| Schedule of Investments (unaudited) | iShares® ESG Advanced MSCI EAFE ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Australia — 4.9% | ||||||||
| ASX Ltd. | 10,488 | $ | 459,726 | |||||
| Aurizon Holdings Ltd. | 93,789 | 217,091 | ||||||
| BlueScope Steel Ltd. | 25,308 | 305,218 | ||||||
| Brambles Ltd. | 75,620 | 675,167 | ||||||
| Cochlear Ltd. | 3,572 | 565,313 | ||||||
| Computershare Ltd. | 31,236 | 453,489 | ||||||
| CSL Ltd. | 26,220 | 5,221,878 | ||||||
| Dexus | 58,520 | 312,450 | ||||||
| Fortescue Metals Group Ltd. | 90,972 | 1,139,103 | ||||||
| Goodman Group | 92,112 | 1,175,201 | ||||||
| GPT Group (The) | 99,492 | 271,015 | ||||||
| IDP Education Ltd. | 13,604 | 192,870 | ||||||
| IGO Ltd. | 36,632 | 340,208 | ||||||
| James Hardie Industries PLC(a) | 23,940 | 589,144 | ||||||
| Lendlease Corp. Ltd. | 37,012 | 189,977 | ||||||
| Mineral Resources Ltd. | 9,424 | 434,101 | ||||||
| Mirvac Group | 215,004 | 321,556 | ||||||
| Newcrest Mining Ltd. | 48,640 | 820,512 | ||||||
| Northern Star Resources Ltd. | 61,788 | 522,528 | ||||||
| Orica Ltd. | 25,840 | 256,775 | ||||||
| Pilbara Minerals Ltd. | 146,908 | 421,149 | ||||||
| QBE Insurance Group Ltd. | 81,548 | 773,401 | ||||||
| Ramsay Health Care Ltd. | 9,956 | 371,524 | ||||||
| REA Group Ltd. | 2,812 | 251,201 | ||||||
| Reece Ltd. | 12,084 | 142,523 | ||||||
| Scentre Group | 282,568 | 497,938 | ||||||
| SEEK Ltd. | 18,555 | 283,574 | ||||||
| Sonic Healthcare Ltd. | 24,624 | 563,180 | ||||||
| Stockland | 126,394 | 350,058 | ||||||
| Suncorp Group Ltd. | 68,932 | 594,296 | ||||||
| Telstra Corp. Ltd. | 220,096 | 624,184 | ||||||
| Transurban Group | 167,569 | 1,616,370 | ||||||
| Vicinity Ltd. | 214,704 | 258,958 | ||||||
| WiseTech Global Ltd. | 9,044 | 439,554 | ||||||
| Xero Ltd.(a) | 7,828 | 558,865 | ||||||
| 22,210,097 | ||||||||
| Austria — 0.2% | ||||||||
| Erste Group Bank AG | 18,468 | 599,937 | ||||||
| voestalpine AG | 5,940 | 184,442 | ||||||
| 784,379 | ||||||||
| Belgium — 0.9% | ||||||||
| Ageas SA/NV | 8,664 | 346,614 | ||||||
| Argenx SE(a) | 3,040 | 1,184,084 | ||||||
| D’ieteren Group | 1,216 | 210,374 | ||||||
| Elia Group SA/NV | 1,596 | 193,153 | ||||||
| Groupe Bruxelles Lambert NV | 5,320 | 410,518 | ||||||
| KBC Group NV | 13,604 | 893,771 | ||||||
| Sofina SA | 836 | 173,011 | ||||||
| Umicore SA | 11,022 | 306,410 | ||||||
| Warehouses De Pauw CVA | 8,664 | 243,744 | ||||||
| 3,961,679 | ||||||||
| Denmark — 5.0% | ||||||||
| AP Moller - Maersk A/S, Class A | 154 | 259,068 | ||||||
| AP Moller - Maersk A/S, Class B, NVS | 304 | 511,628 | ||||||
| Chr Hansen Holding A/S | 6,005 | 436,986 | ||||||
| Demant A/S(a) | 5,043 | 191,988 | ||||||
| DSV A/S | 10,108 | 1,954,473 | ||||||
| Genmab A/S(a) | 3,572 | 1,406,142 | ||||||
| Security | Shares | Value | ||||||
| Denmark (continued) | ||||||||
| Novo Nordisk A/S, Class B | 90,136 | $ | 14,505,667 | |||||
| Novozymes A/S, Class B | 11,400 | 550,971 | ||||||
| Pandora A/S | 4,940 | 394,294 | ||||||
| Rockwool A/S, Class B | 538 | 128,530 | ||||||
| Tryg A/S | 19,851 | 451,848 | ||||||
| Vestas Wind Systems A/S(a) | 54,978 | 1,565,916 | ||||||
| 22,357,511 | ||||||||
| Finland — 1.1% | ||||||||
| Elisa OYJ | 8,137 | 455,800 | ||||||
| Kesko OYJ, Class B | 15,200 | 287,781 | ||||||
| Kone OYJ, Class B | 18,240 | 927,842 | ||||||
| Metso Outotec OYJ | 35,568 | 389,933 | ||||||
| Nokia OYJ | 290,776 | 1,176,313 | ||||||
| Orion OYJ, Class B | 5,852 | 248,139 | ||||||
| Sampo OYJ, Class A | 25,004 | 1,150,690 | ||||||
| Wartsila OYJ Abp | 23,124 | 263,086 | ||||||
| 4,899,584 | ||||||||
| France — 9.1% | ||||||||
| Accor SA | 10,032 | 334,080 | ||||||
| Aeroports de Paris(a) | 1,520 | 231,675 | ||||||
| Air Liquide SA | 28,500 | 4,775,253 | ||||||
| Amundi SA(b) | 3,382 | 190,861 | ||||||
| Arkema SA | 3,122 | 272,705 | ||||||
| AXA SA | 99,864 | 2,831,212 | ||||||
| BioMerieux | 2,282 | 229,280 | ||||||
| BNP Paribas SA | 60,401 | 3,511,608 | ||||||
| Bouygues SA | 11,248 | 360,886 | ||||||
| Bureau Veritas SA | 16,188 | 411,382 | ||||||
| Capgemini SE | 8,816 | 1,538,006 | ||||||
