Schedule of Investments (unaudited) 
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.9%
AAR Corp.(a)
7,880
$  1,126,288
Aevex Corp., Class A(a)(b)
21,118
441,155
Archer Aviation, Inc., Class A(a)
104,835
495,870
Arxis, Inc., Class A(a)(b)
13,854
639,224
Astronics Corp.(a)
19,066
1,549,303
Astronics Corp., Class B(a)
2,966
225,416
Carpenter Technology Corp.
2,344
1,445,873
Ducommun, Inc.(a)
22,608
4,187,228
Firefly Aerospace, Inc.(a)
36,804
1,082,038
Hawkeye 360, Inc.(a)(b)
3,418
69,112
Intuitive Machines, Inc., Class A(a)
74,124
1,585,512
Kratos Defense & Security Solutions, Inc.(a)
35,754
1,782,694
Mercury Systems, Inc.(a)
18,161
2,221,635
Moog, Inc., Class A
14,223
6,028,276
Redwire Corp.(a)(b)
45,005
550,411
Voyager Technologies, Inc., Class A(a)(b)
24,628
794,253
 
24,224,288
Air Freight & Logistics — 0.1%
Forward Air Corp.(a)(b)
48,986
661,801
Automobile Components — 0.7%
BorgWarner, Inc.
23,284
1,546,058
Dana, Inc.
77,556
2,110,299
Patrick Industries, Inc.
14,561
1,307,286
QuantumScape Corp., Class A(a)
76,687
579,754
Stoneridge, Inc.(a)
51,576
377,536
 
5,920,933
Banks — 2.0%
Amalgamated Financial Corp.
23,589
1,082,735
Bank7 Corp.
25,633
1,254,735
Bankwell Financial Group, Inc.
9,381
551,134
First Business Financial Services, Inc.
10,050
634,859
First Financial Bankshares, Inc.
28,715
993,539
First Financial Corp.
7,470
578,477
Glacier Bancorp, Inc.
26,299
1,356,502
Greene County Bancorp, Inc.
27,216
914,185
Old National Bancorp
12,253
317,353
Orange County Bancorp, Inc.
68,079
2,503,946
Park National Corp.
3,819
698,839
Southern Missouri Bancorp, Inc.
17,783
1,355,242
UMB Financial Corp.
21,213
3,028,368
USCB Financial Holdings, Inc., Class A
45,291
926,654
 
16,196,568
Beverages — 0.1%
Vita Coco Co., Inc. (The)(a)
13,698
905,986
Biotechnology — 15.4%
Absci Corp.(a)
50,457
584,797
ACADIA Pharmaceuticals, Inc.(a)
99,123
2,507,812
ADMA Biologics, Inc.(a)
135,086
1,130,670
Agios Pharmaceuticals, Inc.(a)
26,355
978,034
Alkermes PLC(a)
82,462
4,320,596
Allogene Therapeutics, Inc.(a)
165,491
344,221
Altimmune, Inc.(a)
233,173
708,846
Apogee Therapeutics, Inc.(a)
20,657
2,741,804
Arcus Biosciences, Inc.(a)
14,033
432,637
Arcutis Biotherapeutics, Inc.(a)
75,104
1,969,227
Ardelyx, Inc.(a)
267,782
1,365,688
Arrowhead Pharmaceuticals, Inc.(a)
9,526
776,464
Atrium Therapeutics, Inc.(a)
4,913
66,080
Aurinia Pharmaceuticals, Inc.(a)
16,867
286,233
Security
 
