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AUGUST 31, 2026
2026 Quarterly Report
(Unaudited)
BlackRock Funds SM
• BlackRock Advantage Small Cap Core Fund
Not FDIC Insured • May Lose Value • No Bank Guarantee
BNM1026U-6041638-19232804
Page 2
Security Shares Value Common Stocks
Aerospace & Defense — 2.0% AAR Corp. (a) ........................................ 16,365 $ 2,115,831 AeroVironment, Inc. (a) ............................... 473 70,169 AIRO Group Holdings, Inc. (a) ......................... 2,382 18,151 Applied Aerospace & Defense, Inc. (a) ................. 10,253 135,340 Archer Aviation, Inc., Class A (a)(b) .................... 541,529 3,130,038 Astronics Corp. (a) .................................... 73,928 5,446,276 Carpenter Technology Corp. ......................... 12,630 6,017,185 Ducommun, Inc. (a) ................................... 176,013 30,172,148 Firefly Aerospace, Inc. (a) ............................. 62,616 1,322,450 Huntington Ingalls Industries, Inc. .................... 13,208 3,846,170 Intuitive Machines, Inc., Class A (a) .................... 253,499 3,893,745 Kratos Defense & Security Solutions, Inc. (a) ........... 173,483 8,844,163 Leonardo DRS, Inc. ................................. 71,838 2,729,844 Mercury Systems, Inc. (a) ............................. 151,306 13,213,553 Moog, Inc., Class A .................................. 47,193 17,532,199 Park Aerospace Corp. ............................... 1,891 61,533 Redwire Corp. (a) ..................................... 260,234 2,784,504 Sidus Space, Inc., Class A (a)(b) ....................... 683,049 1,482,216 Voyager Technologies, Inc., Class A (a) ................ 64,667 2,174,751 VSE Corp. .......................................... 32,425 6,766,449 111,756,715 Air Freight & Logistics — 0.2% Forward Air Corp. (a) ................................. 375,943 6,391,031 GXO Logistics, Inc. (a)(b) .............................. 109,654 5,233,785 11,624,816 Automobile Components — 1.3% Adient PLC (a) ....................................... 318,175 6,035,780 BorgWarner, Inc. .................................... 209,327 13,430,420 Cooper-Standard Holdings, Inc. (a) .................... 71,938 1,926,500 Dana, Inc. ........................................... 662,145 19,851,107 Dauch Corp. (a) ...................................... 750,222 4,696,390 Goodyear Tire & Rubber Co. (The) (a) ................. 44,732 280,470 LCI Industries ....................................... 24,201 2,435,347 Lear Corp. .......................................... 66,172 8,270,838 Patrick Industries, Inc. ............................... 41,654 3,403,965 QuantumScape Corp., Class A (a)(b) ................... 691,607 3,866,083 Standard Motor Products, Inc. ....................... 220,830 8,329,707 72,526,607 Automobiles — 0.0% Winnebago Industries, Inc. ........................... 28,646 861,958 Banks — 10.3% 1st Source Corp. .................................... 126,146 10,801,882 Amalgamated Financial Corp. ........................ 403,284 19,385,862 Ameris Bancorp ..................................... 127,039 10,703,036 Associated Banc-Corp. .............................. 626,668 19,182,307 Axos Financial, Inc. (a) ................................ 76,264 7,381,592 Banc of California, Inc. .............................. 397,341 7,398,489 Bank of Hawaii Corp. ................................ 57,229 4,345,398 Bank of Marin Bancorp .............................. 89,877 2,388,931 Bank7 Corp. ........................................ 29,892 1,535,253 BankUnited, Inc. .................................... 48,180 2,197,008 BOK Financial Corp. ................................. 36,214 4,928,001 Byline Bancorp, Inc. ................................. 256,167 9,713,853 Capital City Bank Group, Inc. ........................ 183,819 9,279,183 Carter Bankshares, Inc. .............................. 17,486 546,263 Chemung Financial Corp. ............................ 61,928 5,020,503 Coastal Financial Corp. (a) ............................ 8,535 402,084 Colony Bankcorp, Inc. ............................... 289,590 6,124,828 Community Trust Bancorp, Inc. ...................... 86,590 6,592,097
Security Shares Value
Banks (continued) Community West Bancshares ........................ 189,517 $ 4,914,176 ConnectOne Bancorp, Inc. ........................... 189,211 5,948,794 Cullen/Frost Bankers, Inc. ........................... 39,138 6,296,130 Customers Bancorp, Inc. (a) .......................... 39,848 3,115,317 Enterprise Financial Services Corp. .................. 189,666 11,992,581 First Busey Corp. .................................... 264,826 7,971,263 First Business Financial Services, Inc. ................ 132,533 9,260,081 First Community Bankshares, Inc. .................... 58,898 2,855,964 First Financial Bankshares, Inc. ...................... 347,216 11,537,988 First Financial Corp. ................................. 140,163 10,971,960 First Hawaiian, Inc. .................................. 289,931 7,425,133 First Horizon Corp. .................................. 742,854 18,066,209 First Internet Bancorp ............................... 60,828 1,663,037 First Mid Bancshares, Inc. ........................... 84,805 4,219,897 First United Corp. ................................... 33,648 1,443,499 FNB Corp. .......................................... 755,333 13,769,721 Glacier Bancorp, Inc. ................................ 140,222 6,493,681 Hancock Whitney Corp. .............................. 51,291 3,820,667 HBT Financial, Inc. .................................. 174,726 6,199,278 Home BancShares, Inc. ............................. 219,906 6,478,431 HomeTrust Bancshares, Inc. ......................... 145,599 6,761,618 Hope Bancorp, Inc. .................................. 169,402 2,336,054 Horizon Bancorp, Inc. ............................... 735,286 14,279,254 Independent Bank Corp. ............................. 162,864 5,942,907 International Bancshares Corp. ...................... 17,766 1,246,463 Investar Holding Corp. ............................... 99,106 2,986,064 Kearny Financial Corp. .............................. 897,854 8,861,819 Lakeland Financial Corp. ............................ 15,090 891,668 Live Oak Bancshares, Inc. ........................... 277,201 10,918,947 Mercantile Bank Corp. ............................... 25,831 1,543,661 Metropolitan Bank Holding Corp. ..................... 31,472 2,857,028 Midland States Bancorp, Inc. ......................... 326,651 10,710,886 National Bank Holdings Corp., Class A ............... 52,603 2,171,978 Nicolet Bankshares, Inc. ............................. 58,535 9,912,317 Northrim BanCorp, Inc. .............................. 404,823 10,351,324 OceanFirst Financial Corp. .......................... 806,229 15,189,354 Old National Bancorp ................................ 1,403,342 35,897,488 Orange County Bancorp, Inc. ........................ 258,259 9,800,929 Origin Bancorp, Inc. ................................. 32,470 1,725,131 Park National Corp. ................................. 53,716 10,490,198 Peapack-Gladstone Financial Corp. .................. 110,084 4,914,150 Peoples Bancorp, Inc. ............................... 168,057 6,616,404 Primis Financial Corp. ............................... 160,469 2,551,457 Prosperity Bancshares, Inc. .......................... 25,753 1,842,885 Provident Financial Services, Inc. .................... 238,876 5,589,698 Republic Bancorp, Inc., Class A ...................... 21,294 1,991,202 Seacoast Banking Corp. of Florida ................... 10,045 341,078 Shore Bancshares, Inc. .............................. 214,187 4,917,733 Sierra Bancorp ...................................... 77,354 3,064,765 SmartFinancial, Inc. ................................. 52,944 2,676,319 South Plains Financial, Inc. .......................... 88,683 3,866,579 Southern First Bancshares, Inc. (a)(b) .................. 55,982 3,434,496 Southern Missouri Bancorp, Inc. ..................... 117,769 8,666,621 SouthState Bank Corp. .............................. 122,618 12,861,402 Tompkins Financial Corp. ............................ 34,997 3,398,909 Trustmark Corp. ..................................... 80,757 3,708,361 UMB Financial Corp. ................................ 225,125 31,884,454 United Community Banks, Inc. ....................... 160,966 5,608,055 Univest Financial Corp. .............................. 194,172 8,062,021 Washington Trust Bancorp, Inc. ...................... 234,515 9,176,572
Schedule of Investments (unaudited) August 31, 2026
BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets)
2 BNM1026U-6041638-19232804
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Security Shares Value
