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 |
5