Schedule of Investments (unaudited)	iShares® MSCI BIC ETF
November 30, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 8.2%
Ambev SA		94,358	$	262,444
Atacadao SA		12,300		28,338
B3 SA - Brasil, Bolsa, Balcao		120,991		326,933
Banco Bradesco SA		31,160		90,402
Banco BTG Pactual SA		24,168		174,507
Banco do Brasil SA		17,466		192,578
Banco Santander Brasil SA		6,191		38,992
BB Seguridade Participacoes SA		14,432		91,775
CCR SA		21,648		59,551
Centrais Eletricas Brasileiras SA		24,851		206,299
Cia. de Saneamento Basico do Estado de Sao Paulo		7,175		98,484
Cia. Siderurgica Nacional SA		13,899		46,367
Cosan SA		25,912		93,444
CPFL Energia SA		5,043		37,960
Energisa SA		3,732		40,019
Eneva SA(a)		18,696		48,202
Engie Brasil Energia SA		4,180		36,942
Equatorial Energia SA		19,661		136,052
Hapvida Participacoes e Investimentos SA(a)(b)		112,422		99,813
Hypera SA		7,667		52,619
JBS SA		13,489		63,608
Klabin SA		14,678		67,306
Localiza Rent a Car SA		18,463		225,215
Localiza Rent a Car SA, NVS(a)		142		1,630
Lojas Renner SA		20,008		66,544
Magazine Luiza SA(a)		65,436		26,855
Natura & Co. Holding SA(a)		18,245		61,125
Petroleo Brasileiro SA		76,629		586,933
PRIO SA(a)		16,974		158,392
Raia Drogasil SA		26,730		152,493
Rede D’Or Sao Luiz SA(b)		12,454		67,304
Rumo SA		28,290		131,620
Sendas Distribuidora SA		28,044		73,670
Suzano SA		17,015		185,912
Telefonica Brasil SA		7,011		75,152
Tim SA		17,600		61,646
TOTVS SA		10,742		72,696
Ultrapar Participacoes SA		16,359		83,921
Vale SA		69,905		1,048,848
Vibra Energia SA		25,871		122,731
WEG SA		34,973		242,933
				5,738,255
Cayman Islands — 0.1%
MINISO Group Holding Ltd., NVS		9,020		57,982
China — 56.2%
360 Security Technology Inc., Class A(a)		9,331		11,341
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,100		12,719
3SBio Inc.(b)		41,000		38,080
AAC Technologies Holdings Inc.		20,500		57,643
Advanced Micro-Fabrication Equipment Inc., Class A		867		20,612
AECC Aviation Power Co. Ltd., Class A		4,100		20,636
Agricultural Bank of China Ltd., Class A		98,400		50,394
Agricultural Bank of China Ltd., Class H		615,000		227,017
Aier Eye Hospital Group Co. Ltd., Class A		12,612		30,083
Air China Ltd., Class A(a)		28,700		32,405
Akeso Inc.(a)(b)		12,000		76,576
Alibaba Group Holding Ltd.(a)		336,120		3,124,373
Alibaba Health Information Technology Ltd.(a)		116,000		65,811
Aluminum Corp. of China Ltd., Class A		20,500		15,888

Security	Shares		Value
China (continued)
Aluminum Corp. of China Ltd., Class H		82,000	$	40,497
Anhui Conch Cement Co. Ltd., Class A		4,100		13,194
Anhui Conch Cement Co. Ltd., Class H		20,500		47,803
Anhui Gujing Distillery Co. Ltd., Class A		1,200		43,418
ANTA Sports Products Ltd.		25,840		269,669
Autohome Inc., ADR		1,517		41,429
AVIC Industry-Finance Holdings Co. Ltd., Class A		16,499		7,545
AviChina Industry & Technology Co. Ltd., Class H		70,000		31,721
Baidu Inc.(a)		47,156		699,753
Bank of Beijing Co. Ltd., Class A		28,790		18,253
Bank of Chengdu Co. Ltd., Class A		8,200		12,978
Bank of China Ltd., Class A		46,200		25,792
Bank of China Ltd., Class H		1,640,000		600,878
Bank of Communications Co. Ltd., Class A		57,400		46,884
Bank of Communications Co. Ltd., Class H		164,200		96,784
Bank of Hangzhou Co. Ltd., Class A		8,299		11,542
Bank of Jiangsu Co. Ltd., Class A		24,660		22,840
Bank of Nanjing Co. Ltd., Class A		16,400		16,568
Bank of Ningbo Co. Ltd., Class A		9,110		29,187
Bank of Shanghai Co. Ltd., Class A		28,790		23,728
Baoshan Iron & Steel Co. Ltd., Class A		36,900		32,113
BeiGene Ltd.(a)		14,086		202,139
Beijing Dabeinong Technology Group Co. Ltd., Class A		12,300		12,530
Beijing Enlight Media Co. Ltd., Class A		8,200		9,121
Beijing Enterprises Holdings Ltd.		8,500		28,181
Beijing Enterprises Water Group Ltd.		82,000		16,475
Beijing Kingsoft Office Software Inc., Class A		578		24,406
Beijing New Building Materials PLC, Class A		3,100		10,135
Beijing Tongrentang Co. Ltd., Class A		5,500		40,907
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		57,400		40,550
Bilibili Inc.(a)		4,245		48,182
BOC Aviation Ltd.(b)		4,100		29,499
BOE Technology Group Co. Ltd., Class A		61,500		33,292
Bosideng International Holdings Ltd.		82,000		34,385
Brilliance China Automotive Holdings Ltd.		52,000		27,893
BYD Co. Ltd., Class A		2,700		75,152
BYD Co. Ltd., Class H		20,500		550,970
BYD Electronic International Co. Ltd.		20,500		93,570
C&D International Investment Group Ltd.		13,000		26,562
Caitong Securities Co. Ltd., Class A		12,520		14,115
Cambricon Technologies Corp. Ltd.(a)		1,000		20,964
CGN Power Co. Ltd., Class H(b)		205,000		49,375
Changchun High & New Technology Industry Group Inc., Class A		710		15,956
Changjiang Securities Co. Ltd., Class A		20,500		15,942
Chaozhou Three-Circle Group Co. Ltd., Class A		4,100		16,829
China Baoan Group Co. Ltd., Class A		8,200		13,414
China Cinda Asset Management Co. Ltd., Class H		123,000		11,959
China CITIC Bank Corp. Ltd., Class H		164,000		74,083
China Coal Energy Co. Ltd., Class H		41,000		34,716
China Communications Services Corp. Ltd., Class H		82,800		35,279
China Construction Bank Corp., Class A		8,200		7,340
China Construction Bank Corp., Class H		1,968,370		1,138,099
China CSSC Holdings Ltd., Class A		7,100		27,436
China Eastern Airlines Corp. Ltd., Class A(a)		32,921		19,341
China Energy Engineering Corp. Ltd.		49,200		14,653
China Everbright Bank Co. Ltd., Class A		65,600		26,522
China Everbright Bank Co. Ltd., Class H		41,000		11,703
China Everbright Environment Group Ltd.		82,000		26,964
China Feihe Ltd.(b)		84,000		49,221
China Galaxy Securities Co. Ltd., Class H		82,000		43,871

