NPORT-EX 2 NPORT_0CIX_58799756_0723.htm BlackRock Defensive Advantage US Fund

Schedule of Investments (unaudited) 

July 31, 2023

   

BlackRock Defensive Advantage U.S. Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    

Aerospace & Defense — 1.8%

    

Curtiss-Wright Corp.

     146     $ 27,938  

General Dynamics Corp.

     70       15,651  

Lockheed Martin Corp.

     137       61,153  

Northrop Grumman Corp.

     20       8,900  
   

 

 

  
         113,642  
Air Freight & Logistics — 0.8%            

CH Robinson Worldwide, Inc.

     41       4,107  

Expeditors International of Washington, Inc.

     382       48,629  
   

 

 

  
      52,736  
Automobiles — 0.4%            

General Motors Co.

     685       26,283  
   

 

 

  
Beverages — 2.5%            

PepsiCo, Inc.

     834       156,342  
   

 

 

  
Biotechnology — 8.2%            

AbbVie, Inc.

     422       63,123  

Amgen, Inc.

     449       105,133  

Gilead Sciences, Inc.

     1,738       132,331  

Horizon Therapeutics PLC(a)

    415       41,612  

Incyte Corp.(a)

    1,329       84,684  

Neurocrine Biosciences, Inc.(a)

    25       2,547  

Regeneron Pharmaceuticals, Inc.(a)

    89       66,030  

Seagen, Inc.(a)

    106       20,329  
   

 

 

  
      515,789  
Broadline Retail — 0.6%            

Amazon.com, Inc.(a)

    265       35,425  
   

 

 

  
Capital Markets — 1.2%            

Cboe Global Markets, Inc.

     61       8,520  

Moody’s Corp.

     185       65,259  

Virtu Financial, Inc., Class A

     93       1,726  
   

 

 

  
      75,505  
Chemicals — 1.4%            

Air Products and Chemicals, Inc.

     7       2,137  

CF Industries Holdings, Inc.

     74       6,074  

Ecolab, Inc.

     353       64,648  

Huntsman Corp.

     95       2,828  

LyondellBasell Industries NV, Class A

     89       8,799  
   

 

 

  
      84,486  
Commercial Services & Supplies — 4.4%            

Cintas Corp.

     134       67,273  

Republic Services, Inc.

     225       34,000  

Rollins, Inc.

     794       32,419  

Waste Connections, Inc.

     235       33,175  

Waste Management, Inc.

     674       110,395  
   

 

 

  
      277,262  
Communications Equipment — 3.8%            

Arista Networks, Inc.(a)

    30       4,653  

Cisco Systems, Inc.

     1,454       75,666  

Juniper Networks, Inc.

     393       10,925  

Motorola Solutions, Inc.

     523       149,908  
   

 

 

  
      241,152  
Construction & Engineering — 0.2%            

AECOM

     111       9,657  
   

 

 

  
Security   Shares     Value  
Construction Materials — 0.1%            

Vulcan Materials Co.

     23     $ 5,072  
   

 

 

  
Consumer Staples Distribution & Retail — 2.8%            

Kroger Co.

     623       30,303  

Walmart, Inc.

     913          145,952  
   

 

 

  
      176,255  
Diversified Telecommunication Services — 1.3%            

Verizon Communications, Inc.

     2,442       83,223  
   

 

 

  
Electric Utilities — 3.7%            

Duke Energy Corp.

     208       19,473  

Evergy, Inc.

     1,168       70,045  

IDACORP, Inc.

     659       67,758  

PNM Resources, Inc.

     218       9,771  

PPL Corp.

     2,418       66,568  
   

 

 

  
      233,615  
Electronic Equipment, Instruments & Components — 0.8%        

Amphenol Corp., Class A

     92       8,124  

Arrow Electronics, Inc.(a)

    189       26,940  

TD SYNNEX Corp.

     166       16,386  
   

 

 

  
      51,450  
Entertainment — 1.9%            

Activision Blizzard, Inc.(a)

    774       71,796  

Electronic Arts, Inc.

     357       48,677  
   

 

 

  
      120,473  
Financial Services — 3.8%            

Berkshire Hathaway, Inc., Class B(a)

    87       30,620  

Mastercard, Inc., Class A

     220       86,742  

Visa, Inc., Class A

     499       118,627  
   

 

 

  
      235,989  
Food Products — 3.8%            

Campbell Soup Co.

     225       10,310  

General Mills, Inc.

     1,113       83,186  

Hershey Co.

