Schedule of Investments (unaudited) July 31, 2021 | BlackRock Defensive Advantage U.S. Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.5% | ||||||||
Lockheed Martin Corp. | 176 | $ | 65,414 | |||||
Northrop Grumman Corp. | 57 | 20,692 | ||||||
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| |||||||
86,106 | ||||||||
Beverages — 1.4% | ||||||||
Coca-Cola Co. | 1,105 | 63,018 | ||||||
PepsiCo, Inc. | 95 | 14,910 | ||||||
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| |||||||
77,928 | ||||||||
Biotechnology — 4.3% | ||||||||
AbbVie, Inc. | 525 | 61,057 | ||||||
Amgen, Inc. | 333 | 80,433 | ||||||
Gilead Sciences, Inc. | 383 | 26,155 | ||||||
Intellia Therapeutics, Inc.(a) | 30 | 4,255 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 116 | 66,655 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 29 | 5,846 | ||||||
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244,401 | ||||||||
Capital Markets — 1.1% | ||||||||
S&P Global, Inc. | 148 | 63,451 | ||||||
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Chemicals — 1.9% | ||||||||
Ecolab, Inc. | 291 | 64,262 | ||||||
WR Grace & Co. | 647 | 45,031 | ||||||
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109,293 | ||||||||
Commercial Services & Supplies — 2.0% | ||||||||
Republic Services, Inc. | 376 | 44,504 | ||||||
Waste Connections, Inc. | 386 | 48,902 | ||||||
Waste Management, Inc. | 142 | 21,053 | ||||||
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| |||||||
114,459 | ||||||||
Communications Equipment — 1.7% | ||||||||
Motorola Solutions, Inc. | 433 | 96,957 | ||||||
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Consumer Finance — 1.1% | ||||||||
Credit Acceptance Corp.(a) | 134 | 64,959 | ||||||
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Distributors — 0.1% | ||||||||
Genuine Parts Co. | 46 | 5,838 | ||||||
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Diversified Financial Services — 0.6% | ||||||||
Voya Financial, Inc. | 523 | 33,681 | ||||||
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Diversified Telecommunication Services — 3.2% | ||||||||
AT&T, Inc. | 3,501 | 98,203 | ||||||
Verizon Communications, Inc. | 1,535 | 85,622 | ||||||
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| |||||||
183,825 | ||||||||
Electric Utilities — 5.1% | ||||||||
Duke Energy Corp. | 131 | 13,770 | ||||||
Entergy Corp. | 270 | 27,788 | ||||||
Evergy, Inc. | 99 | 6,457 | ||||||
Eversource Energy | 60 | 5,176 | ||||||
IDACORP, Inc. | 350 | 36,908 | ||||||
NextEra Energy, Inc. | 856 | 66,682 | ||||||
OGE Energy Corp. | 1,844 | 62,235 | ||||||
Portland General Electric Co. | 1,222 | 59,756 | ||||||
Southern Co. | 169 | 10,794 | ||||||
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289,566 | ||||||||
Electrical Equipment — 0.7% | ||||||||
AMETEK, Inc. | 293 | 40,742 | ||||||
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Electronic Equipment, Instruments & Components — 0.3% | ||||||||
Keysight Technologies, Inc.(a) | 104 | 17,113 | ||||||
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Security | Shares | Value | ||||||
Entertainment — 0.8% | ||||||||
Roku, Inc.(a) | 107 | $ | 45,829 | |||||
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Equity Real Estate Investment Trusts (REITs) — 4.0% | ||||||||
Agree Realty Corp. | 317 | 23,823 | ||||||
Life Storage, Inc. | 543 | 63,726 | ||||||
Simon Property Group, Inc. | 18 | 2,277 | ||||||
Spirit Realty Capital, Inc. | 89 | 4,470 | ||||||
Sun Communities, Inc. | 345 | 67,658 | ||||||
WP Carey, Inc. | 784 | 63,261 | ||||||
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225,215 | ||||||||
Food & Staples Retailing — 3.5% | ||||||||
Costco Wholesale Corp. | 165 | 70,904 | ||||||
Kroger Co. | 440 | 17,908 | ||||||
Walmart, Inc. | 776 | 110,619 | ||||||
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199,431 | ||||||||
Food Products — 2.4% | ||||||||
Campbell Soup Co. | 659 | 28,812 | ||||||
General Mills, Inc. | 333 | 19,600 | ||||||