1

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
November 30, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Gas Holdings Ltd.		58,600	$	53,728
China Greatwall Technology Group Co. Ltd., Class A		6,000		9,372
China Hongqiao Group Ltd.		41,000		33,388
China International Capital Corp. Ltd., Class A		4,100		23,294
China International Capital Corp. Ltd., Class H(b)		32,800		51,809
China Jushi Co. Ltd., Class A		6,473		10,031
China Life Insurance Co. Ltd., Class A		4,193		17,624
China Life Insurance Co. Ltd., Class H		164,000		222,136
China Literature Ltd.(a)(b)		8,200		27,954
China Longyuan Power Group Corp. Ltd., Class H		82,000		61,329
China Medical System Holdings Ltd.		41,000		78,756
China Mengniu Dairy Co. Ltd.		66,000		206,803
China Merchants Bank Co. Ltd., Class A		27,000		108,790
China Merchants Bank Co. Ltd., Class H		82,456		287,773
China Merchants Energy Shipping Co. Ltd., Class A		8,200		6,893
China Merchants Port Holdings Co. Ltd.		28,000		35,841
China Merchants Securities Co. Ltd., Class A		14,550		28,628
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		9,381		13,662
China Minsheng Banking Corp. Ltd., Class A		41,000		22,091
China Minsheng Banking Corp. Ltd., Class H		123,000		41,108
China National Building Material Co. Ltd., Class H		82,000		36,477
China National Chemical Engineering Co. Ltd., Class A		13,300		12,298
China National Nuclear Power Co. Ltd., Class A		32,800		32,262
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		4,100		11,386
China Oilfield Services Ltd., Class H		44,000		47,281
China Overseas Land & Investment Ltd.		82,300		151,965
China Pacific Insurance Group Co. Ltd., Class A		10,100		34,054
China Pacific Insurance Group Co. Ltd., Class H		49,200		103,905
China Petroleum & Chemical Corp., Class A		42,800		32,707
China Petroleum & Chemical Corp., Class H		492,600		252,819
China Power International Development Ltd.		123,000		45,197
China Railway Group Ltd., Class A		28,700		22,613
China Railway Group Ltd., Class H		82,000		35,991
China Renewable Energy Investment Ltd.(c)		7,709		—
China Resources Beer Holdings Co. Ltd.		32,000		144,253
China Resources Gas Group Ltd.		20,500		64,250
China Resources Land Ltd.		64,444		235,942
China Resources Microelectronics Ltd.		5,400		35,485
China Resources Mixc Lifestyle Services Ltd.(b)		16,400		61,998
China Resources Pharmaceutical Group Ltd.(b)		41,000		25,557
China Resources Power Holdings Co. Ltd.		46,200		89,081
China Ruyi Holdings Ltd.(a)(d)		164,000		37,153
China Shenhua Energy Co. Ltd., Class A		9,500		41,833
China Shenhua Energy Co. Ltd., Class H		62,000		202,487
China Southern Airlines Co. Ltd., Class A(a)		20,500		17,627
China Southern Airlines Co. Ltd., Class H(a)		46,000		22,068
China State Construction Engineering Corp. Ltd., Class A		49,200		34,178
China State Construction International Holdings Ltd.		40,000		46,405
China Taiping Insurance Holdings Co. Ltd.		24,640		22,384
China Three Gorges Renewables Group Co. Ltd., Class A		49,200		31,665
China Tourism Group Duty Free Corp. Ltd., Class A		4,000		49,870
China Tower Corp. Ltd., Class H(b)		820,000		85,006
China Traditional Chinese Medicine Holdings Co. Ltd.		82,000		41,925
China United Network Communications Ltd., Class A		45,000		27,615
China Vanke Co. Ltd., Class A		12,338		19,730
China Vanke Co. Ltd., Class H		41,001		41,383
China Yangtze Power Co. Ltd., Class A		28,756		91,848
China Zheshang Bank Co. Ltd., Class A		33,540		11,874

