NPORT-EX 2 BRFFEF0BR022924.htm
Schedule of Investments (unaudited)  
February 29, 2024
BlackRock Advantage Large Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Common Stocks
Aerospace & Defense — 0.4%
Lockheed Martin Corp.
      12,324 $  5,277,630
Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.
       4,432  530,067
Automobiles — 2.3%
General Motors Co.
      45,924  1,881,965
Tesla, Inc.(a)
     126,244  25,486,139
      27,368,104
Beverages — 0.9%
PepsiCo, Inc.
      67,471  11,155,655
Biotechnology — 4.3%
AbbVie, Inc.
      77,616  13,664,297
Amgen, Inc.
      42,879  11,741,557
Exelixis, Inc.(a)
      63,103  1,381,956
Gilead Sciences, Inc.
     147,220  10,614,562
Halozyme Therapeutics, Inc.(a)
      14,245  567,093
Incyte Corp.(a)
     108,743  6,346,241
Ionis Pharmaceuticals, Inc.(a)
      14,519  656,404
Neurocrine Biosciences, Inc.(a)
      30,532  3,981,373
United Therapeutics Corp.(a)
       6,989  1,576,998
Vertex Pharmaceuticals, Inc.(a)
       2,097  882,292
      51,412,773
Broadline Retail — 5.5%
Amazon.com, Inc.(a)
  340,679  60,218,420
eBay, Inc.
  79,889  3,777,152
MercadoLibre, Inc.(a)
  1,252  1,997,316
      65,992,888
Building Products — 0.6%
Builders FirstSource, Inc.(a)
  35,271  6,884,194
Owens Corning
  1,209  181,084
      7,065,278
Capital Markets — 1.0%
Moody’s Corp.
  23,299  8,840,106
MSCI, Inc., Class A
  236  132,389
Nasdaq, Inc.
  62,074  3,488,559
      12,461,054
Chemicals — 0.0%
Cabot Corp.
  1  85
Commercial Services & Supplies — 1.5%
Cintas Corp.
  18,124  11,392,927
Copart, Inc.(a)
  117,425  6,241,139
      17,634,066
Communications Equipment — 0.0%
Ciena Corp.(a)
  5,624  320,456
Construction & Engineering — 0.3%
EMCOR Group, Inc.
  7,354  2,305,626
Valmont Industries, Inc.
  4,504  954,533
      3,260,159
Consumer Staples Distribution & Retail — 1.5%
Costco Wholesale Corp.
  18,581  13,822,220
Walmart, Inc.
  68,223  3,998,550
      17,820,770
Distributors — 0.2%
Pool Corp.
  6,446  2,566,282
Electrical Equipment — 0.0%
AMETEK, Inc.
  3,232  582,342
Security   Shares Value
Electronic Equipment, Instruments & Components — 0.9%
TE Connectivity Ltd.
      71,660 $  10,287,510
Entertainment — 1.7%
Electronic Arts, Inc.
      18,476  2,577,033
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)
      19,474  1,416,928
Netflix, Inc.(a)
      18,485  11,144,976
ROBLOX Corp., Class A(a)
       2,616  104,378
Spotify Technology SA(a)
      17,985  4,611,534
      19,854,849
Financial Services — 5.1%
Block, Inc., Class A(a)
      13,605  1,081,189
Jack Henry & Associates, Inc.
      13,830  2,403,239
Mastercard, Inc., Class A
      70,869  33,645,767
Visa, Inc., Class A
      84,815  23,972,112
      61,102,307
Food Products — 0.3%
Hershey Co. (The)
      16,074  3,020,626
Ground Transportation — 0.8%
Old Dominion Freight Line, Inc.
      20,450  9,048,716
Health Care Equipment & Supplies — 2.3%
Align Technology, Inc.(a)
       6,483  1,960,589
Dexcom, Inc.(a)
      41,488  4,774,024
Edwards Lifesciences Corp.(a)
      17,850  1,514,929
IDEXX Laboratories, Inc.(a)
       6,273  3,608,418
Intuitive Surgical, Inc.(a)
  24,703  9,525,477
Novocure Ltd.(a)
  45,268  693,053
Stryker Corp.
  17,714  6,183,426
      28,259,916
Health Care Providers & Services — 1.1%
Cardinal Health, Inc.
  5,098  570,874
Cigna Group (The)
  1,894  636,649
Elevance Health, Inc.
  23,972  12,015,965
UnitedHealth Group, Inc.
  1,105  545,428
      13,768,916
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)
  7,108  1,602,925
Hotels, Restaurants & Leisure — 2.7%
Booking Holdings, Inc.(a)
  2,994  10,385,677
Boyd Gaming Corp.
  70,859  4,685,906
Caesars Entertainment, Inc.(a)
  11,365  494,036
Domino’s Pizza, Inc.
  13,979  6,267,485
McDonald’s Corp.
  18,051  5,275,946
MGM Resorts International(a)
  83,186  3,600,290
Travel + Leisure Co.
  32,455  1,450,414
      32,159,754
Household Durables — 1.1%
DR Horton, Inc.
  31,954  4,775,205
PulteGroup, Inc.
  3,252  352,452
Toll Brothers, Inc.
  66,014  7,567,845
      12,695,502
Household Products — 0.4%
Kimberly-Clark Corp.
  41,878  5,074,357
Insurance — 0.4%
Marsh & McLennan Cos., Inc.
  4,009  810,900
Progressive Corp. (The)
  19,891  3,770,538
      4,581,438
 