Hershey Co. | 51 | 9,123 | ||||||
Kellogg Co. | 1,272 | 80,594 | ||||||
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138,129 | ||||||||
Health Care Equipment & Supplies — 2.3% | ||||||||
Danaher Corp. | 15 | 4,462 | ||||||
Edwards Lifesciences Corp.(a) | 336 | 37,723 | ||||||
Hill-Rom Holdings, Inc. | 534 | 73,937 | ||||||
Medtronic PLC | 28 | 3,677 | ||||||
Penumbra, Inc.(a) | 38 | 10,117 | ||||||
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129,916 | ||||||||
Health Care Providers & Services — 4.0% | ||||||||
Chemed Corp. | 124 | 59,026 | ||||||
Cigna Corp. | 257 | 58,979 | ||||||
UnitedHealth Group, Inc. | 257 | 105,941 | ||||||
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223,946 | ||||||||
Hotels, Restaurants & Leisure — 3.1% | ||||||||
Aramark | 251 | 8,818 | ||||||
Booking Holdings, Inc.(a) | 7 | 15,248 | ||||||
McDonald’s Corp. | 454 | 110,190 | ||||||
Planet Fitness, Inc., Class A(a) | 545 | 41,000 | ||||||
Wendy’s Co. | 64 | 1,486 | ||||||
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176,742 | ||||||||
Household Products — 3.3% | ||||||||
Clorox Co. | 46 | 8,321 | ||||||
Colgate-Palmolive Co. | 808 | 64,236 | ||||||
Procter & Gamble Co. | 788 | 112,077 | ||||||
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184,634 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
Honeywell International, Inc. | 38 | 8,884 | ||||||
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Insurance — 3.4% | ||||||||
Aon PLC, Class A | 271 | 70,468 | ||||||
Erie Indemnity Co., Class A | 347 | 64,157 | ||||||
Hanover Insurance Group, Inc. | 427 | 58,029 | ||||||
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192,654 | ||||||||
Interactive Media & Services(a) — 2.4% | ||||||||
Alphabet, Inc., Class C | 27 | 73,019 | ||||||
Snap, Inc., Class A | 832 | 61,918 | ||||||
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134,937 | ||||||||
Internet & Direct Marketing Retail — 1.4% | ||||||||
Amazon.com, Inc.(a) | 24 | 79,862 | ||||||
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S C H E D U L E O F I N V E S T M E N T S | 1 |
Schedule of Investments (unaudited) (continued) July 31, 2021 | BlackRock Defensive Advantage U.S. Fund (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
IT Services — 9.5% | ||||||||
Accenture PLC, Class A | 175 | $ | 55,594 | |||||
Akamai Technologies, Inc.(a) | 415 | 49,767 | ||||||
Automatic Data Processing, Inc. | 246 | 51,569 | ||||||
Mastercard, Inc., Class A | 282 | 108,835 | ||||||
Paychex, Inc. | 581 | 66,129 | ||||||
Twilio, Inc., Class A(a) | 31 | 11,581 | ||||||
Visa, Inc., Class A | 446 | 109,890 | ||||||
Western Union Co. | 3,593 | 83,394 | ||||||
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536,759 | ||||||||
Leisure Products — 1.2% | ||||||||
Peloton Interactive, Inc., Class A(a) | 587 | 69,295 | ||||||
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Life Sciences Tools & Services — 0.9% | ||||||||
Agilent Technologies, Inc. | 334 | 51,179 | ||||||
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Media — 3.7% | ||||||||
Charter Communications, Inc., Class A(a) | 116 | 86,310 | ||||||
Comcast Corp., Class A | 943 | 55,477 | ||||||
Liberty Broadband Corp., Class C(a) | 66 | 11,714 | ||||||
Sirius XM Holdings, Inc. | 8,458 | 54,723 | ||||||
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208,224 | ||||||||
Metals & Mining — 0.1% | ||||||||
Newmont Corp. | 69 | 4,335 | ||||||
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| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.2% | ||||||||
Blackstone Mortgage Trust, Inc., Class A | 394 | 12,774 | ||||||
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Multi-line Retail — 0.1% | ||||||||
Dollar General Corp. | 8 | 1,861 | ||||||
Target Corp. | 22 | 5,743 | ||||||
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7,604 | ||||||||
Multi-Utilities — 3.8% | ||||||||
CMS Energy Corp. | 669 | 41,338 | ||||||
Consolidated Edison, Inc. | 1,286 | 94,868 | ||||||
NiSource, Inc. | 2,368 | 58,655 | ||||||
