Blackrock Mid Cap Dividend Series NPORT-P BlackRock Mid-Cap Value Fund (Jan 2023 report)

Schedule of Investments (unaudited) January 31, 2023     BlackRock Mid-Cap Value Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.4%
Airbus SE		61,861	$	7,755,256
BAE Systems PLC		1,509,776		15,982,547
Huntington Ingalls Industries, Inc.		25,210		5,559,813
L3Harris Technologies, Inc.		56,429		12,122,078
				41,419,694
Airlines — 0.2%
Delta Air Lines, Inc.(a)		75,350		2,946,185
Auto Components — 2.2%
Goodyear Tire & Rubber Co.(a)		524,250		5,897,812
Lear Corp.		95,479		13,918,929
Magna International, Inc.		109,990		7,142,751
				26,959,492
Automobiles — 1.5%
General Motors Co.		474,686		18,664,654
Banks — 4.3%
Citizens Financial Group, Inc.		394,550		17,091,906
Comerica, Inc.		72,483		5,313,729
First Citizens BancShares, Inc., Class A(b)		32,031		24,909,868
M&T Bank Corp.		32,206		5,024,136
				52,339,639
Beverages — 0.9%
Constellation Brands, Inc., Class A		23,962		5,547,682
Monster Beverage Corp.(a)		45,971		4,784,662
				10,332,344
Biotechnology(a)(b) — 1.8%
Biogen, Inc.		31,659		9,209,603
SPDR S&P Biotech ETF(c)(d)		142,599		12,677,051
				21,886,654
Capital Markets — 3.2%
Carlyle Group, Inc.		342,050		12,303,538
Credit Suisse Group AG, Registered Shares		1,742,230		6,001,776
Invesco Ltd.		330,058		6,109,374
Raymond James Financial, Inc.		132,197		14,907,856
				39,322,544
Chemicals — 1.4%
Axalta Coating Systems Ltd.(a)		546,149		16,439,085
Communications Equipment — 1.5%
Ciena Corp.(a)(b)		114,950		5,979,699
Nokia OYJ, ADR		2,450,542		11,664,580
				17,644,279
Construction Materials — 0.3%
CRH PLC, ADR		76,410		3,597,383
Consumer Finance — 0.4%
Capital One Financial Corp.		37,855		4,504,745
Containers & Packaging — 1.8%
Crown Holdings, Inc.		80,990		7,140,079
Sealed Air Corp.		268,832		14,721,240
				21,861,319
Diversified Financial Services — 4.0%
Acropolis Infrastructure Acquisition Corp., Class A(a)		152,300		1,532,138
Apollo Global Management, Inc.		121,104		8,571,741

Security	Shares		Value
Diversified Financial Services (continued)
Cannae Holdings, Inc.(a)		627,705	$	15,341,110
Equitable Holdings, Inc.		486,327		15,596,507
GX Acquisition Corp. II, Class A(a)(b)		117,322		1,184,952
SPDR S&P Software & Services ETF(c)(d)		50,310		6,125,746
				48,352,194
Electric Utilities — 2.3%
Edison International		157,697		10,865,323
Exelon Corp.		217,310		9,168,309
PG&E Corp.(a)(b)		518,110		8,237,949
				28,271,581
Electronic Equipment, Instruments & Components — 0.9%
Zebra Technologies Corp., Class A(a)		34,324		10,852,562
Entertainment — 2.5%
Activision Blizzard, Inc.		98,137		7,514,350
Electronic Arts, Inc.		42,705		5,495,280
Take-Two Interactive Software, Inc.(a)		99,639		11,282,124
Warner Bros Discovery, Inc., Class A(a)(b)		420,993		6,239,116
				30,530,870
Equity Real Estate Investment Trusts (REITs) — 1.1%
Mid-America Apartment Communities, Inc.		32,320		5,388,390
SL Green Realty Corp.		199,985		8,229,383
				13,617,773
Food Products — 2.4%
Danone SA		212,667		11,662,499
Kraft Heinz Co.		440,290		17,844,954
				29,507,453
Health Care Equipment & Supplies — 5.2%
Baxter International, Inc.		558,731		25,528,419
DENTSPLY SIRONA, Inc.		126,630		4,663,783
Koninklijke Philips NV		564,422		9,745,000
Koninklijke Philips NV, NY Shares		140,497		2,405,309
Zimmer Biomet Holdings, Inc.		165,731		21,104,186
				63,446,697
Health Care Providers & Services — 5.0%
AmerisourceBergen Corp.		46,889		7,922,365
Cardinal Health, Inc.		250,057		19,316,903
Cigna Corp.		12,004		3,801,307
Fulgent Genetics, Inc.(a)		96,840		3,271,255
Laboratory Corp. of America Holdings		81,061		20,437,099
Tenet Healthcare Corp.(a)		116,110		6,368,634
				61,117,563
Hotels, Restaurants & Leisure — 1.1%
Las Vegas Sands Corp.(a)		226,143		13,342,437
Household Durables — 2.6%
Newell Brands, Inc.		781,555		12,473,617
Panasonic Holdings Corp.		1,420,200		13,170,038
Toll Brothers, Inc.		102,918		6,122,592
				31,766,247
Insurance — 7.2%
Allstate Corp.		96,867		12,444,503
American International Group, Inc.		196,119		12,398,643
Assurant, Inc.		33,845		4,487,509
F&G Annuities & Life, Inc.		21,849		468,880
Fidelity National Financial, Inc.		415,119		18,277,690

