iShares
®
ESG
Aware
MSCI
USA
Value
ETF
Schedule
of
Investments
(unaudited)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.4
%
L3Harris
Technologies,
Inc.
..................
145
$
35,429
Northrop
Grumman
Corp.
...................
168
81,442
RTX
Corp.
.............................
1,594
217,549
334,420
a
Air
Freight
&
Logistics
 — 
0
.7
%
CH
Robinson
Worldwide,
Inc.
................
429
41,171
Expeditors
International
of
Washington,
Inc.
.......
847
95,482
FedEx
Corp.
............................
144
31,407
168,060
a
Automobiles
 — 
0
.1
%
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
1,382
20,080
a
Banks
 — 
6
.8
%
Bank
of
America
Corp.
.....................
6,861
302,776
Citigroup,
Inc.
...........................
2,044
153,954
Huntington
Bancshares,
Inc.
.................
3,399
53,126
JPMorgan
Chase
&
Co.
....................
2,586
682,704
PNC
Financial
Services
Group,
Inc.
(The)
........
722
125,491
Truist
Financial
Corp.
......................
1,259
49,731
U.S.
Bancorp
...........................
1,475
64,295
Wells
Fargo
&
Co.
........................
1,833
137,072
1,569,149
a
Beverages
 — 
2
.7
%
Coca-Cola
Co.
(The)
......................
4,703
339,086
Constellation
Brands,
Inc.
,
Class
A
.............
126
22,465
Keurig
Dr
Pepper,
Inc.
.....................
1,575
53,030
Molson
Coors
Beverage
Co.
,
Class
B
...........
1,102
59,056
PepsiCo,
Inc.
...........................
1,195
157,083
630,720
a
Biotechnology
 — 
2
.9
%
AbbVie,
Inc.
............................
1,703
316,945
Amgen,
Inc.
............................
512
147,548
Biogen,
Inc.
(a)
...........................
206
26,737
Gilead
Sciences,
Inc.
......................
1,111
122,299
Regeneron
Pharmaceuticals,
Inc.
..............
98
48,048
661,577
a
Broadline
Retail
 — 
0
.1
%
eBay,
Inc.
..............................
322
23,561
a
Building
Products
 — 
1
.0
%
Allegion
PLC
............................
205
29,254
Carrier
Global
Corp.
.......................
1,107
78,818
Johnson
Controls
International
PLC
............
900
91,233
Owens
Corning
..........................
170
22,771
222,076
a
Capital
Markets
 — 
5
.8
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
1,668
147,802
BlackRock,
Inc.
(c)
.........................
73
71,532
Cboe
Global
Markets,
Inc.
...................
325
74,464
CME
Group,
Inc.
,
Class
A
...................
84
24,276
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
89
21,949
FactSet
Research
Systems,
Inc.
...............
63
28,870
Goldman
Sachs
Group,
Inc.
(The)
.............
326
195,747
Intercontinental
Exchange,
Inc.
...............
785
141,143
KKR
&
Co.,
Inc.
..........................
347
42,147
Morgan
Stanley
..........................
1,645
210,609
Nasdaq,
Inc.
............................
1,126
94,066
Raymond
James
Financial,
Inc.
...............
483
70,991
Security
Shares
Value
a
Capital
Markets
(continued)
S&P
Global,
Inc.
.........................
354
$
181,552
State
Street
Corp.
........................
395
38,031
1,343,179
a
Chemicals
 — 
1
.5
%
Air
Products
and
Chemicals,
Inc.
..............
85
23,707
Ecolab,
Inc.
............................
451
119,795
International
Flavors
&
Fragrances,
Inc.
..........
300
22,968
Linde
PLC
.............................
250
116,895
PPG
Industries,
Inc.
.......................
665
73,682
357,047
a
Commercial
Services
&
Supplies
 — 
0
.4
%
Veralto
Corp.
............................
887
89,614
a
Communications
Equipment
 — 
1
.4
%
Cisco
Systems,
Inc.
.......................
4,232
266,785
F5,
Inc.
(a)
(b)
.............................
98
27,967
Juniper
Networks,
Inc.