Security	Shares		Value
China (continued)
Chinasoft International Ltd.		82,000	$	70,149
Chongqing Changan Automobile Co. Ltd., Class A		11,152		31,778
Chongqing Zhifei Biological Products Co. Ltd., Class A		2,150		19,601
Chow Tai Fook Jewellery Group Ltd.		41,000		59,524
CITIC Ltd.		123,000		115,718
CITIC Securities Co. Ltd., Class A		12,475		37,415
CITIC Securities Co. Ltd., Class H		41,050		85,213
CMOC Group Ltd., Class A		12,300		8,974
CMOC Group Ltd., Class H		69,000		39,428
CNPC Capital Co. Ltd., NVS		4,100		3,300
Contemporary Amperex Technology Co. Ltd., Class A		5,240		122,463
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		16,400		30,247
COSCO Shipping Holdings Co. Ltd., Class A		16,570		23,199
COSCO Shipping Holdings Co. Ltd., Class H		61,849		56,982
Country Garden Holdings Co. Ltd.(a)		252,046		28,357
Country Garden Services Holdings Co. Ltd.(d)		43,000		40,586
CRRC Corp. Ltd., Class A		37,000		26,927
CRRC Corp. Ltd., Class H		73,000		29,415
CSC Financial Co. Ltd., Class A		6,900		24,884
CSPC Innovation Pharmaceutical Co. Ltd.		2,957		17,503
CSPC Pharmaceutical Group Ltd.		168,160		151,445
Daqin Railway Co. Ltd., Class A		28,700		29,157
Daqo New Energy Corp., ADR(a)(d)		1,555		36,791
Dongxing Securities Co. Ltd., Class A		12,399		14,968
East Buy Holding Ltd.(a)(b)(d)		8,500		31,546
East Money Information Co. Ltd., Class A		20,588		42,147
Eastroc Beverage Group Co. Ltd.		1,300		35,867
ENN Energy Holdings Ltd.		17,100		118,029
ENN Natural Gas Co. Ltd., Class A		4,100		9,200
Eve Energy Co. Ltd., Class A		3,800		22,412
Everbright Securities Co. Ltd., Class A		6,197		14,089
Everdisplay Optronics Shanghai Co. Ltd.(a)		8,200		3,087
Fangda Carbon New Material Co. Ltd., Class A(a)		20,540		16,619
Far East Horizon Ltd.		4,000		2,929
First Capital Securities Co. Ltd., Class A		16,800		14,354
Focus Media Information Technology Co. Ltd., Class A		22,439		20,524
Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,741		30,626
Fosun International Ltd.		41,000		23,338
Founder Securities Co. Ltd., Class A		7,800		9,474
Foxconn Industrial Internet Co. Ltd., Class A		12,300		25,998
Fujian Sunner Development Co. Ltd., Class A		4,100		10,398
Fuyao Glass Industry Group Co. Ltd., Class H(b)		16,400		76,883
Ganfeng Lithium Co. Ltd., Class H(b)		8,200		26,228
Ganfeng Lithium Group Co. Ltd., Class A		4,100		22,380
GCL-Poly Energy Holdings Ltd.		451,000		59,995
GD Power Development Co. Ltd., Class A		27,300		15,084
GDS Holdings Ltd.(a)		21,932		27,839
Geely Automobile Holdings Ltd.		123,000		133,834
GEM Co. Ltd., Class A		24,699		19,487
Gemdale Corp., Class A		8,200		5,869
Genscript Biotech Corp.(a)		26,000		72,264
GF Securities Co. Ltd., Class A		8,200		16,528
GF Securities Co. Ltd., Class H		16,400		20,513
GigaDevice Semiconductor Inc., Class A		2,400		31,603
GoerTek Inc., Class A		4,100		10,329
Goldwind Science & Technology Co Ltd., Class A		9,653		11,748
Great Wall Motor Co. Ltd.		4,100		15,427
Great Wall Motor Co. Ltd., Class H		41,000		59,081
Gree Electric Appliances Inc. of Zhuhai, Class A		4,100		18,878
Greentown China Holdings Ltd.		20,500		21,807
Guangdong Haid Group Co. Ltd., Class A		4,100		25,355

