iShares Russell Small/Mid-Cap Idx Inv A (BSMAX) NPORT-P iShares International Developed Property ETF (Jun 2024 report)

Schedule of Investments (unaudited)	iShares® International Developed Property ETF
June 30, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 15.3%
Abacus Group		19,434	$	15,030
Abacus Storage King		25,774		19,906
Arena REIT		16,592		42,713
BWP Trust		25,698		59,150
Centuria Capital Group		38,599		42,193
Centuria Industrial REIT		24,920		49,869
Centuria Office REIT		19,044		14,045
Charter Hall Group		22,133		164,581
Charter Hall Long Wale REIT		31,123		67,401
Charter Hall Retail REIT		24,419		52,706
Charter Hall Social Infrastructure REIT		16,017		25,277
Cromwell Property Group		62,882		16,376
Dexus		50,617		218,356
Dexus Industria REIT		9,664		18,177
GDI Property Group Partnership(a)		26,705		9,973
Goodman Group		81,064		1,870,138
GPT Group (The)		89,635		238,983
Growthpoint Properties Australia Ltd.		12,667		18,279
HealthCo REIT(a)		22,861		16,096
HMC Capital Ltd.		11,415		54,490
HomeCo Daily Needs REIT		83,613		64,404
Hotel Property Investments Ltd.		9,120		19,267
Ingenia Communities Group		17,546		55,750
Lendlease Corp. Ltd.		32,355		116,366
Lifestyle Communities Ltd.		5,357		44,255
Mirvac Group		184,638		229,723
National Storage REIT		59,112		90,612
Region RE Ltd.		55,252		77,122
Rural Funds Group(a)		18,200		24,185
Scentre Group		243,491		504,684
Stockland		111,971		310,134
Vicinity Ltd.		182,057		223,854
Waypoint REIT Ltd		31,725		45,839
				4,819,934
Austria — 0.3%
CA Immobilien Anlagen AG(a)		1,993		66,081
Immofinanz AG(b)		1,512		41,877
				107,958
Belgium — 2.5%
Aedifica SA		2,225		135,461
Care Property Invest NV		1,740		24,542
Cofinimmo SA(a)		1,721		103,695
Montea NV		849		71,868
Retail Estates NV		568		37,668
Shurgard Self Storage Ltd.		1,449		56,006
VGP NV		652		72,677
Warehouses De Pauw CVA		8,282		223,686
Xior Student Housing NV		1,586		50,788
				776,391
Canada — 2.9%
Allied Properties REIT		2,916		32,633
Artis REIT		2,489		11,608
Boardwalk REIT		1,131		58,267
BSR REIT		864		10,282
BTB REIT		2,284		5,226
Canadian Apartment Properties REIT		3,843		124,865
Choice Properties REIT		7,608		71,406
Crombie REIT		2,437		22,712
CT REIT		2,515		24,230
Dream Industrial REIT		6,265		58,022

Security	Shares		Value
Canada (continued)
Dream Office REIT, NVS(a)		388	$	5,131
DREAM Unlimited Corp., Class A		972		13,961
First Capital Real Estate Investment Trust		4,840		52,007
Granite REIT		1,452		71,950
H&R Real Estate Investment Trust		5,974		39,083
InterRent REIT		3,300		28,729
Killam Apartment REIT		2,709		33,742
Minto Apartment REIT(c)		876		9,464
Morguard North American Residential REIT		823		9,313
Nexus Industrial REIT		1,560		7,731
NorthWest Healthcare Properties REIT		5,491		18,704
Prinmaris REIT		2,280		22,116
PRO REIT		1,368		4,820
RioCan REIT		6,878		84,514
Slate Grocery REIT		1,351		10,813
SmartCentres Real Estate Investment Trust		3,352		53,880
StorageVault Canada Inc., NVS		11,040		37,606
True North Commercial REIT, NVS		386		2,412
				925,227
China — 0.1%
Gemdale Properties & Investment Corp. Ltd.(a)		234,000		7,370
Yuexiu REIT		105,000		12,778
				20,148
Finland — 0.3%
Citycon OYJ		3,864		16,376
Kojamo OYJ(b)		8,327		85,757
				102,133
France — 3.6%
Altarea SCA		211		18,688
Carmila SA		2,568		43,205
Covivio SA/France		2,357		112,708
Gecina SA		2,415		222,931
ICADE		1,475		36,490
Klepierre SA		9,128		243,699
Mercialys SA		4,389		48,810
Nexity SA(b)		2,306		20,737
Unibail-Rodamco-Westfield, New		4,766		376,643
				1,123,911
Germany — 5.5%
Aroundtown SA(b)		40,664		85,418
BRANICKS Group AG(a)(b)		1,775		3,798
Deutsche EuroShop AG(a)		655		15,524
Deutsche Wohnen SE		2,436		46,765
Grand City Properties SA(b)		3,428		39,782
Hamborner REIT AG		3,192		22,316
Instone Real Estate Group SE(c)		2,013		17,678
LEG Immobilien SE		3,468		283,322
TAG Immobilien AG(b)		8,212		120,029
Vib Vermoegen AG(b)		527		4,938
Vonovia SE		38,211		1,087,425
				1,726,995
Guernsey — 0.0%
Regional REIT Ltd., NVS(d)		43,730		3,096
Hong Kong — 8.4%
Champion REIT		89,000		17,905
CK Asset Holdings Ltd.		87,000		325,908
Fortune REIT		70,000		33,713
Hang Lung Group Ltd.(a)		38,000		41,320
Hang Lung Properties Ltd.		82,000		69,776
Henderson Land Development Co. Ltd.		61,044		163,669

