Schedule of Investments (unaudited)
February 29, 2024
BlackRock High Equity Income Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 2.7% | |||
L3Harris Technologies, Inc. | 122,716 | $ 25,974,069 | |
RTX Corp. | 326,385 | 29,266,943 | |
55,241,012 | |||
Automobile Components — 0.7% | |||
Aptiv PLC(a) | 75,500 | 6,001,495 | |
Lear Corp. | 52,569 | 7,220,352 | |
13,221,847 | |||
Automobiles — 0.9% | |||
General Motors Co. | 449,414 | 18,416,986 | |
Banks — 6.2% | |||
Citigroup, Inc. | 745,882 | 41,388,992 | |
Citizens Financial Group, Inc. | 200,268 | 6,286,413 | |
First Citizens BancShares, Inc., Class A | 18,314 | 28,822,756 | |
Wells Fargo & Co. | 890,314 | 49,492,555 | |
125,990,716 | |||
Beverages — 0.8% | |||
Diageo PLC | 134,930 | 5,055,194 | |
Keurig Dr. Pepper, Inc. | 195,510 | 5,847,704 | |
Pernod Ricard SA | 29,780 | 4,977,242 | |
15,880,140 | |||
Broadline Retail — 0.6% | |||
Alibaba Group Holding Ltd., ADR | 169,630 | 12,557,709 | |
Building Products — 0.9% | |||
Allegion PLC | 64,614 | 8,262,192 | |
Johnson Controls International PLC | 177,850 | 10,541,170 | |
18,803,362 | |||
Capital Markets — 0.9% | |||
Carlyle Group, Inc. (The) | 157,022 | 7,199,459 | |
Raymond James Financial, Inc. | 96,533 | 11,614,850 | |
18,814,309 | |||
Chemicals — 0.6% | |||
International Flavors & Fragrances, Inc. | 168,962 | 12,756,631 | |
Communications Equipment — 1.0% | |||
Cisco Systems, Inc. | 407,196 | 19,696,071 | |
Consumer Staples Distribution & Retail — 1.0% | |||
Dollar General Corp. | 139,753 | 20,307,508 | |
Containers & Packaging — 1.2% | |||
Sealed Air Corp. | 685,950 | 23,919,077 | |
Diversified Telecommunication Services — 1.4% | |||
AT&T Inc. | 508,883 | 8,615,389 | |
Verizon Communications, Inc. | 510,239 | 20,419,765 | |
29,035,154 | |||
Electric Utilities — 2.4% | |||
American Electric Power Co., Inc. | 154,085 | 13,126,501 | |
Edison International | 144,448 | 9,825,353 | |
Exelon Corp. | 317,642 | 11,384,289 | |
NextEra Energy, Inc. | 57,040 | 3,148,038 | |
PG&E Corp. | 609,529 | 10,173,039 | |
47,657,220 | |||
Electrical Equipment — 0.5% | |||
Sensata Technologies Holding PLC | 301,860 | 10,390,021 | |
Electronic Equipment, Instruments & Components — 0.5% | |||
Zebra Technologies Corp., Class A(a) | 36,216 | 10,121,648 |
Security | Shares | Value | |
Financial Services — 2.8% | |||
Equitable Holdings, Inc. | 276,888 | $ 9,480,645 | |
Fidelity National Information Services, Inc. | 475,457 | 32,896,870 | |
Visa, Inc., Class A | 49,314 | 13,938,109 | |
56,315,624 | |||
Food Products — 1.4% | |||
Kraft Heinz Co. (The) | 816,932 | 28,821,361 | |
Health Care Equipment & Supplies — 3.4% | |||
Baxter International, Inc. | 789,670 | 32,313,296 | |
Koninklijke Philips NV | 514,338 | 10,362,508 | |
Medtronic PLC | 303,280 | 25,281,421 | |
67,957,225 | |||
Health Care Providers & Services — 4.9% | |||
Cardinal Health, Inc. | 235,905 | 26,416,642 | |