 
Shares
Value
Biotechnology (continued)
Beam Therapeutics, Inc.(a)
36,665
$  1,258,343
BioCryst Pharmaceuticals, Inc.(a)
171,897
1,718,970
Biohaven Ltd.(a)
102,323
1,522,566
Capricor Therapeutics, Inc.(a)
20,496
493,544
Catalyst Pharmaceuticals, Inc.(a)
86,376
2,714,798
Celcuity, Inc.(a)
20,673
2,162,809
Celldex Therapeutics, Inc.(a)
49,109
1,827,346
CG oncology, Inc.(a)
25,564
1,816,322
Cogent Biosciences, Inc.(a)
66,052
2,556,212
Coherus Oncology, Inc.(a)
203,071
284,299
Corvus Pharmaceuticals, Inc.(a)(b)
38,996
582,600
Cytokinetics, Inc.(a)
11,077
943,650
Denali Therapeutics, Inc.(a)
19,290
496,139
Dianthus Therapeutics, Inc.(a)
15,029
1,465,027
Disc Medicine, Inc.(a)
4,768
348,731
Editas Medicine, Inc.(a)
269,751
873,993
Erasca, Inc.(a)
96,525
1,768,338
Exelixis, Inc.(a)
8,397
456,881
Fate Therapeutics, Inc.(a)
233,942
631,643
Ideaya Biosciences, Inc.(a)
27,656
1,030,739
ImmunityBio, Inc.(a)(b)
151,826
1,329,237
Immunome, Inc.(a)
28,438
602,601
Immunovant, Inc.(a)
30,378
1,170,464
Inhibrx Biosciences, Inc.(a)
1
95
Intellia Therapeutics, Inc.(a)
39,275
664,533
Ironwood Pharmaceuticals, Inc., Class A(a)
219,444
923,859
Janux Therapeutics, Inc.(a)
60,905
935,501
Keros Therapeutics, Inc.(a)
45,719
489,193
Kiniksa Pharmaceuticals International PLC(a)
7,752
495,740
Kodiak Sciences, Inc.(a)
18,581
723,916
Krystal Biotech, Inc., Class A3(a)
10,768
4,002,143
Kura Oncology, Inc.(a)
127,075
1,394,013
Kymera Therapeutics, Inc.(a)
18,304
2,098,920
Madrigal Pharmaceuticals, Inc.(a)
1,623
871,470
MannKind Corp.(a)
332,180
1,415,087
MeiraGTx Holdings PLC(a)(b)
92,486
1,249,486
Mineralys Therapeutics, Inc.(a)
52,915
1,427,647
Mirum Pharmaceuticals, Inc.(a)
30,722
3,596,624
Myriad Genetics, Inc.(a)
109,194
623,498
Nkarta, Inc.(a)
266,859
755,211
Nuvalent, Inc., Class A(a)
25,128
3,103,308
Organogenesis Holdings, Inc., Class A(a)
188,709
458,563
Oruka Therapeutics, Inc.(a)
16,262
1,547,654
Palvella Therapeutics, Inc.(a)
3,096
473,131
Perspective Therapeutics, Inc.(a)
48,943
166,896
Praxis Precision Medicines, Inc.(a)
10,641
3,562,500
Precigen, Inc.(a)
68,571
390,855
Protagonist Therapeutics, Inc.(a)
23,892
2,928,681
Prothena Corp. PLC(a)
80,142
784,590
PTC Therapeutics, Inc.(a)
34,669
2,827,950
Recursion Pharmaceuticals, Inc., Class A(a)(b)
276,585
1,015,067
REGENXBIO, Inc.(a)
89,187
1,068,460
Relay Therapeutics, Inc.(a)
30,797
576,212
Replimune Group, Inc.(a)
76,652
848,538
Rezolute, Inc.(a)
119,243
620,064
Rhythm Pharmaceuticals, Inc.(a)
20,406
2,265,678
Rigel Pharmaceuticals, Inc.(a)
14,403
563,445
Sarepta Therapeutics, Inc.(a)
55,977
1,005,907
Scholar Rock Holding Corp.(a)
37,826
2,080,430
SELLAS Life Sciences Group, Inc.(a)(b)
52,616
776,612
Solid Biosciences, Inc.(a)
56,811
567,542
Spyre Therapeutics, Inc.(a)
28,306
2,513,007
1
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Biotechnology (continued)
Stoke Therapeutics, Inc.(a)
2,024
$  66,225
Summit Therapeutics, Inc.(a)
11,588
168,837
Syndax Pharmaceuticals, Inc.(a)
77,987
1,704,796
Tango Therapeutics, Inc.(a)(b)
68,130
2,129,744
Taysha Gene Therapies, Inc.(a)
37,701
256,744
TG Therapeutics, Inc.(a)
83,896
4,609,246
Travere Therapeutics, Inc.(a)
40,152
2,281,035
Twist Bioscience Corp.(a)
34,919
3,592,467
Ultragenyx Pharmaceutical, Inc.(a)
52,690
1,759,319
Vanda Pharmaceuticals, Inc.(a)
75,772
463,725
Vaxcyte, Inc.(a)
30,030
1,745,644
Vera Therapeutics, Inc., Class A(a)
37,240
1,597,968
Veracyte, Inc.(a)
30,364
1,783,278
Verastem, Inc.(a)
170,345
650,718
Vericel Corp.(a)
7,497
333,541
Viking Therapeutics, Inc.(a)
22,274
868,909
Vor BioPharma, Inc.(a)
9,083
167,218
Xencor, Inc.(a)
61,706
993,467
Xenon Pharmaceuticals, Inc.(a)
60,180
3,632,465
Zymeworks, Inc.(a)
41,567
1,086,561
 
127,972,294
Building Products — 1.0%
AZZ, Inc.
13,849
2,147,287
Madison Air Solutions Corp., Class A(a)(b)
43,389
1,692,171
Modine Manufacturing Co.(a)
3,790
1,012,006
Resideo Technologies, Inc.(a)
12,832
399,075
Zurn Elkay Water Solutions Corp.
57,909
2,926,142
 
8,176,681
Capital Markets — 3.0%
Acadian Asset Management, Inc.
15,226
1,088,963
Artisan Partners Asset Management, Inc., Class A
19,381
669,226
BGC Group, Inc., Class A
155,232
1,659,430
Cohen & Steers, Inc.
11,586
882,158
Evercore, Inc., Class A
3,509
1,198,113
GCM Grosvenor, Inc., Class A
93,418
1,149,041
Hamilton Lane, Inc., Class A
7,449
587,205
Lincoln International, Inc., Class A(a)
13,865
330,958
Marex Group PLC
22,634
1,379,542
Miami International Holdings, Inc.(a)
16,230
603,107
Piper Sandler Cos.
32,955
2,383,965
PJT Partners, Inc., Class A
8,316
1,255,217
SEI Investments Co.
4,500
394,695
StepStone Group, Inc., Class A
52,911
2,188,399
StoneX Group, Inc.(a)
40,446
4,792,851
Virtu Financial, Inc., Class A
25,499
1,518,975
Wealthfront Corp.(a)
96,541
863,076
Webull Corp., Class A(a)
193,405
1,261,001
WisdomTree, Inc.
27,371
463,665
 
24,669,587
Chemicals — 0.8%
Balchem Corp.
3,195
539,795
Chemours Co. (The)
28,788
590,730
Ecovyst, Inc.(a)
67,808
844,210
Hawkins, Inc.
2,667
378,981
Ingevity Corp.(a)
7,332
547,480
Innospec, Inc.
12,533
1,020,061
Mativ Holdings, Inc.
43,617
330,181
Perimeter Solutions, Inc.(a)
27,236
970,963
Sensient Technologies Corp.
8,694
1,071,883
 
