Schedule of Investments (unaudited)
February 29, 2024
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 1.9% | |||
HEICO Corp., Class A | 10,535 | $ 1,639,141 | |
Lockheed Martin Corp. | 15,690 | 6,719,086 | |
Textron, Inc. | 37,691 | 3,357,137 | |
11,715,364 | |||
Air Freight & Logistics — 1.1% | |||
Expeditors International of Washington, Inc. | 29,067 | 3,476,413 | |
United Parcel Service, Inc., Class B | 19,798 | 2,935,252 | |
6,411,665 | |||
Automobiles — 0.9% | |||
Ford Motor Co. | 126,957 | 1,579,345 | |
General Motors Co. | 90,736 | 3,718,361 | |
5,297,706 | |||
Banks — 5.6% | |||
Bank of America Corp. | 15,359 | 530,193 | |
Citigroup, Inc. | 178,156 | 9,885,876 | |
Citizens Financial Group, Inc. | 91,438 | 2,870,239 | |
Columbia Banking System, Inc. | 32,013 | 579,435 | |
First Horizon Corp. | 28,383 | 400,200 | |
JPMorgan Chase & Co. | 71,499 | 13,303,104 | |
KeyCorp | 411,544 | 5,872,733 | |
Regions Financial Corp. | 12,529 | 233,415 | |
Synovus Financial Corp. | 6,889 | 261,369 | |
33,936,564 | |||
Beverages — 2.2% | |||
Coca-Cola Co. (The) | 129,320 | 7,761,786 | |
PepsiCo, Inc. | 34,826 | 5,758,131 | |
13,519,917 | |||
Biotechnology — 3.6% | |||
AbbVie, Inc. | 5,718 | 1,006,654 | |
Amgen, Inc. | 14,375 | 3,936,306 | |
CG oncology, Inc.(a) | 5,383 | 240,674 | |
Exelixis, Inc.(a) | 70,996 | 1,554,812 | |
Gilead Sciences, Inc. | 111,846 | 8,064,097 | |
Incyte Corp.(a) | 52,948 | 3,090,045 | |
Kyverna Therapeutics, Inc.(a) | 3,139 | 85,287 | |
Neurocrine Biosciences, Inc.(a) | 2,292 | 298,877 | |
Regeneron Pharmaceuticals, Inc.(a) | 1,227 | 1,185,392 | |
United Therapeutics Corp.(a) | 10,019 | 2,260,687 | |
21,722,831 | |||
Broadline Retail — 1.5% | |||
Amazon.com, Inc.(a) | 41,851 | 7,397,583 | |
eBay, Inc. | 35,423 | 1,674,799 | |
9,072,382 | |||
Building Products — 1.0% | |||
A O Smith Corp. | 26,146 | 2,167,503 | |
Builders FirstSource, Inc.(a) | 11,597 | 2,263,503 | |
Owens Corning | 11,648 | 1,744,637 | |
6,175,643 | |||
Capital Markets — 4.5% | |||
Affiliated Managers Group, Inc. | 4,543 | 710,116 | |
Franklin Resources, Inc. | 18,459 | 506,700 | |
Invesco Ltd. | 470,411 | 7,249,034 | |
Moody’s Corp. | 18,756 | 7,116,402 | |
MSCI, Inc., Class A | 3,364 | 1,887,103 | |
Nasdaq, Inc. | 131,842 | 7,409,520 | |
Raymond James Financial, Inc. | 3,250 | 391,040 |
Security | Shares | Value | |
Capital Markets (continued) | |||
S&P Global, Inc. | 3,366 | $ 1,441,927 | |
T Rowe Price Group, Inc. | 3,501 | 396,838 | |
27,108,680 | |||
Chemicals — 2.2% | |||
Huntsman Corp. | 5,533 | 141,645 | |
LyondellBasell Industries NV, Class A | 74,831 | 7,504,053 | |
Mosaic Co. (The) | 31,128 | 969,948 | |
PPG Industries, Inc. | 26,959 | 3,817,394 | |
Sherwin-Williams Co. (The) | 2,120 | 703,904 | |
13,136,944 | |||
Commercial Services & Supplies — 0.8% | |||
Cintas Corp. | 6,023 | 3,786,118 | |
Copart, Inc.(a) | 17,935 | 953,245 | |
4,739,363 | |||
