NPORT-EX 2 NPORT_2QP7_75416676_0525.htm EDGAR HTML
Schedule of Investments (unaudited)
May 31, 2025
iShares® ESG Aware MSCI EAFE ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 6.8%
ANZ Group Holdings Ltd.
1,257,423
$23,530,442
APA Group
2,299,527
12,287,468
Aristocrat Leisure Ltd.
354,209
14,232,998
ASX Ltd.
277,790
12,763,543
BHP Group Ltd.
1,577,500
38,751,269
BlueScope Steel Ltd.
637,851
9,362,961
Brambles Ltd.
1,874,808
28,043,857
CAR Group Ltd.
404,594
9,272,172
Cochlear Ltd.
103,828
18,154,685
Commonwealth Bank of Australia
865,864
98,248,581
Computershare Ltd.
351,090
9,089,994
CSL Ltd.
302,142
48,212,803
Fortescue Ltd.
931,421
9,266,515
Goodman Group
874,914
18,557,111
James Hardie Industries PLC(a)
385,392
8,866,696
Lottery Corp. Ltd. (The)
2,996,237
9,845,820
Macquarie Group Ltd.
186,276
25,696,841
National Australia Bank Ltd.
771,370
18,877,016
Northern Star Resources Ltd.
893,310
12,147,861
QBE Insurance Group Ltd.
1,626,511
24,297,079
REA Group Ltd.
70,775
10,932,279
Rio Tinto Ltd.
101,470
7,378,998
Sigma Healthcare Ltd.
5,964,406
11,993,464
Suncorp Group Ltd.
2,068,297
27,555,376
Transurban Group
4,728,245
43,211,777
Wesfarmers Ltd.
596,937
31,939,941
Westpac Banking Corp.
882,481
18,515,217
WiseTech Global Ltd.
188,675
13,036,157
Woodside Energy Group Ltd.
2,463,409
35,372,651
 
649,441,572
Austria — 0.3%
Erste Group Bank AG
138,569
11,158,892
OMV AG
155,174
8,300,037
Verbund AG
140,121
10,948,161
 
30,407,090
Belgium — 1.1%
Anheuser-Busch InBev SA
615,232
43,443,391
Argenx SE(a)
34,263
19,659,163
KBC Group NV
286,896
28,363,443
UCB SA
55,841
10,158,572
 
101,624,569
Denmark — 2.4%
Carlsberg A/S, Class B
128,234
18,355,664
DSV A/S
101,020
23,788,643
Genmab A/S(a)
46,673
9,846,116
Novo Nordisk A/S, Class B
1,752,149
124,486,339
Novonesis Novozymes B, Class B
231,155
16,287,245
Orsted A/S(a)(b)
226,858
9,323,069
Pandora A/S
101,956
18,636,877
Vestas Wind Systems A/S
627,101
9,917,762
 
230,641,715
Finland — 1.6%
Elisa OYJ
333,707
17,593,551
Kesko OYJ, Class B
715,789
17,310,294
Metso OYJ
1,137,619
13,767,506
Neste OYJ
863,795
9,266,262
Nokia OYJ
4,859,364
25,289,585
Sampo OYJ, Class A
2,257,033
24,087,434
Stora Enso OYJ, Class R
964,014
9,747,890
Security
Shares
Value
Finland (continued)
UPM-Kymmene OYJ
644,298
$17,832,386
Wartsila OYJ Abp
718,837
14,412,634
 