6,294,284
Security
 
 
Shares
Value
Commercial Services & Supplies — 0.5%
ACV Auctions, Inc., Class A(a)(b)
72,773
$  523,238
Casella Waste Systems, Inc., Class A(a)
12,224
1,185,361
Healthcare Services Group, Inc.(a)
14,693
360,860
OPENLANE, Inc.(a)
11,012
454,135
Tetra Tech, Inc.
62,974
1,819,319
 
4,342,913
Communications Equipment — 1.4%
Calix, Inc.(a)
53,847
2,009,570
Ciena Corp.(a)
1,541
755,953
Extreme Networks, Inc.(a)
62,843
2,034,228
Lumentum Holdings, Inc.(a)(b)
1,611
1,382,335
NETGEAR, Inc.(a)
25,999
607,076
Ondas, Inc.(a)(b)
157,832
1,300,536
Viavi Solutions, Inc.(a)
64,637
3,086,417
 
11,176,115
Construction & Engineering — 3.4%
Arcosa, Inc.
4,830
701,751
Argan, Inc.
6,799
5,429,341
Comfort Systems U.S.A., Inc.
2,811
5,571,261
Construction Partners, Inc., Class A(a)
11,476
1,363,005
Dycom Industries, Inc.(a)
3,896
1,969,779
Everus Construction Group, Inc.(a)
9,255
1,535,867
Fluor Corp.(a)
21,133
1,107,158
Granite Construction, Inc.
14,430
2,281,094
IES Holdings, Inc.(a)
1,410
1,035,871
Legence Corp., Class A(a)
11,467
977,332
MasTec, Inc.(a)
982
408,571
MYR Group, Inc.(a)
6,641
3,323,156
Sterling Infrastructure, Inc.(a)
1,821
1,528,475
Tutor Perini Corp.(b)
13,092
1,086,243
 
28,318,904
Construction Materials — 0.2%
Knife River Corp.(a)
15,711
1,314,225
United States Lime & Minerals, Inc.
3,154
330,129
 
1,644,354
Consumer Finance — 1.8%
Dave, Inc., Class A(a)
3,690
1,374,857
Enova International, Inc.(a)
17,810
4,287,401
EZCORP, Inc., Class A, NVS(a)
18,878
652,613
FirstCash Holdings, Inc.
12,425
2,687,776
LendingTree, Inc.(a)
14,337
634,986
OneMain Holdings, Inc.
37,038
2,258,207
PRA Group, Inc.(a)
28,369
538,727
PROG Holdings, Inc.
14,805
690,061
Upstart Holdings, Inc.(a)(b)
53,980
1,912,511
 
15,037,139
Consumer Staples Distribution & Retail — 1.2%
Andersons, Inc. (The)
37,574
2,570,062
BJ’s Wholesale Club Holdings, Inc.(a)
11,200
976,864
Chefs’ Warehouse, Inc. (The)(a)
26,866
2,581,822
PriceSmart, Inc.
14,720
2,875,405
United Natural Foods, Inc.(a)
16,986
775,751
 
9,779,904
Distributors — 0.2%
Gold.com, Inc.
15,754
655,524
LKQ Corp.
52,244
1,375,584
 
2,031,108
Diversified Consumer Services — 1.4%
American Public Education, Inc.(a)
18,085
971,165
2
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Diversified Consumer Services (continued)
Coursera, Inc.(a)
91,550
$  516,342
Covista, Inc.(a)
23,213
2,893,733
Frontdoor, Inc.(a)
33,199
2,575,910
Grand Canyon Education, Inc.(a)
4,485
641,848
Laureate Education, Inc., Class A(a)
34,471
1,251,987
Lincoln Educational Services Corp.(a)
12,548
626,145
Strategic Education, Inc.
7,713
590,970
Universal Technical Institute, Inc.(a)
32,318
1,382,241
 
11,450,341
Diversified Telecommunication Services — 0.3%
Bandwidth, Inc., Class A(a)
9,190
581,727
IDT Corp., Class B
21,142
1,229,619
Lumen Technologies, Inc.(a)
96,230
739,046
 
2,550,392
Electric Utilities — 0.1%
MGE Energy, Inc.
13,447
1,096,468
Electrical Equipment — 2.2%
American Superconductor Corp.(a)
25,968
1,077,932
Amprius Technologies, Inc.(a)
71,428
989,992
Atkore, Inc.
7,582
576,535
Bloom Energy Corp., Class A(a)
3,959
1,198,389
Dpc Holdings Ltd.(a)
2,034
99,788
EnerSys(b)
26,105
6,103,871
Enovix Corp.(a)(b)
101,810
617,987
Eos Energy Enterprises, Inc., Class A(a)(b)
110,235
648,182
Fluence Energy, Inc., Class A(a)
38,888
773,093
Nextpower, Inc., Class A(a)
8,976
1,069,401
NuScale Power Corp., Class A(a)
189,109
1,896,763
Plug Power, Inc.(a)
357,177
967,950
Vicor Corp.(a)
3,837
1,457,216
X-Energy, Inc., Class A(a)(b)
24,933
457,770
 