Communications Equipment — 0.2% | |||
Ciena Corp.(a) | 6,653 | 379,088 | |
Juniper Networks, Inc. | 15,493 | 573,706 | |
Motorola Solutions, Inc. | 619 | 204,511 | |
1,157,305 | |||
Construction & Engineering — 1.4% | |||
AECOM | 50,559 | 4,491,156 | |
EMCOR Group, Inc. | 2,816 | 882,872 | |
Valmont Industries, Inc. | 15,990 | 3,388,761 | |
8,762,789 | |||
Consumer Finance — 0.2% | |||
OneMain Holdings, Inc. | 8,242 | 389,270 | |
Synchrony Financial | 26,251 | 1,084,166 | |
1,473,436 | |||
Consumer Staples Distribution & Retail — 2.1% | |||
Costco Wholesale Corp. | 627 | 466,419 | |
Walmart, Inc. | 207,252 | 12,147,040 | |
12,613,459 | |||
Containers & Packaging — 0.2% | |||
AptarGroup, Inc. | 1,976 | 277,549 | |
International Paper Co. | 17,176 | 607,343 | |
Westrock Co. | 4,958 | 224,548 | |
1,109,440 | |||
Diversified Telecommunication Services — 0.4% | |||
AT&T Inc. | 160,109 | 2,710,645 | |
Electric Utilities — 2.6% | |||
Edison International | 6,790 | 461,856 | |
Entergy Corp. | 2,008 | 203,953 | |
Evergy, Inc. | 92,123 | 4,563,773 | |
IDACORP, Inc. | 6,966 | 613,774 | |
OGE Energy Corp. | 136,310 | 4,485,962 | |
Portland General Electric Co. | 24,226 | 973,158 | |
PPL Corp. | 171,080 | 4,511,380 | |
15,813,856 | |||
Electrical Equipment — 0.9% | |||
AMETEK, Inc. | 25,664 | 4,624,139 | |
Rockwell Automation, Inc. | 3,212 | 915,677 | |
5,539,816 | |||
Electronic Equipment, Instruments & Components — 0.9% | |||
Flex Ltd.(a) | 15,364 | 432,497 | |
TE Connectivity Ltd. | 34,395 | 4,937,746 | |
5,370,243 |
1
Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Energy Equipment & Services — 0.6% | |||
Baker Hughes Co., Class A | 71,141 | $ 2,105,062 | |
Schlumberger NV | 34,275 | 1,656,511 | |
3,761,573 | |||
Entertainment — 0.6% | |||
Electronic Arts, Inc. | 16,757 | 2,337,266 | |
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a) | 18,731 | 1,362,868 | |
Warner Bros Discovery, Inc., Class A(a) | 19,206 | 168,821 | |
3,868,955 | |||
Financial Services — 5.8% | |||
Berkshire Hathaway, Inc., Class B(a) | 46,115 | 18,879,481 | |
Block, Inc., Class A(a) | 5,242 | 416,582 | |
Euronet Worldwide, Inc.(a) | 12,071 | 1,321,050 | |
Fidelity National Information Services, Inc. | 11,879 | 821,908 | |
Mastercard, Inc., Class A | 15,687 | 7,447,560 | |
Visa, Inc., Class A | 21,202 | 5,992,533 | |
34,879,114 | |||
Food Products — 0.9% | |||
Archer-Daniels-Midland Co. | 15,490 | 822,674 | |
Bunge Global SA | 9,514 | 897,836 | |
Hershey Co. (The) | 20,818 | 3,912,119 | |
5,632,629 | |||
Gas Utilities — 0.2% | |||
Atmos Energy Corp. | 535 | 60,407 | |
UGI Corp. | 34,081 | 834,303 | |
894,710 | |||
Ground Transportation — 0.8% | |||
JB Hunt Transport Services, Inc. | 1,807 | 372,802 | |
Old Dominion Freight Line, Inc. | 8,943 | 3,957,099 | |
Ryder System, Inc. | 3,320 | 378,812 | |
4,708,713 | |||
Health Care Equipment & Supplies — 3.6% | |||
Abbott Laboratories | 9,799 | 1,162,553 | |
