Schedule of Investments (unaudited)	iShares® MSCI BIC ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 6.5%
Ambev SA		94,358	$	207,732
Atacadao SA		11,972		22,618
B3 SA - Brasil Bolsa Balcao		112,996		230,257
Banco Bradesco SA		28,085		61,242
Banco BTG Pactual SA		23,758		142,931
Banco do Brasil SA		34,932		180,418
BB Seguridade Participacoes SA		13,981		86,002
BRF SA(a)		11,849		41,927
Caixa Seguridade Participacoes S/A		6,232		17,648
CCR SA		21,648		49,638
Centrais Eletricas Brasileiras SA		24,851		164,651
Cia. de Saneamento Basico do Estado de Sao
Paulo SABESP		6,806		95,734
Cia. Siderurgica Nacional SA		13,899		34,622
Cosan SA		25,912		67,212
CPFL Energia SA		4,633		30,087
Energisa SA		5,216		45,406
Eneva SA(a)		7,872		18,635
Engie Brasil Energia SA		4,180		34,501
Equatorial Energia SA		19,661		109,446
Equatorial Energia SA, NVS(a)		299		1,664
Hapvida Participacoes e Investimentos SA(a)(b)		102,213		77,669
Hypera SA		7,667		39,643
JBS SA		13,489		74,087
Klabin SA		16,145		62,478
Localiza Rent a Car SA		18,671		151,938
Lojas Renner SA		20,008		49,992
Natura & Co. Holding SA		18,245		51,598
Petroleo Brasileiro SA		74,989		581,244
PRIO SA		16,564		131,259
Raia Drogasil SA		25,787		123,118
Rede D'Or Sao Luiz SA(b)		11,839		61,913
Rumo SA		26,445		99,265
Sendas Distribuidora SA(a)		28,044		65,051
Suzano SA		16,400		152,103
Telefonica Brasil SA		7,011		57,814
TIM SA/Brazil		16,739		50,559
TOTVS SA		10,742		58,754
Ultrapar Participacoes SA		15,285		67,446
Vale SA		69,044		831,016
Vibra Energia SA		23,587		96,757
WEG SA		34,358		245,699
				4,771,774
China — 53.4%
360 Security Technology Inc., Class A(a)		9,331		10,608
37 Interactive Entertainment Network Technology
Group Co. Ltd., Class A		4,100		8,197
AAC Technologies Holdings Inc.		20,500		63,311
Advanced Micro-Fabrication Equipment Inc./China,
Class A		867		15,526
AECC Aviation Power Co. Ltd., Class A		4,100		21,061
Agricultural Bank of China Ltd., Class A		98,400		59,441
Agricultural Bank of China Ltd., Class H		574,000		240,638
Aier Eye Hospital Group Co. Ltd., Class A		12,612		21,016
Air China Ltd., Class A(a)		16,400		16,852
Akeso Inc.(a)(b)		12,000		67,756
Alibaba Group Holding Ltd.		311,520		3,041,848
Alibaba Health Information Technology Ltd.(a)(c)		116,000		48,894
Aluminum Corp. of China Ltd., Class A		16,400		18,480
Aluminum Corp. of China Ltd., Class H		82,000		61,339

Security	Shares		Value
China (continued)
Anhui Conch Cement Co. Ltd., Class A		4,100	$	13,554
Anhui Conch Cement Co. Ltd., Class H		20,500		50,751
Anhui Gujing Distillery Co. Ltd., Class A		600		20,664
Anhui Gujing Distillery Co. Ltd., Class B		4,100		63,840
Anhui Jianghuai Automobile Group Corp. Ltd.(a)		4,100		9,075
ANTA Sports Products Ltd.		25,840		276,816
Autohome Inc., ADR		1,517		43,083
AVIC Industry-Finance Holdings Co. Ltd., Class A		16,499		6,543
AviChina Industry & Technology Co. Ltd., Class H		70,000		31,762
BAIC BluePark New Energy Technology Co. Ltd.(a)		8,200		8,341
Baidu Inc.(a)		45,106		546,594
Bank of Beijing Co. Ltd., Class A		28,790		23,059
Bank of Changsha Co. Ltd., Class A		8,200		9,691
Bank of Chengdu Co. Ltd., Class A		4,100		8,913
Bank of China Ltd., Class A		46,200		28,236
Bank of China Ltd., Class H		1,599,000		757,994
Bank of Communications Co. Ltd., Class A		53,300		51,706
Bank of Communications Co. Ltd., Class H		164,200		123,932
Bank of Hangzhou Co. Ltd., Class A		8,299		15,511
Bank of Jiangsu Co. Ltd., Class A		24,660		28,059
Bank of Nanjing Co. Ltd., Class A		12,300		17,544
Bank of Ningbo Co. Ltd., Class A		9,110		31,021
Bank of Shanghai Co. Ltd., Class A		20,590		22,125
Baoshan Iron & Steel Co. Ltd., Class A		24,600		23,363
BeiGene Ltd.(a)		14,086		160,999
Beijing Enlight Media Co. Ltd., Class A		4,100		5,127
Beijing Enterprises Holdings Ltd.		8,500		29,963
Beijing Enterprises Water Group Ltd.		82,000		26,193
Beijing Kingsoft Office Software Inc., Class A		578		20,631
Beijing New Building Materials PLC, Class A		3,100		13,775
Beijing Tiantan Biological Products Corp. Ltd., Class A		4,100		16,015
Beijing Tongrentang Co. Ltd., Class A		4,100		25,151
Beijing Yanjing Brewery Co. Ltd., Class A		12,300		15,816
Beijing-Shanghai High Speed Railway Co. Ltd.,
Class A		57,400		40,020
Bilibili Inc.(a)		4,245		61,375
BOC Aviation Ltd.(b)		4,100		30,457
BOC International China Co. Ltd., Class A		4,100		5,529
BOE Technology Group Co. Ltd., Class A		45,100		25,342
Bosideng International Holdings Ltd.		82,000		47,447
Brilliance China Automotive Holdings Ltd.		52,000		41,043
BYD Co. Ltd., Class A		2,700		84,957
BYD Co. Ltd., Class H		20,500		575,215
BYD Electronic International Co. Ltd.		20,500		89,051
C&D International Investment Group Ltd.		13,000		26,294
Caitong Securities Co. Ltd., Class A		12,520		12,455
Cambricon Technologies Corp. Ltd.(a)		1,000		23,955
CGN Power Co. Ltd.		24,600		14,186
CGN Power Co. Ltd., Class H(b)		205,000		78,556
Changchun High-Tech Industry Group Co. Ltd.,
Class A		710		10,248
Changjiang Securities Co. Ltd., Class A		16,400		12,477
Chaozhou Three-Circle Group Co. Ltd., Class A		4,100		16,441
China Baoan Group Co. Ltd., Class A		8,200		11,173
China CITIC Bank Corp. Ltd., Class H		164,000		100,304
China Coal Energy Co. Ltd., Class H		41,000		51,716
China Communications Services Corp. Ltd., Class H		82,800		39,831
China Construction Bank Corp., Class A		8,200		7,945
China Construction Bank Corp., Class H		1,927,370		1,367,901
China CSSC Holdings Ltd., Class A		7,100		36,322
China Eastern Airlines Corp. Ltd., Class A(a)		32,921		17,899
China Energy Engineering Corp. Ltd.		20,500		6,180

