NPORT-EX 2 BRFDSC0BRAdvSmCapCoreFd.htm BlackRock Advantage Small Cap Core Fund

Schedule of Investments  (unaudited)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 0.8%  

AAR Corp.

     23,042     $ 464,987  

Aerojet Rocketdyne Holdings, Inc.(a)

     62,656       2,592,079  

Astronics Corp.(a)

     71,267       644,254  

Axon Enterprise, Inc.(a)

     7,907       677,472  

Cubic Corp.

     28,955       1,363,201  

HEICO Corp., Class A

     10,786       964,053  

Kratos Defense & Security Solutions, Inc.(a)

     12,058       235,734  

Mercury Systems, Inc.(a)

     34,588       2,619,695  

Moog, Inc., Class A

     53,747       3,240,407  

PAE, Inc.(a)

     20,248       178,891  

Vectrus, Inc.(a)

     3,800       164,958  
   

 

 

  
          13,145,731  
Air Freight & Logistics — 0.7%  

Echo Global Logistics, Inc.(a)

     95,832       2,618,130  

Forward Air Corp.

     53,392       3,149,594  

Hub Group, Inc., Class A(a)

     91,837       4,944,504  

Radiant Logistics, Inc.(a)

     51,839       273,710  
   

 

 

  
      10,985,938  
Airlines — 0.3%            

Allegiant Travel Co.

     25,052       3,221,687  

Spirit Airlines, Inc.(a)

     122,148       2,184,006  
   

 

 

  
      5,405,693  
Auto Components — 1.5%  

Cooper-Standard Holdings, Inc.(a)

     49,667       899,966  

Dana, Inc.

     16,952       236,481  

Dorman Products, Inc.(a)(b)

     16,249       1,376,128  

Fox Factory Holding Corp.(a)

     72,419       7,300,559  

LCI Industries

     64,553       7,335,157  

Modine Manufacturing Co.(a)

     68,476       463,583  

Standard Motor Products, Inc.

     23,704       1,077,110  

Stoneridge, Inc.(a)

     8,365       168,973  

Visteon Corp.(a)

     62,559       4,718,825  
   

 

 

  
      23,576,782  
Banks — 6.6%  

ACNB Corp.

     14,941       314,060  

Amalgamated Bank, Class A

     5,760       67,795  

Ameris Bancorp

     31,558       773,802  

BancFirst Corp.

     90,067       3,962,948  

Bancorp, Inc.(a)

     191,896       1,823,012  

BancorpSouth Bank

     44,750       965,705  

Bank of Commerce Holdings

     50,450       370,808  

Bank7 Corp.

     276       2,826  

BankFinancial Corp.

     31,027       225,256  

Bankwell Financial Group, Inc.

     10,886       169,822  

Banner Corp.

     67,339       2,432,285  

Berkshire Hills Bancorp, Inc.

     127,647       1,171,799  

BOK Financial Corp.

     2       112  

Boston Private Financial Holdings, Inc.

     38,520       228,809  

Bridge Bancorp, Inc.

     9,311       186,313  

Cadence BanCorp

     61,227       581,657  

Capital City Bank Group, Inc.

     64,227       1,301,881  

Capstar Financial Holdings, Inc.

     52,415       534,109  

Carter Bank & Trust

     37,964       269,165  

Cathay General Bancorp

     139,934       3,454,970  

Central Pacific Financial Corp.

     18,484       286,317  

CIT Group, Inc.

     229,507       4,514,403  

Civista Bancshares, Inc.

     13,217       176,447  

Community Bank System, Inc.

     17,787       1,070,244  

Community Bankers Trust Corp.

     27,257       139,828  
Security   Shares     Value  
Banks (continued)  

Community Trust Bancorp, Inc.

     2,600     $ 83,902  

Customers Bancorp, Inc.(a)

     17,187       219,478  

CVB Financial Corp.

     52,811       961,688  

Equity Bancshares, Inc., Class A(a)

     19,591       311,497  

Financial Institutions, Inc.

     25,507       439,486  

First Bancorp

     5,888       120,410  

First BanCorp

     151,125       865,946  

First Busey Corp.

     37,969       676,418  

First Commonwealth Financial Corp.

     31,962       262,088  

First Community Bankshares, Inc.

     73,453       1,413,236  

First Financial Bankshares, Inc.

     57,472       1,739,965  

First Financial Corp.

     31,125       1,070,389  

First Financial Northwest, Inc.

     139,355       1,335,021  

First Foundation, Inc.

     15,820       240,306  

First Horizon National Corp.

     195,693       1,868,868  

First Interstate BancSystem, Inc., Class A

     25,703       843,058  

First Midwest Bancorp, Inc.

     25,789       321,331  

First United Corp.

     33,701       385,876  

Flushing Financial Corp.

     25,678       311,474  

Fulton Financial Corp.

     313,846       3,069,414  

Glacier Bancorp, Inc.

     37,412       1,312,600  

Hancock Whitney Corp.

     156,684       3,135,247  

HBT Financial, Inc.

     161,915       1,918,693  

Heartland Financial USA, Inc.

     26,918       926,787  

Heritage Commerce Corp.

     112,149       777,193  

Home BancShares, Inc.

     41,363       670,494  

Independent Bank Corp.

     88,315       1,316,777  

Independent Bank Group, Inc.

     53,134       2,470,731  

Investar Holding Corp.

     17,357       236,055  

Investors Bancorp, Inc.

     356,003       2,759,023  

Lakeland Bancorp, Inc.

     119,227       1,267,383  

Lakeland Financial Corp.

     20,152       920,745  

Macatawa Bank Corp.

     19,763       144,665  

Mercantile Bank Corp.

     60,729       1,326,321  

Midland States Bancorp, Inc.

     15,305       223,606  

MidWestOne Financial Group, Inc.

     7,960       151,160  

National Bank Holdings Corp., Class A

     10,917       310,479  

Northrim BanCorp, Inc.

     11,607       312,344  

OceanFirst Financial Corp.

     37,730       588,965  

Pacific Mercantile Bancorp(a)

     200,332       743,232  

Pacific Premier Bancorp, Inc.

     55,134       1,245,477  

QCR Holdings, Inc.

     11,451       343,186  

Republic Bancorp, Inc., Class A

     38,747       1,191,858  

Republic First Bancorp, Inc.(a)

     1,076,564       2,250,019  

Sandy Spring Bancorp, Inc.

     325,501       7,785,984  

Sierra Bancorp

     95,026       1,698,115  

Simmons First National Corp., Class A

     28,371       484,293  

South Plains Financial, Inc.(b)

     45,542       650,340  

South State Corp.

     100,263       5,582,644  

Southern National Bancorp of Virginia, Inc.

     58,908       503,663  

Southside Bancshares, Inc.

     9,753       268,744  

Synovus Financial Corp.

     37,829       827,320  

Texas Capital Bancshares, Inc.(a)

     34,835       1,128,306  

Towne Bank

     28,229       500,500  

TriCo Bancshares

     24,273       672,119  

TriState Capital Holdings, Inc.(a)

     267,267       3,715,011  

Trustmark Corp.

     51,602       1,211,615  

UMB Financial Corp.

     2,241       120,387  

United Bankshares, Inc.

     47,088       1,230,880  

United Community Banks, Inc.

     108,959       1,974,337  

United Security Bancshares

     7,219       43,964  

Univest Financial Corp.

     108,151           1,740,150  
 

 

 

    

   1

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Banks (continued)  

Washington Trust Bancorp, Inc.

     70,771     $ 2,362,336  

WesBanco, Inc.

     73,207       1,626,660  

West Bancorporation, Inc.

     21,127       371,835  

Westamerica BanCorp

     3,019       183,736  

Wintrust Financial Corp.

