,772,328  
    

 

 

  

Liabilities in Excess of Other Assets — (1.9)%

 

      (3,093,631 ) 
    

 

 

  

Net Assets — 100.0%

 

    $ 164,678,697  
    

 

 

  
 

Notes to Schedule of Investments

(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) 

Annualized 7-day yield as of period end.

(e) 

Security was purchased with the cash collateral from loaned securities.

(f) 

During the period ended June 30, 2018, 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
09/30/17

      Net
Activity		     

Shares

Held at

06/30/18

      Value at
06/30/18		      Income     

Net

Realized

Gain
(Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      1,889,750        (1,498,120 )       391,630      $ 391,630      $ 11,660      $ 3      $ —  

SL Liquidity Series, LLC, Money Market Series

      —        610,598        610,598        610,659        24,114 (b)        192        248  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 1,002,289      $ 35,774      $ 195      $ 248  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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)

 

 

6   

Schedule of Investments  (continued)

June 30, 2018 (unaudited)

   

BlackRock Energy & Resources Portfolio

 

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 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

    $ 15,790,569        $ 4,117,530        $ —        $ 19,908,099  

Oil, Gas & Consumable Fuels

      125,413,482          21,313,526          134,932          146,861,940  

Short-Term Securities

      391,630          —          —          391,630  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $             141,595,681        $             25,431,056        $             134,932        $ 167,161,669  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    610,659  
                 

 

 

  

Total Investments

                   $             167,772,328  
                 

 

 

  

 

  (a)

As of June 30, 2018, 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 June 30, 2018, there were no transfers between levels.

 

 

  

7

Schedule of Investments

June 30, 2018 (unaudited)

   

BlackRock Health Sciences Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 97.7%

    
Biotechnology — 19.5%            

ACADIA Pharmaceuticals, Inc.(a)(b)

     655,400     $ 10,007,958  

Acceleron Pharma, Inc.(a)

     651,100       31,591,372  

Acerta Pharma BV,
Series B (Acquired 5/6/15,
cost $17,141,679)(a)(c)(d)

     297,971,595       31,972,352  

Agios Pharmaceuticals, Inc.(a)

     273,200       23,011,636  

Alexion Pharmaceuticals, Inc.(a)

     508,900       63,179,935  

Alnylam Pharmaceuticals, Inc.(a)

     273,000       26,887,770  

Amgen, Inc.

     515,312       95,121,442  

Amicus Therapeutics, Inc.(a)

     408,928       6,387,455  

AnaptysBio, Inc.(a)

     26,900       1,910,976  

Apellis Pharmaceuticals, Inc.(a)

     266,504       5,863,088  

Arena Pharmaceuticals, Inc.(a)(b)

     457,918       19,965,225  

Argenx SE - ADR(a)

     81,441       6,748,201  

Biogen, Inc.(a)

     461,262       133,876,683  

Biohaven Pharmaceutical Holding, Co., Ltd.(a)(b)

     129,986       5,137,047  

BioMarin Pharmaceutical, Inc.(a)

     580,800       54,711,360  

Bluebird Bio, Inc.(a)(b)

     40,500       6,356,475  

Blueprint Medicines Corp.(a)

     63,100       4,005,588  

Cellectis SA - ADR(a)(b)

     275,713       7,799,921  

Cytokinetics, Inc.(a)(b)

     207,900       1,725,570  

Eidos Therapeutics, Inc.(a)

     82,596       1,680,003  

Galapagos NV(a)(b)

     104,600       9,642,028  

Gilead Sciences, Inc.

     1,569,056       111,151,927  

Global Blood Therapeutics, Inc.(a)(b)

     97,637       4,413,192  

Halozyme Therapeutics, Inc.(a)(b)

     757,100       12,772,277  

Incyte Corp.(a)

     420,300       28,160,100  

InflaRx NV (a)

     538,134       17,354,822  

InflaRx NV, Series D (Acquired 11/8/17,
cost $4,645,442)(a)(d)

     357,336       11,524,086  

Insmed, Inc.(a)(b)

     1,239,177       29,306,536  

Intercept Pharmaceuticals, Inc.(a)(b)

     47,900       4,019,289  

Madrigal Pharmaceuticals, Inc.(a)(b)

     38,200       10,684,158  

Myovant Sciences, Ltd.(a)(b)

     296,306       6,776,518  

Neurocrine Biosciences, Inc.(a)(b)

     165,300       16,239,072  

Ovid therapeutics, Inc.(a)

     781,407       6,094,975  

Regeneron Pharmaceuticals, Inc.(a)

     90,222       31,125,688  

Sage Therapeutics, Inc.(a)

     246,797       38,631,134  

Sarepta Therapeutics, Inc.(a)(b)

     704,155       93,075,208  

Seattle Genetics, Inc.(a)(b)

     908,118       60,289,954  

Spark Therapeutics, Inc.(a)

     164,880       13,645,469  

Spectrum Pharmaceuticals, Inc.(a)(b)

     1,014,694       21,267,986  

Syndax Pharmaceuticals, Inc.(a)(b)

     288,521       2,025,417  

TESARO, Inc.(a)(b)

     325,074       14,456,041  

Ultragenyx Pharmaceutical, Inc.(a)(b)

     389,500       29,940,865  

Vertex Pharmaceuticals, Inc.(a)

     618,070       105,047,177  
   

 

 

  
      1,215,583,976  
Diversified Consumer Services — 0.6%            

Service Corp. International

     1,089,200       38,982,468  
   

 

 

  
Health Care Equipment & Supplies — 27.7%  

Abbott Laboratories

     4,298,700       262,177,713  

Baxter International, Inc.

     1,948,800       143,899,392  

Becton Dickinson and Co.

     494,992       118,580,284  

Boston Scientific Corp.(a)

     7,592,452       248,273,180  

Cooper Cos., Inc.(b)

     89,472       21,066,182  

Edwards Lifesciences Corp.(a)

     573,400       83,469,838  

Globus Medical, Inc., Class A(a)

     447,600       22,585,896  

Intuitive Surgical, Inc.(a)

     209,900       100,432,952  

iRhythm Technologies, Inc.(a)(b)

     275,995       22,391,474  

Masimo Corp.(a)

     690,000       67,378,500  

Medtronic PLC

     3,041,823       260,410,467  

Nevro Corp.(a)(b)

     451,200       36,028,320  

ResMed, Inc.

     590,500       61,163,990  

Stryker Corp.

     1,263,500       213,354,610  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

Teleflex, Inc.

     150,500     $ 40,365,605  

Varian Medical Systems, Inc.(a)

     271,500       30,874,980  
   

 

 

  
      1,732,453,383  
Health Care Providers & Services — 24.0%            

Amedisys, Inc.(a)

     725,400       61,992,684  

AmerisourceBergen Corp.

     295,600       25,205,812  

Anthem, Inc.

     652,700       155,362,181  

Centene Corp.(a)

     779,100       95,992,911  

Cigna Corp.(b)

     724,500       123,128,775  

DaVita, Inc.(a)(b)

     998,959       69,367,713  

HCA Healthcare, Inc.

     326,048       33,452,525  

HealthEquity, Inc.(a)

     230,200       17,288,020  

Humana, Inc.

     503,700       149,916,231  

Molina Healthcare, Inc.(a)

     206,900       20,263,786  

Quest Diagnostics, Inc.

     1,437,800       158,071,732  

UnitedHealth Group, Inc.

     2,154,353       528,548,965  

Universal Health Services, Inc., Class B

     302,300       33,688,312  

WellCare Health Plans, Inc.(a)

     116,100       28,588,464  
   

 

 

  
      1,500,868,111  
Health Care Technology — 0.6%            

Teladoc, Inc.(a)(b)

     680,700       39,514,635  
   

 

 

  
Life Sciences Tools & Services — 3.3%            

Agilent Technologies, Inc.

     588,300       36,380,472  

Charles River Laboratories International, Inc.(a)

     131,432       14,754,556  

QIAGEN NV(a)

     868,200       31,394,112  

Thermo Fisher Scientific, Inc.

     477,200       98,847,208  

Wuxi Biologics Cayman, Inc.(a)(e)

     2,203,500       24,443,745  
   

 

 

  
      205,820,093  
Pharmaceuticals — 22.0%            

Allergan PLC

     641,360       106,927,539  

Assembly Biosciences, Inc.(a)

     40,800       1,599,768  

AstraZeneca PLC

     1,243,727       86,025,009  

AstraZeneca PLC - ADR

     1,131,600       39,730,476  

Bristol-Myers Squibb Co.

     1,912,026       105,811,519  

Chugai Pharmaceutical Co. Ltd.

     291,000       15,236,925  

Eli Lilly & Co.

     1,234,800       105,365,484  

Jazz Pharmaceuticals PLC(a)

     186,400       32,116,720  

Johnson & Johnson

     765,800       92,922,172  

Medicines Co.(a)(b)

     339,100       12,444,970  

Merck & Co., Inc.

     2,006,211       121,777,008  

Merck KGaA

     519,400       50,562,283  

Nektar Therapeutics(a)(b)

     135,100       6,596,933  

Novartis AG - ADR

     619,300       46,781,922  

Novo Nordisk A/S - ADR

     1,360,000       62,723,200  

Pfizer, Inc.