.....................
761
27,343
322,095
a
Construction
Materials
 — 
0
.9
%
CRH
PLC
..............................
1,576
143,668
Martin
Marietta
Materials,
Inc.
................
99
54,208
197,876
a
Consumer
Finance
 — 
1
.7
%
American
Express
Co.
.....................
752
221,126
Capital
One
Financial
Corp.
..................
660
124,839
Synchrony
Financial
.......................
874
50,386
396,351
a
Consumer
Staples
Distribution
&
Retail
 — 
0
.7
%
Dollar
General
Corp.
......................
229
22,270
Dollar
Tree,
Inc.
(a)
.........................
308
27,800
Kroger
Co.
(The)
.........................
436
29,748
Sysco
Corp.
............................
344
25,112
Target
Corp.
............................
651
61,201
166,131
a
Containers
&
Packaging
 — 
0
.5
%
Avery
Dennison
Corp.
......................
129
22,927
Ball
Corp.
..............................
857
45,918
Crown
Holdings,
Inc.
......................
269
26,497
International
Paper
Co.
.....................
641
30,646
125,988
a
Distributors
 — 
0
.5
%
Genuine
Parts
Co.
........................
183
23,153
LKQ
Corp.
.............................
1,704
68,961
Pool
Corp.
.............................
75
22,544
114,658
a
Diversified
Telecommunication
Services
 — 
1
.4
%
AT&T,
Inc.
..............................
4,726
131,383
Verizon
Communications,
Inc.
................
4,509
198,215
329,598
a
Electric
Utilities
 — 
1
.7
%
Constellation
Energy
Corp.
..................
80
24,492
Edison
International
.......................
626
34,837
Eversource
Energy
.......................
831
53,857
Exelon
Corp.
............................
2,170
95,090
NextEra
Energy,
Inc.
......................
2,624
185,359
393,635
a
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
Electrical
Equipment
 — 
0
.5
%
Eaton
Corp.
PLC
.........................
204
$
65,321
Hubbell,
Inc.
............................
75
29,218
Rockwell
Automation,
Inc.
...................
104
32,817
127,356
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.4
%
Keysight
Technologies,
Inc.
(a)
.................
347
54,493
Trimble,
Inc.
(a)
...........................
472
33,639
88,132
a
Energy
Equipment
&
Services
 — 
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
1,540
57,057
Schlumberger
N.V.
........................
854
28,225
85,282
a
Entertainment
 — 
1
.0
%
Electronic
Arts,
Inc.
.......................
424
60,963
Walt
Disney
Co.
(The)
.....................
1,468
165,942
226,905
a
Financial
Services
 — 
2
.3
%
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
882
444,493
Fidelity
National
Information
Services,
Inc.
........
643
51,189
PayPal
Holdings,
Inc.
(a)
.....................
650
45,682
541,364
a
Food
Products
 — 
2
.6
%
Archer-Daniels-Midland
Co.
..................
1,013
48,898
Bunge
Global
SA
.........................
750
58,612
Conagra
Brands,
Inc.
......................
1,163
26,621
General
Mills,
Inc.
........................
2,736
148,455
Hormel
Foods
Corp.
.......................
776
23,808
Kellanova
..............................
1,508
124,606
Kraft
Heinz
Co.
(The)
......................
2,641
70,594
McCormick
&
Co.,
Inc.
,
NVS
.................
504
36,656
Mondelez
International,
Inc.
,
Class
A
............
394
26,591
The
Campbell's
Company
...................
781
26,585
591,426
a
Ground
Transportation
 — 
1
.0
%
CSX
Corp.
.............................
1,631
51,523
JB
Hunt
Transport
Services,
Inc.
..............
219
30,408
Union
Pacific
Corp.
.......................
725
160,704
242,635
a
Health
Care
Equipment
&
Supplies
 — 
1
.9
%
Abbott
Laboratories
.......................
572
76,408
Cooper
Companies,
Inc.
(The)
(a)
(b)
..............
287
19,596
Edwards
Lifesciences
Corp.
(a)
................
1,120
87,607
Hologic,
Inc.