     32,354       1,408,046  
   

 

 

  
        104,198,249  
Beverages — 0.3%  

Boston Beer Co., Inc., Class A(a)

     1,625       1,433,218  

National Beverage Corp.(a)

     30,488       2,479,284  
   

 

 

  
      3,912,502  
Biotechnology — 9.4%  

ACADIA Pharmaceuticals, Inc.(a)

     46,534       1,842,281  

Acceleron Pharma, Inc.(a)

     25,503       2,485,777  

ADMA Biologics, Inc.(a)(b)

     58,074       148,089  

Agenus, Inc.(a)

     523,646       2,280,478  

Akebia Therapeutics, Inc.(a)

     129,064       1,343,556  

Akero Therapeutics, Inc.(a)

     9,785       318,991  

Alector, Inc.(a)(b)

     160,948       2,079,448  

Allogene Therapeutics, Inc.(a)

     76,701       2,734,391  

Amicus Therapeutics, Inc.(a)

     131,585       1,921,141  

AnaptysBio, Inc.(a)

     8,900       154,237  

Anika Therapeutics, Inc.(a)

     6,108       234,120  

Apellis Pharmaceuticals, Inc.(a)

     35,736       1,101,741  

Applied Molecular Transport, Inc.(a)(b)

     17,985       460,776  

Aptinyx, Inc.(a)

     180,087       596,088  

Arcturus Therapeutics Holdings, Inc.(a)

     5,298       255,575  

Arcus Biosciences, Inc.(a)

     46,513       1,107,009  

Arcutis Biotherapeutics, Inc.(a)

     6,341       158,969  

Ardelyx, Inc.(a)

     40,628       233,205  

Arena Pharmaceuticals, Inc.(a)

     14,482       1,011,133  

Arrowhead Pharmaceuticals, Inc.(a)(b)

     82,720       3,494,093  

Assembly Biosciences, Inc.(a)

     12,622       276,043  

Atara Biotherapeutics, Inc.(a)(b)

     81,128       1,093,605  

Athenex, Inc.(a)(b)

     48,038       551,957  

Athersys, Inc.(a)

     119,213       259,884  

Beam Therapeutics, Inc.(a)(b)

     31,030       779,163  

Beyondspring, Inc.(a)

     1,202       14,941  

BioCryst Pharmaceuticals, Inc.(a)

     398,268       1,652,812  

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

     18,386       1,165,489  

Blueprint Medicines Corp.(a)

     43,493       3,367,663  

Bridgebio Pharma, Inc.(a)

     72,085       2,152,458  

Calithera Biosciences, Inc.(a)

     158,519       638,832  

Celldex Therapeutics, Inc.(a)

     23       275  

ChemoCentryx, Inc.(a)

     6,824       365,084  

Chimerix, Inc.(a)(b)

     70,382       197,773  

Clovis Oncology, Inc.(a)(b)

     89,954       468,660  

Coherus Biosciences, Inc.(a)

     143,013       2,712,957  

ContraFect Corp.(a)

     36,787       201,225  

Crinetics Pharmaceuticals, Inc.(a)(b)

     24,028       385,169  

Cue Biopharma, Inc.(a)

     22,359       399,555  

Cytokinetics, Inc.(a)(b)

     10,498       251,532  

CytomX Therapeutics, Inc.(a)

     59,124       431,605  

Deciphera Pharmaceuticals, Inc.(a)

     28,986       1,304,660  

Denali Therapeutics, Inc.(a)

     22,733       725,183  

Dynavax Technologies Corp.(a)(b)

     72,405       432,982  

Editas Medicine, Inc.(a)

     70,073       2,468,672  

Eidos Therapeutics, Inc.(a)(b)

     14,138       611,893  

Emergent BioSolutions, Inc.(a)(b)

     56,415       6,434,131  

Enanta Pharmaceuticals, Inc.(a)

     79,860       4,167,893  

Epizyme, Inc.(a)

     48,420       629,460  

Exact Sciences Corp.(a)

     8,141       612,936  

Exelixis, Inc.(a)

     15,039       334,167  
Security   Shares     Value  
Biotechnology (continued)  

Fate Therapeutics, Inc.(a)(b)

     75,773     $ 2,758,137  

FibroGen, Inc.(a)

     139,631       6,259,658  

Flexion Therapeutics, Inc.(a)(b)

     53,218       620,522  

Frequency Therapeutics, Inc.(a)(b)

     16,270       314,662  

G1 Therapeutics, Inc.(a)

     16,933       259,922  

Gossamer Bio, Inc.(a)(b)

     34,480       479,272  

Halozyme Therapeutics, Inc.(a)

     184,606       5,352,651  

Harpoon Therapeutics, Inc.(a)(b)

     103,398       1,422,756  

ImmunoGen, Inc.(a)

     50,349       186,291  

Inovio Pharmaceuticals, Inc.(a)(b)

     112,514       1,349,043  

Insmed, Inc.(a)(b)

     30,956       872,650  

Intellia Therapeutics, Inc.(a)

     143,025       3,086,479  

Invitae Corp.(a)

     78,773       2,753,904  

Iovance Biotherapeutics, Inc.(a)(b)

     14,457       481,852  

Ironwood Pharmaceuticals, Inc.(a)(b)

     268,604       2,712,900  

iTeos Therapeutics, Inc.(a)(b)

     8,416       244,064  

Kadmon Holdings, Inc.(a)

     50,146       250,730  

Karyopharm Therapeutics, Inc.(a)

     31,956       486,051  

Kiniksa Pharmaceuticals Ltd., Class A(a)

     13,384       236,495  

Kodiak Sciences, Inc.(a)

     9,617       505,758  

Ligand Pharmaceuticals, Inc.(a)(b)

     30,494       3,110,388  

MacroGenics, Inc.(a)

     91,278       2,641,585  

Mirati Therapeutics, Inc.(a)(b)

     20,205       3,018,021  

Momenta Pharmaceuticals, Inc.(a)

     51,314       2,677,051  

Myriad Genetics, Inc.(a)

     23,769       317,792  

Natera, Inc.(a)

     83,415       5,314,370  

Novavax, Inc.(a)(b)

     46,428       5,122,865  

Nurix Therapeutics, Inc.(a)(b)

     16,839       394,033  

OPKO Health, Inc.(a)

     501,579       1,625,116  

Poseida Therapeutics, Inc.(a)(b)

     30,103       282,667  

Precigen, Inc.(a)

     101,489       614,008  

Precision BioSciences, Inc.(a)

     48,879       275,678  

Prevail Therapeutics, Inc.(a)

     165,511       2,027,510  

PTC Therapeutics, Inc.(a)

     56,380       2,786,581  

Puma Biotechnology, Inc.(a)

     85,291       877,644  

Radius Health, Inc.(a)

     17,566       217,467  

REGENXBIO, Inc.(a)(b)

     56,577       1,726,730  

Replimune Group, Inc.(a)(b)

     34,191       923,157  

Retrophin, Inc.(a)

     157,641       3,088,187  

REVOLUTION Medicines, Inc.(a)(b)

     14,609       414,019  

Rigel Pharmaceuticals, Inc.(a)

     790,520       1,968,395  

Sangamo Therapeutics, Inc.(a)

     142,588       1,573,459  

Selecta Biosciences, Inc.(a)

     131,335       341,471  

Seres Therapeutics, Inc.(a)

     89,713       2,376,497  

Spectrum Pharmaceuticals, Inc.(a)

     212,052       892,739  

Sutro Biopharma, Inc.(a)

     87,930       880,179  

Twist Bioscience Corp.(a)

     2,619       183,147  

Ultragenyx Pharmaceutical, Inc.(a)(b)

     66,457       5,652,832  

UroGen Pharma Ltd.(a)(b)

     14,829       372,060  

Vanda Pharmaceuticals, Inc.(a)

     68,698       706,902  

Veracyte, Inc.(a)(b)

     95,749       3,189,399  

Verastem, Inc.(a)

     80,815       101,827  

Vir Biotechnology, Inc.(a)(b)

     36,522       1,478,411  

Voyager Therapeutics, Inc.(a)(b)

     20,082       236,767  

Xencor, Inc.(a)

     42,168       1,507,506  

Y-mAbs Therapeutics, Inc.(a)

     11,845       509,690  
   

 

 

  
        149,109,704  
Building Products — 1.3%  

AAON, Inc.

     9,747       554,897  

Advanced Drainage Systems, Inc.

     52,286       2,900,827  

American Woodmark Corp.(a)(b)

     12,552       1,098,300  

Builders FirstSource, Inc.(a)

     181,569       5,559,643  
 

 

 

2  

    

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Building Products (continued)  

Caesarstone Ltd.

     19,767     $ 218,129  

Gibraltar Industries, Inc.(a)

     12,734       795,174  

Resideo Technologies, Inc.(a)

     26,141       349,244  

Trex Co., Inc.(a)

     59,458       8,888,376  
   

 

 

  
          20,364,590  
Capital Markets — 2.5%  

Ares Management Corp., Class A

     77,131       3,119,949  

Artisan Partners Asset Management, Inc., Class A

     32,545       1,259,817  

Brightsphere Investment Group, Inc.