2

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
November 30, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Guangdong Investment Ltd.		82,000	$	56,910
Guanghui Energy Co. Ltd., Class A		8,000		8,119
Guangzhou Automobile Group Co. Ltd., Class H		82,235		38,106
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		4,100		17,290
Guangzhou Tinci Materials Technology Co. Ltd., Class A		3,000		10,156
Guosen Securities Co. Ltd., Class A		8,200		10,894
Guotai Junan Securities Co. Ltd., Class A		14,900		31,469
Guoyuan Securities Co. Ltd., Class A		12,320		11,877
H World Group Ltd., ADR(a)		4,100		149,978
Haidilao International Holding Ltd.(b)		32,000		63,503
Haier Smart Home Co. Ltd., Class A		8,279		25,646
Haier Smart Home Co. Ltd., Class H		49,200		142,268
Haitian International Holdings Ltd.		16,000		40,728
Haitong Securities Co. Ltd., Class A		12,300		16,724
Haitong Securities Co. Ltd., Class H		49,200		27,572
Hangzhou First Applied Material Co. Ltd., Class A		3,100		10,074
Hangzhou Tigermed Consulting Co. Ltd., Class A		100		870
Hansoh Pharmaceutical Group Co. Ltd.(b)		24,000		48,503
Henan Shuanghui Investment & Development Co. Ltd., Class A		8,200		29,927
Hengan International Group Co. Ltd.		14,000		51,114
Hengli Petrochemical Co. Ltd., Class A(a)		8,200		16,102
Hengyi Petrochemical Co. Ltd., Class A(a)		12,330		11,839
Hesteel Co. Ltd., Class A		28,700		8,713
Hithink RoyalFlush Information Network Co. Ltd., Class A		1,200		23,590
Huadian Power International Corp. Ltd., Class A		12,300		8,813
Huadong Medicine Co. Ltd., Class A		7,000		39,956
Hualan Biological Engineering Inc., Class A		6,050		20,452
Huaneng Power International Inc., Class A(a)		16,400		17,694
Huaneng Power International Inc., Class H(a)		82,000		42,676
Huatai Securities Co. Ltd., Class A		14,200		28,447
Huatai Securities Co. Ltd., Class H(b)		16,400		20,513
Huaxia Bank Co. Ltd., Class A		20,500		16,639
Huayu Automotive Systems Co. Ltd., Class A		8,299		20,196
Huizhou Desay Sv Automotive Co. Ltd., Class A		1,700		30,885
Hunan Valin Steel Co. Ltd., Class A		12,300		9,516
Hundsun Technologies Inc., Class A		3,100		13,025
Hygeia Healthcare Holdings Co. Ltd.(b)(d)		8,200		50,431
Hygon Information Technology Co. Ltd., NVS		3,943		39,600
Iflytek Co. Ltd., Class A		3,129		19,591
Industrial & Commercial Bank of China Ltd., Class A		73,800		49,672
Industrial & Commercial Bank of China Ltd., Class H		1,312,050		624,309
Industrial Bank Co. Ltd., Class A		24,600		50,243
Industrial Securities Co. Ltd., Class A		16,400		13,945
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		77,900		16,685
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		32,800		17,811
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		31,295
Inner Mongolia Yitai Coal Co. Ltd., Class B(a)		28,700		40,816
Innovent Biologics Inc.(a)(b)		20,500		120,057
Inspur Electronic Information Industry Co. Ltd., Class A		1,983		9,776
iQIYI Inc., ADR(a)		9,245		41,510
JA Solar Technology Co. Ltd., Class A		4,700		13,089
JCET Group Co. Ltd., Class A		2,400		10,262
JD Health International Inc.(a)(b)		22,550		107,205
JD Logistics Inc.(a)(b)		36,900		45,258
JD.com Inc.		47,170		643,403
Jiangsu Eastern Shenghong Co. Ltd., Class A		8,200		11,613
Jiangsu Expressway Co. Ltd., Class H		38,000		34,122
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,700		21,259

Security	Shares		Value
China (continued)
Jiangsu Hengrui Medicine Co. Ltd., Class A		8,368	$	56,193
Jiangsu King’s Luck Brewery JSC Ltd., Class A		2,200		16,566
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,300		37,527
Jiangsu Zhongtian Technology Co. Ltd., Class A		4,100		7,443
Jiangxi Copper Co. Ltd., Class A		8,200		20,332
Jinduicheng Molybdenum Co. Ltd., Class A		4,100		5,444
Jinko Solar Co. Ltd.		8,200		10,186
JOYY Inc., ADR		1,107		42,520
Kanzhun Ltd., ADR(a)		4,100		67,773
KE Holdings Inc., ADR		13,981		222,717
Kingboard Holdings Ltd.		20,500		49,353
Kingboard Laminates Holdings Ltd.		20,500		17,855
Kingdee International Software Group Co. Ltd.(a)		53,000		73,575
Kingsoft Corp. Ltd.		16,600		53,017
Kuaishou Technology(a)(b)		49,200		362,769
Kunlun Energy Co. Ltd.		82,000		75,772
Kweichow Moutai Co. Ltd., Class A		1,600		401,061
LB Group Co. Ltd., Class A		5,300		12,791
Legend Biotech Corp., ADR(a)		1,230		74,809
Lenovo Group Ltd.		164,000		202,395
Lens Technology Co. Ltd., Class A		9,000		16,455
Lepu Medical Technology Beijing Co. Ltd., Class A		4,100		9,851
Li Auto Inc.(a)		23,318		431,146
Li Ning Co. Ltd.		53,500		148,880
Lingyi iTech Guangdong Co., Class A		15,700		14,716
Longfor Group Holdings Ltd.(b)		41,000		72,493
LONGi Green Energy Technology Co. Ltd., Class A		9,848		29,243
Lufax Holding Ltd., ADR		13,530		11,486
Luxshare Precision Industry Co. Ltd., Class A		8,702		38,739
Luzhou Laojiao Co. Ltd., Class A		1,600		46,391
Mango Excellent Media Co. Ltd., Class A		3,200		11,557
Maxscend Microelectronics Co. Ltd., Class A		1,400		27,133
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		8,453		7,319
Meituan, Class B(a)(b)		103,960		1,203,493
Metallurgical Corp. of China Ltd., Class A		32,800		14,231
Microport Scientific Corp.(a)		20,500		32,841
Minth Group Ltd.		16,000		34,659
Montage Technology Co. Ltd., Class A		3,600		29,712
Muyuan Foods Co. Ltd., Class A		8,678		47,478
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		4,145		9,068
NARI Technology Co. Ltd., Class A		13,088		40,331
NAURA Technology Group Co. Ltd., Class A		1,200		39,386
NavInfo Co. Ltd., Class A(a)		5,608		7,690
NetEase Inc.		40,875		922,073
New China Life Insurance Co. Ltd., Class A		4,100		17,955
New China Life Insurance Co. Ltd., Class H		12,300		24,440
New Hope Liuhe Co. Ltd., Class A(a)		12,300		17,212
New Oriental Education & Technology Group Inc.(a)		28,730		233,672
Nine Dragons Paper Holdings Ltd.(d)		41,000		20,530
Ninestar Corp., Class A		2,500		9,673
Ningbo Shanshan Co. Ltd.		4,100		7,656
Ningbo Tuopu Group Co. Ltd., Class A		3,500		36,091
Ningxia Baofeng Energy Group Co. Ltd., Class A		13,000		26,684
NIO Inc., ADR(a)(d)		28,782		209,245
Nongfu Spring Co. Ltd., Class H(b)		41,000		233,855
Offshore Oil Engineering Co. Ltd., Class A		4,124		3,703
Orient Overseas International Ltd.		2,500		30,059
Orient Securities Co. Ltd., Class A		12,688		15,465
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		20,500		9,727

