LOGO

  FEBRUARY 28, 2023

 

  

2023 Annual Report

 

 

iShares Trust

 

·  

iShares Core U.S. Aggregate Bond ETF | AGG | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2023

 

    

 

6-Month 

 

  

 

12-Month

 

 

U.S. large cap equities
(S&P 500® Index)

 

   1.26%   (7.69)%

 

U.S. small cap equities
(Russell 2000® Index)

 

   3.63      (6.02)   

 

International equities
(MSCI Europe, Australasia, Far East Index)

 

   12.58       (3.14)   

 

Emerging market equities
(MSCI Emerging Markets Index)

 

   (2.29)      (15.28)     

 

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)

 

   1.74       2.11    

 

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)

 

   (4.81)      (14.06)     

 

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

 

   (2.13)      (9.72)   

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

 

   0.66      (5.10)   

 

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

 

   2.52      (5.45)   

 

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

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T H I S  P A G E  I S  N O T  P  A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

 

 

     

Page

 

  

The Markets in Review

      2  

Annual Report:

   

Market Overview

      4  

Fund Summary

      5  

About Fund Performance

      7  

Disclosure of Expenses

      7  

Schedule of Investments

      8  

Financial Statements

   

Statement of Assets and Liabilities

      110  

Statement of Operations

      111  

Statements of Changes in Net Assets

      112  

Financial Highlights

      113  

Notes to Financial Statements

      114  

Report of Independent Registered Public Accounting Firm

      122  

Important Tax Information

      123  

Statement Regarding Liquidity Risk Management Program

      124  

Supplemental Information

      125  

Trustee and Officer Information

      127  

General Information

      130  

Glossary of Terms Used in this Report

      131  

 

 

 

Market Overview

 

iShares Trust

U.S. Bond Market Overview

U.S. investment-grade bonds lost ground during the 12 months ended February 28, 2023 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance, returned -9.72% in this interval.

The poor return for the fixed-income market reflected the backdrop of elevated inflation and rising short-term interest rates. Consumer price inflation—which began to rise in late 2021—took another leg higher following Russia’s invasion of Ukraine in early 2022, with year-over-year increases of over 8% in each month from March to September. While inflation showed signs of cooling in late 2022, it nonetheless remained in a range of 6.0% to 7.1% over the final four months of the period – well above the U.S. Federal Reserve’s (Fed’s) stated target of 2%.

The Fed responded to rising inflation by winding down its stimulative quantitative easing program and beginning to raise interest rates aggressively. The Fed boosted short-term rates eight times over the course of the 12-month period, moving the benchmark fed funds rate from a range of 0.0%-0.25% to 4.50%-4.75%. This represented the fastest increase in such a short span of time in decades. In addition, the Fed’s communications repeatedly stated the central bank’s intent to remain steadfast in its commitment to fighting inflation. This approach quashed periodic hopes for a pivot toward a less restrictive policy, and it prompted investors to ratchet up their expectations for the likely “terminal rate;” in other words, the level at which the Fed could stop raising rates.

These circumstances created significant headwinds for the fixed-income market. The yield on the two-year U.S. Treasury note rose from 1.43% to 4.82% (as its price fell) over the course of the year, while the 10-year yield climbed from 1.83% to 3.92%. As a result of these moves, the yield curve reached its highest level of inversion (in other words, the extent to which short-term rates exceed longer-term rates) since 1981. Typically, an inverted yield curve is seen as a precursor to a recession.

Investment-grade corporate bonds underperformed Treasuries by a modest margin. Investors’ reduced appetite for risk contributed to an increase in yield spreads versus government issues over the first eight months of the period, as did concerns that the combination of rising inflation and slowing economic growth would crimp both profit margins and earnings. Corporates experienced improving relative performance from November onward, however, offsetting most of the category’s previous shortfall.

Securitized assets—a category that encompasses mortgage-backed securities (MBS), asset backed securities (ABS) and commercial mortgage-backed securities (CMBS)—outperformed both Treasuries and corporates. MBS were the weakest performer of the three as the Fed’s decision to end its quantitative easing policy reduced a key source of demand. ABS, while losing ground in absolute terms, held up reasonably well due to their shorter average maturities and the continued strength of the U.S. consumer sector. CMBS also outpaced the broader fixed-income market.

 

 

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Fund Summary  as of February 28, 2023    iShares® Core U.S. Aggregate Bond ETF

 

Investment Objective

The iShares Core U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of the total U.S. investment-grade bond market, as represented by the Bloomberg U.S. Aggregate Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns

 

           Cumulative Total Returns

 

  
    

 

1 Year

 

     

 

5 Years

 

     

 

10 Years   

 

           

 

1 Year

 

     

 

5 Years

 

     

 

10 Years   

 

  

 

Fund NAV

     (9.67 )%       0.50 %       1.07%         (9.67 )%       2.51 %       11.24%  

Fund Market

     (9.71 )       0.49        1.05            (9.71 )       2.49        11.06     

Index

     (9.72 )       0.53        1.12                  (9.72 )       2.67        11.76     

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 

 Beginning
Account Value
(09/01/22)

 		       

 Ending
Account Value
(02/28/23)

 		       

 Expenses
Paid During
the Period

(a)  		            

 Beginning
Account Value
(09/01/22)
 
 		       

 Ending
Account Value
(02/28/23)
 
 		       

 Expenses
Paid During
the Period

(a) 		     

 Annualized
Expense
Ratio

 
$ 1,000.00        $ 978.80        $ 0.15             $ 1,000.00        $ 1,024.60        $ 0.15        0.03 % 

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

   5

Fund Summary  as of February 28, 2023 (continued)    iShares® Core U.S. Aggregate Bond ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

Moody’s Credit Rating*    
 Percent of
Total Investments
(a) 

Aaa

     54.9 % 

Aa

     8.9  

A

     14.3  

Baa

     13.0  

Ba

     0.9  

B

     0.2  

Not Rated

     7.8  

PORTFOLIO COMPOSITION

 

Investment Type    
 Percent of
Total Investments
(a) 

U.S. Government & Agency Obligations

     70.4 % 

Corporate Bonds & Notes

     25.7  

Foreign Government Obligations

     2.1  

Collaterized Mortgage Obligations

     1.0  

Municipal Debt Obligations

     0.6  

Asset-Backed Securities

     0.4  

TBA Sales Commitments

     (0.2 ) 
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

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About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

A B O U T  F U N D  P E R F O R M A  N C E / D I S C L O S U R E O F E X P E N S E S

   7

Schedule of Investments

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Asset-Backed Securities

    

American Express Credit Account Master Trust

    

3.75%, 08/15/27

   $ 9,330     $ 9,044,900  

4.95%, 10/15/27

     15,000       14,981,676  

Class A, 0.90%, 11/15/26

     70,000       65,034,445  

AmeriCredit Automobile Receivables Trust Series 2021-1, Class B, 0.68%, 10/19/26 (Call 01/18/25)

     11,050       10,533,010  

BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26

     23,870       22,520,591  

BMW Vehicle Lease Trust 1.23%, 05/27/25 (Call 05/25/24)

     6,500       6,194,070  

Capital One Multi-Asset Execution Trust

    

Class A2, 1.39%, 07/15/30

     11,000       9,271,596  

Series 2021-A1, Class A1, 0.55%, 07/15/26

     20,000       18,751,111  

CarMax Auto Owner Trust Series 2021-4, Class A3, 0.56%, 09/15/26 (Call 09/15/25)

     7,490       7,070,948  

Discover Card Execution Note Trust

    

3.56%, 07/15/27

     18,000       17,387,921  

Series 2022-A1, Class A1, 1.96%, 02/15/27

     6,900       6,464,138  

Exeter Automobile Receivables Trust Series 2021-2, Class D, 1.40%, 04/15/27 (Call 12/15/24)

     3,261       3,004,913  

Exeter Automobile Receivables Trust 2023-15.82%, 02/15/28

     11,180       11,145,984  

GM Financial Consumer Automobile Receivables Trust

    

1.26%, 11/16/26 (Call 02/16/26)

     14,000       13,202,332  

1.51%, 04/17/28 (Call 02/16/26)

     2,940       2,664,770  

GM Financial Consumer Automobile Receivables Trust 2023-1

    

4.66%, 02/16/28

     18,560       18,393,019  

4.59%, 07/17/28

     3,500       3,459,631  

Hyundai Auto Receivables Trust 5.39%, 06/15/27 (Call 11/15/26)

     11,045       11,085,022  

Nissan Auto Lease Trust 2023-A

    

4.91%, 01/15/26

     28,290       28,106,748  

5.09%, 05/15/30

     17,060       16,708,584  

Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 10/15/24)

     13,720       13,283,817  

Santander Drive Auto Receivables Trust
2023-14.88%, 04/15/27

     10,000       9,911,653  

Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)

     28,690       27,074,902  

Volkswagen Auto Lease Trust 2020-A Series 2020-A, Class A3, 0.39%, 01/22/24 (Call 04/20/23)

     252       251,345  
   

 

 

  

Total Asset-Backed Securities — 0.4%
(Cost: $361,758,553)

         345,547,126  
   

 

 

  

Collaterized Mortgage Obligations

    

Mortgage-Backed Securities — 0.9%

    

Bank

    

Series 2018-BN15, Class A4, 4.41%, 11/15/61 (Call 11/15/28)(a)

    5,000       4,790,016  

Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29)

     15,310       13,283,751  

Series 2020, Class A5, 2.65%, 01/15/63 (Call 02/15/30)

     6,500       5,536,840  

Series 2020-BN27, Class A5, 2.14%, 04/15/63 (Call 04/15/30)

     23,610       19,301,617  

Series 2020-BN29, Class A4, 2.00%, 11/15/53 (Call 12/15/30)

     5,760       4,580,515  
Security   Par
(000) 		    Value  
Mortgage-Backed Securities (continued)            

Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2017-BNK3, Class ASB, 3.37%, 02/15/50 (Call 02/15/27)

   $ 1,860     $ 1,790,062  

Barclays Commercial Mortgage Trust, Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29)

     8,750       7,662,507  

BBCMS Mortgage Trust

    

Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)

     18,450       17,297,604  

Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30)

     10,000       8,529,825  

Series 2020-C7, Class A5, 2.04%, 04/15/53 (Call 04/15/30)

     16,670       13,595,443  

Series 2021-C11, Class A5, 2.32%, 09/15/54

     1,965       1,590,090  

Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)(a)

     3,745       3,359,364  

BBCMS Mortgage Trust 2022-C18, 5.71%, 12/15/55 (Call 12/15/32)(a)

    3,160       3,312,496  

BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)

     18,590       15,364,908  

Benchmark Mortgage Trust

    

Series 2018-B2, Class A5, 3.88%, 02/15/51 (Call 02/15/28)(a)

    10,616       9,970,358  

Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28)

     7,000       6,624,585  

Series 2018-B5, Class A4, 4.21%, 07/15/51 (Call 08/15/28)

     6,150       5,845,906  

Series 2018-B7, Class A4, 4.51%, 05/15/53 (Call 11/15/28)(a)

    10,093       9,717,985  

Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)

     17,000       16,121,726  

Series 2019-B11, Class A4, 3.28%, 05/15/52 (Call 06/15/29)

     20,650       18,688,438  

Series 2019-B11, Class A5, 3.54%, 05/15/52 (Call 06/15/29)

     20,000       18,163,981  

Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30)

     2,700       2,043,889  

Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30)

     7,000       5,530,570  

Series 2020-B21, Class A5, 1.98%, 12/17/53 (Call 12/15/30)

     8,616       6,842,016  

Series 2020-B23, Class A5, 2.07%, 02/15/54 (Call 02/15/31)

     25,000       19,875,567  

Citigroup Commercial Mortgage Trust

    

Series 2014-GC25, Class AAB, 3.37%, 10/10/47 (Call 10/10/24)

     3,274       3,208,395  

Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 10/10/24)

     5,209       4,935,349  

Series 2015-GC27, Class AAB, 2.94%, 02/10/48 (Call 01/10/25)

     3,694       3,608,547  

Series 2016-GC37, Class A4, 3.31%, 04/10/49 (Call 03/10/26)

     17,730       16,618,879  

Series 2016-P5, Class A4, 2.94%, 10/10/49 (Call 10/10/26)

     11,400         10,455,639  

Series 2017-P7, Class A4, 3.71%, 04/14/50 (Call 04/14/27)

     13,900       13,001,582  

Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28)

     20,020       18,743,801  

COMM Mortgage Trust

    

Series 2014-CR20, Class A3, 3.33%, 11/10/47 (Call 01/10/29)

     5,784       5,623,544  

 

 

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Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  
Mortgage-Backed Securities (continued)            

Series 2014-UBS2, Class A4, 3.69%, 03/10/47 (Call 03/10/24)

   $ 4,160     $ 4,106,730  

Series 2014-UBS3, Class A4, 3.82%, 06/10/47 (Call 06/10/24)

     12,887       12,566,299  

Series 2015-CR24, Class A5, 3.70%, 08/10/48 (Call 06/10/26)

     16,990       16,242,090  

Series 2015-LC23, Class A2, 3.22%, 10/10/48

     3,289       3,108,891  

Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 06/10/25)

     9,650       9,276,662  

Series 2016-CR28, Class A4, 3.76%, 02/10/49 (Call 01/10/26)

     8,000       7,604,437  

Series 2016-DC2, Class A5, 3.77%, 02/10/49 (Call 02/10/26)

     4,000       3,801,750  

Commission Mortgage Trust

    

Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24)

     10,000       9,634,009  

Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 03/10/24)

     9,700       9,538,545  

Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29)

     12,920       12,534,692  

Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)

     3,000       2,861,003  

Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25)

     2,750       2,627,830  

Series 2015-DC1, Class C, 4.30%, 02/10/48 (Call 02/10/25)(a)

     3,000       2,600,237  

Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)

     15,500         14,807,125  

CSAIL Commercial Mortgage Trust

    

Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25)

     10,000       9,511,698  

Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25)

     17,519       16,700,833  

Series 2016-C7, Class A5, 3.50%, 11/15/49 (Call 11/15/26)

     5,200       4,848,115  

Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)(a)

    27,000       25,288,965  

Series 2019-C18, Class A4, 2.97%, 12/15/52 (Call 12/15/29)

     10,000       8,675,351  

DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49 (Call 08/10/26)

     1,000       917,798  

GS Mortgage Securities Corp. II,
Series 2018-GS10, Class A5, 4.16%, 07/10/51 (Call 07/10/28)(a)

    3,000       2,832,252  

GS Mortgage Securities Trust

    

Series 2013-GC16, Class A4, 4.27%, 11/10/46 (Call 11/10/23)

     10,000       9,917,203  

Series 2014-GC24, Class A4, 3.67%, 09/10/47 (Call 09/10/24)

     18,397       17,910,860  

Series 2014-GC24, Class A5, 3.93%, 09/10/47 (Call 09/10/24)

     6,000       5,818,500  

Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)

     10,000       9,474,985  

Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27)

     13,000       11,872,951  

Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)(a)

     3,000       2,818,620  

Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29)

     2,500       2,326,982  
Security   Par
(000)		     Value  
Mortgage-Backed Securities (continued)            

JP Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24)

   $ 9,000     $ 8,773,484  

JPMBB Commercial Mortgage Securities Trust

    

Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)

     7,000       6,799,325  

Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26)

     9,660       9,394,999  

Series 2014-C24, Class A5, 3.64%, 11/15/47 (Call 10/15/25)

     16,995       16,367,516  

Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)(a)

     3,800       3,580,640  

Morgan Stanley Bank of America Merrill Lynch Trust

    

Series 2013-C10, Class AS, 4.07%, 07/15/46 (Call 06/15/28)(a)

     8,166       7,815,976  

Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)

     5,000       4,742,029  

Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)

     1,850       1,765,760  

Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25)

     7,275       6,942,186  

Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 11/15/25)

     17,025       16,210,803  

Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28)

     16,420       15,477,724  

Series 2016-C28, Class AS, 3.95%, 01/15/49 (Call 02/15/28)

     2,000       1,811,350  

Series 2016-C32, Class A3, 3.46%, 12/15/49 (Call 01/15/27)

     9,522       8,849,608  

Morgan Stanley Capital I Trust

    

Series 2015-UBS8, Class A4, 3.81%, 12/15/48 (Call 12/15/25)

     3,500       3,316,717  

Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27)

     12,000       11,112,659  

Series 2018, Class A3, 4.14%, 10/15/51 (Call 10/15/28)

     21,700         20,393,063  

Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28)

     700       656,042  

Series 2019-H6, Class A4, 3.42%, 06/15/52 (Call 06/15/29)

     7,660       6,884,504  

Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29)

     720       630,184  

Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)

     20,000       16,929,703  

Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)

     10,430       8,490,722  

UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)

     18,150       17,056,939  

Wells Fargo Commercial Mortgage Trust

    

Class A4, 2.34%, 08/15/54 (Call 07/15/31)

     4,600       3,708,897  

Series 2014-LC16, Class A5, 3.82%, 08/15/50 (Call 06/15/24)

     15,200       14,821,557  

Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25)

     8,500       8,105,412  

Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)

     5,000       4,774,023  

Series 2015-SG1, Class A4, 3.79%, 09/15/48 (Call 08/15/25)

     10,856       10,350,668  

Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30)

     6,480       5,411,211  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   9

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Mortgage-Backed Securities (continued)

    

Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)

   $   17,680     $ 14,197,835  

Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)

     5,200       4,306,163  
   

 

 

  
        815,518,907  
   

 

 

  

Total Collaterized Mortgage Obligations — 0.9%
(Cost: $916,847,535)

 

     815,518,907  
   

 

 

  

Corporate Bonds & Notes

    

Advertising — 0.0%

    

Interpublic Group of Companies Inc. (The)

    

2.40%, 03/01/31 (Call 12/01/30)

     1,888       1,514,686  

3.38%, 03/01/41 (Call 09/01/40)

     1,947       1,415,819  

4.65%, 10/01/28 (Call 07/01/28)

     1,326       1,273,093  

4.75%, 03/30/30 (Call 12/30/29)

     2,348       2,236,822  

5.40%, 10/01/48 (Call 04/01/48)

     1,795       1,697,388  

Omnicom Group Inc.

    

2.45%, 04/30/30 (Call 01/30/30)

     2,372       1,972,555  

2.60%, 08/01/31 (Call 05/01/31)

     2,699       2,215,717  

4.20%, 06/01/30 (Call 03/01/30)

     2,621       2,448,093  

Omnicom Group Inc./Omnicom Capital Inc.

    

3.60%, 04/15/26 (Call 01/15/26)

     6,205       5,912,620  

3.65%, 11/01/24 (Call 08/01/24)

     2,270       2,203,444  

WPP Finance 2010, 3.75%, 09/19/24

     3,071       2,976,321  
   

 

 

  
      25,866,558  
Aerospace & Defense — 0.4%            

Boeing Co. (The)

    

2.20%, 02/04/26 (Call 03/31/23)

     10,805       9,810,076  

2.25%, 06/15/26 (Call 03/15/26)

     4,094       3,693,975  

2.60%, 10/30/25 (Call 07/30/25)

     2,998       2,781,784  

2.70%, 02/01/27 (Call 12/01/26)

     6,995       6,338,519  

2.75%, 02/01/26 (Call 01/01/26)

     955       885,361  

2.80%, 03/01/24 (Call 02/01/24)

     2,342       2,277,595  

2.80%, 03/01/27 (Call 12/01/26)

     2,985       2,712,649  

2.85%, 10/30/24 (Call 07/30/24)(b)

    1,631       1,559,791  

2.95%, 02/01/30 (Call 11/01/29)

     5,694       4,857,665  

3.10%, 05/01/26 (Call 03/01/26)

     5,081       4,726,905  

3.20%, 03/01/29 (Call 12/01/28)

     3,666       3,226,153  

3.25%, 02/01/28 (Call 12/01/27)

     855       774,134  

3.25%, 03/01/28 (Call 12/01/27)

     2,994       2,723,253  

3.25%, 02/01/35 (Call 11/01/34)

     2,614       2,019,080  

3.38%, 06/15/46 (Call 12/15/45)

     1,278       848,081  

3.45%, 11/01/28 (Call 08/01/28)

     2,498       2,259,841  

3.50%, 03/01/39 (Call 09/01/38)

     2,009       1,485,876  

3.55%, 03/01/38 (Call 09/01/37)

     1,748       1,318,342  

3.60%, 05/01/34 (Call 02/01/34)

     2,856       2,313,446  

3.63%, 02/01/31 (Call 11/01/30)

     872       764,073  

3.63%, 03/01/48 (Call 09/01/47)

     1,543       1,054,887  

3.65%, 03/01/47 (Call 09/01/46)

     1,341       928,602  

3.75%, 02/01/50 (Call 08/01/49)

     4,798       3,398,375  

3.83%, 03/01/59 (Call 09/01/58)

     1,696       1,142,816  

3.85%, 11/01/48 (Call 05/01/48)

     1,804       1,283,979  

3.90%, 05/01/49 (Call 11/01/48)

     3,196       2,297,125  

3.95%, 08/01/59 (Call 02/01/59)

     3,828       2,647,866  

4.88%, 05/01/25 (Call 04/01/25)

     11,722       11,556,251  

5.04%, 05/01/27 (Call 03/01/27)

     7,229       7,120,926  

5.15%, 05/01/30 (Call 02/01/30)

     12,413       12,027,204  

5.71%, 05/01/40 (Call 11/01/39)

     7,602       7,280,131  
Security   Par
(000) 		    Value  

Aerospace & Defense (continued)

    

5.81%, 05/01/50 (Call 11/01/49)

   $   18,931     $   18,050,898  

5.88%, 02/15/40

     1,858       1,808,670  

5.93%, 05/01/60 (Call 11/01/59)

     11,425       10,749,097  

6.13%, 02/15/33

     1,488       1,519,531  

6.63%, 02/15/38

     1,509       1,573,253  

6.88%, 03/15/39

     2,096       2,243,286  

General Dynamics Corp.

    

1.15%, 06/01/26 (Call 05/01/26)

     2,480       2,195,222  

2.13%, 08/15/26 (Call 05/15/26)

     4,058       3,714,653  

2.25%, 06/01/31 (Call 03/01/31)

     1,575       1,312,133  

2.38%, 11/15/24 (Call 09/15/24)

     866       825,515  

2.63%, 11/15/27 (Call 08/15/27)

     2,409       2,186,505  

2.85%, 06/01/41 (Call 12/01/40)

     2,715       2,032,829  

3.25%, 04/01/25 (Call 03/01/25)

     3,379       3,255,126  

3.50%, 05/15/25 (Call 03/15/25)

     2,852       2,760,422  

3.50%, 04/01/27 (Call 02/01/27)

     877       831,896  

3.60%, 11/15/42 (Call 05/14/42)(b)

    753       622,061  

3.63%, 04/01/30 (Call 01/01/30)

     4,062       3,785,093  

3.75%, 05/15/28 (Call 02/15/28)

     3,898       3,704,815  

4.25%, 04/01/40 (Call 10/01/39)

     2,019       1,831,132  

4.25%, 04/01/50 (Call 10/01/49)

     3,115       2,777,303  

Hexcel Corp.

    

4.20%, 02/15/27 (Call 11/15/26)

     955       900,068  

4.95%, 08/15/25 (Call 05/15/25)

     1,792       1,745,820  

L3Harris Technologies Inc.

    

1.80%, 01/15/31 (Call 10/15/30)

     2,705       2,109,494  

2.90%, 12/15/29 (Call 09/15/29)

     2,696       2,319,989  

3.83%, 04/27/25 (Call 01/27/25)

     2,666       2,576,422  

3.85%, 12/15/26 (Call 09/15/26)

     3,987       3,803,120  

3.95%, 05/28/24 (Call 02/28/24)

     1,430       1,400,899  

4.40%, 06/15/28 (Call 03/15/28)

     6,772       6,517,828  

4.85%, 04/27/35 (Call 10/27/34)

     1,466       1,392,817  

5.05%, 04/27/45 (Call 10/27/44)

     1,050       972,185  

6.15%, 12/15/40

     1,705       1,785,953  

Lockheed Martin Corp.

    

1.85%, 06/15/30 (Call 03/15/30)

     1,875       1,533,450  

2.80%, 06/15/50 (Call 12/15/49)

     3,675       2,534,096  

3.55%, 01/15/26 (Call 10/15/25)

     3,793       3,664,948  

3.60%, 03/01/35 (Call 09/01/34)

     1,958       1,728,914  

3.80%, 03/01/45 (Call 09/01/44)

     4,305       3,553,347  

3.90%, 06/15/32 (Call 03/15/32)

     2,730       2,532,348  

4.07%, 12/15/42

     2,203       1,923,814  

4.09%, 09/15/52 (Call 03/15/52)

     5,826       5,007,330  

4.15%, 06/15/53 (Call 12/15/52)

     4,355       3,736,329  

4.30%, 06/15/62 (Call 12/15/61)

     3,485       3,021,042  

4.50%, 05/15/36 (Call 11/15/35)

     1,875       1,788,131  

4.70%, 05/15/46 (Call 11/15/45)

     4,119       3,887,059  

4.95%, 10/15/25 (Call 09/15/25)

     880       881,954  

5.10%, 11/15/27 (Call 10/15/27)

     3,225       3,267,860  

5.25%, 01/15/33 (Call 10/15/32)

     4,080       4,182,938  

5.70%, 11/15/54 (Call 05/15/54)

     1,780       1,927,882  

5.72%, 06/01/40

     1,082       1,149,181  

5.90%, 11/15/63 (Call 05/15/63)

     1,450       1,604,889  

Series B, 6.15%, 09/01/36

     1,900       2,070,354  

Northrop Grumman Corp.

    

2.93%, 01/15/25 (Call 11/15/24)

     6,254       5,987,705  

3.20%, 02/01/27 (Call 11/01/26)

     2,806       2,637,331  

3.25%, 01/15/28 (Call 10/15/27)

     8,158       7,535,626  

3.85%, 04/15/45 (Call 10/15/44)

     1,694       1,345,459  

4.03%, 10/15/47 (Call 04/15/47)

     7,946       6,567,766  

 

 

10  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Aerospace & Defense (continued)

    

4.40%, 05/01/30 (Call 02/01/30)

   $ 787     $ 751,727  

4.70%, 03/15/33 (Call 12/15/32)

     3,350       3,230,103  

4.75%, 06/01/43

     3,294       3,014,306  

4.95%, 03/15/53 (Call 09/15/52)

     2,360       2,224,064  

5.05%, 11/15/40

     1,238       1,187,032  

5.15%, 05/01/40 (Call 11/01/39)

     2,185       2,120,062  

5.25%, 05/01/50 (Call 11/01/49)

     3,728       3,677,187  

Raytheon Technologies Corp.

    

1.90%, 09/01/31 (Call 06/01/31)

     3,486       2,724,971  

2.25%, 07/01/30 (Call 04/01/30)

     3,930       3,254,433  

2.38%, 03/15/32 (Call 12/15/31)

     3,827       3,084,103  

2.65%, 11/01/26 (Call 08/01/26)

     1,925       1,771,982  

2.82%, 09/01/51 (Call 03/01/51)

     2,769       1,820,119  

3.03%, 03/15/52 (Call 09/15/51)

     5,620       3,882,240  

3.13%, 05/04/27 (Call 02/04/27)

     4,731       4,384,880  

3.13%, 07/01/50 (Call 01/01/50)

     4,050       2,849,539  

3.20%, 03/15/24 (Call 01/15/24)

     3,965       3,883,797  

3.50%, 03/15/27 (Call 12/15/26)

     5,215       4,935,424  

3.75%, 11/01/46 (Call 05/01/46)

     4,504       3,544,243  

3.95%, 08/16/25 (Call 06/16/25)

     6,561       6,373,815  

4.05%, 05/04/47 (Call 11/04/46)

     2,988       2,474,632  

4.13%, 11/16/28 (Call 08/16/28)

     8,224       7,831,140  

4.15%, 05/15/45 (Call 11/16/44)

     3,080       2,567,950  

4.35%, 04/15/47 (Call 10/15/46)

     3,488       3,027,514  

4.45%, 11/16/38 (Call 05/16/38)

     3,800       3,433,224  

4.50%, 06/01/42

       13,327       11,978,841  

4.63%, 11/16/48 (Call 05/16/48)

     6,248       5,677,308  

4.70%, 12/15/41

     2,380       2,183,388  

4.80%, 12/15/43 (Call 06/15/43)

     2,002       1,831,930  

4.88%, 10/15/40

     959       896,588  

5.00%, 02/27/26 (Call 01/27/26)

     1,820       1,817,252  

5.15%, 02/27/33 (Call 11/27/32)

     3,880       3,859,708  

5.38%, 02/27/53 (Call 08/27/52)

     2,895       2,908,317  

5.40%, 05/01/35

     55       54,933  

5.70%, 04/15/40

     280       286,880  

6.05%, 06/01/36

     115       120,935  

6.13%, 07/15/38

     375       398,978  

7.20%, 08/15/27

     1,888       2,068,644  

7.50%, 09/15/29

     298       337,002  
   

 

 

  
        387,957,740  
Agriculture — 0.3%            

Altria Group Inc.

    

2.35%, 05/06/25 (Call 04/06/25)

     3,745       3,511,462  

2.45%, 02/04/32 (Call 11/04/31)

     6,695       5,052,114  

2.63%, 09/16/26 (Call 06/16/26)(b)

    3,345       3,069,941  

3.40%, 05/06/30 (Call 02/06/30)

     2,839       2,444,634  

3.40%, 02/04/41 (Call 08/04/40)

     5,577       3,735,865  

3.70%, 02/04/51 (Call 08/04/50)

     5,112       3,242,899  

3.88%, 09/16/46 (Call 03/16/46)

     5,167       3,455,018  

4.00%, 02/04/61 (Call 08/04/60)

     3,315       2,188,762  

4.25%, 08/09/42

     3,759       2,812,183  

4.40%, 02/14/26 (Call 12/14/25)(b)

    3,911       3,828,634  

4.45%, 05/06/50 (Call 11/06/49)

     2,243       1,590,265  

4.50%, 05/02/43

     3,318       2,518,893  

4.80%, 02/14/29 (Call 11/14/28)(b)

    3,859       3,702,093  

5.38%, 01/31/44(b)

    6,427       5,596,824  

5.80%, 02/14/39 (Call 08/14/38)

     7,692       7,076,794  

5.95%, 02/14/49 (Call 08/14/48)

     6,822       6,104,871  

Archer-Daniels-Midland Co.

    

2.50%, 08/11/26 (Call 05/11/26)

     5,735       5,280,100  
Security   Par
(000) 		    Value  

Agriculture (continued)

    

2.70%, 09/15/51 (Call 03/15/51)

   $ 1,130     $ 753,800  

2.90%, 03/01/32 (Call 12/01/31)

     2,445       2,105,292  

3.25%, 03/27/30 (Call 12/27/29)

     2,846       2,561,201  

3.75%, 09/15/47 (Call 03/15/47)

     1,529       1,257,419  

4.02%, 04/16/43

     842       719,135  

4.50%, 03/15/49 (Call 09/15/48)

     3,564       3,256,427  

4.54%, 03/26/42

     1,252       1,146,907  

5.38%, 09/15/35

     616       633,026  

5.94%, 10/01/32

     572       611,434  

BAT Capital Corp.

    

2.26%, 03/25/28 (Call 01/25/28)

     2,145       1,798,111  

2.73%, 03/25/31 (Call 12/25/30)

     4,103       3,202,802  

2.79%, 09/06/24 (Call 08/06/24)

     4,048       3,878,591  

3.22%, 08/15/24 (Call 06/15/24)

     8,962       8,639,278  

3.22%, 09/06/26 (Call 07/06/26)

     6,418       5,916,690  

3.46%, 09/06/29 (Call 06/06/29)

     2,397       2,054,037  

3.56%, 08/15/27 (Call 05/15/27)

       11,497         10,477,446  

3.73%, 09/25/40 (Call 03/25/40)

     1,918       1,311,663  

3.98%, 09/25/50 (Call 03/25/50)

     2,466       1,625,094  

4.39%, 08/15/37 (Call 02/15/37)

     8,829       6,850,333  

4.54%, 08/15/47 (Call 02/15/47)

     9,826       7,047,993  

4.70%, 04/02/27 (Call 02/02/27)

     3,139       3,035,476  

4.74%, 03/16/32 (Call 12/16/31)

     3,425       3,058,867  

4.76%, 09/06/49 (Call 03/06/49)

     4,048       3,001,430  

4.91%, 04/02/30 (Call 01/02/30)

     3,473       3,207,941  

5.28%, 04/02/50 (Call 02/02/49)

     2,267       1,802,288  

5.65%, 03/16/52 (Call 09/16/51)

     2,495       2,096,324  

7.75%, 10/19/32 (Call 07/19/32)

     2,460       2,641,228  

BAT International Finance PLC

    

1.67%, 03/25/26 (Call 02/25/26)

     3,808       3,383,484  

4.45%, 03/16/28 (Call 02/16/28)

     4,065       3,800,287  

Bunge Ltd. Finance Corp.

    

1.63%, 08/17/25 (Call 07/17/25)

     3,370       3,073,575  

2.75%, 05/14/31 (Call 02/14/31)

     4,350       3,577,440  

3.25%, 08/15/26 (Call 05/15/26)

     3,843       3,578,794  

3.75%, 09/25/27 (Call 06/25/27)

     2,896       2,721,690  

Philip Morris International Inc.

    

0.88%, 05/01/26 (Call 04/01/26)

     2,369       2,073,064  

1.50%, 05/01/25 (Call 04/01/25)

     3,474       3,214,701  

1.75%, 11/01/30 (Call 08/01/30)

     2,188       1,695,547  

2.10%, 05/01/30 (Call 02/01/30)

     2,173       1,757,501  

2.75%, 02/25/26 (Call 11/25/25)

     4,345       4,049,888  

2.88%, 05/01/24 (Call 04/01/24)

     4,023       3,906,373  

3.13%, 08/17/27 (Call 05/17/27)

     2,440       2,261,319  

3.13%, 03/02/28 (Call 12/02/27)(b)

    2,741       2,505,850  

3.25%, 11/10/24

     3,537       3,427,211  

3.38%, 08/11/25 (Call 05/11/25)

     2,643       2,534,743  

3.38%, 08/15/29 (Call 05/15/29)

     2,976       2,674,650  

3.88%, 08/21/42

     3,921       2,983,175  

4.13%, 03/04/43

     1,844       1,455,525  

4.25%, 11/10/44

     2,208       1,759,577  

4.38%, 11/15/41

     3,782       3,131,269  

4.50%, 03/20/42

     5,245       4,375,117  

4.88%, 02/13/26

     3,285       3,247,978  

4.88%, 02/15/28 (Call 01/15/28)

     3,285       3,216,573  

4.88%, 11/15/43

     3,840       3,347,136  

5.00%, 11/17/25

     3,775       3,754,502  

5.13%, 11/15/24

     4,075       4,063,142  

5.13%, 11/17/27 (Call 10/17/27)

     4,640       4,621,115  

5.13%, 02/15/30 (Call 12/15/29)

     3,285       3,215,358  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   11

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Agriculture (continued)

    

5.38%, 02/15/33 (Call 11/15/32)

   $   3,455     $ 3,397,163  

5.63%, 11/17/29 (Call 09/17/29)

     4,165       4,221,394  

5.75%, 11/17/32 (Call 08/17/32)

     2,501       2,529,111  

6.38%, 05/16/38

     4,238       4,471,048  

Reynolds American Inc.

    

4.45%, 06/12/25 (Call 03/12/25)

     9,170       8,925,344  

5.70%, 08/15/35 (Call 02/15/35)

     2,894       2,632,122  

5.85%, 08/15/45 (Call 02/12/45)

     7,023       6,034,934  

6.15%, 09/15/43

     2,756       2,520,638  

7.25%, 06/15/37

     1,745       1,839,893  
   

 

 

  
      275,879,816  
Airlines — 0.1%            

American Airlines 2015-2 Class AA Pass Through Trust, Series 2015-2, Class AA, 3.60%, 03/22/29

     1,516       1,382,079  

American Airlines 2016-1 Class AA Pass Through Trust, Series 2016-1, Class AA, 3.58%, 07/15/29

     1,284       1,176,792  

American Airlines 2016-2 Pass Through Trust, Series 2016-2, Class AA, 3.20%, 12/15/29

     1,544       1,379,390  

American Airlines 2016-3 Class AA Pass Through Trust, Series 2016-3, Class AA, 3.00%, 04/15/30

     763       675,184  

American Airlines 2017-1 Class AA Pass Through Trust, Series 2017-1, Class AA, 3.65%, 02/15/29

     2,007       1,823,514  

American Airlines 2017-2 Pass Through Trust, Series 2017-2, Class AA, 3.35%, 04/15/31

     1,485       1,319,878  

American Airlines 2019-1 Class AA Pass Through Trust, Series 2019-1, Class AA, 3.15%, 08/15/33

     2,230       1,933,499  

American Airlines 2021-1 Pass Through Trust, Series A, Class A, 2.88%, 01/11/36

     4,686       3,851,109  

Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 04/29/26

     1,516       1,471,885  

Delta Air Lines Pass Through Trust

    

Series 2019-1, Class AA, 3.20%, 10/25/25

     590       575,150  

Series 2020, Class AA, 2.00%, 12/10/29

     5,243       4,590,567  

JetBlue Pass Through Trust

    

Series 1A, Class A, 4.00%, 05/15/34(b)

    2,587       2,371,993  

Series 2019-1, Class AA, 2.75%, 11/15/33

     1,640       1,382,318  

Southwest Airlines Co.

    

2.63%, 02/10/30 (Call 11/10/29)

     1,333       1,109,829  

3.00%, 11/15/26 (Call 08/15/26)

     1,880       1,730,897  

3.45%, 11/16/27 (Call 08/16/27)

     1,683       1,547,518  

5.13%, 06/15/27 (Call 04/15/27)

     7,730       7,620,002  

5.25%, 05/04/25 (Call 04/04/25)

     6,854       6,824,185  

United Airlines Pass Through Trust

    

Series 2012-1 A, Class A, 4.15%, 10/11/25

     1,504       1,474,236  

Series 2013-1, Class A, 4.30%, 02/15/27

     1,388       1,326,660  

Series 2014-1, Class A, 4.00%, 10/11/27

     3,112       2,908,260  

Series 2014-2, Class A, 3.75%, 03/03/28

     3,089       2,891,719  

Series 2016-1, Class AA, 3.10%, 01/07/30

     2,694       2,426,946  

Series 2016-2, Class AA, 2.88%, 04/07/30

     2,211       1,968,805  

Series 2018-1, Class AA, 3.50%, 09/01/31

     2,872       2,577,736  

Series 2019, Class AA, 4.15%, 02/25/33

     769       701,731  

Series 2019-2, Class AA, 2.70%, 11/01/33(b)

    2,858       2,401,549  

Series 2020-1, Class A, 5.88%, 04/15/29

     4,541       4,503,002  

Series 2020-1, Class B, 4.88%, 07/15/27

     2,756       2,662,445  
   

 

 

  
      68,608,878  
Apparel — 0.1%            

NIKE Inc.

    

2.38%, 11/01/26 (Call 08/01/26)

     2,228       2,051,208  

2.40%, 03/27/25 (Call 02/27/25)

     6,601       6,298,872  
Security   Par
(000) 		    Value  

Apparel (continued)

    

2.75%, 03/27/27 (Call 01/27/27)

   $   6,973     $ 6,468,504  

2.85%, 03/27/30 (Call 12/27/29)

     6,425       5,716,451  

3.25%, 03/27/40 (Call 09/27/39)(b)

    2,470       1,989,165  

3.38%, 11/01/46 (Call 05/01/46)

     4,365       3,361,617  

3.38%, 03/27/50 (Call 09/27/49)

     3,517       2,736,402  

3.63%, 05/01/43 (Call 11/01/42)

     1,244       1,019,433  

3.88%, 11/01/45 (Call 05/01/45)(b)

    4,423       3,792,678  

PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)

     2,823       2,756,575  

Ralph Lauren Corp.

    

2.95%, 06/15/30 (Call 03/15/30)

     2,084       1,821,187  

3.75%, 09/15/25 (Call 07/15/25)

     3,765       3,627,314  

Tapestry Inc.

    

3.05%, 03/15/32 (Call 12/15/31)

     1,693       1,345,410  

4.13%, 07/15/27 (Call 04/15/27)(b)

    581       548,656  

4.25%, 04/01/25 (Call 01/01/25)

     90       87,802  

VF Corp.

    

2.40%, 04/23/25 (Call 03/23/25)

     4,304       4,032,289  

2.80%, 04/23/27 (Call 02/23/27)(b)

    3,314       3,002,815  

2.95%, 04/23/30 (Call 01/23/30)

     3,644       3,009,434  
   

 

 

  
        53,665,812  
Auto Manufacturers — 0.4%            

American Honda Finance Corp.

    

0.55%, 07/12/24

     447       419,223  

0.75%, 08/09/24

     1,280       1,201,050  

1.00%, 09/10/25

     669       603,819  

1.20%, 07/08/25

     946       862,430  

1.30%, 09/09/26

     3,815       3,352,126  

1.50%, 01/13/25

     3,415       3,195,313  

1.80%, 01/13/31

     1,387       1,108,671  

2.00%, 03/24/28

     1,920       1,660,858  

2.15%, 09/10/24

     2,718       2,593,706  

2.25%, 01/12/29

     3,260       2,797,569  

2.30%, 09/09/26

     2,856       2,603,187  

2.35%, 01/08/27

     1,826       1,662,281  

2.40%, 06/27/24

     3,785       3,643,895  

3.50%, 02/15/28(b)

    3,346       3,130,283  

4.70%, 01/12/28

     1,260       1,242,410  

4.75%, 01/12/26

     695       689,315  

Cummins Inc.

    

0.75%, 09/01/25 (Call 08/01/25)

     2,245       2,026,337  

1.50%, 09/01/30 (Call 06/01/30)

     1,774       1,406,232  

2.60%, 09/01/50 (Call 03/01/50)(b)

    4,005       2,526,514  

4.88%, 10/01/43 (Call 04/01/43)

     1,346       1,287,341  

General Motors Co.

    

4.00%, 04/01/25

     2,399       2,326,646  

4.20%, 10/01/27 (Call 07/01/27)

     3,053       2,886,734  

5.00%, 10/01/28 (Call 07/01/28)

     3,275       3,171,281  

5.00%, 04/01/35

     3,188       2,830,498  

5.15%, 04/01/38 (Call 10/01/37)

     4,210       3,637,145  

5.20%, 04/01/45

     5,032       4,150,243  

5.40%, 10/15/29 (Call 08/15/29)

     2,175       2,092,002  

5.40%, 04/01/48 (Call 10/01/47)

     3,686       3,069,516  

5.60%, 10/15/32 (Call 07/15/32)(b)

    4,440       4,221,552  

5.95%, 04/01/49 (Call 10/01/48)

     3,812       3,430,686  

6.13%, 10/01/25 (Call 09/01/25)

     7,801       7,886,499  

6.25%, 10/02/43

     2,940       2,766,952  

6.60%, 04/01/36 (Call 10/01/35)

     4,755       4,753,859  

6.75%, 04/01/46 (Call 10/01/45)

     3,417       3,369,025  

6.80%, 10/01/27 (Call 08/01/27)

     3,746       3,908,539  

 

 

12  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

     Value  

Auto Manufacturers (continued)

    

General Motors Financial Co. Inc.

    

1.05%, 03/08/24

   $     3,004     $     2,868,820  

1.20%, 10/15/24

     3,560       3,309,768  

1.25%, 01/08/26 (Call 12/08/25)

     1,905       1,685,011  

1.50%, 06/10/26 (Call 05/10/26)

     5,155       4,501,037  

2.35%, 02/26/27 (Call 01/26/27)

     4,050       3,579,957  

2.35%, 01/08/31 (Call 10/08/30)

     1,785       1,371,273  

2.40%, 04/10/28 (Call 02/10/28)

     3,235       2,755,702  

2.40%, 10/15/28 (Call 08/15/28)

     4,330       3,623,431  

2.70%, 08/20/27 (Call 06/20/27)

     1,559       1,373,728  

2.70%, 06/10/31 (Call 03/10/31)

     5,305       4,151,322  

2.75%, 06/20/25 (Call 05/20/25)

     5,514       5,173,014  

2.90%, 02/26/25 (Call 01/26/25)

     6,111       5,788,828  

3.10%, 01/12/32 (Call 10/12/31)

     2,260       1,798,666  

3.50%, 11/07/24 (Call 09/07/24)

     4,382       4,229,506  

3.60%, 06/21/30 (Call 03/21/30)

     2,091       1,791,966  

3.80%, 04/07/25

     200       192,390  

3.85%, 01/05/28 (Call 10/05/27)

     1,894       1,733,105  

3.95%, 04/13/24 (Call 02/13/24)

     3,243       3,180,961  

4.00%, 01/15/25 (Call 10/15/24)

     2,900       2,812,333  

4.00%, 10/06/26 (Call 07/06/26)

     3,556       3,372,013  

4.30%, 07/13/25 (Call 04/13/25)

     2,968       2,881,631  

4.30%, 04/06/29 (Call 02/06/29)

     535       487,685  

4.35%, 04/09/25 (Call 02/09/25)

     2,887       2,803,652  

4.35%, 01/17/27 (Call 10/17/26)

     5,204       4,971,537  

5.00%, 04/09/27 (Call 03/09/27)

     4,780       4,661,169  

5.25%, 03/01/26 (Call 12/01/25)

     4,910       4,853,830  

5.65%, 01/17/29 (Call 10/17/28)

     2,149       2,105,590  

6.00%, 01/09/28 (Call 12/09/27)

     3,375       3,396,465  

6.05%, 10/10/25

     3,025       3,050,138  

6.40%, 01/09/33 (Call 10/09/32)(b)

     3,293       3,305,415  

Honda Motor Co. Ltd.

    

2.27%, 03/10/25 (Call 02/10/25)

     1,000       944,350  

2.53%, 03/10/27 (Call 02/10/27)

     930       854,093  

2.97%, 03/10/32 (Call 12/10/31)

     3,620       3,141,074  

Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31

     5,899       7,298,125  

PACCAR Financial Corp.

    

0.50%, 08/09/24

     619       578,183  

0.90%, 11/08/24

     195       182,118  

1.10%, 05/11/26

     2,229       1,978,616  

1.80%, 02/06/25

     1,036       972,669  

2.00%, 02/04/27

     1,205       1,085,090  

2.15%, 08/15/24

     1,688       1,614,032  

2.85%, 04/07/25

     25       23,901  

3.15%, 06/13/24

     910       886,850  

3.55%, 08/11/25

     1,703       1,647,278  

4.60%, 01/10/28

     1,405       1,392,580  

4.95%, 10/03/25

     1,790       1,787,404  

Toyota Motor Corp.

    

0.68%, 03/25/24 (Call 02/25/24)

     4,675       4,456,210  

1.34%, 03/25/26 (Call 02/25/26)

     3,030       2,718,183  

2.36%, 07/02/24

     2,607       2,508,273  

2.36%, 03/25/31 (Call 12/25/30)(b)

     1,295       1,093,822  

2.76%, 07/02/29

     1,098       975,386  

3.67%, 07/20/28

     1,790       1,700,769  

Toyota Motor Credit Corp.

    

0.50%, 06/18/24

     5,790       5,449,664  

0.63%, 09/13/24

     3,720       3,473,587  

0.80%, 10/16/25

     765       685,998  
Security  

Par 

(000)

     Value  

Auto Manufacturers (continued)

    

0.80%, 01/09/26

   $ 415     $ 369,645  

1.13%, 06/18/26

     7,529       6,648,935  

1.15%, 08/13/27

     1,978       1,682,823  

1.45%, 01/13/25

     2,830       2,648,993  

1.65%, 01/10/31

     1,746       1,387,214  

1.80%, 02/13/25

     3,318       3,111,156  

1.90%, 01/13/27

     2,915       2,605,135  

1.90%, 04/06/28

     3,124       2,714,069  

1.90%, 09/12/31

     4,160       3,329,290  

2.00%, 10/07/24

     1,983       1,887,162  

2.15%, 02/13/30

         4,015       3,418,933  

2.40%, 01/13/32

     635       525,558  

2.50%, 03/22/24

     50       48,575  

2.90%, 04/17/24

     1,972       1,920,945  

3.00%, 04/01/25

     6,973       6,673,649  

3.05%, 03/22/27

     6,135       5,710,151  

3.05%, 01/11/28

     2,755       2,535,234  

3.20%, 01/11/27

     4,752       4,464,504  

3.38%, 04/01/30

     2,219       2,029,764  

3.40%, 04/14/25

     3,600       3,473,496  

3.65%, 08/18/25

     3,445       3,326,768  

3.65%, 01/08/29

     2,105       1,976,932  

3.95%, 06/30/25

     3,615       3,526,360  

4.40%, 09/20/24

     1,570       1,552,589  

4.45%, 06/29/29

     3,235       3,163,830  

4.55%, 09/20/27

     1,230       1,210,332  

4.63%, 01/12/28

     1,995       1,969,344  

4.70%, 01/12/33

     1,715       1,681,780  

4.80%, 01/10/25

     1,780       1,770,602  

5.40%, 11/10/25

     3,155       3,186,487  

5.45%, 11/10/27

     3,795       3,875,947  
   

 

 

  
        316,198,137  
Auto Parts & Equipment — 0.0%            

Aptiv PLC

    

3.10%, 12/01/51 (Call 06/01/51)

     5,515       3,320,967  

4.35%, 03/15/29 (Call 12/15/28)

     1,000       945,490  

4.40%, 10/01/46 (Call 04/01/46)

     1,202       908,724  

5.40%, 03/15/49 (Call 09/15/48)

     1,387       1,205,275  

Aptiv PLC/Aptiv Corp.

    

2.40%, 02/18/25 (Call 03/31/23)

     1,000       942,450  

3.25%, 03/01/32 (Call 12/01/31)

     3,375       2,814,210  

4.15%, 05/01/52 (Call 11/01/51)

     3,520       2,575,866  

BorgWarner Inc.

    

2.65%, 07/01/27 (Call 05/01/27)

     4,098       3,679,430  

3.38%, 03/15/25 (Call 12/15/24)

     744       713,302  

4.38%, 03/15/45 (Call 09/15/44)

     2,010       1,562,775  

Lear Corp.

    

2.60%, 01/15/32 (Call 10/15/31)

     1,525       1,156,179  

3.50%, 05/30/30 (Call 02/28/30)

     1,950       1,667,620  

3.55%, 01/15/52 (Call 07/15/51)

     1,060       662,087  

3.80%, 09/15/27 (Call 06/15/27)

     1,684       1,573,041  

4.25%, 05/15/29 (Call 02/15/29)

     2,115       1,935,204  

5.25%, 05/15/49 (Call 11/15/48)

     1,525       1,287,878  

Magna International Inc.

    

2.45%, 06/15/30 (Call 03/15/30)

     1,083       899,659  

3.63%, 06/15/24 (Call 03/15/24)

     4,500       4,392,495  

4.15%, 10/01/25 (Call 07/01/25)

     2,754       2,667,690  
   

 

 

  
      34,910,342  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   13

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks — 5.7%

    

Australia & New Zealand Banking Group Ltd.

    

3.70%, 11/16/25

   $ 3,174     $ 3,055,134  

5.09%, 12/08/25

     1,050       1,046,672  

Banco Bilbao Vizcaya Argentaria SA

    

1.13%, 09/18/25

     3,540       3,171,557  

5.86%, 09/14/26 (Call 09/14/25),
(1 year CMT + 2.300%)(a)

    4,030       4,002,677  

6.13%, 09/14/28 (Call 09/14/27),
(1 year CMT + 2.700%)(a)

    200       202,440  

Banco Santander SA

    

1.72%, 09/14/27 (Call 09/14/26),
(1 year CMT + 0.900%)(a)

    3,713       3,202,462  

1.85%, 03/25/26

     5,264       4,674,695  

2.71%, 06/27/24

     7,880       7,593,168  

2.75%, 05/28/25

     7,974       7,484,237  

2.75%, 12/03/30

     2,378       1,851,725  

2.96%, 03/25/31

     3,580       2,918,309  

3.23%, 11/22/32 (Call 08/22/31),
(1 year CMT + 1.600%)(a)

    3,930       3,033,646  

3.31%, 06/27/29

     4,737       4,193,335  

3.49%, 05/28/30

     4,423       3,808,247  

3.50%, 03/24/25

     635       610,883  

3.80%, 02/23/28

     2,334       2,141,492  

3.89%, 05/24/24

     4,475       4,380,533  

4.18%, 03/24/28 (Call 03/24/27),
(1 year CMT + 2.000%)(a)

    4,938       4,611,697  

4.25%, 04/11/27

     5,823       5,521,136  

4.38%, 04/12/28

     2,959       2,780,395  

5.15%, 08/18/25

     1,625       1,602,640  

5.18%, 11/19/25

     6,286       6,196,487  

5.29%, 08/18/27

     4,423       4,334,053  

Bank of America Corp.

    

0.98%, 04/22/25 (Call 04/22/24),
(1 day SOFR + 0.690%)(a)

    9,303       8,794,498  

0.98%, 09/25/25 (Call 09/25/24),
(1 day SOFR + 0.910%)(a)

    3,013       2,795,793  

1.20%, 10/24/26 (Call 10/24/25),
(1 day SOFR + 1.010%)(a)

    9,993       8,901,265  

1.32%, 06/19/26 (Call 06/19/25),
(1 day SOFR + 1.150%)(a)

      10,308       9,348,944  

1.53%, 12/06/25 (Call 12/06/24),
(1 day SOFR + 0.650%)(a)

    7,064       6,562,809  

1.73%, 07/22/27 (Call 07/22/26),
(1 day SOFR + 0.960%)(a)

    18,348         16,166,239  

1.90%, 07/23/31 (Call 07/23/30),
(1 day SOFR + 1.530%)(a)

    4,145       3,224,893  

1.92%, 10/24/31 (Call 10/24/30),
(1 day SOFR + 1.370%)(a)

    11,376       8,824,249  

2.02%, 02/13/26 (Call 02/13/25),
(3 mo. LIBOR US + 0.640%)(a)

     5,129       4,778,176  

2.09%, 06/14/29 (Call 06/14/28),
(1 day SOFR + 1.060%)(a)

    7,200       6,058,440  

2.30%, 07/21/32 (Call 07/21/31),
(1 day SOFR + 1.220%)(a)

    9,125       7,137,210  

2.46%, 10/22/25 (Call 10/22/24),
(3 mo. LIBOR US + 0.870%)(a)

     9,496       9,010,564  

2.48%, 09/21/36 (Call 09/21/31),
(5 year CMT + 1.200%)(a)

    10,385       7,777,846  

2.50%, 02/13/31 (Call 02/13/30),
(3 mo. LIBOR US + 0.990%)(a)

     13,340       10,979,354  
Security   Par
(000) 		    Value  

Banks (continued)

    

2.55%, 02/04/28 (Call 02/04/27),
(1 day SOFR + 1.050%)(a)

  $ 10,190     $ 9,113,121  

2.57%, 10/20/32 (Call 10/20/31),
(1 day SOFR + 1.210%)(a)

    10,020       7,982,132  

2.59%, 04/29/31 (Call 04/29/30),
(1 day SOFR + 2.150%)(a)

      13,144         10,856,813  

2.68%, 06/19/41 (Call 06/19/40),
(1 day SOFR + 1.930%)(a)

    16,227       11,140,971  

2.69%, 04/22/32 (Call 04/22/31),
(1 day SOFR + 1.320%)(a)

    14,429       11,702,785  

2.83%, 10/24/51 (Call 10/24/50),
(1 day SOFR + 1.880%)(a)

    3,509       2,245,304  

2.88%, 10/22/30 (Call 10/22/29),
(3 mo. LIBOR US + 1.190%)(a)

     8,268       7,004,236  

2.97%, 02/04/33 (Call 02/04/32),
(1 day SOFR + 1.330%)(a)

    15,210       12,449,233  

2.97%, 07/21/52 (Call 07/21/51),
(1 day SOFR + 1.560%)(a)

    6,000       3,920,640  

3.09%, 10/01/25 (Call 10/01/24),
(3 mo. LIBOR US + 1.090%)(a)

     5,649       5,424,678  

3.19%, 07/23/30 (Call 07/23/29),
(3 mo. LIBOR US + 1.180%)(a)

     10,129       8,792,985  

3.25%, 10/21/27 (Call 10/21/26)

     10,960       10,097,338  

3.31%, 04/22/42 (Call 04/22/41),
(1 day SOFR + 1.580%)(a)

    12,290       9,155,681  

3.37%, 01/23/26 (Call 01/23/25),
(3 mo. LIBOR US + 0.810%)(a)

     6,064       5,804,036  

3.38%, 04/02/26 (Call 04/02/25),
(1 day SOFR + 1.330%)(a)

    7,300       6,982,815  

3.42%, 12/20/28 (Call 12/20/27),
(3 mo. LIBOR US + 1.040%)(a)

     18,327       16,727,236  

3.46%, 03/15/25 (Call 03/15/24),
(3 mo. LIBOR US + 0.970%)(a)

     7,254       7,090,205  

3.50%, 04/19/26

     11,726       11,200,206  

3.56%, 04/23/27 (Call 04/23/26),
(3 mo. LIBOR US + 1.060%)(a)

     8,637       8,118,953  

3.59%, 07/21/28 (Call 07/21/27),
(3 mo. LIBOR US + 1.370%)(a)

     8,666       8,000,625  

3.71%, 04/24/28 (Call 04/24/27),
(3 mo. LIBOR US + 1.512%)(a)

     8,829       8,215,473  

3.82%, 01/20/28 (Call 01/20/27),
(3 mo. LIBOR US + 1.575%)(a)

     10,898       10,243,684  

3.84%, 04/25/25 (Call 04/27/24),
(1 day SOFR + 1.110%)(a)

    6,510       6,374,917  

3.85%, 03/08/37 (Call 03/08/32),
(5 year CMT + 2.000%)(a)

    1,065       898,146  

3.88%, 08/01/25

     2,108       2,046,994  

3.95%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.19%)(a)

     4,350       3,459,076  

3.97%, 03/05/29 (Call 03/05/28),
(3 mo. LIBOR US + 1.070%)(a)

     9,395       8,713,769  

3.97%, 02/07/30 (Call 02/07/29),
(3 mo. LIBOR US + 1.210%)(a)

     10,038       9,186,978  

4.00%, 04/01/24

     6,558       6,461,335  

4.00%, 01/22/25

     10,185       9,924,162  

4.08%, 04/23/40 (Call 04/23/39),
(3 mo. LIBOR US + 1.32%)(a)

     5,564       4,665,803  

4.08%, 03/20/51 (Call 03/20/50),
(3 mo. LIBOR US + 3.15%)(a)

     17,598       14,149,496  

4.20%, 08/26/24

     8,992       8,821,692  

 

 

14  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

4.24%, 04/24/38 (Call 04/24/37),
(3 mo. LIBOR US + 1.814%)(a)

   $ 7,858     $ 6,798,820  

4.25%, 10/22/26

     8,998       8,647,438  

4.27%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.310%)(a)

       11,584         10,877,144  

4.33%, 03/15/50 (Call 03/15/49),
(3 mo. LIBOR US + 1.520%)(a)

     10,196       8,551,589  

4.38%, 04/27/28 (Call 04/27/27),
(1 day SOFR + 1.580%)(a)

    5,536       5,291,198  

4.44%, 01/20/48 (Call 01/20/47),
(3 mo. LIBOR US + 1.990%)(a)

     7,856       6,780,042  

4.45%, 03/03/26

     7,486       7,280,584  

4.57%, 04/27/33 (Call 04/27/32),
(1 day SOFR + 1.830%)(a)

    9,775       9,084,298  

4.83%, 07/22/26 (Call 07/22/25),
(1 day SOFR + 1.750%)(a)

    10,035       9,875,042  

4.88%, 04/01/44

     1,698       1,566,897  

4.95%, 07/22/28 (Call 07/22/27),
(1 day SOFR + 2.040%)(a)

    9,315       9,113,796  

5.00%, 01/21/44

     7,005       6,642,561  

5.02%, 07/22/33 (Call 07/22/32),
(1 day SOFR + 2.160%)(a)

    15,170       14,593,995  

5.08%, 01/20/27 (Call 01/20/26)

     10,525       10,409,014  

5.88%, 02/07/42

     6,182       6,450,546  

6.11%, 01/29/37

     8,287       8,519,367  

6.20%, 11/10/28 (Call 11/10/27),
(1 day SOFR + 1.999%)(a)

    7,419       7,626,955  

6.22%, 09/15/26

     2,379       2,451,488  

7.75%, 05/14/38

     6,389       7,526,561  

Series L, 3.95%, 04/21/25

     11,446       11,099,758  

Series L, 4.18%, 11/25/27 (Call 11/25/26)

     9,271       8,834,614  

Series L, 4.75%, 04/21/45

     2,587       2,350,186  

Series N, 1.66%, 03/11/27 (Call 03/11/26),
(1 day SOFR + 0.910%)(a)

    11,060       9,856,340  

Series N, 2.65%, 03/11/32 (Call 03/11/31),
(1 day SOFR + 1.220%)(a)

    10,435       8,491,168  

Series N, 3.48%, 03/13/52 (Call 03/11/51),
(1 day SOFR + 1.650%)(a)

    4,530       3,325,881  

Bank of America NA, 6.00%, 10/15/36

     5,778       5,971,505  

Bank of Montreal

    

0.63%, 07/09/24

     2,796       2,623,375  

0.95%, 01/22/27 (Call 01/22/26),
(1 day SOFR + 0.603%)(a)

    2,090       1,840,433  

1.25%, 09/15/26

     7,436       6,493,264  

1.50%, 01/10/25

     2,175       2,026,665  

1.85%, 05/01/25

     6,682       6,213,926  

2.15%, 03/08/24

     3,710       3,590,093  

2.50%, 06/28/24

     1,643       1,581,010  

2.65%, 03/08/27

     4,080       3,719,573  

3.09%, 01/10/37 (Call 01/10/32),
(5 year CMT + 1.400%)(a)

    3,460       2,715,270  

3.70%, 06/07/25

     550       531,795  

3.80%, 12/15/32 (Call 12/15/27),
(5 year USD Swap + 1.432%)(a)

     5,361       4,793,431  

5.20%, 12/12/24

     150       149,619  

5.20%, 02/01/28 (Call 01/01/28)

     7,630       7,594,826  

Series H, 4.25%, 09/14/24

     348       341,931  

Series H, 4.70%, 09/14/27 (Call 08/14/27)

     1,500       1,467,345  

Bank of New York Mellon Corp. (The)

    

0.50%, 04/26/24 (Call 03/26/24)

     3,091       2,925,477  
Security   Par
(000) 		    Value  

Banks (continued)

    

0.75%, 01/28/26 (Call 12/28/25)

   $ 466     $ 413,239  

1.05%, 10/15/26 (Call 09/15/26)

     1,981       1,721,608  

1.60%, 04/24/25 (Call 03/24/25)

         2,196         2,035,450  

1.65%, 07/14/28 (Call 05/14/28)

     2,275       1,947,195  

1.65%, 01/28/31 (Call 10/28/30)

     952       749,148  

1.80%, 07/28/31 (Call 04/28/31)

     2,000       1,561,100  

2.05%, 01/26/27 (Call 12/26/26)

     2,535       2,273,819  

2.10%, 10/24/24

     4,083       3,885,914  

2.45%, 08/17/26 (Call 05/17/26)

     3,006       2,758,095  

2.50%, 01/26/32 (Call 10/26/31)

     1,845       1,505,262  

2.80%, 05/04/26 (Call 02/04/26)

     3,627       3,385,768  

3.00%, 10/30/28 (Call 07/30/28)

     2,172       1,939,574  

3.25%, 09/11/24 (Call 08/11/24)

     2,597       2,520,804  

3.25%, 05/16/27 (Call 02/16/27)

     3,627       3,398,753  

3.30%, 08/23/29 (Call 05/23/29)

     2,444       2,183,201  

3.35%, 04/25/25 (Call 03/25/25)

     3,830       3,688,558  

3.40%, 05/15/24 (Call 04/15/24)

     2,792       2,731,190  

3.40%, 01/29/28 (Call 10/29/27)

     3,474       3,219,182  

3.43%, 06/13/25 (Call 06/13/24),
(1 day SOFR + 0.565%)(a)

    2,150       2,096,530  

3.44%, 02/07/28 (Call 02/07/27),
(3 mo. LIBOR US + 1.069%)(a)

    3,281       3,085,026  

3.85%, 04/28/28

     3,425       3,249,297  

3.85%, 04/26/29 (Call 02/26/29)

     1,590       1,488,113  

3.95%, 11/18/25 (Call 10/18/25)

     2,544       2,467,782  

3.99%, 06/13/28 (Call 06/13/27),
(1 day SOFR + 1.151%)(a)

    2,637       2,526,958  

4.29%, 06/13/33 (Call 06/13/32),
(1 day SOFR + 1.418%)(a)

    1,857       1,726,954  

4.41%, 07/24/26 (Call 07/24/25),
(1 day SOFR + 1.345%)(a)

    1,928       1,889,112  

4.54%, 02/01/29 (Call 02/01/28)

     3,150       3,058,870  

4.60%, 07/26/30 (Call 07/26/29),
(1 day SOFR + 1.755%)(a)

    1,505       1,452,295  

4.71%, 02/01/34 (Call 02/01/33)

     2,745       2,637,012  

5.22%, 11/21/25 (Call 11/21/24),
(1 day SOFR + 0.800%)(a)

    2,735       2,724,880  

5.80%, 10/25/28 (Call 10/25/27),
(1 day SOFR + 1.802%)(a)

    1,850       1,895,029  

5.83%, 10/25/33 (Call 10/25/32),
(1 day SOFR + 2.074%)(a)

    3,660       3,811,304  

Series G, 3.00%, 02/24/25 (Call 01/24/25)

     3,646       3,496,952  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

     2,327       2,170,812  

Series J, 1.90%, 01/25/29 (Call 11/25/28)

     2,078       1,738,954  

Bank of Nova Scotia (The)

    

0.65%, 07/31/24

     4,580       4,284,773  

0.70%, 04/15/24

     1,591       1,509,604  

1.05%, 03/02/26

     3,300       2,907,861  

1.30%, 06/11/25(b)

    4,252       3,883,437  

1.30%, 09/15/26

     3,860       3,358,316  

1.35%, 06/24/26

     3,465       3,051,764  

1.45%, 01/10/25

     5,625       5,238,900  

1.95%, 02/02/27

     3,475       3,094,209  

2.15%, 08/01/31

     876       695,964  

2.20%, 02/03/25

     5,279       4,976,777  

2.44%, 03/11/24

     30       29,135  

2.45%, 02/02/32

     2,650       2,134,442  

2.70%, 08/03/26

     5,106       4,685,674  

2.95%, 03/11/27

     1,785       1,638,826  

3.45%, 04/11/25

     4,180       4,018,986  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   15

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

4.50%, 12/16/25

   $   5,237     $   5,076,434  

4.59%, 05/04/37 (Call 02/04/32),
(5 year CMT + 2.050%)(a)

    4,665       4,085,327  

4.75%, 02/02/26

     1,015       998,476  

4.85%, 02/01/30

     3,270       3,172,456  

5.25%, 12/06/24

     1,925       1,920,303  

Bank OZK, 2.75%, 10/01/31 (Call 10/01/26),
(3 mo. SOFR + 2.090%)(a)

    1,440       1,231,258  

BankUnited Inc.

