| Schedule of Investments (unaudited) | iShares® Evolved U.S. Technology ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Advertising — 0.4% | ||||||||
| Interpublic Group of Companies Inc. (The) | 2,886 | $ | 94,141 | |||||
| Omnicom Group Inc. | 1,421 | 108,181 | ||||||
| Trade Desk Inc. (The), Class A(a) | 3,960 | 233,323 | ||||||
| 435,645 | ||||||||
| Aerospace & Defense — 0.0% | ||||||||
| L3Harris Technologies Inc. | 289 | 67,123 | ||||||
| Banks — 0.3% | ||||||||
| JPMorgan Chase & Co. | 2,793 | 333,373 | ||||||
| Biotechnology — 0.2% | ||||||||
| Illumina Inc.(a) | 536 | 159,004 | ||||||
| Incyte Corp.(a) | 501 | 37,555 | ||||||
| 196,559 | ||||||||
| Commercial Services — 3.8% | ||||||||
| 2U Inc.(a) | 343 | 3,423 | ||||||
| Automatic Data Processing Inc. | 3,657 | 797,884 | ||||||
| Block Inc.(a) | 3,516 | 349,983 | ||||||
| Booz Allen Hamilton Holding Corp. | 641 | 52,325 | ||||||
| Chegg Inc.(a) | 1,320 | 32,657 | ||||||
| Clarivate PLC(a) | 3,214 | 50,395 | ||||||
| CoStar Group Inc.(a) | 2,970 | 188,951 | ||||||
| Equifax Inc. | 686 | 139,615 | ||||||
| FleetCor Technologies Inc.(a) | 490 | 122,265 | ||||||
| Gartner Inc.(a) | 784 | 227,791 | ||||||
| Global Payments Inc. | 1,614 | 221,086 | ||||||
| Korn Ferry. | 392 | 24,084 | ||||||
| LiveRamp Holdings Inc.(a) | 52 | 1,629 | ||||||
| MarketAxess Holdings Inc. | 147 | 38,751 | ||||||
| Moody’s Corp. | 637 | 201,598 | ||||||
| Nielsen Holdings PLC. | 1,664 | 44,612 | ||||||
| Paylocity Holding Corp.(a) | 485 | 91,971 | ||||||
| PayPal Holdings Inc.(a) | 9,250 | 813,352 | ||||||
| Robert Half International Inc. | 539 | 52,989 | ||||||
| S&P Global Inc. | 1,801 | 678,076 | ||||||
| Sabre Corp.(a) | 1,519 | 15,904 | ||||||
| TransUnion. | 1,176 | 102,923 | ||||||
| Verisk Analytics Inc. | 735 | 149,977 | ||||||
| 4,402,241 | ||||||||
| Computers — 17.6% | ||||||||
| Accenture PLC, Class A | 5,236 | 1,572,685 | ||||||
| Apple Inc. | 93,057 | 14,670,436 | ||||||
| CACI International Inc., Class A(a) | 147 | 38,999 | ||||||
| Cognizant Technology Solutions Corp., Class A | 4,707 | 380,796 | ||||||
| Crowdstrike Holdings Inc., Class A(a) | 2,006 | 398,713 | ||||||
| Dell Technologies Inc., Class C | 1,960 | 92,140 | ||||||
| DXC Technology Co.(a) | 2,744 | 78,753 | ||||||
| EPAM Systems Inc.(a) | 392 | 103,876 | ||||||
| Fortinet Inc.(a) | 1,568 | 453,168 | ||||||
| Genpact Ltd. | 1,127 | 45,384 | ||||||
| Hewlett Packard Enterprise Co. | 12,350 | 190,313 | ||||||
| HP Inc. | 8,079 | 295,934 | ||||||
| International Business Machines Corp. | 10,174 | 1,345,104 | ||||||
| Kyndryl Holdings Inc.(a) | 2,033 | 24,172 | ||||||
| Lumentum Holdings Inc.(a) | 294 | 23,876 | ||||||
| NCR Corp.(a) | 784 | 27,463 | ||||||
| NetApp Inc. | 2,648 | 193,966 | ||||||