(a)
...........................
414
25,738
ResMed,
Inc.
(b)
..........................
104
25,458
STERIS
PLC
............................
484
118,682
Stryker
Corp.
...........................
108
41,325
Zimmer
Biomet
Holdings,
Inc.
................
408
37,605
432,419
a
Health
Care
Providers
&
Services
 — 
4
.2
%
Cardinal
Health,
Inc.
.......................
757
116,911
Cencora,
Inc.
...........................
304
88,537
Centene
Corp.
(a)
.........................
650
36,686
Cigna
Group
(The)
........................
334
105,758
CVS
Health
Corp.
........................
699
44,764
Elevance
Health,
Inc.
......................
377
144,708
HCA
Healthcare,
Inc.
......................
147
56,064
Humana,
Inc.
...........................
139
32,405
Labcorp
Holdings,
Inc.
.....................
157
39,088
Quest
Diagnostics,
Inc.
.....................
336
58,242
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
....................
807
$
243,642
966,805
a
Health
Care
REITs
 — 
0
.6
%
Welltower,
Inc.
...........................
845
130,367
a
Hotels,
Restaurants
&
Leisure
 — 
1
.2
%
McDonald's
Corp.
........................
630
197,726
Starbucks
Corp.
..........................
931
78,157
275,883
a
Household
Durables
 — 
0
.2
%
DR
Horton,
Inc.
..........................
191
22,550
PulteGroup,
Inc.
.........................
241
23,625
46,175
a
Household
Products
 — 
2
.9
%
Church
&
Dwight
Co.,
Inc.
...................
617
60,657
Clorox
Co.
(The)
.........................
528
69,633
Colgate-Palmolive
Co.
.....................
278
25,837
Kimberly-Clark
Corp.
......................
402
57,792
Procter
&
Gamble
Co.
(The)
.................
2,720
462,101
676,020
a
Industrial
Conglomerates
 — 
1
.5
%
3M
Co.
................................
1,003
148,795
Honeywell
International,
Inc.
.................
842
190,856
339,651
a
Industrial
REITs
 — 
0
.3
%
Prologis,
Inc.
............................
653
70,916
a
Insurance
 — 
3
.6
%
Aflac,
Inc.
..............................
491
50,838
Allstate
Corp.
(The)
.......................
284
59,603
Arch
Capital
Group
Ltd.
....................
256
24,330
Arthur
J
Gallagher
&
Co.
....................
88
30,575
Hartford
Insurance
Group,
Inc.
(The)
............
1,383
179,569
Marsh
&
McLennan
Companies,
Inc.
............
491
114,727
MetLife,
Inc.
............................
1,406
110,484
Prudential
Financial,
Inc.
....................
1,594
165,601
Travelers
Companies,
Inc.
(The)
...............
232
63,962
Willis
Towers
Watson
PLC
...................
117
37,036
836,725
a
Interactive
Media
&
Services
 — 
5
.5
%
Meta
Platforms,
Inc.
,
Class
A
.................
1,951
1,263,253
a
IT
Services
 — 
2
.3
%
Accenture
PLC
,
Class
A
....................
652
206,567
Akamai
Technologies,
Inc.
(a)
(b)
.................
387
29,385
International
Business
Machines
Corp.
..........
1,076
278,748
Twilio,
Inc.
,
Class
A
(a)
......................
253
29,778
544,478
a
Life
Sciences
Tools
&
Services
 — 
1
.4
%
Agilent
Technologies,
Inc.
...................
363
40,627
Avantor,
Inc.
(a)
...........................
1,736
22,412
Danaher
Corp.
..........................
560
106,344
IQVIA
Holdings,
Inc.
(a)
......................
244
34,240
Mettler-Toledo
International,
Inc.
(a)
.............
32
36,977
Thermo
Fisher
Scientific,
Inc.
.................
61
24,572
Waters
Corp.
(a)
..........................
114
39,813
West
Pharmaceutical
Services,
Inc.
............
142
29,941
334,926
a
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Machinery
 — 
3
.8
%
Caterpillar,
Inc.
..........................