149,307,542
France — 10.6%
Air Liquide SA
82,013
16,993,817
Airbus SE
294,325
54,133,560
Alstom SA(a)
443,385
10,022,928
Amundi SA(b)
96,159
7,850,712
AXA SA
1,495,563
70,494,185
BNP Paribas SA
492,501
43,130,495
Cie de Saint-Gobain SA
143,082
16,108,726
Cie Generale des Etablissements Michelin SCA
1,080,365
41,333,701
Covivio SA/France
259,004
15,540,169
Credit Agricole SA
969,487
17,750,504
Danone SA
837,932
71,640,927
Dassault Systemes SE
794,719
29,800,725
Engie SA
598,103
12,908,865
EssilorLuxottica SA
191,465
53,199,174
Eurazeo SE
122,505
8,566,981
Eurofins Scientific SE(c)
151,442
10,101,011
Gecina SA
93,362
10,276,428
Hermes International SCA
16,615
45,816,070
Kering SA
75,438
14,744,150
Legrand SA
173,838
21,113,658
L'Oreal SA
142,302
60,231,500
LVMH Moet Hennessy Louis Vuitton SE
129,825
70,417,951
Pernod Ricard SA
106,090
10,969,962
Rexel SA
865,383
24,307,406
Safran SA
39,710
11,744,505
Sanofi SA
201,767
19,983,184
Schneider Electric SE
396,417
100,020,597
Societe Generale SA
553,265
30,040,993
STMicroelectronics NV
639,928
16,065,182
TotalEnergies SE
1,520,688
89,520,116
Vinci SA
111,979
16,000,195
 
1,020,828,377
Germany — 9.7%
adidas AG
120,637
30,088,465
Allianz SE, Registered
212,379
84,232,325
BASF SE
194,723
9,389,931
Bayer AG, Registered
429,057
12,079,465
Bayerische Motoren Werke AG
184,127
16,335,939
Commerzbank AG
459,468
13,994,942
Deutsche Bank AG, Registered
1,314,742
36,411,920
Deutsche Boerse AG
159,967
51,533,147
Deutsche Lufthansa AG, Registered
1,216,644
9,736,574
Deutsche Telekom AG, Registered
734,630
27,819,276
E.ON SE
633,201
11,097,539
GEA Group AG
301,653
20,203,689
Heidelberg Materials AG
75,666
14,831,386
Henkel AG & Co. KGaA
536,408
39,385,779
Infineon Technologies AG
1,010,522
39,288,816
LEG Immobilien SE
112,019
9,511,043
Mercedes-Benz Group AG
454,650
27,187,022
Merck KGaA
238,823
31,295,076
MTU Aero Engines AG
24,715
9,885,237
Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, Registered
84,392
54,675,240
Qiagen NV
225,468
10,177,424
Rheinmetall AG
24,667
52,867,953
SAP SE
618,885
187,225,101
 
1
Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® ESG Aware MSCI EAFE ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Germany (continued)
Siemens AG, Registered
388,001
$93,323,244
Siemens Energy AG(a)
286,509
27,999,237
Vonovia SE
290,400
9,514,817
 
930,090,587
Hong Kong — 1.7%
AIA Group Ltd.
5,695,200
47,407,545
BOC Hong Kong Holdings Ltd.
4,719,000
19,845,812
Hong Kong & China Gas Co. Ltd.
11,173,000
9,808,039
Hong Kong Exchanges & Clearing Ltd.
764,900
38,263,604
MTR Corp. Ltd.(c)
13,507,500
47,092,999
 
162,417,999
Ireland — 0.5%
AIB Group PLC
1,410,181
11,125,942
Kerry Group PLC, Class A
279,034
30,502,467
Kingspan Group PLC
122,674
10,536,423
 
52,164,832
Israel — 0.9%
Bank Hapoalim BM
1,027,611
17,239,580
Bank Leumi Le-Israel BM
606,269
9,784,149
Check Point Software Technologies Ltd.(a)
42,874
9,813,001
CyberArk Software Ltd.(a)
33,886
12,970,883
Elbit Systems Ltd.
28,213
11,336,781
Isracard Ltd.
1
5
Monday.com Ltd.(a)(c)
31,440
9,353,086
Nice Ltd.(a)
71,816
12,163,297
Wix.com Ltd.(a)(c)
51,590
7,684,331
 