| Pure Storage Inc., Class A(a) | 1,078 | 31,585 | ||||||
| Security | Shares | Value | ||||||
| Computers (continued) | ||||||||
| Qualys Inc.(a) | 392 | $ | 53,422 | |||||
| Rapid7 Inc.(a) | 641 | 61,228 | ||||||
| Seagate Technology Holdings PLC | 1,764 | 144,719 | ||||||
| Varonis Systems Inc.(a) | 1,363 | 58,882 | ||||||
| Western Digital Corp.(a) | 2,352 | 124,821 | ||||||
| Zscaler Inc.(a) | 932 | 188,954 | ||||||
| 20,599,389 | ||||||||
| Cosmetics & Personal Care — 0.2% | ||||||||
| Procter & Gamble Co. (The) | 1,449 | 232,637 | ||||||
| Distribution & Wholesale — 0.1% | ||||||||
| Copart Inc.(a) | 588 | 66,826 | ||||||
| KAR Auction Services Inc.(a) | 441 | 6,465 | ||||||
| 73,291 | ||||||||
| Diversified Financial Services — 5.8% | ||||||||
| Cboe Global Markets Inc. | 490 | 55,360 | ||||||
| CME Group Inc. | 1,666 | 365,421 | ||||||
| Coinbase Global Inc., Class A(a) | 1,433 | 161,514 | ||||||
| Discover Financial Services | 392 | 44,084 | ||||||
| Interactive Brokers Group Inc., Class A | 294 | 17,511 | ||||||
| Intercontinental Exchange Inc. | 2,842 | 329,132 | ||||||
| Invesco Ltd. | 1,080 | 19,850 | ||||||
| Mastercard Inc., Class A | 6,778 | 2,462,990 | ||||||
| Nasdaq Inc. | 539 | 84,823 | ||||||
| SEI Investments Co. | 588 | 32,763 | ||||||
| Tradeweb Markets Inc., Class A | 1,423 | 101,303 | ||||||
| Visa Inc., Class A | 14,222 | 3,031,135 | ||||||
| Western Union Co. (The) | 1,911 | 32,028 | ||||||
| 6,737,914 | ||||||||
| Electronics — 0.5% | ||||||||
| Agilent Technologies Inc. | 782 | 93,269 | ||||||
| Allegion PLC | 299 | 34,158 | ||||||
| Coherent Inc.(a) | 98 | 26,254 | ||||||
| Flex Ltd.(a) | 2,841 | 46,848 | ||||||
| Garmin Ltd. | 442 | 48,505 | ||||||
| Keysight Technologies Inc.(a) | 1,029 | 144,338 | ||||||
| Mettler-Toledo International Inc.(a) | 48 | 61,321 | ||||||
| National Instruments Corp. | 931 | 33,646 | ||||||
| TD SYNNEX Corp. | 196 | 19,618 | ||||||
| Trimble Inc.(a) | 1,274 | 84,976 | ||||||
| 592,933 | ||||||||
| Energy - Alternate Sources — 0.2% | ||||||||
| Enphase Energy Inc.(a) | 692 | 111,689 | ||||||
| SolarEdge Technologies Inc.(a) | 260 | 65,106 | ||||||
| Sunrun Inc.(a) | 1,019 | 20,360 | ||||||
| 197,155 | ||||||||
| Health Care - Products — 0.2% | ||||||||
| 10X Genomics Inc., Class A(a) | 382 | 18,244 | ||||||
| Align Technology Inc.(a) | 304 | 88,133 | ||||||
| Avantor Inc.(a) | 3,018 | 96,214 | ||||||
| 202,591 | ||||||||
| Health Care - Services — 0.2% | ||||||||
| Charles River Laboratories International Inc.(a) | 286 | 69,072 | ||||||
| IQVIA Holdings Inc.(a) | 539 | 117,496 | ||||||
| Teladoc Health Inc.(a) | 801 | 27,042 | ||||||
| 213,610 | ||||||||
| Insurance — 0.4% | ||||||||
| Aon PLC, Class A | 638 | 183,738 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® Evolved U.S. Technology ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