Banks (continued) Western Alliance Bancorp ........................... 61,094 $ 4,773,274 Wintrust Financial Corp. ............................. 15,259 2,294,343 569,486,243 Biotechnology — 9.9% 4D Molecular Therapeutics, Inc. (a) .................... 195,102 2,752,889 Absci Corp. (a) ....................................... 185,444 1,676,414 ACADIA Pharmaceuticals, Inc. (a) ..................... 396,620 11,466,284 ADMA Biologics, Inc. (a) .............................. 329,079 3,090,052 Agios Pharmaceuticals, Inc. (a) ........................ 248,479 8,368,773 Alkermes PLC (a) ..................................... 316,912 14,891,695 Allogene Therapeutics, Inc. (a) ........................ 1,764,468 3,528,936 Altimmune, Inc. (a)(b) ................................. 1,361,804 4,235,210 ALX Oncology Holdings, Inc. (a) ....................... 3,057 5,900 AnaptysBio, Inc. (a) ................................... 932 53,152 Apogee Therapeutics, Inc. (a) ......................... 48,014 6,485,731 Arcturus Therapeutics Holdings, Inc. (a) ............... 9,524 140,574 Arcus Biosciences, Inc. (a) ............................ 130,753 3,828,448 Arcutis Biotherapeutics, Inc. (a) ....................... 360,909 8,650,989 Ardelyx, Inc. (a)(b) .................................... 1,719,454 6,499,536 Arrowhead Pharmaceuticals, Inc. (a) .................. 12,491 1,029,133 ARS Pharmaceuticals, Inc. (a) ........................ 65 390 Assembly Biosciences, Inc. (a) ........................ 18,898 635,540 Atrium Therapeutics, Inc. (a) .......................... 25,051 333,679 Aurinia Pharmaceuticals, Inc. (a) ...................... 1,657 26,694 Beam Therapeutics, Inc. (a) ........................... 117,674 3,463,146 BioCryst Pharmaceuticals, Inc. (a) ..................... 858,801 8,330,370 Biohaven Ltd. (a) ..................................... 444,282 6,784,186 Black Diamond Therapeutics, Inc. (a) .................. 9,802 20,584 Cabaletta Bio, Inc. (a) ................................. 3,114 9,684 CareDx, Inc. (a) ...................................... 1,983 99,368 Caribou Biosciences, Inc. (a) .......................... 14,568 22,435 Caris Life Sciences, Inc. (a) ........................... 123,435 3,146,358 Celcuity, Inc. (a) ...................................... 61,432 5,471,134 Celldex Therapeutics, Inc. (a) ......................... 256,436 10,162,559 CG oncology, Inc. (a) ................................. 64,476 4,846,016 Cogent Biosciences, Inc. (a) .......................... 151,306 5,295,710 Coherus Oncology, Inc. (a)(b) .......................... 927,830 1,252,570 Corbus Pharmaceuticals Holdings, Inc. (a) ............. 3,610 39,385 Corvus Pharmaceuticals, Inc. (a) ...................... 134,577 1,889,461 Crescent Biopharma, Inc. (a) .......................... 1,540 25,564 CRISPR Therapeutics AG (a)(b) ....................... 107,271 6,112,302 Cytokinetics, Inc. (a) .................................. 218,842 15,518,086 Denali Therapeutics, Inc. (a) .......................... 295,473 7,020,438 Dianthus Therapeutics, Inc. (a)(b) ...................... 36,166 3,819,491 Dyne Therapeutics, Inc. (a) ........................... 151,407 3,850,280 Editas Medicine, Inc. (a) .............................. 21,903 67,023 Eledon Pharmaceuticals, Inc. (a) ...................... 48,612 144,864 Enanta Pharmaceuticals, Inc. (a) ...................... 125,341 1,670,795 Entrada Therapeutics, Inc. (a) ......................... 10,826 76,323 Erasca, Inc. (a)(b) ..................................... 193,587 3,461,336 Evommune, Inc. (a) ................................... 695 8,799 Exelixis, Inc. (a) ...................................... 55,849 3,051,589 Fate Therapeutics, Inc. (a)(b) .......................... 1,571,312 3,755,436 Fennec Pharmaceuticals, Inc. (a) ...................... 7,993 98,714 GRAIL, Inc. (a)(b) ..................................... 36,665 2,910,101 Ideaya Biosciences, Inc. (a) ........................... 253,491 10,164,989 ImmunityBio, Inc. (a) .................................. 235,064 1,868,759 Immunome, Inc. (a) ................................... 13,685 375,106 Immunovant, Inc. (a) .................................. 30,810 1,257,664 Intellia Therapeutics, Inc. (a) .......................... 611,105 7,779,367 Ionis Pharmaceuticals, Inc. (a) ........................ 82,431 4,975,535 Iovance Biotherapeutics, Inc. (a)(b) .................... 1,082,263 8,842,089
Security Shares Value
Biotechnology (continued) Ironwood Pharmaceuticals, Inc., Class A (a) ........... 1,076,693 $ 4,575,945 Janux Therapeutics, Inc. (a) ........................... 340,786 6,209,121 Keros Therapeutics, Inc. (a) ........................... 458,761 5,083,072 Kiniksa Pharmaceuticals International PLC (a) ......... 7,250 570,067 Kodiak Sciences, Inc. (a)(b) ............................ 110,301 4,119,742 Korro Bio, Inc. (a) ..................................... 665 8,306 Krystal Biotech, Inc., Class A3 (a) ..................... 31,048 11,157,409 Kura Oncology, Inc. (a) ............................... 526,564 6,661,035 Kymera Therapeutics, Inc. (a) ......................... 67,149 7,977,973 MacroGenics, Inc. (a) ................................. 19,126 76,313 Madrigal Pharmaceuticals, Inc. (a) ..................... 8,564 4,624,817 MannKind Corp. (a) ................................... 1,537,205 6,164,192 MeiraGTx Holdings PLC (a) ........................... 3,433 47,410 MiMedx Group, Inc. (a) ............................... 747,757 3,394,817 Mineralys Therapeutics, Inc. (a) ....................... 223,332 5,732,932 Mirum Pharmaceuticals, Inc. (a) ....................... 119,397 11,706,876 Monte Rosa Therapeutics, Inc. (a)(b) ................... 89,445 1,246,863 Myriad Genetics, Inc. (a) .............................. 1,789,172 5,761,134 Neurogene, Inc. (a) ................................... 1,042 37,762 Nkarta, Inc. (a) ....................................... 40,293 109,194 Novavax, Inc. (a) ..................................... 26,602 249,261 Nurix Therapeutics, Inc. (a) ........................... 102,121 2,632,679 Olema Pharmaceuticals, Inc. (a)(b) ..................... 191,805 2,000,526 Oruka Therapeutics, Inc. (a) ........................... 36,529 3,383,316 Perspective Therapeutics, Inc. (a)(b) ................... 593,132 1,874,297 Praxis Precision Medicines, Inc. (a) .................... 35,866 12,563,860 Precigen, Inc. (a) ..................................... 7,082 49,078 Prime Medicine, Inc. (a)(b) ............................. 715,981 2,570,372 Protagonist Therapeutics, Inc. (a) ..................... 73,209 10,816,630 Prothena Corp. PLC (a) ............................... 300,319 2,807,983 PTC Therapeutics, Inc. (a) ............................ 145,573 10,123,146 Puma Biotechnology, Inc. (a) .......................... 206,044 1,877,061 Recursion Pharmaceuticals, Inc., Class A (a)(b) ......... 1,943,790 6,608,886 REGENXBIO, Inc. (a) ................................. 539,584 5,126,048 Relay Therapeutics, Inc. (a) ........................... 40,298 740,677 Replimune Group, Inc. (a)(b) ........................... 468,142 7,162,573 Rezolute, Inc. (a)(b) ................................... 443,749 2,081,183 Rhythm Pharmaceuticals, Inc. (a) ..................... 62,930 6,678,761 Rigel Pharmaceuticals, Inc. (a) ........................ 111,610 5,154,150 Rocket Pharmaceuticals, Inc. (a) ...................... 983,045 3,656,927 Sarepta Therapeutics, Inc. (a) ......................... 412,043 8,665,264 Scholar Rock Holding Corp. (a) ........................ 110,396 6,270,493 Scribe Therapeutics, Inc. (a) .......................... 487 14,873 Shattuck Labs, Inc. (a) ................................ 1,179 8,265 Solid Biosciences, Inc. (a) ............................. 2,000 19,160 Spyre Therapeutics, Inc. (a)(b) ......................... 76,342 6,819,631 Stoke Therapeutics, Inc. (a) ........................... 2,576 80,371 Summit Therapeutics, Inc. (a) ......................... 31,402 427,695 Syndax Pharmaceuticals, Inc. (a) ...................... 363,567 7,013,207 Tango Therapeutics, Inc. (a) ........................... 241,638 5,519,012 TG Therapeutics, Inc. (a) .............................. 303,780 16,495,254 Tonix Pharmaceuticals Holding Corp. (a) ............... 8,355 117,805 Travere Therapeutics, Inc. (a) ......................... 152,921 10,135,604 Twist Bioscience Corp. (a) ............................ 148,145 20,592,155 Ultragenyx Pharmaceutical, Inc. (a) .................... 367,590 9,266,944 Upstream Bio, Inc. (a) ................................. 12,215 80,863 UroGen Pharma Ltd. (a) .............................. 34,445 1,484,235 Vanda Pharmaceuticals, Inc. (a) ....................... 746,592 4,031,597 Vaxcyte, Inc. (a) ...................................... 148,912 9,044,915 Vera Therapeutics, Inc., Class A (a)(b) ................. 106,807 3,639,983 Veracyte, Inc. (a) ..................................... 199,576 8,619,687 Verastem, Inc. (a) ..................................... 812,204 5,864,113
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets)
3 BNM1026U-6041638-19232804
Page 4
Security Shares Value
