iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.2
%
Axon
Enterprise,
Inc.
(a)
.....................
978
$
599,807
Boeing
Co.
(The)
(a)
........................
4,080
747,619
General
Dynamics
Corp.
....................
1,835
499,340
General
Electric
Co.
.......................
3,038
612,278
HEICO
Corp.
...........................
934
234,210
HEICO
Corp.
,
Class
A
......................
1,604
322,292
Howmet
Aerospace,
Inc.
....................
5,097
706,342
L3Harris
Technologies,
Inc.
..................
2,239
492,625
Lockheed
Martin
Corp.
.....................
1,009
482,050
Northrop
Grumman
Corp.
...................
1,111
540,501
RTX
Corp.
.............................
4,514
569,351
Textron,
Inc.
............................
7,005
492,942
TransDigm
Group,
Inc.
.....................
423
597,729
6,897,086
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
5,583
498,115
Expeditors
International
of
Washington,
Inc.
.......
5,128
563,618
FedEx
Corp.
............................
1,979
416,243
United
Parcel
Service,
Inc.
,
Class
B
............
4,272
407,122
1,885,098
a
Automobile
Components
 — 
0
.2
%
Aptiv
PLC
(a)
.............................
11,029
629,315
a
Automobiles
 — 
0
.7
%
Ford
Motor
Co.
..........................
53,021
530,740
General
Motors
Co.
.......................
10,111
457,422
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
52,191
712,929
Tesla,
Inc.
(a)
.............................
1,578
445,248
2,146,339
a
Banks
 — 
2
.2
%
Bank
of
America
Corp.
.....................
11,824
471,541
Citigroup,
Inc.
...........................
8,178
559,212
Citizens
Financial
Group,
Inc.
................
13,165
485,657
Fifth
Third
Bancorp
.......................
12,636
454,138
First
Citizens
BancShares,
Inc.
,
Class
A
..........
276
491,043
Huntington
Bancshares,
Inc.
.................
34,315
498,597
JPMorgan
Chase
&
Co.
....................
2,208
540,121
KeyCorp
...............................
32,061
475,785
M&T
Bank
Corp.
.........................
2,802
475,667
PNC
Financial
Services
Group,
Inc.
(The)
........
2,760
443,504
Regions
Financial
Corp.
....................
23,126
472,002
Truist
Financial
Corp.
......................
12,477
478,368
U.S.
Bancorp
...........................
11,313
456,366
Wells
Fargo
&
Co.
........................
7,557
536,623
6,838,624
a
Beverages
 — 
1
.2
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
15,123
526,885
Coca-Cola
Co.
(The)
......................
8,738
633,942
Constellation
Brands,
Inc.
,
Class
A
.............
2,447
458,910
Keurig
Dr
Pepper,
Inc.
.....................
17,605
608,957
Molson
Coors
Beverage
Co.
,
Class
B
...........
9,753
561,090
Monster
Beverage
Corp.
(a)
...................
10,398
625,128
PepsiCo,
Inc.
...........................
3,349
454,058
3,868,970
a
Biotechnology
 — 
2
.4
%
AbbVie,
Inc.
............................
3,204
625,101
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
2,247
591,500
Amgen,
Inc.
............................
1,866
542,857
Biogen,
Inc.
(a)
...........................
3,637
440,368
Security
Shares
Value
a
Biotechnology
(continued)
BioMarin
Pharmaceutical,
Inc.
(a)
...............
9,357
$
595,947
Exact
Sciences
Corp.
(a)
.....................
12,390
565,480
Gilead
Sciences,
Inc.
......................
6,139
654,049
Incyte
Corp.
(a)
...........................
7,639
478,660
Moderna,
Inc.
(a)
..........................
14,543
415,057
Natera,
Inc.
(a)
...........................
3,771
569,157
Neurocrine
Biosciences,
Inc.
(a)
................
4,938
531,773
Regeneron
Pharmaceuticals,
Inc.
..............
711
425,718
United
Therapeutics
Corp.
(a)
..................
1,526
462,515
Vertex
Pharmaceuticals,
Inc.
(a)
................
1,141
581,340
7,479,522
a
Broadline
Retail
 — 
0
.6
%
Amazon.com,
Inc.
(a)
.......................
2,371
437,260
eBay,
Inc.
..............................
9,708
661,697
MercadoLibre,
Inc.
(a)
.......................
295
687,601
1,786,558
a
Building
Products
 — 
1
.8
%
A
O
Smith
Corp.
.........................
8,545
579,864
Allegion
PLC
............................
4,408
613,594
Builders
FirstSource,
Inc.
(a)
..................
3,376
403,871
Carlisle
Companies,
Inc.
....................
1,343
509,642
Carrier
Global
Corp.
.......................
7,569
473,365
Fortune
Brands
Innovations,
Inc.
..............
8,340
448,859
Johnson
Controls
International
PLC
............
6,835
573,456
Lennox
International,
Inc.
...................
984
538,002
Masco
Corp.
............................
7,723
468,091
Owens
Corning
..........................
3,131
455,279
Trane
Technologies
PLC
....................
1,385
530,884
5,594,907
a
Capital
Markets
 — 
5
.1
%
Ameriprise
Financial,
Inc.
...................
1,042
490,803
Ares
Management
Corp.
,
Class
A
..............
3,551
541,634
Bank
of
New
York
Mellon
Corp.
(The)
...........
7,503
603,316
BlackRock,
Inc.
(c)
.........................
542
495,529
Blackstone,
Inc.
..........................
3,105
408,960
Carlyle
Group,
Inc.
