Schedule of Investments (unaudited)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 58.7%
Bank
2.92%, 12/15/52 (Call 12/15/29)	$	1,000	$	897,512
3.30%, 05/15/64 (Call 05/15/31)		500		362,822
3.79%, 04/15/65(a)		1,500		1,410,918
4.26%, 05/15/61 (Call 05/15/28)(a)		1,000		978,258
Series 2017, Class A5, 3.44%, 09/15/60 (Call 09/15/27)		220		207,938
Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 04/15/27)		500		464,986
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 04/15/27)		246		237,248
Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 04/15/27)(a)		485		424,591
Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27)		550		493,845
Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 11/15/27)		683		637,532
Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27)		1,000		918,058
Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)(a)		800		690,834
Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 09/15/28)		600		577,937
Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)(a)		500		478,258
Series 2018-BN15, Class A3, 4.14%, 11/15/61 (Call 11/15/28)		500		483,534
Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 02/15/29)		262		249,859
Series 2019-BN19, Class A3, 2.93%, 08/15/61 (Call 07/15/29)		2,000		1,806,919
Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29)		497		452,829
Series 2019-BN20, Class A2, 2.76%, 09/15/62 (Call 10/15/29)		423		376,226
Series 2019-BN20, Class B, 3.40%, 09/15/62 (Call 10/15/29)(a)		1,000		851,545
Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 10/15/29)		1,000		888,164
Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29)		500		446,606
Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 11/15/29)		1,000		884,279
Series 2019-BN22, Class A4, 2.98%, 11/15/62 (Call 11/15/29)		820		738,549
Series 2019-BN24, Class ASB, 2.93%, 11/15/62 (Call 12/15/29)		1,000		930,152
Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 02/15/29)		2,100		2,022,719
Series 2020, Class A5, 2.65%, 01/15/63 (Call 02/15/30)		1,000		878,728
Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 02/15/30)		1,000		903,626
Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)(a)		250		199,158
Series 2020-BN27, Class AS, 2.55%, 04/15/63 (Call 04/15/30)		1,000		817,276
Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 10/15/30)		500		410,289
Series 2020-BN29, Class C, 3.03%, 11/15/53 (Call 12/15/30)(a)		520		391,372

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2020-BN30, Class ABS, 1.67%, 12/15/53	$	240	$	208,810
Series 2021-BN32, Class AS, 2.64%, 04/15/54 (Call 04/15/31)		2,075		1,793,636
Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 07/15/31)		244		205,941
Series 2021-BN34, Class AS, 2.57%, 06/15/63 (Call 07/15/31)		500		406,858
Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 08/15/31)		1,000		734,439
Series 2022-BNK40, Class A4, 3.39%, 03/15/64 (Call 03/15/32)(a)		1,000		911,044
Series 2022-BNK40, Class AS, 3.39%, 03/15/64 (Call 03/15/32)(a)		1,000		859,360
Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 04/15/27)		1,000		951,852
Serise BN23, Class C, 3.51%, 12/15/52 (Call 12/15/29)(a)		500		399,095
BANK, 5.75%, 11/15/55 (Call 11/15/32)(a)		1,000		1,083,771
Bank of America Merrill Lynch Commercial Mortgage Trust
Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 02/15/31)		800		757,339
Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 02/15/31)		250		227,556
Series 2017-BNK3, Class A3, 3.31%, 02/15/50 (Call 02/15/27)		1,351		1,272,654
Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 02/15/27)		1,000		954,143
Barclays Commercial Mortgage Trust
Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29)		1,000		900,254
Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29)		1,000		890,854
Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 11/15/29)		678		651,406
Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 11/15/29)		1,000		906,343
BBCMS Mortgage Trust
2.95%, 02/15/55 (Call 02/15/32)(a)		1,500		1,314,039
5.45%, 09/15/55		847		720,550
Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)		1,000		956,921
Series 2018-C2, Class C, 4.97%, 12/15/51 (Call 12/15/28)(a)		250		218,331
Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30)		1,500		1,317,579
Series 2020-C7, Class AS, 2.44%, 04/15/53 (Call 04/15/30)		300		247,511
Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30)		1,000		836,130
Series 2021-C11, Class A5, 2.32%, 09/15/54		1,500		1,254,873
Series 2021-C12, Class A4, 2.42%, 11/15/54		2,000		1,701,204
Series 2021-C12, Class C, 3.21%, 11/15/54(a)		1,500		1,089,639
Series 2022-C14, Class AS, 3.35%, 02/15/55 (Call 02/15/32)(a)		250		217,725
Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)(a)		2,640		2,448,492
Series 2022-C17, Class A4, 4.17%, 09/15/55 (Call 09/15/32)		2,000		1,912,850
BBCMS Trust
Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)		1,750		1,494,768
Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 07/15/31)		1,000		832,806
Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 07/15/31)		1,000		750,679
Series 2021-C10, Class C, 2.84%, 07/15/54 (Call 07/15/31)		500		348,723
Benchmark Mortgage Trust
3.20%, 01/15/55(a)		500		410,251
3.46%, 03/15/55 (Call 03/15/32)		1,000		909,552
4.45%, 05/15/55 (Call 05/15/32)(a)		1,750		1,729,429

