iShares Russell Small/Mid-Cap Index Fund - (IWM) NPORT-P iShares ESG Aware MSCI USA Value ETF (Nov 2024 report)

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

November

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

1

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 1.3%

Huntington

Ingalls

Industries,

Inc.

..............

53

$

10,490

Northrop

Grumman

Corp.

...................

68

33,296

RTX

Corp.

.............................

561

68,347

112,133

a

Air

Freight

&

Logistics

 — 1.3%

CH

Robinson

Worldwide,

Inc.

................

188

19,849

Expeditors

International

of

Washington,

Inc.

.......

363

44,155

FedEx

Corp.

............................

67

20,279

United

Parcel

Service,

Inc.,

Class

B

............

205

27,823

112,106

a

Automobiles

 — 0.1%

Rivian

Automotive,

Inc.,

Class

A

(a)(b)

.............

705

8,622

a

Banks

 — 6.6%

Bank

of

America

Corp.

.....................

2,409

114,452

Citigroup,

Inc.

...........................

734

52,018

Huntington

Bancshares,

Inc.

.................

1,369

24,656

JPMorgan

Chase

&

Co.

....................

947

236,485

PNC

Financial

Services

Group,

Inc.

(The)

........

253

54,324

Truist

Financial

Corp.

......................

424

20,216

U.S.

Bancorp

...........................

471

25,100

Wells

Fargo

&

Co.

........................

552

42,046

569,297

a

Beverages

 — 2.9%

Coca-Cola

Co.

(The)

......................

1,971

126,302

Constellation

Brands,

Inc.,

Class

A

.............

35

8,433

Keurig

Dr

Pepper,

Inc.

.....................

558

18,219

Molson

Coors

Beverage

Co.,

Class

B

...........

459

28,485

PepsiCo,

Inc.

...........................

454

74,206

255,645

a

Biotechnology

 — 3.0%

AbbVie,

Inc.

............................

464

84,879

Amgen,

Inc.

............................

195

55,160

Biogen,

Inc.

(a)

...........................

55

8,835

Gilead

Sciences,

Inc.

......................

835

77,304

Moderna

,

Inc.

(a)

..........................

201

8,655

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

35

26,258

261,091

a

Building

Products

 — 1.2%

Allegion

PLC

............................

84

11,831

Carrier

Global

Corp.

.......................

405

31,335

Fortune

Brands

Innovations,

Inc.

..............

248

19,418

Johnson

Controls

International

PLC

............

381

31,951

Owens

Corning

..........................

68

13,982

108,517

a

Capital

Markets

 — 5.5%

Bank

of

New

York

Mellon

Corp.

(The)

...........

746

61,075

BlackRock,

Inc.

(c)

.........................

25

25,570

Cboe

Global

Markets,

Inc.

...................

124

26,765

Charles

Schwab

Corp.

(The)

.................

424

35,090

FactSet

Research

Systems,

Inc.

...............

34

16,683

Goldman

Sachs

Group,

Inc.

(The)

.............

113

68,769

Intercontinental

Exchange,

Inc.

...............

56

9,014

MarketAxess

Holdings,

Inc.

..................

32

8,278

Morgan

Stanley

..........................

656

86,336

Nasdaq,

Inc.

............................

395

32,781

Raymond

James

Financial,

Inc.

...............

167

28,270

S&P

Global,

Inc.

.........................

124

64,791

Security

Shares

Value

a

Capital

Markets

(continued)

State

Street

Corp.

........................

136

$

13,397

476,819

a

Chemicals

 — 2.1%

Air

Products

and

Chemicals,

Inc.

..............

30

10,030

Dow,

Inc.

..............................

189

8,356

DuPont

de

Nemours,

Inc.

...................

102

8,526

Ecolab,

Inc.

............................

222

55,227

International

Flavors

&

Fragrances,

Inc.

..........

104

9,501

Linde

PLC

.............................

92

42,411

LyondellBasell

Industries

NV,

Class

A

...........

102

8,501

Mosaic

Co.

(The)

.........................

325

8,599

PPG

Industries,

Inc.

.......................

234

29,103

180,254

a

Commercial

Services

&

Supplies

 — 0.3%

Veralto

Corp.

