Schedule of Investments (unaudited)
August 31, 2023
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 2.6% | |||
General Dynamics Corp. | 21,791 | $ 4,938,712 | |
Lockheed Martin Corp. | 9,854 | 4,418,041 | |
Northrop Grumman Corp. | 2,530 | 1,095,718 | |
RTX Corp. | 3,818 | 328,501 | |
Textron, Inc. | 51,592 | 4,009,214 | |
14,790,186 | |||
Automobile Components — 0.1% | |||
Lear Corp. | 4,509 | 649,702 | |
Automobiles — 1.0% | |||
Ford Motor Co. | 469,079 | 5,689,928 | |
Banks — 4.7% | |||
Citigroup, Inc. | 204,244 | 8,433,235 | |
Citizens Financial Group, Inc. | 7,356 | 206,924 | |
JPMorgan Chase & Co. | 39,425 | 5,769,060 | |
KeyCorp | 642,367 | 7,278,018 | |
U.S. Bancorp | 14,521 | 530,452 | |
Wells Fargo & Co. | 113,285 | 4,677,538 | |
26,895,227 | |||
Beverages — 1.8% | |||
Coca-Cola Co. | 23,873 | 1,428,322 | |
PepsiCo, Inc. | 50,297 | 8,948,842 | |
10,377,164 | |||
Biotechnology — 3.0% | |||
Amgen, Inc. | 25,587 | 6,558,972 | |
Exelixis, Inc.(a) | 93,280 | 2,088,539 | |
Gilead Sciences, Inc. | 27,015 | 2,066,107 | |
Horizon Therapeutics PLC(a) | 465 | 52,424 | |
Incyte Corp.(a) | 67,230 | 4,338,352 | |
Regeneron Pharmaceuticals, Inc.(a) | 2,275 | 1,880,265 | |
Ultragenyx Pharmaceutical, Inc.(a) | 6,599 | 242,777 | |
United Therapeutics Corp.(a) | 634 | 142,244 | |
17,369,680 | |||
Broadline Retail — 1.4% | |||
Amazon.com, Inc.(a) | 29,365 | 4,052,664 | |
eBay, Inc. | 72,495 | 3,246,326 | |
Macy’s, Inc. | 18,268 | 223,417 | |
Savers Value Village, Inc.(a) | 9,668 | 239,283 | |
7,761,690 | |||
Building Products — 2.0% | |||
Allegion PLC | 19,575 | 2,227,831 | |
Builders FirstSource, Inc.(a) | 4,426 | 641,947 | |
Johnson Controls International PLC | 21,059 | 1,243,745 | |
Owens Corning | 10,207 | 1,468,889 | |
Trane Technologies PLC | 29,363 | 6,027,049 | |
11,609,461 | |||
Capital Markets — 4.9% | |||
Affiliated Managers Group, Inc. | 5,042 | 675,678 | |
Bank of New York Mellon Corp. | 147,462 | 6,616,620 | |
Cboe Global Markets, Inc. | 1,371 | 205,252 | |
Intercontinental Exchange, Inc. | 19,533 | 2,304,699 | |
Invesco Ltd. | 123,230 | 1,961,822 | |
Moody’s Corp. | 20,796 | 7,004,093 | |
Nasdaq, Inc. | 110,177 | 5,782,089 | |
S&P Global, Inc. | 9,128 | 3,567,770 | |
28,118,023 | |||
Chemicals — 2.4% | |||
Air Products & Chemicals, Inc. | 5,080 | 1,501,089 |
Security | Shares | Value | |
Chemicals (continued) | |||
Eastman Chemical Co. | 5,914 | $ 502,749 | |
Huntsman Corp. | 13,592 | 378,809 | |
LyondellBasell Industries NV, Class A | 48,799 | 4,819,877 | |
PPG Industries, Inc. | 13,855 | 1,964,085 | |
Sherwin-Williams Co. | 13,278 | 3,607,898 | |
Westlake Corp. | 8,861 | 1,160,614 | |
13,935,121 | |||
Commercial Services & Supplies — 0.9% | |||
Cintas Corp. | 7,627 | 3,845,304 | |
Republic Services, Inc. | 9,220 | 1,328,879 | |
5,174,183 | |||
Communications Equipment — 0.6% | |||
Juniper Networks, Inc. | 117,939 | 3,434,384 | |