(The)
....................
11,881
459,082
Cboe
Global
Markets,
Inc.
...................
3,083
683,809
Charles
Schwab
Corp.
(The)
.................
7,177
584,208
CME
Group,
Inc.
,
Class
A
...................
2,527
700,181
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
2,019
409,635
FactSet
Research
Systems,
Inc.
...............
1,251
540,707
Franklin
Resources,
Inc.
....................
29,133
546,535
Goldman
Sachs
Group,
Inc.
(The)
.............
942
515,792
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
2,684
461,246
Intercontinental
Exchange,
Inc.
...............
3,690
619,809
KKR
&
Co.,
Inc.
..........................
3,699
422,685
LPL
Financial
Holdings,
Inc.
..................
1,919
613,677
Moody's
Corp.
...........................
1,202
544,650
Morgan
Stanley
..........................
4,165
480,724
MSCI,
Inc.
.............................
967
527,121
Nasdaq,
Inc.
............................
7,401
564,030
Northern
Trust
Corp.
.......................
5,674
533,243
Raymond
James
Financial,
Inc.
...............
3,728
510,885
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
18,828
924,643
S&P
Global,
Inc.
.........................
1,103
551,555
SEI
Investments
Co.
.......................
7,751
606,826
State
Street
Corp.
........................
6,300
555,030
T
Rowe
Price
Group,
Inc.
...................
5,073
449,214
Tradeweb
Markets,
Inc.
,
Class
A
...............
4,735
654,851
16,000,380
a
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Chemicals
 — 
2
.4
%
Air
Products
and
Chemicals,
Inc.
..............
1,847
$
500,703
Albemarle
Corp.
.........................
5,744
336,311
CF
Industries
Holdings,
Inc.
..................
7,263
569,201
Corteva,
Inc.
............................
10,304
638,745
Dow,
Inc.
..............................
13,262
405,685
DuPont
de
Nemours,
Inc.
...................
7,129
470,443
Eastman
Chemical
Co.
.....................
6,173
475,321
Ecolab,
Inc.
............................
2,311
581,055
International
Flavors
&
Fragrances,
Inc.
..........
6,731
528,114
Linde
PLC
.............................
1,212
549,315
LyondellBasell
Industries
N.V.
,
Class
A
..........
7,196
418,879
PPG
Industries,
Inc.
.......................
4,885
531,781
RPM
International,
Inc.
.....................
4,512
481,656
Sherwin-Williams
Co.
(The)
..................
1,481
522,675
Westlake
Corp.
..........................
4,782
442,000
7,451,884
a
Commercial
Services
&
Supplies
 — 
1
.4
%
Cintas
Corp.
............................
2,572
544,441
Copart,
Inc.
(a)
...........................
10,119
617,562
Republic
Services,
Inc.
.....................
2,709
679,282
Rollins,
Inc.
.............................
11,807
674,534
Veralto
Corp.
............................
5,774
553,727
Waste
Connections,
Inc.
....................
3,127
617,989
Waste
Management,
Inc.
....................
2,534
591,334
4,278,869
a
Communications
Equipment
 — 
0
.9
%
Arista
Networks,
Inc.
(a)
.....................
5,758
473,711
Cisco
Systems,
Inc.
.......................
9,311
537,524
F5,
Inc.
(a)
..............................
2,500
661,850
Juniper
Networks,
Inc.
.....................
16,211
588,783
Motorola
Solutions,
Inc.
....................
1,163
512,174
2,774,042
a
Construction
&
Engineering
 — 
0
.5
%
AECOM
...............................
5,503
542,871
EMCOR
Group,
Inc.
.......................
1,214
486,450
Quanta
Services,
Inc.
(b)
.....................
1,794
525,086
1,554,407
a
Construction
Materials
 — 
0
.5
%
CRH
PLC
..............................
5,831
556,394
Martin
Marietta
Materials,
Inc.
................
986
516,644
Vulcan
Materials
Co.
......................
2,058
539,875
1,612,913
a
Consumer
Finance
 — 
0
.9
%
Ally
Financial,
Inc.
........................
17,043
556,624
American
Express
Co.
.....................
1,926
513,106
Capital
One
Financial
Corp.
..................
3,130
564,214
Discover
Financial
Services
..................
3,389
619,069
Synchrony
Financial
.......................
9,239
479,966
2,732,979
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.9
%
Albertsons
Companies,
Inc.
,
Class
A
............
32,769
720,263
Costco
Wholesale
Corp.
....................
581
577,805
Dollar
General
Corp.
......................
8,021
751,487
Dollar
Tree,
Inc.
(a)
.........................
9,538
779,922
Kroger
Co.
(The)
.........................
9,931
717,118
Sysco
Corp.
............................
7,725
551,565
Target
Corp.
............................
3,724
360,111
Walgreens
Boots
Alliance,
Inc.
................
70,420
772,507
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
Walmart,
Inc.
............................
6,192
$
602,172
5,832,950
a
Containers
&
Packaging
 — 
1
.2
%
Amcor
PLC
.............................
60,941
560,657
Avery
Dennison
Corp.
......................
3,040
520,174
Ball
Corp.
..............................
9,768
507,350
Crown
Holdings,
Inc.
......................
6,755
650,709
International
Paper
Co.
.....................
10,853
495,765
Packaging
Corp.
of
America
.................
2,544
472,192
Smurfit
WestRock
PLC
.....................
11,790
495,416
3,702,263
a
Distributors
 — 
0
.5
%
Genuine
Parts
Co.
........................
4,951
581,990
LKQ
Corp.