3

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
November 30, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class A		12,300	$	8,698
People’s Insurance Co. Group of China Ltd. (The), Class H		164,000		53,124
Perfect World Co. Ltd., Class A		4,150		7,321
PetroChina Co. Ltd., Class A		24,600		24,672
PetroChina Co. Ltd., Class H		420,000		274,837
PICC Property & Casualty Co. Ltd., Class H		164,322		190,884
Pinduoduo Inc., ADR(a)		12,341		1,819,557
Ping An Bank Co. Ltd., Class A		20,500		27,769
Ping An Healthcare and Technology Co. Ltd.(a)(b)(d)		12,900		28,782
Ping An Insurance Group Co. of China Ltd., Class A		13,100		74,836
Ping An Insurance Group Co. of China Ltd., Class H		138,500		635,251
Poly Developments and Holdings Group Co. Ltd., Class A		12,300		17,649
Pop Mart International Group Ltd.(b)		8,200		24,606
Postal Savings Bank of China Co. Ltd., Class A		36,900		22,659
Postal Savings Bank of China Co. Ltd., Class H(b)		164,000		72,754
Power Construction Corp. of China Ltd., Class A		24,600		17,171
Qifu Technology Inc.		2,574		39,948
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		8,200		18,182
Rongsheng Petrochemical Co. Ltd., Class A		13,950		20,979
SAIC Motor Corp. Ltd., Class A		12,300		25,601
Sanan Optoelectronics Co. Ltd., Class A		8,200		15,929
Sany Heavy Equipment International Holdings Co. Ltd.		41,000		42,620
Sany Heavy Industry Co. Ltd., Class A		12,353		23,585
SDIC Power Holdings Co. Ltd., Class A		8,200		14,229
Seres Group Co. Ltd., NVS(a)		2,700		28,598
SF Holding Co. Ltd., Class A		8,200		48,436
Shaanxi Coal Industry Co. Ltd., Class A		11,505		31,346
Shandong Gold Mining Co. Ltd., Class A		7,180		23,350
Shandong Gold Mining Co. Ltd., Class H(b)		10,250		20,240
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,140		25,639
Shandong Nanshan Aluminum Co. Ltd., Class A		45,100		18,179
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		49,200		46,702
Shanghai Baosight Software Co. Ltd., Class B		14,880		28,012
Shanghai Construction Group Co. Ltd., Class A		12,300		4,300
Shanghai Electric Group Co. Ltd., Class A(a)		41,000		25,310
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		8,600		33,579
Shanghai Fudan Microelectronics Group Co. Ltd.		1,327		8,309
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,100		10,309
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		16,400		23,774
Shanghai Pudong Development Bank Co. Ltd., Class A		36,900		35,356
Shanghai Putailai New Energy Technology Co. Ltd., Class A		4,100		13,172
Shanghai RAAS Blood Products Co. Ltd., Class A		20,900		23,228
Shanghai United Imaging Healthcare Co. Ltd., NVS		2,363		47,285
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		8,200		7,398
Shanxi Coking Coal Energy Group Co. Ltd., Class A		8,200		11,163
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		3,652		11,172
Shanxi Meijin Energy Co. Ltd., Class A(a)		12,300		12,445
Shanxi Securities Co. Ltd., Class A		16,860		13,162
Shanxi Taigang Stainless Steel Co. Ltd., Class A		12,300		6,644
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,360		45,428
Shenghe Resources Holding Co. Ltd., Class A		8,200		11,879
Shengyi Technology Co. Ltd., Class A		5,200		12,463
Shenwan Hongyuan Group Co. Ltd., Class A		47,194		29,769
Shenzhen Energy Group Co. Ltd., Class A		17,820		15,236