Construction & Engineering — 1.0% | |||
AECOM | 51,507 | 4,519,739 | |
EMCOR Group, Inc. | 569 | 127,598 | |
Valmont Industries, Inc. | 4,001 | 1,014,254 | |
5,661,591 | |||
Construction Materials — 0.8% | |||
Martin Marietta Materials, Inc. | 1,709 | 762,915 | |
Vulcan Materials Co. | 17,428 | 3,803,661 | |
4,566,576 | |||
Consumer Finance — 0.4% | |||
Synchrony Financial | 70,413 | 2,272,932 | |
Consumer Staples Distribution & Retail — 2.4% | |||
Kroger Co. | 2,818 | 130,727 | |
Walmart, Inc. | 85,086 | 13,835,835 | |
13,966,562 | |||
Containers & Packaging — 0.1% | |||
AptarGroup, Inc. | 4,778 | 633,372 | |
Diversified Telecommunication Services — 0.7% | |||
AT&T Inc. | 160,109 | 2,368,012 | |
Verizon Communications, Inc. | 45,158 | 1,579,627 | |
3,947,639 | |||
Electric Utilities — 2.5% | |||
Entergy Corp. | 993 | 94,583 | |
Evergy, Inc. | 61,431 | 3,376,862 | |
IDACORP, Inc. | 9,035 | 865,915 | |
OGE Energy Corp. | 7,175 | 244,309 | |
Portland General Electric Co. | 8,945 | 392,328 | |
PPL Corp. | 286,386 | 7,136,739 | |
Xcel Energy, Inc. | 40,349 | 2,305,138 | |
14,415,874 | |||
Electrical Equipment — 0.7% | |||
AMETEK, Inc. | 25,664 | 4,093,664 | |
Sensata Technologies Holding PLC | 3,635 | 136,749 | |
4,230,413 | |||
Electronic Equipment, Instruments & Components — 0.8% | |||
Flex Ltd.(a) | 128,270 | 3,538,969 | |
TD SYNNEX Corp. | 3,875 | 394,281 | |
TE Connectivity Ltd. | 4,192 | 554,979 | |
4,488,229 | |||
Energy Equipment & Services — 0.2% | |||
Halliburton Co. | 32,098 | 1,239,625 | |
Entertainment — 0.7% | |||
Electronic Arts, Inc. | 24,616 | 2,953,428 |
1
Schedule of Investments (unaudited) (continued)
August 31, 2023
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Entertainment (continued) | |||
Playtika Holding Corp.(a) | 91,031 | $ 888,463 | |
Warner Bros Discovery, Inc., Class A(a) | 18,916 | 248,556 | |
4,090,447 | |||
Financial Services — 4.8% | |||
Berkshire Hathaway, Inc., Class B(a) | 34,900 | 12,570,980 | |
Block, Inc., Class A(a) | 78,210 | 4,508,806 | |
Euronet Worldwide, Inc.(a) | 1,779 | 155,413 | |
Fidelity National Information Services, Inc. | 31,110 | 1,737,805 | |
Mastercard, Inc., Class A | 17,773 | 7,333,851 | |
StoneCo Ltd., Class A(a) | 7,450 | 91,337 | |
Visa, Inc., Class A | 4,175 | 1,025,714 | |
27,423,906 | |||
Food Products — 1.5% | |||
Archer-Daniels-Midland Co. | 9,151 | 725,674 | |
General Mills, Inc. | 1,151 | 77,877 | |
Hershey Co. | 26,930 | 5,786,180 | |
J M Smucker Co. | 12,628 | 1,830,428 | |
8,420,159 | |||
Ground Transportation — 0.4% | |||
CSX Corp. | 38,872 | 1,173,934 | |
Norfolk Southern Corp. | 4,097 | 839,926 | |
Ryder System, Inc. | 1,453 | 146,317 | |
Schneider National, Inc., Class B | 9,403 | 271,841 | |
2,432,018 | |||
Health Care Equipment & Supplies — 4.3% | |||
Abbott Laboratories | 63,954 | 6,580,867 | |
Boston Scientific Corp.(a) | 144,037 | 7,769,356 | |