     8,491,437       308,069,334  

Reata Pharmaceuticals, Inc., Class A(a)(b)

     108,223       3,784,558  

Sanofi

     382,500       30,699,305  

Sanofi - ADR

     943,500       37,749,435  

Teva Pharmaceutical Industries Ltd. - ADR

     649,000       15,783,680  

Theravance Biopharma, Inc.(a)(b)

     85,900       1,948,212  

Tricida, Inc.(a)

     169,530       5,068,947  

Zoetis, Inc.

     974,000       82,975,060  
   

 

 

  
      1,372,700,459  
   

 

 

  

Total Common Stocks — 97.7%
(Cost: $4,145,287,117)

       6,105,923,125  
   

 

 

  

Preferred Stocks — 0.3%

    
Biotechnology — 0.3%            

Hua Medicine, Series D (Acquired 3/13/2018,
cost $1,508,328)(a)(c)(d)

     135,713       1,508,328  
 

 

 

     1  

Schedule of Investments  (continued)

June 30, 2018 (unaudited)

   

BlackRock Health Sciences Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Hua Medicine, Series E (Acquired 3/13/2018, cost $4,739,852)(a)(c)(d)

     356,345     $ 4,739,852  

Rubius Therapeutics, Inc., Series C (Acquired 2/22/18, cost $9,265,946)(a)(c)(d)

     724,468       9,265,946  
   

 

 

  

Total Preferred Stocks — 0.3%
(Cost: $15,514,126)

       15,514,126  
   

 

 

  
    Beneficial
Interest		        

Other Interests — 0.0%

    
Biotechnology — 0.0%            

Afferent Pharmaceuticals, Inc.,
Series C(a)(c)(d)

     3,420,640       2,086,590  
   

 

 

  
    Shares        

Rights — 0.0%

    

Dyax Corp. - CVR(c)

     1,269,237       2,906,553  
   

 

 

  

Total Long-Term Investments — 98.0%
(Cost: $4,160,801,243)

       6,126,430,394  
   

 

 

  
Security   Shares     Value  

Short-Term Securities — 5.6%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(f)(h)

     125,319,598     $ 125,319,598  

SL Liquidity Series, LLC, Money Market Series, 2.15%(f)(g)(h)

     225,042,674       225,065,179  
   

 

 

  

Total Short-Term Investments — 5.6%
(Cost: $350,359,261)

       350,384,777  
   

 

 

  

Total Investments — 103.6%
(Cost: $4,511,160,504)

       6,476,815,171  
   

 

 

  

Liabilities in Excess of Other Assets — (3.6)%

 

     (224,020,906 ) 
   

 

 

  

Net Assets — 100.0%

     $ 6,252,794,265  
   

 

 

  
 
(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) 

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $61,097,154 representing 0.98% of its net assets as of period end, and an original cost of $37,301,247.

(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 June 30, 2018, 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
09/30/17

     

Net

Activity

     

Shares

Held at
06/30/18

      Value at
06/30/18		      Income     

Net
Realized
Gain

(Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      188,757,591        (63,437,993 )       125,319,598      $ 125,319,598      $ 1,613,569      $ 1,045      $ —  

SL Liquidity Series, LLC, Money Market Series

      387,461        224,655,213        225,042,674        225,065,179        218,961 (b)        (12,444 )       25,515  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 350,384,777      $ 1,832,530      $ (11,399 )     $ 25,515  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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)		  
USD      58,076,691        EUR      46,995,000        State Street Bank and Trust Co.      7/11/18      $ 3,193,354  
                         

 

 

  
Net Unrealized Appreciation

 

                $ 3,193,354  
                         

 

 

  

 

•  

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   

Schedule of Investments   (continued)

June 30, 2018 (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 semi-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

    $ 1,172,087,538        $ 11,524,086        $ 31,972,352        $ 1,215,583,976  

Diversified Consumer Services

      38,982,468          —          —          38,982,468  

Health Care Equipment & Supplies

      1,732,453,383          —          —          1,732,453,383  

Health Care Providers & Services

      1,500,868,111          —          —          1,500,868,111  

Health Care Technology

      39,514,635          —          —          39,514,635  

Life Sciences Tools & Services

      181,376,348          24,443,745          —          205,820,093  

Pharmaceuticals

      1,190,176,937          182,523,522          —          1,372,700,459  

Other Interests:

                  

Biotechnology

      —          —          2,086,590          2,086,590  

Preferred Stocks:

                  

Biotechnology

      —          —          15,514,126          15,514,126  

Rights:

                  

Biotechnology

      —          —          2,906,553          2,906,553  

Short-Term Securities

      125,319,598          —          —          125,319,598  

Liabilities:

                  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $             5,980,779,018        $             218,491,353        $             52,479,621        $         6,251,749,992  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                     225,065,179  
                 

 

 

  

Total Investments

                   $ 6,476,815,171  
                 

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                  

Foreign currency exchange contracts

    $ —        $ 3,193,354        $ —        $ 3,193,354  

Liabilities:

                  

Foreign currency exchange contracts

      —          —          —          —  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ —        $ 3,193,354        $ —        $ 3,193,354  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)   As of June 30, 2018, 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.

 

  (b)   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 June 30, 2018, there were no transfers between Level 1 and Level 2.

 

 

     3  

Schedule of Investments  (continued)

June 30, 2018 (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)(a)

      (26,728,053 )         —          —          (6,738,661 )         (33,466,714 ) 

Purchases

      —          15,514,126          —          —          15,514,126  

Sales

      —          —          —          —          —  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Closing Balance, as of June 30, 2018

    $ 31,972,352        $ 15,514,126        $ 2,906,553        $ 2,086,590        $ 52,479,621  
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)

    $ (26,728,053 )       $ —        $ —        $ (6,738,661 )       $ (33,466,714 ) 
  

 

 

       

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018, is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

4   

Schedule of Investments

June 30, 2018 (unaudited)

   

BlackRock High Equity Income Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 79.7%

    
Aerospace & Defense — 0.8%  

Lockheed Martin Corp.

     15,836     $ 4,678,429  
   

 

 

  
Automobiles — 0.6%  

Ford Motor Co.

     309,848       3,430,017  
   

 

 

  
Banks — 12.5%      

Bank of America Corp.

     201,562       5,682,033  

Citigroup, Inc.

     124,883       8,357,170  

FirstSun Capital Bancorp (Acquired 3/10/14, cost $7,599,729)(a)(b)(c)

     167,410       6,138,925  

JPMorgan Chase & Co.

     204,663       21,325,885  

Regions Financial Corp.

     164,328       2,921,752  

SunTrust Banks, Inc.

     16,781       1,107,882  

U.S. Bancorp

     157,062       7,856,241  

Wells Fargo & Co.

     363,388       20,146,231  
   

 

 

  
          73,536,119  
Beverages — 1.0%  

Diageo PLC

     90,614       3,255,386  

PepsiCo, Inc.

     26,287       2,861,866  
   

 

 

  
      6,117,252  
Biotechnology — 0.6%  

Acerta Pharma BV, Series B (Acquired 5/6/15, cost $1,815,300)(a)(b)(c)

     31,555,035       3,385,855  
   

 

 

  
Capital Markets — 1.3%  

Invesco Ltd.

     52,895       1,404,891  

Morgan Stanley

     127,425       6,039,945  
   

 

 

  
      7,444,836  
Chemicals — 0.8%  

DowDuPont, Inc.

     71,515       4,714,269  
   

 

 

  
Communications Equipment — 1.3%            

Cisco Systems, Inc.

     182,060       7,834,042  
   

 

 

  
Construction Materials — 0.2%            

CRH PLC

     40,537       1,421,925  
   

 

 

  
Containers & Packaging — 0.7%            

International Paper Co.

     82,808       4,312,641  
   

 

 

  
Diversified Telecommunication Services — 4.0%  

BCE, Inc.

     209,182       8,469,779  

BT Group PLC

     872,572       2,503,185  

Verizon Communications, Inc.

     252,888       12,722,795  
   

 

 

  
          23,695,759  
Electric Utilities — 5.5%            

Edison International

     20,653       1,306,715  

Exelon Corp.

     160,355       6,831,123  

FirstEnergy Corp.

     466,032       16,735,209  

PG&E Corp.

     171,127       7,283,165  
   

 

 

  
      32,156,212  
Electronic Equipment, Instruments & Components — 1.0%  

Hon Hai Precision Industry Co. Ltd.

     2,102,000       5,728,092  
   

 

 

  
Equity Real Estate Investment Trusts (REITs) — 1.2%  

Crown Castle International Corp.(d)

     65,726       7,086,577  
   

 

 

  
Food Products — 1.4%            

Danone SA

     17,486       1,276,698  

General Mills, Inc.

     69,799       3,089,304  

Kellogg Co.

     57,597       4,024,302  
   

 

 

  
          8,390,304  
Health Care Equipment & Supplies — 1.7%  

Koninklijke Philips NV

     140,365       5,946,988  

Medtronic PLC

     44,628       3,820,603  
   

 

 

  
          9,767,591  
Security   Shares     Value  
Health Care Providers & Services — 2.8%  

Aetna, Inc.

