iShares Russell 2000 ETF (IWM) NPORT-P iShares Biotechnology ETF (Jun 2024 report)

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