Schedule
of
Investments
(unaudited)
June
30,
2024
iShares
®
Biotechnology
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Biotechnology
—
81.4%
4D
Molecular
Therapeutics,
Inc.
(a)
(b)
........
322,373
$
6,766,609
89bio,
Inc.
(b)
.......................
680,311
5,449,291
AC
Immune
SA
(b)
....................
414,758
1,654,884
ACADIA
Pharmaceuticals,
Inc.
(a)
(b)
.........
1,217,224
19,779,890
ACELYRIN,
Inc.
(a)
(b)
..................
466,276
2,056,277
ADMA
Biologics,
Inc.
(a)
(b)
...............
1,667,858
18,646,652
Agios
Pharmaceuticals,
Inc.
(a)
(b)
..........
411,064
17,725,080
Akero
Therapeutics,
Inc.
(a)
(b)
.............
430,599
10,101,853
Alector,
Inc.
(b)
......................
562,947
2,555,779
Alkermes
plc
(a)
(b)
.....................
1,237,178
29,815,990
Allogene
Therapeutics,
Inc.
(a)
(b)
...........
918,491
2,140,084
Alnylam
Pharmaceuticals,
Inc.
(a)
(b)
.........
933,064
226,734,552
ALX
Oncology
Holdings,
Inc.
(b)
...........
215,780
1,301,153
Amgen,
Inc.
.......................
1,880,352
587,515,982
Amicus
Therapeutics,
Inc.
(b)
.............
2,136,358
21,192,671
AnaptysBio,
Inc.
(a)
(b)
..................
179,406
4,495,914
Anavex
Life
Sciences
Corp.
(a)
(b)
..........
608,158
2,566,427
Apellis
Pharmaceuticals,
Inc.
(a)
(b)
..........
738,594
28,332,466
Apogee
Therapeutics,
Inc.
(a)
(b)
...........
288,501
11,352,514
Arbutus
Biopharma
Corp.
(a)
(b)
............
1,073,124
3,315,953
Arcellx,
Inc.
(a)
(b)
.....................
297,149
16,399,653
Arcturus
Therapeutics
Holdings,
Inc.
(a)
(b)
.....
182,306
4,439,151
Arcus
Biosciences,
Inc.
(a)
(b)
.............
356,413
5,428,170
Arcutis
Biotherapeutics,
Inc.
(a)
(b)
..........
668,973
6,221,449
Argenx
SE
,
ADR,
NVS
(a)
(b)
..............
374,808
161,182,432
Arrowhead
Pharmaceuticals,
Inc.
(a)
(b)
.......
872,663
22,680,511
ARS
Pharmaceuticals,
Inc.
(a)
(b)
...........
317,219
2,699,534
Ascendis
Pharma
A/S
,
ADR
(a)
(b)
..........
361,655
49,322,509
Aurinia
Pharmaceuticals,
Inc.
(a)
(b)
.........
955,818
5,457,721
Autolus
Therapeutics
plc
,
ADR
(a)
(b)
.........
1,502,647
5,229,212
Avidity
Biosciences,
Inc.
(b)
..............
629,439
25,712,583
Beam
Therapeutics,
Inc.
(a)
(b)
.............
569,637
13,346,595
BeiGene
Ltd.
,
ADR
(a)
(b)
................
602,195
85,915,161
Bicycle
Therapeutics
plc
,
ADR
(a)
(b)
.........
269,864
5,462,047
BioCryst
Pharmaceuticals,
Inc.
(b)
..........
1,469,617
9,082,233
Biogen,
Inc.
(a)
(b)
.....................
1,071,873
248,481,599
Biohaven
Ltd.
(a)
(b)
....................
565,442
19,626,492
BioMarin
Pharmaceutical,
Inc.
(b)
..........
1,381,863
113,768,781
Biomea
Fusion,
Inc.
(a)
(b)
................
216,823
975,704
BioNTech
SE
,
ADR
(a)
(b)
................
1,505,931
121,016,615
Bluebird
Bio,
Inc.
(a)
(b)
..................
1,460,390
1,437,316
Blueprint
Medicines
Corp.
(a)
(b)
............
454,880
49,026,966
Bridgebio
Pharma,
Inc.
(a)
(b)
..............
1,039,815
26,338,514
Cabaletta
Bio,
Inc.
(a)
(b)
.................
310,519
2,322,682
CareDx,
Inc.
(a)
(b)
.....................
340,849
5,293,385
Caribou
Biosciences,
Inc.
(a)
(b)
............
614,118
1,007,154
Centessa
Pharmaceuticals
plc
,
ADR
(a)
(b)
.....