| Carrefour SA | 32,528 | 598,658 | ||||||
| Cie. Generale des Etablissements Michelin SCA | 36,480 | 1,040,968 | ||||||
| Covivio | 2,584 | 126,882 | ||||||
| Credit Agricole SA | 65,892 | 757,457 | ||||||
| Dassault Systemes SE | 36,328 | 1,601,604 | ||||||
| Edenred | 13,604 | 875,677 | ||||||
| Eiffage SA | 4,028 | 430,161 | ||||||
| Eurazeo SE | 2,291 | 156,703 | ||||||
| Eurofins Scientific SE | 7,372 | 487,135 | ||||||
| Euronext NV(b) | 4,560 | 304,267 | ||||||
| Gecina SA | 2,589 | 265,919 | ||||||
| Getlink SE | 19,456 | 331,040 | ||||||
| Hermes International | 1,748 | 3,565,611 | ||||||
| Ipsen SA | 2,066 | 239,539 | ||||||
| Klepierre SA | 11,921 | 270,892 | ||||||
| Legrand SA | 14,364 | 1,361,589 | ||||||
| Publicis Groupe SA | 12,464 | 925,674 | ||||||
| Sartorius Stedim Biotech | 1,520 | 400,695 | ||||||
| Schneider Electric SE | 29,546 | 5,111,421 | ||||||
| SEB SA | 1,306 | 123,198 | ||||||
| Sodexo SA | 4,864 | 526,609 | ||||||
| STMicroelectronics NV | 37,392 | 1,627,545 | ||||||
| Teleperformance | 3,192 | 477,329 | ||||||
| Unibail-Rodamco-Westfield, New(a)(c) | 6,384 | 293,723 | ||||||
| Valeo | 10,830 | 208,412 | ||||||
| Vinci SA | 29,032 | 3,307,237 | ||||||
| Vivendi SE | 38,988 | 346,371 | ||||||
| Wendel SE | 1,444 | 152,345 | ||||||
| Worldline SA/France(a)(b) | 12,996 | 506,565 | ||||||
| 41,108,174 | ||||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® ESG Advanced MSCI EAFE ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Germany — 8.8% | ||||||||
| adidas AG | 8,664 | $ | 1,408,617 | |||||
| Bayerische Motoren Werke AG | 17,952 | 1,957,760 | ||||||
| Bechtle AG | 4,484 | 176,448 | ||||||
| Beiersdorf AG | 5,396 | 688,581 | ||||||
| Brenntag SE | 8,284 | 651,476 | ||||||
| Carl Zeiss Meditec AG, Bearer | 2,204 | 247,996 | ||||||
| Commerzbank AG(a) | 57,760 | 584,277 | ||||||
| Continental AG | 6,384 | 426,117 | ||||||
| Covestro AG(a)(b) | 10,640 | 410,893 | ||||||
| Daimler Truck Holding AG(a) | 27,816 | 844,261 | ||||||
| Deutsche Boerse AG | 10,412 | 1,800,898 | ||||||
| Deutsche Lufthansa AG, Registered(a) | 31,996 | 314,839 | ||||||
| Deutsche Post AG, Registered | 54,796 | 2,470,961 | ||||||
| Evonik Industries AG | 11,401 | 228,997 | ||||||
| GEA Group AG | 8,132 | 342,730 | ||||||
| Hannover Rueck SE | 3,272 | 701,365 | ||||||
| HelloFresh SE(a) | 8,968 | 214,297 | ||||||
| Henkel AG & Co. KGaA | 5,709 | 410,166 | ||||||
| Infineon Technologies AG | 70,832 | 2,637,005 | ||||||
| Knorr-Bremse AG | 3,734 | 256,185 | ||||||
| LEG Immobilien SE(a) | 4,028 | 209,786 | ||||||
| Merck KGaA | 7,106 | 1,241,148 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 7,667 | 2,742,425 | ||||||
| Nemetschek SE | 3,116 | 244,563 | ||||||
| QIAGEN NV(a) | 12,388 | 561,078 | ||||||
| Rational AG | 274 | 184,151 | ||||||
| SAP SE | 56,848 | 7,454,235 | ||||||
| Scout24 SE(b) | 4,209 | 270,387 | ||||||
| Siemens AG, Registered | 41,268 | 6,791,182 | ||||||
| Siemens Healthineers AG(b) | 15,124 | 858,859 | ||||||
| Symrise AG | 7,144 | 765,070 | ||||||
| Talanx AG(a) | 3,420 | 190,642 | ||||||
| Telefonica Deutschland Holding AG | 48,564 | 136,925 | ||||||
| Vonovia SE | 38,988 | 717,355 | ||||||
| Wacker Chemie AG | 988 | 131,164 | ||||||
| Zalando SE(a)(b) | 12,464 | 362,451 | ||||||
| 39,635,290 | ||||||||
| Hong Kong — 3.2% | ||||||||
| AIA Group Ltd. | 638,400 | 6,137,065 | ||||||
| BOC Hong Kong Holdings Ltd. | 193,500 | 574,241 | ||||||
| ESR Group Ltd.(b) | 121,600 | 179,578 | ||||||
| Futu Holdings Ltd., ADR(a)(c) | 2,964 | 109,253 | ||||||
| Hang Lung Properties Ltd. | 76,000 | 120,368 | ||||||
| Hang Seng Bank Ltd. | 45,600 | 610,501 | ||||||
| Henderson Land Development Co. Ltd. | 76,000 | 241,137 | ||||||
| HKT Trust & HKT Ltd., Class SS | 228,000 | 291,352 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 61,800 | 2,263,242 | ||||||
| Hongkong Land Holdings Ltd. | 60,800 | 260,608 | ||||||
| Link REIT | 136,800 | 795,491 | ||||||
| MTR Corp. Ltd. | 79,500 | 365,947 | ||||||
| New World Development Co. Ltd. | 76,000 | 181,568 | ||||||
| Sino Land Co. Ltd. | 176,000 | 228,929 | ||||||
| Sun Hung Kai Properties Ltd. | 76,000 | 968,286 | ||||||