Enovis Corp.(a) | 3,517 | 197,093 | |
Medtronic PLC | 15,942 | 1,299,273 | |
ResMed, Inc. | 619 | 98,786 | |
Stryker Corp. | 29,458 | 8,352,816 | |
Zimmer Biomet Holdings, Inc. | 2,787 | 331,987 | |
24,630,178 | |||
Health Care Providers & Services — 3.7% | |||
CVS Health Corp. | 133,400 | 8,693,678 | |
Elevance Health, Inc. | 20,913 | 9,243,755 | |
HCA Healthcare, Inc. | 10,363 | 2,873,660 | |
UnitedHealth Group, Inc. | 1,438 | 685,322 | |
21,496,415 | |||
Health Care Technology — 0.3% | |||
Teladoc Health, Inc.(a)(b) | 84,855 | 1,921,117 | |
Hotel & Resort REITs — 0.1% | |||
Park Hotels & Resorts, Inc. | 62,372 | 800,233 | |
Hotels, Restaurants & Leisure — 1.1% | |||
Boyd Gaming Corp. | 21,584 | 1,443,322 | |
Cava Group, Inc.(a)(b) | 7,414 | 329,256 | |
McDonald’s Corp. | 8,036 | 2,259,322 | |
Royal Caribbean Cruises Ltd.(a) | 7,978 | 789,343 | |
Travel + Leisure Co. | 42,157 | 1,694,711 | |
6,515,954 | |||
Household Durables — 0.8% | |||
Mohawk Industries, Inc.(a) | 4,372 | 443,277 | |
Taylor Morrison Home Corp., Class A(a) | 30,486 | 1,445,036 | |
Toll Brothers, Inc. | 34,394 | 2,817,901 | |
4,706,214 |
Security | Shares | Value | |
Household Products — 1.5% | |||
Kimberly-Clark Corp. | 52,611 | $ 6,777,875 | |
Procter & Gamble Co. | 10,257 | 1,583,066 | |
8,360,941 | |||
Independent Power and Renewable Electricity Producers — 0.2% | |||
AES Corp. | 55,855 | 1,001,480 | |
Industrial Conglomerates — 1.6% | |||
Honeywell International, Inc. | 48,015 | 9,023,939 | |
Insurance — 5.5% | |||
Allstate Corp. | 16,315 | 1,758,920 | |
Chubb Ltd. | 7,269 | 1,460,124 | |
Everest Group Ltd. | 5,478 | 1,975,805 | |
Hartford Financial Services Group, Inc. | 35,687 | 2,563,040 | |
Marsh & McLennan Cos., Inc. | 17,762 | 3,463,413 | |
MetLife, Inc. | 125,770 | 7,966,272 | |
Prudential Financial, Inc. | 26,773 | 2,534,600 | |
Reinsurance Group of America, Inc. | 14,489 | 2,008,465 | |
Travelers Cos., Inc. | 45,896 | 7,399,812 | |
Unum Group | 4,842 | 238,178 | |
W. R. Berkley Corp. | 7,312 | 452,320 | |
31,820,949 | |||
Interactive Media & Services — 1.3% | |||
Alphabet, Inc., Class A(a) | 44,564 | 6,068,280 | |
Meta Platforms, Inc., Class A(a) | 4,810 | 1,423,231 | |
7,491,511 | |||
Life Sciences Tools & Services — 0.8% | |||
Agilent Technologies, Inc. | 37,032 | 4,483,464 | |
Machinery — 4.8% | |||
Cummins, Inc. | 17,468 | 4,018,339 | |
Illinois Tool Works, Inc. | 25,889 | 6,403,644 | |
Oshkosh Corp. | 62,859 | 6,526,650 | |
Otis Worldwide Corp. | 6,986 | 597,652 | |
Snap-on, Inc. | 13,285 | 3,568,351 | |
Timken Co. | 34,477 | 2,634,732 | |
Xylem, Inc. | 38,757 | 4,012,900 | |
27,762,268 | |||
Media — 2.8% | |||
Comcast Corp., Class A | 169,076 | 7,905,994 | |
Fox Corp., Class A, NVS | 163,794 | 5,415,030 | |
Fox Corp., Class B | 4,466 | 136,302 | |
Liberty Media Corp. - Liberty SiriusXM(a) | 92,339 | 2,256,765 | |
