Schedule of Investments (unaudited)
February 28, 2022
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net
Assets)
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Schedule of Investments (unaudited) (continued)
February 28, 2022
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net
Assets)
2
Schedule of Investments (unaudited) (continued)
February 28, 2022
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net
Assets)
3
Schedule of Investments (unaudited) (continued)
February 28, 2022
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net
Assets)
| Security | Shares | Value | |
| Trading Companies & Distributors — 0.4% | |||
SiteOne Landscape Supply, Inc.(a) | 14,734 | $ 2,540,584 | |
| Wireless Telecommunication Services — 0.2% | |||
United States Cellular Corp.(a) | 52,669 | 1,448,924 | |
Total Long-Term Investments — 98.7% (Cost: $558,026,232) | 626,109,244 | ||
| Short-Term Securities(c)(d) | |||
| Money Market Funds — 1.3% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01% | 6,033,094 | 6,033,094 | |
SL Liquidity Series, LLC, Money Market Series, 0.18%(e) | 2,179,513 | 2,179,513 | |
Total Short-Term Securities — 1.3% (Cost: $8,212,607) | 8,212,607 | ||
Total Investments — 100.0% (Cost: $566,238,839) | 634,321,851 | ||
Other Assets Less Liabilities — 0.0% | 81,307 | ||
Net Assets — 100.0% | $ 634,403,158 | ||
| (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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 05/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/22 | Shares Held at 02/28/22 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 6,496,081 | $ — | $ (462,987)(a) | $ — | $ — | $ 6,033,094 | 6,033,094 | $ 237 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 3,058,328 | — | (877,729)(a) | (1,086) | — | 2,179,513 | 2,179,513 | 30,946(b) | — | |||
| $ (1,086) | $ — | $ 8,212,607 | $ 31,183 | $ — |
| (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. |
For Fund compliance
purposes, the Fund’s industry classifications refer to one or more of the industry 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 industry sub-classifications for reporting ease.
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Schedule of Investments (unaudited) (continued)
February 28, 2022
BlackRock Advantage Large Cap Value 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 | 38 | 03/18/22 | $ 8,299 | $ (251,040) |
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); and
• 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 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 | $ 626,109,244 | $ — | $ — | $ 626,109,244 | |||
| Short-Term Securities | |||||||
Money Market Funds | 6,033,094 | — | — | 6,033,094 | |||
| $ 632,142,338 | $ — | $ — | 632,142,338 | ||||
Investments valued at NAV(a) | 2,179,513 | ||||||
| $ 634,321,851 | |||||||
| Derivative Financial Instruments(b) | |||||||
| Liabilities | |||||||
Equity Contracts | $ (251,040) | $ — | $ — | $ (251,040) |
| (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. |
| Portfolio Abbreviation | |
| S&P | Standard & Poor’s |
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