| Marsh & McLennan Companies Inc. | 1,323 | $ | 213,929 | |||||
| Willis Towers Watson PLC | 427 | 91,745 | ||||||
| 489,412 | ||||||||
| Internet — 23.0% | ||||||||
| Airbnb Inc., Class A(a) | 2,184 | 334,611 | ||||||
| Alphabet Inc., Class A(a) | 2,500 | 5,705,475 | ||||||
| Alphabet Inc., Class C, NVS(a) | 2,438 | 5,605,766 | ||||||
| Amazon.com Inc.(a) | 2,468 | 6,134,535 | ||||||
| Anaplan Inc.(a) | 1,318 | 85,657 | ||||||
| Booking Holdings Inc.(a) | 200 | 442,062 | ||||||
| CDW Corp./DE | 1,078 | 175,908 | ||||||
| DoorDash Inc., Class A(a) | 2,169 | 176,622 | ||||||
| eBay Inc. | 5,212 | 270,607 | ||||||
| Etsy Inc.(a) | 852 | 79,398 | ||||||
| Expedia Group Inc.(a) | 637 | 111,316 | ||||||
| F5 Inc.(a) | 637 | 106,640 | ||||||
| GoDaddy Inc., Class A(a) | 1,127 | 91,073 | ||||||
| IAC/InterActiveCorp.(a) | 528 | 43,761 | ||||||
| Lyft Inc., Class A(a) | 1,866 | 60,831 | ||||||
| Mandiant Inc.(a) | 1,519 | 33,388 | ||||||
| Match Group Inc.(a) | 1,508 | 119,358 | ||||||
| MercadoLibre Inc.(a) | 279 | 271,643 | ||||||
| Meta Platforms Inc, Class A(a) | 21,812 | 4,372,652 | ||||||
| Mimecast Ltd.(a) | 612 | 48,764 | ||||||
| Netflix Inc.(a) | 1,211 | 230,526 | ||||||
| NortonLifeLock Inc. | 4,849 | 121,419 | ||||||
| Okta Inc.(a) | 1,908 | 227,643 | ||||||
| Palo Alto Networks Inc.(a) | 980 | 550,054 | ||||||
| Pinterest Inc., Class A(a) | 2,714 | 55,691 | ||||||
| Q2 Holdings Inc.(a) | 488 | 25,244 | ||||||
| Robinhood Markets Inc., Class A(a)(b) | 4,021 | 39,426 | ||||||
| Roku Inc.(a) | 654 | 60,757 | ||||||
| Snap Inc., Class A, NVS(a) | 10,806 | 307,539 | ||||||
| Twitter Inc.(a) | 5,636 | 276,277 | ||||||
| Uber Technologies Inc.(a) | 10,776 | 339,228 | ||||||
| Upwork Inc.(a) | 2,636 | 55,277 | ||||||
| VeriSign Inc.(a) | 878 | 156,890 | ||||||
| Zendesk Inc.(a) | 833 | 101,659 | ||||||
| Zillow Group Inc., Class C, NVS(a) | 686 | 27,316 | ||||||
| 26,845,013 | ||||||||
| Leisure Time — 0.0% | ||||||||
| Peloton Interactive Inc., Class A(a) | 1,312 | 23,039 | ||||||
| Machinery — 0.1% | ||||||||
| Cognex Corp. | 980 | 66,278 | ||||||
| Rockwell Automation Inc. | 196 | 49,523 | ||||||
| 115,801 | ||||||||
| Manufacturing — 0.0% | ||||||||
| Axon Enterprise Inc.(a) | 407 | 45,665 | ||||||
| Media — 0.1% | ||||||||
| FactSet Research Systems Inc. | 245 | 98,855 | ||||||
| Office & Business Equipment — 0.1% | ||||||||
| Zebra Technologies Corp., Class A(a) | 392 | 144,907 | ||||||
| Pharmaceuticals — 0.0% | ||||||||
| Zoetis Inc. | 391 | 69,305 | ||||||
| Private Equity — 0.1% | ||||||||
| Blackstone Inc., NVS | 913 | 92,733 | ||||||
| Security | Shares | Value | ||||||
| Real Estate — 0.1% | ||||||||
| CBRE Group Inc., Class A(a) | 1,024 | $ | 85,033 | |||||