Biotechnology (continued) Vericel Corp. (a) ...................................... 764 $ 30,484 Viking Therapeutics, Inc. (a)(b) ......................... 133,911 4,389,603 Vir Biotechnology, Inc. (a) ............................. 412,470 4,512,422 Vor BioPharma, Inc. (a) ............................... 618 13,893 Voyager Therapeutics, Inc. (a) ......................... 36,930 127,408 Xencor, Inc. (a) ....................................... 303,008 8,261,513 Xenon Pharmaceuticals, Inc. (a) ....................... 131,467 7,916,943 Zymeworks, Inc. (a)(b) ................................. 239,287 7,037,431 545,310,852 Broadline Retail — 0.5% Dillard’s, Inc., Class A (b) ............................. 11,074 6,931,992 Etsy, Inc. (a) .......................................... 2,691 218,859 Kohl’s Corp. ......................................... 538,315 9,592,773 Macy’s, Inc. ......................................... 334,388 7,343,161 Pattern Group, Inc., Class A (a) ....................... 107,600 2,230,548 26,317,333 Building Products — 0.8% AZZ, Inc. ............................................ 87,071 11,942,658 Builders FirstSource, Inc. (a) .......................... 59,341 3,940,243 Griffon Corp. ........................................ 2,167 211,044 Insteel Industries, Inc. ............................... 571 17,187 Modine Manufacturing Co. (a) ......................... 22,754 4,059,996 Owens Corning ..................................... 63,067 8,712,706 Resideo Technologies, Inc. (a) ........................ 221,285 4,284,078 Simpson Manufacturing Co., Inc. ..................... 188 34,331 Tecnoglass Holdings, Inc. ............................ 3,013 119,616 UFP Industries, Inc. ................................. 4,285 362,168 Zurn Elkay Water Solutions Corp. .................... 159,616 7,629,645 41,313,672 Capital Markets — 2.5% Acadian Asset Management, Inc. ..................... 107,701 10,145,434 Artisan Partners Asset Management, Inc., Class A .... 112,222 4,777,291 Bakkt, Inc., Class A (a) ................................ 231,702 1,777,154 BGC Group, Inc., Class A ............................ 318,726 3,827,899 Cohen & Steers, Inc. ................................ 32,351 2,609,755 DigitalBridge Group, Inc., Class A .................... 309,550 4,924,941 Evercore, Inc., Class A .............................. 17,343 4,967,556 Federated Hermes, Inc., Class B, NVS ............... 32,374 2,060,605 Franklin Templeton, Inc. ............................. 46,816 1,598,766 GCM Grosvenor, Inc., Class A ....................... 1,295 17,858 Gemini Space Station, Inc., Class A (a) ................ 2,602 11,709 Hamilton Lane, Inc., Class A ......................... 21,938 2,387,293 Houlihan Lokey, Inc., Class A ........................ 28,472 3,795,033 Jefferies Financial Group, Inc. ....................... 177,985 9,369,130 Marex Group Ltd. ................................... 63,977 4,637,053 Piper Sandler Cos. .................................. 167,737 12,590,339 PJT Partners, Inc., Class A .......................... 54,583 9,846,227 SEI Investments Co. ................................. 116,867 12,969,900 StepStone Group, Inc., Class A ...................... 231,937 12,121,028 StoneX Group, Inc. (a) ................................ 197,411 13,518,705 Virtu Financial, Inc., Class A ......................... 79,525 5,220,021 Wealthfront Corp. (a)(b) ............................... 497,265 4,579,811 Webull Corp., Class A (a) ............................. 1,185,440 11,237,971 138,991,479 Chemicals — 0.9% Cabot Corp. ......................................... 32,279 2,669,796 Eastman Chemical Co. .............................. 42,800 3,100,432 Ecovyst, Inc. (a) ...................................... 401,255 4,080,763 Element Solutions, Inc. .............................. 77,300 2,747,242 Hawkins, Inc. ....................................... 472 56,767 Huntsman Corp. ..................................... 948,531 9,086,927
Security Shares Value
Chemicals (continued) Innospec, Inc. ....................................... 110,353 $ 10,357,733 Mativ Holdings, Inc. ................................. 497,485 5,915,097 Minerals Technologies, Inc. .......................... 46,124 3,271,114 Tronox Holdings PLC ................................ 495,844 2,623,015 Westlake Corp. ...................................... 107,389 8,061,692 51,970,578 Commercial Services & Supplies — 0.5% ABM Industries, Inc. ................................. 92,241 4,301,198 CoreCivic, Inc. (a) .................................... 333,475 11,078,039 GEO Group, Inc. (The) (a) ............................ 75,288 2,394,911 Healthcare Services Group, Inc. (a) .................... 334,650 7,358,954 HNI Corp. ........................................... 1,052 50,948 Interface, Inc., Class A ............................... 7,322 277,650 Tetra Tech, Inc. ...................................... 73,369 2,651,556 28,113,256 Communications Equipment — 1.2% ADTRAN Holdings, Inc. (a) ............................ 163,771 1,269,225 Calix, Inc. (a) ......................................... 199,192 7,593,199 Ciena Corp. (a) ....................................... 7,354 2,815,111 Extreme Networks, Inc. (a) ............................ 250,301 5,629,270 Harmonic, Inc. (a) .................................... 420,236 5,034,427 Lumentum Holdings, Inc. (a) .......................... 9,253 8,464,274 NETGEAR, Inc. (a) ................................... 233,317 4,936,988 Viasat, Inc. (a) ........................................ 130,027 8,746,917 Viavi Solutions, Inc. (a) ............................... 523,796 19,008,557 Vistance Networks, Inc. .............................. 271,562 1,713,556 65,211,524 Construction & Engineering — 1.6% Ameresco, Inc., Class A (a) ........................... 43,622 964,919 Arcosa, Inc. ......................................... 39,937 5,802,846 Argan, Inc. .......................................... 21,079 8,958,364 Comfort Systems U.S.A., Inc. ........................ 11,127 17,198,114 Dycom Industries, Inc. (a) ............................. 21,260 6,191,125 Everus Construction Group, Inc. (a)(b) ................. 59,186 6,814,084 Fluor Corp. (a) ........................................ 432,414 23,570,887 Limbach Holdings, Inc. (a) ............................ 159 6,554 MYR Group, Inc. (a) .................................. 11,022 3,212,031 NWPX Infrastructure, Inc. (a) .......................... 4,695 516,074 Sterling Infrastructure, Inc. (a) ......................... 9,464 4,448,742 Tutor Perini Corp. ................................... 124,774 11,044,995 88,728,735 Construction Materials — 0.0% Knife River Corp. (a) .................................. 14,460 906,642 Consumer Finance — 1.9% Ally Financial, Inc. ................................... 116,306 4,909,276 Atlanticus Holdings Corp. (a) .......................... 543 49,125 Dave, Inc., Class A (a) ................................ 14,917 5,362,960 Encore Capital Group, Inc. (a) ......................... 73,682 7,147,891 Enova International, Inc. (a) ........................... 100,510 22,787,627 EZCORP, Inc., Class A, NVS (a) ....................... 339,439 10,970,669 Happen, Inc. (a) ...................................... 222,535 3,912,165 LendingTree, Inc. (a) .................................. 66,937 1,876,913 Medallion Financial Corp. ............................ 2,587 30,578 Navient Corp. ....................................... 369,568 3,514,592 NerdWallet, Inc., Class A (a) .......................... 777 7,677 OneMain Holdings, Inc. .............................. 270,700 16,907,922 Oportun Financial Corp. (a) ........................... 1,229 9,033 PRA Group, Inc. (a) ................................... 331,349 6,235,988 PROG Holdings, Inc. ................................ 77,666 2,961,405
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Advantage Small Cap Core Fund (Percentages shown are based on Net Assets)
4 BNM1026U-6041638-19232804
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Security Shares Value
Consumer Finance (continued) Regional Management Corp. ......................... 110,310 $ 3,539,848 Upstart Holdings, Inc. (a)(b) ............................ 436,317 12,513,572 102,737,241 Consumer Staples Distribution & Retail — 1.2% Albertsons Cos., Inc., Class A ........................ 105,694 1,305,321 Andersons, Inc. (The) ............................... 266,894 17,313,414 BJ’s Wholesale Club Holdings, Inc. (a) ................. 57,315 5,195,605 Chefs’ Warehouse, Inc. (The) (a) ...................... 156,504 17,602,005 Grocery Outlet Holding Corp. (a) ...................... 81,594 975,048 PriceSmart, Inc. ..................................... 58,461 9,938,955 United Natural Foods, Inc. (a) ......................... 306,490 13,442,651 65,772,999 Containers & Packaging — 0.0% TriMas Corp. ........................................ 9,564 370,892 Distributors — 0.4% Gold.com, Inc. ...................................... 161,353 7,256,044 LKQ Corp. .......................................... 475,120 11,925,512 Pool Corp. .......................................... 207 38,610 19,220,166 Diversified Consumer Services — 1.1% American Public Education, Inc. (a) .................... 89,426 4,082,297 Coursera, Inc. (a) ..................................... 775,073 5,053,476 Covista, Inc. (a) ...................................... 25,081 3,318,969 Duolingo, Inc., Class A (a) ............................ 30,759 4,563,405 Frontdoor, Inc. (a) .................................... 140,482 11,360,779 H&R Block, Inc. ..................................... 198,770 10,266,470 Laureate Education, Inc., Class A (a) .................. 251,670 9,445,175 Perdoceo Education Corp. ........................... 85,696 2,848,535 Strategic Education, Inc. ............................. 94,515 7,829,623 Universal Technical Institute, Inc. (a) ................... 50,305 1,062,945 59,831,674 Diversified Telecommunication Services — 0.4% Bandwidth, Inc., Class A (a) ........................... 73,600 3,564,448 IDT Corp., Class B .................................. 127,784 8,717,424 Lumen Technologies, Inc. (a) .......................... 1,552,315 9,701,969 21,983,841 Electric Utilities — 0.4% Genie Energy Ltd., Class B .......................... 209,828 3,113,847 MGE Energy, Inc. ................................... 70,830 5,502,783 TXNM Energy, Inc. .................................. 180,916 10,422,571 19,039,201 Electrical Equipment — 1.3% American Superconductor Corp. (a)(b) ................. 158,164 4,540,888 Amprius Technologies, Inc. (a)(b) ...................... 151,916 1,500,930 Atkore, Inc. ......................................... 108,808 10,194,222 Bloom Energy Corp., Class A (a) ...................... 11,160 2,302,308 EnerSys ............................................ 189,059 34,760,388 Enovix Corp. (a)(b) .................................... 401,700 1,357,746 Fluence Energy, Inc., Class A (a)(b) .................... 123,814 1,338,429 Forgent Power Solutions, Inc., Class A (a) ............. 4,681 142,958 Generac Holdings, Inc. (a) ............................ 7,851 1,455,418 Hyliion Holdings Corp. (a) ............................. 352,481 1,223,109 NuScale Power Corp., Class A (a)(b) ................... 397,604 3,685,789 Plug Power, Inc. (a)(b) ................................. 328,953 710,539 Powell Industries, Inc. ............................... 219 39,361 Regal Rexnord Corp. ................................ 13,673 2,166,487 Sunrun, Inc. (a) ....................................... 150,799 1,292,347 Vicor Corp. (a) ........................................ 30,800 5,780,544 72,491,463