     569       131,615  

Kellogg Co.

     208       13,913  
   

 

 

  
      239,024  
Gas Utilities — 0.2%            

New Jersey Resources Corp.

     60       2,682  

ONE Gas, Inc.

     154       12,186  
   

 

 

  
      14,868  
Ground Transportation — 0.3%            

Landstar System, Inc.

     105       21,377  
   

 

 

  
Health Care Equipment & Supplies — 1.3%            

Becton Dickinson & Co.

     66       18,389  

Stryker Corp.

     231       65,468  
   

 

 

  
      83,857  
Health Care Providers & Services — 4.2%            

Chemed Corp.

     71       36,997  

Cigna Group

     97       28,625  

CVS Health Corp.

     958       71,553  

Elevance Health, Inc.

     181       85,365  

Ensign Group, Inc.

     42       4,069  

McKesson Corp.

     16       6,438  

UnitedHealth Group, Inc.

     58       29,370  
   

 

 

  
      262,417  
 

 

1

Schedule of Investments (unaudited) (continued)

July 31, 2023

   

BlackRock Defensive Advantage U.S. Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Hotels, Restaurants & Leisure — 2.1%            

Darden Restaurants, Inc.

     308     $ 52,027  

McDonald’s Corp.

     259       75,939  

Penn Entertainment, Inc.(a)

    113       2,971  
   

 

 

  
         130,937  
Household Products — 2.4%            

Kimberly-Clark Corp.

     653       84,302  

Procter & Gamble Co.

     436       68,147  
   

 

 

  
      152,449  
Industrial Conglomerates — 0.4%            

Honeywell International, Inc.

     115       22,325  
   

 

 

  
Insurance — 7.0%            

American Financial Group, Inc.

     221       26,876  

Chubb Ltd.

     289       59,075  

Everest Group Ltd.

     189       68,136  

Hanover Insurance Group, Inc.

     450       51,066  

Kinsale Capital Group, Inc.

     8       2,981  

Marsh & McLennan Cos., Inc.

     365       68,773  

MetLife, Inc.

     253       15,931  

Progressive Corp.

     119       14,992  

Reinsurance Group of America, Inc.

     35       4,912  

Selective Insurance Group, Inc.

     196       20,225  

Travelers Cos., Inc.

     485       83,716  

Unum Group

     218       10,597  

W.R. Berkley Corp.

     218       13,449  
   

 

 

  
      440,729  
Interactive Media & Services(a) — 1.1%            

Alphabet, Inc., Class A

     435       57,733  

Alphabet, Inc., Class C

     49       6,523  

Meta Platforms, Inc., Class A

     10       3,186  
   

 

 

  
      67,442  
IT Services — 4.6%            

Accenture PLC, Class A

     55       17,399  

Akamai Technologies, Inc.(a)

    758       71,631  

Gartner, Inc.(a)

    137       48,442  

GoDaddy, Inc., Class A(a)

    364       28,061  

International Business Machines Corp.

     210       30,278  

VeriSign, Inc.(a)

    447       94,294  
   

 

 

  
      290,105  
Machinery — 1.3%            

Illinois Tool Works, Inc.

     26       6,847  

Snap-on, Inc.

     157       42,773  

Xylem, Inc.

     291       32,810  
   

 

 

  
      82,430  
Media — 1.3%            

Comcast Corp., Class A

     346       15,660  

Fox Corp., Class A

     1,791       59,909  

Fox Corp., Class B

     111       3,486  
   

 

 

  
      79,055  
Metals & Mining — 0.4%            

Newmont Corp.

     448       19,228  

Reliance Steel & Aluminum Co.

     5       1,464  

Royal Gold, Inc.

     28       3,364  
   

 

 

  
      24,056  
Multi-Utilities — 2.5%            

Ameren Corp.

     271       23,216  
Security   Shares     Value  
Multi-Utilities (continued)            

CMS Energy Corp.

     625     $ 38,169  

Consolidated Edison, Inc.

     1,002       95,050  
   

 

 

  
         156,435  
Oil, Gas & Consumable Fuels — 2.3%            

Cheniere Energy, Inc.

     282       45,644  

ConocoPhillips

     355       41,791  

Marathon Petroleum Corp.

     30       3,991  

Texas Pacific Land Corp.

     4       6,025  

Valero Energy Corp.

     369       47,568  
   

 

 

  
      145,019  
Pharmaceuticals — 5.4%            

Bristol-Myers Squibb Co.