     86,175       1,194,386  

Cohen & Steers, Inc.

     49,751       3,009,935  

Donnelley Financial Solutions, Inc.(a)

     103,647       1,129,752  

Federated Hermes, Inc.

     47,049       1,124,942  

Hamilton Lane, Inc., Class A

     188,636       13,791,178  

Houlihan Lokey, Inc.

     37,557       2,200,840  

Moelis & Co., Class A

     50,418       1,608,838  

PJT Partners, Inc., Class A

     4,521       267,553  

Silvercrest Asset Management Group, Inc., Class A

     7,019       88,018  

Stifel Financial Corp.

     67,675       3,431,799  

Virtus Investment Partners, Inc.

     36,882       5,233,556  

Waddell & Reed Financial, Inc., Class A

     29,434       463,586  

Westwood Holdings Group, Inc.

     15,308       174,205  

WisdomTree Investments, Inc.

     351,725       1,315,451  
   

 

 

  
      39,413,805  
Chemicals — 1.7%  

Avient Corp.

     225,231       5,747,895  

Balchem Corp.

     49,344       4,820,909  

HB Fuller Co.

     67,423       3,247,766  

Ingevity Corp.(a)

     44,445       2,496,476  

Innospec, Inc.

     17,930       1,339,192  

Kraton Corp.(a)(b)

     12,439       174,644  

Kronos Worldwide, Inc.

     41,099       513,326  

Livent Corp.(a)

     330,931       2,806,295  

Orion Engineered Carbons SA

     42,665       518,380  

PQ Group Holdings, Inc.(a)

     49,327       574,659  

Stepan Co.

     9,351       1,078,077  

Trinseo SA

     120,395       2,999,039  
   

 

 

  
      26,316,658  
Commercial Services & Supplies — 2.2%  

ABM Industries, Inc.

     12,374       471,944  

Advanced Disposal Services, Inc.(a)

     59,177       1,783,003  

BrightView Holdings, Inc.(a)

     29,866       366,754  

CECO Environmental Corp.(a)

     26,071       220,952  

Cimpress PLC(a)

     14,728       1,365,286  

Ennis, Inc.

     42,612       781,078  

Healthcare Services Group, Inc.

     34,564       718,931  

Herman Miller, Inc.

     404,739       9,644,930  

Kimball International, Inc., Class B

     9,608       107,706  

Matthews International Corp., Class A

     103,554       2,267,833  

McGrath RentCorp

     128,922       8,555,264  

MSA Safety, Inc.

     23,104       2,909,949  

Steelcase, Inc., Class A

     344,003       3,594,831  

Tetra Tech, Inc.(b)

     19,209       1,773,183  

UniFirst Corp.

     1,348       259,652  

Viad Corp.

     30,466       652,886  
   

 

 

  
      35,474,182  
Communications Equipment — 0.7%  

Acacia Communications, Inc.(a)

     31,158       2,102,542  

Applied Optoelectronics, Inc.(a)(b)

     44,385       516,198  

Calix, Inc.(a)

     166,011       3,228,914  

Ciena Corp.(a)

     48,695       2,764,415  

Lumentum Holdings, Inc.(a)

     13,199       1,135,114  
Security   Shares     Value  
Communications Equipment (continued)  

NETGEAR, Inc.(a)

     12,540     $ 418,209  

NetScout Systems, Inc.(a)

     23,838       551,611  

Plantronics, Inc.

     10,678       131,980  

TESSCO Technologies, Inc.

     93,195       575,013  
   

 

 

  
          11,423,996  
Construction & Engineering — 1.7%  

Comfort Systems USA, Inc.

     152,525       7,728,442  

Dycom Industries, Inc.(a)

     43,477       2,674,270  

EMCOR Group, Inc.

     48,506       3,638,435  

Granite Construction, Inc.

     8,526       158,498  

MasTec, Inc.(a)(b)

     91,857       4,244,712  

MYR Group, Inc.(a)

     54,218       2,104,201  

Tutor Perini Corp.(a)(b)

     17,390       218,245  

WillScot Mobile Mini Holdings Corp.(a)(b)

     325,335       5,823,496  
   

 

 

  
      26,590,299  
Construction Materials — 0.3%  

Summit Materials, Inc., Class A(a)

     279,569       4,162,782  

U.S. Concrete, Inc.(a)

     6,329       168,921  
   

 

 

  
      4,331,703  
Consumer Finance — 0.8%  

Encore Capital Group, Inc.(a)(b)

     9,765       448,604  

Enova International, Inc.(a)

     81,874       1,398,408  

FirstCash, Inc.

     85,709       5,121,113  

Green Dot Corp., Class A(a)

     27,409       1,426,913  

LendingClub Corp.(a)

     108,166       576,525  

PRA Group, Inc.(a)(b)

     58,461       2,728,667  

Regional Management Corp.(a)

     63,522       1,161,817  
   

 

 

  
      12,862,047  
Diversified Consumer Services — 0.5%  

Chegg, Inc.(a)

     23,759       1,751,989  

Laureate Education, Inc., Class A(a)

     55,005       688,663  

Strategic Education, Inc.

     30,619       3,140,591  

WW International, Inc.(a)

     72,380       1,699,482  

Zovio, Inc.(a)

     44       190  
   

 

 

  
      7,280,915  
Diversified Financial Services — 0.0%  

Alerus Financial Corp.

     5,366       110,486  

Cannae Holdings, Inc.(a)

     8,311       313,574  

On Deck Capital, Inc.(a)

     16       26  
   

 

 

  
      424,086  
Diversified Telecommunication Services — 0.7%  

ATN International, Inc.

     9,033       523,914  

Bandwidth, Inc., Class A(a)

     8,691       1,368,658  

Cogent Communications Holdings, Inc.

     49,892       3,355,736  

Consolidated Communications Holdings, Inc.(a)

     52,355       407,322  

IDT Corp., Class B(a)

     22,890       149,243  

Liberty Latin America Ltd., Class C(a)

     239,992       2,289,523  

Ooma, Inc.(a)(b)

     57,378       782,636  

ORBCOMM, Inc.(a)

     77,080       309,091  

Vonage Holdings Corp.(a)

     157,655       1,805,150  
   

 

 

  
      10,991,273  
Electric Utilities — 0.8%  

ALLETE, Inc.

     36,054       1,945,474  

IDACORP, Inc.

     72,509       6,518,559  

PNM Resources, Inc.

     33,440       1,460,659  

Portland General Electric Co.

     80,046       3,053,755  
   

 

 

  
      12,978,447  
Electrical Equipment — 1.5%  

Atkore International Group, Inc.(a)

     120,802       3,229,038  
 

 

 

    

   3

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Electrical Equipment (continued)            

AZZ, Inc.

     24,471     $ 849,878  

Encore Wire Corp.

     29,456       1,520,224  

Generac Holdings, Inc.(a)

     66,895       12,708,712  

LSI Industries, Inc.

     73,401       503,531  

Plug Power, Inc.(a)

     99,989       1,297,857  

Sunrun, Inc.(a)

     65,314       3,693,833  
   

 

 

  
              23,803,073  
Electronic Equipment, Instruments & Components — 2.0%  

Badger Meter, Inc.

     3,369       207,834  

Belden, Inc.

     6,172       207,873  

Daktronics, Inc.

     36,190       159,960  

ePlus, Inc.(a)

     48,564       3,725,830  

FARO Technologies, Inc.(a)

     6,184       349,396  

Fitbit, Inc., Class A(a)

     338,711       2,154,202  

II-VI, Inc.(a)

     23,000       1,023,500  

Insight Enterprises, Inc.(a)

     8,164       488,248  

Knowles Corp.(a)

     132,031       1,988,387  

MTS Systems Corp.

     9,026       220,234  

Novanta, Inc.(a)

     5,795       621,050  

OSI Systems, Inc.(a)

     118,573       9,337,624  

PC Connection, Inc.

     99,943       4,426,475  

Sanmina Corp.(a)

     90,440       2,559,452  

ScanSource, Inc.(a)

     144,222       3,560,841  
   

 

 

  
          31,030,906  
Energy Equipment & Services — 0.7%            

Archrock, Inc.