Security Shares Value
Electronic Equipment, Instruments & Components — 4.1% ADI Global Distribution, Inc. (a) ........................ 30,333 $ 663,383 Advanced Energy Industries, Inc. .................... 88,494 24,500,449 Arrow Electronics, Inc. (a) ............................. 67,396 13,777,764 Avnet, Inc. .......................................... 465,157 41,659,461 Bel Fuse, Inc., Class B, NVS ......................... 2,397 597,512 Belden, Inc. ......................................... 18,693 2,139,601 Benchmark Electronics, Inc. ......................... 35,274 2,479,057 Cognex Corp. ....................................... 85,196 5,193,548 Fabrinet (a) .......................................... 17,395 7,182,917 Insight Enterprises, Inc. (a) ............................ 67,617 10,617,221 IPG Photonics Corp. (a) ............................... 53,318 4,056,433 Littelfuse, Inc. ....................................... 40,205 16,571,697 Methode Electronics, Inc. ............................ 182,387 3,324,915 nLight, Inc. (a) ........................................ 99,519 4,206,668 PC Connection, Inc. ................................. 137,151 10,954,250 Plexus Corp. (a) ...................................... 85,184 20,399,013 Sanmina Corp. (a) .................................... 84,315 16,586,447 ScanSource, Inc. (a) .................................. 100,487 5,736,803 TTM Technologies, Inc. (a) ............................ 96,897 11,522,991 Vishay Intertechnology, Inc. .......................... 672,406 20,461,315 Vishay Precision Group, Inc. (a)(b) ..................... 35,325 2,183,438 224,814,883 Energy Equipment & Services — 3.1% Archrock, Inc. ....................................... 599,180 18,886,154 Atlas Energy Solutions, Inc. .......................... 390,667 5,117,738 Borr Drilling Ltd. (a)(b) ................................. 324,327 1,452,985 Cactus, Inc., Class A ................................ 3,565 250,691 Core Laboratories, Inc. .............................. 716 8,900 Expro Ltd. (a)(b) ....................................... 115,106 2,085,721 Forum Energy Technologies, Inc. (a) ................... 632 51,805 Helix Energy Solutions Group, Inc. (a) ................. 336,810 3,469,143 Helmerich & Payne, Inc. ............................. 197,779 8,619,209 Innovex International, Inc. (a) ......................... 888 27,235 Kodiak Gas Services, Inc. ........................... 189,339 11,127,453 Liberty Energy, Inc., Class A ......................... 618,916 12,198,834 Nabors Industries Ltd. (a) ............................. 42,903 4,017,437 National Energy Services Reunited Corp. (a) ........... 76,209 2,675,698 Natural Gas Services Group, Inc. .................... 5,918 208,314 NOV, Inc. ........................................... 48,374 1,029,882 Oceaneering International, Inc. (a)(b) ................... 152,684 7,902,924 Oil States International, Inc. (a) ........................ 553,412 4,881,094 Patterson-UTI Energy, Inc. ........................... 2,575,317 32,552,007 ProPetro Holding Corp. (a) ............................ 441,356 5,013,804 Seadrill Ltd. (a) ....................................... 99,528 4,849,004 Tidewater, Inc. (a) .................................... 98,037 9,129,205 Transocean Ltd. (a) ................................... 2,032,805 11,810,597 Valaris Ltd. (a) ........................................ 100,157 8,650,560 Weatherford International PLC ....................... 130,316 12,740,995 168,757,389 Entertainment — 0.4% AMC Entertainment Holdings, Inc., Class A (a) ......... 2,448,927 6,465,167 Cinemark Holdings, Inc. ............................. 266,717 9,497,792 Eros Media World PLC, Class A (a) .................... 23,977 2 IMAX Corp. (a) ....................................... 2,037 104,295 Marcus Corp. (The) .................................. 159,192 4,525,829 Stubhub Holdings, Inc., Class A (a)(b) .................. 230,585 1,471,132 22,064,217 Financial Services — 1.6% Bladex, Inc., Class E ................................ 144,562 7,794,783 Cannae Holdings, Inc. ............................... 772,573 12,052,139 Chime Financial, Inc., Class A (a) ..................... 530,393 17,561,312
Schedule of Investments (unaudited) (continued) August 31, 2026
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Financial Services (continued) Essent Group Ltd. ................................... 176,431 $ 11,919,678 NMI Holdings, Inc., Class A (a) ........................ 382,288 16,954,473 Pagseguro Digital Ltd., Class A ...................... 382,907 3,453,821 Paymentus Holdings, Inc., Class A (a) ................. 67,533 2,404,175 Remitly Global, Inc. (a) ................................ 92,914 2,484,520 Repay Holdings Corp., Class A (a) .................... 5,696 20,449 Sezzle, Inc. (a) ....................................... 3,921 472,676 StoneCo Ltd., Class A ............................... 189,790 1,840,963 Velocity Financial, Inc. (a) ............................. 232,005 4,164,490 Voya Financial, Inc. .................................. 64,112 6,495,828 Walker & Dunlop, Inc. ............................... 58,922 2,388,109 90,007,416 Food Products — 0.1% Marzetti Co. (The) ................................... 16,050 1,808,033 Vital Farms, Inc. (a) ................................... 500,915 5,349,772 7,157,805 Gas Utilities — 1.0% Brookfield Infrastructure Corp., Class A ............... 577,176 22,059,667 MDU Resources Group, Inc. ......................... 146,219 2,912,682 New Jersey Resources Corp. ........................ 273,578 14,592,650 Southwest Gas Holdings, Inc. ........................ 176,108 15,555,620 55,120,619 Ground Transportation — 0.5% Covenant Logistics Group, Inc., Class A .............. 252,270 8,917,745 Marten Transport Ltd. ................................ 106,466 1,535,240 RXO, Inc. (a) ......................................... 55,100 1,170,875 Ryder System, Inc. .................................. 15,029 3,673,989 Werner Enterprises, Inc. ............................. 247,424 9,694,072 24,991,921 Health Care Equipment & Supplies — 1.7% Alphatec Holdings, Inc. (a) ............................ 271,119 2,540,385 AngioDynamics, Inc. (a) ............................... 230,395 3,716,271 Cerus Corp. (a) ....................................... 1,524,439 4,024,519 Delcath Systems, Inc. (a) ............................. 239,205 3,937,314 DENTSPLY SIRONA, Inc. ........................... 124,330 1,388,766 Enovis Corp. (a) ...................................... 189,061 4,649,010 Glaukos Corp. (a) ..................................... 72,200 12,964,232 Haemonetics Corp. (a) ................................ 5,966 614,916 Inspire Medical Systems, Inc. (a) ...................... 27,444 1,728,698 iRadimed Corp. ..................................... 55,537 4,797,286 IRhythm Holdings, Inc. (a) ............................ 39,188 4,661,021 Lantheus Holdings, Inc. (a) ............................ 54,118 5,463,753 Merit Medical Systems, Inc. (a) ........................ 31,385 2,845,364 NeuroPace, Inc. (a) ................................... 227,093 3,326,912 Novocure Ltd. (a) ..................................... 461,964 8,153,665 Omnicell, Inc. (a) ..................................... 129,831 4,564,858 OraSure Technologies, Inc. (a) ........................ 446,639 1,603,434 Procept Biorobotics Corp. (a) .......................... 44,789 949,527 RxSight, Inc. (a) ...................................... 1,031,448 7,560,514 Sanara Medtech, Inc. (a) .............................. 1,445 50,402 Senseonics Holdings, Inc. (a) ......................... 999 9,221 Sight Sciences, Inc. (a) ............................... 2,387 20,289 Tandem Diabetes Care, Inc. (a) ....................... 201,023 4,424,516 TransMedics Group, Inc. (a) ........................... 48,421 4,109,490 Varex Imaging Corp. (a) ............................... 184,297 3,407,652 91,512,015 Health Care Providers & Services — 4.8% Acadia Healthcare Co., Inc. (a) ........................ 72,916 2,009,565 Addus HomeCare Corp. (a) ........................... 174,124 19,966,799 agilon health, Inc. (a) ................................. 96,763 8,504,500
Security Shares Value