90,345,113
Italy — 3.0%
Banca Mediolanum SpA
528,599
8,787,339
Banco BPM SpA
823,396
9,464,768
BPER Banca SpA
1,134,262
10,075,274
Enel SpA
4,493,555
41,304,768
Generali
1,373,624
50,000,289
Intesa Sanpaolo SpA
10,001,016
55,832,927
Leonardo SpA
163,372
10,106,149
Mediobanca Banca di Credito Finanziario SpA
779,225
18,536,713
Moncler SpA
370,699
23,206,163
Prysmian SpA
149,318
9,602,945
UniCredit SpA
772,476
49,675,206
 
286,592,541
Japan — 21.5%
Advantest Corp.
354,500
17,929,258
Aeon Co. Ltd.
387,800
11,922,189
Ajinomoto Co. Inc.
848,100
21,202,394
ANA Holdings Inc.
1,622,000
32,117,300
Asahi Group Holdings Ltd.
1,030,300
13,579,372
Asahi Kasei Corp.
1,621,500
11,394,148
Asics Corp.
424,800
10,238,144
Astellas Pharma Inc.
1,853,600
18,309,162
Bandai Namco Holdings Inc.
295,800
9,398,011
Bridgestone Corp.
900,900
38,680,185
Canon Inc.
538,900
16,462,855
Chugai Pharmaceutical Co. Ltd.
383,100
20,029,049
Concordia Financial Group Ltd.
1,513,000
9,699,274
Dai-ichi Life Holdings Inc.
1,641,000
12,808,812
Daiichi Sankyo Co. Ltd.
1,294,000
34,438,374
Daikin Industries Ltd.
135,600
15,428,653
Daiwa House Industry Co. Ltd.
279,700
9,430,348
Daiwa Securities Group Inc.
3,511,900
23,755,780
Disco Corp.
40,900
9,162,050
Eisai Co. Ltd.
472,100
13,517,111
Security
Shares
Value
Japan (continued)
ENEOS Holdings Inc.
3,507,200
$16,617,458
FANUC Corp.
1,106,200
29,523,638
Fast Retailing Co. Ltd.
114,300
38,072,109
FUJIFILM Holdings Corp.
499,900
11,284,095
Fujitsu Ltd.
1,534,200
35,136,823
Hankyu Hanshin Holdings Inc.
951,500
25,595,052
Hitachi Ltd.
2,549,200
71,021,494
Honda Motor Co. Ltd.
1,601,700
16,270,698
Hoya Corp.
284,500
33,590,342
Idemitsu Kosan Co. Ltd.
1,601,100
9,752,373
IHI Corp.
115,800
11,145,748
Inpex Corp.
727,100
9,722,611
Isuzu Motors Ltd.
1,231,100
16,640,598
ITOCHU Corp.
1,031,900
54,769,322
JFE Holdings Inc.
894,900
10,611,375
Kao Corp.
225,500
10,294,388
KDDI Corp.
3,070,300
53,148,457
Keyence Corp.
73,400
30,723,047
Kirin Holdings Co. Ltd.
711,700
10,210,240
Komatsu Ltd.
514,500
15,636,271
Konami Group Corp.
71,800
9,746,302
Marubeni Corp.
1,479,600
29,990,431
Mitsubishi Chemical Group Corp.
2,465,700
13,124,990
Mitsubishi Corp.
1,491,500
30,170,720
Mitsubishi Electric Corp.
1,236,900
24,684,795
Mitsubishi Estate Co. Ltd.
713,400
12,965,316
Mitsubishi Heavy Industries Ltd.
1,456,300
33,533,324
Mitsubishi UFJ Financial Group Inc.
5,411,400
75,696,297
Mitsui Fudosan Co. Ltd.
1,020,300
9,771,904
Mizuho Financial Group Inc.
1,556,000
43,269,633
MS&AD Insurance Group Holdings Inc.
453,600
10,804,051
Murata Manufacturing Co. Ltd.
668,400
9,697,703
NEC Corp.
812,600
21,211,570
Nintendo Co. Ltd.
456,480
37,242,582
Nippon Yusen KK
269,500
9,826,709
Nitto Denko Corp.
521,800
9,491,685
Nomura Holdings Inc.
2,187,200
13,365,696
Nomura Research Institute Ltd.
421,600
16,251,818
Obayashi Corp.
681,900
10,288,782
Oriental Land Co. Ltd./Japan
549,200
12,203,663
Panasonic Holdings Corp.
1,699,200
19,475,312
Rakuten Group Inc.(a)
1,690,500
9,304,332
Recruit Holdings Co. Ltd.
902,700
53,764,977
Renesas Electronics Corp.
1,064,700
12,931,223
Ricoh Co. Ltd.
1,649,800
15,383,047
Sanrio Co. Ltd.
205,300
9,028,382
Secom Co. Ltd.
268,100
9,762,628
Sekisui House Ltd.
1,640,900
37,210,892
Seven & i Holdings Co. Ltd.
721,400
10,850,299
SG Holdings Co. Ltd.
1,154,300
11,234,758
Shin-Etsu Chemical Co. Ltd.
604,000
19,285,815
Shionogi & Co. Ltd.
610,300
10,190,499
SoftBank Group Corp.
570,600
29,807,204
Sompo Holdings Inc.
950,800
28,772,493
Sony Group Corp.
3,909,700
104,646,751
Subaru Corp.
509,000
9,343,742
Sumitomo Metal Mining Co. Ltd.
589,900
13,433,524
Sumitomo Mitsui Financial Group Inc.
2,572,100
66,079,631
Sumitomo Mitsui Trust Group Inc.
374,700
10,139,266
Sysmex Corp.
773,500
12,979,486
TDK Corp.
878,900
9,624,146
Terumo Corp.
532,700
9,778,669
2 
Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® ESG Aware MSCI EAFE ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Japan (continued)
Tokio Marine Holdings Inc.
988,200
$41,793,255
Tokyo Electron Ltd.
317,900
50,026,317
Tokyo Gas Co. Ltd.
302,100
10,130,200
Tokyu Corp.
1,281,400
15,558,308
Toray Industries Inc.
2,059,300
14,206,677
Toyota Motor Corp.
3,837,300
73,055,286
Yamaha Motor Co. Ltd.
3,931,100
30,165,017
Yokogawa Electric Corp.
618,600
15,165,571
ZOZO Inc.
1,276,500
13,831,162
 