17,934,869
Electronic Equipment, Instruments & Components — 4.2%
Advanced Energy Industries, Inc.
12,280
4,578,844
Arrow Electronics, Inc.(a)
1,570
335,054
Avnet, Inc.
45,934
4,079,858
Bel Fuse, Inc., Class B, NVS
2,969
988,796
Belden, Inc.
16,828
2,017,845
Benchmark Electronics, Inc.
13,140
1,296,524
CTS Corp.
9,125
594,859
Fabrinet(a)
3,410
1,916,693
IPG Photonics Corp.(a)
4,242
497,671
Knowles Corp.(a)
15,826
656,462
LightPath Technologies, Inc., Class A(a)
32,070
524,345
Lightwave Logic, Inc.(a)
59,279
560,779
Littelfuse, Inc.
4,956
2,256,615
nLight, Inc.(a)
24,833
1,728,873
Novanta, Inc.(a)(b)
11,210
1,818,710
OSI Systems, Inc.(a)
2,965
648,446
Ouster, Inc.(a)
5,423
339,046
Plexus Corp.(a)(b)
15,977
4,803,805
Sanmina Corp.(a)
10,564
2,673,537
TTM Technologies, Inc.(a)
8,213
1,535,995
Vishay Intertechnology, Inc.
6,905
371,351
Vishay Precision Group, Inc.(a)
5,310
796,022
 
35,020,130
Energy Equipment & Services — 2.8%
Archrock, Inc.
127,225
5,179,330
Atlas Energy Solutions, Inc.
48,041
797,961
Cactus, Inc., Class A
18,146
929,620
Security
 
 
Shares
Value
Energy Equipment & Services (continued)
Helmerich & Payne, Inc.
31,829
$  1,042,081
Kodiak Gas Services, Inc.
43,768
3,288,290
Liberty Energy, Inc., Class A
121,612
3,185,018
National Energy Services Reunited Corp.(a)
26,212
784,525
Noble Corp. PLC
17,265
643,984
Oceaneering International, Inc.(a)(b)
41,393
1,677,244
Patterson-UTI Energy, Inc.
123,504
1,133,767
Select Water Solutions, Inc., Class A
51,621
1,031,388
Solaris Energy Infrastructure, Inc., Class A
14,008
1,127,084
Tidewater, Inc.(a)
30,527
2,034,014
Valaris Ltd.(a)
4,861
352,909
Weatherford International PLC
4,203
342,544
 
23,549,759
Entertainment — 0.7%
Cinemark Holdings, Inc.
74,062
2,349,987
Lionsgate Studios Corp.(a)
48,478
742,198
Madison Square Garden Entertainment Corp., Class A(a)
20,402
1,650,318
Reservoir Media, Inc.(a)
15,417
152,474
Stubhub Holdings, Inc., Class A(a)
81,390
1,047,490
 
5,942,467
Financial Services — 0.5%
Chime Financial, Inc., Class A(a)
76,684
1,570,488
Paymentus Holdings, Inc., Class A(a)
24,205
584,793
Remitly Global, Inc.(a)
44,089
988,035
Sezzle, Inc.(a)
3,167
543,552
StoneCo Ltd., Class A
39,118
424,039
Velocity Financial, Inc.(a)
4
74
 
4,110,981
Food Products — 0.1%
Vital Farms, Inc.(a)
47,078
547,517
Gas Utilities — 0.2%
Brookfield Infrastructure Corp., Class A
36,399
1,401,361
MDU Resources Group, Inc.
25,403
538,798
 
1,940,159
Ground Transportation — 0.3%
ArcBest Corp.
6,102
875,881
Werner Enterprises, Inc.
37,071
1,616,666
 
2,492,547
Health Care Equipment & Supplies — 2.6%
Alphatec Holdings, Inc.(a)
59,528
514,917
Butterfly Network, Inc., Class A(a)
66,994
564,090
Cerus Corp.(a)
575,607
1,680,773
ClearPoint Neuro, Inc.(a)(b)
42,945
766,139
Delcath Systems, Inc.(a)
73,405
924,169
Glaukos Corp.(a)
29,297
4,094,549
Haemonetics Corp.(a)
10,263
769,725
Inogen, Inc.(a)
7
45
Inspire Medical Systems, Inc.(a)
14,263
636,272
iRadimed Corp.
20,353
1,944,933
IRhythm Holdings, Inc.(a)
17,900
2,129,205
Lantheus Holdings, Inc.(a)
21,008
2,330,628
NeuroPace, Inc.(a)
42,655
677,788
Novocure Ltd.(a)
69,507
1,053,031
Procept Biorobotics Corp.(a)
21,804
492,334
RxSight, Inc.(a)
150,722
726,480
Tandem Diabetes Care, Inc.(a)
39,716
599,314
TransMedics Group, Inc.(a)(b)
19,001
1,262,046
 
21,166,438
3
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Health Care Providers & Services — 5.2%
Addus HomeCare Corp.(a)
21,202
$  2,130,165
agilon health, Inc.(a)
12,732
1,364,616
Alignment Healthcare, Inc.(a)
50,316
1,198,024
Astrana Health, Inc.(a)
32,080
1,488,833
Aveanna Healthcare Holdings, Inc.(a)
69,763
597,869
BrightSpring Health Services, Inc.(a)
29,754
2,075,044
Castle Biosciences, Inc.(a)
14,075
335,689
Chemed Corp.
3,396
1,581,653
Chrome Holding Co.(a)(c)
7
24
Clover Health Investments Corp., Class A(a)
218,272
1,143,745
CorVel Corp.(a)
26,983
1,686,977
Encompass Health Corp.
16,589
1,676,816
Ensign Group, Inc. (The)
9,583
1,536,155
GeneDx Holdings Corp., Class A(a)
9,045
620,939
Guardant Health, Inc.(a)
2,960
444,089
HealthEquity, Inc.(a)
43,631
3,940,752
Hims & Hers Health, Inc., Class A(a)(b)
112,520
3,901,068
Hinge Health, Inc., Class A(a)(b)
25,790
2,140,570
LifeStance Health Group, Inc.(a)
111,759
1,196,939
Molina Healthcare, Inc.(a)
2,839
649,279
Option Care Health, Inc.(a)
109,113
2,288,100
PACS Group, Inc.(a)
22,703
968,056
Pennant Group, Inc. (The)(a)
17,249
637,350
Privia Health Group, Inc.(a)
184,060
4,735,864
Progyny, Inc.(a)
29,236
842,874
RadNet, Inc.(a)
45,428
2,801,545
Viemed Healthcare, Inc.(a)
124,615
1,420,611
 