Health Care Providers & Services (continued) AMN Healthcare Services, Inc. (a) ..................... 164,222 $ 5,629,530 Astrana Health, Inc. (a) ............................... 161,799 6,166,160 Aveanna Healthcare Holdings, Inc. (a) ................. 397,760 5,337,939 BrightSpring Health Services, Inc. (a) .................. 10,443 609,871 Castle Biosciences, Inc. (a) ........................... 190,105 6,279,168 Chemed Corp. ...................................... 20,982 10,883,573 Clover Health Investments Corp., Class A (a) .......... 1,061,630 4,405,765 Concentra Group Holdings Parent, Inc. ............... 95,909 3,235,970 CorVel Corp. (a) ...................................... 100,823 6,944,688 Encompass Health Corp. ............................ 196,429 23,612,730 Ensign Group, Inc. (The) ............................. 81,028 13,957,883 Fulgent Genetics, Inc. (a) ............................. 301,024 5,830,835 HealthEquity, Inc. (a) .................................. 157,950 15,248,493 Henry Schein, Inc. (a) ................................. 32,930 2,957,114 Hims & Hers Health, Inc., Class A (a)(b) ................ 558,911 16,532,587 Hinge Health, Inc., Class A (a) ........................ 139,358 12,898,977 LifeStance Health Group, Inc. (a) ...................... 681,840 8,427,542 Molina Healthcare, Inc. (a) ............................ 61,009 12,126,759 NeoGenomics, Inc. (a) ................................ 43,465 778,458 Option Care Health, Inc. (a) ........................... 563,657 13,217,757 PACS Group, Inc. (a) ................................. 97,305 4,116,975 Pediatrix Medical Group, Inc. (a) ...................... 300,188 7,873,931 Privia Health Group, Inc. (a) ........................... 1,008,522 20,664,616 Progyny, Inc. (a) ...................................... 84,837 2,170,979 RadNet, Inc. (a) ...................................... 219,382 16,633,543 Surgery Partners, Inc. (a) ............................. 14,365 199,530 Viemed Healthcare, Inc. (a) ........................... 478,281 4,228,004 261,450,241 Health Care REITs — 0.6% Alexandria Real Estate Equities, Inc. ................. 80,807 4,144,591 CareTrust REIT, Inc. ................................. 327,957 12,773,925 Diversified Healthcare Trust (b) ........................ 637,864 4,828,631 Janus Living, Inc., Class A ........................... 879 26,150 LTC Properties, Inc. ................................. 551 22,216 National Health Investors, Inc. ....................... 29,089 2,068,519 Sabra Health Care REIT, Inc. ........................ 361,118 7,363,196 Universal Health Realty Income Trust ................ 504 20,654 31,247,882 Health Care Technology — 0.7% Doximity, Inc., Class A (a) ............................. 281,880 7,529,015 Evolent Health, Inc., Class A (a) ....................... 1,453,638 6,541,371 HealthStream, Inc. .................................. 1,773 51,506 HeartFlow, Inc. (a) .................................... 86,243 4,345,785 Phreesia, Inc. (a) ..................................... 693,541 8,468,135 Schrodinger, Inc. (a) .................................. 353,404 6,891,378 Simulations Plus, Inc. (a) .............................. 30,095 553,748 Teladoc Health, Inc. (a) ............................... 674,070 4,273,604 38,654,542 Hotel & Resort REITs — 1.0% Braemar Hotels & Resorts, Inc. ...................... 1,808,921 3,654,020 Chatham Lodging Trust .............................. 1,405,241 18,310,290 DiamondRock Hospitality Co. ........................ 360,192 4,433,964 Host Hotels & Resorts, Inc. .......................... 61,220 1,342,555 Pebblebrook Hotel Trust ............................. 16,288 295,139 RLJ Lodging Trust ................................... 1,591,078 17,565,501 Ryman Hospitality Properties, Inc. .................... 15,504 1,965,287 Service Properties Trust ............................. 7,234 56,425 Summit Hotel Properties, Inc. ........................ 9,805 57,359 Sunstone Hotel Investors, Inc. ....................... 540,194 6,033,967 53,714,507
Schedule of Investments (unaudited) (continued) August 31, 2026
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Security Shares Value
Hotels, Restaurants & Leisure — 1.2% Accel Entertainment, Inc., Class A (a)(b) ................ 192,599 $ 2,241,852 Aramark ............................................ 46,860 2,638,687 Brightstar Lottery PLC ............................... 643,253 7,249,461 Brinker International, Inc. (a) .......................... 44,343 10,132,376 Dave & Buster’s Entertainment, Inc. (a) ................ 458,699 4,114,530 El Pollo Loco Holdings, Inc. (a) ........................ 98,101 1,498,002 Genius Sports Ltd. (a) ................................ 910,937 6,759,153 Global Business Travel Group I, Class A (a) ............ 136,814 1,294,260 Hilton Grand Vacations, Inc. (a) ....................... 200,597 8,507,319 Kura Sushi U.S.A., Inc., Class A (a) .................... 54,111 2,470,708 Nathan’s Famous, Inc. ............................... 20,412 1,997,518 Navan, Inc., Class A (a) ............................... 91,821 2,668,318 Rush Street Interactive, Inc., Class A (a) ............... 202,913 5,227,039 Six Flags Entertainment Corp. (a) ..................... 98,110 1,476,556 Travel + Leisure Co. ................................. 149,366 10,270,406 68,546,185 Household Durables — 1.5% Cavco Industries, Inc. (a) ............................. 6,671 3,729,956 Century Communities, Inc. ........................... 174,733 11,803,214 Champion Homes, Inc. (a) ............................ 61,369 5,478,411 Installed Building Products, Inc. ...................... 109,627 26,620,724 LGI Homes, Inc. (a) ................................... 46,658 2,610,049 M/I Homes, Inc. (a) ................................... 144,265 21,468,075 Meritage Homes Corp. .............................. 111,161 7,717,908 Mohawk Industries, Inc. (a) ............................ 5,826 747,185 Newell Brands, Inc. .................................. 708,634 4,428,962 84,604,484 Household Products — 0.1% Central Garden & Pet Co., Class A, NVS (a) ........... 193,552 7,202,070 Spectrum Brands Holdings, Inc. ...................... 438 37,804 7,239,874 Independent Power and Renewable Electricity Producers — 0.0% Spruce Power Holding Corp. (a) ....................... 110 205 Industrial REITs — 0.2% EastGroup Properties, Inc. ........................... 14,396 2,872,002 First Industrial Realty Trust, Inc. ...................... 3,791 234,587 Industrial Logistics Properties Trust .................. 4,057 33,491 LXP Industrial Trust ................................. 80,734 4,901,361 8,041,441 Insurance — 2.5% Accelerant Holdings, Class A (a) ...................... 25,602 505,127 American Financial Group, Inc. ...................... 116,193 16,563,312 AMERISAFE, Inc. ................................... 170,295 4,434,482 CNO Financial Group, Inc. ........................... 163,235 8,943,646 Donegal Group, Inc., Class A ........................ 119,348 2,281,934 F&G Annuities & Life, Inc. ............................ 96,232 2,290,322 Genworth Financial, Inc., Class A (a) .................. 477,518 4,746,529 HCI Group, Inc. ..................................... 52,879 9,821,217 Heritage Insurance Holdings, Inc. (a) .................. 80,046 2,691,146 Lemonade, Inc. (a)(b) ................................. 165,056 8,620,875 Mercury General Corp. .............................. 93,125 9,495,025 Octave Specialty Group, Inc. (a) ....................... 228,644 996,888 Oscar Health, Inc., Class A (a) ........................ 663,205 19,869,622 Palomar Holdings, Inc. .............................. 115,731 15,342,459 Porch Group, Inc. (a)(b) ............................... 229,451 3,898,372 Root, Inc., Class A (a) ................................ 34,555 1,917,457 Slide Insurance Holdings, Inc. ........................ 142,625 3,316,031 Stewart Information Services Corp. ................... 159,950 10,980,567
Security Shares Value
Insurance (continued) United Fire Group, Inc. .............................. 36,219 $ 1,951,118 Universal Insurance Holdings, Inc. ................... 193,045 8,297,074 136,963,203 Interactive Media & Services — 1.0% Angi, Inc., Class A (a) ................................. 553,960 2,575,914 Cargurus, Inc., Class A (a) ............................ 98,421 3,509,693 EverQuote, Inc., Class A (a) ........................... 402,023 10,227,465 fuboTV, Inc., Class A (a)(b) ............................ 348,813 3,673,001 Grindr, Inc. (a)(b) ...................................... 123,966 1,918,994 MediaAlpha, Inc., Class A (a) .......................... 372,399 4,699,675 QuinStreet, Inc. (a) ................................... 600,939 11,682,254 Shutterstock, Inc. .................................... 43,378 240,314 Snap, Inc., Class A, NVS (a) .......................... 1,129,173 6,266,910 Yelp, Inc. (a) .......................................... 177,008 3,956,129 ZipRecruiter, Inc., Class A (a) ......................... 844,851 3,599,065 52,349,414 IT Services — 0.3% Amdocs Ltd. ........................................ 20,961 1,321,801 Fastly, Inc., Class A (a) ............................... 196,102 4,469,164 Globant SA (a)(b) ..................................... 207,297 8,439,061 Grid Dynamics Holdings, Inc., Class A (a) .............. 244,613 1,952,012 TSS, Inc. (a) ......................................... 145,158 1,142,393 17,324,431 Leisure Products — 0.1% Brunswick Corp. ..................................... 65,525 4,973,347 JAKKS Pacific, Inc. .................................. 3,591 90,170 Polaris, Inc. ......................................... 33,827 2,183,195 7,246,712 Life Sciences Tools & Services — 1.1% 10X Genomics, Inc., Class A (a) ....................... 235,770 14,723,836 AbCellera Biologics, Inc. (a) ........................... 321,338 3,688,960 Adaptive Biotechnologies Corp. (a) .................... 468,041 11,663,582 Avantor, Inc. (a) ...................................... 34,925 507,810 Azenta, Inc. (a) ....................................... 215,918 7,049,723 Bruker Corp. ........................................ 16,135 935,991 CryoPort, Inc. (a) ..................................... 150,730 2,411,680 Cytek Biosciences, Inc. (a) ............................ 114,321 546,454 Fortrea Holdings, Inc. (a) .............................. 