1

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 01/15/28)(a)	$	1,000	$	954,647
Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 01/15/28)(a)		500		468,157
Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 02/15/28)		1,350		1,279,962
Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 02/15/28)(a)		1,000		934,134
Series 2018-B2, Class C, 4.27%, 02/15/51 (Call 02/15/28)(a)		500		440,377
Series 2018-B3, Class A4, 3.76%, 04/10/51 (Call 04/10/28)		1,700		1,620,717
Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28)		1,000		968,795
Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)(a)		1,023		993,806
Series 2018-B4, Class ASB, 4.06%, 07/15/51 (Call 07/15/28)(a)		464		452,669
Series 2018-B4, Class C, 4.55%, 07/15/51 (Call 07/15/28)(a)		400		337,692
Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 08/15/28)		500		459,435
Series 2018-B7, Class B, 4.86%, 05/15/53 (Call 11/15/28)(a)		400		379,316
Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 12/15/28)		1,000		962,288
Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)		1,000		970,564
Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)(a)		1,563		1,488,789
Series 2019-B10, Class A3, 3.46%, 03/15/62 (Call 03/15/29)		800		744,478
Series 2019-B10, Class AM, 3.98%, 03/15/62 (Call 03/15/29)		600		550,886
Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 06/15/29)		500		451,273
Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 06/15/29)(a)		500		428,712
Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)(a)		500		405,169
Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29)		500		452,006
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,000		960,099
Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 02/15/29)(a)		250		213,333
Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		990		872,023
Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 02/15/30)(a)		1,000		862,640
Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)(a)		250		191,108
Series 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 08/15/30)		430		350,583
Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30)		450		350,919
Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30)		500		388,771
Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30)		500		408,728
Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 01/15/31)		1,000		820,192
Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30)		1,750		1,485,115
Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31)		500		402,550
Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 03/15/31)		2,000		1,700,858
Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31)		2,000		1,706,565

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 04/15/31)	$	650	$	569,953
Series 2021-B26, Class A5, 2.61%, 06/15/54 (Call 06/15/31)		1,500		1,284,123
Series 2021-B26, Class AM, 2.83%, 06/15/54 (Call 06/15/31)		500		415,673
Series 2021-B27, Class A2, 2.02%, 07/15/54 (Call 07/15/31)		1,000		900,558
Series 2021-B27, Class A5, 2.39%, 07/15/54 (Call 07/15/31)		1,000		840,444
Series 2021-B27, Class AS, 2.51%, 07/15/54 (Call 07/15/31)		500		404,184
Series 2021-B29, Class A2, 2.02%, 09/15/54 (Call 10/15/31)		1,740		1,554,742
Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 10/15/31)		830		697,165
Series 2022-B32, Class A5, 3.00%, 01/15/55(a)		1,000		872,672
Series 2022-B34, Class A5, 3.79%, 04/15/55 (Call 04/15/32)(a)		1,500		1,394,799
Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/30)		1,000		936,036
Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 03/15/30)		1,000		852,117
Cantor Commercial Real Estate Lending, 3.01%, 01/15/53 (Call 12/15/29)		1,000		897,115
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50 (Call 12/15/27)(a)		1,510		1,419,037
CD Mortgage Trust
Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 02/10/27)		230		218,587
Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 02/10/27)		750		695,913
Series 2017-CD3, Class C, 4.55%, 02/10/50 (Call 02/10/27)(a)		300		231,610
Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 05/10/27)(a)		1,000		947,266
Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27)		750		705,951
Series 2017-CD6, Class C, 4.23%, 11/13/50 (Call 11/13/27)(a)		500		433,746
Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 08/15/28)		550		538,407
Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29)		1,000		894,557
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 01/10/26)		500		483,372
Series 2016-C4, Class A4, 3.28%, 05/10/58 (Call 05/10/26)		1,650		1,557,763
Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 05/15/27)		850		820,484
Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)(a)		750		690,390
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A4, 4.02%, 03/11/47 (Call 03/10/24)		500		492,595
Series 2014-GC21, Class A5, 3.86%, 05/10/47 (Call 05/10/24)		1,145		1,120,733
Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24)		750		726,914
Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24)		250		241,877

2

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2014-GC23, Class C, 4.43%, 07/10/47 (Call 07/10/24)(a)	$	250	$	235,152
Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 10/10/24)		953		908,582
Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)(a)		100		94,127
Series 2015-GC29, Class C, 4.14%, 04/10/48 (Call 04/10/25)(a)		250		231,967
Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25)		750		723,373
Series 2015-GC33, Class A4, 3.78%, 09/10/58 (Call 05/10/26)		1,500		1,451,060
Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 11/10/25)		300		292,655
Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 05/15/26)		356		343,525
Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 06/10/26)		874		828,940
Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 02/10/26)		1,000		957,273
Series 2016-P3, Class A3, 3.06%, 04/15/49 (Call 04/15/26)		1,500		1,428,986
Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 04/15/26)		75		71,328
Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 11/12/27)		1,000		936,239
Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 09/15/27)		885		826,035
Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)(a)		750		694,985
Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28)		600		578,049
Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 06/10/28)(a)		1,000		972,669
Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28)		1,199		1,171,687
Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29)		2,000		1,807,731
Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29)		750		652,681
Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 11/10/29)		863		824,613
Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29)		750		675,549
Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30)		1,000		869,090
Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)(a)		500		422,090
Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)(a)		234		190,930
Commission Mortgage Trust
Series 2014-CR14, Class C, 4.59%, 02/10/47 (Call 01/10/24)(a)		200		191,876
Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 04/10/24)		38		37,731
Series 2014-CR17, Class A5, 3.98%, 05/10/47 (Call 05/10/24)		500		490,170
Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24)		292		277,954
Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24)		300		290,920
Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24)		438		428,161
Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)(a)		850		820,066
Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 01/10/29)		250		237,950
Series 2014-LC17, Class A5, 3.92%, 10/10/47  (Call 12/10/24)		675		658,267