............................

252

27,264

a

Communications

Equipment

 — 1.2%

Cisco

Systems,

Inc.

.......................

1,487

88,045

F5,

Inc.

(a)

..............................

34

8,512

Juniper

Networks,

Inc.

.....................

267

9,591

106,148

a

Construction

&

Engineering

 — 0.1%

EMCOR

Group,

Inc.

.......................

19

9,692

a

Construction

Materials

 — 0.9%

CRH

PLC

..............................

629

64,328

Martin

Marietta

Materials,

Inc.

................

30

18,000

82,328

a

Consumer

Finance

 — 1.8%

American

Express

Co.

.....................

264

80,435

Capital

One

Financial

Corp.

..................

81

15,553

Discover

Financial

Services

..................

192

35,027

Synchrony

Financial

.......................

331

22,349

153,364

a

Consumer

Staples

Distribution

&

Retail

 — 1.0%

Dollar

Tree,

Inc.

(a)

.........................

130

9,265

Kroger

Co.

(The)

.........................

594

36,282

Sysco

Corp.

............................

111

8,559

Target

Corp.

............................

229

30,299

84,405

a

Containers

&

Packaging

 — 0.5%

Avery

Dennison

Corp.

......................

42

8,650

Ball

Corp.

..............................

260

16,162

Crown

Holdings,

Inc.

......................

92

8,472

International

Paper

Co.

.....................

207

12,178

45,462

a

Distributors

 — 0.4%

LKQ

Corp.

.............................

864

33,947

a

Diversified

Telecommunication

Services

 — 1.2%

AT&T,

Inc.

..............................

1,486

34,416

Verizon

Communications,

Inc.

................

1,598

70,855

105,271

a

Electric

Utilities

 — 1.7%

Edison

International

.......................

276

24,219

Eversource

Energy

.......................

308

19,863

Exelon

Corp.

............................

762

30,145

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2024

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

2

Security

Shares

Value

a

Electric

Utilities

(continued)

NextEra

Energy,

Inc.

......................

896

$

70,488

144,715

a

Electrical

Equipment

 — 0.6%

Eaton

Corp.

PLC

.........................

65

24,402

Hubbell,

Inc.

............................

26

11,962

Rockwell

Automation,

Inc.

...................

39

11,511

47,875

a

Electronic

Equipment,

Instruments

&

Components

 — 0.5%

Keysight

Technologies,

Inc.

(a)

.................

164

28,018

Trimble,

Inc.

(a)

...........................

201

14,667

42,685

a

Energy

Equipment

&

Services

 — 0.5%

Baker

Hughes

Co.,

Class

A

..................

606

26,634

Schlumberger

N.V.

........................

452

19,861

46,495

a

Entertainment

 — 1.3%

Electronic

Arts,

Inc.

.......................

204

33,389

Walt

Disney

Co.

(The)

.....................

661

77,647

111,036

a

Financial

Services

 — 2.1%

Berkshire

Hathaway,

Inc.,

Class

B

(a)

............

233

112,544

Fidelity

National

Information

Services,

Inc.

........

230

19,619

Fiserv,

Inc.

(a)

............................

148

32,702

PayPal

Holdings,

Inc.

(a)

.....................

242

20,998

185,863

a

Food

Products

 — 2.5%

Archer-Daniels-Midland

Co.

..................

168

9,173

Bunge

Global

SA

.........................

298

26,743

Conagra

Brands,

Inc.

......................

310

8,540

General

Mills,

Inc.

........................

853

56,520

Hormel

Foods

Corp.

.......................

422

13,685

Kellanova

..............................

579

47,067

Kraft

Heinz

Co.

(The)

......................

804

25,704

McCormick

&

Co.,

Inc.,

NVS

.................

161

12,624

Mondelez

International,

Inc.,

Class

A

............

129

8,379

The

Campbell's

Company

...................

241

11,134

219,569

a

Ground

Transportation

 — 0.7%

JB

Hunt

Transport

Services,

Inc.

..............

77

14,562

Union

Pacific

Corp.

.......................

202

49,421

63,983

a

Health

Care

Equipment

&

Supplies

 — 1.9%

Cooper

Companies,

Inc.

(The)

(a)

...............