Security	Shares		Value
China (continued)
Shenzhen Inovance Technology Co. Ltd., Class A		2,997	$	27,644
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,600		65,033
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		2,800		27,529
Shenzhen Overseas Chinese Town Co. Ltd., Class A(a)		12,300		5,930
Shenzhen Transsion Holding Co. Ltd., Class A		1,173		18,160
Shenzhou International Group Holdings Ltd.		16,400		164,195
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		2,500		8,794
Sichuan Chuantou Energy Co. Ltd., Class A		12,305		24,589
Sichuan Road & Bridge Co. Ltd., Class A		13,688		14,771
Sino Biopharmaceutical Ltd.		181,000		88,786
Sinopec Shanghai Petrochemical Co. Ltd., Class A(a)		16,400		6,698
Sinopharm Group Co. Ltd., Class H		32,800		81,287
Sinotruk Hong Kong Ltd.		20,500		42,526
Smoore International Holdings Ltd.(b)(d)		41,000		35,803
Songcheng Performance Development Co. Ltd., Class A		8,380		12,322
SooChow Securities Co. Ltd., Class A		12,352		13,252
Sungrow Power Supply Co. Ltd., Class A		2,900		33,764
Sunny Optical Technology Group Co. Ltd.		12,400		117,428
Sunwoda Electronic Co. Ltd., Class A		4,000		8,508
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		4,100		10,693
TAL Education Group, ADR(a)		9,348		117,130
TBEA Co. Ltd., Class A		10,660		20,786
TCL Technology Group Corp., Class A(a)		39,150		22,906
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		6,250		14,583
Tencent Holdings Ltd.		137,500		5,728,133
Tencent Music Entertainment Group, ADR(a)		14,924		127,003
Tianma Microelectronics Co. Ltd., Class A(a)		7,700		11,721
Tianqi Lithium Corp., Class A		3,600		25,219
Tianshui Huatian Technology Co. Ltd., Class A		14,800		18,514
Tingyi Cayman Islands Holding Corp.		46,000		57,893
Tongcheng Travel Holdings Ltd.(a)		16,400		30,149
TongFu Microelectronics Co. Ltd., Class A		2,800		8,909
Tongling Nonferrous Metals Group Co. Ltd., Class A		45,100		19,187
Tongwei Co. Ltd., Class A		5,795		19,865
Topsports International Holdings Ltd.(b)		41,000		33,322
TravelSky Technology Ltd., Class H		18,000		30,324
Trina Solar Co. Ltd.		3,100		11,696
Trip.com Group Ltd.(a)		11,100		389,871
Tsingtao Brewery Co. Ltd., Class H		12,000		79,295
Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)		3,500		35,484
Uni-President China Holdings Ltd.		41,000		26,224
Unisplendour Corp. Ltd., Class A(a)		4,380		12,395
Vipshop Holdings Ltd., ADR(a)		7,216		115,672
Walvax Biotechnology Co. Ltd., Class A		4,100		14,189
Wanhua Chemical Group Co. Ltd., Class A		3,300		37,203
Want Want China Holdings Ltd.		82,000		48,015
Weibo Corp., ADR		1,476		14,922
Weichai Power Co. Ltd., Class A		7,200		15,020
Weichai Power Co. Ltd., Class H		41,100		75,625
Wens Foodstuffs Group Co. Ltd., Class A		10,240		27,602
Western Securities Co. Ltd., Class A		20,500		18,920
Will Semiconductor Co. Ltd. Shanghai, Class A		1,475		22,334
Wingtech Technology Co. Ltd., Class A(a)		2,300		15,526
Wuhan Guide Infrared Co. Ltd., Class A		17,024		18,494
Wuliangye Yibin Co. Ltd., Class A		4,400		91,566
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,160		9,146
WuXi AppTec Co. Ltd., Class A		4,128		47,612
WuXi AppTec Co. Ltd., Class H(b)		8,287		96,940

4

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
November 30, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Wuxi Biologics Cayman Inc.(a)(b)		82,000	$	455,271
XCMG Construction Machinery Co. Ltd., Class A		19,000		14,700
Xiamen C & D Inc., Class A		4,100		5,424
Xiaomi Corp., Class B(a)(b)		311,600		621,965
Xinyi Solar Holdings Ltd.		124,000		71,137
XPeng Inc.(a)		22,826		190,225
Xtep International Holdings Ltd.		41,000		23,675
Yadea Group Holdings Ltd.(b)		28,000		52,652
Yankuang Energy Group Co. Ltd., Class H		43,000		79,880
Yonyou Network Technology Co. Ltd., Class A		4,630		10,820
Youngor Group Co. Ltd., Class A		4,100		3,893
Yuexiu Property Co. Ltd.		41,400		37,710
Yum China Holdings Inc.		8,651		373,550
Yunda Holding Co. Ltd., Class A		6,230		7,488
Yunnan Aluminium Co. Ltd., Class A		4,075		7,336
Yunnan Baiyao Group Co. Ltd., Class A		4,108		28,910
Yunnan Energy New Material Co. Ltd., Class A		1,700		14,019
Yutong Bus Co. Ltd., Class A		4,100		7,723
Zai Lab Ltd.(a)		21,050		57,582
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		900		31,858
Zhaojin Mining Industry Co. Ltd., Class H(d)		41,000		53,102
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		12,300		9,604
Zhejiang China Commodities City Group Co. Ltd., Class A		4,100		4,559
Zhejiang Chint Electrics Co. Ltd., Class A		4,100		12,587
Zhejiang Dahua Technology Co. Ltd., Class A		4,100		11,088
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		2,300		13,892
Zhejiang Juhua Co. Ltd., Class A		4,100		9,116
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)		9,200		47,229
Zhejiang NHU Co. Ltd., Class A		8,243		19,621
Zheshang Securities Co. Ltd., Class A		9,200		13,514
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)		12,300		31,035
Zhongji Innolight Co. Ltd., Class A		1,600		21,252
Zhongsheng Group Holdings Ltd.		20,500		48,988
Zhongtai Securities Co. Ltd.		16,400		16,497
Zhuzhou CRRC Times Electric Co. Ltd.		12,300		38,840
Zijin Mining Group Co. Ltd., Class A		24,600		41,967
Zijin Mining Group Co. Ltd., Class H		119,000		188,451
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		15,400		13,898
ZTE Corp., Class A		4,100		14,707
ZTE Corp., Class H		16,448		35,856
ZTO Express Cayman Inc., ADR		8,856		197,666
				39,270,352
India — 32.1%
ABB India Ltd.		1,230		65,242
Adani Enterprises Ltd.		3,563		100,951
Adani Green Energy Ltd.(a)		6,642		81,940
Adani Ports & Special Economic Zone Ltd.		10,906		108,113
Adani Power Ltd.(a)		15,990		82,736
Ambuja Cements Ltd.		12,874		67,900
APL Apollo Tubes Ltd.		2,510		50,795
Apollo Hospitals Enterprise Ltd.		2,132		141,436
Ashok Leyland Ltd.		28,700		63,052
Asian Paints Ltd.		7,913		296,045
Astral Ltd.		2,132		49,906
AU Small Finance Bank Ltd.(b)		3,454		30,774
Aurobindo Pharma Ltd.		5,658		70,626
Avenue Supermarts Ltd.(a)(b)		3,362		159,296
Axis Bank Ltd.		46,737		603,421