Cigna Group (The) | 65,168 | 21,905,571 | |
Elevance Health, Inc. | 31,075 | 15,576,344 | |
Humana, Inc. | 38,674 | 13,548,276 | |
Laboratory Corp. of America Holdings | 98,234 | 21,201,844 | |
98,648,677 | |||
Household Durables — 0.9% | |||
Newell Brands, Inc. | 765,354 | 5,740,155 | |
Sony Group Corp., ADR | 154,680 | 13,273,091 | |
19,013,246 | |||
Household Products — 0.5% | |||
Henkel AG & Co. KGaA, Preference Shares, NVS | 62,680 | 4,715,657 | |
Reckitt Benckiser Group PLC | 88,578 | 5,596,617 | |
10,312,274 | |||
Industrial Conglomerates — 0.3% | |||
Siemens AG, Registered Shares | 30,422 | 6,022,612 | |
Insurance — 3.8% | |||
American International Group, Inc. | 360,868 | 26,303,668 | |
Fidelity National Financial, Inc., Class A | 406,400 | 20,555,712 | |
Prudential PLC | 1,432,451 | 14,113,721 | |
Willis Towers Watson PLC | 55,141 | 15,031,988 | |
76,005,089 | |||
IT Services — 1.1% | |||
Cognizant Technology Solutions Corp., Class A | 270,755 | 21,395,060 | |
Leisure Products — 0.4% | |||
Hasbro, Inc. | 174,784 | 8,789,887 | |
Life Sciences Tools & Services — 0.4% | |||
Fortrea Holdings, Inc.(a) | 197,514 | 7,414,676 | |
Machinery — 1.6% | |||
CNH Industrial NV | 836,490 | 9,996,055 | |
Komatsu Ltd. | 562,800 | 16,337,010 | |
Westinghouse Air Brake Technologies Corp. | 42,320 | 5,979,393 | |
32,312,458 | |||
Media — 1.6% | |||
Comcast Corp., Class A | 442,861 | 18,976,594 | |
Fox Corp., Class A, NVS | 312,643 | 9,313,635 | |
WPP PLC | 525,946 | 4,705,383 | |
32,995,612 | |||
Multi-Utilities — 0.6% | |||
Sempra | 168,944 | 11,927,446 | |
Oil, Gas & Consumable Fuels — 4.8% | |||
BP PLC | 5,365,494 | 31,173,904 | |
Chevron Corp. | 64,180 | 9,756,002 | |
Kosmos Energy Ltd.(a) | 1,781,607 | 10,939,067 |
1
Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock High Equity Income Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Shell PLC | 959,062 | $ 29,663,633 | |
Suncor Energy, Inc. | 463,541 | 15,927,269 | |
97,459,875 | |||
Personal Care Products — 0.1% | |||
Unilever PLC, ADR | 59,615 | 2,919,347 | |
Pharmaceuticals — 4.1% | |||
AstraZeneca PLC | 83,329 | 10,503,913 | |
Bayer AG, Registered Shares | 400,778 | 12,109,172 | |
Bristol-Myers Squibb Co. | 174,170 | 8,839,128 | |
Eli Lilly & Co. | 16,856 | 12,704,030 | |
GSK PLC, ADR | 120,080 | 5,031,352 | |
Novo Nordisk A/S, ADR | 14,659 | 1,755,708 | |
Pfizer, Inc. | 203,920 | 5,416,115 | |
Sanofi SA | 285,271 | 27,190,499 | |
83,549,917 | |||
Professional Services — 3.4% | |||
Dun & Bradstreet Holdings, Inc. | 1,356,233 | 14,294,696 | |
Leidos Holdings, Inc. | 207,181 | 26,490,163 | |
SS&C Technologies Holdings, Inc. | 455,040 | 29,013,350 | |
69,798,209 | |||
Semiconductors & Semiconductor Equipment — 1.0% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 543,000 | 11,899,585 | |
Texas Instruments, Inc. | 49,930 | 8,354,787 | |
20,254,372 | |||
