|
Security
|
Shares
|
Value
|
|
Common Stocks
|
||
|
Aerospace & Defense — 2.3%
|
||
|
Babcock International Group PLC
|
23,865
|
$302,034
|
|
Chemring Group PLC
|
25,559
|
166,232
|
|
Cohort PLC
|
3,303
|
65,730
|
|
QinetiQ Group PLC
|
47,048
|
316,492
|
|
Senior PLC
|
39,167
|
89,501
|
|
|
|
939,989
|
|
Automobile Components — 0.4%
|
||
|
AB Dynamics PLC
|
1,744
|
40,769
|
|
Dowlais Group PLC
|
127,012
|
113,784
|
|
|
|
154,553
|
|
Automobiles — 0.1%
|
||
|
Aston Martin Lagonda Global Holdings PLC(a)(b)(c)
|
25,715
|
29,206
|
|
Banks — 1.5%
|
||
|
Lion Finance Group PLC
|
3,316
|
298,507
|
|
Metro Bank Holdings PLC(b)
|
32,752
|
51,189
|
|
TBC Bank Group PLC
|
3,980
|
239,433
|
|
|
|
589,129
|
|
Beverages — 0.7%
|
||
|
AG Barr PLC
|
10,591
|
99,021
|
|
C&C Group PLC
|
35,511
|
77,127
|
|
Fevertree Drinks PLC
|
9,948
|
118,322
|
|
|
|
294,470
|
|
Biotechnology — 0.4%
|
||
|
Genus PLC
|
6,234
|
169,527
|
|
Broadline Retail — 1.1%
|
||
|
B&M European Value Retail SA
|
94,765
|
437,239
|
|
THG PLC(b)
|
62,503
|
20,467
|
|
|
|
457,706
|
|
Building Products — 0.7%
|
||
|
Genuit Group PLC
|
23,397
|
127,025
|
|
Volution Group PLC
|
18,702
|
153,457
|
|
|
|
280,482
|
|
Capital Markets — 13.0%
|
||
|
Aberdeen Group PLC
|
173,774
|
406,689
|
|
AJ Bell PLC
|
30,713
|
203,188
|
|
Alpha Group International PLC
|
3,402
|
144,938
|
|
Ashmore Group PLC
|
40,371
|
84,093
|
|
Bridgepoint Group PLC(a)
|
23,438
|
91,516
|
|
CMC Markets PLC(a)
|
10,582
|
39,993
|
|
Foresight Group Holdings Ltd.
|
6,292
|
32,299
|
|
IG Group Holdings PLC
|
33,034
|
499,698
|
|
IntegraFin Holdings PLC
|
28,150
|
120,620
|
|
Intermediate Capital Group PLC
|
27,494
|
744,266
|
|
Investec PLC
|
57,842
|
413,047
|
|
IP Group PLC(b)
|
91,643
|
55,132
|
|
JTC PLC(a)
|
14,339
|
161,444
|
|
Jupiter Fund Management PLC
|
42,408
|
51,996
|
|
Man Group PLC/Jersey
|
111,229
|
262,854
|
|
Molten Ventures PLC(b)
|
14,921
|
60,191
|
|
Ninety One PLC
|
26,393
|
57,181
|
|
Plus500 Ltd.
