Schedule of Investments (unaudited) 
February 28, 2026
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 3.6%
Boeing Co. (The)(a)
9,966
$  2,267,564
General Dynamics Corp.
10,631
3,795,798
General Electric Co.
953
326,174
HEICO Corp., Class A
10,924
2,622,962
Howmet Aerospace, Inc.
314
82,434
Lockheed Martin Corp.
6,675
4,392,684
Northrop Grumman Corp.
5,320
3,853,702
RTX Corp.
47,329
9,589,802
 
26,931,120
Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.
1,346
195,210
Automobile Components — 0.3%
BorgWarner, Inc.
45,514
2,620,241
Automobiles — 0.2%
Ford Motor Co.
16,018
225,694
General Motors Co.
19,872
1,564,125
 
1,789,819
Banks — 7.3%
Bank of America Corp.
260,978
13,004,534
Citigroup, Inc.
63,344
6,979,875
Credicorp Ltd.
4,303
1,490,473
Huntington Bancshares, Inc.
208,438
3,501,758
JPMorgan Chase & Co.
66,000
19,819,800
KeyCorp
110,967
2,301,456
PNC Financial Services Group, Inc. (The)
1,769
375,647
Popular, Inc.
8,213
1,111,712
SouthState Bank Corp.
1,729
170,600
U.S. Bancorp
15,210
831,379
Wells Fargo & Co.
68,066
5,543,976
 
55,131,210
Beverages — 1.1%
Coca-Cola Co. (The)
44,504
3,629,746
Constellation Brands, Inc., Class A
5,453
860,811
Keurig Dr. Pepper, Inc.
11,768
356,335
Molson Coors Beverage Co., Class B
49,120
2,406,389
Monster Beverage Corp.(a)
11,503
981,206
 
8,234,487
Biotechnology — 2.6%
AbbVie, Inc.
5,981
1,388,070
Amgen, Inc.
5,257
2,040,557
Biogen, Inc.(a)
12,990
2,491,742
BioMarin Pharmaceutical, Inc.(a)
4,933
304,514
Caris Life Sciences, Inc.(a)
16,958
341,534
Exelixis, Inc.(a)
16,127
710,555
Gilead Sciences, Inc.
13,455
2,004,122
Ionis Pharmaceuticals, Inc.(a)
1,936
157,106
Madrigal Pharmaceuticals, Inc.(a)
193
83,376
Moderna, Inc.(a)
16,849
902,601
Natera, Inc.(a)
5,391
1,121,543
Neurocrine Biosciences, Inc.(a)
6,171
816,115
PTC Therapeutics, Inc.(a)
1,825
124,447
Regeneron Pharmaceuticals, Inc.
4,098
3,203,284
Revolution Medicines, Inc.(a)
4,039
412,059
Roivant Sciences Ltd.(a)
3,371
97,557
TG Therapeutics, Inc.(a)
13,219
397,760
Ultragenyx Pharmaceutical, Inc.(a)
14,389
336,559
United Therapeutics Corp.(a)
3,981
2,006,026
Security
 
 
Shares
Value
Biotechnology (continued)
Vertex Pharmaceuticals, Inc.(a)
882
$  438,204
Viking Therapeutics, Inc.(a)(b)
11,052
374,000
 
19,751,731
Broadline Retail — 2.5%
Amazon.com, Inc.(a)
86,378
18,139,380
Coupang, Inc., Class A(a)
9,352
178,436
eBay, Inc.
855
77,685
Etsy, Inc.(a)
3,127
171,610
MercadoLibre, Inc.(a)
311
546,608
 
19,113,719
Building Products — 0.4%
Armstrong World Industries, Inc.
1,108
192,238
Builders FirstSource, Inc.(a)
1,364
142,251
Owens Corning
13,511
1,649,288
Trane Technologies PLC
2,922
1,350,899
 
3,334,676
Capital Markets — 4.8%
Ameriprise Financial, Inc.
209
98,255
Cboe Global Markets, Inc.
2,205
660,883
Charles Schwab Corp. (The)
76,212
7,255,382
CME Group, Inc., Class A
13,881
4,434,979
FactSet Research Systems, Inc.
959
207,921
Goldman Sachs Group, Inc. (The)
7,172
6,164,836
Interactive Brokers Group, Inc., Class A
14,113
1,004,704
Intercontinental Exchange, Inc.
28,145
4,619,439
Jefferies Financial Group, Inc.
8,438
374,647
Morgan Stanley
55,388
9,222,656
S&P Global, Inc.
1,268
560,304
StepStone Group, Inc., Class A
1,647
71,052
Virtu Financial, Inc., Class A
8,978
371,779
XP, Inc., Class A
37,686
811,380
 