143

14,938

Edwards

Lifesciences

Corp.

(a)

................

538

38,386

GE

HealthCare

Technologies,

Inc.

.............

101

8,405

Hologic

,

Inc.

(a)

...........................

150

11,925

ResMed

,

Inc.

...........................

36

8,965

Solventum

Corp.

(a)

........................

121

8,653

STERIS

PLC

............................

153

33,516

Stryker

Corp.

...........................

30

11,765

Teleflex,

Inc.

............................

53

10,221

Zimmer

Biomet

Holdings,

Inc.

................

172

19,281

166,055

a

Health

Care

Providers

&

Services

 — 5.6%

Cardinal

Health,

Inc.

.......................

217

26,526

Cencora

,

Inc.

...........................

149

37,481

Centene

Corp.

(a)

.........................

258

15,480

Cigna

Group

(The)

........................

148

49,994

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

CVS

Health

Corp.

........................

154

$

9,217

Elevance

Health,

Inc.

......................

141

57,381

HCA

Healthcare,

Inc.

......................

58

18,979

Humana,

Inc.

...........................

53

15,708

Labcorp

Holdings,

Inc.

.....................

78

18,810

McKesson

Corp.

.........................

45

28,283

Quest

Diagnostics,

Inc.

.....................

156

25,375

UnitedHealth

Group,

Inc.

....................

295

180,009

483,243

a

Health

Care

REITs

 — 0.4%

Welltower

,

Inc.

...........................

283

39,105

a

Hotels,

Restaurants

&

Leisure

 — 1.1%

McDonald's

Corp.

........................

211

62,458

Starbucks

Corp.

..........................

316

32,377

94,835

a

Household

Durables

 — 0.3%

DR

Horton,

Inc.

..........................

79

13,334

PulteGroup,

Inc.

.........................

85

11,498

24,832

a

Household

Products

 — 2.7%

Church

&

Dwight

Co.,

Inc.

...................

217

23,898

Clorox

Co.

(The)

.........................

207

34,604

Colgate-Palmolive

Co.

.....................

93

8,987

Kimberly-Clark

Corp.

......................

221

30,796

Procter

&

Gamble

Co.

(The)

.................

742

133,011

231,296

a

Industrial

Conglomerates

 — 1.5%

3M

Co.

................................

392

52,344

Honeywell

International,

Inc.

.................

318

74,071

126,415

a

Industrial

REITs

 — 0.3%

Prologis,

Inc.

............................

221

25,808

a

Insurance

 — 5.0%

Aflac,

Inc.

..............................

173

19,722

Aon

PLC,

Class

A

........................

42

16,445

Arch

Capital

Group

Ltd.

....................

146

14,705

Arthur

J

Gallagher

&

Co.

....................

51

15,924

Assurant,

Inc.

...........................

78

17,714

Chubb

Ltd.

.............................

39

11,261

Everest

Group

Ltd.

........................

23

8,914

Hartford

Financial

Services

Group,

Inc.

(The)

......

298

36,746

Marsh

&

McLennan

Companies,

Inc.

............

201

46,879

MetLife,

Inc.

............................

536

47,291

Principal

Financial

Group,

Inc.

................

121

10,538

Progressive

Corp.

(The)

....................

191

51,356

Prudential

Financial,

Inc.

....................

689

89,164

Travelers

Companies,

Inc.

(The)

...............

127

33,787

Willis

Towers

Watson

PLC

...................

41

13,202

433,648

a

IT

Services

 — 2.3%

Accenture

PLC,

Class

A

....................

225

81,533

Akamai

Technologies,

Inc.

(a)

..................

130

12,223

International

Business

Machines

Corp.

..........

428

97,331

Twilio

,

Inc.,

Class

A

(a)

......................

85

8,886

199,973

a

Life

Sciences

Tools

&

Services

 — 1.3%

Agilent

Technologies,

Inc.

...................

127

17,522

Avantor

,

Inc.

(a)

...........................

393

8,277

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2024

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Danaher

Corp.

..........................

180

$

43,144

IQVIA

Holdings,

Inc.

(a)

......................

86

17,272

Waters

Corp.

(a)

..........................

40

15,389

West

Pharmaceutical

Services,

Inc.