|
6,846
|
314,319
|
|
Polar Capital Holdings PLC
|
8,187
|
46,648
|
|
Quilter PLC(a)
|
132,554
|
263,787
|
|
Rathbones Group PLC
|
4,351
|
96,723
|
|
St. James's Place PLC
|
50,758
|
762,775
|
|
TP ICAP Group PLC
|
71,461
|
252,581
|
|
Security
|
Shares
|
Value
|
|
Capital Markets (continued)
|
||
|
XPS Pensions Group PLC
|
17,738
|
$94,880
|
|
|
|
5,260,858
|
|
Chemicals — 1.4%
|
||
|
Elementis PLC
|
55,979
|
107,623
|
|
Johnson Matthey PLC
|
15,052
|
349,192
|
|
Victrex PLC
|
8,246
|
87,327
|
|
|
|
544,142
|
|
Commercial Services & Supplies — 1.6%
|
||
|
Johnson Service Group PLC
|
38,785
|
77,654
|
|
Mitie Group PLC
|
112,741
|
237,649
|
|
Renewi PLC
|
7,225
|
84,399
|
|
Serco Group PLC
|
96,656
|
243,250
|
|
|
|
642,952
|
|
Communications Equipment — 0.3%
|
||
|
Spirent Communications PLC(b)
|
54,863
|
139,412
|
|
Construction & Engineering — 2.2%
|
||
|
Balfour Beatty PLC
|
48,189
|
324,597
|
|
Keller Group PLC
|
6,862
|
142,014
|
|
Kier Group PLC
|
42,209
|
96,200
|
|
Morgan Sindall Group PLC
|
4,306
|
224,872
|
|
Renew Holdings PLC
|
7,392
|
81,950
|
|
|
|
869,633
|
|
Construction Materials — 1.3%
|
||
|
Breedon Group PLC
|
26,116
|
160,525
|
|
Ibstock PLC(a)
|
37,283
|
98,356
|
|
Marshalls PLC
|
22,687
|
85,436
|
|
RHI Magnesita NV
|
1,549
|
58,049
|
|
SigmaRoc PLC(b)
|
94,208
|
136,766
|
|
|
|
539,132
|
|
Consumer Staples Distribution & Retail — 0.5%
|
||
|
Ocado Group PLC(b)
|
51,257
|
181,945
|
|
Distributors — 0.7%
|
||
|
Inchcape PLC
|
31,111
|
285,852
|
|
Diversified Consumer Services — 0.3%
|
||
|
Auction Technology Group PLC(b)(c)
|
9,148
|
56,081
|
|
Me Group International PLC
|
21,345
|
61,574
|
|
|
|
117,655
|
|
Diversified REITs — 2.5%
|
||
|
British Land Co. PLC (The)
|
94,324
|
496,935
|
|
LondonMetric Property PLC
|
194,025
|
526,794
|
|
|
|
1,023,729
|
|
Diversified Telecommunication Services — 0.6%
|
||
|
Gamma Communications PLC
|
8,454
|
135,091
|
|
Helios Towers PLC(b)
|
69,751
|
112,840
|
|
|
|
247,931
|
|
Electrical Equipment — 0.3%
|
||
|
DiscoverIE Group PLC
|
9,016
|
77,138
|
|
Volex PLC(c)
|
12,261
|
47,704
|
|
|
|
124,842
|
|
Electronic Equipment, Instruments & Components — 1.3%
|
||
|
Oxford Instruments PLC
|
5,488
|
132,613
|
|
Renishaw PLC
|
3,779
|
130,855
|
|
Spectris PLC
|
9,364
|
253,224
|
|
|
|
516,692
|
|
Energy Equipment & Services — 0.2%
|
||
|
Hunting PLC
|
13,279
|
46,042
|
|
Security
|
Shares
|
Value
|
|
Energy Equipment & Services (continued)
|
||
|
John Wood Group PLC(b)
|
62,759
|
$15,593
|
|
|
|
61,635
|
|
Financial Services — 1.1%
|
||
|
OSB Group PLC
|
34,693
|
228,883
|
|
Paragon Banking Group PLC
|
18,897
|
230,223
|
|
|
|
459,106
|
|
Food Products — 2.7%
|
||
|
Bakkavor Group PLC(a)
|
19,145
|
53,912
|
|
Cranswick PLC
|
5,116
|
366,894
|
|
Greencore Group PLC
|
41,691
|
125,545
|
|
Hilton Food Group PLC
|
7,632
|
89,359
|
|
Premier Foods PLC
|
61,514
|
172,392
|
|
Tate & Lyle PLC
|
35,743
|
266,735
|
|
|
|
1,074,837
|
|
Ground Transportation — 0.6%
|
||
|
Firstgroup PLC
|
56,597
|
145,649
|
|
Mobico Group PLC(b)
|
44,976
|
18,162
|
|
Zigup PLC
|
19,188
|
89,936
|
|
|
|
253,747
|
|
Health Care Equipment & Supplies — 1.6%
|
||
|
Advanced Medical Solutions Group PLC
|
20,549