    

4.88%, 11/17/25 (Call 08/17/25)

     2,011       1,964,646  

5.13%, 06/11/30 (Call 03/11/30)

     1,209       1,144,198  

Barclays Bank PLC, 3.75%, 05/15/24

     705       689,589  

Barclays PLC

    

2.28%, 11/24/27 (Call 11/24/26),
(1 year CMT + 1.050%)(a)

    6,836       6,018,141  

2.65%, 06/24/31 (Call 06/24/30),
(1 year CMT + 1.900%)(a)

    3,234       2,576,625  

2.67%, 03/10/32 (Call 03/10/31),
(1 year CMT + 1.200%)(a)

    1,535       1,196,425  

2.85%, 05/07/26 (Call 05/07/25),
(1 day SOFR + 2.714%)(a)

    4,573       4,283,941  

2.89%, 11/24/32 (Call 11/24/31),
(1 year CMT + 1.300%)(a)

    4,213       3,279,062  

3.33%, 11/24/42 (Call 11/24/41),
(1 year CMT + 1.300%)(a)

    4,710       3,377,211  

3.56%, 09/23/35 (Call 09/23/30),
(5 year CMT + 2.900%)(a)

    4,295       3,436,945  

3.65%, 03/16/25

     8,978       8,619,778  

3.81%, 03/10/42 (Call 03/10/41),
(1 year CMT + 1.700%)(a)

    673       488,228  

3.93%, 05/07/25 (Call 05/07/24),
(3 mo. LIBOR US + 1.610%)(a)

    7,532       7,333,908  

4.34%, 01/10/28 (Call 01/10/27)

     4,725       4,412,158  

4.38%, 09/11/24

     5,338       5,207,219  

4.38%, 01/12/26

     9,322       9,009,060  

4.84%, 05/09/28 (Call 05/07/27)

     7,293       6,831,280  

4.95%, 01/10/47

     6,225       5,565,959  

4.97%, 05/16/29 (Call 05/16/28),
(3 mo. LIBOR US + 1.902%)(a)

    6,145       5,845,370  

5.09%, 06/20/30 (Call 06/20/29),
(3 mo. LIBOR US + 3.054%)(a)

    4,983       4,614,956  

5.20%, 05/12/26

     7,208       7,017,348  

5.25%, 08/17/45

     6,115       5,688,418  

5.30%, 08/09/26 (Call 08/09/25),
(1 year CMT + 2.300%)(a)

    4,845       4,751,346  

5.50%, 08/09/28 (Call 08/09/27),
(1 year CMT + 2.650%)(a)

    6,250       6,121,937  

5.75%, 08/09/33 (Call 08/09/32),
(1 year CMT + 3.000%)(a)

    2,500       2,413,275  

7.33%, 11/02/26 (Call 11/02/25),
(1 year CMT + 3.050%)(a)

    2,584       2,672,269  

7.39%, 11/02/28 (Call 11/02/27),
(1 year CMT + 3.300%)(a)

    2,025       2,129,308  

7.44%, 11/02/33 (Call 11/02/32),
(1 year CMT + 3.500%)(a)

    5,950       6,417,432  

BNP Paribas SA, 4.25%, 10/15/24

     4,386       4,284,727  

BPCE SA

    

3.38%, 12/02/26

     2,622       2,444,700  

4.00%, 04/15/24

     3,332       3,279,488  
Security   Par
(000) 		    Value  

Banks (continued)

    

Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24),
(3 mo. LIBOR US + 2.470%)(a)

  $ 625     $ 598,494  

Canadian Imperial Bank of Commerce

    

0.95%, 10/23/25

     3,393       3,038,058  

1.00%, 10/18/24

     3,985       3,712,864  

1.25%, 06/22/26 (Call 05/22/26)

     4,535       3,982,773  

2.25%, 01/28/25

     3,420       3,229,951  

3.10%, 04/02/24

     4,788       4,669,832  

3.30%, 04/07/25

     1,235       1,183,982  

3.45%, 04/07/27

     1,220       1,143,213  

3.60%, 04/07/32 (Call 03/07/32)

     1,065       939,735  

3.95%, 08/04/25

     2,945       2,852,645  

Capital One NA, 2.28%, 01/28/26 (Call 01/28/25),
(1 day SOFR + 0.911%)(a)

    2,405       2,254,255  

Citigroup Inc.

    

0.98%, 05/01/25 (Call 05/01/24),
(1 day SOFR + 0.669%)(a)

    4,555       4,303,063  

1.12%, 01/28/27 (Call 01/28/26),
(1 day SOFR + 0.765%)(a)

    9,818       8,712,690  

1.28%, 11/03/25 (Call 11/03/24),
(1 day SOFR + 0.528%)(a)

    1,800       1,670,994  

1.46%, 06/09/27 (Call 06/09/26),
(1 day SOFR + 0.770%)(a)

      10,738       9,386,301  

2.01%, 01/25/26 (Call 01/25/25),
(1 day SOFR + 0.694%)(a)

    3,515       3,280,444  

2.52%, 11/03/32 (Call 11/03/31),
(1 day SOFR + 1.177%)(a)

    2,280       1,798,555  

2.56%, 05/01/32 (Call 05/01/31),
(1 day SOFR + 1.167%)(a)

    10,670       8,560,861  

2.57%, 06/03/31 (Call 06/03/30),
(1 day SOFR + 2.107%)(a)

    13,835         11,343,870  

2.67%, 01/29/31 (Call 01/29/30),
(1 day SOFR + 1.146%)(a)

    8,402       6,998,530  

2.90%, 11/03/42 (Call 11/03/41),
(1 day SOFR + 1.379%)(a)

    2,970       2,068,278  

2.98%, 11/05/30 (Call 11/05/29),
(1 day SOFR + 1.422%)(a)

    5,672       4,834,019  

3.06%, 01/25/33 (Call 01/25/32),
(1 day SOFR + 1.351%)(a)

    9,500       7,793,990  

3.07%, 02/24/28 (Call 02/24/27),
(1 day SOFR + 1.280%)(a)

    6,200       5,631,770  

3.11%, 04/08/26 (Call 04/08/25),
(1 day SOFR + 2.842%)(a)

    14,357       13,631,684  

3.20%, 10/21/26 (Call 07/21/26)

     10,503       9,772,096  

3.29%, 03/17/26 (Call 03/17/25),
(1 day SOFR + 1.528%)(a)

    3,990       3,805,782  

3.30%, 04/27/25

     5,697       5,454,080  

3.35%, 04/24/25 (Call 04/24/24),
(3 mo. LIBOR US + 0.897%)(a)

     11,155       10,855,154  

3.40%, 05/01/26

     10,185       9,618,714  

3.52%, 10/27/28 (Call 10/27/27),
(3 mo. LIBOR US + 1.151%)(a)

     8,723       7,992,710  

3.67%, 07/24/28 (Call 07/24/27),
(3 mo. LIBOR US + 1.390%)(a)

     9,275       8,591,154  

3.70%, 01/12/26

     8,552       8,205,644  

3.75%, 06/16/24

     4,295       4,207,597  

3.79%, 03/17/33 (Call 03/17/32),
(1 day SOFR + 1.939%)(a)

    6,400       5,566,400  

3.88%, 03/26/25

     6,098       5,899,754  

 

 

16  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

3.88%, 01/24/39 (Call 01/22/38),
(3 mo. LIBOR US + 1.168%)(a)

   $ 2,621     $ 2,155,589  

3.89%, 01/10/28 (Call 01/10/27),
(3 mo. LIBOR US + 1.563%)(a)

       10,032       9,436,601  

3.98%, 03/20/30 (Call 03/20/29),
(3 mo. LIBOR US + 1.338%)(a)

     9,434       8,610,223  

4.00%, 08/05/24

     2,938       2,889,112  

4.08%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.192%)(a)

     7,921       7,373,025  

4.13%, 07/25/28

     7,944       7,429,149  

4.14%, 05/24/25 (Call 05/24/24),
(1 day SOFR + 1.372%)(a)

    5,400       5,302,260  

4.28%, 04/24/48 (Call 04/24/47),
(3 mo. LIBOR US + 1.839%)(a)

     3,679       3,121,779  

4.30%, 11/20/26

     4,988       4,781,547  

4.40%, 06/10/25

     3,970       3,884,129  

4.41%, 03/31/31 (Call 03/31/30),
(1 day SOFR + 3.914%)(a)

    13,444         12,522,145  

4.45%, 09/29/27

     13,852       13,238,633  

4.60%, 03/09/26

     7,715       7,512,867  

4.65%, 07/30/45

     4,820       4,266,953  

4.65%, 07/23/48 (Call 06/23/48)

     8,753       7,833,760  

4.66%, 05/24/28 (Call 05/24/27),
(1 day SOFR + 1.887%)(a)

    3,620       3,503,581  

4.75%, 05/18/46

     8,663       7,461,009  

4.91%, 05/24/33 (Call 05/24/32),
(1 day SOFR + 2.086%)(a)

    3,050       2,896,341  

5.30%, 05/06/44

     3,985       3,748,211  

5.32%, 03/26/41 (Call 03/26/40),
(1 day SOFR + 4.548%)(a)

    2,687       2,613,564  

5.50%, 09/13/25

     7,358       7,392,803  

5.61%, 09/29/26 (Call 09/29/25),
(1 day SOFR + 1.546%)(a)

    10,665       10,661,054  

5.88%, 02/22/33

     1,367       1,378,141  

5.88%, 01/30/42

     4,734       4,929,420  

6.00%, 10/31/33

     5,100       5,179,509  

6.13%, 08/25/36

     1,558       1,582,725  

6.27%, 11/17/33 (Call 11/17/32),
(1 day SOFR + 2.338%)(a)

    10,280       10,787,010  

6.63%, 01/15/28

     1,347       1,441,277  

6.63%, 06/15/32

     3,815       4,027,076  

6.68%, 09/13/43

     4,284       4,717,155  

8.13%, 07/15/39

     7,748       9,838,488  

Citizens Bank NA

    

2.25%, 04/28/25 (Call 03/28/25)

     2,041       1,906,110  

4.58%, 08/09/28 (Call 08/09/27),
(1 day SOFR + 2.000%)(a)

    1,828       1,770,436  

Citizens Bank NA/Providence RI

    

3.75%, 02/18/26 (Call 11/18/25)

     2,062       1,970,550  

4.12%, 05/23/25 (Call 05/23/24),
(1 day SOFR + 1.395%)(a)

    1,853       1,808,306  

6.06%, 10/24/25 (Call 10/24/24),
(1 day SOFR + 1.450%)(a)

    1,810       1,821,095  

Citizens Financial Group Inc.

    

2.50%, 02/06/30 (Call 12/06/29)

     761       629,142  

2.64%, 09/30/32 (Call 07/02/32)

     1,842       1,403,328  

2.85%, 07/27/26 (Call 04/25/26)

     1,915       1,774,228  

3.25%, 04/30/30 (Call 01/30/30)

     2,938       2,566,079  

4.30%, 12/03/25 (Call 11/03/25)

     779       755,404  
Security   Par
(000) 		    Value  

Banks (continued)

    

5.64%, 05/21/37 (Call 05/21/32),
(5 year CMT + 2.750%)(a)

  $ 1,250     $ 1,174,138  
Comerica Bank            

2.50%, 07/23/24

     2,801       2,684,618  

4.00%, 07/27/25

     1,200       1,154,964  

Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28)

     2,661       2,480,318  

Commonwealth Bank of Australia, 5.08%, 01/10/25

     820       818,729  

Cooperatieve Rabobank UA

    

3.75%, 07/21/26

     4,493       4,218,657  

4.38%, 08/04/25

     5,407       5,242,573  

5.25%, 05/24/41

     4,881       5,085,612  

5.25%, 08/04/45(b)

    4,535       4,299,135  

5.75%, 12/01/43

     4,355       4,387,009  

Cooperatieve Rabobank UA/NY

    

1.38%, 01/10/25

     4,370       4,076,817  

3.38%, 05/21/25

     3,547       3,408,809  

3.88%, 08/22/24

     330       323,568  

5.00%, 01/13/25

     626       623,703  

Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 03/28/23)

     250       234,320  

Credit Suisse AG/New York NY

    

0.50%, 02/02/24

     818       771,341  

1.25%, 08/07/26

     3,933       3,218,059  

2.95%, 04/09/25

     5,349       4,873,206  

3.63%, 09/09/24

       11,860         11,204,854  

3.70%, 02/21/25

     6,941       6,478,174  

4.75%, 08/09/24

     500       481,570  

5.00%, 07/09/27

     5,400       4,948,614  

7.50%, 02/15/28

     3,145       3,173,494  

7.95%, 01/09/25

     2,030       2,048,534  

Credit Suisse Group AG

    

3.75%, 03/26/25

     8,976       8,238,173  

4.55%, 04/17/26

     6,239       5,574,484  

4.88%, 05/15/45

     6,573       4,790,074  

Deutsche Bank AG

    

4.10%, 01/13/26(b)

    3,929       3,785,709  

4.50%, 04/01/25(b)

    1,733       1,676,123  

6.12%, 07/14/26 (Call 07/14/25),
(1 day SOFR + 3.190%)(a)

    2,905       2,902,589  

7.08%, 02/10/34 (Call 02/10/33),
(1 day SOFR + 3.650%)(a)

    945       919,277  

Deutsche Bank AG/London, 3.70%, 05/30/24

     4,045       3,949,700  

Deutsche Bank AG/New York NY

    

0.90%, 05/28/24

     3,525       3,319,633  

1.00%, 04/01/25 (Call 04/01/24),
(1 day SOFR + 1.131%)(a)

    7,247       6,852,473  

1.69%, 03/19/26

     5,403       4,848,976  

2.13%, 11/24/26 (Call 11/24/25),
(1 day SOFR + 1.870%)(a)

    5,979       5,361,130  

2.31%, 11/16/27 (Call 11/16/26),
(1 day SOFR + 1.219%)(a)

    5,928       5,151,491  

2.55%, 01/07/28 (Call 01/07/27),
(1 day SOFR + 1.318%)(a)

    5,080       4,420,870  

3.04%, 05/28/32 (Call 05/28/31),
(1 day SOFR + 1.718%)(a)

    1,759       1,388,942  

3.55%, 09/18/31 (Call 09/18/30),
(1 day SOFR + 3.043%)(a)

    6,947       5,816,584  

3.70%, 05/30/24

     2,716       2,644,515  

3.73%, 01/14/32 (Call 01/14/31),
(1 day SOFR + 2.757%)(a)

    1,675       1,323,317  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   17

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

3.74%, 01/07/33 (Call 10/07/31),
(1 day SOFR + 2.257%)(a)

  $ 4,570     $   3,487,093  

3.96%, 11/26/25 (Call 11/26/24),
(1 day SOFR + 2.581%)(a)

    4,408       4,230,402  

4.10%, 01/13/26

     3,008       2,880,401  

4.88%, 12/01/32 (Call 12/01/27),
(5 year USD ICE Swap + 2.553%)(a)

    2,745       2,428,749  

5.37%, 09/09/27

     189       187,282  

5.88%, 07/08/31 (Call 04/08/30),
(1 day SOFR + 5.438%)(a)

    340       312,997  

6.72%, 01/18/29 (Call 01/18/28),
(1 day SOFR + 3.180%)(a)

    3,510       3,546,785  

Discover Bank

    

2.45%, 09/12/24 (Call 08/12/24)

     3,373       3,207,757  

2.70%, 02/06/30 (Call 11/06/29)

     1,628       1,328,253  

3.45%, 07/27/26 (Call 04/27/26)

     3,928       3,655,986  

4.25%, 03/13/26

     1,735       1,665,166  

4.65%, 09/13/28 (Call 06/13/28)

     4,297       4,084,084  

Fifth Third Bancorp.

    

1.71%, 11/01/27 (Call 11/01/26),
(1 day SOFR + 0.685%)(a)

    2,494       2,208,512  

2.38%, 01/28/25 (Call 12/29/24)

     2,767       2,613,182  

2.55%, 05/05/27 (Call 04/05/27)

     3,389       3,071,213  

3.95%, 03/14/28 (Call 02/14/28)

     30       28,423  

4.06%, 04/25/28 (Call 04/25/27),
(1 day SOFR + 1.355%)(a)

    2,228       2,121,880  

4.34%, 04/25/33 (Call 04/05/32),
(1 day SOFR + 1.660%)(a)

    1,661       1,530,313  

4.77%, 07/28/30 (Call 07/28/29),
(1 day SOFR + 2.127%)(a)

    2,720       2,608,970  

6.36%, 10/27/28 (Call 10/27/27),
(1 day SOFR + 2.192%)(a)

    2,925       3,013,540  

8.25%, 03/01/38

     4,572       5,697,444  

Fifth Third Bank NA

    

2.25%, 02/01/27 (Call 01/01/27)

     3,386       3,048,416  

3.85%, 03/15/26 (Call 02/15/26)

     3,769       3,564,155  

3.95%, 07/28/25 (Call 06/28/25)

     3,002       2,921,696  

5.85%, 10/27/25 (Call 10/27/24),
(1 day SOFR + 1.230%)(a)

    5,180       5,206,884  

First Citizens BancShares Inc./NC,
3.38%, 03/15/30 (Call 03/15/25),
(3 mo. SOFR + 2.465%)(a)

    835       784,917  

First Horizon Bank, 5.75%, 05/01/30
(Call 02/01/30)

     1,431       1,431,544  

First Horizon Corp., 4.00%, 05/26/25
(Call 04/26/25)

     725       701,445  

First Republic Bank/CA

    

4.38%, 08/01/46 (Call 02/01/46)

     1,625       1,227,135  

4.63%, 02/13/47 (Call 08/13/46)

     1,638       1,294,642  

First-Citizens Bank & Trust Co.

    

2.97%, 09/27/25 (Call 09/27/24),
(3 mo. SOFR + 1.715%)(a)

    2,359       2,240,861  

6.13%, 03/09/28

     1,625       1,664,065  

FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)

     155       153,278  

Goldman Sachs Capital I, 6.35%, 02/15/34

     5,548       5,801,766  

Goldman Sachs Group Inc. (The)

    

0.86%, 02/12/26 (Call 02/12/25),
(1 day SOFR + 0.609%)(a)

    4,301       3,901,953  

1.09%, 12/09/26 (Call 12/09/25),
(1 day SOFR + 0.789%)(a)

    3,117       2,743,989  

1.43%, 03/09/27 (Call 03/09/26),
(1 day SOFR + 0.798%)(a)

      10,225       9,012,622  
Security   Par
(000) 		    Value  

Banks (continued)

    

1.54%, 09/10/27 (Call 09/10/26),
(1 day SOFR + 0.818%)(a)

  $   12,073     $   10,482,382  

1.95%, 10/21/27 (Call 10/21/26),
(1 day SOFR + 0.913%)(a)

    12,895       11,287,767  

1.99%, 01/27/32 (Call 01/27/31),
(1 day SOFR + 1.090%)(a)

    10,400       7,990,840  

2.38%, 07/21/32 (Call 07/21/31),
(1 day SOFR + 1.248%)(a)

    8,337       6,551,465  

2.60%, 02/07/30 (Call 11/07/29)

     8,641       7,266,995  

2.62%, 04/22/32 (Call 04/22/31),
(1 day SOFR + 1.281%)(a)

    13,755       11,055,581  

2.64%, 02/24/28 (Call 02/24/27),
(1 day SOFR + 1.114%)(a)

    7,365       6,583,721  

2.65%, 10/21/32 (Call 10/21/31),
(1 day SOFR + 1.264%)(a)

    9,590       7,647,737  

2.91%, 07/21/42 (Call 07/21/41),
(1 day SOFR + 1.472%)(a)

    7,840       5,453,739  

3.00%, 03/15/24

     4,295       4,183,888  

3.10%, 02/24/33 (Call 02/24/32),
(1 day SOFR + 1.410%)(a)

    12,770       10,525,672  

3.21%, 04/22/42 (Call 04/22/41),
(1 day SOFR + 1.513%)(a)

    9,968       7,228,993  

3.27%, 09/29/25 (Call 09/29/24),
(3 mo. LIBOR US + 1.201%)(a)

     10,252       9,855,453  

3.44%, 02/24/43 (Call 02/24/42),
(1 day SOFR + 1.632%)(a)

    4,565       3,399,510  

3.50%, 01/23/25 (Call 10/23/24)

     5,507       5,321,800  

3.50%, 04/01/25 (Call 03/01/25)

     13,035       12,550,228  

3.50%, 11/16/26 (Call 11/16/25)

     11,901       11,171,945  

3.62%, 03/15/28 (Call 03/15/27),
(1 day SOFR + 1.846%)(a)

    4,715       4,378,490  

3.69%, 06/05/28 (Call 06/05/27),
(3 mo. LIBOR US + 1.510%)(a)

     10,347       9,613,501  

3.75%, 05/22/25 (Call 02/22/25)

     8,955       8,655,903  

3.75%, 02/25/26 (Call 11/25/25)

     8,723       8,335,786  

3.80%, 03/15/30 (Call 12/15/29)

     9,917       8,999,876  

3.81%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.158%)(a)

     8,159       7,481,313  

3.85%, 07/08/24 (Call 04/08/24)

     11,215       10,978,139  

3.85%, 01/26/27 (Call 01/26/26)

     12,134       11,489,563  

4.00%, 03/03/24

     11,012       10,848,252  

4.02%, 10/31/38 (Call 10/31/37),
(3 mo. LIBOR US + 1.373%)(a)

     7,266       6,024,895  

4.22%, 05/01/29 (Call 05/01/28),
(3 mo. LIBOR US + 1.301%)(a)

     10,206       9,559,246  

4.25%, 10/21/25

     7,709       7,470,946  

4.39%, 06/15/27 (Call 06/15/26),
(1 day SOFR + 1.510%)(a)

    3,541       3,417,030  

4.41%, 04/23/39 (Call 04/23/38),
(3 mo. LIBOR US + 1.430%)(a)

     3,864       3,349,006  

4.48%, 08/23/28 (Call 08/23/27),
(1 day SOFR + 1.725%)(a)

    9,500       9,106,605  

4.75%, 10/21/45 (Call 04/21/45)

     6,124       5,469,467  

4.80%, 07/08/44 (Call 01/08/44)

     8,789       7,886,194  

5.15%, 05/22/45

     9,077       8,392,050  

5.70%, 11/01/24

     5,210       5,241,937  

5.95%, 01/15/27

     4,062       4,134,385  

6.13%, 02/15/33

     3,543       3,741,550  

6.25%, 02/01/41

     6,036       6,459,667  

6.45%, 05/01/36

     4,001       4,160,400  

 

 

18  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

6.75%, 10/01/37

   $   20,445     $   21,770,858  

HSBC Bank USA NA, 7.00%, 01/15/39

     2,090       2,350,435  

HSBC Bank USA NA/New York NY

    

5.63%, 08/15/35(b)

    935       882,266  

5.88%, 11/01/34

     1,130       1,083,308  

HSBC Holdings PLC

    

0.98%, 05/24/25 (Call 05/24/24),
(1 day SOFR + 0.708%)(a)

    3,975       3,739,044  

1.59%, 05/24/27 (Call 05/24/26),
(1 day SOFR + 1.290%)(a)

    4,730       4,138,845  

1.65%, 04/18/26 (Call 04/18/25),
(1 day SOFR + 1.538%)(a)

    9,148       8,387,527  

2.01%, 09/22/28 (Call 09/22/27),
(1 day SOFR + 1.732%)(a)

    2,250       1,906,088  

2.10%, 06/04/26 (Call 06/04/25),
(1 day SOFR + 1.929%)(a)

    3,215       2,962,687  

2.21%, 08/17/29 (Call 08/17/28),
(1 day SOFR + 1.285%)(a)

    3,405       2,824,924  

2.25%, 11/22/27 (Call 11/22/26),
(1 day SOFR + 1.100%)(a)

    5,250       4,619,580  

2.36%, 08/18/31 (Call 08/18/30),
(1 day SOFR + 1.947%)(a)

    6,283       4,963,696  

2.63%, 11/07/25 (Call 11/07/24),
(1 day SOFR + 1.401%)(a)

    7,968       7,546,652  

2.80%, 05/24/32 (Call 05/24/31),
(1 day SOFR + 1.187%)(a)

    8,480       6,764,581  

2.85%, 06/04/31 (Call 06/04/30),
(1 day SOFR + 2.387%)(a)

    3,333       2,740,226  

2.87%, 11/22/32 (Call 11/22/31),
(1 day SOFR + 1.410%)(a)

    6,915       5,471,425  

3.00%, 03/10/26 (Call 03/10/25),
(1 day SOFR + 1.430%)(a)

    3,775       3,570,395  

3.80%, 03/11/25 (Call 03/11/24),
(3 mo. LIBOR US + 1.211%)(a)

     9,935       9,725,769  

3.90%, 05/25/26

     11,124       10,606,845  

3.97%, 05/22/30 (Call 05/22/29),
(3 mo. LIBOR US + 1.610%)(a)

     11,750       10,550,090  

4.04%, 03/13/28 (Call 03/13/27),
(3 mo. LIBOR US + 1.546%)(a)

     8,876       8,287,787  

4.18%, 12/09/25 (Call 12/09/24),
(1 day SOFR + 1.510%)(a)

    3,995       3,888,893  

4.25%, 03/14/24

     8,177       8,053,936  

4.25%, 08/18/25

     6,996       6,767,301  

4.29%, 09/12/26 (Call 09/15/25),
(3 mo. LIBOR US + 1.348%)(a)

     10,244       9,864,665  

4.30%, 03/08/26

     12,362       11,953,436  

4.38%, 11/23/26

     6,601       6,349,172  

4.58%, 06/19/29 (Call 06/19/28),
(3 mo. LIBOR US + 1.535%)(a)

     14,047       13,207,270  

4.76%, 06/09/28 (Call 06/09/27),
(1 day SOFR + 2.110%)(a)

    10,880       10,428,589  

4.76%, 03/29/33 (Call 03/29/32),
(1 day SOFR + 2.530%)(a)

    6,215       5,580,262  

4.95%, 03/31/30

     10,925       10,524,926  

5.21%, 08/11/28 (Call 08/11/27),
(1 day SOFR + 2.610%)(a)

    2,550       2,493,160  

5.25%, 03/14/44

     3,779       3,434,771  

5.40%, 08/11/33 (Call 08/11/32),
(1 day SOFR + 2.870%)(a)

    7,500       7,181,400  

6.10%, 01/14/42(b)

    3,412       3,642,276  
Security   Par
(000) 		    Value  

Banks (continued)

    

6.50%, 05/02/36

   $ 7,982     $ 8,131,459  

6.50%, 09/15/37

     6,922       6,926,000  

6.80%, 06/01/38

     6,732       6,895,457  

7.34%, 11/03/26 (Call 11/03/25),
(1 day SOFR + 3.030%)(a)(b)

    9,695         10,090,944  

7.39%, 11/03/28 (Call 11/03/27),
(1 day SOFR + 3.350%)(a)

    8,340       8,808,875  

8.11%, 11/03/33 (Call 11/03/32),
(1 day SOFR + 4.250%)(a)

      10,075       11,090,862  

HSBC USA Inc.

    

3.50%, 06/23/24

     2,218       2,161,264  

3.75%, 05/24/24

     6,645       6,508,312  

Huntington Bancshares Inc.

    

2.49%, 08/15/36 (Call 08/15/31),
(5 year CMT + 1.170%)(a)

    2,585       1,914,167  

4.44%, 08/04/28 (Call 08/04/27),
(1 day SOFR + 1.970%)(a)

    2,015       1,927,307  

5.02%, 05/17/33 (Call 05/17/32),
(1 day SOFR + 2.050%)(a)

    1,439       1,383,512  

Huntington Bancshares Inc./OH

    

2.55%, 02/04/30 (Call 01/04/30)

     2,512       2,102,067  

2.63%, 08/06/24 (Call 07/06/24)

     3,918       3,768,724  

4.00%, 05/15/25 (Call 04/15/25)

     1,971       1,914,807  

Huntington National Bank (The) 4.01%, 05/16/25 (Call 05/16/24), (1 day SOFR + 1.205%)(a)

    2,025       1,985,938  

4.55%, 05/17/28 (Call 05/17/27),
(1 day SOFR + 1.650%)(a)

    1,460       1,412,141  

5.65%, 01/10/30 (Call 11/10/29)

     1,660       1,673,778  

5.70%, 11/18/25 (Call 11/18/24),
(1 day SOFR + 1.215%)(a)

    2,050       2,053,731  

Indonesia Government International Bond,
3.54%, 11/08/27

     3,260       3,088,524  

ING Groep NV

    

1.73%, 04/01/27 (Call 04/01/26),
(1 day SOFR + 1.005%)(a)

    2,736       2,429,021  

2.73%, 04/01/32 (Call 04/01/31),
(1 day SOFR + 1.316%)(a)

    2,338       1,891,138  

3.55%, 04/09/24

     4,303       4,209,281  

3.87%, 03/28/26 (Call 03/28/25),
(1 day SOFR + 1.640%)(a)

    565       544,101  

3.95%, 03/29/27

     9,345       8,853,453  

4.02%, 03/28/28 (Call 03/28/27),
(1 day SOFR + 1.830%)(a)

    828       777,931  

4.05%, 04/09/29

     4,505       4,184,019  

4.25%, 03/28/33 (Call 03/28/32),
(1 day SOFR + 2.070%)(a)

    2,350       2,112,815  

4.55%, 10/02/28

     4,106       3,935,273  

JPMorgan Chase & Co.

    

0.77%, 08/09/25 (Call 08/09/24),
(1 day SOFR + 0.490%)(a)

    8,334       7,740,536  

0.82%, 06/01/25 (Call 06/01/24),
(1 day SOFR + 0.540%)(a)

    8,055       7,556,718  

0.97%, 06/23/25 (Call 06/23/24),
(3 mo. SOFR + 0.580%)(a)

    11,463       10,764,903  

1.04%, 02/04/27 (Call 02/04/26),
(3 mo. SOFR + 0.695%)(a)

    3,966       3,483,258  

1.05%, 11/19/26 (Call 11/19/25),
(1 day SOFR + 0.800%)(a)

    2,357       2,087,972  

1.05%, 06/23/27 (Call 12/23/25)

     70       58,972  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   19

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

1.47%, 09/22/27 (Call 09/22/26),
(1 day SOFR + 0.765%)(a)

   $ 7,068     $ 6,128,097  

1.56%, 12/10/25 (Call 12/10/24),
(1 day SOFR + 0.605%)(a)

     11,915         11,072,967  

1.58%, 04/22/27 (Call 04/22/26),
(1 day SOFR + 0.885%)(a)

    5,191       4,591,232  

1.76%, 11/19/31 (Call 11/19/30),
(3 mo. SOFR + 1.105%)(a)

    2,240       1,725,293  

1.95%, 02/04/32 (Call 02/04/31),
(1 day SOFR + 1.065%)(a)

    4,145       3,219,090  

2.01%, 03/13/26 (Call 03/13/25),
(3 mo. SOFR + 1.585%)(a)

    9,225       8,583,217  

2.07%, 06/01/29 (Call 06/01/28),
(1 day SOFR + 1.015%)(a)

    8,756       7,382,271  

2.08%, 04/22/26 (Call 04/22/25),
(1 day SOFR + 1.850%)(a)

      13,178       12,241,835  

2.18%, 06/01/28 (Call 06/01/27),
(1 day SOFR + 1.890%)(a)

    7,100       6,214,275  

2.30%, 10/15/25 (Call 10/15/24),
(1 day SOFR + 1.160%)(a)

    7,431       7,033,962  

2.52%, 04/22/31 (Call 04/22/30),
(1 day SOFR + 2.040%)(a)

    13,356       11,054,494  

2.53%, 11/19/41 (Call 11/19/40),
(1 day SOFR + 1.510%)(a)

    2,285       1,528,642  

2.55%, 11/08/32 (Call 11/08/31),
(1 day SOFR + 1.180%)(a)

    8,350       6,662,214  

2.58%, 04/22/32 (Call 04/22/31),
(1 day SOFR + 1.250%)(a)

    5,334       4,319,793  

2.60%, 02/24/26 (Call 02/24/25),
(1 day SOFR + 0.915%)(a)

    2,178       2,058,232  

2.74%, 10/15/30 (Call 10/15/29),
(1 day SOFR + 1.510%)(a)

    7,616       6,416,404  

2.95%, 10/01/26 (Call 07/01/26)

     12,326       11,468,973  

2.95%, 02/24/28 (Call 02/24/27),
(1 day SOFR + 1.170%)(a)

    3,129       2,838,691  

2.96%, 05/13/31 (Call 05/13/30),
(1 day SOFR + 2.515%)(a)

    3,741       3,143,525  

2.96%, 01/25/33 (Call 01/25/32),
(1 day SOFR + 1.260%)(a)

    11,010       9,070,809  

3.11%, 04/22/41 (Call 04/22/40),
(1 day SOFR + 2.460%)(a)

    8,043       5,940,882  

3.11%, 04/22/51 (Call 04/22/50),
(1 day SOFR + 2.440%)(a)

    10,520       7,181,162  

3.13%, 01/23/25 (Call 10/23/24)

     8,391       8,087,078  

3.16%, 04/22/42 (Call 04/22/41),
(1 day SOFR + 2.460%)(a)

    4,525       3,339,586  

3.20%, 06/15/26 (Call 03/15/26)

     6,435       6,059,389  

3.22%, 03/01/25 (Call 03/01/24),
(3 mo. LIBOR US + 1.155%)(a)

     7,545       7,363,694  

3.30%, 04/01/26 (Call 01/01/26)

     10,569       10,000,599  

3.33%, 04/22/52 (Call 04/22/51),
(1 day SOFR + 1.580%)(a)

    9,505       6,744,463  

3.51%, 01/23/29 (Call 01/23/28),
(3 mo. LIBOR US + 0.945%)(a)

     9,901       9,054,167  

3.54%, 05/01/28 (Call 05/01/27),
(3 mo. LIBOR US + 1.380%)(a)

     6,315       5,853,563  

3.63%, 05/13/24

     7,379       7,246,252  

3.63%, 12/01/27 (Call 12/01/26)

     7,301       6,817,236  

3.70%, 05/06/30 (Call 05/06/29),
(3 mo. LIBOR US + 1.160%)(a)

     10,591       9,561,873  
Security   Par
(000) 		    Value  

Banks (continued)

    

3.78%, 02/01/28 (Call 02/01/27),
(3 mo. LIBOR US + 1.337%)(a)

   $   11,971     $   11,249,508  

3.85%, 06/14/25 (Call 06/14/24),
(1 day SOFR + 0.980%)(a)

    6,250       6,108,187  

3.88%, 09/10/24

     11,261       10,986,569  

3.88%, 07/24/38 (Call 07/24/37),
(3 mo. LIBOR US + 1.360%)(a)

     10,191       8,488,797  

3.90%, 07/15/25 (Call 04/15/25)

     10,435       10,136,350  

3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)(a)

     8,588       6,821,792  

3.96%, 01/29/27 (Call 01/29/26),
(3 mo. LIBOR US + 1.245%)(a)

     9,790       9,355,911  

3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)(a)

     9,945       7,989,614  

4.01%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.120%)(a)

     5,134       4,772,566  

4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.460%)(a)

     7,641       6,225,505  

4.08%, 04/26/26 (Call 04/26/25),
(1 day SOFR + 1.320%)(a)

    11,035       10,724,696  

4.13%, 12/15/26

     10,496       10,097,467  

4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)(a)

     9,972       9,342,567  

4.25%, 10/01/27

     3,703       3,560,064  

4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)(a)

     9,289       7,848,555  

4.32%, 04/26/28 (Call 04/26/27),
(1 day SOFR + 1.560%)(a)

    11,928       11,397,920  

4.45%, 12/05/29 (Call 12/05/28),
(3 mo. LIBOR US + 1.330%)(a)

     9,541       9,042,674  

4.49%, 03/24/31 (Call 03/24/30),

(3 mo. SOFR + 3.790%)(a)

    12,220       11,526,882  

4.57%, 06/14/30 (Call 06/14/29),
(1 day SOFR + 1.750%)(a)

    8,396       7,971,330  

4.59%, 04/26/33 (Call 04/26/32),
(1 day SOFR + 1.800%)(a)

    7,940       7,404,209  

4.85%, 07/25/28 (Call 07/25/27),
(1 day SOFR + 1.990%)(a)

    6,450       6,304,101  

4.85%, 02/01/44

     5,074       4,752,968  

4.91%, 07/25/33 (Call 07/25/32),
(1 day SOFR + 2.080%)(a)

    16,425       15,721,189  

4.95%, 06/01/45

     4,631       4,252,925  

5.40%, 01/06/42

     6,468       6,426,605  

5.50%, 10/15/40

     6,114       6,180,092  

5.55%, 12/15/25 (Call 12/15/24),
(1 day SOFR + 1.070%)(a)

    12,840       12,828,958  

5.60%, 07/15/41

     8,170       8,314,854  

5.63%, 08/16/43

     6,116       6,077,714  

5.72%, 09/14/33 (Call 09/14/32),
(1 day SOFR + 2.580%)(a)

    12,920       12,794,805  

6.40%, 05/15/38

     7,881       8,644,117  

7.63%, 10/15/26

     3,966       4,277,133  

7.75%, 07/15/25

     980       1,031,460  

8.00%, 04/29/27

     6,181       6,921,978  

8.75%, 09/01/30

     1,319       1,541,740  

KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)

     250       246,333  

KeyBank NA/Cleveland OH

    

3.30%, 06/01/25

     925       885,947  

3.40%, 05/20/26

     2,810       2,626,423  

3.90%, 04/13/29 (Call 03/13/29)

     1,875       1,690,331  

 

 

20  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

 

4.15%, 08/08/25

   $ 1,555     $ 1,516,498  

4.90%, 08/08/32

     1,965       1,848,377  

5.00%, 01/26/33 (Call 10/26/32)

     1,870       1,797,220  

5.85%, 11/15/27 (Call 10/16/27)

     4,595       4,701,880  

KeyCorp

    

2.25%, 04/06/27

     2,691       2,395,394  

2.55%, 10/01/29

     3,141       2,657,694  

3.88%, 05/23/25 (Call 05/23/24),
(1 day SOFR + 1.250%)(a)

    1,035       1,012,302  

4.10%, 04/30/28

     3,821       3,623,989  

4.15%, 10/29/25

     1,729       1,683,547  

4.79%, 06/01/33 (Call 06/01/32),
(1 day SOFR + 2.060%)(a)

    2,515       2,359,095  

Korea Development Bank (The)

    

0.40%, 03/09/24

     660       628,188  

0.75%, 01/25/25

     1,865       1,714,513  

0.80%, 07/19/26

     1,735       1,499,786  

1.00%, 09/09/26

     1,600       1,386,032  

1.63%, 01/19/31

     1,990       1,581,970  

2.00%, 09/12/26(b)

    925       829,975  

2.00%, 10/25/31

     3,075       2,478,511  

2.13%, 10/01/24

     1,602       1,525,889  

2.25%, 02/24/27

     350       317,135  

3.00%, 01/13/26

     3,563       3,354,351  

3.38%, 09/16/25(b)

    2,670       2,551,372  

Kreditanstalt fuer Wiederaufbau

    

0.00%, 04/18/36(c)

    9,280       5,360,685  

0.00%, 06/29/37(c)

      13,801       7,586,686  

0.25%, 03/08/24

     2,975       2,827,172  

0.38%, 07/18/25

     9,785       8,845,249  

0.50%, 09/20/24

     1,240       1,156,002  

0.63%, 01/22/26

     6,290       5,623,260  

0.75%, 09/30/30

     4,039       3,162,133  

1.00%, 10/01/26

     1,894       1,678,785  

1.25%, 01/31/25

     11,000         10,271,360  

1.38%, 08/05/24

     11,520       10,928,333  

1.63%, 05/10/24(d)

    10       9,581  

1.75%, 09/14/29

     8,482       7,328,109  

2.00%, 05/02/25

     7,923       7,467,665  

2.50%, 11/20/24

     26,460       25,362,968  

2.88%, 04/03/28

     8,587       8,039,407  

3.00%, 05/20/27

     995       942,454  

3.13%, 06/10/25

     625       603,100  

3.38%, 08/23/24

     3,215       3,134,754  

Landwirtschaftliche Rentenbank

    

0.88%, 03/30/26

     860       769,003  

0.88%, 09/03/30

     3,010       2,366,372  

1.75%, 07/27/26

     4,335       3,955,037  

2.00%, 01/13/25

     8,357       7,924,024  

2.38%, 06/10/25

     4,255       4,029,400  

3.88%, 09/28/27

     55       53,915  

Series 37, 2.50%, 11/15/27

     2,837       2,615,827  

Series 40, 0.50%, 05/27/25

     6,645       6,039,042  

Lloyds Bank PLC, 3.50%, 05/14/25

     200       191,578  

Lloyds Banking Group PLC

    

1.63%, 05/11/27 (Call 05/11/26),
(1 year CMT + 0.850%)(a)

    1,410       1,235,372  

2.44%, 02/05/26 (Call 02/05/25),
(1 year CMT + 1.000%)(a)

    4,557       4,270,866  
Security   Par
(000) 		    Value  

Banks (continued)

    

3.37%, 12/14/46 (Call 09/14/41),
(5 year CMT + 1.500%)(a)

  $ 2,987     $ 2,026,202  

3.51%, 03/18/26 (Call 03/18/25),
(1 year CMT + 1.600%)(a)

    4,585       4,379,042  

3.57%, 11/07/28 (Call 11/07/27),
(3 mo. LIBOR US + 1.205%)(a)

    4,507       4,091,815  

3.75%, 01/11/27

     5,854       5,470,797  

3.75%, 03/18/28 (Call 03/18/27),
(1 year CMT + 1.800%)(a)

    6,545       6,064,204  

3.87%, 07/09/25 (Call 07/09/24),
(1 year CMT + 3.500%)(a)

    3,710       3,613,243  

3.90%, 03/12/24

     2,739       2,692,163  

4.34%, 01/09/48

     5,619       4,326,799  

4.38%, 03/22/28

     2,178       2,060,780  

4.45%, 05/08/25

     6,547       6,388,104  

4.50%, 11/04/24

     2,295       2,247,241  

4.55%, 08/16/28

     6,753       6,394,213  

4.58%, 12/10/25

     4,923       4,735,926  

4.65%, 03/24/26

     5,604       5,401,359  

4.72%, 08/11/26 (Call 08/11/25),
(1 year CMT + 1.750%)(a)

      3,018         2,942,791  

4.98%, 08/11/33 (Call 08/11/32),
(1 year CMT + 2.300%)(a)

    1,890       1,763,313  

5.30%, 12/01/45

     3,594       3,236,038  

5.87%, 03/06/29 (Call 03/06/28)

     2,000       2,001,400  

7.95%, 11/15/33 (Call 11/15/32),
(1 year CMT + 3.750%)(a)

    4,160       4,548,627  

M&T Bank Corp.

    

4.00%, 07/15/24 (Call 04/16/24)

     344       337,488  

4.55%, 08/16/28 (Call 08/16/27),
(3 mo. SOFR + 1.780%)(a)

    3,375       3,285,562  

5.05%, 01/27/34 (Call 01/27/33)

     2,075       1,980,754  

Manufacturers & Traders Trust Co.

    

2.90%, 02/06/25 (Call 01/06/25)

     2,957       2,819,973  

3.40%, 08/17/27

     1,815       1,669,909  

4.65%, 01/27/26 (Call 12/27/25)

     2,000       1,961,500  

4.70%, 01/27/28 (Call 12/28/27)

     2,100       2,039,646  

5.40%, 11/21/25 (Call 10/21/25)

     2,060       2,061,442  

Mitsubishi UFJ Financial Group Inc.

    

0.95%, 07/19/25 (Call 07/19/24),
(1 year CMT + 0.550%)(a)

    1,810       1,690,287  

0.96%, 10/11/25 (Call 10/11/24),
(1 year CMT + 0.450%)(a)

    2,890       2,668,106  

1.41%, 07/17/25

     2,824       2,566,649  

1.54%, 07/20/27 (Call 07/20/26),
(1 year CMT + 0.750%)(a)

    3,385       2,959,505  

1.64%, 10/13/27 (Call 10/13/26),
(1 year CMT + 0.670%)(a)

    3,380       2,934,753  

2.05%, 07/17/30

     1,715       1,364,317  

2.19%, 02/25/25

     7,129       6,680,800  

2.31%, 07/20/32 (Call 07/20/31),
(1 year CMT + 0.950%)(a)

    5,694       4,442,003  

2.34%, 01/19/28 (Call 01/19/27),
(1 year CMT + 0.830%)(a)

    5,880       5,213,267  

2.49%, 10/13/32 (Call 10/13/31),
(1 year CMT + 0.970%)(a)

    2,779       2,189,213  

2.56%, 02/25/30

     4,300       3,595,015  

2.76%, 09/13/26

     2,905       2,666,383  

2.80%, 07/18/24

     6,596       6,354,850  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   21

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

2.85%, 01/19/33 (Call 01/19/32),
(1 year CMT + 1.100%)(a)

  $ 3,570     $ 2,883,632  

3.20%, 07/18/29

     6,714       5,900,532  

3.29%, 07/25/27

       3,717         3,444,432  

3.41%, 03/07/24

     6,724       6,582,393  

3.68%, 02/22/27

     3,619       3,451,621  

3.74%, 03/07/29

     4,574       4,188,595  

3.75%, 07/18/39

     5,985       5,038,053  

3.78%, 03/02/25

     5,211       5,059,673  

3.84%, 04/17/26 (Call 04/17/25),
(1 year CMT + 1.125%)(a)

    2,750       2,644,345  

3.85%, 03/01/26

     2,954       2,822,074  

3.96%, 03/02/28

     5,123       4,827,659  

4.05%, 09/11/28

     4,101       3,843,580  

4.08%, 04/19/28 (Call 04/19/27),
(1 year CMT + 1.300%)(a)

    2,855       2,701,744  

4.15%, 03/07/39

     2,651       2,314,190  

4.29%, 07/26/38(b)

    2,367       2,123,033  

4.32%, 04/19/33 (Call 04/19/32),
(1 year CMT + 1.550%)(a)

    2,755       2,507,656  

4.79%, 07/18/25 (Call 07/18/24),
(1 year CMT + 1.700%)(a)

    4,750       4,686,920  

5.02%, 07/20/28 (Call 07/20/27),
(1 year CMT + 1.950%)(a)

    5,825       5,703,374  

5.06%, 09/12/25 (Call 09/12/24),
(1 year CMT + 1.550%)(a)

    3,465       3,429,865  

5.13%, 07/20/33 (Call 07/20/32),
(1 year CMT + 2.125%)(a)

    5,625       5,454,900  

5.35%, 09/13/28 (Call 09/13/27),
(1 year CMT + 1.900%)(a)

    3,530       3,501,266  

5.42%, 02/22/29 (Call 02/22/28)

     3,240       3,217,385  

5.44%, 02/22/34 (Call 02/22/33)

     2,325       2,284,219  

5.47%, 09/13/33 (Call 09/13/32),
(1 year CMT + 2.125%)(a)

    3,280       3,258,188  

5.48%, 02/22/31 (Call 02/22/30), (1 year CMT + 1.530%)(a)

    2,865       2,838,441  

5.72%, 02/20/26 (Call 02/20/25)

     5,020       5,013,273  

Mizuho Financial Group Inc.

    

1.23%, 05/22/27 (Call 05/22/26),
(1 year CMT + 0.670%)(a)

    2,868       2,486,097  

1.55%, 07/09/27 (Call 07/09/26),
(1 year CMT + 0.750%)(a)

    2,998       2,611,498  

1.98%, 09/08/31 (Call 09/08/30),
(1 day SOFR + 1.532%)(a)

    1,750       1,360,083  

2.17%, 05/22/32 (Call 05/22/31),
(1 year CMT + 0.870%)(a)

    1,408       1,089,736  

2.20%, 07/10/31 (Call 07/10/30),
(1 day SOFR + 1.772%)(a)

    4,010       3,181,253  

2.23%, 05/25/26 (Call 05/25/25),
(3 mo. LIBOR US + 0.830%)(a)

    3,769       3,481,538  

2.26%, 07/09/32 (Call 07/09/31),
(1 year CMT + 0.900%)(a)(b)

    2,075       1,608,229  

2.56%, 09/13/25 (Call 09/13/24),
(1 day SOFR + 1.362%)(a)

    2,763       2,620,125  

2.56%, 09/13/31

     3,653       2,841,230  

2.59%, 05/25/31 (Call 05/25/30),
(3 mo. LIBOR US + 1.070%)(a)

    2,188       1,789,390  

2.65%, 05/22/26 (Call 05/22/25),
(1 year CMT + 0.900%)(a)(b)

    3,250       3,031,762  
Security   Par
(000) 		    Value  

Banks (continued)

    

2.84%, 07/16/25 (Call 07/16/24),
(1 day SOFR + 1.242%)(a)

  $ 2,216     $ 2,120,269  

2.84%, 09/13/26

     2,382       2,182,603  

2.87%, 09/13/30 (Call 09/13/29),
(1 day SOFR + 1.572%)(a)

    2,310       1,945,159  

3.15%, 07/16/30 (Call 07/16/29),
(3 mo. LIBOR US + 1.130%)(a)

    2,998       2,580,169  

3.17%, 09/11/27

     4,168       3,837,019  

3.26%, 05/22/30 (Call 05/22/29),
(1 year CMT + 1.250%)(a)

    1,920       1,684,147  

3.66%, 02/28/27

     2,692       2,523,885  

4.02%, 03/05/28

     4,585       4,318,520  

4.25%, 09/11/29 (Call 09/11/28),
(3 mo. LIBOR US + 1.270%)(a)

    3,645       3,412,668  

5.41%, 09/13/28 (Call 09/13/27),
(1 year CMT + 2.050%)(a)

    2,720       2,708,984  

5.67%, 05/27/29 (Call 05/27/28),
(1 year CMT + 1.500%)(a)

    2,450       2,445,982  

5.67%, 09/13/33 (Call 09/13/32),
(1 year CMT + 2.400%)(a)

    2,770       2,773,352  

5.74%, 05/27/31 (Call 05/27/30),
(1 year CMT + 1.650%)(a)

    2,495       2,490,434  

5.75%, 05/27/34 (Call 05/27/33)

     2,730       2,719,080  

Morgan Stanley

    

0.79%, 05/30/25 (Call 05/30/24),
(1 day SOFR + 0.525%)(a)

    12,640         11,838,371  

0.99%, 12/10/26 (Call 12/10/25),
(1 day SOFR + 0.720%)(a)

    10,929       9,604,624  

1.16%, 10/21/25 (Call 10/21/24),
(1 day SOFR + 0.560%)(a)

    10,985       10,172,769  

1.51%, 07/20/27 (Call 07/20/26),
(1 day SOFR + 0.858%)(a)

      10,419       9,094,120  

1.59%, 05/04/27 (Call 04/04/27),
(1 day SOFR + 0.879%)(a)

    4,193       3,702,922  

1.79%, 02/13/32 (Call 02/13/31),
(1 day SOFR + 1.034%)(a)

    7,295       5,547,993  

1.93%, 04/28/32 (Call 04/28/31),
(1 day SOFR + 1.020%)(a)

    14,180       10,846,707  

2.19%, 04/28/26 (Call 04/28/25),
(1 day SOFR + 1.990%)(a)

    12,209       11,370,486  

2.24%, 07/21/32 (Call 07/21/31),
(1 day SOFR + 1.178%)(a)

    9,462       7,362,666  

2.48%, 01/21/28 (Call 01/21/27),
(1 day SOFR + 1.000%)(a)

    8,695       7,752,462  

2.48%, 09/16/36 (Call 09/16/31),
(1 day SOFR + 1.360%)(a)

    15,913       11,864,096  

2.51%, 10/20/32 (Call 10/20/31),
(1 day SOFR + 1.200%)(a)

    9,758       7,708,722  

2.63%, 02/18/26 (Call 02/18/25),
(1 day SOFR + 0.940%)(a)

    7,729       7,291,152  

2.70%, 01/22/31 (Call 01/22/30),
(1 day SOFR + 1.143%)(a)

    13,817       11,541,202  

2.72%, 07/22/25 (Call 07/22/24),
(1 day SOFR + 1.152%)(a)

    8,759       8,398,655  

2.80%, 01/25/52 (Call 07/25/51),
(1 day SOFR + 1.430%)(a)

    6,484       4,175,566  

2.94%, 01/21/33 (Call 01/21/32),
(1 day SOFR + 1.290%)(a)

    5,343       4,377,146  

3.13%, 07/27/26

     10,802       10,055,906  

 

 

22  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

    

3.22%, 04/22/42 (Call 04/22/41),
(1 day SOFR + 1.485%)(a)

  $ 4,326     $ 3,222,437  

3.59%, 07/22/28 (Call 07/22/27),
(3 mo. LIBOR US + 1.340%)(a)

    10,612       9,815,251  

3.62%, 04/17/25 (Call 04/17/24),
(1 day SOFR + 1.160%)(a)

    6,355       6,208,771  

3.62%, 04/01/31 (Call 04/01/30),
(1 day SOFR + 3.120%)(a)

    4,644       4,109,708  

3.63%, 01/20/27

       10,400       9,836,632  

3.70%, 10/23/24

     13,038         12,701,359  

3.77%, 01/24/29 (Call 01/24/28),
(3 mo. LIBOR US + 1.140%)(a)

    10,609       9,806,005  

3.88%, 01/27/26

     12,032       11,579,717  

3.95%, 04/23/27

     7,130       6,738,706  

3.97%, 07/22/38 (Call 07/22/37),
(3 mo. LIBOR US + 1.455%)(a)

    9,105       7,686,441  

4.00%, 07/23/25

     8,028       7,821,761  

4.21%, 04/20/28 (Call 04/20/27),
(1 day SOFR + 1.610%)(a)

    4,465       4,244,652  

4.30%, 01/27/45

     7,169       6,165,125  

4.35%, 09/08/26

     9,964       9,583,574  

4.38%, 01/22/47

     8,675       7,550,807  

4.43%, 01/23/30 (Call 01/23/29),
(3 mo. LIBOR US + 1.628%)(a)

    10,488       9,879,801  

4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 0.408%)(a)

    5,437       4,830,774  

4.68%, 07/17/26 (Call 07/17/25),
(1 day SOFR + 1.669%)(a)

    7,145       7,006,887  

4.89%, 07/20/33 (Call 07/20/32),
(1 day SOFR + 2.076%)(a)

    3,525       3,347,622  

5.00%, 11/24/25

     8,526       8,437,159  

5.12%, 02/01/29 (Call 02/01/28),
(1 day SOFR + 1.730%)(a)

    5,165       5,074,251  

5.30%, 04/20/37 (Call 04/20/32),
(1 day SOFR + 2.620%)(a)

    4,500       4,186,620  

5.60%, 03/24/51 (Call 03/24/50),
(1 day SOFR + 4.480%)(a)

    7,730       7,990,733  

6.14%, 10/16/26 (Call 10/16/25),
(1 day SOFR + 1.770%)(a)

    630       640,647  

6.25%, 08/09/26

     4,456       4,583,575  

6.30%, 10/18/28 (Call 10/18/27),
(1 day SOFR + 2.240%)(a)

    5,125       5,271,062  

6.34%, 10/18/33 (Call 10/18/32),
(1 day SOFR + 2.560%)(a)

    11,695       12,333,196  

6.38%, 07/24/42

     7,693       8,467,916  

7.25%, 04/01/32

     7,769       8,799,247  

Series F, 3.88%, 04/29/24

     8,435       8,304,511  

Series I, 0.86%, 10/21/25 (Call 10/21/24),
(1 day SOFR + 0.745%)(a)

    3,703       3,412,500  

National Australia Bank Ltd.

    

4.94%, 01/12/28

     3,020       3,011,000  

4.97%, 01/12/26

     2,249       2,239,082  

National Australia Bank Ltd./New York

    

2.50%, 07/12/26

     6,076       5,577,403  

3.38%, 01/14/26

     3,789       3,605,575  

3.50%, 06/09/25

     275       264,655  

5.13%, 11/22/24

     1,010       1,009,566  

National Bank of Canada

    

0.75%, 08/06/24

     3,910       3,661,559  
Security   Par
(000) 		    Value  

Banks (continued)

    

3.75%, 06/09/25 (Call 06/09/24),
(1 day SOFR + 1.009%)(a)

  $ 2,370     $ 2,315,253  

5.25%, 01/17/25

     1,025       1,022,099  

NatWest Group PLC

    

1.64%, 06/14/27 (Call 06/14/26),
(1 year CMT + 0.900%)(a)

    4,610       4,049,101  

3.03%, 11/28/35 (Call 08/28/30),
(5 year CMT + 2.350%)(a)

    4,508       3,479,635  

3.07%, 05/22/28 (Call 05/22/27),
(1 year CMT + 2.550%)(a)

      4,432         3,995,005  

3.75%, 11/01/29 (Call 11/01/24),
(5 year CMT + 2.100%)(a)

    3,192       3,002,714  

4.27%, 03/22/25 (Call 03/22/24),
(3 mo. LIBOR US + 1.762%)(a)

    7,188       7,061,779  

4.45%, 05/08/30 (Call 05/08/29),
(3 mo. LIBOR US + 1.871%)(a)

    2,409       2,226,494  

4.80%, 04/05/26

     5,888       5,734,971  

4.89%, 05/18/29 (Call 05/18/28),
(3 mo. LIBOR US + 1.754%)(a)

    6,615       6,327,975  

5.08%, 01/27/30 (Call 01/27/29),
(3 mo. LIBOR US + 1.905%)(a)

    6,960       6,659,467  

5.52%, 09/30/28 (Call 09/30/27),
(1 year CMT + 2.270%)(a)

    2,290       2,269,504  

5.85%, 03/02/27 (Call 03/02/26)

     1,000       1,000,890  

6.02%, 03/02/34 (Call 03/02/33)

     1,000       1,000,590  

7.47%, 11/10/26 (Call 11/10/25),
(1 year CMT + 2.850%)(a)

    5,465       5,681,250  

Northern Trust Corp.

    

1.95%, 05/01/30 (Call 02/01/30)

     2,821       2,306,647  

3.15%, 05/03/29 (Call 02/03/29)

     3,447       3,132,806  

3.38%, 05/08/32 (Call 05/08/27),
(3 mo. LIBOR US + 1.131%)(a)

    2,711       2,459,989  

3.65%, 08/03/28 (Call 05/03/28)

     490       463,486  

3.95%, 10/30/25

     4,541       4,391,374  

4.00%, 05/10/27 (Call 04/10/27)

     4,975       4,819,780  

6.13%, 11/02/32 (Call 08/02/32)

     3,656       3,855,508  

Oesterreichische Kontrollbank AG

    

0.38%, 09/17/25

     2,580       2,313,770  

0.50%, 09/16/24

     456       424,965  

0.50%, 02/02/26

     270       239,495  

1.50%, 02/12/25

     6,245       5,846,507  

2.88%, 05/23/25

     1,030       986,287  

4.13%, 01/20/26

     665       655,331  

4.63%, 11/03/25

     235       234,434  

PNC Bank NA

    

2.70%, 10/22/29

     3,757       3,190,106  

2.95%, 02/23/25 (Call 01/23/25)

     2,236       2,139,874  

3.10%, 10/25/27 (Call 09/25/27)

     3,643       3,386,424  

3.25%, 06/01/25 (Call 05/02/25)

     3,392       3,253,437  

3.25%, 01/22/28 (Call 12/23/27)

     2,579       2,397,593  

3.30%, 10/30/24 (Call 09/30/24)

     1,936       1,875,848  

3.88%, 04/10/25 (Call 03/10/25)

     2,541       2,462,509  

4.05%, 07/26/28

     4,589       4,329,767  

4.20%, 11/01/25 (Call 10/01/25)

     1,908       1,854,824  

2.50%, 08/27/24 (Call 07/27/24)

     4,213       4,049,325  

PNC Financial Services Group Inc. (The)

    

1.15%, 08/13/26 (Call 07/13/26)

     2,656       2,331,995  

2.20%, 11/01/24 (Call 10/02/24)

     2,902       2,768,972  

2.31%, 04/23/32 (Call 04/23/31),
(1 day SOFR + 0.979%)(a)

    3,203       2,597,953  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   23

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		     Value  

Banks (continued)

     

2.55%, 01/22/30 (Call 10/24/29)

   $ 9,407      $ 8,007,427  

2.60%, 07/23/26 (Call 05/24/26)

     2,971        2,744,818  

3.15%, 05/19/27 (Call 04/19/27)

     2,832        2,648,486  

3.45%, 04/23/29 (Call 01/23/29)

     5,475        5,036,726  

3.90%, 04/29/24 (Call 03/29/24)

     3,785        3,723,002  

4.63%, 06/06/33 (Call 06/06/32),
(1 day SOFR + 1.850%)(a)

    757        703,586  

4.76%, 01/26/27 (Call 01/26/26),
(1 day SOFR + 1.085%)(a)

    5,270        5,188,578  

5.07%, 01/24/34 (Call 01/24/33),
(1 day SOFR + 1.933%)(a)

    9,050        8,766,101  

5.35%, 12/02/28 (Call 12/02/27),
(1 day SOFR + 1.620%)(a)

      3,370          3,376,470  

5.67%, 10/28/25 (Call 10/28/24),
(1 day SOFR + 1.090%)(a)

    530        532,125  

6.04%, 10/28/33 (Call 10/28/32),
(1 day SOFR + 2.140%)(a)

    3,365        3,498,018  

Regions Bank/Birmingham AL, 6.45%, 06/26/37

     2,020        2,097,608  

Regions Financial Corp.