| Jones Lang LaSalle Inc.(a) | 196 | 42,871 | ||||||
| 127,904 | ||||||||
| Real Estate Investment Trusts — 0.4% | ||||||||
| Digital Realty Trust Inc. | 928 | 135,599 | ||||||
| Equinix Inc. | 383 | 275,408 | ||||||
| Iron Mountain Inc. | 1,323 | 71,085 | ||||||
| 482,092 | ||||||||
| Retail — 0.2% | ||||||||
| Best Buy Co. Inc. | 686 | 61,692 | ||||||
| Carvana Co., Class A(a) | 332 | 19,243 | ||||||
| Home Depot Inc. (The) | 360 | 108,144 | ||||||
| 189,079 | ||||||||
| Semiconductors — 12.2% | ||||||||
| Advanced Micro Devices Inc.(a) | 14,526 | 1,242,264 | ||||||
| Analog Devices Inc. | 3,079 | 475,336 | ||||||
| Applied Materials Inc. | 4,223 | 466,008 | ||||||
| Broadcom Inc. | 3,162 | 1,752,981 | ||||||
| Intel Corp. | 23,203 | 1,011,419 | ||||||
| KLA Corp. | 833 | 265,944 | ||||||
| Lam Research Corp. | 694 | 323,237 | ||||||
| Lattice Semiconductor Corp.(a) | 1,194 | 57,360 | ||||||
| Marvell Technology Inc. | 7,105 | 412,658 | ||||||
| Microchip Technology Inc. | 3,136 | 204,467 | ||||||
| Micron Technology Inc. | 7,505 | 511,766 | ||||||
| Monolithic Power Systems Inc. | 294 | 115,319 | ||||||
| NVIDIA Corp. | 24,918 | 4,621,541 | ||||||
| NXP Semiconductors NV | 1,857 | 317,361 | ||||||
| ON Semiconductor Corp.(a) | 2,645 | 137,831 | ||||||
| Qorvo Inc.(a) | 738 | 83,970 | ||||||
| QUALCOMM Inc. | 7,528 | 1,051,586 | ||||||
| Silicon Laboratories Inc.(a) | 343 | 46,274 | ||||||
| Skyworks Solutions Inc. | 1,083 | 122,704 | ||||||
| Synaptics Inc.(a) | 614 | 91,142 | ||||||
| Teradyne Inc. | 1,122 | 118,326 | ||||||
| Texas Instruments Inc. | 4,806 | 818,222 | ||||||
| Wolfspeed Inc.(a) | 833 | 76,394 | ||||||
| 14,324,110 | ||||||||
| Software — 30.7% | ||||||||
| ACI Worldwide Inc.(a) | 980 | 27,068 | ||||||
| Activision Blizzard Inc. | 4,787 | 361,897 | ||||||
| Adobe Inc.(a) | 4,857 | 1,923,129 | ||||||
| Akamai Technologies Inc.(a) | 1,470 | 165,052 | ||||||
| Alteryx Inc., Class A(a) | 736 | 47,251 | ||||||
| ANSYS Inc.(a) | 686 | 189,123 | ||||||
| Appian Corp.(a) | 580 | 27,724 | ||||||
| Aspen Technology Inc.(a) | 490 | 77,685 | ||||||
| Autodesk Inc.(a) | 2,055 | 388,970 | ||||||
| Avalara Inc.(a) | 638 | 48,533 | ||||||
| Bentley Systems Inc., Class B | 1,470 | 62,313 | ||||||
| Bill.com Holdings Inc.(a) | 999 | 170,539 | ||||||
| Black Knight Inc.(a) | 686 | 45,132 | ||||||
| Blackbaud Inc.(a) | 441 | 25,582 | ||||||
| Blackline Inc.(a) | 784 | 52,567 | ||||||
| Box Inc., Class A(a) | 1,323 | 40,510 | ||||||
| Broadridge Financial Solutions Inc. | 686 | 98,873 | ||||||
| Cadence Design Systems Inc.(a) | 2,401 | 362,191 | ||||||
| CDK Global Inc. | 969 | 52,723 | ||||||
| Ceridian HCM Holding Inc.(a) | 1,371 | 76,954 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® Evolved U.S. Technology ETF |
