NPORT-EX 2 BRFLCC0BR103122.htm
Schedule of Investments (unaudited)
August 31, 2022
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Common Stocks
Aerospace & Defense — 3.0%
Curtiss-Wright Corp.
      32,981 $  4,854,473
General Dynamics Corp.
     161,583  36,991,196
HEICO Corp.
      19,498  2,969,545
HEICO Corp., Class A
     111,025  13,609,445
Lockheed Martin Corp.
      50,227  21,100,865
Northrop Grumman Corp.
      10,146  4,849,687
      84,375,211
Air Freight & Logistics — 1.0%
CH Robinson Worldwide, Inc.
      50,208  5,731,243
Expeditors International of Washington, Inc.
      25,064  2,578,835
FedEx Corp.
      12,298  2,592,541
United Parcel Service, Inc., Class B
      92,995  18,088,458
      28,991,077
Auto Components — 0.0%
BorgWarner, Inc.
      14,092  531,268
Automobiles — 2.0%
General Motors Co.
      35,020  1,338,114
Tesla, Inc.(a)
     193,959  53,457,040
      54,795,154
Banks — 3.3%
Bank of America Corp.
   1,212,175  40,741,202
Huntington Bancshares, Inc.
      77,860  1,043,324
JPMorgan Chase & Co.
  358,149  40,732,286
Pinnacle Financial Partners, Inc.
  27,499  2,219,444
Regions Financial Corp.
  234,762  5,087,293
U.S. Bancorp
  73,743  3,363,418
      93,186,967
Beverages — 2.7%
Brown-Forman Corp., Class B
  361,199  26,259,167
Coca-Cola Europacific Partners PLC
  13,545  666,008
PepsiCo, Inc.
  291,008  50,131,948
      77,057,123
Biotechnology — 1.2%
AbbVie, Inc.
  47,791  6,425,978
Amgen, Inc.
  76,179  18,305,814
Biogen, Inc.(a)
  32,822  6,412,762
Blueprint Medicines Corp.(a)
  18,221  1,334,142
Exact Sciences Corp.(a)
  16,690  593,329
      33,072,025
Building Products — 0.7%
A O Smith Corp.
  36,244  2,045,974
Builders FirstSource, Inc.(a)
  36,666  2,148,994
Fortune Brands Home & Security, Inc.
  65,144  4,001,796
Johnson Controls International plc
  50,279  2,722,105
Masco Corp.
  113,167  5,756,805
Owens Corning
  53,269  4,353,676
      21,029,350
Capital Markets — 0.8%
Bank of New York Mellon Corp.
  247,784  10,290,469
Charles Schwab Corp.
  91,149  6,467,022
CME Group, Inc.
  14,160  2,769,838
Intercontinental Exchange, Inc.
  13,255  1,336,767
Northern Trust Corp.
  2,547  242,194
      21,106,290
Chemicals — 3.1%
Corteva, Inc.
  43,644  2,681,051
Ecolab, Inc.
  166,887  27,341,097
Security   Shares Value
Chemicals (continued)
FMC Corp.
     112,267 $  12,133,817
Linde PLC
     144,122  40,766,349
LyondellBasell Industries NV, Class A
      29,659  2,461,697
Mosaic Co.
      16,286  877,327
      86,261,338
Commercial Services & Supplies — 0.0%
Tetra Tech, Inc.
       4,791  650,666
Communications Equipment — 0.3%
Ciena Corp.(a)
      33,176  1,683,350
Juniper Networks, Inc.
     201,184  5,717,650
      7,401,000
Consumer Finance — 2.1%
American Express Co.
     252,839  38,431,528
Capital One Financial Corp.
     169,849  17,973,421
Discover Financial Services
      15,697  1,577,392
      57,982,341
Diversified Consumer Services — 0.2%
H&R Block, Inc.
      76,313  3,434,085
Service Corp. International
      14,782  912,197
Terminix Global Holdings, Inc.(a)
       9,215  393,020
      4,739,302
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc., Class B(a)
      91,450  25,679,160
Voya Financial, Inc.
  443,264  27,274,034
      52,953,194
Electric Utilities — 1.4%
Entergy Corp.
  130,748  15,075,244
NextEra Energy, Inc.
  154,924  13,177,836
NRG Energy, Inc.
  262,053  10,817,548
Xcel Energy, Inc.
  18,340  1,361,745
      40,432,373
Electrical Equipment — 0.8%
AMETEK, Inc.
  86,421  10,384,347
Eaton Corp. PLC
  82,989  11,339,617
      21,723,964
Electronic Equipment, Instruments & Components — 0.2%
Flex Ltd.(a)
  308,693  5,497,822
TE Connectivity Ltd.
  11,416  1,440,814
      6,938,636
Energy Equipment & Services — 0.7%
Halliburton Co.