     8,223     $ 1,508,921  

Cardinal Health, Inc.

     102,711       5,015,378  

CVS Health Corp.

     51,560       3,317,886  

McKesson Corp.

     9,408       1,255,027  

UnitedHealth Group, Inc.

     22,424       5,501,504  
   

 

 

  
    16,598,716  
Household Products — 0.9%  

Procter & Gamble Co.

     68,849       5,374,353  
   

 

 

  
Industrial Conglomerates — 1.8%  

3M Co.

     2,860       562,619  

General Electric Co.

     551,833       7,510,447  

Honeywell International, Inc.

     16,294       2,347,151  
   

 

 

  
        10,420,217  
Insurance — 5.6%  

American International Group, Inc.

     90,170       4,780,813  

Brighthouse Financial, Inc.(a)(d)

     19,692       789,058  

MetLife, Inc.

     226,237       9,863,933  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares

     22,561       4,743,296  

Prudential Financial, Inc.

     90,752       8,486,220  

Swiss Re AG

     49,916       4,358,110  
   

 

 

  
    33,021,430  
Leisure Products — 0.2%  

Mattel, Inc.(d)

     67,406       1,106,806  
   

 

 

  
Media — 2.0%  

Comcast Corp., Class A

     182,861       5,999,669  

Interpublic Group of Cos., Inc.

     246,237       5,771,795  
   

 

 

  
    11,771,464  
Multi-Utilities — 2.6%  

Engie SA

     217,886       3,332,898  

Public Service Enterprise Group, Inc.

     219,982       11,909,825  
   

 

 

  
    15,242,723  
Oil, Gas & Consumable Fuels — 11.3%  

BP PLC

     2,171,577       16,522,465  

Chevron Corp.

     43,753       5,531,692  

Enbridge, Inc.

     100,246       3,577,780  

Marathon Petroleum Corp.

     38,011       2,666,852  

Occidental Petroleum Corp.

     81,721       6,838,413  

Royal Dutch Shell PLC, Class A - ADR

     216,252       14,971,126  

Suncor Energy, Inc.

     145,720       5,927,890  

TOTAL SA - ADR

     87,708       5,311,596  

Valero Energy Corp.

     23,736       2,630,661  

Williams Cos., Inc.

     102,351       2,774,736  
   

 

 

  
    66,753,211  
Personal Products — 0.6%  

Unilever NV - NY Shares

     68,471       3,815,204  
   

 

 

  
Pharmaceuticals — 8.2%            

AstraZeneca PLC

     246,148       17,025,347  

Bayer AG, Registered Shares

     20,848       2,289,605  

Merck & Co., Inc.

     161,983       9,832,368  

Pfizer, Inc.

     534,645       19,396,921  
   

 

 

  
    48,544,241  
Professional Services — 0.5%  

Nielsen Holdings PLC

     89,010       2,753,079  
   

 

 

  
Road & Rail — 0.2%            

Norfolk Southern Corp.

     7,305       1,102,105  
   

 

 

  
Semiconductors & Semiconductor Equipment — 2.4%  

QUALCOMM, Inc.

     92,519       5,192,166  

Taiwan Semiconductor Manufacturing Co. Ltd.

     483,000       3,429,821  
 

 

 

     1  

Schedule of Investments   (continued)

June 30, 2018 (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. — ADR

       152,843     $ 5,587,940  
     

 

 

  
        14,209,927  
Software — 3.2%                  

CA, Inc.

       41,856       1,492,166  

Microsoft Corp.

       45,225       4,459,637  

Zuora Inc., Class A (Acquired 04/13/2018, cost $3,742,311)(a)(b)

       492,500       13,016,283  
     

 

 

  
        18,968,086  
Specialty Retail — 0.6%                  

Lowe’s Cos., Inc.

       34,783       3,324,211  
     

 

 

  
Technology Hardware, Storage & Peripherals — 0.7%  

Lenovo Group Ltd.

       7,398,000       3,982,053  
     

 

 

  
Tobacco — 1.5%                  

Altria Group, Inc.

       76,388       4,338,075  

Philip Morris International, Inc.

       56,705       4,578,362  
     

 

 

  
        8,916,437  
     

 

 

  
Total Common Stocks — 79.7%
    (Cost: $445,701,228)		         469,604,183  
     

 

 

  

Preferred Stocks — 1.6%

      
Internet Software & Services — 0.9%        

Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $2,186,751)(a)(b)(c)

       140,962       5,638,480  
     

 

 

  
Software — 0.7%                  

Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $4,300,011)(a)(b)(c)

       701,470       4,054,497  
     

 

 

  
Total Preferred Stocks — 1.6%
    (Cost: $6,486,762)		     9,692,977  
     

 

 

  
   

Par

(000)

        

Equity-Linked Notes — 18.2%

 

  
Aerospace & Defense — 0.2%                  

RBC Capital Markets LLC. (Lockheed Martin Corp.) 17.04% 07/19/18 (LMT US)

     USD       4       1,253,829  
     

 

 

  
Automobiles — 0.2%                  

HSBC Securities (Usa), Inc. (Ford Motor Co.) 19.00% 08/13/18 (F US)

       80       891,704  
     

 

 

  
Banks — 3.1%                  

BNP Paribas Securities Corp. (Suntrust Banks, Inc.) 15.25% 07/11/18 (STI US)

       6       396,435  

BNP Paribas Securities Corp. (Us Bancorp) 10.94% 07/11/18 (USB US)

       57       2,847,869  

HSBC Securities (Usa), Inc. (Bank Of America Corp.) 15.57% 08/13/18 (BAC US)

       52       1,482,607  

HSBC Securities (Usa), Inc. (Jpmorgan Chase & Co.) 13.69% 08/27/18 (JPM US)

       80       8,336,835  

J.P. Morgan Securities LLC. (Wells Fargo & Co.) 22.53% 08/22/18 (WFC US)

       94       4,992,336  
     

 

 

  
        18,056,082  
Beverages — 0.2%                  

BNP Paribas Arbitrage (Diageo Plc) 9.51% 08/07/18 (DGE LN)

     GBP       24       850,458  
     

 

 

  
Capital Markets — 0.4%                  

Citigroup Global Markets, Inc. (Morgan Stanley) 16.05% 07/25/18 (MS US)

     USD       34       1,603,931  
Security         

Par

(000)

     Value  
Capital Markets (continued)                  

Credit Suisse Securities (Usa) LLC. (Invesco Ltd.) 15.60% 08/13/18 (IVZ US)

       37     $ 963,596  
     

 

 

  
            2,567,527  
Chemicals — 0.2%                  

Citigroup Global Markets, Inc. (Dowdupont, Inc.) 14.96% 07/31/18 (DWDP US)

       19       1,239,915  
     

 

 

  
Communications Equipment — 0.9%                  

BNP Paribas Arbitrage (Cisco Systems, Inc.) 16.05% 08/27/18 (CSCO US)

       126       5,408,709  
     

 

 

  
Containers & Packaging — 0.2%                  

BNP Paribas Arbitrage (International Paper Co.) 18.49% 08/27/18 (IP US)

       21       1,116,112  
     

 

 

  
Diversified Telecommunication Services — 1.2%              

BNP Paribas Arbitrage (Bt Group Plc) 40.63% 08/20/18 (BT/A LN)

     GBP       604       1,700,349  

Credit Suisse Securities (Usa) LLC. (Bce, Inc.) 16.0% 07/20/18 (BCE US)

     USD       55       2,241,568  

Goldman Sachs & Co. LLC. (Verizon Communications, Inc.) 15.79% 07/16/18 (VZ US)

       67       3,331,371  
     

 

 

  
                    7,273,288  
Electric Utilities — 0.3%                  

RBC Capital Markets LLC. (Exelon Corp.) 10.99% 07/19/18 (EXC US)

       43       1,770,699  
     

 

 

  
Equity Real Estate Investment Trusts (REITs) — 0.4%        

Credit Suisse Securities (Usa) LLC. (Crown Castle International Corp.) 14.2% 07/11/18 (CCI US)

       24       2,509,868  
     

 

 

  
Food Products — 0.3%                  

CIBC World Markets Corp. (General Mills, Inc.) 25.62% 08/13/18 (GIS US)

       18       800,073  

HSBC Securities (Usa), Inc. (Kellogg Co.) 17.56% 08/13/18 (K US)

       15       1,000,462  
     

 

 

  
        1,800,535  
Health Care Equipment & Supplies — 0.3%                  

HSBC Securities (Usa), Inc. (Koninklijke Philips Nv) 12.43% 08/07/18 (PHIA NA)

     EUR       37       1,553,062  
     

 

 

  
Health Care Providers & Services — 0.2%                  

Credit Suisse Securities (Usa) LLC. (Unitedhealth Group, Inc.) 13.1% 07/16/18 (UNH US)

     USD       6       1,431,833  
     

 

 

  
Household Products — 0.2%                  

HSBC Securities (Usa), Inc. (Procter & Gamble Co.) 13.96% 08/13/18 (PG US)

       18       1,368,079  
     

 

 

