Schedule of Investments (unaudited)	iShares® International High Yield Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security		Par (000)	Value
Corporate Bonds & Notes
Austria — 0.4%
ams-OSRAM AG, 6.00%, 07/31/25 (Call 07/31/23)(a)	EUR	100	$	98,834
Benteler International AG, 9.38%, 05/15/28 (Call 05/15/25)	EUR	100		111,522
				210,356
Belgium — 0.2%
Telenet Finance Luxembourg Notes Sarl, 3.50%, 03/01/28 (Call 12/01/23)(a)	EUR	100		102,576
Canada — 1.4%
Air Canada, 4.63%, 08/15/29 (Call 02/15/26)(b)	CAD	325		221,334
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.13%, 06/15/29 (Call 06/15/24)(b)	CAD	75		46,781
Mattamy Group Corp., 4.63%, 03/01/28 (Call 03/01/24)(a)	CAD	50		33,870
Parkland Corp.
3.88%, 06/16/26 (Call 06/16/24)(b)	CAD	150		105,136
4.38%, 03/26/29 (Call 03/26/24)	CAD	75		49,642
Southern Pacific Resource Corp., 8.75%, 01/25/18(b)(c)(d)(e)	CAD	50		—
Tamarack Valley Energy Ltd., 7.25%, 05/10/27(b)	CAD	25		17,809
Videotron Ltd.
3.13%, 01/15/31 (Call 01/15/26)	CAD	100		58,852
3.63%, 06/15/28 (Call 06/15/24)(b)	CAD	150		98,579
4.50%, 01/15/30 (Call 10/15/24)	CAD	150		99,590
				731,593
Cyprus — 0.2%
Bank of Cyprus PCL, 2.50%, 06/24/27 (Call 06/24/26)(a)(f)	EUR	100		96,568
Czech Republic — 0.2%
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30 (Call 04/30/26)(a)	EUR	100		112,072
France — 14.6%
Accor SA
2.38%, 11/29/28 (Call 08/29/28)(a)	EUR	100		100,234
3.00%, 02/04/26 (Call 11/04/25)(a)	EUR	100		106,071
Adevinta ASA
2.63%, 11/15/25 (Call 11/15/23)(a)	EUR	100		105,521
3.00%, 11/15/27 (Call 11/15/23)(a)	EUR	100		102,937
Altice France SA, 2.13%, 02/15/25 (Call 01/29/24)(a)		150		144,453
Altice France SA/France
2.50%, 01/15/25 (Call 09/15/23)(a)	EUR	100		97,224
3.38%, 01/15/28 (Call 09/15/23)(a)	EUR	100		76,738
4.13%, 01/15/29 (Call 09/15/23)(a)	EUR	100		75,954
4.25%, 10/15/29 (Call 10/15/24)(a)	EUR	100		75,362
5.88%, 02/01/27 (Call 08/01/23)(a)	EUR	250		210,375
Atos SE
1.00%, 11/12/29 (Call 08/12/29)(a)	EUR	200		127,699
1.75%, 05/07/25 (Call 02/07/25)(a)	EUR	100		86,353
Banijay Entertainment SASU, 3.50%, 03/01/25
(Call 03/01/24)(a)	EUR	100		107,636
Banijay Group SAS, 6.50%, 03/01/26 (Call 09/01/23)(a)	EUR	100		108,262
CAB SELAS, 3.38%, 02/01/28 (Call 02/01/24)	EUR	200		187,015
Casino Guichard Perrachon SA
5.25%, 04/15/27 (Call 04/15/24)(a)(c)(e)	EUR	100		1,358
6.63%, 01/15/26 (Call 01/15/24)(a)(c)(e)	EUR	100		1,440
CGG SA, 7.75%, 04/01/27 (Call 04/01/24)(a)	EUR	100		92,140
Chrome Bidco SASU, 3.50%, 05/31/28 (Call 05/31/24)(a)	EUR	100		94,926
Chrome Holdco SASU, 5.00%, 05/31/29 (Call 05/31/24)(a)	EUR	100		84,672
Elis SA
1.63%, 04/03/28 (Call 01/03/28)(a)	EUR	100		98,180
2.88%, 02/15/26 (Call 11/15/25)(a)	EUR	100		106,672