1

Schedule of Investments (unaudited) (continued)	iShares® International Developed Property ETF
June 30, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Hongkong Land Holdings Ltd.		48,600	$	156,578
Hysan Development Co. Ltd.		28,000		40,206
Kerry Properties Ltd.		27,500		47,848
Link REIT(a)		119,779		465,145
New World Development Co. Ltd.(a)		65,000		60,829
Prosperity REIT		60,000		10,597
Shun Tak Holdings Ltd.(b)		120,000		11,337
Sino Land Co. Ltd.		166,000		170,831
Sun Hung Kai Properties Ltd.		70,500		610,850
Sunlight REIT		48,000		10,509
Swire Properties Ltd.		49,200		78,383
Wharf Holdings Ltd. (The)		45,000		126,445
Wharf Real Estate Investment Co. Ltd.		73,000		193,482
				2,635,331
Ireland — 0.1%
Irish Residential Properties REIT PLC		20,439		19,832
Israel — 2.2%
Africa Israel Residences Ltd.		295		15,409
Airport City Ltd.(b)		2,932		41,215
Alony Hetz Properties & Investments Ltd.		7,266		48,491
Amot Investments Ltd.		10,228		41,198
Ashtrom Group Ltd.(b)		1		8
Aura Investments Ltd.		6,260		19,225
Azrieli Group Ltd.		1,721		100,550
Big Shopping Centers Ltd.(a)(b)		564		54,085
Blue Square Real Estate Ltd.		264		17,913
Electra Real Estate Ltd.		1,212		10,339
G City Ltd.(b)		4,158		9,763
Gav-Yam Lands Corp. Ltd.(a)		823		5,411
IES Holdings Ltd.(b)		132		6,682
Israel Canada T.R Ltd.		6,726		21,279
Israel Land Development Co. Ltd. (The)(b)		864		6,523
Isras Investment Co. Ltd.		75		13,024
Mega Or Holdings Ltd.		1,100		26,255
Melisron Ltd.		1,207		79,658
Menivim- The New REIT Ltd.		32,589		13,578
Mivne Real Estate KD Ltd.		27,979		65,339
Norstar Holdings Inc.(a)(b)		1,489		2,773
Prashkovsky Investments and Construction Ltd.		360		6,963
Property & Building Corp. Ltd.(b)		132		5,665
Reit 1 Ltd.		9,116		33,571
Sella Capital Real Estate Ltd.		10,104		17,536
Summit Real Estate Holdings Ltd.		1,727		19,477
YH Dimri Construction & Development Ltd.		343		25,374
				707,304
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA(b)		2,688		4,957
Japan — 29.3%
Activia Properties Inc.		33		74,757
Advance Logistics Investment Corp.		32		23,919
Advance Residence Investment Corp.		67		136,529
Aeon Mall Co. Ltd.		4,380		51,783
AEON REIT Investment Corp.		83		68,746
Arealink Co. Ltd.		800		8,620
Comforia Residential REIT Inc.		33		65,254
CRE Inc./Japan		600		5,969
CRE Logistics REIT Inc.		29		25,869
Daito Trust Construction Co. Ltd.		3,100		320,885
Daiwa House Industry Co. Ltd.		30,900		786,710
Daiwa House REIT Investment Corp.		100		153,113