     

1.80%, 08/12/28 (Call 06/12/28)

     2,745        2,303,000  

2.25%, 05/18/25 (Call 04/18/25)

     3,400        3,177,164  

7.38%, 12/10/37

     1,693        1,940,720  

Royal Bank of Canada

     

0.65%, 07/29/24

     5,444        5,098,143  

0.75%, 10/07/24

     6,252        5,820,237  

0.88%, 01/20/26

     3,564        3,156,065  

1.15%, 06/10/25

     3,956        3,611,235  

1.15%, 07/14/26

     4,867        4,269,138  

1.20%, 04/27/26

     5,930        5,250,244  

1.40%, 11/02/26

     5,328        4,648,627  

1.60%, 01/21/25

     1,275        1,193,846  

2.05%, 01/21/27

     1,180        1,057,256  

2.25%, 11/01/24

     7,345        6,990,751  

2.30%, 11/03/31

     5,895        4,730,561  

2.55%, 07/16/24

     5,261        5,069,500  

3.38%, 04/14/25

     1,630        1,568,125  

3.63%, 05/04/27

     3,184        3,004,136  

3.88%, 05/04/32

     2,005        1,812,159  

3.97%, 07/26/24

     3,475        3,411,025  

4.24%, 08/03/27

     5,674        5,453,054  

4.65%, 01/27/26

     6,497        6,352,702  

4.88%, 01/12/26

     4,870        4,828,848  

4.90%, 01/12/28

     3,600        3,548,808  

5.00%, 02/01/33

     3,910        3,814,791  

5.66%, 10/25/24

     2,590        2,607,767  

6.00%, 11/01/27

     2,415        2,486,605  

Santander Holdings USA Inc.

     

2.49%, 01/06/28 (Call 01/06/27),
(1 day SOFR + 1.249%)(a)

    3,370        2,937,865  

3.24%, 10/05/26 (Call 08/05/26)

     4,064        3,744,854  

3.45%, 06/02/25 (Call 05/02/25)

     4,214        4,010,548  

3.50%, 06/07/24 (Call 05/07/24)

     4,782        4,657,811  

4.40%, 07/13/27 (Call 04/14/27)

     4,563        4,333,299  

4.50%, 07/17/25 (Call 04/17/25)

     4,706        4,570,797  

5.81%, 09/09/26 (Call 09/09/25),
(1 day SOFR + 2.328%)(a)

    2,185        2,186,704  

Santander UK Group Holdings PLC

     

1.09%, 03/15/25 (Call 03/15/24),
(1 day SOFR + 0.787%)(a)

    2,730        2,586,811  
Security   Par
(000) 		    Value  

Banks (continued)

    

1.53%, 08/21/26 (Call 08/21/25),
(1 year CMT + 1.250%)(a)

  $ 4,147     $ 3,707,045  

1.67%, 06/14/27 (Call 06/14/26),
(1 day SOFR + 0.989%)(a)

    4,575       3,994,432  

2.47%, 01/11/28 (Call 01/11/27),
(1 day SOFR + 1.220%)(a)

    2,273       1,993,262  

2.90%, 03/15/32 (Call 03/15/31),
(1 day SOFR + 1.475%)(a)

      1,105       883,989  

3.82%, 11/03/28 (Call 11/03/27),
(3 mo. LIBOR US + 1.400%)(a)

    5,771         5,245,954  

6.53%, 01/10/29 (Call 01/10/28)

     2,400       2,429,904  

6.83%, 11/21/26 (Call 11/21/25),
(1 day SOFR + 2.749%)(a)

    2,050       2,085,342  

Santander UK PLC, 4.00%, 03/13/24

     3,612       3,563,382  

Signature Bank/New York NY, 4.00%, 10/15/30
(Call 10/15/25)(a)

    1,171       1,067,331  

State Street Corp.

    

1.68%, 11/18/27 (Call 11/18/26),
(1 day SOFR + 0.560%)(a)

    2,000       1,766,620  

1.75%, 02/06/26 (Call 02/06/25),
(1 day SOFR + 0.441%)(a)(b)

    780       727,444  

2.20%, 02/07/28 (Call 02/07/27),
(1 day SOFR + 0.730%)(a)

    2,100       1,887,585  

2.20%, 03/03/31

     1,095       880,435  

2.35%, 11/01/25 (Call 11/01/24),
(1 day SOFR + 0.940%)(a)

    3,104       2,952,090  

2.40%, 01/24/30

     3,793       3,243,470  

2.62%, 02/07/33 (Call 02/07/32),
(1 day SOFR + 1.002%)(a)

    2,845       2,336,399  

2.65%, 05/19/26

     3,256       3,041,625  

2.90%, 03/30/26 (Call 10/30/25),
(1 day SOFR + 2.600%)(a)

    2,499       2,378,523  

3.03%, 11/01/34 (Call 11/01/29),
(1 day SOFR + 1.490%)(a)

    1,200       1,025,808  

3.15%, 03/30/31 (Call 03/30/30),
(1 day SOFR + 2.650%)(a)

    1,951       1,713,232  

3.30%, 12/16/24

     3,372       3,265,951  

3.55%, 08/18/25

     4,172       4,023,894  

4.14%, 12/03/29 (Call 12/03/28),
(3 mo. LIBOR US + 1.030%)(a)

    1,088       1,031,718  

4.16%, 08/04/33 (Call 08/04/32),
(1 day SOFR + 1.726%)(a)

    1,745       1,600,497  

4.42%, 05/13/33 (Call 05/13/32),
(1 day SOFR + 1.605%)(a)

    830       785,910  

4.82%, 01/26/34 (Call 01/26/33)

     1,795       1,732,355  

4.86%, 01/26/26 (Call 01/26/25),
(1 day SOFR + 0.604%)(a)

    175       173,518  

5.75%, 11/04/26 (Call 11/04/25),
(1 day SOFR + 1.353%)(a)

    1,780       1,805,116  

5.82%, 11/04/28 (Call 11/04/27),
(1 day SOFR + 1.715%)(a)

    2,650       2,714,103  

Sumitomo Mitsui Banking Corp.

    

3.40%, 07/11/24

     2,115       2,056,182  

3.65%, 07/23/25

     3,800       3,639,906  

Sumitomo Mitsui Financial Group Inc.

    

0.95%, 01/12/26

     1,140       1,007,122  

1.40%, 09/17/26

     6,165       5,345,980  

1.47%, 07/08/25

     1,489       1,355,988  

1.71%, 01/12/31

     3,245       2,470,905  

1.90%, 09/17/28

     5,955       4,942,829  

 

 

24  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Banks (continued)

    

2.13%, 07/08/30

   $ 3,890     $ 3,107,332  

2.14%, 09/23/30

     2,596       2,035,394  

2.17%, 01/14/27

     836       742,987  

2.22%, 09/17/31

       2,720         2,121,600  

2.30%, 01/12/41

     650       417,066  

2.35%, 01/15/25

     2,249       2,121,504  

2.45%, 09/27/24

     2,951       2,814,133  

2.47%, 01/14/29

     1,555       1,317,194  

2.63%, 07/14/26

     8,538       7,794,340  

2.70%, 07/16/24

     8,630       8,307,152  

2.72%, 09/27/29

     1,396       1,176,479  

2.75%, 01/15/30

     5,150       4,353,089  

2.93%, 09/17/41

     3,635       2,523,999  

3.01%, 10/19/26

     5,448       5,013,468  

3.04%, 07/16/29

     8,220       7,121,561  

3.05%, 01/14/42(b)

    2,185       1,561,707  

3.20%, 09/17/29

     1,626       1,392,149  

3.35%, 10/18/27

     3,714       3,416,546  

3.36%, 07/12/27

     2,606       2,408,882  

3.45%, 01/11/27

     3,112       2,901,224  

3.54%, 01/17/28

     3,931       3,623,871  

3.78%, 03/09/26

     6,554       6,260,774  

3.94%, 07/19/28

     3,554       3,321,639  

4.31%, 10/16/28

     3,372       3,195,375  

5.46%, 01/13/26

     4,450       4,439,320  

5.52%, 01/13/28

     5,660       5,663,283  

5.71%, 01/13/30

     4,245       4,275,861  

5.77%, 01/13/33

     4,315       4,356,295  

SVB Financial Group

    

1.80%, 10/28/26 (Call 09/28/26)

     2,040       1,780,777  

1.80%, 02/02/31 (Call 11/02/30)

     2,393       1,774,577  

2.10%, 05/15/28 (Call 03/15/28)(b)

    1,046       878,724  

3.13%, 06/05/30 (Call 03/05/30)

     1,980       1,670,368  

3.50%, 01/29/25

     2,707       2,612,661  

4.35%, 04/29/28 (Call 04/29/27),
(1 day SOFR + 1.713%)(a)

    1,575       1,504,314  

4.57%, 04/29/33 (Call 04/29/32),
(1 day SOFR + 1.967%)(a)(b)

    1,880       1,696,324  

Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)

     2,650       2,610,780  

Synchrony Financial, 5.63%, 08/23/27
(Call 07/23/27)

     3,497       3,424,227  

Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)

     635       624,256  

Synovus Financial Corp., 5.20%, 08/11/25
(Call 07/11/25)

     110       108,219  

Toronto-Dominion Bank (The)

    

0.55%, 03/04/24

     4,330       4,126,317  

0.70%, 09/10/24

     4,835       4,506,365  

0.75%, 09/11/25

     1,445       1,290,515  

0.75%, 01/06/26

     6,715       5,926,189  

1.15%, 06/12/25

     2,330       2,125,100  

1.20%, 06/03/26

     5,585       4,897,710  

1.25%, 12/13/24

     2,973       2,770,271  

1.25%, 09/10/26

     6,028       5,254,306  

1.45%, 01/10/25

     4,020       3,752,027  

1.95%, 01/12/27

     3,830       3,409,926  

2.00%, 09/10/31

     4,643       3,645,962  

2.35%, 03/08/24

     4,465       4,331,988  

2.45%, 01/12/32

     3,640       2,949,601  

2.65%, 06/12/24

     4,580       4,428,402  

2.80%, 03/10/27

     5,800       5,300,504  

3.20%, 03/10/32

     4,650       3,999,976  
Security   Par
(000) 		     Value  

Banks (continued)

     

3.25%, 03/11/24

   $ 5,841      $ 5,714,601  

3.63%, 09/15/31 (Call 09/15/26),
(5 year USD Swap + 2.205%)(a)

    5,782        5,376,508  

3.77%, 06/06/25

     4,660        4,502,725  

4.11%, 06/08/27

       3,925          3,768,628  

4.29%, 09/13/24

     4,266        4,198,853  

4.46%, 06/08/32

     2,215        2,086,486  

4.69%, 09/15/27

     5,025        4,918,470  

5.10%, 01/09/26

     605        603,221  

5.16%, 01/10/28

     4,030        4,010,898  

Truist Bank

     

1.50%, 03/10/25 (Call 02/10/25)

     2,148        1,994,783  

2.15%, 12/06/24 (Call 11/06/24)

     5,326        5,052,031  

2.25%, 03/11/30 (Call 12/11/29)

     5,050        4,173,370  

2.64%, 09/17/29 (Call 09/17/24),
(5 year CMT + 1.150%)(a)

    3,125        2,944,469  

3.20%, 04/01/24 (Call 03/01/24)

     4,351        4,252,058  

3.30%, 05/15/26 (Call 04/15/26)

     4,804        4,504,423  

3.63%, 09/16/25 (Call 08/16/25)

     5,059        4,855,881  

3.80%, 10/30/26 (Call 09/30/26)

     2,036        1,924,264  

4.05%, 11/03/25 (Call 09/03/25)

     2,800        2,720,984  

Truist Financial Corp.

     

1.13%, 08/03/27 (Call 06/03/27)

     3,882        3,305,484  

1.20%, 08/05/25 (Call 07/03/25)

     2,654        2,415,565  

1.27%, 03/02/27 (Call 03/02/26),
(1 day SOFR + 0.609%)(a)

    1,865        1,660,615  

1.89%, 06/07/29 (Call 06/07/28),
(1 day SOFR + 0.862%)(a)

    3,805        3,210,621  

1.95%, 06/05/30 (Call 03/05/30)

     1,155        934,603  

2.50%, 08/01/24 (Call 07/01/24)

     4,658        4,475,220  

2.85%, 10/26/24 (Call 09/26/24)

     4,699        4,538,388  

3.70%, 06/05/25 (Call 05/05/25)

     3,819        3,694,004  

3.88%, 03/19/29 (Call 02/19/29)

     2,671        2,480,184  

4.00%, 05/01/25 (Call 03/01/25)

     3,102        3,023,209  

4.12%, 06/06/28 (Call 06/06/27),
(1 day SOFR + 1.368%)(a)(b)

    3,085        2,950,617  

4.26%, 07/28/26 (Call 07/28/25),
(1 day SOFR + 1.456%)(a)

    3,841        3,744,668  

4.87%, 01/26/29 (Call 01/26/28)

     2,550        2,503,794  

4.92%, 07/28/33 (Call 07/28/32),
(1 day SOFR + 2.240%)(a)

    4,910        4,627,822  

5.12%, 01/26/34 (Call 01/26/33)

     2,005        1,951,146  

5.90%, 10/28/26 (Call 10/28/25),
(1 day SOFR + 1.626%)(a)

    4,460        4,531,182  

6.12%, 10/28/33 (Call 10/28/32),
(1 day SOFR + 2.300%)(a)

    4,783        5,010,671  

U.S. Bancorp, 4.65%, 02/01/29
(Call 02/01/28),
(1 day SOFR + 1.230%)(a)

    4,360        4,236,045  

U.S. Bancorp.

     

1.38%, 07/22/30 (Call 04/22/30)

     2,486        1,927,396  

1.45%, 05/12/25 (Call 04/12/25)

     5,356        4,942,677  

2.22%, 01/27/28 (Call 01/27/27),
(1 day SOFR + 0.730%)(a)

    3,505        3,143,389  

2.40%, 07/30/24 (Call 06/30/24)

     6,035        5,797,764  

2.49%, 11/03/36 (Call 11/03/31),
(5 year CMT + 0.950%)(a)

    4,855        3,733,689  

2.68%, 01/27/33 (Call 01/27/32),
(1 day SOFR + 1.020%)(a)

    3,523        2,907,321  

3.00%, 07/30/29 (Call 04/30/29)

     2,598        2,282,421  

3.10%, 04/27/26 (Call 03/27/26)

     3,783        3,553,296  

 

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   25

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Banks (continued)

 

3.60%, 09/11/24 (Call 08/11/24)

   $ 4,415     $ 4,309,746  

3.90%, 04/26/28 (Call 03/26/28)

     4,324       4,129,809  

3.95%, 11/17/25 (Call 10/17/25)

     2,641       2,564,253  

4.55%, 07/22/28 (Call 07/22/27),
(1 day SOFR + 1.660%)(a)

     5,860       5,698,674  

4.84%, 02/01/34 (Call 02/01/33)

     4,115       3,938,261  

4.97%, 07/22/33 (Call 07/22/32),
(1 day SOFR + 2.110%)(a)

     6,090       5,807,119  

5.73%, 10/21/26 (Call 10/21/25),
(1 day SOFR + 1.430%)(a)

     5,185       5,243,798  

5.85%, 10/21/33 (Call 10/21/32),
(1 day SOFR + 2.090%)(a)

     4,255       4,383,671  

Series V, 2.38%, 07/22/26 (Call 06/22/26)

     4,917       4,511,839  

Series X, 3.15%, 04/27/27 (Call 03/27/27)

     4,672       4,358,322  

U.S. Bank NA/Cincinnati OH

    

2.05%, 01/21/25 (Call 12/20/24)

     3,403       3,213,691  

2.80%, 01/27/25 (Call 12/27/24)

     3,952       3,788,150  

Valley National Bancorp.,
3.00%, 06/15/31 (Call 06/15/26),
(3 mo. SOFR + 2.360%)(a)

    430       380,283  

Wachovia Corp.

    

5.50%, 08/01/35

     7,351       7,247,645  

7.57%, 08/01/26(e)

    355       377,244  

Webster Financial Corp., 4.10%, 03/25/29
(Call 12/25/28)

     1,610       1,480,878  

Wells Fargo & Co.

    

0.81%, 05/19/25 (Call 05/19/24),
(1 day SOFR + 0.510%)(a)

    3,902       3,683,449  

2.16%, 02/11/26 (Call 02/11/25),
(3 mo. LIBOR US + 0.750%)(a)

       11,933         11,172,152  

2.19%, 04/30/26 (Call 04/29/25),
(1 day SOFR + 2.000%)(a)

    8,296       7,717,188  

2.39%, 06/02/28 (Call 06/02/27),
(1 day SOFR + 2.100%)(a)

    8,986       7,949,465  

2.41%, 10/30/25 (Call 10/30/24),
(1 day SOFR + 1.087%)(a)

    10,705       10,153,050  

2.57%, 02/11/31 (Call 02/11/30),
(1 day SOFR + 1.262%)(a)

    10,648       8,875,853  

2.88%, 10/30/30 (Call 10/30/29),
(3 mo. SOFR + 1.432%)(a)

    12,351       10,508,972  

3.00%, 02/19/25

     8,897       8,517,009  

3.00%, 04/22/26

     13,710       12,798,559  

3.00%, 10/23/26

     15,098       13,949,042  

3.07%, 04/30/41 (Call 04/30/40),
(1 day SOFR + 2.530%)(a)

    13,970       10,160,940  

3.20%, 06/17/27 (Call 06/17/26),
(3 mo. LIBOR US + 1.170%)(a)

    9,848       9,138,353  

3.30%, 09/09/24

     9,404       9,133,165  

3.35%, 03/02/33 (Call 03/02/32),
(1 day SOFR + 1.500%)(a)

    8,905       7,532,027  

3.53%, 03/24/28 (Call 03/24/27),
(1 day SOFR + 1.510%)(a)

    10,570       9,792,154  

3.55%, 09/29/25

     10,315       9,878,263  

3.58%, 05/22/28 (Call 05/22/27),
(3 mo. LIBOR US + 1.310%)(a) 

     13,509       12,501,904  

3.90%, 05/01/45

     7,306       5,797,603  

3.91%, 04/25/26 (Call 04/25/25),
(1 day SOFR + 1.320%)(a)

    9,030       8,713,860  

4.10%, 06/03/26

     9,092       8,730,411  

4.15%, 01/24/29 (Call 10/24/28)

     6,572       6,155,335  

4.30%, 07/22/27

     6,586       6,369,189  
Security   Par
(000) 		    Value  

Banks (continued)

 

4.40%, 06/14/46

   $ 7,592     $ 6,208,206  

4.48%, 04/04/31 (Call 04/04/30),
(1 day SOFR + 4.032%)(a)

    7,132       6,702,297  

4.54%, 08/15/26 (Call 08/15/25),
(1 day SOFR + 1.560%)(a)

    3,940       3,844,455  

4.61%, 04/25/53 (Call 04/25/52),
(1 day SOFR + 2.130%)(a)

      11,270       9,768,385  

4.65%, 11/04/44

     7,743       6,617,478  

4.75%, 12/07/46

     7,780       6,666,526  

4.81%, 07/25/28 (Call 07/25/27),
(1 day SOFR + 1.980%)(a)

    7,840       7,634,827  

4.90%, 07/25/33 (Call 07/25/32),
(1 day SOFR + 2.100%)(a)

    13,405       12,791,989  

4.90%, 11/17/45

     7,668       6,776,978  

5.01%, 04/04/51 (Call 04/04/50),
(1 day SOFR + 4.502%)(a)

    19,066       17,558,833  

5.38%, 02/07/35

     1,085       1,083,199  

5.38%, 11/02/43

     6,363       6,019,843  

5.61%, 01/15/44

     9,068       8,834,499  

5.95%, 12/01/86

     1,980       2,044,885  

Series B, 7.95%, 11/15/29(b)

    389       446,016  

Wells Fargo Bank NA

    

5.85%, 02/01/37

     2,509       2,550,549  

5.95%, 08/26/36

     2,342       2,409,356  

6.60%, 01/15/38

     3,156       3,431,961  

Western Alliance Bancorp.,
3.00%, 06/15/31 (Call 06/15/26),
(1 day SOFR + 2.250%)(a)

    2,412       2,099,984  

Westpac Banking Corp.

    

1.02%, 11/18/24

     3,390       3,158,361  

1.15%, 06/03/26

     8,350       7,354,763  

1.95%, 11/20/28

     5,005       4,268,364  

2.15%, 06/03/31

     5,410       4,499,713  

2.35%, 02/19/25

     4,422       4,185,644  

2.65%, 01/16/30

     4,164       3,637,962  

2.67%, 11/15/35 (Call 11/15/30),
(5 year CMT + 1.750%)(a)

    3,389       2,602,311  

2.70%, 08/19/26

     4,001       3,695,164  

2.85%, 05/13/26

     7,450       6,941,537  

2.89%, 02/04/30 (Call 02/04/25),
(5 year CMT + 1.350%)(a)

    5,873       5,463,358  

2.96%, 11/16/40

     2,346       1,592,606  

3.02%, 11/18/36 (Call 11/18/31),
(5 year CMT + 1.530%)(a)

    4,420       3,387,532  

3.13%, 11/18/41

     4,709       3,229,197  

3.35%, 03/08/27

     4,030       3,789,369  

3.40%, 01/25/28

     4,435       4,120,514  

3.74%, 08/26/25

     50       48,359  

4.04%, 08/26/27

     1,536       1,482,179  

4.11%, 07/24/34 (Call 07/24/29),
(5 year CMT + 2.000%)(a)

    4,758       4,201,885  

4.32%, 11/23/31 (Call 11/23/26),
(5 year USD ICE Swap + 2.236%)(a)

    5,708       5,379,904  

4.42%, 07/24/39

     4,067       3,432,670  

5.35%, 10/18/24

     1,175       1,177,550  

5.41%, 08/10/33 (Call 08/10/32),
(1 year CMT + 2.680%)(a)

    1,155       1,106,906  

5.46%, 11/18/27

     6,627       6,741,448  

Wintrust Financial Corp., 4.85%, 06/06/29

     782       712,887  

Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)

     1,856       1,544,266  
   

 

 

  
        4,865,151,589  

 

 

26  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Beverages — 0.5%

 

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

    

4.70%, 02/01/36 (Call 08/01/35)

   $ 19,248     $ 18,060,013  

4.90%, 02/01/46 (Call 08/01/45)

       31,101         28,551,962  

Anheuser-Busch InBev Finance Inc.

    

4.00%, 01/17/43

     125       103,329  

4.63%, 02/01/44

     4,703       4,199,638  

4.70%, 02/01/36 (Call 08/01/35)

     3,376       3,175,060  

4.90%, 02/01/46 (Call 08/01/45)

     5,009       4,576,623  

Anheuser-Busch InBev Worldwide Inc.

    

3.50%, 06/01/30 (Call 03/01/30)

     2,651       2,414,107  

3.65%, 02/01/26 (Call 11/01/25)

     13,274       12,721,802  

3.75%, 07/15/42

     95       76,730  

4.00%, 04/13/28 (Call 01/13/28)

     9,909       9,462,798  

4.35%, 06/01/40 (Call 12/01/39)

     5,219       4,577,741  

4.38%, 04/15/38 (Call 10/15/37)

     3,803       3,393,835  

4.44%, 10/06/48 (Call 04/06/48)

     6,610       5,686,980  

4.50%, 06/01/50 (Call 12/01/49)

     550       484,281  

4.60%, 04/15/48 (Call 10/15/47)

     5,770       5,087,351  

4.60%, 06/01/60 (Call 12/01/59)

     230       198,520  

4.75%, 01/23/29 (Call 10/23/28)

     13,532       13,312,240  

4.75%, 04/15/58 (Call 10/15/57)

     915       817,058  

4.90%, 01/23/31 (Call 10/23/30)

     2,824       2,824,508  

4.95%, 01/15/42

     4,885       4,561,173  

5.45%, 01/23/39 (Call 07/23/38)

     8,080       8,063,678  

5.55%, 01/23/49 (Call 07/23/48)

     13,760       13,867,190  

5.80%, 01/23/59 (Call 07/23/58)

     7,206       7,434,430  

5.88%, 06/15/35

     620       641,712  

8.00%, 11/15/39

     1,390       1,702,264  

8.20%, 01/15/39

     4,636       5,785,635  

Brown-Forman Corp.

    

3.50%, 04/15/25 (Call 02/15/25)

     530       512,966  

4.00%, 04/15/38 (Call 10/15/37)

     896       787,396  

4.50%, 07/15/45 (Call 01/15/45)

     1,490       1,343,354  

Coca-Cola Co. (The)

    

1.00%, 03/15/28

     2,789       2,335,592  

1.38%, 03/15/31

     2,250       1,750,252  

1.45%, 06/01/27

     1,962       1,723,539  

1.50%, 03/05/28(b)

    2,320       2,010,582  

1.65%, 06/01/30

     4,049       3,281,026  

1.75%, 09/06/24

     4,703       4,517,514  

2.00%, 03/05/31

     2,624       2,154,042  

2.13%, 09/06/29

     5,288       4,522,456  

2.25%, 01/05/32

     8,760       7,231,643  

2.50%, 06/01/40

     3,088       2,242,691  

2.50%, 03/15/51

     4,750       3,108,780  

2.60%, 06/01/50

     6,069       4,061,557  

2.75%, 06/01/60

     3,991       2,626,597  

2.88%, 05/05/41

     5,935       4,522,767  

2.90%, 05/25/27

     3,278       3,068,831  

3.00%, 03/05/51

     3,135       2,284,380  

3.38%, 03/25/27

     2,542       2,425,297  

3.45%, 03/25/30

     6,183       5,685,701  

4.20%, 03/25/50

     2,381       2,190,544  

Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)

     3,192       3,082,004  

Coca-Cola Femsa SAB de CV

    

1.85%, 09/01/32 (Call 06/01/32)

     1,983       1,509,539  

2.75%, 01/22/30 (Call 10/22/29)

     2,438       2,117,232  

5.25%, 11/26/43

     2,427       2,418,797  
Security   Par
(000) 		    Value  

Beverages (continued)

 

Constellation Brands Inc.

    

2.25%, 08/01/31 (Call 05/01/31)

   $ 350     $ 275,597  

2.88%, 05/01/30 (Call 02/01/30)

     2,950       2,504,845  

3.15%, 08/01/29 (Call 05/01/29)

     3,462       3,037,628  

3.50%, 05/09/27 (Call 02/09/27)

     2,095       1,970,368  

3.60%, 05/09/24

     1,775       1,738,612  

3.60%, 02/15/28 (Call 11/15/27)

     1,715       1,588,725  

3.70%, 12/06/26 (Call 09/06/26)

     2,825       2,669,710  

3.75%, 05/01/50 (Call 11/01/49)

     2,270       1,690,378  

4.10%, 02/15/48 (Call 08/15/47)

     1,846       1,449,350  

4.35%, 05/09/27 (Call 04/09/27)

     2,465       2,381,313  

4.40%, 11/15/25 (Call 09/15/25)

     2,164       2,112,194  

4.50%, 05/09/47 (Call 11/09/46)

     2,220       1,859,561  

4.65%, 11/15/28 (Call 08/15/28)

     2,682       2,592,663  

4.75%, 11/15/24

     3,233       3,198,827  

4.75%, 12/01/25

     1,887       1,863,639  

4.75%, 05/09/32 (Call 02/09/32)

     620       590,035  

5.00%, 02/02/26 (Call 02/02/24)

     400       396,332  

5.25%, 11/15/48 (Call 05/15/48)

       2,030         1,890,580  

Diageo Capital PLC

    

1.38%, 09/29/25 (Call 08/29/25)

     2,956       2,689,162  

2.00%, 04/29/30 (Call 01/29/30)

     4,226       3,477,491  

2.13%, 10/24/24 (Call 09/24/24)

     3,635       3,454,050  

2.13%, 04/29/32 (Call 01/29/32)

     3,443       2,740,972  

2.38%, 10/24/29 (Call 07/24/29)

     2,035       1,722,811  

3.88%, 05/18/28 (Call 02/18/28)

     1,439       1,372,489  

3.88%, 04/29/43 (Call 10/29/42)

     2,262       1,890,014  

5.20%, 10/24/25

     3,485       3,512,880  

5.30%, 10/24/27 (Call 09/24/27)

     3,150       3,197,691  

5.50%, 01/24/33 (Call 10/24/32)

     2,350       2,437,537  

5.88%, 09/30/36

     2,725       2,869,152  

Diageo Investment Corp.

    

4.25%, 05/11/42

     722       653,742  

7.45%, 04/15/35

     1,985       2,363,182  

Fomento Economico Mexicano SAB de CV

    

3.50%, 01/16/50 (Call 07/16/49)

     9,712       7,384,228  

4.38%, 05/10/43

     1,066       938,080  

Keurig Dr Pepper Inc.

    

0.75%, 03/15/24 (Call 03/31/23)

     4,319       4,109,960  

2.25%, 03/15/31 (Call 12/15/30)

     2,953       2,365,589  

2.55%, 09/15/26 (Call 06/15/26)

     2,163       1,976,376  

3.20%, 05/01/30 (Call 02/01/30)

     1,194       1,039,652  

3.35%, 03/15/51 (Call 09/15/50)

     3,070       2,106,818  

3.40%, 11/15/25 (Call 08/15/25)

     2,949       2,808,598  

3.43%, 06/15/27 (Call 03/15/27)

     2,818       2,633,844  

3.80%, 05/01/50 (Call 11/01/49)

     1,775       1,329,280  

3.95%, 04/15/29 (Call 02/15/29)

     4,195       3,879,620  

4.05%, 04/15/32 (Call 01/15/32)

     3,485       3,151,137  

4.42%, 05/25/25 (Call 03/25/25)

     1,160       1,137,160  

4.42%, 12/15/46 (Call 06/15/46)

     1,739       1,445,161  

4.50%, 11/15/45 (Call 05/15/45)(b)

    3,085       2,629,469  

4.50%, 04/15/52 (Call 10/15/51)

     2,530       2,117,205  

4.60%, 05/25/28 (Call 02/25/28)

     1,240       1,203,507  

5.09%, 05/25/48 (Call 11/25/47)

     50       45,864  

Molson Coors Beverage Co.

    

3.00%, 07/15/26 (Call 04/15/26)

     5,036       4,656,034  

4.20%, 07/15/46 (Call 01/15/46)

     6,587       5,140,495  

5.00%, 05/01/42

     4,257       3,808,866  

PepsiCo Inc.

    

1.40%, 02/25/31 (Call 11/25/30)

     2,830       2,221,493  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   27

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Beverages (continued)

    

1.63%, 05/01/30 (Call 02/01/30)

   $ 4,343     $ 3,525,604  

1.95%, 10/21/31 (Call 07/21/31)

     5,035       4,053,729  

2.25%, 03/19/25 (Call 02/19/25)

     7,181       6,805,362  

2.38%, 10/06/26 (Call 07/06/26)

     4,754       4,384,567  

2.63%, 03/19/27 (Call 01/19/27)

     2,453       2,268,044  

2.63%, 07/29/29 (Call 04/29/29)

     4,093       3,612,318  

2.63%, 10/21/41 (Call 04/21/41)

       4,310       3,161,773  

2.75%, 04/30/25 (Call 01/30/25)

     2,721       2,597,929  

2.75%, 03/19/30 (Call 12/19/29)

     6,218       5,481,789  

2.75%, 10/21/51 (Call 04/21/51)

     3,605       2,501,401  

2.85%, 02/24/26 (Call 11/24/25)

     3,280       3,100,486  

2.88%, 10/15/49 (Call 04/15/49)

     3,387       2,436,167  

3.00%, 10/15/27 (Call 07/15/27)

     5,331       4,963,108  

3.38%, 07/29/49 (Call 01/29/49)

     2,010       1,593,287  

3.45%, 10/06/46 (Call 04/06/46)

     3,479       2,807,449  

3.50%, 07/17/25 (Call 04/17/25)

     3,971       3,844,643  

3.50%, 03/19/40 (Call 09/19/39)

     225       186,179  

3.60%, 03/01/24 (Call 12/01/23)

     4,702       4,641,626  

3.60%, 02/18/28 (Call 01/18/28)

     3,555       3,391,506  

3.60%, 08/13/42

     460       385,080  

3.63%, 03/19/50 (Call 09/19/49)

     3,469       2,859,011  

3.88%, 03/19/60 (Call 09/19/59)

     235       197,957  

3.90%, 07/18/32 (Call 04/18/32)

     5,525       5,192,892  

4.00%, 03/05/42

     740       656,410  

4.00%, 05/02/47 (Call 11/02/46)

     1,035       918,925  

4.20%, 07/18/52 (Call 01/18/52)

     2,505       2,268,227  

4.25%, 10/22/44 (Call 04/22/44)

     300       267,342  

4.45%, 05/15/28 (Call 04/15/28)

     2,450       2,430,081  

4.45%, 02/15/33 (Call 11/15/32)

     2,450       2,410,555  

4.45%, 04/14/46 (Call 10/14/45)

     1,200       1,135,056  

4.55%, 02/13/26 (Call 01/13/26)

     2,550       2,533,450  

4.65%, 02/15/53 (Call 08/15/52)

     2,450       2,400,877  

4.88%, 11/01/40

     620       626,901  

7.00%, 03/01/29

     2,635       2,960,185  
   

 

 

  
        452,215,619  
Biotechnology — 0.4%            

Amgen Inc.

    

1.65%, 08/15/28 (Call 06/15/28)

     7,443       6,233,364  

1.90%, 02/21/25 (Call 01/21/25)

     2,792       2,611,051  

2.00%, 01/15/32 (Call 10/15/31)

     5,930       4,588,456  

2.20%, 02/21/27 (Call 12/21/26)

     2,642       2,367,972  

2.30%, 02/25/31 (Call 11/25/30)

     6,731       5,452,581  

2.45%, 02/21/30 (Call 11/21/29)

     2,782       2,335,712  

2.60%, 08/19/26 (Call 05/19/26)(b)

    5,929       5,444,364  

2.77%, 09/01/53 (Call 03/01/53)

     6,074       3,665,355  

2.80%, 08/15/41 (Call 02/15/41)

     6,105       4,198,714  

3.00%, 02/22/29 (Call 12/22/28)

     960       854,054  

3.00%, 01/15/52 (Call 07/15/51)

     6,527       4,176,954  

3.13%, 05/01/25 (Call 02/01/25)

     4,777       4,564,853  

3.15%, 02/21/40 (Call 08/21/39)

     6,297       4,628,547  

3.20%, 11/02/27 (Call 08/02/27)

     2,947       2,724,177  

3.35%, 02/22/32 (Call 11/22/31)

     2,691       2,330,621  

3.38%, 02/21/50 (Call 08/21/49)

     7,395       5,155,868  

3.63%, 05/22/24 (Call 02/22/24)

     6,585       6,438,945  

4.05%, 08/18/29 (Call 06/18/29)

     6,175       5,757,076  

4.20%, 03/01/33 (Call 12/01/32)(b)

    5,840       5,368,070  

4.20%, 02/22/52 (Call 08/22/51)

     2,939       2,365,542  

4.40%, 05/01/45 (Call 11/01/44)

     7,664       6,409,786  

4.40%, 02/22/62 (Call 08/22/61)

     2,826       2,268,317  

4.56%, 06/15/48 (Call 12/15/47)

     6,594       5,666,620  
Security   Par
(000) 		    Value  

Biotechnology (continued)

    

4.66%, 06/15/51 (Call 12/15/50)

   $ 10,170     $ 8,781,287  

4.88%, 03/01/53 (Call 09/01/52)

     2,325       2,068,855  

4.95%, 10/01/41

     3,712       3,387,905  

5.15%, 03/02/28 (Call 02/02/28)

     12,205       12,156,302  

5.15%, 11/15/41 (Call 05/15/41)

     1,935       1,791,733  

5.25%, 03/02/25

     12,325       12,299,857  

5.25%, 03/02/30 (Call 01/02/30)

     12,765       12,700,664  

5.25%, 03/02/33 (Call 12/02/32)

     13,410       13,310,498  

5.51%, 03/02/26 (Call 03/02/24)

     250       249,513  

5.60%, 03/02/43 (Call 09/02/42)

     12,130       11,983,227  

5.65%, 06/15/42 (Call 12/15/41)

     470       468,322  

5.65%, 03/02/53 (Call 09/02/52)

       10,830       10,740,869  

5.75%, 03/02/63 (Call 09/02/62)

     7,650       7,544,277  

6.38%, 06/01/37

     440       471,016  

6.40%, 02/01/39

     1,615       1,718,360  

Baxalta Inc.

    

4.00%, 06/23/25 (Call 03/23/25)

     2,715       2,632,545  

5.25%, 06/23/45 (Call 12/23/44)

     1,728       1,640,995  

Biogen Inc.

    

2.25%, 05/01/30 (Call 02/01/30)

     6,925       5,609,112  

3.15%, 05/01/50 (Call 11/01/49)

     8,111       5,373,781  

3.25%, 02/15/51 (Call 08/15/50)

     4,656       3,134,745  

4.05%, 09/15/25 (Call 06/15/25)

     5,839       5,652,911  

5.20%, 09/15/45 (Call 03/15/45)

     447       437,595  

Bio-Rad Laboratories Inc.

    

3.30%, 03/15/27 (Call 02/15/27)

     1,471       1,367,706  

3.70%, 03/15/32 (Call 12/15/31)

     2,335       2,036,003  

Gilead Sciences Inc.

    

1.20%, 10/01/27 (Call 08/01/27)

     4,087       3,453,392  

1.65%, 10/01/30 (Call 07/01/30)

     3,677       2,905,860  

2.60%, 10/01/40 (Call 04/01/40)

     4,011       2,794,865  

2.80%, 10/01/50 (Call 04/01/50)

     5,150       3,345,440  

2.95%, 03/01/27 (Call 12/01/26)

     3,790       3,509,995  

3.50%, 02/01/25 (Call 11/01/24)

     2,391       2,315,707  

3.65%, 03/01/26 (Call 12/01/25)

     7,443       7,109,554  

3.70%, 04/01/24 (Call 01/01/24)

     7,519       7,386,290  

4.00%, 09/01/36 (Call 03/01/36)

     2,913       2,566,994  

4.15%, 03/01/47 (Call 09/01/46)

     7,340       6,143,066  

4.50%, 02/01/45 (Call 08/01/44)

     5,465       4,803,680  

4.60%, 09/01/35 (Call 03/01/35)

     4,368       4,146,673  

4.75%, 03/01/46 (Call 09/01/45)

     8,563       7,746,689  

4.80%, 04/01/44 (Call 10/01/43)

     3,446       3,172,353  

5.65%, 12/01/41 (Call 06/01/41)

     3,127       3,207,614  

Illumina Inc.

    

2.55%, 03/23/31 (Call 12/23/30)

     405       323,789  

5.75%, 12/13/27 (Call 11/13/27)

     4,145       4,164,896  

5.80%, 12/12/25 (Call 11/12/25)

     4,170       4,207,864  

Regeneron Pharmaceuticals Inc.

    

1.75%, 09/15/30 (Call 06/15/30)

     5,342       4,158,640  

2.80%, 09/15/50 (Call 03/15/50)

     2,658       1,665,769  

Royalty Pharma PLC

    

1.20%, 09/02/25 (Call 08/02/25)

     2,116       1,893,735  

1.75%, 09/02/27 (Call 07/02/27)

     3,166       2,680,906  

2.15%, 09/02/31 (Call 06/02/31)

     1,994       1,517,693  

2.20%, 09/02/30 (Call 06/02/30)

     2,499       1,958,941  

3.30%, 09/02/40 (Call 03/02/40)

     2,697       1,881,454  

3.35%, 09/02/51 (Call 03/02/51)

     3,185       1,980,019  

3.55%, 09/02/50 (Call 03/02/50)

     5,247       3,413,383  
   

 

 

  
        317,620,338  

 

 

28  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Building Materials — 0.1%

    

Carrier Global Corp.

    

2.24%, 02/15/25 (Call 01/15/25)

   $ 926     $ 869,875  

2.49%, 02/15/27 (Call 12/15/26)

     1,068       963,197  

2.70%, 02/15/31 (Call 11/15/30)

       3,335         2,754,710  

2.72%, 02/15/30 (Call 11/15/29)

     6,483       5,467,827  

3.38%, 04/05/40 (Call 10/05/39)

     6,820       5,112,067  

3.58%, 04/05/50 (Call 10/05/49)

     6,271       4,520,701  

Eagle Materials Inc., 2.50%, 07/01/31
(Call 04/01/31)

     1,800       1,409,202  

Fortune Brands Home & Security Inc.

    

3.25%, 09/15/29 (Call 06/15/29)

     3,002       2,557,524  

4.00%, 06/15/25 (Call 03/15/25)

     1,360       1,311,570  

4.00%, 03/25/32 (Call 12/25/31)

     1,855       1,608,007  

4.50%, 03/25/52 (Call 09/25/51)

     2,161       1,621,722  

Johnson Controls International PLC

    

3.63%, 07/02/24 (Call 04/02/24)(e)

    448       437,141  

3.90%, 02/14/26 (Call 11/14/25)

     2,151       2,071,822  

4.50%, 02/15/47 (Call 08/15/46)

     1,867       1,588,238  

4.63%, 07/02/44 (Call 01/02/44)

     2,370       2,080,742  

4.95%, 07/02/64 (Call 01/02/64)(e)

    1,730       1,505,861  

5.13%, 09/14/45 (Call 03/14/45)

     520       484,052  

6.00%, 01/15/36

     509       526,505  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

    

1.75%, 09/15/30 (Call 06/15/30)

     2,670       2,130,340  

2.00%, 09/16/31 (Call 06/16/31)

     2,215       1,747,081  

4.90%, 12/01/32 (Call 09/01/32)

     1,770       1,741,574  

Lafarge SA, 7.13%, 07/15/36

     850       913,971  

Lennox International Inc.

    

1.35%, 08/01/25 (Call 07/01/25)

     1,700       1,542,665  

1.70%, 08/01/27 (Call 06/01/27)

     1,053       899,494  

Martin Marietta Materials Inc.

    

2.40%, 07/15/31 (Call 04/15/31)

     1,820       1,450,540  

3.20%, 07/15/51 (Call 01/15/51)

     2,245       1,519,438  

3.45%, 06/01/27 (Call 03/01/27)

     1,113       1,035,992  

3.50%, 12/15/27 (Call 09/15/27)

     3,529       3,308,402  

4.25%, 07/02/24 (Call 04/02/24)

     560       551,589  

4.25%, 12/15/47 (Call 06/15/47)

     3,000       2,475,060  

Series CB, 2.50%, 03/15/30 (Call 12/15/29)

     2,796       2,314,920  

Masco Corp.

    

1.50%, 02/15/28 (Call 12/15/27)

     2,567       2,126,041  

2.00%, 10/01/30 (Call 07/01/30)

     1,774       1,383,596  

2.00%, 02/15/31 (Call 11/15/30)

     910       704,331  

3.13%, 02/15/51 (Call 08/15/50)

     1,296       828,144  

3.50%, 11/15/27 (Call 08/15/27)(b)

    1,823       1,690,668  

4.50%, 05/15/47 (Call 11/15/46)(b)

    1,715       1,392,563  

Mohawk Industries Inc., 3.63%, 05/15/30
(Call 02/15/30)(b)

    1,700       1,483,624  

Owens Corning

    

3.40%, 08/15/26 (Call 05/15/26)

     3,383       3,166,285  

3.88%, 06/01/30 (Call 03/01/30)

     1,800       1,630,386  

3.95%, 08/15/29 (Call 05/15/29)

     2,378       2,183,099  

4.20%, 12/01/24 (Call 09/01/24)

     2,041       1,996,098  

4.30%, 07/15/47 (Call 01/15/47)

     2,336       1,864,058  

4.40%, 01/30/48 (Call 07/30/47)

     1,819       1,470,625  

7.00%, 12/01/36

     1,310       1,428,319  

Trane Technologies Global Holding Co. Ltd.

    

3.75%, 08/21/28 (Call 05/21/28)

     2,353       2,215,161  

4.30%, 02/21/48 (Call 08/21/47)

     1,103       903,059  

5.75%, 06/15/43

     1,717       1,732,762  
Security   Par
(000) 		    Value  

Building Materials (continued)

    

Trane Technologies Luxembourg Finance SA

    

3.50%, 03/21/26 (Call 01/21/26)

   $ 2,102     $ 1,992,906  

3.55%, 11/01/24 (Call 08/01/24)

     3,400       3,300,244  

3.80%, 03/21/29 (Call 12/21/28)

     3,035       2,795,812  

4.50%, 03/21/49 (Call 09/21/48)

       1,395       1,170,391  

4.65%, 11/01/44 (Call 05/01/44)

     1,223       1,045,445  

Vulcan Materials Co.

    

3.50%, 06/01/30 (Call 03/01/30)

     3,535       3,133,530  

3.90%, 04/01/27 (Call 01/01/27)

     1,081       1,030,982  

4.50%, 04/01/25 (Call 01/01/25)

     1,582       1,559,109  

4.50%, 06/15/47 (Call 12/15/46)

     2,939       2,515,431  

4.70%, 03/01/48 (Call 09/01/47)(b)

    1,593       1,399,817  
   

 

 

  
        106,664,315  
Chemicals — 0.4%            

Air Products and Chemicals Inc.

    

1.50%, 10/15/25 (Call 09/15/25)

     3,650       3,330,333  

1.85%, 05/15/27 (Call 03/15/27)

     5,487       4,883,265  

2.05%, 05/15/30 (Call 02/15/30)

     3,352       2,800,998  

2.70%, 05/15/40 (Call 11/15/39)

     1,991       1,471,508  

2.80%, 05/15/50 (Call 11/15/49)

     3,942       2,725,814  

3.35%, 07/31/24 (Call 04/30/24)

     1,834       1,787,912  

4.80%, 03/03/33 (Call 12/03/32)

     2,730       2,722,793  

Albemarle Corp.

    

4.65%, 06/01/27 (Call 05/01/27)

     1,900       1,853,412  

5.05%, 06/01/32 (Call 03/01/32)

     380       361,433  

5.45%, 12/01/44 (Call 06/01/44)

     1,820       1,680,624  

5.65%, 06/01/52 (Call 12/01/51)

     80       75,282  

Cabot Corp.

    

4.00%, 07/01/29 (Call 04/01/29)

     500       450,410  

5.00%, 06/30/32 (Call 03/30/32)

     2,325       2,191,545  

Celanese U.S. Holdings LLC

    

1.40%, 08/05/26 (Call 07/05/26)

     1,935       1,648,175  

3.50%, 05/08/24 (Call 04/08/24)

     2,448       2,381,684  

5.90%, 07/05/24

     2,430       2,427,011  

6.05%, 03/15/25

     5,320       5,300,422  

6.17%, 07/15/27 (Call 06/15/27)

     7,335       7,275,660  

6.33%, 07/15/29 (Call 05/15/29)

     1,845       1,816,550  

6.38%, 07/15/32 (Call 04/15/32)

     3,200       3,106,880  

CF Industries Inc.

    

4.95%, 06/01/43

     2,740       2,293,654  

5.15%, 03/15/34

     3,256       3,028,438  

5.38%, 03/15/44

     2,862       2,525,887  

Dow Chemical Co. (The)

    

2.10%, 11/15/30 (Call 08/15/30)(b)

    791       639,183  

3.60%, 11/15/50 (Call 05/15/50)

     1,376       992,674  

4.25%, 10/01/34 (Call 04/01/34)

     3,017       2,688,026  

4.38%, 11/15/42 (Call 05/15/42)

     4,747       3,997,401  

4.63%, 10/01/44 (Call 04/01/44)

     2,350       2,022,128  

4.80%, 11/30/28 (Call 08/30/28)

     2,687       2,634,550  

4.80%, 05/15/49 (Call 11/15/48)

     2,805       2,394,432  

5.25%, 11/15/41 (Call 05/15/41)

     4,226       3,973,877  

5.55%, 11/30/48 (Call 05/30/48)

     2,978       2,832,852  

6.30%, 03/15/33 (Call 12/15/32)

     825       872,990  

6.90%, 05/15/53 (Call 11/15/52)

     1,275       1,424,392  

7.38%, 11/01/29

     2,884       3,201,327  

9.40%, 05/15/39

     1,782       2,362,237  

DuPont de Nemours Inc.

    

4.49%, 11/15/25 (Call 09/25/25)

     9,633       9,473,767  

4.73%, 11/15/28 (Call 08/15/28)

     8,192       8,052,982  

5.32%, 11/15/38 (Call 05/15/38)

     5,450       5,292,767  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   29

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Chemicals (continued)

    

5.42%, 11/15/48 (Call 05/15/48)

   $ 6,419     $ 6,156,014  

Eastman Chemical Co.

    

3.80%, 03/15/25 (Call 12/15/24)

       4,754         4,611,380  

4.50%, 12/01/28 (Call 09/01/28)(b)

    758       725,156  

4.65%, 10/15/44 (Call 04/15/44)

     3,428       2,855,798  

4.80%, 09/01/42 (Call 03/01/42)

     1,757       1,522,757  

5.75%, 03/08/33 (Call 12/08/32)

     1,345       1,335,639  

Ecolab Inc.

    

1.30%, 01/30/31 (Call 10/30/30)

     4,690       3,581,753  

1.65%, 02/01/27 (Call 01/01/27)(b)

    1,012       894,800  

2.13%, 02/01/32 (Call 11/01/31)

     3,060       2,441,452  

2.13%, 08/15/50 (Call 02/15/50)(b)

    1,068       609,273  

2.70%, 11/01/26 (Call 08/01/26)

     3,949       3,641,017  

2.70%, 12/15/51 (Call 06/15/51)

     2,020       1,282,579  

2.75%, 08/18/55 (Call 02/18/55)

     5,829       3,581,862  

3.25%, 12/01/27 (Call 09/01/27)

     1,615       1,504,146  

3.95%, 12/01/47 (Call 06/01/47)(b)

    610       506,355  

4.80%, 03/24/30 (Call 12/24/29)

     2,438       2,408,720  

5.25%, 01/15/28 (Call 12/15/27)

     3,035       3,065,168  

EI du Pont de Nemours and Co.

    

1.70%, 07/15/25 (Call 06/15/25)

     5,555       5,120,377  

2.30%, 07/15/30 (Call 04/15/30)

     3,272       2,748,218  

FMC Corp.

    

3.20%, 10/01/26 (Call 08/01/26)

     1,988       1,855,480  

3.45%, 10/01/29 (Call 07/01/29)

     1,991       1,759,686  

4.50%, 10/01/49 (Call 04/01/49)

     2,180       1,765,844  

Huntsman International LLC

    

2.95%, 06/15/31 (Call 03/15/31)

     2,430       1,933,940  

4.50%, 05/01/29 (Call 02/01/29)

     3,410       3,108,385  

International Flavors & Fragrances Inc.

    

4.38%, 06/01/47 (Call 12/01/46)

     2,260       1,711,792  

4.45%, 09/26/28 (Call 06/26/28)

     1,405       1,308,926  

5.00%, 09/26/48 (Call 03/26/48)

     2,217       1,838,735  

Linde Inc., 4.80%, 12/05/24

     25       25,003  

Linde Inc./CT

    

1.10%, 08/10/30 (Call 05/10/30)

     4,667       3,609,318  

2.00%, 08/10/50 (Call 02/10/50)

     1,845       1,052,130  

2.65%, 02/05/25 (Call 11/05/24)

     4,820       4,599,630  

3.20%, 01/30/26 (Call 10/30/25)

     3,779       3,638,950  

3.55%, 11/07/42 (Call 05/07/42)

     1,877       1,512,618  

4.70%, 12/05/25 (Call 11/05/25)

     4,400       4,393,312  

Lubrizol Corp. (The), 6.50%, 10/01/34

     212       242,117  

LYB International Finance BV

    

4.88%, 03/15/44 (Call 09/15/43)

     3,790       3,207,325  

5.25%, 07/15/43

     509       452,582  

LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)

     225       210,303  

LYB International Finance III LLC

    

1.25%, 10/01/25 (Call 09/01/25)

     1,997       1,789,372  

2.25%, 10/01/30 (Call 07/01/30)

     1,666       1,333,916  

3.38%, 10/01/40 (Call 04/01/40)

     3,113       2,233,827  

3.63%, 04/01/51 (Call 04/01/50)

     4,556       3,122,637  

3.80%, 10/01/60 (Call 04/01/60)

     3,666       2,443,719  

4.20%, 10/15/49 (Call 04/15/49)

     3,093       2,331,163  

4.20%, 05/01/50 (Call 11/01/49)

     4,357       3,286,877  

LyondellBasell Industries NV

    

4.63%, 02/26/55 (Call 08/26/54)

     3,702       2,960,341  

5.75%, 04/15/24 (Call 01/15/24)

     2,117       2,116,111  

Mosaic Co. (The)

    

4.05%, 11/15/27 (Call 08/15/27)

     1,160       1,098,427  
Security   Par
(000)		     Value  

Chemicals (continued)

    

4.88%, 11/15/41 (Call 05/15/41)

   $ 1,090     $ 954,480  

5.45%, 11/15/33 (Call 05/15/33)

       1,517       1,499,964  

5.63%, 11/15/43 (Call 05/15/43)

     923       875,558  

NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)

     1,731       1,392,399  

Nutrien Ltd.
2.95%, 05/13/30 (Call 02/13/30)

     1,109       945,733  

3.00%, 04/01/25 (Call 01/01/25)

     2,185       2,077,301  

3.95%, 05/13/50 (Call 11/13/49)

     1,370       1,044,762  

4.00%, 12/15/26 (Call 09/15/26)

     2,199       2,112,865  

4.13%, 03/15/35 (Call 09/15/34)

     2,375       2,055,230  

4.20%, 04/01/29 (Call 01/01/29)

     2,770       2,612,304  

4.90%, 06/01/43 (Call 12/01/42)

     2,419       2,161,304  

5.00%, 04/01/49 (Call 10/01/48)

     2,559       2,302,946  

5.25%, 01/15/45 (Call 07/15/44)

     1,712       1,581,357  

5.63%, 12/01/40

     951       921,861  

5.88%, 12/01/36

     2,029       2,039,794  

5.90%, 11/07/24

     1,817       1,826,794  

5.95%, 11/07/25

     2,470       2,505,988  

6.13%, 01/15/41 (Call 07/15/40)

     135       137,877  

PPG Industries Inc.
1.20%, 03/15/26 (Call 02/15/26)

     4,630       4,097,967  

2.40%, 08/15/24 (Call 07/15/24)

     1,452       1,392,337  

2.55%, 06/15/30 (Call 03/15/30)

     1,117       936,794  

2.80%, 08/15/29 (Call 05/15/29)

     1,765       1,519,683  

3.75%, 03/15/28 (Call 12/15/27)

     4,171       3,930,000  

Rohm & Haas Co., 7.85%, 07/15/29

     2,649       2,938,112  

RPM International Inc.
2.95%, 01/15/32 (Call 10/15/31)

     1,775       1,401,487  

3.75%, 03/15/27 (Call 12/15/26)

     3,185       2,979,472  

4.25%, 01/15/48 (Call 07/15/47)

     1,056       798,674  

4.55%, 03/01/29 (Call 12/01/28)

     1,754       1,627,098  

5.25%, 06/01/45 (Call 12/01/44)

     1,450       1,266,300  

Sherwin-Williams Co. (The)
2.20%, 03/15/32 (Call 12/15/31)

     2,242       1,752,751  

2.30%, 05/15/30 (Call 02/15/30)

     2,413       1,985,127  

2.90%, 03/15/52 (Call 09/15/51)

     2,085       1,283,088  

2.95%, 08/15/29 (Call 05/15/29)

     2,827       2,450,472  

3.13%, 06/01/24 (Call 04/01/24)

     2,122       2,061,735  

3.30%, 05/15/50 (Call 11/15/49)

     1,975       1,346,693  

3.45%, 08/01/25 (Call 05/01/25)

     2,345       2,246,299  

3.45%, 06/01/27 (Call 03/01/27)

     5,740       5,381,250  

3.80%, 08/15/49 (Call 02/15/49)

     2,105       1,574,435  

3.95%, 01/15/26 (Call 10/15/25)

     2,291       2,211,090  

4.00%, 12/15/42 (Call 06/15/42)

     1,090       866,256  

4.05%, 08/08/24

     15       14,711  

4.25%, 08/08/25

     2,225       2,168,552  

4.50%, 06/01/47 (Call 12/01/46)

     4,783       4,016,094  

4.55%, 08/01/45 (Call 02/01/45)

     782       658,342  

Westlake Corp.
0.88%, 08/15/24 (Call 03/31/23)

     1,745       1,632,256  

2.88%, 08/15/41 (Call 02/15/41)

     728       479,009  

3.13%, 08/15/51 (Call 02/15/51)

     3,130       1,936,406  

3.38%, 06/15/30 (Call 03/15/30)

     1,535       1,329,770  

3.38%, 08/15/61 (Call 02/15/61)

     2,435       1,482,233  

3.60%, 08/15/26 (Call 05/15/26)

     4,159       3,911,082  

4.38%, 11/15/47 (Call 05/15/47)

     780       610,420  

5.00%, 08/15/46 (Call 02/15/46)

     3,485       2,937,925  
   

 

 

  
        316,802,642  

 

 

30  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Commercial Services — 0.3%

    

American University (The), Series 2019, 3.67%, 04/01/49

   $ 1,790     $ 1,426,075  

Automatic Data Processing Inc.

    

1.25%, 09/01/30 (Call 06/01/30)

       6,017         4,729,482  

1.70%, 05/15/28 (Call 03/15/28)

     3,330       2,873,224  

3.38%, 09/15/25 (Call 06/15/25)

     4,701       4,529,366  

Block Financial LLC

    

2.50%, 07/15/28 (Call 05/15/28)

     2,783       2,373,871  

3.88%, 08/15/30 (Call 05/15/30)

     1,653       1,447,631  

5.25%, 10/01/25 (Call 07/01/25)

     1,034       1,022,729  

Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)

     1,850       1,353,793  

California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)

     2,045       1,325,201  

California Institute of Technology

    

3.65%, 09/01/2119 (Call 03/01/19)

     569       387,916  

4.32%, 08/01/45

     707       630,743  

4.70%, 11/01/2111

     1,594       1,402,863  

Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/21)

     1,103       1,065,399  

Cintas Corp. No. 2

    

3.45%, 05/01/25 (Call 04/01/25)

     1,655       1,593,881  

3.70%, 04/01/27 (Call 01/01/27)

     5,447       5,200,142  

4.00%, 05/01/32 (Call 02/01/32)

     2,175       2,016,877  

Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/21)

     510       346,683  

Duke University

    

Series 2020, 2.68%, 10/01/44

     861       639,542  

Series 2020, 2.76%, 10/01/50(b)

    1,268       884,100  

Series 2020, 2.83%, 10/01/55

     2,335       1,598,307  

Emory University

    

Series 2020, 2.14%, 09/01/30 (Call 06/01/30)(b)

    318       264,891  

Series 2020, 2.97%, 09/01/50 (Call 03/01/50)

     1,868       1,343,578  

Equifax Inc.

    

2.35%, 09/15/31 (Call 06/15/31)

     2,945       2,317,686  

2.60%, 12/01/24 (Call 11/01/24)

     4,319       4,106,462  

2.60%, 12/15/25 (Call 11/15/25)

     1,567       1,449,616  

3.10%, 05/15/30 (Call 02/15/30)

     2,641       2,248,864  

5.10%, 12/15/27 (Call 11/15/27)

     1,950       1,930,734  

Ford Foundation (The)

    

Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(b)

    910       589,735  

Series 2020, 2.82%, 06/01/70 (Call 12/01/69)

     2,372       1,444,880  

George Washington University (The)

    

4.87%, 09/15/45

     1,505       1,422,993  

Series 2014, 4.30%, 09/15/44

     710       621,747  

Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

     3,021       2,603,709  

Georgetown University (The)

    

Series 20A, 2.94%, 04/01/50

     1,199       795,596  

Series A, 5.22%, 10/01/2118 (Call 04/01/18)

     836       759,514  

Series B, 4.32%, 04/01/49 (Call 10/01/48)

     1,258       1,076,370  

Global Payments Inc.

    

1.20%, 03/01/26 (Call 02/01/26)

     2,437       2,131,303  

1.50%, 11/15/24 (Call 10/15/24)

     904       841,443  

2.15%, 01/15/27 (Call 12/15/26)

     4,437       3,890,317  

2.65%, 02/15/25 (Call 01/15/24)

     2,458       2,319,492  

2.90%, 05/15/30 (Call 02/15/30)

     3,339       2,747,964  

2.90%, 11/15/31 (Call 08/15/31)

     3,014       2,394,111  

3.20%, 08/15/29 (Call 05/15/29)

     5,192       4,415,121  

4.15%, 08/15/49 (Call 02/15/49)

     1,984       1,435,206  
Security   Par
(000)		     Value  

Commercial Services (continued)

    

4.45%, 06/01/28 (Call 03/01/28)

   $ 1,855     $ 1,732,551  

4.80%, 04/01/26 (Call 01/01/26)

     4,592       4,469,715  

4.95%, 08/15/27 (Call 07/15/27)

       1,194         1,155,708  

5.30%, 08/15/29 (Call 06/15/29)

     1,865       1,794,951  

5.40%, 08/15/32 (Call 05/15/32)

     1,690       1,616,536  

5.95%, 08/15/52 (Call 02/15/52)

     2,335       2,154,738  

GXO Logistics Inc.

    

1.65%, 07/15/26 (Call 06/15/26)

     2,945       2,525,868  

2.65%, 07/15/31 (Call 04/15/31)

     2,942       2,232,596  

Howard University, 5.21%, 10/01/52 (Call 10/01/32)

     863       706,409  

Johns Hopkins University

    

4.71%, 07/01/32 (Call 04/01/32)

     1,100       1,097,778  

Series 2013, 4.08%, 07/01/53

     1,898       1,648,166  

Series A, 2.81%, 01/01/60 (Call 07/01/59)

     1,000       647,260  

Leland Stanford Junior University (The)

    

1.29%, 06/01/27 (Call 04/01/27)

     1,280       1,119,296  

2.41%, 06/01/50 (Call 12/01/49)

     1,690       1,119,693  

3.65%, 05/01/48 (Call 11/01/47)

     2,666       2,255,089  

Massachusetts Institute of Technology

    

3.07%, 04/01/52 (Call 10/01/51)

     1,013       760,854  

3.89%, 07/01/2116

     473       356,335  

3.96%, 07/01/38

     629       577,774  

4.68%, 07/01/2114

     2,428       2,201,322  

5.60%, 07/01/2111

     2,890       3,123,223  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

     2,121       1,577,769  

Series G, 2.29%, 07/01/51 (Call 01/01/51)

     1,344       852,378  

Moody’s Corp.