Security	Par (000)		Value
France (continued)
4.13%, 05/24/27 (Call 02/24/27)(a)	EUR	100	$	109,575
Emeria SASU
3.38%, 03/31/28 (Call 03/31/24)(a)	EUR	100		86,039
7.75%, 03/31/28 (Call 02/07/25)(a)	EUR	100		101,815
Eramet SA
5.88%, 05/21/25 (Call 02/21/25)	EUR	100		111,044
7.00%, 05/22/28 (Call 02/22/28)	EUR	100		110,873
Faurecia SE
2.38%, 06/15/27 (Call 06/15/24)(a)	EUR	100		99,562
2.63%, 06/15/25 (Call 08/30/23)(a)	EUR	200		212,739
2.75%, 02/15/27 (Call 02/15/24)(a)	EUR	225		228,686
3.13%, 06/15/26 (Call 06/15/24)(a)	EUR	100		104,984
3.75%, 06/15/28 (Call 06/15/24)(a)	EUR	200		204,835
7.25%, 06/15/26 (Call 11/15/24)(a)	EUR	100		115,214
Iliad Holding SASU
5.13%, 10/15/26 (Call 10/15/23)(a)	EUR	150		159,521
5.63%, 10/15/28 (Call 10/15/24)(a)	EUR	100		104,075
iliad SA	EUR
1.50%, 10/14/24 (Call 07/14/24)(a)	EUR	100		106,157
1.88%, 04/25/25 (Call 01/25/25)(a)	EUR	200		209,056
1.88%, 02/11/28 (Call 11/11/27)(a)	EUR	100		95,464
5.38%, 06/14/27 (Call 03/14/27)(a)	EUR	200		219,674
5.63%, 02/15/30 (Call 11/15/29)(a)	EUR	100		108,839
IPD 3 BV, 8.00%, 06/15/28 (Call 06/15/25)(a)	EUR	100		113,213
La Financiere Atalian SASU, 4.00%, 05/15/24
(Call 08/10/23)(a)	EUR	100		80,499
Loxam SAS
2.88%, 04/15/26 (Call 04/10/24)(a)	EUR	100		101,755
4.50%, 02/15/27 (Call 02/15/24)(a)	EUR	175		184,296
6.38%, 05/15/28 (Call 05/15/25)(a)	EUR	100		109,973
Paprec Holding SA
3.50%, 07/01/28 (Call 07/01/24)(a)	EUR	100		99,451
4.00%, 03/31/25 (Call 08/10/23)(a)	EUR	100		108,163
Parts Europe SA, 6.50%, 07/16/25 (Call 01/15/24)(a)	EUR	100		110,095
Picard Groupe SAS, 3.88%, 07/01/26 (Call 07/01/24)(a)	EUR	200		206,087
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25)(a)(f)	EUR	100		102,988
Renault SA
1.00%, 11/28/25 (Call 08/28/25)(a)	EUR	70		72,085
1.25%, 06/24/25 (Call 03/24/25)(a)	EUR	200		206,772
2.00%, 09/28/26 (Call 06/28/26)(a)	EUR	100		101,625
2.38%, 05/25/26 (Call 02/25/26)(a)	EUR	200		207,290
2.50%, 06/02/27 (Call 03/02/27)(a)	EUR	200		201,442
2.50%, 04/01/28 (Call 01/01/28)(a)	EUR	100		99,401
Rexel SA, 2.13%, 12/15/28 (Call 12/15/24)(a)	EUR	100		98,229
SPCM SA, 2.00%, 02/01/26 (Call 09/15/23)(a)	EUR	100		102,833
Tereos Finance Groupe I SA
7.25%, 04/15/28 (Call 04/15/25)(a)	EUR	100		114,329
7.50%, 10/30/25 (Call 10/30/23)(a)	EUR	100		112,377
Valeo
1.00%, 08/03/28 (Call 05/03/28)(a)	EUR	200		183,364
1.50%, 06/18/25 (Call 03/18/25)(a)	EUR	100		104,708
5.38%, 05/28/27 (Call 02/28/27)(a)	EUR	100		111,361
				7,611,710
Germany — 10.2%
Bayer AG
2.38%, 11/12/79 (Call 02/12/25)(a)(f)	EUR	100		102,448
3.13%, 11/12/79 (Call 08/12/27)(a)(f)	EUR	200		192,781
3.75%, 07/01/74 (Call 07/01/24)(a)(f)	EUR	52		55,652
5.38%, 03/25/82 (Call 06/25/30)(a)(f)	EUR	100		102,941

1

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Germany (continued)
Series N5.5, 4.50%, Series N5.5, 03/25/82
(Call 06/25/27)(a)(f)	EUR	100	$	104,233
Bertelsmann SE & Co. KGaA, 3.50%, 04/23/75
(Call 04/23/27)(a)(f)	EUR	100		100,917
Cheplapharm Arzneimittel GmbH
4.38%, 01/15/28 (Call 01/15/24)(a)	EUR	150		152,541
7.50%, 05/15/30 (Call 05/15/25)(a)	EUR	100		111,954
Commerzbank AG
4.00%, 03/23/26(a)	EUR	200		215,121
4.00%, 03/30/27(a)	EUR	100		107,647
6.50%, 12/06/32 (Call 09/06/27)(a)(f)	EUR	100		110,100
6.75%, 10/05/33 (Call 07/05/28)(f)	EUR	100		110,042
8.63%, 02/28/33 (Call 11/28/27)(a)(f)	GBP	100		127,412
Commerzbank Ag Subordinated, 1.38%, 12/29/31
(Call 09/29/26)(a)(f)	EUR	100		92,369
Deutsche Lufthansa AG
2.00%, 07/14/24 (Call 06/14/24)(a)	EUR	100		107,188
2.88%, 02/11/25 (Call 01/11/25)(a)	EUR	200		213,084
2.88%, 05/16/27 (Call 02/16/27)(a)	EUR	100		101,129
3.00%, 05/29/26 (Call 02/28/26)(a)	EUR	300		312,856
3.50%, 07/14/29 (Call 04/14/29)(a)	EUR	100		100,174
Douglas GmbH, 6.00%, 04/08/26 (Call 04/15/24)(a)	EUR	200		207,109
Evonik Industries AG, 1.38%, 09/02/81 (Call 09/02/26)(a)(f)	EUR	100		90,524
Gruenenthal GmbH
3.63%, 11/15/26 (Call 05/15/24)(a)	EUR	100		104,585
6.75%, 05/15/30 (Call 05/15/26)(a)	EUR	100		114,028
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/15/24)(a)	EUR	100		104,002
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26
(Call 04/30/24)(a)	EUR	200		219,392
Schaeffler AG
2.75%, 10/12/25 (Call 07/12/25)(a)	EUR	100		105,953
2.88%, 03/26/27 (Call 12/26/26)(a)	EUR	75		78,686
3.38%, 10/12/28 (Call 07/12/28)(a)	EUR	200		202,696
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (Call 01/15/24)(a)	EUR	250		263,727
thyssenkrupp AG, 2.50%, 02/25/25(a)	EUR	100		107,287
TK Elevator Holdco GmbH, 6.63%, 07/15/28
(Call 07/15/24)(a)	EUR	90		86,045
TK Elevator Midco GmbH, 4.38%, 07/15/27
(Call 07/15/24)(a)	EUR	100		99,878
ZF Europe Finance BV
2.00%, 02/23/26 (Call 12/23/25)(a)	EUR	100		101,672
2.50%, 10/23/27 (Call 07/23/27)(a)	EUR	100		98,792
3.00%, 10/23/29 (Call 07/23/29)(a)	EUR	100		95,422
ZF Finance GmbH
2.00%, 05/06/27 (Call 02/06/27)(a)	EUR	100		98,262
2.25%, 05/03/28 (Call 02/03/28)(a)	EUR	100		95,666
2.75%, 05/25/27 (Call 02/25/27)(a)	EUR	100		101,113
3.00%, 09/21/25 (Call 06/21/25)(a)	EUR	100		105,275
3.75%, 09/21/28 (Call 06/21/28)(a)	EUR	100		101,599
5.75%, 08/03/26 (Call 07/03/26)(a)	EUR	200		223,215
				5,325,517
Gibraltar — 0.2%
888 Acquisitions Ltd., 7.56%, 07/15/27 (Call 07/15/24)(a)	EUR	100		102,760
Greece — 2.8%
Alpha Bank SA
2.50%, 03/23/28 (Call 03/23/27)(a)(f)	EUR	100		94,910
7.50%, 06/16/27 (Call 06/16/26)(a)(f)	EUR	100		113,177

