NPORT-EX 2 BRFSGE0BRAdvSmallCapGrowthFd.htm BlackRock Advantage Small Cap Growth Fund

Schedule of Investments  (unaudited)

December 31, 2019

  

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 98.6%

    
Aerospace & Defense — 0.5%            

Aerojet Rocketdyne Holdings, Inc.(a)(b)

     21,079     $ 962,467  

Ducommun, Inc.(a)

     8,659       437,539  

Mercury Systems, Inc.(a)

     20,401       1,409,913  

Parsons Corp.(a)

     4,834       199,548  

Wesco Aircraft Holdings, Inc.(a)

     8,913       98,221  
   

 

 

  
      3,107,688  
Air Freight & Logistics — 0.2%            

Hub Group, Inc., Class A(a)

     30,748       1,577,065  
   

 

 

  
Airlines — 0.2%            

Spirit Airlines, Inc.(a)

     34,128       1,375,700  
   

 

 

  
Auto Components — 0.9%            

Fox Factory Holding Corp.(a)

     13,156       915,263  

LCI Industries

     43,702       4,681,795  

Standard Motor Products, Inc.

     5,664       301,438  

Visteon Corp.(a)

     4,624       400,392  
   

 

 

  
          6,298,888  
Automobiles — 0.1%            

Winnebago Industries, Inc.

     7,119       377,165  
   

 

 

  
Banks — 1.6%            

Atlantic Union Bankshares Corp.

     4       150  

Central Pacific Financial Corp.

     72,959       2,158,127  

First Financial Northwest, Inc.

     7,677       114,694  

Republic First Bancorp, Inc.(a)

     59,934       250,524  

Sandy Spring Bancorp, Inc.

     26,654       1,009,654  

Synovus Financial Corp.

     39,556       1,550,595  

TriState Capital Holdings, Inc.(a)

     198,039       5,172,779  

United Community Banks, Inc.

     22,171       684,640  
   

 

 

  
      10,941,163  
Beverages — 0.2%            

National Beverage Corp.(a)

     26,374       1,345,601  
   

 

 

  
Biotechnology — 12.9%            

ACADIA Pharmaceuticals, Inc.(a)(b)

     81,577       3,489,864  

Acceleron Pharma, Inc.(a)

     27,870       1,477,667  

Agenus, Inc.(a)(b)

     235,429       958,196  

Aimmune Therapeutics, Inc.(a)

     19,017       636,499  

Akcea Therapeutics, Inc.(a)

     13,643       231,112  

Akebia Therapeutics, Inc.(a)

     21,023       132,865  

Akero Therapeutics, Inc.(a)

     5,691       126,312  

Alector, Inc.(a)

     16,186       278,885  

Allakos, Inc.(a)(b)

     6,881       656,172  

Allogene Therapeutics, Inc.(a)(b)

     2,583       67,106  

Amicus Therapeutics, Inc.(a)

     120,947       1,178,024  

Apellis Pharmaceuticals, Inc.(a)

     45,765       1,401,324  

Arcus Biosciences, Inc.(a)

     47,563       480,386  

Arena Pharmaceuticals, Inc.(a)

     13,970       634,517  

ArQule, Inc.(a)

     37,528       749,059  

Arrowhead Pharmaceuticals, Inc.(a)

     66,296       4,205,155  

Atara Biotherapeutics, Inc.(a)

     40,344       664,466  

Athenex, Inc.(a)

     9,886       150,959  

Athersys, Inc.(a)

     385,357       473,989  

Atreca, Inc., Class A(a)(b)

     3,670       56,775  

Audentes Therapeutics, Inc.(a)

     28,622       1,712,740  

Avrobio, Inc.(a)

     4,048       81,486  

Beyondspring, Inc.(a)

     10,236       158,658  

BioCryst Pharmaceuticals, Inc.(a)

     110,184       380,135  

Biohaven Pharmaceutical Holding Co. Ltd.(a)

     20,187       1,098,980  

Blueprint Medicines Corp.(a)(b)

     23,248       1,862,397  

Calithera Biosciences, Inc.(a)

     51,192       292,306  

Castle Biosciences, Inc.(a)

     12,524       430,450  

ChemoCentryx, Inc.(a)

     45,870       1,814,159  

Coherus Biosciences, Inc.(a)(b)

     52,836       951,312  

Corvus Pharmaceuticals, Inc.(a)(b)

     57,717       313,980  

Crinetics Pharmaceuticals, Inc.(a)

     9,181       230,351  

CytomX Therapeutics, Inc.(a)

     48,477       402,844  
Security   Shares     Value  
Biotechnology (continued)            

Deciphera Pharmaceuticals, Inc.(a)

     21,463     $ 1,335,857  

Denali Therapeutics, Inc.(a)(b)

     55,211       961,776  

Dicerna Pharmaceuticals, Inc.(a)

     8,764       193,071  

Dynavax Technologies Corp.(a)

     24,261       138,773  

Eagle Pharmaceuticals, Inc.(a)

     15,791       948,723  

Editas Medicine, Inc.(a)

     42,481       1,257,862  

Eidos Therapeutics, Inc.(a)