35,858,217
Chemicals — 1.6%
Albemarle Corp.
5,084
908,358
Celanese Corp., Class A
10,815
540,101
Corteva, Inc.
67,170
5,381,661
Dow, Inc.
45,315
1,392,530
FMC Corp.
71,950
1,060,543
Huntsman Corp.
14,320
181,148
LyondellBasell Industries NV, Class A
29,829
1,715,764
PPG Industries, Inc.
3,094
381,397
Solstice Advanced Materials, Inc.
3,284
257,827
 
11,819,329
Commercial Services & Supplies — 1.2%
Cintas Corp.
13,397
2,694,539
Copart, Inc.(a)
51,365
1,956,493
Republic Services, Inc.
5,943
1,360,947
Veralto Corp.
23,098
2,250,438
Waste Connections, Inc.
3,788
652,028
 
8,914,445
Communications Equipment — 1.6%
Arista Networks, Inc.(a)
3,753
501,026
Ciena Corp.(a)
3,303
1,151,756
Cisco Systems, Inc.
39,817
3,163,859
Lumentum Holdings, Inc.(a)
2,087
1,462,799
Motorola Solutions, Inc.
11,328
5,463,041
 
11,742,481
1
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Construction & Engineering — 0.7%
Comfort Systems U.S.A., Inc.
1,170
$  1,672,363
MasTec, Inc.(a)
11,852
3,532,133
 
5,204,496
Construction Materials — 0.3%
CRH PLC
5,867
703,923
Eagle Materials, Inc.
642
143,679
Vulcan Materials Co.
3,778
1,171,180
 
2,018,782
Consumer Finance — 1.1%
Ally Financial, Inc.
34,738
1,370,067
American Express Co.
12,325
3,807,192
Capital One Financial Corp.
14,505
2,837,758
 
8,015,017
Consumer Staples Distribution & Retail — 3.1%
Costco Wholesale Corp.
6,517
6,587,318
Dollar General Corp.
7,308
1,141,802
Sprouts Farmers Market, Inc.(a)
3,853
284,621
Sysco Corp.
3,534
322,160
Target Corp.
3,518
400,313
Walmart, Inc.
116,737
14,936,499
 
23,672,713
Containers & Packaging — 0.3%
Crown Holdings, Inc.
6,083
697,112
Smurfit Westrock PLC
37,098
1,743,977
 
2,441,089
Diversified Consumer Services — 0.0%
Bright Horizons Family Solutions, Inc.(a)
1,522
113,419
Diversified REITs — 0.0%
Essential Properties Realty Trust, Inc.
2,388
81,049
Diversified Telecommunication Services — 1.8%
AT&T Inc.
238,743
6,687,191
Comcast Corp., Class A
129,457
4,007,989
Verizon Communications, Inc.
58,215
2,918,900
 
13,614,080
Electric Utilities — 2.4%
Constellation Energy Corp.
2,967
978,754
Edison International
39,231
2,932,125
Entergy Corp.
18,129
1,941,797
Eversource Energy
16,070
1,224,695
FirstEnergy Corp.
10,725
548,691
NextEra Energy, Inc.
29,570
2,772,779
PG&E Corp.
207,561
3,943,659
Pinnacle West Capital Corp.
34,480
3,458,344
 
17,800,844
Electrical Equipment — 1.4%
AMETEK, Inc.
10,437
2,496,739
Eaton Corp. PLC
12,303
4,624,944
Emerson Electric Co.
2,399
361,649
Rockwell Automation, Inc.
3,234
1,317,694
Vertiv Holdings Co., Class A
6,071
1,547,437
 
10,348,463
Electronic Equipment, Instruments & Components — 0.8%
Amphenol Corp., Class A
14,727
2,151,026
Coherent Corp.(a)
4,196
1,086,470
Flex Ltd.(a)
21,959
1,383,856
Jabil, Inc.
1,165
308,714
Security
 
 
Shares
Value
Electronic Equipment, Instruments & Components (continued)
Keysight Technologies, Inc.(a)
2,798
$  859,909
TTM Technologies, Inc.(a)
2,962
308,759
 
6,098,734
Energy Equipment & Services — 0.4%
Halliburton Co.
41,112
1,480,032
SLB Ltd.
22,932
1,177,329
 
2,657,361
Entertainment — 0.6%
Netflix, Inc.(a)
1,167
112,312
Roku, Inc., Class A(a)
12,060
1,186,825
Spotify Technology SA(a)
379
195,162
Take-Two Interactive Software, Inc.(a)
2,662
562,960
Walt Disney Co. (The)
17,513
1,857,078
Warner Bros Discovery, Inc., Class A(a)
11,892
334,998
 
