Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 3.4%
General Electric Co.
105,492
$  36,105,692
Lockheed Martin Corp.
59,020
38,839,882
RTX Corp.
218,284
44,228,704
 
119,174,278
Automobile Components — 0.8%
BorgWarner, Inc.
496,396
28,577,518
Automobiles — 1.7%
Tesla, Inc.(a)
151,083
60,812,418
Banks — 4.3%
Bank of America Corp.
1,321,766
65,863,600
Citigroup, Inc.
96,340
10,615,704
JPMorgan Chase & Co.
253,886
76,241,966
 
152,721,270
Biotechnology — 2.2%
AbbVie, Inc.
130,957
30,392,500
Moderna, Inc.(a)
226,456
12,131,248
Natera, Inc.(a)
63,868
13,287,099
Regeneron Pharmaceuticals, Inc.
30,227
23,627,539
 
79,438,386
Broadline Retail — 4.0%
Amazon.com, Inc.(a)
681,876
143,193,960
Building Products — 0.7%
Trane Technologies PLC
50,560
23,374,899
Capital Markets — 4.0%
Charles Schwab Corp. (The)
401,472
38,220,134
CME Group, Inc., Class A
64,491
20,604,875
Intercontinental Exchange, Inc.
148,707
24,407,280
Morgan Stanley
355,662
59,221,280
 
142,453,569
Chemicals — 0.8%
Corteva, Inc.
364,338
29,190,761
Commercial Services & Supplies — 1.1%
Cintas Corp.
184,595
37,127,592
Communications Equipment — 1.3%
Arista Networks, Inc.(a)
118,671
15,842,578
Motorola Solutions, Inc.
60,142
29,004,081
 
44,846,659
Construction & Engineering — 1.5%
Comfort Systems U.S.A., Inc.
20,283
28,991,912
MasTec, Inc.(a)
75,015
22,355,970
 
51,347,882
Consumer Staples Distribution & Retail — 3.0%
Costco Wholesale Corp.
60,974
61,631,910
Walmart, Inc.
345,579
44,216,833
 
105,848,743
Diversified Telecommunication Services — 1.6%
AT&T Inc.
762,731
21,364,095
Comcast Corp., Class A
1,122,002
34,737,182
 
56,101,277
Electrical Equipment — 1.0%
AMETEK, Inc.
76,506
18,301,765
Vertiv Holdings Co., Class A
71,356
18,187,931
 
36,489,696
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A
207,094
$  30,248,150
Entertainment — 0.9%
Netflix, Inc.(a)
340,071
32,728,433
Financial Services — 3.0%
Berkshire Hathaway, Inc., Class B(a)
60,529
30,564,118
Mastercard, Inc., Class A
53,472
27,656,253
PayPal Holdings, Inc.
51,995
2,402,689
Visa, Inc., Class A
147,112
47,096,436
 
107,719,496
Ground Transportation — 0.7%
Union Pacific Corp.
98,701
26,153,791
Health Care Equipment & Supplies — 1.1%
Boston Scientific Corp.(a)
502,355
38,605,982
Health Care Providers & Services — 2.1%
Cardinal Health, Inc.
156,840
35,952,433
Centene Corp.(a)
311,915
13,998,745
UnitedHealth Group, Inc.
87,095
25,542,351
 
75,493,529
Hotel & Resort REITs — 0.0%
RLJ Lodging Trust
51
409
Hotels, Restaurants & Leisure — 1.0%
Booking Holdings, Inc.
8,034
34,058,938
Household Durables — 1.6%
Garmin Ltd.
99,298
25,105,513
Toll Brothers, Inc.
204,282
32,121,302
 
57,226,815
Household Products — 1.9%
Procter & Gamble Co. (The)
394,671
65,988,991
Industrial Conglomerates — 0.7%
Honeywell International, Inc.
107,053
26,077,040
Insurance — 3.0%
Marsh & McLennan Cos., Inc.
223,533
41,742,553
Progressive Corp. (The)
105,605
22,563,564
Travelers Cos., Inc. (The)
129,724
40,038,015
 
104,344,132
Interactive Media & Services — 8.3%
Alphabet, Inc., Class A
354,303
110,457,503
Alphabet, Inc., Class C, NVS
260,001
80,972,112
Meta Platforms, Inc., Class A
130,780
84,768,981
Pinterest, Inc., Class A(a)
931,587
15,958,085
 
