Security
Shares
Value
a
Common
Stocks
Oil
&
Gas
Exploration
&
Production
—
76
.2
%
Antero
Resources
Corp.
(a)
....................
262,188
$
10,560,933
APA
Corp.
..............................
324,121
5,928,173
California
Resources
Corp.
...................
62,478
2,853,370
Chord
Energy
Corp.
........................
51,876
5,024,191
Civitas
Resources,
Inc.
......................
76,505
2,105,418
CNX
Resources
Corp.
(a)
.....................
129,994
4,378,198
Comstock
Resources,
Inc.
(a)
...................
81,563
2,256,848
ConocoPhillips
...........................
999,432
89,689,027
Coterra
Energy,
Inc.
........................
685,580
17,400,020
Crescent
Energy
Co.
,
Class
A
.................
165,565
1,423,859
Devon
Energy
Corp.
........................
576,751
18,346,449
Diamondback
Energy,
Inc.
....................
150,738
20,711,401
EOG
Resources,
Inc.
.......................
432,092
51,682,524
EQT
Corp.
..............................
415,932
24,257,154
Expand
Energy
Corp.
.......................
194,520
22,747,169
Gulfport
Energy
Corp.
(a)
.....................
11,171
2,247,270
Hess
Corp.
..............................
159,681
22,122,206
Kosmos
Energy
Ltd.
(a)
.......................
427,167
734,727
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..............
167,923
3,774,909
Matador
Resources
Co.
.....................
104,588
4,990,939
Murphy
Oil
Corp.
..........................
120,501
2,711,272
Northern
Oil
&
Gas,
Inc.
.....................
88,237
2,501,519
Ovintiv,
Inc.
..............................
233,372
8,879,805
Permian
Resources
Corp.
,
Class
A
..............
572,840
7,802,081
Range
Resources
Corp.
.....................
214,653
8,729,937
Sable
Offshore
Corp.
,
Class
A
(a)
(b)
...............
65,211
1,433,338
Sitio
Royalties
Corp.
,
Class
A
..................
69,628
1,279,763
SM
Energy
Co.
...........................
102,812
2,540,485
Talos
Energy,
Inc.
(a)
........................
110,601
937,896
Texas
Pacific
Land
Corp.
(b)
...................
16,932
17,886,795
VAALCO
Energy,
Inc.
.......................
93,883
338,918
Venture
Global,
Inc.
,
Class
A
(b)
.................
64,852
1,010,394
Viper
Energy,
Inc.
,
Class
A
...................
117,744
4,489,579
Vital
Energy,
Inc.
(a)
(b)
........................
24,401
392,612
Vitesse
Energy,
Inc.
........................
26,012
574,605
374,743,784
a
Security
Shares
Value
a
Oil
&
Gas
Refining
&
Marketing
—
23
.6
%
Calumet,
Inc.
(a)
(b)
..........................
62,235
$
980,512
Clean
Energy
Fuels
Corp.
(a)
...................
156,809
305,778
CVR
Energy,
Inc.
..........................
30,703
824,376
Delek
U.S.
Holdings,
Inc.
....................
54,546
1,155,284
Green
Plains,
Inc.
(a)
........................
58,594
353,322
HF
Sinclair
Corp.
..........................
143,850
5,909,358
Marathon
Petroleum
Corp.
...................
243,217
40,400,776
Par
Pacific
Holdings,
Inc.
(a)
...................
46,329
1,229,108
PBF
Energy,
Inc.
,
Class
A
....................
88,295
1,913,353
Phillips
66
...............................
322,562
38,481,647
REX
American
Resources
Corp
(a)
...............
13,133
639,708
Valero
Energy
Corp.
........................
167,447
22,508,226
World
Kinect
Corp.
.........................
50,863
1,441,966
116,143,414
a
Total
Long-Term Investments
— 99.8%
(Cost:
$
576,240,080
)
................................
490,887,198
a
Short-Term
Securities
Money
Market
Funds
—
0
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.47
%
(c)
(d)
(e)
............................
3,086,254
3,087,489
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
.............................
930,062
930,062
a
Total
Short-Term
Securities — 0.8%
(Cost:
$
4,016,295
)
..................................
4,017,551
Total
Investments
—
100.6%
(Cost:
$
580,256,375
)
................................
494,904,749
Liabilities
in
Excess
of
Other
Assets
—
(
0
.6
)
%
...............
(
3,114,414
)
Net
Assets
—
100.0%
.................................
$
491,790,335
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
June
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/25
Shares
Held
at
06/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
25,490,257
$
—
$
(
22,403,126
)
(a)
$
(
1,237
)
$
1,595
$
3,087,489
3,086,254
$
5,126
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,009,834
—
(
79,772
)
(a)
—
—
930,062
930,062
8,790
—
$
(
1,237
)
$
1,595
$
4,017,551
$
13,916
$
—
(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.