1

Schedule of Investments (unaudited) (continued) January 31, 2023     BlackRock Mid-Cap Value Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Prudential PLC		761,530	$	12,652,860
RenaissanceRe Holdings Ltd.		59,787		11,699,718
Willis Towers Watson PLC		57,106		14,515,774
				86,945,577
IT Services — 7.4%
Cognizant Technology Solutions Corp., Class A		379,572		25,336,431
Concentrix Corp.		56,210		7,971,140
DXC Technology Co.(a)		209,870		6,029,565
Fidelity National Information Services, Inc.		343,680		25,789,747
SS&C Technologies Holdings, Inc.		416,776		25,152,432
				90,279,315
Life Sciences Tools & Services — 0.5%
Avantor, Inc.(a)		253,960		6,069,644
Machinery — 2.2%
Fortive Corp.		86,650		5,894,799
Komatsu Ltd.		740,400		18,194,930
PACCAR, Inc.		29,360		3,209,342
				27,299,071
Media — 2.0%
Fox Corp., Class A		522,691		17,740,132
Paramount Global, Class B		276,216		6,397,163
				24,137,295
Metals & Mining — 1.4%
Alcoa Corp.		115,640		6,041,034
Barrick Gold Corp.		581,077		11,360,055
				17,401,089
Multiline Retail — 2.6%
Dollar General Corp.		56,430		13,182,048
Dollar Tree, Inc.(a)		125,936		18,913,068
				32,095,116
Multi-Utilities — 2.1%
NiSource, Inc.		186,615		5,178,566
Public Service Enterprise Group, Inc.		223,635		13,849,716
Sempra Energy		38,143		6,115,467
				25,143,749
Oil, Gas & Consumable Fuels — 5.7%
BP PLC, ADR		246,189		8,919,428
Denbury, Inc.(a)		68,540		5,947,901
Diamondback Energy, Inc.		30,443		4,448,331
Enterprise Products Partners LP		833,337		21,333,427
EQT Corp.		366,158		11,962,382
Hess Corp.		66,150		9,933,084
Woodside Energy Group Ltd., ADR(b)		263,580		6,847,808
				69,392,361
Pharmaceuticals — 1.7%
Bayer AG, Registered Shares		333,752		20,774,372
Professional Services — 1.5%
Leidos Holdings, Inc.		125,351		12,389,693
Robert Half International, Inc.		72,291		6,069,552
				18,459,245
Real Estate Management & Development(a) — 1.7%
CBRE Group, Inc., Class A		175,458		15,003,413
Howard Hughes Corp.		67,971		5,810,841
				20,814,254
Semiconductors & Semiconductor Equipment — 0.5%
Skyworks Solutions, Inc.		54,823		6,012,438

Security	Shares		Value
Software — 0.0%
Latch, Inc.(a)		382,588	$	351,790
Specialty Retail — 0.7%
Ross Stores, Inc.		68,309		8,073,441
Technology Hardware, Storage & Peripherals — 1.7%
Western Digital Corp.(a)		465,270		20,448,617
Textiles, Apparel & Luxury Goods — 2.5%
Gildan Activewear, Inc.(b)		401,461		12,577,773
Ralph Lauren Corp.		122,210		15,135,709
Under Armour, Inc., Class A(a)		177,964		2,204,974
				29,918,456
Tobacco — 1.0%
Altria Group, Inc.		279,587		12,592,598
Trading Companies & Distributors — 0.5%
MSC Industrial Direct Co., Inc., Class A		73,860		6,108,222
Wireless Telecommunication Services — 1.7%
Rogers Communications, Inc., Class B		180,142		8,762,728
Vodafone Group PLC		9,790,239		11,296,103
				20,058,831
Total Common Stocks — 94.6% (Cost: $1,045,071,019)				1,151,098,875
Warrants
Diversified Financial Services — 0.0%
Acropolis Infrastructure Acquisition Corp., (Issued 04/23/21, Exercisable 04/23/22, 1 Share for 1 Warrant, Expires 03/31/26, Strike Price USD 11.50)(a)		50,766		4,076
Total Warrants — 0.0% (Cost: $45,463)				4,076
Total Long-Term Investments — 94.6% (Cost: $1,045,116,482)				1,151,102,951
Short-Term Securities
Money Market Funds — 7.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.07%(c)(d)		66,101,502		66,101,502
SL Liquidity Series, LLC, Money Market Series, 4.54%(c)(d)(e)		23,496,800		23,501,500
Total Short-Term Securities — 7.3% (Cost: $89,601,407)				89,603,002
Total Investments — 101.9% (Cost: $1,134,717,889)				1,240,705,953
Liabilities in Excess of Other Assets — (1.9)%				(23,463,534	)
Net Assets — 100.0%			$	1,217,242,419