Software — 0.6% | |||
Microsoft Corp. | 31,861 | 13,178,984 | |
Specialized REITs — 0.9% | |||
Crown Castle, Inc. | 159,849 | 17,573,799 | |
Technology Hardware, Storage & Peripherals — 1.8% | |||
HP, Inc. | 247,369 | 7,007,964 | |
Samsung Electronics Co. Ltd., Registered Shares, GDR | 21,236 | 28,917,812 | |
35,925,776 | |||
Textiles, Apparel & Luxury Goods — 0.7% | |||
Swatch Group AG (The) | 21,440 | 5,061,669 | |
Tapestry, Inc. | 193,343 | 9,189,593 | |
14,251,262 | |||
Tobacco — 1.3% | |||
British American Tobacco PLC | 866,624 | 25,748,638 | |
Wireless Telecommunication Services — 0.9% | |||
Vodafone Group PLC | 19,942,342 | 17,517,539 | |
Total Common Stocks — 65.6% (Cost: $1,167,748,947) | 1,328,918,376 |
Par (000) | |||
Equity-Linked Notes | |||
Aerospace & Defense — 1.7% | |||
Barclays Capital, Inc. (L3Harris Technologies, Inc.) 13.52% 03/18/24 | USD | 84,300 | 17,715,974 |
Nomura Securities International, Inc. (RTX Corp.) 15.44% 04/18/24 | 181,200 | 16,424,830 | |
34,140,804 |
Security | Par (000) | Value | |
Automobile Components — 0.4% | |||
Citigroup Global Markets Inc. (Aptiv PLC) 22.81% 03/25/24 | USD | 43,300 | $ 3,493,408 |
Mizuho Securities USA LLC (Lear Corp.) 18.81% 04/11/24 | 29,700 | 4,026,430 | |
7,519,838 | |||
Automobiles — 0.4% | |||
Nomura Securities International, Inc. (General Motors Co.) 23.14% 03/20/24 | 233,100 | 8,486,142 | |
Banks — 2.8% | |||
Goldman Sachs & Co. LLC (Citigroup, Inc.) 18.51% 04/04/24 | 304,700 | 17,051,371 | |
Goldman Sachs & Co. LLC (First Citizens BancShares, Inc.) 19.75% 04/04/24 | 10,300 | 15,769,822 | |
JP Morgan Securities LLC (Citizens Financial Group, Inc.) 30.28% 05/08/24 | 111,200 | 3,492,162 | |
JP Morgan Securities LLC (Wells Fargo & Co.) 18.10% 05/01/24 | 385,000 | 20,781,331 | |
57,094,686 | |||
Beverages — 0.2% | |||
RBC Capital Markets LLC (Keurig Dr. Pepper, Inc.) 17.04% 04/25/24 | 108,500 | 3,291,538 | |
Broadline Retail — 0.2% | |||
HSBC Securities (USA), Inc. (Alibaba Group Holding Ltd.) 27.53% 03/18/24 | 50,900 | 3,779,278 | |
Building Products — 0.2% | |||
SG Americas Securities LLC (Allegion PLC) 20.09% 03/20/24 | 36,600 | 4,470,429 | |
Capital Markets — 0.9% | |||
Barclays Capital, Inc. (Raymond James Financial, Inc.) 17.67% 05/01/24 | 53,500 | 6,357,626 | |
JP Morgan Securities LLC (Carlyle Group, Inc. (The)) 24.55% 03/25/24 | 184,300 | 7,898,761 | |
Nomura Securities International, Inc. (Goldman Sachs Group, Inc. (The)) 16.09% 03/14/24 | 10,200 | 3,932,161 | |
18,188,548 | |||
Chemicals — 0.4% | |||
JP Morgan Securities LLC (International Flavors & Fragrances, Inc.) 14.64% 03/14/24 | 95,900 | 7,285,733 | |
Communications Equipment — 0.5% | |||
Mizuho Securities USA LLC (Cisco Systems, Inc.) 15.07% 04/11/24 | 219,200 | 10,648,776 | |
Consumer Staples Distribution & Retail — 0.7% | |||
BNP Paribas Securities Corporation (Dollar General Corp.) 22.14% 04/18/24 | 100,900 | 14,040,867 | |
