| Schedule of Investments (unaudited) | iShares® International High Yield Bond ETF |
| January 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Corporate Bonds & Notes | ||||||||
| Austria — 0.2% | ||||||||
| ams-OSRAM AG, 6.00%, 07/31/25 (Call 03/02/23)(a) | EUR 100 | $ | 104,514 | |||||
| Belgium — 0.2% | ||||||||
| Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 02/10/23)(a) | EUR 100 | 97,998 | ||||||
| Canada — 1.4% | ||||||||
| Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(b) | CAD 300 | 204,784 | ||||||
| Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.13%, 06/15/29 | CAD 25 | 15,384 | ||||||
| Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/23)(a) | CAD 50 | 32,331 | ||||||
| Parkland Corp. | ||||||||
| 3.88%, 06/16/26 (Call 06/16/23)(b) | CAD 100 | 69,388 | ||||||
| 4.38%, 03/26/29 (Call 03/26/24) | CAD 75 | 49,052 | ||||||
| Southern Pacific Resource Corp., 0.00%, 01/25/18(b)(c)(d)(e)(f) | CAD 50 | — | ||||||
| Tamarack Valley Energy Ltd., 7.25%, 05/10/27 (Call 05/10/24)(b) | CAD 25 | 17,889 | ||||||
| Videotron Ltd. | ||||||||
| 3.13%, 01/15/31 (Call 01/15/26) | CAD 100 | 59,299 | ||||||
| 3.63%, 06/15/28 (Call 06/15/24)(b) | CAD 150 | 99,101 | ||||||
| 4.50%, 01/15/30 (Call 10/15/24) | CAD 150 | 99,313 | ||||||
| 646,541 | ||||||||
| Cyprus — 0.2% | ||||||||
| Bank of Cyprus PCL, 2.50%, 06/24/27 (Call 06/24/26)(a)(g) | EUR 100 | 91,259 | ||||||
| Finland — 1.4% | ||||||||
| Nokia Oyj, 3.13%, 05/15/28 (Call 02/15/28)(a) | EUR 100 | 103,274 | ||||||
| Nokia OYJ | ||||||||
| 2.00%, 03/15/24 (Call 12/15/23)(a) | EUR 100 | 106,543 | ||||||
| 2.00%, 03/11/26 (Call 12/11/25) | EUR 150 | 153,454 | ||||||
| Teollisuuden Voima OYJ | ||||||||
| 1.13%, 03/09/26 (Call 12/09/25)(a) | EUR 200 | 195,761 | ||||||
| 1.38%, 06/23/28 (Call 03/23/28)(a) | EUR 100 | 92,035 | ||||||
| 651,067 | ||||||||
| France — 14.5% | ||||||||
| Accor SA | ||||||||
| 2.38%, 11/29/28 (Call 08/29/28)(a) | EUR 100 | 94,976 | ||||||
| 3.00%, 02/04/26 (Call 11/04/25)(a) | EUR 100 | 105,195 | ||||||
| Adevinta ASA | ||||||||
| 2.63%, 11/15/25 (Call 02/03/23)(a) | EUR 100 | 103,173 | ||||||
| 3.00%, 11/15/27 (Call 11/15/23)(a) | EUR 100 | 98,435 | ||||||
| Altice France SA/France | ||||||||
| 2.13%, 02/15/25 (Call 01/29/24)(a) | EUR 150 | 150,210 | ||||||
| 4.00%, 07/15/29 (Call 04/15/24)(a) | EUR 100 | 83,444 | ||||||
| 4.25%, 10/15/29 (Call 10/15/24)(a) | EUR 100 | 83,546 | ||||||
| 5.88%, 02/01/27 (Call 03/02/23)(a) | EUR 250 | 245,705 | ||||||
| Atos SE | ||||||||
| 1.00%, 11/12/29 (Call 08/12/29)(a) | EUR 100 | 71,320 | ||||||
| 1.75%, 05/07/25 (Call 02/07/25)(a) | EUR 200 | 190,347 | ||||||
| Banijay Entertainment SASU, 3.50%, 03/01/25 (Call 03/02/23)(a) | EUR 100 | 104,723 | ||||||
| CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24) | EUR 200 | 180,978 | ||||||
| Casino Guichard Perrachon SA | ||||||||
| 3.58%, 02/07/25 (Call 11/07/24)(a) | EUR 100 | 77,504 | ||||||
| 5.25%, 04/15/27 (Call 04/15/23)(a) | EUR 100 | 63,252 | ||||||
| 6.63%, 01/15/26 (Call 03/02/23)(a) | EUR 100 | 66,628 | ||||||
| CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a) | EUR 100 | 96,669 | ||||||
| Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a) | EUR 100 | 90,145 | ||||||
| Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(a) | EUR 100 | 83,882 | ||||||
| Security | Par (000) | Value | ||||||
| France (continued) | ||||||||
| Elis SA | ||||||||
| 1.63%, 04/03/28 (Call 01/03/28)(a) | EUR 100 | $ | 93,578 | |||||
| 1.75%, 04/11/24 (Call 01/11/24)(a) | EUR 100 | 105,663 | ||||||
| 4.13%, 05/24/27 (Call 02/24/27)(a) | EUR 100 | 106,458 | ||||||
| Faurecia SE | ||||||||
| 2.38%, 06/15/27 (Call 06/15/23)(a) | EUR 100 | 92,966 | ||||||
| 2.63%, 06/15/25 (Call 03/02/23)(a) | EUR 100 | 102,575 | ||||||
| 2.75%, 02/15/27 (Call 02/15/24)(a) | EUR 125 | 120,164 | ||||||
| 3.13%, 06/15/26 (Call 03/02/23)(a) | EUR 100 | 99,843 | ||||||
| 3.75%, 06/15/28 (Call 06/15/23)(a) | EUR 200 | 191,574 | ||||||
| 7.25%, 06/15/26 (Call 11/15/24)(a) | EUR 100 | 111,729 | ||||||
| Iliad Holding SASU | ||||||||
| 5.13%, 10/15/26 (Call 10/15/23)(a) | EUR 150 | 155,104 | ||||||
| 5.63%, 10/15/28 (Call 10/15/24)(a) | EUR 100 | 101,087 | ||||||
| iliad SA | ||||||||
| 1.50%, 10/14/24 (Call 07/14/24)(a) | EUR 100 | 104,222 | ||||||
| 1.88%, 04/25/25 (Call 01/25/25)(a) | EUR 300 | 306,238 | ||||||
| 5.38%, 06/14/27 (Call 03/14/27)(a) | EUR 200 | 217,309 | ||||||
| La Financiere Atalian SASU, 4.00%, 05/15/24 | ||||||||