     2,346       134,637  

Eiger BioPharmaceuticals, Inc.(a)

     39,131       583,052  

Emergent BioSolutions, Inc.(a)

     25,326       1,366,338  

Enanta Pharmaceuticals, Inc.(a)

     21,407       1,322,524  

EPIRUS Biopharmaceuticals, Inc.(a)

     6,060       5  

Epizyme, Inc.(a)(b)

     30,418       748,283  

Esperion Therapeutics, Inc.(a)(b)

     17,497           1,043,346  

Exact Sciences Corp.(a)

     6,983       645,788  

Fate Therapeutics, Inc.(a)(b)

     67,464       1,320,270  

FibroGen, Inc.(a)(b)

     58,293       2,500,187  

Flexion Therapeutics, Inc.(a)(b)

     34,571       715,620  

Frequency Therapeutics, Inc.(a)

     16,378       287,106  

Global Blood Therapeutics, Inc.(a)

     45,108       3,585,635  

Gossamer Bio, Inc.(a)

     17,611       275,260  

Halozyme Therapeutics, Inc.(a)(b)

     60,357       1,070,130  

Harpoon Therapeutics, Inc.(a)

     11,712       173,220  

Heron Therapeutics, Inc.(a)

     24,492       575,562  

Immunomedics, Inc.(a)

     112,751       2,385,811  

Insmed, Inc.(a)

     82,410       1,967,951  

Intellia Therapeutics, Inc.(a)(b)

     39,856       584,688  

Intercept Pharmaceuticals, Inc.(a)

     21,621       2,679,274  

Intrexon Corp.(a)(b)

     25,444       139,433  

Invitae Corp.(a)

     88,604       1,429,183  

Iovance Biotherapeutics, Inc.(a)(b)

     51,238       1,418,268  

Ironwood Pharmaceuticals, Inc.(a)(b)

     151,433       2,015,573  

Jounce Therapeutics, Inc.(a)(b)

     20,195       176,302  

KalVista Pharmaceuticals, Inc.(a)(b)

     6,639       118,241  

Karyopharm Therapeutics, Inc.(a)(b)

     4,815       92,304  

Kezar Life Sciences, Inc.(a)

     5,529       22,171  

Kiniksa Pharmaceuticals Ltd., Class A(a)

     8,718       96,421  

Kodiak Sciences, Inc.(a)

     11,775       847,211  

Ligand Pharmaceuticals, Inc.(a)

     8,193       854,448  

MacroGenics, Inc.(a)

     52,760       574,029  

Magenta Therapeutics, Inc.(a)(b)

     4,279       64,870  

Medicines Co.(a)

     15,919       1,352,160  

MeiraGTx Holdings plc(a)(b)

     6,062       121,361  

Mirati Therapeutics, Inc.(a)

     17,967       2,315,228  

Momenta Pharmaceuticals, Inc.(a)(b)

     30,261       597,050  

Natera, Inc.(a)

     54,994       1,852,748  

Nymox Pharmaceutical Corp.(a)(b)

     17,877       39,329  

Organogenesis Holdings, Inc.(a)

     7,330       35,257  

Portola Pharmaceuticals, Inc.(a)(b)

     63,891       1,525,717  

Precision BioSciences, Inc.(a)

     24,337       338,041  

Principia Biopharma, Inc.(a)

     15,639       856,704  

PTC Therapeutics, Inc.(a)

     26,578       1,276,541  

Puma Biotechnology, Inc.(a)

     66,414       581,123  

Ra Pharmaceuticals, Inc.(a)

     22,158       1,039,875  

Radius Health, Inc.(a)

     35,008       705,761  

REGENXBIO, Inc.(a)

     8,176       334,971  

Replimune Group, Inc.(a)

     8,600       123,410  

Retrophin, Inc.(a)

     74,330       1,055,486  

Rhythm Pharmaceuticals, Inc.(a)

     10,191       233,985  

Rigel Pharmaceuticals, Inc.(a)

     199,322       426,549  

Rubius Therapeutics, Inc.(a)

     13,802       131,119  

Sangamo Therapeutics, Inc.(a)

     53,495       447,753  

Seres Therapeutics, Inc.(a)

     120,618       416,132  

Spectrum Pharmaceuticals, Inc.(a)

     122,337       445,307  

Stemline Therapeutics, Inc.(a)

     35,202       374,197  

Turning Point Therapeutics, Inc.(a)(b)

     6,642       413,730  

Twist Bioscience Corp.(a)

     7,798       163,758  

Ultragenyx Pharmaceutical, Inc.(a)

     50,642       2,162,920  

UNITY Biotechnology, Inc.(a)

     34,524       248,918  

UroGen Pharma Ltd.(a)

     4,472       149,231  

Vanda Pharmaceuticals, Inc.(a)

     48,279       792,258  
 

 

 

1

Schedule of Investments  (unaudited) (continued)

December 31, 2019

  

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Veracyte, Inc.(a)

     53,607     $ 1,496,707  

Vericel Corp.(a)

     9,703       168,832  

vTv Therapeutics, Inc., Class A(a)

     2       3  

Xencor, Inc.(a)

     28,175       968,938  

Y-mAbs Therapeutics, Inc.(a)

     12,601       393,781  
   

 

 

  
        88,013,213  
Building Products — 2.0%            

Advanced Drainage Systems, Inc.