Containers & Packaging — 0.6% | |||
JP Morgan Securities LLC (Sealed Air Corp.) 22.81% 04/25/24 | 85,980 | 3,033,157 | |
JP Morgan Securities LLC (Sealed Air Corp.) 29.81% 05/01/24 | 240,020 | 8,515,338 | |
11,548,495 | |||
Diversified Telecommunication Services — 1.0% | |||
Barclays Capital, Inc. (Verizon Communications, Inc.) 20.43% 05/01/24 | 326,000 | 13,194,585 | |
Mizuho Securities USA LLC (AT&T Inc.) 17.01% 03/07/24 | 394,500 | 6,679,004 | |
19,873,589 |
2
Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock High Equity Income Fund
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Electric Utilities — 1.1% | |||
BMO Capital Markets Corp. (Exelon Corp.) 20.14% 03/07/24 | USD | 180,200 | $ 6,396,151 |
JP Morgan Securities LLC (NextEra Energy, Inc.) 23.49% 03/18/24 | 32,700 | 1,822,909 | |
JP Morgan Securities LLC (PG&E Corp.) 10.14% 03/18/24 | 350,400 | 5,857,305 | |
Mizuho Securities USA LLC (American Electric Power Co., Inc.) 16.97% 04/11/24 | 101,900 | 8,118,667 | |
22,195,032 | |||
Electronic Equipment, Instruments & Components — 0.3% | |||
BMO Capital Markets Corp. (Zebra Technologies Corp.) 23.51% 03/14/24 | 20,500 | 5,508,288 | |
Financial Services — 1.5% | |||
Barclays Capital, Inc. (Visa, Inc.) 10.73% 03/18/24 | 28,300 | 7,869,498 | |
Citigroup Global Markets Inc. (Equitable Holdings, Inc.) 19.60% 03/25/24 | 264,262 | 8,955,483 | |
Mizuho Securities USA LLC (Fidelity National Information Services, Inc.) 19.42% 04/25/24 | 205,600 | 13,692,672 | |
30,517,653 | |||
Food Products — 0.8% | |||
Barclays Capital, Inc. (Kraft Heinz Co. (The)) 17.29% 03/18/24 | 469,600 | 16,511,190 | |
Ground Transportation — 0.2% | |||
Nomura Securities International, Inc. (Union Pacific Corp.) 18.26% 03/14/24 | 15,500 | 3,723,562 | |
Health Care Equipment & Supplies — 1.9% | |||
Barclays Capital, Inc. (Zimmer Biomet Holdings, Inc.) 16.61% 03/18/24 | 32,600 | 4,039,586 | |
HSBC Securities (USA), Inc. (Koninklijke Philips NV) 14.50% 04/11/24 | EUR | 293,300 | 5,928,439 |
Nomura Securities International, Inc. (Medtronic PLC) 15.73% 03/20/24 | USD | 172,100 | 14,435,954 |
RBC Capital Markets LLC (Baxter International, Inc.) 23.68% 03/25/24 | 353,500 | 14,240,367 | |
38,644,346 | |||
Health Care Providers & Services — 2.7% | |||
BMO Capital Markets Corp. (Humana, Inc.) 17.96% 03/07/24 | 11,900 | 4,173,312 | |
BMO Capital Markets Corp. (Laboratory Corp. of America Holdings) 18.36% 03/07/24 | 55,700 | 12,032,235 | |
Citigroup Global Markets Inc. (Cardinal Health, Inc.) 13.56% 03/25/24 | 135,600 | 14,826,179 | |
Mizuho Securities USA LLC (Cigna Group (The)) 20.00% 03/07/24 | 36,900 | 11,872,656 | |
SG Americas Securities LLC (Elevance Health, Inc.) 17.31% 03/20/24 | 25,300 | 12,431,202 | |
55,335,584 | |||
Household Durables — 0.5% | |||
Citigroup Global Markets Inc. (Newell Brands, Inc.) 30.32% 03/25/24 | 342,600 | 2,631,183 | |