Security	Par (000)		Value
Greece (continued)
Alpha Services and Holdings SA, 4.25%, 02/13/30
(Call 02/13/25)(a)(f)	EUR	100	$	98,674
Eurobank SA
2.25%, 03/14/28 (Call 03/14/27)(a)(f)	EUR	100		94,798
7.00%, 01/26/29 (Call 01/26/28)(a)(f)	EUR	200		225,780
National Bank of Greece SA
2.75%, 10/08/26 (Call 10/08/25)(a)(f)	EUR	100		102,994
7.25%, 11/22/27 (Call 11/22/26)(a)(f)	EUR	100		113,935
Piraeus Bank SA
7.25%, 07/13/28 (Call 07/13/27)(f)	EUR	150		165,359
8.25%, 01/28/27 (Call 01/28/26)(a)(f)	EUR	100		113,579
Piraeus Financial Holdings SA, 5.50%, 02/19/30
(Call 02/19/25)(a)(f)	EUR	100		101,444
Public Power Corp. SA
3.38%, 07/31/28 (Call 07/31/24)(a)	EUR	100		101,199
4.38%, 03/30/26 (Call 03/30/24)(a)	EUR	100		106,768
				1,432,617
Ireland — 0.6%
eircom Finance DAC
1.75%, 11/01/24 (Call 11/01/23)(a)	EUR	100		107,702
3.50%, 05/15/26 (Call 05/15/24)(a)	EUR	100		103,455
Permanent TSB Group Holdings PLC, 6.63%, 06/30/29
(Call 06/30/28)(f)	EUR	100		111,462
				322,619
Israel — 2.1%
Teva Pharmaceutical Finance Netherlands II BV
1.13%, 10/15/24(a)	EUR	100		105,011
1.63%, 10/15/28(a)	EUR	150		127,741
1.88%, 03/31/27 (Call 12/31/26)(a)	EUR	100		93,670
3.75%, 05/09/27 (Call 02/09/27)	EUR	250		248,590
4.38%, 05/09/30 (Call 02/09/30)	EUR	200		188,194
4.50%, 03/01/25 (Call 12/01/24)	EUR	100		108,423
7.38%, 09/15/29 (Call 06/15/29)	EUR	100		111,886
7.88%, 09/15/31 (Call 06/15/31)	EUR	100		114,246
				1,097,761
Italy — 15.9%
Atlantia SpA
1.63%, 02/03/25(a)	EUR	100		104,899
1.88%, 07/13/27 (Call 04/13/27)(a)	EUR	175		172,475
1.88%, 02/12/28 (Call 11/12/27)(a)	EUR	200		191,243
Banca IFIS SpA, 6.13%, 01/19/27(a)	EUR	100		110,042
Banca Monte dei Paschi di Siena SpA
1.88%, 01/09/26(a)	EUR	100		98,197
2.63%, 04/28/25(a)	EUR	100		103,211
3.63%, 09/24/24(a)	EUR	200		213,526
6.75%, 03/02/26 (Call 03/02/25),
(3-mo. EURIBOR + 3.206%)(a)(f)	EUR	125		137,595
10.50%, 07/23/29(a)	EUR	100		109,754
Banca Popolare di Sondrio SpA, 1.25%, 07/13/27
(Call 07/13/26)(a)(f)	EUR	100		98,100
Banco BPM SpA
1.75%, 01/28/25(a)	EUR	200		210,939
3.25%, 01/14/31 (Call 01/14/26)(a)(f)	EUR	100		101,038
4.88%, 01/18/27(a)	EUR	100		110,916
5.00%, 09/14/30 (Call 09/14/25)(a)(f)	EUR	100		108,017
6.00%, 09/13/26(a)	EUR	150		170,316
6.00%, 01/21/28 (Call 01/21/27),
(3-mo. EURIBOR + 3.300%)(a)(f)	EUR	150		167,761
6.00%, 06/14/28 (Call 06/14/27)(f)	EUR	150		165,885