| April 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
| Cerner Corp. | 1,421 | $ | 133,062 | |||||
| Citrix Systems Inc. | 1,372 | 137,337 | ||||||
| Cloudflare Inc., Class A(a) | 1,861 | 160,307 | ||||||
| CommVault Systems Inc.(a) | 441 | 26,901 | ||||||
| Concentrix Corp. | 310 | 48,819 | ||||||
| Consensus Cloud Solutions Inc.(a) | 115 | 6,063 | ||||||
| Coupa Software Inc.(a) | 784 | 67,659 | ||||||
| Datadog Inc., Class A(a) | 3,296 | 398,091 | ||||||
| DocuSign Inc.(a) | 1,913 | 154,953 | ||||||
| Dropbox Inc., Class A(a) | 2,937 | 63,880 | ||||||
| Dynatrace Inc.(a) | 2,213 | 84,891 | ||||||
| Elastic NV(a) | 637 | 48,501 | ||||||
| Electronic Arts Inc. | 1,813 | 214,025 | ||||||
| Everbridge Inc.(a) | 442 | 19,050 | ||||||
| Fair Isaac Corp.(a) | 245 | 91,510 | ||||||
| Fidelity National Information Services Inc. | 3,579 | 354,858 | ||||||
| Fiserv Inc.(a) | 4,251 | 416,258 | ||||||
| Five9 Inc.(a) | 731 | 80,483 | ||||||
| Guidewire Software Inc.(a) | 637 | 55,381 | ||||||
| HubSpot Inc.(a) | 493 | 187,059 | ||||||
| Intuit Inc. | 2,331 | 976,106 | ||||||
| Jack Henry & Associates Inc. | 588 | 111,473 | ||||||
| Manhattan Associates Inc.(a) | 637 | 83,160 | ||||||
| Microsoft Corp. | 65,049 | 18,052,399 | ||||||
| MicroStrategy Inc., Class A(a) | 148 | 52,417 | ||||||
| MongoDB Inc., Class A(a) | 488 | 173,206 | ||||||
| MSCI Inc. | 588 | 247,695 | ||||||
| New Relic Inc.(a) | 441 | 27,902 | ||||||
| Nutanix Inc., Class A(a) | 2,203 | 55,141 | ||||||
| Oracle Corp. | 20,357 | 1,494,204 | ||||||
| Palantir Technologies Inc., Class A(a) | 20,381 | 211,962 | ||||||
| Paychex Inc. | 2,252 | 285,396 | ||||||
| Paycom Software Inc.(a) | 441 | 124,128 | ||||||
| Pegasystems Inc. | 392 | 30,023 | ||||||
| PTC Inc.(a) | 1,176 | 134,311 | ||||||
| RingCentral Inc., Class A(a) | 682 | 57,868 | ||||||
| Roper Technologies Inc. | 146 | 68,608 | ||||||
| SailPoint Technologies Holdings Inc.(a) | 1,212 | 77,362 | ||||||
| salesforce.com Inc.(a) | 10,639 | 1,871,826 | ||||||
| ServiceNow Inc.(a) | 2,160 | 1,032,696 | ||||||
| Smartsheet Inc., Class A(a) | 1,474 | 71,238 | ||||||
| Snowflake Inc., Class A(a) | 3,713 | 636,557 | ||||||
| Splunk Inc.(a) | 1,818 | 221,832 | ||||||
| SPS Commerce Inc.(a) | 773 | 92,474 | ||||||
| SS&C Technologies Holdings Inc. | 1,274 | 82,377 | ||||||
| Synopsys Inc.(a) | 1,372 | 393,476 | ||||||
| Take-Two Interactive Software Inc.(a) | 589 | 70,391 | ||||||
| Teradata Corp.(a) | 2,303 | 95,229 | ||||||
| Twilio Inc., Class A(a) | 2,188 | 244,662 | ||||||
| Tyler Technologies Inc.(a) | 294 | 116,045 | ||||||
| UiPath Inc., Class A(a) | 2,967 | 52,902 | ||||||
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
| Unity Software Inc.(a) | 2,373 | $ | 157,591 | |||||