1

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Everbright Bank Co. Ltd., Class A		65,600	$	29,241
China Everbright Bank Co. Ltd., Class H		41,000		13,186
China Feihe Ltd.(b)		84,000		41,689
China Galaxy Securities Co. Ltd., Class A		8,200		13,005
China Galaxy Securities Co. Ltd., Class H		82,000		44,278
China Gas Holdings Ltd.		58,600		55,477
China Greatwall Technology Group Co. Ltd., Class A		6,000		7,679
China Hongqiao Group Ltd.		41,000		67,881
China International Capital Corp. Ltd., Class A		4,100		17,822
China International Capital Corp. Ltd., Class H(b)		32,800		39,155
China Jushi Co. Ltd., Class A		6,473		10,200
China Life Insurance Co. Ltd., Class A		4,193		18,091
China Life Insurance Co. Ltd., Class H		164,000		233,717
China Literature Ltd.(a)(b)		8,200		27,688
China Longyuan Power Group Corp. Ltd., Class H		82,000		74,927
China Mengniu Dairy Co. Ltd.		66,000		121,706
China Merchants Bank Co. Ltd., Class A		22,900		107,985
China Merchants Bank Co. Ltd., Class H		82,456		369,457
China Merchants Energy Shipping Co. Ltd., Class A		12,300		15,026
China Merchants Port Holdings Co. Ltd.		28,000		39,880
China Merchants Securities Co. Ltd., Class A		14,550		28,441
China Merchants Shekou Industrial Zone Holdings Co.
Ltd., Class A		9,381		12,446
China Minsheng Banking Corp. Ltd., Class A		41,000		22,066
China Minsheng Banking Corp. Ltd., Class H		123,000		46,593
China National Building Material Co. Ltd., Class H		82,000		32,925
China National Chemical Engineering Co. Ltd., Class A		9,200		10,380
China National Nuclear Power Co. Ltd., Class A		20,500		27,028
China Northern Rare Earth Group High-Tech Co. Ltd.,
Class A		4,100		10,684
China Oilfield Services Ltd., Class H		36,000		38,475
China Overseas Land & Investment Ltd.		82,300		155,963
China Pacific Insurance Group Co. Ltd., Class A		10,100		40,010
China Pacific Insurance Group Co. Ltd., Class H		49,200		128,990
China Petroleum & Chemical Corp., Class A		38,700		34,367
China Petroleum & Chemical Corp., Class H		492,600		313,810
China Power International Development Ltd.		123,000		57,903
China Railway Group Ltd., Class A		24,600		22,300
China Railway Group Ltd., Class H		82,000		44,183
China Renewable Energy Investment Ltd.(d)		7,709		—
China Resources Beer Holdings Co. Ltd.		32,000		128,781
China Resources Gas Group Ltd.		20,500		71,328
China Resources Land Ltd.		64,444		235,173
China Resources Microelectronics Ltd.		1,600		8,398
China Resources Mixc Lifestyle Services Ltd.(b)		16,400		57,336
China Resources Pharmaceutical Group Ltd.(b)		41,000		30,410
China Resources Power Holdings Co. Ltd.		40,200		113,970
China Ruyi Holdings Ltd.(a)(c)		164,000		44,970
China Shenhua Energy Co. Ltd., Class A		9,500		55,338
China Shenhua Energy Co. Ltd., Class H		62,000		301,212
China Southern Airlines Co. Ltd., Class A(a)		20,500		16,586
China State Construction Engineering Corp. Ltd.,
Class A		49,200		38,134
China State Construction International Holdings Ltd.		40,000		52,960
China Taiping Insurance Holdings Co. Ltd.		24,640		26,728
China Three Gorges Renewables Group Co. Ltd.,
Class A		49,200		31,637
China Tourism Group Duty Free Corp. Ltd., Class A		4,000		39,174
China Tower Corp. Ltd., Class H(b)		820,000		96,827
China United Network Communications Ltd., Class A		45,000		28,325
China Vanke Co. Ltd., Class A		12,338		13,999
China Vanke Co. Ltd., Class H(c)		41,001		28,290