     324,759       2,130,419  

Cactus, Inc., Class A

     26,004       574,428  

ChampionX Corp.(a)(b)

     167,309       1,713,244  

Dril-Quip, Inc.(a)(b)

     22,153       733,929  

Exterran Corp.(a)

     51,371       236,307  

Frank’s International NV(a)

     88,882       205,318  

Helix Energy Solutions Group, Inc.(a)

     58,031       207,751  

Liberty Oilfield Services, Inc., Class A

     39,343       253,762  

Matrix Service Co.(a)

     25,127       232,174  

Natural Gas Services Group, Inc.(a)

     33,174       271,363  

Newpark Resources, Inc.(a)

     117,232       228,602  

NexTier Oilfield Solutions, Inc.(a)

     92,679       233,551  

Oceaneering International, Inc.(a)

     321,258       1,731,581  

Oil States International, Inc.(a)

     114,907       504,442  

Pioneer Energy Services Corp.(a)(c)

     286       8  

ProPetro Holding Corp.(a)

     63,503       398,799  

RPC, Inc.(a)

     113,055       353,862  

Seadrill Ltd.(a)(b)

     25,412       6,988  

Solaris Oilfield Infrastructure, Inc., Class A

     142,530       1,108,883  

U.S. Silica Holdings, Inc.

     56,828       253,453  
   

 

 

  
          11,378,864  
Entertainment — 0.2%            

Eros International PLC(a)

     59,813       186,018  

Gaia, Inc.(a)

     41,165       481,631  

IMAX Corp.(a)

     51,945       798,395  

Marcus Corp.

     151,618       2,375,854  
   

 

 

  
          3,841,898  
Equity Real Estate Investment Trusts (REITs) — 4.8%  

Acadia Realty Trust

     267,211       3,030,173  

Agree Realty Corp.

     7,822       523,448  

Alexander & Baldwin, Inc.

     72,325       875,856  

American Finance Trust, Inc.

     20,963       143,282  

Armada Hoffler Properties, Inc.

     185,118       1,869,692  

CareTrust REIT, Inc.

     39,197       759,246  

Chatham Lodging Trust

     53,635       371,154  

City Office REIT, Inc.

     347,091       2,790,612  
Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) (continued)  

Colony Capital, Inc.

     224,686     $ 608,899  

Community Healthcare Trust, Inc.

     4,061       189,649  

CorEnergy Infrastructure Trust, Inc.

     21,235       189,841  

CorePoint Lodging, Inc.

     428,191       2,432,125  

DiamondRock Hospitality Co.

     418,114       2,216,004  

EastGroup Properties, Inc.

     19,598       2,609,670  

Essential Properties Realty Trust, Inc.

     175,447       2,977,336  

First Industrial Realty Trust, Inc.

     166,442       7,098,751  

Four Corners Property Trust, Inc.

     284,470       7,182,867  

GEO Group, Inc.

     29,192       325,783  

Gladstone Commercial Corp.

     14,326       280,933  

Global Net Lease, Inc.

     35,955       629,212  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

     28,908       1,227,434  

Monmouth Real Estate Investment Corp.

     19,961       289,634  

National Storage Affiliates Trust

     34,229       1,174,397  

NexPoint Residential Trust, Inc.

     103,357       4,278,980  

Pebblebrook Hotel Trust

     144,230       1,820,183  

Plymouth Industrial REIT, Inc.

     129,295       1,726,088  

QTS Realty Trust, Inc., Class A

     225,367       15,284,390  

Retail Opportunity Investments Corp.

     56,337       627,031  

Retail Properties of America, Inc., Class A

     100,210       632,325  

Retail Value, Inc.

     22,349       284,056  

RPT Realty

     37,081       217,295  

Ryman Hospitality Properties, Inc.

     34,983       1,334,951  

Sabra Health Care REIT, Inc.

     130,865       1,940,728  

Seritage Growth Properties, Class A(a)

     43,572       611,315  

SITE Centers Corp.

     51,146       384,106  

STAG Industrial, Inc.

     25,298       817,125  

Summit Hotel Properties, Inc.

     435,054       2,562,468  

Terreno Realty Corp.

     35,221       2,100,580  

Uniti Group, Inc.

     99,108       973,240  
   

 

 

  
              75,390,859  
Food & Staples Retailing — 0.6%            

BJ’s Wholesale Club Holdings, Inc.(a)

     10,994       488,244  

Chefs’ Warehouse, Inc.(a)(b)

     15,196       225,053  

Ingles Markets, Inc., Class A

     27,018       1,091,527  

Natural Grocers by Vitamin Cottage, Inc.

     47,627       558,188  

Performance Food Group Co.(a)

     105,272       3,843,481  

SpartanNash Co.

     43,023       859,599  

United Natural Foods, Inc.(a)

     24,130       435,546  

Weis Markets, Inc.

     48,238       2,374,757  
   

 

 

  
          9,876,395  
Food Products — 1.9%            

Calavo Growers, Inc.

     91,598       5,813,725  

Freshpet, Inc.(a)

     74,135       8,421,736  

Hostess Brands, Inc.(a)(b)

     392,169       5,035,450  

J&J Snack Foods Corp.

     38,343       5,212,731  

John B. Sanfilippo & Son, Inc.

     38,622       3,075,856  

Lancaster Colony Corp.

     9,476       1,684,075  

Simply Good Foods Co(a)

     24,586       610,962  
   

 

 

  
          29,854,535  
Gas Utilities — 1.1%            

New Jersey Resources Corp.

     255,997       7,715,750  

Northwest Natural Holding Co.

     21,323       1,089,818  

ONE Gas, Inc.

     32,433       2,403,934  

Southwest Gas Holdings, Inc.

     105,298       6,620,085  
   

 

 

  
          17,829,587  
Health Care Equipment & Supplies — 2.9%            

Accuray, Inc.(a)

     12,868       29,982  

AngioDynamics, Inc.(a)

     9,315       87,235  
 

 

 

4  

    

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

AtriCure, Inc.(a)

     12,588     $ 563,061  

Atrion Corp.

     5,388       3,403,707  

Cantel Medical Corp.

     35,696       1,873,326  

Cardiovascular Systems, Inc.(a)

     50,019       1,634,121  

Cerus Corp.(a)

     151,421       964,552  

Cutera, Inc.(a)

     8,662       141,797  

GenMark Diagnostics, Inc.(a)

     44,044       571,251  

Glaukos Corp.(a)

     15,187       726,394  

Globus Medical, Inc., Class A(a)

     99,506       5,624,079  

Haemonetics Corp.(a)

     57,023       5,112,682  

Inogen, Inc.(a)

     31,167       942,178  

Integer Holdings Corp.(a)

     33,779       2,339,534  

iRadimed Corp.(a)

     8,930       189,316  

LeMaitre Vascular, Inc.

     3,300       106,524  

LivaNova PLC(a)

     35,616       1,670,390  

Meridian Bioscience, Inc.(a)

     47,201       667,422  

Merit Medical Systems, Inc.(a)(b)

     36,809       1,807,322  

Natus Medical, Inc.(a)

     7,512       136,418  

Neogen Corp.(a)

     52,171       3,975,430  

Nevro Corp.(a)

     7,233       994,827  

Novocure Ltd.(a)(b)

     28,562       2,363,506  

NuVasive, Inc.(a)

     8,265       430,854  

OraSure Technologies, Inc.(a)

     22,427       262,844  

SeaSpine Holdings Corp.(a)

     31,050       413,276  

Shockwave Medical, Inc.(a)

     22,105       1,404,552  

SI-BONE, Inc.(a)

     19,810       432,254  

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

     13,010       793,350  

Surgalign Holdings, Inc.(a)

     51,850       115,107  

Tactile Systems Technology, Inc.(a)

     97,274       3,738,240  

Tandem Diabetes Care, Inc.(a)

     6,200       698,864  

TransMedics Group, Inc.(a)

     62,583       1,115,855  

Varex Imaging Corp.(a)

     18,099       200,718  

Wright Medical Group NV(a)

     36,087       1,090,910  
   

 

 

  
              46,621,878  
Health Care Providers & Services — 2.3%            

1Life Healthcare, Inc.(a)

     75,942       2,215,228  

AMN Healthcare Services, Inc.(a)

     52,147       2,807,595  

CorVel Corp.(a)

     16,864       1,400,049  

Ensign Group, Inc.

