|
Security
|
Shares
|
Value
|
|
Common Stocks
|
||
|
Australia — 1.5%
|
||
|
CSL Ltd.
|
14,082
|
$2,247,065
|
|
Vicinity Ltd.
|
158,671
|
252,002
|
|
|
|
2,499,067
|
|
Austria — 0.3%
|
||
|
Verbund AG
|
7,675
|
599,676
|
|
Belgium — 0.9%
|
||
|
Argenx SE(a)
|
847
|
485,985
|
|
Elia Group SA/NV, Class B
|
9,128
|
969,193
|
|
|
|
1,455,178
|
|
Brazil — 0.6%
|
||
|
BRF SA
|
269,360
|
956,029
|
|
Canada — 2.5%
|
||
|
Saputo Inc.
|
107,867
|
2,078,189
|
|
West Fraser Timber Co. Ltd.
|
28,884
|
2,127,863
|
|
|
|
4,206,052
|
|
Chile — 0.8%
|
||
|
Empresas CMPC SA
|
844,299
|
1,347,438
|
|
China — 17.7%
|
||
|
BAIC BluePark New Energy Technology Co. Ltd.,
Class A(a)
|
30,200
|
30,148
|
|
Beijing Enterprises Water Group Ltd.
|
1,438,000
|
472,860
|
|
China Longyuan Power Group Corp. Ltd., Class H
|
746,000
|
617,311
|
|
China Mengniu Dairy Co. Ltd.
|
805,000
|
1,798,739
|
|
China Merchants Shekou Industrial Zone Holdings Co.
Ltd., Class A
|
317,200
|
380,998
|
|
China Railway Signal & Communication Corp. Ltd.,
Class A
|
973,090
|
676,223
|
|
China Three Gorges Renewables Group Co. Ltd.,
Class A
|
203,100
|
120,754
|
|
Chongqing Zhifei Biological Products Co. Ltd., Class A
|
18,500
|
48,972
|
|
CSI Solar Co. Ltd., Class A
|
1,499,678
|
1,850,514
|
|
CSPC Pharmaceutical Group Ltd.
|
339,520
|
349,574
|
|
Flat Glass Group Co. Ltd., Class A
|
293,900
|
583,569
|
|
Hansoh Pharmaceutical Group Co. Ltd.(b)
|
12,000
|
39,435
|
|
Henan Shuanghui Investment & Development Co. Ltd.,
Class A
|
46,800
|
157,915
|
|
Hengan International Group Co. Ltd.
|
197,500
|
533,426
|
|
Innovent Biologics Inc.(a)(b)
|
27,000
|
213,047
|
|
Kingdee International Software Group Co. Ltd.(a)
|
1,290,000
|
2,007,671
|
|
Li Auto Inc., Class A(a)
|
439,144
|
6,252,136
|
|
New Oriental Education & Technology Group Inc.
|
193,500
|
913,658
|
|
Nongfu Spring Co. Ltd., Class H(b)
|
50,200
|
243,912
|
|
Seres Group Co. Ltd., Class A, NVS
|
27,200
|
510,406
|
|
TAL Education Group, ADR(a)
|
88,538
|
870,329
|
|
TCL Zhonghuan Renewable Energy Technology Co.
Ltd., Class A
|
1,181,400
|
1,238,448
|
|
Tingyi Cayman Islands Holding Corp.
|
376,000
|
615,305
|
|
Xinyi Solar Holdings Ltd.
|
21,732,000
|
6,524,109
|
|
XPeng Inc., Class A(a)
|
181,932
|
1,762,515
|
|
Yadea Group Holdings Ltd.(b)
|
222,000
|
338,134
|
|
Yihai Kerry Arawana Holdings Co. Ltd., Class A
|
26,500
|
111,188
|
|
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)
|
108,200
|
759,343
|
|
|
|
30,020,639
|
|
Denmark — 9.5%
|
||
|
Genmab A/S(a)
|
2,993
|
631,402
|
|
Novo Nordisk A/S, Class B
|
91,307
|
6,487,162
|
|
Orsted A/S(a)(b)
|
37,224
|
1,529,776
|
|
Security
|
Shares
|
Value
|
|
Denmark (continued)
|
||
|
Rockwool AS, Class B
|
23,827
|
$1,130,645
|
|
Vestas Wind Systems A/S
|
401,256
|
6,345,965
|
|
|
|
16,124,950
|
|
France — 1.5%
|
||
|
Covivio SA/France
|
6,479
|
388,738
|
|
Gecina SA
|
1,927
|
212,106
|
|
Ipsen SA
|
2,221
|
261,500
|
|
Klepierre SA
|
17,292
|
676,940
|
|
Unibail-Rodamco-Westfield, New
|
11,460
|
1,086,869
|
|
|
|
2,626,153
|
|
Germany — 2.0%
|
||
|
LEG Immobilien SE
|
8,689
|
737,745
|
|
Vonovia SE
|
82,162
|
2,691,999
|
|
|
|
3,429,744
|
|
Hong Kong — 4.6%
|
||
|
BeOne Medicines Ltd.(a)
|
25,121
|
479,105
|
|
Henderson Land Development Co. Ltd.