     50,541       1,963,012  

Apogee Enterprises, Inc.

     12,889       418,893  

Builders FirstSource, Inc.(a)

     176,036       4,473,075  

Continental Building Products, Inc.(a)

     10,576       385,284  

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

     43,967       3,951,754  

Universal Forest Products, Inc.

     49,520       2,362,104  
   

 

 

  
      13,554,122  
Capital Markets — 1.1%            

Ares Management Corp., Class A

     27,585       984,509  

Brightsphere Investment Group, Inc.

     35,296       360,725  

Cohen & Steers, Inc.

     26,036       1,634,019  

Focus Financial Partners, Inc., Class A(a)

     23,039       678,959  

Hamilton Lane, Inc., Class A

     14,807       882,497  

Moelis & Co., Class A

     71,787       2,291,441  

Virtus Investment Partners, Inc.

     3,551       432,228  
   

 

 

  
      7,264,378  
Chemicals — 1.4%            

Ingevity Corp.(a)

     23,727       2,073,265  

Innospec, Inc.

     12,183       1,260,210  

PolyOne Corp.

     176,198       6,482,324  
   

 

 

  
      9,815,799  
Commercial Services & Supplies — 3.0%            

Healthcare Services Group, Inc.

     80,062       1,947,108  

Kimball International, Inc., Class B

     16,382       338,616  

McGrath RentCorp.

     66,429       5,084,476  

Mobile Mini, Inc.

     62,130       2,355,348  

Steelcase, Inc., Class A

     169,549       3,468,973  

Tetra Tech, Inc.

     57,215       4,929,644  

Viad Corp.

     32,230       2,175,525  
   

 

 

  
      20,299,690  
Communications Equipment — 0.8%            

Calix, Inc.(a)

     112,957       903,656  

Ciena Corp.(a)

     110,009       4,696,284  

TESSCO Technologies, Inc.

     8,798       98,714  
   

 

 

  
      5,698,654  
Construction & Engineering — 2.0%            

Comfort Systems USA, Inc.

     117,622       5,863,457  

Dycom Industries, Inc.(a)

     51,547       2,430,441  

EMCOR Group, Inc.

     22,597       1,950,121  

MasTec, Inc.(a)

     53,933       3,460,341  

MYR Group, Inc.(a)

     2,415       78,705  

WillScot Corp.(a)

     3,873       71,612  
   

 

 

  
      13,854,677  
Construction Materials — 0.2%            

Summit Materials, Inc., Class A(a)

     49,509       1,183,265  
   

 

 

  
Consumer Finance — 0.9%            

Enova International, Inc.(a)(b)

     52,091       1,253,309  

FirstCash, Inc.

     39,115       3,153,842  

Green Dot Corp., Class A(a)

     87,694       2,043,270  
   

 

 

  
      6,450,421  
Distributors — 0.2%            

Core-Mark Holding Co., Inc.

     45,171       1,228,199  
   

 

 

  
Diversified Consumer Services — 1.4%            

Career Education Corp.(a)

     33,602       617,941  
Security   Shares     Value  
Diversified Consumer Services (continued)            

Chegg, Inc.(a)

     112,586     $ 4,268,135  

Strategic Education, Inc.

     28,266       4,491,467  
   

 

 

  
      9,377,543  
Diversified Telecommunication Services — 1.0%  

Bandwidth, Inc., Class A(a)

     7,217       462,249  

Cogent Communications Holdings, Inc.

     68,691       4,520,555  

IDT Corp., Class B(a)

     16,274       117,336  

Ooma, Inc.(a)

     82,386       1,089,967  

Vonage Holdings Corp.(a)

     74,013       548,436  
   

 

 

  
          6,738,543  
Electric Utilities — 0.1%            

IDACORP, Inc.

     9,338       997,298  
   

 

 

  
Electrical Equipment — 0.9%            

Atkore International Group, Inc.(a)

     77,321       3,128,408  

Generac Holdings, Inc.(a)

     26,833       2,699,131  

Sunrun, Inc.(a)

     26,495       365,896  
   

 

 

  
      6,193,435  
Electronic Equipment, Instruments & Components — 1.6%  

ePlus, Inc.(a)

     16,853       1,420,539  

Fabrinet(a)

     2,226       144,334  

Insight Enterprises, Inc.(a)

     6,262       440,156  

OSI Systems, Inc.(a)(b)

     56,073       5,648,794  

PC Connection, Inc.

     53,227       2,643,253  

ScanSource, Inc.(a)

     25,266       933,579  
   

 

 

  
      11,230,655  
Energy Equipment & Services — 0.0%            

Aspen Aerogels, Inc.(a)

     30       233  

Forum Energy Technologies, Inc.(a)

     87,556       147,094  
   

 

 

  
      147,327  
Entertainment — 0.1%            

Glu Mobile, Inc.(a)

     87,399       528,764  
   

 

 

  
Equity Real Estate Investment Trusts (REITs) — 5.3%  

City Office REIT, Inc.