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Schedule of Investments (unaudited)  (continued)
February 29, 2024
BlackRock Advantage Large Cap Growth Fund
(Percentages shown are based on Net Assets)
Security   Shares Value
Interactive Media & Services — 10.8%
Alphabet, Inc., Class A(a)
     197,243 $  27,310,266
Alphabet, Inc., Class C, NVS(a)
     230,381  32,202,656
Meta Platforms, Inc., Class A(b)
     121,477  59,539,522
Pinterest, Inc., Class A(a)
     187,792  6,891,966
Snap, Inc., Class A, NVS(a)
     362,833  3,998,420
      129,942,830
IT Services — 0.3%
Cloudflare, Inc., Class A(a)
      30,758  3,030,893
Snowflake, Inc., Class A(a)
       4,687  882,469
      3,913,362
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc.
       4,339  596,005
Mettler-Toledo International, Inc.(a)
         123  153,408
      749,413
Machinery — 0.4%
Oshkosh Corp.
      21,381  2,370,298
Otis Worldwide Corp.
      28,602  2,725,770
Parker-Hannifin Corp.
         571  305,742
      5,401,810
Metals & Mining — 0.1%
Nucor Corp.
       6,672  1,283,026
Oil, Gas & Consumable Fuels — 0.0%
Devon Energy Corp.
       4,140  182,408
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.
  25,442  1,881,945
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
  32,428  1,370,732
Pharmaceuticals — 3.7%
Bristol-Myers Squibb Co.
  78,313  3,974,385
Eli Lilly & Co.
  53,958  40,667,065
      44,641,450
Residential REITs — 0.1%
Equity Residential
  26,319  1,584,667
Semiconductors & Semiconductor Equipment — 13.8%
Advanced Micro Devices, Inc.(a)
  41,865  8,060,268
Applied Materials, Inc.
  40,306  8,126,496
Broadcom, Inc.
  31,261  40,654,618
Cirrus Logic, Inc.(a)
  39,406  3,618,259
Lam Research Corp.
  10,362  9,722,147
Marvell Technology, Inc.
  102,661  7,356,687
Micron Technology, Inc.
  21,398  1,938,873
Monolithic Power Systems, Inc.
  9,234  6,648,849
NVIDIA Corp.
  75,959  60,092,684
QUALCOMM, Inc.
  121,550  19,179,374
      165,398,255
Software — 19.2%
Adobe, Inc.(a)
  37,150  20,814,402
Cadence Design Systems, Inc.(a)
  25,567  7,782,083
Datadog, Inc., Class A(a)
  4,180  549,503
Fortinet, Inc.(a)
  50,395  3,482,798
FreedomPay, Inc.(a)(c)
  43,051  467,103
HubSpot, Inc.(a)
  9,455  5,850,849
Security   Shares Value
Software (continued)
Manhattan Associates, Inc.(a)
      33,493 $  8,484,782
Microsoft Corp.
     380,297  157,306,051
Oracle Corp.
      84,256  9,409,710
Salesforce, Inc.(a)
      14,075  4,346,642
ServiceNow, Inc.(a)
       5,875  4,531,622
Synopsys, Inc.(a)
       9,285  5,327,083
Teradata Corp.(a)
      64,172  2,414,151
Zoom Video Communications, Inc., Class A(a)
       4,274  302,300
      231,069,079
Specialized REITs — 0.2%
Equinix, Inc.
       2,755  2,448,699
Specialty Retail — 3.1%
AutoNation, Inc.(a)
      28,348  4,246,530
Best Buy Co., Inc.
      85,439  6,910,306
Home Depot, Inc. (The)
      38,799  14,767,287
O’Reilly Automotive, Inc.(a)
         923  1,003,689
Penske Automotive Group, Inc.
       9,879  1,516,427
TJX Cos., Inc. (The)
      64,761  6,420,406
Ulta Beauty, Inc.(a)
       4,530  2,484,977
      37,349,622
Technology Hardware, Storage & Peripherals — 11.1%
Apple Inc.
     691,028  124,903,311
Hewlett Packard Enterprise Co.
     185,647  2,827,404
HP, Inc.
  198,020  5,609,906
      133,340,621
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc., Class B
  12,697  1,319,599
Trading Companies & Distributors — 0.3%
WW Grainger, Inc.
  3,421  3,330,207
Total Long-Term Investments — 99.0%

