Schedule of Investments (unaudited)
July 31, 2024
BlackRock Mid-Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 2.6% | |||
L3Harris Technologies, Inc. | 96,787 | $ 21,960,002 | |
MTU Aero Engines AG, Class N | 20,827 | 5,897,449 | |
27,857,451 | |||
Automobile Components — 1.2% | |||
Aptiv PLC(a) | 186,615 | 12,949,215 | |
Automobiles — 1.7% | |||
General Motors Co. | 421,351 | 18,674,276 | |
Banks — 4.6% | |||
Citigroup, Inc. | 170,047 | 11,032,650 | |
Citizens Financial Group, Inc. | 218,394 | 9,318,872 | |
First Citizens BancShares, Inc., Class A | 14,219 | 29,684,864 | |
50,036,386 | |||
Beverages — 1.2% | |||
Keurig Dr. Pepper, Inc. | 252,930 | 8,670,441 | |
Pernod Ricard SA | 29,759 | 3,981,966 | |
12,652,407 | |||
Biotechnology — 1.1% | |||
SPDR S&P Biotech ETF(b) | 116,161 | 11,506,909 | |
Building Products — 2.2% | |||
Allegion PLC | 83,403 | 11,410,364 | |
Johnson Controls International PLC | 174,011 | 12,448,747 | |
23,859,111 | |||
Capital Markets — 2.2% | |||
Carlyle Group, Inc. | 130,477 | 6,489,926 | |
LPL Financial Holdings, Inc. | 11,057 | 2,449,347 | |
Onex Corp. | 38,177 | 2,616,105 | |
Raymond James Financial, Inc. | 102,414 | 11,880,024 | |
23,435,402 | |||
Chemicals — 1.3% | |||
Air Products and Chemicals, Inc. | 20,918 | 5,519,215 | |
International Flavors & Fragrances, Inc. | 85,261 | 8,481,764 | |
14,000,979 | |||
Communications Equipment — 0.3% | |||
Ciena Corp.(a) | 55,476 | 2,925,804 | |
Consumer Finance — 0.3% | |||
Discover Financial Services | 21,576 | 3,106,728 | |
Consumer Staples Distribution & Retail — 1.6% | |||
Dollar General Corp. | 49,324 | 5,938,116 | |
Dollar Tree, Inc.(a) | 110,529 | 11,532,596 | |
17,470,712 | |||
Containers & Packaging — 2.9% | |||
Crown Holdings, Inc. | 114,721 | 10,175,753 | |
Sealed Air Corp. | 567,763 | 21,603,382 | |
31,779,135 | |||
Electric Utilities — 5.1% | |||
American Electric Power Co., Inc. | 143,068 | 14,037,832 | |
Edison International | 98,007 | 7,841,540 | |
Entergy Corp. | 98,967 | 11,477,203 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Exelon Corp. | 267,217 | $ 9,940,472 | |
PG&E Corp. | 651,563 | 11,891,025 | |
55,188,072 | |||
Electrical Equipment — 1.5% | |||
Acuity Brands, Inc. | 14,670 | 3,687,305 | |
Sensata Technologies Holding PLC | 325,860 | 12,705,281 | |
16,392,586 | |||
Electronic Equipment, Instruments & Components — 4.0% | |||
Avnet, Inc. | 239,028 | 12,850,145 | |
Flex Ltd.(a) | 335,871 | 10,798,253 | |
Keysight Technologies, Inc.(a) | 57,221 | 7,986,335 | |
Zebra Technologies Corp., Class A(a)(b) | 33,993 | 11,938,002 | |
43,572,735 | |||
Entertainment — 1.7% | |||
Electronic Arts, Inc. | 85,597 | 12,920,011 | |
Warner Bros Discovery, Inc., Class A(a) | 672,890 | 5,820,499 | |
18,740,510 | |||
Financial Services — 5.6% | |||
Cannae Holdings, Inc. | 639,653 | 12,863,422 | |
Equitable Holdings, Inc. | 127,266 | 5,550,070 | |
Fidelity National Information Services, Inc. | 249,931 | 19,202,199 | |