     17,296       1,012,508  

HealthEquity, Inc.(a)(b)

     47,308       2,719,264  

LHC Group, Inc.(a)

     24,612       5,130,125  

Magellan Health, Inc.(a)

     12,748       961,964  

National HealthCare Corp.

     2,909       185,303  

Patterson Cos., Inc.

     165,080       4,788,971  

PetIQ, Inc.(a)

     62,142       2,186,156  

Select Medical Holdings Corp.(a)

     221,280       4,441,090  

Tenet Healthcare Corp.(a)

     37,658       1,061,202  

Triple-S Management Corp., Class B(a)

     12,913       240,182  

U.S. Physical Therapy, Inc.

     62,786       5,581,675  

Viemed Healthcare, Inc.(a)

     89,361       971,354  
   

 

 

  
          35,702,666  
Health Care Technology — 1.9%            

Allscripts Healthcare Solutions, Inc.(a)

     297,477       2,656,470  

Castlight Health, Inc., Class B(a)(b)

     352,013       485,778  

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

     80,101       1,147,847  

Health Catalyst, Inc.(a)(b)

     29,462       918,625  

HealthStream, Inc.(a)

     6,016       124,621  

HMS Holdings Corp.(a)

     53,361       1,488,238  

Inovalon Holdings, Inc., Class A(a)

     163,194       4,038,236  

Inspire Medical Systems, Inc.(a)

     20,710       2,473,810  

NextGen Healthcare, Inc.(a)

     32,689       433,456  

Omnicell, Inc.(a)

     57,110       3,808,095  
Security   Shares     Value  
Health Care Technology (continued)            

Phreesia, Inc.(a)

     159,189     $ 5,020,821  

Teladoc Health, Inc.(a)(b)

     27,329       5,894,592  

Vocera Communications, Inc.(a)(b)

     55,260       1,546,727  
   

 

 

  
          30,037,316  
Hotels, Restaurants & Leisure — 3.8%            

Caesars Entertainment, Inc.(a)

     124,356       5,695,505  

Century Casinos, Inc.(a)

     44,974       276,590  

Cheesecake Factory, Inc.

     148,135       4,374,427  

Churchill Downs, Inc.

     29,555       5,165,032  

Chuy’s Holdings, Inc.(a)

     22,450       499,288  

Cracker Barrel Old Country Store, Inc.

     36,283       4,851,400  

Dave & Buster’s Entertainment, Inc.

     175,258       2,914,541  

Denny’s Corp.(a)

     294,530       3,375,314  

Dine Brands Global, Inc.

     24,817       1,478,101  

GAN Ltd.(a)(b)

     15,724       323,128  

Golden Entertainment, Inc.(a)

     55,517       712,838  

Hilton Grand Vacations, Inc.(a)

     25,310       554,542  

International Game Technology PLC

     812,370       9,041,678  

J. Alexander’s Holdings, Inc.(a)

     55,027       225,060  

Jack in the Box, Inc.

     13,972       1,151,153  

Nathan’s Famous, Inc.

     500       26,225  

Papa John’s International, Inc.

     11,465       1,126,895  

Penn National Gaming, Inc.(a)

     82,533       4,217,436  

Playa Hotels & Resorts NV(a)

     53,672       226,496  

PlayAGS, Inc.(a)

     112,983       451,932  

Target Hospitality Corp.(a)(b)

     141,861       205,698  

Texas Roadhouse, Inc.

     141,830       8,933,872  

Wingstop, Inc.

     31,401       5,130,923  
   

 

 

  
              60,958,074  
Household Durables — 1.9%            

Century Communities, Inc.(a)

     63,379       2,261,363  

Ethan Allen Interiors, Inc.

     23,502       334,668  

Green Brick Partners, Inc.(a)

     131,679       1,875,109  

Helen of Troy Ltd.(a)(b)

     10,810       2,235,724  

Hooker Furniture Corp.

     39,082       963,371  

iRobot Corp.(a)

     103,620       7,670,989  

La-Z-Boy, Inc.

     87,439       2,841,768  

MDC Holdings, Inc.

     273,067       11,845,646  

Sonos, Inc.(a)

     13,230       186,146  

ZAGG, Inc.(a)(b)

     125,654       399,580  
   

 

 

  
          30,614,364  
Household Products — 0.2%            

Central Garden & Pet Co.(a)

     7,685       312,703  

Central Garden & Pet Co., Class A(a)

     32,936       1,223,902  

WD-40 Co.(b)

     4,198       857,987  
   

 

 

  
          2,394,592  
Independent Power and Renewable Electricity Producers — 0.1%  

Brookfield Renewable Corp., Class A

     10,590       539,243  

Ormat Technologies, Inc.

     9,807       596,952  
   

 

 

  
          1,136,195  
Insurance — 1.8%            

Ambac Financial Group, Inc.(a)

     12,946       163,508  

American National Group, Inc.

     13,182       988,782  

Argo Group International Holdings Ltd.

     47,908       1,779,303  

BRP Group, Inc., Class A(a)

     33,363       917,816  

CNO Financial Group, Inc.

     100,941       1,645,338  

eHealth, Inc.(a)

     6,432       405,988  

Employers Holdings, Inc.

     32,390       1,055,266  

Enstar Group Ltd.(a)(b)

     3,320       594,247  

FedNat Holding Co.

     44,618       378,807  
 

 

 

    

   5

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Insurance (continued)            

Fidelity National Financial, Inc.

     8,918     $ 292,778  

Genworth Financial, Inc., Class A(a)

     247,727       748,136  

Global Indemnity Group LLC, Class A

     5,683       132,016  

Greenlight Capital Re Ltd., Class A(a)

     34,619       251,680  

HCI Group, Inc.

     8,720       477,158  

Heritage Insurance Holdings, Inc.

     65,906       860,073  

Kinsale Capital Group, Inc.

     15,775       3,269,053  

National General Holdings Corp.

     54,665       1,861,343  

Protective Insurance Corp., Class B

     43,144       619,548  

RLI Corp.

     38,220       3,584,654  

Selective Insurance Group, Inc.

     26,180       1,565,826  

Trupanion, Inc.(a)(b)

     74,450       4,670,249  

United Fire Group, Inc.

     4,617       116,256  

United Insurance Holdings Corp.

     46,700       353,519  

Watford Holdings Ltd.(a)

     66,451       1,063,216  
   

 

 

  
              27,794,560  
Interactive Media & Services — 0.6%            

Cargurus, Inc.(a)

     66,212       1,614,249  

Cars.com, Inc.(a)

     63,871       554,400  

Eventbrite, Inc., Class A(a)

     32,615       350,611  

EverQuote, Inc., Class A(a)

     26,085       926,017  

QuinStreet, Inc.(a)

     29,265       384,835  

TrueCar, Inc.(a)

     160,072       757,141  

Yelp, Inc.(a)(b)

     84,460       1,952,715  

ZoomInfo Technologies, Inc., Class A(a)(b)

     83,688       3,248,768  
   

 

 

  
              9,788,736  
Internet & Direct Marketing Retail — 0.9%            

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

     101,249       3,030,383  

Overstock.com, Inc.(a)

     46,626       4,079,775  

RealReal, Inc.(a)

     112,481       1,806,445  

Shutterstock, Inc.

     30,367       1,528,067  

Stamps.com, Inc.(a)

     15,128       3,772,016  

Stitch Fix, Inc., Class A(a)

     21,595       521,519  
   

 

 

  
          14,738,205  
IT Services — 1.8%            

Cardtronics PLC, Class A(a)(b)

     9,497       206,180  

Conduent, Inc.(a)

     84,626       286,036  

CSG Systems International, Inc.

     131,582       5,601,445  

Grid Dynamics Holdings, Inc.(a)

     88,783       658,770  

Hackett Group, Inc.

     154,410       1,947,110  

International Money Express, Inc.(a)

     79,253       1,340,961  

KBR, Inc.

     218,881       5,469,836  

Limelight Networks, Inc.(a)

     30,418       172,470  

ManTech International Corp., Class A

     108,955       8,155,282  

MAXIMUS, Inc.