| (Call 02/10/23)(a) | EUR 100 | 95,251 | ||||||
| Loxam SAS | ||||||||
| 2.88%, 04/15/26 (Call 02/10/23)(a) | EUR 100 | 99,543 | ||||||
| 4.50%, 02/15/27 (Call 02/15/24)(a) | EUR 175 | 180,287 | ||||||
| Paprec Holding SA | ||||||||
| 3.50%, 07/01/28 (Call 07/01/24)(a) | EUR 100 | 93,785 | ||||||
| 4.00%, 03/31/25 (Call 03/02/23)(a) | EUR 100 | 105,228 | ||||||
| Parts Europe SA, 6.50%, 07/16/25 (Call 03/02/23)(a) | EUR 100 | 109,213 | ||||||
| Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/23)(a) | EUR 100 | 98,332 | ||||||
| Quatrim SASU, 5.88%, 01/15/24 (Call 02/10/23)(a) | EUR 100 | 105,999 | ||||||
| RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(g) | EUR 200 | 199,428 | ||||||
| Renault SA | ||||||||
| 1.00%, 04/18/24 (Call 01/18/24)(a) | EUR 100 | 104,650 | ||||||
| 1.00%, 11/28/25 (Call 08/28/25)(a) | EUR 70 | 70,543 | ||||||
| 1.25%, 06/24/25 (Call 03/24/25)(a) | EUR 100 | 99,852 | ||||||
| 2.00%, 09/28/26 (Call 06/28/26)(a) | EUR 100 | 97,496 | ||||||
| 2.50%, 06/02/27 (Call 03/02/27)(a) | EUR 200 | 195,294 | ||||||
| 2.50%, 04/01/28 (Call 01/01/28)(a) | EUR 100 | 94,910 | ||||||
| Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(a) | EUR 100 | 93,241 | ||||||
| SPIE SA, 3.13%, 03/22/24 (Call 02/10/23)(a) | EUR 100 | 108,327 | ||||||
| Tereos Finance Groupe I SA | ||||||||
| 7.25%, 04/15/28 | EUR 100 | 108,519 | ||||||
| 7.50%, 10/30/25 (Call 03/02/23)(a) | EUR 100 | 111,247 | ||||||
| Valeo | ||||||||
| 1.00%, 08/03/28 (Call 05/03/28)(a) | EUR 100 | 86,586 | ||||||
| 1.50%, 06/18/25 (Call 03/18/25)(a) | EUR 100 | 103,070 | ||||||
| 3.25%, 01/22/24(a) | EUR 100 | 108,111 | ||||||
| 5.38%, 05/28/27 (Call 02/28/27)(a) | EUR 100 | 109,302 | ||||||
| Verallia SA | ||||||||
| 1.63%, 05/14/28 (Call 02/14/28)(a) | EUR 100 | 95,056 | ||||||
| 1.88%, 11/10/31 (Call 08/10/31) | EUR 100 | 86,866 | ||||||
| 6,658,778 | ||||||||
| Germany — 10.8% | ||||||||
| ADLER Group SA | ||||||||
| 1.50%, 07/26/24 (Call 04/26/24)(a)(c)(e) | EUR 100 | 75,380 | ||||||
| 1.88%, 01/14/26 (Call 10/14/25)(a) | EUR 100 | 47,653 | ||||||
| 2.25%, 01/14/29 (Call 10/14/28)(a) | EUR 200 | 86,519 | ||||||
| ADLER Real Estate AG | ||||||||
| 1.88%, 04/27/23 (Call 03/27/23)(a) | EUR 100 | 102,419 | ||||||
| 2.13%, 02/06/24 (Call 01/06/24)(a) | EUR 100 | 97,348 |
1
| Schedule of Investments (unaudited) (continued) | iShares® International High Yield Bond ETF |
| January 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Germany (continued) | ||||||||
| Bayer AG | ||||||||
| 2.38%, 11/12/79 (Call 02/12/25)(a)(g) | EUR 100 | $ | 101,071 | |||||
| 3.13%, 11/12/79 (Call 08/12/27)(g) | EUR 100 | 95,354 | ||||||
| 3.75%, 07/01/74 (Call 07/01/24)(a)(g) | EUR 200 | 211,713 | ||||||
| 5.38%, 03/25/82 (Call 06/25/30)(a)(g) | EUR 100 | 99,836 | ||||||
| Series N5.5, 4.50%, Series N5.5, 03/25/82 (Call 06/25/27)(a)(g) | EUR 100 | 102,228 | ||||||
| Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75 (Call 04/23/27)(a)(g) | EUR 100 | 100,542 | ||||||
| Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28 (Call 01/15/24)(a) | EUR 150 | 148,772 | ||||||
| Commerzbank AG | ||||||||
| 4.00%, 03/23/26(a) | EUR 100 | 107,572 | ||||||
| 4.00%, 03/30/27(a) | EUR 75 | 80,512 | ||||||
| 4.00%, 12/05/30 (Call 09/05/25)(a)(g) | EUR 100 | 104,698 | ||||||
| 6.50%, 12/06/32 (Call 09/06/27)(a)(g) | EUR 100 | 111,148 | ||||||
| 8.63%, 02/28/33 (Call 11/28/27)(a)(g) | GBP 100 | 127,912 | ||||||
| Deutsche Lufthansa AG | ||||||||
| 2.00%, 07/14/24 (Call 06/14/24)(a) | EUR 100 | 105,037 | ||||||
| 2.88%, 02/11/25 (Call 01/11/25)(a) | EUR 200 | 207,999 | ||||||
| 3.00%, 05/29/26 (Call 03/02/26)(a) | EUR 300 | 303,302 | ||||||
| 3.50%, 07/14/29 (Call 04/14/29)(a) | EUR 100 | 94,644 | ||||||
| 4.38%, 08/12/75 (Call 02/12/26)(a)(g) | EUR 100 | 93,508 | ||||||
| Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/23)(a) | EUR 200 | 187,077 | ||||||
| Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(g) | EUR 100 | 91,914 | ||||||
| Gruenenthal GmbH, 3.63%, 11/15/26 (Call 05/15/23)(a) | EUR 100 | 99,755 | ||||||
| Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 04/30/24)(a) | EUR 200 | 211,654 | ||||||
| Schaeffler AG | ||||||||
| 1.88%, 03/26/24 (Call 12/26/23)(a) | EUR 200 | 211,796 | ||||||
| 2.75%, 10/12/25 (Call 07/12/25) | EUR 100 | 103,774 | ||||||
| 2.88%, 03/26/27 (Call 12/26/26)(a) | EUR 75 | 76,460 | ||||||
| 3.38%, 10/12/28 (Call 07/12/28) | EUR 100 | 97,974 | ||||||
| Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 03/02/23)(a) | EUR 150 | 150,755 | ||||||
| thyssenkrupp AG | ||||||||
| 2.50%, 02/25/25(a) | EUR 100 | 106,497 | ||||||
| 2.88%, 02/22/24 (Call 11/22/23)(a) | EUR 175 | 187,240 | ||||||
| TK Elevator Holdco GmbH, 6.63%, 07/15/28 (Call 07/15/23)(a) | EUR 90 | 86,263 | ||||||
| TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 07/15/23)(a) | EUR 100 | 98,129 | ||||||
| ZF Europe Finance BV | ||||||||
| 2.00%, 02/23/26 (Call 12/23/25)(a) | EUR 100 | 98,128 | ||||||
| 2.50%, 10/23/27 (Call 07/23/27)(a) | EUR 100 | 92,435 | ||||||
| 3.00%, 10/23/29 (Call 07/23/29)(a) | EUR 100 | 88,955 | ||||||
| ZF Finance GmbH | ||||||||
| 2.00%, 05/06/27 (Call 02/06/27)(a) | EUR 100 | 93,008 | ||||||
| 2.25%, 05/03/28 (Call 02/03/28)(a) | EUR 100 | 89,953 | ||||||
| 3.00%, 09/21/25 (Call 06/21/25)(a) | EUR 100 | 103,016 | ||||||
| 3.75%, 09/21/28 (Call 06/21/28)(a) | EUR 100 | 95,540 | ||||||
| 4,975,490 | ||||||||
| Gibraltar — 0.2% | ||||||||
| 888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(a) | EUR 100 | 93,550 | ||||||
| Greece — 2.4% | ||||||||
| Alpha Bank SA | ||||||||
| 2.50%, 03/23/28 (Call 03/23/27)(a)(g) | EUR 100 | 90,534 | ||||||
| 7.50%, 06/16/27 | EUR 100 | 109,650 | ||||||
| Alpha Services and Holdings SA, 4.25%, 02/13/30 (Call 02/13/25)(a)(g) | EUR 100 | 92,007 |
| Security | Par (000) | Value | ||||||
| Greece (continued) | ||||||||
| Eurobank SA | ||||||||
| 2.00%, 05/05/27 (Call 05/05/26)(a)(g) | EUR 100 | $ | 92,932 | |||||
| 2.25%, 03/14/28 (Call 03/14/27)(a)(g) | EUR 100 | 90,351 | ||||||
| 7.00%, 01/26/29 | EUR 100 | 107,801 | ||||||
| National Bank of Greece SA | ||||||||
| 2.75%, 10/08/26 (Call 10/08/25)(a)(g) | EUR 100 | 100,650 | ||||||
| 7.25%, 11/22/27 (Call 11/22/26)(a)(g) | EUR 100 | 111,673 | ||||||
| Piraeus Bank SA, 8.25%, 01/28/27 (Call 01/28/26)(a)(g) | EUR 100 | 110,088 | ||||||
| Piraeus Financial Holdings SA, 9.75%, 06/26/29 (Call 06/26/24)(a)(g) | EUR 100 | 107,747 | ||||||
| Public Power Corp. SA, 3.88%, 03/30/26 (Call 03/30/23)(a) | EUR 100 | 102,477 | ||||||
| 1,115,910 | ||||||||
| Ireland — 1.6% | ||||||||
| AIB Group PLC | ||||||||
| 1.88%, 11/19/29 (Call 11/19/24)(a)(g) | EUR 100 | 101,338 | ||||||
| 2.88%, 05/30/31 (Call 05/30/26)(a)(g) | EUR 100 | 99,739 | ||||||
| Bank of Ireland Group PLC | ||||||||
| 1.38%, 08/11/31 (Call 05/11/26)(a)(g) | EUR 100 | 94,838 | ||||||
| 6.75%, 03/01/33 (Call 12/01/27)(a)(g) | EUR 100 | 113,638 | ||||||
| 7.59%, 12/06/32 (Call 09/06/27)(a)(g) | GBP 100 | 126,746 | ||||||
| eircom Finance DAC | ||||||||
| 1.75%, 11/01/24 (Call 03/02/23)(a) | EUR 100 | 105,502 | ||||||
| 3.50%, 05/15/26 (Call 03/02/23)(a) | EUR 100 | 100,340 | ||||||
| 742,141 | ||||||||
| Israel — 1.7% | ||||||||
| Teva Pharmaceutical Finance Netherlands II BV | ||||||||
| 1.13%, 10/15/24(a) | EUR 100 | 102,746 | ||||||
| 1.63%, 10/15/28(a) | EUR 150 | 125,943 | ||||||
| 3.75%, 05/09/27 (Call 02/09/27) | EUR 250 | 245,138 | ||||||
| 4.38%, 05/09/30 (Call 02/09/30) | EUR 200 | 186,629 | ||||||
| 4.50%, 03/01/25 (Call 12/01/24) | EUR 100 | 106,397 | ||||||
| 766,853 | ||||||||
| Italy — 14.6% | ||||||||
| Atlantia SpA | ||||||||
| 1.63%, 02/03/25(a) | EUR 100 | 102,103 | ||||||
| 1.88%, 07/13/27 (Call 04/13/27)(a) | EUR 175 | 168,224 | ||||||
| 1.88%, 02/12/28 (Call 11/12/27)(a) | EUR 100 | 93,613 | ||||||
| Banca IFIS SpA, 6.13%, 01/19/27 | EUR 100 | 108,856 | ||||||
| Banca Monte dei Paschi di Siena SpA | ||||||||
| 1.88%, 01/09/26(a) | EUR 100 | 94,838 | ||||||
| 2.63%, 04/28/25(a) | EUR 100 | 99,729 | ||||||
| 3.63%, 09/24/24(a) | EUR 200 | 208,951 | ||||||
| 7.68%, 01/18/28(a)(g) | EUR 100 | 94,341 | ||||||
| 10.50%, 07/23/29(a) | EUR 100 | 108,457 | ||||||
| Banca Popolare di Sondrio SCPA, 2.38%, 04/03/24(a) | EUR 100 | 106,535 | ||||||
| Banco BPM SpA | ||||||||
| 3.25%, 01/14/31 (Call 01/14/26)(a)(g) | EUR 100 | 97,312 | ||||||
| 4.25%, 10/01/29 (Call 10/01/24)(a)(g) | EUR 100 | 105,703 | ||||||
| 4.88%, 01/18/27 | EUR 100 | 107,495 | ||||||
| 5.00%, 09/14/30 (Call 09/14/25)(a)(g) | EUR 100 | 106,513 | ||||||
| 6.00%, 09/13/26(a) | EUR 150 | 167,988 | ||||||
| 6.00%, 01/21/28 (Call 01/21/27)(a)(g) | EUR 150 | 163,928 | ||||||
| BPER Banca | ||||||||
| 1.88%, 07/07/25(a) | EUR 100 | 101,294 | ||||||
| 3.88%, 07/25/32 (Call 01/25/27)(a)(g) | EUR 200 | 183,643 | ||||||
| 6.13%, 02/01/28 (Call 02/01/27)(a)(g) | EUR 150 | 163,629 | ||||||
| Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a) | EUR 100 | 94,884 | ||||||