(Cost: $699,930,783)
1,190,112,150
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.20%(d)(e)
  10,566,079  10,566,079
SL Liquidity Series, LLC, Money Market Series, 5.98%(d)(e)(f)
  382,651  382,804
Total Short-Term Securities — 0.9%

(Cost: $10,948,880)
10,948,883
Total Investments — 99.9%

(Cost: $710,879,663)
1,201,061,033
Other Assets Less Liabilities — 0.1%
1,654,856
Net Assets — 100.0%
$  1,202,715,889
(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) Affiliate of the Fund.
(e) Annualized 7-day yield as of period end.
(f) All or a portion of this security was purchased with the cash collateral from loaned securities.
 
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Schedule of Investments (unaudited)  (continued)
February 29, 2024
BlackRock Advantage Large Cap Growth Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer Value at
05/31/23 		Purchases
at Cost 		Proceeds
from Sale 		Net
Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation
(Depreciation) 		  Value at
02/29/24 		Shares
Held at
02/29/24 		Income   Capital
Gain
Distributions
from Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class
$  6,109,397 $  4,456,682(a) $  — $  —   $  —   $  10,566,079 10,566,079 $  381,090   $  —
SL Liquidity Series, LLC, Money Market Series
 12,171,918  —  (11,788,119)(a)  (2,180)    1,185    382,804 382,651  114,435(b)    —
        $  (2,180)   $  1,185   $  10,948,883   $  495,525   $  —
(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        
NASDAQ 100 E-Mini Index
37 03/15/24 $  13,381 $  314,033
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”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
3
Schedule of Investments (unaudited)  (continued)
February 29, 2024
BlackRock Advantage Large Cap Growth Fund
Fair Value Hierarchy as of Period End (continued)
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 
$  1,189,645,047   $  —   $  467,103   $  1,190,112,150
Short-Term Securities              
Money Market Funds
 10,566,079    —    —    10,566,079
  $  1,200,211,126   $  —   $  467,103   1,200,678,229
Investments valued at NAV(a)
            382,804
              $  1,201,061,033
Derivative Financial Instruments(b)              
Assets              
Equity Contracts
$  314,033   $  —   $  —   $  314,033
(a) Certain investments of the Fund were fair valued using NAV as a practical expedient 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 
NVS Non-Voting Shares
4