.............................
16,245
620,721
Pool
Corp.
.............................
1,770
518,858
1,721,569
a
Diversified
REITs
 — 
0
.2
%
WP
Carey,
Inc.
..........................
11,266
703,449
a
Diversified
Telecommunication
Services
 — 
0
.4
%
AT&T,
Inc.
..............................
25,193
697,846
Verizon
Communications,
Inc.
................
13,628
600,450
1,298,296
a
Electric
Utilities
 — 
3
.1
%
Alliant
Energy
Corp.
.......................
10,276
627,247
American
Electric
Power
Co.,
Inc.
..............
6,306
683,192
Constellation
Energy
Corp.
..................
2,569
574,017
Duke
Energy
Corp.
.......................
5,172
631,088
Edison
International
.......................
7,257
388,322
Entergy
Corp.
...........................
8,118
675,174
Evergy,
Inc.
.............................
9,768
674,969
Eversource
Energy
.......................
10,016
595,752
Exelon
Corp.
............................
15,589
731,124
FirstEnergy
Corp.
........................
14,718
631,108
NextEra
Energy,
Inc.
......................
7,547
504,743
NRG
Energy,
Inc.
.........................
6,589
722,023
PG&E
Corp.
............................
27,627
456,398
PPL
Corp.
.............................
18,092
660,358
Southern
Co.
(The)
.......................
6,552
602,063
Xcel
Energy,
Inc.
.........................
8,667
612,757
9,770,335
a
Electrical
Equipment
 — 
1
.1
%
AMETEK,
Inc.
...........................
3,028
513,488
Eaton
Corp.
PLC
.........................
1,519
447,148
Emerson
Electric
Co.
......................
4,430
465,637
GE
Vernova,
Inc.
.........................
1,717
636,698
Hubbell,
Inc.
............................
1,338
485,935
Rockwell
Automation,
Inc.
...................
2,082
515,670
Vertiv
Holdings
Co.
,
Class
A
.................
4,716
402,652
3,467,228
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.6
%
Amphenol
Corp.
,
Class
A
...................
7,965
612,907
CDW
Corp.
.............................
3,236
519,572
Corning,
Inc.
............................
12,572
557,945
Jabil,
Inc.
..............................
4,695
688,099
Keysight
Technologies,
Inc.
(a)
.................
3,836
557,755
TE
Connectivity
PLC
......................
3,795
555,512
Teledyne
Technologies,
Inc.
(a)
.................
1,249
582,072
Trimble,
Inc.
(a)
...........................
8,417
523,032
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Zebra
Technologies
Corp.
,
Class
A
(a)
............
1,519
$
380,236
4,977,130
a
Energy
Equipment
&
Services
 — 
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
13,753
486,856
Halliburton
Co.
..........................
19,903
394,478
Schlumberger
N.V.
........................
13,397
445,450
1,326,784
a
Entertainment
 — 
1
.8
%
Electronic
Arts,
Inc.
.......................
3,641
528,273
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
7,107
630,178
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
4,732
626,753
Netflix,
Inc.
(a)
............................
657
743,540
ROBLOX
Corp.
,
Class
A
(a)
...................
11,231
753,038
Roku,
Inc.
,
Class
A
(a)
......................
8,292
565,349
Take-Two
Interactive
Software,
Inc.
(a)
............
3,296
769,023
Walt
Disney
Co.
(The)
.....................
5,415
492,494
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
62,247
539,681
5,648,329
a
Financial
Services
 — 
2
.2
%
Apollo
Global
Management,
Inc.
...............
3,579
488,462
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
1,145
610,571
Block,
Inc.
,
Class
A
(a)
(b)
.....................
7,044
411,863
Corpay,
Inc.
(a)
...........................
1,664
541,416
Equitable
Holdings,
Inc.
....................
12,235
605,021
Fidelity
National
Information
Services,
Inc.
........
6,820
537,962
Fiserv,
Inc.
(a)
............................
2,715
501,107
Global
Payments,
Inc.
.....................
5,303
404,672
Jack
Henry
&
Associates,
Inc.
................
3,631
629,724
Mastercard,
Inc.
,
Class
A
....................
1,054
577,655
PayPal
Holdings,
Inc.
(a)
(b)
....................
6,776
446,132
Toast,
Inc.
,
Class
A
(a)
......................
15,567
553,874
Visa,
Inc.
,
Class
A
........................
1,759
607,734
6,916,193
a
Food
Products
 — 
2
.4
%
Archer-Daniels-Midland
Co.
..................
11,623
554,998
Bunge
Global
SA
.........................
7,166
564,108
Conagra
Brands,
Inc.
......................
22,395
553,380
General
Mills,
Inc.
........................
9,153
519,341
Hershey
Co.
(The)
........................
3,234
540,693
Hormel
Foods
Corp.
.......................
20,267
605,983
J
M
Smucker
Co.
(The)
.....................
5,626
654,135
Kellanova
..............................
7,425
614,567
Kraft
Heinz
Co.
(The)
......................
18,416
535,906
McCormick
&
Co.,
Inc.
,
NVS
.................
8,050
617,113
Mondelez
International,
Inc.
,
Class
A
............
8,714
593,685
The
Campbell's
Company
...................
13,984
509,857
Tyson
Foods,
Inc.
,
Class
A
..................
9,613
588,700
7,452,466
a
Gas
Utilities
 — 
0
.2
%
Atmos
Energy
Corp.
.......................
4,148
666,293
a
Ground
Transportation
 — 
1
.1
%
CSX
Corp.
.............................