4,249,335
Financial Services — 3.6%
Berkshire Hathaway, Inc., Class B(a)
36,615
18,488,744
Block, Inc., Class A(a)
22,829
1,454,207
Chime Financial, Inc., Class A(a)
4,845
107,220
Fidelity National Information Services, Inc.
35,384
1,803,169
Fiserv, Inc.(a)
15,039
936,779
PayPal Holdings, Inc.
21,837
1,009,088
Rocket Cos., Inc., Class A
42,591
774,730
Visa, Inc., Class A
7,133
2,283,559
 
26,857,496
Food Products — 0.5%
Conagra Brands, Inc.
67,966
1,308,345
General Mills, Inc.
62,751
2,838,228
 
4,146,573
Ground Transportation — 0.8%
Ryder System, Inc.
1,447
320,597
Union Pacific Corp.
20,655
5,473,162
 
5,793,759
Health Care Equipment & Supplies — 2.0%
Abbott Laboratories
32,892
3,826,984
Boston Scientific Corp.(a)
62,861
4,830,868
DENTSPLY SIRONA, Inc.
8,086
118,703
Hologic, Inc.(a)
10,105
761,513
Solventum Corp.(a)
11,367
843,431
Stryker Corp.
12,340
4,781,256
 
15,162,755
Health Care Providers & Services — 2.7%
Cardinal Health, Inc.
20,024
4,590,101
Centene Corp.(a)
37,170
1,668,190
Cigna Group (The)
5,508
1,596,329
CVS Health Corp.
4,388
350,601
Encompass Health Corp.
5,928
639,513
HCA Healthcare, Inc.
4,477
2,371,467
McKesson Corp.
1,141
1,126,589
Quest Diagnostics, Inc.
1,865
395,212
UnitedHealth Group, Inc.
26,050
7,639,683
 
20,377,685
Health Care REITs — 0.8%
Alexandria Real Estate Equities, Inc.
4,681
252,961
Ventas, Inc.
66,662
5,743,598
 
5,996,559
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)
4,882
888,573
2
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.
15,861
$  310,717
Hotels, Restaurants & Leisure — 1.3%
Booking Holdings, Inc.
85
360,345
Carnival Corp.
48,263
1,522,697
Chipotle Mexican Grill, Inc.(a)
6,973
259,535
McDonald’s Corp.
13,578
4,630,913
Viking Holdings Ltd.(a)
41,543
3,241,185
 
10,014,675
Household Durables — 1.4%
DR Horton, Inc.
11,426
1,832,616
Garmin Ltd.
10,771
2,723,232
Lennar Corp., Class A
1,150
131,514
Meritage Homes Corp.
40,842
3,080,304
NVR, Inc.(a)
91
684,119
Taylor Morrison Home Corp., Class A(a)
2,008
132,307
Toll Brothers, Inc.
11,897
1,870,684
 
10,454,776
Household Products — 1.8%
Colgate-Palmolive Co.
5,301
525,541
Procter & Gamble Co. (The)
78,218
13,078,050
 
13,603,591
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)
15,725
271,728
Industrial Conglomerates — 1.4%
3M Co.
41,110
6,796,305
Honeywell International, Inc.
16,181
3,941,530
 
10,737,835
Industrial REITs — 0.1%
Lineage, Inc.
15,465
626,642
Insurance — 3.7%
Allstate Corp. (The)
9,992
2,143,484
Arch Capital Group Ltd.(a)
5,679
568,752
Chubb Ltd.
6,897
2,350,912
Hanover Insurance Group, Inc. (The)
2,762
498,900
Hartford Insurance Group, Inc. (The)
7,710
1,085,799
Marsh & McLennan Cos., Inc.
21,481
4,011,362
MetLife, Inc.
60,989
4,395,477
Progressive Corp. (The)
14,191
3,032,049
Reinsurance Group of America, Inc.
1,909
411,829
Travelers Cos., Inc. (The)
30,927
9,545,309
 
28,043,873
Interactive Media & Services — 4.9%
Alphabet, Inc., Class A
56,448
17,598,228
Alphabet, Inc., Class C, NVS
39,162
12,196,222
Meta Platforms, Inc., Class A
9,218
5,974,923
Pinterest, Inc., Class A(a)
38,820
664,987
Snap, Inc., Class A, NVS(a)
43,056
224,322
Trump Media & Technology Group Corp., Class A(a)(b)
12,423
133,050
 