| Veeva Systems Inc., Class A(a) | 1,312 | 238,718 | ||||||
| Verint Systems Inc.(a) | 588 | 32,081 | ||||||
| VMware Inc., Class A | 2,186 | 236,176 | ||||||
| Workday Inc., Class A(a) | 2,303 | 476,030 | ||||||
| Workiva Inc.(a) | 828 | 79,910 | ||||||
| Ziff Davis Inc.(a) | 343 | 30,308 | ||||||
| Zoom Video Communications Inc., Class A(a) | 2,378 | 236,778 | ||||||
| ZoomInfo Technologies Inc.(a) | 2,889 | 136,939 | ||||||
| Zynga Inc., Class A(a) | 5,341 | 44,170 | ||||||
| 35,906,671 | ||||||||
| Telecommunications — 2.2% | ||||||||
| Arista Networks Inc.(a) | 2,352 | 271,821 | ||||||
| Ciena Corp.(a) | 1,176 | 64,880 | ||||||
| Cisco Systems Inc. | 39,182 | 1,919,134 | ||||||
| CommScope Holding Co. Inc.(a) | 784 | 4,728 | ||||||
| Juniper Networks Inc. | 3,479 | 109,658 | ||||||
| Motorola Solutions Inc. | 784 | 167,533 | ||||||
| 2,537,754 | ||||||||
| Transportation — 0.1% | ||||||||
| Expeditors International of Washington Inc. | 637 | 63,108 | ||||||
| FedEx Corp. | 445 | 88,439 | ||||||
| 151,547 | ||||||||
| Total Common Stocks — 99.2% | ||||||||
| (Cost: $107,181,119) | 115,928,348 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.8% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.38%(c)(d)(e) | 40,994 | 40,994 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(c)(d) | 930,000 | 930,000 | ||||||
| 970,994 | ||||||||
| Total Short-Term Investments — 0.8% | ||||||||
| (Cost: $970,994) | 970,994 | |||||||
| Total Investments in Securities — 100.0% | ||||||||
| (Cost: $108,152,113) | 116,899,342 | |||||||
| Other Assets, Less Liabilities — (0.0)% | (40,293 | ) | ||||||
| Net Assets — 100.0% | $ | 116,859,049 | ||||||
| (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. |
3
| Schedule of Investments (unaudited) (continued) | iShares® Evolved U.S. Technology ETF |
| April 30, 2022 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 07/31/21 | Purchases
at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Value
at 04/30/22 | Shares
Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 105,468 | $ | — | $ | (64,129 | )(a) | $ | (345 | ) | $ | — | $ | 40,994 | 40,994 | $ | 633 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 890,000 | 40,000 | (a) | — | — | — | 930,000 | 930,000 | 460 | — | ||||||||||||||||||||||||||
| $ | (345 | ) | $ | — | $ | 970,994 | $ | 1,093 | $ | — | ||||||||||||||||||||||||||
| (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. |
Fair Value Measurements
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 115,928,348 | $ | — | $ | — | $ | 115,928,348 | ||||||||
| Money Market Funds | 970,994 | — | — | 970,994 | ||||||||||||
| $ | 116,899,342 | $ | — | $ | — | $ | 116,899,342 | |||||||||
| Portfolio Abbreviations - Equity | |
| NVS | Non-Voting Shares |
4