Security
Shares
Value
a
Common
Stocks
Building
Products
—
15
.8
%
American
Woodmark
Corp.
(a)
..................
55,834
$
2,979,860
Builders
FirstSource,
Inc.
(a)
(b)
..................
415,916
48,533,238
Fortune
Brands
Innovations,
Inc.
...............
452,598
23,299,745
Gibraltar
Industries,
Inc.
(a)
....................
110,985
6,548,115
Griffon
Corp.
.............................
146,899
10,631,081
Hayward
Holdings,
Inc.
(a)
(b)
....................
537,277
7,414,423
JELD-WEN
Holding,
Inc.
(a)
(b)
...................
321,045
1,258,496
Lennox
International,
Inc.
....................
120,200
68,903,448
Masco
Corp.
.............................
793,922
51,096,820
Masterbrand,
Inc.
(a)
........................
477,006
5,213,675
Owens
Corning
...........................
320,111
44,021,665
Quanex
Building
Products
Corp.
................
176,802
3,341,558
Simpson
Manufacturing
Co.,
Inc.
(b)
..............
157,428
24,450,143
Trex
Co.,
Inc.
(a)
(b)
..........................
403,574
21,946,354
UFP
Industries,
Inc.
........................
227,308
22,585,323
342,223,944
a
Construction
Materials
—
1
.2
%
Eagle
Materials,
Inc.
........................
125,288
25,321,958
a
Home
Furnishings
—
1
.5
%
Ethan
Allen
Interiors,
Inc.
....................
85,184
2,372,374
La-Z-Boy,
Inc.
............................
155,397
5,776,106
Leggett
&
Platt,
Inc.
........................
508,657
4,537,220
Mohawk
Industries,
Inc.
(a)
....................
195,317
20,477,034
33,162,734
a
Home
Improvement
Retail
—
10
.3
%
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
405,002
30,763,952
Home
Depot,
Inc.
(The)
.....................
266,773
97,809,653
Lowe's
Companies,
Inc.
.....................
433,959
96,282,483
224,856,088
a
Homebuilding
—
65
.4
%
Beazer
Homes
USA,
Inc.
(a)
(b)
..................
241,483
5,401,975
Cavco
Industries,
Inc.
(a)
(b)
.....................
69,469
30,179,418
Century
Communities,
Inc.
...................
233,042
13,124,925
Champion
Homes,
Inc.
(a)
.....................
456,832
28,602,252
DR
Horton,
Inc.
...........................
2,396,680
308,979,985
Dream
Finders
Homes,
Inc.
,
Class
A
(a)
(b)
...........
248,513
6,245,132
Green
Brick
Partners,
Inc.
(a)
...................
262,759
16,522,286
Security
Shares
Value
a
Homebuilding
(continued)
Hovnanian
Enterprises,
Inc.
,
Class
A
(a)
............
40,084
$
4,190,782
Installed
Building
Products,
Inc.
(b)
...............
197,530
35,618,610
KB
Home
...............................
621,948
32,944,586
Lennar
Corp.
,
Class
A
.......................
2,012,912
222,648,197
Lennar
Corp.
,
Class
B
......................
93,173
9,806,458
LGI
Homes,
Inc.
(a)
(b)
........................
178,201
9,180,916
M/I
Homes,
Inc.
(a)
..........................
232,196
26,033,815
Meritage
Homes
Corp.
......................
622,724
41,703,826
NVR,
Inc.
(a)
..............................
25,347
187,204,324
PulteGroup,
Inc.
..........................
1,737,579
183,245,081
Taylor
Morrison
Home
Corp.
(a)
.................
870,089
53,440,866
Toll
Brothers,
Inc.
..........................
862,068
98,387,821
TopBuild
Corp.
(a)
(b)
.........................
246,348
79,752,702
Tri
Pointe
Homes,
Inc.
(a)
.....................
786,016
25,113,211
1,418,327,168
a
Homefurnishing
Retail
—
0
.1
%
Arhaus,
Inc.
,
Class
A
(a)
......................
202,558
1,756,178
a
Specialty
Chemicals
—
4
.2
%
Sherwin-Williams
Co.
(The)
...................
269,243
92,447,276
a
Total
Long-Term Investments
— 98.5%
(Cost:
$
2,783,725,679
)
...............................
2,138,095,346
a
Short-Term
Securities
Money
Market
Funds
—
4
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.47
%
(c)
(d)
(e)
............................
85,788,294
85,822,610
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
.............................
2,197,043
2,197,043
a
Total
Short-Term
Securities — 4.1%
(Cost:
$
88,011,267
)
.................................
88,019,653
Total
Investments
—
102.6%
(Cost:
$
2,871,736,946
)
...............................
2,226,114,999
Liabilities
in
Excess
of
Other
Assets
—
(
2
.6
)
%
...............
(
56,320,067
)
Net
Assets
—
100.0%
.................................
$
2,169,794,932
(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
$
53,138,348
$
32,692,135
(a)
$
—
$
(
8,972
)
$
1,099
$
85,822,610
85,788,294
$
30,623
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
4,921,347
—
(
2,724,304
)
(a)
—
—
2,197,043
2,197,043
42,915
—
$
(
8,972
)
$
1,099
$
88,019,653
$
73,538
$
—