43,403,646
Health Care Technology — 0.7%
Doximity, Inc., Class A(a)
33,058
685,623
Evolent Health, Inc., Class A(a)
211,649
1,147,138
HeartFlow, Inc.(a)
26,763
785,226
Phreesia, Inc.(a)
143,872
1,480,443
Schrodinger, Inc.(a)
80,298
1,304,842
Simulations Plus, Inc.(a)
7,344
134,469
 
5,537,741
Hotel & Resort REITs — 0.6%
Chatham Lodging Trust
111,281
1,472,248
Host Hotels & Resorts, Inc.
19,428
460,638
Ryman Hospitality Properties, Inc.
14,659
1,884,414
Sunstone Hotel Investors, Inc.
98,696
1,130,069
 
4,947,369
Hotels, Restaurants & Leisure — 1.9%
Brinker International, Inc.(a)
20,578
3,457,104
Cheesecake Factory, Inc. (The)
5,208
414,244
Dave & Buster’s Entertainment, Inc.(a)
53,452
609,353
Genius Sports Ltd.(a)
175,052
1,060,815
Hilton Grand Vacations, Inc.(a)
37,108
1,943,346
Kura Sushi U.S.A., Inc., Class A(a)
11,870
683,237
Lindblad Expeditions Holdings, Inc.(a)
35,551
1,003,960
Monarch Casino & Resort, Inc.
6,471
851,648
Nathan’s Famous, Inc.
3,018
306,629
Navan, Inc., Class A(a)
37,910
867,002
Rush Street Interactive, Inc., Class A(a)
52,672
1,566,465
Shake Shack, Inc., Class A(a)
21,425
1,200,229
Six Flags Entertainment Corp.(a)
34,488
734,595
Travel + Leisure Co.
18,356
1,402,949
 
16,101,576
Household Durables — 0.9%
Cavco Industries, Inc.(a)
1,947
1,196,198
Security
 
 
Shares
Value
Household Durables (continued)
Champion Homes, Inc.(a)
7,618
$  671,298
Installed Building Products, Inc.
23,846
5,480,765
 
7,348,261
Household Products — 0.1%
Central Garden & Pet Co.(a)
12,215
541,613
Independent Power and Renewable Electricity Producers — 0.0%
Fervo Energy Co., Class A(a)
9,950
290,838
Industrial Conglomerates — 0.1%
Brookfield Business Corp., Class A
24,881
742,698
Insurance — 1.9%
American Financial Group, Inc.
12,524
1,752,608
Crawford & Co., Class A, NVS
42,091
474,366
HCI Group, Inc.
7,985
1,399,371
Investors Title Co.
1
274
Lemonade, Inc.(a)
44,952
2,924,128
Mercury General Corp.
5,131
547,067
Oscar Health, Inc., Class A(a)
144,259
4,114,267
Palomar Holdings, Inc.(a)
13,725
1,734,703
Root, Inc., Class A(a)
10,300
575,976
Skyward Specialty Insurance Group, Inc.(a)
9,927
579,240
Trupanion, Inc.(a)
18,835
466,543
Universal Insurance Holdings, Inc.
26,381
1,091,118
 
15,659,661
Interactive Media & Services — 0.8%
Angi, Inc., Class A(a)
52,644
313,232
Cargurus, Inc., Class A(a)
24,720
842,705
EverQuote, Inc., Class A(a)
30,617
728,378
fuboTV, Inc., Class A(a)(b)
53,214
489,569
QuinStreet, Inc.(a)
118,084
1,729,931
Snap, Inc., Class A, NVS(a)
188,982
839,080
Yelp, Inc.(a)
31,450
771,154
ZipRecruiter, Inc., Class A(a)
227,847
854,426
 
6,568,475
IT Services — 0.2%
Fastly, Inc., Class A(a)
82,279
1,510,642
TSS, Inc.(a)
33,782
415,519
 
1,926,161
Leisure Products — 0.3%
Brunswick Corp.
18,933
1,594,916
Polaris, Inc.
15,452
1,057,535
 
2,652,451
Life Sciences Tools & Services — 0.8%
10X Genomics, Inc., Class A(a)
40,129
1,538,546
Adaptive Biotechnologies Corp.(a)
118,947
2,551,413
Azenta, Inc.(a)
14,596
372,490
CryoPort, Inc.(a)
24,719
388,088
Pacific Biosciences of California, Inc.(a)
401,976
675,320
Tempus AI, Inc., Class A(a)
15,948
923,867
 