2

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Italy (continued)
BPER Banca
1.88%, 07/07/25(a)	EUR	100	$	105,073
3.88%, 07/25/32 (Call 01/25/27)(a)(f)	EUR	200		190,698
6.13%, 02/01/28 (Call 02/01/27),
(3-mo. EURIBOR + 3.600%)(a)(f)	EUR	150		168,517
Brunello Bidco SpA, 3.50%, 02/15/28 (Call 02/15/24)(a)	EUR	100		94,172
Castor SpA, 6.00%, 02/15/29 (Call 03/15/25)(a)	EUR	100		94,767
Centurion Bidco SpA, 5.88%, 09/30/26 (Call 09/30/23)(a)	EUR	100		100,575
Credito Emiliano SpA, 5.63%, 05/30/29 (Call 05/30/28)(f)	EUR	150		167,356
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (Call 05/15/25)(a)	EUR	100		109,735
Fiber Bidco SpA, 11.00%, 10/25/27 (Call 10/25/24)(a)	EUR	100		118,462
Grifols SA, 2.25%, 11/15/27 (Call 11/15/23)(a)	EUR	100		99,270
Iccrea Banca SpA
2.13%, 01/17/27 (Call 01/17/26),
(3-mo. EURIBOR + 2.280%)(a)(f)	EUR	100		101,340
4.13%, 11/28/29 (Call 11/28/24)(a)(f)	EUR	100		104,012
6.38%, 09/20/27 (Call 09/20/26),
(3-mo. EURIBOR + 4.077%)(a)(f)	EUR	100		112,172
6.88%, 01/20/28 (Call 01/20/27),
(3-mo. EURIBOR + 4.045%)(a)(f)	EUR	100		113,581
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28 (Call 01/15/24)(a)	EUR	100		99,473
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(a)	EUR	100		96,790
1.75%, 04/19/31 (Call 01/19/31)(a)	EUR	100		92,668
1.88%, 07/08/26 (Call 04/08/26)(a)	EUR	150		153,951
Intesa Sanpaolo SpA
2.86%, 04/23/25(a)	EUR	100		106,705
2.93%, 10/14/30(a)	EUR	100		94,342
3.93%, 09/15/26(a)	EUR	200		215,564
5.15%, 06/10/30(a)	GBP	100		106,962
6.18%, 02/20/34 (Call 11/20/28)(a)(f)	EUR	200		222,149
Lottomatica SpA
7.13%, 06/01/28 (Call 06/01/25)(a)	EUR	100		112,755
9.75%, 09/30/27 (Call 09/30/24)(a)	EUR	100		119,054
Mediobanca Banca di Credito Finanziario SpA, 3.75%, 06/16/26	EUR	50		53,190
Nexi SpA
1.63%, 04/30/26 (Call 01/30/26)(a)	EUR	200		203,226
2.13%, 04/30/29 (Call 01/30/29)(a)	EUR	150		141,692
Rossini Sarl, 6.75%, 10/30/25 (Call 10/30/23)(a)	EUR	100		110,533
Saipem Finance International BV
2.63%, 01/07/25(a)	EUR	100		105,981
3.13%, 03/31/28 (Call 12/31/27)(a)	EUR	100		99,732
Telecom Italia SpA
6.88%, 02/15/28 (Call 11/15/27)(a)	EUR	300		325,652
7.88%, 07/31/28 (Call 04/30/28)(a)	EUR	100		111,547
Telecom Italia SpA/Milano
1.63%, 01/18/29 (Call 10/18/28)(a)	EUR	100		83,237
2.38%, 10/12/27 (Call 07/12/27)(a)	EUR	100		92,547
2.75%, 04/15/25 (Call 01/15/25)(a)	EUR	200		208,061
2.88%, 01/28/26 (Call 10/28/25)(a)	EUR	300		305,118
3.00%, 09/30/25(a)	EUR	100		103,573
3.63%, 05/25/26(a)	EUR	100		103,131
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24)(a)(f)	EUR	200		209,491
2.73%, 01/15/32 (Call 01/15/27)(a)(f)	EUR	200		194,160
Webuild SpA
1.75%, 10/26/24(a)	EUR	150		157,845

Security	Par (000)		Value
Italy (continued)
3.88%, 07/28/26 (Call 01/28/26)(a)	EUR	100	$	102,495
5.88%, 12/15/25 (Call 06/15/25)(a)	EUR	100		109,099
				8,294,367
Japan — 1.4%
SoftBank Group Corp.
2.88%, 01/06/27 (Call 10/06/26)(a)	EUR	100		99,837
3.13%, 09/19/25 (Call 06/21/25)(a)	EUR	100		104,125
3.38%, 07/06/29 (Call 04/06/29)(a)	EUR	125		118,278
3.88%, 07/06/32 (Call 04/06/32)(a)	EUR	100		88,902
4.00%, 09/19/29 (Call 06/21/29)(a)	EUR	100		96,653
4.50%, 04/20/25 (Call 01/20/25)(a)	EUR	100		108,125
5.00%, 04/15/28 (Call 01/16/28)(a)	EUR	100		105,471
				721,391
Luxembourg — 3.6%
Altice Financing SA
2.25%, 01/15/25 (Call 01/15/24)(a)	EUR	100		98,492
3.00%, 01/15/28 (Call 01/15/24)(a)	EUR	200		161,599
4.25%, 08/15/29 (Call 08/15/24)(a)	EUR	100		79,345
Altice Finco SA, 4.75%, 01/15/28 (Call 10/15/23)(a)	EUR	100		59,265
Altice France Holding SA
4.00%, 02/15/28 (Call 08/30/23)(a)	EUR	100		36,173
8.00%, 05/15/27 (Call 05/15/24)(a)	EUR	200		84,644
Cidron Aida Finco Sarl, 5.00%, 04/01/28 (Call 04/01/24)(a)	EUR	100		99,881
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25
(Call 11/01/23)(a)	EUR	100		80,059
INEOS Finance PLC
2.13%, 11/15/25 (Call 08/10/23)(a)	EUR	100		102,866
2.88%, 05/01/26 (Call 05/01/24)(a)	EUR	175		176,522
6.63%, 05/15/28 (Call 02/15/25)(a)	EUR	100		107,186
Matterhorn Telecom SA, 3.13%, 09/15/26 (Call 09/15/23)(a)	EUR	200		207,166
Mytilineos Financial Partners SA, 2.50%, 12/01/24
(Call 06/01/24)(a)	EUR	200		213,247
Summer BC Holdco A Sarl, 9.25%, 10/31/27
(Call 10/31/23)(a)	EUR	90		79,848
Summer BC Holdco B Sarl, 5.75%, 10/31/26
(Call 10/31/23)(a)	EUR	150		146,872
Vivion Investments Sarl
3.00%, 08/08/24(a)	EUR	100		91,878
3.50%, 11/01/25(a)	EUR	100		76,457
				1,901,500
Netherlands — 3.2%
OI European Group BV, 2.88%, 02/15/25 (Call 02/15/24)(a)	EUR	100		107,225
PPF Telecom Group BV
3.13%, 03/27/26 (Call 12/27/25)(a)	EUR	100		105,761
3.25%, 09/29/27 (Call 06/29/27)(a)	EUR	100		103,408
Q-Park Holding I BV, 2.00%, 03/01/27 (Call 03/01/24)(a)	EUR	100		96,849
Sigma Holdco BV, 5.75%, 05/15/26 (Call 08/10/23)(a)	EUR	100		96,575
SNS Bank NV, 0.00%, 10/26/20(d)	EUR	50		—
Trivium Packaging Finance BV, 3.75%, 08/15/26
(Call 08/15/23)(a)	EUR	100		100,898
United Group BV
3.63%, 02/15/28 (Call 02/15/24)(a)	EUR	100		88,650
4.63%, 08/15/28 (Call 08/15/24)(a)	EUR	100		90,363
4.88%, 07/01/24 (Call 08/10/23)(a)	EUR	100		108,686
5.25%, 02/01/30 (Call 02/01/25)(a)	EUR	100		88,498
UPC Holding BV, 3.88%, 06/15/29 (Call 06/15/24)(a)	EUR	100		90,652
VZ Vendor Financing II BV, 2.88%, 01/15/29
(Call 12/18/23)(a)	EUR	200		176,387