| Swire Pacific Ltd., Class A | 38,000 | 253,720 | ||||||
| Swire Properties Ltd. | 76,000 | 181,172 | ||||||
| WH Group Ltd.(b) | 494,000 | 258,260 | ||||||
| Wharf Real Estate Investment Co. Ltd. | 78,000 | 384,824 | ||||||
| 14,405,542 | ||||||||
| Security | Shares | Value | ||||||
| Ireland — 0.9% | ||||||||
| AIB Group PLC | 72,732 | $ | 300,669 | |||||
| Bank of Ireland Group PLC | 58,292 | 550,844 | ||||||
| CRH PLC | 40,280 | 1,906,155 | ||||||
| Kerry Group PLC, Class A | 8,747 | 853,140 | ||||||
| Smurfit Kappa Group PLC | 14,136 | 503,668 | ||||||
| 4,114,476 | ||||||||
| Israel — 0.5% | ||||||||
| Azrieli Group Ltd. | 2,280 | 119,894 | ||||||
| Check Point Software Technologies Ltd.(a)(c) | 5,244 | 654,504 | ||||||
| CyberArk Software Ltd.(a)(c) | 2,204 | 341,025 | ||||||
| Nice Ltd.(a) | 3,420 | 701,302 | ||||||
| Wix.com Ltd.(a)(c) | 3,040 | 231,709 | ||||||
| 2,048,434 | ||||||||
| Italy — 1.3% | ||||||||
| Amplifon SpA | 6,688 | 231,986 | ||||||
| Assicurazioni Generali SpA | 55,176 | 1,048,178 | ||||||
| CNH Industrial NV | 54,948 | 703,309 | ||||||
| DiaSorin SpA | 1,368 | 141,296 | ||||||
| FinecoBank Banca Fineco SpA | 33,212 | 443,651 | ||||||
| Infrastrutture Wireless Italiane SpA(b) | 19,234 | 245,233 | ||||||
| Mediobanca Banca di Credito Finanziario SpA | 30,020 | 331,831 | ||||||
| Moncler SpA | 11,248 | 765,506 | ||||||
| Nexi SpA(a)(b) | 32,148 | 252,803 | ||||||
| Poste Italiane SpA(b) | 27,154 | 282,261 | ||||||
| Prysmian SpA | 13,756 | 511,635 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 5,332 | 232,542 | ||||||
| Telecom Italia SpA/Milano(a) | 582,547 | 154,847 | ||||||
| Terna - Rete Elettrica Nazionale | 75,620 | 635,380 | ||||||
| 5,980,458 | ||||||||
| Japan — 28.9% | ||||||||
| Advantest Corp. | 10,400 | 1,331,840 | ||||||
| Aeon Co. Ltd. | 38,000 | 751,550 | ||||||
| AGC Inc. | 7,600 | 276,825 | ||||||
| Ajinomoto Co. Inc. | 22,800 | 885,668 | ||||||
| ANA Holdings Inc.(a) | 7,700 | 170,798 | ||||||
| Asahi Intecc Co. Ltd. | 15,200 | 289,644 | ||||||
| Asahi Kasei Corp. | 68,400 | 463,884 | ||||||
| Astellas Pharma Inc. | 98,800 | 1,563,228 | ||||||
| Azbil Corp. | 7,600 | 239,928 | ||||||
| Bridgestone Corp. | 30,400 | 1,235,878 | ||||||
| Brother Industries Ltd. | 15,200 | 220,240 | ||||||
| Canon Inc. | 53,900 | 1,336,014 | ||||||
| Capcom Co. Ltd. | 7,600 | 296,260 | ||||||
| Central Japan Railway Co. | 7,600 | 924,380 | ||||||
| Chiba Bank Ltd. (The) | 30,400 | 189,669 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 38,000 | 1,022,736 | ||||||
| Concordia Financial Group Ltd. | 60,800 | 235,055 | ||||||
| CyberAgent Inc. | 22,800 | 161,400 | ||||||
| Dai Nippon Printing Co. Ltd. | 15,200 | 432,798 | ||||||
| Daifuku Co. Ltd. | 15,200 | 307,096 | ||||||
| Dai-ichi Life Holdings Inc. | 53,200 | 909,919 | ||||||
| Daiichi Sankyo Co. Ltd. | 98,800 | 3,212,894 | ||||||
| Daikin Industries Ltd. | 14,400 | 2,732,524 | ||||||
| Daito Trust Construction Co. Ltd. | 3,000 | 284,927 | ||||||
| Daiwa House Industry Co. Ltd. | 30,400 | 792,802 | ||||||
| Daiwa House REIT Investment Corp. | 152 | 318,937 | ||||||
| Daiwa Securities Group Inc. | 76,000 | 344,657 | ||||||
| Denso Corp. | 22,800 | 1,403,894 | ||||||
| Dentsu Group Inc. | 7,600 | 243,658 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® ESG Advanced MSCI EAFE ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
| Disco Corp. | 5,000 | $ | 727,340 | |||||
| East Japan Railway Co. | 15,200 | 837,927 | ||||||
| Eisai Co. Ltd. | 15,200 | 966,838 | ||||||
| FANUC Corp. | 48,300 | 1,652,046 | ||||||
| Fast Retailing Co. Ltd. | 9,300 | 2,174,141 | ||||||
| FUJIFILM Holdings Corp. | 20,300 | 1,240,619 | ||||||
| Fujitsu Ltd. | 9,700 | 1,230,543 | ||||||
| GMO Payment Gateway Inc. | 2,200 | 173,496 | ||||||
| Hakuhodo DY Holdings Inc. | 15,200 | 159,028 | ||||||
| Hamamatsu Photonics KK | 7,600 | 386,321 | ||||||
| Hankyu Hanshin Holdings Inc. | 15,200 | 482,945 | ||||||
| Hikari Tsushin Inc. | 1,100 | 159,246 | ||||||
| Hirose Electric Co. Ltd. | 1,300 | 175,985 | ||||||
| Hitachi Construction Machinery Co. Ltd. | 7,600 | 187,376 | ||||||