  
Industrial Conglomerates — 0.1%                  

Citigroup Global Markets, Inc. (Honeywell International, Inc.) 11.07% 07/31/18 (HON US)

       4       621,119  
     

 

 

  
Insurance — 1.9%                  

BNP Paribas Securities Corp. (Metlife, Inc.) 12.44% 07/11/18 (MET US)

       63       2,762,854  

HSBC Securities (Usa), Inc. (Muenchener Rueckversicherungs-Gesellschaft Ag In Muenchen) 9.75% 08/07/18 (MUV2 GR)

     EUR       16       3,287,263  

HSBC Securities (Usa), Inc. (Swiss Re Ag) 8.77% 08/07/18 (SREN SW)

     CHF       35       3,028,902  
 

 

 

2   

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock High Equity Income Fund

(Percentages shown are based on Net Assets)

 

Security          Par
(000)		     Value  
Insurance (continued)                  

RBC Capital Markets LLC. (Prudential Financial, Inc.) 16.55% 08/27/18 (PRU US)

     USD       24     $ 2,231,248  
     

 

 

  
        11,310,267  
Leisure Products — 0.0%                  

BNP Paribas Securities Corp. (Mattel, Inc.) 28.25% 07/11/18 (MAT US)

       13       206,893  
     

 

 

  
Media — 0.2%                  

Credit Suisse Securities (Usa) LLC. (Interpublic Group Of Cos., Inc.) 16.50% 08/13/18 (IPG US)

       52       1,196,838  
     

 

 

  
Multi-Utilities — 0.9%                  

BNP Paribas Futures (Engie Sa) 14.17% 08/20/18 (ENGI FP)

     EUR       151       2,308,566  

Citigroup Global Markets, Inc. (Public Service Enterprise Group, Inc.) 14.90% 07/31/18 (PEG US)

     USD       58       3,059,611  
     

 

 

  
        5,368,177  
Oil, Gas & Consumable Fuels — 3.9%                  

BNP Paribas Arbitrage (Occidental Petroleum Corp.) 19.92% 07/19/18 (OXY US)

       58       4,773,533  

BNP Paribas Arbitrage (Valero Energy Corp.) 20.30% 08/27/18 (VLO US)

       16       1,816,735  

CIBC World Markets Corp. (Enbridge, Inc.) 19.51% 07/20/18 (ENB US)

       71       2,253,554  

CIBC World Markets Corp. (Total Sa) 13.26% 07/16/18 (TOT US)

       23       1,416,928  

Citigroup Global Markets, Inc. (Marathon Petroleum Corp.) 22.24% 07/25/18 (MPC US)

       10       710,196  

Credit Suisse Securities (Usa) LLC. (Bp Plc) 11.5% 07/27/18 (BP/LN)

     GBP       135       1,016,904  

HSBC Bank PLC (Suncor Energy, Inc.) 22.2% 07/20/18 (SU US)

     USD       39       1,551,933  

HSBC Securities (Usa), Inc. (Bp Plc) 12.85% 07/27/18 (BP/LN)

     GBP       237       1,773,973  

Merrill Lynch Pierce Fenner & Smi (Chevron Corp.) 21.31% 08/22/18 (CVX US)

       30       3,763,500  

RBC Capital Markets LLC. (Royal Dutch Shell Plc) 21.06% 08/22/18 (RDS/A US)

       56       3,849,984  
     

 

 

  
            22,927,240  
Personal Products — 0.2%                  

CIBC World Markets Corp. (Unilever Nv) 10.59% 07/20/18 (UN US)

       18       1,010,661  
     

 

 

  
Pharmaceuticals — 1.5%                  

Goldman Sachs & Co. LLC. (Merck & Co., Inc.) 15.97% 07/11/18 (MRK US)

       64       3,882,970  

RBC Capital Markets LLC. (Pfizer, Inc.) 11.29% 07/19/18 (PFE US)

       141       5,103,375  
     

 

 

  
        8,986,345  
Professional Services — 0.2%                  

BNP Paribas Securities Corp. (Nielsen Holdings Plc) 20.17% 07/11/18 (NLSN US)

       32       998,598  
     

 

 

  
Road & Rail — 0.1%                  

RBC Capital Markets LLC. (Norfolk Southern Corp.) 19.5% 07/19/18 (NSC US)

       2       287,312  
     

 

 

  
Semiconductors & Semiconductor Equipment — 0.2%        

Merrill Lynch Pierce Fenner & Smi (Qualcomm, Inc.) 27.28% 08/07/18 (QCOM US)

       24       1,371,117  
     

 

 

  
Security          Par
(000)		     Value  
Software — 0.2%                  

Merrill Lynch Pierce Fenner & Smi (Microsoft Corp.) 20.33% 08/07/18 (MSFT US)

       12     $     1,168,488  
     

 

 

  
Tobacco — 0.5%                  

BNP Paribas Securities Corp. (Altria Group, Inc.) 19.05% 07/11/18 (MO US)

       28       1,542,354  

Credit Suisse Securities (Usa) LLC. (Philip Morris International, Inc.) 22.5% 07/19/18 (PM US)

       15       1,176,955  
     

 

 

  
        2,719,309  

Total Equity-Linked Notes — 18.2%
(Cost: $108,445,621)

 

     107,264,064  
     

 

 

  

Total Long-Term Investments — 99.5%
(Cost: $560,633,611)

 

     586,561,224  
     

 

 

  
          Shares        

Short-Term Securities — 0.2%

      

SL Liquidity Series, LLC, Money Market Series, 2.15%(e)(f)(g)

       1,155,547       1,155,663  
     

 

 

  

Total Short-Term Investments — 0.2%
(Cost: $1,155,529)

 

       1,155,663  
     

 

 

  

Total Investments — 99.7%
(Cost: $561,789,140)

         587,716,887  
     

 

 

  

Other Assets Less Liabilities — 0.3%

         1,900,039  
     

 

 

  

Net Assets — 100.0%

       $     589,616,926  
     

 

 

  
 

 

 

     3  

Schedule of Investments  (continued)

June 30, 2018 (unaudited)

   

BlackRock High Equity Income Fund

(Percentages shown are based on Net Assets)

 

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 $32,234,040, representing 5.47% of its net assets as of period end, and an original cost of $19,644,102.

(c) 

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

(d) 

Security, or a portion of the security, is on loan.

(e) 

Security was purchased with the cash collateral from loaned securities.

(f) 

Annualized 7-day yield as of period end.

(g) 

During the period ended June 30, 2018, 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
09/30/17		      Net
Activity		      Shares
Held at
06/30/18		      Value at
06/30/18		      Income     

Net
Realized
Gain

(Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      2,231,691        (2,231,691 )       —      $ —      $ 117,205      $ 130      $ —  

SL Liquidity Series, LLC, Money Market Series

      —        1,155,547        1,155,547        1,155,663        7,538 (b)        531      $ 134  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 1,155,663      $ 124,743      $ 661      $ 134  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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. 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 semi-annual report.

 

 

4   

Schedule of Investments  (continued)

June 30, 2018 (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  

Assets:

                  

Investments:

                  

Long-Term Investments:

                  

Common Stocks:

                  

Aerospace & Defense

    $ 4,678,429        $ —        $ —        $ 4,678,429  

Automobiles

      3,430,017          —          —          3,430,017  

Banks

                  67,397,194          —          6,138,925                      73,536,119  

Beverages

      2,861,866                      3,255,386          —          6,117,252  

Biotechnology

      —          —                      3,385,855          3,385,855  

Capital Markets

      7,444,836          —          —          7,444,836  

Chemicals

      4,714,269          —          —          4,714,269  

Communications Equipment

      7,834,042          —          —          7,834,042  

Construction Materials

      —          1,421,925          —          1,421,925  

Containers & Packaging

      4,312,641          —          —          4,312,641  

Diversified Telecommunication Services

      21,192,574          2,503,185          —          23,695,759  

Electric Utilities

      32,156,212          —          —          32,156,212  

Electronic Equipment, Instruments & Components

      —          5,728,092          —          5,728,092  

Equity Real Estate Investment Trusts (REITs)

      7,086,577          —          —          7,086,577  

Food Products

      7,113,606          1,276,698          —          8,390,304  

Health Care Equipment & Supplies

      3,820,603          5,946,988          —          9,767,591  

Health Care Providers & Services

      16,598,716          —          —          16,598,716  

Household Products

      5,374,353          —          —          5,374,353  

Industrial Conglomerates

      10,420,217          —          —          10,420,217  

Insurance

      23,920,024          9,101,406          —          33,021,430  

Leisure Products

      1,106,806          —          —          1,106,806  

Media

      11,771,464          —          —          11,771,464  

Multi-Utilities

      11,909,825          3,332,898          —          15,242,723  

Oil, Gas & Consumable Fuels

      50,230,746          16,522,465          —          66,753,211  

Personal Products

      3,815,204          —          —          3,815,204  

Pharmaceuticals

      29,229,289          19,314,952          —          48,544,241  

Professional Services

      2,753,079          —          —          2,753,079  

Road & Rail

      1,102,105          —          —          1,102,105  

Semiconductors & Semiconductor Equipment

      10,780,106          3,429,821          —          14,209,927  

Software

      5,951,803          13,016,283          —          18,968,086  

Specialty Retail

      3,324,211          —          —          3,324,211  

Technology Hardware, Storage & Peripherals

      —          3,982,053          —          3,982,053  

Tobacco

      8,916,437          —          —          8,916,437  

Preferred Stocks:

                  

Internet Software & Services

      —          —          5,638,480          5,638,480  

Software

      —          —          4,054,497          4,054,497  

Equity-Linked Notes:

                  

Aerospace & Defense

      —          1,253,829          —          1,253,829  

Automobiles

      —          891,704          —          891,704  

Banks

      —          18,056,082          —          18,056,082  

Beverages

      —          850,458          —          850,458  

Capital Markets

      —          2,567,527          —          2,567,527  

Chemicals

      —          1,239,915          —          1,239,915  

Communications Equipment

      —          5,408,709          —          5,408,709  

Containers & Packaging

      —          1,116,112          —          1,116,112  

Diversified Telecommunication Services

      —          7,273,288          —          7,273,288  

Electric Utilities

      —          1,770,699          —          1,770,699  

Equity Real Estate Investment Trusts (REITs)

      —          2,509,868          —          2,509,868  

Food Products

      —          1,800,535          —          1,800,535  

Health Care Equipment & Supplies

      —          1,553,062          —          1,553,062  

Health Care Providers & Services

      —          1,431,833          —          1,431,833  

Household Products

      —          1,368,079          —          1,368,079  

Industrial Conglomerates

      —          621,119          —          621,119  

Insurance

      —          11,310,267          —          11,310,267  

Leisure Products

      —          206,893          —          206,893  

Media

      —          1,196,838          —          1,196,838  

Multi-Utilities

      —          5,368,177          —          5,368,177  

Oil, Gas & Consumable Fuels

      —          15,313,756          7,613,484          22,927,240  

Personal Products

      —          1,010,661          —          1,010,661  

Pharmaceuticals

      —          8,986,345          —          8,986,345  

 

 

     5  

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock High Equity Income Fund

(Percentages shown are based on Net Assets)

 

 

      Level 1        Level 2        Level 3        Total  

Professional Services

      —          998,598          —          998,598  

Road & Rail

      —          287,312          —          287,312  

Semiconductors & Semiconductor Equipment

      —          1,371,117          —          1,371,117  

Software

      —          1,168,488          —          1,168,488  

Tobacco

      —          2,719,309          —          2,719,309  

Short-Term Securities

      —          —          —          —  
  

 

 

  

Subtotal

    $             371,247,251        $             188,482,732        $             26,831,241        $             586,561,224  
  

 

 

  

Investments Valued at NAV(a)

                     1,155,663  
                 

 

 

  

Total Investments

                   $ 587,716,887  
                 

 

 

  

 

  (a) 

As of June 30, 2018, 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 June 30, 2018, 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

      —          (4,363,550 )         —          (4,363,550 ) 

Accrued discounts/premiums

      —          —          —          —  

Net realized gain (loss)

      —          4,156,633          29,865          4,186,498  

Net change in unrealized appreciation (depreciation)(a)

      (2,196,003 )         (10,073,300 )         (56,261 )         (12,325,564 ) 

Purchases

      —          —          7,628,870          7,628,870  

Sales

      —          (13,574,276 )         (12,040,830 )         (25,615,106 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

Closing Balance, as of June 30, 2018

    $ 9,524,780        $ 9,692,977        $ 7,613,484        $ 26,831,241  
  

 

 

       

 

 

       

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)

    $ (2,196,003 )       $ (10,073,300 )       $ (56,261 )       $ (12,325,564 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018, 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 $7,613,484.

 

      Value     Valuation Approach     

Unobservable

Inputs

      Range of
Unobservable Inputs
Utilized		  

Assets:

             

Common Stocks

    $ 9,524,780       Market      Tangible Book Value Multiple(a)        1.90x  
       Income      Discount Rate(b)        4.00%  

Preferred Stocks

      9,692,977       Market      Revenue Multiple(a)        14.50x  
        Recent Transactions (a)        —  
  

 

 

  
   $ 19,217,757            
  

 

 

            

 

  (a) 

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.

  (b) 

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   

Schedule of Investments

June 30, 2018 (unaudited)

   

BlackRock International Dividend Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 96.6%

    
Australia — 8.6%            

Amcor Ltd.

     1,275,591     $   13,591,024  

Ansell Ltd.

     294,698       5,920,756  

Sonic Healthcare Ltd.

     389,162       7,059,427  
   

 

 

  
      26,571,207  
Belgium — 2.4%            

bpost SA

     240,375       3,798,010  

Anheuser-Busch InBev SA

     34,441       3,473,895  
   

 

 

  
      7,271,905  
Canada — 10.2%            

TELUS Corp.

     457,992       16,269,141  

Rogers Communications, Inc., Class B

     320,956       15,243,976  
   

 

 

  
      31,513,117  
China — 1.6%            

ANTA Sports Products Ltd.

     912,400       4,811,366  
   

 

 

  
Denmark — 1.7%            

Novo Nordisk A/S, Class B

     115,001       5,311,961  
   

 

 

  
Finland — 3.7%            

Kone OYJ, Class B

     223,783       11,378,378  
   

 

 

  
France — 7.1%            

Schneider Electric SE

     75,105       6,246,247  

Sanofi

     195,208       15,667,320  
   

 

 

  
      21,913,567  
Germany — 3.5%            

Deutsche Post AG, Registered Shares

     335,259       10,892,700  
   

 

 

  
India — 1.5%            

Hero MotoCorp Ltd.

     94,468       4,789,994  
   

 

 

  
Japan — 1.6%            

Japan Tobacco, Inc.

     175,400       4,901,802  
   

 

 

  
Netherlands — 4.1%            

Heineken NV

     61,254       6,136,955  

Koninklijke Philips NV

     154,371       6,540,394  
   

 

 

  
      12,677,349  
Singapore — 4.2%            

DBS Group Holdings Ltd.

     348,500       6,777,287  

United Overseas Bank Ltd.

     320,600       6,283,354  
   

 

 

  
      13,060,641  
Sweden — 2.2%            

Svenska Handelsbanken AB, A Shares

     617,533       6,839,455  
   

 

 

  
Switzerland — 13.0%            

Nestle SA, Registered Shares

     190,570       14,769,337  

Novartis AG, Registered Shares

     220,253       16,684,372  

SGS SA, Registered Shares

     3,238       8,603,998  
   

 

 

  
      40,057,707  
Taiwan — 4.0%            

Taiwan Semiconductor Manufacturing Co. Ltd.

     1,189,000       8,443,183  

Far EasTone Telecommunications Co. Ltd.

     1,472,000       3,802,418  
   

 

 

  
      12,245,601  
United Kingdom — 22.8%            

Metro Bank PLC(a)

    53       2,255  

Diageo PLC

     234,577       8,427,381  

Unilever PLC

     254,051       14,033,879  
Security   Shares     Value  
United Kingdom (continued)            

AstraZeneca PLC

     138,411     $ 9,573,490  

GlaxoSmithKline PLC

     564,661       11,384,086  

British American Tobacco PLC

     259,813       13,087,648  

Imperial Brands PLC

     372,133       13,820,304  
   

 

 

  
      70,329,043  
United States — 4.4%            

3M Co.

     44,159       8,686,958  

Microsoft Corp.

     49,392       4,870,545  
   

 

 

  
      13,557,503  
   

 

 

  

Total Common Stocks — 96.6%
(Cost: $303,080,074)

       298,123,296  
   

 

 

  

Preferred Stocks — 2.3%

    
China — 1.7%            

Xiaoju Kuaizhi Inc., Series A-17 (Acquired 7/28/15,
cost $2,770,046)(a)(b)(c)

    101,000       5,143,930  
   

 

 

  
India — 0.6%            

Jasper Infotech Private Ltd., Series F
(Acquired 5/07/14, cost $5,332,969)(a)(b)(c)

    749       1,310,255  

Jasper Infotech Private Ltd., Series G
(Acquired 10/29/14, cost $2,090,847)(a)(b)(c)

    248       529,710  
   

 

 

  
      1,839,965  
   

 

 

  

Total Preferred Stocks — 2.3%
(Cost: $10,193,862)

 

     6,983,895  
   

 

 

  

Total Investments — 98.9%
(Cost: $313,273,936)

 

     305,107,191  

Other Assets Less Liabilities — 1.1%

 

     3,438,054  
   

 

 

  

Net Assets — 100.0%

 

   $   308,545,245  
   

 

 

  
 

 

 

     1  

Schedule of Investments  (continued)

June 30, 2018 (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 $6,983,895, representing 2.26% 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.

