Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
—
16
.0
%
CH
Robinson
Worldwide,
Inc.
................
335,489
$
49,561,790
Expeditors
International
of
Washington,
Inc.
.......
372,256
62,498,060
FedEx
Corp.
............................
307,926
94,656,452
GXO
Logistics,
Inc.
(a)
(b)
.....................
327,332
16,418,973
Hub
Group,
Inc.
,
Class
A
....................
172,641
8,032,986
United
Parcel
Service,
Inc.
,
Class
B
............
1,205,192
125,605,110
356,773,371
a
Ground
Transportation
—
65
.6
%
ArcBest
Corp.
...........................
63,436
9,156,986
Avis
Budget
Group,
Inc.
(a)
(b)
..................
48,165
6,619,797
Covenant
Logistics
Group,
Inc.
,
Class
A
..........
43,042
1,528,852
CSX
Corp.
.............................
4,149,937
209,156,825
Fedex
Freight
Holding
Co.,
Inc.
(a)
..............
309,383
43,477,593
FTAI
Infrastructure,
Inc.
.....................
335,725
1,252,254
Heartland
Express,
Inc.
.....................
129,929
1,589,032
Hertz
Global
Holdings,
Inc.
(a)
(b)
................
358,856
568,787
JB
Hunt
Transport
Services,
Inc.
..............
212,031
57,619,424
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
462,489
32,156,860
Landstar
System,
Inc.
......................
96,608
16,884,180
Lyft,
Inc.
,
Class
A
(a)
........................
1,080,360
17,134,510
Marten
Transport
Ltd.
......................
164,574
2,434,049
Norfolk
Southern
Corp.
.....................
318,209
106,752,755
Old
Dominion
Freight
Line,
Inc.
...............
416,635
88,384,949
RXO,
Inc.
(a)
(b)
............................
469,484
9,507,051
Ryder
System,
Inc.
........................
110,123
28,237,740
Saia,
Inc.
(a)
.............................
75,932
26,396,241
Schneider
National,
Inc.
,
Class
B
..............
141,313
5,050,527
Uber
Technologies,
Inc.
(a)
...................
4,546,274
319,875,839
U-Haul
Holding
Co.
,
NVS
...................
286,220
17,911,648
Union
Pacific
Corp.
.......................
1,325,990
387,361,459
Werner
Enterprises,
Inc.
....................
170,899
6,395,040
XPO,
Inc.
(a)
(b)
............................
334,174
67,158,949
1,462,611,347
a
Marine
Transportation
—
1
.8
%
Genco
Shipping
&
Trading
Ltd.
................
108,941
2,782,353
Kirby
Corp.
(a)
............................
152,328
19,976,294
Security
Shares
Value
a
Marine
Transportation
(continued)
Matson,
Inc.
............................
86,105
$
17,444,012
40,202,659
a
Passenger
Airlines
—
16
.2
%
Alaska
Air
Group,
Inc.
(a)
(b)
...................
317,056
15,044,307
Allegiant
Travel
Co.
(a)
......................
63,959
6,273,099
American
Airlines
Group,
Inc.
(a)
(b)
..............
1,882,430
28,744,706
Delta
Air
Lines,
Inc.
.......................
1,238,191
108,267,421
Frontier
Group
Holdings,
Inc.
(a)
(b)
...............
241,586
1,630,706
JetBlue
Airways
Corp.
(a)
....................
845,615
5,099,058
Joby
Aviation,
Inc.
(a)
(b)
......................
1,762,998
12,605,436
SkyWest,
Inc.
(a)
..........................
112,896
12,076,485
Southwest
Airlines
Co.
.....................
1,391,145
62,559,791
United
Airlines
Holdings,
Inc.
(a)
(b)
...............
894,728
108,557,348
360,858,357
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
2,147,978,838
)
...............................
2,220,445,734
a
Short-Term
Securities
Money
Market
Funds
—
2
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.81
%
(c)
(d)
(e)
......................
44,855,170
44,868,627
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.65
%
(c)
(d)
............................
1,822,692
1,822,692
a
Total
Short-Term
Securities — 2.1%
(Cost:
$
46,687,201
)
.................................
46,691,319
Total
Investments
—
101.7%
(Cost:
$
2,194,666,039
)
...............................
2,267,137,053
Liabilities
in
Excess
of
Other
Assets
—
(
1
.7
)
%
...............
(
37,846,015
)
Net
Assets
—
100.0%
.................................
$
2,229,291,038
(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
July
31,
2026
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/26
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/26
Shares
Held
at
07/31/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
39,015,020
$
5,852,570
(a)
$
—
$
145
$
892
$
44,868,627
44,855,170
$
35,675
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
492,871
1,329,821
(a)
—
—
—
1,822,692
1,822,692
12,938
—
$
—
$
145
$
892
$
46,691,319
$
48,613
$
—
(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.