| Fiber Bidco Spa, 11.00%, 10/25/27 (Call 10/25/24)(a) | EUR 100 | 117,653 |
2
| Schedule of Investments (unaudited) (continued) | iShares® International High Yield Bond ETF |
| January 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Italy (continued) | ||||||||
| Iccrea Banca SpA | ||||||||
| 2.13%, 01/17/27 (Call 01/17/26)(a)(g) | EUR 100 | $ | 96,884 | |||||
| 4.13%, 11/28/29 (Call 11/28/24)(a)(g) | EUR 100 | 102,561 | ||||||
| 6.38%, 09/20/27 (Call 09/20/26)(a)(g) | EUR 100 | 108,954 | ||||||
| 6.88%, 01/20/28 | EUR 100 | 109,847 | ||||||
| IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 02/10/23)(a) | EUR 100 | 94,598 | ||||||
| Infrastrutture Wireless Italiane SpA | ||||||||
| 1.75%, 04/19/31 (Call 01/19/31)(a) | EUR 100 | 88,298 | ||||||
| 1.88%, 07/08/26 (Call 04/08/26)(a) | EUR 150 | 150,598 | ||||||
| Intesa Sanpaolo SpA | ||||||||
| 2.93%, 10/14/30(a) | EUR 100 | 89,756 | ||||||
| 5.15%, 06/10/30(a) | GBP 100 | 104,956 | ||||||
| 5.88%, 03/04/29 (Call 03/04/24)(a)(g) | EUR 250 | 275,184 | ||||||
| Leonardo SpA, 2.38%, 01/08/26 (Call 10/08/25)(a) | EUR 100 | 103,565 | ||||||
| Lottomatica SpA, 9.75%, 09/30/27 (Call 09/30/24)(a) | EUR 100 | 114,970 | ||||||
| Lottomatica SpA/Roma, 5.13%, 07/15/25 (Call 02/10/23)(a) | EUR 100 | 104,817 | ||||||
| Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26 | EUR 50 | 52,850 | ||||||
| Nexi SpA | ||||||||
| 1.63%, 04/30/26 (Call 01/30/26)(a) | EUR 100 | 97,213 | ||||||
| 2.13%, 04/30/29 (Call 01/30/29)(a) | EUR 150 | 129,903 | ||||||
| Rossini Sarl, 6.75%, 10/30/25 (Call 03/02/23)(a) | EUR 100 | 109,222 | ||||||
| Saipem Finance International BV | ||||||||
| 2.63%, 01/07/25(a) | EUR 100 | 104,696 | ||||||
| 3.13%, 03/31/28 (Call 12/31/27)(a) | EUR 100 | 94,240 | ||||||
| Telecom Italia SpA, 6.88%, 02/15/28 (Call 11/15/27)(a) | EUR 200 | 217,362 | ||||||
| Telecom Italia SpA/Milano | ||||||||
| 1.63%, 01/18/29 (Call 10/18/28)(a) | EUR 100 | 82,287 | ||||||
| 2.38%, 10/12/27 (Call 07/12/27)(a) | EUR 100 | 90,952 | ||||||
| 2.75%, 04/15/25 (Call 01/15/25)(a) | EUR 200 | 203,085 | ||||||
| 2.88%, 01/28/26 (Call 10/28/25)(a) | EUR 300 | 296,926 | ||||||
| 3.63%, 05/25/26(a) | EUR 100 | 100,745 | ||||||
| 4.00%, 04/11/24 (Call 01/11/24)(a) | EUR 100 | 106,535 | ||||||
| UniCredit SpA | ||||||||
| 2.00%, 09/23/29 (Call 09/23/24)(a)(g) | EUR 200 | 202,940 | ||||||
| 2.73%, 01/15/32 (Call 01/15/27)(a)(g) | EUR 200 | 189,326 | ||||||
| 4.88%, 02/20/29 (Call 02/20/24)(a)(g) | EUR 200 | 215,840 | ||||||
| Webuild SpA | ||||||||
| 1.75%, 10/26/24(a) | EUR 150 | 150,655 | ||||||
| 5.88%, 12/15/25 (Call 06/15/25)(a) | EUR 100 | 103,475 | ||||||
| 6,688,929 | ||||||||
| Japan — 1.5% | ||||||||
| SoftBank Group Corp. | ||||||||
| 2.13%, 07/06/24 (Call 04/06/24)(a) | EUR 175 | 180,492 | ||||||
| 2.88%, 01/06/27 (Call 10/06/26)(a) | EUR 100 | 94,848 | ||||||
| 3.13%, 09/19/25 (Call 06/21/25)(a) | EUR 100 | 101,317 | ||||||
| 3.38%, 07/06/29 (Call 04/06/29)(a) | EUR 125 | 109,540 | ||||||
| 3.88%, 07/06/32 (Call 04/06/32)(a) | EUR 100 | 82,862 | ||||||
| 5.00%, 04/15/28 (Call 01/16/28)(a) | EUR 100 | 98,978 | ||||||
| 668,037 | ||||||||
| Luxembourg — 3.9% | ||||||||
| Altice Financing SA | ||||||||
| 2.25%, 01/15/25 (Call 01/15/24)(a) | EUR 100 | 101,383 | ||||||
| 3.00%, 01/15/28 (Call 03/02/23)(a) | EUR 200 | 173,795 | ||||||
| 4.25%, 08/15/29 (Call 08/15/24)(a) | EUR 100 | 87,766 | ||||||
| Altice Finco SA, 4.75%, 01/15/28 (Call 03/02/23)(a) | EUR 100 | 83,651 | ||||||
| Altice France Holding SA | ||||||||
| 4.00%, 02/15/28 (Call 03/02/23)(a) | EUR 100 | 72,924 |
| Security | Par (000) | Value | ||||||
| Luxembourg (continued) | ||||||||
| 8.00%, 05/15/27 (Call 02/10/23)(a) | EUR 200 | $ | 176,943 | |||||
| Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a) | EUR 100 | 97,712 | ||||||
| Garfunkelux Holdco 3 SA, 6.75%, 11/01/25 (Call 11/01/23)(a) | EUR 100 | 82,643 | ||||||
| INEOS Finance PLC | ||||||||
| 2.13%, 11/15/25 (Call 02/10/23)(a) | EUR 100 | 99,433 | ||||||
| 2.88%, 05/01/26 (Call 02/10/23)(a) | EUR 175 | 170,877 | ||||||
| Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 03/02/23)(a) | EUR 200 | 198,602 | ||||||
| Mytilineos Financial Partners SA, 2.50%, 12/01/24 (Call 06/01/24)(a) | EUR 200 | 213,207 | ||||||
| Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 03/02/23)(a) | EUR 150 | 146,309 | ||||||
| Vivion Investments Sarl, 3.00%, 08/08/24(a) | EUR 100 | 91,250 | ||||||