3

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Netherlands (continued)
WP/AP Telecom Holdings III BV, 5.50%, 01/15/30
(Call 01/15/25)(a)	EUR	100	$	93,153
WP/AP Telecom Holdings IV BV, 3.75%, 01/15/29
(Call 01/15/25)(a)	EUR	100		97,825
Ziggo Bond Co. BV, 3.38%, 02/28/30 (Call 02/15/25)(a)	EUR	150		126,366
Ziggo BV, 2.88%, 01/15/30 (Call 10/15/24)(a)	EUR	100		91,697
				1,662,993
Portugal — 2.1%
Banco Comercial Portugues SA
1.75%, 04/07/28 (Call 04/07/27),
(3-mo. EURIBOR + 2.000%)(a)(f)	EUR	100		94,257
4.00%, 05/17/32 (Call 11/17/26)(a)(f)	EUR	100		89,485
8.50%, 10/25/25 (Call 10/25/24),
(3-mo. EURIBOR + 5.547%)(f)	EUR	100		113,591
Caixa Geral de Depositos SA, 1.25%, 11/25/24(a)	EUR	100		105,589
EDP - Energias de Portugal SA
1.50%, 03/14/82 (Call 12/14/26)(a)(f)	EUR	100		94,282
1.70%, 07/20/80 (Call 04/20/25)(a)(f)	EUR	100		101,141
1.88%, 08/02/81 (Call 05/02/26)(a)(f)	EUR	100		98,075
5.94%, 04/23/83 (Call 01/23/28)(a)(f)	EUR	200		219,076
Energias De Portugal SA, 1.88%, 03/14/82
(Call 06/14/29)(a)(f)	EUR	100		86,161
Novo Banco SA, 9.88%, 12/01/33 (Call 06/01/28)(f)	EUR	100		114,045
				1,115,702
Spain — 8.4%
Abanca Corp. Bancaria SA
4.63%, 04/07/30 (Call 04/07/25)(a)(f)	EUR	100		104,558
8.38%, 09/23/33 (Call 06/23/28)(a)(f)	EUR	100		111,604
Banco de Credito Social Cooperativo SA
1.75%, 03/09/28 (Call 03/09/27)(a)(f)	EUR	100		91,611
8.00%, 09/22/26 (Call 09/22/25)(a)(f)	EUR	100		112,859
Banco de Sabadell SA
0.88%, 06/16/28 (Call 06/16/27)(a)(f)	EUR	100		94,137
1.13%, 03/27/25(a)	EUR	100		103,896
2.00%, 01/17/30 (Call 01/17/25)(a)(f)	EUR	100		101,598
2.50%, 04/15/31 (Call 01/15/26)(a)	EUR	100		97,761
2.63%, 03/24/26 (Call 03/24/25)(a)(f)	EUR	100		105,553
5.25%, 02/07/29 (Call 02/07/28)(a)(f)	EUR	100		109,762
5.38%, 09/08/26 (Call 09/08/25)(a)(f)	EUR	100		110,475
6.00%, 08/16/33 (Call 05/16/28)(a)(f)	EUR	100		103,893
Banco do Brasil SA/Cayman, 5.25%, 11/27/31
(Call 05/27/26)(a)(f)	EUR	100		93,280
Cellnex Finance Co. SA
0.75%, 11/15/26 (Call 08/15/26)(a)	EUR	200		195,813
1.00%, 09/15/27 (Call 06/15/27)(a)	EUR	100		95,918
1.25%, 01/15/29 (Call 10/15/28)(a)	EUR	200		184,853
1.50%, 06/08/28 (Call 03/08/28)(a)	EUR	100		95,589
2.00%, 09/15/32 (Call 06/15/32)(a)	EUR	300		263,702
2.00%, 02/15/33 (Call 11/15/32)(a)	EUR	200		173,858
2.25%, 04/12/26 (Call 01/12/26)(a)	EUR	100		103,906
Cellnex Telecom SA
1.00%, 04/20/27 (Call 01/20/27)(a)	EUR	100		97,573
1.75%, 10/23/30 (Call 07/23/30)(a)	EUR	100		90,125
1.88%, 06/26/29 (Call 03/26/29)(a)	EUR	100		94,049
Cirsa Finance International Sarl
4.50%, 03/15/27 (Call 09/15/23)(a)	EUR	100		101,236
7.88%, 07/31/28 (Call 07/19/25)	EUR	100		110,446
10.38%, 11/30/27 (Call 11/09/24)(a)	EUR	100		118,742