6,449,724
Machinery — 3.8%
Albany International Corp., Class A
7,809
581,770
Allison Transmission Holdings, Inc.
6,221
701,356
CECO Environmental Corp.(a)
24,528
2,225,671
Crane Co.
2,480
553,214
Donaldson Co., Inc.
30,194
2,710,515
Energy Recovery, Inc.(a)
36,097
325,595
Enerpac Tool Group Corp., Class A
47,674
1,709,590
Enpro, Inc.
9,127
3,440,240
4
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Machinery (continued)
ESCO Technologies, Inc.
14,175
$  4,961,817
Federal Signal Corp.
41,192
5,292,760
Franklin Electric Co., Inc.
19,649
2,106,176
Kadant, Inc.
1,688
530,420
Kennametal, Inc.
31,414
1,101,061
Mueller Industries, Inc.
9,697
1,192,052
Mueller Water Products, Inc., Class A
27,715
715,878
SPX Technologies, Inc.(a)
4,916
1,205,256
Trinity Industries, Inc.
43,391
1,500,461
Worthington Enterprises, Inc.
12,051
647,862
 
31,501,694
Marine Transportation — 0.3%
Genco Shipping & Trading Ltd.
50,731
1,257,114
Kirby Corp.(a)
6,759
919,021
 
2,176,135
Media — 0.4%
DoubleVerify Holdings, Inc.(a)
52,102
564,786
Magnite, Inc.(a)
74,586
1,415,642
MNTN, Inc., Class A(a)
59,120
543,904
New York Times Co. (The), Class A
8,885
621,772
Trade Desk, Inc. (The), Class A(a)
24,081
435,385
 
3,581,489
Metals & Mining — 2.7%
Alpha Metallurgical Resources, Inc.(a)
4,974
820,412
Century Aluminum Co.(a)
54,525
2,508,695
Commercial Metals Co.
8,416
528,104
Constellium SE, Class A(a)
136,694
4,356,438
Idaho Strategic Resources, Inc.(a)
13,077
428,272
Kaiser Aluminum Corp.
18,015
3,524,274
Materion Corp.
14,942
4,443,601
Novagold Resources, Inc.(a)
137,171
818,911
Perpetua Resources Corp.(a)
36,481
757,346
Ramaco Resources, Inc., Class A(a)
52,824
698,861
SSR Mining, Inc.(a)
22,575
638,421
USA Rare Earth, Inc., Class A(a)(b)
64,332
1,388,285
Warrior Met Coal, Inc.
13,022
1,056,865
 
21,968,485
Office REITs — 0.1%
Hudson Pacific Properties, Inc.(a)
60,198
914,408
Oil, Gas & Consumable Fuels — 2.3%
Ardmore Shipping Corp.
53,093
743,833
Centrus Energy Corp., Class A(a)(b)
4,640
778,917
Chord Energy Corp.
3,713
424,396
CVR Energy, Inc.
44,422
1,223,382
Delek U.S. Holdings, Inc.
39,276
1,995,613
DHT Holdings, Inc.
93,916
1,552,431
Energy Fuels, Inc.(a)
124,418
1,804,061
Kinetik Holdings, Inc., Class A
17,679
854,603
Magnolia Oil & Gas Corp., Class A
89,972
2,301,484
Scorpio Tankers, Inc.
13,508
935,564
SM Energy Co.
43,971
1,147,643
Sunococorp LLC
10,101
683,535
Teekay Corp. Ltd.
70,064
700,640
Uranium Energy Corp.(a)
204,204
2,176,815
World Kinect Corp.
44,977
1,481,542
 
18,804,459
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)
18,040
941,688
Security
 
 
Shares
Value
Passenger Airlines (continued)
Joby Aviation, Inc., Class A(a)(b)
220,739
$  1,968,992
SkyWest, Inc.(a)
7,769
771,695
 
3,682,375
Pharmaceuticals — 3.4%
Alumis, Inc.(a)
27,481
773,315
Amylyx Pharmaceuticals, Inc.(a)
56,946
1,022,750
Arvinas, Inc.(a)
107,081
889,843
AtaiBeckley, Inc.(a)
99,206
522,816
Atea Pharmaceuticals, Inc.(a)
142,812
664,076
Axsome Therapeutics, Inc.(a)
3,726
912,013
Crinetics Pharmaceuticals, Inc.(a)
67,843
2,538,685
Definium Therapeutics, Inc.(a)
42,824
2,014,441
Edgewise Therapeutics, Inc.(a)
33,296
1,352,817
Enliven Therapeutics, Inc.(a)
23,403
1,187,702
Fulcrum Therapeutics, Inc.(a)
138,168
505,695
Harmony Biosciences Holdings, Inc.(a)
15,129
550,847
Indivior Pharmaceuticals, Inc.(a)
52,149
2,139,673
Ligand Pharmaceuticals, Inc.(a)
2,286
722,582
Liquidia Corp.(a)
23,992
1,912,882
MBX Biosciences, Inc.(a)
10,015
552,828
Nektar Therapeutics(a)
16,339
1,140,626
Nuvation Bio, Inc., Class A(a)
165,168
938,154
Ocular Therapeutix, Inc.(a)
163,372
1,604,313
Supernus Pharmaceuticals, Inc.(a)
18,839
876,202
Tarsus Pharmaceuticals, Inc.(a)
18,016
1,133,927
Theravance Biopharma, Inc.(a)
38,788
659,396
Trevi Therapeutics, Inc.(a)
71,233
1,328,495
VeraDermics, Inc.(a)
3,528
433,732
WaVe Life Sciences Ltd.(a)
222,365
1,291,941
Xeris Biopharma Holdings, Inc.(a)
89,665
710,147
 