  267,212  8,051,097
Schlumberger NV
  270,132  10,305,536
      18,356,633
Entertainment — 0.2%
Live Nation Entertainment, Inc.(a)
  10,211  922,666
Spotify Technology SA(a)
  28,085  3,037,393
Warner Bros Discovery, Inc.(a)
  67,764  897,195
      4,857,254
Equity Real Estate Investment Trusts (REITs) — 2.8%
American Tower Corp.
  3,795  964,120
Brixmor Property Group, Inc.
  198,896  4,272,286
Crown Castle, Inc.
  79,149  13,521,024
Equinix, Inc.
  6,592  4,333,383
Essex Property Trust, Inc.
  51,609  13,679,482
Prologis, Inc.
  200,267  24,935,244
RLJ Lodging Trust
  56  675
 
1
Schedule of Investments (unaudited)  (continued)
August 31, 2022
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Equity Real Estate Investment Trusts (REITs) (continued)
SBA Communications Corp.
       7,745 $  2,519,061
Simon Property Group, Inc.
     151,207  15,420,090
      79,645,365
Food & Staples Retailing — 0.2%
Costco Wholesale Corp.
       8,892  4,642,513
Kroger Co.
       5,848  280,353
      4,922,866
Food Products — 0.5%
Bunge Ltd.
      18,978  1,882,048
Hershey Co.
      23,333  5,242,225
Mondelez International, Inc., Class A
      35,156  2,174,750
Tyson Foods, Inc., Class A
      59,228  4,464,607
      13,763,630
Gas Utilities — 0.0%
Atmos Energy Corp.
       2,906  329,482
Health Care Equipment & Supplies — 1.5%
Abbott Laboratories
      99,510  10,214,701
Align Technology, Inc.(a)
       4,419  1,076,910
Boston Scientific Corp.(a)
     506,544  20,418,789
IDEXX Laboratories, Inc.(a)
      15,568  5,411,748
Medtronic PLC
      66,516  5,848,087
      42,970,235
Health Care Providers & Services — 3.8%
AmerisourceBergen Corp.(b)
  69,882  10,241,906
Cigna Corp.
  112,020  31,752,069
Elevance Health, Inc.
  54,865  26,615,560
McKesson Corp.
  21,962  8,060,054
UnitedHealth Group, Inc.
  60,357  31,345,201
      108,014,790
Health Care Technology — 0.3%
Teladoc Health, Inc.(a)
  244,437  7,592,213
Veeva Systems, Inc., Class A(a)
  7,177  1,430,520
      9,022,733
Hotels, Restaurants & Leisure — 1.4%
Choice Hotels International, Inc.
  17,795  2,041,264
DraftKings, Inc., Class A(a)
  157,962  2,536,870
International Game Technology PLC(b)
  37,016  664,067
Royal Caribbean Cruises Ltd.(a)
  189,662  7,747,693
Texas Roadhouse, Inc.
  3,827  339,685
Travel + Leisure Co.
  411,475  17,446,540
Yum! Brands, Inc.
  70,256  7,815,277
      38,591,396
Household Durables — 0.9%
Lennar Corp., Class A
  234,499  18,161,947
NVR, Inc.(a)
  597  2,471,616
Whirlpool Corp.
  28,471  4,458,559
      25,092,122
Household Products — 2.4%
Colgate-Palmolive Co.
  266,489  20,842,105
Procter & Gamble Co.
  330,457  45,583,238
      66,425,343
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp.
  41,993  1,039,327
Insurance — 2.8%
Allstate Corp.
  22,416  2,701,128
Marsh & McLennan Cos., Inc.
  215,212  34,728,760
Security   Shares Value
Insurance (continued)
MetLife, Inc.
     364,688 $  23,460,379
Travelers Cos., Inc.
     111,014  17,944,303
      78,834,570
Interactive Media & Services — 4.9%
Alphabet, Inc., Class A(a)
     535,672  57,970,424
Alphabet, Inc., Class C(a)
     414,152  45,204,691
Meta Platforms, Inc., Class A(a)
     182,008  29,654,563
Snap, Inc., Class A(a)
     450,073  4,896,794
      137,726,472
Internet & Direct Marketing Retail — 3.0%
Amazon.com, Inc.(a)
     521,186  66,070,749
eBay, Inc.
     398,779  17,598,118
      83,668,867
IT Services — 2.7%
Accenture PLC, Class A
      12,728  3,671,519
Automatic Data Processing, Inc.
      41,733  10,199,963
Cognizant Technology Solutions Corp., Class A
     193,223  12,205,897
Gartner, Inc.(a)
       4,686  1,337,009
Mastercard, Inc., Class A
      25,950  8,417,401
PayPal Holdings, Inc.(a)
      20,757  1,939,534
Visa, Inc., Class A
     193,742  38,498,473
      76,269,796
Life Sciences Tools & Services — 2.7%
Agilent Technologies, Inc.