During the period ended June 30, 2018, investments in issuers considered to be an affiliate 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

09/30/17

      Net
Activity		     

Shares Held at

06/30/18

     

Value at

06/30/18

      Income     

Net Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $ 4,356,137      $ (4,356,137 )       —        —      $   15,694        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

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 semi-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

   $ —      $                 26,571,207      $                     —      $                 26,571,207  

Belgium

     3,798,010        3,473,895        —        7,271,905  

Canada

     31,513,117        —        —        31,513,117  

China

     —        4,811,366        —        4,811,366  

Denmark

     —        5,311,961        —        5,311,961  

Finland

     —        11,378,378        —        11,378,378  

France

     —        21,913,567        —        21,913,567  

Germany

     —        10,892,700        —        10,892,700  

India

     —        4,789,994        —        4,789,994  

Japan

     —        4,901,802        —        4,901,802  

Netherlands

     —        12,677,349        —        12,677,349  

Singapore

     —        13,060,641        —        13,060,641  

Sweden

     —        6,839,455        —        6,839,455  

Switzerland

     —        40,057,707        —        40,057,707  

Taiwan

     —        12,245,601        —        12,245,601  

United Kingdom

     —        70,329,043        —        70,329,043  

United States

     13,557,503        —        —        13,557,503  

Preferred Stocks:

           

China

     —        —        5,143,930        5,143,930  

India

     —        —        1,839,965        1,839,965  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $             48,868,630      $ 249,254,666      $ 6,983,895      $ 305,107,191  
 

 

 

     

 

 

     

 

 

     

 

 

  

During the period ended June 30, 2018, there were no transfers between levels.

 

  (a) 

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.

 

 

 

2   

Schedule of Investments  (continued)

June 30, 2018 (unaudited)

   

BlackRock International Dividend Fund

(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:

 

      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)(a)

     (1,107,774 ) 

Purchases

      —  

Sales

      —  
  

 

 

  

Closing Balance, as of June 30, 2018

    $ 6,983,895  
  

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)

   $ (1,107,774 ) 
  

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018, 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 Stocks

    $ 6,983,895          Market          Revenue Multiple(a)        7.50x  
               Time to Exit(b)        2.5 years  
               Volatility(b)        35%  
                           Recent Transactions(a)        —  

 

  (a) 

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.

 

 

  (b)

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  

Schedule of Investments  (unaudited)

June 30, 2018

   

BlackRock Mid-Cap Growth Equity Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 96.7%

    
Aerospace & Defense — 1.6%            

TransDigm Group, Inc.

     79,047     $ 27,282,282  
   

 

 

  
Banks — 2.7%            

First Republic Bank

     185,869       17,990,261  

SVB Financial Group(a)

     102,378       29,562,671  
   

 

 

  
      47,552,932  
Beverages — 1.0%            

Constellation Brands, Inc., Class A

     76,575       16,759,970  
   

 

 

  
Building Products — 0.8%            

AO Smith Corp.

     238,663       14,116,916  
   

 

 

  
Capital Markets — 6.6%            

Cboe Global Markets, Inc.

     344,113       35,811,840  

E*TRADE Financial Corp.(a)

     415,441       25,408,372  

MarketAxess Holdings, Inc.(b)

     86,740       17,162,376  

MSCI, Inc.

     220,942       36,550,435  
   

 

 

  
          114,933,023  
Commercial Services & Supplies — 1.6%            

Waste Connections, Inc.

     363,368       27,354,343  
   

 

 

  
Construction Materials — 1.3%            

Vulcan Materials Co.

     169,387       21,861,086  
   

 

 

  
Diversified Consumer Services — 3.6%            

Bright Horizons Family Solutions, Inc.(a)

     377,950       38,747,434  

ServiceMaster Global Holdings, Inc.(a)

     406,295       24,162,364  
   

 

 

  
      62,909,798  
Diversified Telecommunication Services — 1.0%  

Zayo Group Holdings, Inc.(a)

     475,836       17,358,497  
   

 

 

  
Electronic Equipment, Instruments & Components — 4.0%  

Cognex Corp.(b)

     775,133       34,578,683  

II-VI, Inc.(a)(b)

     432,127       18,775,918  

IPG Photonics Corp.(a)

     73,802       16,282,935  
   

 

 

  
      69,637,536  
Equity Real Estate Investment Trusts (REITs) — 4.4%  

CoreSite Realty Corp.

     305,615       33,868,254  

SBA Communications Corp.(a)

     256,206       42,304,735  
   

 

 

  
      76,172,989  
Food Products — 1.8%            

Lamb Weston Holdings, Inc.

     457,939       31,373,401  
   

 

 

  
Health Care Equipment & Supplies — 12.2%  

Align Technology, Inc.(a)

     101,531       34,737,816  

Cooper Cos., Inc.

     98,232       23,128,724  

IDEXX Laboratories, Inc.(a)

     181,593       39,576,378  

Intuitive Surgical, Inc.(a)

     28,990       13,871,135  

Masimo Corp.(a)

     351,487       34,322,706  

Teleflex, Inc.

     128,700       34,518,627  

West Pharmaceutical Services, Inc.

     321,475       31,919,253  
   

 

 

  
      212,074,639  
Hotels, Restaurants & Leisure — 2.9%  

Domino’s Pizza, Inc.

     61,112       17,243,973  

Vail Resorts, Inc.

     117,089       32,104,633  
   

 

 

  
      49,348,606  
Industrial Conglomerates — 1.6%            

Roper Technologies, Inc.

     101,190       27,919,333  
   

 

 

  
Internet & Direct Marketing Retail — 2.1%            

Netflix, Inc.(a)

     93,063       36,427,650  
   

 

 

  
Internet Software & Services — 12.7%            

Delivery Hero AG(a)(c)

     246,165       13,047,994  

GoDaddy, Inc., Class A(a)

     509,008       35,935,965  

IAC/InterActiveCorp(a)

     311,901       47,561,784  

Match Group, Inc.(a)(b)

     741,241       28,715,676  
Security   Shares      Value  
Internet Software & Services (continued)  

MercadoLibre, Inc.

     96,535      $ 28,857,208  

Stamps.com, Inc.(a)(b)

     128,610        32,544,761  

Wix.com Ltd.(a)(b)

     337,730        33,874,319  
    

 

 

  
           220,537,707  
IT Services — 5.3%             

Gartner, Inc.(a)

     262,675        34,909,508  

Global Payments, Inc.

     340,609        37,974,497  

Worldpay, Inc., Class A(a)

     227,378        18,594,973  
    

 

 

  
       91,478,978  
Machinery — 5.9%             

Dover Corp.

     194,731        14,254,309  

Evoqua Water Technologies Corp.(a)

     660,143        13,532,932  

Gates Industrial Corp. PLC(a)

     1,089,625        17,728,199  

IDEX Corp.

     207,887        28,372,418  

Xylem, Inc.

     408,135        27,500,136  
    

 

 

  
       101,387,994  
Media — 4.5%             

GCI Liberty, Inc., Class A(a)

     440,052        19,837,544  

Live Nation Entertainment, Inc.(a)

     161,897        7,863,337  

Madison Square Garden Co., Class A(a)

     117,854        36,557,132  

The New York Times Co., Class A

     532,223        13,784,576  
    

 

 

  
       78,042,589  
Professional Services — 5.9%             

CoStar Group, Inc.(a)(b)

     103,142        42,559,483  

Equifax, Inc.

     181,073        22,654,043  

TransUnion

     508,708        36,443,841  
    

 

 

  
       101,657,367  
Road & Rail — 1.0%             

Landstar System, Inc.

     164,400        17,952,480  
    

 

 

  
Semiconductors & Semiconductor Equipment — 3.2%  

Cree, Inc.(a)(b)

     362,824        15,082,594  

ON Semiconductor Corp.(a)(b)

     718,291        15,971,200  

Silicon Laboratories, Inc.(a)

     142,330        14,176,068  

Teradyne, Inc.

     266,875        10,159,931  
    

 

 

  
       55,389,793  
Software — 7.0%             

ANSYS, Inc.(a)

     99,696        17,365,049  

Pivotal Software, Inc., Class A(a)(b)

     372,612        9,043,293  

Synopsys, Inc.(a)

     323,345        27,668,632  

Take-Two Interactive Software, Inc.(a)

     326,460        38,639,806  

Ubisoft Entertainment SA(a)

     267,860        29,279,338  
    

 

 

  
       121,996,118  
Specialty Retail — 0.8%             

Ulta Beauty, Inc.(a)

     55,372        12,927,147  
    

 

 

  
Trading Companies & Distributors — 1.2%  

SiteOne Landscape Supply, Inc.(a)(b)

     238,084        19,991,914  
    

 

 

  
Total Common Stocks — 96.7%
    (Cost: $1,309,389,900)		          1,674,445,088  
    

 

 

  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Mid-Cap Growth Equity Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Preferred Stocks — 0.9%

    
Internet Software & Services            

Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $5,000,911)0.00%(a)(d)(e)

     322,368     $ 12,894,720  
   

 

 

  
Software            

Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $2,811,905)0.00%(a)(d)(e)

     458,712       2,651,355  
   

 

 

  

Total Preferred Stocks — 0.9%
(Cost: $7,812,816)

       15,546,075  
   

 

 

  

Total Long-Term Investments — 97.6%
(Cost: $1,317,202,716)

        1,689,991,163  
   

 

 

  
Security   Shares     Value  

Short-Term Securities — 6.0%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85%(f)(h)

     51,916,281     $ 51,916,281  

SL Liquidity Series, LLC, Money Market Series, 2.15(f)(g)(h)

     52,390,650       52,395,889  
   

 

 

  

Total Short-Term Securities — 6.0%
(Cost: $104,308,229)

       104,312,170  
   

 

 

  

Total Investments — 103.6%
(Cost: $1,421,510,945)

       1,794,303,333  

Liabilities in Excess of Other Assets — (3.6)%

 

     (61,738,927 ) 
   

 

 

  

Net Assets — 100.0%

     $  1,732,564,406  
   

 

 

  
 
(a)

Non-income producing security.