    

2.00%, 08/19/31 (Call 05/19/31)(b)

    2,772       2,186,720  

2.75%, 08/19/41 (Call 02/19/41)

     2,645       1,826,055  

3.10%, 11/29/61 (Call 05/29/61)

     2,225       1,383,972  

3.25%, 01/15/28 (Call 10/15/27)

     2,339       2,152,207  

3.25%, 05/20/50 (Call 11/20/49)

     1,553       1,081,043  

3.75%, 03/24/25 (Call 02/24/25)

     770       745,129  

3.75%, 02/25/52 (Call 08/25/51)

     1,140       866,924  

4.25%, 02/01/29 (Call 11/01/28)

     2,481       2,359,580  

4.25%, 08/08/32 (Call 05/08/32)

     1,985       1,837,098  

4.88%, 12/17/48 (Call 06/17/48)

     2,640       2,388,144  

5.25%, 07/15/44

     1,201       1,147,688  

Northeastern University, Series 2020, 2.89%, 10/01/50

     1,536       1,050,547  

Northwestern University

    

4.64%, 12/01/44

     975       939,705  

Series 2017, 3.66%, 12/01/57 (Call 06/01/57)

     1,534       1,247,817  

Series 2020, 2.64%, 12/01/50 (Call 06/01/50)

     1,919       1,326,183  

PayPal Holdings Inc.

    

1.65%, 06/01/25 (Call 05/01/25)

     4,434       4,107,791  

2.30%, 06/01/30 (Call 03/01/30)

     4,639       3,822,258  

2.40%, 10/01/24 (Call 09/01/24)

     5,140       4,922,989  

2.65%, 10/01/26 (Call 08/01/26)

     4,801       4,433,868  

2.85%, 10/01/29 (Call 07/01/29)

     5,689       4,937,938  

3.25%, 06/01/50 (Call 12/01/49)

     4,527       3,132,458  

4.40%, 06/01/32 (Call 03/01/32)

     3,665       3,449,645  

5.05%, 06/01/52 (Call 12/01/51)

     2,945       2,687,165  

5.25%, 06/01/62 (Call 12/01/61)

     2,460       2,250,949  

President and Fellows of Harvard College

    

2.52%, 10/15/50 (Call 04/15/50)

     2,114       1,427,140  

3.15%, 07/15/46 (Call 01/15/46)

     1,245       966,232  

3.30%, 07/15/56 (Call 01/15/56)

     1,846       1,420,811  

3.75%, 11/15/52 (Call 05/15/52)

     110       94,223  

4.88%, 10/15/40(b)

    745       753,515  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   31

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Commercial Services (continued)

    

Quanta Services Inc.

    

0.95%, 10/01/24 (Call 03/31/23)

   $ 2,645     $ 2,454,983  

2.35%, 01/15/32 (Call 10/15/31)

     1,726       1,318,319  

2.90%, 10/01/30 (Call 07/01/30)

     3,411       2,824,410  

3.05%, 10/01/41 (Call 04/01/41)

       1,885         1,261,122  

RELX Capital Inc.

    

3.00%, 05/22/30 (Call 02/22/30)

     1,429       1,230,712  

4.00%, 03/18/29 (Call 12/18/28)

     5,947       5,504,959  

4.75%, 05/20/32 (Call 02/20/32)

     355       339,249  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

     2,589       1,690,669  

S&P Global Inc.

    

1.25%, 08/15/30 (Call 05/15/30)

     4,163       3,218,873  

2.30%, 08/15/60 (Call 02/15/60)

     2,530       1,397,623  

2.45%, 03/01/27 (Call 02/01/27)

     1,525       1,387,997  

2.50%, 12/01/29 (Call 09/01/29)

     4,057       3,486,464  

2.70%, 03/01/29

     3,645       3,201,054  

2.90%, 03/01/32

     2,426       2,076,437  

2.95%, 01/22/27 (Call 10/22/26)

     3,085       2,884,598  

3.25%, 12/01/49 (Call 06/01/49)

     4,198       3,077,638  

3.70%, 03/01/52

     1,340       1,060,524  

3.90%, 03/01/62

     724       571,499  

4.25%, 05/01/29

     3,715       3,525,679  

4.75%, 08/01/28

     4,325       4,289,745  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

     1,406       1,042,071  

Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)

     1,729       1,336,638  

Trustees of Boston College, 3.13%, 07/01/52

     1,518       1,084,277  

Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)

     1,882       1,658,324  

Trustees of Princeton University (The)

    

4.20%, 03/01/52 (Call 09/01/51)

     1,050       979,178  

5.70%, 03/01/39

     2,370       2,610,910  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(b)

    1,947       1,331,086  

Trustees of the University of Pennsylvania (The)

    

3.61%, 02/15/2119 (Call 08/15/18)

     2,068       1,439,225  

4.67%, 09/01/2112

     70       61,696  

Series 2020, 2.40%, 10/01/50 (Call 04/01/50)

     1,173       761,160  

University of Chicago (The)

    

3.00%, 10/01/52 (Call 04/01/52)

     750       547,845  

4.00%, 10/01/53 (Call 04/01/53)

     2,149       1,870,447  

Series 20B, 2.76%, 04/01/45 (Call 10/01/44)

     1,137       875,308  

Series C, 2.55%, 04/01/50 (Call 10/01/49)

     1,696       1,182,010  

University of Miami, 4.06%, 04/01/52

     488       411,926  

University of Notre Dame du Lac

    

Series 2015, 3.44%, 02/15/45

     2,005       1,630,346  

Series 2017, 3.39%, 02/15/48 (Call 08/15/47)

     1,924       1,545,164  

University of Southern California

    

2.81%, 10/01/50 (Call 04/01/50)

     1,145       785,252  

3.03%, 10/01/39

     2,329       1,868,184  

5.25%, 10/01/2111(b)

    748       749,444  

Series 2017, 3.84%, 10/01/47 (Call 04/01/47)

     1,613       1,383,164  

Series 21A, 2.95%, 10/01/51 (Call 04/01/51)

     1,415       979,958  

Series A, 3.23%, 10/01/2120 (Call 04/01/20)

     1,334       823,371  

Verisk Analytics Inc.

    

3.63%, 05/15/50 (Call 11/15/49)

     2,211       1,535,451  

4.00%, 06/15/25 (Call 03/15/25)

     948       917,095  

4.13%, 03/15/29 (Call 12/15/28)

     2,298       2,116,458  

5.50%, 06/15/45 (Call 12/15/44)

     1,495       1,395,941  
Security   Par
(000)		     Value  

Commercial Services (continued)

    

Washington University (The)

    

3.52%, 04/15/54 (Call 10/15/53)

   $ 2,751     $ 2,199,562  

4.35%, 04/15/2122 (Call 10/15/21)

     1,029       839,746  

William Marsh Rice University

    

3.57%, 05/15/45

     795       665,852  

3.77%, 05/15/55

     1,465       1,232,666  

Yale University

    

Series 2020, 0.87%, 04/15/25 (Call 03/15/25)

     2,817       2,585,189  

Series 2020, 1.48%, 04/15/30 (Call 01/15/30)

     884       716,747  

Series 2020, 2.40%, 04/15/50 (Call 10/15/49)

     1,028       671,387  
   

 

 

  
        265,306,592  
Computers — 0.6%            

Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)

     1,761       1,451,240  

Apple Inc.

    

0.55%, 08/20/25 (Call 07/20/25)

     5,238       4,722,476  

0.70%, 02/08/26 (Call 01/08/26)

     5,990       5,315,286  

1.13%, 05/11/25 (Call 04/11/25)

     7,626       7,043,984  

1.20%, 02/08/28 (Call 12/08/27)

     5,622       4,765,488  

1.25%, 08/20/30 (Call 05/20/30)

     8,252       6,494,902  

1.40%, 08/05/28 (Call 06/05/28)

     7,345       6,207,406  

1.65%, 05/11/30 (Call 02/11/30)

     7,098       5,797,575  

1.65%, 02/08/31 (Call 11/08/30)

     4,870       3,902,867  

1.70%, 08/05/31 (Call 05/05/31)

     6,320       5,023,515  

1.80%, 09/11/24 (Call 08/11/24)

     3,297       3,141,283  

2.05%, 09/11/26 (Call 07/11/26)

     9,202       8,376,673  

2.20%, 09/11/29 (Call 06/11/29)

     4,250       3,653,088  

2.38%, 02/08/41 (Call 08/08/40)

     2,910       2,055,653  

2.40%, 08/20/50 (Call 02/20/50)

     2,791       1,769,327  

2.45%, 08/04/26 (Call 05/04/26)

     9,901       9,163,970  

2.50%, 02/09/25

     6,232       5,958,415  

2.55%, 08/20/60 (Call 02/20/60)

       10,972       6,833,691  

2.65%, 05/11/50 (Call 11/11/49)

     7,896       5,306,349  

2.65%, 02/08/51 (Call 08/08/50)

     6,880       4,585,589  

2.70%, 08/05/51 (Call 02/05/51)

     8,439       5,648,813  

2.75%, 01/13/25 (Call 11/13/24)

     2,533       2,435,201  

2.80%, 02/08/61 (Call 02/08/60)

     3,675       2,344,503  

2.85%, 05/11/24 (Call 03/11/24)

     7,177       6,996,427  

2.85%, 08/05/61 (Call 02/05/61)

     2,850       1,853,555  

2.90%, 09/12/27 (Call 06/12/27)

     7,316       6,801,758  

2.95%, 09/11/49 (Call 03/11/49)

     7,888       5,660,981  

3.00%, 06/20/27 (Call 03/20/27)

     5,480       5,149,611  

3.00%, 11/13/27 (Call 08/13/27)

     7,067       6,581,709  

3.20%, 05/13/25

     9,575       9,248,301  

3.20%, 05/11/27 (Call 02/11/27)

     6,872       6,493,078  

3.25%, 02/23/26 (Call 11/23/25)

     12,433       11,902,857  

3.25%, 08/08/29 (Call 06/08/29)

     9,030       8,301,460  

3.35%, 02/09/27 (Call 11/09/26)

     9,965       9,496,246  

3.35%, 08/08/32 (Call 05/08/32)(b)

    6,870       6,194,473  

3.45%, 05/06/24

     9,505       9,331,819  

3.45%, 02/09/45

     8,326       6,719,748  

3.75%, 09/12/47 (Call 03/12/47)

     4,929       4,104,181  

3.75%, 11/13/47 (Call 05/13/47)

     5,637       4,697,650  

3.85%, 05/04/43

     8,333       7,160,964  

3.85%, 08/04/46 (Call 02/04/46)

     7,084       5,981,446  

3.95%, 08/08/52 (Call 02/08/52)

     6,770       5,767,228  

4.10%, 08/08/62 (Call 02/08/62)

     4,735       4,004,768  

4.25%, 02/09/47 (Call 08/09/46)

     3,486       3,187,459  

4.38%, 05/13/45

     6,619       6,084,847  

4.45%, 05/06/44

     2,917       2,775,496  

4.50%, 02/23/36 (Call 08/23/35)

     3,773       3,698,672  

 

 

32  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Computers (continued)

    

4.65%, 02/23/46 (Call 08/23/45)

   $   12,354     $   11,764,096  

CGI Inc.

    

1.45%, 09/14/26 (Call 08/14/26)

     2,001       1,758,719  

2.30%, 09/14/31 (Call 06/14/31)

     2,638       2,022,950  

Dell Inc.

    

6.50%, 04/15/38

     1,710       1,718,311  

7.10%, 04/15/28

     1,970       2,098,089  

Dell International LLC/EMC Corp.

    

3.38%, 12/15/41 (Call 06/15/41)(f)

    4,890       3,241,092  

3.45%, 12/15/51 (Call 06/15/51)(f)

    5,010       3,059,457  

4.00%, 07/15/24 (Call 06/15/24)

     85       83,295  

4.90%, 10/01/26 (Call 08/01/26)

     7,049       6,892,089  

5.25%, 02/01/28 (Call 01/01/28)

     975       958,942  

5.30%, 10/01/29 (Call 07/01/29)

     6,150       5,941,638  

5.75%, 02/01/33 (Call 11/01/32)

     1,580       1,537,609  

5.85%, 07/15/25 (Call 06/15/25)

     4,495       4,525,836  

6.02%, 06/15/26 (Call 03/15/26)

     9,099       9,203,820  

6.10%, 07/15/27 (Call 05/15/27)

     2,830       2,907,825  

6.20%, 07/15/30 (Call 04/15/30)

     2,383       2,417,935  

8.10%, 07/15/36 (Call 01/15/36)

     3,072       3,443,896  

8.35%, 07/15/46 (Call 01/15/46)

     3,240       3,691,818  

DXC Technology Co.

    

1.80%, 09/15/26 (Call 08/15/26)(b)

    3,685       3,203,186  

2.38%, 09/15/28 (Call 07/15/28)

     2,847       2,382,996  

Fortinet Inc.

    

1.00%, 03/15/26 (Call 02/15/26)

     3,535       3,096,200  

2.20%, 03/15/31 (Call 12/15/30)

     2,904       2,315,446  

Genpact Luxembourg Sarl, 3.38%, 12/01/24
(Call 11/01/24)

     2,703       2,581,797  

Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26)

     440       391,534  

Hewlett Packard Enterprise Co.

    

1.45%, 04/01/24 (Call 03/01/24)

     4,052       3,877,521  

1.75%, 04/01/26 (Call 03/01/26)(b)

    1,021       916,776  

4.90%, 10/15/25 (Call 07/15/25)

     7,971       7,904,283  

6.20%, 10/15/35 (Call 04/15/35)(b)

    2,965       3,045,381  

6.35%, 10/15/45 (Call 04/15/45)

     4,807       4,728,069  

HP Inc.

    

1.45%, 06/17/26 (Call 05/17/26)(b)

    3,865       3,392,426  

2.20%, 06/17/25 (Call 05/17/25)

     5,416       5,056,323  

2.65%, 06/17/31 (Call 03/17/31)

     5,075       3,982,759  

3.00%, 06/17/27 (Call 04/17/27)(b)

    3,414       3,104,760  

3.40%, 06/17/30 (Call 03/17/30)

     3,783       3,228,261  

4.00%, 04/15/29 (Call 02/15/29)

     3,610       3,282,717  

4.20%, 04/15/32 (Call 01/15/32)

     3,595       3,091,808  

4.75%, 01/15/28 (Call 12/15/27)

     2,975       2,864,181  

5.50%, 01/15/33 (Call 10/15/32)

     4,860       4,587,889  

6.00%, 09/15/41

     3,282       3,206,284  

International Business Machines Corp.

    

1.70%, 05/15/27 (Call 03/15/27)

     5,014       4,395,573  

1.95%, 05/15/30 (Call 02/15/30)

     6,100       4,913,611  

2.20%, 02/09/27 (Call 01/09/27)

     1,950       1,752,894  

2.72%, 02/09/32 (Call 11/09/31)(b)

    2,340       1,941,802  

2.85%, 05/15/40 (Call 11/15/39)

     3,743       2,671,417  

2.95%, 05/15/50 (Call 11/15/49)

     3,304       2,153,250  

3.00%, 05/15/24

     10,649       10,353,277  

3.30%, 05/15/26

     10,139       9,580,949  

3.30%, 01/27/27

     2,658       2,492,726  

3.43%, 02/09/52 (Call 08/09/51)

     2,055       1,435,767  

3.45%, 02/19/26

     5,476       5,219,121  
Security   Par
(000)		     Value  

Computers (continued)

    

3.50%, 05/15/29

   $   9,310     $ 8,492,116  

4.00%, 07/27/25

     265       258,086  

4.00%, 06/20/42

     4,786       3,908,343  

4.15%, 07/27/27 (Call 06/27/27)

     3,228       3,120,217  

4.15%, 05/15/39

     7,304       6,191,236  

4.25%, 05/15/49

     8,455       6,982,054  

4.40%, 07/27/32 (Call 04/27/32)(b)

    3,035       2,839,910  

4.50%, 02/06/26

     2,925       2,867,612  

4.50%, 02/06/28 (Call 01/06/28)

     2,265       2,204,955  

4.70%, 02/19/46

     2,849       2,483,616  

4.75%, 02/06/33 (Call 11/06/32)

     3,350       3,205,079  

4.90%, 07/27/52 (Call 01/27/52)

     1,080       973,188  

5.10%, 02/06/53 (Call 08/06/52)

     2,120       1,964,413  

5.60%, 11/30/39

     2,975       2,979,760  

5.88%, 11/29/32

     2,714       2,843,485  

6.22%, 08/01/27

     1,627       1,706,837  

6.50%, 01/15/28

     1,290       1,370,019  

7.00%, 10/30/25

     2,607       2,728,903  

7.13%, 12/01/96(b)

    1,525       1,934,600  

Kyndryl Holdings Inc.

    

2.05%, 10/15/26 (Call 09/15/26)

     2,955       2,541,093  

2.70%, 10/15/28 (Call 08/15/28)

     2,832       2,316,831  

3.15%, 10/15/31 (Call 07/15/31)

     2,815       2,100,215  

4.10%, 10/15/41 (Call 04/15/41)

     515       345,447  

Leidos Inc.

    

2.30%, 02/15/31 (Call 11/15/30)

     4,138       3,232,481  

3.63%, 05/15/25 (Call 04/15/25)

     1,721       1,653,124  

4.38%, 05/15/30 (Call 02/15/30)

     1,553       1,423,107  

NetApp Inc.

    

1.88%, 06/22/25 (Call 05/22/25)

     4,170       3,841,571  

2.38%, 06/22/27 (Call 04/22/27)(b)

    1,890       1,699,016  

2.70%, 06/22/30 (Call 03/22/30)

     1,639       1,367,270  

3.30%, 09/29/24 (Call 07/29/24)

     1,632       1,576,724  

Teledyne FLIR LLC, 2.50%, 08/01/30
(Call 05/01/30)

     1,471       1,197,041  

Western Digital Corp.

    

2.85%, 02/01/29 (Call 12/01/28)

     1,164       915,218  

3.10%, 02/01/32 (Call 11/01/31)

     2,818       2,029,270  

4.75%, 02/15/26 (Call 11/15/25)

     9,095       8,573,675  
   

 

 

  
        538,476,941  
Cosmetics & Personal Care — 0.1%            

Colgate-Palmolive Co.

    

3.10%, 08/15/25

     875       840,464  

3.10%, 08/15/27 (Call 07/15/27)

     690       650,829  

3.25%, 03/15/24

     952       933,645  

3.25%, 08/15/32 (Call 05/15/32)

     1,485       1,341,490  

3.70%, 08/01/47 (Call 02/01/47)

     1,805       1,585,891  

4.00%, 08/15/45

     2,703       2,472,245  

4.60%, 03/01/28 (Call 02/01/28)

     684       683,761  

4.60%, 03/01/33 (Call 12/01/32)

     684       683,391  

4.80%, 03/02/26

     684       684,082  

Estee Lauder Companies Inc. (The)

    

1.95%, 03/15/31 (Call 12/15/30)

     3,425       2,779,627  

2.00%, 12/01/24 (Call 11/01/24)

     2,261       2,145,327  

2.38%, 12/01/29 (Call 09/01/29)

     3,883       3,323,460  

2.60%, 04/15/30 (Call 01/15/30)

     934       810,740  

3.13%, 12/01/49 (Call 06/01/49)

     2,812       2,049,892  

3.15%, 03/15/27 (Call 12/15/26)

     2,202       2,076,024  

4.15%, 03/15/47 (Call 09/15/46)

     1,600       1,395,200  

4.38%, 06/15/45 (Call 12/15/44)

     542       486,423  

6.00%, 05/15/37

     1,917       2,068,539  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   33

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Cosmetics & Personal Care (continued)

    

GSK Consumer Healthcare Capital U.S. LLC

    

3.02%, 03/24/24 (Call 03/24/23)

   $ 1,304     $ 1,268,036  

3.38%, 03/24/27 (Call 02/24/27)

     5,200       4,834,648  

3.38%, 03/24/29 (Call 01/24/29)

     4,515       4,016,318  

3.63%, 03/24/32 (Call 12/24/31)

     5,265       4,600,452  

4.00%, 03/24/52 (Call 09/24/51)

     3,955       3,094,471  

GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/25

     6,885       6,552,592  

Procter & Gamble Co. (The)

    

0.55%, 10/29/25

     6,246       5,616,591  

1.00%, 04/23/26

     850       756,738  

1.20%, 10/29/30

     6,675       5,259,099  

1.90%, 02/01/27

     580       527,968  

1.95%, 04/23/31

     1,282       1,069,291  

2.30%, 02/01/32

     1,515       1,278,115  

2.45%, 11/03/26

     3,245       2,995,687  

2.70%, 02/02/26

     3,259       3,080,309  

2.80%, 03/25/27

     3,272       3,050,027  

2.85%, 08/11/27

     4,076       3,796,019  

3.00%, 03/25/30

     7,140       6,460,700  

3.50%, 10/25/47

     875       721,481  

3.55%, 03/25/40

     1,305       1,119,468  

3.60%, 03/25/50

     1,012       854,492  

3.95%, 01/26/28

     2,310       2,255,461  

4.05%, 01/26/33

     700       677,117  

4.10%, 01/26/26

     3,210       3,160,791  

5.55%, 03/05/37

     525       572,276  

5.80%, 08/15/34

     165       179,695  

Unilever Capital Corp.

    

0.63%, 08/12/24 (Call 03/31/23)

     1,175       1,099,917  

1.38%, 09/14/30 (Call 06/14/30)

     2,376       1,870,815  

1.75%, 08/12/31 (Call 05/12/31)

     3,890       3,079,713  

2.00%, 07/28/26

     2,822       2,563,307  

2.13%, 09/06/29 (Call 06/06/29)(b)

    1,864       1,568,947  

2.60%, 05/05/24 (Call 03/05/24)

     4,022       3,899,289  

2.90%, 05/05/27 (Call 02/05/27)

     4,855       4,517,626  

3.10%, 07/30/25

     1,460       1,394,417  

3.25%, 03/07/24 (Call 02/07/24)

     3,148       3,086,992  

3.38%, 03/22/25 (Call 01/22/25)

     1,479       1,426,481  

3.50%, 03/22/28 (Call 12/22/27)

     3,794       3,560,555  

5.90%, 11/15/32

     3,725       4,036,410  

Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)

     1,850       1,235,781  
   

 

 

  
        128,149,122  
Distribution & Wholesale — 0.0%            

WW Grainger Inc.

    

1.85%, 02/15/25 (Call 01/15/25)

     1,920       1,799,654  

3.75%, 05/15/46 (Call 11/15/45)

     1,646       1,310,743  

4.20%, 05/15/47 (Call 11/15/46)

     1,705       1,465,891  

4.60%, 06/15/45 (Call 12/15/44)

     3,475       3,192,031  
   

 

 

  
      7,768,319  
Diversified Financial Services — 0.9%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

    

1.65%, 10/29/24 (Call 09/29/24)

     9,651       8,960,374  

1.75%, 01/30/26 (Call 12/30/25)

     1,203       1,063,187  

2.45%, 10/29/26 (Call 09/29/26)

     8,703       7,675,263  

2.88%, 08/14/24 (Call 07/14/24)

     3,270       3,111,699  

3.00%, 10/29/28 (Call 08/29/28)

     12,980       11,060,777  

3.30%, 01/30/32 (Call 10/30/31)

       13,945       11,161,578  
Security   Par
(000)		     Value  

Diversified Financial Services (continued)

    

3.40%, 10/29/33 (Call 07/29/33)

   $ 5,987     $ 4,662,137  

3.50%, 01/15/25 (Call 11/15/24)

     4,726       4,502,366  

3.65%, 07/21/27 (Call 04/21/27)

     3,865       3,498,714  

3.85%, 10/29/41 (Call 04/29/41)

     3,443       2,507,950  

3.88%, 01/23/28 (Call 10/23/27)

       3,492         3,161,552  

4.45%, 10/01/25 (Call 08/01/25)

     3,619       3,474,240  

4.45%, 04/03/26 (Call 02/03/26)

     5,938       5,654,401  

4.63%, 10/15/27 (Call 08/15/27)

     2,181       2,060,216  

6.50%, 07/15/25 (Call 06/15/25)(b)

    3,333       3,345,199  

Series 3NC1, 1.75%, 10/29/24 (Call 03/31/23)

     1,013       940,398  

Affiliated Managers Group Inc.

    

3.30%, 06/15/30 (Call 03/15/30)

     1,471       1,244,584  

3.50%, 08/01/25(b)

    2,741       2,633,416  

Air Lease Corp.

    

0.80%, 08/18/24 (Call 07/18/24)

     435       403,545  

1.88%, 08/15/26 (Call 07/15/26)

     1,900       1,658,814  

2.10%, 09/01/28 (Call 07/01/28)

     2,595       2,144,664  

2.20%, 01/15/27 (Call 12/15/26)

     375       329,539  

2.30%, 02/01/25 (Call 01/01/25)

     3,951       3,689,602  

2.88%, 01/15/26 (Call 12/15/25)(b)

    1,606       1,480,877  

2.88%, 01/15/32 (Call 10/15/31)

     1,648       1,295,246  

3.00%, 02/01/30 (Call 11/01/29)

     3,166       2,634,144  

3.13%, 12/01/30 (Call 09/01/30)(b)

    1,168       958,005  

3.25%, 03/01/25 (Call 01/01/25)

     4,003       3,800,768  

3.25%, 10/01/29 (Call 07/01/29)

     2,297       1,957,549  

3.38%, 07/01/25 (Call 06/01/25)

     2,467       2,322,532  

3.63%, 04/01/27 (Call 01/01/27)

     3,128       2,874,382  

3.63%, 12/01/27 (Call 09/01/27)

     2,899       2,636,264  

3.75%, 06/01/26 (Call 04/01/26)

     4,093       3,845,251  

4.25%, 09/15/24 (Call 06/15/24)

     3,877       3,797,909  

4.63%, 10/01/28 (Call 07/01/28)

     2,589       2,416,832  

5.30%, 02/01/28 (Call 01/01/28)

     1,985       1,929,182  

5.85%, 12/15/27 (Call 11/15/27)

     360       358,405  

Aircastle Ltd.

    

4.13%, 05/01/24 (Call 02/01/24)

     1,882       1,837,792  

4.25%, 06/15/26 (Call 04/15/26)

     3,117       2,953,669  

Ally Financial Inc.

    

2.20%, 11/02/28 (Call 09/02/28)

     2,810       2,288,829  

3.88%, 05/21/24 (Call 04/21/24)

     3,715       3,638,508  

4.63%, 03/30/25

     1,852       1,813,127  

4.75%, 06/09/27 (Call 05/09/27)

     2,170       2,070,614  

5.13%, 09/30/24

     3,520       3,490,432  

5.80%, 05/01/25 (Call 04/01/25)(b)

    3,063       3,068,820  

7.10%, 11/15/27 (Call 10/15/27)(b)

    3,290       3,418,244  

8.00%, 11/01/31

     8,015       8,672,517  

American Express Co.

    

1.65%, 11/04/26 (Call 10/04/26)

     3,424       3,027,398  

2.25%, 03/04/25 (Call 02/01/25)

     2,200       2,070,794  

2.50%, 07/30/24 (Call 06/29/24)

     7,142       6,874,818  

2.55%, 03/04/27 (Call 02/01/27)

     3,995       3,617,952  

3.00%, 10/30/24 (Call 09/29/24)

     7,518       7,248,179  

3.13%, 05/20/26 (Call 04/20/26)

     7,765       7,293,354  

3.30%, 05/03/27 (Call 04/02/27)

     6,000       5,604,660  

3.38%, 05/03/24

     1,405       1,372,699  

3.63%, 12/05/24 (Call 11/04/24)

     3,492       3,391,465  

3.95%, 08/01/25 (Call 07/01/25)

     6,480       6,290,136  

4.05%, 05/03/29 (Call 03/03/29)

     2,895       2,743,939  

4.05%, 12/03/42

     5,710       5,043,015  

4.20%, 11/06/25 (Call 10/06/25)

     2,855       2,792,732  

 

 

34  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Diversified Financial Services (continued)

    

4.42%, 08/03/33 (Call 08/03/32),
(1 day SOFR + 1.760%)(a)

  $ 4,795     $ 4,485,531  

4.90%, 02/13/26 (Call 01/13/26)

       5,535         5,492,048  

4.99%, 05/26/33 (Call 05/26/32),
(1 day SOFR + 2.255%)(a)

    1,815       1,737,627  

5.85%, 11/05/27 (Call 10/05/27)

     3,870       3,986,835  

American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)

     1,062       1,001,615  

Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 06/15/26)

     3,108       2,877,355  

3.00%, 04/02/25 (Call 03/02/25)

     1,472       1,408,130  

3.70%, 10/15/24

     2,809       2,742,764  

4.50%, 05/13/32 (Call 02/13/32)

     2,240       2,180,326  

Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)

     2,005       1,711,648  

BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)

     3,270       3,124,550  

Brookfield Finance Inc.
2.34%, 01/30/32 (Call 10/30/31)

     3,060       2,384,474  

2.72%, 04/15/31 (Call 01/15/31)

     2,535       2,063,389  

3.50%, 03/30/51 (Call 09/30/50)

     2,392       1,613,308  

3.63%, 02/15/52 (Call 08/15/51)

     1,392       948,871  

3.90%, 01/25/28 (Call 10/25/27)

     4,376       4,075,369  

4.00%, 04/01/24 (Call 02/01/24)

     4,864       4,786,127  

4.25%, 06/02/26 (Call 03/02/26)

     2,036       1,960,444  

4.35%, 04/15/30 (Call 01/15/30)

     3,064       2,822,741  

4.70%, 09/20/47 (Call 03/20/47)

     3,291       2,798,633  

4.85%, 03/29/29 (Call 12/29/28)

     4,317       4,153,774  

Brookfield Finance LLC, 3.45%, 04/15/50
(Call 10/15/49)

     2,208       1,485,454  

Capital One Financial Corp.

    

1.88%, 11/02/27 (Call 11/02/26),
(1 day SOFR + 0.855%)(a)

    4,725       4,129,650  

2.36%, 07/29/32 (Call 07/29/31),
(1 day SOFR + 1.337%)(a)

    3,299       2,419,322  

2.62%, 11/02/32 (Call 11/02/31),
(1 day SOFR + 1.265%)(a)

    1,645       1,277,441  

2.64%, 03/03/26 (Call 03/03/25),
(1 day SOFR + 1.290%)(a)

    4,850       4,561,570  

3.20%, 02/05/25 (Call 01/05/25)

     4,587       4,396,181  

3.27%, 03/01/30 (Call 03/01/29),
(1 day SOFR + 1.790%)(a)

    3,440       2,973,570  

3.30%, 10/30/24 (Call 09/30/24)

     6,900       6,662,916  

3.65%, 05/11/27 (Call 04/11/27)

     3,777       3,519,862  

3.75%, 04/24/24 (Call 03/24/24)

     3,332       3,266,060  

3.75%, 07/28/26 (Call 06/28/26)

     5,427       5,100,403  

3.75%, 03/09/27 (Call 02/09/27)

     5,629       5,280,171  

3.80%, 01/31/28 (Call 12/31/27)

     5,350       4,960,627  

4.17%, 05/09/25 (Call 05/09/24),
(1 day SOFR + 1.370%)(a)

    2,165       2,116,244  

4.20%, 10/29/25 (Call 09/29/25)

     5,598       5,407,052  

4.25%, 04/30/25 (Call 03/31/25)

     3,374       3,285,939  

4.93%, 05/10/28 (Call 05/10/27),
(1 day SOFR + 2.057%)(a)

    4,070       3,937,114  

4.99%, 07/24/26 (Call 07/24/25),
(1 day SOFR + 2.160%)(a)

    3,135       3,086,094  

5.25%, 07/26/30 (Call 07/26/29),
(1 day SOFR + 2.600%)(a)

    2,890       2,771,452  

5.27%, 05/10/33 (Call 05/10/32),
(1 day SOFR + 2.370%)(a)(b)

    4,495       4,262,384  
Security   Par
(000)		     Value  

Diversified Financial Services (continued)

    

5.47%, 02/01/29 (Call 02/01/28),
(1 day SOFR + 2.080%)(a)

  $ 2,885     $ 2,830,589  

5.82%, 02/01/34 (Call 02/01/33),
(1 day SOFR + 2.600%)(a)

    2,740       2,660,677  

Cboe Global Markets Inc.

    

1.63%, 12/15/30 (Call 09/15/30)

     3,755       2,949,853  

3.00%, 03/16/32 (Call 12/16/31)

       2,425         2,050,483  

3.65%, 01/12/27 (Call 10/12/26)

     2,564       2,450,620  

Charles Schwab Corp. (The)

    

0.75%, 03/18/24 (Call 02/18/24)

     442       421,650  

0.90%, 03/11/26 (Call 02/11/26)

     7,554       6,663,610  

1.15%, 05/13/26 (Call 04/13/26)

     5,693       5,028,513  

1.65%, 03/11/31 (Call 12/11/30)

     3,324       2,594,382  

1.95%, 12/01/31 (Call 09/01/31)

     3,820       2,993,658  

2.00%, 03/20/28 (Call 01/20/28)

     2,562       2,233,962  

2.30%, 05/13/31 (Call 02/13/31)

     2,940       2,416,798  

2.45%, 03/03/27 (Call 02/03/27)

     2,150       1,950,910  

2.75%, 10/01/29 (Call 07/01/29)

     2,324       2,023,321  

2.90%, 03/03/32 (Call 12/03/31)

     4,293       3,632,436  

3.00%, 03/10/25 (Call 12/10/24)

     205       196,181  

3.20%, 03/02/27 (Call 12/02/26)

     2,822       2,643,424  

3.20%, 01/25/28 (Call 10/25/27)

     4,243       3,929,103  

3.25%, 05/22/29 (Call 02/22/29)

     2,495       2,262,566  

3.30%, 04/01/27 (Call 01/01/27)

     4,155       3,908,276  

3.45%, 02/13/26 (Call 11/13/25)

     1,723       1,648,429  

3.63%, 04/01/25 (Call 01/01/25)

     1,704       1,650,171  

3.75%, 04/01/24 (Call 03/02/24)

     2,180       2,141,152  

3.85%, 05/21/25 (Call 03/21/25)

     3,716       3,612,212  

4.00%, 02/01/29 (Call 11/01/28)

     2,618       2,474,246  

4.20%, 03/24/25 (Call 02/22/25)

     4,049       3,978,345  

4.63%, 03/22/30 (Call 12/22/29)

     2,098       2,065,775  

CI Financial Corp.

    

3.20%, 12/17/30 (Call 09/17/30)

     2,973       2,250,026  

4.10%, 06/15/51 (Call 12/15/50)

     3,045       1,827,883  

Citigroup Global Markets Holdings Inc./U.S,
0.75%, 06/07/24 (Call 03/07/23)

     1,390       1,308,685  

CME Group Inc.

    

2.65%, 03/15/32 (Call 12/15/31)

     2,655       2,223,483  

3.00%, 03/15/25 (Call 12/15/24)

     8,121       7,825,964  

3.75%, 06/15/28 (Call 03/15/28)

     5,363       5,118,394  

4.15%, 06/15/48 (Call 12/15/47)

     2,263       2,014,545  

5.30%, 09/15/43 (Call 03/15/43)

     3,049       3,112,023  

Credit Suisse USA Inc., 7.13%, 07/15/32

     2,176       2,229,508  

Discover Financial Services

    

3.75%, 03/04/25 (Call 12/04/24)

     2,262       2,177,854  

3.95%, 11/06/24 (Call 08/06/24)

     2,214       2,155,528  

4.10%, 02/09/27 (Call 11/09/26)

     3,935       3,728,767  

4.50%, 01/30/26 (Call 11/30/25)(b)

    2,656       2,571,167  

6.70%, 11/29/32 (Call 08/29/32)

     1,170       1,208,938  

Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)

     2,778       2,609,959  

Franklin Resources Inc.

    

1.60%, 10/30/30 (Call 07/30/30)

     1,777       1,376,073  

2.85%, 03/30/25

     1,206       1,145,411  

2.95%, 08/12/51 (Call 02/12/51)

     1,455       926,209  

Intercontinental Exchange Inc.

    

1.85%, 09/15/32 (Call 06/15/32)

     4,873       3,655,627  

2.10%, 06/15/30 (Call 03/15/30)

     8,121       6,594,496  

2.65%, 09/15/40 (Call 03/15/40)

     3,043       2,139,412  

3.00%, 06/15/50 (Call 12/15/49)

     5,512       3,748,050  

3.00%, 09/15/60 (Call 03/15/60)

     2,936       1,857,372  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   35

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Diversified Financial Services (continued)

    

3.10%, 09/15/27 (Call 06/15/27)

   $ 4,065     $ 3,770,694  

3.65%, 05/23/25 (Call 04/23/25)

     2,269       2,211,685  

3.75%, 12/01/25 (Call 09/01/25)

     7,046       6,788,469  

3.75%, 09/21/28 (Call 06/21/28)

     2,650       2,485,938  

4.00%, 09/15/27 (Call 08/15/27)

       3,095         3,007,628  

4.25%, 09/21/48 (Call 03/21/48)

     5,360       4,619,730  

4.35%, 06/15/29 (Call 04/15/29)

     5,492       5,318,233  

4.60%, 03/15/33 (Call 12/15/32)

     4,920       4,695,648  

4.95%, 06/15/52 (Call 12/15/51)

     3,660       3,460,457  

5.20%, 06/15/62 (Call 01/15/62)

     3,915       3,852,203  

Invesco Finance PLC
3.75%, 01/15/26

     1,628       1,571,297  

5.38%, 11/30/43

     1,094       1,039,661  

Janus Henderson U.S. Holdings Inc.,
4.88%, 08/01/25 (Call 05/01/25)

     1,739       1,713,871  

Jefferies Financial Group Inc.
4.15%, 01/23/30

     3,720       3,367,790  

4.85%, 01/15/27(b)

    4,128       4,048,495  

6.25%, 01/15/36

     2,928       3,033,291  

6.45%, 06/08/27

     1,541       1,596,753  

6.50%, 01/20/43

     1,219       1,250,657  

Jefferies Group LLC,
2.75%, 10/15/32 (Call 07/15/32)

     2,665       2,056,874  

Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31)

     2,170       1,696,940  

Lazard Group LLC
3.63%, 03/01/27 (Call 12/01/26)

     1,121       1,046,532  

3.75%, 02/13/25

     2,997       2,892,165  

4.38%, 03/11/29 (Call 12/11/28)

     3,082       2,891,841  

4.50%, 09/19/28 (Call 06/19/28)

     1,193       1,124,474  

Legg Mason Inc.
4.75%, 03/15/26

     1,508       1,489,346  

5.63%, 01/15/44

     2,110       2,090,272  

Mastercard Inc.
1.90%, 03/15/31 (Call 12/15/30)

     3,390       2,762,714  

2.00%, 03/03/25 (Call 02/03/25)

     4,013       3,785,302  

2.00%, 11/18/31 (Call 08/18/31)

     2,955       2,384,537  

2.95%, 11/21/26 (Call 08/21/26)

     2,711       2,535,273  

2.95%, 06/01/29 (Call 03/01/29)

     4,914       4,421,028  

2.95%, 03/15/51 (Call 09/15/50)

     3,850       2,756,022  

3.30%, 03/26/27 (Call 01/26/27)

     3,460       3,273,575  

3.35%, 03/26/30 (Call 12/26/29)

     5,730       5,256,358  

3.38%, 04/01/24

     3,870       3,798,908  

3.50%, 02/26/28 (Call 11/26/27)

     2,725       2,580,657  

3.65%, 06/01/49 (Call 12/01/48)

     3,226       2,640,320  

3.80%, 11/21/46 (Call 05/21/46)

     2,147       1,786,089  

3.85%, 03/26/50 (Call 09/26/49)

     3,124       2,620,755  

3.95%, 02/26/48 (Call 08/26/47)

     2,691       2,317,893  

Morgan Stanley
5.05%, 01/28/27 (Call 01/28/26)

     3,870       3,828,862  

5.95%, 01/19/38 (Call 01/19/33)

     4,375       4,264,269  

Morgan Stanley Domestic Holdings Inc.
3.80%, 08/24/27 (Call 05/24/27)

     3,157       2,969,095  

4.50%, 06/20/28 (Call 03/20/28)

     1,487       1,443,624  

Nasdaq Inc.
1.65%, 01/15/31 (Call 10/15/30)

     4,430       3,388,596  

2.50%, 12/21/40 (Call 06/21/40)

     1,115       724,181  

3.25%, 04/28/50 (Call 10/28/49)

     4,138       2,805,523  

3.85%, 06/30/26 (Call 03/30/26)

     4,606       4,410,107  

3.95%, 03/07/52 (Call 09/07/51)

     670       507,612  
Security   Par
(000)		     Value  

Diversified Financial Services (continued)

    

Nomura Holdings Inc.
1.65%, 07/14/26

   $ 6,415     $ 5,599,269  

1.85%, 07/16/25

     1,850       1,687,052  

2.17%, 07/14/28

     3,545       2,953,871  

2.33%, 01/22/27

     6,298       5,573,730  

2.61%, 07/14/31

     3,090       2,425,403  

2.65%, 01/16/25

     7,718       7,295,439  

2.68%, 07/16/30

     2,125       1,725,096  

2.71%, 01/22/29

     2,140       1,807,936  

3.00%, 01/22/32

     3,480       2,789,185  

3.10%, 01/16/30

     2,260       1,914,017  

5.10%, 07/03/25

     3,118       3,092,962  

5.39%, 07/06/27

     2,420       2,398,922  

5.61%, 07/06/29

     2,290       2,256,932  

5.71%, 01/09/26

     2,616       2,610,297  

5.84%, 01/18/28

     2,445       2,465,465  

6.18%, 01/18/33

     2,000       2,029,920  

ORIX Corp.
2.25%, 03/09/31

     2,775       2,241,673  

3.25%, 12/04/24

     2,875       2,766,785  

3.70%, 07/18/27

     3,340       3,157,569  

4.00%, 04/13/32

     2,150       1,952,329  

5.00%, 09/13/27

     1,888       1,871,310  

5.20%, 09/13/32

     2,305       2,288,681  

Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)

     2,681       2,592,688  

4.88%, 03/15/27 (Call 09/15/26)

     2,370       2,218,012  

6.63%, 03/15/25 (Call 09/15/24)

     2,300       2,297,746  

Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)

     2,715       2,033,019  

4.65%, 04/01/30 (Call 01/01/30)

     1,832       1,759,489  

4.95%, 07/15/46

     2,934       2,676,864  

Stifel Financial Corp.
4.00%, 05/15/30 (Call 02/15/30)

     1,957       1,729,538  

4.25%, 07/18/24

     4,270       4,194,250  

Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)

     2,491       1,874,826  

3.70%, 08/04/26 (Call 05/04/26)

     4,072       3,778,938  

3.95%, 12/01/27 (Call 09/01/27)

     4,117       3,752,975  

4.25%, 08/15/24 (Call 05/15/24)

     5,045       4,921,196  

4.38%, 03/19/24 (Call 02/19/24)

     2,874       2,833,908  

4.50%, 07/23/25 (Call 04/24/25)

     3,562       3,430,384  

4.88%, 06/13/25 (Call 05/13/25)

     1,570       1,528,348  

5.15%, 03/19/29 (Call 12/19/28)

     2,727       2,562,289  

Visa Inc.
0.75%, 08/15/27 (Call 06/15/27)

     2,669       2,269,718  

1.10%, 02/15/31 (Call 11/15/30)

     4,877       3,744,122  

1.90%, 04/15/27 (Call 02/15/27)

     4,816       4,322,938  

2.00%, 08/15/50 (Call 02/15/50)

     6,113       3,604,347  

2.05%, 04/15/30 (Call 01/15/30)

     6,537       5,530,825  

2.70%, 04/15/40 (Call 10/15/39)

     3,739       2,801,521  

2.75%, 09/15/27 (Call 06/15/27)

     2,689       2,486,733  

3.15%, 12/14/25 (Call 09/14/25)

       15,930         15,211,716  

3.65%, 09/15/47 (Call 03/15/47)

     3,399       2,811,619  

4.15%, 12/14/35 (Call 06/14/35)

     6,490       6,102,352  

4.30%, 12/14/45 (Call 06/14/45)

     12,104       10,933,906  

Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)

     1,707       1,500,282  

2.75%, 03/15/31 (Call 12/15/30)

     2,245       1,744,724  

2.85%, 01/10/25 (Call 12/10/24)

     3,259       3,095,137  

 

 

36  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Diversified Financial Services (continued)

    

6.20%, 11/17/36(b)

  $   1,947     $ 1,920,385  
   

 

 

  
        797,897,917  
Electric — 2.0%            

AEP Texas Inc.

    

3.45%, 05/15/51 (Call 11/15/50)

     750       534,113  

3.80%, 10/01/47 (Call 04/01/47)

     1,596       1,185,253  

3.95%, 06/01/28 (Call 03/01/28)

     1,692       1,594,355  

4.70%, 05/15/32 (Call 02/15/32)

     1,410       1,338,414  

5.25%, 05/15/52 (Call 11/15/51)

     2,205       2,093,537  

Series G, 4.15%, 05/01/49 (Call 11/01/48)

     1,516       1,215,423  

Series H, 3.45%, 01/15/50 (Call 07/15/49)

     2,147       1,537,467  

Series I, 2.10%, 07/01/30 (Call 04/01/30)

     2,770       2,227,052  

AEP Transmission Co. LLC

    

3.10%, 12/01/26 (Call 09/01/26)

     1,903       1,781,265  

3.15%, 09/15/49 (Call 03/15/49)

     499       348,861  

3.75%, 12/01/47 (Call 06/01/47)

     2,060       1,632,262  

3.80%, 06/15/49 (Call 12/15/48)

     1,837       1,460,691  

4.00%, 12/01/46 (Call 06/01/46)

     1,605       1,295,203  

4.25%, 09/15/48 (Call 03/15/48)

     1,572       1,342,331  

4.50%, 06/15/52 (Call 12/15/51)

     1,020       905,862  

Series M, 3.65%, 04/01/50 (Call 10/01/49)

     1,380       1,062,986  

Series N, 2.75%, 08/15/51 (Call 02/15/51)

     1,504       963,974  

AES Corp. (The)

    

1.38%, 01/15/26 (Call 12/15/25)

     4,300       3,800,555  

2.45%, 01/15/31 (Call 10/15/30)

     2,210       1,755,955  

Alabama Power Co.

    

3.00%, 03/15/52 (Call 09/15/51)

     2,240       1,480,013  

3.05%, 03/15/32 (Call 12/15/31)(b)

    355       302,332  

3.13%, 07/15/51 (Call 01/15/51)

     2,915       1,978,964  

3.45%, 10/01/49 (Call 04/01/49)

     2,663       1,941,300  

3.75%, 09/01/27 (Call 08/01/27)

     1,970       1,879,419  

3.75%, 03/01/45 (Call 09/01/44)

     3,313       2,560,088  

3.85%, 12/01/42

     1,437       1,162,001  

3.94%, 09/01/32 (Call 03/01/32)

     2,030       1,846,569  

4.15%, 08/15/44 (Call 02/15/44)

     1,515       1,257,617  

4.30%, 01/02/46 (Call 07/02/45)

     1,317       1,101,789  

6.00%, 03/01/39

     434       452,146  

6.13%, 05/15/38

     1,140       1,220,176  

Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)

     3,319       2,586,364  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

     2,411       2,021,407  

Series B, 3.70%, 12/01/47 (Call 06/01/47)

     686       526,971  

Ameren Corp.

    

1.75%, 03/15/28 (Call 01/15/28)

     478       407,117  

1.95%, 03/15/27 (Call 02/15/27)

     1,900       1,674,109  

2.50%, 09/15/24 (Call 08/15/24)

     2,582       2,462,273  

3.50%, 01/15/31 (Call 10/15/30)

     3,285       2,885,938  

3.65%, 02/15/26 (Call 11/15/25)

     2,083       1,981,225  

Ameren Illinois Co.

    

1.55%, 11/15/30 (Call 08/15/30)

     2,292       1,790,121  

2.90%, 06/15/51 (Call 12/15/50)

     1,389       921,643  

3.25%, 03/01/25 (Call 12/01/24)

     455       437,082  

3.25%, 03/15/50 (Call 09/15/49)

     1,107       801,313  

3.70%, 12/01/47 (Call 06/01/47)

     2,606       2,064,603  

3.80%, 05/15/28 (Call 02/15/28)

     1,687       1,600,879  

3.85%, 09/01/32 (Call 06/01/32)

     1,875       1,715,569  

4.15%, 03/15/46 (Call 09/15/45)

     1,606       1,327,134  

4.50%, 03/15/49 (Call 09/15/48)

     2,389       2,159,369  

5.90%, 12/01/52 (Call 06/01/52)

     1,325       1,436,300  

American Electric Power Co. Inc.

    

2.03%, 03/15/24

     1,635       1,573,426  
Security   Par
(000)		     Value  

Electric (continued)

    

2.30%, 03/01/30 (Call 12/01/29)

   $ 886     $ 722,639  

3.20%, 11/13/27 (Call 08/13/27)

       2,378         2,182,077  

3.25%, 03/01/50 (Call 09/01/49)

     810       544,134  

3.88%, 02/15/62 (Call 11/15/26),
(5 year CMT + 2.675%)(a)

    2,660       2,227,112  

5.63%, 03/01/33 (Call 12/01/32)

     1,096       1,094,772  

5.75%, 11/01/27 (Call 10/01/27)

     2,900       2,966,468  

5.95%, 11/01/32 (Call 08/01/32)

     725       745,286  

Series J, 4.30%, 12/01/28 (Call 09/01/28)

     2,935       2,791,185  

Series N, 1.00%, 11/01/25 (Call 10/01/25)

     547       487,995  

Appalachian Power Co.

    

3.40%, 06/01/25 (Call 03/01/25)

     911       871,025  

4.40%, 05/15/44 (Call 11/15/43)

     1,154       961,040  

4.45%, 06/01/45 (Call 12/01/44)

     1,318       1,101,558  

4.50%, 08/01/32 (Call 05/01/32)

     1,755       1,637,590  

7.00%, 04/01/38

     2,030       2,273,641  

Series AA, 2.70%, 04/01/31 (Call 01/01/31)

     227       187,888  

Series X, 3.30%, 06/01/27 (Call 03/01/27)

     1,819       1,706,750  

Series Y, 4.50%, 03/01/49 (Call 09/01/48)

     1,820       1,520,956  

Series Z, 3.70%, 05/01/50 (Call 11/01/49)

     1,650       1,235,173  

Arizona Public Service Co.

    

2.20%, 12/15/31 (Call 09/15/31)

     2,495       1,917,782  

2.60%, 08/15/29 (Call 05/15/29)

     2,405       2,037,131  

2.65%, 09/15/50 (Call 03/15/50)(b)

    916       552,321  

2.95%, 09/15/27 (Call 06/15/27)

     934       847,829  

3.15%, 05/15/25 (Call 02/15/25)(b)

    1,816       1,724,256  

3.35%, 05/15/50 (Call 11/15/49)

     1,827       1,241,885  

3.50%, 12/01/49 (Call 06/01/49)

     1,253       868,078  

3.75%, 05/15/46 (Call 11/15/45)

     1,306       959,858  

4.20%, 08/15/48 (Call 02/15/48)

     1,233       966,660  

4.25%, 03/01/49 (Call 09/01/48)

     1,345       1,057,130  

4.35%, 11/15/45 (Call 05/15/45)

     1,582       1,268,701  

4.50%, 04/01/42 (Call 10/01/41)

     1,780       1,494,951  

5.05%, 09/01/41 (Call 03/01/41)

     1,200       1,087,560  

6.35%, 12/15/32 (Call 09/15/32)

     2,075       2,205,040  

Atlantic City Electric Co.

    

2.30%, 03/15/31 (Call 12/15/30)

     1,174       955,284  

4.00%, 10/15/28 (Call 07/15/28)

     1,412       1,330,316  

Avangrid Inc.

    

3.15%, 12/01/24 (Call 10/01/24)

     2,790       2,679,265  

3.20%, 04/15/25 (Call 03/15/25)

     3,400       3,228,062  

3.80%, 06/01/29 (Call 03/01/29)

     3,824       3,458,387  

Avista Corp.

    

4.00%, 04/01/52 (Call 10/01/51)

     90       72,221  

4.35%, 06/01/48 (Call 12/01/47)

     2,345       2,004,694  

Baltimore Gas & Electric Co.

    

2.25%, 06/15/31 (Call 03/15/31)

     2,430       1,963,561  

2.40%, 08/15/26 (Call 05/15/26)

     563       514,239  

2.90%, 06/15/50 (Call 12/15/49)

     1,705       1,137,883  

3.20%, 09/15/49 (Call 03/15/49)

     1,900       1,349,608  

3.50%, 08/15/46 (Call 02/15/46)

     2,330       1,753,907  

3.75%, 08/15/47 (Call 02/15/47)

     1,429       1,117,907  

4.25%, 09/15/48 (Call 03/15/48)

     744       626,478  

4.55%, 06/01/52 (Call 12/01/51)

     1,742       1,542,088  

6.35%, 10/01/36

     920       990,849  

Berkshire Hathaway Energy Co.

    

1.65%, 05/15/31 (Call 02/15/31)

     2,866       2,220,004  

2.85%, 05/15/51 (Call 11/15/50)

     5,610       3,647,005  

3.25%, 04/15/28 (Call 01/15/28)

     2,982       2,756,471  

3.50%, 02/01/25 (Call 11/01/24)

     2,087       2,020,279  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   37

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Electric (continued)

    

3.70%, 07/15/30 (Call 04/15/30)

   $ 5,380     $ 4,946,695  

3.80%, 07/15/48 (Call 01/15/48)

     1,906       1,471,146  

4.05%, 04/15/25 (Call 03/15/25)

     3,179       3,110,493  

4.25%, 10/15/50 (Call 04/15/50)

       3,002         2,487,847  

4.45%, 01/15/49 (Call 07/15/48)

     3,751       3,232,349  

4.50%, 02/01/45 (Call 08/01/44)

     2,324       2,020,183  

4.60%, 05/01/53 (Call 11/01/52)

     3,905       3,425,817  

5.15%, 11/15/43 (Call 05/15/43)

     2,773       2,626,891  

5.95%, 05/15/37

     2,063       2,141,518  

6.13%, 04/01/36

     3,873       4,117,386  

Black Hills Corp.

    

1.04%, 08/23/24 (Call 03/16/23)

     55       51,449  

2.50%, 06/15/30 (Call 03/15/30)

     1,342       1,092,240  

3.05%, 10/15/29 (Call 07/15/29)

     1,942       1,652,564  

3.15%, 01/15/27 (Call 07/15/26)

     1,349       1,244,493  

3.88%, 10/15/49 (Call 04/15/49)

     1,544       1,127,413  

3.95%, 01/15/26 (Call 07/15/25)

     2,279       2,187,339  

4.20%, 09/15/46 (Call 03/15/46)

     805       616,131  

4.35%, 05/01/33 (Call 02/01/33)

     330       294,736  

CenterPoint Energy Houston Electric LLC

    

3.55%, 08/01/42 (Call 02/01/42)

     1,735       1,381,459  

3.60%, 03/01/52 (Call 09/01/51)

     260       200,912  

3.95%, 03/01/48 (Call 09/01/47)

     2,333       1,924,328  

4.45%, 10/01/32 (Call 07/01/32)

     1,835       1,759,765  

4.50%, 04/01/44 (Call 10/01/43)

     2,703       2,411,508  

Series AA, 3.00%, 02/01/27 (Call 11/01/26)

     805       756,153  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

     1,787       1,555,530  

Series AD, 2.90%, 07/01/50 (Call 01/01/50)

     2,350       1,590,033  

Series AE, 2.35%, 04/01/31 (Call 01/01/31)

     1,065       884,067  

Series AF, 3.35%, 04/01/51 (Call 10/01/50)(b)

    510       376,054  

Series AG, 3.00%, 03/01/32 (Call 12/01/31)

     355       305,282  

Series AJ, 4.85%, 10/01/52 (Call 04/01/52)

     800       763,944  

Series K2, 6.95%, 03/15/33

     260       295,675  

Series Z, 2.40%, 09/01/26 (Call 06/01/26)

     1,838       1,676,238  

CenterPoint Energy Inc.

    

1.45%, 06/01/26 (Call 05/01/26)

     2,268       2,015,640  

2.50%, 09/01/24 (Call 08/01/24)

     2,121       2,027,103  

2.65%, 06/01/31 (Call 03/01/31)

     1,335       1,096,382  

2.95%, 03/01/30 (Call 12/01/29)

     2,698       2,305,657  

3.70%, 09/01/49 (Call 03/01/49)

     2,255       1,705,953  

Cleco Corporate Holdings LLC

    

3.74%, 05/01/26 (Call 02/01/26)

     3,959       3,708,435  

4.97%, 05/01/46 (Call 11/01/45)

     1,499       1,262,713  

Cleveland Electric Illuminating Co. (The)

    

5.50%, 08/15/24

     2,055       2,052,760  

5.95%, 12/15/36

     984       986,637  

CMS Energy Corp.

    

3.00%, 05/15/26 (Call 02/15/26)

     629       585,920  

3.45%, 08/15/27 (Call 05/15/27)

     2,648       2,464,758  

3.75%, 12/01/50 (Call 12/01/30),
(5 year CMT + 2.900%)(a)

    785       621,061  

4.75%, 06/01/50 (Call 03/01/30),
(5 year CMT + 4.116%)(a)

    1,851       1,655,201  

4.88%, 03/01/44 (Call 09/01/43)

     1,275       1,144,810  

Commonwealth Edison Co.

    

2.20%, 03/01/30 (Call 12/01/29)

     1,985       1,654,875  

2.55%, 06/15/26 (Call 03/15/26)

     1,280       1,182,784  

3.00%, 03/01/50 (Call 09/01/49)

     1,030       704,808  

3.15%, 03/15/32 (Call 12/15/31)(b)

    555       481,590  

3.65%, 06/15/46 (Call 12/15/45)

     2,824       2,158,496  
Security   Par
(000)		     Value  

Electric (continued)

    

3.70%, 08/15/28 (Call 05/15/28)(b)

  $ 3,270     $ 3,073,211  

3.70%, 03/01/45 (Call 09/01/44)

       1,745         1,357,226  

3.80%, 10/01/42 (Call 04/01/42)

     894       727,305  

4.00%, 03/01/48 (Call 09/01/47)

     2,895       2,374,392  

4.00%, 03/01/49 (Call 09/01/48)

     2,061       1,669,039  

4.35%, 11/15/45 (Call 05/15/45)

     2,006       1,715,531  

4.60%, 08/15/43 (Call 02/15/43)

     1,130       1,022,085  

4.70%, 01/15/44 (Call 07/15/43)

     1,235       1,126,419  

4.90%, 02/01/33 (Call 11/01/32)(b)

    810       802,629  

5.30%, 02/01/53 (Call 08/01/52)

     985       979,179  

5.90%, 03/15/36

     1,159       1,201,222  

6.45%, 01/15/38

     1,931       2,154,629  

Series 122, 2.95%, 08/15/27 (Call 05/15/27)

     2,237       2,059,695  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

     2,805       2,184,814  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

     1,603       1,127,903  

Series 130, 3.13%, 03/15/51 (Call 09/15/50)

     3,055       2,112,716  

Series 131, 2.75%, 09/01/51 (Call 03/01/51)

     1,010       644,663  

Series 133, 3.85%, 03/15/52 (Call 09/15/51)

     995       786,050  

Connecticut Light & Power Co. (The)

    

4.00%, 04/01/48 (Call 10/01/47)

     3,061       2,560,159  

4.30%, 04/15/44 (Call 10/15/43)

     2,090       1,803,106  

5.25%, 01/15/53 (Call 07/15/52)

     2,070       2,066,667  

Series A, 0.75%, 12/01/25 (Call 11/01/25)

     550       488,527  

Series A, 2.05%, 07/01/31 (Call 04/01/31)

     2,230       1,800,480  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

     2,563       2,408,528  

Series A, 4.15%, 06/01/45 (Call 12/01/44)

     365       306,925  

Consolidated Edison Co. of New York Inc.

    

2.40%, 06/15/31 (Call 03/15/31)

     3,565       2,919,878  

3.20%, 12/01/51 (Call 06/01/51)

     190       130,876  

3.60%, 06/15/61 (Call 12/15/60)

     3,198       2,300,545  

3.70%, 11/15/59 (Call 05/15/59)

     2,673       1,925,389  

3.80%, 05/15/28 (Call 02/15/28)(b)

    2,596       2,462,436  

3.85%, 06/15/46 (Call 12/15/45)

     2,549       1,983,071  

3.95%, 03/01/43 (Call 09/01/42)

     1,406       1,137,777  

4.45%, 03/15/44 (Call 09/15/43)

     1,928       1,643,928  

4.50%, 12/01/45 (Call 06/01/45)

     1,367       1,169,605  

4.50%, 05/15/58 (Call 11/15/57)

     3,059       2,541,387  

4.63%, 12/01/54 (Call 06/01/54)

     2,157       1,839,015  

5.20%, 03/01/33 (Call 12/01/32)

     1,710       1,712,941  

5.70%, 06/15/40

     1,737       1,716,243  

6.15%, 11/15/52 (Call 05/15/52)

     3,075       3,289,758  

Series 05-A, 5.30%, 03/01/35

     1,080       1,064,632  

Series 06-A, 5.85%, 03/15/36

     1,573       1,609,226  

Series 06-B, 6.20%, 06/15/36

     782       839,227  

Series 07-A, 6.30%, 08/15/37

     853       922,699  

Series 08-B, 6.75%, 04/01/38

     1,868       2,072,116  

Series 09-C, 5.50%, 12/01/39

     2,466       2,397,470  

Series 12-A, 4.20%, 03/15/42

     818       686,776  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

     2,032       1,576,568  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

     2,389       2,134,739  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

     4,264       3,382,290  

Series A, 4.13%, 05/15/49 (Call 11/15/48)(b)

    2,542       2,074,069  

Series B, 3.13%, 11/15/27 (Call 08/15/27)

     783       718,520  

Series C, 3.00%, 12/01/60 (Call 06/01/60)

     1,708       1,062,291  

Series C, 4.00%, 11/15/57 (Call 05/15/57)

     1,365       1,049,139  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

     2,314       1,873,206  

Series D, 4.00%, 12/01/28 (Call 09/01/28)

     1,922       1,826,515  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

     2,889       2,532,497  

Constellation Energy Generation LLC

    

3.25%, 06/01/25 (Call 05/01/25)

     3,332       3,167,266  

 

 

38  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Electric (continued)

    

5.60%, 03/01/28 (Call 02/01/28)

   $ 1,715     $ 1,720,351  

5.60%, 06/15/42 (Call 12/15/41)

       2,788         2,677,846  

5.80%, 03/01/33 (Call 12/01/32)

     1,760       1,782,070  

6.25%, 10/01/39

     997       1,026,332  

Consumers Energy Co.

    

2.50%, 05/01/60 (Call 11/01/59)

     1,945       1,091,495  

2.65%, 08/15/52 (Call 02/15/52)

     500       317,595  

3.10%, 08/15/50 (Call 02/15/50)

     2,402       1,672,897  

3.25%, 08/15/46 (Call 02/15/46)

     1,713       1,233,223  

3.50%, 08/01/51 (Call 02/01/51)

     2,411       1,823,463  

3.60%, 08/15/32 (Call 02/15/32)

     825       739,637  

3.75%, 02/15/50 (Call 08/15/49)

     1,196       952,494  

3.80%, 11/15/28 (Call 08/15/28)

     676       637,488  

3.95%, 05/15/43 (Call 11/15/42)

     966       804,437  

3.95%, 07/15/47 (Call 01/15/47)

     1,373       1,120,533  

4.05%, 05/15/48 (Call 11/15/47)

     2,192       1,827,164  

4.20%, 09/01/52 (Call 03/01/52)

     1,685       1,429,217  

4.35%, 04/15/49 (Call 10/15/48)

     2,291       2,007,145  

4.63%, 05/15/33 (Call 11/15/32)

     1,600       1,554,992  

4.65%, 03/01/28 (Call 01/01/28)

     2,570       2,532,504  

Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)

     2,050       1,611,669  

Delmarva Power & Light Co., 4.15%, 05/15/45
(Call 11/15/44)

     1,499       1,243,780  

Dominion Energy Inc.