292,156,681
Machinery — 2.0%
Mueller Industries, Inc.
140,128
16,529,499
Parker-Hannifin Corp.
52,452
52,933,509
 
69,463,008
Metals & Mining — 1.4%
Alcoa Corp.
291,294
18,083,531
Freeport-McMoRan, Inc.
449,860
30,626,469
 
48,710,000
Oil, Gas & Consumable Fuels — 2.5%
Chevron Corp.
195,068
36,430,900
Devon Energy Corp.
518,919
22,588,544
EOG Resources, Inc.
244,684
30,360,391
 
89,379,835
1
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.
773,380
$  48,235,711
Eli Lilly & Co.
39,706
41,770,315
Pfizer, Inc.
1,637,533
45,277,787
 
135,283,813
Retail REITs — 0.7%
Simon Property Group, Inc.
121,860
24,841,161
Semiconductors & Semiconductor Equipment — 14.1%
Advanced Micro Devices, Inc.(a)
118,537
23,732,293
Broadcom, Inc.
300,435
96,004,004
Intel Corp.(a)
418,260
19,076,839
Lam Research Corp.
216,412
50,616,603
Micron Technology, Inc.
99,120
40,874,114
NVIDIA Corp.
1,387,368
245,827,736
QUALCOMM, Inc.
167,595
23,858,824
 
499,990,413
Software — 7.9%
Adobe, Inc.(a)
51,374
13,481,051
Elastic NV(a)
177,917
9,264,138
Microsoft Corp.
446,655
175,419,285
Oracle Corp.
169,892
24,702,297
Palantir Technologies, Inc., Class A(a)
159,749
21,915,965
Salesforce, Inc.
89,424
17,418,901
ServiceNow, Inc.(a)
160,789
17,366,820
 
279,568,457
Specialty Retail — 1.5%
Lithia Motors, Inc., Class A
56,787
15,876,510
TJX Cos., Inc. (The)
237,002
38,313,743
 
54,190,253
Security
 
 
Shares
Value
Technology Hardware, Storage & Peripherals — 7.4%
Apple Inc.
876,888
$  231,656,272
Sandisk Corp.(a)
16,668
10,590,181
Western Digital Corp.
76,149
21,298,875
 
263,545,328
Trading Companies & Distributors — 0.5%
Ferguson Enterprises, Inc.
68,774
17,933,508
Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.
75,146
16,313,445
Total Long-Term Investments — 98.9%
(Cost: $2,141,805,749)
3,500,720,516
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.56%(b)(c)
34,779,819
34,779,819
Total Short-Term Securities — 1.0%
(Cost: $34,779,819)
34,779,819
Total Investments — 99.9%
(Cost: $2,176,585,568)
3,535,500,335
Other Assets Less Liabilities — 0.1%
3,542,476
Net Assets — 100.0%
$  3,539,042,811
 
(a)
Non-income producing security.
(b)
Affiliate of the Fund.
(c)
Annualized 7-day yield as of period end.
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
05/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
02/28/26
Shares
Held at
02/28/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash
Funds: Institutional, SL
Agency Shares(a)
$  —
 
$  —
$  (90
)(b)
$  90
$  —
$  —
—
$  9,428
(c)
$  —
BlackRock Liquidity
Funds, T-Fund,
Institutional Shares
29,457,388
 
5,322,431
(b)
—
—
—
34,779,819
34,779,819
926,311
—
 
$  90
$  —
$  34,779,819
$  935,739
$  —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
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.
2
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage Large Cap Core 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
 
 
S&P 500 E-Mini Index
116
03/20/26
$  39,956
$  105,027
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 
$  3,500,720,516
$  —
$  —
$  3,500,720,516
Short-Term Securities
Money Market Funds
34,779,819
—
—
34,779,819
 
$  3,535,500,335
$  —
$  —
$  3,535,500,335
Derivative Financial Instruments(a)
Assets
Equity Contracts
$  105,027
$  —
$  —
$  105,027
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
 
Portfolio Abbreviation 
NVS
Non-Voting Shares
REIT
Real Estate Investment Trust
3