28,379,898
Professional Services — 1.6%
BlackSky Technology, Inc., Class A(a)(b)
22,946
640,652
Booz Allen Hamilton Holding Corp., Class A
13,562
822,806
CBIZ, Inc.(a)
33,782
1,083,727
CRA International, Inc.
5,566
792,042
ExlService Holdings, Inc.(a)
115,331
2,982,460
Exponent, Inc.
23,607
1,387,147
IBEX Holdings Ltd.(a)
33,622
1,021,100
Innodata, Inc.(a)
12,999
982,464
Kforce, Inc.
1
47
Maximus, Inc.
30,892
1,660,754
Planet Labs PBC, Class A(a)
18,266
605,153
Verra Mobility Corp., Class A(a)
218,427
928,315
Willdan Group, Inc.(a)
8,977
710,081
 
13,616,748
Real Estate Management & Development — 0.4%
Compass, Inc., Class A(a)
156,823
1,933,628
Opendoor Technologies, Inc., Class A(a)
314,825
1,454,491
RMR Group, Inc. (The), Class A
6
123
 
3,388,242
Retail REITs — 0.2%
CBL & Associates Properties, Inc.
13,198
700,682
NNN REIT, Inc.
11,746
546,541
 
1,247,223
Semiconductors & Semiconductor Equipment — 6.6%
ACM Research, Inc., Class A(a)
21,603
2,741,205
Aehr Test Systems(a)
20,271
1,947,232
Ambarella, Inc.(a)
22,098
1,896,008
Ambiq Micro, Inc.(a)
12,335
1,089,181
5
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Axcelis Technologies, Inc.(a)
17,560
$  3,326,742
AXT, Inc.(a)
35,166
2,534,765
Cirrus Logic, Inc.(a)
15,349
2,279,787
Cohu, Inc.(a)
8,258
610,349
Credo Technology Group Holding Ltd.(a)
2,443
664,374
Diodes, Inc.(a)
5,864
641,756
Everspin Technologies, Inc.(a)
20,308
491,047
FormFactor, Inc.(a)
20,870
3,337,739
Ichor Holdings Ltd.(a)
9,727
1,092,148
Impinj, Inc.(a)
9,744
1,395,633
Kulicke & Soffa Industries, Inc.
40,215
5,379,158
MaxLinear, Inc.(a)
42,671
5,463,168
Navitas Semiconductor Corp.(a)
71,007
1,272,446
Onto Innovation, Inc.(a)
3,969
1,502,068
Power Integrations, Inc.
18,525
1,551,654
Rambus, Inc.(a)
8,489
1,126,830
Rigetti Computing, Inc.(a)(b)
133,740
2,583,857
Semtech Corp.(a)
5,284
855,215
Silicon Laboratories, Inc.(a)
26,543
5,801,238
SiTime Corp.(a)
1,198
893,181
SkyWater Technology, Inc.(a)
17,027
592,880
T1 Energy, Inc.(a)
68,812
652,338
Ultra Clean Holdings, Inc.(a)
17,792
2,536,961
Veeco Instruments, Inc.(a)
12,145
920,591
 
55,179,551
Software — 8.7%
8x8, Inc.(a)
168,074
287,407
A10 Networks, Inc.
18,265
682,380
Adeia, Inc.
18,363
604,694
Agilysys, Inc.(a)
9,854
1,029,743
Alarm.com Holdings, Inc.(a)
24,530
1,146,042
Amplitude, Inc., Class A(a)
69,035
528,118
Arteris, Inc.(a)
25,123
1,220,727
Bitdeer Technologies Group, Class A(a)(b)
26,712
423,919
Box, Inc., Class A(a)
89,430
2,373,472
Braze, Inc., Class A(a)
27,288
591,877
C3.ai, Inc., Class A(a)(b)
117,583
1,068,829
Cipher Digital, Inc.(a)
171,010
4,189,745
Clear Secure, Inc., Class A
34,867
1,943,138
Commvault Systems, Inc.(a)
21,267
3,014,172
Core Scientific, Inc.(a)
144,388
3,694,889
Domo, Inc., Class B(a)(b)
285,665
894,131
D-Wave Quantum, Inc.(a)(b)
169,678
4,070,575
Dynatrace, Inc.(a)
57,220
2,512,530
Hut 8 Corp.(a)
26,072
3,009,882
Intapp, Inc.(a)
30,917
779,418
InterDigital, Inc.
17,718
5,016,497
JFrog Ltd.(a)(b)
46,108
4,190,295
Manhattan Associates, Inc.(a)
4,281
596,129
Netskope, Inc., Class A(a)(b)
92,558
1,012,585
Ooma, Inc.(a)
67,162
1,290,854
Progress Software Corp.(a)
19,287
647,657
Q2 Holdings, Inc.(a)
32,073
1,542,711
Qualys, Inc.(a)
20,128
2,767,399
Red Violet, Inc.(a)
20,568
1,310,593
RingCentral, Inc., Class A
13,380
521,552
Riot Platforms, Inc.(a)
120,027
3,286,339
ServiceTitan, Inc., Class A(a)
10,859
767,840
SoundHound AI, Inc., Class A(a)(b)
86,819
561,719
SoundThinking, Inc.(a)
43,857
396,906
Sprout Social, Inc., Class A(a)
188,912
1,426,286
Tenable Holdings, Inc.(a)
93,446
3,446,289
Security
 
 
Shares
Value
Software (continued)
Teradata Corp.(a)
31,628
$  1,095,910
Thryv Holdings, Inc.(a)
91,351
359,923
Varonis Systems, Inc.(a)(b)
96,895
4,065,714
Workiva, Inc., Class A(a)
28,700
1,392,237
Xperi, Inc.(a)
49,700
409,031
Zeta Global Holdings Corp., Class A(a)
118,102
2,324,247
 