Security	Shares		Value
China (continued)
China Yangtze Power Co. Ltd., Class A		28,756	$	105,328
China Zheshang Bank Co. Ltd., Class A		33,540		13,767
Chongqing Changan Automobile Co. Ltd., Class A		11,152		21,178
Chongqing Zhifei Biological Products Co. Ltd., Class A		2,150		9,710
Chow Tai Fook Jewellery Group Ltd.		41,000		52,825
CITIC Ltd.		123,000		124,739
CITIC Securities Co. Ltd., Class A		12,475		32,023
CITIC Securities Co. Ltd., Class H		41,050		63,927
CMOC Group Ltd., Class A		20,500		23,563
CMOC Group Ltd., Class H		69,000		63,837
CNPC Capital Co. Ltd., NVS		12,300		9,619
Contemporary Amperex Technology Co. Ltd., Class A		5,240		142,277
COSCO Shipping Energy Transportation Co. Ltd.,
Class A		8,200		19,888
COSCO Shipping Holdings Co. Ltd., Class A		16,570		34,304
COSCO Shipping Holdings Co. Ltd., Class H		61,849		103,569
Country Garden Holdings Co. Ltd.(a)(c)(d)		252,046		14,850
CRRC Corp. Ltd., Class A		37,000		35,523
CRRC Corp. Ltd., Class H		73,000		43,790
CSC Financial Co. Ltd., Class A		6,900		20,094
CSPC Innovation Pharmaceutical Co. Ltd.		3,548		15,259
CSPC Pharmaceutical Group Ltd.		168,160		142,965
Daqin Railway Co. Ltd., Class A		28,700		27,930
Dongfang Electric Corp. Ltd., Class A		4,100		10,376
Dongxing Securities Co. Ltd., Class A		8,299		9,569
East Money Information Co. Ltd., Class A		16,488		28,149
Eastroc Beverage Group Co. Ltd.		700		20,615
ENN Energy Holdings Ltd.		17,100		157,970
ENN Natural Gas Co. Ltd., Class A		4,100		10,271
Eve Energy Co. Ltd., Class A		3,800		20,520
Everbright Securities Co. Ltd., Class A		6,197		13,473
Everdisplay Optronics Shanghai Co. Ltd.(a)		16,400		4,673
Far East Horizon Ltd.		41,000		32,924
First Capital Securities Co. Ltd., Class A		12,700		9,443
Flat Glass Group Co. Ltd., Class A		4,100		13,937
Focus Media Information Technology Co. Ltd., Class A		22,439		19,562
Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,741		28,267
Fosun International Ltd.		41,000		23,031
Founder Securities Co. Ltd., Class A		7,800		8,865
Foxconn Industrial Internet Co. Ltd., Class A		16,400		51,578
Fuyao Glass Industry Group Co. Ltd., Class A		4,025		25,619
Fuyao Glass Industry Group Co. Ltd., Class H(b)		16,400		92,808
Ganfeng Lithium Group Co. Ltd., Class A		4,100		18,971
Ganfeng Lithium Group Co. Ltd., Class H(b)		8,200		22,752
GCL Technology Holdings Ltd.		451,000		84,601
GD Power Development Co. Ltd., Class A		27,300		20,179
Geely Automobile Holdings Ltd.		123,000		149,718
GEM Co. Ltd., Class A		12,399		11,196
Genscript Biotech Corp.(a)(c)		26,000		33,428
GF Securities Co. Ltd., Class A		8,200		14,527
GF Securities Co. Ltd., Class H		16,400		14,879
Giant Biogene Holding Co. Ltd.(a)(b)		8,200		52,046
GigaDevice Semiconductor Inc., Class A		2,400		27,498
GoerTek Inc., Class A		4,100		9,730
Goldwind Science & Technology Co Ltd., Class A		9,653		10,360
Great Wall Motor Co. Ltd.		4,100		14,658
Great Wall Motor Co. Ltd., Class H		41,000		70,976
Gree Electric Appliances Inc. of Zhuhai, Class A		4,100		22,937
Guangdong Investment Ltd.		82,000		46,476
Guanghui Energy Co. Ltd., Class A		8,000		8,830
Guangzhou Automobile Group Co. Ltd., Class H		82,235		34,259