| 1,796,495 | ||||||||
| Netherlands — 4.5% | ||||||||
| Lincoln Financing Sarl, 3.63%, 04/01/24 (Call 03/02/23)(a) | EUR 200 | 216,292 | ||||||
| OI European Group BV, 2.88%, 02/15/25 (Call 03/02/23)(a) | EUR 100 | 104,466 | ||||||
| PPF Telecom Group BV | ||||||||
| 2.13%, 01/31/25 (Call 10/31/24) | EUR 100 | 102,821 | ||||||
| 3.25%, 09/29/27 (Call 06/29/27)(a) | EUR 100 | 99,086 | ||||||
| 3.50%, 05/20/24 (Call 02/20/24)(a) | EUR 100 | 106,949 | ||||||
| Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/02/23)(a) | EUR 100 | 91,885 | ||||||
| Sigma Holdco BV, 5.75%, 05/15/26 (Call 02/10/23)(a) | EUR 100 | 82,960 | ||||||
| SNS Bank NV, 0.00%, 10/26/20(d)(f) | EUR 50 | — | ||||||
| Trivium Packaging Finance BV, 3.75%, 08/15/26 | ||||||||
| (Call 03/02/23)(a) | EUR 100 | 101,237 | ||||||
| United Group BV | ||||||||
| 3.63%, 02/15/28 (Call 03/02/23)(a) | EUR 200 | 171,546 | ||||||
| 4.88%, 07/01/24 (Call 03/02/23)(a) | EUR 200 | 209,706 | ||||||
| 5.25%, 02/01/30 (Call 02/01/25)(a) | EUR 100 | 86,051 | ||||||
| UPC Holding BV, 3.88%, 06/15/29 (Call 03/02/23)(a) | EUR 100 | 95,016 | ||||||
| VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 12/18/23)(a) | EUR 200 | 170,735 | ||||||
| WP/AP Telecom Holdings III BV, 5.50%, 01/15/30 (Call 01/15/25)(a) | EUR 100 | 90,636 | ||||||
| WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29 (Call 01/15/25)(a) | EUR 100 | 96,674 | ||||||
| Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a) | EUR 150 | 125,834 | ||||||
| Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(a) | EUR 100 | 88,869 | ||||||
| 2,040,763 | ||||||||
| Portugal — 1.9% | ||||||||
| Banco Comercial Portugues SA | ||||||||
| 1.75%, 04/07/28 (Call 04/07/27)(a)(g) | EUR 100 | 88,927 | ||||||
| 4.00%, 05/17/32 (Call 11/17/26)(a)(g) | EUR 100 | 80,915 | ||||||
| 8.50%, 10/25/25 (Call 10/25/24)(g) | EUR 100 | 112,838 | ||||||
| Caixa Geral de Depositos SA, 1.25%, 11/25/24(a) | EUR 100 | 103,755 | ||||||
| EDP - Energias de Portugal SA | ||||||||
| 1.70%, 07/20/80 (Call 04/20/25)(a)(g) | EUR 100 | 98,515 | ||||||
| 1.88%, 08/02/81 (Call 05/02/26)(a)(g) | EUR 100 | 94,864 | ||||||
| 5.94%, 04/23/83 (Call 01/23/28)(a)(g) | EUR 200 | 216,937 | ||||||
| Energias De Portugal SA, 1.88%, 03/14/82 (Call 06/14/29)(a)(g) | EUR 100 | 83,746 | ||||||
| 880,497 | ||||||||
| Spain — 7.9% | ||||||||
| Banco de Credito Social Cooperativo SA | ||||||||
| 1.75%, 03/09/28 (Call 03/09/27)(a)(g) | EUR 100 | 87,741 | ||||||
| 8.00%, 09/22/26 (Call 09/22/25)(a)(g) | EUR 100 | 111,645 | ||||||
| Banco de Sabadell SA | ||||||||
| 0.88%, 06/16/28 (Call 06/16/27)(a)(g) | EUR 100 | 91,153 | ||||||
| 1.13%, 03/27/25(a) | EUR 100 | 101,050 | ||||||
| 1.75%, 05/10/24(a) | EUR 100 | 105,484 | ||||||
| 2.00%, 01/17/30 (Call 01/17/25)(a)(g) | EUR 100 | 98,357 |
3
| Schedule of Investments (unaudited) (continued) | iShares® International High Yield Bond ETF |
| January 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Spain (continued) | ||||||||
| 2.63%, 03/24/26 (Call 03/24/25)(a)(g) | EUR 100 | $ | 103,850 | |||||
| 5.38%, 09/08/26 (Call 09/08/25)(a)(g) | EUR 100 | 110,047 | ||||||
| Cellnex Finance Co. SA | ||||||||
| 0.75%, 11/15/26 (Call 08/15/26)(a) | EUR 200 | 190,460 | ||||||
| 1.00%, 09/15/27 (Call 06/15/27)(a) | EUR 100 | 92,908 | ||||||
| 1.50%, 06/08/28 (Call 03/08/28)(a) | EUR 100 | 93,323 | ||||||
| 2.00%, 09/15/32 (Call 06/15/32)(a) | EUR 200 | 170,734 | ||||||
| 2.00%, 02/15/33 (Call 11/15/32)(a) | EUR 200 | 169,001 | ||||||
| 2.25%, 04/12/26 (Call 01/12/26)(a) | EUR 100 | 102,018 | ||||||
| Cellnex Telecom SA | ||||||||
| 1.00%, 04/20/27 (Call 01/20/27)(a) | EUR 100 | 94,925 | ||||||
| 1.75%, 10/23/30 (Call 07/23/30)(a) | EUR 100 | 87,902 | ||||||
| 1.88%, 06/26/29 (Call 03/26/29)(a) | EUR 100 | 91,894 | ||||||
| 2.38%, 01/16/24 (Call 10/16/23)(a) | EUR 100 | 107,342 | ||||||
| Cirsa Finance International Sarl | ||||||||
| 4.50%, 03/15/27 (Call 09/15/23)(a) | EUR 100 | 95,509 | ||||||
| 10.38%, 11/30/27 (Call 11/09/24)(a) | EUR 100 | 113,983 | ||||||
| ContourGlobal Power Holdings SA, 4.13%, 08/01/25 (Call 03/02/23)(a) | EUR 200 | 218,700 | ||||||
| Grifols Escrow Issuer SA, 3.88%, 10/15/28 (Call 10/15/24)(a) | EUR 250 | 229,713 | ||||||
| Grifols SA | ||||||||
| 1.63%, 02/15/25 (Call 03/02/23)(a) | EUR 150 | 153,004 | ||||||
| 3.20%, 05/01/25 (Call 03/02/23)(a) | EUR 100 | 101,680 | ||||||
| Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(g) | EUR 100 | 98,444 | ||||||