Security	Shares		Value
India (continued)
Bajaj Auto Ltd.		1,435	$	105,001
Bajaj Finance Ltd.		5,658		483,679
Bajaj Finserv Ltd.		8,122		163,304
Bajaj Holdings & Investment Ltd.		574		50,655
Balkrishna Industries Ltd.		1,665		51,506
Bandhan Bank Ltd.(b)		15,558		42,240
Bank of Baroda		22,140		52,409
Berger Paints India Ltd.		6,397		44,061
Bharat Electronics Ltd.		75,236		131,863
Bharat Forge Ltd.		5,359		72,062
Bharat Petroleum Corp. Ltd.		15,252		79,829
Bharti Airtel Ltd.		46,002		560,617
Britannia Industries Ltd.		2,173		126,343
CG Power and Industrial Solutions Ltd.		14,063		75,833
Cholamandalam Investment and Finance Co. Ltd.		8,938		119,975
Cipla Ltd.		10,496		152,642
Coal India Ltd.		32,513		133,654
Colgate-Palmolive India Ltd.		1,722		45,417
Container Corp. of India Ltd.		5,822		54,261
Cummins India Ltd.		2,419		55,404
Dabur India Ltd.		12,710		81,971
Divi’s Laboratories Ltd.		2,501		113,667
DLF Ltd.		14,022		105,357
Dr. Reddy’s Laboratories Ltd.		2,255		156,676
Eicher Motors Ltd.		2,870		134,283
GAIL India Ltd.		45,958		72,746
Godrej Consumer Products Ltd.		8,118		98,156
Godrej Properties Ltd.(a)		2,911		65,569
Grasim Industries Ltd.		5,658		136,317
Havells India Ltd.		5,330		83,345
HCL Technologies Ltd.		19,557		315,133
HDFC Asset Management Co. Ltd.(b)		1,681		59,854
HDFC Bank Ltd.		57,840		1,084,349
HDFC Life Insurance Co. Ltd.(b)		20,336		168,793
Hero MotoCorp Ltd.		2,091		95,877
Hindalco Industries Ltd.		25,707		159,425
Hindustan Aeronautics Ltd., NVS		3,444		98,438
Hindustan Petroleum Corp. Ltd.(a)		13,038		54,408
Hindustan Unilever Ltd.		16,892		515,795
ICICI Bank Ltd.		106,217		1,186,202
ICICI Lombard General Insurance Co. Ltd.(b)		4,841		86,020
ICICI Prudential Life Insurance Co. Ltd.(b)		7,545		50,930
IDFC First Bank Ltd.(a)		63,394		64,907
Indian Hotels Co. Ltd. (The), Class A		17,653		89,355
Indian Oil Corp. Ltd.		55,063		73,924
Indian Railway Catering & Tourism Corp. Ltd.		6,314		53,489
Indraprastha Gas Ltd.		6,929		32,375
IndusInd Bank Ltd.		4,665		82,013
Info Edge India Ltd.		1,558		86,302
Infosys Ltd.		68,552		1,198,224
InterGlobe Aviation Ltd.(a)(b)		2,870		93,187
ITC Ltd.		61,090		319,354
Jindal Steel & Power Ltd.		7,913		63,873
Jio Financial Services Ltd., NVS(a)		63,919		175,829
JSW Steel Ltd.		12,792		123,123
Jubilant Foodworks Ltd.		8,077		54,400
Kotak Mahindra Bank Ltd.		22,632		477,118
Larsen & Toubro Infotech Ltd.(b)		1,871		124,462
Larsen & Toubro Ltd.		13,801		515,200
Lupin Ltd.		4,100		62,989
Macrotech Developers Ltd.		4,822		50,982
Mahindra & Mahindra Ltd.		19,393		383,613

5

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
November 30, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Marico Ltd.		9,594	$	62,001
Maruti Suzuki India Ltd.		2,788		354,967
Max Healthcare Institute Ltd.		16,482		125,577
Mphasis Ltd.		1,599		45,246
MRF Ltd.		41		54,944
Muthoot Finance Ltd.		3,075		54,729
Nestle India Ltd.		697		202,536
NTPC Ltd.		85,977		269,643
Oil & Natural Gas Corp. Ltd.		62,115		145,152
One 97 Communications Ltd., NVS(a)		4,076		42,809
Page Industries Ltd.		123		55,003
Persistent Systems Ltd.		786		60,321
Petronet LNG Ltd.		16,113		39,254
PI Industries Ltd.		1,804		81,573
Pidilite Industries Ltd.		3,321		101,625
Polycab India Ltd.		700		44,218
Power Finance Corp. Ltd.		31,736		127,564
Power Grid Corp. of India Ltd.		89,161		223,620
REC Ltd.		21,443		89,693
Reliance Industries Ltd.		62,812		1,792,782
Samvardhana Motherson International Ltd.		48,093		53,203
SBI Cards & Payment Services Ltd.		5,494		48,740
SBI Life Insurance Co. Ltd.(b)		9,266		159,720
Shree Cement Ltd.		205		65,798
Shriram Transport Finance Co. Ltd.		5,822		140,256
Siemens Ltd.		1,804		79,209
Sona Blw Precision Forgings Ltd.(b)		9,143		61,228
SRF Ltd.		3,116		88,562
State Bank of India		37,146		252,052
Sun Pharmaceutical Industries Ltd.		19,803		291,544
Supreme Industries Ltd.		1,148		61,080
Suzlon Energy Ltd.(a)		173,588		84,823
Tata Communications Ltd.		1,895		38,756
Tata Consultancy Services Ltd.		18,819		788,535
Tata Consumer Products Ltd.		11,275		127,315
Tata Elxsi Ltd.		779		77,206
Tata Motors Ltd.		34,727		294,588
Tata Motors Ltd., Class A		5,301		30,372
Tata Power Co. Ltd. (The)		29,889		96,076
Tata Steel Ltd.		149,691		230,039
Tech Mahindra Ltd.		11,439		167,695
Titan Co. Ltd.		7,339		307,484
Torrent Pharmaceuticals Ltd.		2,091		53,231
Trent Ltd.		3,895		130,319
Tube Investments of India Ltd.		2,501		101,143
TVS Motor Co. Ltd.		5,002		112,025
UltraTech Cement Ltd.		2,337		252,592
United Spirits Ltd.		6,068		76,410
UPL Ltd.		9,635		65,992
Varun Beverages Ltd.		10,250		136,080
Vedanta Ltd.		15,252		42,762
Wipro Ltd.		26,149		129,498
Yes Bank Ltd.(a)		282,900		65,689
Zomato Ltd.(a)		92,209		131,360
				22,435,657
Kazakhstan — 0.0%
Polymetal International PLC(a)(c)		10,488		1
Russia — 0.0%
Alrosa PJSC(c)		83,790		9
Gazprom PJSC(a)(c)		376,774		42
Inter RAO UES PJSC(c)		1,065,900		119