486
$
169,143
CNH
Industrial
N.V.
.......................
3,487
43,622
Cummins,
Inc.
...........................
421
135,343
Deere
&
Co.
............................
261
132,134
Fortive
Corp.
............................
851
59,732
IDEX
Corp.
.............................
151
27,317
Illinois
Tool
Works,
Inc.
.....................
94
23,037
Ingersoll
Rand,
Inc.
.......................
282
23,022
PACCAR,
Inc.
...........................
242
22,712
Parker-Hannifin
Corp.
......................
96
63,811
Pentair
PLC
............................
953
94,519
Xylem,
Inc.
.............................
691
87,094
881,486
a
Media
 — 
0
.4
%
Comcast
Corp.
,
Class
A
....................
2,337
80,790
Fox
Corp.
,
Class
B
........................
448
22,526
103,316
a
Metals
&
Mining
 — 
0
.6
%
Newmont
Corp.
..........................
1,329
70,065
Nucor
Corp.
............................
338
36,963
Steel
Dynamics,
Inc.
.......................
197
24,245
131,273
a
Multi-Utilities
 — 
2
.1
%
CMS
Energy
Corp.
........................
1,092
76,691
Consolidated
Edison,
Inc.
...................
251
26,227
Dominion
Energy,
Inc.
......................
1,351
76,561
NiSource,
Inc.
...........................
3,754
148,433
Public
Service
Enterprise
Group,
Inc.
...........
1,809
146,584
Sempra
...............................
298
23,420
497,916
a
Office
REITs
 — 
0
.1
%
BXP,
Inc.
..............................
348
23,431
a
Oil,
Gas
&
Consumable
Fuels
 — 
5
.8
%
Cheniere
Energy,
Inc.
......................
345
81,761
Chevron
Corp.
...........................
1,457
199,172
ConocoPhillips
..........................
1,979
168,908
Diamondback
Energy,
Inc.
...................
235
31,619
EQT
Corp.
.............................
605
33,354
Exxon
Mobil
Corp.
........................
2,856
292,169
Hess
Corp.
.............................
541
71,515
Kinder
Morgan,
Inc.
.......................
5,435
152,397
ONEOK,
Inc.
............................
1,435
116,005
Phillips
66
..............................
376
42,668
Valero
Energy
Corp.
.......................
314
40,497
Williams
Companies,
Inc.
(The)
...............
1,974
119,447
1,349,512
a
Passenger
Airlines
 — 
0
.2
%
Delta
Air
Lines,
Inc.
.......................
814
39,389
a
Personal
Care
Products
 — 
0
.2
%
Kenvue,
Inc.
............................
2,182
52,084
a
Pharmaceuticals
 — 
3
.6
%
Bristol-Myers
Squibb
Co.
....................
1,791
86,470
Johnson
&
Johnson
.......................
2,157
334,788
Merck
&
Co.,
Inc.
.........................
2,067
158,828
Pfizer,
Inc.
.............................
4,968
116,698
Royalty
Pharma
PLC
,
Class
A
................
888
29,197
Security
Shares
Value
a
Pharmaceuticals
(continued)
Zoetis,
Inc.
,
Class
A
.......................
652
$
109,947
835,928
a
Professional
Services
 — 
1
.8
%
Amentum
Holdings,
Inc.
(a)
...................
22
455
Automatic
Data
Processing,
Inc.
...............
574
186,854
Broadridge
Financial
Solutions,
Inc.
............
428
103,931
Jacobs
Solutions,
Inc.
......................
326
41,174
Leidos
Holdings,
Inc.
......................
146
21,684
Paychex,
Inc.
...........................
214
33,793
TransUnion
.............................
259
22,178
410,069
a
Real
Estate
Management
&
Development
 — 
0
.2
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
432
54,009
a
Semiconductors
&
Semiconductor
Equipment
 — 
4
.4
%
Analog
Devices,
Inc.
.......................
610
130,528
Applied
Materials,
Inc.
.....................
1,016
159,258
First
Solar,
Inc.
(a)
.........................
140
22,131
Intel
Corp.
.............................
4,627
90,458
Lam
Research
Corp.
