Schedule of Investments (unaudited)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net
Assets)
1
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net
Assets)
2
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net
Assets)
3
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net
Assets)
4
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net
Assets)
5
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net
Assets)
6
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net
Assets)
Security | Shares | Value | |
Short-Term Securities | |||
Money Market Funds — 6.0% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(e)(f) | 6,128,567 | $ 6,128,567 | |
SL Liquidity Series, LLC, Money Market Series, 5.58%(e)(f)(g) | 27,415,431 | 27,423,656 | |
Total Short-Term Securities — 6.0% (Cost: $33,542,200) | 33,552,223 | ||
Total Investments — 106.2% (Cost: $499,146,116) | 591,306,773 | ||
Liabilities in Excess of Other Assets — (6.2)% | (34,590,289) | ||
Net Assets — 100.0% | $ 556,716,484 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,319,279, representing 0.6% of its net assets as of period end, and an original cost of $1,349,355. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers
considered to be affiliate(s) of the Fund during the period ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 09/30/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/23 | Shares Held at 12/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 4,598,231 | $ 1,530,336(a) | $ — | $ — | $ — | $ 6,128,567 | 6,128,567 | $ 63,231 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 19,015,072 | 8,409,692(a) | — | 5,193 | (6,301) | 27,423,656 | 27,415,431 | 20,151(b) | — | |||
$ 5,193 | $ (6,301) | $ 33,552,223 | $ 83,382 | $ — |
(a) | Represents net amount purchased (sold). |
(b) | All or a portion 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.
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 | 62 | 03/15/24 | $ 6,348 | $ 255,507 |
7
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
Fair Value Hierarchy as of
Period End
Various inputs are used in
determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — Unadjusted price
quotations in active markets/exchanges for identical assets or liabilities that 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); and
• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation
Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the
highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for
disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have
significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by 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 financial instruments is based on the pricing transparency of the financial instruments and is
not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial
statements.
Certain investments of the
Fund were fair valued using net asset value (“NAV”) as a practical expedient or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following table
summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments
above.
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Common Stocks | ||||
Aerospace & Defense | $ 1,514,964 | $ — | $ — | $ 1,514,964 |
Air Freight & Logistics | 838,861 | — | — | 838,861 |
Automobile Components | 12,095,401 | — | — | 12,095,401 |
Banks | 2,856,056 | — | — | 2,856,056 |
Beverages | 5,416,412 | — | — | 5,416,412 |
Biotechnology | 61,124,799 | — | 3,217 | 61,128,016 |
Broadline Retail | 1,344,558 | — | — | 1,344,558 |
Building Products | 13,952,522 | — | — | 13,952,522 |
Capital Markets | 7,733,009 | — | — | 7,733,009 |
Chemicals | 6,848,823 | — | — | 6,848,823 |
Commercial Services & Supplies | 1,803,998 | — | — | 1,803,998 |
Communications Equipment | 4,552,201 | — | — | 4,552,201 |
Construction & Engineering | 20,502,324 | — | — | 20,502,324 |