| Hoshizaki Corp. | 7,600 | 272,897 | ||||||
| Hoya Corp. | 18,700 | 2,344,432 | ||||||
| Hulic Co. Ltd. | 22,800 | 189,946 | ||||||
| Ibiden Co. Ltd. | 7,600 | 413,755 | ||||||
| Isuzu Motors Ltd. | 30,400 | 354,348 | ||||||
| Itochu Techno-Solutions Corp. | 7,600 | 197,644 | ||||||
| Japan Airlines Co. Ltd. | 7,600 | 145,427 | ||||||
| Japan Exchange Group Inc. | 30,400 | 496,413 | ||||||
| Japan Metropolitan Fund Invest | 382 | 270,116 | ||||||
| Japan Post Bank Co. Ltd. | 79,600 | 594,260 | ||||||
| Japan Real Estate Investment Corp. | 76 | 288,923 | ||||||
| JFE Holdings Inc. | 30,400 | 375,584 | ||||||
| JSR Corp. | 7,600 | 182,960 | ||||||
| Kajima Corp. | 22,800 | 319,172 | ||||||
| Kao Corp. | 23,400 | 815,459 | ||||||
| KDDI Corp. | 83,600 | 2,577,514 | ||||||
| Keio Corp. | 7,600 | 267,445 | ||||||
| Keisei Electric Railway Co. Ltd. | 7,600 | 291,377 | ||||||
| Keyence Corp. | 10,600 | 5,138,646 | ||||||
| Kikkoman Corp. | 7,600 | 447,753 | ||||||
| Kintetsu Group Holdings Co. Ltd. | 7,600 | 251,397 | ||||||
| Kobayashi Pharmaceutical Co. Ltd. | 2,000 | 113,203 | ||||||
| Kobe Bussan Co. Ltd. | 7,600 | 209,458 | ||||||
| Koito Manufacturing Co. Ltd. | 15,200 | 286,053 | ||||||
| Komatsu Ltd. | 53,200 | 1,248,377 | ||||||
| Konami Group Corp. | 4,900 | 259,436 | ||||||
| Kubota Corp. | 53,900 | 741,063 | ||||||
| Kurita Water Industries Ltd. | 7,600 | 310,599 | ||||||
| Kyocera Corp. | 15,200 | 862,299 | ||||||
| Kyowa Kirin Co. Ltd. | 15,200 | 292,567 | ||||||
| Lixil Corp. | 15,200 | 195,568 | ||||||
| Makita Corp. | 11,900 | 321,736 | ||||||
| MatsukiyoCocokara & Co. | 6,000 | 321,177 | ||||||
| McDonald’s Holdings Co. Japan Ltd. | 7,600 | 312,564 | ||||||
| MEIJI Holdings Co. Ltd. | 15,200 | 341,082 | ||||||
| MINEBEA MITSUMI Inc. | 22,800 | 438,264 | ||||||
| MISUMI Group Inc. | 15,300 | 332,581 | ||||||
| Mitsubishi Chemical Group Corp. | 68,400 | 383,374 | ||||||
| Mitsubishi Electric Corp. | 106,400 | 1,384,959 | ||||||
| Mitsubishi Estate Co. Ltd. | 61,700 | 706,578 | ||||||
| Mitsubishi HC Capital Inc. | 38,000 | 206,132 | ||||||
| Mitsubishi UFJ Financial Group Inc. | 623,200 | 4,144,148 | ||||||
| Mitsui Chemicals Inc. | 7,600 | 191,567 | ||||||
| Mitsui Fudosan Co. Ltd. | 49,100 | 936,208 | ||||||
| Mizuho Financial Group Inc. | 129,200 | 1,903,805 | ||||||
| MonotaRO Co. Ltd. | 15,200 | 210,769 | ||||||
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
| MS&AD Insurance Group Holdings Inc. | 22,800 | $ | 781,268 | |||||
| Murata Manufacturing Co. Ltd. | 30,400 | 1,776,763 | ||||||
| NEC Corp. | 14,600 | 685,189 | ||||||
| NGK Insulators Ltd. | 15,200 | 183,158 | ||||||
| Nidec Corp. | 22,800 | 1,129,854 | ||||||
| Nintendo Co. Ltd. | 53,200 | 2,259,083 | ||||||
| Nippon Building Fund Inc. | 76 | 304,195 | ||||||
| Nippon Paint Holdings Co. Ltd. | 53,200 | 407,387 | ||||||
| Nippon Prologis REIT Inc. | 152 | 318,487 | ||||||
| Nippon Sanso Holdings Corp. | 7,600 | 156,009 | ||||||
| Nippon Telegraph & Telephone Corp. | 68,400 | 1,943,293 | ||||||
| Nippon Yusen KK | 22,800 | 485,225 | ||||||
| Nissan Chemical Corp. | 7,600 | 329,690 | ||||||
| Nissin Foods Holdings Co. Ltd. | 2,100 | 179,192 | ||||||
| Nitori Holdings Co. Ltd. | 3,900 | 475,183 | ||||||
| Nitto Denko Corp. | 7,600 | 540,400 | ||||||
| Nomura Real Estate Holdings Inc. | 7,700 | 186,094 | ||||||
| Nomura Real Estate Master Fund Inc. | 228 | 268,017 | ||||||
| Nomura Research Institute Ltd. | 22,800 | 573,620 | ||||||
| NTT Data Corp. | 30,900 | 441,714 | ||||||
| Obayashi Corp. | 38,500 | 309,827 | ||||||
| Odakyu Electric Railway Co. Ltd. | 15,200 | 221,296 | ||||||
| Oji Holdings Corp. | 45,600 | 175,481 | ||||||
| Omron Corp. | 7,600 | 457,987 | ||||||
| Ono Pharmaceutical Co. Ltd. | 22,800 | 426,339 | ||||||
| Open House Group Co. Ltd. | 7,600 | 291,457 | ||||||
| Oracle Corp. Japan(a) | 2,100 | 160,976 | ||||||
| Oriental Land Co. Ltd./Japan | 60,800 | 2,277,125 | ||||||
| Otsuka Corp. | 7,600 | 286,241 | ||||||
| Otsuka Holdings Co. Ltd. | 22,800 | 845,919 | ||||||
| Pan Pacific International Holdings Corp. | 22,800 | 388,626 | ||||||