Security	Par (000)		Value
Spain (continued)
Grifols Escrow Issuer SA, 3.88%, 10/15/28
(Call 10/15/24)(a)	EUR	250	$	236,221
Grifols SA
1.63%, 02/15/25 (Call 02/15/24)(a)	EUR	150		158,554
3.20%, 05/01/25 (Call 08/30/23)(a)	EUR	100		106,322
Ibercaja Banco SA, 2.75%, 07/23/30 (Call 07/23/25)(a)(f)	EUR	100		99,667
Kaixo Bondco Telecom SA, 5.13%, 09/30/29
(Call 09/30/24)(a)	EUR	100		97,175
Lorca Telecom Bondco SA, 4.00%, 09/18/27
(Call 09/30/23)(a)	EUR	400		411,298
Unicaja Banco SA
2.88%, 11/13/29 (Call 11/13/24)(a)(f)	EUR	100		100,585
7.25%, 11/15/27 (Call 11/15/26)(a)(f)	EUR	100		113,038
				4,389,657
Sweden — 3.5%
Fastighets AB Balder, 2.87%, 06/02/81 (Call 03/02/26)(a)(f)	EUR	100		71,987
Intrum AB
3.00%, 09/15/27 (Call 09/15/23)(a)	EUR	200		153,373
3.50%, 07/15/26 (Call 07/15/24)(a)	EUR	175		149,105
4.88%, 08/15/25 (Call 08/15/23)(a)	EUR	100		97,132
Samhallsbyggnadsbolaget, 1.00%, 08/12/27
(Call 05/12/27)(a)	EUR	100		68,282
Samhallsbyggnadsbolaget i Norden AB, 1.13%, 09/04/26 (Call 06/04/26)(a)	EUR	100		73,805
SBB Treasury OYJ
0.75%, 12/14/28 (Call 09/14/28)(a)	EUR	175		110,319
1.13%, 11/26/29 (Call 08/26/29)(a)	EUR	125		76,539
Stena International SA, 3.75%, 02/01/25 (Call 01/29/24)(a)	EUR	100		106,395
Verisure Holding AB
3.25%, 02/15/27 (Call 02/15/24)(a)	EUR	150		148,997
3.88%, 07/15/26 (Call 07/15/24)(a)	EUR	200		207,178
7.13%, 02/01/28 (Call 02/01/25)(a)	EUR	100		111,795
9.25%, 10/15/27 (Call 10/15/24)(a)	EUR	100		117,610
Verisure Midholding AB, 5.25%, 02/15/29 (Call 02/15/24)(a)	EUR	150		143,958
Volvo Car AB
2.50%, 10/07/27 (Call 07/07/27)(a)	EUR	100		100,642
4.25%, 05/31/28 (Call 02/28/28)(a)	EUR	100		106,982
				1,844,099
Switzerland — 0.8%
Dufry One BV
2.00%, 02/15/27 (Call 02/15/24)(a)	EUR	100		97,742
2.50%, 10/15/24 (Call 08/30/23)(a)	EUR	100		107,464
3.38%, 04/15/28 (Call 04/15/24)(a)	EUR	100		99,973
Wizz Air Finance Co. BV, 1.00%, 01/19/26
(Call 11/19/25)(a)	EUR	100		96,746
				401,925
United Kingdom — 12.5%
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (Call 11/30/24)(a)	EUR	200		186,384
Bellis Acquisition Co. PLC
3.25%, 02/16/26 (Call 02/24/24)(a)	GBP	300		330,137
4.50%, 02/16/26 (Call 02/24/24)(a)	GBP	100		112,549
Bellis Finco PLC, 4.00%, 02/16/27 (Call 02/24/24)(a)	GBP	100		98,850
British Telecommunications PLC
1.87%, 08/18/80 (Call 05/18/25)(a)(f)	EUR	100		99,631
8.38%, 12/20/83 (Call 09/20/28)(f)	GBP	125		160,516
Canary Wharf Group Investment Holdings PLC
2.63%, 04/23/25 (Call 03/23/25)(a)	GBP	100		105,140
3.38%, 04/23/28 (Call 01/23/28)(a)	GBP	100		88,240