............

37

12,050

113,654

a

Machinery

 — 4.1%

Caterpillar,

Inc.

..........................

163

66,196

CNH

Industrial

N.V.

.......................

1,858

23,336

Cummins,

Inc.

...........................

170

63,757

Deere

&

Co.

............................

91

42,397

Dover

Corp.

............................

42

8,648

Fortive

Corp.

............................

299

23,720

IDEX

Corp.

.............................

65

14,991

Illinois

Tool

Works,

Inc.

.....................

33

9,158

Ingersoll

Rand,

Inc.

.......................

114

11,875

Pentair

PLC

............................

407

44,359

Toro

Co.

(The)

...........................

103

8,969

Xylem,

Inc.

.............................

283

35,870

353,276

a

Media

 — 0.6%

Comcast

Corp.,

Class

A

....................

798

34,466

Fox

Corp.,

Class

B

........................

255

11,406

Interpublic

Group

of

Companies,

Inc.

(The)

.......

296

9,120

54,992

a

Metals

&

Mining

 — 0.6%

Newmont

Corp.

..........................

543

22,773

Nucor

Corp.

............................

144

22,275

Steel

Dynamics,

Inc.

.......................

69

10,024

55,072

a

Multi-Utilities

 — 2.5%

CMS

Energy

Corp.

........................

473

32,973

Consolidated

Edison,

Inc.

...................

215

21,627

Dominion

Energy,

Inc.

......................

444

26,085

NiSource,

Inc.

...........................

1,523

58,011

Public

Service

Enterprise

Group,

Inc.

...........

822

77,514

216,210

a

Office

REITs

 — 0.1%

BXP,

Inc.

..............................

122

10,003

a

Oil,

Gas

&

Consumable

Fuels

 — 6.5%

Chevron

Corp.

...........................

512

82,908

ConocoPhillips

..........................

746

80,822

Diamondback

Energy,

Inc.

...................

53

9,412

EQT

Corp.

.............................

242

10,997

Exxon

Mobil

Corp.

........................

1,039

122,561

Hess

Corp.

.............................

178

26,198

Kinder

Morgan,

Inc.,

Class

P

.................

2,447

69,177

ONEOK,

Inc.

............................

518

58,845

Ovintiv

,

Inc.

.............................

598

27,161

Phillips

66

..............................

180

24,116

Valero

Energy

Corp.

.......................

130

18,080

Williams

Companies,

Inc.

(The)

...............

660

38,623

568,900

a

Passenger

Airlines

 — 0.3%

Delta

Air

Lines,

Inc.

.......................

347

22,146

a

Personal

Care

Products

 — 0.2%

Kenvue

,

Inc.

............................

751

18,084

a

Security

Shares

Value

a

Pharmaceuticals

 — 3.5%

Bristol-Myers

Squibb

Co.

....................

609

$

36,065

Johnson

&

Johnson

.......................

785

121,683

Merck

&

Co.,

Inc.

.........................

471

47,872

Pfizer,

Inc.

.............................

1,857

48,672

Royalty

Pharma

PLC,

Class

A

................

328

8,744

Zoetis,

Inc.,

Class

A

.......................

215

37,679

300,715

a

Professional

Services

 — 2.4%

Automatic

Data

Processing,

Inc.

...............

350

107,426

Broadridge

Financial

Solutions,

Inc.

............

274

64,670

Jacobs

Solutions,

Inc.

(b)

....................

132

18,642

Leidos

Holdings,

Inc.

......................

56

9,262

Paychex,

Inc.

...........................

74

10,824

210,824

a

Real

Estate

Management

&

Development

 — 0.3%

CBRE

Group,

Inc.,

Class

A

(a)

.................

168

23,518

a

Semiconductors

&

Semiconductor

Equipment

 — 4.3%

Analog

Devices,

Inc.

.......................

107

23,331

Applied

Materials,

Inc.

.....................

357

62,372

First

Solar,

Inc.

(a)

.........................

47

9,366

Intel

Corp.

.............................

1,675

40,284

Micron

Technology,

Inc.

.....................

323

31,638

NXP

Semiconductors

NV

...................

198

45,415

QUALCOMM,

Inc.