2,069,565,448
Netherlands — 4.7%
Adyen NV(a)(b)
10,681
20,469,908
AerCap Holdings NV
87,194
10,090,962
Akzo Nobel NV
171,869
11,729,279
ASM International NV
20,784
11,311,610
ASML Holding NV
224,019
165,043,690
Coca-Cola Europacific Partners PLC
232,165
21,310,425
DSM-Firmenich AG
90,170
10,037,631
Heineken NV
211,593
18,876,743
ING Groep NV
1,915,604
40,691,549
Koninklijke Ahold Delhaize NV
357,247
15,077,253
Koninklijke KPN NV
7,928,990
37,277,879
Prosus NV
786,988
40,426,138
Universal Music Group NV
424,144
13,571,529
Wolters Kluwer NV
209,196
37,096,640
 
453,011,236
New Zealand — 0.2%
Meridian Energy Ltd.
4,394,049
14,386,542
Norway — 1.1%
DNB Bank ASA
664,601
17,775,287
Equinor ASA
1,226,511
28,713,618
Gjensidige Forsikring ASA
403,459
10,214,696
Kongsberg Gruppen ASA
67,876
11,954,329
Mowi ASA
637,238
11,898,853
Orkla ASA
1,614,075
18,301,981
Telenor ASA
658,585
10,111,939
 
108,970,703
Portugal — 0.3%
EDP SA
4,712,378
18,808,740
Galp Energia SGPS SA
853,436
13,662,903
 
32,471,643
Singapore — 1.6%
CapitaLand Investment Ltd./Singapore
9,897,800
19,300,883
DBS Group Holdings Ltd.
980,810
33,840,378
Grab Holdings Ltd., Class A(a)
1,925,443
9,376,907
Keppel Ltd.(c)
7,490,700
39,333,258
Oversea-Chinese Banking Corp. Ltd.
1,124,700
14,126,387
Sea Ltd., ADR(a)
113,980
18,278,973
United Overseas Bank Ltd.
487,200
13,383,253
Wilmar International Ltd.(c)
4,138,600
9,775,038
 