Liberty Media Corp. - Liberty SiriusXM, Class A(a) | 2,159 | 51,881 | |
Paramount Global, Class B, NVS | 20,159 | 304,199 | |
16,070,171 | |||
Metals & Mining — 0.2% | |||
Alcoa Corp. | 9,376 | 282,030 | |
Steel Dynamics, Inc. | 8,702 | 927,546 | |
United States Steel Corp. | 5,468 | 170,000 | |
1,379,576 | |||
Multi-Utilities — 0.8% | |||
CMS Energy Corp. | 34,568 | 1,942,376 | |
DTE Energy Co. | 23,229 | 2,401,414 | |
4,343,790 | |||
Office REITs — 0.3% | |||
Alexandria Real Estate Equities, Inc. | 10,407 | 1,210,750 | |
Kilroy Realty Corp. | 12,622 | 466,383 | |
1,677,133 | |||
Oil, Gas & Consumable Fuels — 8.0% | |||
Chevron Corp. | 94,523 | 15,227,655 |
2
Schedule of Investments (unaudited) (continued)
August 31, 2023
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
ConocoPhillips | 66,688 | $ 7,937,873 | |
EOG Resources, Inc. | 17,161 | 2,207,248 | |
Exxon Mobil Corp. | 67,541 | 7,509,884 | |
Marathon Oil Corp. | 18,187 | 479,228 | |
Marathon Petroleum Corp. | 3,646 | 520,539 | |
Pioneer Natural Resources Co. | 10,289 | 2,448,062 | |
Targa Resources Corp. | 9,425 | 812,906 | |
Valero Energy Corp. | 44,798 | 5,819,260 | |
Williams Cos., Inc. | 81,963 | 2,830,182 | |
45,792,837 | |||
Passenger Airlines — 0.1% | |||
JetBlue Airways Corp.(a) | 10,535 | 62,367 | |
United Airlines Holdings, Inc.(a) | 11,837 | 589,601 | |
651,968 | |||
Personal Care Products — 0.0% | |||
Oddity Tech Ltd., Class A(a) | 2,070 | 86,091 | |
Pharmaceuticals — 3.6% | |||
Bristol-Myers Squibb Co. | 141,464 | 8,721,256 | |
Johnson & Johnson | 46,389 | 7,500,173 | |
Pfizer, Inc. | 122,615 | 4,338,119 | |
20,559,548 | |||
Professional Services — 0.0% | |||
Insperity, Inc. | 1,327 | 134,465 | |
Real Estate Management & Development — 0.0% | |||
Zillow Group, Inc., Class A(a) | 1,607 | 81,828 | |
Residential REITs — 1.9% | |||
Camden Property Trust | 46,005 | 4,951,058 | |
Equity Residential | 95,106 | 6,165,722 | |
11,116,780 | |||
Retail REITs — 1.3% | |||
Kimco Realty Corp. | 135,012 | 2,557,127 | |
Regency Centers Corp. | 6,734 | 418,855 | |
Simon Property Group, Inc. | 39,588 | 4,492,842 | |
7,468,824 | |||
Semiconductors & Semiconductor Equipment — 4.1% | |||
Applied Materials, Inc. | 42,708 | 6,524,074 | |
Intel Corp. | 190,236 | 6,684,893 | |
Micron Technology, Inc. | 44,344 | 3,101,419 | |
NVIDIA Corp. | 9,301 | 4,590,508 | |
NXP Semiconductors NV | 3,908 | 803,954 | |
Qorvo, Inc.(a) | 7,548 | 810,580 | |
QUALCOMM, Inc. | 8,843 | 1,012,789 | |
23,528,217 | |||
Software — 2.5% | |||
Adobe, Inc.(a) | 3,426 | 1,916,299 | |
Fortinet, Inc.(a) | 4,773 | 287,382 | |
Manhattan Associates, Inc.(a) | 21,249 | 4,305,473 | |
Microsoft Corp. | 21,359 | 7,000,626 | |
Zoom Video Communications, Inc., Class A(a) | 9,845 | 699,290 | |
14,209,070 |
Security | Shares | Value | |
Specialized REITs — 0.3% | |||
SBA Communications Corp. | 6,677 | $ 1,499,187 | |