     1,849       114,989  

Eli Lilly & Co.

     172       78,182  

Jazz Pharmaceuticals PLC(a)

    19       2,478  

Johnson & Johnson

     662       110,905  

Merck & Co., Inc.

     144       15,358  

Pfizer, Inc.

     470       16,948  

Royalty Pharma PLC, Class A

     89       2,793  
   

 

 

  
      341,653  
Professional Services — 1.7%            

Insperity, Inc.

     369       43,413  

Paychex, Inc.

     430       53,952  

Verisk Analytics, Inc.

     50       11,447  
   

 

 

  
      108,812  
Residential REITs — 0.2%            

Equity Residential

     169       11,144  
   

 

 

  
Semiconductors & Semiconductor Equipment — 2.3%        

Intel Corp.

     289       10,337  

Microchip Technology, Inc.

     341       32,034  

NXP Semiconductors NV

     17       3,791  

Power Integrations, Inc.

     324       31,473  

Teradyne, Inc.

     67       7,567  

Texas Instruments, Inc.

     313       56,340  
   

 

 

  
      141,542  
Software — 8.1%            

Adobe, Inc.(a)

    30       16,385  

Black Knight, Inc.(a)

    209       14,697  

Fortinet, Inc.(a)

    9       700  

Gen Digital, Inc.

     133       2,587  

Manhattan Associates, Inc.(a)

    333       63,476  

Microsoft Corp.

     482       161,913  

Oracle Corp.

     321       37,631  

Palo Alto Networks, Inc.(a)

    40       9,998  

Roper Technologies, Inc.

     180       88,749  

Teradata Corp.(a)

    336       19,102  

VMware, Inc., Class A(a)

    559       88,115  

Zoom Video Communications, Inc., Class A(a)

    57       4,181  
   

 

 

  
      507,534  
Specialized REITs — 0.2%            

Public Storage

     38       10,706  
   

 

 

  
Specialty Retail — 2.5%            

AutoZone, Inc.(a)

    26       64,525  

Home Depot, Inc.

     180       60,091  

O’Reilly Automotive, Inc.(a)

    23       21,293  

TJX Cos., Inc.

     125       10,816  
   

 

 

  
      156,725  
 

 

S C H E D U L E   O F   I N V E S T M E N T  S   2

Schedule of Investments (unaudited) (continued)

July 31, 2023

   

BlackRock Defensive Advantage U.S. Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Technology Hardware, Storage & Peripherals — 2.6%        

Apple, Inc.

     674     $ 132,407  

Dell Technologies, Inc., Class C

     56       2,964  

HP, Inc.

     760       24,951  
   

 

 

  
      160,322  
Textiles, Apparel & Luxury Goods — 0.3%            

Lululemon Athletica, Inc.(a)

    55       20,819  
   

 

 

  
Trading Companies & Distributors — 0.2%            

W.W.Grainger, Inc.

     18       13,293  
   

 

 

  
Wireless Telecommunication Services — 0.8%            

T-Mobile U.S., Inc.(a)

    362       49,873  
   

 

 

  

Total Long-Term Investments — 99.2%
(Cost: $5,735,756)

       6,229,304  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 1.3%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.16%(b)(c)

    80,026       80,026  
   

 

 

  

Total Short-Term Securities — 1.3%
(Cost: $80,026)

       80,026  
   

 

 

  

Total Investments — 100.5%
(Cost: $5,815,782)

       6,309,330  

Liabilities in Excess of Other Assets — (0.5)%

       (30,971 ) 
   

 

 

  

Net Assets — 100.0%

     $  6,278,359  
   

 

 

  

 

(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.

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

    $ 61,391      $ 18,635 (a)     $ —      $ —      $ —      $ 80,026        80,026      $ 799      $ —  

SL Liquidity Series, LLC, Money Market Series(b)

     —        58,900        (58,900 )       —        —        —        —        1 (c)        —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  
            $ —      $ —      $ 80,026         $ 800      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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.

 

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

 

3

Schedule of Investments (unaudited) (continued)

July 31, 2023

   

BlackRock Defensive Advantage U.S. Fund

 

Fair Value Hierarchy as of Period End (continued)

  •  

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

    $ 6,229,304        $             —        $             —        $ 6,229,304  

Short-Term Securities

                  

Money Market Funds

      80,026          —          —          80,026  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 6,309,330        $ —        $ —        $  6,309,330  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

S C H E D U L E   O F   I N V E S T M E N T  S   4