Security	Shares		Value
Russia (continued)
LUKOIL PJSC(c)		12,996	$	1
MMC Norilsk Nickel PJSC(a)(c)		1,995		—
Mobile TeleSystems PJSC(c)		16,644		2
Moscow Exchange MICEX-RTS PJSC(c)		41,040		5
Novatek PJSC(c)		29,170		3
Novolipetsk Steel PJSC(a)(c)		41,610		5
Ozon Holdings PLC, ADR(a)(c)		1,881		—
PhosAgro PJSC(a)(c)		1,464		—
PhosAgro PJSC, GDR(a)(c)(e)		1		—
PhosAgro PJSC, New(c)		28		—
Polyus PJSC(a)(c)		1,083		—
Rosneft Oil Co. PJSC(c)		37,278		4
Sberbank of Russia PJSC(c)		331,170		37
Severstal PAO(a)(c)		6,669		1
Surgutneftegas PJSC(c)		182,410		20
Tatneft PJSC(c)		41,097		5
TCS Group Holding PLC, GDR(a)(c)(e)		3,884		—
United Co. RUSAL International PJSC(a)(c)		95,760		11
VK Co. Ltd.(a)(c)		4,446		1
VTB Bank PJSC(a)(c)		153,340,001		17
X5 Retail Group NV, GDR(a)(c)		2,622		—
Yandex NV(a)(c)		9,690		1
				283
Total Common Stocks — 96.6%
(Cost: $96,295,470)				67,502,530
Preferred Stocks
Brazil — 3.1%
Banco Bradesco SA, Preference Shares, NVS		111,807		369,582
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		4,510		41,114
Cia. Energetica de Minas Gerais, Preference Shares, NVS		27,902		62,753
Cia. Paranaense de Energia, Preference Shares, NVS		16,400		31,520
Gerdau SA, Preference Shares, NVS		22,962		101,933
Itau Unibanco Holding SA, Preference Shares, NVS		100,286		643,641
Itausa SA, Preference Shares, NVS		112,737		223,319
Petroleo Brasileiro SA, Preference Shares, NVS		98,810		720,892
				2,194,754
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(c)		193,800		22
Total Preferred Stocks — 3.1%
(Cost: $1,402,405)				2,194,776
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)		2,454		—
Total Rights — 0.0%
(Cost: $—)				—
Total Long-Term Investments — 99.7%
(Cost: $97,697,875)				69,697,306
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(f)(g)(h)		490,464		490,709

6

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
November 30, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.34%(f)(g)		360,000	$	360,000
Total Short-Term Securities — 1.2%
(Cost: $850,330)				850,709
Total Investments — 100.9%
(Cost: $98,548,205)				70,548,015
Liabilities in Excess of Other Assets — (0.9)%				(656,329	)
Net Assets — 100.0%			$	69,891,686

(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)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d)	All or a portion of this security is on loan.
(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(f)	Affiliate of the Fund.
(g)	Annualized 7-day yield as of period end.

^(h)  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 November 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 11/30/23		Shares Held at 11/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,086,148	$	—		$	(595,426	)(a)	$	(110	)	$	97	$	490,709		490,464	$	3,285	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		30,000	(a)		—			—			—		360,000		360,000		10,355			—
									$	(110	)	$	97	$	850,709			$	13,640		$	—

(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.

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
MSCI China Index		3	12/15/23	$	65	$	(3,064	)
MSCI Emerging Markets Index		2	12/15/23		99		633
						$	(2,431	)

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;

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Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
November 30, 2023

Fair Value Hierarchy as of Period End (continued)

● 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	$	10,446,721	$	57,055,525		$	284	$	67,502,530
Preferred Stocks		2,194,754		—			22		2,194,776
Rights		—		—			—		—
Short-Term Securities
Money Market Funds		850,709		—			—		850,709
	$	13,492,184	$	57,055,525		$	306	$	70,548,015
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	633	$	—		$	—	$	633
Liabilities
Equity Contracts		—		(3,064	)		—		(3,064	)
	$	633	$	(3,064	)	$	—		(2,431	)

^(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
GDR	Global Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

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