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(a) | EUR 100 | 93,605 | ||||||
| Lorca Telecom Bondco SA, 4.00%, 09/18/27 (Call 09/30/23)(a) | EUR 300 | 298,404 | ||||||
| Unicaja Banco SA | ||||||||
| 2.88%, 11/13/29 (Call 11/13/24)(a)(g) | EUR 100 | 100,773 | ||||||
| 7.25%, 11/15/27 (Call 11/15/26)(a)(g) | EUR 100 | 110,762 | ||||||
| 3,624,411 | ||||||||
| Sweden — 3.3% | ||||||||
| Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(a)(g) | EUR 100 | 82,782 | ||||||
| Intrum AB | ||||||||
| 3.00%, 09/15/27 (Call 03/02/23)(a) | EUR 200 | 181,098 | ||||||
| 3.13%, 07/15/24 (Call 03/02/23)(a) | EUR 52 | 55,084 | ||||||
| 3.50%, 07/15/26 (Call 02/10/23)(a) | EUR 175 | 166,704 | ||||||
| 4.88%, 08/15/25 (Call 03/02/23)(a) | EUR 100 | 102,014 | ||||||
| Stena International SA, 3.75%, 02/01/25 (Call 03/02/23)(a) | EUR 100 | 103,712 | ||||||
| Verisure Holding AB | ||||||||
| 3.25%, 02/15/27 (Call 03/02/23)(a) | EUR 150 | 143,921 | ||||||
| 7.13%, 02/01/28 | EUR 100 | 108,886 | ||||||
| 9.25%, 10/15/27 (Call 10/15/24)(a) | EUR 100 | 116,348 | ||||||
| Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a) | EUR 150 | 134,544 | ||||||
| Volvo Car AB | ||||||||
| 2.13%, 04/02/24 (Call 01/02/24)(a) | EUR 100 | 105,968 | ||||||
| 2.50%, 10/07/27 (Call 07/07/27)(a) | EUR 100 | 98,499 | ||||||
| 4.25%, 05/31/28 (Call 02/28/28)(a) | EUR 100 | 102,416 | ||||||
| 1,501,976 | ||||||||
| Switzerland — 1.1% | ||||||||
| Dufry One BV | ||||||||
| 2.00%, 02/15/27 (Call 03/02/23)(a) | EUR 100 | 92,791 | ||||||
| 2.50%, 10/15/24 (Call 03/02/23)(a) | EUR 100 | 106,178 | ||||||
| 3.38%, 04/15/28 (Call 04/15/24)(a) | EUR 100 | 93,988 | ||||||
| SIG Combibloc Purchase Co. Sarl, 2.13%, 06/18/25 (Call 03/18/25)(a) | EUR 100 | 104,601 | ||||||
| Wizz Air Finance Co. BV, 1.00%, 01/19/26 (Call 11/19/25)(a) | EUR 100 | 93,303 | ||||||
| 490,861 |
| Security | Par (000) | Value | ||||||
| United Kingdom — 11.9% | ||||||||
| BCP V Modular Services Finance II PLC | ||||||||
| 4.75%, 11/30/28 (Call 11/30/24)(a) | EUR 200 | $ | 189,594 | |||||
| 6.13%, 11/30/28 (Call 11/30/24)(a) | GBP 100 | 106,245 | ||||||
| Bellis Acquisition Co. PLC | ||||||||
| 3.25%, 02/16/26 (Call 03/02/23)(a) | GBP 300 | 304,550 | ||||||
| 4.50%, 02/16/26 (Call 02/24/24)(a) | GBP 100 | 104,125 | ||||||
| Bellis Finco PLC, 4.00%, 02/16/27 (Call 03/02/23)(a) | GBP 100 | 89,100 | ||||||
| British Telecommunications PLC, 1.87%, 08/18/80 (Call 05/18/25)(a)(g) | EUR 100 | 98,337 | ||||||
| Canary Wharf Group Investment Holdings PLC | ||||||||
| 2.63%, 04/23/25 | GBP 100 | 104,600 | ||||||
| 3.38%, 04/23/28 (Call 01/23/28)(a) | GBP 100 | 90,590 | ||||||
| Castle U.K. Finco PLC, 7.00%, 05/15/29 (Call 05/15/25)(a) | GBP 100 | 90,291 | ||||||
| Centrica PLC, 5.25%, 04/10/75 (Call 04/10/25)(a)(g) | GBP 100 | 116,055 | ||||||
| Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/23)(a) | GBP 100 | 104,185 | ||||||
| eG Global Finance PLC, 4.38%, 02/07/25 (Call 03/02/23)(a) | EUR 200 | 193,074 | ||||||
| Heathrow Finance PLC, 3.88%, 03/01/27(a)(h) | GBP 100 | 108,575 | ||||||
| Iceland Bondco PLC, 4.63%, 03/15/25 (Call 02/10/23) | GBP 100 | 106,664 | ||||||
| INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (Call 01/15/24)(a) | EUR 100 | 96,872 | ||||||
| INEOS Styrolution Group GmbH, 2.25%, 01/16/27 (Call 03/02/23)(a) | EUR 100 | 93,685 | ||||||
| International Consolidated Airlines Group SA | ||||||||
| 2.75%, 03/25/25 (Call 12/25/24)(a) | EUR 100 | 101,601 | ||||||
| 3.75%, 03/25/29 (Call 12/25/28)(a) | EUR 200 | 182,697 | ||||||
| Jaguar Land Rover Automotive PLC | ||||||||
| 2.20%, 01/15/24(a) | EUR 100 | 105,152 | ||||||
| 4.50%, 01/15/26 (Call 10/15/25)(a) | EUR 150 | 150,080 | ||||||
| 4.50%, 07/15/28 (Call 07/15/24)(a) | EUR 100 | 87,899 | ||||||
| Jerrold Finco PLC, 4.88%, 01/15/26 (Call 03/02/23)(a) | GBP 100 | 107,957 | ||||||
| Market Bidco Finco PLC, 5.50%, 11/04/27 (Call 11/04/24)(a) | GBP 100 | 95,515 | ||||||
| Marks & Spencer PLC, 6.00%, 06/12/25(a) | GBP 100 | 122,616 | ||||||
| NGG Finance PLC | ||||||||
| 1.63%, 12/05/79 (Call 09/05/24)(a)(g) | EUR 100 | 102,274 | ||||||
| 2.13%, 09/05/82 (Call 06/05/27)(g) | EUR 100 | 92,886 | ||||||
| 5.63%, 06/18/73 (Call 06/18/25)(a)(g) | GBP 100 | 119,795 | ||||||
| Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 11/15/23)(a) | GBP 175 | 192,803 | ||||||
| Pinnacle Bidco PLC, 5.50%, 02/15/25 (Call 03/02/23)(a) | EUR 100 | 99,436 | ||||||