| Persol Holdings Co. Ltd. | 7,700 | 145,198 | ||||||
| Rakuten Group Inc. | 45,600 | 188,045 | ||||||
| Recruit Holdings Co. Ltd. | 76,000 | 2,325,013 | ||||||
| Renesas Electronics Corp.(a) | 68,400 | 1,107,067 | ||||||
| Resona Holdings Inc. | 114,000 | 517,130 | ||||||
| Ricoh Co. Ltd. | 30,400 | 253,602 | ||||||
| Rohm Co. Ltd. | 4,200 | 354,441 | ||||||
| SCSK Corp. | 7,600 | 120,193 | ||||||
| Secom Co. Ltd. | 10,200 | 668,014 | ||||||
| Seiko Epson Corp. | 15,200 | 230,512 | ||||||
| Sekisui Chemical Co. Ltd. | 22,800 | 314,258 | ||||||
| Sekisui House Ltd. | 30,900 | 603,068 | ||||||
| SG Holdings Co. Ltd. | 15,200 | 222,993 | ||||||
| Sharp Corp./Japan(a) | 15,200 | 87,085 | ||||||
| Shimadzu Corp. | 15,200 | 470,072 | ||||||
| Shimizu Corp. | 30,400 | 184,107 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 98,800 | 3,041,688 | ||||||
| Shionogi & Co. Ltd. | 15,200 | 682,877 | ||||||
| Shiseido Co. Ltd. | 22,800 | 1,035,378 | ||||||
| Shizuoka Financial Group Inc., NVS | 23,100 | 169,687 | ||||||
| SoftBank Corp. | 159,600 | 1,700,739 | ||||||
| SoftBank Group Corp. | 53,900 | 2,120,856 | ||||||
| Sompo Holdings Inc. | 15,200 | 617,914 | ||||||
| Sony Group Corp. | 68,400 | 6,414,575 | ||||||
| Square Enix Holdings Co. Ltd. | 7,600 | 340,385 | ||||||
| SUMCO Corp. | 22,800 | 324,543 | ||||||
| Sumitomo Chemical Co. Ltd. | 76,000 | 226,308 | ||||||
| Sumitomo Electric Industries Ltd. | 38,000 | 451,118 | ||||||
| Sumitomo Metal Mining Co. Ltd. | 15,200 | 461,482 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® ESG Advanced MSCI EAFE ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
| Sumitomo Mitsui Financial Group Inc. | 68,400 | $ | 2,775,785 | |||||
| Sumitomo Realty & Development Co. Ltd. | 15,200 | 366,580 | ||||||
| Suntory Beverage & Food Ltd. | 7,600 | 279,541 | ||||||
| Sysmex Corp. | 7,600 | 497,406 | ||||||
| T&D Holdings Inc. | 30,400 | 412,798 | ||||||
| Taisei Corp. | 7,600 | 241,493 | ||||||
| TDK Corp. | 22,800 | 869,806 | ||||||
| Terumo Corp. | 38,000 | 1,156,033 | ||||||
| TIS Inc. | 15,200 | 425,378 | ||||||
| Tobu Railway Co. Ltd. | 7,600 | 198,811 | ||||||
| Tokio Marine Holdings Inc. | 98,800 | 2,211,817 | ||||||
| Tokyo Electron Ltd. | 23,700 | 3,223,330 | ||||||
| Tokyu Corp. | 30,400 | 392,591 | ||||||
| Toppan Inc. | 15,200 | 324,709 | ||||||
| Toray Industries Inc. | 76,000 | 400,899 | ||||||
| Tosoh Corp. | 15,200 | 174,616 | ||||||
| TOTO Ltd. | 7,600 | 230,161 | ||||||
| Toyota Industries Corp. | 7,800 | 480,991 | ||||||
| Trend Micro Inc./Japan | 7,600 | 361,411 | ||||||
| Unicharm Corp. | 22,800 | 865,901 | ||||||
| USS Co. Ltd. | 15,200 | 247,008 | ||||||
| Welcia Holdings Co. Ltd. | 7,600 | 160,511 | ||||||
| West Japan Railway Co. | 15,200 | 636,601 | ||||||
| Yakult Honsha Co. Ltd. | 7,600 | 493,692 | ||||||
| Yamaha Corp. | 7,600 | 300,640 | ||||||
| Yamaha Motor Co. Ltd. | 15,200 | 373,958 | ||||||
| Yamato Holdings Co. Ltd. | 15,200 | 278,057 | ||||||
| Yaskawa Electric Corp. | 15,200 | 640,812 | ||||||
| Yokogawa Electric Corp. | 15,200 | 286,217 | ||||||
| Z Holdings Corp. | 144,400 | 358,895 | ||||||
| ZOZO Inc. | 7,600 | 154,703 | ||||||
| 130,486,583 | ||||||||
| Netherlands — 7.5% | ||||||||
| ABN AMRO Bank NV, CVA(b) | 21,910 | 320,098 | ||||||
| Adyen NV(a)(b) | 1,216 | 1,991,615 | ||||||
| AerCap Holdings NV(a) | 9,017 | 514,690 | ||||||
| Akzo Nobel NV | 9,272 | 698,907 | ||||||
| ASM International NV | 2,584 | 1,124,281 | ||||||
| ASML Holding NV | 22,040 | 15,942,112 | ||||||
| Coca-Cola Europacific Partners PLC | 11,172 | 697,021 | ||||||
| DSM-Firmenich AG(a) | 9,424 | 1,048,028 | ||||||
| EXOR NV, NVS(a) | 5,928 | 492,293 | ||||||
| IMCD NV | 3,056 | 460,654 | ||||||
| ING Groep NV(a) | 196,992 | 2,427,156 | ||||||
| JDE Peet’s NV | 6,840 | 198,721 | ||||||
| Just Eat Takeaway.com NV(a)(b) | 9,828 | 148,641 | ||||||
| Koninklijke Ahold Delhaize NV | 53,124 | 1,684,155 | ||||||
| NN Group NV | 13,680 | 493,536 | ||||||
| OCI NV | 5,776 | 128,203 | ||||||
| Prosus NV | 43,624 | 2,875,022 | ||||||
| Randstad NV | 6,004 | 294,530 | ||||||
