| | |
Schedule of Investments (unaudited) July 31, 2023 | | BlackRock Mid-Cap Value Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
Aerospace & Defense — 2.7% | | | | | | |
BAE Systems PLC | | | 238,896 | | | $ | 2,856,968 | |
Huntington Ingalls Industries, Inc. | | | 14,200 | | | | 3,261,314 | |
L3Harris Technologies, Inc. | | | 124,779 | | | | 23,644,373 | |
MTU Aero Engines AG | | | 11,970 | | | | 2,795,132 | |
| | | | | | | | |
| | |
| | | | | | | 32,557,787 | |
| | |
Automobile Components — 1.7% | | | | | | |
Goodyear Tire & Rubber Co.(a) | | | 398,020 | | | | 6,400,162 | |
Lear Corp. | | | 95,049 | | | | 14,709,783 | |
| | | | | | | | |
| | |
| | | | | | | 21,109,945 | |
| | |
Automobiles — 1.7% | | | | | | |
General Motors Co. | | | 551,396 | | | | 21,157,065 | |
| | | | | | | | |
| | |
Banks — 4.2% | | | | | | |
Citigroup, Inc. | | | 180,900 | | | | 8,621,694 | |
Citizens Financial Group, Inc. | | | 309,670 | | | | 9,989,954 | |
First Citizens BancShares, Inc., Class A | | | 18,261 | | | | 26,136,969 | |
Wells Fargo & Co. | | | 144,000 | | | | 6,647,040 | |
| | | | | | | | |
| | |
| | | | | | | 51,395,657 | |
| | |
Beverages — 0.5% | | | | | | |
Constellation Brands, Inc., Class A | | | 23,852 | | | | 6,506,826 | |
| | | | | | | | |
| | |
Biotechnology — 0.9% | | | | | | |
SPDR S&P Biotech ETF(b) | | | 134,809 | | | | 11,363,051 | |
| | | | | | | | |
| | |
Building Products — 0.5% | | | | | | |
Allegion PLC | | | 51,930 | | | | 6,068,540 | |
| | | | | | | | |
| | |
Capital Markets — 2.7% | | | | | | |
Carlyle Group, Inc. | | | 298,250 | | | | 10,632,613 | |
Invesco Ltd. | | | 157,628 | | | | 2,648,150 | |
LPL Financial Holdings, Inc. | | | 13,940 | | | | 3,197,278 | |
Raymond James Financial, Inc.(b) | | | 150,337 | | | | 16,547,594 | |
| | | | | | | | |
| | |
| | | | | | | 33,025,635 | |
| | |
Chemicals — 1.1% | | | | | | |
Axalta Coating Systems Ltd.(a) | | | 180,259 | | | | 5,768,288 | |
International Flavors & Fragrances, Inc. | | | 97,440 | | | | 8,244,398 | |
| | | | | | | | |
| | |
| | | | | | | 14,012,686 | |
| | |
Communications Equipment — 1.3% | | | | | | |
Ciena Corp.(a) | | | 142,300 | | | | 6,005,060 | |
Nokia OYJ, ADR | | | 2,439,862 | | | | 9,613,056 | |
| | | | | | | | |
| | |
| | | | | | | 15,618,116 | |
| | |
Construction Materials — 0.3% | | | | | | |
CRH PLC, ADR | | | 58,180 | | | | 3,508,254 | |
| | | | | | | | |
|
Consumer Staples Distribution & Retail — 3.2% | |
Dollar General Corp. | | | 118,940 | | | | 20,084,209 | |
Dollar Tree, Inc.(a)(b) | | | 125,386 | | | | 19,350,821 | |
| | | | | | | | |
| | |
| | | | | | | 39,435,030 | |
| | |
Containers & Packaging — 3.3% | | | | | | |
Crown Holdings, Inc. | | | 129,480 | | | | 12,010,565 | |
International Paper Co. | | | 95,010 | | | | 3,426,060 | |
Sealed Air Corp. | | | 534,972 | | | | 24,405,423 | |
| | | | | | | | |
| | |
| | | | | | | 39,842,048 | |
| | |
Electric Utilities — 3.7% | | | | | | |
American Electric Power Co., Inc. | | | 68,430 | | | | 5,798,758 | |
Edison International | | | 121,447 | | | | 8,739,326 | |
Entergy Corp. | | | 101,070 | | | | 10,379,889 | |
| | | | | | | | |
Security | | Shares | | | Value | |
|
Electric Utilities (continued) | |
Exelon Corp. | | | 216,410 | | | $ | 9,058,923 | |
PG&E Corp.(a) | | | 669,750 | | | | 11,794,297 | |
| | | | | | | | |
| | |
| | | | | | | 45,771,193 | |
|
Electronic Equipment, Instruments & Components — 2.2% | |