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 03/10/24)	$	1,521	$	1,496,961
Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 03/10/24)		425		412,805
Series 2014-UBS3, Class C, 4.74%, 06/10/47 (Call 06/10/24)(a)		150		142,387
Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 07/10/29)		250		243,613
Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29)		500		486,752
Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/29)		500		475,528
Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/29)		250		233,091
Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24)		730		710,465
Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 10/10/28)		500		484,927
Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)		500		480,959
Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)(a)		200		188,816
Series 2015-CR22, Class C, 4.07%, 03/10/48 (Call 03/10/25)(a)		300		276,453
Series 2015-CR23, Class A4, 3.50%, 05/10/48 (Call 05/10/25)		500		480,823
Series 2015-CR24, Class A4, 3.43%, 08/10/48 (Call 06/10/26)		925		891,161
Series 2015-CR24, Class B, 4.34%, 08/10/48 (Call 06/10/26)(a)		750		703,757
Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 06/10/26)(a)		200		167,894
Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)		750		724,796
Series 2015-CR25, Class B, 4.52%, 08/10/48 (Call 08/10/25)(a)		300		280,273
Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25)		750		722,477
Series 2015-DC1, Class C, 4.30%, 02/10/48 (Call 02/10/25)(a)		250		218,552
Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)		500		483,114
Series 2015-LC23, Class A4, 3.77%, 10/10/48 (Call 11/10/25)		1,000		967,503
Series 2015-PC1, Class ASB, 3.61%, 07/10/50 (Call 06/10/25)		87		85,493
Series 2016-CR28, Class C, 4.60%, 02/10/49 (Call 01/10/26)(a)		604		553,187
Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 02/10/26)		353		339,527
Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26)		750		701,693
Series 2016-DC2, Class ASB, 3.55%, 02/10/49 (Call 02/10/26)		591		575,446
Series 2016-DC2, Class C, 4.66%, 02/10/49 (Call 02/10/26)(a)		250		228,967
Series 2017-COR2, Class C, 4.59%, 09/10/50 (Call 09/10/27)(a)		750		668,626
Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 05/10/28)		750		726,468

3

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2018-COR3, Class B, 4.51%, 05/10/51 (Call 05/10/28)(a)	$	500	$	447,029
Series 2018-COR3, Class C, 4.56%, 05/10/51 (Call 05/10/28)(a)		500		421,889
Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29)		1,000		892,864
CSAIL Commercial Mortgage Trust
Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 03/15/25)		500		481,459
Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 03/15/25)(a)		435		404,750
Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25)		500		480,622
Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 08/15/25)		650		627,764
Series 2015-C4, Class A3, 3.54%, 11/15/48 (Call 11/15/25)		1,489		1,432,569
Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25)		1,464		1,414,219
Series 2015-C4, Class D, 3.56%, 11/15/48 (Call 11/15/25)(a)		250		215,902
Series 2016-C5, Class C, 4.64%, 11/15/48 (Call 11/15/25)(a)		750		694,747
Series 2016-C6, Class C, 4.92%, 01/15/49 (Call 05/15/26)(a)		350		309,050
Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 11/15/26)		193		184,000
Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 11/15/26)(a)		1,000		924,333
Series 2017-CX9, Class A5, 3.45%, 09/15/50 (Call 09/15/27)		1,000		940,210
Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)(a)		1,000		961,739
Series 2019-C15, Class A2, 3.45%, 03/15/52 (Call 02/15/29)		1,028		997,904
Series 2019-C15, Class A3, 3.78%, 03/15/52 (Call 02/15/29)		1,400		1,331,604
Series 2019-C15, Class B, 4.48%, 03/15/52 (Call 02/15/29)		1,000		886,413
Series 2019-C17, Class A5, 3.02%, 09/15/52 (Call 09/15/29)		2,000		1,798,415
Series 2019-C18, Class ASB, 2.87%, 12/15/52 (Call 12/15/29)		500		462,217
Series 2020-C19, Class A3, 2.56%, 03/15/53 (Call 03/15/30)		500		430,138
DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51 (Call 10/15/28)		1,400		1,368,197
DBJPM Mortgage Trust
Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 04/10/26)		1,000		950,074
Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 04/10/26)		357		344,822
Series 2016-C1, Class B, 4.20%, 05/10/49 (Call 04/10/26)(a)		1,160		1,042,847
Series 2016-C1, Class C, 3.32%, 05/10/49 (Call 04/10/26)(a)		468		391,859
Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/27)		560		543,056
Federal National Mortgage Association
1.71%, 11/25/31(a)		976		864,013
1.94%, 12/25/31(a)		1,000		840,399
2.35%, 02/25/31		1,000		895,182
Series 2016-M1, Class A2, 2.94%, 01/25/26(a)		802		773,686
Series 2016-M10, Class AV2, 3.00%, 11/25/45.		500		416,593
Series 2016-M12, Class AV2, 2.31%, 10/25/23.		258		256,365
Series 2016-M5, Class A2, 2.47%, 04/25/26		1,000		949,268
Series 2017-M1, Class A2, 2.41%, 10/25/26(a)		767		723,045
Series 2017-M14, Class A2, 2.87%, 11/25/27(a)		1,808		1,722,481
Series 2017-M15, Class ATS2, 3.15%, 11/25/27(a)		428		418,225
Series 2018-M14, Class A2, 3.58%, 08/25/28(a)		409		400,156
Series 2019-M12, Class A2, 2.89%, 06/25/29(a)		1,175		1,097,551