    

3.07%, 08/15/24(e)

    3,543       3,415,735  

3.90%, 10/01/25 (Call 07/01/25)

     1,978       1,912,627  

4.25%, 06/01/28 (Call 03/01/28)

     3,067       2,922,084  

4.35%, 08/15/32 (Call 05/15/32)

     1,165       1,074,235  

4.70%, 12/01/44 (Call 06/01/44)

     1,855       1,592,944  

4.85%, 08/15/52 (Call 02/15/52)

     1,325       1,152,949  

5.38%, 11/15/32 (Call 08/15/32)

     1,410       1,383,985  

5.75%, 10/01/54 (Call 10/01/24),
(3 mo. LIBOR US + 3.057%)(a)

     1,499       1,445,845  

7.00%, 06/15/38

     1,610       1,766,154  

Series A, 1.45%, 04/15/26 (Call 03/15/26)

     2,765       2,455,071  

Series A, 3.30%, 03/15/25 (Call 02/15/25)

     1,130       1,081,794  

Series A, 4.60%, 03/15/49 (Call 09/15/48)

     1,080       918,680  

Series B, 3.30%, 04/15/41 (Call 10/15/40)(b)

    1,895       1,404,763  

Series B, 3.60%, 03/15/27 (Call 01/15/27)

     1,275       1,200,515  

Series B, 5.95%, 06/15/35

     2,137       2,196,537  

Series C, 2.25%, 08/15/31 (Call 05/15/31)

     1,708       1,349,440  

Series C, 3.38%, 04/01/30 (Call 01/01/30)

     5,404       4,736,066  

Series C, 4.05%, 09/15/42 (Call 03/15/42)

     1,460       1,131,193  

Series C, 4.90%, 08/01/41 (Call 02/01/41)

     1,920       1,693,171  

Series D, 2.85%, 08/15/26 (Call 05/15/26)

     1,533       1,408,398  

Series E, 6.30%, 03/15/33

     1,050       1,103,088  

Series F, 5.25%, 08/01/33

     2,015       1,964,262  

Dominion Energy South Carolina Inc.

    

4.60%, 06/15/43 (Call 12/15/42)

     1,580       1,407,638  

5.10%, 06/01/65 (Call 12/01/64)

     2,435       2,346,975  

5.30%, 05/15/33

     595       599,016  

5.45%, 02/01/41 (Call 08/01/40)

     1,325       1,308,265  

6.05%, 01/15/38(b)

    1,775       1,898,593  

6.63%, 02/01/32

     355       390,681  

Series A, 2.30%, 12/01/31 (Call 09/01/31)

     2,130       1,716,077  

DTE Electric Co.

    

2.25%, 03/01/30 (Call 12/01/29)

     2,327       1,955,588  

2.95%, 03/01/50 (Call 09/01/49)

     1,260       860,126  

3.38%, 03/01/25 (Call 12/01/24)

     1,167       1,125,618  
Security   Par
(000)		     Value  

Electric (continued)

    

3.65%, 03/15/24 (Call 12/15/23)

   $ 1,460     $ 1,433,311  

3.70%, 03/15/45 (Call 09/15/44)

       2,385         1,898,055  

3.70%, 06/01/46 (Call 12/01/45)

     1,480       1,140,828  

3.75%, 08/15/47 (Call 02/15/47)

     1,922       1,507,540  

3.95%, 03/01/49 (Call 09/01/48)

     2,339       1,917,699  

4.30%, 07/01/44 (Call 01/01/44)

     1,456       1,260,226  

5.20%, 04/01/33 (Call 01/01/33)

     1,630       1,632,152  

5.40%, 04/01/53 (Call 10/01/52)

     1,630       1,641,817  

Series A, 1.90%, 04/01/28 (Call 02/01/28)

     2,315       1,993,585  

Series A, 3.00%, 03/01/32 (Call 12/01/31)

     2,490       2,125,788  

Series A, 4.00%, 04/01/43 (Call 10/01/42)(b)

    277       232,334  

Series A, 4.05%, 05/15/48 (Call 11/15/47)

     1,741       1,445,152  

Series B, 3.25%, 04/01/51 (Call 10/01/50)

     1,701       1,213,102  

Series B, 3.65%, 03/01/52 (Call 09/01/51)

     1,005       774,363  

Series C, 2.63%, 03/01/31 (Call 12/01/30)

     2,182       1,844,576  

DTE Energy Co.

    

2.85%, 10/01/26 (Call 07/01/26)

     4,120       3,781,872  

2.95%, 03/01/30 (Call 12/01/29)

     1,458       1,246,386  

4.22%, 11/01/24(e)

    3,935       3,851,657  

Series C, 2.53%, 10/01/24(e)

    1,469       1,402,351  

Series C, 3.40%, 06/15/29 (Call 03/15/29)

     2,125       1,887,064  

Series F, 1.05%, 06/01/25 (Call 05/01/25)

     3,455       3,128,848  

Duke Energy Carolinas LLC

    

2.45%, 08/15/29 (Call 05/15/29)

     1,774       1,509,763  

2.45%, 02/01/30 (Call 11/01/29)(b)

    2,515       2,143,031  

2.55%, 04/15/31 (Call 01/15/31)

     2,728       2,272,997  

2.85%, 03/15/32 (Call 12/15/31)

     2,805       2,349,748  

2.95%, 12/01/26 (Call 09/01/26)

     3,990       3,714,012  

3.20%, 08/15/49 (Call 02/15/49)

     1,495       1,055,963  

3.45%, 04/15/51 (Call 10/15/50)

     2,220       1,615,361  

3.55%, 03/15/52 (Call 09/15/51)

     1,675       1,250,036  

3.70%, 12/01/47 (Call 06/01/47)

     3,067       2,344,139  

3.75%, 06/01/45 (Call 12/01/44)

     2,279       1,778,372  

3.88%, 03/15/46 (Call 09/15/45)

     2,530       1,978,890  

3.95%, 11/15/28 (Call 08/15/28)

     2,656       2,531,752  

3.95%, 03/15/48 (Call 09/15/47)

     1,805       1,445,372  

4.00%, 09/30/42 (Call 03/30/42)

     964       792,138  

4.25%, 12/15/41 (Call 06/15/41)

     1,074       925,058  

4.95%, 01/15/33 (Call 10/15/32)

     1,035       1,019,320  

5.30%, 02/15/40

     2,665       2,610,074  

5.35%, 01/15/53 (Call 07/15/52)

     1,320       1,304,173  

6.00%, 01/15/38

     867       915,431  

6.05%, 04/15/38

     1,530       1,623,146  

6.10%, 06/01/37

     1,810       1,907,414  

6.45%, 10/15/32

     970       1,044,312  

Series A, 6.00%, 12/01/28

     1,654       1,736,187  

Duke Energy Corp.

    

0.90%, 09/15/25 (Call 08/15/25)

     3,648       3,262,698  

2.45%, 06/01/30 (Call 03/01/30)

     2,268       1,862,890  

2.55%, 06/15/31 (Call 03/15/31)

     1,235       995,496  

2.65%, 09/01/26 (Call 06/01/26)

     2,234       2,040,893  

3.15%, 08/15/27 (Call 05/15/27)

     3,288       3,024,598  

3.25%, 01/15/82 (Call 10/15/26),
(5 year CMT + 2.321%)(a)

    2,374       1,890,416  

3.30%, 06/15/41 (Call 12/15/40)

     3,513       2,542,885  

3.40%, 06/15/29 (Call 03/15/29)

     2,227       1,991,673  

3.50%, 06/15/51 (Call 12/15/50)

     995       695,933  

3.75%, 04/15/24 (Call 01/15/24)

     3,953       3,879,435  

3.75%, 09/01/46 (Call 03/01/46)

     4,117       3,027,065  

3.95%, 08/15/47 (Call 02/15/47)

     2,725       2,060,972  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   39

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electric (continued)

 

4.20%, 06/15/49 (Call 12/15/48)

   $ 3,000     $ 2,369,340  

4.30%, 03/15/28 (Call 02/15/28)

     3,250       3,104,172  

4.50%, 08/15/32 (Call 05/15/32)

       4,215         3,903,722  

4.80%, 12/15/45 (Call 06/15/45)

     2,674       2,348,066  

5.00%, 12/08/25

     1,350       1,342,575  

5.00%, 12/08/27 (Call 11/08/27)

     4,400       4,364,668  

5.00%, 08/15/52 (Call 02/15/52)

     3,685       3,271,911  

Duke Energy Florida LLC

 

1.75%, 06/15/30 (Call 03/15/30)

     2,675       2,135,345  

2.40%, 12/15/31 (Call 09/15/31)

     2,840       2,305,597  

2.50%, 12/01/29 (Call 09/01/29)

     2,538       2,161,005  

3.00%, 12/15/51 (Call 06/15/51)

     2,335       1,576,989  

3.20%, 01/15/27 (Call 10/15/26)

     3,457       3,246,123  

3.40%, 10/01/46 (Call 04/01/46)

     2,878       2,060,331  

3.80%, 07/15/28 (Call 04/15/28)

     2,635       2,493,395  

3.85%, 11/15/42 (Call 05/15/42)

     2,091       1,681,708  

4.20%, 07/15/48 (Call 01/15/48)

     1,765       1,483,818  

5.65%, 04/01/40

     2,111       2,126,516  

5.95%, 11/15/52 (Call 05/15/52)

     885       943,976  

6.35%, 09/15/37

     991       1,067,971  

6.40%, 06/15/38

     3,854       4,260,828  

Duke Energy Florida Project Finance LLC

 

Series 2032, 2.86%, 03/01/33

     55       45,453  

Series 2035, 3.11%, 09/01/38

     115       92,194  

Duke Energy Indiana LLC

 

2.75%, 04/01/50 (Call 10/01/49)

     1,970       1,235,151  

3.75%, 05/15/46 (Call 11/15/45)

     1,349       1,031,203  

6.12%, 10/15/35

     1,119       1,165,136  

6.35%, 08/15/38

     868       947,847  

6.45%, 04/01/39

     2,043       2,200,434  

Series WWW, 4.90%, 07/15/43 (Call 01/15/43)

     614       568,460  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

     2,785       1,962,924  

Duke Energy Ohio Inc.

 

2.13%, 06/01/30 (Call 03/01/30)

     2,588       2,110,850  

3.65%, 02/01/29 (Call 11/01/28)

     1,291       1,193,633  

3.70%, 06/15/46 (Call 12/15/45)

     1,672       1,210,478  

4.30%, 02/01/49 (Call 08/01/48)

     1,342       1,094,361  

Duke Energy Progress LLC

 

2.00%, 08/15/31 (Call 05/15/31)

     2,275       1,792,950  

2.50%, 08/15/50 (Call 02/15/50)

     2,040       1,217,513  

2.90%, 08/15/51 (Call 02/15/51)

     1,313       858,085  

3.25%, 08/15/25 (Call 05/15/25)

     2,132       2,038,725  

3.40%, 04/01/32 (Call 01/01/32)

     2,170       1,906,649  

3.45%, 03/15/29 (Call 12/15/28)

     2,377       2,170,225  

3.60%, 09/15/47 (Call 03/15/47)

     2,366       1,781,243  

3.70%, 09/01/28 (Call 06/01/28)

     2,556       2,399,241  

3.70%, 10/15/46 (Call 04/15/46)

     2,629       1,987,156  

4.00%, 04/01/52 (Call 10/01/51)

     1,170       931,109  

4.10%, 05/15/42 (Call 11/15/41)

     880       735,038  

4.10%, 03/15/43 (Call 09/15/42)

     1,619       1,350,116  

4.15%, 12/01/44 (Call 06/01/44)

     2,529       2,099,247  

4.20%, 08/15/45 (Call 02/15/45)

     1,344       1,118,678  

4.38%, 03/30/44 (Call 09/30/43)

     1,717       1,470,250  

6.30%, 04/01/38

     1,505       1,615,994  

Edison International

 

3.55%, 11/15/24 (Call 10/15/24)

     2,433       2,351,567  

4.13%, 03/15/28 (Call 12/15/27)

     2,160       2,012,818  

4.70%, 08/15/25

     1,700       1,656,276  

4.95%, 04/15/25 (Call 03/15/25)

     1,813       1,786,295  

5.75%, 06/15/27 (Call 04/15/27)

     2,978       2,992,056  

Security   Par
(000) 		    Value  

Electric (continued)

 

6.95%, 11/15/29 (Call 09/15/29)

   $ 1,985     $ 2,081,471  

El Paso Electric Co.

 

5.00%, 12/01/44 (Call 06/01/44)

       1,281         1,161,777  

6.00%, 05/15/35

     619       617,917  

Emera U.S. Finance LP

 

0.83%, 06/15/24

     2,035       1,905,004  

2.64%, 06/15/31 (Call 03/15/31)

     2,055       1,618,374  

3.55%, 06/15/26 (Call 03/15/26)

     3,995       3,750,826  

4.75%, 06/15/46 (Call 12/15/45)

     4,056       3,181,729  

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

     3,553       3,445,735  

Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)

     3,037       2,918,071  

Enel Generacion Chile SA, 4.25%, 04/15/24
(Call 01/15/24)

     1,275       1,248,199  

Entergy Arkansas LLC

 

2.65%, 06/15/51 (Call 12/15/50)

     1,438       894,465  

3.35%, 06/15/52 (Call 12/15/51)

     1,440       1,018,066  

3.50%, 04/01/26 (Call 01/01/26)

     3,068       2,934,082  

3.70%, 06/01/24 (Call 03/01/24)

     350       343,102  

4.00%, 06/01/28 (Call 03/01/28)

     375       354,548  

4.20%, 04/01/49 (Call 10/01/48)

     2,594       2,159,375  

5.15%, 01/15/33 (Call 10/15/32)

     2,445       2,432,335  

Entergy Corp.

 

0.90%, 09/15/25 (Call 08/15/25)

     1,993       1,776,520  

1.90%, 06/15/28 (Call 04/15/28)

     1,830       1,547,448  

2.40%, 06/15/31 (Call 03/05/31)

     2,815       2,227,284  

2.80%, 06/15/30 (Call 03/15/30)

     2,402       2,012,564  

2.95%, 09/01/26 (Call 06/01/26)

     2,992       2,752,251  

3.75%, 06/15/50 (Call 12/15/49)

     2,504       1,832,452  

Entergy Louisiana LLC

 

0.95%, 10/01/24 (Call 03/31/23)

     1,191       1,111,167  

1.60%, 12/15/30 (Call 09/15/30)

     1,948       1,491,759  

2.35%, 06/15/32 (Call 03/15/32)

     1,105       875,713  

2.40%, 10/01/26 (Call 07/01/26)

     2,651       2,389,320  

2.90%, 03/15/51 (Call 09/15/50)

     2,865       1,867,722  

3.05%, 06/01/31 (Call 03/01/31)

     2,175       1,856,123  

3.10%, 06/15/41 (Call 12/15/40)

     251       187,991  

3.12%, 09/01/27 (Call 06/01/27)

     1,795       1,646,194  

3.25%, 04/01/28 (Call 01/01/28)

     2,504       2,287,504  

4.00%, 03/15/33 (Call 12/15/32)

     2,162       1,947,486  

4.20%, 09/01/48 (Call 03/01/48)

     3,381       2,843,184  

4.20%, 04/01/50 (Call 10/01/49)

     2,361       1,949,478  

4.75%, 09/15/52 (Call 03/15/52)

     2,205       2,000,729  

4.95%, 01/15/45 (Call 01/15/25)

     2,215       2,064,624  

5.40%, 11/01/24

     336       337,310  

5.59%, 10/01/24

     102       102,475  

Entergy Mississippi LLC

 

2.85%, 06/01/28 (Call 03/01/28)

     3,563       3,199,146  

3.50%, 06/01/51 (Call 12/01/50)

     640       470,586  

3.85%, 06/01/49 (Call 12/01/48)

     304       233,758  

Entergy Texas Inc.

 

1.75%, 03/15/31 (Call 12/15/30)

     1,890       1,475,542  

3.55%, 09/30/49 (Call 03/30/49)

     2,005       1,451,861  

4.00%, 03/30/29 (Call 12/30/28)

     532       497,968  

4.50%, 03/30/39 (Call 09/30/38)

     175       154,319  

5.00%, 09/15/52 (Call 03/15/52)(b)

    1,480       1,389,572  

Evergy Inc.

 

2.45%, 09/15/24 (Call 08/15/24)

     3,909       3,723,674  

2.90%, 09/15/29 (Call 06/15/29)

     3,230       2,766,237  

Evergy Kansas Central Inc.

 

2.55%, 07/01/26 (Call 04/01/26)

     1,495       1,368,747  

 

 

 

40  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electric (continued)

 

3.10%, 04/01/27 (Call 01/01/27)

   $ 1,780     $ 1,667,184  

3.25%, 09/01/49 (Call 03/01/49)

     1,328       936,081  

3.45%, 04/15/50 (Call 10/15/49)

     1,435       1,050,277  

4.10%, 04/01/43 (Call 10/01/42)

       1,410         1,176,941  

4.13%, 03/01/42 (Call 09/01/41)

     2,022       1,688,431  

4.25%, 12/01/45 (Call 06/01/45)

     984       813,906  

Evergy Metro Inc.

    

3.65%, 08/15/25 (Call 05/15/25)(b)

    1,625       1,551,907  

4.20%, 06/15/47 (Call 12/15/46)

     1,140       937,673  

4.20%, 03/15/48 (Call 09/15/47)

     1,054       873,091  

5.30%, 10/01/41 (Call 04/01/41)

     1,451       1,409,574  

Series 2019, 4.13%, 04/01/49 (Call 10/01/48)

     1,808       1,472,074  

Series 2020, 2.25%, 06/01/30 (Call 03/01/30)

     1,023       842,093  

Eversource Energy

 

2.55%, 03/15/31 (Call 12/15/30)

     1,950       1,592,721  

2.90%, 03/01/27 (Call 02/01/27)

     2,870       2,627,514  

3.38%, 03/01/32 (Call 12/01/31)(b)

    2,007       1,719,437  

3.45%, 01/15/50 (Call 07/15/49)

     2,560       1,842,125  

4.20%, 06/27/24

     1,820       1,788,678  

4.60%, 07/01/27 (Call 06/01/27)

     2,858       2,787,465  

Series H, 3.15%, 01/15/25 (Call 10/15/24)

     1,641       1,575,639  

Series L, 2.90%, 10/01/24 (Call 08/01/24)

     2,896       2,783,925  

Series M, 3.30%, 01/15/28 (Call 10/15/27)

     856       787,999  

Series O, 4.25%, 04/01/29 (Call 01/01/29)

     2,212       2,079,037  

Series Q, 0.80%, 08/15/25 (Call 07/15/25)

     2,316       2,070,875  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

     2,906       2,243,403  

Series U, 1.40%, 08/15/26 (Call 07/15/26)

     1,605       1,408,885  

Exelon Corp.

 

2.75%, 03/15/27 (Call 02/15/27)

     2,215       2,015,694  

3.35%, 03/15/32 (Call 12/15/31)(b)

    75       64,032  

3.40%, 04/15/26 (Call 01/15/26)

     3,122       2,944,233  

3.95%, 06/15/25 (Call 03/15/25)

     3,723       3,603,194  

4.05%, 04/15/30 (Call 01/15/30)

     5,880       5,393,783  

4.10%, 03/15/52 (Call 09/15/51)

     1,470       1,166,710  

4.45%, 04/15/46 (Call 10/15/45)

     1,933       1,607,985  

4.70%, 04/15/50 (Call 10/15/49)

     2,997       2,603,224  

4.95%, 06/15/35 (Call 12/15/34)

     2,034       1,926,239  

5.10%, 06/15/45 (Call 12/15/44)

     2,340       2,152,121  

5.15%, 03/15/28 (Call 02/15/28)

     1,315       1,303,783  

5.30%, 03/15/33 (Call 12/15/32)

     2,550       2,519,068  

5.60%, 03/15/53 (Call 09/15/52)

     2,550       2,492,089  

5.63%, 06/15/35

     2,514       2,528,933  

Exelon Generation Co. LLC, 5.75%, 10/01/41
(Call 04/01/41)

     3,471       3,363,052  

Florida Power & Light Co.

 

2.45%, 02/03/32 (Call 11/03/31)

     1,923       1,579,802  

2.85%, 04/01/25 (Call 03/01/25)

     7,494       7,163,739  

2.88%, 12/04/51 (Call 06/04/51)

     5,272       3,515,528  

3.13%, 12/01/25 (Call 06/01/25)

     3,228       3,077,382  

3.15%, 10/01/49 (Call 04/01/49)

     3,204       2,271,027  

3.25%, 06/01/24 (Call 12/01/23)

     2,846       2,774,878  

3.70%, 12/01/47 (Call 06/01/47)

     3,192       2,516,541  

3.80%, 12/15/42 (Call 06/15/42)

     1,656       1,363,815  

3.95%, 03/01/48 (Call 09/01/47)

     3,922       3,210,392  

3.99%, 03/01/49 (Call 09/01/48)

     2,650       2,190,172  

4.05%, 06/01/42 (Call 12/01/41)

     2,380       2,021,715  

4.05%, 10/01/44 (Call 04/01/44)

     2,163       1,816,401  

4.13%, 02/01/42 (Call 08/01/41)

     2,118       1,797,674  

4.13%, 06/01/48 (Call 12/01/47)

     2,381       2,007,326  

4.95%, 06/01/35

     434       424,157  

Security   Par
(000) 		    Value  

Electric (continued)

 

5.05%, 04/01/28 (Call 03/01/28)

   $ 1,360     $ 1,358,232  

5.10%, 04/01/33 (Call 01/03/33)

     2,560       2,555,853  

5.25%, 02/01/41 (Call 08/01/40)

       2,464         2,439,138  

5.30%, 04/01/53 (Call 10/01/52)

     1,695       1,686,559  

5.63%, 04/01/34

     670       701,249  

5.65%, 02/01/37

     2,267       2,322,632  

5.69%, 03/01/40

     1,328       1,384,307  

5.95%, 02/01/38

     1,898       1,999,904  

5.96%, 04/01/39

     640       682,074  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)

     5,710       5,302,420  

Georgia Power Co.

 

3.25%, 04/01/26 (Call 01/01/26)

     295       278,156  

3.25%, 03/30/27 (Call 12/30/26)

     1,570       1,451,873  

4.30%, 03/15/42

     4,633       3,899,133  

4.30%, 03/15/43

     1,812       1,514,017  

4.70%, 05/15/32 (Call 02/15/32)

     1,220       1,160,000  

5.13%, 05/15/52 (Call 11/15/51)

     2,400       2,241,912  

Series 10-C, 4.75%, 09/01/40

     2,409       2,159,307  

Series A, 2.20%, 09/15/24 (Call 08/15/24)

     2,442       2,327,714  

Series A, 3.25%, 03/15/51 (Call 09/15/50)

     735       497,470  

Series B, 2.65%, 09/15/29 (Call 06/15/29)

     2,822       2,393,733  

Series B, 3.70%, 01/30/50 (Call 07/30/49)

     2,028       1,499,179  

Gulf Power Co., Series A, 3.30%, 05/30/27
(Call 02/28/27)

     1,651       1,543,685  

Iberdrola International BV

 

5.81%, 03/15/25

     2,320       2,335,103  

6.75%, 07/15/36(b)

    1,532       1,668,976  

Idaho Power Co., Series K, 4.20%, 03/01/48
(Call 09/01/47)

     816       680,691  

Indiana Michigan Power Co.

 

3.25%, 05/01/51 (Call 11/01/50)

     2,210       1,526,624  

3.85%, 05/15/28 (Call 02/15/28)(b)

    2,034       1,927,093  

4.25%, 08/15/48 (Call 02/15/48)

     1,705       1,400,930  

6.05%, 03/15/37

     215       223,925  

Series K, 4.55%, 03/15/46 (Call 09/15/45)

     1,818       1,551,699  

Series L, 3.75%, 07/01/47 (Call 01/01/47)

     713       536,604  

Interstate Power & Light Co.

 

2.30%, 06/01/30 (Call 03/01/30)

     997       816,852  

3.10%, 11/30/51 (Call 05/30/51)

     1,835       1,216,862  

3.25%, 12/01/24 (Call 09/01/24)

     3,170       3,053,724  

3.50%, 09/30/49 (Call 03/30/49)

     1,509       1,100,272  

3.60%, 04/01/29 (Call 01/01/29)

     807       735,984  

3.70%, 09/15/46 (Call 03/15/46)

     1,133       831,509  

4.10%, 09/26/28 (Call 06/26/28)

     2,856       2,733,592  

6.25%, 07/15/39

     815       851,243  

IPALCO Enterprises Inc.

 

3.70%, 09/01/24 (Call 07/01/24)

     2,993       2,895,698  

4.25%, 05/01/30 (Call 02/01/30)

     2,030       1,828,786  

ITC Holdings Corp.

    

3.25%, 06/30/26 (Call 03/30/26)

     1,965       1,835,506  

3.35%, 11/15/27 (Call 08/15/27)

     1,635       1,508,140  

3.65%, 06/15/24 (Call 03/15/24)

     1,262       1,229,756  

5.30%, 07/01/43 (Call 01/01/43)

     1,366       1,281,827  

John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42

     164       155,995  

Kentucky Utilities Co.

 

3.30%, 06/01/50 (Call 12/01/49)

     2,165       1,532,539  

4.38%, 10/01/45 (Call 04/01/45)

     2,136       1,801,011  

5.13%, 11/01/40 (Call 05/01/40)

     2,709       2,592,865  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   41

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electric (continued)

    

Louisville Gas & Electric Co.

    

4.25%, 04/01/49 (Call 10/01/48)

   $ 670     $ 568,274  

Series 25, 3.30%, 10/01/25 (Call 07/01/25)

       1,177         1,118,962  

MidAmerican Energy Co.

    

2.70%, 08/01/52 (Call 02/01/52)

     2,355       1,526,016  

3.10%, 05/01/27 (Call 02/01/27)

     2,755       2,570,690  

3.15%, 04/15/50 (Call 10/15/49)

     2,982       2,130,460  

3.50%, 10/15/24 (Call 07/15/24)

     4,998       4,864,953  

3.65%, 04/15/29 (Call 01/15/29)

     3,760       3,483,490  

3.65%, 08/01/48 (Call 02/01/48)

     2,903       2,256,502  

3.95%, 08/01/47 (Call 02/01/47)

     2,388       1,978,076  

4.25%, 05/01/46 (Call 11/01/45)

     1,665       1,404,627  

4.25%, 07/15/49 (Call 01/15/49)

     3,839       3,315,706  

4.40%, 10/15/44 (Call 04/15/44)

     1,942       1,720,360  

4.80%, 09/15/43 (Call 03/15/43)

     842       781,730  

5.75%, 11/01/35

     320       332,598  

5.80%, 10/15/36

     1,694       1,779,395  

6.75%, 12/30/31

     1,085       1,205,706  

Mississippi Power Co.

    

3.95%, 03/30/28 (Call 12/30/27)

     3,265       3,075,956  

Series 12-A, 4.25%, 03/15/42

     2,156       1,773,827  

Series B, 3.10%, 07/30/51 (Call 01/30/51)

     1,618       1,057,056  

National Grid USA, 5.80%, 04/01/35

     1,472       1,428,208  

National Rural Utilities Cooperative Finance Corp.

    

1.00%, 06/15/26 (Call 05/15/26)

     2,317       2,026,170  

1.35%, 03/15/31 (Call 12/15/30)

     2,209       1,647,649  

1.65%, 06/15/31 (Call 03/15/31)

     1,615       1,237,914  

1.88%, 02/07/25

     1,386       1,299,638  

2.40%, 03/15/30 (Call 12/15/29)

     2,475       2,079,445  

2.75%, 04/15/32 (Call 01/15/32)

     2,175       1,795,854  

2.85%, 01/27/25 (Call 10/27/24)

     1,842       1,762,905  

3.05%, 04/25/27 (Call 01/25/27)(b)

    1,661       1,549,082  

3.25%, 11/01/25 (Call 08/01/25)

     2,480       2,351,883  

3.40%, 02/07/28 (Call 11/07/27)

     2,605       2,417,544  

3.45%, 06/15/25

     1,145       1,096,670  

3.70%, 03/15/29 (Call 12/15/28)

     690       632,509  

3.90%, 11/01/28 (Call 08/01/28)

     1,435       1,350,794  

4.02%, 11/01/32 (Call 05/01/32)

     1,559       1,422,276  

4.15%, 12/15/32 (Call 09/15/32)

     1,400       1,286,726  

4.30%, 03/15/49 (Call 09/15/48)

     1,739       1,477,176  

4.40%, 11/01/48 (Call 05/01/48)

     1,150       979,616  

4.45%, 03/13/26 (Call 02/13/26)

     830       812,778  

4.80%, 03/15/28 (Call 02/15/28)

     3,820       3,762,509  

5.25%, 04/20/46 (Call 04/20/26),
(3 mo. LIBOR US + 3.630%)(a)

    1,020       964,379  

5.45%, 10/30/25

     2,445       2,453,484  

5.80%, 01/15/33 (Call 07/15/32)

     2,200       2,266,572  

Series C, 8.00%, 03/01/32

     1,188       1,405,832  

Series D, 1.00%, 10/18/24

     1,185       1,103,887  

Nevada Power Co.

    

5.90%, 05/01/53 (Call 11/01/52)

     835       898,168  

Series CC, 3.70%, 05/01/29 (Call 02/01/29)

     2,329       2,171,956  

Series DD, 2.40%, 05/01/30 (Call 02/01/30)

     535       451,829  

Series EE, 3.13%, 08/01/50 (Call 02/01/50)

     1,550       1,068,198  

Series N, 6.65%, 04/01/36

     1,220       1,344,843  

Series R, 6.75%, 07/01/37

     1,470       1,635,463  

NextEra Energy Capital Holdings Inc.

    

1.88%, 01/15/27 (Call 12/15/26)

     5,100       4,496,313  

1.90%, 06/15/28 (Call 04/15/28)

     3,225       2,726,383  

2.25%, 06/01/30 (Call 03/01/30)

     3,762       3,047,032  
Security   Par
(000) 		    Value  

Electric (continued)

    

2.44%, 01/15/32 (Call 10/15/31)

   $ 3,998     $ 3,164,777  

2.75%, 11/01/29 (Call 08/01/29)

       4,330         3,685,263  

2.94%, 03/21/24 (Call 03/31/23)

     40       39,004  

3.00%, 01/15/52 (Call 07/15/51)

     2,045       1,337,594  

3.50%, 04/01/29 (Call 01/01/29)

     4,309       3,898,654  

3.55%, 05/01/27 (Call 02/01/27)

     6,077       5,681,570  

3.80%, 03/15/82 (Call 03/15/27),
(5 year CMT + 2.547%)(a)

    300       256,350  

4.20%, 06/20/24

     3,100       3,047,982  

4.26%, 09/01/24

     2,025       1,987,315  

4.45%, 06/20/25

     3,050       2,985,340  

4.63%, 07/15/27 (Call 06/15/27)

     5,655       5,501,184  

4.80%, 12/01/77 (Call 12/01/27),
(3 mo. LIBOR US + 2.409%)(a)

    2,983       2,648,934  

4.90%, 02/28/28 (Call 01/28/28)

     4,865       4,761,181  

5.00%, 02/28/30 (Call 12/28/29)

     4,905       4,767,856  

5.00%, 07/15/32 (Call 04/15/32)

     4,862       4,681,912  

5.05%, 02/28/33 (Call 11/28/32)

     4,850       4,692,763  

5.25%, 02/28/53 (Call 08/28/52)

     4,850       4,594,696  

5.65%, 05/01/79 (Call 05/01/29),
(3 mo. LIBOR US + 3.156%)(a)

    751       700,901  

6.05%, 03/01/25

     15       15,100  

Northern States Power Co./MN

    

2.25%, 04/01/31 (Call 11/01/30)

     1,610       1,329,586  

2.60%, 06/01/51 (Call 12/01/50)

     1,930       1,232,923  

2.90%, 03/01/50 (Call 09/01/49)

     2,459       1,669,636  

3.20%, 04/01/52 (Call 10/01/51)

     1,740       1,241,560  

3.40%, 08/15/42 (Call 02/15/42)

     1,078       845,626  

3.60%, 05/15/46 (Call 11/15/45)

     1,311       1,008,002  

3.60%, 09/15/47 (Call 03/15/47)

     2,113       1,638,970  

4.00%, 08/15/45 (Call 02/15/45)

     1,497       1,235,639  

4.13%, 05/15/44 (Call 11/15/43)

     1,530       1,303,392  

4.50%, 06/01/52 (Call 12/01/51)

     1,165       1,050,271  

5.35%, 11/01/39

     1,005       1,008,809  

6.20%, 07/01/37

     1,088       1,164,291  

6.25%, 06/01/36

     1,110       1,187,389  

NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)

     415       344,118  

NSTAR Electric Co.

    

1.95%, 08/15/31 (Call 05/15/31)

     876       692,960  

3.10%, 06/01/51 (Call 12/01/50)

     575       398,855  

3.20%, 05/15/27 (Call 02/15/27)

     2,416       2,250,383  

3.25%, 05/15/29 (Call 02/15/29)

     2,382       2,153,781  

3.95%, 04/01/30 (Call 01/01/30)

     2,291       2,146,438  

4.40%, 03/01/44 (Call 09/01/43)

     1,535       1,341,805  

4.55%, 06/01/52 (Call 12/01/51)

     1,990       1,796,870  

4.95%, 09/15/52 (Call 03/15/52)

     20       19,093  

5.50%, 03/15/40

     210       212,751  

Oglethorpe Power Corp.

    

3.75%, 08/01/50 (Call 02/01/50)

     1,560       1,143,230  

4.50%, 04/01/47 (Call 10/01/46)(f)

    1,455       1,186,887  

5.05%, 10/01/48 (Call 04/01/48)

     1,770       1,544,413  

5.25%, 09/01/50

     1,442       1,310,230  

5.38%, 11/01/40

     1,665       1,536,112  

5.95%, 11/01/39

     1,601       1,592,835  

Ohio Edison Co., 6.88%, 07/15/36

     1,100       1,203,950  

Ohio Power Co.

    

4.00%, 06/01/49 (Call 12/01/48)

     2,017       1,616,525  

4.15%, 04/01/48 (Call 10/01/47)

     1,677       1,390,350  

Series P, 2.60%, 04/01/30 (Call 01/01/30)

     2,363       1,997,042  

Series Q, 1.63%, 01/15/31 (Call 10/15/30)

     2,571       1,982,652  

 

 

42  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electric (continued)

    

Series R, 2.90%, 10/01/51 (Call 04/01/51)

   $ 1,240     $ 817,916  

Oklahoma Gas & Electric Co.

    

3.25%, 04/01/30 (Call 10/01/29)

     1,806       1,589,551  

3.30%, 03/15/30 (Call 09/15/29)

     1,621       1,434,180  

3.80%, 08/15/28 (Call 02/15/28)

     1,187       1,110,106  

3.85%, 08/15/47 (Call 02/15/47)

     1,359       1,035,830  

4.15%, 04/01/47 (Call 10/01/46)

     1,380       1,103,710  

5.40%, 01/15/33 (Call 07/15/32)

     1,355       1,360,095  

Oncor Electric Delivery Co. LLC

    

0.55%, 10/01/25 (Call 09/01/25)

     3,915       3,492,806  

2.70%, 11/15/51 (Call 05/15/51)

     1,835       1,190,273  

2.75%, 06/01/24 (Call 05/01/24)

     4,280       4,145,009  

2.75%, 05/15/30 (Call 02/15/30)

     2,077       1,801,797  

2.95%, 04/01/25 (Call 01/01/25)

     1,066       1,015,077  

3.10%, 09/15/49 (Call 03/15/49)

     1,825       1,281,515  

3.70%, 11/15/28 (Call 08/15/28)

     3,368       3,162,956  

3.70%, 05/15/50 (Call 11/15/49)

     2,426       1,913,265  

3.75%, 04/01/45 (Call 10/01/44)

     2,566       2,071,686  

3.80%, 09/30/47 (Call 03/30/47)

     1,977       1,603,742  

3.80%, 06/01/49 (Call 12/01/48)

     1,973       1,590,652  

4.10%, 11/15/48 (Call 05/15/48)

     1,710       1,450,217  

4.15%, 06/01/32 (Call 03/01/32)

     1,495       1,405,076  

4.55%, 09/15/32 (Call 06/15/32)

     2,695       2,607,628  

4.55%, 12/01/41 (Call 06/01/41)

     1,066       977,778  

4.60%, 06/01/52 (Call 12/01/51)

     90       81,708  

4.95%, 09/15/52 (Call 03/15/52)

     5,115       4,918,431  

5.25%, 09/30/40

     992       984,054  

5.30%, 06/01/42 (Call 12/01/41)

     1,548       1,553,031  

5.35%, 10/01/52 (Call 04/01/52)

     70       71,199  

5.75%, 03/15/29 (Call 12/15/28)

     984       1,018,037  

7.00%, 05/01/32

     682       778,455  

7.25%, 01/15/33

     1,612       1,876,948  

7.50%, 09/01/38

     594       720,261  

Pacific Gas and Electric Co.

    

2.10%, 08/01/27 (Call 06/01/27)

     4,465       3,798,911  

2.50%, 02/01/31 (Call 11/01/30)

     7,223       5,625,345  

2.95%, 03/01/26 (Call 12/01/25)

     3,043       2,801,416  

3.00%, 06/15/28 (Call 04/15/28)

     3,410       2,973,588  

3.15%, 01/01/26

     3,313       3,075,528  

3.25%, 06/01/31 (Call 03/01/31)

     2,535       2,068,560  

3.30%, 03/15/27 (Call 12/15/26)

     1,574       1,435,519  

3.30%, 12/01/27 (Call 09/01/27)

     2,847       2,539,837  

3.30%, 08/01/40 (Call 02/01/40)

     1,597       1,081,281  

3.40%, 08/15/24 (Call 05/15/24)

     125       120,109  

3.45%, 07/01/25

     1,747       1,654,025  

3.50%, 06/15/25 (Call 03/15/25)

     1,070       1,014,167  

3.50%, 08/01/50 (Call 02/01/50)

     7,290       4,589,492  

3.75%, 07/01/28

     3,569       3,202,392  

3.75%, 08/15/42 (Call 02/15/42)

     1,373       950,171  

3.95%, 12/01/47 (Call 06/01/47)

     3,033       2,077,029  

4.00%, 12/01/46 (Call 06/01/46)

     2,909       1,984,491  

4.20%, 03/01/29 (Call 01/01/29)

     1,605       1,441,755  

4.20%, 06/01/41 (Call 12/01/40)

     2,437       1,837,181  

4.25%, 03/15/46 (Call 09/15/45)

     2,092       1,483,144  

4.30%, 03/15/45 (Call 09/15/44)

     2,634       1,907,016  

4.40%, 03/01/32 (Call 12/01/31)

     1,935       1,682,560  

4.45%, 04/15/42 (Call 10/15/41)

     1,591       1,193,998  

4.50%, 07/01/40 (Call 01/01/40)

     7,383       5,780,889  

4.55%, 07/01/30 (Call 01/01/30)

       11,084         10,008,298  

4.60%, 06/15/43 (Call 12/15/42)

     1,811       1,371,072  
Security   Par
(000) 		    Value  

Electric (continued)

    

4.65%, 08/01/28 (Call 05/01/28)

   $ 1,150     $ 1,060,381  

4.75%, 02/15/44 (Call 08/15/43)

     1,945       1,523,071  

4.95%, 06/08/25

     2,655       2,603,679  

4.95%, 07/01/50 (Call 01/01/50)

       10,867         8,585,147  

5.25%, 03/01/52 (Call 09/01/51)

     2,640       2,173,882  

5.45%, 06/15/27 (Call 05/15/27)

     2,614       2,553,590  

5.90%, 06/15/32 (Call 03/15/32)

     3,405       3,289,128  

6.15%, 01/15/33 (Call 10/15/32)

     2,965       2,930,339  

6.75%, 01/15/53 (Call 07/15/52)

     4,025       4,002,339  

PacifiCorp

    

2.70%, 09/15/30 (Call 06/15/30)

     1,505       1,290,718  

2.90%, 06/15/52 (Call 12/15/51)

     960       634,608  

3.30%, 03/15/51 (Call 09/15/50)

     2,829       2,017,954  

3.50%, 06/15/29 (Call 03/15/29)

     1,825       1,672,977  

3.60%, 04/01/24 (Call 01/01/24)

     2,325       2,281,732  

4.10%, 02/01/42 (Call 08/01/41)

     1,441       1,226,565  

4.13%, 01/15/49 (Call 07/15/48)

     1,785       1,477,409  

4.15%, 02/15/50 (Call 08/15/49)

     2,297       1,897,644  

5.25%, 06/15/35

     879       879,941  

5.35%, 12/01/53 (Call 06/01/53)

     3,645       3,596,266  

5.75%, 04/01/37

     702       718,167  

6.00%, 01/15/39

     2,408       2,508,197  

6.10%, 08/01/36

     1,015       1,066,136  

6.25%, 10/15/37

     2,342       2,520,952  

6.35%, 07/15/38

     770       838,391  

7.70%, 11/15/31(b)

    50       59,568  

PECO Energy Co.

    

2.80%, 06/15/50 (Call 12/15/49)

     355       231,393  

2.85%, 09/15/51 (Call 03/15/51)

     970       638,328  

3.00%, 09/15/49 (Call 03/15/49)

     1,500       1,029,105  

3.05%, 03/15/51 (Call 09/15/50)

     925       634,078  

3.15%, 10/15/25 (Call 07/15/25)

     835       795,655  

3.70%, 09/15/47 (Call 03/15/47)

     1,736       1,363,958  

3.90%, 03/01/48 (Call 09/01/47)

     2,582       2,106,241  

4.15%, 10/01/44 (Call 04/01/44)

     855       719,055  

4.38%, 08/15/52 (Call 02/15/52)

     1,625       1,426,750  

4.60%, 05/15/52 (Call 11/15/51)

     1,485       1,342,291  

5.95%, 10/01/36

     665       694,080  

PG&E Recovery Funding LLC, 5.05%, 07/15/34

     100       99,207  

Pinnacle West Capital Corp., 1.30%, 06/15/25
(Call 05/15/25)

     2,228       2,020,729  

Potomac Electric Power Co.

    

3.60%, 03/15/24 (Call 12/15/23)

     2,347       2,301,797  

4.15%, 03/15/43 (Call 09/15/42)

     2,239       1,919,875  

6.50%, 11/15/37

     210       231,468  

PPL Capital Funding Inc.

    

3.10%, 05/15/26 (Call 02/15/26)

     4,059       3,797,925  

4.13%, 04/15/30 (Call 01/15/30)

     1,060       988,874  

PPL Electric Utilities Corp.

    

3.00%, 10/01/49 (Call 04/01/49)

     1,752       1,217,675  

3.95%, 06/01/47 (Call 12/01/46)

     823       684,999  

4.13%, 06/15/44 (Call 12/15/43)

     903       758,827  

4.15%, 10/01/45 (Call 04/01/45)

     1,435       1,201,210  

4.15%, 06/15/48 (Call 12/15/47)

     1,570       1,343,967  

4.75%, 07/15/43 (Call 01/15/43)

     1,055       965,409  

5.00%, 05/15/33 (Call 02/15/33)

     4,100       4,067,118  

5.25%, 05/15/53 (Call 11/15/52)

     4,700       4,635,939  

6.25%, 05/15/39

     1,325       1,433,067  

Progress Energy Inc.

    

6.00%, 12/01/39

     2,562       2,577,090  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   43

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electric (continued)

    

7.00%, 10/30/31

   $   1,240     $   1,336,782  

7.75%, 03/01/31

     1,939       2,187,192  

Public Service Co. of Colorado

    

1.88%, 06/15/31 (Call 12/15/30)

     375       296,666  

3.60%, 09/15/42 (Call 03/15/42)

     778       616,775  

3.70%, 06/15/28 (Call 12/15/27)

     1,760       1,662,778  

3.80%, 06/15/47 (Call 12/15/46)

     1,804       1,436,471  

4.05%, 09/15/49 (Call 03/15/49)

     1,786       1,458,841  

4.10%, 06/01/32 (Call 12/01/31)(b)

    1,105       1,040,766  

4.10%, 06/15/48 (Call 12/15/47)

     1,535       1,278,225  

4.30%, 03/15/44 (Call 09/15/43)

     1,416       1,231,000  

4.50%, 06/01/52 (Call 12/01/51)

     1,415       1,262,633  

6.50%, 08/01/38

     60       66,350  

Series 17, 6.25%, 09/01/37

     799       871,773  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

     1,374       986,752  

Series 35, 1.90%, 01/15/31 (Call 07/15/30)

     2,389       1,920,063  

Series 36, 2.70%, 01/15/51 (Call 07/15/49)

     1,480       962,829  

Public Service Co. of New Hampshire

    

3.60%, 07/01/49 (Call 01/01/49)

     1,550       1,200,878  

5.15%, 01/15/53 (Call 07/15/52)

     1,570       1,550,909  

Series V, 2.20%, 06/15/31 (Call 03/15/31)

     170       139,096  

Public Service Co. of Oklahoma

    

5.25%, 01/15/33 (Call 10/15/32)

     2,155       2,134,377  

Series J, 2.20%, 08/15/31 (Call 05/15/31)

     1,095       870,985  

Series K, 3.15%, 08/15/51 (Call 02/15/51)

     500       334,480  

Public Service Electric & Gas Co.

    

0.95%, 03/15/26 (Call 02/15/26)

     1,555       1,377,217  

1.90%, 08/15/31 (Call 05/15/31)

     1,775       1,412,154  

2.05%, 08/01/50 (Call 02/01/50)(b)

    1,515       856,702  

2.25%, 09/15/26 (Call 06/15/26)

     1,389       1,261,754  

2.45%, 01/15/30 (Call 10/15/29)

     3,319       2,849,494  

2.70%, 05/01/50 (Call 11/01/49)

     755       496,979  

3.00%, 05/15/25 (Call 02/15/25)

     513       488,699  

3.00%, 05/15/27 (Call 02/15/27)

     1,884       1,748,145  

3.00%, 03/01/51 (Call 09/01/50)

     210       145,268  

3.10%, 03/15/32 (Call 12/15/31)

     379       329,146  

3.15%, 01/01/50 (Call 07/01/49)

     1,850       1,331,759  

3.20%, 05/15/29 (Call 02/15/29)

     1,424       1,282,298  

3.20%, 08/01/49 (Call 02/01/49)

     1,685       1,229,191  

3.60%, 12/01/47 (Call 06/01/47)

     1,639       1,270,241  

3.65%, 09/01/28 (Call 06/01/28)

     2,203       2,060,268  

3.65%, 09/01/42 (Call 03/01/42)

     1,975       1,580,099  

3.70%, 05/01/28 (Call 02/01/28)

     1,634       1,541,548  

3.80%, 01/01/43 (Call 07/01/42)

     494       411,882  

3.80%, 03/01/46 (Call 09/01/45)

     2,758       2,199,422  

3.85%, 05/01/49 (Call 11/01/48)

     2,302       1,872,562  

3.95%, 05/01/42 (Call 11/01/41)

     200       167,522  

4.05%, 05/01/48 (Call 11/01/47)

     1,801       1,525,897  

4.90%, 12/15/32 (Call 09/15/32)

     2,613       2,603,985  

5.50%, 03/01/40

     247       252,869  

5.80%, 05/01/37

     193       200,768  

Public Service Enterprise Group Inc.

    

0.80%, 08/15/25 (Call 07/15/25)

     1,672       1,498,262  

1.60%, 08/15/30 (Call 05/15/30)(b)

    1,613       1,247,285  

2.45%, 11/15/31 (Call 08/15/31)

     365       291,967  

2.88%, 06/15/24 (Call 05/15/24)

     4,272       4,124,189  

5.85%, 11/15/27 (Call 10/15/27)

     1,300       1,329,549  

Puget Energy Inc.

    

2.38%, 06/15/28 (Call 04/15/28)

     3,735       3,176,468  

3.65%, 05/15/25 (Call 02/15/25)

     2,263       2,144,917  
Security   Par
(000) 		    Value  

Electric (continued)

    

4.10%, 06/15/30 (Call 03/15/30)

   $   1,634     $   1,467,250  

4.22%, 03/15/32 (Call 12/15/31)

     2,534       2,244,440  

Puget Sound Energy Inc.

    

2.89%, 09/15/51 (Call 03/15/51)

     445       289,254  

3.25%, 09/15/49 (Call 03/15/49)

     3,123       2,209,741  

4.22%, 06/15/48 (Call 12/15/47)

     3,245       2,720,446  

4.30%, 05/20/45 (Call 11/20/44)

     1,312       1,076,365  

5.64%, 04/15/41 (Call 10/15/40)

     25       25,153  

5.76%, 10/01/39

     1,320       1,327,656  

5.80%, 03/15/40

     1,310       1,326,978  

6.27%, 03/15/37

     950       1,001,053  

San Diego Gas & Electric Co.

    

2.50%, 05/15/26 (Call 02/15/26)

     2,800       2,571,352  

3.70%, 03/15/52 (Call 09/15/51)

     340       263,364  

4.15%, 05/15/48 (Call 11/15/47)

     1,690       1,416,220  

4.50%, 08/15/40

     483       435,014  

6.00%, 06/01/39

     940       979,198  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)

     2,460       1,908,935  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

     2,529       2,054,509  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)

     2,011       1,435,110  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

     3,530       2,779,098  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

     1,885       1,250,094  

Series XXX, 3.00%, 03/15/32 (Call 12/15/31)

     1,000       846,340  

Sempra Energy

    

3.25%, 06/15/27 (Call 03/15/27)

     4,150       3,816,713  

3.30%, 04/01/25 (Call 03/01/25)

     2,623       2,508,349  

3.40%, 02/01/28 (Call 10/01/27)

     4,867       4,455,885  

3.70%, 04/01/29 (Call 02/01/29)

     1,845       1,676,588  

3.80%, 02/01/38 (Call 08/01/37)

     3,437       2,823,530  

4.00%, 02/01/48 (Call 08/01/47)

     1,287       997,657  

4.13%, 04/01/52 (Call 01/01/27),
(5 year CMT + 2.868%)(a)

    3,330       2,821,309  

6.00%, 10/15/39

     2,991       3,043,283  

Sierra Pacific Power Co., 2.60%, 05/01/26
(Call 02/01/26)

     3,334       3,083,517  

Southern California Edison Co.

    

1.10%, 04/01/24 (Call 04/01/23)

     1,710       1,629,886  

2.25%, 06/01/30 (Call 03/01/30)

     1,772       1,457,860  

2.75%, 02/01/32 (Call 11/01/31)

     2,320       1,921,633  

2.85%, 08/01/29 (Call 05/01/29)

     2,148       1,853,681  

3.45%, 02/01/52 (Call 08/01/51)

     1,430       1,014,156  

3.65%, 02/01/50 (Call 08/01/49)

     4,884       3,594,136  

4.00%, 04/01/47 (Call 10/01/46)

     6,799       5,322,597  

4.05%, 03/15/42 (Call 09/15/41)

     1,457       1,174,094  

4.50%, 09/01/40 (Call 03/01/40)

     1,550       1,330,458  

4.65%, 10/01/43 (Call 04/01/43)

     2,003       1,738,924  

5.30%, 03/01/28 (Call 02/01/28)

     370       369,560  

5.50%, 03/15/40

     2,383       2,320,256  

5.63%, 02/01/36

     1,284       1,269,863  

5.70%, 03/01/53 (Call 09/01/52)

     430       429,837  

5.85%, 11/01/27 (Call 10/01/27)

     1,690       1,730,256  

5.95%, 11/01/32 (Call 08/01/32)

     915       953,073  

6.00%, 01/15/34

     1,364       1,425,216  

6.05%, 03/15/39

     2,170       2,229,523  

6.65%, 04/01/29

     1,230       1,289,311  

Series 04-G, 5.75%, 04/01/35

     679       688,981  

Series 05-E, 5.35%, 07/15/35

     1,296       1,271,544  

Series 06-E, 5.55%, 01/15/37

     1,955       1,922,742  

Series 08-A, 5.95%, 02/01/38

     2,127       2,181,515  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

     1,794       1,404,756  

 

 

44  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electric (continued)

    

Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)

   $   1,300     $   1,151,735  

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

     445       285,872  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

     1,403       1,323,464  

Series B, 3.65%, 03/01/28 (Call 12/01/27)

     2,072       1,936,698  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

     2,691       2,396,901  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

     1,120       812,022  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

     3,632       2,889,002  

Series C, 4.20%, 06/01/25

     1,320       1,289,891  

Series D, 4.70%, 06/01/27 (Call 05/01/27)

     1,825       1,795,490  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

     3,967       3,811,375  

Series E, 5.45%, 06/01/52 (Call 12/01/51)

     1,765       1,708,714  

Series G, 2.50%, 06/01/31 (Call 03/01/31)

     2,447       2,007,984  

Series H, 3.65%, 06/01/51 (Call 12/01/50)

     1,695       1,252,334  

Series K, 0.98%, 08/01/24

     1,050       984,837  

Southern Co. (The)

    

3.25%, 07/01/26 (Call 04/01/26)

     9,188       8,575,804  

4.25%, 07/01/36 (Call 01/01/36)

     995       865,361  

4.40%, 07/01/46 (Call 01/01/46)

     6,551       5,372,672  

4.48%, 08/01/24(e)

    40       39,386  

5.11%, 08/01/27

     2,150       2,122,480  

5.15%, 10/06/25

     2,225       2,217,680  

5.70%, 10/15/32 (Call 04/15/32)

     920       934,435  

Series 21-A, 3.75%, 09/15/51 (Call 06/15/26),
(5 year CMT + 2.915%)(a)

    3,745       3,219,277  

Series 21-B, 1.75%, 03/15/28 (Call 12/15/27)

     1,310       1,102,548  

Series A, 3.70%, 04/30/30 (Call 01/30/30)

     3,935       3,547,835  

Series B, 4.00%, 01/15/51 (Call 01/15/26),
(5 year CMT + 3.733%)(a)

    1,165       1,089,671  

Southern Power Co.

    

0.90%, 01/15/26 (Call 12/15/25)

     1,528       1,353,105  

4.15%, 12/01/25 (Call 09/01/25)

     3,546       3,454,868  

5.15%, 09/15/41

     2,468       2,244,769  

5.25%, 07/15/43

     1,060       961,558  

Series F, 4.95%, 12/15/46 (Call 06/15/46)

     1,530       1,315,157  

Southwestern Electric Power Co.

    

3.25%, 11/01/51 (Call 05/01/51)

     1,360       910,234  

6.20%, 03/15/40

     1,594       1,639,509  

Series J, 3.90%, 04/01/45 (Call 10/01/44)

     660       505,817  

Series K, 2.75%, 10/01/26 (Call 07/01/26)

     1,690       1,542,497  

Series L, 3.85%, 02/01/48 (Call 08/01/47)

     1,763       1,322,655  

Series M, 4.10%, 09/15/28 (Call 06/15/28)

     1,735       1,639,454  

Series N, 1.65%, 03/15/26 (Call 02/15/26)

     2,275       2,033,486  

Southwestern Public Service Co.

    

3.30%, 06/15/24 (Call 12/15/23)

     810       789,321  

3.40%, 08/15/46 (Call 02/15/46)

     1,098       788,035  

3.70%, 08/15/47 (Call 02/15/47)

     1,885       1,428,981  

3.75%, 06/15/49 (Call 12/15/48)

     1,273       969,606  

4.50%, 08/15/41 (Call 02/15/41)

     1,656       1,449,596  

Series 6, 4.40%, 11/15/48 (Call 05/15/48)

     1,228       1,043,763  

Series 8, 3.15%, 05/01/50 (Call 11/01/49)

     1,063       741,474  

Tampa Electric Co.

    

2.40%, 03/15/31 (Call 12/15/30)

     1,839       1,491,797  

3.45%, 03/15/51 (Call 09/15/50)

     315       225,433  

3.63%, 06/15/50 (Call 12/15/49)

     1,276       944,100  

4.10%, 06/15/42 (Call 12/15/41)

     1,301       1,078,880  

4.30%, 06/15/48 (Call 12/15/47)

     1,609       1,330,933  

4.35%, 05/15/44 (Call 11/15/43)

     1,490       1,249,410  

4.45%, 06/15/49 (Call 12/15/48)

     1,699       1,420,432  

5.00%, 07/15/52 (Call 01/15/52)

     1,355       1,255,584  

Toledo Edison Co. (The), 6.15%, 05/15/37

     904       943,821  
Security   Par
(000) 		    Value  

Electric (continued)

    

Tucson Electric Power Co.

    

1.50%, 08/01/30 (Call 05/01/30)

   $   2,950     $   2,276,338  

3.05%, 03/15/25 (Call 12/15/24)

     285       272,078  

3.25%, 05/15/32 (Call 02/15/32)

     998       853,599  

3.25%, 05/01/51 (Call 11/01/50)

     1,150       773,318  

4.00%, 06/15/50 (Call 12/15/49)

     1,252       973,380  

4.85%, 12/01/48 (Call 06/01/48)

     1,172       1,028,887  

5.50%, 04/15/53 (Call 10/15/52)

     1,605       1,584,873  

Union Electric Co.

    

2.15%, 03/15/32 (Call 12/15/31)

     2,515       1,987,630  

2.63%, 03/15/51 (Call 09/15/50)

     931       592,684  

2.95%, 06/15/27 (Call 03/15/27)

     2,438       2,254,809  

2.95%, 03/15/30 (Call 12/15/29)

     2,134       1,872,926  

3.25%, 10/01/49 (Call 04/01/49)

     2,656       1,881,032  

3.50%, 04/15/24 (Call 01/15/24)

     1,930       1,887,135  

3.50%, 03/15/29 (Call 12/15/28)

     2,389       2,189,303  

3.65%, 04/15/45 (Call 10/15/44)

     1,765       1,351,213  

3.90%, 09/15/42 (Call 03/15/42)

     750       612,728  

3.90%, 04/01/52 (Call 10/01/51)

     570       456,889  

4.00%, 04/01/48 (Call 10/01/47)

     2,500       2,009,500  

5.30%, 08/01/37

     115       112,286  

5.45%, 03/15/53 (Call 09/15/52)

     2,500       2,502,175  

8.45%, 03/15/39

     523       675,360  

Virginia Electric & Power Co.

    

2.30%, 11/15/31 (Call 08/15/31)

     2,834       2,282,702  

2.40%, 03/30/32 (Call 12/30/31)

     1,085       876,203  

2.45%, 12/15/50 (Call 06/15/50)

     3,662       2,172,738  

2.95%, 11/15/51 (Call 05/15/51)

     3,070       2,019,937  

3.30%, 12/01/49 (Call 06/01/49)

     1,635       1,177,151  

4.00%, 01/15/43 (Call 07/15/42)

     2,150       1,765,687  

4.45%, 02/15/44 (Call 08/15/43)

     2,195       1,886,866  

4.60%, 12/01/48 (Call 06/01/48)

     2,100       1,820,070  

6.35%, 11/30/37

     1,512       1,610,870  

8.88%, 11/15/38

     1,858       2,491,597  

Series A, 2.88%, 07/15/29 (Call 04/15/29)

     1,426       1,251,786  

Series A, 3.10%, 05/15/25 (Call 02/15/25)

     2,267       2,160,519  

Series A, 3.15%, 01/15/26 (Call 10/15/25)

     4,257       4,030,442  

Series A, 3.50%, 03/15/27 (Call 12/15/26)

     3,827       3,600,863  

Series A, 3.80%, 04/01/28 (Call 01/01/28)

     3,845       3,628,334  

Series A, 6.00%, 05/15/37

     1,952       2,053,114  

Series B, 2.95%, 11/15/26 (Call 08/15/26)

     2,530       2,334,608  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

     1,100       1,044,274  

Series B, 3.80%, 09/15/47 (Call 03/15/47)

     2,122       1,644,147  

Series B, 4.20%, 05/15/45 (Call 11/15/44)

     1,407       1,148,295  

Series B, 6.00%, 01/15/36

     1,319       1,377,115  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

     1,915       1,507,660  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

     2,365       2,078,125  

Series D, 4.65%, 08/15/43 (Call 02/15/43)

     2,365       2,095,177  

WEC Energy Group Inc.

    

0.80%, 03/15/24 (Call 02/15/24)

     934       889,999  

1.38%, 10/15/27 (Call 08/15/27)

     1,827       1,548,492  

1.80%, 10/15/30 (Call 07/15/30)

     1,013       794,070  

2.20%, 12/15/28 (Call 10/15/28)

     592       502,146  

4.75%, 01/09/26 (Call 12/09/25)

     3,265       3,220,335  

4.75%, 01/15/28 (Call 12/15/27)

     3,450       3,381,310  

5.00%, 09/27/25 (Call 08/27/25)

     1,510       1,496,455  

5.15%, 10/01/27 (Call 09/01/27)

     3,870       3,845,155  

Wisconsin Electric Power Co.

    

1.70%, 06/15/28 (Call 04/15/28)

     1,995       1,695,531  

2.05%, 12/15/24 (Call 11/15/24)

     1,670       1,578,785  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   45

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electric (continued)

    

4.30%, 10/15/48 (Call 04/15/48)

   $ 785     $ 667,407  

4.75%, 09/30/32 (Call 06/30/32)

       1,710       1,671,542  

5.63%, 05/15/33

     110       114,885  

5.70%, 12/01/36

     475       482,263  

Wisconsin Power and Light Co.

    

1.95%, 09/16/31 (Call 06/16/31)

     2,250       1,761,412  

3.00%, 07/01/29 (Call 04/01/29)

     1,943       1,703,195  

3.05%, 10/15/27 (Call 07/15/27)

     1,205       1,111,793  

3.65%, 04/01/50 (Call 10/01/49)

     1,305       967,684  

3.95%, 09/01/32 (Call 06/01/32)

     2,125       1,934,919  

6.38%, 08/15/37

     245       260,959  

Wisconsin Public Service Corp.

    

2.85%, 12/01/51 (Call 06/01/51)

     1,755       1,157,791  

3.30%, 09/01/49 (Call 03/01/49)

     1,310       952,265  

3.67%, 12/01/42

     1,290       992,436  

4.75%, 11/01/44 (Call 05/01/44)

     1,568       1,397,888  

5.35%, 11/10/25 (Call 10/10/25)

     1,415       1,419,132  

Xcel Energy Inc.

    

1.75%, 03/15/27 (Call 02/15/27)

     2,680       2,352,531  

2.35%, 11/15/31 (Call 05/15/31)

     1,620       1,289,536  

2.60%, 12/01/29 (Call 06/01/29)

     2,436       2,056,934  

3.30%, 06/01/25 (Call 12/01/24)

     2,549       2,435,315  

3.35%, 12/01/26 (Call 06/01/26)

     2,932       2,744,792  

3.40%, 06/01/30 (Call 12/01/29)

     2,480       2,196,610  

3.50%, 12/01/49 (Call 06/01/49)

     1,715       1,243,992  

4.00%, 06/15/28 (Call 12/15/27)

     3,566       3,372,865  

4.60%, 06/01/32 (Call 12/01/31)

     2,670       2,532,602  

6.50%, 07/01/36

     904       973,554  
   

 

 

  
        1,697,655,782  
Electrical Components & Equipment — 0.0%  

Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)

     1,496       1,170,605  

Emerson Electric Co.

    

0.88%, 10/15/26 (Call 09/15/26)

     1,254       1,083,431  

1.80%, 10/15/27 (Call 08/15/27)

     3,056       2,666,941  

1.95%, 10/15/30 (Call 07/15/30)

     1,306       1,053,628  

2.00%, 12/21/28 (Call 10/21/28)

     2,280       1,947,713  

2.20%, 12/21/31 (Call 09/21/31)

     2,426       1,943,396  

2.75%, 10/15/50 (Call 04/15/50)

     2,800       1,801,184  

2.80%, 12/21/51 (Call 06/21/51)

     2,400       1,539,456  

3.15%, 06/01/25 (Call 03/01/25)

     3,100       2,969,056  

5.25%, 11/15/39

     1,645       1,646,727  
   

 

 

  
      17,822,137  
Electronics — 0.2%            

Agilent Technologies Inc.