(b)

Security, or a portion of the security, is on loan.

(c)

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

(d)

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

(e)

Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $15,546,075, representing 0.9% of its net assets as of period end, and an original cost of $7,812,816.

(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 June 30, 2018, 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
09/30/17		      Net
Activity		      Shares
Held at
06/30/18		      Value at
06/30/18		      Income     

Net

Realized
Gain (Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      19,749,395        32,166,886        51,916,281      $ 51,916,281      $ 220,762      $ 25      $ —  

SL Liquidity Series, LLC, Money Market Series

      5,359,993        47,030,657        52,390,650        52,395,889        101,561 (b)        2,251        3,941  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 104,312,170      $ 322,323      $         (2,226 )     $         3,941  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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 semi-annual report.

 

 

2   

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

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  

Assets:

                  

Investments:

                  

Long-Term Investments:

                  

Common Stocks

                  

Aerospace & Defense

    $ 27,282,282        $ —        $ —        $ 27,282,282  

Banks

      47,552,932          —          —          47,552,932  

Beverages

      16,759,970          —          —          16,759,970  

Building Products

      14,116,916          —          —          14,116,916  

Capital Markets

      114,933,023          —          —          114,933,023  

Commercial Services & Supplies

      27,354,343          —          —          27,354,343  

Construction Materials

      21,861,086          —          —          21,861,086  

Diversified Consumer Services

      62,909,798          —          —          62,909,798  

Diversified Telecommunication Services

      17,358,497          —          —          17,358,497  

Electronic Equipment, Instruments & Components

      69,637,536          —          —          69,637,536  

Equity Real Estate Investment Trusts (REITs)

      76,172,989          —          —          76,172,989  

Food Products

      31,373,401          —          —          31,373,401  

Health Care Equipment & Supplies

      212,074,639          —          —          212,074,639  

Hotels, Restaurants & Leisure

      49,348,606          —          —          49,348,606  

Industrial Conglomerates

      27,919,333          —          —          27,919,333  

Internet & Direct Marketing Retail

      36,427,650          —          —          36,427,650  

Internet Software & Services

      207,489,713          13,047,994          —          220,537,707  

IT Services

      91,478,978          —          —          91,478,978  

Machinery

      101,387,994          —          —          101,387,994  

Media

      78,042,589          —          —          78,042,589  

Professional Services

      101,657,367          —          —          101,657,367  

Road & Rail

      17,952,480          —          —          17,952,480  

Semiconductors & Semiconductor Equipment

      55,389,793          —          —          55,389,793  

Software

      92,716,780          29,279,338          —          121,996,118  

Specialty Retail

      12,927,147          —          —          12,927,147  

Trading Companies & Distributors

      19,991,914          —          —          19,991,914  

Preferred Stocks

                  

Internet Software & Services

      —          —          12,894,720          12,894,720  

Software

      —          —          2,651,355          2,651,355  

Short-Term Securities

      51,916,281          —          —          51,916,281  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $         1,684,034,037        $         42,327,332        $         15,546,075        $         1,741,907,444  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                     52,395,889  
                 

 

 

  

Total Investments

                   $         1,794,303,333  
                 

 

 

  

 

  (a) 

As of June 30, 2018, certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

During the period ended June 30, 2018, 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)

      (2,979,801 ) 

Purchases

      —  

Sales

      —  
  

 

 

  

Closing Balance, as of June 30, 2018

    $ 15,546,075  
  

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)

    $ (2,979,801 ) 
  

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

     3  

Schedule of Investments  (unaudited) (continued)

June 30, 2018

   

BlackRock Mid-Cap Growth Equity Portfolio

 

The Fund’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

 

 

4   

Schedule of Investments

June 30, 2018 (unaudited)

   

BlackRock Technology Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 95.5%

 

Automobiles — 1.3%  

Tesla, Inc.(a)

    41,012     $ 14,065,065  
   

 

 

  
Diversified Consumer Services — 0.8%  

New Oriental Education & Technology Group, Inc.—ADR

     69,900       6,616,734  

Sunlands Online Education Group.—ADR(a)(b)

    280,110       2,495,780  
   

 

 

  
      9,112,514  
Electronic Equipment, Instruments & Components — 3.6%  

Chroma ATE, Inc.

     937,000       5,030,820  

Cognex Corp.(b)

    122,300       5,455,803  

Hangzhou Hikvision Digital Technology Co. Ltd., Class A

     968,938       5,415,491  

II-VI, Inc.(a)

    135,980       5,908,331  

Isra Vision AG

     88,855       5,430,322  

Sunny Optical Technology Group Co. Ltd.

     391,800       7,266,856  

Trimble, Inc.(a)

    175,800       5,773,272  
   

 

 

  
      40,280,895  
Health Care Technology — 0.4%  

Ping An Healthcare and Technology Co. Ltd. (Acquired 05/09/2018, cost $5,190,304)(a)(c)

    735,859       4,526,523  
   

 

 

  
Household Durables — 0.5%  

Roku, Inc.(a)(b)

    143,286       6,106,849  
   

 

 

  
Internet & Direct Marketing Retail — 6.5%  

Amazon.com, Inc.(a)

    29,521       50,179,796  

Ensogo Ltd.(a)(d)

    94,425       1  

Netflix, Inc.(a)

    37,990       14,870,426  

Start Today Co. Ltd.

     184,500       6,675,317  
   

 

 

  
      71,725,540  
Internet Software & Services — 26.1%            

58.com, Inc.—ADR(a)

    72,170       5,004,268  

Alibaba Group Holding Ltd.—ADR(a)(b)

    151,380       28,085,531  

Alphabet, Inc., Class A(a)

    41,582       46,953,979  

Alteryx, Inc., Class A(a)(b)

    137,400       5,243,184  

Baidu, Inc.—ADR(a)

    52,050       12,648,150  

Bandwidth, Inc., Class A(a)

    112,369       4,267,775  

Delivery Hero AG(a)(b)(e)

    149,371       7,917,421  

DocuSign, Inc.(a)(b)

    115,803       6,131,769  

Facebook, Inc., Class A(a)

    118,209       22,970,373  

Five9, Inc.(a)

    176,600       6,105,062  

HUYA, Inc.—ADR(a)(b)

    213,369       7,017,706  

IAC/InterActiveCorp(a)

    47,684       7,271,333  

MercadoLibre, Inc.

     21,740       6,498,738  

Mercari, Inc.(a)

    131,800       5,398,663  

MongoDB, Inc.(a)(b)

    105,974       5,259,490  

Okta, Inc.(a)(b)

    134,252       6,762,273  

SendGrid, Inc.(a)

    208,685       5,534,326  

Shopify, Inc., Class A(a)(b)

    44,100       6,433,749  

Spotify Technology SA(a)

    36,334       6,112,832  

Stamps.com, Inc.(a)

    32,708       8,276,759  

Tencent Holdings Ltd.

     736,200       36,968,581  

Twilio, Inc., Class A(a)

    148,484       8,318,074  

Uxin Ltd.—ADR(a)

    1,021,581       9,235,092  

Wix.com Ltd.(a)(b)

    91,810       9,208,543  

Yandex NV, Class A(a)

    415,103       14,902,198  
   

 

 

  
          288,525,869  
IT Services — 10.2%            

Adyen NV(a)(e)

    16,563       9,124,727  

Capgemini SE

     51,600       6,914,918  

GMO Payment Gateway, Inc.(b)

    59,200       6,815,716  

I3 Verticals, Inc., Class A(a)

    102,300       1,557,006  

InterXion Holding NV(a)

    118,000       7,365,560  

Mastercard, Inc., Class A

     82,000       16,114,640  
Security   Shares     Value  
IT Services (continued)            

Pagseguro Digital Ltd., Class A(a)(b)

    309,799     $ 8,596,922  

PayPal Holdings, Inc.(a)

    164,240       13,676,265  

Square, Inc., Class A(a)(b)

    277,500       17,105,100  

Visa, Inc., Class A

     118,400       15,682,080  

Wirecard AG

     59,400       9,505,224  
   

 

 

  
      112,458,158  
Media — 1.1%            

Naspers Ltd., N Shares

     49,861       12,572,144  
   

 

 

  
Multiline Retail — 0.5%            

Magazine Luiza SA

     176,175       5,795,604  
   

 

 

  
Professional Services — 0.5%            

UT Group Co. Ltd.(a)

    141,300       5,277,466  
   

 

 

  
Semiconductors & Semiconductor Equipment — 12.0%  

Advanced Micro Devices, Inc.(a)(b)

    485,800       7,282,142  

AIXTRON SE(a)(b)

    274,300       3,530,013  

ams AG

     84,750       6,285,071  

ASML Holding NV

     72,100       14,267,512  

Broadcom, Inc.