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2019-M25, Class A2, 2.33%, 11/25/29(a)	$	1,690	$	1,520,226
Series 2020-M1, Class A1, 2.15%, 10/25/29		1,513		1,425,068
Series 2020-M1, Class A2, 2.44%, 10/25/29		4,530		4,095,034
Series 2020-M14, Class A2, 1.78%, 05/25/30		1,000		857,655
Series 2020-M20, Class A2, 1.44%, 10/25/29		250		211,364
Series 2020-M5, Class A3, 2.19%, 01/25/30		1,000		884,782
Series 2020-M8, Class A2, 1.82%, 02/25/30		100		86,573
Series 2021-M19, Class A2, 1.74%, 10/25/31(a)		2,000		1,657,812
Series 2021-M4, Class A2, 1.46%, 02/25/31(a)		2,500		2,055,283
Series 2022-M3, Class A2, 1.71%, 11/25/31(a)		2,000		1,642,068
Series 2022-M4, Class A2, 2.29%, 05/25/30(a)		1,800		1,602,112
Series2019-M6, Class A2, 3.45%, 01/01/29		521		507,165
Serise 2015-M15, Class A2, 2.92%, 10/25/25(a)		508		490,161
Freddie Mac Multifamily Structured Pass Through Certificates, 3.53%, 08/25/32 (Call 09/25/32)(a)		1,000		959,200
GS Mortgage Securities Trust
Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23)		150		147,265
Series 2013-GC16, Class C, 5.31%, 11/10/46 (Call 11/10/23)(a)		100		97,872
Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24)		650		632,174
Series 2014-GC20, Class A5, 4.00%, 04/10/47 (Call 04/10/24)		400		393,479
Series 2014-GC20, Class B, 4.53%, 04/10/47 (Call 04/10/24)(a)		250		239,072
Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 06/10/24)		250		241,517
Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 09/10/24)		182		178,914
Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 12/10/24)		1,485		1,439,708
Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 05/10/25)		189		184,334
Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)(a)		500		474,228
Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 07/10/25)		545		524,618
Series 2015-GC32, Class C, 4.41%, 07/10/48 (Call 07/10/25)(a)		804		733,481
Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 10/10/25)		1,500		1,438,231
Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)		1,500		1,442,004
Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 05/10/26)		1,170		1,104,029
Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 10/10/26)		1,291		1,196,833
Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 10/10/26)		780		725,242
Series 2016-GS4, Class A4, 3.44%, 11/10/49 (Call 11/10/26)(a)		39		36,963
Series 2017-GS6, Class B, 3.87%, 05/10/50 (Call 05/10/27)		1,000		910,555
Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27)		1,000		933,020
Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 08/10/27)		500		462,495
Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)(a)		1,000		962,679
Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29)		750		717,469

4

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 07/10/29)	$	1,131	$	1,033,555
Series 2019-GSA1, Class C, 3.81%, 11/10/52 (Call 11/10/29)(a)		500		386,381
Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 01/13/30)		775		680,819
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 12/15/25)		1,000		962,930
Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)(a)		750		716,619
Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26)		1,000		894,925
Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)(a)		108		93,789
JPMBB Commercial Mortgage Securities Trust
Series 2013-C14, Class B, 4.55%, 08/15/46 (Call 08/15/23)(a)		500		492,320
Series 2013-C15, Class C, 5.18%, 11/15/45 (Call 10/15/23)(a)		110		107,748
Series 2013-C17, Class C, 4.88%, 01/15/47 (Call 01/15/24)(a)		100		97,252
Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 01/15/29)		1,400		1,371,957
Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 01/15/29)(a)		1,200		1,169,283
Series 2014-C18, Class B, 4.74%, 02/15/47 (Call 01/15/29)(a)		225		215,449
Series 2014-C19, Class C, 4.65%, 04/15/47 (Call 01/15/25)(a)		200		191,293
Series 2014-C21, Class A4, 3.49%, 08/15/47 (Call 07/15/24)		490		478,263
Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 07/15/24)		500		488,008
Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 07/15/24)		100		98,925
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)		1,006		981,239
Series 2014-C22, Class C, 4.55%, 09/15/47 (Call 03/15/26)(a)		200		180,697
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26)		1,144		1,117,176
Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 11/15/24)		232		222,592
Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)(a)		185		174,896
Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 09/15/26)		500		468,310
Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 04/15/25)		803		768,681
Series 2015-C28, Class ASB, 3.04%, 10/15/48 (Call 04/15/25)		198		192,531
Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 03/15/26)		220		214,652
Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 03/15/26)(a)		250		227,742
Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)(a)		635		602,793
Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25)		946		914,621

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25)	$	1,000	$	968,536
Series 2016-C1, Class A5, 3.58%, 03/17/49 (Call 02/15/26)		822		788,396
Series 2016-C1, Class B, 4.74%, 03/17/49 (Call 02/15/26)(a)		450		419,422
Series 2016-C1, Class C, 4.74%, 03/17/49 (Call 02/15/26)(a)		400		362,996
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class AS, 3.88%, 03/15/50 (Call 04/15/27)(a)		650		606,662
Series 2017-JP5, Class ASB, 3.55%, 03/15/50 (Call 04/15/27)		105		102,005
Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 06/15/27)		300		283,637
Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 06/15/27)		400		369,205
Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 08/15/27)		1,000		942,054
Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 06/13/29)		319		310,146
Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 06/13/29)		1,200		1,102,247
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 05/15/26)		1,000		943,939
Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)(a)		750		660,144
Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 04/15/27)		1,100		1,045,687
Series 2017-C7, Class A3, 3.05%, 10/15/50 (Call 11/15/27)		1,196		1,150,887
Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 11/15/27)		1,050		988,198
Series 2018-C8, Class A3, 3.94%, 06/15/51 (Call 06/15/28)		561		540,190
Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 11/13/29)		955		842,336
Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 04/13/30)		539		440,430
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 07/15/23)(a)		141		140,073
Series 2013-C13, Class ASB, 3.41%, 01/15/46 (Call 07/15/23)		2		1,908
Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24)		500		488,532
Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)(a)		100		89,565
Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25)		1,462		1,418,270
Series 2016-JP2, Class A4, 2.82%, 08/15/49 (Call 07/15/26)		1,023		952,777
Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26)		700		637,611
Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 04/15/27)(a)		1,090		1,042,350
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class ASB, 3.91%, 07/15/46(a)		4		3,681
Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 08/15/23)		200		199,118
Series 2013-C13, Class C, 4.90%, 11/15/46 (Call 11/15/28)(a)		230		221,280
Series 2013-C7, Class B, 3.77%, 02/15/46		1		738
Series 2014-C14, Class AS, 4.38%, 02/15/47 (Call 02/15/24)(a)		200		196,548