     43,042       581,928  

DiamondRock Hospitality Co.

     39,843       441,460  

EastGroup Properties, Inc.

     54,230       7,194,694  

First Industrial Realty Trust, Inc.

     6,089       252,754  

Four Corners Property Trust, Inc.

     80,229       2,261,656  

Hersha Hospitality Trust

     74,568       1,084,964  

National Storage Affiliates Trust

     72,232       2,428,440  

NexPoint Residential Trust, Inc.

     109,319       4,919,355  

Plymouth Industrial REIT, Inc.

     14,590       268,310  

QTS Realty Trust, Inc., Class A

     129,876       7,048,371  

RLJ Lodging Trust

     87,867       1,557,003  

Ryman Hospitality Properties, Inc.

     86,781       7,520,441  

STAG Industrial, Inc.

     7,331       231,440  
   

 

 

  
      35,790,816  
Food & Staples Retailing — 0.7%            

Performance Food Group Co.(a)

     95,784       4,930,960  
   

 

 

  
Food Products — 2.4%            

Calavo Growers, Inc.

     44,315       4,014,496  

Freshpet, Inc.(a)

     77,637       4,587,570  

J&J Snack Foods Corp.

     29,770       5,485,718  

John B. Sanfilippo & Son, Inc.

     22,144       2,021,304  

Lancaster Colony Corp.

     1,559       249,596  

Simply Good Foods Co.(a)

     6,080       173,523  
   

 

 

  
      16,532,207  
Gas Utilities — 0.2%            

New Jersey Resources Corp.

     8,751       390,032  

Southwest Gas Holdings, Inc.

     8,599       653,266  
   

 

 

  
      1,043,298  
 

 

 

2

Schedule of Investments  (unaudited) (continued)

December 31, 2019

  

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Equipment & Supplies — 5.1%            

Accuray, Inc.(a)

     173,434     $ 489,084  

AtriCure, Inc.(a)(b)

     65,849       2,140,751  

Axogen, Inc.(a)(b)

     22,214       397,408  

Cardiovascular Systems, Inc.(a)

     14,301       694,886  

GenMark Diagnostics, Inc.(a)

     94,457       454,338  

Globus Medical, Inc., Class A(a)

     78,509       4,622,610  

Inogen, Inc.(a)

     43,886       2,998,730  

Integer Holdings Corp.(a)

     24,506       1,971,018  

iRadimed Corp.(a)

     10,456       244,461  

iRhythm Technologies, Inc.(a)

     40,225       2,738,920  

LivaNova PLC(a)

     15,369       1,159,284  

Merit Medical Systems, Inc.(a)

     36,640       1,143,901  

Neogen Corp.(a)

     24,052       1,569,634  

Nevro Corp.(a)

     13,938       1,638,273  

Novocure Ltd.(a)

     63,703       5,368,252  

Penumbra, Inc.(a)

     4,482       736,258  

RTI Surgical Holdings, Inc.(a)

     256,049       701,574  

SeaSpine Holdings Corp.(a)

     31,971       383,972  

Shockwave Medical, Inc.(a)

     3,362       147,659  

SI-BONE, Inc.(a)

     47,780       1,027,270  

Silk Road Medical, Inc.(a)(b)

     24,537       990,804  

SmileDirectClub, Inc.(a)(b)

     75,214       657,370  

Tactile Systems Technology, Inc.(a)

     11,742       792,702  

Tandem Diabetes Care, Inc.(a)

     29,429       1,754,263  

TransMedics Group, Inc.(a)

     8,799       167,269  
   

 

 

  
        34,990,691  
Health Care Providers & Services — 4.4%            

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

     119,155       7,424,548  

CorVel Corp.(a)(b)

     8,007       699,492  

Ensign Group, Inc.

     16,520       749,512  

HealthEquity, Inc.(a)

     96,057       7,114,942  

Joint Corp.(a)

     16,901       272,782  

LHC Group, Inc.(a)(b)

     23,246       3,202,369  

Patterson Cos., Inc.

     192,934       3,951,288  

Pennant Group, Inc.(a)(b)

     10,141       335,363  

PetIQ, Inc.(a)

     16,067       402,478  

Select Medical Holdings Corp.(a)

     64,103       1,496,164  

Tenet Healthcare Corp.(a)

     12,504       475,527  

U.S. Physical Therapy, Inc.

     33,132       3,788,644  
   

 

 

  
      29,913,109  
Health Care Technology — 2.8%            

Allscripts Healthcare Solutions, Inc.(a)

     58,718       576,317  

Castlight Health, Inc., Class B(a)

     212,342       282,415  

Evolent Health, Inc., Class A(a)(b)

     71,446       646,586  

Inovalon Holdings, Inc., Class A(a)(b)

     116,638       2,195,127  

Inspire Medical Systems, Inc.(a)

     24,564       1,822,894  

NextGen Healthcare, Inc.(a)

     24,940       400,786  

Omnicell, Inc.(a)

     74,798       6,112,493  

Phreesia, Inc.(a)

     94,431       2,515,642  

Tabula Rasa HealthCare, Inc.(a)(b)

     10,905       530,855  

Teladoc Health, Inc.(a)(b)

     40,913       3,425,236  

Vocera Communications, Inc.(a)(b)

     36,261       752,778  
   

 

 

  
      19,261,129  
Hotels, Restaurants & Leisure — 4.2%            

BJ’s Restaurants, Inc.