  215,407  27,625,948
Bruker Corp.
  20,827  1,166,312
Danaher Corp.
  34,290  9,255,214
Mettler-Toledo International, Inc.(a)(b)
  5,665  6,868,586
Syneos Health, Inc.(a)
  211,770  12,729,494
Thermo Fisher Scientific, Inc.
  34,831  18,994,041
      76,639,595
Machinery — 2.3%
Caterpillar, Inc.
  55,829  10,312,174
Deere & Co.
  19,879  7,260,805
Illinois Tool Works, Inc.
  133,785  26,065,331
Otis Worldwide Corp.
  61,363  4,431,636
PACCAR, Inc.
  101,462  8,878,940
Snap-on, Inc.
  13,351  2,908,649
Stanley Black & Decker, Inc.
  38,760  3,414,756
Timken Co.
  5,683  357,972
      63,630,263
Media — 1.8%
Comcast Corp., Class A
  470,929  17,042,921
Fox Corp., Class A
  973,510  33,274,572
Fox Corp., Class B
  11,910  376,594
Interpublic Group of Cos., Inc.
  9,949  274,990
      50,969,077
Metals & Mining — 0.1%
Freeport-McMoRan, Inc.
  25,000  740,000
Reliance Steel & Aluminum Co.
  3,513  660,374
Steel Dynamics, Inc.
  13,406  1,082,132
      2,482,506
Multiline Retail — 0.8%
Target Corp.
  144,806  23,218,194
Multi-Utilities — 1.7%
Black Hills Corp.
  4,513  340,641
CMS Energy Corp.
  205,439  13,875,350
DTE Energy Co.
  250,323  32,627,100
      46,843,091
 
2
Schedule of Investments (unaudited)  (continued)
August 31, 2022
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Oil, Gas & Consumable Fuels — 3.5%
Chevron Corp.
     198,419 $  31,362,107
EOG Resources, Inc.
     261,561  31,727,349
Exxon Mobil Corp.
     249,257  23,826,477
Marathon Oil Corp.
     189,130  4,839,837
Phillips 66
      37,824  3,383,735
Valero Energy Corp.
      22,600  2,646,912
      97,786,417
Personal Products — 0.1%
Estee Lauder Cos., Inc., Class A
      11,703  2,977,009
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.
     168,009  11,325,487
Eli Lilly & Co.
      74,935  22,572,670
Johnson & Johnson
     242,652  39,149,474
Merck & Co., Inc.
     285,626  24,381,035
Perrigo Co. PLC
      57,562  2,153,970
Pfizer, Inc.
     484,620  21,919,362
Zoetis, Inc.
     123,639  19,353,213
      140,855,211
Professional Services — 0.1%
Booz Allen Hamilton Holding Corp.
      12,748  1,219,984
KBR, Inc.
      17,808  860,126
Robert Half International, Inc.
      15,694  1,207,967
      3,288,077
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)
  43,130  3,405,545
Road & Rail — 1.2%
CSX Corp.
  276,449  8,749,611
JB Hunt Transport Services, Inc.
  3,771  656,229
Landstar System, Inc.
  69,513  10,192,691
Lyft, Inc., Class A(a)
  242,939  3,578,491
Norfolk Southern Corp.
  6,137  1,492,089
Ryder System, Inc.
  42,149  3,221,870
Schneider National, Inc., Class B
  51,264  1,171,895
Uber Technologies, Inc.(a)
  156,008  4,486,790
      33,549,666
Semiconductors & Semiconductor Equipment — 5.5%
Advanced Micro Devices, Inc.(a)
  32,864  2,789,168
Analog Devices, Inc.
  207,759  31,481,721
Applied Materials, Inc.
  210,976  19,846,512
Cirrus Logic, Inc.(a)
  65,741  5,041,677
Intel Corp.
  835,150  26,657,988
KLA Corp.
  19,088  6,568,753
Lam Research Corp.
  13,232  5,794,425
MaxLinear, Inc.(a)
  20,712  744,182
NVIDIA Corp.
  197,639  29,831,631
NXP Semiconductors NV
  3,662  602,692
QUALCOMM, Inc.
  107,234  14,183,841
Semtech Corp.(a)
  30,619  1,414,292
Silicon Laboratories, Inc.(a)
  66,559  8,341,840
      153,298,722
Software — 10.9%
Adobe, Inc.(a)
  57,915  21,627,778
ANSYS, Inc.(a)
  1,115  276,855
Cadence Design Systems, Inc.(a)
  31,546  5,481,748
Ceridian HCM Holding, Inc.(a)
  71,443  4,260,861
Coupa Software, Inc.(a)
  7,912  462,061
Crowdstrike Holdings, Inc., Class A(a)
  6,295  1,149,530
DocuSign, Inc.(a)
  14,945  870,098
HubSpot, Inc.(a)
  5,325  1,794,738
Security   Shares Value
Software (continued)
InterDigital, Inc.