| Universal Music Group NV | 44,612 | 884,970 | ||||||
| Wolters Kluwer NV | 14,136 | 1,614,673 | ||||||
| 34,039,306 | ||||||||
| New Zealand — 0.4% | ||||||||
| Auckland International Airport Ltd.(a) | 68,400 | 365,585 | ||||||
| EBOS Group Ltd. | 8,664 | 219,262 | ||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 31,540 | 440,465 | ||||||
| Mercury NZ Ltd. | 40,741 | 160,914 | ||||||
| Security | Shares | Value | ||||||
| New Zealand (continued) | ||||||||
| Meridian Energy Ltd. | 69,160 | $ | 220,825 | |||||
| Spark New Zealand Ltd. | 101,999 | 316,585 | ||||||
| 1,723,636 | ||||||||
| Norway — 0.6% | ||||||||
| Adevinta ASA(a) | 14,981 | 104,834 | ||||||
| DNB Bank ASA | 50,008 | 837,730 | ||||||
| Gjensidige Forsikring ASA | 11,376 | 191,231 | ||||||
| Mowi ASA | 23,940 | 411,087 | ||||||
| Orkla ASA | 41,865 | 301,357 | ||||||
| Salmar ASA | 3,952 | 174,369 | ||||||
| Telenor ASA | 36,870 | 379,128 | ||||||
| Yara International ASA | 8,773 | 327,838 | ||||||
| 2,727,574 | ||||||||
| Portugal — 0.1% | ||||||||
| Jeronimo Martins SGPS SA | 15,884 | 383,860 | ||||||
| Singapore — 1.8% | ||||||||
| CapitaLand Ascendas REIT | 182,499 | 364,239 | ||||||
| CapitaLand Integrated Commercial Trust | 288,881 | 427,279 | ||||||
| Capitaland Investment Ltd/Singapore | 152,000 | 371,999 | ||||||
| City Developments Ltd. | 30,400 | 151,691 | ||||||
| DBS Group Holdings Ltd. | 98,800 | 2,212,139 | ||||||
| Grab Holdings Ltd., Class A(a) | 101,688 | 303,030 | ||||||
| Mapletree Logistics Trust | 190,000 | 233,060 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 182,400 | 1,653,468 | ||||||
| Seatrium Ltd.(a) | 2,226,800 | 202,329 | ||||||
| Singapore Airlines Ltd. | 76,000 | 360,105 | ||||||
| Singapore Exchange Ltd. | 38,400 | 263,329 | ||||||
| United Overseas Bank Ltd. | 68,400 | 1,413,203 | ||||||
| UOL Group Ltd. | 23,200 | 108,964 | ||||||
| Venture Corp. Ltd. | 15,200 | 170,528 | ||||||
| 8,235,363 | ||||||||
| Spain — 1.8% | ||||||||
| Acciona SA | 1,976 | 320,263 | ||||||
| ACS Actividades de Construccion y Servicios SA | 11,324 | 377,893 | ||||||
| Aena SME SA(b) | 4,123 | 646,930 | ||||||
| Amadeus IT Group SA(a) | 24,548 | 1,761,687 | ||||||
| CaixaBank SA | 224,580 | 825,405 | ||||||
| Cellnex Telecom SA(b) | 30,324 | 1,228,894 | ||||||
| Corp. ACCIONA Energias Renovables SA | 3,496 | 116,536 | ||||||
| EDP Renovaveis SA | 15,352 | 305,261 | ||||||
| EDP Renovaveis SA | 199 | 3,957 | ||||||
| Ferrovial SA | 27,740 | 860,704 | ||||||
| Grifols SA(a) | 17,860 | 207,816 | ||||||
| Red Electrica Corp. SA | 7,817 | 132,563 | ||||||
| Telefonica SA | 281,504 | 1,198,859 | ||||||
| 7,986,768 | ||||||||
| Sweden — 4.9% | ||||||||
| Assa Abloy AB, Class B | 53,884 | 1,198,324 | ||||||
| Atlas Copco AB, Class A | 144,324 | 2,111,248 | ||||||
| Atlas Copco AB, Class B | 83,828 | 1,058,658 | ||||||
| Beijer Ref AB | 18,316 | 270,897 | ||||||
| Embracer Group AB(a)(c) | 35,720 | 82,473 | ||||||
| Epiroc AB, Class A | 35,644 | 626,088 | ||||||
| Epiroc AB, Class B | 20,950 | 317,186 | ||||||
| EQT AB | 19,380 | 368,250 | ||||||
| Essity AB, Class B | 33,136 | 882,423 | ||||||
| Fastighets AB Balder, Class B(a) | 35,967 | 121,400 | ||||||
| Getinge AB, Class B | 12,280 | 283,582 | ||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® ESG Advanced MSCI EAFE ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Sweden (continued) | ||||||||
| H & M Hennes & Mauritz AB, Class B | 35,796 | $ | 447,244 | |||||
| Hexagon AB, Class B | 113,012 | 1,312,894 | ||||||
| Holmen AB, Class B | 5,460 | 206,920 | ||||||
| Husqvarna AB, Class B | 22,541 | 167,110 | ||||||
| Industrivarden AB, Class A | 7,544 | 203,361 | ||||||
| Industrivarden AB, Class C | 8,847 | 236,990 | ||||||
| Indutrade AB | 14,374 | 339,335 | ||||||
| Investment AB Latour, Class B | 8,056 | 160,104 | ||||||
| Investor AB, Class A | 23,788 | 490,569 | ||||||
| Investor AB, Class B | 94,240 | 1,921,242 | ||||||
| Kinnevik AB, Class B(a) | 13,072 | 188,689 | ||||||
| Lifco AB, Class B | 12,540 | 265,731 | ||||||
| Nibe Industrier AB, Class B | 81,396 | 778,909 | ||||||
| Nordea Bank Abp | 176,624 | 1,743,506 | ||||||