4

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
United Kingdom (continued)
Castle U.K. Finco PLC, 7.00%, 05/15/29 (Call 05/15/25)(a)	GBP	100	$	99,929
Centrica PLC, 5.25%, 04/10/75 (Call 04/10/25)(a)(f)	GBP	100		122,445
Deuce Finco PLC, 5.50%, 06/15/27 (Call 06/15/24)(a)	GBP	100		109,972
eG Global Finance PLC
4.38%, 02/07/25 (Call 08/30/23)(a)	EUR	100		105,579
6.25%, 10/30/25 (Call 10/25/23)(a)	EUR	92		98,207
Heathrow Finance PLC, 3.88%, 03/01/27(a)(g)	GBP	100		109,915
Iceland Bondco PLC, 4.38%, 05/15/28 (Call 02/15/24)(a)	GBP	100		101,741
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26
(Call 01/15/24)(a)	EUR	100		94,539
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26
(Call 01/15/24)(a)	EUR	100		97,485
INEOS Styrolution Group GmbH, 2.25%, 01/16/27
(Call 01/15/24)(a)	EUR	100		92,917
International Consolidated Airlines Group SA
2.75%, 03/25/25 (Call 12/25/24)(a)	EUR	100		106,272
3.75%, 03/25/29 (Call 12/25/28)(a)	EUR	200		194,025
Jaguar Land Rover Automotive PLC
4.50%, 01/15/26 (Call 10/15/25)(a)	EUR	150		161,138
4.50%, 07/15/28 (Call 07/15/24)(a)	EUR	100		101,628
Jerrold Finco PLC, 4.88%, 01/15/26 (Call 01/15/24)(a)	GBP	100		111,870
Market Bidco Finco PLC, 5.50%, 11/04/27
(Call 11/04/24)(a)	GBP	200		200,453
Motion Finco Sarl, 7.38%, 06/15/30 (Call 06/15/26)(a)	EUR	125		135,864
NGG Finance PLC
1.63%, 12/05/79 (Call 12/05/24)(a)(f)	EUR	100		104,388
2.13%, 09/05/82 (Call 06/05/27)(a)(f)	EUR	100		95,698
5.63%, 06/18/73 (Call 06/18/25)(a)(f)	GBP	200		244,553
Pinewood Finance Co. Ltd., 3.63%, 11/15/27
(Call 11/15/23)(a)	GBP	175		190,596
Pinnacle Bidco PLC
5.50%, 02/15/25 (Call 01/15/24)(a)	EUR	100		108,111
6.38%, 02/15/25 (Call 08/10/23)(a)	GBP	100		125,187
Rolls-Royce PLC
1.63%, 05/09/28 (Call 02/09/28)(a)	EUR	100		94,825
3.38%, 06/18/26	GBP	100		116,192
4.63%, 02/16/26 (Call 11/16/25)(a)	EUR	100		109,512
Sherwood Financing PLC, 4.50%, 11/15/26
(Call 11/15/23)(a)	EUR	100		94,618
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25 (Call 07/31/23)(a)	GBP	200		239,605
Thames Water Utilities Finance PLC, 2.88%, 05/03/27(a)	GBP	100		99,818
Virgin Media Finance PLC, 3.75%, 07/15/30
(Call 07/15/25)(a)	EUR	100		89,037
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(a)	GBP	100		101,577
4.25%, 01/15/30 (Call 10/15/24)(a)	GBP	100		103,235
5.00%, 04/15/27 (Call 04/15/24)(a)	GBP	100		117,009
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 07/15/24)(a)	GBP	100		104,420
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(a)	EUR	100		92,442
4.00%, 01/31/29 (Call 01/31/24)(a)	GBP	100		104,220
4.50%, 07/15/31 (Call 07/15/26)(a)	GBP	200		202,856
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26)(a)(f)	EUR	100		100,150
3.00%, 08/27/80 (Call 05/27/30)(a)(f)	EUR	250		227,205
4.20%, 10/03/78 (Call 07/03/28)(a)(f)	EUR	100		102,305
4.88%, 10/03/78 (Call 10/03/25)(a)(f)	GBP	100		120,053
6.50%, 08/30/84 (Call 05/30/29)(a)(f)	EUR	100		111,449

Security	Par (000)		Value
United Kingdom (continued)
8.00%, 08/30/86 (Call 05/30/31)(f)	GBP	100	$	128,078
				6,552,565
United States — 13.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
3.63%, 06/01/28 (Call 06/01/24)(a)	EUR	100		87,501
4.88%, 06/01/28 (Call 06/01/24)(a)	GBP	100		98,630
Alpha Services and Holdings SA, 5.50%, 06/11/31
(Call 03/11/26)(a)(f)	EUR	100		99,673
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 09/01/29 (Call 05/15/24)(a)	EUR	100		83,237
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
2.13%, 08/15/26 (Call 08/15/23)(a)	EUR	100		99,282
4.75%, 07/15/27 (Call 07/15/24)(a)	GBP	100		103,403
Ashland Services BV, 2.00%, 01/30/28 (Call 11/01/27)(a)	EUR	100		94,284
Avantor Funding Inc., 2.63%, 11/01/25 (Call 11/01/23)(a)	EUR	100		105,120
Avis Budget Finance PLC
4.13%, 11/15/24 (Call 08/30/23)(a)	EUR	100		109,679
7.25%, 07/31/30 (Call 07/31/26)(a)	EUR	100		109,964
Ball Corp., 1.50%, 03/15/27 (Call 12/15/26)	EUR	100		98,737
Belden Inc., 3.88%, 03/15/28 (Call 03/06/24)(a)	EUR	150		154,562
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 06/01/24)(a)	EUR	100		109,000
Brookfield Property Finance ULC
3.93%, 08/24/25 (Call 07/24/25)	CAD	100		70,435
4.00%, 09/30/26 (Call 08/30/26)	CAD	75		50,504
7.13%, 02/13/28 (Call 01/13/28)	CAD	75		54,375
Carnival PLC, 1.00%, 10/28/29 (Call 07/28/29)	EUR	100		73,017
Catalent Pharma Solutions Inc., 2.38%, 03/01/28 (Call 03/01/24)(a)	EUR	150		138,406
Chemours Co. (The), 4.00%, 05/15/26 (Call 05/15/24)	EUR	100		101,937
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26 (Call 05/15/24)(a)	EUR	100		106,622
Constellium SE, 3.13%, 07/15/29 (Call 07/15/24)(a)	EUR	100		94,031
Coty Inc., 3.88%, 04/15/26 (Call 04/15/24)(a)	EUR	100		106,851
Crown European Holdings SA
2.63%, 09/30/24 (Call 03/30/24)(a)	EUR	100		107,620
2.88%, 02/01/26 (Call 08/01/25)(a)	EUR	100		106,183
3.38%, 05/15/25 (Call 11/15/24)(a)	EUR	100		108,057
5.00%, 05/15/28 (Call 04/15/28)(a)	EUR	100		111,184
Dana Financing Luxembourg Sarl, 8.50%, 07/15/31 (Call 07/15/26)(a)	EUR	100		115,151
Darling Global Finance BV, 3.63%, 05/15/26
(Call 08/10/23)(a)	EUR	100		107,435
Emerald Debt Merger Sub LLC, 6.38%, 12/15/30 (Call 06/15/26)(a)	EUR	100		109,924
Encore Capital Group Inc.
4.88%, 10/15/25 (Call 10/15/23)(a)	EUR	100		103,322
5.38%, 02/15/26 (Call 11/15/23)(a)	GBP	100		112,863
Energizer Gamma Acquisition BV, 3.50%, 06/30/29 (Call 06/16/24)(a)	EUR	100		89,521
Ford Credit Canada Co, 2.96%, 09/16/26 (Call 08/16/26)	CAD	100		67,458
Ford Credit Canada Co.
4.46%, 11/13/24	CAD	75		55,301
7.00%, 02/10/26	CAD	100		76,024
7.38%, 05/12/26	CAD	100		76,590
Ford Motor Credit Co. LLC
1.36%, 02/07/25	EUR	100		104,405
2.33%, 11/25/25	EUR	100		104,218
2.39%, 02/17/26	EUR	125		130,031