Avnet, Inc. | | | 247,140 | | | | 11,986,290 | |
Flex Ltd.(a)(b) | | | 406,590 | | | | 11,124,302 | |
Zebra Technologies Corp., Class A(a) | | | 10,764 | | | | 3,314,882 | |
| | | | | | | | |
| | |
| | | | | | | 26,425,474 | |
| | |
Entertainment(a) — 1.3% | | | | | | |
Activision Blizzard, Inc. | | | 64,447 | | | | 5,978,104 | |
Take-Two Interactive Software, Inc. | | | 22,569 | | | | 3,451,703 | |
Warner Bros Discovery, Inc., Class A | | | 469,580 | | | | 6,137,410 | |
| | | | | | | | |
| | |
| | | | | | | 15,567,217 | |
| | |
Financial Services — 5.5% | | | | | | |
Apollo Global Management, Inc. | | | 78,724 | | | | 6,432,538 | |
Cannae Holdings, Inc.(a) | | | 741,835 | | | | 15,118,597 | |
Equitable Holdings, Inc. | | | 468,437 | | | | 13,439,458 | |
Fidelity National Information Services, Inc. | | | 410,624 | | | | 24,793,477 | |
SPDR S&P Software & Services ETF | | | 50,140 | | | | 7,130,575 | |
| | | | | | | | |
| | |
| | | | | | | 66,914,645 | |
| | |
Food Products — 2.1% | | | | | | |
Kraft Heinz Co. | | | 697,780 | | | | 25,245,680 | |
| | | | | | | | |
|
Health Care Equipment & Supplies — 4.8% | |
Baxter International, Inc. | | | 611,051 | | | | 27,637,837 | |
Koninklijke Philips NV(a) | | | 674,172 | | | | 14,005,004 | |
Zimmer Biomet Holdings, Inc. | | | 122,691 | | | | 16,949,761 | |
| | | | | | | | |
| | |
| | | | | | | 58,592,602 | |
|
Health Care Providers & Services — 5.6% | |
AmerisourceBergen Corp. | | | 50,369 | | | | 9,413,966 | |
Cardinal Health, Inc. | | | 242,537 | | | | 22,184,859 | |
Cigna Group | | | 27,904 | | | | 8,234,471 | |
Fulgent Genetics, Inc.(a) | | | 96,440 | | | | 3,744,765 | |
Laboratory Corp. of America Holdings | | | 114,891 | | | | 24,578,632 | |
| | | | | | | | |
| | |
| | | | | | | 68,156,693 | |
| | |
Hotels, Restaurants & Leisure — 0.7% | | | | | | |
Las Vegas Sands Corp.(a) | | | 143,793 | | | | 8,600,259 | |
| | | | | | | | |
| | |
Household Durables — 1.6% | | | | | | |
Newell Brands, Inc. | | | 614,725 | | | | 6,860,331 | |
Panasonic Holdings Corp. | | | 979,500 | | | | 12,090,342 | |
| | | | | | | | |
| | |
| | | | | | | 18,950,673 | |
| | |
Insurance — 6.0% | | | | | | |
Allstate Corp. | | | 96,467 | | | | 10,869,902 | |
American International Group, Inc. | | | 218,359 | | | | 13,162,680 | |
Assurant, Inc. | | | 67,915 | | | | 9,135,247 | |
F&G Annuities & Life, Inc. | | | 20,629 | | | | 540,480 | |
Fidelity National Financial, Inc. | | | 398,649 | | | | 15,615,081 | |
Prudential PLC | | | 889,990 | | | | 12,358,690 | |
Willis Towers Watson PLC | | | 55,166 | | | | 11,658,231 | |
| | | | | | | | |
| | |
| | | | | | | 73,340,311 | |
| | |
IT Services — 3.2% | | | | | | |
Cognizant Technology Solutions Corp., Class A | | | 425,062 | | | | 28,066,844 | |
DXC Technology Co.(a) | | | 401,120 | | | | 11,090,968 | |
| | | | | | | | |
| | |
| | | | | | | 39,157,812 | |
| | |
Leisure Products — 1.3% | | | | | | |
Hasbro, Inc. | | | 93,910 | | | | 6,062,830 | |
Mattel, Inc.(a)(b) | | | 459,950 | | | | 9,796,935 | |
| | | | | | | | |
| | |
| | | | | | | 15,859,765 | |
| | |
Schedule of Investments (unaudited) (continued) July 31, 2023 | | BlackRock Mid-Cap Value Fund (Percentages shown are based on Net Assets) |
| | | | | | | | |
Security | | Shares | | | Value | |
|
Life Sciences Tools & Services(a) — 0.7% | |
Avantor, Inc. | | | 263,160 | | | $ | 5,413,201 | |
Fortrea Holdings, Inc. | | | 115,041 | | | | 3,676,711 | |
| | | | | | | | |
