| Schedule of Investments (unaudited) | iShares® MSCI Global Energy Producers ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Australia — 2.3% | ||||||||
| Beach Energy Ltd. | 62,833 | $ | 70,450 | |||||
| Boss Energy Ltd. (a) | 15,374 | 48,143 | ||||||
| Deep Yellow Ltd.(a) | 32,845 | 36,466 | ||||||
| Karoon Energy Ltd.(a) | 30,408 | 36,725 | ||||||
| New Hope Corp. Ltd. | 19,885 | 65,948 | ||||||
| Paladin Energy Ltd.(a) | 11,048 | 118,109 | ||||||
| Santos Ltd. | 126,948 | 645,037 | ||||||
| Strike Energy Ltd.(a)(b) | 89,895 | 12,001 | ||||||
| Whitehaven Coal Ltd. | 30,854 | 165,589 | ||||||
| Woodside Energy Group Ltd. | 74,439 | 1,377,384 | ||||||
| Yancoal Australia Ltd., NVS | 15,530 | 66,932 | ||||||
| 2,642,784 | ||||||||
| Austria — 0.3% | ||||||||
| OMV AG | 5,767 | 291,455 | ||||||
| Brazil — 1.3% | ||||||||
| 3R Petroleum Oleo E Gas SA | 9,074 | 48,732 | ||||||
| Enauta Participacoes SA | 5,862 | 24,717 | ||||||
| Petroleo Brasileiro SA | 145,889 | 1,130,793 | ||||||
| Petroreconcavo SA | 5,721 | 22,597 | ||||||
| PRIO SA | 31,417 | 248,959 | ||||||
| 1,475,798 | ||||||||
| Canada — 10.0% | ||||||||
| Advantage Energy Ltd.(a) | 6,094 | 51,821 | ||||||
| Africa Oil Corp. | 14,285 | 27,355 | ||||||
| ARC Resources Ltd. | 23,454 | 443,801 | ||||||
| Athabasca Oil Corp.(a) | 21,684 | 79,707 | ||||||
| Baytex Energy Corp. | 5,666 | 20,851 | ||||||
| Baytex Energy Corp. | 24,199 | 88,952 | ||||||
| Birchcliff Energy Ltd. | 10,104 | 46,037 | ||||||
| Cameco Corp. | 17,022 | 944,550 | ||||||
| Canadian Natural Resources Ltd. | 42,033 | 3,228,919 | ||||||
| Cardinal Energy Ltd. | 5,040 | 26,070 | ||||||
| Cenovus Energy Inc. | 54,832 | 1,142,945 | ||||||
| Crew Energy Inc.(a) | 5,040 | 16,455 | ||||||
| Denison Mines Corp.(a) | 34,545 | 83,388 | ||||||
| Energy Fuels Inc./Canada(a) | 6,301 | 43,734 | ||||||
| Enerplus Corp. | 7,520 | 152,888 | ||||||
| Fission Uranium Corp.(a) | 26,142 | 22,249 | ||||||
| Freehold Royalties Ltd. | 4,971 | 52,776 | ||||||
| Frontera Energy Corp. | 1,517 | 9,917 | ||||||
| Headwater Exploration Inc. | 9,242 | 51,738 | ||||||
| Imperial Oil Ltd. | 7,353 | 519,530 | ||||||
| International Petroleum Corp.(a)(b) | 3,553 | 47,471 | ||||||
| Kelt Exploration Ltd.(a) | 6,847 | 31,649 | ||||||
| MEG Energy Corp.(a) | 10,727 | 232,886 | ||||||
| NexGen Energy Ltd.(a) | 20,095 | 156,579 | ||||||
| NuVista Energy Ltd.(a) | 6,544 | 65,586 | ||||||
| Obsidian Energy Ltd.(a) | 3,180 | 24,335 | ||||||
| Paramount Resources Ltd., Class A. | 3,121 | 75,085 | ||||||
| Parex Resources Inc. | 4,032 | 66,177 | ||||||
| PetroTal Corp., NVS | 24,868 | 14,232 | ||||||
| Peyto Exploration & Development Corp. | 7,439 | 83,453 | ||||||
| PrairieSky Royalty Ltd. | 8,296 | 168,665 | ||||||
| Spartan Delta Corp. | 6,441 | 20,274 | ||||||
| Suncor Energy Inc. | 50,466 | 2,058,703 | ||||||
| Surge Energy Inc. | 3,900 | 20,860 | ||||||
| Tamarack Valley Energy Ltd. | 21,382 | 60,242 | ||||||
| Topaz Energy Corp. | 3,613 | 60,758 | ||||||
| Tourmaline Oil Corp. | 13,126 | 651,124 | ||||||
| Security | Shares | Value | ||||||
| Canada (continued) | ||||||||
| Veren Inc. | 22,861 | $ | 198,930 | |||||
| Vermilion Energy Inc. | 6,251 | 77,326 | ||||||
| Whitecap Resources Inc. | 23,737 | 185,828 | ||||||
| 11,353,846 | ||||||||
| China — 2.1% | ||||||||
| CGN Mining Co. Ltd.(a) | 115,000 | 43,793 | ||||||
| China Coal Energy Co. Ltd., Class H | 80,000 | 100,909 | ||||||
| China Shenhua Energy Co. Ltd., Class A | 15,600 | 90,872 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 132,500 | 643,720 | ||||||
| Guanghui Energy Co. Ltd., Class A | 16,800 | 18,544 | ||||||
| Inner Mongolia Dian Tou Energy Corp. Ltd. | 5,800 | 18,132 | ||||||
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 42,100 | 77,417 | ||||||
| Jizhong Energy Resources Co. Ltd. | 8,700 | 9,737 | ||||||
| Kinetic Development Group Ltd. | 110,000 | 14,066 | ||||||
| PetroChina Co. Ltd., Class A | 48,600 | 68,023 | ||||||
| PetroChina Co. Ltd., Class H | 826,000 | 846,946 | ||||||
| Pingdingshan Tianan Coal Mining Co. Ltd. | 5,800 | 10,363 | ||||||
| Shaanxi Coal Industry Co. Ltd., Class A | 21,900 | 78,472 | ||||||
| Shan Xi Hua Yang Group New Energy Co. Ltd. | 9,950 | 15,036 | ||||||
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | 13,410 | 20,363 | ||||||
| Shanxi Lu'an Environmental Energy Development Co. | ||||||||
| Ltd., Class A | 6,100 | 19,043 | ||||||
| Yankuang Energy Group Co. Ltd., Class A | 9,350 | 32,417 | ||||||
| Yankuang Energy Group Co. Ltd., Class H | 90,000 | 224,946 | ||||||
| 2,332,799 | ||||||||
| Finland — 0.3% | ||||||||
| Neste OYJ | 16,659 | 349,743 | ||||||
| France — 5.5% | ||||||||
| Esso SA Francaise | 101 | 21,852 | ||||||
| Etablissements Maurel et Prom SA | 2,184 | 15,946 | ||||||
| TotalEnergies SE | 84,217 | 6,170,112 | ||||||
| 6,207,910 | ||||||||
| Greece — 0.1% | ||||||||
| HELLENiQ ENERGY Holdings SA | 3,243 | 29,495 | ||||||
| Motor Oil Hellas Corinth Refineries SA | 2,606 | 73,688 | ||||||
| 103,183 | ||||||||
| Hong Kong — 0.0% | ||||||||
| United Energy Group Ltd.(b) | 336,000 | 27,510 | ||||||
| Hungary — 0.1% | ||||||||
| MOL Hungarian Oil & Gas PLC | 17,563 | 136,443 | ||||||
| India — 4.8% | ||||||||
| Bharat Petroleum Corp. Ltd. | 29,558 | 222,456 | ||||||
| Chennai Petroleum Corp. Ltd. | 2,086 | 22,974 | ||||||
| Coal India Ltd. | 60,186 | 354,470 | ||||||
| Gujarat Mineral Development Corp. Ltd. | 3,276 | 15,437 | ||||||
| Hindustan Petroleum Corp. Ltd. | 21,996 | 141,638 | ||||||
| Indian Oil Corp. Ltd. | 111,011 | 216,218 | ||||||
| Oil & Natural Gas Corp. Ltd. | 123,915 | 393,501 | ||||||
| Reliance Industries Ltd. | 97,595 | 3,348,083 | ||||||
| Reliance Industries Ltd., GDR(c) | 10,783 | 749,419 | ||||||
| 5,464,196 | ||||||||
| Indonesia — 0.3% | ||||||||
| Adaro Energy Indonesia Tbk PT | 572,600 | 97,606 | ||||||
| Bukit Asam Tbk PT | 154,000 | 23,675 | ||||||
| Bumi Resources Tbk PT(a) | 4,291,600 | 24,095 | ||||||
| Harum Energy Tbk PT(a) | 92,500 | 7,969 | ||||||
| Indika Energy Tbk PT | 58,800 | 5,174 | ||||||
| Indo Tambangraya Megah Tbk PT | 14,600 | 22,439 | ||||||
| Medco Energi Internasional Tbk PT | 252,012 | 21,783 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Energy Producers ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Indonesia (continued) | ||||||||
| Sugih Energy Tbk PT(a)(d) | 206,700 | $ | — | |||||
| United Tractors Tbk PT | 58,900 | 80,013 | ||||||
| 282,754 | ||||||||
| Israel — 0.1% | ||||||||
| Delek Group Ltd. | 368 | 42,256 | ||||||
| Equital Ltd.(a) | 834 | 23,942 | ||||||
| Naphtha Israel Petroleum Corp. Ltd.(a) | 1,177 | 6,298 | ||||||
| Oil Refineries Ltd. | 96,873 | 26,356 | ||||||
| Paz Oil Co. Ltd. | 395 | 40,123 | ||||||
| 138,975 | ||||||||
| Italy — 1.2% | ||||||||
| Eni SpA | 83,698 | 1,321,957 | ||||||
| Saras SpA | 15,794 | 28,001 | ||||||
| 1,349,958 | ||||||||
| Japan — 1.4% | ||||||||
| Cosmo Energy Holdings Co. Ltd. | 2,436 | 121,634 | ||||||
| ENEOS Holdings Inc. | 113,000 | 584,237 | ||||||
| Idemitsu Kosan Co. Ltd. | 35,440 | 242,678 | ||||||
| Inpex Corp. | 37,300 | 575,530 | ||||||
| Japan Petroleum Exploration Co. Ltd. | 1,200 | 50,524 | ||||||
| 1,574,603 | ||||||||
| Malaysia — 0.0% | ||||||||
| Hibiscus Petroleum Bhd | 20,560 | 10,953 | ||||||
| Norway — 1.3% | ||||||||
| Aker BP ASA | 12,357 | 319,025 | ||||||
| BlueNord ASA(a) | 897 | 47,002 | ||||||
| BW Energy Ltd.(a) | 2,482 | 7,945 | ||||||
| DNO ASA | 18,679 | 20,908 | ||||||
| Equinor ASA | 35,363 | 1,026,508 | ||||||
| 1,421,388 | ||||||||
| Philippines — 0.0% | ||||||||
| Semirara Mining & Power Corp., Class A | 33,800 | 19,603 | ||||||
| Poland — 0.3% | ||||||||
| ORLEN SA | 22,634 | 366,637 | ||||||
| Portugal — 0.3% | ||||||||
| Galp Energia SGPS SA | 18,120 | 381,047 | ||||||
| Russia — 0.0% | ||||||||
| LUKOIL PJSC(a)(d) | 17,021 | 2 | ||||||
| Rosneft Oil Co. PJSC(a)(d) | 47,821 | 5 | ||||||
| Surgutneftegas PJSC(a)(d) | 285,010 | 32 | ||||||
| Tatneft PJSC(a)(d) | 57,983 | 6 | ||||||
| 45 | ||||||||
| Saudi Arabia — 0.7% | ||||||||
| Saudi Arabian Oil Co.(c) | 103,660 | 801,372 | ||||||
| South Africa — 0.1% | ||||||||
| Exxaro Resources Ltd. | 9,696 | 93,933 | ||||||
| Thungela Resources Ltd. | 5,247 | 37,568 | ||||||
| 131,501 | ||||||||
| South Korea — 0.3% | ||||||||
| HD Hyundai Co. Ltd. | 1,680 | 83,724 | ||||||
| SK Innovation Co. Ltd.(a) | 2,440 | 177,364 | ||||||
| S-Oil Corp. | 1,753 | 86,784 | ||||||
| 347,872 | ||||||||
| Spain — 0.7% | ||||||||
| Repsol SA | 47,727 | 779,129 | ||||||
| Security | Shares | Value | ||||||
| Thailand — 0.4% | ||||||||
| Bangchak Corp. PCL, NVDR | 38,700 | $ | 40,391 | |||||
| Bangchak Sriracha PCL, NVDR | 32,800 | 7,986 | ||||||
| Banpu PCL, NVDR | 349,600 | 51,415 | ||||||
| IRPC PCL, NVDR | 411,600 | 21,294 | ||||||
| PTT Exploration & Production PCL, NVDR | 53,631 | 225,518 | ||||||
| Star Petroleum Refining PCL, NVDR(a) | 76,200 | 17,546 | ||||||
| Thai Oil PCL, NVDR | 46,300 | 65,369 | ||||||
| 429,519 | ||||||||
| Turkey — 0.2% | ||||||||
| Turkiye Petrol Rafinerileri AS | 37,284 | 204,451 | ||||||
| United Arab Emirates — 0.0% | ||||||||
| Dana Gas PJSC | 213,277 | 35,768 | ||||||
| United Kingdom — 11.8% | ||||||||
| BP PLC | 659,567 | 4,125,911 | ||||||
| Diversified Energy Co. PLC | 1,848 | 27,951 | ||||||
| Energean PLC | 6,241 | 94,874 | ||||||
| Harbour Energy PLC | 23,475 | 99,880 | ||||||
| Serica Energy PLC | 9,360 | 20,969 | ||||||
| Shell PLC | 251,039 | 9,061,190 | ||||||
| Tullow Oil PLC(a) | 49,212 | 24,735 | ||||||
| 13,455,510 | ||||||||
| United States — 52.3% | ||||||||
| Antero Resources Corp.(a) | 11,306 | 402,833 | ||||||
| APA Corp. | 14,602 | 445,799 | ||||||
| Berry Corp. | 3,085 | 21,502 | ||||||
| California Resources Corp. | 2,157 | 102,134 | ||||||
| Centrus Energy Corp., Class A(a) | 585 | 29,034 | ||||||
| Chesapeake Energy Corp. | 4,371 | 397,455 | ||||||
| Chevron Corp. | 68,802 | 11,166,565 | ||||||
| Chord Energy Corp. | 1,608 | 298,139 | ||||||
| Civitas Resources Inc. | 2,549 | 187,504 | ||||||
| CNX Resources Corp.(a)(b) | 6,004 | 157,905 | ||||||
| Comstock Resources Inc. | 4,160 | 48,714 | ||||||
| ConocoPhillips. | 46,120 | 5,372,058 | ||||||
| CONSOL Energy Inc. | 1,202 | 124,611 | ||||||
| Coterra Energy Inc. | 29,303 | 835,722 | ||||||
| Crescent Energy Co., Class A | 3,599 | 45,347 | ||||||
| CVR Energy Inc. | 1,364 | 38,001 | ||||||
| Delek U.S. Holdings Inc. | 2,625 | 66,833 | ||||||
| Devon Energy Corp. | 24,958 | 1,224,939 | ||||||
| Diamondback Energy Inc. | 6,618 | 1,318,703 | ||||||
| EOG Resources Inc. | 22,739 | 2,832,142 | ||||||
| EQT Corp. | 16,414 | 674,451 | ||||||
| Exxon Mobil Corp. | 175,868 | 20,622,282 | ||||||
| Granite Ridge Resources Inc. | 2,303 | 15,085 | ||||||
| Gulfport Energy Corp.(a) | 508 | 82,199 | ||||||
| Hess Corp. | 10,838 | 1,670,136 | ||||||
| HF Sinclair Corp. | 6,403 | 353,638 | ||||||
| HighPeak Energy Inc.(b) | 1,001 | 15,796 | ||||||
| Kimbell Royalty Partners LP | 2,733 | 45,860 | ||||||
| Kosmos Energy Ltd.(a) | 18,425 | 112,393 | ||||||
| Magnolia Oil & Gas Corp., Class A | 6,893 | 178,873 | ||||||
| Marathon Oil Corp. | 22,629 | 655,336 | ||||||
| Marathon Petroleum Corp. | 14,127 | 2,494,969 | ||||||
| Matador Resources Co. | 4,647 | 294,852 | ||||||
| Murphy Oil Corp. | 5,723 | 244,887 | ||||||
| Northern Oil and Gas Inc. | 3,595 | 147,143 | ||||||
| Occidental Petroleum Corp. | 26,065 | 1,629,063 | ||||||
| Ovintiv Inc. | 10,544 | 544,809 | ||||||
| Par Pacific Holdings Inc.(a) | 2,330 | 63,236 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Energy Producers ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
| PBF Energy Inc., Class A | 4,294 | $ | 198,941 | |||||
| Peabody Energy Corp. | 4,755 | 117,829 | ||||||
| Permian Resources Corp., Class A, NVS | 18,430 | 302,068 | ||||||
| Range Resources Corp. | 9,428 | 347,988 | ||||||
| Riley Exploration Permian Inc. | 206 | 6,015 | ||||||
| Sable Offshore Corp.(a) | 708 | 10,896 | ||||||
| SandRidge Energy Inc. | 1,313 | 18,329 | ||||||
| SilverBow Resources Inc.(a) | 770 | 30,184 | ||||||
| Sitio Royalties Corp. | 3,214 | 75,304 | ||||||
| SM Energy Co. | 4,589 | 231,423 | ||||||
| Southwestern Energy Co.(a) | 43,182 | 325,160 | ||||||
| Talos Energy Inc.(a) | 5,616 | 67,448 | ||||||
| Tellurian Inc.(a)(b) | 26,164 | 13,451 | ||||||
| Texas Pacific Land Corp. | 767 | 471,176 | ||||||
| Uranium Energy Corp.(a) | 15,844 | 113,126 | ||||||
| VAALCO Energy Inc. | 4,393 | 28,027 | ||||||
| Valero Energy Corp. | 12,916 | 2,029,620 | ||||||
| Viper Energy Inc., NVS | 3,241 | 124,649 | ||||||
| Vital Energy Inc.(a)(b) | 884 | 43,183 | ||||||
| Vitesse Energy Inc. | 985 | 25,137 | ||||||
| 59,540,902 | ||||||||
| Total Common Stocks — 98.2% | ||||||||
| (Cost: $82,843,599) | 111,657,654 | |||||||
| Preferred Stocks | ||||||||
| Brazil — 1.2% | ||||||||
| Petroleo Brasileiro SA, Preference Shares, NVS | 186,681 | 1,379,070 | ||||||
| Russia — 0.0% | ||||||||
| Surgutneftegas PJSC, Preference Shares, NVS(a)(d) | 275,500 | 30 | ||||||
| Total Preferred Stocks — 1.2% | ||||||||
| (Cost: $906,514) | 1,379,100 | |||||||
| Total Long-Term Investments — 99.4% | ||||||||
| (Cost: $83,750,113) | 113,036,754 | |||||||
| Security | Shares | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.2% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, | ||||||||
| 5.49%(e)(f)(g) | 244,610 | $ | 244,684 | |||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 5.28%(e)(f) | 20,000 | 20,000 | ||||||
| Total Short-Term Securities — 0.2% | ||||||||
| (Cost: $264,526) | 264,684 | |||||||
| Total Investments — 99.6% | ||||||||
| (Cost: $84,014,639) | 113,301,438 | |||||||
| Other Assets Less Liabilities — 0.4% | 449,561 | |||||||
| Net Assets — 100.0% | $ | 113,750,999 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Affiliate of the Fund. |
| (f) | Annualized 7-day yield as of period end. |
| (g) | 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, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value
at 08/31/23 | Purchases at Cost | Proceeds from Sales | Net
Realized Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Value
at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 839,216 | $ | — | $ | (594,554 | )(a) | $ | 22 | $ | — | $ | 244,684 | 244,610 | $ | 4,073 | (b) | $ | — | |||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30,000 | — | (10,000 | )(a) | — | — | 20,000 | 20,000 | 8,196 | — | ||||||||||||||||||||||||||
| $ | 22 | $ | — | $ | 264,684 | $ | 12,269 | $ | — | |||||||||||||||||||||||||||
| (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. |
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Energy Producers ETF |
| May 31, 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 | ||||||||||||||
| E-Mini Energy Select Sector Index | 6 | 06/21/24 | $ | 586 | $ | (2,942 | ) | |||||||
| FTSE 100 Index | 1 | 06/21/24 | 106 | (1,651 | ) | |||||||||
| $ | (4,593 | ) | ||||||||||||
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 | $ | 74,032,164 | $ | 37,625,445 | $ | 45 | $ | 111,657,654 | ||||||||
| Preferred Stocks | 1,379,070 | — | 30 | 1,379,100 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 264,684 | — | — | 264,684 | ||||||||||||
| $ | 75,675,918 | $ | 37,625,445 | $ | 75 | $ | 113,301,438 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | (2,942 | ) | $ | (1,651 | ) | $ | — | $ | (4,593 | ) | |||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
4