           7 $  351
Intuit, Inc.
      17,998  7,771,176
Microsoft Corp.
     678,741  177,470,409
Palo Alto Networks, Inc.(a)
      14,641  8,152,255
Paycom Software, Inc.(a)
       2,785  978,092
RingCentral, Inc., Class A(a)
     215,757  9,286,181
Salesforce, Inc.(a)
     142,954  22,317,979
ServiceNow, Inc.(a)
      53,137  23,094,403
Splunk, Inc.(a)
      45,669  4,111,580
VMware, Inc., Class A
       3,282  380,810
Workday, Inc., Class A(a)
      82,497  13,575,706
Zscaler, Inc.(a)
      22,833  3,635,927
      306,698,538
Specialty Retail — 1.8%
Advance Auto Parts, Inc.
       6,442  1,086,379
AutoNation, Inc.(a)
      28,605  3,564,183
AutoZone, Inc.(a)
         624  1,322,387
Best Buy Co., Inc.
      38,988  2,756,062
Home Depot, Inc.
      94,248  27,183,008
Lowe’s Cos., Inc.
      77,346  15,015,953
Penske Automotive Group, Inc.
       5,729  675,506
      51,603,478
Technology Hardware, Storage & Peripherals — 7.4%
Apple Inc.(b)
  1,070,327  168,276,811
Dell Technologies, Inc., Class C
  231,259  8,854,907
Hewlett Packard Enterprise Co.
  1,055,418  14,353,685
HP, Inc.
  513,797  14,751,112
NetApp, Inc.
  37,686  2,718,291
      208,954,806
Textiles, Apparel & Luxury Goods — 0.3%
Levi Strauss & Co., Class A(b)
  190,449  3,216,684
NIKE, Inc., Class B
  12,148  1,293,155
Ralph Lauren Corp.
  49,477  4,518,734
      9,028,573
Thrifts & Mortgage Finance — 0.0%
Radian Group, Inc.
  62,781  1,325,307
Tobacco — 0.4%
Altria Group, Inc.
  236,176  10,656,261
Trading Companies & Distributors — 0.4%
SiteOne Landscape Supply, Inc.(a)
  83,681  10,473,514
United Rentals, Inc.(a)
  3,688  1,077,044
      11,550,558
Wireless Telecommunication Services — 0.1%
United States Cellular Corp.(a)
  73,817  2,110,428
Total Long-Term Investments — 99.0%

(Cost: $2,401,674,078)
2,783,629,482
 
3
Schedule of Investments (unaudited)  (continued)
August 31, 2022
BlackRock Advantage Large Cap Core Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Short-Term Securities(c)(d)
Money Market Funds — 1.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.03%
  23,594,680 $  23,594,680
SL Liquidity Series, LLC, Money Market Series, 2.47%(e)
   8,880,227  8,881,115
Total Short-Term Securities — 1.2%

(Cost: $32,473,532)
32,475,795
Total Investments — 100.2%

(Cost: $2,434,147,610)
2,816,105,277
Liabilities in Excess of Other Assets — (0.2)%
(5,048,323)
Net Assets — 100.0%
$  2,811,056,954
(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 August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer Value at
05/31/22 		Purchases
at Cost 		Proceeds
from Sale 		Net
Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Value at
08/31/22 		Shares
Held at
08/31/22 		Income
(Expense) 		  Capital
Gain
Distributions
from Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class
$  27,372,151 $  — $  (3,777,471)(a) $  —   $  —   $  23,594,680 23,594,680 $  89,989   $  —
SL Liquidity Series, LLC, Money Market Series
 3,496,621  5,382,158(a)  —  73    2,263    8,881,115 8,880,227  3,208(b)    —
        $  73   $  2,263   $  32,475,795   $  93,197   $  —
(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.
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        
E-Mini S&P 500 Index
155 09/16/22 $  30,663 $  32,981
4
Schedule of Investments (unaudited)  (continued)
August 31, 2022
BlackRock Advantage Large Cap Core Fund
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 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. 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 
$  2,783,629,482   $  —   $  —   $  2,783,629,482
Short-Term Securities              
Money Market Funds
 23,594,680    —    —    23,594,680
  $  2,807,224,162   $  —   $  —   2,807,224,162
Investments valued at NAV(a)
            8,881,115
              $  2,816,105,277
Derivative Financial Instruments(b)              
Assets              
Equity Contracts
$  32,981   $  —   $  —   $  32,981
(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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