     59,181       14,359,678  

Cree, Inc.(a)(b)

    150,400       6,252,128  

Lam Research Corp.

     67,200       11,615,520  

NVIDIA Corp.(b)

    48,620       11,518,078  

ON Semiconductor Corp.(a)

    306,692       6,819,297  

Qorvo, Inc.(a)

    89,897       7,207,042  

Silicon Laboratories, Inc.(a)

    61,383       6,113,747  

Skyworks Solutions, Inc.

     72,732       7,029,548  

SOITEC(a)

    100,910       8,461,802  

STMicroelectronics NV

     360,100       7,995,418  

Taiwan Semiconductor Manufacturing Co. Ltd.

     1,916,000       13,605,668  
   

 

 

  
          132,342,664  
Software — 28.4%            

Activision Blizzard, Inc.

     203,213       15,509,216  

Adobe Systems, Inc.(a)

    63,324       15,439,024  

Altair Engineering, Inc., Class A(a)

    203,548       6,957,271  

Altium Ltd.

     233,480       3,880,513  

Atlassian Corp. PLC, Class A(a)(b)

    135,200       8,452,704  

Autodesk, Inc.(a)(b)

    126,752       16,615,920  

Avalara, Inc.(a)

    179,556       9,582,904  

Bilibili, Inc.—ADR(a)(b)

    395,189       5,528,694  

Carbon Black, Inc.(a)(b)

    72,432       1,883,232  

Electronic Arts, Inc.(a)

    81,557       11,501,168  

FireEye, Inc.(a)(b)

    327,910       5,046,535  

ForeScout Technologies, Inc.(a)

    120,673       4,134,257  

Guidewire Software, Inc.(a)(b)

    60,100       5,335,678  

Kingdee International Software Group Co. Ltd.

     8,866,000       9,030,276  

Linx SA

     1,181,500       5,481,099  

Microsoft Corp.

     471,079       46,453,100  

Nintendo Co. Ltd.

     29,100       9,499,088  

Pivotal Software, Inc., Class A(a)(b)

    205,282       4,982,194  

Pluralsight, Inc., Class A(a)

    295,154       7,216,515  

Proofpoint, Inc.(a)(b)

    71,145       8,203,730  

PTC, Inc.(a)

    76,100       7,138,941  

RIB Software SE(b)

    209,500       4,854,240  

SailPoint Technologies Holding, Inc.(a)

    281,725       6,913,532  

salesforce.com, Inc.(a)

    181,497       24,756,191  

ServiceNow, Inc.(a)

    78,073       13,465,250  

Smartsheet, Inc., Class A(a)

    193,431       5,023,403  

Tableau Software, Inc., Class A(a)

    73,001       7,135,848  

Take-Two Interactive Software, Inc.(a)

    106,100       12,557,996  

Ubisoft Entertainment SA(a)

    112,161       12,260,135  

Xero Ltd.(a)

    159,060       5,290,819  

Zendesk, Inc.(a)

    147,200       8,020,928  

Zuora Inc., Class A (Acquired 04/13/2018,
cost $1,006,815)(a)(c)

    132,500       3,501,843  
 

 

 

     1  

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock Technology Opportunities Portfolio

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Software (continued)            

Zuora, Inc., Class A(a)(b)

    107,317     $       2,919,022  
   

 

 

  
      314,571,266  
Technology Hardware, Storage & Peripherals — 3.6%  

Apple Inc.

     216,229       40,026,150  
   

 

 

  
Total Common Stocks — 95.5%
    (Cost: $745,368,592)		     1,057,386,707  
   

 

 

  

Preferred Stocks — 0.8%

 

Internet & Direct Marketing Retail — 0.0%            

Jasper Infotech Private Ltd., Series F (Acquired 5/07/14, cost $1,018,150)(a)(c)(d)

    143       250,156  

Jasper Infotech Private Ltd., Series G (Acquired 10/29/14, cost $396,249)(a)(c)(d)

    47       100,389  
   

 

 

  
      350,545  
Internet Software & Services — 0.7%            

Uber Technologies, Inc., Series D (Acquired 6/06/14, cost $2,000,004)(a)(c)(d)

    128,924       5,156,960  

Xiaoju Kuaizhi Inc., Series A-17 (Acquired 7/28/15, cost $1,080,592)(a)(c)(d)

    39,400       2,006,642  
   

 

 

  
      7,163,602  
 
Security   Shares      Value  
Software — 0.1%             

Palantir Technologies, Inc., Series I (Acquired 2/07/14, cost $1,500,011)(a)(c)(d)

    244,700      $ 1,414,366  
    

 

 

  
Total Preferred Stocks — 0.8%
    (Cost: $5,995,006)		          8,928,513  
    

 

 

  
Total Long-Term Investments — 96.3%
    (Cost: $751,363,598)		      1,066,315,220  
    

 

 

  

Short-Term Securities — 15.5%

 

BlackRock Liquidity Funds,
    T-Fund, Institutional
    Class, 1.85%(f)(h) 		  44,124,562      44,124,562  

SL Liquidity Series, LLC, Money Market Series, 2.15%(f)(g)(h)

    127,246,623        127,259,348  
    

 

 

  
Total Short-Term Investments — 15.5%
    (Cost: $171,373,077)		      171,383,910  
    

 

 

  
Total Investments — 111.8%
    (Cost: $922,736,675)		          1,237,699,130  
    

 

 

  

Liabilities in Excess of Other Assets — (11.8)%

        (130,385,827 ) 
    

 

 

  

Net Assets — 100.0%

      $     1,107,313,303  
    

 

 

  
 
(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 $16,956,879, representing 1.53% of its net assets as of period end, and an original cost $12,192,125.

(d) 

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

(e) 

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

(f) 

Annualized 7-day yield as of period end.

(g) 

Security was purchased with the cash collateral from loaned securities.

(h) 

During the period ended June 30, 2018, 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
09/30/17		     

Net

Activity

      Shares
Held at
06/30/18		      Value at
06/30/18		      Income     

Net

Realized
Gain (Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      18,686,309        25,438,253        44,124,562      $ 44,124,562      $ 420,300      $ 118      $ —  

SL Liquidity Series, LLC, Money Market Series

      1,425,730        125,820,893        127,246,623        127,259,348        883,605 (b)         (11,547 )       10,815  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 171,383,910      $ 1,303,905      $ (11,429 )     $ 10,815  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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   

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock Technology Opportunities Portfolio

 

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 semi-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

    $ 14,065,065        $ —        $ —        $ 14,065,065  

Diversified Consumer Services

      9,112,514          —          —          9,112,514  

Electronic Equipment, Instruments & Components

      17,137,406          23,143,489          —          40,280,895  

Health Care Technology

      —          4,526,523          —          4,526,523  

Household Durables

      6,106,849          —          —          6,106,849  

Internet & Direct Marketing Retail

      65,050,222          6,675,317          1          71,725,540  

Internet Software & Services

      243,639,867          44,886,002          —          288,525,869  

IT Services

      89,222,300          23,235,858          —          112,458,158  

Media

      —          12,572,144          —          12,572,144  

Multiline Retail

      5,795,604          —          —          5,795,604  

Professional Services

      —          5,277,466          —          5,277,466  

Semiconductors & Semiconductor Equipment

      78,197,180          54,145,484          —          132,342,664  

Software

      266,254,352          48,316,914          —          314,571,266  

Technology Hardware, Storage & Peripherals

      40,026,150          —          —          40,026,150  

Preferred Stocks:

                  

Internet & Direct Marketing Retail

      —          —          350,545          350,545  

Internet Software & Services

      —          —          7,163,602          7,163,602  

Software

      —          —          1,414,366          1,414,366  

Short-Term Securities

      44,124,562          —          —          44,124,562  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $           878,732,071        $           222,779,197        $           8,928,514        $           1,110,439,782  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    127,259,348  
                 

 

 

  

Total Investments

                   $ 1,237,699,130  
                 

 

 

  

 

  (a) 

As of June 30, 2018, 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 June 30, 2018, there were no transfers between Level 1 and Level 2.

 

 

     3  

Schedule of Investments   (continued)

June 30, 2018 (unaudited)

   

BlackRock 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:

 

     

Common

Stocks

       

Preferred

Stocks

        Total  

Assets:

             

Opening Balance, as of September 30, 2017

    $ —        $   13,128,059        $   13,128,059  

Transfers into Level 3

      —          —          —  

Transfers out of Level 3

      —          (2,803,529 )         (2,803,529 ) 

Accrued discounts/premiums

      —          —          —  

Net realized gain (loss)

      —          —          —  

Net change in unrealized appreciation (depreciation)(a)

      1          (1,396,017 )         (1,396,016 ) 

Purchases

      —          —          —  

Sales

      —          —          —  
  

 

 

       

 

 

       

 

 

  

Closing Balance, as of June 30, 2018

    $             1        $ 8,928,513        $ 8,928,514  
  

 

 

       

 

 

       

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)

    $ 1        $ (1,396,017 )       $ (1,396,016 ) 
  

 

 

       

 

 

       

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018, is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

 

4   

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: August 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: August 22, 2018

 

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

Date: August 22, 2018