5

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2014-C14, Class B, 4.87%, 02/15/47 (Call 02/15/24)(a)	$	200	$	195,032
Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 04/15/24)		50		49,590
Series 2014-C16, Class A5, 3.89%, 06/15/47 (Call 06/15/26)		500		489,654
Series 2014-C18, Class A3, 3.65%, 10/15/47 (Call 07/15/26)		329		320,619
Series 2014-C18, Class A4, 3.92%, 10/15/47 (Call 07/15/26)		1,150		1,121,217
Series 2014-C19, Class A4, 3.53%, 12/15/47 (Call 10/15/26)		1,275		1,234,644
Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 11/15/26)		500		473,523
Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 03/15/31)		901		863,676
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		1,000		958,696
Series 2015-C22, Class C, 4.20%, 04/15/48 (Call 04/15/25)(a)		250		223,446
Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 06/15/25)		717		693,644
Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)		1,000		965,715
Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 08/15/25)		308		296,408
Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25)		950		917,513
Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 09/15/25)		288		279,931
Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 11/15/25)		1,849		1,783,836
Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28)		1,000		956,160
Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 10/15/26)		500		464,880
Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 11/15/26)		1,250		1,170,696
Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 01/15/27)		1,000		955,422
Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 01/15/27)		247		238,816
Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 05/15/27)		1,100		1,039,609
Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 10/15/27)		1,000		944,410
Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27)		500		461,966
Morgan Stanley Capital I, Series 2017-HR2, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		2,010		1,899,211
Morgan Stanley Capital I Trust
Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 07/15/25)(a)		500		483,620
Series 2015-UBS8, Class AS, 4.11%, 12/15/48 (Call 12/15/25)		250		229,382
Series 2016-BNK2, Class A4, 3.05%, 11/15/49 (Call 11/15/26)		1,250		1,167,377
Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26)		1,000		928,581

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2016-UB12, Class A3, 3.34%, 12/15/49 (Call 12/15/26)	$	983	$	927,309
Series 2016-UB12, Class A4, 3.60%, 12/15/49 (Call 12/15/26)		1,500		1,426,835
Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27)		1,000		943,484
Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28)		500		479,690
Series 2019-H7, Class A4, 3.26%, 07/15/52 (Call 07/15/29)		1,000		914,747
Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 08/15/30)		1,120		931,475
Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)		1,500		1,314,404
Series 2021-L5, Class ASB, 2.43%, 05/15/54 (Call 05/15/31)		145		127,900
Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/31)(a)		1,500		1,349,633
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)		2,000		1,678,377
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 07/10/26)		1,000		931,879
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 08/15/27)		1,000		941,360
Series 2017-C6, Class AS, 3.93%, 12/15/50 (Call 12/15/27)(a)		500		464,715
Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 01/15/33)		1,000		945,322
Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		1,325		1,274,409
Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 01/15/29)(a)		750		704,990
Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 04/15/29)		1,592		1,413,360
Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 10/15/29)		1,000		893,991
Wells Fargo Commercial Mortgage Trust
4.00%, 04/15/55 (Call 04/15/32)(a)		500		472,046
4.15%, 08/15/51 (Call 08/15/28)		1,623		1,573,241
Series 2013-LC12, Class AS, 4.29%, 07/15/46 (Call 07/15/23)(a)		473		443,345
Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 02/15/25)		820		777,606
Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25)		1,000		963,527
Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)(a)		330		304,025
Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 05/15/25)		500		482,788
Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 05/15/25)(a)		250		237,369
Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 08/15/25)		817		791,784
Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 08/15/25)		243		237,032
Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 11/15/25)		500		481,669
Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 11/15/25)(a)		1,000		936,383
Series 2015-C31, Class C, 4.60%, 11/15/48 (Call 11/15/25)(a)		450		410,651
Series 2015-LC20, Class A3, 3.09%, 04/15/50		600		587,766
Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 04/15/25)		750		690,042
Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)		1,000		967,218

6

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 07/15/25)(a)	$	750	$	725,331
Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 01/15/26)		656		638,148
Series 2016-C33, Class A4, 3.43%, 03/15/59 (Call 04/15/26)		1,000		955,425
Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 05/15/26)		1,000		943,826
Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26)		500		450,665
Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 09/15/26)		1,680		1,572,435
Series 2016-LC25, Class B, 4.34%, 12/15/59 (Call 11/15/26)(a)		198		177,867
Series 2016-NXS4, Class A4, 3.72%, 12/15/48 (Call 11/15/25)		1,920		1,854,867
Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 10/15/26)		500		449,304
Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 06/15/27)		483		452,624
Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27)		1,000		943,595
Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 08/15/27)		2,500		2,352,151
Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 08/15/27)		899		864,002
Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27)		500		424,024
Series 2017-C42, Class A4, 3.59%, 12/15/50 (Call 12/15/27)		1,250		1,181,319
Series 2017-C42, Class B, 4.00%, 12/15/50 (Call 12/15/27)(a)		500		440,275
Series 2018-C44, Class A4, 3.95%, 05/15/51 (Call 05/15/28)		1,250		1,199,128
Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 05/15/28)		1,000		971,442
Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 07/15/28)(a)		350		330,708
Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28)		500		471,537
Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 10/15/28)		1,250		1,228,314
Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 12/15/28)		1,010		984,694
Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		1,625		1,559,213
Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)(a)		665		578,890
Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 05/15/29)		750		706,672
Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 05/15/29)		1,000		912,448
Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29)		492		442,495
Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29)		1,400		1,260,518
Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 02/15/30)		1,000		878,334
Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 04/15/30)		500		451,929