Mizuho Securities USA LLC (Sony Group Corp.) 16.15% 05/01/24 | 85,800 | 7,345,253 | |
9,976,436 | |||
Household Products — 0.3% | |||
HSBC Securities (USA), Inc. (Reckitt Benckiser Group PLC) 19.27% 04/29/24(b) | GBP | 48,600 | 3,082,726 |
JP Morgan Securities LLC (Henkel AG & Co. KGaA) 15.09% 04/11/24 | EUR | 35,700 | 2,715,426 |
5,798,152 |
Security | Par (000) | Value | |
Industrial Conglomerates — 0.1% | |||
BNP Paribas Arbitrage SNC (Siemens AG) 10.78% 04/29/24 | EUR | 16,600 | $ 3,168,789 |
Insurance — 2.5% | |||
Barclays Capital, Inc. (Willis Towers Watson PLC) 15.56% 03/18/24 | USD | 36,800 | 9,529,256 |
BNP Paribas Arbitrage SNC (Prudential PLC) 25.31% 03/28/24 | GBP | 812,900 | 7,941,256 |
BNP Paribas Securities Corporation (Fidelity National Financial, Inc.) 18.69% 04/18/24 | USD | 313,300 | 15,866,299 |
JP Morgan Securities LLC (American International Group, Inc.) 18.69% 04/18/24 | 247,907 | 17,805,234 | |
51,142,045 | |||
IT Services — 0.6% | |||
Goldman Sachs & Co. LLC (Cognizant Technology Solutions Corp.) 15.87% 04/11/24 | 153,200 | 12,183,517 | |
Leisure Products — 0.2% | |||
Nomura Securities International, Inc. (Hasbro, Inc.) 18.80% 04/25/24 | 97,000 | 4,876,118 | |
Life Sciences Tools & Services — 0.2% | |||
BMO Capital Markets Corp. (Fortrea Holdings, Inc.) 23.56% 03/14/24 | 119,100 | 3,747,252 | |
Machinery — 0.2% | |||
RBC Capital Markets LLC (Westinghouse Air Brake Technologies Corp.) 12.17% 04/04/24 | 24,100 | 3,330,662 | |
Media — 0.8% | |||
Nomura Securities International, Inc. (Comcast Corp.) 15.21% 04/04/24 | 252,400 | 10,897,184 | |
RBC Capital Markets LLC (Fox Corp.) 18.99% 04/25/24 | 173,500 | 5,202,322 | |
16,099,506 | |||
Multi-Utilities — 0.3% | |||
RBC Capital Markets LLC (Sempra) 17.48% 04/18/24 | 93,700 | 6,558,612 | |
Oil, Gas & Consumable Fuels — 2.7% | |||
BNP Paribas Arbitrage SNC (BP PLC) 25.44% 03/28/24 | GBP | 3,045,300 | 17,254,377 |
BNP Paribas Arbitrage SNC (Shell PLC) 10.34% 04/29/24 | USD | 527,800 | 13,055,133 |
Mizuho Securities USA LLC (Williams Cos., Inc. (The)) 17.02% 03/07/24 | 102,700 | 3,671,232 | |
RBC Capital Markets LLC (Chevron Corp.) 19.39% 04/18/24 | 35,500 | 5,434,055 | |
RBC Capital Markets LLC (Kosmos Energy Ltd.) 19.68% 04/18/24 | 989,400 | 5,875,188 | |
RBC Capital Markets LLC (Suncor Energy, Inc.) 24.60% 04/04/24 | 264,300 | 8,933,709 | |
54,223,694 | |||
Personal Care Products — 0.2% | |||
RBC Capital Markets LLC (Unilever PLC) 15.66% 04/18/24 | 90,700 | 4,493,797 | |
Pharmaceuticals — 1.8% | |||
BNP Paribas Arbitrage SNC (AstraZeneca PLC) 12.90% 04/29/24 | GBP | 45,800 | 5,970,962 |
Goldman Sachs & Co. LLC (Eli Lilly & Co.) 21.08% 04/04/24 | USD | 9,500 | 6,553,612 |
HSBC Securities (USA), Inc. (Bayer AG) 20.40% 04/11/24 | EUR | 228,400 | 6,969,042 |
3
Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock High Equity Income Fund