2

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Guangzhou Baiyun International Airport Co. Ltd.,
Class A(a)		8,200	$	11,436
Guangzhou Baiyunshan Pharmaceutical Holdings Co.
Ltd., Class A		4,100		17,718
Guangzhou Tinci Materials Technology Co. Ltd.,
Class A		3,000		8,065
Guolian Securities Co. Ltd., Class A(a)		4,100		6,158
Guosen Securities Co. Ltd., Class A		8,200		10,096
Guotai Junan Securities Co. Ltd., Class A		8,200		15,744
Guoyuan Securities Co. Ltd., Class A		12,320		10,890
H World Group Ltd., ADR		4,100		152,643
Haidilao International Holding Ltd.(b)		32,000		71,411
Haier Smart Home Co. Ltd., Class A		8,279		33,684
Haier Smart Home Co. Ltd., Class A		49,200		178,743
Hainan Airport Infrastructure Co. Ltd., NVS(a)		8,200		3,861
Haitian International Holdings Ltd.		12,000		36,806
Haitong Securities Co. Ltd., Class A		12,300		14,054
Haitong Securities Co. Ltd., Class H		49,200		24,238
Hangzhou First Applied Material Co. Ltd., Class A		3,100		11,084
Hansoh Pharmaceutical Group Co. Ltd.(b)		24,000		49,360
Henan Shenhuo Coal Industry & Electricity Power
Co. Ltd.		4,100		13,050
Henan Shuanghui Investment & Development Co. Ltd., Class A		8,200		28,579
Hengan International Group Co. Ltd.		14,000		48,872
Hengli Petrochemical Co. Ltd., Class A		8,200		16,189
Hengyi Petrochemical Co. Ltd., Class A(a)		4,130		4,075
Hesteel Co. Ltd., Class A		28,700		8,499
Hisense Visual Technology Co. Ltd.		4,100		15,437
Hithink RoyalFlush Information Network Co. Ltd.,
Class A		1,200		19,265
Huadian Power International Corp. Ltd., Class A		12,300		11,184
Huadong Medicine Co. Ltd., Class A		2,900		12,601
Huaibei Mining Holdings Co. Ltd.		4,100		11,129
Hualan Biological Engineering Inc., Class A		1,950		4,877
Huaneng Power International Inc., Class A(a)		12,300		15,170
Huaneng Power International Inc., Class H(a)		82,000		54,389
Huatai Securities Co. Ltd., Class A.		10,100		18,893
Huatai Securities Co. Ltd., Class H(b)		24,600		28,071
Huaxia Bank Co. Ltd., Class A		20,500		19,434
Huayu Automotive Systems Co. Ltd., Class A		4,199		9,286
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		4,100		21,500
Huizhou Desay Sv Automotive Co. Ltd., Class A		1,700		23,486
Hunan Valin Steel Co. Ltd., Class A		12,300		8,939
Hundsun Technologies Inc., Class A		3,100		8,577
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		8,200		34,403
Hygon Information Technology Co. Ltd., NVS		2,729		26,770
IEIT Systems Co. Ltd., Class A		1,983		9,920
Iflytek Co. Ltd., Class A		3,129		18,226
Industrial & Commercial Bank of China Ltd., Class A		73,800		55,142
Industrial & Commercial Bank of China Ltd., Class H		1,312,050		743,326
Industrial Bank Co. Ltd., Class A		24,600		60,568
Industrial Securities Co. Ltd., Class A		12,300		9,085
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		77,900		16,528
Inner Mongolia Dian Tou Energy Corp. Ltd.		4,100		12,818
Inner Mongolia Junzheng Energy & Chemical Industry
Group Co. Ltd., Class A		32,800		19,725
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		31,984
Inner Mongolia Yitai Coal Co. Ltd., Class B		24,600		45,236
Innovent Biologics Inc.(a)(b)		20,500		92,780
iQIYI Inc., ADR(a)		9,245		42,804
JA Solar Technology Co. Ltd., Class A		4,700		9,769

Security	Shares		Value
China (continued)
JCET Group Co. Ltd., Class A		2,400	$	8,597
JD Health International Inc.(a)(b)(c)		22,550		75,841
JD Logistics Inc.(a)(b)		36,900		40,353
JD.com Inc.		47,170		699,226
Jiangsu Eastern Shenghong Co. Ltd., Class A		8,200		10,094
Jiangsu Expressway Co. Ltd., Class H		38,000		39,558
Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,700		18,425
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		8,368		48,767
Jiangsu King's Luck Brewery JSC Ltd., Class A		2,200		16,063
Jiangsu Yanghe Distillery Co. Ltd., Class A		1,900		24,385
Jiangsu Zhongtian Technology Co. Ltd., Class A		4,100		8,497
Jiangxi Copper Co. Ltd., Class A		4,100		14,393
Jiangxi Copper Co. Ltd., Class H		12,000		25,959
Jinduicheng Molybdenum Co. Ltd., Class A		4,100		6,579
Jinko Solar Co. Ltd.		8,200		9,217
Juneyao Airlines Co. Ltd., Class A		4,100		6,995
Kanzhun Ltd., ADR		4,920		104,550
KE Holdings Inc., ADR		12,546		212,906
Kingdee International Software Group Co. Ltd.(a)		53,000		54,572
Kingsoft Corp. Ltd.		16,600		53,291
Kuaishou Technology(a)(b)		49,200		351,316
Kunlun Energy Co. Ltd.		82,000		85,522
Kweichow Moutai Co. Ltd., Class A		1,600		362,962
LB Group Co. Ltd., Class A		5,300		15,269
Legend Biotech Corp., ADR(a)(c)		1,312		52,493
Lenovo Group Ltd.		164,000		236,243
Lens Technology Co. Ltd., Class A		9,000		18,962
Lepu Medical Technology Beijing Co. Ltd., Class A		4,100		9,295
Li Auto Inc.(a)		23,318		235,986
Li Ning Co. Ltd.		53,500		140,488
Lingyi iTech Guangdong Co., Class A		11,600		7,884
Livzon Pharmaceutical Group Inc., Class A		4,100		21,847
Longfor Group Holdings Ltd.(b)		41,000		65,054
LONGi Green Energy Technology Co. Ltd., Class A		9,848		25,221
Luxshare Precision Industry Co. Ltd., Class A		8,702		38,117
Luzhou Laojiao Co. Ltd., Class A		1,600		38,390
Mango Excellent Media Co. Ltd., Class A		3,200		10,189
Maxscend Microelectronics Co. Ltd., Class A		1,400		16,797
Meituan, Class B(a)(b)		102,460		1,396,138
Metallurgical Corp. of China Ltd., Class A		32,800		14,730
Midea Group Co. Ltd., Class A		4,100		36,517
MINISO Group Holding Ltd.		8,220		46,402
MMG Ltd.(a)		60,000		29,308
Montage Technology Co. Ltd., Class A		3,600		26,270
Muyuan Foods Co. Ltd., Class A		8,678		56,270
NARI Technology Co. Ltd., Class A		13,088		40,492
NAURA Technology Group Co. Ltd., Class A		600		24,195
NetEase Inc.		39,275		698,457
New China Life Insurance Co. Ltd., Class A		4,100		18,398
New China Life Insurance Co. Ltd., Class H		12,300		25,251
New Hope Liuhe Co. Ltd., Class A(a)		4,100		5,646
New Oriental Education & Technology Group Inc.(a)		28,730		229,043
Ninestar Corp., Class A		2,500		9,390
Ningbo Sanxing Medical Electric Co. Ltd.		4,100		19,171
Ningbo Shanshan Co. Ltd.		4,100		5,983
Ningbo Tuopu Group Co. Ltd., Class A		3,500		27,773
Ningxia Baofeng Energy Group Co. Ltd., Class A		13,000		29,387
NIO Inc., ADR(a)(c)		26,691		143,865
Nongfu Spring Co. Ltd., Class H(b)		41,000		218,308
Offshore Oil Engineering Co. Ltd., Class A		4,124		3,490
Orient Overseas International Ltd.		2,500		42,461
Orient Securities Co. Ltd., Class A		12,688		14,132