Security	Shares		Value
Japan (continued)
Daiwa Office Investment Corp.		26	$	45,849
Daiwa Securities Living Investments Corp.		113		73,860
Dear Life Co. Ltd.		1,200		7,176
ESCON Japan REIT Investment Corp.		17		12,948
Frontier Real Estate Investment Corp.		24		65,626
Fukuoka REIT Corp.		33		32,318
Global One Real Estate Investment Corp.		49		31,092
GLP J-REIT		229		186,980
Goldcrest Co. Ltd.		700		11,752
Hankyu Hanshin REIT Inc.		32		26,236
Health Care & Medical Investment Corp.		17		13,633
Heiwa Real Estate Co. Ltd.		1,500		36,717
Heiwa Real Estate REIT Inc.		47		38,597
Hoshino Resorts REIT Inc.		12		38,918
Hulic Co. Ltd.		28,100		249,761
Hulic REIT Inc.		61		55,450
Ichigo Hotel REIT Investment Corp.		16		10,982
Ichigo Inc.		9,400		23,500
Ichigo Office REIT Investment Corp.		47		24,153
Industrial & Infrastructure Fund Investment Corp.		120		94,525
Invincible Investment Corp.		316		128,441
Japan Excellent Inc.		60		44,281
Japan Hotel REIT Investment Corp.		217		104,768
Japan Logistics Fund Inc.		44		72,787
Japan Metropolitan Fund Invest		327		183,983
Japan Prime Realty Investment Corp.		47		94,906
Japan Property Management Center Co. Ltd.		600		4,500
Japan Real Estate Investment Corp.		67		211,774
JINUSHI Co. Ltd.		600		10,042
JSB Co. Ltd.		500		9,968
Katitas Co. Ltd.		2,400		25,979
KDX Realty Investment Corp.		191		185,665
Keihanshin Building Co. Ltd.		2,100		21,965
LA Holdings Co. Ltd/Japan		200		5,381
LaSalle Logiport REIT		87		79,973
Leopalace21 Corp.		9,000		28,865
Marimo Regional Revitalization REIT Inc.		10		7,813
Mirai Corp.		91		25,394
Mirarth Holdings Inc.		4,000		12,929
Mitsubishi Estate Co. Ltd.		62,100		977,666
Mitsubishi Estate Logistics REIT Investment Corp.		23		54,540
Mitsui Fudosan Co. Ltd.		131,768		1,212,781
Mitsui Fudosan Logistics Park Inc.		27		72,912
Mori Hills REIT Investment Corp.		76		62,127
Mori Trust REIT Inc.		121		52,262
Nippon Accommodations Fund Inc.		23		91,428
Nippon Building Fund Inc.		80		280,626
Nippon Hotel & Residential Investment Corp.		12		5,725
Nippon Prologis REIT Inc.		115		179,497
Nippon REIT Investment Corp.		21		43,163
Nisshin Group Holdings Co.Ltd.		1,400		4,908
Nomura Real Estate Holdings Inc.		5,300		133,419
Nomura Real Estate Master Fund Inc.		221		196,316
NTT UD REIT Investment Corp.		70		50,659
One REIT Inc.		11		17,545
Orix JREIT Inc.		130		128,827
Raysum Co. Ltd.		300		6,410
SAMTY HOLDINGS Co. Ltd. /Japan		1,900		29,404
Samty Residential Investment Corp.		34		22,295
Sankei Real Estate Inc.		22		11,648
Sekisui House REIT Inc.		205		100,842
SOSiLA Logistics REIT Inc.		34		24,890