15,835
444,488
JB
Hunt
Transport
Services,
Inc.
..............
3,217
420,076
Norfolk
Southern
Corp.
.....................
2,158
483,500
Old
Dominion
Freight
Line,
Inc.
...............
2,599
398,375
Uber
Technologies,
Inc.
(a)
...................
7,919
641,518
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
9,819
538,081
Security
Shares
Value
a
Ground
Transportation
(continued)
Union
Pacific
Corp.
.......................
2,348
$
506,370
3,432,408
a
Health
Care
Equipment
&
Supplies
 — 
3
.4
%
Abbott
Laboratories
.......................
4,811
629,038
Align
Technology,
Inc.
(a)
.....................
2,853
494,425
Baxter
International,
Inc.
....................
18,862
587,929
Becton
Dickinson
&
Co.
....................
2,503
518,346
Boston
Scientific
Corp.
(a)
....................
6,380
656,311
Cooper
Companies,
Inc.
(The)
(a)
...............
5,966
487,243
Dexcom,
Inc.
(a)
..........................
8,292
591,883
Edwards
Lifesciences
Corp.
(a)
................
8,930
674,126
GE
HealthCare
Technologies,
Inc.
.............
7,029
494,350
Hologic,
Inc.
(a)
...........................
7,706
448,489
IDEXX
Laboratories,
Inc.
(a)
...................
1,390
601,383
Insulet
Corp.
(a)
...........................
2,275
573,960
Intuitive
Surgical,
Inc.
(a)
.....................
1,042
537,464
Medtronic
PLC
..........................
6,442
546,024
ResMed,
Inc.
...........................
2,520
596,207
Solventum
Corp.
(a)
........................
8,868
586,352
STERIS
PLC
............................
2,725
612,416
Stryker
Corp.
...........................
1,445
540,314
Zimmer
Biomet
Holdings,
Inc.
................
5,504
567,187
10,743,447
a
Health
Care
Providers
&
Services
 — 
2
.9
%
Cardinal
Health,
Inc.
.......................
4,794
677,344
Cencora,
Inc.
...........................
2,355
689,238
Centene
Corp.
(a)
.........................
10,338
618,729
Cigna
Group
(The)
........................
1,719
584,529
CVS
Health
Corp.
........................
10,656
710,862
DaVita,
Inc.
(a)
............................
3,955
559,830
Elevance
Health,
Inc.
......................
1,388
583,765
HCA
Healthcare,
Inc.
......................
1,637
564,896
Humana,
Inc.
...........................
2,067
542,050
Labcorp
Holdings,
Inc.
.....................
2,481
597,946
McKesson
Corp.
.........................
920
655,767
Molina
Healthcare,
Inc.
(a)
....................
1,981
647,807
Quest
Diagnostics,
Inc.
.....................
3,823
681,335
UnitedHealth
Group,
Inc.
....................
885
364,124
Universal
Health
Services,
Inc.
,
Class
B
.........
3,066
542,897
9,021,119
a
Health
Care
REITs
 — 
0
.7
%
Alexandria
Real
Estate
Equities,
Inc.
............
5,591
406,242
Healthpeak
Properties,
Inc.
..................
28,582
509,903
Ventas,
Inc.
............................
9,368
656,509
Welltower,
Inc.
...........................
4,250
648,508
2,221,162
a
Health
Care
Technology
 — 
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
2,553
596,611
a
Hotel
&
Resort
REITs
 — 
0
.1
%
Host
Hotels
&
Resorts,
Inc.
..................
34,454
486,491
a
Hotels,
Restaurants
&
Leisure
 — 
3
.4
%
Airbnb,
Inc.
,
Class
A
(a)
......................
4,316
526,207
Booking
Holdings,
Inc.
.....................
113
576,219
Carnival
Corp.
(a)
..........................
24,412
447,716
Chipotle
Mexican
Grill,
Inc.
(a)
.................
9,681
489,084
Darden
Restaurants,
Inc.
...................
3,603
722,906
Domino's
Pizza,
Inc.
.......................
1,400
686,518
DoorDash,
Inc.
,
Class
A
(a)
...................
3,282
633,065
DraftKings,
Inc.
,
Class
A
(a)
...................
14,514
483,171
Expedia
Group,
Inc.
.......................
3,368
528,540
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Flutter
Entertainment
PLC
(a)
..................
2,229
$
537,167
Hilton
Worldwide
Holdings,
Inc.
...............
2,298
518,153
Hyatt
Hotels
Corp.
,
Class
A
..................
3,851
433,931
Las
Vegas
Sands
Corp.
....................
11,978
439,233
Marriott
International,
Inc.
,
Class
A
.............
2,006
478,591
McDonald's
Corp.
........................
1,869
597,426
MGM
Resorts
International
(a)
.................
16,416
516,447
Royal
Caribbean
Cruises
Ltd.
................
2,479
532,762
Starbucks
Corp.
..........................
5,681
454,764
Wynn
Resorts
Ltd.
........................
7,318
587,708
Yum!
Brands,
Inc.
........................
4,379
658,777
10,848,385
a
Household
Durables
 — 
0
.7
%
DR
Horton,
Inc.
..........................
3,626
458,109
Garmin
Ltd.
.............................
2,787
520,807
Lennar
Corp.
,
Class
A
......................
3,536
384,045
NVR,
Inc.
(a)
.............................
67
477,425
PulteGroup,
Inc.
.........................
4,713
483,459
2,323,845
a
Household
Products
 — 
0
.9
%
Church
&
Dwight
Co.,
Inc.
...................