|
120,000
|
374,504
|
|
Link REIT
|
94,620
|
500,751
|
|
MTR Corp. Ltd.
|
294,500
|
1,026,755
|
|
WH Group Ltd.(b)
|
5,913,000
|
5,438,524
|
|
|
|
7,819,639
|
|
India — 0.7%
|
||
|
Colgate-Palmolive India Ltd.
|
2,979
|
85,594
|
|
Hindustan Unilever Ltd.
|
20,719
|
569,195
|
|
Lupin Ltd.
|
7,904
|
181,254
|
|
Macrotech Developers Ltd.
|
7,342
|
122,604
|
|
Marico Ltd.
|
11,871
|
99,459
|
|
Nestle India Ltd., NVS
|
5,506
|
154,300
|
|
|
|
1,212,406
|
|
Italy — 0.1%
|
||
|
Recordati Industria Chimica e Farmaceutica SpA
|
2,935
|
176,132
|
|
Japan — 10.2%
|
||
|
Central Japan Railway Co.
|
164,300
|
3,589,250
|
|
Chugai Pharmaceutical Co. Ltd.
|
9,800
|
512,359
|
|
Daiichi Sankyo Co. Ltd.
|
61,500
|
1,636,754
|
|
East Japan Railway Co.
|
293,000
|
6,140,636
|
|
Eisai Co. Ltd.
|
27,100
|
775,924
|
|
Kyowa Kirin Co. Ltd.
|
16,900
|
276,200
|
|
Nippon Building Fund Inc.
|
273
|
249,493
|
|
Nissin Foods Holdings Co. Ltd.
|
42,600
|
903,229
|
|
Ono Pharmaceutical Co. Ltd.
|
55,600
|
605,388
|
|
Shionogi & Co. Ltd.
|
23,300
|
389,052
|
|
Sysmex Corp.
|
20,600
|
345,672
|
|
Terumo Corp.
|
37,900
|
695,723
|
|
Unicharm Corp.
|
150,400
|
1,196,359
|
|
|
|
17,316,039
|
|
Malaysia — 0.2%
|
||
|
PPB Group Bhd
|
34,000
|
89,967
|
|
QL Resources Bhd
|
162,444
|
171,627
|
|
|
|
261,594
|
|
Mexico — 0.8%
|
||
|
Fibra Uno Administracion SA de CV
|
288,520
|
405,945
|
|
Gruma SAB de CV, Class B
|
25,240
|
475,638
|
|
Kimberly-Clark de Mexico SAB de CV, Class A
|
222,707
|
395,559
|
|
Prologis Property Mexico SA de CV
|
26,520
|
101,521
|
|
|
|
1,378,663
|
|
Netherlands — 0.7%
|
||
|
JDE Peet's NV
|
43,226
|
1,189,549
|
|
Security
|
Shares
|
Value
|
|
Norway — 1.1%
|
||
|
Mowi ASA
|
71,158
|
$1,328,701
|
|
Salmar ASA
|
10,290
|
458,682
|
|
|
|
1,787,383
|
|
Portugal — 0.2%
|
||
|
EDP Renovaveis SA
|
37,468
|
378,182
|
|
Saudi Arabia — 0.3%
|
||
|
ACWA Power Co.
|
1,267
|
87,229
|
|
Almarai Co. JSC
|
32,031
|
437,858
|
|
|
|
525,087
|
|
Singapore — 0.5%
|
||
|
CapitaLand Ascendas REIT
|
165,800
|
340,257
|
|
CapitaLand Integrated Commercial Trust
|
292,016
|
472,999
|
|
|
|
813,256
|
|
South Africa — 0.1%
|
||
|
NEPI Rockcastle NV
|
30,670
|
235,860
|
|
South Korea — 1.4%
|
||
|
LG Energy Solution Ltd.(a)(c)
|
11,109
|
2,299,639
|
|
Sweden — 2.4%
|
||
|
Essity AB, Class B
|
105,267
|
3,079,506
|
|
Svenska Cellulosa AB SCA, Class B
|
47,002
|
635,378
|
|
Swedish Orphan Biovitrum AB(a)
|
10,028
|
306,533
|
|
|
|
4,021,417
|
|
Switzerland — 4.2%
|
||
|
Novartis AG, Registered
|
58,896
|
6,798,311
|
|
Swiss Prime Site AG, Registered
|
1,700
|
241,762
|
|
|
|
7,040,073
|
|
Taiwan — 6.5%
|
||
|
Taiwan High Speed Rail Corp.
|
398,000
|
363,300
|
|
Uni-President Enterprises Corp.
|
1,365,000
|
3,609,118
|
|
Wiwynn Corp.
