Schedule of Investments (unaudited)
July 31, 2024
BlackRock Equity Dividend Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 3.8% | |||
L3Harris Technologies, Inc. | 1,900,457 | $ 431,194,689 | |
RTX Corp. | 2,564,076 | 301,253,289 | |
732,447,978 | |||
Automobile Components — 0.5% | |||
Lear Corp. | 876,071 | 106,915,705 | |
Automobiles — 1.5% | |||
General Motors Co. | 6,633,824 | 294,011,080 | |
Banks — 12.0% | |||
Bank of America Corp. | 3,204,670 | 129,180,247 | |
Citigroup, Inc. | 9,101,352 | 590,495,718 | |
Citizens Financial Group, Inc. | 3,115,653 | 132,944,913 | |
First Citizens BancShares, Inc., Class A | 270,233 | 564,162,732 | |
JPMorgan Chase & Co. | 1,256,916 | 267,471,725 | |
Wells Fargo & Co. | 11,049,420 | 655,672,583 | |
2,339,927,918 | |||
Beverages — 1.1% | |||
Diageo PLC | 1,219,165 | 37,934,280 | |
Keurig Dr. Pepper, Inc. | 3,846,847 | 131,869,915 | |
Pernod Ricard SA | 374,617 | 50,126,425 | |
219,930,620 | |||
Broadline Retail — 0.3% | |||
Alibaba Group Holding Ltd. | 6,830,800 | 67,216,592 | |
Building Products — 1.7% | |||
Allegion PLC | 834,884 | 114,220,480 | |
Johnson Controls International PLC | 2,943,298 | 210,563,539 | |
324,784,019 | |||
Capital Markets — 2.0% | |||
Goldman Sachs Group, Inc. | 89,997 | 45,811,173 | |
Intercontinental Exchange, Inc. | 1,641,181 | 248,737,392 | |
UBS Group AG, Registered Shares | 3,145,249 | 95,303,159 | |
389,851,724 | |||
Chemicals — 2.1% | |||
Air Products and Chemicals, Inc. | 337,680 | 89,096,868 | |
Albemarle Corp. | 983,104 | 92,087,352 | |
International Flavors & Fragrances, Inc. | 1,216,317 | 120,999,215 | |
PPG Industries, Inc. | 863,518 | 109,649,515 | |
411,832,950 | |||
Communications Equipment — 1.5% | |||
Cisco Systems, Inc. | 5,873,697 | 284,580,620 | |
Consumer Finance — 0.5% | |||
Discover Financial Services | 678,244 | 97,660,354 | |
Consumer Staples Distribution & Retail — 0.9% | |||
Dollar General Corp. | 1,451,964 | 174,801,946 | |
Containers & Packaging — 1.3% | |||
Sealed Air Corp. | 6,747,814 | 256,754,323 | |
Diversified Telecommunication Services — 1.7% | |||
AT&T, Inc. | 5,332,653 | 102,653,570 | |
Verizon Communications, Inc. | 5,844,895 | 236,835,146 | |
339,488,716 | |||
Electric Utilities — 3.8% | |||
American Electric Power Co., Inc. | 2,425,635 | 238,003,306 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Edison International | 927,950 | $ 74,245,280 | |
Entergy Corp. | 614,964 | 71,317,375 | |
Exelon Corp. | 4,184,277 | 155,655,104 | |
PG&E Corp. | 10,445,516 | 190,630,667 | |
729,851,732 | |||
Entertainment — 1.2% | |||
Electronic Arts, Inc. | 1,483,675 | 223,945,905 | |
Financial Services — 2.5% | |||
Fidelity National Information Services, Inc. | 4,246,888 | 326,288,405 | |
Visa, Inc., Class A | 565,694 | 150,287,925 | |
476,576,330 | |||
Food Products — 2.0% | |||
Kraft Heinz Co. | 10,968,726 | 386,208,842 | |
Health Care Equipment & Supplies — 4.6% | |||
Baxter International, Inc. | 9,199,512 | 329,526,520 | |
Koninklijke Philips NV(a) | 7,418,607 | 208,386,309 | |
Medtronic PLC | 4,539,487 | 364,611,596 | |
902,524,425 | |||
Health Care Providers & Services — 9.2% | |||
Cardinal Health, Inc. | 4,045,453 | 407,903,026 | |
Cigna Group | 545,331 | 190,140,560 | |
CVS Health Corp. | 7,944,791 | 479,309,240 | |
Elevance Health, Inc. | 528,684 | 281,275,749 | |
Humana, Inc. | 505,853 | 182,921,503 | |
Labcorp Holdings, Inc. | 1,170,078 | 252,081,604 | |
1,793,631,682 | |||
Household Durables — 1.2% | |||
Newell Brands, Inc. | 4,751,854 | 40,818,426 | |
Sony Group Corp. | 2,112,000 | 187,584,873 | |
228,403,299 | |||
Household Products — 0.6% | |||
Kimberly-Clark Corp. | 860,310 | 116,184,866 | |
Insurance — 5.5% | |||
American International Group, Inc. | 5,072,674 | 401,907,961 | |
Fidelity National Financial, Inc., Class A | 4,061,099 | 225,025,496 | |
Prudential PLC | 8,718,715 | 78,681,057 | |
Willis Towers Watson PLC | 1,256,283 | 354,623,565 | |
1,060,238,079 | |||
IT Services — 1.3% | |||