NCR Atleos Corp.(a)(b) | 386,677 | 12,431,666 | |
SPDR S&P Software & Services ETF | 39,742 | 6,216,046 | |
Voya Financial, Inc. | 72,596 | 5,279,907 | |
61,543,310 | |||
Food Products — 2.3% | |||
Kraft Heinz Co. | 706,080 | 24,861,077 | |
Health Care Equipment & Supplies — 2.9% | |||
Baxter International, Inc. | 534,411 | 19,142,602 | |
Koninklijke Philips NV(a) | 453,167 | 12,729,317 | |
31,871,919 | |||
Health Care Providers & Services — 6.5% | |||
Cardinal Health, Inc. | 273,590 | 27,586,080 | |
CVS Health Corp. | 238,653 | 14,397,935 | |
Fulgent Genetics, Inc.(a) | 120,559 | 2,884,977 | |
Humana, Inc. | 20,629 | 7,459,653 | |
Labcorp Holdings, Inc. | 86,017 | 18,531,502 | |
70,860,147 | |||
Hotels, Restaurants & Leisure — 0.4% | |||
Las Vegas Sands Corp. | 117,114 | 4,645,912 | |
Household Durables — 0.5% | |||
Panasonic Holdings Corp. | 642,700 | 5,264,470 | |
Insurance — 4.6% | |||
American International Group, Inc. | 143,903 | 11,401,435 | |
Assurant, Inc. | 27,015 | 4,724,113 | |
Fidelity National Financial, Inc., Class A | 244,247 | 13,533,726 | |
Globe Life, Inc. | 32,329 | 2,998,192 | |
Prudential PLC | 801,182 | 7,230,176 | |
Willis Towers Watson PLC | 36,497 | 10,302,373 | |
50,190,015 |
Schedule of Investments1
Schedule of Investments (unaudited)(continued)
July 31, 2024
BlackRock Mid-Cap Value Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Interactive Media & Services — 0.3% | |||
Reddit, Inc., Class A(a)(b) | 53,017 | $ 3,226,084 | |
IT Services — 1.4% | |||
Cognizant Technology Solutions Corp., Class A | 206,619 | 15,636,926 | |
Leisure Products — 1.7% | |||
Hasbro, Inc. | 169,424 | 10,921,071 | |
Mattel, Inc.(a) | 402,958 | 7,773,060 | |
18,694,131 | |||
Life Sciences Tools & Services(a) — 1.9% | |||
Avantor, Inc. | 269,128 | 7,199,174 | |
Fortrea Holdings, Inc. | 312,372 | 8,618,343 | |
ICON PLC | 16,265 | 5,342,077 | |
21,159,594 | |||
Machinery — 3.6% | |||
CNH Industrial NV | 599,019 | 6,379,552 | |
Fortive Corp. | 56,962 | 4,092,720 | |
Komatsu Ltd. | 272,900 | 7,757,885 | |
Stanley Black & Decker, Inc. | 56,208 | 5,936,689 | |
Westinghouse Air Brake Technologies Corp. | 95,371 | 15,369,037 | |
39,535,883 | |||
Marine Transportation — 0.3% | |||
AP Moller - Maersk A/S, Class B | 1,751 | 2,896,746 | |
Media — 1.8% | |||
Fox Corp., Class A | 241,068 | 9,170,227 | |
WPP PLC | 1,106,713 | 10,675,439 | |
19,845,666 | |||
Metals & Mining — 2.4% | |||
Barrick Gold Corp. | 332,352 | 6,151,836 | |
Norsk Hydro ASA | 947,478 | 5,255,524 | |
Teck Resources Ltd., Class B(a) | 56,473 | 2,768,329 | |
U.S. Steel Corp. | 283,871 | 11,664,259 | |
25,839,948 | |||
Multi-Utilities — 2.0% | |||
Public Service Enterprise Group, Inc. | 97,128 | 7,747,901 | |
Sempra | 179,720 | 14,388,383 | |
22,136,284 | |||
Oil, Gas & Consumable Fuels — 4.9% | |||
BP PLC, ADR | 185,849 | 6,577,196 | |
Enterprise Products Partners LP | 367,128 | 10,595,314 | |
Hess Corp. | 17,488 | 2,683,009 | |
Kosmos Energy Ltd.(a) | 2,370,975 | 13,111,492 | |