    

2.10%, 06/04/30 (Call 03/04/30)

     939       761,304  

2.30%, 03/12/31 (Call 12/12/30)

     3,674       2,988,505  

2.75%, 09/15/29 (Call 06/15/29)

     2,209       1,907,781  

3.05%, 09/22/26 (Call 06/22/26)

     2,821       2,619,806  

Allegion PLC, 3.50%, 10/01/29
(Call 07/01/29)

     2,461       2,146,730  

Allegion U.S. Holding Co. Inc.

    

3.20%, 10/01/24 (Call 08/01/24)

     1,971       1,895,590  

3.55%, 10/01/27 (Call 07/01/27)

     1,677       1,539,838  

5.41%, 07/01/32 (Call 04/01/32)

     1,420       1,386,289  

Amphenol Corp.

    

2.05%, 03/01/25 (Call 02/01/25)

     966       907,876  

2.20%, 09/15/31 (Call 06/15/31)

     2,705       2,152,152  

2.80%, 02/15/30 (Call 11/15/29)

     4,307       3,714,314  

3.20%, 04/01/24 (Call 02/01/24)

     1,984       1,936,324  
Security   Par
(000) 		    Value  

Electronics (continued)

    

4.35%, 06/01/29 (Call 03/01/29)

   $ 1,506     $ 1,461,814  

Arrow Electronics Inc.

    

2.95%, 02/15/32 (Call 11/15/31)

       2,905         2,334,487  

3.25%, 09/08/24 (Call 07/08/24)

     1,983       1,914,547  

3.88%, 01/12/28 (Call 10/12/27)

     1,495       1,370,347  

4.00%, 04/01/25 (Call 01/01/25)

     1,611       1,557,998  

Avnet Inc.

    

3.00%, 05/15/31 (Call 02/15/31)

     1,831       1,446,691  

4.63%, 04/15/26 (Call 01/15/26)

     3,031       2,912,791  

5.50%, 06/01/32 (Call 03/01/32)

     1,305       1,240,911  

Flex Ltd.

    

3.75%, 02/01/26 (Call 01/01/26)

     2,900       2,755,406  

4.75%, 06/15/25 (Call 03/15/25)

     2,822       2,756,360  

4.88%, 06/15/29 (Call 03/15/29)

     3,201       3,016,558  

4.88%, 05/12/30 (Call 02/12/30)

     2,134       2,020,855  

6.00%, 01/15/28 (Call 12/15/27)

     1,305       1,311,995  

Fortive Corp.

    

3.15%, 06/15/26 (Call 03/15/26)

     5,421       5,060,775  

4.30%, 06/15/46 (Call 12/15/45)

     1,345       1,055,018  

Honeywell International Inc.

    

1.10%, 03/01/27 (Call 02/01/27)

     2,629       2,287,125  

1.35%, 06/01/25 (Call 05/01/25)

     3,724       3,440,380  

1.75%, 09/01/31 (Call 06/01/31)

     4,530       3,586,492  

1.95%, 06/01/30 (Call 03/01/30)

     2,656       2,192,369  

2.30%, 08/15/24 (Call 07/15/24)

     4,720       4,531,294  

2.50%, 11/01/26 (Call 08/01/26)

     7,077       6,537,379  

2.70%, 08/15/29 (Call 05/15/29)

     4,120       3,625,682  

2.80%, 06/01/50 (Call 12/01/49)(b)

    4,430       3,193,188  

3.81%, 11/21/47 (Call 05/21/47)

     2,255       1,882,136  

4.85%, 11/01/24

     1,000       997,730  

4.95%, 02/15/28 (Call 01/15/28)

     3,120       3,151,356  

5.00%, 02/15/33 (Call 11/15/32)

     4,585       4,640,570  

5.38%, 03/01/41

     835       861,595  

5.70%, 03/15/36

     345       364,713  

5.70%, 03/15/37

     1,548       1,629,951  

Hubbell Inc.

    

2.30%, 03/15/31 (Call 12/15/30)

     525       424,867  

3.15%, 08/15/27 (Call 05/15/27)

     1,022       942,080  

3.35%, 03/01/26 (Call 12/01/25)

     1,855       1,756,963  

3.50%, 02/15/28 (Call 11/15/27)

     2,384       2,207,608  

Jabil Inc.

    

1.70%, 04/15/26 (Call 03/15/26)

     3,370       3,000,985  

3.00%, 01/15/31 (Call 10/15/30)

     3,621       2,974,253  

3.60%, 01/15/30 (Call 10/15/29)

     911       800,760  

3.95%, 01/12/28 (Call 10/12/27)

     2,920       2,702,518  

4.25%, 05/15/27 (Call 04/15/27)

     1,175       1,116,650  

Keysight Technologies Inc.

    

3.00%, 10/30/29 (Call 07/30/29)

     3,309       2,855,998  

4.55%, 10/30/24 (Call 07/30/24)

     3,683       3,624,735  

4.60%, 04/06/27 (Call 01/06/27)

     3,733       3,657,332  

Legrand France SA, 8.50%, 02/15/25

     3,482       3,706,485  

TD SYNNEX Corp.

    

1.25%, 08/09/24 (Call 03/13/23)

     330       308,108  

1.75%, 08/09/26 (Call 07/09/26)

     3,656       3,147,085  

2.38%, 08/09/28 (Call 06/09/28)

     2,195       1,811,358  

2.65%, 08/09/31 (Call 05/09/31)

     2,906       2,254,794  

Trimble Inc.

    

4.75%, 12/01/24 (Call 09/01/24)

     2,685       2,638,818  

4.90%, 06/15/28 (Call 03/15/28)

     2,814       2,698,907  

6.10%, 03/15/33 (Call 12/15/32)

     10       9,968  

 

 

46  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Electronics (continued)

    

Tyco Electronics Group SA

    

2.50%, 02/04/32 (Call 11/04/31)

   $ 270     $ 223,611  

3.13%, 08/15/27 (Call 05/15/27)

     3,090       2,843,974  

3.45%, 08/01/24 (Call 05/01/24)

     1,394       1,358,202  

3.70%, 02/15/26 (Call 11/15/25)

     1,679       1,620,470  

4.50%, 02/13/26

     1,550       1,530,021  

7.13%, 10/01/37

     661       757,387  

Vontier Corp.

    

1.80%, 04/01/26 (Call 03/01/26)

     2,797       2,444,886  

2.40%, 04/01/28 (Call 02/01/28)

     2,836       2,325,038  

2.95%, 04/01/31 (Call 01/01/31)

     3,544       2,706,057  
   

 

 

  
        157,544,940  
Engineering & Construction — 0.0%            

Jacobs Engineering Group Inc., 5.90%, 03/01/33 (Call 12/01/32)

     3,660       3,596,462  
   

 

 

  
Entertainment — 0.1%            

Magallanes Inc.

    

3.43%, 03/15/24(f)

    7,040       6,877,939  

3.53%, 03/15/24 (Call 03/15/23)(f)

    528       515,402  

3.64%, 03/15/25(f)

    8,590       8,190,307  

3.76%, 03/15/27 (Call 02/15/27)(f)

    15,135       13,885,000  

3.79%, 03/15/25 (Call 03/15/23)(f)

    475       454,418  

4.05%, 03/15/29 (Call 01/15/29)(f)

    5,255       4,696,341  

4.28%, 03/15/32 (Call 12/15/31)(f)

    17,067       14,738,208  

5.05%, 03/15/42 (Call 09/15/41)(f)

    7,418       6,004,723  

5.14%, 03/15/52 (Call 09/15/51)(f)

      21,785       17,119,307  

5.39%, 03/15/62 (Call 09/15/61)(f)

    8,275       6,436,129  
   

 

 

  
      78,917,774  
Environmental Control — 0.1%            

Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)

     1,433       1,158,122  

Republic Services Inc.

    

0.88%, 11/15/25 (Call 10/15/25)(b)

    1,525       1,352,019  

1.45%, 02/15/31 (Call 11/15/30)

     3,788       2,904,108  

1.75%, 02/15/32 (Call 11/15/31)

     1,680       1,288,543  

2.30%, 03/01/30 (Call 12/01/29)

     2,205       1,846,665  

2.38%, 03/15/33 (Call 12/15/32)

     3,005       2,378,638  

2.50%, 08/15/24 (Call 07/15/24)

     3,948       3,790,830  

2.90%, 07/01/26 (Call 04/01/26)

     1,604       1,491,463  

3.05%, 03/01/50 (Call 09/01/49)

     2,085       1,458,353  

3.20%, 03/15/25 (Call 12/15/24)

     2,855       2,733,634  

3.38%, 11/15/27 (Call 08/15/27)

     2,785       2,579,467  

3.95%, 05/15/28 (Call 02/15/28)

     3,421       3,239,790  

5.70%, 05/15/41 (Call 11/15/40)

     181       187,460  

6.20%, 03/01/40

     435       465,650  

Waste Connections Inc.

    

2.20%, 01/15/32 (Call 10/15/31)

     2,633       2,081,571  

2.60%, 02/01/30 (Call 11/01/29)

     2,552       2,171,727  

2.95%, 01/15/52 (Call 07/15/51)

     2,610       1,714,874  

3.05%, 04/01/50 (Call 10/01/49)

     1,291       870,663  

3.20%, 06/01/32 (Call 03/01/32)

     2,075       1,770,452  

3.50%, 05/01/29 (Call 02/01/29)

     2,076       1,876,559  

4.20%, 01/15/33 (Call 10/15/32)

     3,045       2,813,611  

4.25%, 12/01/28 (Call 09/01/28)

     2,562       2,449,477  

Waste Management Inc.

    

0.75%, 11/15/25 (Call 10/15/25)

     1,483       1,321,086  

1.15%, 03/15/28 (Call 01/15/28)

     1,565       1,294,427  

1.50%, 03/15/31 (Call 12/15/30)

     1,473       1,134,667  

2.00%, 06/01/29 (Call 04/01/29)

     1,615       1,347,443  
Security   Par
(000) 		    Value  

Environmental Control (continued)

    

2.50%, 11/15/50 (Call 05/15/50)

   $ 962     $ 601,173  

2.95%, 06/01/41 (Call 12/01/40)

     3,675       2,712,297  

3.13%, 03/01/25 (Call 12/01/24)(b)

    726       697,105  

3.15%, 11/15/27 (Call 08/15/27)

     3,778       3,494,461  

4.10%, 03/01/45 (Call 09/01/44)

     180       153,823  

4.15%, 04/15/32 (Call 01/15/32)

     970       908,337  

4.15%, 07/15/49 (Call 01/15/49)

       2,947       2,572,112  

4.63%, 02/15/30 (Call 12/15/29)

     2,850       2,769,317  

4.63%, 02/15/33 (Call 11/15/32)

     5,300       5,094,625  
   

 

 

  
        66,724,549  
Food — 0.4%            

Ahold Finance USA LLC, 6.88%, 05/01/29

     1,541       1,617,911  

Bestfoods, Series E, 7.25%, 12/15/26

     1,077       1,161,340  

Campbell Soup Co.

    

2.38%, 04/24/30 (Call 01/24/30)

     2,748       2,284,028  

3.13%, 04/24/50 (Call 10/24/49)

     1,800       1,215,180  

3.30%, 03/19/25 (Call 12/19/24)

     1,684       1,615,798  

3.95%, 03/15/25 (Call 01/15/25)

     3,812       3,714,375  

4.15%, 03/15/28 (Call 12/15/27)

     3,527       3,365,252  

4.80%, 03/15/48 (Call 09/15/47)

     2,610       2,323,787  

Conagra Brands Inc.

    

1.38%, 11/01/27 (Call 09/01/27)

     1,838       1,529,290  

4.30%, 05/01/24 (Call 04/01/24)

     4,250       4,189,947  

4.60%, 11/01/25 (Call 09/01/25)

     3,086       3,025,545  

4.85%, 11/01/28 (Call 08/01/28)

     3,485       3,377,836  

5.30%, 11/01/38 (Call 05/01/38)

     4,171       3,882,617  

5.40%, 11/01/48 (Call 05/01/48)(b)

    3,548       3,232,796  

7.00%, 10/01/28

     2,529       2,697,533  

8.25%, 09/15/30

     2,040       2,332,760  

Flowers Foods Inc.

    

2.40%, 03/15/31 (Call 12/15/30)

     1,730       1,391,197  

3.50%, 10/01/26 (Call 07/01/26)

     1,572       1,471,471  

General Mills Inc.

    

2.25%, 10/14/31 (Call 07/14/31)

     2,287       1,831,132  

2.88%, 04/15/30 (Call 01/15/30)

     3,364       2,912,518  

3.00%, 02/01/51 (Call 08/01/50)(b)

    2,554       1,795,053  

3.20%, 02/10/27 (Call 11/10/26)

     2,997       2,829,408  

4.00%, 04/17/25 (Call 02/17/25)

     4,862       4,734,227  

4.20%, 04/17/28 (Call 01/17/28)

     5,693       5,462,661  

4.70%, 04/17/48 (Call 10/17/47)

     10       9,208  

5.24%, 11/18/25 (Call 11/18/23)

     15       14,909  

5.40%, 06/15/40

     827       820,161  

Hershey Co. (The)

    

0.90%, 06/01/25 (Call 05/01/25)

     1,546       1,411,235  

1.70%, 06/01/30 (Call 03/01/30)

     1,222       990,468  

2.05%, 11/15/24 (Call 10/15/24)

     1,280       1,218,061  

2.30%, 08/15/26 (Call 05/15/26)

     4,107       3,787,024  

2.45%, 11/15/29 (Call 08/15/29)

     1,713       1,486,199  

2.65%, 06/01/50 (Call 12/01/49)

     620       416,566  

3.13%, 11/15/49 (Call 05/15/49)

     1,869       1,387,695  

3.20%, 08/21/25 (Call 05/21/25)

     878       839,350  

3.38%, 08/15/46 (Call 02/15/46)

     475       357,229  

Hormel Foods Corp.

    

0.65%, 06/03/24 (Call 03/31/23)

     307       289,817  

1.70%, 06/03/28 (Call 04/03/28)

     5,115       4,376,343  

1.80%, 06/11/30 (Call 03/11/30)

     677       548,675  

3.05%, 06/03/51 (Call 12/03/50)

     3,195       2,224,199  

Ingredion Inc.

    

2.90%, 06/01/30 (Call 03/01/30)

     1,314       1,119,239  

3.20%, 10/01/26 (Call 07/01/26)

     3,010       2,815,735  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   47

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Food (continued)

    

3.90%, 06/01/50 (Call 12/01/49)

   $ 2,150     $ 1,593,279  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

    

2.50%, 01/15/27 (Call 12/15/26)(f)

    305       265,515  

3.00%, 02/02/29 (Call 12/02/28)(f)

    165       137,788  

3.00%, 05/15/32 (Call 02/15/32)(f)

    1,511       1,148,556  

3.63%, 01/15/32 (Call 01/15/27)(f)

    400       320,488  

3.75%, 12/01/31 (Call 12/01/26)(f)

    455       364,846  

4.38%, 02/02/52 (Call 08/02/51)(f)

    790       565,016  

5.13%, 02/01/28 (Call 01/01/28)(f)

      6,165         5,877,279  

5.50%, 01/15/30 (Call 01/15/25)(f)

    435       409,405  

5.75%, 04/01/33 (Call 01/01/33)(f)

    5,800       5,422,942  

6.50%, 12/01/52 (Call 06/01/52)(f)

    5,999       5,690,471  

JM Smucker Co. (The)

    

2.13%, 03/15/32 (Call 12/15/31)

     2,150       1,690,846  

2.38%, 03/15/30 (Call 12/15/29)

     1,965       1,643,919  

2.75%, 09/15/41 (Call 03/15/41)

     1,080       750,967  

3.38%, 12/15/27 (Call 09/15/27)

     2,740       2,536,637  

3.50%, 03/15/25

     5,635       5,429,097  

3.55%, 03/15/50 (Call 09/15/49)

     1,583       1,139,697  

4.25%, 03/15/35

     2,267       2,043,995  

4.38%, 03/15/45

     1,846       1,567,328  

Kellogg Co.

    

2.10%, 06/01/30 (Call 03/01/30)

     820       667,406  

3.25%, 04/01/26

     3,391       3,199,917  

3.40%, 11/15/27 (Call 08/15/27)

     2,076       1,937,365  

4.30%, 05/15/28 (Call 02/15/28)

     2,949       2,864,836  

4.50%, 04/01/46

     1,924       1,671,340  

5.25%, 03/01/33 (Call 12/01/32)

     1,310       1,304,812  

Series B, 7.45%, 04/01/31

     3,977       4,502,561  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40

     1,565       1,568,584  

Kraft Heinz Foods Co.

    

3.00%, 06/01/26 (Call 03/01/26)

     6,920       6,440,375  

3.75%, 04/01/30 (Call 01/01/30)

     2,710       2,476,127  

3.88%, 05/15/27 (Call 02/15/27)

     5,310       5,048,642  

4.25%, 03/01/31 (Call 12/01/30)

     1,637       1,530,857  

4.38%, 06/01/46 (Call 12/01/45)

     9,065       7,414,717  

4.63%, 01/30/29 (Call 10/30/28)

     1,965       1,917,938  

4.63%, 10/01/39 (Call 04/01/39)

     1,920       1,684,186  

4.88%, 10/01/49 (Call 04/01/49)

     3,595       3,153,714  

5.00%, 07/15/35 (Call 01/15/35)

     2,950       2,830,555  

5.00%, 06/04/42

     5,091       4,627,057  

5.20%, 07/15/45 (Call 01/15/45)

     6,545       6,046,206  

5.50%, 06/01/50 (Call 12/01/49)

     3,550       3,394,794  

6.50%, 02/09/40

     2,715       2,862,289  

6.75%, 03/15/32

     1,160       1,257,312  

6.88%, 01/26/39

     3,300       3,597,132  

Kroger Co. (The)

    

1.70%, 01/15/31 (Call 10/15/30)

     1,995       1,522,504  

2.20%, 05/01/30 (Call 02/01/30)

     3,233       2,617,049  

2.65%, 10/15/26 (Call 07/15/26)

     3,362       3,098,688  

3.50%, 02/01/26 (Call 11/01/25)

     3,986       3,791,682  

3.70%, 08/01/27 (Call 05/01/27)

     3,020       2,850,276  

3.88%, 10/15/46 (Call 04/15/46)

     2,391       1,818,882  

3.95%, 01/15/50 (Call 07/15/49)

     2,831       2,190,401  

4.45%, 02/01/47 (Call 08/01/46)

     2,386       1,994,290  

4.50%, 01/15/29 (Call 10/15/28)

     2,681       2,581,937  

4.65%, 01/15/48 (Call 07/15/47)

     2,169       1,861,978  

5.00%, 04/15/42 (Call 10/15/41)

     1,366       1,235,369  

5.15%, 08/01/43 (Call 02/01/43)

     1,680       1,542,912  
Security   Par
(000) 		    Value  

Food (continued)

    

5.40%, 07/15/40 (Call 01/15/40)

   $ 1,683     $ 1,604,286  

5.40%, 01/15/49 (Call 07/15/48)

     2,062       1,960,550  

6.90%, 04/15/38

     1,750       1,897,245  

7.50%, 04/01/31

     1,178       1,329,420  

McCormick & Co. Inc./MD

    

0.90%, 02/15/26 (Call 01/15/26)

     2,995       2,635,450  

1.85%, 02/15/31 (Call 11/15/30)(b)

      2,278       1,762,990  

2.50%, 04/15/30 (Call 01/15/30)

     2,670       2,219,357  

3.15%, 08/15/24 (Call 06/15/24)

     3,442       3,326,762  

3.40%, 08/15/27 (Call 05/15/27)

     4,205       3,903,123  

4.20%, 08/15/47 (Call 02/15/47)

     1,430       1,176,003  

Mondelez International Inc.

    

1.50%, 05/04/25 (Call 04/04/25)

     4,223       3,894,493  

1.50%, 02/04/31 (Call 11/04/30)

     2,731       2,101,122  

1.88%, 10/15/32 (Call 07/15/32)

     2,129       1,618,615  

2.13%, 03/17/24

     186       180,273  

2.63%, 03/17/27 (Call 01/17/27)

     740       675,613  

2.63%, 09/04/50 (Call 03/04/50)

     3,890       2,456,379  

2.75%, 04/13/30 (Call 01/13/30)

     2,346       2,014,252  

3.00%, 03/17/32 (Call 12/17/31)

     225       190,249  

4.13%, 05/07/28 (Call 02/07/28)

     570       552,387  

Pilgrim’s Pride Corp.

    

3.50%, 03/01/32 (Call 09/01/26)

     1,160       903,895  

4.25%, 04/15/31 (Call 04/15/26)

     1,690       1,411,201  

Sysco Corp.

    

2.40%, 02/15/30 (Call 11/15/29)

     3,244       2,700,111  

2.45%, 12/14/31 (Call 09/14/31)

     1,455       1,167,739  

3.15%, 12/14/51 (Call 06/14/51)

     3,080       2,019,340  

3.25%, 07/15/27 (Call 04/15/27)

     3,471       3,211,126  

3.30%, 07/15/26 (Call 04/15/26)

     3,540       3,325,865  

3.30%, 02/15/50 (Call 08/15/49)

     1,949       1,334,519  

3.75%, 10/01/25 (Call 07/01/25)

     4,135       3,981,013  

4.45%, 03/15/48 (Call 09/15/47)

     1,943       1,605,831  

4.50%, 04/01/46 (Call 10/01/45)

     855       713,224  

4.85%, 10/01/45 (Call 04/01/45)

     2,345       2,046,927  

5.38%, 09/21/35

     1,904       1,877,496  

5.95%, 04/01/30 (Call 01/01/30)

     2,093       2,168,348  

6.60%, 04/01/40 (Call 10/01/39)

     770       822,360  

6.60%, 04/01/50 (Call 10/01/49)

     4,622       5,071,397  

Tyson Foods Inc.

    

3.55%, 06/02/27 (Call 03/02/27)

     5,073       4,745,436  

3.95%, 08/15/24 (Call 05/15/24)

     4,721       4,626,533  

4.00%, 03/01/26 (Call 01/01/26)

     4,151       4,005,632  

4.35%, 03/01/29 (Call 12/01/28)

     5,264       4,995,062  

4.55%, 06/02/47 (Call 12/02/46)

     2,011       1,679,768  

4.88%, 08/15/34 (Call 02/15/34)

     3,296       3,135,880  

5.10%, 09/28/48 (Call 03/28/48)

     5,270       4,755,437  

5.15%, 08/15/44 (Call 02/15/44)

     2,451       2,229,381  
   

 

 

  
        325,840,626  
Forest Products & Paper — 0.0%            

Celulosa Arauco y Constitucion SA

    

3.88%, 11/02/27 (Call 08/02/27)

     2,298       2,113,057  

4.50%, 08/01/24 (Call 05/01/24)

     2,214       2,172,155  

5.50%, 11/02/47 (Call 05/02/47)

     1,440       1,237,162  

Fibria Overseas Finance Ltd.

    

4.00%, 01/14/25 (Call 11/14/24)

     537       524,832  

5.50%, 01/17/27

     2,984       2,978,509  

Georgia-Pacific LLC

    

7.75%, 11/15/29

     1,863       2,102,582  

8.88%, 05/15/31

     2,635       3,235,016  

 

 

48  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Forest Products & Paper (continued)

    

International Paper Co.

    

4.35%, 08/15/48 (Call 02/15/48)

   $ 816     $ 684,844  

4.40%, 08/15/47 (Call 02/15/47)

     3,288       2,794,373  

4.80%, 06/15/44 (Call 12/15/43)

     3,965       3,529,048  

5.00%, 09/15/35 (Call 03/15/35)

     670       634,530  

5.15%, 05/15/46 (Call 11/15/45)

     300       274,617  

6.00%, 11/15/41 (Call 05/15/41)

     2,831       2,862,028  

7.30%, 11/15/39

     25       27,824  

Suzano Austria GmbH

    

2.50%, 09/15/28 (Call 07/15/28)

     1,795       1,507,010  

3.13%, 01/15/32 (Call 10/15/31)

     867       685,251  

3.75%, 01/15/31 (Call 10/15/30)

     1,161       982,937  

5.00%, 01/15/30 (Call 10/15/29)

       3,876       3,566,812  

6.00%, 01/15/29 (Call 10/15/28)

     6,237       6,140,638  
   

 

 

  
        38,053,225  
Gas — 0.2%            

Atmos Energy Corp.

    

1.50%, 01/15/31 (Call 10/15/30)

     2,165       1,679,369  

2.63%, 09/15/29 (Call 06/15/29)

     1,240       1,071,025  

2.85%, 02/15/52 (Call 08/15/51)

     650       424,392  

3.00%, 06/15/27 (Call 03/15/27)

     2,255       2,095,932  

3.38%, 09/15/49 (Call 03/15/49)

     2,782       2,054,924  

4.13%, 10/15/44 (Call 04/15/44)

     1,771       1,488,118  

4.13%, 03/15/49 (Call 09/15/48)

     2,789       2,325,078  

4.15%, 01/15/43 (Call 07/15/42)

     2,574       2,203,524  

4.30%, 10/01/48 (Call 04/01/48)

     1,668       1,434,997  

5.50%, 06/15/41 (Call 12/15/40)

     1,916       1,907,761  

5.75%, 10/15/52 (Call 04/15/52)

     1,600       1,677,216  

CenterPoint Energy Resources Corp.

    

1.75%, 10/01/30 (Call 07/01/30)

     2,750       2,166,560  

4.00%, 04/01/28 (Call 01/01/28)

     2,154       2,049,466  

4.10%, 09/01/47 (Call 03/01/47)

     1,058       865,423  

4.40%, 07/01/32 (Call 04/01/32)

     1,990       1,875,336  

5.25%, 03/01/28 (Call 02/01/28)

     3,000       2,997,240  

5.40%, 03/01/33 (Call 12/01/32)

     3,715       3,761,735  

5.85%, 01/15/41 (Call 07/15/40)

     878       897,983  

Eastern Energy Gas Holdings LLC

    

3.60%, 12/15/24 (Call 09/15/24)

     451       437,145  

Series A, 2.50%, 11/15/24 (Call 10/15/24)

     6,422       6,131,983  

National Fuel Gas Co.

    

2.95%, 03/01/31 (Call 12/01/30)

     1,515       1,202,183  

3.95%, 09/15/27 (Call 06/15/27)

     624       577,175  

4.75%, 09/01/28 (Call 06/01/28)

     1,878       1,763,179  

5.20%, 07/15/25 (Call 04/15/25)

     1,609       1,587,391  

5.50%, 01/15/26 (Call 12/15/25)

     1,817       1,809,859  

NiSource Inc.

    

0.95%, 08/15/25 (Call 07/15/25)

     5,344       4,818,631  

1.70%, 02/15/31 (Call 11/15/30)

     3,940       3,003,029  

2.95%, 09/01/29 (Call 06/01/29)

     2,134       1,840,383  

3.49%, 05/15/27 (Call 02/15/27)

     2,634       2,461,789  

3.60%, 05/01/30 (Call 02/01/30)

     4,224       3,773,046  

3.95%, 03/30/48 (Call 09/30/47)

     2,986       2,334,156  

4.38%, 05/15/47 (Call 11/15/46)

     2,256       1,886,603  

4.80%, 02/15/44 (Call 08/15/43)

     3,114       2,772,021  

5.00%, 06/15/52 (Call 12/15/51)

     1,645       1,502,856  

5.25%, 02/15/43 (Call 08/15/42)

     1,265       1,209,251  

5.65%, 02/01/45 (Call 08/01/44)

     2,282       2,241,129  

5.95%, 06/15/41 (Call 12/15/40)

     1,675       1,694,078  

ONE Gas Inc.

    

1.10%, 03/11/24 (Call 03/16/23)

     1,413       1,350,941  
Security   Par
(000) 		    Value  

Gas (continued)

    

2.00%, 05/15/30 (Call 02/15/30)

   $ 517     $ 423,144  

4.25%, 09/01/32 (Call 06/01/32)(b)

    450       425,246  

4.50%, 11/01/48 (Call 05/01/48)

     1,805       1,539,828  

4.66%, 02/01/44 (Call 08/01/43)

     1,518       1,357,031  

Piedmont Natural Gas Co. Inc.

    

2.50%, 03/15/31 (Call 12/15/30)

     2,670       2,172,205  

3.35%, 06/01/50 (Call 12/01/49)

     2,790       1,898,232  

3.50%, 06/01/29 (Call 03/01/29)

     2,294       2,088,366  

3.64%, 11/01/46 (Call 05/01/46)

     1,117       795,427  

4.65%, 08/01/43 (Call 02/01/43)

     785       681,898  

5.05%, 05/15/52 (Call 11/15/51)

     1,193       1,088,708  

Southern California Gas Co.

    

2.95%, 04/15/27 (Call 03/15/27)

     3,700       3,423,795  

3.15%, 09/15/24 (Call 06/15/24)

     3,675       3,551,851  

3.20%, 06/15/25 (Call 03/15/25)

     1,866       1,781,190  

3.75%, 09/15/42 (Call 03/15/42)

     1,330       1,040,778  

5.13%, 11/15/40

     1,800       1,686,006  

6.35%, 11/15/52 (Call 05/15/52)

     2,640       2,888,926  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)

     2,992       2,766,493  

Series UU, 4.13%, 06/01/48 (Call 12/01/47)

     1,714       1,369,777  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

     1,815       1,484,253  

Series WW, 3.95%, 02/15/50 (Call 08/15/49)

     857       656,976  

Series XX, 2.55%, 02/01/30 (Call 11/01/29)

       2,603       2,204,949  

Southern Co. Gas Capital Corp.

    

3.25%, 06/15/26 (Call 03/15/26)

     1,730       1,634,833  

3.95%, 10/01/46 (Call 04/01/46)

     2,298       1,720,237  

4.40%, 06/01/43 (Call 12/01/42)

     1,930       1,579,300  

4.40%, 05/30/47 (Call 11/30/46)

     2,048       1,658,429  

5.15%, 09/15/32 (Call 03/15/32)

     265       258,953  

5.88%, 03/15/41 (Call 09/15/40)

     2,105       2,127,187  

Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)

     2,689       2,072,681  

Series 21A, 3.15%, 09/30/51 (Call 03/30/51)

     1,670       1,128,369  

Southwest Gas Corp.

    

2.20%, 06/15/30 (Call 03/15/30)

     1,453       1,157,881  

3.18%, 08/15/51 (Call 02/15/51)

     1,255       803,376  

3.70%, 04/01/28 (Call 01/01/28)

     1,833       1,693,234  

3.80%, 09/29/46 (Call 03/29/46)

     1,301       935,614  

4.05%, 03/15/32 (Call 12/15/31)

     2,677       2,390,293  

4.15%, 06/01/49 (Call 12/01/48)

     1,164       894,313  

5.80%, 12/01/27 (Call 11/01/27)

     1,940       1,981,807  

Spire Missouri Inc.

    

3.30%, 06/01/51 (Call 12/01/50)

     310       217,747  

4.80%, 02/15/33 (Call 11/15/32)

     505       491,385  

Washington Gas Light Co.

    

3.65%, 09/15/49 (Call 03/15/49)

     1,785       1,336,322  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

     2,101       1,611,488  
   

 

 

  
        138,391,435  
Hand & Machine Tools — 0.0%            

Kennametal Inc.

    

2.80%, 03/01/31 (Call 12/01/30)

     1,365       1,076,903  

4.63%, 06/15/28 (Call 03/15/28)

     805       758,576  

Regal Rexnord Corp.

    

6.05%, 02/15/26

     1,805       1,789,495  

6.05%, 04/15/28 (Call 03/15/28)

     2,810       2,746,494  

6.30%, 02/15/30 (Call 12/15/29)(f)

    775       759,446  

6.40%, 04/15/33 (Call 01/15/33)(f)

    1,895       1,856,702  

Snap-on Inc.

    

3.10%, 05/01/50 (Call 11/01/49)(b)

    1,534       1,126,846  

3.25%, 03/01/27 (Call 12/01/26)

     1,775       1,663,512  

4.10%, 03/01/48 (Call 09/01/47)

     800       689,240  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   49

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000) 		    Value  

Hand & Machine Tools (continued)

    

Stanley Black & Decker Inc.

    

2.30%, 02/24/25 (Call 03/31/23)

   $ 170     $ 160,308  

2.30%, 03/15/30 (Call 12/15/29)

     3,355       2,725,703  

2.75%, 11/15/50 (Call 05/15/50)

     2,400       1,439,640  

3.00%, 05/15/32 (Call 02/15/32)(b)

    2,192       1,786,875  

3.40%, 03/01/26 (Call 01/01/26)

     3,890       3,680,796  

4.00%, 03/15/60 (Call 03/15/25),
(5 year CMT + 2.657%)(a)

      2,640       2,274,254  

4.25%, 11/15/28 (Call 08/15/28)

     1,661       1,565,575  

4.85%, 11/15/48 (Call 05/15/48)

     1,662       1,429,952  

5.20%, 09/01/40

     2,403       2,251,034  
   

 

 

  
        29,781,351  
Health Care - Products — 0.3%            

Abbott Laboratories

    

1.15%, 01/30/28 (Call 11/30/27)

     4,770       4,042,050  

1.40%, 06/30/30 (Call 03/30/30)

     3,343       2,675,904  

2.95%, 03/15/25 (Call 12/15/24)

     4,510       4,331,855  

3.75%, 11/30/26 (Call 08/30/26)

     6,027       5,829,736  

3.88%, 09/15/25 (Call 06/15/25)

     2,684       2,610,968  

4.75%, 11/30/36 (Call 05/30/36)

     6,388       6,350,822  

4.75%, 04/15/43 (Call 10/15/42)

     3,415       3,296,465  

4.90%, 11/30/46 (Call 05/30/46)

     8,937       8,789,986  

5.30%, 05/27/40

     3,400       3,502,170  

6.00%, 04/01/39

     1,195       1,324,239  

6.15%, 11/30/37

     2,205       2,458,796  

Baxter International Inc.

    

1.32%, 11/29/24

     751       699,444  

1.73%, 04/01/31 (Call 01/01/31)

     760       565,668  

1.92%, 02/01/27 (Call 01/01/27)

     6,033       5,254,441  

2.27%, 12/01/28 (Call 10/01/28)

     5,475       4,584,217  

2.54%, 02/01/32 (Call 11/01/31)(b)

    1,080       836,449  

2.60%, 08/15/26 (Call 05/15/26)

     3,757       3,418,006  

3.13%, 12/01/51 (Call 06/01/51)(b)

    3,245       1,967,508  

3.50%, 08/15/46 (Call 02/15/46)

     2,058       1,428,396  

3.95%, 04/01/30 (Call 01/01/30)

     4,165       3,741,669  

Boston Scientific Corp.

    

1.90%, 06/01/25 (Call 05/01/25)

     3,300       3,068,274  

2.65%, 06/01/30 (Call 03/01/30)

     2,161       1,846,812  

3.45%, 03/01/24 (Call 02/01/24)

     1,796       1,761,337  

4.55%, 03/01/39 (Call 09/01/38)

     1,753       1,584,186  

4.70%, 03/01/49 (Call 09/01/48)(b)

    2,229       2,018,828  

6.75%, 11/15/35

     1,083       1,189,686  

7.38%, 01/15/40

     1,166       1,367,217  

Danaher Corp.

    

2.60%, 10/01/50 (Call 04/01/50)

     3,873       2,468,844  

2.80%, 12/10/51 (Call 06/10/51)

     4,015       2,652,630  

3.35%, 09/15/25 (Call 06/15/25)

     886       849,258  

4.38%, 09/15/45 (Call 03/15/45)

     1,838       1,623,781  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30
(Call 03/01/30)

     2,473       2,110,013  

DH Europe Finance II Sarl

    

2.20%, 11/15/24 (Call 10/15/24)

     3,374       3,211,205  

2.60%, 11/15/29 (Call 08/15/29)

     3,256       2,809,895  

3.25%, 11/15/39 (Call 05/15/39)

     3,882       3,095,119  

3.40%, 11/15/49 (Call 05/15/49)

     2,314       1,747,602  

Edwards Lifesciences Corp., 4.30%, 06/15/28
(Call 03/15/28)

     2,366       2,268,923  

GE Healthcare Holding LLC

    

5.55%, 11/15/24(f)

    5,760       5,747,098  

5.60%, 11/15/25 (Call 10/15/25)(f)

    5,850       5,860,588  
Security   Par
(000) 		    Value  

Health Care - Products (continued)

    

5.65%, 11/15/27 (Call 10/15/27)(f)

  $ 7,165     $ 7,262,731  

5.86%, 03/15/30 (Call 01/15/30)(f)

    2,210       2,258,377  

5.91%, 11/22/32 (Call 08/22/32)(f)

    725       749,106  

6.38%, 11/22/52 (Call 05/22/52)(f)

      3,938       4,251,622  

Koninklijke Philips NV

    

5.00%, 03/15/42

     2,037       1,849,026  

6.88%, 03/11/38

     2,835       3,125,928  

Medtronic Inc.

    

4.00%, 04/01/43 (Call 10/01/42)(b)

    30       25,880  

4.38%, 03/15/35

     8,040       7,613,719  

4.63%, 03/15/45

     6,987       6,520,548  

PerkinElmer Inc.

    

0.85%, 09/15/24 (Call 03/31/23)

     1,502       1,397,296  

1.90%, 09/15/28 (Call 07/15/28)

     2,448       2,036,907  

2.25%, 09/15/31 (Call 06/15/31)

     2,190       1,697,995  

2.55%, 03/15/31 (Call 12/15/30)

     1,070       859,082  

3.30%, 09/15/29 (Call 06/15/29)

     2,186       1,888,573  

3.63%, 03/15/51 (Call 09/15/50)

     1,115       774,802  

Smith & Nephew PLC, 2.03%, 10/14/30
(Call 07/14/30).

     4,545       3,574,233  

STERIS Irish FinCo UnLtd Co.

    

2.70%, 03/15/31 (Call 12/15/30)

     3,026       2,488,461  

3.75%, 03/15/51 (Call 09/15/50)

     3,280       2,356,385  

Stryker Corp.

    

1.15%, 06/15/25 (Call 05/15/25)

     1,118       1,018,789  

1.95%, 06/15/30 (Call 03/15/30)

     3,788       3,079,417  

2.90%, 06/15/50 (Call 12/15/49)

     2,141       1,442,927  

3.38%, 05/15/24 (Call 02/15/24)

     3,940       3,846,464  

3.38%, 11/01/25 (Call 08/01/25)

     2,928       2,798,670  

3.50%, 03/15/26 (Call 12/15/25)

     5,864       5,604,694  

3.65%, 03/07/28 (Call 12/07/27)

     3,492       3,289,185  

4.10%, 04/01/43 (Call 10/01/42)

     2,503       2,084,999  

4.38%, 05/15/44 (Call 11/15/43)

     2,533       2,165,082  

4.63%, 03/15/46 (Call 09/15/45)

     2,110       1,870,642  

Thermo Fisher Scientific Inc.

    

1.22%, 10/18/24 (Call 03/31/23)

     1,550       1,452,769  

1.75%, 10/15/28 (Call 08/15/28)

     3,465       2,924,703  

2.00%, 10/15/31 (Call 07/15/31)

     3,485       2,783,957  

2.60%, 10/01/29 (Call 07/01/29)

     3,569       3,089,683  

2.80%, 10/15/41 (Call 04/15/41)

     1,480       1,068,590  

4.10%, 08/15/47 (Call 02/15/47)

     3,109       2,718,012  

4.80%, 11/21/27 (Call 10/21/27)

     1,618       1,618,906  

4.95%, 11/21/32 (Call 08/21/32)

     1,790       1,782,876  

5.30%, 02/01/44 (Call 08/01/43)

     2,144       2,166,641  

Zimmer Biomet Holdings Inc.

    

1.45%, 11/22/24 (Call 03/31/23)

     1,340       1,249,912  

2.60%, 11/24/31 (Call 08/24/31)

     3,745       3,034,386  

3.05%, 01/15/26 (Call 12/15/25)

     2,658       2,499,902  

3.55%, 04/01/25 (Call 01/01/25)

     540       519,685  

4.45%, 08/15/45 (Call 02/15/45)

     2,669       2,179,826  

5.75%, 11/30/39

     393       387,600  
   

 

 

  
        222,399,073  
Health Care - Services — 0.8%            

AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)

     1,209       806,040  

Adventist Health System/West

    

2.95%, 03/01/29 (Call 12/01/28)

     708       612,193  

3.63%, 03/01/49 (Call 09/01/48)

     1,961       1,422,215  

5.43%, 03/01/32 (Call 12/01/31)(b)

    230       227,702  

Advocate Health & Hospitals Corp.

    

3.39%, 10/15/49 (Call 04/15/49)

     1,787       1,316,554  

 

 

50  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Health Care - Services (continued)

    

3.83%, 08/15/28 (Call 05/15/28)

   $ 1,186     $ 1,108,175  

4.27%, 08/15/48 (Call 02/15/48)

       1,586         1,375,490  

Series 2020, 2.21%, 06/15/30 (Call 03/15/30)

     455       378,492  

Series 2020, 3.01%, 06/15/50 (Call 12/15/49)

     1,622       1,113,357  

Aetna Inc.

    

3.50%, 11/15/24 (Call 08/15/24)

     5,115       4,957,867  

3.88%, 08/15/47 (Call 02/15/47)

     975       732,898  

4.13%, 11/15/42 (Call 05/15/42)

     3,916       3,194,986  

4.50%, 05/15/42 (Call 11/15/41)

     2,161       1,866,132  

4.75%, 03/15/44 (Call 09/15/43)

     1,799       1,574,503  

6.63%, 06/15/36

     2,871       3,087,904  

6.75%, 12/15/37

     2,858       3,047,142  

AHS Hospital Corp.

    

5.02%, 07/01/45

     725       710,377  

Series 2021, 2.78%, 07/01/51 (Call 01/01/51)

     901       581,641  

Allina Health System

    

2.90%, 11/15/51 (Call 05/15/51)

     385       251,840  

Series 2019, 3.89%, 04/15/49

     2,513       2,042,742  

Anthem Inc.

    

4.10%, 05/15/32 (Call 02/15/32)

     2,058       1,886,610  

4.55%, 05/15/52 (Call 11/15/51)

     2,245       1,949,266  

Ascension Health

    

3.95%, 11/15/46

     3,500       2,959,600  

4.85%, 11/15/53(b)

     3,385       3,331,856  

Series B, 2.53%, 11/15/29 (Call 08/15/29)

     2,324       1,995,200  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

     1,271       991,774  

Banner Health

    

1.90%, 01/01/31 (Call 07/01/30)

     1,063       843,055  

2.34%, 01/01/30 (Call 10/01/29)

     2,217       1,873,143  

2.91%, 01/01/42 (Call 07/01/41)

     185       136,685  

2.91%, 01/01/51 (Call 07/01/50)

     1,552       1,040,430  

Series 2020, 3.18%, 01/01/50 (Call 07/01/49)

     1,603       1,148,501  

Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)

     510       311,982  

Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)

     618       451,220  

BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)

     2,604       2,126,296  

Baylor Scott & White Holdings

    

3.97%, 11/15/46 (Call 05/15/46)

     860       714,092  

4.19%, 11/15/45 (Call 05/15/45)

     1,358       1,178,785  

Series 2021, 1.78%, 11/15/30 (Call 05/15/30)

     1,131       894,225  

Series 2021, 2.84%, 11/15/50 (Call 11/15/49)

     4,895       3,305,496  

Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51)

     730       477,705  

BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)

     1,928       1,455,023  

Bon Secours Mercy Health Inc.

    

3.46%, 06/01/30 (Call 12/01/29)

     2,321       2,065,736  

Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)

     1,230       971,147  

Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)

     1,745       1,219,825  

Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)

     1,655       1,171,906  

Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)(b)

     1,150       938,044  

Centene Corp.

    

2.45%, 07/15/28 (Call 05/15/28)

     2,775       2,331,805  

2.50%, 03/01/31 (Call 12/01/30)

     7,615       5,942,898  

2.63%, 08/01/31 (Call 05/01/31)

     2,490       1,946,682  
Security   Par
(000)		     Value  

Health Care - Services (continued)

    

3.00%, 10/15/30 (Call 07/15/30)

   $ 6,830     $ 5,581,886  

3.38%, 02/15/30 (Call 02/15/25)

       2,160         1,829,088  

4.25%, 12/15/27 (Call 12/15/23)

     3,695       3,421,164  

4.63%, 12/15/29 (Call 12/15/24)

     7,235       6,635,725  

Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)

     1,876       1,163,795  

Children’s Hospital Corp. (The)

    

Series 2017, 4.12%, 01/01/47 (Call 07/01/46)

     1,723       1,502,266  

Series 2020, 2.59%, 02/01/50 (Call 08/01/49)

     480       306,715  

Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44

     1,658       1,484,838  

Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)

     1,628       1,059,893  

Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)

     1,136       743,319  

CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)

     1,754       1,672,614  

City of Hope

    

Series 2013, 5.62%, 11/15/43

     1,070       1,054,549  

Series 2018, 4.38%, 08/15/48 (Call 02/15/48)

     1,432       1,206,288  

Cleveland Clinic Foundation (The), 4.86%, 01/01/2114

     1,505       1,343,047  

CommonSpirit Health

    

1.55%, 10/01/25 (Call 07/01/25)

     1,828       1,656,278  

2.76%, 10/01/24 (Call 07/01/24)

     264       253,358  

2.78%, 10/01/30 (Call 04/01/30)

     1,872       1,567,519  

3.35%, 10/01/29 (Call 04/01/29)

     3,045       2,649,789  

3.82%, 10/01/49 (Call 04/01/49)

     3,052       2,311,768  

3.91%, 10/01/50 (Call 04/01/50)

     1,304       992,879  

4.19%, 10/01/49 (Call 04/01/49)

     2,966       2,359,661  

4.35%, 11/01/42

     2,968       2,502,410  

6.07%, 11/01/27 (Call 08/01/27)

     1,756       1,794,983  

6.46%, 11/01/52 (Call 05/01/52)(b)

     915       1,021,689  

Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)

     1,500       985,290  

Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)

     2,500       1,815,075  

Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)

     2,142       1,769,056  

Dignity Health

    

4.50%, 11/01/42

     1,030       885,440  

5.27%, 11/01/64

     1,330       1,223,480  

Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)

     1,686       1,425,075  

Elevance Health Inc.

    

1.50%, 03/15/26 (Call 02/15/26)

     3,575       3,197,838  

2.25%, 05/15/30 (Call 02/15/30)

     3,228       2,658,774  

2.38%, 01/15/25 (Call 12/15/24)

     2,880       2,726,006  

2.55%, 03/15/31 (Call 12/15/30)

     4,260       3,529,027  

2.88%, 09/15/29 (Call 06/15/29)

     3,177       2,767,358  

3.13%, 05/15/50 (Call 11/15/49)

     1,321       913,789  

3.35%, 12/01/24 (Call 10/01/24)

     5,889       5,695,841  

3.50%, 08/15/24 (Call 05/15/24)

     4,868       4,737,538  

3.60%, 03/15/51 (Call 09/15/50)

     5,418       4,042,207  

3.65%, 12/01/27 (Call 09/01/27)

     6,798       6,378,020  

3.70%, 09/15/49 (Call 03/15/49)

     4,087       3,079,841  

4.10%, 03/01/28 (Call 12/01/27)

     4,988       4,758,552  

4.38%, 12/01/47 (Call 06/01/47)

     5,213       4,404,307  

4.55%, 03/01/48 (Call 09/01/47)

     3,970       3,423,609  

4.63%, 05/15/42

     1,689       1,524,187  

4.65%, 01/15/43

     4,350       3,898,339  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   51

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Health Care - Services (continued)

 

4.65%, 08/15/44 (Call 02/15/44)

   $ 1,937     $ 1,702,933  

4.75%, 02/15/33 (Call 11/15/32)

     1,705       1,636,681  

4.90%, 02/08/26 (Call 02/08/24)

     250       247,183  

5.10%, 01/15/44

     3,923       3,681,657  

5.13%, 02/15/53 (Call 08/15/52)

     2,275       2,155,745  

5.35%, 10/15/25 (Call 09/15/25)

     3,005       3,006,683  

5.50%, 10/15/32 (Call 07/15/32)

     2,325       2,361,479  

5.85%, 01/15/36

     1,004       1,035,967  

5.95%, 12/15/34

     580       604,116  

6.10%, 10/15/52 (Call 04/15/52)

     2,010       2,153,514  

6.38%, 06/15/37

     1,175       1,251,892  

Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)

     205       156,766  

Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)

     662       636,387  

Hackensack Meridian Health Inc.

    

4.21%, 07/01/48 (Call 01/01/48)

     1,496       1,288,580  

4.50%, 07/01/57 (Call 01/01/57)

     1,785       1,589,471  

Series 2020, 2.68%, 09/01/41 (Call 03/01/41)

     1,996       1,414,565  

Series 2020, 2.88%, 09/01/50 (Call 03/01/50)

     1,942       1,299,742  

Hartford HealthCare Corp., 3.45%, 07/01/54

     2,060       1,472,941  

HCA Inc.

    

2.38%, 07/15/31 (Call 04/15/31)

     4,750       3,697,875  

3.13%, 03/15/27 (Call 02/15/27)(f)

     3,070       2,794,222  

3.38%, 03/15/29 (Call 01/15/29)(f)

     1,377       1,205,550  

3.50%, 09/01/30 (Call 03/01/30)

       11,040       9,491,750  

3.50%, 07/15/51 (Call 01/15/51)

     5,530       3,606,777  

3.63%, 03/15/32 (Call 12/15/31)(f)

     5,152       4,354,470  

4.13%, 06/15/29 (Call 03/15/29)

     8,990       8,184,046  

4.38%, 03/15/42 (Call 09/15/41)(f)

     1,405       1,125,827  

4.50%, 02/15/27 (Call 08/15/26)

     5,863       5,617,575  

4.63%, 03/15/52 (Call 09/15/51)(f)

     5,010       3,940,916  

5.00%, 03/15/24

     2,853       2,834,427  

5.13%, 06/15/39 (Call 12/15/38)

     3,750       3,334,125  

5.25%, 04/15/25

     5,891       5,830,323  

5.25%, 06/15/26 (Call 12/15/25)

     7,350       7,245,703  

5.25%, 06/15/49 (Call 12/15/48)

     5,396       4,658,798  

5.38%, 02/01/25

     12,820         12,700,005  

5.38%, 09/01/26 (Call 03/01/26)

     5,398       5,318,487  

5.50%, 06/15/47 (Call 12/15/46)

     6,807       6,124,394  

5.63%, 09/01/28 (Call 03/01/28)

     6,907       6,826,326  

5.88%, 02/15/26 (Call 08/15/25)

     7,455       7,452,913  

5.88%, 02/01/29 (Call 08/01/28)

     5,015       5,012,141  

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)

     1,577       1,271,141  

Humana Inc.

    

1.35%, 02/03/27 (Call 01/03/27)

     4,640       3,995,086  

2.15%, 02/03/32 (Call 11/03/31)

     3,055       2,355,649  

3.13%, 08/15/29 (Call 05/15/29)

     2,467       2,151,939  

3.70%, 03/23/29 (Call 02/23/29)

     2,240       2,031,837  

3.85%, 10/01/24 (Call 07/01/24)

     3,649       3,561,971  

3.95%, 03/15/27 (Call 12/15/26)

     2,369       2,263,177  

3.95%, 08/15/49 (Call 02/15/49)

     1,722       1,349,394  

4.50%, 04/01/25 (Call 03/01/25)

     2,548       2,504,251  

4.63%, 12/01/42 (Call 06/01/42)

     1,670       1,455,221  

4.80%, 03/15/47 (Call 09/14/46)

     1,945       1,716,307  

4.88%, 04/01/30 (Call 01/01/30)

     2,169       2,122,974  

4.95%, 10/01/44 (Call 04/01/44)

     2,811       2,521,242  

5.75%, 03/01/28 (Call 02/01/28)

     761       774,949  
Security   Par
(000)		     Value  

Health Care - Services (continued)

    

5.88%, 03/01/33 (Call 12/01/32)

   $ 2,005     $ 2,060,318  

IHC Health Services Inc., 4.13%, 05/15/48 (Call 11/15/47)

     335       283,484  

Indiana University Health Inc. Obligated Group

    

3.97%, 11/01/48 (Call 05/01/48)

       2,765         2,306,259  

Series 2021, 2.85%, 11/01/51 (Call 05/01/51)

     850       571,285  

Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)

     1,189       1,001,780  

Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)

     2,179       1,619,672  

Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)

     275       206,412  

Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46

     2,901       2,409,832  

Kaiser Foundation Hospitals

    

3.15%, 05/01/27 (Call 02/01/27)

     3,783       3,554,204  

4.15%, 05/01/47 (Call 11/01/46)

     5,947       5,220,277  

4.88%, 04/01/42

     2,337       2,286,451  

Series 2019, 3.27%, 11/01/49 (Call 05/12/49)

     4,373       3,245,772  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

     3,397       2,493,330  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)

     2,794       1,944,233  

Laboratory Corp. of America Holdings

    

1.55%, 06/01/26 (Call 05/01/26)

     2,265       2,006,133  

2.30%, 12/01/24 (Call 11/01/24)

     1,920       1,814,803  

2.70%, 06/01/31 (Call 03/01/31)

     2,520       2,095,607  

2.95%, 12/01/29 (Call 09/01/29)

     2,217       1,901,610  

3.25%, 09/01/24 (Call 07/01/24)

     3,122       3,022,783  

3.60%, 02/01/25 (Call 11/01/24)

     4,559       4,396,836  

3.60%, 09/01/27 (Call 06/01/27)(b)

     3,565       3,379,798  

4.70%, 02/01/45 (Call 08/01/44)

     3,078       2,632,860  

Mass General Brigham Inc.

    

Series 2015, 4.12%, 07/01/55(b)

     199       166,380  

Series 2017, 3.77%, 07/01/48 (Call 01/01/48)

     1,264       1,026,115  

Series 2020, 3.19%, 07/01/49 (Call 01/01/49)

     1,835       1,306,795  

Series 2020, 3.34%, 07/01/60 (Call 01/01/60)

     2,326       1,627,316  

Mayo Clinic

    

3.77%, 11/15/43

     245       205,031  

Series 2016, 4.13%, 11/15/52

     3,066       2,637,005  

Series 2021, 3.20%, 11/15/61 (Call 05/15/61)

     2,681       1,815,278  

McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)

     2,137       1,864,041  

MedStar Health Inc., Series 20A, 3.63%, 08/15/49

     1,692       1,238,121  

Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)

     1,568       1,177,113  

Memorial Sloan-Kettering Cancer Center

    

4.13%, 07/01/52

     1,730       1,487,385  

5.00%, 07/01/42

     690       685,308  

Series 2015, 4.20%, 07/01/55

     2,084       1,784,279  

Series 2020, 2.96%, 01/01/50 (Call 07/01/49)

     781       538,999  

Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)(b)

     1,321       1,257,962  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

     1,986       1,281,903  

MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)

     1,993       1,407,935  

Montefiore Obligated Group

    

4.29%, 09/01/50

     1,216       754,443  

Series 18-C, 5.25%, 11/01/48 (Call 05/01/48)

     1,802       1,318,217  

Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52

     690       532,728  

 

 

52  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Health Care - Services (continued)

    

Mount Sinai Hospitals Group Inc.

    

Series 2017, 3.98%, 07/01/48

   $ 1,418     $ 1,143,688  

Series 2019, 3.74%, 07/01/49 (Call 01/01/49)

       2,450         1,922,221  

Series 2020, 3.39%, 07/01/50 (Call 07/01/49)

     1,626       1,130,314  

MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)

     1,413       847,984  

Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)

     851       790,894  

New York and Presbyterian Hospital (The)

    

2.26%, 08/01/40 (Call 02/01/40)

     1,079       736,202  

2.61%, 08/01/60 (Call 02/01/60)

     1,728       1,012,902  

4.02%, 08/01/45

     3,024       2,569,916  

4.06%, 08/01/56

     553       463,458  

Series 2019, 3.95%, 08/01/2119 (Call 02/01/19)

     1,835       1,319,090  

Northwell Healthcare Inc.

    

3.81%, 11/01/49 (Call 11/01/48)

     2,680       2,027,098  

3.98%, 11/01/46 (Call 11/01/45)

     2,810       2,183,679  

4.26%, 11/01/47 (Call 11/01/46)

     1,730       1,423,686  

Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(b)

     380       247,167  

Novant Health Inc.

    

2.64%, 11/01/36 (Call 08/01/36)

     961       722,960  

3.17%, 11/01/51 (Call 05/01/51)

     2,904       2,046,391  

3.32%, 11/01/61 (Call 05/01/61)(b)

     1,356       936,413  

NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)(b)

     1,260       801,499  

Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30)

     2,115       1,523,350  

OhioHealth Corp.

    

2.30%, 11/15/31 (Call 05/15/31)

     1,604       1,299,465  

2.83%, 11/15/41 (Call 05/15/41)

     1,425       1,040,435  

Series 2020, 3.04%, 11/15/50 (Call 05/15/50)

     1,461       1,060,292  

Orlando Health Obligated Group

    

3.33%, 10/01/50 (Call 04/01/50)

     1,493       1,068,988  

4.09%, 10/01/48 (Call 04/01/48)

     1,577       1,304,479  

PeaceHealth Obligated Group

    

Series 2018, 4.79%, 11/15/48 (Call 05/15/48)

     1,557       1,405,488  

Series 2020, 1.38%, 11/15/25 (Call 08/15/25)

     1,762       1,577,906  

Series 2020, 3.22%, 11/15/50 (Call 05/15/50)

     1,958       1,332,321  

Piedmont Healthcare Inc.

    

2.04%, 01/01/32 (Call 07/01/31)

     887       693,474  

2.86%, 01/01/52 (Call 07/01/51)

     1,406       913,998  

Series 2042, 2.72%, 01/01/42 (Call 07/01/41)

     1,381       958,110  

Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)

     1,205       1,152,486  

Providence St Joseph Health Obligated Group

    

Series 19A, 2.53%, 10/01/29 (Call 07/01/29)

     3,187       2,690,688  

Series H, 2.75%, 10/01/26 (Call 07/01/26)

     987       906,915  

Providence St. Joseph Health Obligated Group

    

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)

     2,195       1,308,374  

Series A, 3.93%, 10/01/48 (Call 04/01/48)(b)

     1,920       1,497,408  

Series I, 3.74%, 10/01/47

     1,358       1,051,173  

Queen’s Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52)

     1,006       947,954  

Quest Diagnostics Inc.

    

2.80%, 06/30/31 (Call 03/30/31)

     2,246       1,884,821  

2.95%, 06/30/30 (Call 03/30/30)

     2,922       2,513,855  

3.45%, 06/01/26 (Call 03/01/26)

     2,957       2,799,806  

3.50%, 03/30/25 (Call 12/30/24)

     1,353       1,301,992  
Security   Par
(000)		     Value  

Health Care - Services (continued)

    

4.20%, 06/30/29 (Call 03/30/29)

   $ 2,603     $ 2,460,251  

4.25%, 04/01/24 (Call 01/01/24)

       2,490         2,449,388  

4.70%, 03/30/45 (Call 09/30/44)

     886       763,697  

Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)

     940       650,424  

Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)

     673       617,148  

RWJ Barnabas Health Inc.

    

3.48%, 07/01/49 (Call 01/01/49)

     1,079       821,572  

3.95%, 07/01/46 (Call 07/01/45)

     2,278       1,878,416  

Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)(b)

     1,750       1,135,050  

Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)

     1,239       839,398  

Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)

     921       576,122  

SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)

     75       70,798  

Stanford Health Care

    

3.03%, 08/15/51 (Call 02/15/51)

     1,980       1,386,891  

Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

     2,316       1,894,720  

Series 2020, 3.31%, 08/15/30 (Call 05/15/30)

     680       608,518  

Summa Health, 3.51%, 11/15/51 (Call 05/15/51)

     1,590       1,128,518  

Sutter Health

    

Series 2018, 3.70%, 08/15/28 (Call 05/15/28)

     2,054       1,894,918  

Series 2018, 4.09%, 08/15/48 (Call 02/15/48)

     2,161       1,783,236  

Series 20A, 1.32%, 08/15/25 (Call 05/15/25)

     1,109       1,000,817  

Series 20A, 2.29%, 08/15/30 (Call 02/15/30)

     1,489       1,229,050  

Series 20A, 3.16%, 08/15/40 (Call 02/15/40)

     857       644,773  

Series 20A, 3.36%, 08/15/50 (Call 02/15/50)

     2,014       1,441,178  

Texas Health Resources

    

2.33%, 11/15/50 (Call 05/15/50)

     2,177       1,280,468  

4.33%, 11/15/55

     729       630,344  

Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)

     1,960       1,888,597  

Trinity Health Corp.

    

4.13%, 12/01/45

     1,166       1,008,299  

Series 2019, 3.43%, 12/01/48(b)

     1,800       1,401,840  

Series 2021, 2.63%, 12/01/40 (Call 06/01/40)

     901       638,890  

UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)

     490       475,114  

UnitedHealth Group Inc.

    

3.70%, 05/15/27 (Call 04/15/27)

     3,015       2,878,692  

0.55%, 05/15/24 (Call 03/13/23)

     710       671,106  

1.15%, 05/15/26 (Call 04/15/26)

     3,225       2,858,543  

1.25%, 01/15/26

     2,503       2,262,562  

2.00%, 05/15/30

     4,875       3,995,404  

2.30%, 05/15/31 (Call 02/15/31)

     4,790       3,949,259  

2.38%, 08/15/24

     4,706       4,519,972  

2.75%, 05/15/40 (Call 11/15/39)

     4,621       3,358,681  

2.88%, 08/15/29

     3,769       3,321,205  

2.90%, 05/15/50 (Call 11/15/49)

     4,613       3,124,708  

2.95%, 10/15/27

     3,214       2,951,288  

3.05%, 05/15/41 (Call 11/15/40)

     4,007       3,005,691  

3.10%, 03/15/26

     3,617       3,428,807  

3.13%, 05/15/60 (Call 11/15/59)

     2,029       1,377,671  

3.25%, 05/15/51 (Call 11/15/50)

     4,810       3,440,641  

3.38%, 04/15/27

     2,948       2,780,082  

3.45%, 01/15/27

     3,488       3,307,391  

3.50%, 08/15/39 (Call 02/15/39)

     4,344       3,555,955  

3.70%, 12/15/25

     2,149       2,075,268  

3.70%, 08/15/49 (Call 02/15/49)

     3,852       3,028,288  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   53

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Health Care - Services (continued)

    

3.75%, 07/15/25

   $ 8,084     $ 7,845,845  

3.75%, 10/15/47 (Call 04/15/47)

     3,746       2,989,870  

3.85%, 06/15/28

     4,366       4,142,854  

3.88%, 12/15/28

     2,802       2,647,274  

3.88%, 08/15/59 (Call 02/15/59)

       3,245       2,537,622  

3.95%, 10/15/42 (Call 04/15/42)

     2,590       2,218,801  

4.00%, 05/15/29 (Call 03/15/29)

     3,460       3,280,184  

4.20%, 05/15/32 (Call 02/15/32)

     5,075       4,773,190  

4.20%, 01/15/47 (Call 07/15/46)

     3,889       3,367,213  

4.25%, 03/15/43 (Call 09/15/42)

     1,786       1,571,287  

4.25%, 04/15/47 (Call 10/15/46)

     2,714       2,347,013  

4.25%, 06/15/48 (Call 12/15/47)

     5,308       4,599,807  

4.38%, 03/15/42 (Call 09/15/41)

     1,979       1,771,165  

4.45%, 12/15/48 (Call 06/15/48)

     3,846       3,420,440  

4.63%, 07/15/35

     5,221       5,003,023  

4.63%, 11/15/41 (Call 05/15/41)

     3,076       2,846,161  

4.75%, 07/15/45

     8,220       7,703,784  

4.75%, 05/15/52 (Call 11/15/51)

     6,575       6,035,127  

4.95%, 05/15/62 (Call 11/15/61)

     4,510       4,244,541  

5.00%, 10/15/24

     2,790       2,789,247  

5.15%, 10/15/25

     1,315       1,317,709  

5.25%, 02/15/28 (Call 01/15/28)

     2,415       2,448,037  

5.30%, 02/15/30 (Call 12/15/29)

     3,100       3,141,137  

5.35%, 02/15/33 (Call 11/15/32)

     4,230       4,326,613  

5.70%, 10/15/40 (Call 04/15/40)

     1,869       1,956,993  

5.80%, 03/15/36

     1,925       2,016,399  

5.88%, 02/15/53 (Call 08/15/52)

     6,435       6,943,236  

5.95%, 02/15/41 (Call 08/15/40)

     2,160       2,292,192  

6.05%, 02/15/63 (Call 08/15/62)

     2,410       2,635,528  

6.50%, 06/15/37

     2,978       3,311,119  

6.63%, 11/15/37

     3,423       3,828,934  

6.88%, 02/15/38

     4,466       5,176,764  

Universal Health Services Inc.