| | |
| | | | | | | 9,089,912 | |
| | |
Machinery — 2.7% | | | | | | |
Fortive Corp. | | | 86,290 | | | | 6,760,821 | |
Komatsu Ltd. | | | 822,000 | | | | 23,027,862 | |
PACCAR, Inc. | | | 43,830 | | | | 3,775,078 | |
| | | | | | | | |
| | |
| | | | | | | 33,563,761 | |
| | |
Media — 1.4% | | | | | | |
Fox Corp., Class A | | | 520,481 | | | | 17,410,089 | |
| | | | | | | | |
| | |
Metals & Mining — 0.5% | | | | | | |
Barrick Gold Corp. | | | 340,630 | | | | 5,889,493 | |
| | | | | | | | |
| | |
Multi-Utilities — 1.9% | | | | | | |
Public Service Enterprise Group, Inc. | | | 196,135 | | | | 12,380,041 | |
Sempra | | | 70,053 | | | | 10,439,298 | |
| | | | | | | | |
| | |
| | | | | | | 22,819,339 | |
| | |
Oil, Gas & Consumable Fuels — 5.5% | | | | | | |
BP PLC, ADR | | | 235,989 | | | | 8,802,390 | |
Denbury, Inc.(a) | | | 229,680 | | | | 20,191,169 | |
Enterprise Products Partners LP | | | 699,257 | | | | 18,537,303 | |
Hess Corp. | | | 20,710 | | | | 3,142,328 | |
Kosmos Energy Ltd.(a) | | | 1,427,340 | | | | 10,134,114 | |
Woodside Energy Group Ltd., ADR | | | 262,510 | | | | 6,772,758 | |
| | | | | | | | |
| | |
| | | | | | | 67,580,062 | |
| | |
Pharmaceuticals — 1.8% | | | | | | |
Bayer AG, Registered Shares | | | 265,862 | | | | 15,548,520 | |
Catalent, Inc.(a) | | | 120,345 | | | | 5,839,139 | |
| | | | | | | | |
| | |
| | | | | | | 21,387,659 | |
| | |
Professional Services — 5.8% | | | | | | |
Dun & Bradstreet Holdings, Inc. | | | 958,210 | | | | 11,326,042 | |
Leidos Holdings, Inc. | | | 317,201 | | | | 29,667,810 | |
Robert Half, Inc. | | | 75,980 | | | | 5,633,917 | |
SS&C Technologies Holdings, Inc. | | | 414,986 | | | | 24,172,934 | |
| | | | | | | | |
| | |
| | | | | | | 70,800,703 | |
|
Real Estate Management & Development(a)(b) — 0.8% | |
CBRE Group, Inc., Class A | | | 74,968 | | | | 6,245,584 | |
Howard Hughes Corp. | | | 46,551 | | | | 3,930,301 | |
| | | | | | | | |
| | |
| | | | | | | 10,175,885 | |
| | |
Residential REITs — 1.3% | | | | | | |
AvalonBay Communities, Inc. | | | 42,970 | | | | 8,106,291 | |
Mid-America Apartment Communities, Inc. | | | 50,900 | | | | 7,617,694 | |
| | | | | | | | |
| | |
| | | | | | | 15,723,985 | |
| | |
Specialized REITs — 0.2% | | | | | | |
Crown Castle, Inc. | | | 26,300 | | | | 2,848,027 | |
| | | | | | | | |
| | |
Specialty Retail — 1.2% | | | | | | |
Advance Auto Parts, Inc. | | | 59,290 | | | | 4,410,583 | |
Ross Stores, Inc. | | | 91,089 | | | | 10,442,443 | |
| | | | | | | | |
| | |
| | | | | | | 14,853,026 | |
| | | | | | | | |
Security | | Shares | | | Value | |
|
Technology Hardware, Storage & Peripherals — 2.6% | |
HP, Inc. | | | 230,970 | | | $ | 7,582,745 | |
Western Digital Corp.(a) | | | 562,390 | | | | 23,935,319 | |
| | | | | | | | |
| | |
| | | | | | | 31,518,064 | |
|
Textiles, Apparel & Luxury Goods — 3.1% | |
Gildan Activewear, Inc. | | | 579,680 | | | | 18,028,048 | |
Ralph Lauren Corp. | | | 98,190 | | | | 12,895,293 | |
Under Armour, Inc., Class A(a) | | | 903,420 | | | | 7,281,565 | |
| | | | | | | | |
| | |
| | | | | | | 38,204,906 | |
|
Tobacco — 1.4% | |
British American Tobacco PLC, ADR | | | 521,530 | | | | 17,565,130 | |
| | | | | | | | |
|
Trading Companies & Distributors — 1.0% | |
MSC Industrial Direct Co., Inc., Class A | | | 122,680 | | | | 12,380,866 | |
| | | | | | | | |
|
Wireless Telecommunication Services — 0.5% | |
Rogers Communications, Inc., Class B | | | 139,692 | | | | 6,115,989 | |