3

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Pangang Group Vanadium Titanium & Resources Co.
Ltd., Class A(a)		20,500	$	8,292
PDD Holdings Inc., ADR(a)		12,013		1,799,305
People's Insurance Co. Group of China Ltd. (The),
Class A		12,300		8,980
People's Insurance Co. Group of China Ltd. (The),
Class H		164,000		57,157
PetroChina Co. Ltd., Class A		24,600		34,431
PetroChina Co. Ltd., Class H		420,000		430,651
PICC Property & Casualty Co. Ltd., Class H		140,322		182,863
Ping An Bank Co. Ltd., Class A		20,500		31,325
Ping An Insurance Group Co. of China Ltd., Class A		13,100		77,704
Ping An Insurance Group Co. of China Ltd., Class H		138,500		704,448
Poly Developments and Holdings Group Co. Ltd.,
Class A		12,300		17,286
Pop Mart International Group Ltd.(b)		8,200		39,127
Postal Savings Bank of China Co. Ltd., Class A		36,900		25,528
Postal Savings Bank of China Co. Ltd., Class H(b)		164,000		92,831
Power Construction Corp. of China Ltd., Class A		24,600		18,127
Qifu Technology Inc.		2,574		49,730
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		8,200		19,524
Rongsheng Petrochemical Co. Ltd., Class A		13,950		19,254
SAIC Motor Corp. Ltd., Class A		12,300		23,815
Sailun Group Co. Ltd., Class A		4,100		8,413
Sanan Optoelectronics Co. Ltd., Class A		8,200		14,145
Sany Heavy Industry Co. Ltd., Class A		12,353		27,500
Satellite Chemical Co. Ltd., Class A		4,100		10,282
SDIC Power Holdings Co. Ltd., Class A		8,200		20,001
Seres Group Co. Ltd., NVS(a)		2,700		33,092
SF Holding Co. Ltd., Class A		8,200		41,560
Shaanxi Coal Industry Co. Ltd., Class A		11,505		41,225
Shandong Gold Mining Co. Ltd., Class A		7,180		28,520
Shandong Gold Mining Co. Ltd., Class H(b)		10,250		22,047
Shandong Hualu Hengsheng Chemical Co. Ltd.,
Class A		2,040		8,066
Shandong Nanshan Aluminum Co. Ltd., Class A		45,100		23,917
Shandong Weigao Group Medical Polymer Co. Ltd.,
Class H		49,200		28,688
Shanghai Baosight Software Co. Ltd., Class A		4,100		22,320
Shanghai Baosight Software Co. Ltd., Class B		16,480		35,860
Shanghai Construction Group Co. Ltd., Class A		12,300		3,945
Shanghai Electric Group Co. Ltd., Class A(a)		41,000		23,771
Shanghai Fosun Pharmaceutical Group Co. Ltd.,
Class A		400		1,275
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,100		10,242
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		16,400		24,349
Shanghai Pudong Development Bank Co. Ltd., Class A		36,900		42,360
Shanghai Putailai New Energy Technology Co. Ltd.,
Class A		4,100		9,212
Shanghai RAAS Blood Products Co. Ltd., Class A		16,800		16,422
Shanghai Rural Commercial Bank Co. Ltd.		16,400		17,821
Shanghai United Imaging Healthcare Co. Ltd., NVS		1,215		21,380
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		8,200		6,527
Shanxi Coal International Energy Group Co. Ltd.		4,100		8,936
Shanxi Coking Coal Energy Group Co. Ltd., Class A		8,200		12,452
Shanxi Lu'an Environmental Energy Development Co.
Ltd., Class A		3,652		11,401
Shanxi Meijin Energy Co. Ltd., Class A(a)		8,200		6,275
Shanxi Taigang Stainless Steel Co. Ltd., Class A(a)		12,300		6,402
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,
Class A		1,360		45,142
Shengyi Technology Co. Ltd., Class A		5,200		14,152