Align Technology, Inc.(a) | 1,676 | 506,856 | |
Dexcom, Inc.(a) | 7,309 | 841,047 | |
Edwards Lifesciences Corp.(a) | 7,654 | 649,595 | |
Enovis Corp.(a) | 3,517 | 210,352 | |
Hologic, Inc.(a) | 17,056 | 1,258,733 | |
Intuitive Surgical, Inc.(a) | 1,716 | 661,689 | |
Medtronic PLC | 118,208 | 9,853,819 | |
Stryker Corp. | 18,804 | 6,563,912 | |
21,708,556 | |||
Health Care Providers & Services — 2.5% | |||
Cardinal Health, Inc. | 3,939 | 441,089 | |
Cencora, Inc. | 6,659 | 1,568,861 | |
Cigna Group (The) | 8,694 | 2,922,401 | |
Elevance Health, Inc. | 19,238 | 9,643,048 | |
HCA Healthcare, Inc. | 2,259 | 704,130 | |
15,279,529 | |||
Health Care Technology — 0.3% | |||
Teladoc Health, Inc.(a) | 101,691 | 1,533,500 | |
Veeva Systems, Inc., Class A(a) | 795 | 179,281 | |
1,712,781 | |||
Hotel & Resort REITs — 0.1% | |||
Park Hotels & Resorts, Inc. | 53,230 | 883,618 | |
Hotels, Restaurants & Leisure — 1.3% | |||
Boyd Gaming Corp. | 67,786 | 4,482,688 |
Security | Shares | Value | |
Hotels, Restaurants & Leisure (continued) | |||
McDonald’s Corp. | 7,516 | $ 2,196,777 | |
MGM Resorts International(a) | 31,930 | 1,381,930 | |
8,061,395 | |||
Household Durables — 1.7% | |||
DR Horton, Inc. | 13,733 | 2,052,260 | |
Leggett & Platt, Inc. | 52,526 | 1,072,581 | |
Mohawk Industries, Inc.(a) | 11,591 | 1,374,924 | |
Toll Brothers, Inc. | 48,969 | 5,613,806 | |
10,113,571 | |||
Household Products — 2.2% | |||
Colgate-Palmolive Co. | 28,650 | 2,478,798 | |
Kimberly-Clark Corp. | 60,631 | 7,346,658 | |
Procter & Gamble Co. (The) | 23,559 | 3,744,468 | |
13,569,924 | |||
Independent Power and Renewable Electricity Producers — 0.5% | |||
AES Corp. (The) | 197,238 | 2,998,018 | |
Industrial Conglomerates — 0.2% | |||
Honeywell International, Inc. | 7,291 | 1,448,940 | |
Industrial REITs — 0.3% | |||
First Industrial Realty Trust, Inc. | 38,747 | 2,053,591 | |
Insurance — 4.6% | |||
Marsh & McLennan Cos., Inc. | 35,408 | 7,161,976 | |
MetLife, Inc. | 47,219 | 3,293,053 | |
Progressive Corp. (The) | 11,432 | 2,167,050 | |
Reinsurance Group of America, Inc. | 43,410 | 7,677,058 | |
Travelers Cos., Inc. (The) | 21,480 | 4,746,221 | |
Unum Group | 40,384 | 1,996,989 | |
W. R. Berkley Corp. | 12,571 | 1,050,936 | |
28,093,283 | |||
Interactive Media & Services — 1.4% | |||
Alphabet, Inc., Class A(a) | 52,583 | 7,280,642 | |
Meta Platforms, Inc., Class A | 2,369 | 1,161,118 | |
Snap, Inc., Class A, NVS(a) | 14,320 | 157,807 | |
8,599,567 | |||
IT Services — 0.2% | |||
Amdocs Ltd. | 12,198 | 1,112,458 | |
Life Sciences Tools & Services — 0.7% | |||
Agilent Technologies, Inc. | 29,872 | 4,103,218 | |
Machinery — 4.5% | |||
CNH Industrial NV | 82,919 | 990,882 | |
Cummins, Inc. | 2,270 | 609,745 | |
Flowserve Corp. | 32,913 | 1,392,878 | |
Illinois Tool Works, Inc. | 17,708 | 4,642,152 | |
Oshkosh Corp. | 65,594 | 7,271,751 | |
Otis Worldwide Corp. | 6,986 | 665,766 | |