| Rolls-Royce PLC | ||||||||
| 0.88%, 05/09/24 (Call 02/09/24)(a) | EUR 100 | 103,008 | ||||||
| 4.63%, 02/16/26 (Call 11/16/25)(a) | EUR 100 | 106,205 | ||||||
| 5.75%, 10/15/27 (Call 07/15/27)(a) | GBP 100 | 117,403 | ||||||
| Sherwood Financing PLC, 4.50%, 11/15/26 (Call 11/15/23)(a) | EUR 100 | 91,928 | ||||||
| Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 | ||||||||
| (Call 03/02/23)(a) | GBP 200 | 228,559 | ||||||
| Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a) | GBP 100 | 107,989 | ||||||
| Virgin Media Finance PLC, 3.75%, 07/15/30 (Call 07/15/25)(a) | EUR 100 | 86,943 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
| 4.13%, 08/15/30 (Call 08/15/25)(a) | GBP 100 | 98,197 | ||||||
| 4.25%, 01/15/30 (Call 10/15/24)(a) | GBP 100 | 99,483 | ||||||
| 5.00%, 04/15/27 (Call 02/10/23)(a) | GBP 200 | 226,230 | ||||||
| Vmed O2 UK Financing I PLC | ||||||||
| 3.25%, 01/31/31 (Call 01/31/26)(a) | EUR 100 | 88,345 | ||||||
| 4.00%, 01/31/29 (Call 01/31/24)(a) | GBP 100 | 101,615 | ||||||
| 4.50%, 07/15/31 (Call 07/15/26)(a) | GBP 100 | 98,287 | ||||||
| Vodafone Group PLC | ||||||||
| 2.63%, 08/27/80 (Call 05/27/26)(a)(g) | EUR 200 | 196,517 | ||||||
| 3.00%, 08/27/80 (Call 05/27/30)(a)(g) | EUR 150 | 133,721 | ||||||
| 5,441,683 |
4
| Schedule of Investments (unaudited) (continued) | iShares® International High Yield Bond ETF |
| January 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| United States — 13.2% | ||||||||
| Adient Global Holdings Ltd., 3.50%, 08/15/24 (Call 05/15/24)(a) | EUR 111 | $ | 117,390 | |||||
| Allied Universal Holdco LLC/Allied Universal Finance | ||||||||
| Corp/Atlas Luxco 4 Sarl, 3.63%, 06/01/28 (Call 06/01/24)(a) | EUR 100 | 90,285 | ||||||
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal | ||||||||
| Packaging Finance PLC | ||||||||
| 2.00%, 09/01/28 (Call 05/15/24)(a) | EUR 100 | 90,264 | ||||||
| 3.00%, 09/01/29 (Call 05/15/24)(a) | EUR 100 | 84,464 | ||||||
| Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. | ||||||||
| 2.13%, 08/15/26 (Call 03/02/23)(a) | EUR 200 | 187,108 | ||||||
| 4.75%, 07/15/27 (Call 02/10/23)(a) | GBP 100 | 95,994 | ||||||
| Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a) | EUR 100 | 95,026 | ||||||
| Avantor Funding Inc., 2.63%, 11/01/25 (Call 02/10/23)(a) | EUR 100 | 104,171 | ||||||
| Avis Budget Finance PLC, 4.13%, 11/15/24 (Call 03/02/23)(a) | EUR 100 | 105,438 | ||||||
| Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25 (Call 02/10/23)(a) | EUR 100 | 105,746 | ||||||
| Ball Corp. | ||||||||
| 0.88%, 03/15/24 (Call 12/15/23) | EUR 100 | 104,582 | ||||||
| 1.50%, 03/15/27 (Call 12/15/26) | EUR 100 | 96,204 | ||||||
| Belden Inc., 3.88%, 03/15/28 (Call 03/15/23)(a) | EUR 150 | 149,730 | ||||||
| Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 03/02/23)(a) | EUR 100 | 107,307 | ||||||
| Brookfield Property Finance ULC | ||||||||
| 3.93%, 08/24/25 (Call 07/24/25) | CAD 100 | 71,140 | ||||||
| 4.00%, 09/30/26 (Call 08/30/26) | CAD 75 | 52,026 | ||||||
| Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29) | EUR 100 | 54,800 | ||||||
| Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/23)(a) | EUR 150 | 135,014 | ||||||
| Chemours Co. (The), 4.00%, 05/15/26 (Call 03/02/23) | EUR 100 | 98,871 | ||||||
| Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 03/02/23)(a) | EUR 100 | 103,593 | ||||||
| Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)(a) | EUR 100 | 89,645 | ||||||
| Coty Inc., 3.88%, 04/15/26 (Call 04/15/23)(a) | EUR 100 | 102,032 | ||||||
| Crown European Holdings SA | ||||||||
| 2.63%, 09/30/24 (Call 03/31/24)(a) | EUR 100 | 105,937 | ||||||
| 2.88%, 02/01/26 (Call 08/01/25)(a) | EUR 100 | 103,785 | ||||||
| Darling Global Finance BV, 3.63%, 05/15/26 (Call 02/10/23)(a) | EUR 100 | 104,493 | ||||||
| Encore Capital Group Inc., 5.38%, 02/15/26 (Call 03/02/23)(a) | GBP 100 | 111,661 | ||||||
| Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/16/24)(a) | EUR 100 | 88,553 | ||||||
| Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26) | CAD 100 | 66,786 | ||||||
| Ford Credit Canada Co. | ||||||||
| 4.46%, 11/13/24 | CAD 75 | 54,687 | ||||||
| 7.00%, 02/10/26 | CAD 75 | 57,071 | ||||||
| Ford Motor Credit Co. LLC | ||||||||
| 1.36%, 02/07/25 | EUR 100 | 102,167 | ||||||
| 1.74%, 07/19/24 | EUR 100 | 104,350 | ||||||
| 2.39%, 02/17/26 | EUR 125 | 127,541 | ||||||
| 2.75%, 06/14/24 | GBP 100 | 117,242 | ||||||
| 3.02%, 03/06/24 | EUR 100 | 106,845 | ||||||