Suncor Energy, Inc. | 403,831 | 16,120,933 | |
Woodside Energy Group Ltd., ADR(b) | 249,432 | 4,549,640 | |
53,637,584 | |||
Personal Care Products — 0.5% | |||
Puig Brands SA, Class B(a) | 180,324 | 5,035,015 | |
Pharmaceuticals — 0.7% | |||
Bayer AG, Registered Shares | 241,485 | 7,184,345 | |
Professional Services — 5.4% | |||
Dun & Bradstreet Holdings, Inc. | 1,210,461 | 13,169,816 | |
Genpact Ltd. | 162,884 | 5,647,188 | |
Leidos Holdings, Inc. | 107,569 | 15,532,964 | |
SS&C Technologies Holdings, Inc. | 313,397 | 22,862,311 | |
UL Solutions, Inc., Class A(b) | 30,434 | 1,537,830 | |
58,750,109 |
Security | Shares | Value | |
Residential REITs — 0.8% | |||
Mid-America Apartment Communities, Inc. | 59,185 | $ 8,272,288 | |
Specialized REITs — 1.3% | |||
Crown Castle, Inc. | 124,980 | 13,757,798 | |
Specialty Retail — 0.2% | |||
Advance Auto Parts, Inc. | 42,924 | 2,718,377 | |
Technology Hardware, Storage & Peripherals — 3.3% | |||
HP, Inc. | 488,543 | 17,631,517 | |
Western Digital Corp.(a) | 279,763 | 18,758,109 | |
36,389,626 | |||
Textiles, Apparel & Luxury Goods — 2.6% | |||
Gildan Activewear, Inc., Class A | 81,411 | 3,310,985 | |
Swatch Group AG | 42,405 | 8,733,519 | |
Tapestry, Inc. | 399,905 | 16,032,191 | |
28,076,695 | |||
Tobacco — 1.6% | |||
British American Tobacco PLC, ADR | 495,263 | 17,651,173 | |
Wireless Telecommunication Services — 1.1% | |||
Telephone and Data Systems, Inc. | 289,031 | 6,127,457 | |
Vodafone Group PLC | 6,425,990 | 6,013,117 | |
12,140,574 | |||
Total Common Stocks — 96.1% (Cost: $891,473,286) | 1,045,970,114 | ||
Preferred Securities | |||
Preferred Stocks — 0.8% | |||
Household Products — 0.8% | |||
Henkel AG & Co. KGaA | 104,251 | 8,917,814 | |
8,917,814 | |||
Total Preferred Securities — 0.8% (Cost: $8,002,608) | 8,917,814 | ||
Total Long-Term Investments — 96.9% (Cost: $899,475,894) | 1,054,887,928 | ||
Short-Term Securities | |||
Money Market Funds — 5.3% | |||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.45%(c)(d)(e) | 24,921,195 | 24,931,164 | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.21%(c)(d) | 33,541,276 | 33,541,276 | |
Total Short-Term Securities — 5.3% (Cost: $58,473,664) | 58,472,440 | ||
Total Investments — 102.2% (Cost: $957,949,558) | 1,113,360,368 | ||
Liabilities in Excess of Other Assets — (2.2)% | (24,421,842 ) | ||
Net Assets — 100.0% | $ 1,088,938,526 |
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
2
Schedule of Investments (unaudited)(continued)
July 31, 2024
BlackRock Mid-Cap Value Fund
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 Cash Funds: Institutional, SL Agency Shares | $ 31,759,125 | $ — | $ (6,827,330 )(a) | $ (1,982 ) | $ 1,351 | $ 24,931,164 | 24,921,195 | $ 62,056 (b) | $ — |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 34,836,555 | — | (1,295,279 )(a) | — | — | 33,541,276 | 33,541,276 | 434,545 | — |
$ (1,982 ) | $ 1,351 | $ 58,472,440 | $ 496,601 | $ — |
(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.