PACCAR, Inc. | 15,658 | 1,736,316 | |
Snap-on, Inc. | 13,663 | 3,766,342 | |
Timken Co. (The) | 13,504 | 1,134,201 | |
Xylem, Inc. | 38,757 | 4,924,077 | |
27,134,110 | |||
Media — 2.2% | |||
Comcast Corp., Class A | 169,076 | 7,244,907 | |
Fox Corp., Class A, NVS | 163,794 | 4,879,423 | |
Fox Corp., Class B | 4,397 | 120,390 | |
Liberty Media Corp. - Liberty SiriusXM, Class A(a) | 2,157 | 62,855 | |
Paramount Global, Class B, NVS | 74,713 | 824,831 | |
13,132,406 |
2
Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock Advantage Large Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Metals & Mining — 0.9% | |||
Alcoa Corp. | 6,964 | $ 189,490 | |
Nucor Corp. | 25,381 | 4,880,766 | |
Steel Dynamics, Inc. | 4,958 | 663,480 | |
5,733,736 | |||
Multi-Utilities — 0.7% | |||
CMS Energy Corp. | 60,690 | 3,481,785 | |
DTE Energy Co. | 5,807 | 629,189 | |
4,110,974 | |||
Office REITs — 0.0% | |||
Highwoods Properties, Inc. | 3,967 | 96,993 | |
Oil, Gas & Consumable Fuels — 6.9% | |||
Chevron Corp. | 44,612 | 6,781,470 | |
ConocoPhillips | 58,372 | 6,569,185 | |
Devon Energy Corp. | 103,463 | 4,558,580 | |
EOG Resources, Inc. | 29,502 | 3,376,799 | |
Exxon Mobil Corp. | 77,295 | 8,078,873 | |
Marathon Petroleum Corp. | 33,351 | 5,643,990 | |
Pioneer Natural Resources Co. | 6,692 | 1,573,892 | |
Valero Energy Corp. | 36,077 | 5,103,452 | |
41,686,241 | |||
Paper & Forest Products — 0.2% | |||
Louisiana-Pacific Corp. | 14,928 | 1,104,224 | |
Passenger Airlines — 0.7% | |||
Alaska Air Group, Inc.(a) | 1,729 | 64,647 | |
Delta Air Lines, Inc. | 71,425 | 3,019,135 | |
United Airlines Holdings, Inc.(a) | 19,775 | 899,565 | |
3,983,347 | |||
Pharmaceuticals — 5.1% | |||
Alto Neuroscience, Inc.(a) | 85 | 1,309 | |
Bristol-Myers Squibb Co. | 120,422 | 6,111,417 | |
Eli Lilly & Co. | 8,027 | 6,049,789 | |
Johnson & Johnson | 36,768 | 5,933,620 | |
Merck & Co., Inc. | 40,633 | 5,166,486 | |
Pfizer, Inc. | 292,882 | 7,778,946 | |
31,041,567 | |||
Real Estate Management & Development — 0.0% | |||
Zillow Group, Inc., Class A(a) | 1,607 | 86,874 | |
Residential REITs — 2.5% | |||
Apartment Income REIT Corp. | 5,100 | 154,632 | |
Camden Property Trust | 74,371 | 7,026,572 | |
Equity Residential | 127,320 | 7,665,937 | |
14,847,141 | |||
Retail REITs — 0.8% | |||
Brixmor Property Group, Inc. | 2,418 | 54,671 | |
Kimco Realty Corp. | 149,708 | 2,958,230 | |
Simon Property Group, Inc. | 12,784 | 1,893,822 | |
4,906,723 | |||
Semiconductors & Semiconductor Equipment — 4.8% | |||
Applied Materials, Inc. | 30,503 | 6,150,015 | |
Cirrus Logic, Inc.(a) | 5,287 | 485,452 | |
Intel Corp. | 102,799 | 4,425,497 | |
Micron Technology, Inc. | 37,301 | 3,379,843 | |
NVIDIA Corp. | 7,615 | 6,024,379 | |
QUALCOMM, Inc. | 53,067 | 8,373,442 | |
28,838,628 |
Security | Shares | Value | |
Software — 2.7% | |||
Adobe, Inc.(a) | 4,841 | $ 2,712,315 | |
Manhattan Associates, Inc.(a) | 18,169 | 4,602,753 | |