|
54,821
|
|
ConvaTec Group PLC(a)
|
154,807
|
605,440
|
|
|
|
660,261
|
|
Health Care Providers & Services — 0.5%
|
||
|
CVS Group PLC
|
6,773
|
113,466
|
|
Spire Healthcare Group PLC(a)
|
26,385
|
68,843
|
|
|
|
182,309
|
|
Health Care REITs — 1.1%
|
||
|
Assura PLC
|
306,872
|
204,259
|
|
Primary Health Properties PLC
|
119,862
|
162,465
|
|
Target Healthcare REIT PLC
|
57,921
|
77,703
|
|
|
|
444,427
|
|
Health Care Technology — 0.2%
|
||
|
Craneware PLC
|
2,818
|
76,339
|
|
Hotels, Restaurants & Leisure — 3.9%
|
||
|
Carnival PLC(b)
|
13,038
|
271,427
|
|
Deliveroo PLC(a)(b)
|
91,995
|
217,789
|
|
Domino's Pizza Group PLC
|
33,361
|
117,227
|
|
Greggs PLC
|
9,653
|
268,631
|
|
Hollywood Bowl Group PLC
|
16,133
|
57,602
|
|
J D Wetherspoon PLC
|
8,300
|
81,993
|
|
Mitchells & Butlers PLC(b)
|
25,521
|
98,319
|
|
Playtech PLC
|
23,141
|
98,993
|
|
SSP Group PLC
|
75,592
|
166,139
|
|
Trainline PLC(a)(b)
|
40,916
|
149,145
|
|
Young & Co's Brewery PLC, Series A, Class A
|
3,042
|
39,839
|
|
|
|
1,567,104
|
|
Household Durables — 5.8%
|
||
|
Bellway PLC
|
11,202
|
409,356
|
|
Berkeley Group Holdings PLC
|
9,375
|
531,754
|
|
Crest Nicholson Holdings PLC
|
21,829
|
53,788
|
|
Persimmon PLC
|
30,225
|
543,322
|
|
Taylor Wimpey PLC
|
334,317
|
538,950
|
|
Vistry Group PLC(b)
|
30,958
|
262,638
|
|
|
|
2,339,808
|
|
Independent Power and Renewable Electricity Producers — 0.8%
|
||
|
Drax Group PLC
|
33,793
|
301,993
|
|
Security
|
Shares
|
Value
|
|
Industrial REITs — 1.3%
|
||
|
Tritax Big Box REIT PLC
|
210,768
|
$417,620
|
|
Urban Logistics REIT PLC
|
41,711
|
89,807
|
|
|
|
507,427
|
|
Insurance — 5.6%
|
||
|
Beazley PLC
|
59,630
|
759,871
|
|
Conduit Holdings Ltd.
|
14,039
|
71,206
|
|
Direct Line Insurance Group PLC
|
123,801
|
497,889
|
|
Hiscox Ltd.
|
31,957
|
544,279
|
|
Just Group PLC
|
98,058
|
197,949
|
|
Lancashire Holdings Ltd.
|
23,036
|
187,777
|
|
|
|
2,258,971
|
|
Interactive Media & Services — 2.9%
|
||
|
Baltic Classifieds Group PLC
|
43,068
|
209,802
|
|
MONY Group PLC
|
47,829
|
134,557
|
|
Rightmove PLC
|
73,559
|
741,206
|
|
Trustpilot Group PLC(a)(b)
|
33,114
|
102,704
|
|
|
|
1,188,269
|
|
IT Services — 1.6%
|
||
|
Computacenter PLC
|
6,018
|
211,143
|
|
Kainos Group PLC
|
8,171
|
80,561
|
|
NCC Group PLC
|
28,133
|
59,520
|
|
Softcat PLC
|
12,268
|
296,765
|
|
|
|
647,989
|
|
Leisure Products — 1.6%
|
||
|
Games Workshop Group PLC
|
3,113
|
643,190
|
|
Life Sciences Tools & Services — 0.2%
|
||
|
Oxford Nanopore Technologies PLC(b)(c)
|
45,099
|
75,153
|
|
Machinery — 5.3%
|
||
|
Bodycote PLC
|
16,934
|
129,139
|
|
IMI PLC
|
23,978
|
643,246
|
|
Judges Scientific PLC
|
533
|
58,169
|
|
Morgan Advanced Materials PLC
|
26,503
|
75,703
|
|
Rotork PLC
|
79,841
|
338,629
|
|
Vesuvius PLC
|
19,039
|
92,399
|
|
Weir Group PLC (The)
|
24,509
|
802,273
|
|
|
|
2,139,558
|
|
Marine Transportation — 0.3%
|
||
|
Clarkson PLC
|
2,760
|
124,024
|
|
Media — 1.9%
|
||
|
4imprint Group PLC
|
2,646
|
127,148
|
|
Canal+ SA, NVS(b)
|
65,552
|
184,178
|
|
Future PLC
|
9,131
|
82,560
|
|
ITV PLC
|
317,814
|
334,812
|
|
YouGov PLC
|
11,156
|
49,710
|
|
|
|
778,408
|
|
Metals & Mining — 3.0%
|
||
|
Atalaya Mining PLC
|
10,587
|