|
89,000
|
7,002,011
|
|
|
|
10,974,429
|
|
United Kingdom — 1.3%
|
||
|
Land Securities Group PLC
|
27,437
|
234,288
|
|
Pearson PLC
|
125,123
|
1,965,155
|
|
|
|
2,199,443
|
|
United States — 26.5%
|
||
|
Alexandria Real Estate Equities Inc.
|
12,288
|
862,495
|
|
Alnylam Pharmaceuticals Inc.(a)
|
1,371
|
417,552
|
|
BioMarin Pharmaceutical Inc.(a)
|
10,668
|
619,491
|
|
BXP Inc.
|
15,122
|
1,018,164
|
|
Dexcom Inc.(a)
|
10,437
|
895,495
|
|
Security
|
Shares
|
Value
|
|
United States (continued)
|
||
|
Digital Realty Trust Inc.
|
17,700
|
$3,035,904
|
|
Edwards Lifesciences Corp.(a)
|
13,186
|
1,031,409
|
|
Equinix Inc.
|
3,700
|
3,288,634
|
|
First Solar Inc.(a)(c)
|
40,345
|
6,377,737
|
|
Hormel Foods Corp.
|
54,232
|
1,663,838
|
|
Incyte Corp.(a)
|
9,921
|
645,460
|
|
Insulet Corp.(a)
|
1,415
|
459,917
|
|
Kimberly-Clark Corp.
|
42,410
|
6,096,862
|
|
Neurocrine Biosciences Inc.(a)
|
4,331
|
532,800
|
|
Nvidia Corp.
|
50,205
|
6,784,202
|
|
Regeneron Pharmaceuticals Inc.
|
4,565
|
2,238,128
|
|
Sun Communities Inc.
|
6,842
|
844,576
|
|
United Therapeutics Corp.(a)(c)
|
1,976
|
630,048
|
|
Vertex Pharmaceuticals Inc.(a)
|
5,572
|
2,463,103
|
|
Weyerhaeuser Co.
|
95,927
|
2,485,468
|
|
Xylem Inc./New York
|
19,505
|
2,458,410
|
|
|
|
44,849,693
|
|
Total Long-Term Investments — 99.1%
(Cost: $172,814,641)
|
167,743,410
|
|
|
Short-Term Securities
|
||
|
Money Market Funds — 3.7%
|
||
|
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(d)(e)(f)
|
6,202,343
|
6,204,824
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(d)(e)
|
60,000
|
60,000
|
|
Total Short-Term Securities — 3.7%
(Cost: $6,264,824)
|
6,264,824
|
|
|
Total Investments — 102.8%
(Cost: $179,079,465)
|
174,008,234
|
|
|
Liabilities in Excess of Other Assets — (2.8)%
|
(4,662,693
)
|
|
|
Net Assets — 100.0%
|
$169,345,541
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
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.
|
|
(c)
|
All or a portion of this security is on loan.
|
|
(d)
|
Affiliate of the Fund.
|
|
(e)
|
Annualized 7-day yield as of period end.
|
|
(f)
|
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
|
$618,867
|
$5,587,897
(a)
|
$—
|
$(2,001
)
|
$61
|
$6,204,824
|
6,202,343
|
$20,684
(b)
|
$—
|
|
BlackRock Cash Funds: Treasury, SL Agency Shares
|
—
|
60,000
(a)
|
—
|
—
|
—
|
60,000
|
60,000
|
4,188
|
—
|
|
|
|
|
|
$(2,001)
|
$61
|
$6,264,824
|
|
$24,872
|
$—
|
|
(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
|
|
|
|
|
|
Micro E-Mini S&P 500 Index
|
8
|
06/20/25
|
$237
|
$2,794
|
|
MSCI EAFE Index
|
4
|
06/20/25
|
521
|
35,257
|
|
MSCI Emerging Markets Index
|
11
|
06/20/25
|
632
|
7,552
|
|
|
|
|
|
$45,603
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Assets
|
|
|
|
|
|
Investments
|
|
|
|
|
|
Long-Term Investments
|
|
|
|
|
|
Common Stocks
|
$54,302,746
|
$113,440,664
|
$—
|
$167,743,410
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Short-Term Securities
|
|
|
|
|
|
Money Market Funds
|
$6,264,824
|
$—
|
$—
|
$6,264,824
|
|
|
$60,567,570
|
$113,440,664
|
$—
|
$174,008,234
|
|
Derivative Financial Instruments(a)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Equity Contracts
|
$45,603
|
$—
|
$—
|
$45,603
|
|
(a)
|
Derivative financial instruments are futures contracts. Futures contracts are valued
at the unrealized appreciation (depreciation) on the instrument.
|
|
Portfolio Abbreviation
|
|
|
ADR
|
American Depositary Receipt
|
|
JSC
|
Joint Stock Company
|
|
NVS
|
Non-Voting Shares
|
|
REIT
|
Real Estate Investment Trust
|
|
S&P
|
Standard & Poor's
|