     31,584       2,449,339  

Perficient, Inc.(a)(b)

     20,025       859,273  

Repay Holdings Corp.(a)

     13,927       352,353  

Verra Mobility Corp.(a)

     127,982       1,352,130  

Virtusa Corp.(a)

     7,835       309,796  
   

 

 

  
          29,160,981  
Leisure Products — 0.3%            

Malibu Boats, Inc., Class A(a)(b)

     43,737       2,267,764  

Nautilus, Inc.(a)(b)

     37,986       450,134  

YETI Holdings, Inc.(a)

     43,859       2,253,475  
   

 

 

  
          4,971,373  
Life Sciences Tools & Services — 1.4%            

Adaptive Biotechnologies Corp.(a)

     7,220       300,424  

Codexis, Inc.(a)(b)

     60,337       832,651  

Fluidigm Corp.(a)

     64,750       508,288  

Luminex Corp.

     151,044       4,031,364  
Security   Shares     Value  
Life Sciences Tools & Services (continued)            

Medpace Holdings, Inc.(a)(b)

     31,226     $ 4,052,823  

NanoString Technologies, Inc.(a)(b)

     50,238       2,033,634  

NeoGenomics, Inc.(a)

     98,038       3,818,580  

Pacific Biosciences of California, Inc.(a)(b)

     136,297       899,560  

Personalis, Inc.(a)

     46,267       1,055,813  

Quanterix Corp.(a)

     34,270       1,220,012  

Repligen Corp.(a)

     18,178       2,815,954  

Syneos Health, Inc.(a)

     17,839       1,125,641  
   

 

 

  
              22,694,744  
Machinery — 2.6%            

Albany International Corp., Class A

     4,651       241,387  

Altra Industrial Motion Corp.

     37,308       1,456,877  

Blue Bird Corp.(a)

     81,248       924,602  

Chart Industries, Inc.(a)

     7,446       489,351  

CIRCOR International, Inc.(a)

     15,986       473,985  

EnPro Industries, Inc.

     9,399       550,029  

ESCO Technologies, Inc.

     133,206       11,977,884  

Evoqua Water Technologies Corp.(a)(b)

     153,610       3,142,861  

Federal Signal Corp.

     10,559       339,155  

Franklin Electric Co., Inc.

     75,888       4,504,712  

Greenbrier Cos., Inc.

     33,049       898,602  

Hillenbrand, Inc.

     93,482       2,964,314  

John Bean Technologies Corp.

     16,335       1,674,501  

Kennametal, Inc.

     62,057       1,800,894  

Miller Industries, Inc.

     45,797       1,436,652  

Park-Ohio Holdings Corp.

     11,248       177,943  

Proto Labs, Inc.(a)(b)

     15,357       2,257,479  

RBC Bearings, Inc.(a)

     11,495       1,517,800  

REV Group, Inc.

     15,190       117,723  

Rexnord Corp.

     45,511       1,317,999  

Standex International Corp.

     3,967       229,451  

Terex Corp.

     12,095       236,699  

Wabash National Corp.

     123,725       1,510,682  

Watts Water Technologies, Inc., Class A

     7,957       761,883  

Welbilt, Inc.(a)(b)

     103,478       763,668  
   

 

 

  
          41,767,133  
Marine — 0.0%            

Costamare, Inc.

     36,121       182,411  
   

 

 

  
Media — 0.7%            

AMC Networks, Inc., Class A(a)(b)

     18,674       453,591  

Cardlytics, Inc.(a)(b)

     11,935       905,270  

Emerald Holding, Inc.

     49,922       137,785  

Entercom Communications Corp., Class A

     102,696       154,044  

Entravision Communications Corp., Class A

     337,759       513,394  

EW Scripps Co, Class A

     71,191       791,644  

Gray Television, Inc.(a)

     68,169       1,057,983  

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

     236,902       2,184,236  

Meredith Corp.

     19,858       278,012  

MSG Networks, Inc., Class A(a)

     43,775       426,369  

Scholastic Corp.

     27,455       617,738  

TechTarget, Inc.(a)

     63,311       2,512,180  

TEGNA, Inc.

     36,837       461,199  
   

 

 

  
          10,493,445  
Metals & Mining — 1.4%            

Caledonia Mining Corp. PLC

     16,716       303,897  

Carpenter Technology Corp.

     31,588       664,296  

Cleveland-Cliffs, Inc.

     164,650       1,083,397  

Commercial Metals Co.

     47,713       995,770  

Gold Resource Corp.

     37,416       148,916  

Kaiser Aluminum Corp.

     8,837       568,042  

Materion Corp.

     79,162       4,321,453  
 

 

 

6  

    

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Metals & Mining (continued)            

Novagold Resources, Inc.(a)

     593,246     $ 6,282,475  

Olympic Steel, Inc.

     37,790       415,690  

Ryerson Holding Corp.(a)

     123,970       683,075  

Schnitzer Steel Industries, Inc., Class A

     237,789       4,693,955  

SunCoke Energy, Inc.

     50,027       179,097  

Worthington Industries, Inc.

     61,457       2,552,309  
   

 

 

  
              22,892,372  
Mortgage Real Estate Investment Trusts (REITs) — 0.7%  

Apollo Commercial Real Estate Finance, Inc.

     58,376       521,882  

Arbor Realty Trust, Inc.

     38,640       437,405  

Ares Commercial Real Estate Corp.

     19,054       189,778  

ARMOUR Residential REIT, Inc.

     36,371       352,435  

Blackstone Mortgage Trust, Inc., Class A

     79,889       1,898,962  

Colony Credit Real Estate, Inc.

     49,652       298,905  

Ellington Financial, Inc.

     54,820       683,057  

Exantas Capital Corp.

     79,998       186,395  

Granite Point Mortgage Trust, Inc.

     110,152       731,409  

Great Ajax Corp.

     58,793       536,192  

Invesco Mortgage Capital, Inc.(b)

     307,638       922,914  

KKR Real Estate Finance Trust, Inc.

     54,707       995,667  

Ladder Capital Corp.

     105,595       786,683  

MFA Financial, Inc.

     139,796       374,653  

New York Mortgage Trust, Inc.

     97,678       257,870  

TPG RE Finance Trust, Inc.

     39,392       347,438  

Two Harbors Investment Corp.

     289,367       1,577,050  

Western Asset Mortgage Capital Corp.

     79,960       181,509  
   

 

 

  
          11,280,204  
Multiline Retail — 0.4%            

Big Lots, Inc.

     88,703       4,182,346  

Dillard’s, Inc., Class A(b)

     93,781       2,833,124  
   

 

 

  
          7,015,470  
Multi-Utilities — 0.6%            

Avista Corp.

     30,393       1,120,286  

Black Hills Corp.

     57,818       3,242,433  

NorthWestern Corp.

     109,104       5,634,131  
   

 

 

  
          9,996,850  
Oil, Gas & Consumable Fuels — 1.7%            

Antero Resources Corp.(a)

     221,823       714,270  

Ardmore Shipping Corp.

     47,724       176,579  

Brigham Minerals, Inc., Class A

     203,323       2,401,245  

CNX Resources Corp.(a)

     76,381       837,136  

CVR Energy, Inc.

     96,735       1,614,507  

Delek U.S. Holdings, Inc.

     218,695       3,440,072  

DHT Holdings, Inc.

     91,190       482,395  

Evolution Petroleum Corp.

     294,742       804,646  

GasLog Ltd.

     84,899       250,452  

Golar LNG Ltd.(a)

     122,493       1,267,803  

Green Plains, Inc.(a)

     103,231       1,381,231  

Kosmos Energy Ltd.

     90,995       133,763  

Laredo Petroleum, Inc.(a)(b)

     22,617       369,788  

Magnolia Oil & Gas Corp., Class A(a)(b)

     271,221       1,746,663  

Matador Resources Co.(a)

     101,217       984,841  

Montage Resources Corp.(a)

     1       5  

Nordic American Tankers Ltd.

     184,461       804,250  

Ovintiv, Inc.

     16,971       188,039  

Par Pacific Holdings, Inc.(a)

     89,738       778,926  

PBF Energy, Inc., Class A

     374,124       3,202,501  

PDC Energy, Inc.(a)

     109,473       1,657,421  

Scorpio Tankers, Inc.

     77,966       923,117  

SFL Corp. Ltd.

     31,059       272,698  

SM Energy Co.

     87,587       212,836  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)            

Talos Energy, Inc.(a)

     191,270     $ 1,436,438  

Teekay Corp.(a)

     86,652       220,963  

W&T Offshore, Inc.(a)

     95,297       212,512  
   

 

 

  
          26,515,097  
Paper & Forest Products — 0.8%            

Boise Cascade Co.