5

Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
United States (continued)
3.25%, 09/15/25	EUR	200	$	212,780
4.54%, 03/06/25	GBP	100		122,428
4.87%, 08/03/27	EUR	100		109,955
6.13%, 05/15/28	EUR	100		114,708
6.86%, 06/05/26	GBP	100		126,020
Goodyear Europe BV, 2.75%, 08/15/28 (Call 08/15/24)(a)	EUR	100		96,916
International Game Technology PLC
2.38%, 04/15/28 (Call 04/15/24)(a)	EUR	100		98,329
3.50%, 06/15/26 (Call 06/15/24)	EUR	150		159,499
IQVIA Inc.
1.75%, 03/15/26 (Call 03/15/24)(a)	EUR	100		102,138
2.25%, 01/15/28 (Call 07/15/24)(a)	EUR	150		147,896
2.25%, 03/15/29 (Call 03/15/24)(a)	EUR	200		191,227
2.88%, 06/15/28 (Call 06/15/24)(a)	EUR	100		100,804
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 08/10/23)(a)	GBP	100		120,243
Levi Strauss & Co., 3.38%, 03/15/27 (Call 03/15/24)	EUR	100		104,317
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26 (Call 02/24/26)	GBP	100		103,702
3.33%, 03/24/25 (Call 12/24/24)	EUR	100		99,597
3.38%, 04/24/30 (Call 01/24/30)	GBP	100		85,101
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29
(Call 04/15/24)(a)	EUR	100		96,544
OI European Group BV, 6.25%, 05/15/28 (Call 05/15/25)(a)	EUR	100		113,268
Olympus Water U.S. Holding Corp.
3.88%, 10/01/28 (Call 10/01/24)(a)	EUR	100		86,843
9.63%, 11/15/28 (Call 06/01/25)(a)	EUR	100		106,004
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 2.88%, 04/30/28 (Call 04/30/24)(a)	EUR	200		193,453
Primo Water Holdings Inc., 3.88%, 10/31/28
(Call 10/31/23)(a)	EUR	100		96,295
SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 07/15/28 (Call 07/15/25)(a)	EUR	100		111,844
Silgan Holdings Inc.
2.25%, 06/01/28 (Call 03/01/24)	EUR	100		94,343
3.25%, 03/15/25 (Call 08/30/23)	EUR	100		107,302
Spectrum Brands Inc., 4.00%, 10/01/26 (Call 10/01/23)(a)	EUR	100		104,787
Standard Industries Inc./NJ, 2.25%, 11/21/26
(Call 08/21/26)(a)	EUR	100		97,961
WMG Acquisition Corp., 2.25%, 08/15/31 (Call 08/15/26)(a)	EUR	100		88,884
				7,227,725
Total Corporate Bonds & Notes — 98.1%
(Cost: $55,068,241)				51,258,073

Security	Shares (000)			Value
Common Stocks
Jersey — 0.0%
Sentry Holdings Ltd.Class A		0	(h)	$	—
Total Common Stocks — 0.0%
(Cost: $159,437)					—
Total Long-Term Investments — 98.1%
(Cost: $55,227,678)					51,258,073
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%(i)(j)		10			10,000
Total Short-Term Securities — 0.0%
(Cost: $10,000)					10,000
Total Investments — 98.1%
(Cost: $55,237,678)					51,268,073
Other Assets Less Liabilities — 1.9%					998,843
Net Assets — 100.0%				$	52,266,916

^(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) 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.

^(g) 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.

^(h) Rounds to less than 1,000.

⁽ⁱ⁾ Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 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 07/31/23		Shares Held at 07/31/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	10,000	$	0	(a)	$	—	$	—	$	—	$	10,000		10	$	231	$	—

^(a) Represents net amount purchased (sold).

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Schedule of Investments (unaudited) (continued)	iShares® International High Yield Bond ETF
July 31, 2023

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	$	—	$	51,258,073	$	—	$	51,258,073
Common Stocks		—		—		—		—
Short-Term Securities
Money Market Funds		10,000		—		—		10,000
	$	10,000	$	51,258,073	$	—	$	51,268,073

Portfolio Abbreviation
CAB	Capital Appreciation Bonds
EURIBOR	Euro Interbank Offered Rate
Currency Abbreviations
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound

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