Cognizant Technology Solutions Corp., Class A | 3,343,571 | 253,041,453 | |
Leisure Products — 0.8% | |||
Hasbro, Inc. | 2,284,448 | 147,255,518 | |
Life Sciences Tools & Services — 0.7% | |||
Fortrea Holdings, Inc.(a) | 2,925,338 | 80,710,076 | |
Thermo Fisher Scientific, Inc. | 98,804 | 60,600,445 | |
141,310,521 | |||
Machinery — 2.3% | |||
CNH Industrial NV | 8,027,401 | 85,491,821 | |
Komatsu Ltd. | 2,861,600 | 81,348,347 | |
Stanley Black & Decker, Inc. | 1,203,649 | 127,129,407 | |
Westinghouse Air Brake Technologies Corp. | 906,226 | 146,038,320 | |
440,007,895 |
Schedule of Investments1
Schedule of Investments (unaudited)(continued)
July 31, 2024
BlackRock Equity Dividend Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Media — 3.3% | |||
Comcast Corp., Class A | 8,571,954 | $ 353,764,542 | |
Fox Corp., Class A | 3,820,255 | 145,322,500 | |
WPP PLC | 15,588,387 | 150,366,792 | |
649,453,834 | |||
Metals & Mining — 0.4% | |||
Teck Resources Ltd., Class B | 1,406,705 | 68,942,612 | |
Multi-Utilities — 1.0% | |||
Sempra | 2,541,985 | 203,511,319 | |
Oil, Gas & Consumable Fuels — 7.5% | |||
BP PLC | 69,455,300 | 410,557,962 | |
Enterprise Products Partners LP | 6,587,306 | 190,109,651 | |
Hess Corp. | 1,283,748 | 196,952,618 | |
Shell PLC | 12,205,569 | 445,062,410 | |
Suncor Energy, Inc. | 5,476,165 | 218,608,507 | |
1,461,291,148 | |||
Pharmaceuticals — 3.9% | |||
AstraZeneca PLC | 637,015 | 101,203,066 | |
Bayer AG, Registered Shares | 4,725,300 | 140,580,924 | |
Bristol-Myers Squibb Co. | 868,042 | 41,284,077 | |
Eli Lilly & Co. | 196,999 | 158,440,386 | |
Sanofi SA | 3,071,811 | 316,680,595 | |
758,189,048 | |||
Professional Services — 3.3% | |||
Leidos Holdings, Inc. | 1,539,508 | 222,304,955 | |
SS&C Technologies Holdings, Inc. | 5,856,745 | 427,249,548 | |
649,554,503 | |||
Residential REITs — 0.5% | |||
Mid-America Apartment Communities, Inc. | 657,285 | 91,868,724 | |
Semiconductors & Semiconductor Equipment — 0.5% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,445,000 | 100,495,092 | |
Software — 1.1% | |||
Microsoft Corp. | 492,342 | 205,971,276 | |
Specialized REITs — 1.0% | |||
Crown Castle, Inc. | 1,809,453 | 199,184,586 | |
Technology Hardware, Storage & Peripherals — 4.0% | |||
Hewlett Packard Enterprise Co. | 5,048,798 | 100,521,568 | |
HP, Inc. | 5,238,225 | 189,047,541 | |
Samsung Electronics Co. Ltd. | 7,899,847 | 487,122,095 | |
776,691,204 |
Security | Shares | Value | |
Textiles, Apparel & Luxury Goods — 0.5% | |||
Swatch Group AG | 370,753 | $ 76,358,407 | |
Tapestry, Inc. | 633,002 | 25,377,050 | |
101,735,457 | |||
Tobacco — 1.7% | |||
British American Tobacco PLC, ADR | 9,317,349 | 332,070,318 | |
Total Common Stocks — 95.3% (Cost: $14,395,554,445) | 18,538,344,213 | ||
Preferred Securities | |||
Preferred Stocks — 0.5% | |||
Household Products — 0.5% | |||
Henkel AG & Co. KGaA | 1,048,626 | 89,701,317 | |
89,701,317 | |||
Total Preferred Securities — 0.5% (Cost: $82,444,773) | 89,701,317 | ||
Total Long-Term Investments — 95.8% (Cost: $14,477,999,218) | 18,628,045,530 | ||
Short-Term Securities | |||
Money Market Funds — 3.9% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.21%(b)(c) | 767,868,975 | 767,868,975 | |
Total Short-Term Securities — 3.9% (Cost: $767,868,975) | 767,868,975 | ||
Total Investments — 99.7% (Cost: $15,245,868,193) | 19,395,914,505 | ||
Other Assets Less Liabilities — 0.3% | 50,798,359 | ||
Net Assets — 100.0% | $ 19,446,712,864 |
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 04/30/24 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/24 | Shares Held at 07/31/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 755,342,848 | $ 12,526,127 (a) | $ — | $ — | $ — | $ 767,868,975 | 767,868,975 | $ 10,084,666 | $ — |
(a) | Represents net amount purchased (sold). |
2
Schedule of Investments (unaudited)(continued)
July 31, 2024
BlackRock Equity Dividend 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.