62,319
|
|
Endeavour Mining PLC
|
18,264
|
555,938
|
|
Ferrexpo PLC(b)
|
27,380
|
19,965
|
|
Greatland Gold PLC(b)
|
802,582
|
153,553
|
|
Hill & Smith PLC
|
7,598
|
189,307
|
|
Hochschild Mining PLC
|
31,569
|
117,353
|
|
Pan African Resources PLC
|
188,852
|
117,937
|
|
|
|
1,216,372
|
|
Multi-Utilities — 0.4%
|
||
|
Telecom Plus PLC
|
6,386
|
173,374
|
|
Office REITs — 1.2%
|
||
|
Derwent London PLC
|
10,092
|
268,278
|
|
Security
|
Shares
|
Value
|
|
Office REITs (continued)
|
||
|
Great Portland Estates PLC
|
32,654
|
$148,927
|
|
Workspace Group PLC
|
12,682
|
71,253
|
|
|
|
488,458
|
|
Oil, Gas & Consumable Fuels — 1.4%
|
||
|
Diversified Energy Co. PLC
|
5,318
|
75,014
|
|
Energean PLC
|
13,048
|
161,474
|
|
Harbour Energy PLC
|
54,381
|
130,471
|
|
Serica Energy PLC
|
24,117
|
49,858
|
|
Yellow Cake PLC(a)(b)
|
20,351
|
132,314
|
|
|
|
549,131
|
|
Passenger Airlines — 1.2%
|
||
|
easyJet PLC
|
28,624
|
222,719
|
|
JET2 PLC
|
9,931
|
248,779
|
|
|
|
471,498
|
|
Pharmaceuticals — 0.3%
|
||
|
Indivior PLC, NVS(b)
|
9,414
|
120,161
|
|
Professional Services — 0.9%
|
||
|
GlobalData PLC, NVS(c)
|
27,190
|
65,549
|
|
Hays PLC
|
150,397
|
146,003
|
|
Pagegroup PLC
|
27,921
|
101,792
|
|
RWS Holdings PLC
|
25,318
|
27,222
|
|
SThree PLC
|
12,340
|
39,183
|
|
|
|
379,749
|
|
Real Estate Management & Development — 1.8%
|
||
|
Grainger PLC
|
66,511
|
199,534
|
|
International Workplace Group PLC(b)
|
71,134
|
184,853
|
|
Savills PLC
|
12,966
|
170,313
|
|
Sirius Real Estate Ltd.
|
142,586
|
183,589
|
|
|
|
738,289
|
|
Residential REITs — 1.5%
|
||
|
Empiric Student Property PLC
|
62,012
|
80,544
|
|
Home REIT PLC(b)(d)
|
103,572
|
15,908
|
|
PRS REIT PLC (The)
|
48,713
|
76,230
|
|
UNITE Group PLC (The)
|
36,915
|
429,066
|
|
|
|
601,748
|
|
Retail REITs — 1.4%
|
||
|
Hammerson PLC, NVS
|
45,949
|
175,487
|
|
Shaftesbury Capital PLC
|
138,291
|
274,549
|
|
Supermarket Income REIT PLC
|
116,916
|
129,329
|
|
|
|
579,365
|
|
Semiconductors & Semiconductor Equipment — 0.2%
|
||
|
Alphawave IP Group PLC(b)(c)
|
35,274
|
68,267
|
|
Software — 0.9%
|
||
|
Alfa Financial Software Holdings PLC(a)
|
12,641
|
40,706
|
|
Bytes Technology Group PLC
|
21,620
|
153,843
|
|
Cerillion PLC
|
1,690
|
42,580
|
|
FD Technologies PLC(b)
|
1,356
|
44,396
|
|
GB Group PLC
|
23,571
|
87,262
|
|
|
|
368,787
|
|
Specialized REITs — 1.0%
|
||
|
Big Yellow Group PLC
|
17,642
|
237,236
|
|
Safestore Holdings PLC
|
20,626
|
182,739
|
|
|
|
419,975
|
|
Specialty Retail — 2.7%
|
||
|
AO World PLC(b)
|
30,340
|
41,369
|
|
ASOS PLC(b)(c)
|
3,921
|
16,562
|
|
Security
|
Shares
|
Value
|
|
Specialty Retail (continued)
|
||
|
boohoo Group PLC(b)(c)
|
70,338
|
$22,840
|
|
Currys PLC(b)
|
96,306
|
158,031
|
|
Dunelm Group PLC
|
12,371
|
198,538
|
|
Frasers Group PLC(b)
|
10,639
|
105,320
|
|
Moonpig Group PLC
|
30,253
|
101,619
|
|
Pets at Home Group PLC
|
43,378
|
155,806
|
|
Watches of Switzerland Group PLC(a)(b)
|
21,146
|
122,280
|
|
WH Smith PLC
|
12,118
|
170,982
|
|
|
|
1,093,347
|
|
Technology Hardware, Storage & Peripherals — 0.1%
|
||
|
Raspberry PI Holdings PLC(b)(c)
|
8,192
|
57,833
|
|
Textiles, Apparel & Luxury Goods — 1.7%
|
||
|
Burberry Group PLC
|
33,908