    

1.65%, 09/01/26 (Call 08/01/26)

     4,105       3,555,341  

2.65%, 10/15/30 (Call 07/15/30)

     2,888       2,327,324  

2.65%, 01/15/32 (Call 10/15/31)

     2,525       1,946,649  

UPMC, Series D-1, 3.60%, 04/03/25

     300       286,398  

WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)

     647       449,833  

West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)

     703       462,757  

Willis-Knighton Medical Center

    

Series 2018, 4.81%, 09/01/48 (Call 03/01/48)

     2,428       2,213,365  

Series 2021, 3.07%, 03/01/51 (Call 09/01/50)(b)

     990       639,599  

Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)

     2,511       1,542,357  
   

 

 

  
        707,717,311  
Holding Companies - Diversified — 0.1%            

Ares Capital Corp.

    

2.15%, 07/15/26 (Call 06/15/26)

     2,215       1,911,080  

2.88%, 06/15/27 (Call 05/15/27)(b)

     1,270       1,105,764  

2.88%, 06/15/28 (Call 04/15/28)

     4,245       3,483,362  

3.20%, 11/15/31 (Call 08/15/31)

     2,375       1,809,251  

3.25%, 07/15/25 (Call 06/15/25)(b)

     3,953       3,683,010  

3.88%, 01/15/26 (Call 12/15/25)

     1,781       1,652,732  

4.20%, 06/10/24 (Call 05/10/24)

     3,396       3,318,503  

4.25%, 03/01/25 (Call 01/01/25)

     2,407       2,310,937  

Bain Capital Specialty Finance Inc.

    

2.55%, 10/13/26 (Call 09/13/26)

     1,950       1,677,312  

2.95%, 03/10/26 (Call 02/10/26)

     2,080       1,850,576  

Barings BDC Inc., 3.30%, 11/23/26 (Call 10/23/26)

     785       694,953  
Security   Par
(000)		     Value  

Holding Companies - Diversified (continued)

    

Blackstone Private Credit Fund

    

1.75%, 09/15/24(b)

   $ 1,450     $ 1,350,211  

2.35%, 11/22/24

     564       526,218  

2.63%, 12/15/26 (Call 11/15/26)

       2,490         2,114,807  

2.70%, 01/15/25 (Call 11/15/24)

     1,885       1,757,235  

3.25%, 03/15/27 (Call 02/15/27)

     6,620       5,699,621  

4.00%, 01/15/29 (Call 11/15/28)

     2,280       1,937,818  

4.70%, 03/24/25(b)

     3,329       3,213,284  

7.05%, 09/29/25(f)

     2,885       2,890,106  

Blackstone Secured Lending Fund

    

2.13%, 02/15/27 (Call 01/15/27)

     1,214       1,021,824  

2.75%, 09/16/26 (Call 08/16/26)

     1,445       1,258,393  

2.85%, 09/30/28 (Call 07/30/28)

     2,235       1,803,310  

3.63%, 01/15/26 (Call 12/15/25)

     932       855,194  

FS KKR Capital Corp.

    

1.65%, 10/12/24

     2,492       2,304,602  

2.63%, 01/15/27 (Call 12/15/26)

     2,890       2,446,385  

3.13%, 10/12/28 (Call 08/12/28)

     3,060       2,508,955  

3.25%, 07/15/27 (Call 06/15/27)

     2,145       1,836,227  

3.40%, 01/15/26 (Call 12/15/25)

     1,370       1,241,014  

4.13%, 02/01/25 (Call 01/01/25)(b)

     1,023       976,842  

4.63%, 07/15/24 (Call 06/15/24)

     1,659       1,622,817  

Goldman Sachs BDC Inc.

    

2.88%, 01/15/26 (Call 12/15/25)

     1,025       945,101  

3.75%, 02/10/25 (Call 01/10/25)(b)

     1,591       1,532,706  

Golub Capital BDC Inc.

    

2.05%, 02/15/27 (Call 01/15/27)

     3,373       2,823,302  

2.50%, 08/24/26 (Call 07/24/26)

     1,785       1,544,453  

3.38%, 04/15/24 (Call 03/15/24)

     1,485       1,435,312  

Main Street Capital Corp.

    

3.00%, 07/14/26 (Call 06/14/26)

     2,350       2,073,804  

5.20%, 05/01/24

     1,909       1,884,870  

Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)

     260       244,465  

Oaktree Specialty Lending Corp.

    

2.70%, 01/15/27 (Call 12/15/26)

     3,443       2,986,286  

3.50%, 02/25/25 (Call 01/25/25)

     881       842,025  

Owl Rock Capital Corp.

    

2.63%, 01/15/27 (Call 12/15/26)(b)

     2,992       2,541,794  

2.88%, 06/11/28 (Call 04/11/28)

     3,140       2,516,867  

3.40%, 07/15/26 (Call 06/15/26)

     1,350       1,204,308  

3.75%, 07/22/25 (Call 06/22/25)

     2,341       2,189,725  

4.00%, 03/30/25 (Call 02/28/25)

     1,472       1,399,357  

4.25%, 01/15/26 (Call 12/15/25)

     2,355       2,195,967  

5.25%, 04/15/24 (Call 03/15/24)

     1,207       1,194,073  

Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)

     3,300       2,775,201  

Owl Rock Core Income Corp.

    

3.13%, 09/23/26 (Call 08/23/26)

     1,570       1,359,793  

4.70%, 02/08/27 (Call 01/08/27)

     1,290       1,176,390  

5.50%, 03/21/25

     360       349,722  

7.75%, 09/16/27 (Call 08/16/27)(f)

     330       329,690  

Owl Rock Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26)

     1,049       857,400  

Prospect Capital Corp.

    

3.36%, 11/15/26 (Call 10/15/26)

     1,925       1,663,758  

3.44%, 10/15/28 (Call 08/15/28)

     2,365       1,893,182  

3.71%, 01/22/26 (Call 12/22/25)

     2,154       1,941,680  

 

 

54  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Holding Companies - Diversified (continued)

    

Sixth Street Specialty Lending Inc.

    

2.50%, 08/01/26 (Call 07/01/26)

   $ 525     $ 460,593  

3.88%, 11/01/24 (Call 10/01/24)

     1,339       1,289,832  
   

 

 

  
        104,513,999  
Home Builders — 0.1%            

DR Horton Inc.

    

1.30%, 10/15/26 (Call 09/15/26)

       4,260       3,673,526  

1.40%, 10/15/27 (Call 08/15/27)(b)

     1,359       1,138,326  

2.50%, 10/15/24 (Call 09/15/24)

     2,699       2,574,198  

2.60%, 10/15/25 (Call 09/15/25)

     886       822,279  

Lennar Corp.

    

4.50%, 04/30/24 (Call 01/30/24)

     2,585       2,550,930  

4.75%, 05/30/25 (Call 02/28/25)

     2,935       2,873,981  

4.75%, 11/29/27 (Call 05/29/27)

     3,978       3,813,470  

5.00%, 06/15/27 (Call 12/15/26)

     2,018       1,975,985  

5.25%, 06/01/26 (Call 12/01/25)

     2,646       2,617,979  

5.88%, 11/15/24 (Call 05/15/24)

     2,044       2,050,459  

MDC Holdings Inc.

    

2.50%, 01/15/31 (Call 07/15/30)

     1,837       1,356,992  

3.85%, 01/15/30 (Call 07/15/29)

     2,001       1,669,074  

3.97%, 08/06/61 (Call 02/06/61)

     1,425       815,114  

6.00%, 01/15/43 (Call 10/15/42)

     2,652       2,233,594  

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

     858       732,577  

PulteGroup Inc.

    

5.00%, 01/15/27 (Call 10/15/26)

     2,135       2,101,011  

5.50%, 03/01/26 (Call 12/01/25)

     1,345       1,338,598  

6.00%, 02/15/35

     1,423       1,396,803  

6.38%, 05/15/33

     1,766       1,788,234  

7.88%, 06/15/32

     469       523,606  

Toll Brothers Finance Corp.

    

3.80%, 11/01/29 (Call 08/01/29)(b)

     2,280       1,972,451  

4.35%, 02/15/28 (Call 11/15/27)

     2,535       2,345,711  

4.88%, 11/15/25 (Call 08/15/25)(b)

     2,652       2,613,864  

4.88%, 03/15/27 (Call 12/15/26)

     2,825       2,714,627  
   

 

 

  
      47,693,389  
Home Furnishings — 0.0%            

Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)

     2,376       2,299,992  

Leggett & Platt Inc.

    

3.50%, 11/15/27 (Call 08/15/27)

     3,452       3,176,185  

3.50%, 11/15/51 (Call 05/15/51)

     2,335       1,652,643  

3.80%, 11/15/24 (Call 08/15/24)

     1,748       1,695,962  

4.40%, 03/15/29 (Call 12/15/28)

     2,062       1,934,507  

Whirlpool Corp.

    

2.40%, 05/15/31 (Call 02/15/31)

     1,665       1,322,193  

3.70%, 05/01/25

     1,891       1,822,300  

4.00%, 03/01/24

     1,193       1,174,735  

4.50%, 06/01/46 (Call 12/01/45)

     2,048       1,611,858  

4.60%, 05/15/50 (Call 11/15/49)(b)

     2,140       1,733,807  

4.70%, 05/14/32 (Call 02/14/32)(b)

     1,279       1,197,860  

4.75%, 02/26/29 (Call 11/26/28)(b)

     3,316       3,172,185  

5.50%, 03/01/33 (Call 12/01/32)

     1,550       1,527,633  
   

 

 

  
      24,321,860  
Household Products & Wares — 0.1%            

Avery Dennison Corp.

    

0.85%, 08/15/24 (Call 03/31/23)

     377       353,358  

2.25%, 02/15/32 (Call 11/15/31)

     2,565       1,976,974  

2.65%, 04/30/30 (Call 01/30/30)

     1,527       1,266,417  

4.88%, 12/06/28 (Call 09/06/28)

     3,246       3,187,832  
Security   Par
(000)		     Value  

Household Products & Wares (continued)

    

Church & Dwight Co. Inc.

    

2.30%, 12/15/31 (Call 09/15/31)

   $ 1,599     $ 1,288,410  

3.15%, 08/01/27 (Call 05/01/27)

     3,366       3,138,896  

3.95%, 08/01/47 (Call 02/01/47)

     1,864       1,499,197  

5.00%, 06/15/52 (Call 12/15/51)

     2,010       1,909,560  

5.60%, 11/15/32 (Call 08/15/32)

     2,915       3,020,465  

Clorox Co. (The)

    

1.80%, 05/15/30 (Call 02/15/30)

     2,034       1,624,718  

3.10%, 10/01/27 (Call 07/01/27)

     2,893       2,677,790  

3.90%, 05/15/28 (Call 02/15/28)

     2,398       2,276,781  

4.40%, 05/01/29 (Call 03/01/29)

     1,895       1,816,717  

4.60%, 05/01/32 (Call 02/01/32)

     2,849       2,727,262  

Kimberly-Clark Corp.

    

1.05%, 09/15/27 (Call 07/15/27)

     2,186       1,857,466  

2.00%, 11/02/31 (Call 08/02/31)

     1,908       1,538,936  

2.75%, 02/15/26

     1,494       1,411,890  

2.88%, 02/07/50 (Call 08/07/49)(b)

     1,424       1,001,998  

3.05%, 08/15/25

     1,208       1,153,483  

3.10%, 03/26/30 (Call 12/26/29)

     1,898       1,703,284  

3.20%, 04/25/29 (Call 01/25/29)

       1,630       1,485,370  

3.20%, 07/30/46 (Call 01/30/46)

     2,395       1,771,366  

3.90%, 05/04/47 (Call 11/04/46)

     1,552       1,293,654  

3.95%, 11/01/28 (Call 08/01/28)

     2,407       2,309,950  

4.50%, 02/16/33 (Call 11/16/32)

     2,000       1,956,020  

5.30%, 03/01/41

     1,690       1,719,592  

6.63%, 08/01/37

     1,843       2,166,944  
   

 

 

  
        50,134,330  
Insurance — 0.7%            

ACE Capital Trust II, Series N, 9.70%, 04/01/30

     660       809,629  

Aegon NV, 5.50%, 04/11/48 (Call 04/11/28), (6 mo. LIBOR US + 3.540%)(a)

     2,780       2,637,164  

Aflac Inc.

    

1.13%, 03/15/26 (Call 02/15/26)

     605       538,547  

2.88%, 10/15/26 (Call 07/15/26)

     1,877       1,745,835  

3.60%, 04/01/30 (Call 01/01/30)

     4,598       4,232,045  

4.00%, 10/15/46 (Call 04/15/46)

     1,381       1,100,105  

4.75%, 01/15/49 (Call 07/15/48)

     2,508       2,305,554  

Alleghany Corp.

    

3.25%, 08/15/51 (Call 02/15/51)

     1,075       769,119  

3.63%, 05/15/30 (Call 02/15/30)

     3,039       2,814,387  

4.90%, 09/15/44 (Call 03/15/44)

     1,725       1,617,360  

Allied World Assurance Co. Holdings Ltd., 4.35%,

    

10/29/25 (Call 07/29/25)

     2,320       2,225,483  

Allstate Corp. (The)

    

0.75%, 12/15/25 (Call 11/15/25)

     1,810       1,606,194  

1.45%, 12/15/30 (Call 09/15/30)

     1,319       1,010,723  

3.28%, 12/15/26 (Call 09/15/26)

     2,792       2,634,755  

3.85%, 08/10/49 (Call 02/10/49)

     3,023       2,412,384  

4.20%, 12/15/46 (Call 06/15/46)

     3,147       2,615,094  

4.50%, 06/15/43

     1,073       954,873  

5.35%, 06/01/33

     1,464       1,490,352  

5.55%, 05/09/35

     2,341       2,402,475  

5.95%, 04/01/36

     216       228,956  

6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)(a)

     1,916       1,858,731  

American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)

     1,817       1,784,094  

American Financial Group Inc./OH

    

4.50%, 06/15/47 (Call 12/15/46)

     535       443,066  

5.25%, 04/02/30 (Call 01/02/30)

     442       440,179  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   55

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Insurance (continued)

    

American International Group Inc.

    

2.50%, 06/30/25 (Call 05/30/25)

   $ 3,836     $ 3,610,903  

3.40%, 06/30/30 (Call 03/30/30)

     1,305       1,157,274  

3.88%, 01/15/35 (Call 07/15/34)

     100       87,598  

3.90%, 04/01/26 (Call 01/01/26)

       3,804         3,649,672  

4.20%, 04/01/28 (Call 01/01/28)

     485       459,799  

4.38%, 06/30/50 (Call 12/30/49)

     3,634       3,056,921  

4.50%, 07/16/44 (Call 01/16/44)

     505       439,658  

4.75%, 04/01/48 (Call 10/01/47)

     3,518       3,131,301  

4.80%, 07/10/45 (Call 01/10/45)

     4,420       3,935,922  

6.25%, 05/01/36

     400       422,184  

Series A-9, 5.75%, 04/01/48 (Call 04/01/28),
(3 mo. LIBOR US + 2.868%)(a)

     2,773       2,677,415  

Aon Corp.

    

2.80%, 05/15/30 (Call 02/15/30)

     2,331       1,991,793  

3.75%, 05/02/29 (Call 02/02/29)

     2,417       2,213,029  

4.50%, 12/15/28 (Call 09/15/28)

     1,191       1,151,649  

6.25%, 09/30/40

     1,414       1,463,547  

8.21%, 01/01/27

     60       62,302  

Aon Corp./Aon Global Holdings PLC

    

2.05%, 08/23/31 (Call 05/23/31)

     3,635       2,856,310  

2.60%, 12/02/31 (Call 09/02/31)

     1,290       1,052,317  

2.85%, 05/28/27 (Call 04/28/27)

     1,725       1,568,887  

2.90%, 08/23/51 (Call 02/23/51)

     2,410       1,556,715  

3.90%, 02/28/52 (Call 08/28/51)

     2,975       2,288,251  

5.00%, 09/12/32 (Call 06/12/32)

     1,470       1,436,734  

5.35%, 02/28/33 (Call 11/28/32)

     970       969,360  

Aon Global Ltd.

    

3.50%, 06/14/24 (Call 03/01/24)

     3,098       3,024,051  

3.88%, 12/15/25 (Call 09/15/25)

     1,211       1,168,155  

4.60%, 06/14/44 (Call 03/14/44)

     2,177       1,899,302  

4.75%, 05/15/45 (Call 11/15/44)

     2,159       1,914,817  

Arch Capital Finance LLC

    

4.01%, 12/15/26 (Call 09/15/26)

     2,667       2,572,161  

5.03%, 12/15/46 (Call 06/15/46)

     1,464       1,299,432  

Arch Capital Group Ltd.

    

3.64%, 06/30/50 (Call 12/30/49)

     4,157       2,990,421  

7.35%, 05/01/34

     780       884,668  

Arch Capital Group U.S. Inc., 5.14%, 11/01/43

     2,290       2,095,029  

Arthur J Gallagher & Co.

    

2.40%, 11/09/31 (Call 08/09/31)

     2,580       2,043,721  

3.05%, 03/09/52 (Call 09/09/51)

     1,480       958,167  

3.50%, 05/20/51 (Call 11/20/50)

     1,497       1,062,181  

5.50%, 03/02/33 (Call 12/02/32)

     245       244,740  

5.75%, 03/02/53 (Call 09/02/52)

     548       544,263  

Assurant Inc.

    

2.65%, 01/15/32 (Call 10/15/31)

     1,425       1,076,416  

3.70%, 02/22/30 (Call 11/22/29)

     2,102       1,815,918  

4.90%, 03/27/28 (Call 12/27/27)

     1,505       1,450,098  

Assured Guaranty U.S. Holdings Inc.

    

3.15%, 06/15/31 (Call 03/15/31)

     2,361       2,007,157  

3.60%, 09/15/51 (Call 03/15/51)

     570       395,033  

5.00%, 07/01/24(b)

     1,995       1,984,247  

Athene Holding Ltd.

    

3.45%, 05/15/52 (Call 11/15/51)

     1,370       871,717  

3.50%, 01/15/31 (Call 10/15/30)

     1,670       1,401,631  

3.95%, 05/25/51 (Call 11/25/50)

     2,975       2,087,379  

4.13%, 01/12/28 (Call 10/12/27)

     4,195       3,923,206  

6.15%, 04/03/30 (Call 01/03/30)

     1,182       1,191,751  

6.65%, 02/01/33 (Call 11/01/32)

     2,390       2,453,909  
Security   Par
(000)		     Value  

Insurance (continued)

    

AXA SA, 8.60%, 12/15/30

   $ 10     $ 12,279  

AXIS Specialty Finance LLC

    

3.90%, 07/15/29 (Call 04/15/29)

     1,464       1,335,432  

4.90%, 01/15/40 (Call 01/15/30),
(5 year CMT + 3.186%)(a)

     1,471       1,257,955  

AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)

     1,674       1,588,827  

Berkshire Hathaway Finance Corp.

    

1.45%, 10/15/30 (Call 07/15/30)

     3,520       2,791,043  

1.85%, 03/12/30 (Call 12/12/29)

     2,551       2,122,202  

2.30%, 03/15/27 (Call 02/15/27)(b)

     3,850       3,570,374  

2.50%, 01/15/51 (Call 07/15/50)

     4,595       2,874,954  

2.85%, 10/15/50 (Call 04/15/50)

     5,264       3,552,410  

2.88%, 03/15/32 (Call 12/15/31)

     3,099       2,669,448  

3.85%, 03/15/52 (Call 09/15/51)

     4,315       3,480,393  

4.20%, 08/15/48 (Call 02/15/48)

     8,577       7,575,464  

4.25%, 01/15/49 (Call 07/15/48)

     5,934       5,279,480  

4.30%, 05/15/43

     3,082       2,773,800  

4.40%, 05/15/42

     4,338       3,990,656  

5.75%, 01/15/40

     3,813       4,104,161  

Berkshire Hathaway Inc.

    

3.13%, 03/15/26 (Call 12/15/25)

       10,961         10,470,276  

4.50%, 02/11/43

     4,600       4,252,976  

Brighthouse Financial Inc.

    

3.70%, 06/22/27 (Call 03/22/27)(b)

     145       135,511  

3.85%, 12/22/51 (Call 06/22/51)

     1,290       848,639  

4.70%, 06/22/47 (Call 12/22/46)

     3,577       2,758,332  

5.63%, 05/15/30 (Call 02/15/30)(b)

     2,794       2,746,111  

Brown & Brown Inc.

    

2.38%, 03/15/31 (Call 12/15/30)

     3,738       2,877,662  

4.20%, 09/15/24 (Call 06/15/24)

     3,325       3,255,075  

4.20%, 03/17/32 (Call 12/17/31)

     1,290       1,128,376  

4.50%, 03/15/29 (Call 12/15/28)

     2,015       1,875,884  

4.95%, 03/17/52 (Call 09/17/51)

     2,660       2,238,443  

Chubb Corp. (The)

    

6.00%, 05/11/37

     3,494       3,744,729  

Series 1, 6.50%, 05/15/38

     30       33,776  

Chubb INA Holdings Inc.

    

1.38%, 09/15/30 (Call 06/15/30)

     1,040       806,863  

2.85%, 12/15/51 (Call 06/15/51)

     1,165       789,719  

3.05%, 12/15/61 (Call 06/15/61)

     3,635       2,374,891  

3.15%, 03/15/25

     3,080       2,958,124  

3.35%, 05/15/24

     540       527,780  

3.35%, 05/03/26 (Call 02/03/26)

     1,657       1,578,657  

4.15%, 03/13/43

     2,315       2,012,684  

4.35%, 11/03/45 (Call 05/03/45)

     5,695       5,092,013  

6.70%, 05/15/36

     125       138,825  

Cincinnati Financial Corp.

    

6.13%, 11/01/34

     285       299,156  

6.92%, 05/15/28

     799       871,525  

CNA Financial Corp.

    

2.05%, 08/15/30 (Call 05/15/30)

     900       714,033  

3.45%, 08/15/27 (Call 05/10/27)

     2,262       2,096,354  

3.90%, 05/01/29 (Call 02/01/29)

     2,306       2,119,237  

3.95%, 05/15/24 (Call 02/15/24)

     3,018       2,964,159  

4.50%, 03/01/26 (Call 12/01/25)

     2,399       2,345,598  

CNO Financial Group Inc.

    

5.25%, 05/30/25 (Call 02/28/25)

     1,193       1,179,519  

5.25%, 05/30/29 (Call 02/28/29)

     2,250       2,133,270  

 

 

56  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Insurance (continued)

    

Corebridge Financial Inc.

    

3.50%, 04/04/25 (Call 03/04/25)(f)

   $ 2,820     $ 2,697,697  

3.65%, 04/05/27 (Call 03/05/27)(f)

     3,346       3,122,889  

3.85%, 04/05/29 (Call 02/05/29)(f)

       2,175         1,960,762  

3.90%, 04/05/32 (Call 01/05/32)(f)

     3,090       2,704,677  

4.35%, 04/05/42 (Call 10/05/41)(f)

     1,615       1,333,409  

4.40%, 04/05/52 (Call 10/05/51)(f)

     1,755       1,393,593  

6.88%, 12/15/52 (Call 09/15/27),
(5 year CMT + 3.846%)(a)(f)

     400       394,084  

Enstar Group Ltd.

    

3.10%, 09/01/31 (Call 03/01/31)

     996       757,568  

4.95%, 06/01/29 (Call 03/01/29)

     2,201       2,017,767  

Equitable Holdings Inc.

    

4.35%, 04/20/28 (Call 01/20/28)

     5,123       4,869,668  

5.00%, 04/20/48 (Call 10/20/47)

     4,762       4,206,798  

5.59%, 01/11/33 (Call 10/11/32)

     6,130       6,074,523  

7.00%, 04/01/28

     174       187,401  

Everest Reinsurance Holdings Inc.

    

3.13%, 10/15/52 (Call 04/15/52)

     2,673       1,731,329  

3.50%, 10/15/50 (Call 04/15/50)

     3,394       2,377,429  

4.87%, 06/01/44

     1,646       1,473,335  

F&G Annuities & Life Inc., 7.40%, 01/13/28 (Call 12/13/27)

     1,800       1,800,702  

Fairfax Financial Holdings Ltd.

    

3.38%, 03/03/31 (Call 12/03/30)

     1,767       1,444,293  

4.63%, 04/29/30 (Call 01/29/30)

     1,632       1,503,284  

4.85%, 04/17/28 (Call 01/17/28)

     2,674       2,563,056  

5.63%, 08/16/32 (Call 05/16/32)(f)

     590       560,329  

Fidelity National Financial Inc.

    

2.45%, 03/15/31 (Call 12/15/30)

     2,379       1,866,016  

3.20%, 09/17/51 (Call 03/17/51)

     1,460       881,095  

3.40%, 06/15/30 (Call 03/15/30)

     2,760       2,375,284  

4.50%, 08/15/28 (Call 05/15/28)

     2,332       2,215,400  

First American Financial Corp.

    

2.40%, 08/15/31 (Call 05/15/31)

     2,112       1,582,205  

4.00%, 05/15/30 (Call 02/15/30)

     1,125       989,831  

4.60%, 11/15/24

     2,693       2,657,345  

Globe Life Inc.

    

2.15%, 08/15/30 (Call 05/15/30)

     3,537       2,824,118  

4.55%, 09/15/28 (Call 06/15/28)

     2,295       2,253,369  

4.80%, 06/15/32 (Call 03/15/32)

     200       191,194  

Hanover Insurance Group Inc. (The)

    

2.50%, 09/01/30 (Call 06/01/30)

     2,160       1,672,985  

4.50%, 04/15/26 (Call 01/15/26)

     2,152       2,087,655  

Hartford Financial Services Group Inc. (The)

    

2.80%, 08/19/29 (Call 05/19/29)

     2,915       2,510,311  

2.90%, 09/15/51 (Call 03/15/51)

     1,825       1,183,166  

3.60%, 08/19/49 (Call 02/19/49)

     2,846       2,126,787  

4.30%, 04/15/43

     1,724       1,430,213  

4.40%, 03/15/48 (Call 09/15/47)

     1,898       1,613,300  

5.95%, 10/15/36

     1,205       1,239,234  

6.10%, 10/01/41

     1,854       1,900,721  

Jackson Financial Inc.

    

3.13%, 11/23/31 (Call 08/23/31)

     1,110       887,412  

4.00%, 11/23/51 (Call 05/23/51)

     690       462,403  

5.17%, 06/08/27 (Call 05/08/27)(b)

     1,005       996,960  

5.67%, 06/08/32 (Call 03/08/32)(b)

     635       619,265  

Kemper Corp.

    

2.40%, 09/30/30 (Call 06/30/30)

     1,230       956,522  

3.80%, 02/23/32 (Call 11/23/31)

     740       625,811  
Security   Par
(000)		     Value  

Insurance (continued)

    

4.35%, 02/15/25 (Call 11/15/24)

   $ 765     $ 746,112  

Lincoln National Corp.

    

3.05%, 01/15/30 (Call 10/15/29)

       1,966         1,660,641  

3.35%, 03/09/25

     1,478       1,415,333  

3.40%, 01/15/31 (Call 10/15/30)

     2,264       1,907,443  

3.40%, 03/01/32 (Call 12/01/31)

     384       318,589  

3.63%, 12/12/26 (Call 09/15/26)

     1,768       1,666,517  

3.80%, 03/01/28 (Call 12/01/27)(b)

     2,439       2,256,002  

4.35%, 03/01/48 (Call 09/01/47)

     1,883       1,462,903  

4.38%, 06/15/50 (Call 12/15/49)(b)

     1,142       874,624  

6.30%, 10/09/37

     1,160       1,163,816  

7.00%, 06/15/40

     2,308       2,494,463  

Loews Corp.

    

3.20%, 05/15/30 (Call 02/15/30)

     2,795       2,479,892  

3.75%, 04/01/26 (Call 01/01/26)

     4,077       3,920,199  

4.13%, 05/15/43 (Call 11/15/42)

     2,812       2,338,572  

6.00%, 02/01/35

     297       312,744  

Manulife Financial Corp.

    

2.48%, 05/19/27 (Call 03/19/27)

     2,215       2,008,340  

3.70%, 03/16/32 (Call 12/16/31)

     2,590       2,324,318  

4.06%, 02/24/32 (Call 02/24/27),
(5 year USD ICE Swap + 1.647%)(a)

     2,666       2,472,182  

4.15%, 03/04/26

     4,341       4,220,277  

5.38%, 03/04/46

     1,148       1,162,212  

Markel Corp.

    

3.35%, 09/17/29 (Call 06/17/29)

     1,250       1,099,737  

3.45%, 05/07/52 (Call 11/07/51)

     2,310       1,586,115  

3.50%, 11/01/27 (Call 08/01/27)

     1,997       1,857,250  

4.15%, 09/17/50 (Call 03/17/50)

     2,051       1,592,150  

4.30%, 11/01/47 (Call 05/01/47)

     1,436       1,138,001  

5.00%, 04/05/46

     2,320       2,040,881  

5.00%, 05/20/49 (Call 11/20/48)

     1,595       1,429,487  

Marsh & McLennan Companies Inc.

    

2.25%, 11/15/30 (Call 08/15/30)

     3,150       2,554,587  

2.38%, 12/15/31 (Call 09/15/31)

     355       284,806  

2.90%, 12/15/51 (Call 06/15/51)

     755       498,640  

3.50%, 06/03/24 (Call 03/03/24)

     4,243       4,143,841  

3.50%, 03/10/25 (Call 12/10/24)

     4,331       4,174,304  

3.75%, 03/14/26 (Call 12/14/25)

     3,754       3,602,413  

3.88%, 03/15/24 (Call 02/15/24)

     3,234       3,181,803  

4.20%, 03/01/48 (Call 09/01/47)

     2,895       2,422,768  

4.35%, 01/30/47 (Call 07/30/46)

     2,857       2,437,650  

4.38%, 03/15/29 (Call 12/15/28)

     6,092       5,806,833  

4.75%, 03/15/39 (Call 09/15/38)

     2,033       1,888,840  

4.90%, 03/15/49 (Call 09/15/48)

     3,996       3,683,433  

5.75%, 11/01/32 (Call 08/01/32)

     750       778,950  

5.88%, 08/01/33

     680       717,148  

6.25%, 11/01/52 (Call 05/01/52)

     615       682,416  

Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)

     2,140       2,043,122  

MetLife Inc.

    

3.00%, 03/01/25

     3,833       3,674,927  

3.60%, 04/10/24

     5,833       5,719,956  

3.60%, 11/13/25 (Call 08/13/25)

     2,698       2,597,446  

4.05%, 03/01/45

     3,687       3,086,498  

4.13%, 08/13/42

     3,328       2,839,084  

4.55%, 03/23/30 (Call 12/23/29)

     4,275       4,202,197  

4.60%, 05/13/46 (Call 11/13/45)

     2,109       1,884,223  

4.72%, 12/15/44

     2,516       2,290,315  

4.88%, 11/13/43

     3,180       2,966,749  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   57

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Insurance (continued)

    

5.00%, 07/15/52 (Call 01/15/52)

   $ 1,835     $ 1,754,407  

5.25%, 01/15/54 (Call 07/15/53)

     4,275       4,184,242  

5.70%, 06/15/35

     4,823       5,055,951  

5.88%, 02/06/41

     3,232       3,358,694  

6.38%, 06/15/34

     1,046       1,165,767  

6.40%, 12/15/66 (Call 12/15/31)

     3,094       3,102,601  

6.50%, 12/15/32

     1,645       1,831,148  

10.75%, 08/01/69 (Call 08/01/34)

     2,062       2,778,999  

Munich Re America Corp., Series B, 7.45%, 12/15/26

     235       250,724  

Nationwide Financial Services Inc., 6.75%, 05/15/87

     109       108,153  

Old Republic International Corp.

    

3.85%, 06/11/51 (Call 12/11/50)

     1,579       1,129,696  

3.88%, 08/26/26 (Call 07/26/26)

       3,406         3,240,843  

4.88%, 10/01/24 (Call 09/01/24)

     2,744       2,716,286  

PartnerRe Finance B LLC

    

3.70%, 07/02/29 (Call 04/02/29)

     2,306       2,084,094  

4.50%, 10/01/50 (Call 04/01/30), (5 year CMT + 3.815%)(a)

     177       158,923  

Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)(b)

     1,303       1,076,695  

Principal Financial Group Inc.

    

2.13%, 06/15/30 (Call 03/12/30)

     3,219       2,624,579  

3.10%, 11/15/26 (Call 08/15/26)

     2,784       2,574,810  

3.40%, 05/15/25 (Call 02/15/25)

     2,874       2,760,851  

3.70%, 05/15/29 (Call 02/15/29)

     1,430       1,326,940  

4.30%, 11/15/46 (Call 05/15/46)

     1,459       1,200,684  

4.35%, 05/15/43

     1,808       1,478,637  

4.63%, 09/15/42

     481       407,999  

6.05%, 10/15/36

     1,880       1,965,390  

Progressive Corp. (The)

    

2.45%, 01/15/27

     2,781       2,537,078  

2.50%, 03/15/27 (Call 02/15/27)

     3,495       3,183,700  

3.00%, 03/15/32 (Call 12/15/31)

     1,245       1,077,398  

3.20%, 03/26/30 (Call 12/26/29)

     3,516       3,160,989  

3.70%, 01/26/45

     717       564,903  

3.70%, 03/15/52 (Call 09/15/51)

     1,230       973,434  

3.95%, 03/26/50 (Call 09/26/49)

     1,839       1,497,626  

4.00%, 03/01/29 (Call 12/01/28)

     2,852       2,728,280  

4.13%, 04/15/47 (Call 10/15/46)

     5,131       4,377,000  

4.20%, 03/15/48 (Call 09/15/47)

     1,475       1,264,414  

4.35%, 04/25/44

     768       666,601  

6.25%, 12/01/32

     680       744,899  

6.63%, 03/01/29

     301       325,580  

Prudential Financial Inc.

    

1.50%, 03/10/26 (Call 02/10/26)

     2,481       2,237,490  

2.10%, 03/10/30 (Call 12/10/29)

     4,075       3,377,930  

3.00%, 03/10/40 (Call 09/10/39)

     2,312       1,725,816  

3.70%, 10/01/50 (Call 07/01/30), (5 year CMT + 3.035%)(a)

     415       350,833  

3.70%, 03/13/51 (Call 09/13/50)

     5,189       3,961,646  

3.88%, 03/27/28 (Call 12/27/27)

     2,797       2,667,835  

3.91%, 12/07/47 (Call 06/07/47)

     3,666       2,895,333  

3.94%, 12/07/49 (Call 06/07/49)

     4,161       3,295,928  

4.35%, 02/25/50 (Call 08/25/49)

     3,692       3,134,176  

4.42%, 03/27/48 (Call 09/27/47)

     1,668       1,441,586  

4.50%, 09/15/47 (Call 09/15/27), (3 mo. LIBOR US + 2.380%)(a)

     3,052       2,820,689  

4.60%, 05/15/44

     2,751       2,501,897  

5.13%, 03/01/52 (Call 11/28/31), (5 year CMT + 3.162%)(a)

     495       453,405  
Security   Par
(000)		     Value  

Insurance (continued)

    

5.20%, 03/15/44 (Call 03/15/24),
(3 mo. LIBOR US + 3.040%)(a)

   $ 1,916     $ 1,882,413  

5.38%, 05/15/45 (Call 05/15/25),
(3 mo. LIBOR US + 3.031%)(a)

     3,922       3,817,243  

5.70%, 12/14/36

     2,444       2,541,149  

5.70%, 09/15/48 (Call 09/15/28),
(3 mo. LIBOR US + 2.665%)(a)(b)

     3,552       3,378,307  

5.75%, 07/15/33(b)

     217       227,598  

6.00%, 09/01/52 (Call 06/01/32),
(5 year CMT + 3.234%)(a)

     220       213,424  

6.63%, 12/01/37

     865       956,327  

6.63%, 06/21/40

     1,305       1,430,854  

6.75%, 03/01/53 (Call 12/01/32)

     30       30,151  

Prudential PLC

    

3.13%, 04/14/30

       2,736         2,407,981  

3.63%, 03/24/32 (Call 12/24/31)

     2,830       2,524,813  

Reinsurance Group of America Inc.

    

3.15%, 06/15/30 (Call 03/15/30)

     2,516       2,152,564  

3.90%, 05/15/29 (Call 02/15/29)

     2,778       2,544,120  

3.95%, 09/15/26 (Call 06/15/26)

     2,941       2,803,185  

RenaissanceRe Finance Inc.

    

3.45%, 07/01/27 (Call 04/01/27)

     1,363       1,272,865  

3.70%, 04/01/25 (Call 01/01/25)

     320       308,886  

RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)

     2,395       2,153,201  

Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)

     315       283,903  

Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)

     3,285       2,540,915  

Transatlantic Holdings Inc., 8.00%, 11/30/39(b)

     1,618       2,035,541  

Travelers Companies Inc. (The)

    

2.55%, 04/27/50 (Call 10/27/49)

     2,026       1,298,159  

3.05%, 06/08/51 (Call 12/08/50)

     3,189       2,224,614  

3.75%, 05/15/46 (Call 11/15/45)

     1,845       1,453,473  

4.00%, 05/30/47 (Call 11/30/46)

     2,744       2,292,694  

4.05%, 03/07/48 (Call 09/07/47)

     1,715       1,438,954  

4.10%, 03/04/49 (Call 09/04/48)

     2,006       1,692,763  

4.30%, 08/25/45 (Call 02/25/45)

     1,487       1,295,772  

4.60%, 08/01/43

     1,000       914,010  

5.35%, 11/01/40

     2,467       2,507,360  

6.25%, 06/15/37

     3,158       3,504,496  

6.75%, 06/20/36

     1,102       1,252,930  

Travelers Property Casualty Corp., 6.38%, 03/15/33

     1,273       1,413,679  

Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)

     1,993       1,922,149  

Unum Group

    

4.00%, 06/15/29 (Call 03/15/29)

     2,031       1,855,379  

4.13%, 06/15/51 (Call 12/15/50)

     2,000       1,433,720  

4.50%, 12/15/49 (Call 06/15/49)

     745       559,547  

5.75%, 08/15/42

     2,380       2,188,600  

Voya Financial Inc.

    

3.65%, 06/15/26

     2,677       2,534,637  

4.70%, 01/23/48 (Call 01/23/28), (3 mo. LIBOR US + 2.084%)(a)

     1,603       1,365,676  

4.80%, 06/15/46

     1,459       1,219,812  

5.70%, 07/15/43

     1,693       1,625,331  

W R Berkley Corp.

    

3.15%, 09/30/61 (Call 03/30/61)

     1,395       869,183  

3.55%, 03/30/52 (Call 09/30/51)

     548       390,181  

4.00%, 05/12/50 (Call 11/12/49)

     2,394       1,873,449  

 

 

58  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Insurance (continued)

    

4.75%, 08/01/44

   $ 1,231     $ 1,100,169  

Willis North America Inc.

    

2.95%, 09/15/29 (Call 06/15/29)

     2,884       2,464,263  

3.60%, 05/15/24 (Call 03/15/24)

     2,240       2,181,850  

3.88%, 09/15/49 (Call 03/15/49)

     1,705       1,244,173  

4.50%, 09/15/28 (Call 06/15/28)

     2,658       2,521,990  

4.65%, 06/15/27 (Call 05/15/27)

     3,178       3,070,361  

5.05%, 09/15/48 (Call 03/15/48)

     2,192       1,900,289  

XLIT Ltd.

    

5.25%, 12/15/43

     1,105       1,087,784  

5.50%, 03/31/45

     2,505       2,449,865  
   

 

 

  
        636,014,565  
Internet — 0.4%            

Alibaba Group Holding Ltd.

    

2.13%, 02/09/31 (Call 11/09/30)(b)

     2,225       1,775,550  

2.70%, 02/09/41 (Call 08/09/40)

     765       502,995  

3.15%, 02/09/51 (Call 08/09/50)

     6,035       3,875,013  

3.25%, 02/09/61 (Call 08/09/60)

     3,553       2,192,450  

3.40%, 12/06/27 (Call 09/06/27)

     9,679       8,889,484  

3.60%, 11/28/24 (Call 08/28/24)

     9,719       9,412,560  

4.00%, 12/06/37 (Call 06/06/37)

     4,255       3,517,311  

4.20%, 12/06/47 (Call 06/06/47)

     6,670       5,224,411  

4.40%, 12/06/57 (Call 06/06/57)

     3,185       2,484,746  

4.50%, 11/28/34 (Call 05/28/34)

     2,867       2,595,868  

Alphabet Inc.

    

0.45%, 08/15/25 (Call 07/15/25)

     3,503       3,169,164  

0.80%, 08/15/27 (Call 06/15/27)

     4,830       4,121,777  

1.10%, 08/15/30 (Call 05/15/30)

     7,189       5,668,095  

1.90%, 08/15/40 (Call 02/15/40)

     5,603       3,727,844  

2.00%, 08/15/26 (Call 05/15/26)

     8,541       7,816,638  

2.05%, 08/15/50 (Call 02/15/50)

     9,413       5,682,534  

2.25%, 08/15/60 (Call 02/15/60)

     3,785       2,193,975  

Amazon.com Inc.

    

0.45%, 05/12/24

     9,890       9,362,863  

0.80%, 06/03/25 (Call 05/03/25)

     2,140       1,952,729  

1.00%, 05/12/26 (Call 04/12/26)

       10,665       9,438,418  

1.20%, 06/03/27 (Call 04/03/27)

     2,043       1,763,620  

1.50%, 06/03/30 (Call 03/03/30)

     7,785       6,249,564  

1.65%, 05/12/28 (Call 03/12/28)

     10,495       9,014,155  

2.10%, 05/12/31 (Call 02/12/31)

     9,910       8,144,038  

2.50%, 06/03/50 (Call 12/03/49)

     7,196       4,608,174  

2.70%, 06/03/60 (Call 12/03/59)

     7,260       4,459,891  

2.73%, 04/13/24

     25       24,353  

2.80%, 08/22/24 (Call 06/22/24)

     9,564       9,258,813  

2.88%, 05/12/41 (Call 11/12/40)

     8,064       6,004,051  

3.00%, 04/13/25

     735       707,585  

3.10%, 05/12/51 (Call 11/12/50)

     11,145       7,979,374  

3.15%, 08/22/27 (Call 05/22/27)

     14,258       13,317,970  

3.25%, 05/12/61 (Call 11/12/60)

     6,215       4,297,610  

3.30%, 04/13/27 (Call 03/13/27)

     5,750       5,433,347  

3.45%, 04/13/29 (Call 02/13/29)

     3,180       2,954,188  

3.60%, 04/13/32 (Call 01/13/32)

     6,915       6,326,395  

3.80%, 12/05/24 (Call 09/05/24)

     6,930       6,783,500  

3.88%, 08/22/37 (Call 02/22/37)

     12,087       10,677,535  

3.95%, 04/13/52 (Call 10/13/51)

     8,610       7,229,817  

4.05%, 08/22/47 (Call 02/22/47)

     11,863       10,235,041  

4.10%, 04/13/62 (Call 10/13/61)

     4,413       3,650,743  

4.25%, 08/22/57 (Call 02/22/57)

     7,196       6,207,917  

4.55%, 12/01/27 (Call 11/01/27)

     1,625       1,607,239  

4.60%, 12/01/25

     4,810       4,775,079  
Security   Par
(000)		     Value  

Internet (continued)

    

4.65%, 12/01/29 (Call 10/01/29)

   $ 3,565     $ 3,513,949  

4.70%, 11/29/24

     3,635       3,615,444  

4.70%, 12/01/32 (Call 09/01/32)

     5,275       5,212,069  

4.80%, 12/05/34 (Call 06/05/34)

     4,742       4,738,254  

4.95%, 12/05/44 (Call 06/05/44)

     5,138       5,036,679  

5.20%, 12/03/25 (Call 09/03/25)

     4,115       4,143,064  

Baidu Inc.

    

1.63%, 02/23/27 (Call 01/23/27)

     1,524       1,320,881  

1.72%, 04/09/26 (Call 03/09/26)

     520       462,904  

2.38%, 10/09/30 (Call 07/09/30)

     69       56,123  

2.38%, 08/23/31 (Call 05/23/31)(b)

     760       605,530  

3.08%, 04/07/25 (Call 03/07/25)(b)

     545       516,764  

3.43%, 04/07/30 (Call 01/07/30)

     1,425       1,260,868  

3.63%, 07/06/27

     1,964       1,833,531  

4.13%, 06/30/25(b)

     2,421       2,334,086  

4.38%, 05/14/24 (Call 04/14/24)(b)

     3,149       3,099,529  

4.38%, 03/29/28 (Call 12/29/27)(b)

     2,260       2,153,034  

4.88%, 11/14/28 (Call 08/14/28)

     1,965       1,909,115  

Booking Holdings Inc.

    

3.55%, 03/15/28 (Call 12/15/27)

     3,439       3,218,491  

3.60%, 06/01/26 (Call 03/01/26)

     4,181       3,982,946  

3.65%, 03/15/25 (Call 12/15/24)

     3,061       2,962,650  

4.63%, 04/13/30 (Call 01/13/30)

     6,199       6,015,882  

eBay Inc.

    

1.40%, 05/10/26 (Call 04/10/26)

     3,790       3,365,785  

1.90%, 03/11/25 (Call 02/11/25)

     4,027       3,764,037  

2.60%, 05/10/31 (Call 02/10/31)

     2,995       2,460,962  

2.70%, 03/11/30 (Call 12/11/29)

     4,046       3,437,320  

3.45%, 08/01/24 (Call 05/01/24)

     4,383       4,275,836  

3.60%, 06/05/27 (Call 03/05/27)

     4,415       4,161,270  

3.65%, 05/10/51 (Call 11/10/50)

     2,255       1,617,376  

4.00%, 07/15/42 (Call 01/15/42)

     3,276       2,596,296  

5.90%, 11/22/25 (Call 10/22/25)

     160       162,789  

5.95%, 11/22/27 (Call 10/22/27)

     1,175       1,205,808  

6.30%, 11/22/32 (Call 08/22/32)

     1,470       1,551,453  

Expedia Group Inc.

    

2.95%, 03/15/31 (Call 12/15/30)(b)

     2,703       2,172,888  

3.25%, 02/15/30 (Call 11/15/29)

     4,364       3,681,339  

3.80%, 02/15/28 (Call 11/15/27)

     2,029       1,863,170  

4.63%, 08/01/27 (Call 05/01/27)

     1,171       1,118,645  

5.00%, 02/15/26 (Call 11/15/25)

     4,217       4,159,944  

JD.com Inc.

    

3.38%, 01/14/30 (Call 10/14/29)

     2,265       2,005,069  

3.88%, 04/29/26(b)

     885       843,892  

4.13%, 01/14/50 (Call 07/14/49)(b)

     1,975       1,522,310  

Meta Platforms Inc.

    

3.50%, 08/15/27 (Call 07/15/27)

       11,295         10,619,672  

3.85%, 08/15/32 (Call 05/15/32)

     9,870       8,859,904  

4.45%, 08/15/52 (Call 02/15/52)

     8,485       7,029,059  

4.65%, 08/15/62 (Call 02/15/62)

     5,475       4,553,229  

Tencent Music Entertainment Group

    

1.38%, 09/03/25 (Call 08/03/25)

     1,214       1,087,610  

2.00%, 09/03/30 (Call 06/03/30)

     2,981       2,275,636  

VeriSign Inc.

    

2.70%, 06/15/31 (Call 03/15/31)

     3,510       2,829,622  

4.75%, 07/15/27 (Call 07/15/23)

     3,020       2,926,893  

5.25%, 04/01/25 (Call 01/01/25)

     2,075       2,070,435  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   59

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Internet (continued)

    

Weibo Corp.

    

3.38%, 07/08/30 (Call 04/08/30)

   $   2,964     $ 2,383,856  

3.50%, 07/05/24 (Call 06/05/24)

     2,749       2,653,390  
   

 

 

  
        386,561,712  
Iron & Steel — 0.1%            

ArcelorMittal SA

    

4.25%, 07/16/29(b)

     2,315       2,147,394  

4.55%, 03/11/26

     2,820       2,745,326  

6.55%, 11/29/27 (Call 10/29/27)

     3,385       3,470,573  

6.75%, 03/01/41

     1,885       1,863,737  

6.80%, 11/29/32 (Call 08/29/32)

     2,310       2,338,875  

7.00%, 10/15/39

     2,225       2,288,746  

Nucor Corp.

    

2.00%, 06/01/25 (Call 05/01/25)

     3,792       3,526,598  

2.70%, 06/01/30 (Call 03/01/30)

     3,324       2,839,261  

2.98%, 12/15/55 (Call 06/15/55)

     5,632       3,667,727  

3.13%, 04/01/32 (Call 01/01/32)

     210       179,033  

3.85%, 04/01/52 (Call 10/01/51)

     410       321,038  

3.95%, 05/23/25

     2,550       2,480,207  

3.95%, 05/01/28 (Call 02/01/28)

     1,103       1,042,986  

4.30%, 05/23/27 (Call 04/23/27)

     3,225       3,127,250  

4.40%, 05/01/48 (Call 11/01/47)

     214       184,235  

5.20%, 08/01/43 (Call 02/01/43)

     405       394,320  

6.40%, 12/01/37

     363       397,373  

Reliance Steel & Aluminum Co.

    

1.30%, 08/15/25 (Call 07/15/25)

     2,883       2,603,782  

2.15%, 08/15/30 (Call 05/15/30)

     370       297,854  

Steel Dynamics Inc.

    

1.65%, 10/15/27 (Call 08/15/27)

     1,030       868,640  

2.40%, 06/15/25 (Call 05/15/25)

     1,797       1,676,996  

2.80%, 12/15/24 (Call 11/15/24)

     2,953       2,812,526  

3.25%, 01/15/31 (Call 10/15/30)

     2,236       1,935,638  

3.25%, 10/15/50 (Call 04/15/50)

     1,754       1,177,829  

3.45%, 04/15/30 (Call 01/15/30)

     1,419       1,259,916  

5.00%, 12/15/26 (Call 12/15/23)

     2,323       2,279,606  

Vale Overseas Ltd.

    

3.75%, 07/08/30 (Call 04/08/30)

     4,264       3,708,102  

6.25%, 08/10/26

     3,428       3,496,423  

6.88%, 11/21/36

     6,985       7,162,838  

6.88%, 11/10/39

     4,795       4,903,942  

8.25%, 01/17/34

     505       587,159  

Vale SA, 5.63%, 09/11/42

     1,011       977,546  
   

 

 

  
      68,763,476  
Leisure Time — 0.0%            

Brunswick Corp.

    

0.85%, 08/18/24 (Call 03/31/23)

     1,928       1,795,392  

2.40%, 08/18/31 (Call 05/18/31)

     1,409       1,036,164  

4.40%, 09/15/32 (Call 06/15/32)

     2,430       2,066,107  

5.10%, 04/01/52 (Call 10/01/51)

     1,615       1,173,750  

Harley-Davidson Inc.

    

3.50%, 07/28/25 (Call 04/28/25)

     2,724       2,618,881  

4.63%, 07/28/45 (Call 01/28/45)

     1,444       1,118,133  
   

 

 

  
      9,808,427  
Lodging — 0.0%            

Choice Hotels International Inc.

    

3.70%, 12/01/29 (Call 09/01/29)

     2,226       1,936,130  

3.70%, 01/15/31 (Call 10/15/30)

     970       837,013  

Hyatt Hotels Corp.

    

1.80%, 10/01/24 (Call 03/31/23)

     1,720       1,621,048  
Security   Par
(000)		     Value  

Lodging (continued)

    

4.38%, 09/15/28 (Call 06/15/28)

   $ 2,535     $ 2,395,651  

4.85%, 03/15/26 (Call 12/15/25)

     3,348       3,292,022  

5.63%, 04/23/25 (Call 03/23/25)

     2,403       2,388,654  

6.00%, 04/23/30 (Call 01/23/30)

     2,422       2,432,560  

Marriott International Inc./MD

    

3.60%, 04/15/24 (Call 03/15/24)

     2,445       2,390,990  

3.75%, 03/15/25 (Call 12/15/24)

     1,956       1,889,496  

3.75%, 10/01/25 (Call 07/01/25)

     1,815       1,744,959  

5.00%, 10/15/27 (Call 09/15/27)

     2,715       2,683,832  

Series AA, 4.65%, 12/01/28 (Call 09/01/28)(b)

     1,904       1,845,966  

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

     3,266       3,293,141  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

     4,842       4,569,686  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

     2,334       1,976,151  

Series HH, 2.85%, 04/15/31 (Call 01/15/31)

     431       355,243  

Series II, 2.75%, 10/15/33 (Call 07/15/33)

       2,405       1,867,507  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

     3,588       3,354,098  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

     1,724       1,619,008  
   

 

 

  
        42,493,155  
Machinery — 0.3%            

ABB Finance USA Inc.

    

3.80%, 04/03/28 (Call 01/03/28)

     710       684,674  

4.38%, 05/08/42

     260       230,143  

Caterpillar Financial Services Corp.

    

0.45%, 05/17/24

     51       48,184  

0.60%, 09/13/24

     1,544       1,441,139  

0.80%, 11/13/25

     709       635,342  

0.90%, 03/02/26

     720       639,238  

1.10%, 09/14/27

     1,146       980,048  

1.15%, 09/14/26

     2,985       2,622,800  

1.45%, 05/15/25

     1,125       1,039,792  

1.70%, 01/08/27(b)

     3,100       2,793,317  

2.15%, 11/08/24

     4,376       4,172,297  

2.40%, 08/09/26

     2,389       2,196,399  

2.85%, 05/17/24

     3,284       3,190,767  

3.25%, 12/01/24

     2,870       2,785,450  

3.30%, 06/09/24

     4,075       3,975,040  

3.40%, 05/13/25

     150       144,818  

3.60%, 08/12/27

     4,235       4,046,204  

3.65%, 08/12/25

     2,730       2,642,858  

4.80%, 01/06/26

     255       254,146  

4.90%, 01/17/25

     3,695       3,682,585  

Caterpillar Inc.

    

1.90%, 03/12/31 (Call 12/12/30)

     450       363,906  

2.60%, 09/19/29 (Call 06/19/29)

     3,023       2,633,759  

2.60%, 04/09/30 (Call 01/09/30)

     4,495       3,916,359  

3.25%, 09/19/49 (Call 03/19/49)

     4,319       3,295,570  

3.25%, 04/09/50 (Call 10/09/49)

     4,492       3,437,144  

3.40%, 05/15/24 (Call 02/15/24)(b)

     4,486       4,395,787  

3.80%, 08/15/42

     6,183       5,255,797  

4.30%, 05/15/44 (Call 11/15/43)(b)

     2,077       1,913,602  

4.75%, 05/15/64 (Call 11/15/63)

     2,438       2,297,669  

5.20%, 05/27/41

     1,706       1,741,502  

5.30%, 09/15/35

     550       556,875  

6.05%, 08/15/36

     1,188       1,297,130  

CNH Industrial Capital LLC

    

1.45%, 07/15/26 (Call 06/15/26)

     1,435       1,269,860  

1.88%, 01/15/26 (Call 12/15/25)

     1,750       1,592,902  

3.95%, 05/23/25

     1,985       1,921,281  

5.45%, 10/14/25

     1,445       1,447,081  

CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)

     2,755       2,610,500  

 

 

60  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Machinery (continued)

    

Crane Holdings Co., 4.20%, 03/15/48 (Call 09/15/47)

   $ 1,393     $ 1,020,902  

Deere & Co.

    

2.75%, 04/15/25 (Call 03/15/25)

       3,030         2,889,226  

2.88%, 09/07/49 (Call 03/07/49)

     2,015       1,458,941  

3.10%, 04/15/30 (Call 01/15/30)

     2,686       2,402,197  

3.75%, 04/15/50 (Call 10/15/49)(b)

     3,496       2,971,076  

3.90%, 06/09/42 (Call 12/09/41)

     4,389       3,869,255  

5.38%, 10/16/29

     1,515       1,570,691  

7.13%, 03/03/31(b)

     775       894,397  

Dover Corp.

    

2.95%, 11/04/29 (Call 08/04/29)

     2,105       1,825,793  

3.15%, 11/15/25 (Call 08/15/25)

     2,466       2,336,954  

5.38%, 10/15/35(b)

     142       141,423  

5.38%, 03/01/41 (Call 12/01/40)(b)

     1,940       1,898,950  

Flowserve Corp.

    

2.80%, 01/15/32 (Call 10/15/31)

     2,120       1,633,439  

3.50%, 10/01/30 (Call 07/01/30)

     2,118       1,795,153  

IDEX Corp.

    

2.63%, 06/15/31 (Call 03/15/31)

     1,525       1,253,108  

3.00%, 05/01/30 (Call 02/01/30)

     1,409       1,211,825  

John Deere Capital Corp.

    

0.45%, 06/07/24

     2,615       2,462,964  

0.63%, 09/10/24

     1,460       1,364,677  

0.70%, 01/15/26

     3,650       3,237,112  

1.05%, 06/17/26(b)

     2,130       1,882,728  

1.25%, 01/10/25

     1,625       1,515,329  

1.30%, 10/13/26

     1,675       1,472,342  

1.45%, 01/15/31

     2,875       2,260,900  

1.50%, 03/06/28

     1,705       1,458,406  

1.70%, 01/11/27

     2,170       1,934,533  

1.75%, 03/09/27

     2,346       2,092,960  

2.00%, 06/17/31

     2,815       2,272,409  

2.05%, 01/09/25

     3,000       2,841,990  

2.13%, 03/07/25

     460       434,120  

2.25%, 09/14/26

     2,151       1,967,864  

2.35%, 03/08/27

     630       572,607  

2.45%, 01/09/30

     2,861       2,462,463  

2.60%, 03/07/24

     2,850       2,777,353  

2.65%, 06/24/24

     4,438       4,297,493  

2.65%, 06/10/26

     1,149       1,069,282  

2.80%, 09/08/27

     2,532       2,327,364  

2.80%, 07/18/29

     3,086       2,735,708  

3.05%, 01/06/28

     805       755,605  

3.35%, 06/12/24

     1,115       1,089,712  

3.35%, 04/18/29

     2,090       1,918,557  

3.40%, 06/06/25

     1,370       1,321,940  

3.40%, 09/11/25

     710       681,976  

3.45%, 03/13/25

     4,083       3,955,325  

3.45%, 03/07/29

     2,959       2,741,780  

3.90%, 06/07/32

     45       41,819  

4.05%, 09/08/25(b)

     2,315       2,271,316  

4.15%, 09/15/27

     2,810       2,732,500  

4.35%, 09/15/32

     2,700       2,600,424  

4.55%, 10/11/24

     1,370       1,360,670  

4.75%, 01/20/28

     1,130       1,124,519  

4.80%, 01/09/26

     1,375       1,369,046  

4.85%, 10/11/29

     1,860       1,860,595  

nVent Finance Sarl

    

2.75%, 11/15/31 (Call 08/15/31)(b)

     1,503       1,187,956  

4.55%, 04/15/28 (Call 01/15/28)

     2,404       2,228,220  
Security   Par
(000)		     Value  

Machinery (continued)

    

Oshkosh Corp.

    

3.10%, 03/01/30 (Call 12/01/29)

   $ 916     $ 789,766  

4.60%, 05/15/28 (Call 02/15/28)

     1,608       1,551,302  

Otis Worldwide Corp.

    

2.06%, 04/05/25 (Call 03/05/25)

       4,694       4,380,957  

2.29%, 04/05/27 (Call 02/05/27)

     1,663       1,494,355  

2.57%, 02/15/30 (Call 11/15/29)

     6,451       5,436,516  

3.11%, 02/15/40 (Call 08/15/39)

     3,748       2,795,446  

3.36%, 02/15/50 (Call 08/15/49)

     2,426       1,720,786  

Rockwell Automation Inc.

    

1.75%, 08/15/31 (Call 05/15/31)

     1,775       1,396,552  

2.80%, 08/15/61 (Call 02/15/61)

     2,033       1,255,174  

2.88%, 03/01/25 (Call 12/01/24)

     1,287       1,229,947  

3.50%, 03/01/29 (Call 12/01/28)

     2,023       1,875,301  

4.20%, 03/01/49 (Call 09/01/48)

     2,683       2,360,745  

Westinghouse Air Brake Technologies Corp.

    

3.20%, 06/15/25 (Call 05/15/25)

     2,764       2,602,140  

3.45%, 11/15/26 (Call 08/15/26)

     4,353       4,025,176  

4.40%, 03/15/24 (Call 02/15/24)

     2,568       2,529,352  

4.95%, 09/15/28 (Call 06/15/28)

     6,175       5,959,060  

Xylem Inc./NY

    

1.95%, 01/30/28 (Call 11/30/27)

     2,692       2,311,997  

2.25%, 01/30/31 (Call 10/30/30)

     3,608       2,912,558  

3.25%, 11/01/26 (Call 08/01/26)

     3,103       2,896,464  

4.38%, 11/01/46 (Call 05/01/46)

     1,165       968,231  
   

 

 

  
        230,499,684  
Manufacturing — 0.1%            

3M Co.

    

2.00%, 02/14/25 (Call 01/14/25)

     3,643       3,423,691  

2.25%, 09/19/26 (Call 06/19/26)(b)

     3,120       2,829,965  

2.38%, 08/26/29 (Call 05/26/29)(b)

     3,965       3,329,014  

2.65%, 04/15/25 (Call 03/15/25)(b)

     2,855       2,707,168  

2.88%, 10/15/27 (Call 07/15/27)

     3,428       3,119,514  

3.00%, 08/07/25

     1,893       1,798,615  

3.05%, 04/15/30 (Call 01/15/30)(b)

     1,550       1,357,056  

3.13%, 09/19/46 (Call 03/19/46)(b)

     2,232       1,537,870  

3.25%, 08/26/49 (Call 02/26/49)(b)

     3,011       2,098,998  

3.38%, 03/01/29 (Call 12/01/28)(b)

     3,173       2,867,599  

3.63%, 09/14/28 (Call 06/14/28)

     2,660       2,468,773  

3.63%, 10/15/47 (Call 04/15/47)

     2,376       1,787,940  

3.70%, 04/15/50 (Call 10/15/49)(b)

     2,252       1,740,413  

3.88%, 06/15/44

     1,130       898,406  

4.00%, 09/14/48 (Call 03/14/48)(b)

     4,080       3,272,201  

5.70%, 03/15/37(b)

     1,572       1,595,674  

Carlisle Companies Inc.

    

2.20%, 03/01/32 (Call 12/01/31)

     1,000       758,590  

2.75%, 03/01/30 (Call 12/01/29)

     3,704       3,091,432  

3.50%, 12/01/24 (Call 10/01/24)

     2,027       1,954,069  

3.75%, 12/01/27 (Call 09/01/27)

     1,545       1,447,016  

Eaton Corp.