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 | $ 21,960,002 | $ 5,897,449 | $ — | $ 27,857,451 |
Automobile Components | 12,949,215 | — | — | 12,949,215 |
Automobiles | 18,674,276 | — | — | 18,674,276 |
Banks | 50,036,386 | — | — | 50,036,386 |
Beverages | 8,670,441 | 3,981,966 | — | 12,652,407 |
Biotechnology | 11,506,909 | — | — | 11,506,909 |
Building Products | 23,859,111 | — | — | 23,859,111 |
Capital Markets | 23,435,402 | — | — | 23,435,402 |
Chemicals | 14,000,979 | — | — | 14,000,979 |
Communications Equipment | 2,925,804 | — | — | 2,925,804 |
Consumer Finance | 3,106,728 | — | — | 3,106,728 |
Consumer Staples Distribution & Retail | 17,470,712 | — | — | 17,470,712 |
Containers & Packaging | 31,779,135 | — | — | 31,779,135 |
Electric Utilities | 55,188,072 | — | — | 55,188,072 |
Electrical Equipment | 16,392,586 | — | — | 16,392,586 |
Schedule of Investments3
Schedule of Investments (unaudited)(continued)
July 31, 2024
BlackRock Mid-Cap Value Fund
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks (continued) | ||||
Electronic Equipment, Instruments & Components | $ 43,572,735 | $ — | $ — | $ 43,572,735 |
Entertainment | 18,740,510 | — | — | 18,740,510 |
Financial Services | 61,543,310 | — | — | 61,543,310 |
Food Products | 24,861,077 | — | — | 24,861,077 |
Health Care Equipment & Supplies | 19,142,602 | 12,729,317 | — | 31,871,919 |
Health Care Providers & Services | 70,860,147 | — | — | 70,860,147 |
Hotels, Restaurants & Leisure | 4,645,912 | — | — | 4,645,912 |
Household Durables | — | 5,264,470 | — | 5,264,470 |
Insurance | 42,959,839 | 7,230,176 | — | 50,190,015 |
Interactive Media & Services | 3,226,084 | — | — | 3,226,084 |
IT Services | 15,636,926 | — | — | 15,636,926 |
Leisure Products | 18,694,131 | — | — | 18,694,131 |
Life Sciences Tools & Services | 21,159,594 | — | — | 21,159,594 |
Machinery | 31,777,998 | 7,757,885 | — | 39,535,883 |
Marine Transportation | — | 2,896,746 | — | 2,896,746 |
Media | 9,170,227 | 10,675,439 | — | 19,845,666 |
Metals & Mining | 20,584,424 | 5,255,524 | — | 25,839,948 |
Multi-Utilities | 22,136,284 | — | — | 22,136,284 |
Oil, Gas & Consumable Fuels | 53,637,584 | — | — | 53,637,584 |
Personal Care Products | 5,035,015 | — | — | 5,035,015 |
Pharmaceuticals | — | 7,184,345 | — | 7,184,345 |
Professional Services | 58,750,109 | — | — | 58,750,109 |
Residential REITs | 8,272,288 | — | — | 8,272,288 |
Specialized REITs | 13,757,798 | — | — | 13,757,798 |
Specialty Retail | 2,718,377 | — | — | 2,718,377 |
Technology Hardware, Storage & Peripherals | 36,389,626 | — | — | 36,389,626 |
Textiles, Apparel & Luxury Goods | 19,343,176 | 8,733,519 | — | 28,076,695 |
Tobacco | 17,651,173 | — | — | 17,651,173 |
Wireless Telecommunication Services | 6,127,457 | 6,013,117 | — | 12,140,574 |
Preferred Securities | ||||
Preferred Stocks | — | 8,917,814 | — | 8,917,814 |
Short-Term Securities | ||||
Money Market Funds | 58,472,440 | — | — | 58,472,440 |
$1,020,822,601 | $92,537,767 | $— | $1,113,360,368 |
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
ETF | Exchange-Traded Fund |
S&P | Standard & Poor’s |
SPDR | Standard & Poor’s Depository Receipt |
4