........................

313

49,620

Texas

Instruments,

Inc.

.....................

544

109,360

371,386

a

Software

 — 2.1%

ANSYS,

Inc.

(a)

...........................

105

36,866

Aspen

Technology,

Inc.

(a)

....................

36

9,000

Gen

Digital,

Inc.

..........................

271

8,360

MicroStrategy

,

Inc.,

Class

A

(a)(b)

................

25

9,687

Salesforce,

Inc.

..........................

363

119,786

183,699

a

Specialized

REITs

 — 3.0%

American

Tower

Corp.

.....................

293

61,237

Crown

Castle,

Inc.

........................

484

51,425

Digital

Realty

Trust,

Inc.

....................

211

41,291

Equinix

,

Inc.

............................

52

51,037

Iron

Mountain,

Inc.

........................

185

22,879

Public

Storage

...........................

27

9,397

Weyerhaeuser

Co.

........................

706

22,775

260,041

a

Specialty

Retail

 — 3.9%

Best

Buy

Co.,

Inc.

........................

234

21,060

CarMax,

Inc.

(a)

...........................

109

9,153

Home

Depot,

Inc.

(The)

....................

405

173,797

Lowe's

Companies,

Inc.

....................

240

65,383

TJX

Companies,

Inc.

(The)

..................

123

15,460

Tractor

Supply

Co.

........................

104

29,502

Ulta

Beauty,

Inc.

(a)

........................

22

8,506

Williams-Sonoma,

Inc.

.....................

95

16,342

339,203

a

Technology

Hardware,

Storage

&

Peripherals

 — 0.7%

Dell

Technologies,

Inc.,

Class

C

...............

63

8,038

Hewlett

Packard

Enterprise

Co.

...............

1,051

22,302

HP,

Inc.

...............................

381

13,499

NetApp,

Inc.

............................

71

8,707

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2024

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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;

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

(a)

.....................

144

$

10,511

63,057

a

Textiles,

Apparel

&

Luxury

Goods

 — 0.1%

NIKE,

Inc.,

Class

B

.......................

110

8,665

a

Trading

Companies

&

Distributors

 — 0.7%

Ferguson

Enterprises,

Inc.

...................

164

35,412

United

Rentals,

Inc.

.......................

28

24,248

59,660

a

Water

Utilities

 — 0.2%

Essential

Utilities,

Inc.

......................

437

17,493

a

Total

Long-Term

Investments — 99.8%

(Cost:

$7,968,241)

..................................

8,670,394

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0.4%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.79%

(c)(d)(e)

......................

32,634

$

32,650

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

4.62%

(c)(d)

............................

3,453

3,453

a

Total

Short-Term

Securities — 0.4%

(Cost:

$36,106)

....................................

36,103

Total

Investments

—

100.2%

(Cost:

$8,004,347)

..................................

8,706,497

Liabilities

in

Excess

of

Other

Assets

—

(0.2)%

...............

(17,175)

Net

Assets

—

100.0%

.................................

$

8,689,322

(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

November

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

08/31/24

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

11/30/24

  Shares

Held

at

11/30/24

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

5,301

‌

$

27,363

(a)

$

—

‌

$

(10

)

$

(4

)

$

32,650

‌

32,634

‌

$

11

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.....

10,185

‌

—

‌

(6,732

)

(a)

—

‌

—

‌

3,453

‌

3,453

‌

192

‌

—

‌

BlackRock,

Inc.

.

16,233

‌

11,678

‌

(5,158

)

1,361

‌

1,456

‌

25,570

‌

25

‌

112

‌

—

‌

$

1,351

‌

$

1,452

‌

$

61,673

‌

$

315

‌

$

—

‌

(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

Micro

E-Mini

Russell

2000

Index

............................................................

1

12/20/24

$

12

$

1,190

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2024

5

Schedule

of

Investments

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

.........................................

$

8,670,394

$

—

$

—

$

8,670,394

Short-Term

Securities

Money

Market

Funds

......................................

36,103

—

—

36,103

$

8,706,497

$

—

$

—

$

8,706,497

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

1,190

$

—

$

—

$

1,190

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

Fair

Value

Hierarchy

as

of

Period

End

(continued)