VICI Properties, Inc. | 7,291 | 224,854 | |
1,724,041 | |||
Specialty Retail — 1.5% | |||
Chewy, Inc., Class A(a) | 6,220 | 149,156 | |
O’Reilly Automotive, Inc.(a) | 189 | 177,603 | |
Penske Automotive Group, Inc.(b) | 11,329 | 1,861,355 | |
TJX Cos., Inc. | 68,290 | 6,315,459 | |
8,503,573 | |||
Technology Hardware, Storage & Peripherals — 1.7% | |||
Apple Inc. | 9,800 | 1,841,126 | |
Hewlett Packard Enterprise Co. | 447,447 | 7,602,124 | |
HP, Inc. | 15,339 | 455,722 | |
9,898,972 | |||
Textiles, Apparel & Luxury Goods — 0.6% | |||
Lululemon Athletica, Inc.(a) | 8,462 | 3,226,222 | |
Skechers U.S.A., Inc., Class A(a) | 8,325 | 418,831 | |
Under Armour, Inc., Class C, NVS(a) | 5,385 | 37,103 | |
3,682,156 | |||
Trading Companies & Distributors — 0.6% | |||
WW Grainger, Inc. | 4,875 | 3,481,433 | |
Wireless Telecommunication Services — 0.2% | |||
United States Cellular Corp.(a) | 28,177 | 1,292,479 | |
Total Long-Term Investments — 98.9% (Cost: $519,565,353) | 569,291,707 | ||
Short-Term Securities | |||
Money Market Funds — 1.2% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.23%(c)(d) | 5,424,315 | 5,424,315 | |
SL Liquidity Series, LLC, Money Market Series, 5.49%(c)(d)(e) | 1,442,953 | 1,443,386 | |
Total Short-Term Securities — 1.2% (Cost: $6,866,820) | 6,867,701 | ||
Total Investments — 100.1% (Cost: $526,432,173) | 576,159,408 | ||
Liabilities in Excess of Other Assets — (0.1)% | (482,041) | ||
Net Assets — 100.0% | $ 575,677,367 |
(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. |
3
Schedule of Investments (unaudited) (continued)
August 31, 2023
BlackRock Advantage Large Cap Value Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2023 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 08/31/23 | Shares Held at 08/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 4,925,122 | $ 499,193(a) | $ — | $ — | $ — | $ 5,424,315 | 5,424,315 | $ 66,757 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 973,342 | 469,603(a) | — | 254 | 187 | 1,443,386 | 1,442,953 | 3,211(b) | — | |||
$ 254 | $ 187 | $ 6,867,701 | $ 69,968 | $ — |
(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 | ||||
S&P 500 E-Mini Index | 30 | 09/15/23 | $ 6,774 | $ 228,010 |
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.
4
Schedule of Investments (unaudited) (continued)
August 31, 2023
BlackRock Advantage Large Cap Value 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 | $ 569,291,707 | $ — | $ — | $ 569,291,707 | |||
Short-Term Securities | |||||||
Money Market Funds | 5,424,315 | — | — | 5,424,315 | |||
$ 574,716,022 | $ — | $ — | 574,716,022 | ||||
Investments valued at NAV(a) | 1,443,386 | ||||||
$ 576,159,408 | |||||||
Derivative Financial Instruments(b) | |||||||
Assets | |||||||
Equity Contracts | $ 228,010 | $ — | $ — | $ 228,010 |
(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 |
S&P | Standard & Poor’s |
5