Construction Materials | 1,105,340 | — | — | 1,105,340 |
Consumer Finance | 7,390,137 | — | — | 7,390,137 |
Consumer Staples Distribution & Retail | 2,471,661 | — | — | 2,471,661 |
Diversified Consumer Services | 14,025,051 | — | — | 14,025,051 |
Diversified REITs | 953,726 | — | — | 953,726 |
Diversified Telecommunication Services | 2,606,813 | — | — | 2,606,813 |
Electric Utilities | 674,679 | — | — | 674,679 |
Electrical Equipment | 14,814,476 | — | — | 14,814,476 |
Electronic Equipment, Instruments & Components | 24,138,622 | — | — | 24,138,622 |
Energy Equipment & Services | 5,724,670 | — | — | 5,724,670 |
Entertainment | 1,240,228 | — | — | 1,240,228 |
Financial Services | 7,616,963 | — | — | 7,616,963 |
Food Products | 5,800,296 | — | — | 5,800,296 |
Gas Utilities | 2,100,156 | — | — | 2,100,156 |
Health Care Equipment & Supplies | 21,479,638 | — | — | 21,479,638 |
Health Care Providers & Services | 24,272,730 | — | — | 24,272,730 |
Health Care Technology | 3,699,705 | — | — | 3,699,705 |
Hotel & Resort REITs | 2,019,573 | — | — | 2,019,573 |
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Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Advantage Small Cap Growth Fund
Fair Value Hierarchy as of
Period End (continued)
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks (continued) | |||||||
Hotels, Restaurants & Leisure | $ 9,362,047 | $ — | $ — | $ 9,362,047 | |||
Household Durables | 8,181,366 | — | — | 8,181,366 | |||
Household Products | 305,197 | — | — | 305,197 | |||
Independent Power and Renewable Electricity Producers | 549,893 | — | — | 549,893 | |||
Insurance | 7,293,604 | — | — | 7,293,604 | |||
Interactive Media & Services | 11,986,036 | — | — | 11,986,036 | |||
IT Services | 4,377,126 | — | — | 4,377,126 | |||
Leisure Products | 5,875 | — | — | 5,875 | |||
Life Sciences Tools & Services | 3,469,165 | — | — | 3,469,165 | |||
Machinery | 19,428,376 | — | — | 19,428,376 | |||
Marine Transportation | 519,942 | — | — | 519,942 | |||
Media | 2,107,235 | — | — | 2,107,235 | |||
Metals & Mining | 8,131,911 | — | — | 8,131,911 | |||
Mortgage Real Estate Investment Trusts (REITs) | 2,144 | — | — | 2,144 | |||
Office REITs | 778,341 | — | — | 778,341 | |||
Oil, Gas & Consumable Fuels | 16,161,130 | — | — | 16,161,130 | |||
Passenger Airlines | 1,794,062 | — | — | 1,794,062 | |||
Personal Care Products | 6,791,846 | — | — | 6,791,846 | |||
Pharmaceuticals | 17,583,327 | 58,375 | — | 17,641,702 | |||
Professional Services | 20,098,548 | — | — | 20,098,548 | |||
Real Estate Management & Development | 3,098,678 | — | — | 3,098,678 | |||
Residential REITs | 451,549 | — | — | 451,549 | |||
Semiconductors & Semiconductor Equipment | 21,123,190 | — | — | 21,123,190 | |||
Software | 59,593,713 | — | — | 59,593,713 | |||
Specialty Retail | 19,779,391 | — | — | 19,779,391 | |||
Technology Hardware, Storage & Peripherals | 6,407,789 | — | — | 6,407,789 | |||
Textiles, Apparel & Luxury Goods | 3,832,281 | — | — | 3,832,281 | |||
Trading Companies & Distributors | 18,198,904 | — | — | 18,198,904 | |||
Water Utilities | 6,112 | — | — | 6,112 | |||
Wireless Telecommunication Services | 179,977 | — | — | 179,977 | |||
Preferred Securities | — | — | 3,260,906 | 3,260,906 | |||
Rights | 18,727 | — | 96,178 | 114,905 | |||
Short-Term Securities | |||||||
Money Market Funds | 6,128,567 | — | — | 6,128,567 | |||
$ 560,464,441 | $ 58,375 | $ 3,360,301 | 563,883,117 | ||||
Investments valued at NAV(a) | 27,423,656 | ||||||
$ 591,306,773 | |||||||
Derivative Financial Instruments(b) | |||||||
Assets | |||||||
Equity Contracts | $ 255,507 | $ — | $ — | $ 255,507 |
(a) | Certain investments of the Fund were fair valued using NAV as a practical expedient 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. |
Portfolio Abbreviation | |
CVR | Contingent Value Rights |
NVS | Non-Voting Shares |
9