| | | | | | | | |
| | |
Total Common Stocks — 94.5% (Cost: $1,057,939,997) | | | | | | | 1,156,109,860 | |
| | | | | | | | |
|
Preferred Securities | |
| | |
Preferred Stocks — 0.4% | | | | | | | | |
| | |
Household Products — 0.4% | | | | | | |
Henkel AG & Co. KGaA | | | 68,450 | | | | 5,282,035 | |
| | | | | | | | |
| | |
| | | | | | | 5,282,035 | |
| | | | | | | | |
| |
Total Preferred Securities — 0.4% (Cost: $5,500,237) | | | | 5,282,035 | |
| | | | | | | | |
| |
Total Long-Term Investments — 94.9% (Cost: $1,063,440,234) | | | | 1,161,391,895 | |
| | | | | | | | |
|
Short-Term Securities | |
|
Money Market Funds — 6.5% | |
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.16%(c)(d) | | | 63,088,709 | | | | 63,088,709 | |
SL Liquidity Series, LLC, Money Market Series, 5.47%(c)(d)(e) | | | 15,878,719 | | | | 15,881,895 | |
| | | | | | | | |
| |
Total Short-Term Securities — 6.5% (Cost: $78,968,626) | | | | 78,970,604 | |
| | | | | | | | |
| |
Total Investments — 101.4% (Cost: $1,142,408,860) | | | | 1,240,362,499 | |
| |
Liabilities in Excess of Other Assets — (1.4)% | | | | (16,606,330 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 1,223,756,169 | |
| | | | | | | | |
(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. |
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.
| | |
SCHEDULE OF INVESTMENTS | | 2 |
| | |
Schedule of Investments (unaudited) (continued) July 31, 2023 | | BlackRock Mid-Cap Value Fund |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 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 04/30/23 | | | Purchases at Cost | | | Proceeds from Sales | | | Net Realized Gain (Loss) | | | Change in Unrealized Appreciation (Depreciation) | | | Value at 07/31/23 | | | Shares Held at 07/31/23 | | | Income | | | Capital Gain Distributions from Underlying Funds | |
| | | | | | | | | |
BlackRock Liquidity Funds, T-Fund, Institutional Class | | $ | 64,206,031 | | | $ | — | | | $ | (1,117,322 | )(a) | | $ | — | | | $ | — | | | $ | 63,088,709 | | | | 63,088,709 | | | $ | 735,885 | | | $ | — | |
SL Liquidity Series, LLC, Money Market Series | | | 14,070,058 | | | | 1,811,619 | (a) | | | — | | | | (1,335 | ) | | | 1,553 | | | | 15,881,895 | | | | 15,878,719 | | | | 78,019 | (b) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (1,335 | ) | | $ | 1,553 | | | $ | 78,970,604 | | | | | | | $ | 813,904 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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”) as a practical expedient 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 | | $ | 26,905,687 | | | $ | 5,652,100 | | | $ | — | | | $ | 32,557,787 | |
Automobile Components | | | 21,109,945 | | | | — | | | | — | | | | 21,109,945 | |
Automobiles | | | 21,157,065 | | | | — | | | | — | | | | 21,157,065 | |
Banks | | | 51,395,657 | | | | — | | | | — | | | | 51,395,657 | |
Beverages | | | 6,506,826 | | | | — | | | | — | | | | 6,506,826 | |
Biotechnology | | | 11,363,051 | | | | — | | | | — | | | | 11,363,051 | |
Building Products | | | 6,068,540 | | | | — | | | | — | | | | 6,068,540 | |
Capital Markets | | | 33,025,635 | | | | — | | | | — | | | | 33,025,635 | |
Chemicals | | | 14,012,686 | | | | — | | | | — | | | | 14,012,686 | |
Communications Equipment | | | 15,618,116 | | | | — | | | | — | | | | 15,618,116 | |
Construction Materials | | | 3,508,254 | | | | — | | | | — | | | | 3,508,254 | |