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 | ||||
Aerospace & Defense | $ 732,447,978 | $ — | $ — | $ 732,447,978 |
Automobile Components | 106,915,705 | — | — | 106,915,705 |
Automobiles | 294,011,080 | — | — | 294,011,080 |
Banks | 2,339,927,918 | — | — | 2,339,927,918 |
Beverages | 131,869,915 | 88,060,705 | — | 219,930,620 |
Broadline Retail | — | 67,216,592 | — | 67,216,592 |
Building Products | 324,784,019 | — | — | 324,784,019 |
Capital Markets | 294,548,565 | 95,303,159 | — | 389,851,724 |
Chemicals | 411,832,950 | — | — | 411,832,950 |
Communications Equipment | 284,580,620 | — | — | 284,580,620 |
Consumer Finance | 97,660,354 | — | — | 97,660,354 |
Consumer Staples Distribution & Retail | 174,801,946 | — | — | 174,801,946 |
Containers & Packaging | 256,754,323 | — | — | 256,754,323 |
Diversified Telecommunication Services | 339,488,716 | — | — | 339,488,716 |
Electric Utilities | 729,851,732 | — | — | 729,851,732 |
Entertainment | 223,945,905 | — | — | 223,945,905 |
Financial Services | 476,576,330 | — | — | 476,576,330 |
Food Products | 386,208,842 | — | — | 386,208,842 |
Health Care Equipment & Supplies | 694,138,116 | 208,386,309 | — | 902,524,425 |
Health Care Providers & Services | 1,793,631,682 | — | — | 1,793,631,682 |
Household Durables | 40,818,426 | 187,584,873 | — | 228,403,299 |
Household Products | 116,184,866 | — | — | 116,184,866 |
Insurance | 981,557,022 | 78,681,057 | — | 1,060,238,079 |
IT Services | 253,041,453 | — | — | 253,041,453 |
Leisure Products | 147,255,518 | — | — | 147,255,518 |
Life Sciences Tools & Services | 141,310,521 | — | — | 141,310,521 |
Machinery | 358,659,548 | 81,348,347 | — | 440,007,895 |
Media | 499,087,042 | 150,366,792 | — | 649,453,834 |
Metals & Mining | 68,942,612 | — | — | 68,942,612 |
Multi-Utilities | 203,511,319 | — | — | 203,511,319 |
Oil, Gas & Consumable Fuels | 605,670,776 | 855,620,372 | — | 1,461,291,148 |
Pharmaceuticals | 199,724,463 | 558,464,585 | — | 758,189,048 |
Professional Services | 649,554,503 | — | — | 649,554,503 |
Residential REITs | 91,868,724 | — | — | 91,868,724 |
Schedule of Investments3
Schedule of Investments (unaudited)(continued)
July 31, 2024
BlackRock Equity Dividend Fund
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks (continued) | ||||
Semiconductors & Semiconductor Equipment | $ — | $ 100,495,092 | $ — | $ 100,495,092 |
Software | 205,971,276 | — | — | 205,971,276 |
Specialized REITs | 199,184,586 | — | — | 199,184,586 |
Technology Hardware, Storage & Peripherals | 289,569,109 | 487,122,095 | — | 776,691,204 |
Textiles, Apparel & Luxury Goods | 25,377,050 | 76,358,407 | — | 101,735,457 |
Tobacco | 332,070,318 | — | — | 332,070,318 |
Preferred Securities | ||||
Preferred Stocks | — | 89,701,317 | — | 89,701,317 |
Short-Term Securities | ||||
Money Market Funds | 767,868,975 | — | — | 767,868,975 |
$16,271,204,803 | $3,124,709,702 | $— | $19,395,914,505 |
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
4