5,633
559,582
Clorox
Co.
(The)
.........................
3,697
526,083
Colgate-Palmolive
Co.
.....................
6,327
583,286
Kimberly-Clark
Corp.
......................
4,472
589,320
Procter
&
Gamble
Co.
(The)
.................
3,245
527,540
2,785,811
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.2
%
Vistra
Corp.
............................
4,124
534,594
a
Industrial
Conglomerates
 — 
0
.3
%
3M
Co.
................................
4,391
609,954
Honeywell
International,
Inc.
.................
2,404
506,042
1,115,996
a
Industrial
REITs
 — 
0
.2
%
Prologis,
Inc.
............................
4,878
498,532
a
Insurance
 — 
4
.7
%
Aflac,
Inc.
..............................
5,256
571,222
Allstate
Corp.
(The)
.......................
2,978
590,805
American
Financial
Group,
Inc.
...............
4,322
547,425
American
International
Group,
Inc.
.............
7,744
631,291
Aon
PLC
,
Class
A
........................
1,483
526,154
Arch
Capital
Group
Ltd.
....................
5,852
530,659
Arthur
J
Gallagher
&
Co.
....................
1,951
625,666
Assurant,
Inc.
...........................
2,927
564,150
Brown
&
Brown,
Inc.
.......................
5,354
592,152
Chubb
Ltd.
.............................
2,010
575,021
Cincinnati
Financial
Corp.
...................
4,028
560,738
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
1,476
529,323
Everest
Group
Ltd.
........................
1,657
594,581
Fidelity
National
Financial,
Inc.
................
10,084
645,880
Hartford
Insurance
Group,
Inc.
(The)
............
5,053
619,852
Loews
Corp.
............................
7,374
640,284
Markel
Group,
Inc.
(a)
.......................
368
669,245
Marsh
&
McLennan
Companies,
Inc.
............
2,526
569,537
MetLife,
Inc.
............................
7,098
534,976
Principal
Financial
Group,
Inc.
................
7,058
523,351
Progressive
Corp.
(The)
....................
2,143
603,769
Prudential
Financial,
Inc.
....................
4,695
482,223
Travelers
Companies,
Inc.
(The)
...............
2,267
598,783
W
R
Berkley
Corp.
........................
10,081
722,707
Security
Shares
Value
a
Insurance
(continued)
Willis
Towers
Watson
PLC
...................
1,881
$
578,972
14,628,766
a
Interactive
Media
&
Services
 — 
0
.7
%
Alphabet,
Inc.
,
Class
A
.....................
1,522
241,694
Alphabet,
Inc.
,
Class
C
,
NVS
.................
1,304
209,800
Meta
Platforms,
Inc.
,
Class
A
.................
893
490,257
Pinterest,
Inc.
,
Class
A
(a)
....................
20,241
512,502
Reddit,
Inc.
,
Class
A
(a)
(b)
.....................
3,337
388,994
Snap,
Inc.
,
Class
A
,
NVS
(a)
(b)
.................
55,275
439,989
2,283,236
a
IT
Services
 — 
2
.5
%
Accenture
PLC
,
Class
A
....................
1,491
446,033
Akamai
Technologies,
Inc.
(a)
..................
7,005
564,463
Cloudflare,
Inc.
,
Class
A
(a)
...................
6,370
769,369
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
7,174
527,791
EPAM
Systems,
Inc.
(a)
......................
2,482
389,451
Gartner,
Inc.
(a)
...........................
1,076
453,082
GoDaddy,
Inc.
,
Class
A
(a)
....................
3,185
599,831
International
Business
Machines
Corp.
..........
2,644
639,372
MongoDB,
Inc.
,
Class
A
(a)
...................
2,015
346,922
Okta,
Inc.
,
Class
A
(a)
.......................
7,921
888,419
Snowflake,
Inc.
,
Class
A
(a)
...................
4,532
722,809
Twilio,
Inc.
,
Class
A
(a)
......................
6,157
595,443
VeriSign,
Inc.
(a)
..........................
3,315
935,228
7,878,213
a
Life
Sciences
Tools
&
Services
 — 
1
.7
%
Agilent
Technologies,
Inc.
...................
4,408
474,301
Avantor,
Inc.
(a)
...........................
28,543
370,773
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
1,725
421,038
Bio-Techne
Corp.
.........................
8,191
412,417
Danaher
Corp.
..........................
2,308
460,054
Illumina,
Inc.
(a)
...........................
4,133
320,721
IQVIA
Holdings,
Inc.
(a)
......................
2,797
433,731
Mettler-Toledo
International,
Inc.
(a)
.............
480
513,873
Revvity,
Inc.
............................
5,144
480,604
Thermo
Fisher
Scientific,
Inc.
.................
1,028
441,012
Waters
Corp.
(a)
..........................
1,579
549,066
West
Pharmaceutical
Services,
Inc.
............
1,755
370,814
5,248,404
a
Machinery
 — 
3
.1
%
Caterpillar,
Inc.
..........................
1,435
443,802
CNH
Industrial
N.V.
.......................
61,661
713,418
Cummins,
Inc.
...........................
1,600
470,144
Deere
&
Co.
............................
1,465
679,115
Dover
Corp.
............................
2,941
501,882
Fortive
Corp.
............................
7,938
553,199
Graco,
Inc.
.............................
6,958
567,842
IDEX
Corp.
.............................
2,649
460,847
Illinois
Tool
Works,
Inc.
.....................
2,105
505,011
Ingersoll
Rand,
Inc.
.......................
5,651
426,255
Nordson
Corp.