Consumer Staples Distribution & Retail | | | 39,435,030 | | | | — | | | | — | | | | 39,435,030 | |
| | |
Schedule of Investments (unaudited) (continued) July 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) | | | | | | | | | | | | | | | | |
Containers & Packaging | | $ | 39,842,048 | | | $ | — | | | $ | — | | | $ | 39,842,048 | |
Electric Utilities | | | 45,771,193 | | | | — | | | | — | | | | 45,771,193 | |
Electronic Equipment, Instruments & Components | | | 26,425,474 | | | | — | | | | — | | | | 26,425,474 | |
Entertainment | | | 15,567,217 | | | | — | | | | — | | | | 15,567,217 | |
Financial Services | | | 66,914,645 | | | | — | | | | — | | | | 66,914,645 | |
Food Products | | | 25,245,680 | | | | — | | | | — | | | | 25,245,680 | |
Health Care Equipment & Supplies | | | 44,587,598 | | | | 14,005,004 | | | | — | | | | 58,592,602 | |
Health Care Providers & Services | | | 68,156,693 | | | | — | | | | — | | | | 68,156,693 | |
Hotels, Restaurants & Leisure | | | 8,600,259 | | | | — | | | | — | | | | 8,600,259 | |
Household Durables | | | 6,860,331 | | | | 12,090,342 | | | | — | | | | 18,950,673 | |
Insurance | | | 60,981,621 | | | | 12,358,690 | | | | — | | | | 73,340,311 | |
IT Services | | | 39,157,812 | | | | — | | | | — | | | | 39,157,812 | |
Leisure Products | | | 15,859,765 | | | | — | | | | — | | | | 15,859,765 | |
Life Sciences Tools & Services | | | 9,089,912 | | | | — | | | | — | | | | 9,089,912 | |
Machinery | | | 10,535,899 | | | | 23,027,862 | | | | — | | | | 33,563,761 | |
Media | | | 17,410,089 | | | | — | | | | — | | | | 17,410,089 | |
Metals & Mining | | | 5,889,493 | | | | — | | | | — | | | | 5,889,493 | |
Multi-Utilities | | | 22,819,339 | | | | — | | | | — | | | | 22,819,339 | |
Oil, Gas & Consumable Fuels | | | 67,580,062 | | | | — | | | | — | | | | 67,580,062 | |
Pharmaceuticals | | | 5,839,139 | | | | 15,548,520 | | | | — | | | | 21,387,659 | |
Professional Services | | | 70,800,703 | | | | — | | | | — | | | | 70,800,703 | |
Real Estate Management & Development | | | 10,175,885 | | | | — | | | | — | | | | 10,175,885 | |
Residential REITs | | | 15,723,985 | | | | — | | | | — | | | | 15,723,985 | |
Specialized REITs | | | 2,848,027 | | | | — | | | | — | | | | 2,848,027 | |
Specialty Retail | | | 14,853,026 | | | | — | | | | — | | | | 14,853,026 | |
Technology Hardware, Storage & Peripherals | | | 31,518,064 | | | | — | | | | — | | | | 31,518,064 | |
Textiles, Apparel & Luxury Goods | | | 38,204,906 | | | | — | | | | — | | | | 38,204,906 | |
Tobacco | | | 17,565,130 | | | | — | | | | — | | | | 17,565,130 | |
Trading Companies & Distributors | | | 12,380,866 | | | | — | | | | — | | | | 12,380,866 | |
Wireless Telecommunication Services | | | 6,115,989 | | | | — | | | | — | | | | 6,115,989 | |
Preferred Securities | | | | | | | | | | | | | | | | |
Preferred Stocks | | | — | | | | 5,282,035 | | | | — | | | | 5,282,035 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds | | | 63,088,709 | | | | — | | | | — | | | | 63,088,709 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | $ | 1,136,516,051 | | | $ | 87,964,553 | | | $ | — | | | | 1,224,480,604 | |
| | | | | | | | | | | | | | | | |
| | | | |
Investments Valued at NAV(a) | | | | | | | | | | | | | | | 15,881,895 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | $ | 1,240,362,499 | |
| | | | | | | | | | | | | | | | |
| (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 |
| | |
SCHEDULE OF INVESTMENTS | | 4 |