| Sagax AB, Class B | 10,697 | 211,752 | ||||||
| Sandvik AB | 57,304 | 1,010,229 | ||||||
| Securitas AB, Class B | 26,752 | 197,020 | ||||||
| Skandinaviska Enskilda Banken AB, Class A | 86,792 | 911,080 | ||||||
| SKF AB, Class B | 18,544 | 295,068 | ||||||
| Svenska Cellulosa AB SCA, Class B | 32,528 | 432,480 | ||||||
| Svenska Handelsbanken AB, Class A | 78,356 | 620,358 | ||||||
| Swedish Orphan Biovitrum AB(a) | 8,588 | 172,779 | ||||||
| Tele2 AB, Class B | 29,108 | 264,873 | ||||||
| Telia Co. AB | 133,532 | 311,381 | ||||||
| Volvo AB, Class A | 10,868 | 209,512 | ||||||
| Volvo AB, Class B | 82,156 | 1,516,038 | ||||||
| Volvo Car AB, Class B(a)(c) | 31,356 | 108,241 | ||||||
| 22,043,944 | ||||||||
| Switzerland — 8.9% | ||||||||
| ABB Ltd., Registered | 85,646 | 3,128,403 | ||||||
| Adecco Group AG, Registered | 8,399 | 250,974 | ||||||
| Alcon Inc. | 27,208 | 2,117,507 | ||||||
| Bachem Holding AG, Class A | 1,920 | 202,185 | ||||||
| Baloise Holding AG, Registered | 2,529 | 388,801 | ||||||
| Banque Cantonale Vaudoise, Registered | 1,596 | 161,000 | ||||||
| Clariant AG, Registered | 11,628 | 167,619 | ||||||
| Geberit AG, Registered | 1,976 | 1,048,362 | ||||||
| Givaudan SA, Registered | 495 | 1,631,511 | ||||||
| Helvetia Holding AG, Registered | 2,052 | 291,324 | ||||||
| Julius Baer Group Ltd. | 11,476 | 704,783 | ||||||
| Kuehne + Nagel International AG, Registered | 2,964 | 845,010 | ||||||
| Logitech International SA, Registered | 8,968 | 573,628 | ||||||
| Lonza Group AG, Registered | 4,104 | 2,574,050 | ||||||
| Novartis AG, Registered | 111,568 | 10,693,426 | ||||||
| Partners Group Holding AG | 1,288 | 1,164,400 | ||||||
| Schindler Holding AG, Participation Certificates, NVS | 2,204 | 458,060 | ||||||
| Schindler Holding AG, Registered | 1,292 | 259,908 | ||||||
| SGS SA | 8,132 | 721,769 | ||||||
| SIG Group AG | 16,416 | 448,986 | ||||||
| Sika AG, Registered | 7,904 | 2,162,701 | ||||||
| Sonova Holding AG, Registered | 2,888 | 741,712 | ||||||
| Straumann Holding AG | 6,060 | 890,327 | ||||||
| Swiss Life Holding AG, Registered | 1,672 | 967,369 | ||||||
| Swiss Prime Site AG, Registered | 4,180 | 353,541 | ||||||
| Swiss Re AG | 16,456 | 1,649,667 | ||||||
| Swisscom AG, Registered | 1,373 | 869,791 | ||||||
| Temenos AG, Registered | 3,496 | 295,690 | ||||||
| VAT Group AG(b) | 1,444 | 596,939 | ||||||
| Security | Shares | Value | ||||||
| Switzerland (continued) | ||||||||
| Zurich Insurance Group AG | 8,228 | $ | 3,852,200 | |||||
| 40,211,643 | ||||||||
| United Kingdom — 8.0% | ||||||||
| 3i Group PLC | 52,972 | 1,292,250 | ||||||
| abrdn PLC | 108,984 | 270,057 | ||||||
| Admiral Group PLC | 11,552 | 334,624 | ||||||
| Anglo American PLC | 68,248 | 1,880,115 | ||||||
| Antofagasta PLC | 21,660 | 360,404 | ||||||
| Ashtead Group PLC | 23,864 | 1,457,459 | ||||||
| Auto Trader Group PLC(b) | 50,920 | 399,621 | ||||||
| Aviva PLC | 151,620 | 744,342 | ||||||
| Barratt Developments PLC | 54,581 | 315,384 | ||||||
| Berkeley Group Holdings PLC | 5,569 | 272,578 | ||||||
| British Land Co. PLC (The) | 47,956 | 205,208 | ||||||
| Bunzl PLC | 18,392 | 720,013 | ||||||
| Burberry Group PLC | 20,596 | 552,353 | ||||||
| Coca-Cola HBC AG, Class DI | 12,008 | 356,738 | ||||||
| Compass Group PLC | 95,000 | 2,603,397 | ||||||
| Croda International PLC | 7,524 | 571,108 | ||||||
| Endeavour Mining PLC | 10,108 | 270,589 | ||||||
| Halma PLC | 20,444 | 613,579 | ||||||
| Hikma Pharmaceuticals PLC | 8,968 | 200,449 | ||||||
| Informa PLC | 75,772 | 657,854 | ||||||
| InterContinental Hotels Group PLC | 9,272 | 610,104 | ||||||
| Intertek Group PLC | 8,740 | 451,980 | ||||||
| JD Sports Fashion PLC | 141,056 | 267,621 | ||||||
| Johnson Matthey PLC | 9,804 | 211,271 | ||||||
| Kingfisher PLC | 107,702 | 309,793 | ||||||
| Land Securities Group PLC | 38,000 | 285,487 | ||||||
| Legal & General Group PLC | 325,128 | 924,128 | ||||||
| Lloyds Banking Group PLC | 3,606,808 | 1,987,235 | ||||||
| London Stock Exchange Group PLC | 21,879 | 2,332,401 | ||||||
| M&G PLC | 120,080 | 296,638 | ||||||
| Mondi PLC | 26,068 | 404,103 | ||||||