433,086
3,910,767
Cogent
Biosciences,
Inc.
(a)
(b)
............
564,119
4,755,523
Coherus
Biosciences,
Inc.
(a)
(b)
............
812,289
1,405,260
Compass
Pathways
plc
,
ADR
(a)
(b)
.........
397,850
2,403,014
Crinetics
Pharmaceuticals,
Inc.
(a)
(b)
........
545,438
24,430,168
CRISPR
Therapeutics
AG
(a)
(b)
............
601,845
32,505,648
Cullinan
Therapeutics,
Inc.
(a)
(b)
...........
313,525
5,467,876
CureVac
NV
(a)
(b)
.....................
672,994
2,288,180
Cytokinetics,
Inc.
(a)
(b)
..................
791,210
42,867,758
Day
One
Biopharmaceuticals,
Inc.
(a)
(b)
......
449,452
6,193,449
Denali
Therapeutics,
Inc.
(a)
(b)
............
870,083
20,203,327
Disc
Medicine,
Inc.
(a)
(b)
................
124,108
5,593,548
Dynavax
Technologies
Corp.
(a)
(b)
..........
966,225
10,850,707
Dyne
Therapeutics,
Inc.
(a)
(b)
.............
476,960
16,831,918
Editas
Medicine,
Inc.
(a)
(b)
...............
607,238
2,835,802
Erasca,
Inc.
(a)
(b)
.....................
1,214,442
2,866,083
Exelixis,
Inc.
(a)
(b)
.....................
2,104,407
47,286,025
Security
Shares
Shares
Value
Biotechnology
(continued)
Exscientia
plc
,
ADR
(a)
(b)
................
755,768
$
3,854,417
Galapagos
NV
,
ADR,
NVS
(a)
(b)
...........
409,555
10,148,773
Genmab
A/S
,
ADR,
NVS
(a)
(b)
.............
4,200,233
105,551,855
Geron
Corp.
(a)
(b)
.....................
3,712,853
15,742,497
Gilead
Sciences,
Inc.
.................
8,948,496
613,956,311
Halozyme
Therapeutics,
Inc.
(a)
(b)
..........
933,579
48,882,196
Humacyte,
Inc.
(b)
....................
670,356
3,217,709
Ideaya
Biosciences,
Inc.
(a)
(b)
.............
501,288
17,600,222
Immunocore
Holdings
plc
,
ADR
(a)
(b)
........
300,212
10,174,185
Immunovant,
Inc.
(a)
(b)
..................
454,390
11,995,896
Immutep
Ltd.
,
ADR
(a)
(b)
................
839,081
1,686,553
Incyte
Corp.
(a)
(b)
.....................
1,639,247
99,371,153
Insmed,
Inc.
(a)
(b)
.....................
1,069,335
71,645,445
Intellia
Therapeutics,
Inc.
(a)
(b)
............
702,208
15,715,415
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
...........
995,306
47,436,284
Iovance
Biotherapeutics,
Inc.
(a)
(b)
..........
1,659,269
13,307,337
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
..
1,148,644
7,489,159
iTeos
Therapeutics,
Inc.
(b)
..............
205,210
3,045,316
Janux
Therapeutics,
Inc.
(a)
(b)
.............
250,264
10,483,559
KalVista
Pharmaceuticals,
Inc.
(a)
(b)
.........
206,488
2,432,429
Keros
Therapeutics,
Inc.
(a)
(b)
.............
198,357
9,064,915
Kiniksa
Pharmaceuticals
International
plc
(a)
(b)
.
286,354
5,346,229
Krystal
Biotech,
Inc.
(a)
(b)
................
177,403
32,578,287
Kura
Oncology,
Inc.
(a)
(b)
................
480,194
9,887,195
Kymera
Therapeutics,
Inc.
(a)
(b)
...........
404,838
12,084,414
Legend
Biotech
Corp.
,
ADR
(a)
(b)
..........
1,145,896
50,751,734
Lyell
Immunopharma,
Inc.
(a)
(b)
............
892,475
1,294,089
MacroGenics,
Inc.
(b)
..................
421,945
1,793,266
Madrigal
Pharmaceuticals,
Inc.
(a)
(b)
........
129,454
36,267,833
MannKind
Corp.
(a)
(b)
..................
1,952,921
10,194,248
MeiraGTx
Holdings
plc
(b)
...............
344,489
1,450,299
Merus
NV
(a)
(b)
.......................
362,601
21,455,101
Mineralys
Therapeutics,
Inc.
(a)
(b)
..........