     58,181       2,208,551  

Boyd Gaming Corp.

     118,542       3,549,147  

Brinker International, Inc.

     49,301       2,070,642  

Cheesecake Factory, Inc.

     13,238       514,429  

Churchill Downs, Inc.

     28,585       3,921,862  

Dave & Buster’s Entertainment, Inc.

     3,375       135,574  

Denny’s Corp.(a)(b)

     68,782       1,367,386  

Eldorado Resorts, Inc.(a)

     1,208       72,045  

Everi Holdings, Inc.(a)

     50,234       674,643  

Ruth’s Hospitality Group, Inc.

     50,024       1,088,772  

Target Hospitality Corp.(a)(b)

     81,315       406,575  
Security   Shares     Value  
Hotels, Restaurants & Leisure (continued)            

Texas Roadhouse, Inc.

     178,861     $ 10,073,452  

Wingstop, Inc.(b)

     28,090       2,422,201  
   

 

 

  
      28,505,279  
Household Durables — 1.8%            

Century Communities, Inc.(a)

     2,973       81,312  

Helen of Troy Ltd.(a)

     13,851       2,490,271  

iRobot Corp.(a)(b)

     22,636       1,146,061  

KB Home

     2,299       78,787  

LGI Homes, Inc.(a)

     18,976       1,340,654  

MDC Holdings, Inc.

     89,373       3,410,474  

Sonos, Inc.(a)

     34,437       537,906  

TopBuild Corp.(a)

     27,715       2,856,862  
   

 

 

  
        11,942,327  
Independent Power and Renewable Electricity Producers — 0.1%  

TerraForm Power, Inc., Class A

     21,058       324,083  
   

 

 

  
Insurance — 0.3%            

eHealth, Inc.(a)

     696       66,872  

Kinsale Capital Group, Inc.(b)

     11,804       1,199,995  

National General Holdings Corp.

     4,630       102,323  

RLI Corp.

     3,289       296,076  

Trupanion, Inc.(a)

     8,981       336,428  

Universal Insurance Holdings, Inc.

     6,680       186,973  
   

 

 

  
      2,188,667  
Interactive Media & Services — 1.3%            

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

     12,513       188,070  

Cargurus, Inc.(a)(b)

     104,560       3,678,421  

EverQuote, Inc., Class A(a)

     22,864       785,378  

QuinStreet, Inc.(a)

     44,294       678,141  

TrueCar, Inc.(a)

     149,862       711,845  

Yelp, Inc.(a)

     82,017       2,856,652  
   

 

 

  
      8,898,507  
Internet & Direct Marketing Retail — 0.3%            

1-800-Flowers.com, Inc., Class A(a)(b)

     87,429       1,267,721  

Stitch Fix, Inc., Class A(a)(b)

     24,900       638,934  
   

 

 

  
      1,906,655  
IT Services — 2.5%            

CSG Systems International, Inc.

     116,943       6,055,309  

Hackett Group, Inc.

     88,004       1,420,385  

I3 Verticals, Inc., Class A(a)(b)

     5,893       166,477  

International Money Express, Inc.(a)(b)

     86,718       1,044,085  

ManTech International Corp., Class A

     38,166       3,048,700  

MAXIMUS, Inc.

     32,540       2,420,651  

Perficient, Inc.(a)

     24,672       1,136,639  

Repay Holdings Corp.(a)(b)

     33,380       489,017  

Verra Mobility Corp.(a)(b)

     56,022       783,748  

Virtusa Corp.(a)(b)

     13,327       604,113  
   

 

 

  
      17,169,124  
Leisure Products — 0.3%            

Malibu Boats, Inc., Class A(a)

     53,954       2,209,416  
   

 

 

  
Life Sciences Tools & Services — 1.4%            

10X Genomics, Inc., Class A(a)(b)

     9,455       720,944  

Adaptive Biotechnologies Corp.(a)(b)

     6,180       184,906  

Codexis, Inc.(a)

     10,513       168,103  

Medpace Holdings, Inc.(a)

     25,791       2,167,991  

NanoString Technologies, Inc.(a)(b)

     37,554       1,044,752  

NeoGenomics, Inc.(a)(b)

     58,434       1,709,195  

Pacific Biosciences of California, Inc.(a)

     23,477       120,672  

Personalis, Inc.(a)

     30,787       335,578  

Repligen Corp.(a)

     26,347       2,437,098  
 

 

 

3

Schedule of Investments  (unaudited) (continued)

December 31, 2019

  

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Life Sciences Tools & Services (continued)            

Syneos Health, Inc.(a)

     14,665     $ 872,201  
   

 

 

  
      9,761,440  
Machinery — 4.1%            

Albany International Corp., Class A

     29,879       2,268,414  

Blue Bird Corp.(a)

     66,606       1,526,610  

Douglas Dynamics, Inc.