| Ocado Group PLC(a) | 31,464 | 144,845 | ||||||
| Pearson PLC | 35,568 | 352,908 | ||||||
| Persimmon PLC | 17,404 | 260,523 | ||||||
| Phoenix Group Holdings PLC | 40,812 | 280,827 | ||||||
| Prudential PLC | 149,872 | 1,969,286 | ||||||
| RELX PLC | 103,588 | 3,239,679 | ||||||
| Rentokil Initial PLC | 134,824 | 1,072,467 | ||||||
| Sage Group PLC (The) | 55,784 | 604,526 | ||||||
| Schroders PLC | 43,852 | 249,028 | ||||||
| Segro PLC | 65,816 | 654,208 | ||||||
| Severn Trent PLC | 13,767 | 475,605 | ||||||
| Spirax-Sarco Engineering PLC | 4,028 | 549,043 | ||||||
| St. James’s Place PLC | 29,868 | 415,857 | ||||||
| Standard Chartered PLC | 131,024 | 1,032,564 | ||||||
| Taylor Wimpey PLC | 179,816 | 256,118 | ||||||
| Vodafone Group PLC | 1,248,908 | 1,187,624 | ||||||
| Whitbread PLC | 11,020 | 452,015 | ||||||
| WPP PLC | 58,748 | 624,446 | ||||||
| 35,980,452 | ||||||||
| Total Common Stocks — 98.8% | ||||||||
| (Cost: $462,666,337) | 445,324,753 | |||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® ESG Advanced MSCI EAFE ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Preferred Stocks | ||||||||
| Germany — 0.5% | ||||||||
| Bayerische Motoren Werke AG, Preference Shares, NVS | 3,268 | $ | 336,444 | |||||
| Dr Ing hc F Porsche AG, Preference Shares, NVS(a)(b) | 6,156 | 766,456 | ||||||
| Henkel AG & Co. KGaA, Preference Shares, NVS | 9,196 | 733,964 | ||||||
| Sartorius AG, Preference Shares, NVS | 1,444 | 484,636 | ||||||
| 2,321,500 | ||||||||
| Total Preferred Stocks — 0.5% | ||||||||
| (Cost: $2,434,018) | 2,321,500 | |||||||
| Total Long-Term Investments — 99.3% | ||||||||
| (Cost: $465,100,355) | 447,646,253 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.3% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(d)(e)(f) | 1,572,285 | 1,572,599 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e) | 70,000 | 70,000 | ||||||
| Total Short-Term Securities — 0.3% | ||||||||
| (Cost: $1,642,678) | 1,642,599 | |||||||
| Total Investments — 99.6% | ||||||||
| (Cost: $466,743,033) | 449,288,852 | |||||||
| Other Assets Less Liabilities — 0.4% | 1,638,307 | |||||||
| Net Assets — 100.0% | $ | 450,927,159 | ||||||
| (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. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/23 | Shares Held at 05/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 1,631,126 | $ | — | $ | (63,675 | )(a) | $ | 5,832 | $ | (684 | ) | $ | 1,572,599 | 1,572,285 | $ | 20,215 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30,000 | 40,000 | (a) | — | — | — | 70,000 | 70,000 | 2,085 | — | ||||||||||||||||||||||||||
| $ | 5,832 | $ | (684 | ) | $ | 1,642,599 | $ | 22,300 | $ | — | ||||||||||||||||||||||||||
| (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 fees and collateral investment expenses, and other payments to and from borrowers of securities. |
6
| Schedule of Investments (unaudited) (continued) | iShares® ESG Advanced MSCI EAFE ETF |
| May 31, 2023 |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| Mini TOPIX Index | 94 | 06/08/23 | $ | 1,429 | $ | 55,944 | ||||||||
| Euro STOXX 50 Index | 44 | 06/16/23 | 1,990 | (30,993 | ) | |||||||||
| $ | 24,951 | |||||||||||||
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| ● | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| ● | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| ● | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Common Stocks | $ | 4,871,776 | $ | 440,452,977 | $ | — | $ | 445,324,753 | ||||||||
| Preferred Stocks | — | 2,321,500 | — | 2,321,500 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 1,642,599 | — | — | 1,642,599 | ||||||||||||
| $ | 6,514,375 | $ | 442,774,477 | $ | — | $ | 449,288,852 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Equity Contracts | $ | — | $ | 55,944 | $ | — | $ | 55,944 | ||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | — | (30,993 | ) | — | (30,993 | ) | ||||||||||
| $ | — | $ | 24,951 | $ | — | 24,951 | ||||||||||
| (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 |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
7