150,426
1,759,984
Mirum
Pharmaceuticals,
Inc.
(a)
(b)
..........
281,138
9,612,108
Moderna,
Inc.
(a)
(b)
....................
2,498,331
296,676,806
Morphic
Holding,
Inc.
(a)
(b)
...............
293,314
9,993,208
MorphoSys
AG
,
ADR
(a)
(b)
...............
958,232
17,439,822
Myriad
Genetics,
Inc.
(a)
(b)
...............
644,546
15,765,595
Nanobiotix
SA
,
ADR
(a)
(b)
................
239,008
1,195,040
Natera,
Inc.
(a)
(b)
.....................
855,337
92,624,444
Neurocrine
Biosciences,
Inc.
(b)
...........
729,894
100,484,507
Novavax,
Inc.
(a)
(b)
....................
988,977
12,520,449
Nurix
Therapeutics,
Inc.
(a)
(b)
.............
421,742
8,801,756
Nuvalent,
Inc.
,
Class
A
(a)
(b)
..............
247,016
18,738,634
Olema
Pharmaceuticals,
Inc.
(a)
(b)
..........
360,589
3,901,573
ORIC
Pharmaceuticals,
Inc.
(a)
(b)
..........
321,631
2,273,931
Ovid
therapeutics,
Inc.
(b)
...............
433,768
333,654
Precigen,
Inc.
(a)
(b)
....................
958,380
1,514,240
Prime
Medicine,
Inc.
(a)
(b)
...............
374,924
1,927,109
Protagonist
Therapeutics,
Inc.
(b)
..........
410,545
14,225,384
Prothena
Corp.
plc
(b)
..................
344,255
7,105,423
PTC
Therapeutics,
Inc.
(b)
...............
550,596
16,837,226
RAPT
Therapeutics,
Inc.
(b)
..............
221,929
676,883
Recursion
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
.
1,203,321
9,024,908
Regeneron
Pharmaceuticals,
Inc.
(a)
(b)
.......
586,723
616,663,475
REGENXBIO,
Inc.
(a)
(b)
.................
333,961
3,907,344
Relay
Therapeutics,
Inc.
(a)
(b)
.............
810,866
5,286,846
Reneo
Pharmaceuticals,
Inc.
(b)
...........
150,336
227,007
Replimune
Group,
Inc.
(a)
(b)
..............
336,406
3,027,654
REVOLUTION
Medicines,
Inc.
(a)
(b)
.........
1,017,473
39,488,127
Rhythm
Pharmaceuticals,
Inc.
(a)
(b)
.........
404,389
16,604,212
Rocket
Pharmaceuticals,
Inc.
(a)
(b)
.........
620,679
13,363,219
Roivant
Sciences
Ltd.
(a)
(b)
..............
3,772,474
39,875,050
Sage
Therapeutics,
Inc.
(a)
(b)
.............
367,162
3,987,379
Sana
Biotechnology,
Inc.
(a)
(b)
............
891,213
4,866,023
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2024
iShares
®
Biotechnology
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Sarepta
Therapeutics,
Inc.
(a)
(b)
...........
658,400
$
104,027,200
Savara,
Inc.
(b)
......................
539,579
2,174,503
Scholar
Rock
Holding
Corp.
(a)
(b)
..........
474,236
3,950,386
SpringWorks
Therapeutics,
Inc.
(a)
(b)
........
488,519
18,402,511
Summit
Therapeutics,
Inc.
(a)
(b)
............
616,121
4,805,744
Syndax
Pharmaceuticals,
Inc.
(b)
..........
593,866
12,192,069
Tango
Therapeutics,
Inc.
(a)
(b)
.............
392,970
3,371,683
Taysha
Gene
Therapies,
Inc.
(a)
(b)
..........
1,039,711
2,328,953
Tourmaline
Bio,
Inc.
(a)
.................
112,345
1,444,757
Travere
Therapeutics,
Inc.
(a)
(b)
...........
559,243
4,596,977
Twist
Bioscience
Corp.
(a)
(b)
..............
413,200
20,362,496
Ultragenyx
Pharmaceutical,
Inc.
(b)
.........
577,707
23,743,758
uniQure
NV
(a)
(b)
.....................
352,862
1,580,822
United
Therapeutics
Corp.
(b)
.............
305,884
97,439,348
UroGen
Pharma
Ltd.
(a)
(b)
...............
249,880
4,192,986
Vanda
Pharmaceuticals,
Inc.
(b)
...........
412,956
2,333,201
Vaxcyte,
Inc.
(a)
(b)
.....................
767,268
57,936,407
Vera
Therapeutics,
Inc.