...........................
2,378
450,797
Otis
Worldwide
Corp.
......................
5,887
566,741
PACCAR,
Inc.
...........................
4,972
448,524
Parker-Hannifin
Corp.
......................
815
493,124
Pentair
PLC
............................
5,757
522,333
Snap-on,
Inc.
...........................
1,696
532,222
Stanley
Black
&
Decker,
Inc.
.................
7,180
430,944
Westinghouse
Air
Brake
Technologies
Corp.
.......
3,006
555,328
Xylem,
Inc.
.............................
4,859
585,850
9,907,378
a
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
Media
 — 
1
.1
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
1,435
$
562,319
Comcast
Corp.
,
Class
A
....................
12,792
437,486
Fox
Corp.
,
Class
A
,
NVS
....................
8,171
406,834
Fox
Corp.
,
Class
B
........................
5,200
240,448
Interpublic
Group
of
Companies,
Inc.
(The)
.......
21,423
538,146
News
Corp.
,
Class
A
,
NVS
..................
21,212
575,270
Omnicom
Group,
Inc.
......................
5,882
447,973
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
(b)
.............
4,555
244,285
3,452,761
a
Metals
&
Mining
 — 
0
.9
%
Freeport-McMoRan,
Inc.
....................
13,456
484,820
Newmont
Corp.
..........................
14,285
752,534
Nucor
Corp.
............................
3,897
465,185
Reliance,
Inc.
...........................
1,965
566,372
Steel
Dynamics,
Inc.
.......................
4,292
556,715
2,825,626
a
Mortgage
REITs
 — 
0
.2
%
Annaly
Capital
Management,
Inc.
..............
31,865
624,554
a
Multi-Utilities
 — 
2
.0
%
Ameren
Corp.
...........................
6,629
657,862
CenterPoint
Energy,
Inc.
....................
20,088
779,013
CMS
Energy
Corp.
........................
9,020
664,323
Consolidated
Edison,
Inc.
...................
6,266
706,491
Dominion
Energy,
Inc.
......................
10,368
563,812
DTE
Energy
Co.
.........................
5,104
699,248
NiSource,
Inc.
...........................
17,009
665,222
Public
Service
Enterprise
Group,
Inc.
...........
6,770
541,126
Sempra
...............................
6,311
468,718
WEC
Energy
Group,
Inc.
....................
6,145
673,000
6,418,815
a
Office
REITs
 — 
0
.2
%
BXP,
Inc.
..............................
7,816
498,114
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.7
%
Cheniere
Energy,
Inc.
......................
2,805
648,263
Chevron
Corp.
...........................
3,446
468,863
ConocoPhillips
..........................
10,551
940,305
Coterra
Energy,
Inc.
.......................
23,937
587,893
Devon
Energy
Corp.
.......................
15,399
468,283
Diamondback
Energy,
Inc.
...................
3,206
423,224
EOG
Resources,
Inc.
......................
4,286
472,874
EQT
Corp.
.............................
13,949
689,638
Expand
Energy
Corp.
......................
6,333
657,999
Exxon
Mobil
Corp.
........................
4,398
464,561
Hess
Corp.
.............................
4,148
535,299
Kinder
Morgan,
Inc.
.......................
21,682
570,237
Marathon
Petroleum
Corp.
..................
3,675
504,982
Occidental
Petroleum
Corp.
..................
11,498
453,136
ONEOK,
Inc.
............................
5,363
440,624
Ovintiv,
Inc.
.............................
14,777
496,212
Phillips
66
..............................
4,495
467,750
Targa
Resources
Corp.
.....................
3,072
525,005
Texas
Pacific
Land
Corp.
....................
439
565,814
Valero
Energy
Corp.
.......................
4,218
489,668
Williams
Companies,
Inc.
(The)
...............
10,448
611,939
11,482,569
a
Passenger
Airlines
 — 
0
.4
%
Delta
Air
Lines,
Inc.
.......................
9,155
381,122
Southwest
Airlines
Co.
.....................
18,930
529,283
Security
Shares
Value
a
Passenger
Airlines
(continued)
United
Airlines
Holdings,
Inc.
(a)
................
6,051
$
416,430
1,326,835
a
Personal
Care
Products
 — 
0
.4
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
9,682
580,533
Kenvue,
Inc.
............................
25,406
599,581
1,180,114
a
Pharmaceuticals
 — 
1
.4
%
Bristol-Myers
Squibb
Co.
....................
9,742
489,048
Eli
Lilly
&
Co.
...........................
649
583,419
Johnson
&
Johnson
.......................
3,535
552,556
Merck
&
Co.,
Inc.
.........................
5,618
478,654
Pfizer,
Inc.
.............................
20,987
512,293
Royalty
Pharma
PLC
,
Class
A
................
24,075
790,141
Viatris,
Inc.
.............................
47,696
401,600
Zoetis,
Inc.
,
Class
A
.......................
3,248
507,987
4,315,698
a
Professional
Services
 — 
2
.1
%
Automatic
Data
Processing,
Inc.
...............
1,836
551,902
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
3,512
421,510
Broadridge
Financial
Solutions,
Inc.
............
2,625
636,300
Dayforce,
Inc.
(a)
..........................
8,041
465,333
Equifax,
Inc.
............................
2,239
582,431
Jacobs
Solutions,
Inc.
......................
4,090
506,342
Leidos
Holdings,
Inc.
......................
3,089
454,639
Paychex,
Inc.
...........................
4,007
589,510
Paycom
Software,
Inc.
.....................