|
474,353
|
|
Coats Group PLC
|
150,840
|
160,376
|
|
Dr. Martens PLC
|
55,011
|
44,175
|
|
|
|
678,904
|
|
Trading Companies & Distributors — 5.4%
|
||
|
Ashtead Technology Holdings PLC
|
7,612
|
43,602
|
|
Diploma PLC
|
12,667
|
800,840
|
|
Grafton Group PLC
|
16,487
|
224,832
|
|
Howden Joinery Group PLC
|
51,838
|
601,551
|
|
RS Group PLC
|
44,752
|
343,836
|
|
Travis Perkins PLC
|
20,062
|
172,132
|
|
|
|
2,186,793
|
|
Water Utilities — 0.8%
|
||
|
Penno Group PLC
|
44,556
|
306,872
|
|
Wireless Telecommunication Services — 0.5%
|
||
|
Airtel Africa PLC(a)
|
86,503
|
205,768
|
|
Total Long-Term Investments — 98.8%
(Cost: $45,644,829)
|
39,899,083
|
|
|
Short-Term Securities
|
||
|
Money Market Funds — 0.8%
|
||
|
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(e)(f)(g)
|
300,905
|
301,025
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(e)(f)
|
10,000
|
10,000
|
|
Total Short-Term Securities — 0.8%
(Cost: $311,023)
|
311,025
|
|
|
Total Investments — 99.6%
(Cost: $45,955,852)
|
40,210,108
|
|
|
Other Assets Less Liabilities — 0.4%
|
154,406
|
|
|
Net Assets — 100.0%
|
$40,364,514
|
|
|
(a)
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
|
|
(b)
|
Non-income producing security.
|
|
(c)
|
All or a portion of this security is on loan.
|
|
(d)
|
Security is valued using significant unobservable inputs and is classified as Level
3 in the
fair value hierarchy.
|
|
(e)
|
Affiliate of the Fund.
|
|
(f)
|
Annualized 7-day yield as of period end.
|
|
(g)
|
All or a portion of this security was purchased with the cash collateral from loaned
securities.
|
|
Affiliated Issuer
|
Value at
08/31/24
|
Purchases
at Cost
|
Proceeds
from Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation
(Depreciation)
|
Value at
05/31/25
|
Shares
Held at
05/31/25
|
Income
|
Capital
Gain
Distributions
from
Underlying
Funds
|
|
BlackRock Cash Funds: Institutional, SL Agency Shares
|
$697,540
|
$—
|
$(396,486
)(a)
|
$404
|
$(433
)
|
$301,025
|
300,905
|
$6,459
(b)
|
$—
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares
|
30,000
|
—
|
(20,000
)(a)
|
—
|
—
|
10,000
|
10,000
|
532
|
—
|
|
|
|
|
|
$404
|
$(433)
|
$311,025
|
|
$6,991
|
$—
|
|
(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 collateral investment fees, and
other payments to
and from borrowers of securities.
|
|
Description
|
Number of
Contracts
|
Expiration
Date
|
Notional
Amount
(000)
|
Value/
Unrealized
Appreciation
(Depreciation)
|
|
Long Contracts
|
|
|
|
|
|
FTSE 250 Index
|
8
|
06/20/25
|
$454
|
$27,712
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Common Stocks
|
$6,308,361
|
$33,574,814
|
$15,908
|
$39,899,083
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
311,025
|
—
|
—
|
311,025
|
|
|
$6,619,386
|
$33,574,814
|
$15,908
|
$40,210,108
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Derivative Financial Instruments(a)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Equity Contracts
|
$—
|
$27,712
|
$—
|
$27,712
|
|
(a)
|
Derivative financial instruments are futures contracts. Futures contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
|
|
Portfolio Abbreviation
|
|
|
NVS
|
Non-Voting Shares
|
|
REIT
|
Real Estate Investment Trust
|