(Percentages shown are based on Net Assets)
Security | Par (000) | Value | |
Pharmaceuticals (continued) | |||
HSBC Securities (USA), Inc. (Sanofi SA) 12.05% 04/11/24 | EUR | 143,300 | $ 13,755,288 |
Mizuho Securities USA LLC (Pfizer, Inc.) 17.47% 04/25/24 | USD | 113,100 | 3,026,712 |
36,275,616 | |||
Professional Services — 2.0% | |||
Barclays Capital, Inc. (Dun & Bradstreet Holdings, Inc.) 23.78% 03/18/24 | 779,700 | 8,275,598 | |
Nomura Securities International, Inc. (SS&C Technologies Holdings, Inc.) 16.06% 04/25/24 | 252,600 | 16,090,664 | |
SG Americas Securities LLC (Leidos Holdings, Inc.) 14.11% 04/25/24 | 123,900 | 15,409,923 | |
39,776,185 | |||
Software — 0.4% | |||
BMO Capital Markets Corp. (Microsoft Corp.) 11.89% 04/04/24 | 18,100 | 7,444,415 | |
Specialized REITs — 0.2% | |||
BMO Capital Markets Corp. (American Tower Corp.) 17.67% 03/14/24 | 9,100 | 1,808,875 | |
SG Americas Securities LLC (Crown Castle, Inc.) 24.16% 03/20/24 | 24,300 | 2,646,740 | |
4,455,615 | |||
Technology Hardware, Storage & Peripherals — 0.2% | |||
RBC Capital Markets LLC (HP, Inc.) 16.61% 03/07/24 | 136,400 | 3,871,409 | |
Textiles, Apparel & Luxury Goods — 0.4% | |||
JP Morgan Securities LLC (Ralph Lauren Corp.) 17.48% 03/25/24 | 18,400 | 2,764,125 | |
Nomura Securities International, Inc. (Tapestry, Inc.) 18.60% 04/25/24 | 128,700 | 5,980,017 | |
8,744,142 |
Security | Par (000) | Value | |
Tobacco — 0.7% | |||
RBC Capital Markets LLC (British American Tobacco PLC) 19.33% 04/11/24 | GBP | 494,100 | $ 14,518,168 |
Wireless Telecommunication Services — 0.7% | |||
JP Morgan Securities LLC (Vodafone Group PLC) 23.08% 03/28/24 | 11,318,900 | 9,487,468 | |
RBC Capital Markets LLC (Rogers Communications, Inc.) 20.00% 03/25/24 | CAD | 100,400 | 4,469,136 |
13,956,604 | |||
Total Equity-Linked Notes — 33.5% (Cost: $678,971,573) | 677,445,112 | ||
Total Long-Term Investments — 99.1% (Cost: $1,846,720,520) | 2,006,363,488 |
Shares | |||
Short-Term Securities | |||
Money Market Funds — 0.8% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.20%(c)(d) | 17,454,473 | 17,454,473 | |
Total Short-Term Securities — 0.8% (Cost: $17,454,473) | 17,454,473 | ||
Total Investments — 99.9% (Cost: $1,864,174,993) | 2,023,817,961 | ||
Other Assets Less Liabilities — 0.1% | 1,486,544 | ||
Net Assets — 100.0% | $ 2,025,304,505 |
(a) | Non-income producing security. |
(b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
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 | $ — | $ 17,454,473(a) | $ — | $ — | $ — | $ 17,454,473 | 17,454,473 | $ 2,088,918 | $ — | |||
SL Liquidity Series, LLC, Money Market Series(b) | — | 8(a) | — | (8) | — | — | — | 2,937(c) | — | |||
$ (8) | $ — | $ 17,454,473 | $ 2,091,855 | $ — |
(a) | Represents net amount purchased (sold). |
(b) | As of period end, the entity is no longer held. |
(c) | 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.