Security	Shares		Value
China (continued)
Shenwan Hongyuan Group Co. Ltd., Class A		38,994	$	24,427
Shenzhen Energy Group Co. Ltd., Class A		5,520		5,532
Shenzhen Inovance Technology Co. Ltd., Class A		2,997		23,889
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A		1,600		63,862
Shenzhen New Industries Biomedical Engineering Co.
Ltd., Class A		2,800		29,180
Shenzhen Transsion Holdings Co. Ltd., Class A		927		16,731
Shenzhou International Group Holdings Ltd.		16,400		165,189
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		2,500		6,248
Sichuan Changhong Electric Co. Ltd.		8,200		5,573
Sichuan Chuantou Energy Co. Ltd., Class A		4,105		10,176
Sichuan Road & Bridge Group Co. Ltd., Class A		13,688		14,809
Sino Biopharmaceutical Ltd.		181,000		66,049
Sinopharm Group Co. Ltd., Class H		32,800		89,259
Sinotruk Hong Kong Ltd.		20,500		47,677
Smoore International Holdings Ltd.(b)(c)		41,000		45,735
Songcheng Performance Development Co. Ltd.,
Class A		8,380		11,778
SooChow Securities Co. Ltd., Class A		8,252		7,329
Sungrow Power Supply Co. Ltd., Class A		2,900		39,397
Sunny Optical Technology Group Co. Ltd.		12,400		68,460
Sunwoda Electronic Co. Ltd., Class A		4,000		8,533
TAL Education Group, ADR(a)		9,102		103,399
TBEA Co. Ltd., Class A		6,560		13,479
TCL Technology Group Corp., Class A(a)		18,650		10,989
TCL Zhonghuan Renewable Energy Technology Co.
Ltd., Class A		6,250		9,520
Tencent Holdings Ltd.		133,100		6,174,985
Tencent Music Entertainment Group, ADR		14,924		215,652
Tianqi Lithium Corp., Class A		3,600		17,875
Tianshui Huatian Technology Co. Ltd., Class A		6,600		7,435
Tingyi Cayman Islands Holding Corp.		38,000		46,421
Tongcheng Travel Holdings Ltd.(a)		16,400		37,549
TongFu Microelectronics Co. Ltd., Class A		2,800		8,882
Tongling Nonferrous Metals Group Co. Ltd., Class A		28,700		15,652
Tongwei Co. Ltd., Class A		5,795		18,331
Topsports International Holdings Ltd.(b)		41,000		26,761
TravelSky Technology Ltd., Class H		18,000		23,709
Trina Solar Co. Ltd.		3,100		9,444
Trip.com Group Ltd.(a)		11,100		567,310
Tsingtao Brewery Co. Ltd., Class H		12,000		85,128
Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)		1,100		8,370
Unisplendour Corp. Ltd., Class A(a)		4,380		13,241
Vipshop Holdings Ltd., ADR		7,216		115,961
Walvax Biotechnology Co. Ltd., Class A		4,100		7,539
Wanhua Chemical Group Co. Ltd., Class A		3,300		39,740
Want Want China Holdings Ltd.		82,000		49,386
Weichai Power Co. Ltd., Class A		7,200		15,780
Weichai Power Co. Ltd., Class H		41,100		73,829
Wens Foodstuffs Group Co. Ltd., Class A		10,240		30,178
Western Mining Co. Ltd., Class A		4,056		10,397
Western Securities Co. Ltd., Class A		12,300		11,482
Will Semiconductor Co. Ltd. Shanghai, Class A		1,475		19,071
Wingtech Technology Co. Ltd., Class A(a)		2,300		9,668
Wuhan Guide Infrared Co. Ltd., Class A		12,924		11,670
Wuliangye Yibin Co.Ltd., Class A		4,400		88,573
WUS Printed Circuit Kunshan Co. Ltd., Class A		3,160		13,646
WuXi AppTec Co. Ltd., Class A		4,128		23,849
WuXi AppTec Co. Ltd., Class H(b)		8,287		36,188
Wuxi Biologics Cayman Inc.(a)(b)		82,000		117,648
XCMG Construction Machinery Co. Ltd., Class A		19,000		18,977

4

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Xiamen C & D Inc., Class A		4,100	$	5,428
Xiaomi Corp., Class B(a)(b)		311,600		697,718
Xinyi Solar Holdings Ltd.		124,000		82,055
XPeng Inc., Class A(a)(c)		22,826		94,707
Yadea Group Holdings Ltd.(b)		28,000		44,799
Yankuang Energy Group Co. Ltd., Class A		8,200		28,430
Yankuang Energy Group Co. Ltd., Class H		43,000		107,474
Yifeng Pharmacy Chain Co. Ltd., Class A		4,100		25,430
Yonyou Network Technology Co. Ltd., Class A(a)		4,630		7,178
Youngor Fashion Co. Ltd., Class A		4,100		4,487
Yum China Holdings Inc.		7,585		271,240
Yunda Holding Co. Ltd., Class A		6,230		7,618
Yunnan Aluminium Co. Ltd., Class A		4,075		8,106
Yunnan Baiyao Group Co. Ltd., Class A		4,108		29,885
Yunnan Energy New Material Co. Ltd., Class A		1,700		9,256
Yunnan Yuntianhua Co. Ltd.		4,100		11,705
Yutong Bus Co. Ltd., Class A		4,100		13,768
Zangge Mining Co. Ltd.		4,100		14,756
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd.,
Class A		900		28,094
Zhaojin Mining Industry Co. Ltd., Class H		41,000		72,400
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		4,100		2,263
Zhejiang Chint Electrics Co. Ltd., Class A		4,100		12,048
Zhejiang Dahua Technology Co. Ltd., Class A		4,100		9,263
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.,
Class A		2,300		10,151
Zhejiang Juhua Co. Ltd., Class A		4,100		13,420
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)		9,200		33,637
Zhejiang NHU Co. Ltd., Class A		8,243		21,526
Zhejiang Zheneng Electric Power Co. Ltd., Class A(a)		16,400		15,125
Zheshang Securities Co. Ltd., Class A		5,100		7,710
Zhongji Innolight Co. Ltd., Class A		1,600		34,438
Zhongsheng Group Holdings Ltd.		20,500		37,196
Zhongtai Securities Co. Ltd.		16,400		14,133
Zhuzhou CRRC Times Electric Co. Ltd.		8,200		32,114
Zijin Mining Group Co. Ltd., Class A		24,600		59,066
Zijin Mining Group Co. Ltd., Class H		111,000		235,755
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		11,300		12,499
ZTE Corp., Class A		4,100		15,189
ZTE Corp., Class H(a)		16,448		33,955
ZTO Express Cayman Inc., ADR		8,036		183,140
				39,370,743
India — 36.9%
ABB India Ltd.		1,107		110,296
Adani Enterprises Ltd.		3,522		144,105
Adani Green Energy Ltd.(a)		6,478		148,515
Adani Ports & Special Economic Zone Ltd.		10,865		187,473
Adani Power Ltd.(a)		15,990		145,166
Ambuja Cements Ltd.		12,218		92,841
APL Apollo Tubes Ltd.		2,961		53,371
Apollo Hospitals Enterprise Ltd.		2,050		143,636
Ashok Leyland Ltd.		28,700		77,144
Asian Paints Ltd.		7,749		267,992
Astral Ltd.		2,460		61,878
AU Small Finance Bank Ltd.(b)		6,857		53,745
Aurobindo Pharma Ltd.		5,658		80,436
Avenue Supermarts Ltd.(a)(b)		3,362		173,509
Axis Bank Ltd.		46,737		651,570
Bajaj Auto Ltd.		1,377		149,970
Bajaj Finance Ltd.		5,576		447,650
Bajaj Finserv Ltd.		7,958		145,928