WEC Energy Group, Inc. | 188 | 17,698 | ||||||
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| |||||||
212,559 | ||||||||
Oil, Gas & Consumable Fuels — 2.2% | ||||||||
Cabot Oil & Gas Corp. | 1,685 | 26,960 | ||||||
Cheniere Energy, Inc.(a) | 66 | 5,605 | ||||||
Chevron Corp. | 22 | 2,240 | ||||||
Equitrans Midstream Corp. | 2,564 | 21,076 | ||||||
Murphy Oil Corp. | 2,236 | 48,544 | ||||||
Williams Cos., Inc. | 718 | 17,986 | ||||||
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| |||||||
122,411 | ||||||||
Pharmaceuticals — 5.2% | ||||||||
Bristol-Myers Squibb Co. | 1,212 | 82,258 | ||||||
Eli Lilly & Co. | 123 | 29,950 | ||||||
Johnson & Johnson | 648 | 111,586 | ||||||
Merck & Co., Inc. | 424 | 32,593 | ||||||
Pfizer, Inc. | 921 | 39,428 | ||||||
|
| |||||||
295,815 |
Security | Shares | Value | ||||||
Professional Services — 2.9% | ||||||||
CoStar Group, Inc.(a) | 734 | $ | 65,216 | |||||
Equifax, Inc. | 142 | 37,005 | ||||||
FTI Consulting, Inc.(a) | 429 | 62,505 | ||||||
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164,726 | ||||||||
Road & Rail — 0.0% | ||||||||
Ryder System, Inc. | 14 | 1,066 | ||||||
|
| |||||||
Software — 10.3% | ||||||||
Adobe, Inc.(a) | 58 | 36,055 | ||||||
Alteryx, Inc., Class A(a) | 428 | 33,127 | ||||||
Atlassian Corp. PLC, Class A(a) | 162 | 52,669 | ||||||
Check Point Software Technologies Ltd.(a) | 475 | 60,373 | ||||||
HubSpot, Inc.(a) | 105 | 62,582 | ||||||
Intuit, Inc. | 153 | 81,085 | ||||||
j2 Global, Inc.(a) | 201 | 28,395 | ||||||
Manhattan Associates, Inc.(a) | 392 | 62,575 | ||||||
Microsoft Corp. | 279 | 79,490 | ||||||
Oracle Corp. | 58 | 5,054 | ||||||
PagerDuty, Inc.(a) | 40 | 1,624 | ||||||
Proofpoint, Inc.(a) | 37 | 6,462 | ||||||
Tenable Holdings, Inc.(a) | 263 | 11,256 | ||||||
VMware, Inc., Class A(a) | 402 | 61,804 | ||||||
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| |||||||
582,551 | ||||||||
Specialty Retail — 0.9% | ||||||||
American Eagle Outfitters, Inc. | 90 | 3,102 | ||||||
O’Reilly Automotive, Inc.(a) | 79 | 47,704 | ||||||
|
| |||||||
50,806 | ||||||||
Technology Hardware, Storage & Peripherals — 1.3% | ||||||||
Apple, Inc. | 507 | 73,951 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% | ||||||||
T-Mobile US, Inc.(a) | 179 | 25,780 | ||||||
|
| |||||||
Total Long-Term Investments — 98.6% | 5,588,333 | |||||||
|
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Short-Term Securities | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(b)(c) | 57,281 | 57,281 | ||||||
|
| |||||||
Total Short-Term Securities — 1.0% |
| 57,281 | ||||||
|
| |||||||
Total Investments — 99.6% |
| 5,645,614 | ||||||
Other Assets Less Liabilities — 0.4% |
| 20,449 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 5,666,063 | |||||
|
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(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
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.
2 |
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Schedule of Investments (unaudited) (continued) July 31, 2021 | BlackRock Defensive Advantage U.S. Fund
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Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 04/30/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/21 | Shares Held at 07/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ | 135,946 | $ | — | $ | (78,665 | )(a) | $ | — | $ | — | $ | 57,281 | 57,281 | $ | 1 | $ | — | ||||||||||||||||||
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(a) | Represents net amount purchased (sold). |
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 | $ | 5,588,333 | $ | — | $ | — | $ | 5,588,333 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 57,281 | — | — | 57,281 | ||||||||||||
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$ | 5,645,614 | $ | — | $ | — | $ | 5,645,614 | |||||||||
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Portfolio Abbreviation
S&P | Standard & Poor’s |
SCHEDULE OF INVESTMENTS | 3 |