,
Class
A
(a)
(b)
........
309,988
11,215,366
Veracyte,
Inc.
(a)
(b)
....................
561,949
12,177,435
Vericel
Corp.
(a)
(b)
.....................
357,302
16,393,016
Vertex
Pharmaceuticals,
Inc.
(b)
...........
1,262,823
591,910,397
Verve
Therapeutics,
Inc.
(a)
(b)
.............
444,046
2,166,945
Vir
Biotechnology,
Inc.
(a)
(b)
..............
659,209
5,866,960
Voyager
Therapeutics,
Inc.
(a)
(b)
...........
330,043
2,610,640
Xencor,
Inc.
(b)
......................
445,413
8,431,668
Xenon
Pharmaceuticals,
Inc.
(a)
(b)
..........
546,761
21,318,211
Y-mAbs
Therapeutics,
Inc.
(a)
(b)
...........
286,201
3,457,308
Zai
Lab
Ltd.
,
ADR
(b)
..................
626,751
10,861,595
Zentalis
Pharmaceuticals,
Inc.
(b)
..........
461,691
1,888,316
Zymeworks,
Inc.
(a)
(b)
..................
490,146
4,171,142
5,998,055,384
Chemicals
—
0.0%
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
..
10,332,790
3,454,252
Health
Care
Equipment
&
Supplies
—
0.2%
Novocure
Ltd.
(b)
.....................
718,719
12,311,656
Health
Care
Providers
&
Services
—
0.1%
(a)(b)
Castle
Biosciences,
Inc.
...............
186,591
4,062,086
Fulgent
Genetics,
Inc.
.................
144,920
2,843,330
OPKO
Health,
Inc.
...................
2,427,748
3,034,685
9,940,101
Life
Sciences
Tools
&
Services
—
15.8%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
..........
731,102
14,219,934
AbCellera
Biologics,
Inc.
(a)
(b)
.............
1,528,772
4,525,165
Adaptive
Biotechnologies
Corp.
(a)
(b)
........
1,061,804
3,843,731
Bio-Techne
Corp.
....................
1,156,926
82,893,748
Bruker
Corp.
.......................
720,779
45,992,908
Charles
River
Laboratories
International,
Inc.
(b)
377,630
78,010,805
Cytek
Biosciences,
Inc.
(a)
(b)
.............
883,901
4,932,168
Fortrea
Holdings,
Inc.
(a)
(b)
...............
635,516
14,832,943
Illumina,
Inc.
(a)
(b)
.....................
1,175,241
122,671,656
IQVIA
Holdings,
Inc.
(a)
(b)
................
1,312,337
277,480,535
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
(b)
812,063
5,814,371
MaxCyte,
Inc.
(a)
(b)
....................
684,883
2,684,741
Medpace
Holdings,
Inc.
(a)
(b)
.............
189,266
77,949,202
Mettler-Toledo
International,
Inc.
(b)
........
156,002
218,026,835
Nautilus
Biotechnology,
Inc.
(b)
............
583,962
1,366,471
Olink
Holding
AB
,
ADR
(a)
(b)
..............
785,277
20,008,858
OmniAb,
Inc.,
12.50
Earnout
Shares
,
NVS
(b)
(c)
.
46,839
—
OmniAb,
Inc.,
15.00
Earnout
Shares
,
NVS
(b)
(c)
.
46,839
—
Pacific
Biosciences
of
California,
Inc.
(a)
(b)
....
1,961,150
2,686,776
Quanterix
Corp.
(b)
....................
258,300
3,412,143
Repligen
Corp.
(a)
(b)
...................
385,416
48,585,541
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Stevanato
Group
SpA
(a)
...............
367,000
$
6,730,780
Waters
Corp.
(a)
(b)
....................
439,124
127,398,655
1,164,067,966
Pharmaceuticals
—
2.2%
(b)
Aclaris
Therapeutics,
Inc.
(a)
.............
522,605
574,866
Amylyx
Pharmaceuticals,
Inc.
(a)
..........
339,982
645,966
Arvinas,
Inc.
(a)
......................
440,777
11,733,484
ATAI
Life
Sciences
NV
(a)
...............
850,201
1,130,767
Atea
Pharmaceuticals,
Inc.
.............
548,480
1,815,469
Axsome
Therapeutics,
Inc.
(a)
............
289,037
23,267,478
Edgewise
Therapeutics,
Inc.
(a)
...........
487,201
8,774,490
Enliven
Therapeutics,
Inc.
(a)
.............
199,042
4,651,612
Fulcrum
Therapeutics,
Inc.