Security	Shares		Value
India (continued)
Bajaj Holdings & Investment Ltd.		574	$	54,723
Balkrishna Industries Ltd.		1,665		60,941
Bandhan Bank Ltd.(b)		15,558		35,159
Bank of Baroda		22,140		70,452
Bharat Electronics Ltd.		75,236		267,414
Bharat Forge Ltd.		5,359		99,877
Bharat Heavy Electricals Ltd.		22,127		79,441
Bharat Petroleum Corp. Ltd.		15,252		114,788
Bharti Airtel Ltd.		45,510		749,406
Bosch Ltd.		164		59,716
Britannia Industries Ltd.(a)		2,173		134,980
Canara Bank		33,702		47,643
CG Power and Industrial Solutions Ltd.		13,325		102,693
Cholamandalam Investment and Finance Co. Ltd.		8,938		133,063
Cipla Ltd.		10,496		182,326
Coal India Ltd.		32,513		191,488
Colgate-Palmolive India Ltd.		2,573		81,972
Container Corp. of India Ltd.		5,822		75,142
Cummins India Ltd.		2,747		117,116
Dabur India Ltd.		12,177		79,527
Divi's Laboratories Ltd.		2,501		129,199
DLF Ltd.		14,031		137,438
Dr. Reddy's Laboratories Ltd.		2,173		150,947
Eicher Motors Ltd.		2,788		158,247
GAIL India Ltd.		45,958		112,731
GMR Airports Infrastructure Ltd.(a)		46,658		47,390
Godrej Consumer Products Ltd.		8,118		123,809
Godrej Properties Ltd.(a)		2,911		97,245
Grasim Industries Ltd.		5,658		157,361
Havells India Ltd.		5,125		117,092
HCL Technologies Ltd.		19,106		303,745
HDFC Asset Management Co. Ltd.(b)		1,681		78,273
HDFC Bank Ltd.		55,995		1,028,563
HDFC Life Insurance Co. Ltd.(b)		20,336		134,135
Hero MotoCorp Ltd.		2,355		144,652
Hindalco Industries Ltd.		27,132		224,772
Hindustan Aeronautics Ltd., NVS		3,854		229,729
Hindustan Petroleum Corp. Ltd.		11,808		76,035
Hindustan Unilever Ltd.		16,523		461,153
ICICI Bank Ltd.		103,675		1,393,499
ICICI Lombard General Insurance Co. Ltd.(b)		4,841		91,836
ICICI Prudential Life Insurance Co. Ltd.(b)		7,545		49,377
IDFC First Bank Ltd.(a)		63,394		58,133
Indian Hotels Co. Ltd., Class A		17,653		118,152
Indian Oil Corp. Ltd.		55,063		107,247
Indian Railway Catering & Tourism Corp. Ltd.		4,860		59,505
Indus Towers Ltd.(a)		16,154		67,377
IndusInd Bank Ltd.		4,665		81,789
Info Edge India Ltd.		1,558		106,477
Infosys Ltd.		67,240		1,139,793
InterGlobe Aviation Ltd.(a)(b)		3,284		164,806
ITC Ltd.		61,090		312,407
Jindal Stainless Ltd.		5,125		48,720
Jindal Steel & Power Ltd.		7,913		97,588
Jio Financial Services Ltd., NVS(a)		57,778		238,857
JSW Energy Ltd.		6,806		49,982
JSW Steel Ltd.		12,792		135,231
Jubilant Foodworks Ltd.		8,077		47,881
Kotak Mahindra Bank Ltd.		21,689		437,339
Larsen & Toubro Ltd.		13,719		603,774
LTIMindtree Ltd.(b)		1,830		103,308
Lupin Ltd.		4,100		77,843

5

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Macrotech Developers Ltd.		5,847	$	96,661
Mahindra & Mahindra Ltd.		18,742		562,809
Mankind Pharma Ltd.(a)		1,804		46,245
Marico Ltd.		9,594		68,405
Maruti Suzuki India Ltd.		2,747		408,733
Max Healthcare Institute Ltd.		16,113		145,382
Mphasis Ltd.		1,599		43,863
MRF Ltd.		41		61,671
Muthoot Finance Ltd.		2,419		48,858
Nestle India Ltd., NVS		6,560		185,132
NHPC Ltd., NVS		53,136		68,273
NMDC Ltd.		18,532		57,927
NTPC Ltd.		85,977		370,097
Oil & Natural Gas Corp. Ltd.		62,115		197,251
Page Industries Ltd.		123		53,069
PB Fintech Ltd.(a)		5,904		91,554
Persistent Systems Ltd., NVS		1,900		77,665
Petronet LNG Ltd.		16,113		57,506
Phoenix Mills Ltd. (The)		1,927		71,558
PI Industries Ltd.		1,804		76,613
Pidilite Industries Ltd.		3,321		118,258
Polycab India Ltd.		1,028		83,287
Power Finance Corp. Ltd.		30,465		180,156
Power Grid Corp.of India Ltd.		89,161		331,767
Punjab National Bank		41,615		64,667
REC Ltd.		26,158		168,844
Reliance Industries Ltd.		61,172		2,098,559
Samvardhana Motherson International Ltd.		48,093		87,477
SBI Cards & Payment Services Ltd.		5,494		45,623
SBI Life Insurance Co. Ltd.(b)		9,266		154,002
Shree Cement Ltd.		205		60,628
Shriram Finance Ltd.		5,822		164,465
Siemens Ltd.		1,804		150,805
Solar Industries India Ltd.		517		58,039
Sona Blw Precision Forgings Ltd.(b)		9,143		71,434
SRF Ltd.		3,116		82,693
State Bank of India		35,219		350,902
Sun Pharmaceutical Industries Ltd.		19,352		338,920
Sundaram Finance Ltd.		1,163		59,738
Supreme Industries Ltd.		1,230		77,958
Suzlon Energy Ltd.(a)		179,214		102,686
Tata Communications Ltd.		1,895		40,432
Tata Consultancy Services Ltd.		17,835		785,934
Tata Consumer Products Ltd.		11,585		147,372
Tata Elxsi Ltd.		738		61,525
Tata Motors Ltd.		34,227		379,168
Tata Motors Ltd., Class A.		7,351		54,596
Tata Power Co. Ltd. (The)		29,192		153,075
Tata Steel Ltd.		149,691		300,268
Tech Mahindra Ltd.		11,070		163,597
Thermax Ltd.		451		29,202
Titan Co. Ltd.		7,257		282,379
Torrent Pharmaceuticals Ltd.		2,091		67,624
Torrent Power Ltd.		3,280		59,013
Trent Ltd.		3,813		208,580
Tube Investments of India Ltd.		2,255		96,693
TVS Motor Co. Ltd.		5,002		130,781
UltraTech Cement Ltd.		2,337		277,877
Union Bank of India Ltd.		27,839		53,517
United Spirits Ltd.		6,068		84,486
UPL Ltd.		9,635		58,765
Varun Beverages Ltd.		9,717		166,260