     5,403       297,165  

ESCO Technologies, Inc.

     74,809       6,919,833  

Evoqua Water Technologies Corp.(a)

     159,648       3,025,330  

Federal Signal Corp.

     62,317       2,009,723  

Harsco Corp.(a)

     30,218       695,316  

Hillenbrand, Inc.

     60,595       2,018,419  

John Bean Technologies Corp.

     21,206       2,389,068  

Meritor, Inc.(a)

     34,422       901,512  

Miller Industries, Inc.

     6,108       226,790  

Navistar International Corp.(a)

     16,770       485,324  

RBC Bearings, Inc.(a)

     5,498       870,553  

SPX Corp.(a)

     9,405       478,526  

Wabash National Corp.

     15,302       224,786  

Watts Water Technologies, Inc., Class A

     13,660       1,362,722  

Woodward, Inc.

     17,450       2,066,778  
   

 

 

  
        27,766,869  
Media — 0.3%            

Cardlytics, Inc.(a)

     10,854       682,282  

Entravision Communications Corp., Class A

     102,192       267,743  

iHeartMedia, Inc., Class A(a)(b)

     9,943       168,037  

MSG Networks, Inc., Class A(a)

     23,581       410,309  

TechTarget, Inc.(a)

     9,164       239,180  

Tremor International Ltd.(a)

     2,418       5,125  
   

 

 

  
      1,772,676  
Metals & Mining — 0.5%            

Materion Corp.

     46,129       2,742,369  

Novagold Resources, Inc.(a)

     15,225       136,416  

Ryerson Holding Corp.(a)

     37,411       442,572  
   

 

 

  
      3,321,357  
Oil, Gas & Consumable Fuels — 0.2%            

Brigham Minerals, Inc., Class A

     6,708       143,820  

Evolution Petroleum Corp.

     196,661       1,075,736  

Matador Resources Co.(a)(b)

     14,014       251,832  

Montage Resources Corp.(a)

     1       8  
   

 

 

  
      1,471,396  
Paper & Forest Products — 0.5%            

Boise Cascade Co.

     87,652       3,201,928  
   

 

 

  
Personal Products — 0.1%            

elf Beauty, Inc.(a)

     10,479       169,026  

USANA Health Sciences, Inc.(a)

     9,717       763,270  
   

 

 

  
      932,296  
Pharmaceuticals — 3.6%            

Amneal Pharmaceuticals, Inc.(a)(b)

     164,099       790,957  

Amphastar Pharmaceuticals, Inc.(a)(b)

     82,854       1,598,254  

Arvinas, Inc.(a)

     15,950       655,386  

Axsome Therapeutics, Inc.(a)

     9,664       998,871  

BioDelivery Sciences International, Inc.(a)(b)

     107,008       676,291  

Cara Therapeutics, Inc.(a)(b)

     29,430       474,117  

Corcept Therapeutics, Inc.(a)(b)

     145,060       1,755,226  

Dermira, Inc.(a)

     27,871       422,524  

Endo International PLC(a)

     61,241       287,220  

Horizon Therapeutics PLC(a)

     40,305       1,459,041  

Innoviva, Inc.(a)

     61,504       870,897  

Intersect ENT, Inc.(a)

     65,253       1,624,800  

Intra-Cellular Therapies, Inc.(a)(b)

     25,479       874,184  

NGM Biopharmaceuticals, Inc.(a)

     45,120       834,269  

Omeros Corp.(a)

     57,096       804,483  

Pacira BioSciences, Inc.(a)

     58,087       2,631,341  

Phibro Animal Health Corp., Class A

     29,520       732,982  

Prestige Consumer Healthcare, Inc.(a)

     35,593       1,441,517  
Security   Shares     Value  
Pharmaceuticals (continued)            

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

     10,401     $ 2,126,276  

Supernus Pharmaceuticals, Inc.(a)

     76,598       1,816,905  

TherapeuticsMD, Inc.(a)

     79,493       192,373  

Theravance Biopharma, Inc.(a)

     36,437       943,354  

Tricida, Inc.(a)(b)

     15,270       576,290  
   

 

 

  
      24,587,558  
Professional Services — 2.8%            

ASGN, Inc.(a)

     57,346       4,069,846  

CRA International, Inc.

     11,888       647,539  

Exponent, Inc.

     4,970       342,980  

Forrester Research, Inc.

     22,736       948,091  

Insperity, Inc.

     79,039       6,800,516  

Kforce, Inc.

     87,837       3,487,129  

TriNet Group, Inc.(a)(b)

     49,199       2,785,155  
   

 

 

  
        19,081,256  
Real Estate Management & Development — 0.2%  

RE/MAX Holdings, Inc., Class A

     8,238       317,081  

RMR Group, Inc., Class A

     28,088       1,281,936  
   

 

 

  
      1,599,017  
Road & Rail — 0.3%            

Covenant Transportation Group, Inc., Class A(a)

     2,823       36,487  

Marten Transport Ltd.