315,453 5,794,872 Harvard Bioscience, Inc. (a) ........................... 30 243 OmniAb, Inc. (a) ...................................... 18,807 82,375 Pacific Biosciences of California, Inc. (a) ............... 2,565,122 3,475,740 Personalis, Inc. (a) .................................... 232,168 3,895,779 Quanterix Corp. (a) ................................... 2,551 6,811 Revvity, Inc. ......................................... 15,807 2,033,887 Tempus AI, Inc., Class A (a)(b) ......................... 68,605 4,325,545 61,143,288 Machinery — 3.1% 3D Systems Corp. (a)(b) ............................... 707,653 2,321,102 Aebi Schmidt Holding AG ............................ 179,541 2,271,194 Alamo Group, Inc. ................................... 200 32,916 Albany International Corp., Class A ................... 90,159 4,997,513 Allison Transmission Holdings, Inc. ................... 3,116 391,712 Astec Industries, Inc. ................................ 520 22,126 Blue Bird Corp. (a) .................................... 51,892 3,017,520 CECO Environmental Corp. (a) ........................ 87,463 6,227,366 Columbus McKinnon Corp. .......................... 1,950 34,437 Crane Co. ........................................... 24,578 5,040,211 Donaldson Co., Inc. ................................. 215,463 19,583,432 Douglas Dynamics, Inc. .............................. 1,332 54,705 Energy Recovery, Inc. (a)(b) ........................... 408,518 3,149,674
Schedule of Investments (unaudited) (continued) August 31, 2026
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Machinery (continued) Enerpac Tool Group Corp., Class A ................... 122,302 $ 4,564,311 Enpro, Inc. .......................................... 79,483 23,544,454 ESCO Technologies, Inc. ............................ 40,900 11,166,927 Federal Signal Corp. ................................ 146,514 17,142,138 Franklin Electric Co., Inc. ............................ 43,524 4,356,317 Helios Technologies, Inc. ............................ 5,255 383,720 Kadant, Inc. ......................................... 1,031 308,413 Kennametal, Inc. .................................... 275,149 8,072,872 Manitowoc Co., Inc. (The) (a) ......................... 441,123 8,566,609 Mueller Industries, Inc. .............................. 194,557 12,142,302 Mueller Water Products, Inc., Class A ................ 151,565 3,658,779 Oshkosh Corp. ...................................... 936 144,247 Proto Labs, Inc. (a) ................................... 45,741 3,662,024 SPX Technologies, Inc. (a) ............................ 36,314 7,144,780 Timken Co. (The) .................................... 12,583 1,515,622 Titan International, Inc. (a) ............................ 6,006 43,183 Trinity Industries, Inc. ................................ 258,414 7,447,492 Velo3D, Inc. (a) ....................................... 575 6,848 Wabash National Corp. .............................. 1,807 24,376 Worthington Enterprises, Inc. ........................ 126,580 7,270,755 168,310,077 Marine Transportation — 0.9% Costamare, Inc. ..................................... 1,052 16,074 Genco Shipping & Trading Ltd. ....................... 437,340 11,471,428 Himalaya Shipping Ltd. .............................. 738 12,354 Kirby Corp. (a) ........................................ 76,910 10,910,453 Matson, Inc. ......................................... 108,460 24,382,893 46,793,202 Media — 0.8% DoubleVerify Holdings, Inc. (a) ........................ 239,149 3,204,597 EchoStar Corp., Class A (a) ........................... 27,973 2,417,986 Entravision Communications Corp., Class A .......... 202,558 1,618,438 Ibotta, Inc., Class A (a)(b) .............................. 85,406 3,177,957 Magnite, Inc. (a) ...................................... 360,550 8,469,319 MNTN, Inc., Class A (a) ............................... 288,421 3,792,736 New York Times Co. (The), Class A .................. 69,893 4,701,702 Nexxen International Ltd. (a) .......................... 26,191 255,362 Paramount Skydance Corp., Class B, NVS ........... 4,292 46,826 PubMatic, Inc., Class A (a) ............................ 3,871 64,375 Stagwell, Inc., Class A (a) ............................. 3,054 26,509 Townsquare Media, Inc., Class A ..................... 77 446 Trade Desk, Inc. (The), Class A (a) .................... 665,191 9,126,421 Versant Media Group, Inc., Class A .................. 169,575 6,972,924 43,875,598 Metals & Mining — 2.4% Alcoa Corp. ......................................... 38,195 1,907,840 Alpha Metallurgical Resources, Inc. (a) ................ 41,801 9,852,496 Century Aluminum Co. (a) ............................. 210,662 9,642,000 Cleveland-Cliffs, Inc. (a) .............................. 375,844 4,340,998 Commercial Metals Co. .............................. 121,305 8,184,448 Constellium SE, Class A (a) ........................... 832,485 22,002,579 Elevra Lithium Ltd., ADR (a) ........................... 1 59 Ferroglobe PLC ..................................... 3,338 13,719 Kaiser Aluminum Corp. .............................. 117,055 18,585,993 Materion Corp. ...................................... 81,672 19,281,126 Novagold Resources, Inc. (a)(b) ....................... 532,936 4,583,250 Ramaco Resources, Inc., Class A (a) .................. 283,169 4,032,327 Ryerson Holding Corp. .............................. 430,220 10,781,313 SSR Mining, Inc. .................................... 309,811 11,651,992
Security Shares Value
Metals & Mining (continued) SunCoke Energy, Inc. ............................... 800,341 $ 8,267,522 Worthington Steel, Inc. .............................. 183 6,304 133,133,966 Mortgage Real Estate Investment Trusts (REITs) — 0.0% TPG RE Finance Trust, Inc. .......................... 276,486 2,137,237 Multi-Utilities — 0.3% Avista Corp. ......................................... 6,917 257,036 Black Hills Corp. .................................... 116,889 8,378,603 Northwestern Energy Group, Inc. ..................... 126,948 8,779,724 17,415,363 Office REITs — 0.5% Brandywine Realty Trust ............................. 2,225,768 6,721,820 COPT Defense Properties ........................... 319,836 11,514,096 Hudson Pacific Properties, Inc. (a) ..................... 641,518 8,063,881 SL Green Realty Corp. .............................. 49,234 2,756,119 29,055,916 Oil, Gas & Consumable Fuels — 4.4% Ardmore Shipping Corp. ............................. 454,189 7,898,347 Chord Energy Corp. ................................. 121,708 17,904,464 CNX Resources Corp. (a) ............................. 49,509 1,801,137 Core Natural Resources, Inc. ........................ 16,650 1,703,295 Crescent Energy Co., Class A ........................ 458,423 6,275,811 CVR Energy, Inc. .................................... 146,080 6,114,909 Delek U.S. Holdings, Inc. ............................ 156,218 11,613,246 DHT Holdings, Inc. .................................. 682,279 13,372,668 Dorian LPG Ltd. ..................................... 77,544 3,880,302 Energy Fuels, Inc. (a)(b) ............................... 415,791 6,132,917 Green Plains, Inc. (a) ................................. 115,884 1,674,524 International Seaways, Inc. .......................... 95,701 9,439,947 Magnolia Oil & Gas Corp., Class A ................... 458,121 12,300,549 Matador Resources Co. ............................. 7,083 410,885 Murphy Oil Corp. .................................... 331,567 12,075,670 Navigator Holdings Ltd. .............................. 3,714 82,117 New Era Energy & Digital, Inc. (a)(b) ................... 406,102 1,926,954 Nordic American Tankers Ltd. ........................ 1,292 8,824 Par Pacific Holdings, Inc. (a) .......................... 133,855 10,697,692 PBF Energy, Inc., Class A ........................... 337,522 24,635,731 Peabody Energy Corp. .............................. 36,077 1,071,126 Plains GP Holdings LP, Class A ...................... 238,056 6,717,940 REX American Resources Corp. (a) ................... 120,737 4,959,876 Scorpio Tankers, Inc. ................................ 272,520 21,490,927 SM Energy Co. ...................................... 468,960 17,435,933 Sunococorp LLC .................................... 195,695 15,205,501 Teekay Corp. Ltd. ................................... 524,109 6,897,274 Uranium Energy Corp. (a)(b) ........................... 404,455 4,950,529 World Kinect Corp. .................................. 377,164 13,483,613 242,162,708 Passenger Airlines — 0.8% Alaska Air Group, Inc. (a) ............................. 317,792 13,134,343 Frontier Group Holdings, Inc. (a) ...................... 177,558 1,012,081 JetBlue Airways Corp. (a) ............................. 1,502,355 6,910,833 SkyWest, Inc. (a) ..................................... 231,864 21,948,246 43,005,503 Pharmaceuticals — 2.5% Alumis, Inc. (a) ....................................... 9,095 198,362 Amylyx Pharmaceuticals, Inc. (a) ...................... 335,455 11,321,606 Arvinas, Inc. (a) ...................................... 597,720 5,499,024 Atea Pharmaceuticals, Inc. (a) ........................ 613,370 3,281,529 Axsome Therapeutics, Inc. (a) ......................... 22,167 4,400,593 BioAge Labs, Inc. (a) ................................. 143,078 1,359,241
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Security Shares Value