2

Schedule of Investments (unaudited) (continued)	iShares® International Developed Property ETF
June 30, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
SRE Holdings Corp.(b)		500	$	15,030
Star Asia Investment Corp.		113		41,980
Star Mica Holdings Co. Ltd.		1,200		4,769
Starts Corp. Inc.		1,600		33,870
Starts Proceed Investment Corp.		12		14,937
Sumitomo Realty & Development Co. Ltd.		22,300		658,025
Sun Frontier Fudousan Co. Ltd.		1,200		15,109
Takara Leben Real Estate Investment Corp.		37		22,923
TKP Corp.(a)(b)		700		6,256
TOC Co. Ltd.		2,100		9,665
Tokaido REIT Inc.		12		9,152
Tokyo Tatemono Co. Ltd.		9,800		155,944
Tokyu Fudosan Holdings Corp.		28,400		190,636
Tokyu REIT Inc.		43		41,730
Tosei Corp.		1,300		19,724
Tosei REIT Investment Corp.		14		12,114
United Urban Investment Corp.		145		128,730
XYMAX REIT Investment Corp.		11		8,128
				9,210,253
Netherlands — 0.7%
Argo Properties NV(a)(b)		576		11,837
Brack Capital Properties NV(b)		1		45
CTP NV(c)		5,013		85,545
Eurocommercial Properties NV		2,023		48,742
NSI NV		876		18,031
Vastned Retail NV		840		20,871
Wereldhave NV		1,682		23,805
				208,876
New Zealand — 0.5%
Argosy Property Ltd.		39,390		24,472
Goodman Property Trust		49,248		60,294
Kiwi Property Group Ltd.		74,155		37,464
Precinct Properties Group		74,940		50,895
				173,125
Norway — 0.1%
Entra ASA(b)(c)		3,398		34,880
Singapore — 7.5%
AIMS APAC REIT(a)		31,656		29,187
CapitaLand Ascendas REIT		166,592		313,880
CapitaLand Ascott Trust		118,185		76,134
CapitaLand China Trust		55,526		27,412
Capitaland India Trust		46,266		33,385
CapitaLand Integrated Commercial Trust		239,710		349,005
CapitaLand Investment Ltd/Singapore(a)		112,000		219,040
CDL Hospitality Trusts(a)		32,362		22,678
City Developments Ltd.		23,900		90,855
Cromwell European Real Estate Investment Trust		15,220		22,820
Digital Core REIT Management Pte Ltd.(a)		42,300		24,048
Eagle Hospitality Trust(b)(e)		53,200		1
EC World REIT(e)		15,900		2,627
ESR-LOGOS REIT		280,736		55,926
Far East Hospitality Trust		49,700		22,663
Frasers Centrepoint Trust		53,306		83,577
Frasers Logistics & Commercial Trust		136,872		95,716
Hong Fok Corp. Ltd.		17,500		10,776
Keppel DC REIT(a)		63,603		84,322
Keppel Pacific Oak U.S. REIT		35,700		4,760
Keppel REIT		105,100		64,594
Lendlease Global Commercial REIT(a)		82,392		33,974
Manulife US Real Estate Investment Trust		83,150		5,292

Security	Shares		Value
Singapore (continued)
Mapletree Industrial Trust		96,932	$	150,706
Mapletree Logistics Trust		157,511		149,574
Mapletree Pan Asia Commercial Trust		108,112		97,016
Paragon REIT		57,700		36,382
Parkway Life REIT		18,000		46,436
Prime U.S. REIT		33,050		3,845
Sasseur Real Estate Investment Trust		24,100		11,988
Starhill Global REIT		64,700		23,141
Suntec REIT		104,900		81,071
UOL Group Ltd.		21,700		83,143
				2,355,974
South Korea — 0.4%
D&D Platform REIT Co. Ltd., NVS		2,712		6,708
ESR Kendall Square REIT Co. Ltd.		7,553		25,284
Haesung Industrial Co. Ltd.		576		3,127
JR Global REIT		7,415		21,427
Koramco Life Infra REIT		2,414		8,167
LOTTE REIT Co. Ltd.		5,563		13,204
NH All-One REIT Co. Ltd.		1,995		5,284
Shinhan Alpha REIT Co. Ltd.		3,390		15,507
SK D&D Co.Ltd.		252		2,010
SK REITs Co. Ltd.		5,688		19,879
				120,597
Spain — 0.9%
Aedas Homes SA(c)		434		9,830
Inmobiliaria Colonial SOCIMI SA		13,383		77,994
Lar Espana Real Estate SOCIMI SA(a)		2,364		17,292
Merlin Properties SOCIMI SA		15,608		173,971
Metrovacesa SA(c)		720		6,230
				285,317
Sweden — 5.0%
Atrium Ljungberg AB, Class B		2,469		47,913
Castellum AB(b)		19,824		241,931
Catena AB		1,800		89,952
Cibus Nordic Real Estate AB		2,700		40,150
Corem Property Group AB, Class B		24,166		19,971
Dios Fastigheter AB		4,867		39,685
Fabege AB		11,454		91,435
Fastighets AB Balder, Class B(b)		31,566		216,690
Hufvudstaden AB, Class A		5,415		64,115
Neobo Fastigheter AB(a)(b)		6,180		10,227
NP3 Fastigheter AB		1,428		34,626
Nyfosa AB		7,398		71,703
Pandox AB, Class B		4,177		74,478
Platzer Fastigheter Holding AB, Class B		2,928		25,203
Sagax AB, Class B		9,986		255,902
Sagax AB, Class D		5,055		14,734
Samhallsbyggnadsbolaget i Norden AB		53,949		27,513
Wallenstam AB, Class B		20,465		97,126
Wihlborgs Fastigheter AB		12,516		115,880
				1,579,234
Switzerland — 2.8%
Allreal Holding AG, Registered		722		123,758
Intershop Holding AG		264		34,783
Mobimo Holding AG, Registered		340		96,442
Peach Property Group AG(b)		616		5,032
PSP Swiss Property AG, Registered		2,147		275,611
Swiss Prime Site AG, Registered		3,590		339,955
				875,581
United Kingdom — 10.6%
Abrdn Property Income Trust Ltd.		17,766		11,588