^(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.

SCHEDULE    OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) January 31, 2023     BlackRock Mid-Cap Value Fund

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 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 04/30/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	39,992,852	$	26,108,650	(a)	$	—	$	—		$	—	$	66,101,502		66,101,502	$	1,044,539		$	—
SL Liquidity Series, LLC, Money Market Series		—		23,502,528	(a)		—		(2,623	)		1,595		23,501,500		23,496,800		49,786	(b)		—
								$	(2,623	)	$	1,595	$	89,603,002			$	1,094,325		$	—

^(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.

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”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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	$	17,681,891	$	23,737,803	$	—	$	41,419,694
Airlines		2,946,185		—		—		2,946,185
Auto Components		26,959,492		—		—		26,959,492
Automobiles		18,664,654		—		—		18,664,654
Banks		52,339,639		—		—		52,339,639
Beverages		10,332,344		—		—		10,332,344

3

Schedule of Investments (unaudited) (continued) January 31, 2023     BlackRock Mid-Cap Value Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Common Stocks (continued)
Biotechnology	$	21,886,654	$	—	$	—	$	21,886,654
Capital Markets		33,320,768		6,001,776		—		39,322,544
Chemicals		16,439,085		—		—		16,439,085
Communications Equipment		17,644,279		—		—		17,644,279
Construction Materials		3,597,383		—		—		3,597,383
Consumer Finance		4,504,745		—		—		4,504,745
Containers & Packaging		21,861,319		—		—		21,861,319
Diversified Financial Services		48,352,194		—		—		48,352,194
Electric Utilities		28,271,581		—		—		28,271,581
Electronic Equipment, Instruments & Components		10,852,562		—		—		10,852,562
Entertainment		30,530,870		—		—		30,530,870
Equity Real Estate Investment Trusts (REITs)		13,617,773		—		—		13,617,773
Food Products		17,844,954		11,662,499		—		29,507,453
Health Care Equipment & Supplies		53,701,697		9,745,000		—		63,446,697
Health Care Providers & Services		61,117,563		—		—		61,117,563
Hotels, Restaurants & Leisure		13,342,437		—		—		13,342,437
Household Durables		18,596,209		13,170,038		—		31,766,247
Insurance		74,292,717		12,652,860		—		86,945,577
IT Services		90,279,315		—		—		90,279,315
Life Sciences Tools & Services		6,069,644		—		—		6,069,644
Machinery		9,104,141		18,194,930		—		27,299,071
Media		24,137,295		—		—		24,137,295
Metals & Mining		17,401,089		—		—		17,401,089
Multiline Retail		32,095,116		—		—		32,095,116
Multi-Utilities		25,143,749		—		—		25,143,749
Oil, Gas & Consumable Fuels		69,392,361		—		—		69,392,361
Pharmaceuticals		—		20,774,372		—		20,774,372
Professional Services		18,459,245		—		—		18,459,245
Real Estate Management & Development		20,814,254		—		—		20,814,254
Semiconductors & Semiconductor Equipment		6,012,438		—		—		6,012,438
Software		351,790		—		—		351,790
Specialty Retail		8,073,441		—		—		8,073,441
Technology Hardware, Storage & Peripherals		20,448,617		—		—		20,448,617
Textiles, Apparel & Luxury Goods		29,918,456		—		—		29,918,456
Tobacco		12,592,598		—		—		12,592,598
Trading Companies & Distributors		6,108,222		—		—		6,108,222
Wireless Telecommunication Services		8,762,728		11,296,103		—		20,058,831
Warrants		4,076		—		—		4,076
Short-Term Securities
Money Market Funds		66,101,502		—		—		66,101,502
	$	1,089,969,072	$	127,235,381	$	—		1,217,204,453
Investments Valued at NAV(a)								23,501,500
							$	1,240,705,953

^(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.

Portfolio Abbreviation

ADR	American Depositary Receipt
ETF	Exchange-Traded Fund
S&P	Standard & Poor’s
SPDR	Standard & Poor’s Depository Receipt

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