......................
1,105
89,273
Micron
Technology,
Inc.
.....................
920
86,903
NXP
Semiconductors
N.V.
...................
468
89,449
QUALCOMM,
Inc.
........................
884
128,357
Texas
Instruments,
Inc.
.....................
1,215
222,162
1,018,519
a
Software
 — 
2
.8
%
ANSYS,
Inc.
(a)
...........................
312
103,216
Oracle
Corp.
............................
1,548
256,240
Salesforce,
Inc.
..........................
1,085
287,927
647,383
a
Specialized
REITs
 — 
2
.8
%
American
Tower
Corp.
.....................
821
176,228
Crown
Castle,
Inc.
........................
1,242
124,635
Digital
Realty
Trust,
Inc.
....................
695
119,206
Equinix,
Inc.
............................
170
151,099
Iron
Mountain,
Inc.
........................
429
42,347
Weyerhaeuser
Co.
........................
1,420
36,792
650,307
a
Specialty
Retail
 — 
3
.0
%
Best
Buy
Co.,
Inc.
........................
577
38,244
Home
Depot,
Inc.
(The)
....................
1,078
397,017
Lowe's
Companies,
Inc.
....................
670
151,239
Tractor
Supply
Co.
........................
1,486
71,922
Williams-Sonoma,
Inc.
.....................
257
41,572
699,994
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.8
%
Dell
Technologies,
Inc.
,
Class
C
...............
205
22,810
Hewlett
Packard
Enterprise
Co.
...............
2,615
45,187
HP,
Inc.
...............................
1,061
26,419
NetApp,
Inc.
............................
579
57,414
Western
Digital
Corp.
(a)
.....................
462
23,816
175,646
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.1
%
NIKE,
Inc.
,
Class
B
.......................
374
22,661
a
Trading
Companies
&
Distributors
 — 
0
.5
%
Ferguson
Enterprises,
Inc.
...................
369
67,283
United
Rentals,
Inc.
.......................
79
55,962
123,245
a
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Water
Utilities
 — 
0
.2
%
Essential
Utilities,
Inc.
......................
933
$
35,948
a
Wireless
Telecommunication
Services
 — 
0
.1
%
T-Mobile
U.S.,
Inc.
........................
97
23,493
a
Total
Long-Term
Investments — 99.5%
(Cost:
$
23,310,038
)
.................................
23,062,142
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.46
%
(c)
(d)
(e)
......................
242,540
$
242,637
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.30
%
(c)
(d)
............................
65,446
65,446
a
Total
Short-Term
Securities — 1.4%
(Cost:
$
308,083
)
...................................
308,083
Total
Investments
—
100.9%
(Cost:
$
23,618,121
)
.................................
23,370,225
Liabilities
in
Excess
of
Other
Assets
—
(
0
.9
)
%
...............
(
197,396
)
Net
Assets
—
100.0%
.................................
$
23,172,829
(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
May
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/24
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
05/31/25
  Shares
Held
at
05/31/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
5,301
‌
$
237,376
(a)
$
—
‌
$
(
39
)
$
(
1
)
$
242,637
‌
242,540
‌
$
168
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
10,185
‌
55,261
(a)
—
‌
—
‌
—
‌
65,446
‌
65,446
‌
968
‌
—
‌
BlackRock,
Inc.
....
16,233
‌
68,194
‌
(
12,990
)
955
‌
(
860
)
71,532
‌
73
‌
604
‌
—
‌
$
916
‌
$
(
861
)
$
379,615
‌
$
1,740
‌
$
—
‌
(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
collateral
investment
fees,
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
Micro
E-Mini
Russell
2000
Index
............................................................
8
06/20/25
$
83
$
1,928
iShares
®
ESG
Aware
MSCI
USA
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
May
31,
2025
5
Schedule
of
Investments
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
.........................................
$
23,062,142
$
—
$
—
$
23,062,142
Short-Term
Securities
Money
Market
Funds
......................................
308,083
—
—
308,083
$
23,370,225
$
—
$
—
$
23,370,225
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
1,928
$
—
$
—
$
1,928
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