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2020-C56, Class B, 3.74%, 06/15/53 (Call 04/15/30)(a)	$	345	$	292,946
Series 2020-C56, Class C, 3.74%, 06/15/53 (Call 04/15/30)(a)		800		631,511
Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30)		1,919		1,612,165
Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)		1,000		826,806
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		1,000		855,599
Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 04/15/31)		459		411,721
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class AS, 3.24%, 12/15/45 (Call 02/15/23)		73		70,257
Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)(a)		110		105,795
Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 06/15/23)(a)		500		448,448
Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)(a)		300		288,525
Series 2014-C22, Class A4, 3.49%, 09/15/57 (Call 09/15/24)		909		882,341
Series 2014-C22, Class A5, 3.75%, 09/15/57 (Call 09/15/24)		400		388,869
Series 2014-C22, Class AS, 4.07%, 09/15/57 (Call 09/15/24)(a)		480		453,996
Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 11/15/24)		100		96,888
Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 12/15/24)		1,050		1,017,613
Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 02/15/24)		950		935,917
				327,713,616
Total Collaterized Mortgage Obligations — 58.7%
(Cost: $367,044,613)				327,713,616
U.S. Government Agency Obligations
Mortgage-Backed Securities — 40.7%
Federal National Mortgage Association
Series 2013-M6, Class 1A2, 3.35%, 02/25/43(a)		294		285,132
Series 2014-M11, Class 1A, 3.12%, 08/25/24(a)		591		579,885
Series 2014-M11, Class 2A, 3.29%, 08/25/26(a)		557		541,773
Series 2014-M13, Class A2, 3.02%, 08/25/24(a)		95		93,273
Series 2014-M3, Class A2, 3.50%, 01/25/24(a)		238		235,939
Series 2014-M4, Class A2, 3.35%, 03/25/24(a)		312		308,301
Series 2015-M1, Class A2, 2.53%, 09/25/24		503		489,981
Series 2015-M11, Class A2, 2.85%, 04/25/25(a)		722		698,924
Series 2015-M13, Class A2, 2.70%, 06/25/25(a)		679		653,939
Series 2015-M2, Class A, 2.62%, 12/25/24		323		313,376
Series 2015-M8, Class A2, 2.90%, 01/25/25(a)		1,090		1,061,070
Series 2016-M6, Class A2, 2.49%, 05/25/26		273		258,989
Series 2016-M9, Class A2, 2.29%, 06/25/26		1,991		1,877,737
Series 2017, Class A2, 2.96%, 09/25/27(a)		932		892,865
Series 2017-M11, Class A2, 2.98%, 08/25/29		1,000		939,797
Series 2017-M15, Class AV2, 2.56%, 11/25/24(a)		595		580,432
Series 2017-M2, Class A2, 2.77%, 02/25/27(a)		1,955		1,867,147
Series 2017-M3, Class A2, 2.47%, 12/25/26(a)		643		606,774
Series 2017-M4, Class A2, 2.55%, 12/25/26(a)		710		670,859

7

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Series 2017-M7, Class A2, 2.96%, 02/25/27(a)	$	910	$		872,309
Series 2017-M8, Class A2, 3.06%, 05/25/27(a)		2,092			2,011,648
Series 2018-M1, Class A2, 2.99%, 12/25/27(a)		713			683,716
Series 2018-M10, Class A2, 3.36%, 07/25/28(a)		2,382			2,312,303
Series 2018-M13, Class A2, 3.74%, 09/25/30(a)		81			79,795
Series 2018-M7, Class A2, 3.03%, 03/25/28(a)		737			707,665
Series 2019-M1, Class A2, 3.55%, 09/25/28(a)		2,696			2,635,759
Series 2019-M2, Class A2, 3.63%, 11/25/28(a)		1,843			1,806,856
Series 2019-M4, Class A2, 3.61%, 02/25/31		1,250			1,209,250
Series 2019-M5, Class A2, 3.27%, 02/25/29		2,417			2,329,531
Series 2019-M7, Class A2, 3.14%, 04/25/29		2,546			2,416,898
Series 2019-M9, Class A2, 2.94%, 06/25/29		1,694			1,595,869
Series 2020-M5, Class A2, 2.21%, 01/25/30		2,317			2,066,320
Series 2021-M17, Class A2, 1.71%, 07/25/31(a)		2,000			1,662,469
Series 2022-M1, Class A2, 1.67%, 10/25/31(a)		3,000			2,461,221
Freddie Mac Multifamily Structured Pass Through Certificates
1.31%, 05/25/30 (Call 06/25/30)		1,000			828,881
2.03%, 09/25/28 (Call 10/25/28)		1,150			1,034,335
2.12%, 04/25/55 (Call 09/25/29)(a)		3,000			2,694,216
2.25%, 01/25/32 (Call 02/25/32)		165			142,746
2.45%, 04/25/32 (Call 05/25/32)		1,000			877,970
2.92%, 06/25/32 (Call 07/25/32)		3,500			3,193,824
3.00%, 06/25/32 (Call 06/25/32)(a)		2,500			2,296,147
3.50%, 07/25/32 (Call 08/25/32)(a)		2,000			1,913,612
Class A1, 2.55%, 05/25/31 (Call 02/25/32)		2,246			2,064,183
Class A2, 2.25%, 02/25/32 (Call 02/25/32)		2,500			2,163,053
Series K039, Class A2, 3.30%, 07/25/24 (Call 08/25/24)		263			257,478
Series K040, Class A2, 3.24%, 09/25/24 (Call 10/25/24)		1,120			1,093,734
Series K041, Class A2, 3.17%, 10/25/24 (Call 11/25/24)		1,250			1,218,500
Series K043, Class A2, 3.06%, 12/25/24 (Call 01/25/25)		1,000			971,264
Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25)		822			797,831
Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)		1,785			1,738,483
Series K048, Class A1, 2.69%, 12/25/24 (Call 08/25/25)		153			149,318
Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)(a)		1,000			974,845
Series K049, Class A2, 3.01%, 07/25/25 (Call 08/25/25)		1,800			1,743,238
Series K050, Class A2, 3.33%, 08/25/25 (Call 10/25/25)(a)		2,000			1,950,329
Series K051, Class A2, 3.31%, 09/25/25 (Call 10/25/25)		2,630			2,562,694
Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26)		800			776,325
Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26)		1,200			1,159,515
Series K054, Class A2, 2.75%, 01/25/26 (Call 02/25/26)		700			671,387
Series K055, Class A2, 2.67%, 03/25/26 (Call 04/25/26)		500			478,021
Series K056, Class A1, 2.20%, 07/25/25 (Call 06/25/26)		133			129,122
Series K057, Class A2, 2.57%, 07/25/26 (Call 08/25/26)		1,725			1,639,669
Series K058, Class A2, 2.65%, 08/25/26 (Call 09/25/26)		1,527			1,452,152
Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)(a)		1,780			1,719,338
Series K060, Class A2, 3.30%, 10/25/26 (Call 12/25/26)		1,046			1,016,520
Series K061, Class A2, 3.35%, 11/25/26 (Call 12/25/26)(a)		1,300			1,264,896
Series K062, Class A2, 3.41%, 12/25/26 (Call 01/25/27)		1,000			974,851
Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)(a)		1,345			1,311,641
Series K064, Class A1, 2.89%, 10/25/26 (Call 05/25/27)		621			601,977
Series K064, Class A2, 3.22%, 03/25/27 (Call 05/25/27)		325			314,498
Series K065, Class A2, 3.24%, 04/25/27 (Call 07/25/27)		1,570			1,519,868
Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27)		717			693,657
Series K067, Class A2, 3.19%, 07/25/27 (Call 09/25/27)		1,600			1,544,740
Series K068, Class A2, 3.24%, 08/25/27 (Call 10/25/27)		1,000			967,387
Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)(a)		1,000			964,666
Series K070, Class A1, 3.03%, 04/25/27 (Call 12/25/27)		1,462			1,418,217
Series K070, Class A2, 3.30%, 11/25/27 (Call 12/25/27)(a)		1,541			1,493,738
Series K071, Class A2, 3.29%, 11/25/27 (Call 02/25/28)		1,500			1,452,467
Series K073, Class A2, 3.35%, 01/25/28 (Call 10/25/28)		1,000			970,692