2,718
615,328
SS&C
Technologies
Holdings,
Inc.
.............
8,196
619,617
TransUnion
.............................
5,946
493,280
Verisk
Analytics,
Inc.
.......................
2,046
606,496
6,542,688
a
Real
Estate
Management
&
Development
 — 
0
.5
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
4,355
532,094
CoStar
Group,
Inc.
(a)
.......................
7,921
587,500
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
8,200
552,106
1,671,700
a
Residential
REITs
 — 
1
.8
%
American
Homes
4
Rent
,
Class
A
..............
16,282
608,784
AvalonBay
Communities,
Inc.
................
2,556
536,709
Camden
Property
Trust
.....................
5,054
575,145
Equity
LifeStyle
Properties,
Inc.
...............
8,583
556,007
Equity
Residential
........................
8,085
568,052
Essex
Property
Trust,
Inc.
...................
1,994
556,625
Invitation
Homes,
Inc.
......................
17,917
612,582
Mid-America
Apartment
Communities,
Inc.
........
3,800
606,670
Sun
Communities,
Inc.
.....................
4,884
607,716
UDR,
Inc.
..............................
13,639
571,202
5,799,492
a
Retail
REITs
 — 
0
.7
%
Kimco
Realty
Corp.
.......................
24,694
493,386
Realty
Income
Corp.
.......................
10,294
595,611
Regency
Centers
Corp.
....................
8,421
607,828
Simon
Property
Group,
Inc.
..................
3,269
514,475
2,211,300
a
Semiconductors
&
Semiconductor
Equipment
 — 
3
.0
%
Advanced
Micro
Devices,
Inc.
(a)
...............
3,957
385,214
Analog
Devices,
Inc.
.......................
2,667
519,852
Applied
Materials,
Inc.
.....................
3,064
461,775
Broadcom,
Inc.
..........................
3,029
582,992
Entegris,
Inc.
............................
5,840
462,061
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Size
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
First
Solar,
Inc.
(a)
.........................
3,343
$
420,616
Intel
Corp.
.............................
22,825
458,783
KLA
Corp.
..............................
892
626,799
Lam
Research
Corp.
......................
7,762
556,303
Marvell
Technology,
Inc.
....................
6,378
372,284
Microchip
Technology,
Inc.
...................
8,912
410,665
Micron
Technology,
Inc.
.....................
5,668
436,153
Monolithic
Power
Systems,
Inc.
...............
999
592,507
NVIDIA
Corp.
...........................
3,411
371,526
NXP
Semiconductors
N.V.
...................
2,611
481,233
ON
Semiconductor
Corp.
(a)
..................
8,729
346,541
QUALCOMM,
Inc.
........................
3,468
514,859
Skyworks
Solutions,
Inc.
....................
7,426
477,343
Teradyne,
Inc.
...........................
5,788
429,527
Texas
Instruments,
Inc.
.....................
2,718
435,016
9,342,049
a
Software
 — 
5
.7
%
Adobe,
Inc.
(a)
(b)
...........................
1,036
388,479
ANSYS,
Inc.
(a)
...........................
1,750
563,290
AppLovin
Corp.
,
Class
A
(a)
...................
2,009
541,044
Atlassian
Corp.
,
Class
A
(a)
...................
2,294
523,743
Autodesk,
Inc.
(a)
..........................
1,860
510,105
Bentley
Systems,
Inc.
,
Class
B
................
12,714
546,575
Cadence
Design
Systems,
Inc.
(a)
..............
1,874
557,965
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
1,656
710,209
Datadog,
Inc.
,
Class
A
(a)
....................
4,592
469,119
DocuSign,
Inc.
(a)
.........................
7,490
612,307
Dynatrace,
Inc.
(a)
.........................
11,448
537,713
Fair
Isaac
Corp.
(a)
.........................
248
493,441
Fortinet,
Inc.
(a)
...........................
5,883
610,420
Gen
Digital,
Inc.
..........................
19,986
517,038
HubSpot,
Inc.
(a)
..........................
853
521,609
Intuit,
Inc.
..............................
786
493,191
Manhattan
Associates,
Inc.
(a)
.................
2,128
377,486
Microsoft
Corp.
..........................
1,179
466,012
MicroStrategy,
Inc.
,
Class
A
(a)
.................
1,756
667,473
Nutanix,
Inc.
,
Class
A
(a)
.....................
8,496
583,675
Oracle
Corp.
............................
2,819
396,690
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
9,309
1,102,558
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
2,803
523,965
PTC,
Inc.
(a)
.............................
3,124
484,126
Roper
Technologies,
Inc.
....................
1,023
572,962
Salesforce,
Inc.
..........................
1,592
427,786
Samsara,
Inc.
,
Class
A
(a)
(b)
...................
11,325
449,150
ServiceNow,
Inc.
(a)
........................
529
505,200
Synopsys,
Inc.
(a)
.........................
1,035
475,075
Tyler
Technologies,
Inc.
(a)
...................
980
532,434
Workday,
Inc.
,
Class
A
(a)
....................
2,100
514,500
Zoom
Communications,
Inc.
,
Class
A
(a)
..........
7,067
547,975
Zscaler,
Inc.
(a)
(b)
..........................
2,843
643,001
17,866,316
a
Specialized
REITs
 — 
2
.0
%
American
Tower
Corp.
.....................
2,930
660,451
Crown
Castle,
Inc.
........................
5,756
608,755
Digital
Realty
Trust,
Inc.
....................
3,265
524,163
Equinix,
Inc.
............................
639
550,019
Extra
Space
Storage,
Inc.