3

Schedule of Investments (unaudited) (continued)	iShares® International Developed Property ETF
June 30, 2024	(Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
AEW U.K. REIT PLC		7,078	$	7,590
Assura PLC		139,667		70,795
Balanced Commercial Property Trust Ltd.		32,244		32,368
Big Yellow Group PLC		9,181		135,775
British Land Co. PLC (The)		44,163		229,551
CLS Holdings PLC		6,299		7,172
Custodian Property Income REIT PLC		20,441		19,278
Derwent London PLC		5,255		150,128
Empiric Student Property PLC		28,400		32,585
Grainger PLC		34,770		107,025
Great Portland Estates PLC		19,008		80,512
Hammerson PLC		182,578		63,931
Helical PLC		4,981		15,584
Home REIT PLC(b)(e)		52,824		16,515
Impact Healthcare REIT PLC, Class B		19,140		20,737
Land Securities Group PLC		35,173		274,827
Life Science Reit PLC		16,743		7,111
LondonMetric Property PLC		95,805		233,306
NewRiver REIT PLC		15,224		15,010
Picton Property Income Ltd.		26,280		22,427
Primary Health Properties PLC		62,364		72,175
PRS REIT PLC (The)		24,446		23,103
Regional REIT Ltd.(c)		20,407		3,973
Safestore Holdings PLC		10,222		99,145
Schroder REIT Ltd.		23,076		12,886
Segro PLC		62,769		710,176
Shaftesbury Capital PLC		91,394		160,819
Sirius Real Estate Ltd.		63,084		74,591
Supermarket Income REIT PLC		58,315		53,652
Target Healthcare REIT PLC		29,670		29,367
Triple Point Social Housing REIT PLC(c)		16,008		11,534
Tritax Big Box REIT PLC		106,791		208,798
UNITE Group PLC (The)		18,560		209,381
Urban Logistics REIT PLC		22,293		33,110
Warehouse REIT PLC		20,066		20,465
Workspace Group PLC		6,431		48,186
				3,325,176
Total Common Stocks — 99.0%
(Cost: $48,852,160)				31,142,230

Security	Shares		Value
Rights
Austria — 0.0%
Buwog AG(e)		463	$	—
Total Rights — 0.0%
(Cost: $—)				—
Total Long-Term Investments — 99.0%
(Cost: $48,852,160)				31,142,230
Short-Term Securities
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.48%(f)(g)(h)		1,121,997		1,122,334
Total Short-Term Securities — 3.6%
(Cost: $1,122,226)				1,122,334
Total Investments — 102.6%
(Cost: $49,974,386)				32,264,564
Liabilities in Excess of Other Assets — (2.6)%				(829,755	)
Net Assets — 100.0%			$	31,434,809

^(a)  All or a portion of this security is on loan.

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

^(h)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended June 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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	$	756,311	$	366,159	(a)	$	—		$	(24	)	$	(112	)	$	1,122,334		1,121,997	$	3,344	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		10,000		—			(10,000	)(a)		—			—			—		—		609			—
									$	(24	)	$	(112	)	$	1,122,334			$	3,953		$	—

^(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.

^(c)  As of period end, the entity is no longer held.

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Schedule of Investments (unaudited) (continued)	iShares® International Developed Property ETF
June 30, 2024

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
Mini TOPIX Index		8	09/12/24	$	140	$	1,953
Dow Jones U.S. Real Estate Index		5	09/20/24		170		1,172
						$	3,125

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

● Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

● Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

● Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,128,438	$	28,994,649	$	19,143	$	31,142,230
Rights		—		—		—		—
Short-Term Securities
Money Market Funds		1,122,334		—		—		1,122,334
	$	3,250,772	$	28,994,649	$	19,143	$	32,264,564
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,172	$	1,953	$	—	$	3,125

^(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

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