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Series K074, Class A1, 3.60%, 09/25/27 (Call 07/25/28)	$	467	$		459,162
Series K074, Class A2, 3.60%, 01/25/28 (Call 07/25/28)		1,000			981,354
Series K075, Class A2, 3.65%, 02/25/28 (Call 05/25/28)(a)		1,000			983,533
Series K076, Class A1, 3.73%, 12/25/27 (Call 05/25/28)		967			950,835
Series K076, Class A2, 3.90%, 04/25/28 (Call 05/25/28)		1,025			1,019,194
Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)(a)		1,000			991,592
Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28)		1,140			1,131,070
Series K079, Class A2, 3.93%, 06/25/28 (Call 07/25/28)		2,100			2,088,659
Series K080, Class A2, 3.93%, 07/25/28 (Call 08/25/28)(a)		1,700			1,690,666
Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)(a)		1,500			1,489,185
Series K082, Class A2, 3.92%, 09/25/28 (Call 10/25/28)(a)		2,310			2,295,642
Series K083, Class A2, 4.05%, 09/25/28 (Call 10/25/28)(a)		2,600			2,600,671
Series K084, Class A2, 3.78%, 10/25/28 (Call 11/25/28)(a)		1,000			983,594
Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)(a)		1,000			997,577
Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)(a)		1,725			1,708,476
Series K087, Class A2, 3.77%, 12/25/28 (Call 01/25/29)		1,571			1,548,894
Series K088, Class A1, 3.48%, 09/25/28 (Call 04/25/29)		310			303,469
Series K088, Class A2, 3.69%, 01/25/29 (Call 04/25/29)		2,010			1,972,421
Series K089, Class A1, 3.34%, 10/25/28 (Call 04/25/29)		2,249			2,189,684
Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29)		1,400			1,364,287
Series K091, Class A2, 3.51%, 03/25/29 (Call 10/25/29)		2,017			1,958,930
Series K092, Class A2, 3.30%, 04/25/29 (Call 07/25/29)		1,010			969,168
Series K094, Class A2, 2.90%, 06/25/29 (Call 11/25/29)		2,420			2,266,582
Series K095, Class A2, 2.79%, 06/25/29 (Call 01/25/30)		675			627,994
Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29)		1,215			1,111,220
Series K097, Class A1, 2.16%, 05/25/29 (Call 12/25/29)		957			890,981
Series K097, Class A2, 2.51%, 07/25/29 (Call 12/25/29)		2,250			2,055,062
Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29)		500			453,990
Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29)		1,000			920,621
Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30)		250			227,837
Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/30)		935			870,558
Series K103, Class A2, 2.65%, 11/25/29 (Call 06/25/30)		1,220			1,120,009
Series K104, Class A2, 2.25%, 01/25/30 (Call 07/25/30)		2,005			1,791,731
Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30)		1,485			1,291,195
Series K106, Class A1, 1.78%, 10/25/29 (Call 02/25/30)		1,454			1,314,590
Series K106, Class A2, 2.07%, 01/25/30 (Call 02/25/30)		2,250			1,981,875
Series K107, Class A2, 1.64%, 01/25/30 (Call 02/25/30)		1,250			1,070,780
Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)		2,153			1,823,714
Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30)		3,000			2,540,064
Series K110, Class A1, 1.02%, 09/25/29 (Call 05/25/30)		975			846,099
Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30)		1,640			1,381,984
Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30)		1,500			1,248,350
Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30)		760			630,810
Series K115, Class A2, 1.38%, 06/25/30 (Call 07/25/30)		1,000			831,392
Series K116, Class A2, 1.38%, 07/25/30 (Call 09/25/30)		2,000			1,659,790
Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30)		1,500			1,244,527
Series K118, Class A1, 0.79%, 03/25/30 (Call 09/25/30)		1,895			1,637,738
Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30)		2,500			2,084,923
Series K119, Class A2, 1.57%, 09/25/30 (Call 10/25/30)		3,000			2,513,936
Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30)		3,200			2,662,457
Series K121, Class A2, 1.55%, 10/25/30 (Call 03/25/31)		1,500			1,252,345
Series K123, Class A2, 1.62%, 12/25/30 (Call 01/25/31)		600			502,784
Series K124, Class A2, 1.66%, 12/25/30 (Call 01/25/31)		2,300			1,930,526
Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31)		3,000			2,553,041
Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31)		3,866			3,349,045
Series K127, Class A2, 2.11%, 01/25/31 (Call 02/25/31)		1,500			1,301,728
Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31)		1,000			861,651
Series K130, Class A2, 1.72%, 06/25/31 (Call 07/25/31)		2,500			2,093,348
Series K131, Class A2, 1.85%, 07/25/31 (Call 09/25/31)		3,000			2,536,247
Series K132, Class A2, 2.02%, 08/25/31 (Call 12/25/31)		1,000			853,679