4
Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock High Equity Income 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 | $ 55,241,012 | $ — | $ — | $ 55,241,012 |
Automobile Components | 13,221,847 | — | — | 13,221,847 |
Automobiles | 18,416,986 | — | — | 18,416,986 |
Banks | 125,990,716 | — | — | 125,990,716 |
Beverages | 5,847,704 | 10,032,436 | — | 15,880,140 |
Broadline Retail | 12,557,709 | — | — | 12,557,709 |
Building Products | 18,803,362 | — | — | 18,803,362 |
Capital Markets | 18,814,309 | — | — | 18,814,309 |
Chemicals | 12,756,631 | — | — | 12,756,631 |
Communications Equipment | 19,696,071 | — | — | 19,696,071 |
Consumer Staples Distribution & Retail | 20,307,508 | — | — | 20,307,508 |
Containers & Packaging | 23,919,077 | — | — | 23,919,077 |
Diversified Telecommunication Services | 29,035,154 | — | — | 29,035,154 |
Electric Utilities | 47,657,220 | — | — | 47,657,220 |
Electrical Equipment | 10,390,021 | — | — | 10,390,021 |
Electronic Equipment, Instruments & Components | 10,121,648 | — | — | 10,121,648 |
Financial Services | 56,315,624 | — | — | 56,315,624 |
Food Products | 28,821,361 | — | — | 28,821,361 |
Health Care Equipment & Supplies | 57,594,717 | 10,362,508 | — | 67,957,225 |
Health Care Providers & Services | 98,648,677 | — | — | 98,648,677 |
Household Durables | 19,013,246 | — | — | 19,013,246 |
Household Products | — | 10,312,274 | — | 10,312,274 |
Industrial Conglomerates | — | 6,022,612 | — | 6,022,612 |
Insurance | 61,891,368 | 14,113,721 | — | 76,005,089 |
IT Services | 21,395,060 | — | — | 21,395,060 |
Leisure Products | 8,789,887 | — | — | 8,789,887 |
Life Sciences Tools & Services | 7,414,676 | — | — | 7,414,676 |
Machinery | 15,975,448 | 16,337,010 | — | 32,312,458 |
Media | 28,290,229 | 4,705,383 | — | 32,995,612 |
Multi-Utilities | 11,927,446 | — | — | 11,927,446 |
Oil, Gas & Consumable Fuels | 36,622,338 | 60,837,537 | — | 97,459,875 |
Personal Care Products | 2,919,347 | — | — | 2,919,347 |
Pharmaceuticals | 33,746,333 | 49,803,584 | — | 83,549,917 |
Professional Services | 69,798,209 | — | — | 69,798,209 |
5
Schedule of Investments (unaudited) (continued)
February 29, 2024
BlackRock High Equity Income Fund
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks (continued) | |||||||
Semiconductors & Semiconductor Equipment | $ 8,354,787 | $ 11,899,585 | $ — | $ 20,254,372 | |||
Software | 13,178,984 | — | — | 13,178,984 | |||
Specialized REITs | 17,573,799 | — | — | 17,573,799 | |||
Technology Hardware, Storage & Peripherals | 7,007,964 | 28,917,812 | — | 35,925,776 | |||
Textiles, Apparel & Luxury Goods | 9,189,593 | 5,061,669 | — | 14,251,262 | |||
Tobacco | — | 25,748,638 | — | 25,748,638 | |||
Wireless Telecommunication Services | — | 17,517,539 | — | 17,517,539 | |||
Equity-Linked Notes | — | 674,362,386 | 3,082,726 | 677,445,112 | |||
Short-Term Securities | |||||||
Money Market Funds | 17,454,473 | — | — | 17,454,473 | |||
$ 1,074,700,541 | $ 946,034,694 | $ 3,082,726 | $ 2,023,817,961 |
Currency Abbreviation | |
CAD | Canadian Dollar |
EUR | Euro |
GBP | British Pound |
USD | United States Dollar |
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
NVS | Non-Voting Shares |
6