72,494,401
Specialized REITs — 0.1%
Outfront Media, Inc.
35,260
1,155,118
Specialty Retail — 2.3%
Abercrombie & Fitch Co., Class A(a)
17,413
1,567,344
Boot Barn Holdings, Inc.(a)
21,926
3,601,784
Buckle, Inc. (The)
10,491
442,720
Five Below, Inc.(a)
3,286
590,790
Group 1 Automotive, Inc.
4,736
1,378,981
Murphy U.S.A., Inc.
1,304
702,686
RealReal, Inc. (The)(a)
70,606
832,445
Revolve Group, Inc., Class A(a)(b)
76,367
1,748,041
RH(a)
5,525
910,133
Sonic Automotive, Inc., Class A
19,623
1,663,834
ThredUp, Inc., Class A(a)
171,592
1,175,405
Urban Outfitters, Inc.(a)
11,108
787,113
Victoria’s Secret & Co.(a)
29,273
2,443,710
Warby Parker, Inc., Class A(a)
39,781
1,206,956
 
19,051,942
Technology Hardware, Storage & Peripherals — 0.2%
Sandisk Corp.(a)
547
1,243,730
Textiles, Apparel & Luxury Goods — 0.3%
Figs, Inc., Class A(a)
34,983
357,876
Kontoor Brands, Inc.
12,776
1,064,752
Steven Madden Ltd.
27,940
1,176,274
 
2,598,902
Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.
9,232
3,121,801
DXP Enterprises, Inc.(a)
6,365
1,074,030
Global Industrial Co.
37,990
1,271,145
Herc Holdings, Inc.
18,718
2,683,038
NPK International, Inc.(a)
36,057
573,667
Rush Enterprises, Inc., Class A
51,747
3,776,755
Xometry, Inc., Class A(a)
20,621
1,990,339
 
14,490,775
Water Utilities — 0.1%
American States Water Co.
11,244
929,092
Total Common Stocks — 99.2%
(Cost: $666,646,172)
823,729,808
Preferred Securities
Preferred Stocks — 0.1%
Software — 0.1%
Illumio, Inc., Series C, (Acquired 03/10/15, cost
$1,000,317)(a)(c)(d)
311,155
824,561
6
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Technology Hardware, Storage & Peripherals — 0.0%
AliphCom
Series 6, (Acquired 12/16/15, cost $0)(a)(c)(d)
8,264
$  —
Series 8, (a)(c)
192,156
2
 
2
Total Preferred Securities — 0.1%
(Cost: $2,175,302)
824,563
Rights
Biotechnology — 0.0%
Akero Therapeutics, Inc., CVR(a)(c)
30,828
20,038
Albireo Pharma Inc., CVR(a)(c)
7,975
29,747
Blueprint Medicines Corp., CVR(a)(c)
27,959
27,679
Chinook Therapeutics, Inc., CVR(a)(c)
7,289
1,239
Flexion Therapeutics, Inc., CVR(a)(c)
33,053
5,289
Inhibrx, Inc., CVR(a)(c)
196
327
Poseida Therapeutics, Inc., CVR(a)(c)
8,645
12,622
Prevail Therapeutics, Inc., CVR(a)(c)
10,004
5,002
 
101,943
Metals & Mining — 0.0%
Pan American Silver Corp., CVR(a)
36,363
20,036
Pharmaceuticals — 0.0%
Aduro Biotech, Inc., CVR(a)(c)
18,964
9,672
Total Rights — 0.0%
(Cost: $ —)
131,651
Total Long-Term Investments — 99.3%
(Cost: $668,821,474)
824,686,022
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 5.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
3.82%(e)(f)(g)
38,264,587
$  38,276,066
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
3.54%(e)(f)
8,299,716
8,299,716
Total Short-Term Securities — 5.6%
(Cost: $46,573,138)
46,575,782
Total Investments — 104.9%
(Cost: $715,394,612)
871,261,804
Liabilities in Excess of Other Assets — (4.9)%
(40,780,953
)
Net Assets — 100.0%
$  830,480,851
 
(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 $824,561, representing 0.1% of its net assets as of
period end, and an original cost of $1,000,317.
(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 June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
09/30/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional,
SL Agency Shares
$  47,278,242
 
$  —
$  (8,996,148
)(a)
$  (2,607
)
$  (3,421
)
$  38,276,066
38,264,587
$  163,162
(b)
$  —
BlackRock Liquidity Funds, T-Fund,
Institutional Shares
5,844,866
 
2,454,850
(a)
—
—
—
8,299,716
8,299,716
202,959
—
 
$  (2,607
)
$  (3,421
)
$  46,575,782
$  366,121
$  —
 
(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 investment 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.
7
Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Advantage Small Cap Growth Fund
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
61
09/18/26
$  9,289
$  97,597
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 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
• Level 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) 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 that may not have a secondary market and/or may have 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.
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 
$  823,729,784
$  —
$  24
$  823,729,808
Preferred Securities 
—
—
824,563
824,563
Rights 
20,036
—
111,615
131,651
Short-Term Securities
Money Market Funds
46,575,782
—
—
46,575,782
 
$  870,325,602
$  —
$  936,202
$  871,261,804
Derivative Financial Instruments(a)
Assets
Equity Contracts
$  97,597
$  —
$  —
$  97,597
 
(a)
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
REIT
Real Estate Investment Trust
8