     226,410       10,369,578  

Louisiana-Pacific Corp.

     10,635       350,317  

Neenah, Inc.

     31,683       1,402,923  
   

 

 

  
              12,122,818  
Personal Products — 0.2%            

BellRing Brands, Inc., Class A(a)

     8,453       164,326  

Edgewell Personal Care Co.(a)

     30,264       868,879  

elf Beauty, Inc.(a)

     53,741       1,049,562  

Natural Health Trends Corp.

     80       417  

USANA Health Sciences, Inc.(a)

     5,506       431,726  
   

 

 

  
          2,514,910  
Pharmaceuticals — 1.5%            

Aerie Pharmaceuticals, Inc.(a)(b)

     117,461       1,292,071  

AMAG Pharmaceuticals, Inc.(a)(b)

     23,195       240,300  

Amneal Pharmaceuticals, Inc.(a)(b)

     292,542       1,202,347  

Amphastar Pharmaceuticals, Inc.(a)

     211,125       4,302,727  

Axsome Therapeutics, Inc.(a)

     8,502       623,282  

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

     190,382       744,394  

Corcept Therapeutics, Inc.(a)(b)

     101,070       1,283,589  

Endo International PLC(a)

     146,316       440,411  

Innoviva, Inc.(a)

     123,619       1,447,578  

Intersect ENT, Inc.(a)

     85,240       1,711,619  

NGM Biopharmaceuticals, Inc.(a)

     84,098       1,568,428  

Omeros Corp.(a)

     37,224       444,827  

Phibro Animal Health Corp., Class A

     24,293       521,328  

Prestige Consumer Healthcare, Inc.(a)

     96,153       3,502,854  

Supernus Pharmaceuticals, Inc.(a)

     107,943       2,373,666  

Theravance Biopharma, Inc.(a)

     85,605       1,569,140  

WaVe Life Sciences Ltd.(a)(b)

     29,956       375,349  
   

 

 

  
          23,643,910  
Professional Services — 1.8%            

ASGN, Inc.(a)(b)

     78,363       5,624,113  

CRA International, Inc.

     43,360       1,843,234  

Exponent, Inc.

     25,880       2,082,175  

Forrester Research, Inc.(a)

     18,036       639,557  

Franklin Covey Co.(a)

     95,325       1,881,715  

Huron Consulting Group, Inc.(a)

     12,407       538,216  

ICF International, Inc.

     41,930       2,864,238  

Insperity, Inc.

     69,508       4,682,754  

Kforce, Inc.

     144,268       4,954,163  

TriNet Group, Inc.(a)(b)

     53,755       3,646,739  
   

 

 

  
          28,756,904  
Real Estate Management & Development — 0.9%  

Cushman & Wakefield PLC(a)

     120,322       1,396,938  

Kennedy-Wilson Holdings, Inc.

     101,003       1,443,333  

Marcus & Millichap, Inc.(a)

     77,454       2,184,977  

RE/MAX Holdings, Inc., Class A

     122,921       4,319,444  

Realogy Holdings Corp.

     58,406       647,138  

Redfin Corp.(a)

     46,623       2,217,856  

RMR Group, Inc., Class A

     74,303       2,096,831  

St. Joe Co(a)(b)

     14,208       329,768  
   

 

 

  
          14,636,285  
Road & Rail — 1.0%            

Avis Budget Group, Inc.(a)

     25,057       854,694  

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

     151,483       2,776,683  
 

 

 

    

   7

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Road & Rail (continued)            

Heartland Express, Inc.

     152,220     $ 3,148,671  

Marten Transport Ltd.

     149,715       2,718,825  

Saia, Inc.(a)(b)

     16,006       2,148,005  

Universal Logistics Holdings, Inc.

     64,866       1,394,619  

Werner Enterprises, Inc.

     49,127       2,260,333  
   

 

 

  
              15,301,830  
Semiconductors & Semiconductor Equipment — 2.6%  

Advanced Energy Industries, Inc.(a)

     9,459       701,101  

Ambarella, Inc.(a)(b)

     95,900       5,053,930  

Amkor Technology, Inc.(a)

     173,778       2,119,223  

Brooks Automation, Inc.

     48,856       2,522,435  

Cabot Microelectronics Corp.

     5,948       905,821  

Cirrus Logic, Inc.(a)

     171,076       10,365,495  

DSP Group, Inc.(a)(b)

     12,855       184,341  

FormFactor, Inc.(a)

     144,768       3,782,788  

Ichor Holdings Ltd.(a)

     6,668       167,767  

Inphi Corp.(a)

     9,943       1,133,303  

MaxLinear, Inc.(a)

     80,047       1,949,144  

Onto Innovation, Inc.(a)

     14,870       464,539  

Power Integrations, Inc.

     48,482       2,713,537  

Rambus, Inc.(a)

     187,274       2,515,090  

Semtech Corp.(a)

     35,961       2,109,113  

Silicon Laboratories, Inc.(a)

     33,432       3,423,771  

Synaptics, Inc.(a)

     16,045       1,369,120  
   

 

 

  
          41,480,518  
Software — 6.3%            

8x8, Inc.(a)

     448,320       7,567,642  

A10 Networks, Inc.(a)

     72,706       621,636  

ACI Worldwide, Inc.(a)

     29,974       880,636  

Alarm.com Holdings, Inc.(a)

     47,699       2,855,739  

Altair Engineering, Inc., Class A(a)

     16,539       694,969  

Appfolio, Inc., Class A(a)

     20,830       3,500,065  

Avaya Holdings Corp.(a)

     14,673       227,725  

Benefitfocus, Inc.(a)

     340,161       3,517,265  

Blackbaud, Inc.

     43,704       2,790,500  

Bottomline Technologies DE, Inc.(a)

     82,759       3,941,811  

Box, Inc., Class A(a)

     216,074       4,241,533  

Cerence, Inc.(a)

     25,942       1,380,114  

Cloudera, Inc.(a)

     87,907       1,161,251  

CommVault Systems, Inc.(a)

     61,756       2,669,712  

Cornerstone OnDemand, Inc.(a)

     11,010       388,323  

Domo, Inc., Class B(a)

     8,436       343,514  

Everbridge, Inc.(a)(b)

     19,483       2,895,369  

Five9, Inc.(a)(b)

     16,680       2,125,699  

J2 Global, Inc.(a)

     17,977       1,258,210  

LivePerson, Inc.(a)(b)

     37,164       2,217,204  

MicroStrategy, Inc., Class A(a)

     6,796       981,614  

Model N, Inc.(a)(b)

     60,733       2,388,022  

Paylocity Holding Corp.(a)

     19,068       2,807,763  

Ping Identity Holding Corp.(a)(b)

     42,919       1,479,418  

Progress Software Corp.

     34,374       1,302,431  

PROS Holdings, Inc.(a)(b)

     110,715       4,317,885  

QAD, Inc., Class A

     40,336       1,834,481  

Qualys, Inc.(a)

     91,158       9,675,510  

Rapid7, Inc.(a)(b)

     105,988       6,843,645  

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

     17,655       5,133,544  

Sailpoint Technologies Holdings, Inc.(a)

     10,204       400,303  

Sapiens International Corp. NV

     19,375       649,838  

Sprout Social, Inc., Class A(a)

     6,681       258,889  

SPS Commerce, Inc.(a)

     96,641       7,719,683  

SVMK, Inc.(a)

     29,383       731,343  

Synchronoss Technologies, Inc.(a)

     79,935       350,915  
Security   Shares     Value  
Software (continued)            

Varonis Systems, Inc.(a)

     6,899     $ 852,233  

Verint Systems, Inc.(a)

     61,073       2,904,632  

Vertex, Inc., Class A(a)

     29,031       743,484  

Yext, Inc.(a)

     178,136       3,537,781  
   

 

 

  
              100,192,331  
Specialty Retail — 3.3%            

Aaron’s, Inc.(b)

     37,595       2,101,185  

American Eagle Outfitters, Inc.(b)

     317,726       4,006,525  

America’s Car-Mart, Inc.(a)

     15,099       1,517,450  

Asbury Automotive Group, Inc.(a)(b)

     35,474       3,752,794  

At Home Group, Inc.(a)

     64,094       1,224,836  

Bed Bath & Beyond, Inc.