36,791,732
IT Services — 0.8%
Accenture PLC, Class A
4,827
1,007,491
Globant SA(a)
7,102
353,396
International Business Machines Corp.
18,125
4,353,806
VeriSign, Inc.
1,617
368,579
 
6,083,272
Life Sciences Tools & Services — 0.3%
Danaher Corp.
6,230
1,312,287
Security
 
 
Shares
Value
Life Sciences Tools & Services (continued)
IQVIA Holdings, Inc.(a)
418
$  74,743
Thermo Fisher Scientific, Inc.
1,076
560,714
 
1,947,744
Machinery — 4.1%
Caterpillar, Inc.
11,514
8,552,945
Crane Co.
1,502
301,196
Cummins, Inc.
202
117,942
Dover Corp.
5,697
1,284,673
Illinois Tool Works, Inc.
21,546
6,261,914
Mueller Industries, Inc.
4,325
510,177
Otis Worldwide Corp.
14,394
1,332,309
PACCAR, Inc.
2,477
312,325
Parker-Hannifin Corp.
11,034
11,135,292
Westinghouse Air Brake Technologies Corp.
5,129
1,353,799
 
31,162,572
Marine Transportation — 0.1%
Kirby Corp.(a)
4,300
558,140
Media — 0.4%
Charter Communications, Inc., Class A(a)
549
128,812
Fox Corp., Class A, NVS
27,269
1,536,336
Fox Corp., Class B
3,479
179,969
Trade Desk, Inc. (The), Class A(a)
25,126
598,501
Versant Media Group, Inc.(a)
20,070
668,732
 
3,112,350
Metals & Mining — 1.9%
Alcoa Corp.
45,466
2,822,529
Cleveland-Cliffs, Inc.(a)
57,845
616,628
Freeport-McMoRan, Inc.
78,072
5,315,142
Newmont Corp.
35,756
4,648,280
Nucor Corp.
4,683
828,329
Reliance, Inc.
1,521
480,088
 
14,710,996
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.
3,487
81,038
Multi-Utilities — 0.6%
Ameren Corp.
3,513
397,953
Sempra
4,134
397,980
WEC Energy Group, Inc.
30,582
3,576,871
 
4,372,804
Oil, Gas & Consumable Fuels — 5.8%
Cheniere Energy, Inc.
7,355
1,733,794
Chevron Corp.
72,998
13,633,107
Chord Energy Corp.
7,084
767,693
Devon Energy Corp.
125,313
5,454,875
EOG Resources, Inc.
37,474
4,649,774
Exxon Mobil Corp.
51,921
7,917,953
HF Sinclair Corp.
3,339
166,983
Kinder Morgan, Inc.
132,833
4,419,354
Marathon Petroleum Corp.
8,702
1,724,823
Phillips 66
5,491
847,426
Valero Energy Corp.
11,431
2,339,240
 
43,655,022
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.
3,788
320,995
Passenger Airlines — 0.1%
Alaska Air Group, Inc.(a)
1,374
70,898
3
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Passenger Airlines (continued)
Delta Air Lines, Inc.
5,828
$  382,900
United Airlines Holdings, Inc.(a)
4,924
523,421
 
977,219
Personal Care Products — 0.1%
BellRing Brands, Inc.(a)
23,584
433,710
Kenvue, Inc.
18,055
345,211
 
778,921
Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.
136,348
8,504,025
Johnson & Johnson
41,931
10,416,918
Merck & Co., Inc.
14,082
1,743,633
Pfizer, Inc.
248,627
6,874,537
 
27,539,113
Professional Services — 0.4%
Equifax, Inc.
1,389
290,246
ExlService Holdings, Inc.(a)
2,329
72,781
Jacobs Solutions, Inc.
7,014
966,950
Leidos Holdings, Inc.
8,963
1,569,421
 
2,899,398
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)
2,395
353,645
Zillow Group, Inc., Class A(a)
1,126
50,445
 
404,090
Residential REITs — 0.1%
Invitation Homes, Inc.
3,176
83,656
Mid-America Apartment Communities, Inc.
3,905
522,723
 
606,379
Retail REITs — 0.5%
Kimco Realty Corp.
104,262
2,455,370
NNN REIT, Inc.
19,267
873,181
Simon Property Group, Inc.
772
157,372
 