Microsoft Corp. | 17,609 | 7,283,787 | |
Oracle Corp. | 14,909 | 1,665,037 | |
Synopsys, Inc.(a) | 101 | 57,947 | |
Zoom Video Communications, Inc., Class A(a) | 908 | 64,223 | |
16,386,062 | |||
Specialized REITs — 0.4% | |||
Equinix, Inc. | 75 | 66,662 | |
Lamar Advertising Co., Class A | 3,831 | 423,517 | |
Public Storage | 5,727 | 1,625,723 | |
SBA Communications Corp. | 1,470 | 307,568 | |
2,423,470 | |||
Specialty Retail — 1.2% | |||
AutoNation, Inc.(a) | 10,330 | 1,547,434 | |
Best Buy Co., Inc. | 46,095 | 3,728,164 | |
Penske Automotive Group, Inc.(b) | 10,181 | 1,562,783 | |
TJX Cos., Inc. (The) | 4,906 | 486,381 | |
7,324,762 | |||
Technology Hardware, Storage & Peripherals — 2.0% | |||
Apple Inc. | 33,236 | 6,007,407 | |
Hewlett Packard Enterprise Co. | 376,217 | 5,729,785 | |
HP, Inc. | 15,920 | 451,013 | |
12,188,205 | |||
Textiles, Apparel & Luxury Goods — 0.0% | |||
Under Armour, Inc., Class C, NVS(a) | 5,427 | 46,347 | |
Trading Companies & Distributors — 0.5% | |||
Watsco, Inc. | 2,109 | 831,199 | |
WESCO International, Inc. | 3,196 | 477,770 | |
WW Grainger, Inc. | 1,633 | 1,589,660 | |
2,898,629 | |||
Water Utilities — 0.1% | |||
American Water Works Co., Inc. | 5,034 | 596,730 | |
Total Long-Term Investments — 98.9% (Cost: $514,203,606) | 599,439,360 | ||
Short-Term Securities | |||
Money Market Funds — 1.1% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.20%(c)(d) | 5,834,296 | 5,834,296 | |
SL Liquidity Series, LLC, Money Market Series, 5.98%(c)(d)(e) | 759,447 | 759,751 | |
Total Short-Term Securities — 1.1% (Cost: $6,593,233) | 6,594,047 | ||
Total Investments — 100.0% (Cost: $520,796,839) | 606,033,407 | ||
Liabilities in Excess of Other Assets — (0.0)% | (66,313) | ||
Net Assets — 100.0% | $ 605,967,094 |
(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)
February 29, 2024
BlackRock Advantage Large Cap Value 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 | $ 4,925,122 | $ 909,174(a) | $ — | $ — | $ — | $ 5,834,296 | 5,834,296 | $ 201,512 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | 973,342 | — | (213,940)(a) | 229 | 120 | 759,751 | 759,447 | 2,667(b) | — | |||
$ 229 | $ 120 | $ 6,594,047 | $ 204,179 | $ — |
(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 | 27 | 03/15/24 | $ 6,890 | $ 531,030 |
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)
February 29, 2024
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 | $ 599,439,360 | $ — | $ — | $ 599,439,360 | |||
Short-Term Securities | |||||||
Money Market Funds | 5,834,296 | — | — | 5,834,296 | |||
$ 605,273,656 | $ — | $ — | 605,273,656 | ||||
Investments valued at NAV(a) | 759,751 | ||||||
$ 606,033,407 | |||||||
Derivative Financial Instruments(b) | |||||||
Assets | |||||||
Equity Contracts | $ 531,030 | $ — | $ — | $ 531,030 |
(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 |
REIT | Real Estate Investment Trust |
5