     4,494       96,576  

Saia, Inc.(a)

     5,955       554,530  

Universal Logistics Holdings, Inc.

     70,063       1,328,394  
   

 

 

  
      2,015,987  
Semiconductors & Semiconductor Equipment — 3.6%  

Advanced Energy Industries, Inc.(a)

     23,675       1,685,660  

Ambarella, Inc.(a)

     86,399       5,232,323  

Amkor Technology, Inc.(a)(b)

     192,022       2,496,286  

Brooks Automation, Inc.

     24,929       1,046,021  

Cabot Microelectronics Corp.

     5,413       781,204  

Cirrus Logic, Inc.(a)(b)

     74,588       6,146,797  

FormFactor, Inc.(a)

     31,234       811,147  

Inphi Corp.(a)

     27,584       2,041,768  

Power Integrations, Inc.

     25,482       2,520,425  

Silicon Laboratories, Inc.(a)

     18,108       2,100,166  
   

 

 

  
      24,861,797  
Software — 9.1%            

A10 Networks, Inc.(a)(b)

     136,607       938,490  

Alarm.com Holdings, Inc.(a)

     48,886       2,100,631  

Appian Corp.(a)

     6,040       230,788  

Avalara, Inc.(a)

     1,638       119,984  

Benefitfocus, Inc.(a)

     268,222       5,884,791  

Bill.Com Holdings, Inc.(a)

     3,697       140,671  

Blackline, Inc.(a)(b)

     19,840       1,022,950  

Bottomline Technologies DE, Inc.(a)

     101,308       5,430,109  

Box, Inc., Class A(a)(b)

     137,201       2,302,233  

ChannelAdvisor Corp.(a)

     7,520       67,981  

Cloudflare, Inc., Class A(a)(b)

     23,759       405,329  

CommVault Systems, Inc.(a)

     94,591       4,222,542  

Cornerstone OnDemand, Inc.(a)

     83,240       4,873,702  

Five9, Inc.(a)

     37,759       2,476,235  

j2 Global, Inc.

     14,052       1,316,813  

Model N, Inc.(a)

     51,701       1,813,154  

Paylocity Holding Corp.(a)

     51,575       6,231,292  

Progress Software Corp.

     38,699       1,607,943  

PROS Holdings, Inc.(a)

     21,879       1,310,990  

Q2 Holdings, Inc.(a)

     22,547       1,828,111  

Qualys, Inc.(a)

     2,404       200,421  

Rapid7, Inc.(a)(b)

     68,760       3,851,935  

Rimini Street, Inc.(a)

     21,335       82,780  

RingCentral, Inc., Class A(a)

     24,685       4,163,619  

SailPoint Technologies Holding, Inc.(a)

     12,792       301,891  

SPS Commerce, Inc.(a)

     91,822       5,088,775  

SVMK, Inc.(a)

     77,932       1,392,645  

Upland Software, Inc.(a)

     17,624       629,353  
 

 

 

4

Schedule of Investments  (unaudited) (continued)

December 31, 2019

  

BlackRock Advantage Small Cap Growth Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Software (continued)            

Yext, Inc.(a)(b)

     129,577     $ 1,868,500  

Zix Corp.(a)

     36,070       244,555  

Zuora, Inc., Class A(a)

     14,330       205,349  
   

 

 

  
      62,354,562  
Specialty Retail — 1.7%            

Aaron’s, Inc.(b)

     17,176       980,921  

America’s Car-Mart, Inc.(a)

     6,181       677,808  

Asbury Automotive Group, Inc.(a)

     58,544       6,544,634  

Children’s Place, Inc.

     8,528       533,171  

Haverty Furniture Cos., Inc.

     12       242  

Lithia Motors, Inc., Class A(b)

     12,112       1,780,464  

National Vision Holdings, Inc.(a)

     9,751       316,225  

Sleep Number Corp.(a)

     5,390       265,404  

Sonic Automotive, Inc., Class A

     21,043       652,333  

Zumiez, Inc.(a)

     1,945       67,180  
   

 

 

  
        11,818,382  
Textiles, Apparel & Luxury Goods — 1.8%            

Crocs, Inc.(a)

     83,225       3,486,295  

Oxford Industries, Inc.

     54,411       4,103,678  

Steven Madden Ltd.

     84,720       3,643,807  

Wolverine World Wide, Inc.

     29,725       1,002,922  
   

 

 

  
      12,236,702  
Thrifts & Mortgage Finance — 0.8%            

Essent Group Ltd.

     69,588       3,617,880  

Federal Agricultural Mortgage Corp., Class C

     12,349       1,031,142  

NMI Holdings, Inc., Class A(a)

     5,903       195,862  

Radian Group, Inc.

     5,868       147,639  

Riverview Bancorp, Inc.

     32,170       264,116  
   

 

 

  
      5,256,639  
Tobacco — 0.3%            

Vector Group Ltd.

     137,666       1,843,348  
   

 

 

  
Trading Companies & Distributors — 2.0%            

Applied Industrial Technologies, Inc.