157,415,077
Spain — 3.4%
ACS Actividades de Construccion y Servicios SA
167,755
11,019,186
Amadeus IT Group SA
274,532
22,832,855
Banco Bilbao Vizcaya Argentaria SA
3,140,948
47,151,771
Banco de Sabadell SA
3,236,091
10,302,026
Banco Santander SA
8,696,562
69,378,116
CaixaBank SA
1,630,140
13,827,869
Cellnex Telecom SA(b)
273,582
10,489,213
Endesa SA
386,941
11,824,490
Security
Shares
Value
Spain (continued)
Iberdrola SA
4,243,938
$77,790,344
Industria de Diseno Textil SA
611,304
33,117,566
Redeia Corp. SA
275,821
5,706,072
Repsol SA
797,201
10,740,643
 
324,180,151
Sweden — 2.9%
Atlas Copco AB, Class A
1,370,963
22,021,549
Boliden AB(a)
944,673
29,533,572
Epiroc AB, Class B
430,251
8,411,286
EQT AB
352,828
10,338,400
Essity AB, Class B
786,462
23,007,348
Evolution AB(b)
181,724
12,464,888
Hexagon AB, Class B
1,276,994
12,873,973
Nibe Industrier AB, Class B
2,133,753
8,748,900
Saab AB, Class B
323,681
16,357,344
Sandvik AB
856,574
18,696,993
Svenska Cellulosa AB SCA, Class B
1,624,763
21,963,711
Svenska Handelsbanken AB, Class A
1,176,459
15,718,353
Swedbank AB, Class A
660,157
17,875,307
Tele2 AB, Class B
1,726,898
25,838,160
Telia Co. AB
7,515,678
29,063,307
Volvo AB, Class B
360,100
9,977,879
 
282,890,970
Switzerland — 9.9%
ABB Ltd., Registered
1,519,090
86,052,897
Alcon AG
504,622
43,456,479
Geberit AG, Registered
16,541
12,354,977
Givaudan SA, Registered
6,967
35,037,654
Holcim AG
275,347
30,511,245
Kuehne + Nagel International AG, Registered
107,357
24,157,099
Logitech International SA, Registered
197,807
16,482,398
Lonza Group AG, Registered
58,125
40,333,245
Nestle SA, Registered
1,119,571
119,275,808
Novartis AG, Registered
1,086,320
125,392,917
Roche Holding AG, Bearer
103,801
35,468,204
Roche Holding AG, NVS
189,301
61,323,510
SGS SA
107,187
11,194,958
SIG Group AG
841,682
17,209,999
Sika AG, Registered
69,726
18,712,503
Sonova Holding AG, Registered
75,116
23,594,136
Straumann Holding AG
67,614
8,697,062
Swiss Prime Site AG, Registered
216,472
30,785,080
Swiss Re AG
237,209
41,913,339
Temenos AG, Registered
127,131
9,452,548
UBS Group AG, Registered
1,777,851
56,714,395
VAT Group AG(b)
55,135
21,034,614
Zurich Insurance Group AG
121,474
85,206,427
 
954,361,494
United Kingdom — 14.2%
3i Group PLC
841,725
46,231,854
Admiral Group PLC
274,327
12,391,626
Anglo American PLC
570,987
16,935,086
Antofagasta PLC
472,175
11,272,221
Ashtead Group PLC
254,249
14,887,673
AstraZeneca PLC
798,368
116,948,100
Auto Trader Group PLC(b)
1,224,237
13,111,079
Aviva PLC
3,623,171
29,852,764
BAE Systems PLC
1,758,418
45,085,585
Barclays PLC
8,040,252
35,605,889
BP PLC
4,174,234
20,295,521
Compass Group PLC
411,097
14,455,330
 