Security	Shares		Value
India (continued)
Vedanta Ltd.		22,140	$	119,209
Wipro Ltd.		26,149		137,327
Yes Bank Ltd.(a)		282,900		78,095
Zomato Ltd.(a)		133,168		286,564
				27,239,048
Russia — 0.0%
Alrosa PJSC(d)		83,790		9
Gazprom PJSC(a)(d)		376,774		42
GMK Norilskiy Nickel PAO(d)		199,500		—
Inter RAO UES PJSC(d)		1,065,900		118
LUKOIL PJSC(a)(d)		12,996		1
Mobile TeleSystems PJSC(a)(d)		16,644		2
Moscow Exchange MICEX-RTS PJSC(a)(d)		41,040		5
Novatek PJSC(a)(d)		29,170		3
Novolipetsk Steel PJSC(a)(d)		41,610		5
Ozon Holdings PLC, ADR(a)(d)		1,881		—
PhosAgro PJSC(a)(d)		1,464		—
PhosAgro PJSC, GDR(d)(e)		1		—
PhosAgro PJSC, New(a)(d)		28		—
Polyus PJSC(a)(d)		1,083		—
Rosneft Oil Co. PJSC(a)(d)		37,278		4
Sberbank of Russia PJSC(d)		331,170		37
Severstal PAO(a)(d)		6,669		1
Surgutneftegas PJSC(a)(d)		182,410		20
Tatneft PJSC(a)(d)		41,097		5
TCS Group Holding PLC, GDR(a)(d)(e)		3,884		—
United Co. RUSAL International PJSC(a)(d)		95,760		11
VK Co. Ltd.(a)(d)(e)		4,446		1
VTB Bank PJSC(a)(d)		153,340,001		17
X5 Retail Group NV, GDR(a)(d)(e)		2,622		—
Yandex NV(a)(d)		9,690		1
				282
Total Common Stocks — 96.8%
(Cost: $86,729,589)				71,381,847

Preferred Stocks
Brazil — 2.7%
Banco Bradesco SA, Preference Shares, NVS	107,594	259,616
Centrais Eletricas Brasileiras SA, Class B, Preference
Shares, NVS	4,510	33,609
Cia. Energetica de Minas Gerais, Preference
Shares, NVS	36,273	68,733
Cia. Paranaense de Energia - Copel, Preference
Shares, NVS	19,680	34,031
Gerdau SA, Preference Shares, NVS	27,554	95,033
Itau Unibanco Holding SA, Preference Shares, NVS	96,883	572,527
Itausa SA, Preference Shares, NVS	111,343	206,320
Petroleo Brasileiro SA, Preference Shares, NVS	96,770	714,870
		1,984,739
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(a)(d)	193,800	21
Total Preferred Stocks — 2.7%
(Cost: $1,374,685)		1,984,760

6

Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
May 31, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(d)		2,278	$	—
Total Rights — 0.0%
(Cost: $—)				—
Total Long-Term Investments — 99.5%
(Cost: $88,104,274)				73,366,607

Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.49%(f)(g)(h)	664,997		665,197
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(f)(g)	410,000		410,000
Total Short-Term Securities — 1.4%
(Cost: $1,074,915)			1,075,197
Total Investments — 100.9%
(Cost: $89,179,189)			74,441,804
Liabilities in Excess of Other Assets — (0.9)%			(676,530	)
Net Assets — 100.0%		$	73,765,274

^(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) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(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 May 31, 2024 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 Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 05/31/24		Shares Held at 05/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,086,148	$	—		$	(420,602	)(a)	$	(349	)	$	—	$	665,197		664,997	$	7,951	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		80,000	(a)		—			—			—		410,000		410,000		40,182			—
									$	(349	)	$	—	$	1,075,197			$	48,133		$	—

^(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		4	06/21/24	$	92	$	2,870
MSCI Emerging Markets Index		4	06/21/24		211		(109	)
						$	2,761

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Schedule of Investments (unaudited) (continued)	iShares® MSCI BIC ETF
May 31, 2024

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	$	9,123,232		$	62,243,483	$	15,132	$	71,381,847
Preferred Stocks		1,984,739			—		21		1,984,760
Rights		—			—		—		—
Short-Term Securities
Money Market Funds		1,075,197			—		—		1,075,197
	$	12,183,168		$	62,243,483	$	15,153	$	74,441,804
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	2,870	$	—	$	2,870
Liabilities
Equity Contracts		(109	)		—		—		(109	)
	$	(109	)	$	2,870	$	—	$	2,761

^(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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