     62,565       4,172,460  

BMC Stock Holdings, Inc.(a)

     69,229       1,986,180  

Foundation Building Materials, Inc.(a)

     59,370       1,148,810  

GMS, Inc.(a)

     26,701       723,063  

H&E Equipment Services, Inc.

     66,531       2,224,131  

Herc Holdings, Inc.(a)

     25,390       1,242,587  

Lawson Products, Inc.(a)

     2,777       144,682  

SiteOne Landscape Supply, Inc.(a)

     19,300       1,749,545  
   

 

 

  
      13,391,458  
Water Utilities — 0.2%            

American States Water Co.

     13,666       1,184,022  
   

 

 

  
Security   Shares     Value  
Wireless Telecommunication Services — 0.1%  

Boingo Wireless, Inc.(a)

     56,232     $ 615,740  

Gogo, Inc.(a)(b)

     55,404       354,586  
   

 

 

  
      970,326  
   

 

 

  

Total Common Stocks — 98.6%
(Cost: $566,554,059)

       672,634,537  
   

 

 

  

Preferred Stocks — 0.6%

    
Household Durables — 0.0%            

AliphCom:

    

Series 6 (Acquired 06/03/14,
cost $ 0)(a)(c)(d)(e)

     8,264       —  

Series 8 (Acquired 08/31/15,
cost $ 1,174,984)(a)(c)(d)(e)

     192,156       2  
   

 

 

  
      2  
Software — 0.6%            

Illumio, Inc., Series C (Acquired 03/10/15, cost $ 1,000,317)(a)(d)(e)

     311,155       1,406,421  

Palantir Technologies, Inc., Series I (Acquired 02/06/14, cost $2,499,998)(a)(d)(e)

     407,830       2,414,354  
   

 

 

  
      3,820,775  
   

 

 

  

Total Preferred Stocks — 0.6%
(Cost: $4,675,299)

       3,820,777  
   

 

 

  

Rights — 0.0%

    
Metals & Mining — 0.0%            

Pan American Silver Corp. — CVR(a)(d)

     57,348       12,043  
   

 

 

  
Pharmaceuticals — 0.0%            

H. Lundbeck A/S — CVR(a)(d)

     46,530       40,946  
   

 

 

  

Total Rights — 0.0%
(Cost: $—)

       52,989  
   

 

 

  

Total Long-Term Investments — 99.2%
(Cost: $571,229,358)

       676,508,303  
   

 

 

  

Short-Term Securities — 6.6%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.51%(f)(h)

     5,891,613       5,891,613  

SL Liquidity Series, LLC, Money Market Series, 1.80%(f)(g)(h)

     39,130,524       39,138,350  
   

 

 

  

Total Short-Term Securities — 6.6%
(Cost: $45,022,518)

       45,029,963  
   

 

 

  

Total Investments — 105.8%
(Cost: $616,251,876)

       721,538,266  

Liabilities in Excess of Other Assets — (5.8)%

 

     (39,526,087 ) 
   

 

 

  

Net Assets — 100.0%

     $  682,012,179  
   

 

 

  
 

 

 

5

Schedule of Investments  (unaudited) (continued)

December 31, 2019

  

BlackRock Advantage Small Cap Growth Fund

    

 

(a) 

Non-income producing security.

(b) 

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

(c) 

Issuer filed for bankruptcy and/or is in default.

(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 $3,820,777, representing 0.6% of its net assets as of period end, and an original cost of $4,675,299.

(f) 

Annualized 7-day yield as of period end.

(g) 

Security was purchased with the cash collateral from loaned securities.

(h) 

During the period ended December 31, 2019, investments in issuers considered to be an affiliate/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

09/30/19

     

Net

Activity

     

Shares

Held at

12/31/19

     

Value at

12/31/19

      Income     

Net

Realized

Gain (Loss)(a)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      5,370,690        520,923        5,891,613      $ 5,891,613      $ 23,841      $ 13      $ —  

SL Liquidity Series, LLC, Money Market Series

      42,970,281        (3,839,757 )       39,130,524        39,138,350        80,749 (b)       —        68  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 45,029,963      $ 104,590      $ 13      $ 68  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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 rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

Portfolio Abbreviation
CVR    Contingent Value Rights

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

      77          03/20/20        $ 6,432                    $ 33,056  
                

 

 

  

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

 

 

6

Schedule of Investments  (unaudited) (continued)

December 31, 2019

  

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(a)

    $ 672,634,537        $ —        $ —        $ 672,634,537  

Preferred Stocks(a)

      —          —          3,820,777          3,820,777  

Rights(a)

      —          —          52,989          52,989  

Short-Term Securities

      5,891,613          —          —          5,891,613  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $     678,526,150        $ —        $ 3,873,766        $ 682,399,916  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at Net Asset Value (“NAV”)(b)

                     39,138,350  
                 

 

 

  

Total Investments

                   $ 721,538,266  
                 

 

 

  

 

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

(b) 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.

 

  

  

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(a)

                  

Assets:

                  

Equity contracts

    $ 33,056        $ —        $ —        $ 33,056  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

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

 

 

 

7