Pharmaceuticals (continued) Braveheart Bio, Inc. (a)(b) ............................. 26,421 $ 673,735 Collegium Pharmaceutical, Inc. (a) .................... 113,273 2,787,649 Crinetics Pharmaceuticals, Inc. (a) .................... 184,115 15,640,569 Definium Therapeutics, Inc. (a) ........................ 60,595 2,406,833 Edgewise Therapeutics, Inc. (a) ....................... 105,910 4,423,861 Enliven Therapeutics, Inc. (a) ......................... 55,506 3,213,242 Evolus, Inc. (a) ....................................... 13,295 120,852 Fulcrum Therapeutics, Inc. (a) ......................... 1,525,030 5,932,367 Harmony Biosciences Holdings, Inc. (a) ............... 146,100 5,753,418 Harrow, Inc. (a) ....................................... 1,368 50,493 Indivior Pharmaceuticals, Inc. (a) ...................... 90,471 3,160,152 LB Pharmaceuticals, Inc. (a) .......................... 1,199 56,665 LENZ Therapeutics, Inc. (a) ........................... 18,092 94,259 Liquidia Corp. (a) ..................................... 7,394 504,049 Nektar Therapeutics (a) ............................... 82,811 5,911,049 Nuvation Bio, Inc., Class A (a) ......................... 917,154 6,108,246 Ocular Therapeutix, Inc. (a) ........................... 819,090 8,592,254 Pacira BioSciences, Inc. (a) ........................... 179,430 4,647,237 Perrigo Co. PLC ..................................... 295,027 4,319,195 Phathom Pharmaceuticals, Inc. (a) .................... 19,028 182,098 Prestige Consumer Healthcare, Inc. (a) ................ 28,727 1,487,484 Rafael Holdings, Inc., Class B (a) ...................... 220 565 Septerna, Inc. (a) ..................................... 3,337 127,307 SIGA Technologies, Inc. ............................. 15,372 48,268 Supernus Pharmaceuticals, Inc. (a) .................... 242,169 10,706,291 Tarsus Pharmaceuticals, Inc. (a) ....................... 68,473 5,083,436 Theravance Biopharma, Inc. (a) ....................... 113,692 1,937,312 Trevi Therapeutics, Inc. (a) ............................ 602,556 10,002,430 Wave Life Sciences, Inc. (a) ........................... 1,515,931 7,428,062 Xeris Biopharma Holdings, Inc. (a) .................... 244,986 2,067,682 139,527,415 Professional Services — 1.9% BlackSky Technology, Inc., Class A (a)(b) ............... 80,354 1,856,177 Booz Allen Hamilton Holding Corp., Class A .......... 163,291 12,352,964 CBIZ, Inc. (a) ......................................... 232,333 12,659,825 CRA International, Inc. ............................... 17,778 3,102,261 ExlService Holdings, Inc. (a) .......................... 878,719 33,461,620 Franklin Covey Co. (a) ................................ 73,981 1,505,513 Huron Consulting Group, Inc. (a) ...................... 12,348 1,974,322 IBEX Holdings Ltd. (a) ................................ 58,855 2,263,563 ICF International, Inc. ................................ 54,618 4,866,464 Innodata, Inc. (a)(b) ................................... 13,327 751,909 Kelly Services, Inc., Class A, NVS .................... 156,144 2,685,677 Kforce, Inc. ......................................... 60,414 3,478,638 ManpowerGroup, Inc. ............................... 77,643 4,887,627 Maximus, Inc. ....................................... 160,531 9,273,876 ShiftPixy, Inc. (a)(c) ................................... 1— TriNet Group, Inc. ................................... 5,529 388,634 Verra Mobility Corp., Class A (a) ....................... 1,615,560 7,156,931 Willdan Group, Inc. (a) ................................ 42,040 3,697,418 106,363,419 Real Estate Management & Development — 0.2% Compass, Inc., Class A (a) ............................ 390,048 4,118,907 Cushman & Wakefield Ltd. (a) ......................... 6,669 89,965 Opendoor Technologies, Inc., Class A (a)(b) ............ 965,469 3,089,500 RMR Group, Inc. (The), Class A ...................... 132,187 2,553,853 St. Joe Co. (The) .................................... 54,042 3,572,176 13,424,401
Security Shares Value
Residential REITs — 0.1% Bluerock Homes Trust, Inc., Class A .................. 77 $ 647 NexPoint Residential Trust, Inc. ...................... 104,493 2,477,529 2,478,176 Retail REITs — 1.3% Acadia Realty Trust .................................. 144,179 2,951,344 Agree Realty Corp. .................................. 289,534 20,918,832 Brixmor Property Group, Inc. ......................... 318,907 9,213,223 CBL & Associates Properties, Inc. .................... 3,331 182,172 Curbline Properties Corp. ............................ 583 17,391 FrontView REIT, Inc. ................................. 199,507 3,850,485 Getty Realty Corp. ................................... 87,264 2,829,099 NETSTREIT Corp. .................................. 340,783 6,938,342 NNN REIT, Inc. ...................................... 402,519 18,193,859 Phillips Edison & Co., Inc. ........................... 130,263 5,034,665 Tanger, Inc. ......................................... 36,545 1,378,112 71,507,524 Semiconductors & Semiconductor Equipment — 2.9% ACM Research, Inc., Class A (a) ...................... 62,949 4,583,946 Aehr Test Systems (a) ................................ 78,343 6,210,250 Allegro MicroSystems, Inc. (a) ......................... 1,286 46,618 Alpha & Omega Semiconductor Ltd. (a) ................ 213,304 5,260,077 Ambarella, Inc. (a)(b) .................................. 83,621 5,801,625 Ambiq Micro, Inc. (a) .................................. 42,942 2,503,948 Amkor Technology, Inc. .............................. 31,335 1,482,145 Axcelis Technologies, Inc. (a) ......................... 133,428 15,388,251 AXT, Inc. (a) .......................................... 63,608 3,855,281 CEVA, Inc. (a) ........................................ 230 6,222 Cirrus Logic, Inc. (a) .................................. 86,293 9,449,946 Cohu, Inc. (a) ......................................... 47,957 2,210,818 Credo Technology Group Holding Ltd. (a) .............. 11,615 2,627,197 Diodes, Inc. (a) ....................................... 77,209 7,010,577 Everspin Technologies, Inc. (a) ........................ 81,126 1,318,298 FormFactor, Inc. (a) ................................... 170,634 17,167,487 Ichor Holdings Ltd. (a) ................................ 20,963 1,122,988 Impinj, Inc. (a) ........................................ 36,500 6,362,680 Kulicke & Soffa Industries, Inc. ....................... 275,953 22,092,797 MaxLinear, Inc. (a) .................................... 177,975 10,662,482 Onto Innovation, Inc. (a) .............................. 27,363 7,311,667 Penguin Solutions, Inc. (a) ............................ 80,979 3,974,449 Photronics, Inc. (a) ................................... 136,040 3,828,166 Power Integrations, Inc. .............................. 21,643 1,112,017 Rambus, Inc. (a) ...................................... 115,804 10,039,049 Rigetti Computing, Inc. (a)(b) .......................... 45,573 713,673 Semtech Corp. (a) .................................... 27,716 3,685,119 Synaptics, Inc. (a) .................................... 2,656 256,888 Ultra Clean Holdings, Inc. (a) .......................... 63,819 4,328,843 Veeco Instruments, Inc. (a) ............................ 7,691 340,711 Wolfspeed, Inc. (a) ................................... 1,771 48,525 160,802,740 Software — 5.5% Agilysys, Inc. (a) ...................................... 22,167 2,580,460 Alarm.com Holdings, Inc. (a) .......................... 108,590 6,250,440 Amplitude, Inc., Class A (a) ........................... 589,589 8,313,205 Arteris, Inc. (a) ....................................... 132,252 2,893,674 Bit Digital, Inc. (a)(b) ................................... 910,483 1,301,991 Bitdeer Technologies Group, Class A (a) ............... 137,580 1,492,743 Box, Inc., Class A (a) ................................. 493,484 17,656,858 Braze, Inc., Class A (a) ............................... 4,887 166,353 C3.ai, Inc., Class A (a) ................................ 794,640 8,598,005 Cerence, Inc. (a)(b) ................................... 260,527 2,198,848 Cipher Digital, Inc. (a) ................................. 599,547 9,292,979
Schedule of Investments (unaudited) (continued) August 31, 2026
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Security Shares Value
Software (continued) Cleanspark, Inc. (a)(b) ................................. 641,762 $ 7,457,274 Commvault Systems, Inc. (a) .......................... 38,094 5,238,687 Core Scientific, Inc. (a) ................................ 445,242 7,257,445 Digital Turbine, Inc. (a) ................................ 62,266 669,982 Domo, Inc., Class B (a)(b) ............................. 606,870 2,293,969 Dynatrace, Inc. (a) .................................... 275,020 15,013,342 Figma, Inc., Class A (a) ............................... 42,497 1,168,243 Gitlab, Inc., Class A (a) ............................... 69,982 3,256,962 Hut 8 Corp. (a) ....................................... 209,305 16,459,745 InterDigital, Inc. ..................................... 66,410 22,249,342 JFrog Ltd. (a) ......................................... 206,081 20,622,526 Keel Infrastructure Corp. (a) ........................... 467,728 1,473,343 LiveRamp Holdings, Inc. (a) ........................... 67,688 2,553,191 Manhattan Associates, Inc. (a) ........................ 23,981 5,352,319 MARA Holdings, Inc. (a) .............................. 317,391 3,418,301 Netskope, Inc., Class A (a)(b) .......................... 488,626 7,480,864 Ooma, Inc. (a) ........................................ 397,945 9,009,475 PAR Technology Corp. (a) ............................. 5,783 108,720 Pegasystems, Inc. ................................... 15,811 582,003 Q2 Holdings, Inc. (a) .................................. 117,987 7,673,875 Qualys, Inc. (a) ....................................... 