...................
3,624
530,989
Gaming
and
Leisure
Properties,
Inc.
............
12,661
605,955
Iron
Mountain,
Inc.
........................
5,132
460,186
Public
Storage
...........................
1,739
522,448
SBA
Communications
Corp.
,
Class
A
............
2,778
676,165
VICI
Properties,
Inc.
.......................
19,128
612,479
Security
Shares
Value
a
Specialized
REITs
(continued)
Weyerhaeuser
Co.
........................
19,597
$
507,758
6,259,368
a
Specialty
Retail
 — 
2
.6
%
AutoZone,
Inc.
(a)
.........................
185
696,081
Best
Buy
Co.,
Inc.
........................
6,715
447,824
Burlington
Stores,
Inc.
(a)
....................
2,303
518,267
CarMax,
Inc.
(a)
(b)
..........................
7,987
516,519
Carvana
Co.
,
Class
A
(a)
.....................
2,503
611,608
Dick's
Sporting
Goods,
Inc.
..................
3,110
583,872
Home
Depot,
Inc.
(The)
....................
1,316
474,405
Lowe's
Companies,
Inc.
....................
2,057
459,863
O'Reilly
Automotive,
Inc.
(a)
...................
466
659,483
Ross
Stores,
Inc.
.........................
4,203
584,217
TJX
Companies,
Inc.
(The)
..................
4,647
597,976
Tractor
Supply
Co.
........................
10,724
542,849
Ulta
Beauty,
Inc.
(a)
........................
1,605
635,002
Williams-Sonoma,
Inc.
.....................
4,758
734,968
8,062,934
a
Technology
Hardware,
Storage
&
Peripherals
 — 
1
.5
%
Apple,
Inc.
.............................
2,236
475,150
Dell
Technologies,
Inc.
,
Class
C
...............
4,240
389,062
Hewlett
Packard
Enterprise
Co.
...............
27,436
445,012
HP,
Inc.
...............................
16,127
412,367
NetApp,
Inc.
............................
5,073
455,302
Pure
Storage,
Inc.
,
Class
A
(a)
.................
12,369
561,058
Seagate
Technology
Holdings
PLC
.............
6,176
562,201
Super
Micro
Computer,
Inc.
(a)
(b)
................
30,497
971,634
Western
Digital
Corp.
(a)
.....................
9,654
423,425
4,695,211
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.4
%
Deckers
Outdoor
Corp.
(a)
....................
3,368
373,275
Lululemon
Athletica,
Inc.
(a)
...................
1,801
487,657
NIKE,
Inc.
,
Class
B
.......................
7,460
420,744
1,281,676
a
Tobacco
 — 
0
.4
%
Altria
Group,
Inc.
.........................
10,391
614,628
Philip
Morris
International,
Inc.
................
4,453
763,066
1,377,694
a
Trading
Companies
&
Distributors
 — 
0
.8
%
Fastenal
Co.
............................
7,053
571,081
Ferguson
Enterprises,
Inc.
...................
2,871
487,094
United
Rentals,
Inc.
.......................
678
428,123
Watsco,
Inc.
............................
1,122
515,941
WW
Grainger,
Inc.
........................
484
495,766
2,498,005
a
Water
Utilities
 — 
0
.4
%
American
Water
Works
Co.,
Inc.
...............
4,564
670,954
Essential
Utilities,
Inc.
......................
16,289
669,966
1,340,920
a
Wireless
Telecommunication
Services
 — 
0
.2
%
T-Mobile
U.S.,
Inc.
........................
2,273
561,317
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
298,965,497
)
................................
313,205,332
iShares
®
MSCI
USA
Size
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
4,858,013
$
4,859,957
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
496,067
496,067
a
Total
Short-Term
Securities — 1.7%
(Cost:
$
5,350,880
)
..................................
5,356,024
Total
Investments
—
101.5%
(Cost:
$
304,316,377
)
................................
318,561,356
Liabilities
in
Excess
of
Other
Assets
—
(
1
.5
)
%
...............
(
4,671,053
)
Net
Assets
—
100.0%
.................................
$
313,890,303
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
  Shares
Held
at
04/30/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..
$
6,917,831
‌
$
—
‌
$
(
2,057,569
)
(a)
$
1,015
‌
$
(
1,320
)
$
4,859,957
‌
4,858,013
‌
$
12,206
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
382,418
‌
113,649
(a)
—
‌
—
‌
—
‌
496,067
‌
496,067
‌
24,403
‌
—
‌
BlackRock,
Inc.
....
534,665
‌
59,967
‌
(
135,342
)
28,268
‌
7,971
‌
495,529
‌
542
‌
8,606
‌
—
‌
$
29,283
‌
$
6,651
‌
$
5,851,553
‌
$
45,215
‌
$
—
‌
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
..................................................................
1
06/20/25
$
279
$
13,694
E-Mini
S&P
MidCap
400
Index
............................................................
1
06/20/25
286
(
9,281
)
$
4,413
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
®
MSCI
USA
Size
Factor
ETF
8
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
–
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
–
Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability
(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
that may
not have
a
secondary
market
and/or may
have 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
.........................................
$
313,205,332
$
—
$
—
$
313,205,332
Short-Term
Securities
Money
Market
Funds
......................................
5,356,024
—
—
5,356,024
$
318,561,356
$
—
$
—
$
318,561,356
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
13,694
$
—
$
—
$
13,694
Liabilities
Equity
Contracts
...........................................
(
9,281
)
—
—
(
9,281
)
$
4,413
$
—
$
—
$
4,413
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust