| Schedule of Investments (unaudited) | iShares® iBonds® 2024 Term High Yield and Income ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Corporate Bonds & Notes | ||||||||
| Advertising — 0.4% | ||||||||
| Omnicom Group Inc./Omnicom Capital Inc., 3.65%, | ||||||||
| 11/01/24 (Call 08/01/24) | $ | 1,310 | $ | 1,291,623 | ||||
| WPP Finance 2010, 3.75%, 09/19/24 | 640 | 631,336 | ||||||
| 1,922,959 | ||||||||
| Aerospace & Defense — 0.9% | ||||||||
| Boeing Co. (The) | ||||||||
| 1.43%, 02/04/24 (Call 01/09/24) | 520 | 520,000 | ||||||
| 1.95%, 02/01/24 | 185 | 185,000 | ||||||
| 2.80%, 03/01/24 (Call 02/01/24) | 75 | 74,807 | ||||||
| 2.85%, 10/30/24 (Call 07/30/24) | 199 | 194,754 | ||||||
| Howmet Aerospace Inc., 5.13%, 10/01/24 | ||||||||
| (Call 07/01/24) | 3,250 | 3,234,808 | ||||||
| L3Harris Technologies Inc., 3.95%, 05/28/24 | ||||||||
| (Call 02/28/24) | 145 | 144,151 | ||||||
| RTX Corp., 3.20%, 03/15/24 (Call 01/16/24)(a) | 300 | 298,934 | ||||||
| 4,652,454 | ||||||||
| Agriculture — 0.3% | ||||||||
| Altria Group Inc., 3.80%, 02/14/24 (Call 01/16/24) | 75 | 74,945 | ||||||
| BAT Capital Corp. | ||||||||
| 2.79%, 09/06/24 (Call 08/06/24) | 775 | 761,745 | ||||||
| 3.22%, 08/15/24 (Call 06/15/24) | 725 | 715,290 | ||||||
| 1,551,980 | ||||||||
| Airlines — 3.5% | ||||||||
| Continental Airlines Pass Through Trust, Series | ||||||||
| 2012-2, Class A, 4.00%, 04/29/26(a) | 204 | 200,370 | ||||||
| Delta Air Lines Inc., 2.90%, 10/28/24 (Call 09/28/24) | 12,272 | 12,004,786 | ||||||
| United Airlines Holdings Inc., 5.00%, 02/01/24 | 5,217 | 5,217,000 | ||||||
| United Airlines Pass Through Trust, Series 2012-1 A, | ||||||||
| Class A, 4.15%, 10/11/25 | 164 | 163,641 | ||||||
| 17,585,797 | ||||||||
| Auto Manufacturers — 1.4% | ||||||||
| Ford Motor Credit Co. LLC | ||||||||
| 3.66%, 09/08/24 | 1,684 | 1,660,903 | ||||||
| 4.06%, 11/01/24 (Call 10/01/24)(a) | 925 | 913,443 | ||||||
| 5.58%, 03/18/24 (Call 02/18/24) | 425 | 424,667 | ||||||
| General Motors Financial Co. Inc. | ||||||||
| 1.05%, 03/08/24 | 230 | 228,859 | ||||||
| 1.20%, 10/15/24 | 1,300 | 1,261,996 | ||||||
| 3.50%, 11/07/24 (Call 09/07/24)(a) | 1,840 | 1,811,046 | ||||||
| 3.95%, 04/13/24 (Call 02/13/24) | 470 | 467,934 | ||||||
| 6,768,848 | ||||||||
| Banks — 4.2% | ||||||||
| Barclays PLC, 4.38%, 09/11/24(a) | 1,055 | 1,046,374 | ||||||
| BNP Paribas SA, 4.25%, 10/15/24 | 1,625 | 1,606,970 | ||||||
| Citigroup Inc., 4.00%, 08/05/24(a) | 1,120 | 1,109,152 | ||||||
| Comerica Bank, 2.50%, 07/23/24 | 510 | 501,434 | ||||||
| Deutsche Bank AG/London, 3.70%, 05/30/24(a) | 195 | 193,455 | ||||||
| Deutsche Bank AG/New York NY, 3.70%, 05/30/24 | 235 | 233,284 | ||||||
| Discover Bank, 2.45%, 09/12/24 (Call 08/12/24) | 720 | 705,625 | ||||||
| HSBC Holdings PLC, 4.25%, 03/14/24 | 665 | 663,537 | ||||||
| Huntington Bancshares Inc./OH, 2.63%, 08/06/24 | ||||||||
| (Call 07/06/24) | 735 | 723,171 | ||||||
| Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)(b) | 11,905 | 11,833,056 | ||||||
| Lloyds Banking Group PLC, 4.50%, 11/04/24 | 1,335 | 1,319,428 | ||||||
| M&T Bank Corp., 4.00%, 07/15/24 (Call 04/16/24) | 215 | 213,182 | ||||||
| NatWest Group PLC, 5.13%, 05/28/24(a) | 220 | 219,254 | ||||||
| Security | Par (000) | Value | ||||||
| Banks (continued) | ||||||||
| Santander Holdings USA Inc., 3.50%, 06/07/24 | ||||||||
| (Call 05/07/24) | $ | 565 | $ | 559,661 | ||||
| 20,927,583 | ||||||||
| Beverages — 0.1% | ||||||||
| Constellation Brands Inc. | ||||||||
| 3.60%, 05/09/24 | 130 | 129,246 | ||||||
| 4.75%, 11/15/24 | 270 | 268,363 | ||||||
| Keurig Dr Pepper Inc., 0.75%, 03/15/24 | ||||||||
| (Call 01/09/24) | 230 | 228,689 | ||||||
| 626,298 | ||||||||
| Biotechnology — 0.3% | ||||||||
| Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24) | 675 | 670,756 | ||||||
| Gilead Sciences Inc., 3.70%, 04/01/24 (Call 01/29/24) | 755 | 752,506 | ||||||
| 1,423,262 | ||||||||
| Building Materials — 0.2% | ||||||||
| Johnson Controls International PLC, 3.63%, 07/02/24 | ||||||||
| (Call 04/02/24)(c) | 185 | 183,256 | ||||||
| Martin Marietta Materials Inc., 4.25%, 07/02/24 | ||||||||
| (Call 04/02/24) | 255 | 253,579 | ||||||
| Owens Corning, 4.20%, 12/01/24 (Call 09/01/24) | 270 | 266,933 | ||||||
| Trane Technologies Financing Ltd., 3.55%, 11/01/24 | ||||||||
| (Call 08/01/24)(a) | 470 | 463,240 | ||||||
| 1,167,008 | ||||||||
| Chemicals — 1.7% | ||||||||
| Celanese U.S. Holdings LLC | ||||||||
| 3.50%, 05/08/24 (Call 04/08/24)(a) | 85 | 84,477 | ||||||
| 5.90%, 07/05/24 | 475 | 474,559 | ||||||
| LyondellBasell Industries NV, 5.75%, 04/15/24 | ||||||||
| (Call 01/29/24) | 160 | 159,998 | ||||||
| Methanex Corp., 4.25%, 12/01/24 (Call 09/01/24) | 6,494 | 6,398,179 | ||||||
| Nutrien Ltd., 5.90%, 11/07/24 | 451 | 452,090 | ||||||
| PPG Industries Inc., 2.40%, 08/15/24 (Call 07/15/24) | 145 | 142,474 | ||||||
| Sherwin-Williams Co. (The) | ||||||||
| 3.13%, 06/01/24 (Call 04/01/24) | 255 | 252,842 | ||||||
| 4.05%, 08/08/24(a) | 475 | 471,380 | ||||||
| Westlake Corp., 0.88%, 08/15/24 (Call 01/09/24) | 155 | 151,110 | ||||||
| 8,587,109 | ||||||||
| Commercial Services — 2.4% | ||||||||
| Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)(a) | 860 | 840,353 | ||||||
| Global Payments Inc., 1.50%, 11/15/24 | ||||||||
| (Call 10/15/24) | 390 | 377,510 | ||||||
| Grand Canyon University, 4.13%, 10/01/24(a) | 10,341 | 9,997,298 | ||||||
| Quanta Services Inc., 0.95%, 10/01/24 | ||||||||
| (Call 01/29/24) | 510 | 493,128 | ||||||
| 11,708,289 | ||||||||
| Computers — 0.6% | ||||||||
| Dell International LLC/EMC Corp., 4.00%, 07/15/24 | ||||||||
| (Call 06/15/24) | 755 | 749,047 | ||||||
| Genpact Luxembourg Sarl, 3.38%, 12/01/24 | ||||||||
| (Call 11/01/24) | 495 | 483,599 | ||||||
| Hewlett Packard Enterprise Co. | ||||||||
| 1.45%, 04/01/24 (Call 03/01/24)(a) | 360 | 357,396 | ||||||
| 5.90%, 10/01/24 | 1,220 | 1,221,530 | ||||||
| NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24) | 220 | 216,586 | ||||||
| 3,028,158 | ||||||||
| Cosmetics & Personal Care — 0.0% | ||||||||
| Haleon U.S. Capital LLC, 3.02%, 03/24/24 | ||||||||
| (Call 01/16/24) | 35 | 34,861 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2024 Term High Yield and Income ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Distribution & Wholesale — 0.0% | ||||||||
| Wesco Aircraft Holdings Inc., 8.50%, 11/15/24 | ||||||||
| (Call 01/29/24)(b)(d)(e) | $ | 448 | $ | 38,080 | ||||
| Diversified Financial Services — 7.3% | ||||||||
| AerCap Ireland Capital DAC/AerCap Global | ||||||||
| Aviation Trust | ||||||||
| 1.65%, 10/29/24 (Call 09/29/24) | 1,750 | 1,699,549 | ||||||
| 2.88%, 08/14/24 (Call 07/14/24)(a) | 350 | 344,600 | ||||||
| 3.15%, 02/15/24 (Call 01/15/24) | 50 | 49,949 | ||||||
| Series 3NC1, 1.75%, 10/29/24 (Call 01/29/24) | 385 | 373,741 | ||||||
| Affiliated Managers Group Inc., 4.25%, 02/15/24 | 75 | 74,931 | ||||||
| Air Lease Corp. | ||||||||
| 0.70%, 02/15/24 (Call 01/29/24) | 135 | 134,682 | ||||||
| 0.80%, 08/18/24 (Call 07/18/24) | 850 | 827,195 | ||||||
| 4.25%, 02/01/24 (Call 01/29/24) | 130 | 130,000 | ||||||
| 4.25%, 09/15/24 (Call 06/15/24)(a) | 1,345 | 1,331,532 | ||||||
| Aircastle Ltd., 4.13%, 05/01/24 (Call 02/01/24) | 375 | 372,630 | ||||||
| Ally Financial Inc. | ||||||||
| 3.88%, 05/21/24 (Call 04/21/24) | 225 | 223,628 | ||||||
| 5.13%, 09/30/24 | 1,625 | 1,617,916 | ||||||
| BGC Group Inc., 3.75%, 10/01/24 (Call 09/01/24) | 35 | 34,225 | ||||||
| Capital One Financial Corp. | ||||||||
| 3.30%, 10/30/24 (Call 09/30/24)(a) | 1,915 | 1,884,406 | ||||||
| 3.75%, 04/24/24 (Call 03/24/24)(a) | 370 | 368,187 | ||||||
| CNG Holdings Inc., 14.50%, 06/30/26 | ||||||||
| (Call 06/30/24)(b) | 1,969 | 1,685,044 | ||||||
| Discover Financial Services, 3.95%, 11/06/24 | ||||||||
| (Call 08/06/24) | 990 | 976,417 | ||||||
| Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 | ||||||||
| (Call 01/29/24), (7.25% PIK)(b)(f) | 12,327 | 11,879,896 | ||||||
| Navient Corp., 5.88%, 10/25/24 | 9,997 | 9,981,581 | ||||||
| Radian Group Inc., 4.50%, 10/01/24 (Call 07/01/24) | 490 | 483,550 | ||||||
| Stifel Financial Corp., 4.25%, 07/18/24 | 265 | 262,632 | ||||||
| Synchrony Financial | ||||||||
| 4.25%, 08/15/24 (Call 05/15/24) | 1,600 | 1,585,399 | ||||||
| 4.38%, 03/19/24 (Call 02/19/24)(a) | 235 | 234,451 | ||||||
| 36,556,141 | ||||||||
| Electric — 4.9% | ||||||||
| Ameren Corp., 2.50%, 09/15/24 (Call 08/15/24) | 350 | 343,009 | ||||||
| American Electric Power Co. Inc., 2.03%, 03/15/24 | 195 | 194,023 | ||||||
| Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)(a) | 821 | 804,020 | ||||||
| Black Hills Corp., 1.04%, 08/23/24 (Call 01/16/24) | 314 | 305,858 | ||||||
| CenterPoint Energy Inc., 2.50%, 09/01/24 | ||||||||
| (Call 08/01/24) | 395 | 387,506 | ||||||
| Dominion Energy Inc., 3.07%, 08/15/24(c) | 1,110 | 1,093,738 | ||||||
| DTE Energy Co. | ||||||||
| 4.22%, 11/01/24(c) | 1,160 | 1,148,338 | ||||||
| Series C, 2.53%, 10/01/24(c) | 695 | 680,722 | ||||||
| Duke Energy Corp., 3.75%, 04/15/24 (Call 01/29/24) | 330 | 328,707 | ||||||
| Edison International, 3.55%, 11/15/24 (Call 10/15/24) | 1,300 | 1,279,913 | ||||||
| Emera U.S. Finance LP, 0.83%, 06/15/24(a) | 120 | 117,573 | ||||||
| Enel Generacion Chile SA, 4.25%, 04/15/24 | ||||||||
| (Call 01/29/24) | 95 | 94,493 | ||||||
| Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24) | 225 | 220,692 | ||||||
| Eversource Energy | ||||||||
| 4.20%, 06/27/24(a) | 310 | 308,132 | ||||||
| Series L, 2.90%, 10/01/24 (Call 08/01/24) | 615 | 604,138 | ||||||
| Georgia Power Co., Series A, 2.20%, 09/15/24 | ||||||||
| (Call 08/15/24) | 175 | 171,455 | ||||||
| Interstate Power & Light Co., 3.25%, 12/01/24 | ||||||||
| (Call 09/01/24) | 460 | 452,061 | ||||||
| Security | Par (000) | Value | ||||||
| Electric (continued) | ||||||||
| IPALCO Enterprises Inc., 3.70%, 09/01/24 | ||||||||
| (Call 07/01/24) | $ | 215 | $ | 211,806 | ||||
| ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24) | 361 | 357,966 | ||||||
| NextEra Energy Capital Holdings Inc. | ||||||||
| 2.94%, 03/21/24 (Call 01/29/24) | 365 | 363,810 | ||||||
| 4.20%, 06/20/24 | 315 | 313,205 | ||||||
| 4.26%, 09/01/24 | 1,185 | 1,176,127 | ||||||
| NextEra Energy Operating Partners LP, 4.25%, | ||||||||
| 07/15/24 (Call 04/15/24)(b) | 11,815 | 11,696,339 | ||||||
| Pacific Gas and Electric Co. | ||||||||
| 3.40%, 08/15/24 (Call 05/15/24) | 180 | 177,584 | ||||||
| 3.75%, 02/15/24 (Call 01/09/24) | 75 | 74,887 | ||||||
| Public Service Enterprise Group Inc., 2.88%, 06/15/24 | ||||||||
| (Call 05/15/24) | 290 | 286,746 | ||||||
| Southern Co. (The) | ||||||||
| 4.48%, 08/01/24(c) | 785 | 779,226 | ||||||
| Series 21-A, 0.60%, 02/26/24 (Call 01/26/24) | 105 | 104,639 | ||||||
| WEC Energy Group Inc., 0.80%, 03/15/24 | ||||||||
| (Call 02/15/24) | 105 | 104,368 | ||||||
| 24,181,081 | ||||||||
| Electronics — 0.7% | ||||||||
| Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 | ||||||||
| (Call 08/01/24) | 420 | 412,937 | ||||||
| Amphenol Corp., 3.20%, 04/01/24 (Call 02/01/24) | 140 | 139,416 | ||||||
| Arrow Electronics Inc., 3.25%, 09/08/24 | ||||||||
| (Call 07/08/24) | 1,170 | 1,151,840 | ||||||
| Keysight Technologies Inc., 4.55%, 10/30/24 | ||||||||
| (Call 07/30/24) | 1,180 | 1,169,787 | ||||||
| TD SYNNEX Corp., 1.25%, 08/09/24 (Call 01/09/24) | 340 | 332,091 | ||||||
| Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)(a) | 375 | 372,155 | ||||||
| 3,578,226 | ||||||||
| Engineering & Construction — 1.1% | ||||||||
| Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24) | 5,313 | 5,191,482 | ||||||
| Entertainment — 4.8% | ||||||||
| Live Nation Entertainment Inc., 4.88%, 11/01/24 | ||||||||
| (Call 01/29/24)(b) | 11,422 | 11,361,505 | ||||||
| Mohegan Tribal Gaming Authority, 7.88%, 10/15/24 | ||||||||
| (Call 01/16/24)(a)(b) | 1,500 | 1,440,427 | ||||||
| Universal Entertainment Corp., 8.75%, 12/11/24 | ||||||||
| (Call 11/11/24)(a)(b)(c) | 10,543 | 11,321,108 | ||||||
| 24,123,040 | ||||||||
| Environmental Control — 2.1% | ||||||||
| Republic Services Inc., 2.50%, 08/15/24 | ||||||||
| (Call 07/15/24) | 770 | 757,795 | ||||||
| Stericycle Inc., 5.38%, 07/15/24 (Call 01/16/24)(b) | 9,867 | 9,830,049 | ||||||
| 10,587,844 | ||||||||
| Food — 0.4% | ||||||||
| Conagra Brands Inc., 4.30%, 05/01/24 (Call 04/01/24) | 375 | 373,523 | ||||||
| General Mills Inc., 3.65%, 02/15/24 (Call 01/16/24) | 90 | 89,934 | ||||||
| Kroger Co. (The), 4.00%, 02/01/24 (Call 01/29/24) | 90 | 90,000 | ||||||
| McCormick & Co. Inc./MD, 3.15%, 08/15/24 | ||||||||
| (Call 06/15/24) | 550 | 542,699 | ||||||
| Mondelez International Inc., 2.13%, 03/17/24 | 90 | 89,573 | ||||||
| Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)(a) | 980 | 971,103 | ||||||
| 2,156,832 | ||||||||
| Forest Products & Paper — 0.1% | ||||||||
| Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 | ||||||||
| (Call 05/01/24) | 485 | 480,009 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2024 Term High Yield and Income ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Health Care - Products — 0.7% | ||||||||
| Baxter International Inc., 1.32%, 11/29/24 | $ | 1,185 | $ | 1,145,265 | ||||
| Boston Scientific Corp., 3.45%, 03/01/24 | ||||||||
| (Call 02/01/24) | 35 | 34,932 | ||||||
| GE HealthCare Technologies Inc., 5.55%, 11/15/24 | 895 | 895,382 | ||||||
| Revvity Inc., 0.85%, 09/15/24 (Call 01/09/24) | 570 | 553,158 | ||||||
| Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24) | 130 | 129,166 | ||||||
| Zimmer Biomet Holdings Inc., 1.45%, 11/22/24 | ||||||||
| (Call 01/09/24) | 755 | 731,152 | ||||||
| 3,489,055 | ||||||||
| Health Care - Services — 0.6% | ||||||||
| Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24) | 680 | 670,215 | ||||||
| Elevance Health Inc. | ||||||||
| 3.35%, 12/01/24 (Call 10/01/24) | 495 | 487,002 | ||||||
| 3.50%, 08/15/24 (Call 05/15/24) | 220 | 217,558 | ||||||
| HCA Inc., 5.00%, 03/15/24 | 600 | 599,429 | ||||||
| Humana Inc., 3.85%, 10/01/24 (Call 07/01/24) | 380 | 375,606 | ||||||
| Laboratory Corp. of America Holdings | ||||||||
| 2.30%, 12/01/24 (Call 11/01/24)(a) | 225 | 219,293 | ||||||
| 3.25%, 09/01/24 (Call 07/01/24) | 495 | 487,631 | ||||||
| Quest Diagnostics Inc., 4.25%, 04/01/24 | ||||||||
| (Call 01/29/24)(a) | 100 | 99,598 | ||||||
| 3,156,332 | ||||||||
| Holding Companies - Diversified — 4.5% | ||||||||
| Ares Capital Corp., 4.20%, 06/10/24 (Call 05/10/24) | 795 | 789,744 | ||||||
| Blackstone Private Credit Fund | ||||||||
| 1.75%, 09/15/24 | 328 | 319,588 | ||||||
| 2.35%, 11/22/24 | 500 | 485,725 | ||||||
| Blue Owl Capital Corp., 5.25%, 04/15/24 | ||||||||
| (Call 03/15/24) | 185 | 184,524 | ||||||
| FS KKR Capital Corp. | ||||||||
| 1.65%, 10/12/24 | 565 | 547,985 | ||||||
| 4.63%, 07/15/24 (Call 06/15/24) | 280 | 277,927 | ||||||
| Golub Capital BDC Inc., 3.38%, 04/15/24 | ||||||||
| (Call 03/15/24) | 220 | 218,601 | ||||||
| Icahn Enterprises LP/Icahn Enterprises Finance | ||||||||
| Corp., 4.75%, 09/15/24 (Call 06/15/24)(a) | 12,302 | 12,233,258 | ||||||
| Main Street Capital Corp., 5.20%, 05/01/24(a) | 260 | 259,057 | ||||||
| Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 | ||||||||
| (Call 10/01/24) | 470 | 461,665 | ||||||
| Stena AB, 7.00%, 02/01/24(a)(b) | 6,680 | 6,680,000 | ||||||
| 22,458,074 | ||||||||
| Home Builders — 2.1% | ||||||||
| DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24) | 555 | 543,427 | ||||||
| Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24) | 410 | 409,269 | ||||||
| TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, | ||||||||
| 06/15/24 | 9,587 | 9,584,017 | ||||||
| 10,536,713 | ||||||||
| Home Furnishings — 0.1% | ||||||||
| Leggett & Platt Inc., 3.80%, 11/15/24 (Call 08/15/24) | 310 | 304,399 | ||||||
| Whirlpool Corp., 4.00%, 03/01/24(a) | 55 | 54,923 | ||||||
| 359,322 | ||||||||
| Household Products & Wares — 0.1% | ||||||||
| Avery Dennison Corp., 0.85%, 08/15/24 | ||||||||
| (Call 01/09/24) | 470 | 457,800 | ||||||
| Insurance — 0.4% | ||||||||
| American International Group Inc., 4.13%, 02/15/24 | 80 | 79,945 | ||||||
| Aon Global Ltd., 3.50%, 06/14/24 (Call 03/01/24) | 305 | 302,513 | ||||||
| Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24) | 405 | 400,906 | ||||||
| CNA Financial Corp., 3.95%, 05/15/24 (Call 02/15/24) | 98 | 97,467 | ||||||
| Security | Par (000) | Value | ||||||
| Insurance (continued) | ||||||||
| First American Financial Corp., 4.60%, 11/15/24 | $ | 280 | $ | 277,147 | ||||
| Old Republic International Corp., 4.88%, 10/01/24 | ||||||||
| (Call 09/01/24) | 495 | 491,767 | ||||||
| Willis North America Inc., 3.60%, 05/15/24 | ||||||||
| (Call 03/15/24) | 120 | 119,184 | ||||||
| 1,768,929 | ||||||||
| Internet — 2.6% | ||||||||
| eBay Inc., 3.45%, 08/01/24 (Call 05/01/24) | 635 | 628,353 | ||||||
| Netflix Inc., 5.75%, 03/01/24(a) | 75 | 74,993 | ||||||
| Rakuten Group Inc., 10.25%, 11/30/24(a)(b) | 11,080 | 11,467,083 | ||||||
| Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24) | 820 | 812,404 | ||||||
| 12,982,833 | ||||||||
| Iron & Steel — 0.1% | ||||||||
| Steel Dynamics Inc., 2.80%, 12/15/24 (Call 11/15/24) | 385 | 376,362 | ||||||
| Leisure Time — 2.3% | ||||||||
| Brunswick Corp., 0.85%, 08/18/24 (Call 01/16/24)(a) | 375 | 365,298 | ||||||
| NCL Corp. Ltd., 3.63%, 12/15/24 (Call 01/09/24)(a)(b) | 11,463 | 11,234,914 | ||||||
| 11,600,212 | ||||||||
| Lodging — 8.0% | ||||||||
| Hyatt Hotels Corp., 1.80%, 10/01/24 (Call 01/16/24) | 648 | 631,005 | ||||||
| Las Vegas Sands Corp., 3.20%, 08/08/24 | ||||||||
| (Call 07/08/24) | 12,316 | 12,147,816 | ||||||
| Marriott International Inc./MD, 3.60%, 04/15/24 | ||||||||
| (Call 03/15/24) | 340 | 338,756 | ||||||
| MGM China Holdings Ltd., 5.38%, 05/15/24 | ||||||||
| (Call 01/09/24)(b) | 11,645 | 11,590,079 | ||||||
| Travel + Leisure Co., 5.65%, 04/01/24 (Call 02/01/24) | 5,457 | 5,449,953 | ||||||
| Wynn Macau Ltd., 4.88%, 10/01/24 | ||||||||
| (Call 01/09/24)(a)(b) | 10,015 | 9,896,471 | ||||||
| 40,054,080 | ||||||||
| Machinery — 0.0% | ||||||||
| Westinghouse Air Brake Technologies Corp., 4.15%, | ||||||||
| 03/15/24 (Call 02/15/24) | 185 | 184,623 | ||||||
| Manufacturing — 2.4% | ||||||||
| 3M Co., 3.25%, 02/14/24 (Call 01/29/24)(a) | 135 | 134,885 | ||||||
| Carlisle Companies Inc., 3.50%, 12/01/24 | ||||||||
| (Call 10/01/24) | 545 | 535,449 | ||||||
| Parker-Hannifin Corp. | ||||||||
| 2.70%, 06/14/24 (Call 05/14/24) | 500 | 494,764 | ||||||
| 3.30%, 11/21/24 (Call 08/21/24) | 453 | 445,357 | ||||||
| 3.65%, 06/15/24 | 1,135 | 1,126,555 | ||||||
| Teledyne Technologies Inc., 0.95%, 04/01/24 | ||||||||
| (Call 01/09/24) | 330 | 327,263 | ||||||
| Textron Inc., 4.30%, 03/01/24 (Call 01/29/24) | 65 | 64,881 | ||||||
| Trinity Industries Inc., 4.55%, 10/01/24 | ||||||||
| (Call 07/01/24)(a) | 8,960 | 8,859,263 | ||||||
| 11,988,417 | ||||||||
| Media — 7.1% | ||||||||
| Charter Communications Operating LLC/Charter | ||||||||
| Communications Operating Capital, 4.50%, | ||||||||
| 02/01/24 (Call 01/16/24) | 290 | 290,000 | ||||||
| CSC Holdings LLC, 5.25%, 06/01/24(a) | 11,863 | 11,843,544 | ||||||
| Discovery Communications LLC, 3.90%, 11/15/24 | ||||||||
| (Call 08/15/24) | 380 | 374,654 | ||||||
| DISH DBS Corp., 5.88%, 11/15/24 | 12,803 | 11,908,775 | ||||||
| Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)(b) | 10,757 | 10,721,009 | ||||||
| 35,137,982 | ||||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2024 Term High Yield and Income ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Metal Fabricate & Hardware — 0.0% | ||||||||
| Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)(a) | $ | 170 | $ | 167,725 | ||||
| Mining — 0.2% | ||||||||
| Freeport-McMoRan Inc., 4.55%, 11/14/24 | ||||||||
| (Call 08/14/24)(a) | 920 | 911,784 | ||||||
| Office & Business Equipment — 1.5% | ||||||||
| CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 | ||||||||
| (Call 06/01/24) | 830 | 827,195 | ||||||
| Xerox Corp., 3.80%, 05/15/24(a) | 6,452 | 6,387,692 | ||||||
| 7,214,887 | ||||||||
| Oil & Gas — 0.5% | ||||||||
| Canadian Natural Resources Ltd., 3.80%, 04/15/24 | ||||||||
| (Call 01/29/24)(a) | 90 | 89,599 | ||||||
| Continental Resources Inc./OK, 3.80%, 06/01/24 | ||||||||
| (Call 03/01/24) | 340 | 337,566 | ||||||
| Devon Energy Corp., 5.25%, 09/15/24 (Call 06/15/24) | 139 | 138,572 | ||||||
| Hess Corp., 3.50%, 07/15/24 (Call 04/15/24) | 155 | 153,435 | ||||||
| Marathon Petroleum Corp., 3.63%, 09/15/24 | ||||||||
| (Call 06/15/24) | 1,255 | 1,239,504 | ||||||
| Occidental Petroleum Corp., 2.90%, 08/15/24 | ||||||||
| (Call 06/15/24) | 590 | 581,359 | ||||||
| Phillips 66, 0.90%, 02/15/24 (Call 01/16/24) | 45 | 44,922 | ||||||
| 2,584,957 | ||||||||
| Packaging & Containers — 1.4% | ||||||||
| Graphic Packaging International LLC, 4.13%, | ||||||||
| 08/15/24 (Call 05/15/24)(a) | 6,472 | 6,410,634 | ||||||
| Packaging Corp. of America, 3.65%, 09/15/24 | ||||||||
| (Call 06/15/24) | 205 | 202,413 | ||||||
| WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24) | 560 | 549,938 | ||||||
| 7,162,985 | ||||||||
| Pharmaceuticals — 3.1% | ||||||||
| AbbVie Inc. | ||||||||
| 2.60%, 11/21/24 (Call 10/21/24) | 645 | 631,508 | ||||||
| 3.85%, 06/15/24 (Call 03/15/24) | 150 | 149,039 | ||||||
| Becton Dickinson and Co. | ||||||||
| 3.36%, 06/06/24 (Call 04/06/24) | 775 | 768,693 | ||||||
| 3.73%, 12/15/24 (Call 09/15/24) | 690 | 680,928 | ||||||
| Cardinal Health Inc. | ||||||||
| 3.08%, 06/15/24 (Call 04/15/24) | 640 | 633,403 | ||||||
| 3.50%, 11/15/24 (Call 08/15/24) | 260 | 256,131 | ||||||
| Cencora Inc., 3.40%, 05/15/24 (Call 02/15/24) | 90 | 89,371 | ||||||
| Cigna Group (The) | ||||||||
| 0.61%, 03/15/24 (Call 01/09/24) | 93 | 92,478 | ||||||
| 3.50%, 06/15/24 (Call 03/17/24) | 560 | 555,589 | ||||||
| CVS Health Corp. | ||||||||
| 2.63%, 08/15/24 (Call 07/15/24) | 830 | 816,832 | ||||||
| 3.38%, 08/12/24 (Call 05/12/24) | 540 | 533,827 | ||||||
| McKesson Corp., 3.80%, 03/15/24 (Call 01/29/24) | 120 | 119,750 | ||||||
| Perrigo Finance Unlimited Co., 3.90%, 12/15/24 | ||||||||
| (Call 09/15/24)(a) | 10,550 | 10,337,421 | ||||||
| 15,664,970 | ||||||||
| Pipelines — 5.0% | ||||||||
| Boardwalk Pipelines LP, 4.95%, 12/15/24 | ||||||||
| (Call 09/15/24) | 1,252 | 1,244,246 | ||||||
| Buckeye Partners LP, 4.35%, 10/15/24 | ||||||||
| (Call 07/15/24)(a) | 6,465 | 6,360,885 | ||||||
| Eastern Energy Gas Holdings LLC | ||||||||
| 3.60%, 12/15/24 (Call 09/15/24) | 225 | 221,691 | ||||||
| Series A, 2.50%, 11/15/24 (Call 10/15/24) | 525 | 513,033 | ||||||
| Security | Par (000) | Value | ||||||
| Pipelines (continued) | ||||||||
| Enbridge Inc. | ||||||||
| 2.15%, 02/16/24 | $ | 75 | $ | 74,889 | ||||
| 3.50%, 06/10/24 (Call 03/10/24) | 390 | 386,882 | ||||||
| Energy Transfer LP | ||||||||
| 3.90%, 05/15/24 (Call 02/15/24) | 280 | 278,477 | ||||||
| 4.25%, 04/01/24 (Call 01/29/24) | 75 | 74,788 | ||||||
| 4.50%, 04/15/24 (Call 03/15/24)(a) | 245 | 244,329 | ||||||
| 4.90%, 02/01/24 (Call 01/29/24) | 65 | 65,000 | ||||||
| Enterprise Products Operating LLC, 3.90%, 02/15/24 | ||||||||
| (Call 01/29/24) | 10 | 9,992 | ||||||
| EQM Midstream Partners LP, 4.00%, 08/01/24 | ||||||||
| (Call 05/01/24)(a) | 6,481 | 6,414,311 | ||||||
| Kinder Morgan Energy Partners LP | ||||||||
| 4.15%, 02/01/24 | 105 | 105,000 | ||||||
| 4.25%, 09/01/24 (Call 06/01/24) | 100 | 99,210 | ||||||
| 4.30%, 05/01/24 (Call 02/01/24) | 110 | 109,597 | ||||||
| MPLX LP, 4.88%, 12/01/24 (Call 09/01/24) | 640 | 637,408 | ||||||
| ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24) | 170 | 167,108 | ||||||
| Plains All American Pipeline LP/PAA Finance Corp., | ||||||||
| 3.60%, 11/01/24 (Call 08/01/24) | 1,280 | 1,259,604 | ||||||
| Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 | ||||||||
| (Call 02/15/24) | 130 | 129,880 | ||||||
| Southeast Supply Header LLC, 4.25%, 06/15/24 | ||||||||
| (Call 03/15/24)(b) | 3,805 | 3,732,137 | ||||||
| Spectra Energy Partners LP, 4.75%, 03/15/24 | ||||||||
| (Call 01/29/24) | 340 | 339,619 | ||||||
| TransCanada PipeLines Ltd., 1.00%, 10/12/24 | ||||||||
| (Call 09/12/24) | 1,040 | 1,008,170 | ||||||
| Williams Cos. Inc. (The) | ||||||||
| 4.30%, 03/04/24 (Call 01/29/24) | 165 | 164,795 | ||||||
| 4.55%, 06/24/24 (Call 03/24/24) | 1,045 | 1,040,171 | ||||||
| 24,681,222 | ||||||||
| Real Estate Investment Trusts — 4.1% | ||||||||
| American Tower Corp. | ||||||||
| 3.38%, 05/15/24 (Call 04/15/24) | 515 | 511,360 | ||||||
| 5.00%, 02/15/24 | 185 | 184,932 | ||||||
| Boston Properties LP, 3.80%, 02/01/24 | ||||||||
| (Call 01/29/24) | 180 | 180,000 | ||||||
| Brandywine Operating Partnership LP, 4.10%, | ||||||||
| 10/01/24 (Call 07/01/24) | 7,543 | 7,418,476 | ||||||
| Brixmor Operating Partnership LP, 3.65%, 06/15/24 | ||||||||
| (Call 04/15/24)(a) | 120 | 119,000 | ||||||
| Crown Castle Inc., 3.20%, 09/01/24 (Call 07/01/24) | 1,255 | 1,237,059 | ||||||
| Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24) | 855 | 835,340 | ||||||
| Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24) | 220 | 218,889 | ||||||
| GLP Capital LP/GLP Financing II Inc., 3.35%, | ||||||||
| 09/01/24 (Call 06/03/24) | 469 | 462,518 | ||||||
| Host Hotels & Resorts LP, 3.88%, 04/01/24 | ||||||||
| (Call 02/01/24) | 185 | 184,372 | ||||||
| Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24) | 605 | 593,349 | ||||||
| Kimco Realty OP LLC, 2.70%, 03/01/24 | ||||||||
| (Call 01/16/24) | 55 | 54,851 | ||||||
| NNN REIT Inc., 3.90%, 06/15/24 (Call 03/15/24) | 225 | 223,255 | ||||||
| Office Properties Income Trust, 4.25%, 05/15/24 | ||||||||
| (Call 02/15/24)(a) | 7,665 | 7,537,928 | ||||||
| Omega Healthcare Investors Inc., 4.95%, 04/01/24 | ||||||||
| (Call 01/29/24)(a) | 75 | 74,804 | ||||||
| Ventas Realty LP | ||||||||
| 3.50%, 04/15/24 (Call 03/15/24) | 75 | 74,635 | ||||||
| 3.75%, 05/01/24 (Call 02/01/24)(a) | 150 | 149,153 | ||||||
| Welltower OP LLC, 3.63%, 03/15/24 (Call 02/15/24) | 215 | 214,383 | ||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2024 Term High Yield and Income ETF |
| January 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Real Estate Investment Trusts (continued) | ||||||||
| WP Carey Inc., 4.60%, 04/01/24 (Call 01/29/24)(a) | $ | 200 | $ | 199,267 | ||||
| 20,473,571 | ||||||||
| Retail — 4.6% | ||||||||
| AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24) | 530 | 519,844 | ||||||
| AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24) | 271 | 269,470 | ||||||
| Brinker International Inc., 5.00%, 10/01/24 | ||||||||
| (Call 07/01/24)(b) | 6,634 | 6,584,445 | ||||||
| Dollar General Corp., 4.25%, 09/20/24 | 1,087 | 1,076,753 | ||||||
| Lowe's Companies Inc., 3.13%, 09/15/24 | ||||||||
| (Call 06/15/24) | 415 | 408,985 | ||||||
| McDonald's Corp., 3.25%, 06/10/24 | 420 | 416,435 | ||||||
| Nordstrom Inc., 2.30%, 04/08/24 (Call 01/16/24)(a) | 4,576 | 4,531,886 | ||||||
| QVC Inc., 4.85%, 04/01/24 | 7,376 | 7,341,662 | ||||||
| Walgreens Boots Alliance Inc., 3.80%, 11/18/24 | ||||||||
| (Call 08/18/24) | 1,835 | 1,808,851 | ||||||
| 22,958,331 | ||||||||
| Semiconductors — 0.3% | ||||||||
| Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24) | 515 | 508,266 | ||||||
| Microchip Technology Inc. | ||||||||
| 0.97%, 02/15/24 | 245 | 244,550 | ||||||
| 0.98%, 09/01/24 | 430 | 418,333 | ||||||
| NXP BV/NXP Funding LLC, 4.88%, 03/01/24 | ||||||||
| (Call 02/01/24) | 175 | 174,839 | ||||||
| Qorvo Inc., 1.75%, 12/15/24(a) | 100 | 96,592 | ||||||
| 1,442,580 | ||||||||
| Software — 1.0% | ||||||||
| Fidelity National Information Services Inc., 0.60%, | ||||||||
| 03/01/24 | 130 | 129,454 | ||||||
| Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24) | 520 | 513,786 | ||||||
| Oracle Corp. | ||||||||
| 2.95%, 11/15/24 (Call 09/15/24) | 1,630 | 1,598,164 | ||||||
| 3.40%, 07/08/24 (Call 04/08/24) | 1,565 | 1,549,799 | ||||||
| Roper Technologies Inc., 2.35%, 09/15/24 | ||||||||
| (Call 08/15/24)(a) | 265 | 259,682 | ||||||
| Take-Two Interactive Software Inc., 3.30%, | ||||||||
| 03/28/24(a) | 85 | 84,669 | ||||||
| VMware LLC, 1.00%, 08/15/24 (Call 01/09/24)(a) | 730 | 712,021 | ||||||
| 4,847,575 | ||||||||
| Telecommunications — 3.2% | ||||||||
| AT&T Inc., 0.90%, 03/25/24 (Call 01/09/24) | 640 | 635,626 | ||||||
| Bell Telephone Co. of Canada or Bell Canada, | ||||||||
| Series US-3, 0.75%, 03/17/24(a) | 130 | 129,202 | ||||||
| Motorola Solutions Inc., 4.00%, 09/01/24(a) | 160 | 158,541 | ||||||
| Sprint LLC, 7.13%, 06/15/24 | 2,145 | 2,154,628 | ||||||
| Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b) | 11,711 | 11,654,024 | ||||||
| Verizon Communications Inc. | ||||||||
| 0.75%, 03/22/24 | 310 | 307,915 | ||||||
| 3.50%, 11/01/24 (Call 08/01/24) | 1,010 | 993,979 | ||||||
| 16,033,915 | ||||||||
| Toys, Games & Hobbies — 0.2% | ||||||||
| Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)(a) | 1,194 | 1,169,333 | ||||||
| Security | Par (000) | Value | ||||||
| Transportation — 0.5% | ||||||||
| Canadian Pacific Railway Co., 1.35%, 12/02/24 | ||||||||
| (Call 01/29/24) | $ | 1,280 | $ | 1,238,273 | ||||
| CSX Corp., 3.40%, 08/01/24 (Call 05/01/24) | 170 | 168,247 | ||||||
| Ryder System Inc. | ||||||||
| 2.50%, 09/01/24 (Call 08/01/24) | 555 | 544,980 | ||||||
| 3.65%, 03/18/24 (Call 02/18/24)(a) | 375 | 374,031 | ||||||
| 2,325,531 | ||||||||
| Trucking & Leasing — 0.0% | ||||||||
| GATX Corp., 4.35%, 02/15/24 (Call 01/29/24) | 55 | 54,942 | ||||||
| Water — 0.0% | ||||||||
| American Water Capital Corp., 3.85%, 03/01/24 | ||||||||
| (Call 01/29/24) | 70 | 69,897 | ||||||
| Total Long-Term Investments — 94.0% | ||||||||
| (Cost: $468,056,814) | 469,192,280 | |||||||
| Shares | ||||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 8.8% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency | ||||||||
| Shares, 5.51%(g)(h)(i) | 28,079,244 | 28,096,091 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 5.32%(g)(h) | 15,830,000 | 15,830,000 | ||||||
| Total Short-Term Securities — 8.8% | ||||||||
| (Cost: $43,909,398) | 43,926,091 | |||||||
| Total Investments — 102.8% | ||||||||
| (Cost: $511,966,212) | 513,118,371 | |||||||
| Liabilities in Excess of Other Assets — (2.8)% | (14,012,200 | ) | ||||||
| Net Assets — 100.0% | $ | 499,106,171 | ||||||
| (a) | All or a portion of this security is on loan. |
| (b) | 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. |
| (c) | Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| (d) | Issuer filed for bankruptcy and/or is in default. |
| (e) | Non-income producing security. |
| (f) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (g) | Affiliate of the Fund. |
| (h) | Annualized 7-day yield as of period end. |
| (i) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
5
| Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2024 Term High Yield and Income ETF |
| January 31, 2024 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 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 10/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/24 | Shares Held at 01/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 23,643,229 | $ | 4,447,318 | (a) | $ | — | $ | 351 | $ | 5,193 | $ | 28,096,091 | 28,079,244 | $ | 108,395 | (b) | $ | — | |||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 5,190,000 | 10,640,000 | (a) | — | — | — | 15,830,000 | 15,830,000 | 235,597 | — | ||||||||||||||||||||||||||
| $ | 351 | $ | 5,193 | $ | 43,926,091 | $ | 343,992 | $ | — | |||||||||||||||||||||||||||
| (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. |
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 | ||||||||||||||||
| Corporate Bonds & Notes | $ | — | $ | 469,192,280 | $ | — | $ | 469,192,280 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 43,926,091 | — | — | 43,926,091 | ||||||||||||
| $ | 43,926,091 | $ | 469,192,280 | $ | — | $ | 513,118,371 | |||||||||
Portfolio Abbreviation
| PIK | Payment-in-kind |
| REIT | Real Estate Investment Trust |
6