85,246 15,867,690 Rapid7, Inc. (a) ....................................... 296,181 3,986,596 RingCentral, Inc., Class A ............................ 81,679 5,686,492 Riot Platforms, Inc. (a) ................................ 709,474 13,476,459 SailPoint, Inc. (a) ..................................... 18,990 390,434 SentinelOne, Inc., Class A (a) ......................... 21,214 468,829 Sprout Social, Inc., Class A (a) ........................ 833,039 9,479,984 Tenable Holdings, Inc. (a) ............................. 373,786 14,259,936 Teradata Corp. (a) .................................... 193,992 5,625,768 Thryv Holdings, Inc. (a) ............................... 567,475 1,083,877 Varonis Systems, Inc. (a) .............................. 394,752 17,278,295 Workiva, Inc., Class A (a) ............................. 62,205 4,976,400 Yext, Inc. (a) .......................................... 2,435 16,485 Zeta Global Holdings Corp., Class A (a) ............... 376,707 11,666,616 304,349,025 Specialized REITs — 0.3% CubeSmart ......................................... 356,617 14,164,827 EPR Properties ..................................... 33,002 1,937,548 Outfront Media, Inc. ................................. 4,869 143,051 16,245,426 Specialty Retail — 2.8% Abercrombie & Fitch Co., Class A (a) .................. 38,257 5,473,812 Advance Auto Parts, Inc. ............................. 39,956 1,685,344 American Eagle Outfitters, Inc. ....................... 678,470 11,282,956 Asbury Automotive Group, Inc. (a) ..................... 22,457 4,747,410 Boot Barn Holdings, Inc. (a) ........................... 80,976 12,197,415 Buckle, Inc. (The) ................................... 251 10,693 Caleres, Inc. ........................................ 198,639 2,419,423 Camping World Holdings, Inc., Class A ............... 309,159 1,997,167 Citi Trends, Inc. (a) ................................... 1,368 93,113 CONN’S, Inc. ESCROW (a)(b)(c) ....................... 224,237 2 Five Below, Inc. (a) ................................... 10,685 2,637,485 Group 1 Automotive, Inc. ............................ 63,025 16,987,759 Haverty Furniture Cos., Inc. .......................... 130,986 3,571,988 Lithia Motors, Inc., Class A ........................... 21,831 8,018,963 Lulu’s Fashion Lounge Holdings, Inc. (a) ............... 11 146 Monro, Inc. .......................................... 147,595 1,839,034 Murphy U.S.A., Inc. .................................. 6,383 3,289,734 RealReal, Inc. (The) (a) ............................... 546,990 5,601,178 Revolve Group, Inc., Class A (a) ....................... 395,447 8,786,832 RH (a) ............................................... 19,241 2,869,795 Signet Jewelers Ltd. ................................. 144,882 11,920,891
Security Shares Value
Specialty Retail (continued) Sonic Automotive, Inc., Class A ...................... 110,775 $ 8,712,454 Stitch Fix, Inc., Class A (a) ............................ 970,941 3,077,883 ThredUp, Inc., Class A (a) ............................. 763,963 2,055,060 Upbound Group, Inc. ................................ 366,853 6,713,410 Urban Outfitters, Inc. (a) .............................. 113,315 9,143,387 Victoria’s Secret & Co. (a) ............................. 93,115 7,952,952 Wayfair, Inc., Class A (a) .............................. 20,212 2,006,445 Winmark Corp. ...................................... 9,190 3,057,697 Zumiez, Inc. (a) ....................................... 238,490 4,268,971 152,419,399 Textiles, Apparel & Luxury Goods — 0.2% Figs, Inc., Class A (a) ................................. 11,128 170,704 G-III Apparel Group Ltd. ............................. 304,063 9,909,413 Steven Madden Ltd. ................................. 45,625 1,970,087 12,050,204 Trading Companies & Distributors — 1.9% Applied Industrial Technologies, Inc. .................. 66,468 21,534,303 BlueLinx Holdings, Inc. (a) ............................ 92,904 7,397,946 Boise Cascade Co. .................................. 181,221 14,137,050 DNOW, Inc. (a) ....................................... 416,715 6,679,941 GATX Corp. ......................................... 43,164 7,550,678 Global Industrial Co. ................................. 63,714 2,491,217 Herc Holdings, Inc. .................................. 69,199 10,541,776 McGrath RentCorp .................................. 41,052 4,615,887 MSC Industrial Direct Co., Inc., Class A .............. 24,222 2,879,511 NPK International, Inc. (a)(b) ........................... 27,684 367,644 Rush Enterprises, Inc., Class A ...................... 200,984 15,441,601 Xometry, Inc., Class A (a)(b) ........................... 125,349 11,618,599 105,256,153 Wireless Telecommunication Services — 0.2% Telephone & Data Systems, Inc. ..................... 328,150 11,052,092 Total Common Stocks — 99.0% (Cost: $4,488,165,564) ............................................. 5,448,886,105
Rights
Biotechnology — 0.0% Akero Therapeutics, Inc., CVR (a)(c) ................... 102,638 66,715 Albireo Pharma Inc., CVR (a)(b)(c) ...................... 28,456 — Blueprint Medicines Corp., CVR (a)(c) .................. 92,408 91,484 Chinook Therapeutics, Inc., CVR (a)(c) ................. 35,990 6,118 Flexion Therapeutics, Inc., CVR (a)(c) .................. 73,745 11,799 Poseida Therapeutics, Inc., CVR (a)(c) ................. 104,999 153,299 329,415 Health Care Providers & Services — 0.0% Surface Oncology, Inc., CVR (a) ....................... 58,721 5,515 Paper & Forest Products — 0.0% Resolute Forest Products, Inc., CVR (a)(c) ............. 72,036 49,705 Pharmaceuticals — 0.0% Esperion Therapeutics, Inc., CVR (a) .................. 1,195,608 23,912 Total Rights — 0.0% (Cost: $—) ......................................................... 408,547 Total Long-Term Investments — 99.0% (Cost: $4,488,165,564) ............................................. 5,449,294,652
Schedule of Investments (unaudited) (continued) August 31, 2026
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Security Shares Value Short-Term Securities
Money Market Funds — 2.9% BlackRock Cash Funds: Institutional, SL Agency Shares, 3.84% (d)(e)(f) .............................. 106,370,156 $ 106,402,067 BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.58% (d)(e) ............................... 53,587,569 53,587,569 Total Short-Term Securities — 2.9% (Cost: $159,982,869) ............................................... 159,989,636 Total Investments — 101.9% (Cost: $4,648,148,433) ............................................. 5,609,284,288 Liabilities in Excess of Other Assets — (1.9)% ....................... (103,600,811) Net Assets — 100.0% ................................................. $ 5,505,683,477
(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) Affiliate of the Fund. (e) Annualized 7-day yield as of period end. (f) 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 August 31, 2026 for purposes of Section 2(a)(3) of the Investm ent Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 05/31/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institutional, SL Agency Shares ............. $ 183,538,995 $ — $ (77,136,453) (a) $ (2,092) $ 1,617 $ 106,402,067 106,370,156 $ 133,417 (b) $— BlackRock Liquidity Funds, T-Fund, Institutional Shares 54,604,684 — (1,017,115) (a) — — 53,587,569 53,587,569 554,736 — $ (2,092) $ 1,617 $ 159,989,636 $ 688,153 $ —
(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 collateral inve stment fees, and other payments to and from borrowers of securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
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 .............................................................................. 400 09/18/26 $ 59,174 $ (489,059)
Schedule of Investments (unaudited) (continued) August 31, 2026
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Fair Value Hiera rchy as of P eriod End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are cate gorized 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Leve l 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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) an d the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments ca tegorized 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 hie rarchy 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 ha ve 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 priv ately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instru ments 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. F or information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial inst ruments 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 ....................................................... $ 5,448,886,103 $ — $ 2 $ 5,448,886,105 Rights ................................................................. — 29,427 379,120 408,547 Short-Term Securities Money Market Funds ................................................... 159,989,636 — — 159,989,636 $ 5,608,875,739 $ 29,427 $ 379,122 $ 5,609,284,288 Derivative Financial Instruments (a) Liabilities Equity Contracts ........................................................ $ (489,059) $ — $ — $ (489,059)
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instru ment.
Portfolio Abbreviation
ADR American Depositary Receipt CVR Contingent Value Rights LP Limited Partnership NVS Non-Voting Shares REIT Real Estate Investment Trust
Schedule of Investments (unaudited) (continued) August 31, 2026
BlackRock Advantage Small Cap Core Fund
12 BNM1026U-6041638-19232804
Truncated: This annotation is too large to fit.
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