8

Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series K133, Class A2, 2.10%, 09/25/31 (Call 10/25/31)	$	1,000	$	858,180
Series K135, Class A1, 1.61%, 10/25/30 (Call 11/25/31)		1,209		1,063,440
Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)(a)		2,800		2,413,553
Series K136, Class A2, 2.13%, 11/25/31 (Call 12/25/31)		2,000		1,718,024
Series K139, Class A2, 2.59%, 01/25/32 (Call 02/25/32)(a)		2,000		1,781,314
Series K142, Class A2, 2.40%, 03/25/32 (Call 03/25/32)		1,000		875,269
Series K150, 3.71%, 09/25/32 (Call 10/25/32)(a)		2,000		1,945,489
Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/34)		250		243,396
Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)		500		483,918
Series K-1511, Class A2, 3.47%, 03/25/31 (Call 04/25/34)		1,000		959,059
Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)		730		676,474
Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34)		450		403,957
Series K-1513, Class A3, 2.80%, 08/25/34 (Call 12/25/34)		1,015		887,146
Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)		1,000		872,551
Series K-1516, Class A2, 1.72%, 05/25/35 (Call 10/25/35)		1,825		1,390,280
Series K-1517, Class A2, 1.72%, 07/25/35 (Call 08/25/35)		500		383,093
Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35)		2,500		1,922,954
Series K152, Class A1, 2.83%, 05/25/30 (Call 04/25/31)		1,119		1,063,252
Series K152, Class A2, 3.08%, 01/25/31 (Call 04/25/31)		250		234,004
Series K-1520, Class A2, 2.44%, 02/25/36 (Call 04/25/36)		1,000		818,130
Series K-1521, Class A2, 2.18%, 08/25/36 (Call 09/25/36)		1,000		782,988
Series K153, Class A3, 3.12%, 10/25/31 (Call 02/25/32)(a)		500		465,952
Series K154, Class A3, 3.46%, 11/25/32 (Call 12/25/32)		1,345		1,280,106
Series K155, Class A1, 3.75%, 11/25/29 (Call 05/25/33)		461		455,269
Series K156, Class A3, 3.70%, 06/25/33 (Call 07/25/33)(a)		500		483,804
Series K157, Class A2, 3.99%, 05/25/33 (Call 09/25/33)(a)		1,076		1,068,540
Series K159, Class A1, 3.95%, 12/25/29 (Call 11/25/33)		1,483		1,474,910
Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/33)(a)		833		824,185
Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)(a)		1,000		984,219
Series K725, Class A2, 3.00%, 01/25/24 (Call 05/25/24)		984		969,735
Series K727, Class A2, 2.95%, 07/25/24 (Call 10/25/24)		862		843,830
Series K728, Class A2, 3.06%, 08/25/24 (Call 11/25/24)(a)		976		955,232
Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24)		90		90,293
Series K730, Class A2, 3.59%, 01/25/25 (Call 02/25/25)(a)		1,927		1,892,394
Series K731, Class A2, 3.60%, 02/25/25 (Call 05/25/25)(a)		986		968,741

Security	Par/ Shares (000)		Value
Mortgage-Backed Securities (continued)
Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26)	$	1,000	$	971,057
Series K735, Class A2, 2.86%, 05/25/26 (Call 06/25/26)		1,987		1,908,034
Series K737, Class AM, 2.10%, 10/25/26 (Call 12/25/26)		300		278,403
Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)		2,150		1,917,503
Series K740, Class A2, 1.47%, 09/25/27 (Call 10/25/27)		2,000		1,785,774
Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27)		1,120		1,002,660
Series K742, Class A2, 1.76%, 03/25/28 (Call 04/25/28)		1,000		898,630
Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28)		1,400		1,222,358
Series K745, Class A2, 1.66%, 08/25/28 (Call 09/25/28)		2,000		1,765,337
Series KS03, Class A4, 3.16%, 05/25/25 (Call 08/25/25)(a)		1,000		975,495
				227,282,025
Total U.S. Government Agency Obligations — 40.7%
(Cost: $251,317,891)				227,282,025
Total Long-Term Investments — 99.4%
(Cost: $618,362,504)				554,995,641
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(b)(c)		2,930		2,930,000
Total Short-Term Securities — 0.5%
(Cost: $2,930,000)				2,930,000
Total Investments — 99.9%
(Cost: $621,292,504)				557,925,641
Other Assets Less Liabilities — 0.1%				318,172
Net Assets — 100.0%			$	558,243,813

^(a) 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.

^(b) Affiliate of the Fund.

^(c) 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	$	1,600,000	$	1,330,000	(a)	$	—	$	—	$	—	$	2,930,000		2,930	$	21,644	$	1

^(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).

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Schedule of Investments (unaudited) (continued)	iShares® CMBS ETF
January 31, 2023

Fair Value Hierarchy as of Period End (continued)

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
Collaterized Mortgage Obligations	$	—	$	327,713,616	$	—	$	327,713,616
U.S. Government & Agency Obligations		—		227,282,025		—		227,282,025
Short-Term Securities
Money Market Funds		2,930,000		—		—		2,930,000
	$	2,930,000	$	554,995,641	$	—	$	557,925,641

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