     60,588       737,962  

Buckle, Inc.

     158,179       2,964,274  

Camping World Holdings, Inc., Class A

     5,624       163,433  

Chico’s FAS, Inc.

     1,043,041       1,335,092  

Children’s Place, Inc.

     105,250       2,101,316  

Citi Trends, Inc.

     38,766       749,347  

Conn’s, Inc.(a)

     21,675       277,007  

Designer Brands, Inc., Class A

     399,346       2,815,389  

Group 1 Automotive, Inc.

     4,133       357,257  

Guess?, Inc.

     241,957       2,782,506  

Haverty Furniture Cos., Inc.

     14,043       296,588  

Hibbett Sports, Inc.(a)

     50,466       1,684,050  

Lithia Motors, Inc., Class A

     5,513       1,372,516  

MarineMax, Inc.(a)

     101,570       2,987,174  

Monro, Inc.

     67,266       3,100,290  

RH(a)

     20,678       6,835,113  

Sally Beauty Holdings, Inc.(a)

     73,466       819,881  

Shoe Carnival, Inc.

     10,612       348,923  

Signet Jewelers Ltd.

     182,646       3,154,296  

Sleep Number Corp.(a)

     8,558       410,784  

Sonic Automotive, Inc., Class A

     29,960       1,266,110  

Tilly’s, Inc., Class A

     128,674       815,793  

Urban Outfitters, Inc.(a)

     92,674       2,181,546  

Zumiez, Inc.(a)

     31,130       799,418  
   

 

 

  
          52,958,855  
Technology Hardware, Storage & Peripherals — 0.0%  

Super Micro Computer, Inc.(a)

     19,305       528,764  
   

 

 

  
Textiles, Apparel & Luxury Goods — 0.9%            

Crocs, Inc.(a)(b)

     80,554       3,214,910  

Culp, Inc.

     51,699       620,388  

Deckers Outdoor Corp.(a)

     4,876       994,070  

Oxford Industries, Inc.

     102,582       5,080,887  

Steven Madden Ltd.

     152,021       3,216,764  

Wolverine World Wide, Inc.

     14,881       371,727  
   

 

 

  
          13,498,746  
Thrifts & Mortgage Finance — 1.5%            

Capitol Federal Financial, Inc.

     80,948       756,054  

Essent Group Ltd.

     79,646       2,843,362  

Federal Agricultural Mortgage Corp., Class C

     37,841       2,578,864  

Flagstar Bancorp, Inc.

     47,526       1,493,267  

Merchants Bancorp

     40,004       815,281  

Meridian Bancorp, Inc.

     53,144       618,596  

NMI Holdings, Inc., Class A(a)

     26,208       449,467  

Northwest Bancshares, Inc.

     134,366       1,358,440  

Premier Financial Corp.

     122,675       2,241,886  

Provident Bancorp, Inc.

     49,769       387,203  

Provident Financial Services, Inc.

     38,343       505,361  

Radian Group, Inc.

     220,688       3,407,423  

Riverview Bancorp, Inc.

     253,347       1,046,323  

Southern Missouri Bancorp, Inc.

     13,344       315,986  
 

 

 

8  

    

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Thrifts & Mortgage Finance (continued)            

Walker & Dunlop, Inc.

     9,702     $ 531,475  

Washington Federal, Inc.

     129,748       3,042,591  

WSFS Financial Corp.

     19,809       580,404  
   

 

 

  
          22,971,983  
Trading Companies & Distributors — 1.7%            

Applied Industrial Technologies, Inc.

     134,755       8,113,599  

BMC Stock Holdings, Inc.(a)

     53,899       2,151,648  

DXP Enterprises, Inc.(a)

     15,876       305,454  

Foundation Building Materials, Inc.(a)

     124,125       2,014,549  

GATX Corp.

     14,058       940,199  

GMS, Inc.(a)

     31,104       823,945  

H&E Equipment Services, Inc.

     99,691       2,019,740  

Herc Holdings, Inc.(a)

     144,153       5,903,065  

Lawson Products, Inc.(a)

     13       467  

MRC Global, Inc.(a)

     33,318       189,579  

NOW, Inc.(a)

     17,039       123,873  

SiteOne Landscape Supply, Inc.(a)

     36,511       4,565,701  

WESCO International, Inc.(a)

     5,467       256,129  
   

 

 

  
          27,407,948  
Water Utilities — 0.2%            

American States Water Co.

     38,121       2,900,246  

SJW Group

     14,323       895,617  
   

 

 

  
          3,795,863  
Wireless Telecommunication Services — 0.2%  

Boingo Wireless, Inc.(a)

     16,021       208,113  

Shenandoah Telecommunications Co.

     31,660       1,750,798  

Spok Holdings, Inc.

     40,681       440,982  
   

 

 

  
          2,399,893  
   

 

 

  

Total Common Stocks — 96.5%
(Cost: $1,416,346,368)

       1,530,760,941  
   

 

 

  

Preferred Securities

    
Preferred Stocks — 0.0%            
Trading Companies & Distributors — 0.0%            

WESCO International, Inc., Series A,
10.63%(d)(e)

     14,500       402,665  
   

 

 

  

Total Preferred Securities — 0.0%
(Cost: $384,250)

       402,665  
   

 

 

  
Security   Shares     Value  

Rights

    
Biotechnology — 0.0%            

Alder Biopharmaceuticals, Inc., CVR(a)(c)

     38,614     $ 33,980  
   

 

 

  
Metals & Mining — 0.0%            

Pan American Silver Corp., CVR(a)(b)

     125,419       96,573  
   

 

 

  

Total Rights — 0.0%
(Cost: $ —)

       130,553  
   

 

 

  

Total Long-Term Investments — 96.5%
(Cost: $1,416,730,618)

       1,531,294,159  
   

 

 

  

Short-Term Securities(f)(g)

    
Money Market Funds — 8.4%            

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.04%

     52,477,379       52,477,379  

SL Liquidity Series, LLC, Money Market Series, 0.31%(h)

     80,922,703       80,963,165  
   

 

 

  

Total Short-Term Securities — 8.4%
(Cost: $133,405,951)

       133,440,544  
   

 

 

  

Total Investments — 104.9%
(Cost: $1,550,136,569)

       1,664,734,703  

Liabilities in Excess of Other Assets — (4.9)%

 

     (78,506,957 ) 
   

 

 

  

Net Assets — 100.0%

     $ 1,586,227,746  
   

 

 

  

 

(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) 

Perpetual security with no stated maturity date.

(e) 

Variable rate security. Rate shown is the rate in effect as of period end.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

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, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
05/31/20		     Purchases
at Cost		     Proceeds
from Sale		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
08/31/20		     Shares
Held at
08/31/20		     Income    

Capital

Gain
Distributions
from Underlying
Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

   $ 43,962,860     $ 8,514,519 (a)    $ —     $ —     $ —     $ 52,477,379       52,477,379     $ 10,195     $ —  

SL Liquidity Series, LLC, Money Market Series

     62,801,371       18,197,625 (a)      —       (5,826 )      (30,005 )      80,963,165       80,922,703       371,580 (b)      —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ (5,826 )    $ (30,005 )    $ 133,440,544       $ 381,775     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

 

    

   9

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount
(000)		     Value/
Unrealized
Appreciation
(Depreciation)		  

Long Contracts

               

Russell 2000 E-Mini Index

      699          09/18/20        $ 54,567     $ (423,965 ) 
              

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Fund were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

    $ 1,530,760,933        $ —        $ 8        $ 1,530,760,941  

Preferred Securities

      402,665          —          —          402,665  

Rights

      96,573          —          33,980          130,553  

Short-Term Securities

        

Money Market Funds

      52,477,379          —          —          52,477,379  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     1,583,737,550        $     —        $     33,988              1,583,771,538  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

           80,963,165  
                 

 

 

  
                  $ 1,664,734,703  
                 

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities

        

Equity Contracts

    $ (423,965 )       $ —        $ —        $ (423,965 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

  (b) 

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

 

 

10  

    

Schedule of Investments  (unaudited) (continued)

August 31, 2020

   

BlackRock Advantage Small Cap Core Fund

 

Portfolio Abbreviation
CVR    Contingent Value Rights
REIT    Real Estate Investment Trust

 

 

    

   11