3,485,923
Semiconductors & Semiconductor Equipment — 6.1%
Advanced Micro Devices, Inc.(a)
16,694
3,342,306
Analog Devices, Inc.
8,695
3,093,594
Applied Materials, Inc.
16,403
6,106,837
Broadcom, Inc.
1,217
388,892
First Solar, Inc.(a)
4,098
808,126
Intel Corp.(a)
112,616
5,136,416
Lam Research Corp.
9,921
2,320,423
Marvell Technology, Inc.
22,879
1,868,985
Microchip Technology, Inc.
2,777
207,275
Micron Technology, Inc.
32,134
13,251,098
NVIDIA Corp.
10,127
1,794,403
QUALCOMM, Inc.
26,273
3,740,224
Skyworks Solutions, Inc.
9,145
544,859
Teradyne, Inc.
2,198
703,426
Texas Instruments, Inc.
12,463
2,643,527
 
45,950,391
Software — 1.4%
Adobe, Inc.(a)
4,895
1,284,497
Atlassian Corp., Class A(a)
3,934
295,562
Dropbox, Inc., Class A(a)
4,199
104,933
HubSpot, Inc.(a)
2,069
547,271
Manhattan Associates, Inc.(a)
754
102,114
Microsoft Corp.
8,826
3,466,323
Salesforce, Inc.
22,247
4,333,493
Synopsys, Inc.(a)
1,258
520,812
 
10,655,005
Security
 
 
Shares
Value
Specialized REITs — 1.3%
American Tower Corp.
2,994
$  574,429
CubeSmart
74,249
3,054,604
Digital Realty Trust, Inc.
13,590
2,408,148
Equinix, Inc.
534
520,255
SBA Communications Corp.
2,116
425,654
VICI Properties, Inc.
90,921
2,746,723
 
9,729,813
Specialty Retail — 1.8%
AutoZone, Inc.(a)
550
2,065,569
Best Buy Co., Inc.
15,337
950,434
Lithia Motors, Inc., Class A
3,472
970,702
Murphy U.S.A., Inc.
271
105,891
O’Reilly Automotive, Inc.(a)
9,800
920,024
TJX Cos., Inc. (The)
50,884
8,225,907
Wayfair, Inc., Class A(a)
1,033
78,849
Williams-Sonoma, Inc.
1,105
227,243
 
13,544,619
Technology Hardware, Storage & Peripherals — 1.9%
Apple Inc.
16,760
4,427,657
Dell Technologies, Inc., Class C
14,925
2,210,094
Hewlett Packard Enterprise Co.
61,019
1,310,078
Pure Storage, Inc., Class A(a)
7,416
476,255
Sandisk Corp.(a)
3,718
2,362,268
Seagate Technology Holdings PLC
1,508
615,023
Western Digital Corp.
11,630
3,252,911
 
14,654,286
Textiles, Apparel & Luxury Goods — 0.1%
Levi Strauss & Co., Class A
31,999
709,098
Under Armour, Inc., Class C, NVS(a)
4,342
31,392
 
740,490
Tobacco — 0.9%
Altria Group, Inc.
56,077
3,871,556
Philip Morris International, Inc.
16,450
3,073,354
 
6,944,910
Trading Companies & Distributors — 0.6%
Applied Industrial Technologies, Inc.
8,801
2,486,986
Ferguson Enterprises, Inc.
9,043
2,358,053
 
4,845,039
Wireless Telecommunication Services — 0.6%
Millicom International Cellular SA
1,117
81,418
T-Mobile U.S., Inc.
18,894
4,101,699
 
4,183,117
Total Long-Term Investments — 98.9%
(Cost: $589,778,429)
745,774,682
4
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.84%(c)(d)(e)
334,747
$  334,915
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.56%(c)(d)
7,082,114
7,082,114
Total Short-Term Securities — 1.0%
(Cost: $7,417,029)
7,417,029
Total Investments — 99.9%
(Cost: $597,195,458)
753,191,711
Other Assets Less Liabilities — 0.1%
767,085
Net Assets — 100.0%
$  753,958,796
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
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 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
$  957,844
 
$  —
$  (622,897
)(a)
$  (32
)
$  —
$  334,915
334,747
$  9,705
(b)
$  —
BlackRock Liquidity Funds, T-Fund,
Institutional Shares
5,901,960
 
1,180,154
(a)
—
—
—
7,082,114
7,082,114
187,769
—
 
$  (32
)
$  —
$  7,417,029
$  197,474
$  —
 
(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.
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
24
03/20/26
$  8,267
$  30,939
5
Schedule of Investments (unaudited) (continued)
February 28, 2026
BlackRock Advantage Large Cap Value Fund
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 
$  745,774,682
$  —
$  —
$  745,774,682
Short-Term Securities
Money Market Funds
7,417,029
—
—
7,417,029
 
$  753,191,711
$  —
$  —
$  753,191,711
Derivative Financial Instruments(a)
Assets
Equity Contracts
$  30,939
$  —
$  —
$  30,939
 
(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
6