| 3.25%, 09/15/25 | EUR 200 | 209,268 | ||||||
| Hanesbrands Finance Luxembourg SCA, 3.50%, 06/15/24 (Call 03/15/24)(a) | EUR 100 | 106,898 | ||||||
| International Game Technology PLC, 3.50%, 06/15/26 (Call 03/02/23) | EUR 150 | 153,890 | ||||||
| IQVIA Inc. | ||||||||
| 1.75%, 03/15/26 (Call 03/15/23)(a) | EUR 100 | 100,809 | ||||||
| 2.25%, 01/15/28 (Call 03/02/23)(a) | EUR 150 | 141,791 | ||||||
| 2.25%, 03/15/29 (Call 03/15/24)(a) | EUR 200 | 182,298 | ||||||
| Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 02/10/23)(a) | GBP 100 | 114,605 | ||||||
| Levi Strauss & Co., 3.38%, 03/15/27 (Call 02/10/23) | EUR 100 | 102,577 |
| Par/ | |||||||
| Shares | |||||||
| Security | (000) | Value | |||||
| United States (continued) | |||||||
| Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24)(a)(g) | EUR 100 | $ | 100,924 | ||||
| Mauser Packaging Solutions Holding Co., 4.75%, 04/15/24 (Call 02/24/23)(a) | EUR 100 | 108,272 | |||||
| MPT Operating Partnership LP/MPT Finance Corp. | |||||||
| 2.50%, 03/24/26 (Call 02/24/26) | GBP 100 | 96,594 | |||||
| 3.33%, 03/24/25 (Call 12/24/24) | EUR 100 | 94,916 | |||||
| 3.38%, 04/24/30 (Call 01/24/30) | GBP 100 | 80,795 | |||||
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (Call 04/15/24)(a) | EUR 100 | 94,369 | |||||
| OI European Group BV, 3.13%, 11/15/24 (Call 08/15/24)(a) | EUR 100 | 105,585 | |||||
| Olympus Water U.S. Holding Corp., 3.88%, 10/01/28 (Call 10/01/24)(a) | EUR 100 | 93,004 | |||||
| Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/28 (Call 04/30/24)(a) | EUR 200 | 189,484 | |||||
| Primo Water Holdings Inc., 3.88%, 10/31/28 (Call 10/31/23)(a) | EUR 100 | 95,142 | |||||
| Silgan Holdings Inc., 3.25%, 03/15/25 (Call 03/02/23) | EUR 100 | 106,088 | |||||
| Spectrum Brands Inc., 4.00%, 10/01/26 (Call 03/02/23)(a) | EUR 100 | 101,799 | |||||
| Standard Industries Inc./NJ, 2.25%, 11/21/26 (Call 08/21/26)(a) | EUR 100 | 94,129 | |||||
| WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a) | EUR 100 | 85,131 | |||||
| 6,050,316 | |||||||
| Total Corporate Bonds & Notes — 98.4% | |||||||
| (Cost: $50,473,557) | 45,128,069 | ||||||
| Common Stocks | |||||||
| Jersey — 0.0% | |||||||
| Sentry Holdings Ltd. Class A | 0 | (i) | — | ||||
| Total Common Stocks — 0.0% | |||||||
| (Cost: $159,437) | — | ||||||
| Total Long-Term Investments — 98.4% | |||||||
| (Cost: $50,632,994) | 45,128,069 | ||||||
| Short-Term Securities | |||||||
| Money Market Funds — 0.0% | |||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(j)(k) | 10 | 10,000 | |||||
| Total Short-Term Securities — 0.0% | |||||||
| (Cost: $10,000) | 10,000 | ||||||
| Total Investments — 98.4% | |||||||
| (Cost: $50,642,994) | 45,138,069 | ||||||
| Other Assets Less Liabilities — 1.6% | 737,110 | ||||||
| Net Assets — 100.0% | $ | 45,875,179 | |||||
| (a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (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) | Issuer filed for bankruptcy and/or is in default. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Non-income producing security. |
| (f) | Zero-coupon bond. |
| (g) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
5
| Schedule of Investments (unaudited) (continued) | iShares® International High Yield Bond ETF |
| January 31, 2023 |
| (h) | 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. |
| (i) | Rounds to less than 1,000. |
| (j) | Affiliate of the Fund. |
| (k) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 10/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 01/31/23 | Shares Held at 01/31/23 (000) | Income | Capital Gain Distributions from Underlying Funds | ||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 10,000 | $ | 0 | (a) | $ | — | $ | — | $ | — | $ | 10,000 | 10 | $ | 117 | $ | — | |||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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 | $ | — | $ | 45,128,069 | $ | — | $ | 45,128,069 | ||||||||
| Common Stocks | — | — | — | — | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 10,000 | — | — | 10,000 | ||||||||||||
| $ | 10,000 | $ | 45,128,069 | $ | — | $ | 45,138,069 | |||||||||
| Portfolio Abbreviation | |
| CAB | Capital Appreciation Bonds |
6
| Schedule of Investments (unaudited) (continued) | iShares® International High Yield Bond ETF |
| January 31, 2023 |
Currency Abbreviations
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
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