(a)
............
427,227
2,648,807
Intra-Cellular
Therapies,
Inc.
............
731,745
50,117,215
Ligand
Pharmaceuticals,
Inc.
(a)
...........
130,279
10,977,308
Marinus
Pharmaceuticals,
Inc.
(a)
..........
371,380
434,515
Nuvation
Bio,
Inc.
,
Class
A
(a)
............
1,141,040
3,331,837
Phathom
Pharmaceuticals,
Inc.
(a)
.........
208,876
2,151,423
Pliant
Therapeutics,
Inc.
(a)
..............
396,242
4,259,601
Revance
Therapeutics,
Inc.
(a)
............
709,222
1,822,700
Structure
Therapeutics,
Inc.
,
ADR
(a)
........
265,910
10,442,286
Tarsus
Pharmaceuticals,
Inc.
(a)
...........
230,455
6,263,767
Terns
Pharmaceuticals,
Inc.
.............
319,227
2,173,936
Theravance
Biopharma,
Inc.
(a)
...........
326,822
2,771,451
Third
Harmonic
Bio,
Inc.
...............
113,443
1,474,759
Ventyx
Biosciences,
Inc.
...............
397,357
917,895
Verona
Pharma
plc
,
ADR
(a)
.............
391,125
5,655,667
WaVe
Life
Sciences
Ltd.
(a)
..............
716,340
3,574,537
161,611,836
Total
Common
Stocks
—
99
.7
%
(Cost:
$
9,748,301,752
)
............................
7,349,441,195
Preferred
Stocks
Biotechnology
—
0.2%
Grifols
SA
(a)
(b)
......................
1,655,702
10,439,201
Total
Preferred
Stocks
—
0
.2
%
(Cost:
$
26,481,032
)
...............................
10,439,201
Rights
Biotechnology
—
0.0%
(b)
Akouos,
Inc.,
CVR
(a)
.................
157,087
124,099
Cartesian
Therapeutics,
Inc.
(c)
...........
6,098
610
Contra
Chinook
Therape,
CVR
(c)
.........
320,962
202,206
Fusion
Pharmaceuticals,
Inc.,
CVR
(a)
......
1,880
1,034
327,949
Total
Rights
—
0
.0
%
(Cost:
$
251,406
)
.................................
327,949
Total
Long-Term
Investments
—
99.9%
(Cost:
$
9,775,034,190
)
............................
7,360,208,345
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2024
iShares
®
Biotechnology
ETF
3
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
June
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
13.5%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.48
%
(f)
..................
981,837,185
$
982,229,920
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
...................
16,440,486
16,440,486
Total
Short-Term
Securities
—
13
.5
%
(Cost:
$
998,150,115
)
..............................
998,670,406
Total
Investments
—
113
.4
%
(Cost:
$
10,773,184,305
)
............................
8,358,878,751
Liabilities
in
Excess
of
Other
Assets
—
(
13.4
)
%
............
(
988,741,681
)
Net
Assets
—
100.0%
...............................
$
7,370,137,070
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(d)
Affiliate
of
the
Fund.
(e)
Annualized
7-day
yield
as
of
period
end.
(f)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/24
Shares
Held
at
06/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
874,576,814
$
107,728,904
(a)
$
—
$
(
50,261
)
$
(
25,537
)
$
982,229,920
981,837,185
$
1,965,269
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
39,557,747
—
(
23,117,261
)
(a)
—
—
16,440,486
16,440,486
109,308
—
$
(
50,261
)
$
(
25,537
)
$
998,670,406
$
2,074,577
$
—
—
—
(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
E-Mini
Health
Care
Select
Sector
Index
...........................................
39
09/20/24
$
5,809
$
(
10,976
)
Russell
2000
E-Mini
Index
....................................................
29
09/20/24
2,994
15,854
$
4,878
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2024
iShares
®
Biotechnology
ETF
4
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
the
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
.........................................
$
7,349,441,195
$
—
$
—
$
7,349,441,195
Preferred
Securities
.......................................
10,439,201
—
—
10,439,201
Rights
................................................
—
125,133
202,816
327,949
Short-Term
Securities
Money
Market
Funds
......................................
998,670,406
—
—
998,670,406
$
8,358,550,802
$
125,133
$
202,816
$
8,358,878,751
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
15,854
$
—
$
—
$
15,854
Liabilities
Equity
contracts
...........................................
(
10,976
)
—
—
(
10,976
)
$
4,878
$
—
$
—
$
4,878
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CVR
Contingent
Value
Rights
NVS
Non-Voting
Shares