3
Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® ESG Aware MSCI EAFE ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United Kingdom (continued)
Croda International PLC
222,246
$9,198,863
DCC PLC
334,962
20,940,492
Diageo PLC
1,735,524
47,104,245
Entain PLC
923,940
9,367,933
GSK PLC
2,098,174
42,622,171
HSBC Holdings PLC
8,706,164
102,567,487
Informa PLC
2,677,359
28,388,299
Intertek Group PLC
143,277
9,251,188
J Sainsbury PLC
5,433,027
20,895,440
Kingfisher PLC
3,243,296
12,140,985
Land Securities Group PLC
1,867,005
15,942,605
Legal & General Group PLC
8,207,766
27,538,279
Lloyds Banking Group PLC
32,432,429
33,781,861
London Stock Exchange Group PLC
250,241
38,075,845
Marks & Spencer Group PLC
1,958,548
9,886,258
Mondi PLC, NVS
933,840
15,189,805
National Grid PLC
3,155,566
44,685,146
NatWest Group PLC, NVS
3,749,316
26,623,327
Pearson PLC
558,664
8,774,257
Phoenix Group Holdings PLC
1,353,027
11,577,815
Prudential PLC
772,469
8,785,866
Reckitt Benckiser Group PLC
191,463
13,015,184
RELX PLC
1,456,102
78,358,898
Rio Tinto PLC
411,652
24,362,376
Rolls-Royce Holdings PLC
3,289,458
38,279,342
Sage Group PLC (The)
1,298,727
21,359,184
Schroders PLC
1,977,463
9,481,673
Segro PLC
1,737,689
16,341,590
Shell PLC
2,161,886
71,331,225
Smiths Group PLC
308,481
8,966,807
SSE PLC
1,072,042
25,521,056
Standard Chartered PLC
1,247,044
19,455,438
Tesco PLC
4,457,789
23,325,933
Unilever PLC
1,418,041
90,246,004
Vodafone Group PLC
9,703,580
10,063,223
 
1,370,518,828
United States — 0.5%
Spotify Technology SA(a)
70,952
47,193,013
Total Common Stocks — 98.9%
(Cost: $7,198,293,555)
9,518,827,042
Security
Shares
Value
Preferred Stocks
Germany — 0.2%
Bayerische Motoren Werke AG, Preference
Shares, NVS
92,979
$7,706,681
Sartorius AG, Preference Shares, NVS
36,950
8,863,466
 
16,570,147
Total Preferred Stocks — 0.2%
(Cost: $20,196,200)
16,570,147
Total Long-Term Investments — 99.1%
(Cost: $7,218,489,755)
9,535,397,189
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.46%(d)(e)(f)
34,963,139
34,977,125
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(d)(e)
1,620,000
1,620,000
Total Short-Term Securities — 0.4%
(Cost: $36,597,116)
36,597,125
Total Investments — 99.5%
(Cost: $7,255,086,871)
9,571,994,314
Other Assets Less Liabilities — 0.5%
52,372,137
Net Assets — 100.0%
$9,624,366,451
 
(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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
08/31/24
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
$15,422,264
$19,557,204
(a)
$—
$(2,449
)
$106
$34,977,125
34,963,139
$78,037
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
2,860,000
—
(1,240,000
)(a)
—
—
1,620,000
1,620,000
48,879
—
 
 
 
 
$(2,449)
$106
$36,597,125
 
$126,916
$—
 
(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.
4 
Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® ESG Aware MSCI EAFE ETF
 
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
 
 
 
TOPIX Index
108
06/12/25
$20,856
$738,499
SPI 200 Index
70
06/19/25
9,540
358,560
Euro STOXX 50 Index
597
06/20/25
36,398
1,231,681
FTSE 100 Index
151
06/20/25
17,905
618,000
 
 
 
$2,946,740
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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
$146,071,581
$9,372,755,461
$—
$9,518,827,042
Preferred Stocks
—
16,570,147
—
16,570,147
Short-Term Securities 
Money Market Funds
36,597,125
—
—
36,597,125
 
$182,668,706
$9,389,325,608
$—
$9,571,994,314
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$358,560
$2,588,180
$—
$2,946,740
 
(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
 
5