    

3.10%, 09/15/27 (Call 06/15/27)

     3,017       2,786,833  

3.92%, 09/15/47 (Call 02/15/47)

     2,509       2,049,125  

4.00%, 11/02/32

     2,939       2,693,917  

4.15%, 03/15/33 (Call 12/15/32)

     2,910       2,679,412  

4.15%, 11/02/42

     2,649       2,257,001  

4.70%, 08/23/52 (Call 02/23/52)

     1,305       1,186,049  

GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)

     3,742       3,561,710  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   61

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Manufacturing (continued)

    

GE Capital International Funding Co. Unlimited Co.

    

3.37%, 11/15/25

   $ 405     $ 385,827  

4.42%, 11/15/35

     1,900       1,754,042  

General Electric Co.

    

4.35%, 05/01/50 (Call 11/01/49)(b)

     725       612,719  

4.50%, 03/11/44

     150       129,939  

5.88%, 01/14/38

     885       918,294  

6.75%, 03/15/32

     350       388,203  

6.88%, 01/10/39

     485       547,376  

Illinois Tool Works Inc.

    

2.65%, 11/15/26 (Call 08/15/26)

       6,544       6,063,081  

3.50%, 03/01/24 (Call 12/01/23)

     4,119       4,062,075  

3.90%, 09/01/42 (Call 03/01/42)

     1,822       1,573,261  

4.88%, 09/15/41 (Call 03/15/41)

     1,975       1,937,633  

Parker-Hannifin Corp.

    

2.70%, 06/14/24 (Call 05/14/24)

     2,507       2,419,205  

3.25%, 03/01/27 (Call 12/01/26)

     4,056       3,771,756  

3.25%, 06/14/29 (Call 03/14/29)

     2,618       2,331,015  

3.30%, 11/21/24 (Call 08/21/24)

     1,107       1,070,048  

3.65%, 06/15/24

     2,270       2,220,537  

4.00%, 06/14/49 (Call 12/14/48)

     2,876       2,319,868  

4.10%, 03/01/47 (Call 09/01/46)

     2,086       1,732,444  

4.20%, 11/21/34 (Call 05/21/34)

     1,950       1,768,650  

4.25%, 09/15/27 (Call 08/15/27)

     1,950       1,866,423  

4.45%, 11/21/44 (Call 05/21/44)

     2,132       1,871,917  

4.50%, 09/15/29 (Call 07/15/29)

     2,993       2,859,392  

6.25%, 05/15/38

     1,351       1,421,090  

Pentair Finance Sarl

    

4.50%, 07/01/29 (Call 04/01/29)

     2,133       1,957,881  

5.90%, 07/15/32 (Call 04/15/32)

     1,005       1,005,925  

Teledyne Technologies Inc.

    

0.95%, 04/01/24 (Call 03/31/23)

     1,660       1,577,946  

1.60%, 04/01/26 (Call 03/01/26)

     890       794,726  

2.25%, 04/01/28 (Call 02/01/28)

     1,005       869,627  

2.75%, 04/01/31 (Call 01/01/31)

     1,960       1,603,613  

Textron Inc.

    

2.45%, 03/15/31 (Call 12/15/30)

     2,633       2,154,795  

3.00%, 06/01/30 (Call 03/01/30)

     1,400       1,213,562  

3.38%, 03/01/28 (Call 12/01/27)

     1,458       1,326,153  

3.65%, 03/15/27 (Call 12/15/26)

     1,930       1,820,106  

3.88%, 03/01/25 (Call 12/01/24)

     1,230       1,191,808  

3.90%, 09/17/29 (Call 06/17/29)

     1,524       1,383,822  

4.00%, 03/15/26 (Call 12/15/25)

     1,874       1,811,465  

4.30%, 03/01/24 (Call 12/01/23)

     1,845       1,822,639  
   

 

 

  
        125,856,914  
Media — 0.8%            

Charter Communications Operating LLC/Charter Communications Operating Capital

    

2.25%, 01/15/29 (Call 11/15/28)

     4,721       3,783,645  

2.30%, 02/01/32 (Call 11/01/31)

     3,830       2,815,931  

2.80%, 04/01/31 (Call 01/01/31)

     6,844       5,344,206  

3.50%, 06/01/41 (Call 12/01/40)

     5,172       3,375,040  

3.50%, 03/01/42 (Call 09/01/41)

     4,745       3,062,613  

3.70%, 04/01/51 (Call 10/01/50)

     6,624       4,044,416  

3.75%, 02/15/28 (Call 11/15/27)

     4,726       4,257,039  

3.85%, 04/01/61 (Call 10/01/60)

     7,285       4,278,699  

3.90%, 06/01/52 (Call 12/01/51)

     8,690       5,476,351  

3.95%, 06/30/62 (Call 12/30/61)

     3,520       2,096,934  

4.20%, 03/15/28 (Call 12/15/27)

     5,398       4,958,333  

4.40%, 04/01/33 (Call 01/01/33)

     4,160       3,558,256  
Security   Par
(000)		     Value  

Media (continued)

    

4.40%, 12/01/61 (Call 06/01/61)

   $ 5,683     $ 3,677,242  

4.80%, 03/01/50 (Call 09/01/49)

     9,426       6,865,050  

4.91%, 07/23/25 (Call 04/23/25)

       16,572         16,211,228  

5.05%, 03/30/29 (Call 12/30/28)

     4,948       4,618,067  

5.13%, 07/01/49 (Call 01/01/49)

     4,470       3,426,836  

5.25%, 04/01/53 (Call 10/01/52)

     5,700       4,446,399  

5.38%, 04/01/38 (Call 10/01/37)

     2,982       2,494,473  

5.38%, 05/01/47 (Call 11/01/46)

     8,338       6,615,870  

5.50%, 04/01/63 (Call 10/01/62)

     2,600       2,012,712  

5.75%, 04/01/48 (Call 10/01/47)

     8,476       7,053,727  

6.38%, 10/23/35 (Call 04/23/35)

     7,350       7,037,993  

6.48%, 10/23/45 (Call 04/23/45)

     11,989       10,845,729  

6.83%, 10/23/55 (Call 04/23/55)

     2,163       2,016,522  

Comcast Corp.

    

1.50%, 02/15/31 (Call 11/15/30)

     6,625       5,118,011  

1.95%, 01/15/31 (Call 10/15/30)

     6,391       5,121,044  

2.35%, 01/15/27 (Call 10/15/26)

     2,881       2,611,338  

2.45%, 08/15/52 (Call 02/15/52)

     5,375       3,189,418  

2.65%, 02/01/30 (Call 11/01/29)

     5,163       4,441,935  

2.65%, 08/15/62 (Call 02/15/62)

     4,469       2,563,329  

2.80%, 01/15/51 (Call 07/15/50)

     5,754       3,676,806  

2.89%, 11/01/51 (Call 05/01/51)

     14,000       9,058,840  

2.94%, 11/01/56 (Call 05/01/56)

     20,551       12,905,617  

2.99%, 11/01/63 (Call 05/01/63)

     13,528       8,271,290  

3.15%, 03/01/26 (Call 12/01/25)

     9,589       9,064,194  

3.15%, 02/15/28 (Call 11/15/27)

     5,397       4,958,278  

3.20%, 07/15/36 (Call 01/15/36)

     3,265       2,627,999  

3.25%, 11/01/39 (Call 05/01/39)

     2,512       1,955,567  

3.30%, 02/01/27 (Call 11/01/26)

     5,831       5,475,892  

3.30%, 04/01/27 (Call 02/01/27)

     2,679       2,510,625  

3.38%, 02/15/25 (Call 11/15/24)

     3,822       3,691,861  

3.38%, 08/15/25 (Call 05/15/25)

     6,314       6,064,534  

3.40%, 04/01/30 (Call 01/01/30)

     6,040       5,451,281  

3.40%, 07/15/46 (Call 01/15/46)

     2,127       1,564,196  

3.45%, 02/01/50 (Call 08/01/49)

     6,635       4,847,332  

3.55%, 05/01/28 (Call 02/01/28)

     3,886       3,623,190  

3.70%, 04/15/24 (Call 03/15/24)

     9,311       9,145,730  

3.75%, 04/01/40 (Call 10/01/39)

     6,579       5,418,859  

3.90%, 03/01/38 (Call 09/01/37)

     4,774       4,095,185  

3.95%, 10/15/25 (Call 08/15/25)

     5,417       5,265,270  

3.97%, 11/01/47 (Call 05/01/47)

     4,797       3,867,341  

4.00%, 08/15/47 (Call 02/15/47)

     4,352       3,516,111  

4.00%, 03/01/48 (Call 09/01/47)

     4,791       3,874,051  

4.00%, 11/01/49 (Call 05/01/49)

     5,578       4,496,593  

4.05%, 11/01/52 (Call 05/01/52)

     3,639       2,924,883  

4.15%, 10/15/28 (Call 07/15/28)

     7,499       7,169,569  

4.20%, 08/15/34 (Call 02/15/34)

     5,615       5,158,557  

4.25%, 10/15/30 (Call 07/15/30)

     5,014       4,764,704  

4.25%, 01/15/33

     7,551       7,057,089  

4.40%, 08/15/35 (Call 02/25/35)

     4,499       4,148,708  

4.60%, 10/15/38 (Call 04/15/38)

     4,010       3,697,180  

4.60%, 08/15/45 (Call 02/15/45)

     3,921       3,458,675  

4.65%, 02/15/33 (Call 11/15/32)

     5,525       5,333,172  

4.65%, 07/15/42

     3,127       2,889,786  

4.70%, 10/15/48 (Call 04/15/48)

     7,633       6,920,612  

4.75%, 03/01/44

     2,859       2,610,267  

4.95%, 10/15/58 (Call 04/15/58)

     3,719       3,448,294  

5.25%, 11/07/25

     810       813,499  

5.35%, 11/15/27 (Call 10/15/27)

     2,690       2,728,924  

5.50%, 11/15/32 (Call 08/15/32)

     3,410       3,505,037  

 

 

62  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Media (continued)

    

5.65%, 06/15/35

   $ 3,461     $ 3,577,947  

6.45%, 03/15/37

     50       54,931  

6.50%, 11/15/35

       3,282         3,629,465  

6.55%, 07/01/39

     1,155       1,280,352  

6.95%, 08/15/37

     1,220       1,401,048  

7.05%, 03/15/33

     1,967       2,241,101  

Discovery Communications LLC

    

3.45%, 03/15/25 (Call 12/15/24)

     2,401       2,288,177  

3.63%, 05/15/30 (Call 02/15/30)

     3,492       2,986,463  

3.80%, 03/13/24 (Call 01/13/24)

     1,544       1,512,255  

3.90%, 11/15/24 (Call 08/15/24)

     1,988       1,924,205  

3.95%, 06/15/25 (Call 05/15/25)

     1,908       1,829,295  

3.95%, 03/20/28 (Call 12/20/27)

     6,510       5,946,625  

4.00%, 09/15/55 (Call 03/15/55)

     7,093       4,569,169  

4.13%, 05/15/29 (Call 02/15/29)

     2,543       2,277,994  

4.65%, 05/15/50 (Call 11/15/49)

     3,523       2,574,115  

4.88%, 04/01/43

     636       501,715  

4.90%, 03/11/26 (Call 12/11/25)

     3,180       3,101,390  

5.00%, 09/20/37 (Call 03/20/37)

     3,735       3,186,515  

5.20%, 09/20/47 (Call 03/20/47)

     6,270       5,005,216  

5.30%, 05/15/49 (Call 11/15/48)

     4,487       3,594,670  

6.35%, 06/01/40

     741       703,794  

FactSet Research Systems Inc.

    

2.90%, 03/01/27 (Call 02/01/27)

     1,380       1,270,994  

3.45%, 03/01/32 (Call 12/01/31)

     1,590       1,341,133  

Fox Corp.

    

3.05%, 04/07/25 (Call 03/07/25)

     3,529       3,369,489  

3.50%, 04/08/30 (Call 01/08/30)

     2,603       2,290,458  

4.71%, 01/25/29 (Call 10/25/28)

     8,087       7,719,203  

5.48%, 01/25/39 (Call 07/25/38)

     4,411       4,046,034  

5.58%, 01/25/49 (Call 07/25/48)

     5,378       4,899,519  

Grupo Televisa SAB

    

4.63%, 01/30/26 (Call 10/30/25)

     1,219       1,183,515  

5.00%, 05/13/45 (Call 11/13/44)

     2,898       2,524,680  

5.25%, 05/24/49 (Call 11/24/48)

     2,300       2,102,591  

6.13%, 01/31/46 (Call 06/30/45)

     3,138       3,142,174  

6.63%, 01/15/40

     2,076       2,147,850  

8.50%, 03/11/32

     970       1,137,150  

NBCUniversal Media LLC

    

4.45%, 01/15/43

     2,038       1,780,234  

5.95%, 04/01/41

     2,791       2,933,062  

6.40%, 04/30/40

     272       295,607  

Paramount Global

    

2.90%, 01/15/27 (Call 10/15/26)(b)

     1,822       1,647,197  

3.38%, 02/15/28 (Call 12/15/27)(b)

     2,434       2,188,823  

3.70%, 06/01/28 (Call 03/01/28)

     2,775       2,487,926  

4.00%, 01/15/26 (Call 10/15/25)

     3,447       3,291,058  

4.20%, 06/01/29 (Call 03/01/29)

     1,795       1,612,951  

4.20%, 05/19/32 (Call 02/19/32)(b)

     3,865       3,182,480  

4.38%, 03/15/43

     3,041       2,110,180  

4.60%, 01/15/45 (Call 07/15/44)

     2,937       2,098,810  

4.75%, 05/15/25 (Call 04/15/25)

     2,984       2,924,618  

4.85%, 07/01/42 (Call 01/01/42)

     2,582       1,933,427  

4.90%, 08/15/44 (Call 02/15/44)

     2,786       2,048,741  

4.95%, 01/15/31 (Call 11/15/30)

     4,610       4,124,705  

4.95%, 05/19/50 (Call 11/19/49)

     3,718       2,753,365  

5.25%, 04/01/44 (Call 10/01/43)

     1,925       1,480,710  

5.50%, 05/15/33

     2,477       2,259,668  

5.85%, 09/01/43 (Call 03/01/43)

     2,434       2,044,463  

5.90%, 10/15/40 (Call 04/15/40)

     1,638       1,447,451  
Security   Par
(000)		     Value  

Media (continued)

    

6.88%, 04/30/36

   $ 3,436     $ 3,408,065  

7.88%, 07/30/30

       3,156       3,405,103  

TCI Communications Inc.

    

7.13%, 02/15/28

     2,487       2,705,980  

7.88%, 02/15/26

     3,352       3,608,730  

Thomson Reuters Corp.

    

3.35%, 05/15/26 (Call 02/15/26)

     3,068       2,891,529  

5.50%, 08/15/35

     982       955,457  

5.65%, 11/23/43 (Call 05/23/43)

     1,341       1,255,914  

5.85%, 04/15/40

     2,489       2,422,270  

Time Warner Cable Enterprises LLC, 8.38%, 07/15/33

     4,458       5,004,462  

Time Warner Cable LLC

    

4.50%, 09/15/42 (Call 03/15/42)

     4,661       3,472,725  

5.50%, 09/01/41 (Call 03/01/41)

     4,979       4,199,737  

5.88%, 11/15/40 (Call 05/15/40)

     4,179       3,679,317  

6.55%, 05/01/37

     6,237       5,940,056  

6.75%, 06/15/39

     5,531       5,313,410  

7.30%, 07/01/38

     5,706       5,710,451  

TWDC Enterprises 18 Corp.

    

1.85%, 07/30/26

     4,088       3,679,936  

2.95%, 06/15/27(b)

     3,994       3,700,361  

3.00%, 02/13/26

     3,723       3,513,730  

3.00%, 07/30/46

     2,434       1,709,836  

3.15%, 09/17/25

     3,137       2,983,820  

3.70%, 12/01/42

     1,926       1,565,395  

4.13%, 06/01/44

     3,392       2,915,865  

4.38%, 08/16/41

     1,940       1,726,910  

Series B, 7.00%, 03/01/32

     2,663       3,008,231  

Series E, 4.13%, 12/01/41

     2,668       2,315,557  

Walt Disney Co. (The)

    

1.75%, 08/30/24 (Call 07/30/24)

     6,887       6,546,094  

1.75%, 01/13/26

     5,802       5,300,823  

2.00%, 09/01/29 (Call 06/01/29)

     8,157       6,816,316  

2.20%, 01/13/28

     1,782       1,582,345  

2.65%, 01/13/31

     9,128       7,774,865  

2.75%, 09/01/49 (Call 03/01/49)

     7,687       5,102,707  

3.35%, 03/24/25

     4,413       4,263,399  

3.38%, 11/15/26 (Call 08/15/26)

     1,714       1,613,594  

3.50%, 05/13/40 (Call 11/13/39)

     6,697       5,421,155  

3.60%, 01/13/51 (Call 07/13/50)

     9,492       7,359,907  

3.70%, 09/15/24 (Call 06/15/24)

     3,423       3,356,046  

3.70%, 10/15/25 (Call 07/15/25)

     2,237       2,160,338  

3.70%, 03/23/27

     2,266       2,169,559  

3.80%, 03/22/30

     3,974       3,693,674  

3.80%, 05/13/60 (Call 11/13/59)

     4,392       3,414,473  

4.63%, 03/23/40 (Call 09/23/39)

     1,526       1,427,863  

4.70%, 03/23/50 (Call 09/23/49)

     5,455       5,104,462  

4.75%, 09/15/44 (Call 03/15/44)

     2,459       2,282,690  

4.75%, 11/15/46 (Call 05/15/46)

     1,718       1,597,757  

4.95%, 10/15/45 (Call 04/15/45)

     1,696       1,607,604  

5.40%, 10/01/43

     2,712       2,729,872  

6.15%, 03/01/37

     180       192,496  

6.15%, 02/15/41

     1,172       1,275,640  

6.20%, 12/15/34

     3,980       4,349,981  

6.40%, 12/15/35

     4,264       4,695,048  

6.55%, 03/15/33(b)

     955       1,061,005  

6.65%, 11/15/37

     3,567       4,042,338  

7.75%, 12/01/45

     855       1,088,731  
   

 

 

  
        654,604,321  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   63

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Metal Fabricate & Hardware — 0.0%

    

Precision Castparts Corp.

    

3.25%, 06/15/25 (Call 03/15/25)

   $   3,899     $ 3,750,448  

3.90%, 01/15/43 (Call 07/15/42)

     2,405       2,035,832  

4.38%, 06/15/45 (Call 12/15/44)

     1,263       1,129,741  

Timken Co. (The)

    

3.88%, 09/01/24 (Call 06/01/24)

     997       971,537  

4.13%, 04/01/32 (Call 01/01/32)

     1,710       1,539,137  

4.50%, 12/15/28 (Call 09/15/28)

     2,150       2,035,599  

Valmont Industries Inc.

    

5.00%, 10/01/44 (Call 04/01/44)

     1,624       1,412,977  

5.25%, 10/01/54 (Call 04/01/54)

     1,644       1,435,031  
   

 

 

  
        14,310,302  
Mining — 0.2%            

AngloGold Ashanti Holdings PLC

    

3.38%, 11/01/28 (Call 09/01/28)

     655       569,372  

3.75%, 10/01/30 (Call 07/01/30)

     833       710,499  

Barrick Gold Corp., 6.45%, 10/15/35

     627       659,291  

Barrick North America Finance LLC

    

5.70%, 05/30/41

     3,133       3,128,394  

5.75%, 05/01/43

     3,117       3,142,092  

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39

     3,223       3,320,431  

BHP Billiton Finance USA Ltd.

    

4.13%, 02/24/42

     2,586       2,258,225  

4.75%, 02/28/28 (Call 01/28/28)

     2,465       2,435,100  

4.88%, 02/27/26

     2,450       2,435,692  

4.90%, 02/28/33 (Call 11/28/32)

     1,395       1,389,211  

5.00%, 09/30/43

     9,653       9,385,515  

6.42%, 03/01/26

     1,685       1,745,390  

Freeport-McMoRan Inc.

    

4.13%, 03/01/28 (Call 03/01/23)

     2,782       2,577,857  

4.25%, 03/01/30 (Call 03/01/25)

     3,896       3,527,828  

4.38%, 08/01/28 (Call 08/01/23)

     3,446       3,208,054  

4.55%, 11/14/24 (Call 08/14/24)

     3,920       3,849,989  

4.63%, 08/01/30 (Call 08/01/25)(b)

     4,501       4,186,605  

5.00%, 09/01/27 (Call 09/01/23)

     3,835       3,752,164  

5.25%, 09/01/29 (Call 09/01/24)

     3,775       3,645,442  

5.40%, 11/14/34 (Call 05/14/34)

     3,686       3,483,049  

5.45%, 03/15/43 (Call 09/15/42)

     6,200       5,612,116  

Kinross Gold Corp.

    

4.50%, 07/15/27 (Call 04/15/27)

     2,394       2,282,272  

5.95%, 03/15/24 (Call 12/15/23)

     2,294       2,294,711  

Newmont Corp.

    

2.25%, 10/01/30 (Call 07/01/30)

     4,623       3,725,861  

2.60%, 07/15/32 (Call 04/15/32)

     3,785       3,016,986  

2.80%, 10/01/29 (Call 07/01/29)

     3,057       2,601,232  

4.88%, 03/15/42 (Call 09/15/41)

     1,713       1,563,524  

5.45%, 06/09/44 (Call 12/09/43)

     2,717       2,608,510  

5.88%, 04/01/35

     2,690       2,723,652  

6.25%, 10/01/39

     2,316       2,417,672  

Rio Tinto Alcan Inc.

    

5.75%, 06/01/35

     1,523       1,561,806  

6.13%, 12/15/33

     2,663       2,859,263  

7.25%, 03/15/31

     2,813       3,194,808  

Rio Tinto Finance USA Ltd.

    

2.75%, 11/02/51 (Call 05/02/51)

     4,215       2,782,827  

5.20%, 11/02/40

     3,669       3,653,957  

7.13%, 07/15/28

     2,806       3,081,409  

Rio Tinto Finance USA PLC

    

4.13%, 08/21/42 (Call 02/21/42)

     2,814       2,444,297  

4.75%, 03/22/42 (Call 09/22/41)

     1,700       1,601,043  
Security   Par
(000)		     Value  

Mining (continued)

    

Southern Copper Corp.

    

3.88%, 04/23/25

   $ 3,434     $ 3,323,150  

5.25%, 11/08/42

       5,697       5,377,512  

5.88%, 04/23/45

     3,363       3,398,883  

6.75%, 04/16/40

     3,771       4,135,957  

7.50%, 07/27/35

     3,318       3,770,841  

Teck Resources Ltd.

    

3.90%, 07/15/30 (Call 04/15/30)(b)

     265       237,326  

5.20%, 03/01/42 (Call 09/01/41)

     1,178       1,047,819  

5.40%, 02/01/43 (Call 08/01/42)

     473       430,562  

6.00%, 08/15/40 (Call 02/15/40)

     2,130       2,077,985  

6.13%, 10/01/35

     1,794       1,799,795  

6.25%, 07/15/41 (Call 01/15/41)

     1,716       1,726,245  

Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)

     830       635,730  
   

 

 

  
        137,397,951  
Office & Business Equipment — 0.0%            

CDW LLC/CDW Finance Corp.

    

2.67%, 12/01/26 (Call 11/01/26)

     5,620       4,999,945  

3.25%, 02/15/29 (Call 08/15/23)

     3,099       2,625,814  

3.28%, 12/01/28 (Call 10/01/28)

     2,480       2,139,471  

3.57%, 12/01/31 (Call 09/01/31)

     3,555       2,942,936  

4.13%, 05/01/25 (Call 05/01/23)

     4,685       4,491,978  

4.25%, 04/01/28 (Call 10/01/23)

     3,067       2,795,632  

5.50%, 12/01/24 (Call 06/01/24)

     6,038       5,989,092  
   

 

 

  
      25,984,868  
Oil & Gas — 0.9%            

BP Capital Markets America Inc.

    

1.75%, 08/10/30 (Call 05/10/30)

     3,556       2,850,205  

2.72%, 01/12/32 (Call 10/12/31)

     7,055       5,911,878  

2.77%, 11/10/50 (Call 05/10/50)

     3,000       1,932,810  

2.94%, 06/04/51 (Call 12/04/50)

     9,495       6,309,048  

3.00%, 02/24/50 (Call 08/24/49)

     7,995       5,435,321  

3.00%, 03/17/52 (Call 09/17/51)

     3,680       2,468,102  

3.02%, 01/16/27 (Call 10/16/26)

     3,911       3,636,096  

3.06%, 06/17/41 (Call 12/17/40)

     5,740       4,250,240  

3.12%, 05/04/26 (Call 02/04/26)

     4,669       4,409,544  

3.38%, 02/08/61 (Call 08/08/60)

     6,975       4,817,632  

3.41%, 02/11/26 (Call 12/11/25)

     4,674       4,463,623  

3.54%, 04/06/27 (Call 02/06/27)

     2,384       2,254,477  

3.59%, 04/14/27 (Call 01/14/27)

     2,553       2,415,342  

3.63%, 04/06/30 (Call 01/06/30)

     4,197       3,844,956  

3.80%, 09/21/25 (Call 07/21/25)

     4,378       4,278,926  

3.94%, 09/21/28 (Call 06/21/28)

     4,078       3,880,910  

4.23%, 11/06/28 (Call 08/06/28)

     5,650       5,449,933  

4.81%, 02/13/33 (Call 11/13/32)

     2,355       2,313,199  

BP Capital Markets PLC

    

3.28%, 09/19/27 (Call 06/19/27)

     4,987       4,648,283  

3.72%, 11/28/28 (Call 08/28/28)

     4,842       4,562,907  

Burlington Resources LLC

    

5.95%, 10/15/36

     100       103,808  

7.20%, 08/15/31

     90       101,854  

7.40%, 12/01/31

     265       302,445  

Canadian Natural Resources Ltd.

    

2.05%, 07/15/25 (Call 06/15/25)

     3,246       3,000,180  

2.95%, 07/15/30 (Call 04/15/30)

     1,990       1,683,938  

3.80%, 04/15/24 (Call 01/15/24)

     3,230       3,166,175  

3.85%, 06/01/27 (Call 03/01/27)

     4,514       4,238,330  

3.90%, 02/01/25 (Call 11/01/24)

     3,045       2,950,483  

4.95%, 06/01/47 (Call 12/01/46)

     2,983       2,596,344  

 

 

64  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Oil & Gas (continued)

    

5.85%, 02/01/35

   $ 1,645     $ 1,582,572  

6.25%, 03/15/38

     3,403       3,426,821  

6.45%, 06/30/33

     1,535       1,565,009  

6.50%, 02/15/37

     1,819       1,833,516  

6.75%, 02/01/39

     1,715       1,788,676  

7.20%, 01/15/32

     1,255       1,350,418  

Cenovus Energy Inc.

    

2.65%, 01/15/32 (Call 10/15/31)

     1,991       1,574,722  

3.75%, 02/15/52 (Call 08/15/51)

     3,455       2,446,382  

4.25%, 04/15/27 (Call 01/15/27)

     540       515,516  

5.25%, 06/15/37 (Call 12/15/36)

     2,715       2,480,804  

5.40%, 06/15/47 (Call 12/15/46)

     1,786       1,608,079  

6.75%, 11/15/39

     2,440       2,548,068  

6.80%, 09/15/37

     1,802       1,854,835  

Chevron Corp.

    

1.55%, 05/11/25 (Call 04/11/25)

     9,853       9,149,003  

2.00%, 05/11/27 (Call 03/11/27)

     4,760       4,264,294  

2.24%, 05/11/30 (Call 02/11/30)

     5,614       4,799,352  

2.90%, 03/03/24 (Call 01/03/24)

     4,270       4,175,121  

2.95%, 05/16/26 (Call 02/16/26)

     8,392       7,901,655  

3.08%, 05/11/50 (Call 11/11/49)

     3,811       2,749,027  

3.33%, 11/17/25 (Call 08/17/25)

     3,574       3,432,613  

Chevron USA Inc.

    

0.69%, 08/12/25 (Call 07/12/25)

     3,951       3,565,540  

1.02%, 08/12/27 (Call 06/12/27)

     3,914       3,343,574  

2.34%, 08/12/50 (Call 02/12/50)

     3,543       2,209,486  

3.25%, 10/15/29 (Call 07/15/29)

     2,111       1,920,567  

3.85%, 01/15/28 (Call 10/15/27)

     3,170       3,048,843  

3.90%, 11/15/24 (Call 08/15/24)

     3,121       3,070,627  

5.25%, 11/15/43 (Call 05/15/43)

     355       356,640  

6.00%, 03/01/41 (Call 09/01/40)

     145       159,001  

CNOOC Finance 2013 Ltd.

    

2.88%, 09/30/29 (Call 06/30/29)(b)

     1,249       1,105,677  

3.30%, 09/30/49 (Call 03/30/49)

     1,315       916,779  

4.25%, 05/09/43

     3,599       3,055,371  

CNOOC Finance 2014 ULC, 4.25%, 04/30/24

     7,345       7,247,018  

CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45

     500       417,185  

CNOOC Finance 2015 USA LLC

    

3.50%, 05/05/25

     4,520       4,343,132  

4.38%, 05/02/28

     5,052       4,929,489  

CNOOC Petroleum North America ULC

    

5.88%, 03/10/35

     1,913       1,958,510  

6.40%, 05/15/37

     3,637       3,901,155  

7.50%, 07/30/39(b)

     1,006       1,204,816  

7.88%, 03/15/32

     1,846       2,199,491  

Conoco Funding Co., 7.25%, 10/15/31

     695       788,109  

ConocoPhillips, 4.88%, 10/01/47 (Call 04/01/47)(b)

     218       203,682  

ConocoPhillips Co.

    

2.13%, 03/08/24 (Call 03/31/23)

     152       147,250  

2.40%, 03/07/25 (Call 03/07/23)

     1,185       1,121,899  

3.35%, 11/15/24 (Call 08/15/24)

     425       412,650  

3.76%, 03/15/42 (Call 09/15/41)

       11,270         9,247,486  

3.80%, 03/15/52 (Call 09/15/51)

     1,920       1,522,906  

4.03%, 03/15/62 (Call 09/15/61)

     10,167       8,056,534  

4.30%, 11/15/44 (Call 05/15/44)

     1,765       1,531,949  

5.90%, 10/15/32

     1,831       1,960,305  

5.90%, 05/15/38

     417       437,687  

5.95%, 03/15/46 (Call 09/15/45)

     345       366,783  

6.50%, 02/01/39

     549       619,843  
Security   Par
(000)		     Value  

Oil & Gas (continued)

    

6.95%, 04/15/29

   $ 1,005     $ 1,102,817  

Continental Resources Inc./OK

    

3.80%, 06/01/24 (Call 03/01/24)

     4,310       4,205,267  

4.38%, 01/15/28 (Call 10/15/27)

     3,935       3,649,398  

4.90%, 06/01/44 (Call 12/01/43)

       3,080         2,308,860  

Coterra Energy Inc.

    

3.90%, 05/15/27 (Call 02/15/27)

     3,368       3,159,251  

4.38%, 03/15/29 (Call 12/15/28)

     2,620       2,418,443  

Devon Energy Corp.

    

4.50%, 01/15/30 (Call 01/15/25)

     3,830       3,562,934  

4.75%, 05/15/42 (Call 11/15/41)

     3,638       3,023,324  

5.00%, 06/15/45 (Call 12/15/44)

     3,422       2,903,396  

5.25%, 09/15/24 (Call 06/15/24)

     1,460       1,452,685  

5.25%, 10/15/27 (Call 10/15/23)

     1,125       1,112,805  

5.60%, 07/15/41 (Call 01/15/41)

     3,982       3,671,643  

5.85%, 12/15/25 (Call 09/15/25)

     4,360       4,390,171  

5.88%, 06/15/28 (Call 06/15/23)(b)

     1,430       1,439,638  

7.88%, 09/30/31

     1,072       1,213,075  

7.95%, 04/15/32

     1,335       1,516,587  

Diamondback Energy Inc.

    

3.13%, 03/24/31 (Call 12/24/30)

     3,192       2,678,280  

3.25%, 12/01/26 (Call 10/01/26)

     5,731       5,308,683  

3.50%, 12/01/29 (Call 09/01/29)

     2,773       2,450,361  

4.25%, 03/15/52 (Call 09/15/51)

     2,584       1,942,625  

4.40%, 03/24/51 (Call 09/24/50)(b)

     2,780       2,152,637  

6.25%, 03/15/33 (Call 12/15/32)

     3,115       3,175,680  

6.25%, 03/15/53 (Call 09/15/52)

     2,770       2,729,336  

Eni USA Inc., 7.30%, 11/15/27(b)

     660       713,486  

EOG Resources Inc.

    

3.15%, 04/01/25 (Call 01/01/25)

     1,244       1,192,187  

3.90%, 04/01/35 (Call 10/01/34)

     2,898       2,560,006  

4.15%, 01/15/26 (Call 10/15/25)

     5,624       5,494,985  

4.38%, 04/15/30 (Call 01/15/30)

     3,139       3,012,592  

4.95%, 04/15/50 (Call 10/15/49)

     3,026       2,915,460  

EQT Corp.

    

3.90%, 10/01/27 (Call 07/01/27)

     7,186       6,584,676  

5.00%, 01/15/29 (Call 07/15/28)

     2,285       2,142,439  

5.68%, 10/01/25 (Call 10/04/23)

     2,550       2,526,081  

5.70%, 04/01/28 (Call 03/01/28)

     1,420       1,397,862  

6.13%, 02/01/25 (Call 01/01/25)

     6,433       6,440,462  

7.00%, 02/01/30 (Call 11/01/29)

     3,345       3,451,003  

Equinor ASA

    

1.75%, 01/22/26 (Call 12/22/25)

     2,451       2,237,886  

2.38%, 05/22/30 (Call 02/22/30)

     4,417       3,762,577  

2.88%, 04/06/25 (Call 03/06/25)

     5,063       4,843,468  

3.00%, 04/06/27 (Call 02/06/27)

     2,076       1,931,635  

3.13%, 04/06/30 (Call 01/06/30)

     5,346       4,810,758  

3.25%, 11/10/24

     583       566,099  

3.25%, 11/18/49 (Call 05/18/49)

     4,074       3,009,790  

3.63%, 09/10/28 (Call 06/10/28)

     4,271       4,046,687  

3.63%, 04/06/40 (Call 10/06/39)

     2,474       2,038,873  

3.70%, 03/01/24

     3,620       3,564,469  

3.70%, 04/06/50 (Call 10/06/49)

     3,680       2,955,040  

3.95%, 05/15/43

     3,542       2,994,726  

4.25%, 11/23/41

     2,280       2,032,324  

4.80%, 11/08/43

     2,635       2,505,463  

5.10%, 08/17/40

     3,097       3,078,356  

7.25%, 09/23/27

     900       983,340  

Exxon Mobil Corp.

    

2.02%, 08/16/24 (Call 07/16/24)

     7,627       7,296,675  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   65

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Oil & Gas (continued)

    

2.28%, 08/16/26 (Call 06/16/26)

   $ 3,975     $ 3,647,341  

2.44%, 08/16/29 (Call 05/16/29)

     6,311       5,558,855  

2.61%, 10/15/30 (Call 07/15/30)

     5,430       4,716,661  

2.71%, 03/06/25 (Call 12/06/24)

     3,620       3,457,064  

2.99%, 03/19/25 (Call 02/19/25)

       12,103         11,621,664  

3.00%, 08/16/39 (Call 02/16/39)

     5,740       4,409,066  

3.04%, 03/01/26 (Call 12/01/25)

     9,776       9,264,129  

3.10%, 08/16/49 (Call 02/16/49)

     6,551       4,705,452  

3.18%, 03/15/24 (Call 12/15/23)

     3,795       3,716,178  

3.29%, 03/19/27 (Call 01/19/27)(b)

     2,540       2,420,798  

3.45%, 04/15/51 (Call 10/15/50)

     5,853       4,463,088  

3.48%, 03/19/30 (Call 12/19/29)

     4,127       3,823,831  

3.57%, 03/06/45 (Call 09/06/44)

     3,227       2,556,946  

4.11%, 03/01/46 (Call 09/01/45)

     10,681       9,140,159  

4.23%, 03/19/40 (Call 09/19/39)

     5,026       4,516,766  

4.33%, 03/19/50 (Call 09/19/49)

     9,460       8,396,980  

Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)

     900       736,938  

Hess Corp.

    

3.50%, 07/15/24 (Call 04/15/24)

     2,623       2,558,500  

4.30%, 04/01/27 (Call 01/01/27)

     5,637       5,396,582  

5.60%, 02/15/41

     4,753       4,450,186  

5.80%, 04/01/47 (Call 10/01/46)(b)

     1,904       1,807,220  

6.00%, 01/15/40

     3,083       3,030,065  

7.13%, 03/15/33

     2,712       2,910,600  

7.30%, 08/15/31

     2,434       2,641,474  

7.88%, 10/01/29

     1,022       1,124,312  

HF Sinclair Corp.

    

4.50%, 10/01/30 (Call 07/01/30)

     997       887,051  

5.88%, 04/01/26 (Call 01/01/26)

     4,136       4,135,710  

Marathon Oil Corp.

    

4.40%, 07/15/27 (Call 04/15/27)

     4,718       4,494,084  

5.20%, 06/01/45 (Call 12/01/44)

     2,411       2,030,809  

6.60%, 10/01/37

     3,358       3,345,172  

6.80%, 03/15/32

     2,339       2,412,912  

Marathon Petroleum Corp.

    

3.63%, 09/15/24 (Call 06/15/24)

     3,854       3,755,415  

3.80%, 04/01/28 (Call 01/01/28)

     2,483       2,292,206  

4.50%, 04/01/48 (Call 10/01/47)

     2,182       1,747,673  

4.70%, 05/01/25 (Call 04/01/25)

     5,410       5,334,260  

4.75%, 09/15/44 (Call 03/15/44)

     3,616       3,017,950  

5.00%, 09/15/54 (Call 03/15/54)

     2,953       2,489,792  

5.13%, 12/15/26 (Call 09/15/26)

     3,514       3,494,251  

6.50%, 03/01/41 (Call 09/01/40)

     2,211       2,285,201  

Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)

     3,464       3,433,240  

Ovintiv Inc.

    

6.50%, 08/15/34(b)

     2,109       2,111,974  

6.50%, 02/01/38

     1,995       1,961,464  

6.63%, 08/15/37

     2,125       2,105,216  

7.20%, 11/01/31

     1,235       1,298,961  

7.38%, 11/01/31

     1,615       1,725,272  

8.13%, 09/15/30

     1,115       1,217,123  

Phillips 66

    

1.30%, 02/15/26 (Call 01/15/26)

     3,439       3,066,384  

2.15%, 12/15/30 (Call 09/15/30)

     3,315       2,649,481  

3.15%, 12/15/29 (Call 09/15/29)(f)

     1,991       1,736,530  

3.30%, 03/15/52 (Call 09/15/51)

     4,310       2,968,125  

3.55%, 10/01/26 (Call 07/01/26)(f)

     2,230       2,078,182  

3.61%, 02/15/25 (Call 11/15/24)(f)

     1,357       1,308,094  
Security   Par
(000)		     Value  

Oil & Gas (continued)

    

3.75%, 03/01/28 (Call 12/01/27)(f)

   $ 2,521     $ 2,328,043  

3.85%, 04/09/25 (Call 03/09/25)

     4,271       4,147,611  

3.90%, 03/15/28 (Call 12/15/27)

     1,986       1,877,703  

4.65%, 11/15/34 (Call 05/15/34)

     4,971       4,639,733  

4.68%, 02/15/45 (Call 08/15/44)(f)

     2,565       2,244,144  

4.88%, 11/15/44 (Call 05/15/44)

     4,328       3,944,453  

4.90%, 10/01/46 (Call 04/01/46)(f)

     2,427       2,144,424  

5.88%, 05/01/42

     4,744       4,920,667  

Pioneer Natural Resources Co.

    

1.13%, 01/15/26 (Call 12/15/25)

     300       267,102  

1.90%, 08/15/30 (Call 05/15/30)

     7,005       5,470,485  

2.15%, 01/15/31 (Call 10/15/30)

     385       303,472  

Shell International Finance BV

    

2.00%, 11/07/24 (Call 10/07/24)

     6,095       5,796,954  

2.38%, 11/07/29 (Call 08/07/29)

     5,376       4,614,382  

2.50%, 09/12/26

     6,590       6,052,783  

2.75%, 04/06/30 (Call 01/06/30)

     2,163       1,899,655  

2.88%, 05/10/26

     7,202       6,745,249  

2.88%, 11/26/41 (Call 05/26/41)

     2,380       1,747,991  

3.00%, 11/26/51 (Call 05/26/51)

     4,475       3,091,733  

3.13%, 11/07/49 (Call 05/07/49)

     5,098       3,651,442  

3.25%, 05/11/25

       11,436         11,011,610  

3.25%, 04/06/50 (Call 10/06/49)

     7,183       5,282,306  

3.63%, 08/21/42

     2,543       2,067,942  

3.75%, 09/12/46

     5,056       4,021,694  

3.88%, 11/13/28 (Call 08/23/28)

     3,825       3,653,869  

4.00%, 05/10/46

     7,999       6,635,091  

4.13%, 05/11/35

     6,333       5,827,880  

4.38%, 05/11/45

     10,363       9,164,312  

4.55%, 08/12/43

     2,938       2,685,361  

5.50%, 03/25/40

     3,545       3,645,678  

6.38%, 12/15/38

     8,556       9,488,005  

Suncor Energy Inc.

    

3.75%, 03/04/51 (Call 09/04/50)

     993       729,776  

4.00%, 11/15/47 (Call 05/15/47)(b)

     3,947       3,079,884  

5.95%, 12/01/34

     1,860       1,857,452  

6.50%, 06/15/38

     2,840       2,915,572  

6.80%, 05/15/38

     3,982       4,245,768  

6.85%, 06/01/39

     3,576       3,826,749  

7.15%, 02/01/32

     862       935,382  

Tosco Corp., 8.13%, 02/15/30

     1,530       1,780,369  

TotalEnergies Capital International SA

    

2.43%, 01/10/25 (Call 10/10/24)

     4,281       4,091,951  

2.83%, 01/10/30 (Call 10/10/29)

     4,589       4,051,032  

2.99%, 06/29/41 (Call 12/29/40)

     2,353       1,750,303  

3.13%, 05/29/50 (Call 11/29/49)

     7,916       5,647,274  

3.39%, 06/29/60 (Call 12/29/59)

     1,010       722,807  

3.45%, 02/19/29 (Call 11/19/28)

     5,099       4,714,943  

3.46%, 07/12/49 (Call 01/12/49)

     5,555       4,249,964  

3.75%, 04/10/24

     5,986       5,882,442  

TotalEnergies Capital SA, 3.88%, 10/11/28

     4,272       4,102,316  

Valero Energy Corp.

    

2.15%, 09/15/27 (Call 07/15/27)

     1,540       1,353,167  

2.80%, 12/01/31 (Call 09/01/31)

     2,035       1,653,946  

3.40%, 09/15/26 (Call 06/15/26)

     15       14,102  

3.65%, 12/01/51 (Call 06/01/51)

     4,905       3,485,346  

4.00%, 06/01/52 (Call 12/01/51)(b)

     1,365       1,028,951  

4.35%, 06/01/28 (Call 03/01/28)

     2,726       2,613,171  

4.90%, 03/15/45(b)

     3,036       2,721,228  

6.63%, 06/15/37

     4,705       5,001,462  

 

 

66  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Oil & Gas (continued)

    

7.50%, 04/15/32

   $ 2,718     $ 3,073,243  
   

 

 

  
        772,704,518  
Oil & Gas Services — 0.1%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

       3,719       3,506,682  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

    

2.06%, 12/15/26 (Call 11/15/26)

     3,585       3,205,098  

3.14%, 11/07/29 (Call 08/07/29)

     1,840       1,622,218  

3.34%, 12/15/27 (Call 09/15/27)

     5,181       4,782,892  

4.08%, 12/15/47 (Call 06/15/47)

     5,583       4,407,443  

4.49%, 05/01/30 (Call 02/01/30)

     2,134       2,024,675  

Halliburton Co.

    

2.92%, 03/01/30 (Call 12/01/29)(b)

     1,443       1,248,065  

3.80%, 11/15/25 (Call 08/15/25)

     1,881       1,817,949  

4.50%, 11/15/41 (Call 05/15/41)

     2,190       1,834,213  

4.75%, 08/01/43 (Call 02/01/43)

     3,565       3,062,121  

4.85%, 11/15/35 (Call 05/15/35)

     4,797       4,471,955  

5.00%, 11/15/45 (Call 05/15/45)(b)

     5,646       4,980,788  

6.70%, 09/15/38

     3,061       3,282,249  

7.45%, 09/15/39

     3,761       4,272,910  

NOV Inc.

    

3.60%, 12/01/29 (Call 09/01/29)

     2,422       2,139,135  

3.95%, 12/01/42 (Call 06/01/42)

     4,491       3,255,391  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

     3,530       3,229,209  

Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)

     3,028       2,605,412  
   

 

 

  
      55,748,405  
Packaging & Containers — 0.1%            

Amcor Finance USA Inc.

    

3.63%, 04/28/26 (Call 01/28/26)

     2,069       1,954,853  

4.50%, 05/15/28 (Call 02/15/28)

     900       863,406  

Amcor Flexibles North America Inc.

    

2.63%, 06/19/30 (Call 03/19/30)

     2,415       1,999,862  

2.69%, 05/25/31 (Call 02/25/31)

     3,275       2,655,337  

4.00%, 05/17/25 (Call 04/17/25)

     1,860       1,796,686  

AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)

     1,025       864,126  

Berry Global Inc.

    

0.95%, 02/15/24 (Call 01/15/24)

     1,585       1,512,993  

1.57%, 01/15/26 (Call 12/15/25)

     2,811       2,507,328  

1.65%, 01/15/27 (Call 12/15/26)

     2,635       2,263,808  

Packaging Corp. of America

    

3.00%, 12/15/29 (Call 09/15/29)

     1,144       985,041  

3.05%, 10/01/51 (Call 04/01/51)

     1,155       755,659  

3.40%, 12/15/27 (Call 09/15/27)

     1,394       1,289,380  

3.65%, 09/15/24 (Call 06/15/24)

     1,453       1,418,317  

4.05%, 12/15/49 (Call 06/15/49)

     2,302       1,814,736  

Sonoco Products Co.

    

1.80%, 02/01/25 (Call 03/31/23)

     3,327       3,112,242  

2.25%, 02/01/27 (Call 01/01/27)

     2,860       2,563,876  

2.85%, 02/01/32 (Call 11/01/31)

     2,883       2,364,146  

3.13%, 05/01/30 (Call 02/01/30)

     1,500       1,290,975  

5.75%, 11/01/40 (Call 05/01/40)

     65       65,059  

WestRock MWV LLC

    

7.95%, 02/15/31

     1,803       2,048,190  

8.20%, 01/15/30

     486       557,019  

WRKCo Inc.

    

3.00%, 09/15/24 (Call 07/15/24)

     3,303       3,176,693  

3.00%, 06/15/33 (Call 03/15/33)

     2,490       2,006,317  
Security   Par
(000)		     Value  

Packaging & Containers (continued)

    

3.38%, 09/15/27 (Call 06/15/27)

   $ 1,236     $ 1,142,361  

3.75%, 03/15/25 (Call 01/15/25)

     2,419       2,344,543  

3.90%, 06/01/28 (Call 03/01/28)

     2,711       2,517,787  

4.00%, 03/15/28 (Call 12/15/27)

     2,887       2,698,479  

4.20%, 06/01/32 (Call 03/01/32)

     2,111       1,909,146  

4.65%, 03/15/26 (Call 01/15/26)

     5,647       5,532,818  

4.90%, 03/15/29 (Call 12/15/28)

     2,894       2,775,693  
   

 

 

  
        58,786,876  
Pharmaceuticals — 1.3%            

AbbVie Inc.

    

2.60%, 11/21/24 (Call 10/21/24)

       13,210       12,603,265  

2.95%, 11/21/26 (Call 09/21/26)

     6,229       5,747,187  

3.20%, 05/14/26 (Call 02/14/26)

     8,108       7,622,898  

3.20%, 11/21/29 (Call 08/21/29)

     18,619       16,460,872  

3.60%, 05/14/25 (Call 02/14/25)

     13,279       12,777,851  

3.80%, 03/15/25 (Call 12/15/24)

     10,341       10,031,494  

3.85%, 06/15/24 (Call 03/15/24)

     5,110       5,014,239  

4.05%, 11/21/39 (Call 05/21/39)

     12,556       10,614,968  

4.25%, 11/14/28 (Call 08/14/28)

     4,686       4,482,159  

4.25%, 11/21/49 (Call 05/21/49)

     18,488       15,386,083  

4.30%, 05/14/36 (Call 11/14/35)

     6,170       5,542,264  

4.40%, 11/06/42

     9,172       7,955,426  

4.45%, 05/14/46 (Call 11/14/45)

     8,053       6,894,254  

4.50%, 05/14/35 (Call 11/14/34)

     6,201       5,750,931  

4.55%, 03/15/35 (Call 09/15/34)

     6,357       5,910,421  

4.63%, 10/01/42 (Call 04/01/42)

     1,893       1,674,642  

4.70%, 05/14/45 (Call 11/14/44)

     8,743       7,745,773  

4.75%, 03/15/45 (Call 09/15/44)

     4,069       3,643,912  

4.85%, 06/15/44 (Call 12/15/43)

     4,628       4,203,751  

4.88%, 11/14/48 (Call 05/14/48)

     6,960       6,374,594  

AmerisourceBergen Corp.

    

2.70%, 03/15/31 (Call 12/15/30)

     3,062       2,543,113  

2.80%, 05/15/30 (Call 02/15/30)

     1,457       1,242,049  

3.25%, 03/01/25 (Call 12/01/24)

     2,077       1,989,953  

3.40%, 05/15/24 (Call 02/15/24)

     2,686       2,620,005  

3.45%, 12/15/27 (Call 09/15/27)

     4,304       4,004,829  

4.25%, 03/01/45 (Call 09/01/44)

     2,120       1,765,748  

4.30%, 12/15/47 (Call 06/15/47)

     2,325       1,952,326  

Astrazeneca Finance LLC

    

0.70%, 05/28/24 (Call 03/31/23)

     969       916,994  

1.20%, 05/28/26 (Call 04/28/26)

     5,080       4,498,899  

1.75%, 05/28/28 (Call 03/28/28)

     5,584       4,781,356  

2.25%, 05/28/31 (Call 02/28/31)

     1,782       1,483,604  

4.88%, 03/03/28 (Call 02/03/28)

     4,200       4,191,516  

4.88%, 03/03/33 (Call 12/03/32)

     4,200       4,188,492  

4.90%, 03/03/30 (Call 01/03/30)

     4,200       4,182,780  

AstraZeneca PLC

    

0.70%, 04/08/26 (Call 03/08/26)

     5,125       4,492,677  

1.38%, 08/06/30 (Call 05/06/30)

     6,571       5,185,242  

2.13%, 08/06/50 (Call 02/06/50)

     3,469       2,068,634  

3.00%, 05/28/51 (Call 11/28/50)

     2,955       2,119,621  

3.13%, 06/12/27 (Call 03/12/27)

     3,131       2,931,148  

3.38%, 11/16/25

     7,656       7,351,751  

4.00%, 01/17/29 (Call 10/17/28)

     2,815       2,699,191  

4.00%, 09/18/42

     3,434       2,999,256  

4.38%, 11/16/45

     2,169       1,966,264  

4.38%, 08/17/48 (Call 02/17/48)

     2,387       2,159,089  

6.45%, 09/15/37

     9,937       11,205,458  

Becton Dickinson and Co.

    

1.96%, 02/11/31 (Call 11/11/30)

     5,110       4,018,862  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   67

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Pharmaceuticals (continued)

    

2.82%, 05/20/30 (Call 02/20/30)

   $ 2,757     $ 2,360,350  

3.36%, 06/06/24 (Call 04/06/24)

     3,105       3,025,605  

3.70%, 06/06/27 (Call 03/06/27)

     5,123       4,834,729  

3.73%, 12/15/24 (Call 09/15/24)

     2,387       2,320,045  

3.79%, 05/20/50 (Call 11/20/49)

     2,042       1,570,114  

4.30%, 08/22/32 (Call 05/22/32)

     1,715       1,593,286  

4.67%, 06/06/47 (Call 12/06/46)

     2,812       2,471,551  

4.69%, 02/13/28 (Call 01/13/28)

     3,130       3,061,265  

4.69%, 12/15/44 (Call 06/15/44)

     4,567       4,050,107  

Bristol-Myers Squibb Co.

    

0.75%, 11/13/25 (Call 10/13/25)

     1,421       1,273,387  

1.13%, 11/13/27 (Call 09/13/27)

     1,741       1,478,492  

1.45%, 11/13/30 (Call 08/13/30)

     1,890       1,490,756  

2.35%, 11/13/40 (Call 05/13/40)

     789       538,745  

2.55%, 11/13/50 (Call 05/13/50)

     5,762       3,643,889  

2.90%, 07/26/24 (Call 06/26/24)

     5,867       5,687,118  

2.95%, 03/15/32 (Call 12/15/31)

     3,095       2,671,573  

3.20%, 06/15/26 (Call 04/15/26)

     5,302       5,019,509  

3.25%, 08/01/42

     3,363       2,582,246  

3.40%, 07/26/29 (Call 04/26/29)

     6,852       6,279,241  

3.45%, 11/15/27 (Call 08/15/27)(b)

     1,550       1,463,277  

3.55%, 03/15/42 (Call 09/15/41)

     2,145       1,740,710  

3.63%, 05/15/24 (Call 02/15/24)

     660       647,625  

3.70%, 03/15/52 (Call 09/15/51)

     6,605       5,212,072  

3.90%, 02/20/28 (Call 11/20/27)

       10,123       9,703,705  

3.90%, 03/15/62 (Call 09/15/61)

     4,107       3,215,740  

4.13%, 06/15/39 (Call 12/15/38)

     10,591       9,459,775  

4.25%, 10/26/49 (Call 04/26/49)

     12,772         11,026,962  

4.35%, 11/15/47 (Call 05/15/47)

     4,969       4,374,708  

4.55%, 02/20/48 (Call 08/20/47)

     4,511       4,100,048  

4.63%, 05/15/44 (Call 11/15/43)

     815       754,087  

5.00%, 08/15/45 (Call 02/15/45)

     120       116,746  

Cardinal Health Inc.

    

3.08%, 06/15/24 (Call 04/15/24)

     3,578       3,465,615  

3.41%, 06/15/27 (Call 03/15/27)

     2,125       1,980,351  

3.50%, 11/15/24 (Call 08/15/24)

     2,154       2,079,515  

3.75%, 09/15/25 (Call 06/15/25)

     2,467       2,371,206  

4.37%, 06/15/47 (Call 12/15/46)

     2,049       1,646,023  

4.50%, 11/15/44 (Call 05/15/44)

     1,375       1,140,549  

4.60%, 03/15/43

     1,550       1,310,076  

4.90%, 09/15/45 (Call 03/15/45)

     1,902       1,646,847  

Cigna Group (The)

    

0.61%, 03/15/24 (Call 03/31/23)

     2,813       2,678,623  

1.25%, 03/15/26 (Call 02/15/26)

     2,840       2,522,147  

2.38%, 03/15/31 (Call 12/15/30)

     2,621       2,134,071  

2.40%, 03/15/30 (Call 12/15/29)

     7,985       6,654,220  

3.05%, 10/15/27 (Call 07/15/27)

     3,189       2,915,256  

3.20%, 03/15/40 (Call 09/15/39)

     2,270       1,693,420  

3.25%, 04/15/25 (Call 01/15/25)

     4,414       4,234,129  

3.40%, 03/01/27 (Call 12/01/26)

     6,116       5,726,288  

3.40%, 03/15/50 (Call 09/15/49)

     5,742       4,039,612  

3.40%, 03/15/51 (Call 09/15/50)

     2,870       2,019,045  

3.50%, 06/15/24 (Call 03/17/24)

     3,313       3,232,925  

3.88%, 10/15/47 (Call 04/15/47)

     4,846       3,705,252  

4.13%, 11/15/25 (Call 09/15/25)

     8,200       7,974,254  

4.38%, 10/15/28 (Call 07/15/28)

     9,338       8,966,534  

4.50%, 02/25/26 (Call 11/27/25)

     6,165       6,027,829  

4.80%, 08/15/38 (Call 02/15/38)

     8,584       7,889,469  

4.80%, 07/15/46 (Call 01/16/46)

     3,799       3,344,526  

4.90%, 12/15/48 (Call 06/15/48)

     10,108       9,096,189  
Security   Par
(000)		     Value  

Pharmaceuticals (continued)

    

5.40%, 03/15/33 (Call 12/15/32)

   $ 2,560     $ 2,557,594  

6.13%, 11/15/41

     2,453       2,625,495  

CVS Health Corp.

    

1.30%, 08/21/27 (Call 06/21/27)

     8,691       7,321,559  

1.75%, 08/21/30 (Call 05/21/30)

     5,200       4,057,612  

1.88%, 02/28/31 (Call 11/28/30)

     5,400       4,192,452  

2.13%, 09/15/31 (Call 06/15/31)

     4,190       3,283,033  

2.63%, 08/15/24 (Call 07/15/24)

     3,865       3,723,193  

2.70%, 08/21/40 (Call 02/21/40)

     5,659       3,827,578  

2.88%, 06/01/26 (Call 03/01/26)

     6,195       5,761,908  

3.00%, 08/15/26 (Call 06/15/26)

     3,795       3,524,075  

3.25%, 08/15/29 (Call 05/15/29)

     6,978       6,162,411  

3.38%, 08/12/24 (Call 05/12/24)

     4,107       3,991,224  

3.63%, 04/01/27 (Call 02/01/27)

     3,798       3,577,830  

3.75%, 04/01/30 (Call 01/01/30)

     3,618       3,269,695  

3.88%, 07/20/25 (Call 04/20/25)

     10,848       10,511,278  

4.10%, 03/25/25 (Call 01/25/25)

     3,683       3,609,745  

4.13%, 04/01/40 (Call 10/01/39)

     3,521       2,884,403  

4.25%, 04/01/50 (Call 10/01/49)

     3,748       2,991,616  

4.30%, 03/25/28 (Call 12/25/27)

     11,380       10,877,573  

4.78%, 03/25/38 (Call 09/25/37)

     15,900       14,432,112  

4.88%, 07/20/35 (Call 01/20/35)

     3,449       3,241,991  

5.00%, 02/20/26 (Call 01/20/26)

     3,005       2,988,653  

5.05%, 03/25/48 (Call 09/25/47)

       26,599         23,844,408  

5.13%, 02/21/30 (Call 12/21/29)

     3,419       3,356,501  

5.13%, 07/20/45 (Call 01/20/45)

     11,344       10,220,717  

5.25%, 02/21/33 (Call 11/21/32)

     3,385       3,331,111  

5.30%, 12/05/43 (Call 06/05/43)

     3,058       2,849,444  

5.63%, 02/21/53 (Call 08/21/52)

     3,295       3,188,802  

6.13%, 09/15/39

     2,453       2,496,271  

6.25%, 06/01/27

     1,075       1,118,548  

Eli Lilly & Co.

    

2.25%, 05/15/50 (Call 11/15/49)

     4,807       3,021,680  

2.50%, 09/15/60 (Call 03/15/60)

     2,430       1,473,017  

2.75%, 06/01/25 (Call 03/01/25)

     3,489       3,316,050  

3.10%, 05/15/27 (Call 02/15/27)

     4,645       4,347,674  

3.38%, 03/15/29 (Call 12/15/28)

     5,505       5,111,007  

3.70%, 03/01/45 (Call 09/01/44)

     75       63,466  

3.95%, 05/15/47 (Call 11/15/46)

     1,458       1,294,252  

3.95%, 03/15/49 (Call 09/15/48)

     70       61,965  

4.15%, 03/15/59 (Call 09/15/58)

     1,205       1,050,796  

4.70%, 02/27/33 (Call 11/27/32)

     1,675       1,665,754  

4.88%, 02/27/53 (Call 08/27/52)

     2,150       2,144,001  

4.95%, 02/27/63 (Call 08/27/62)

     725       720,694  

5.50%, 03/15/27

     130       134,056  

5.55%, 03/15/37

     1,365       1,445,590  

GlaxoSmithKline Capital Inc.

    

3.63%, 05/15/25

     4,597       4,460,331  

3.88%, 05/15/28

     7,323       6,977,281  

4.20%, 03/18/43

     3,734       3,239,618  

5.38%, 04/15/34

     2,176       2,236,906  

6.38%, 05/15/38

     7,213       8,151,988  

GlaxoSmithKline Capital PLC

    

3.00%, 06/01/24 (Call 05/01/24)

     5,282       5,146,411  

3.38%, 06/01/29 (Call 03/01/29)

     4,418       4,038,096  

Johnson & Johnson

    

0.55%, 09/01/25 (Call 08/01/25)

     2,302       2,081,560  

0.95%, 09/01/27 (Call 07/01/27)

     2,271       1,945,089  

1.30%, 09/01/30 (Call 06/01/30)

     2,873       2,305,640  

2.10%, 09/01/40 (Call 03/01/40)

     3,476       2,384,258  

 

 

68  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Pharmaceuticals (continued)

    

2.25%, 09/01/50 (Call 03/01/50)

   $ 2,991     $ 1,899,046  

2.45%, 03/01/26 (Call 12/01/25)

     3,965       3,714,015  

2.45%, 09/01/60 (Call 03/01/60)

     3,913       2,395,265  

2.63%, 01/15/25 (Call 11/15/24)

     4,809       4,617,890  

2.90%, 01/15/28 (Call 10/15/27)

     7,091       6,594,346  

2.95%, 03/03/27 (Call 12/03/26)

     4,245       3,997,644  

3.40%, 01/15/38 (Call 07/15/37)

     3,800       3,231,748  

3.50%, 01/15/48 (Call 07/15/47)

     2,780       2,288,329  

3.55%, 03/01/36 (Call 09/01/35)

     4,276       3,783,234  

3.63%, 03/03/37 (Call 09/03/36)

     6,051       5,347,813  

3.70%, 03/01/46 (Call 09/01/45)

     6,629       5,576,050  

3.75%, 03/03/47 (Call 09/03/46)

     3,641       3,092,265  

4.38%, 12/05/33 (Call 06/05/33)

     3,703       3,658,379  

4.50%, 09/01/40

     2,122       2,039,475  

4.50%, 12/05/43 (Call 06/05/43)

     2,043       1,980,055  

4.85%, 05/15/41

     1,172       1,167,746  

4.95%, 05/15/33

     719       753,016  

5.85%, 07/15/38

     1,893       2,101,363  

5.95%, 08/15/37

     3,489       3,872,999  

6.95%, 09/01/29

     903       1,070,371  

McKesson Corp.

    

0.90%, 12/03/25 (Call 11/03/25)

     2,515       2,249,793  

1.30%, 08/15/26 (Call 07/15/26)

     2,852       2,506,452  

3.80%, 03/15/24 (Call 12/15/23)

     5,036       4,956,079  

3.95%, 02/16/28 (Call 11/16/27)(b)

     2,437       2,305,670  

5.25%, 02/15/26 (Call 02/15/24)

     815       810,102  

Mead Johnson Nutrition Co.

    

4.13%, 11/15/25 (Call 08/15/25)

     4,486       4,368,242  

4.60%, 06/01/44 (Call 12/01/43)

     2,888       2,593,308  

5.90%, 11/01/39

     775       811,053  

Merck & Co. Inc.

    

0.75%, 02/24/26 (Call 01/24/26)

     3,940       3,487,215  

1.45%, 06/24/30 (Call 03/24/30)

     1,349       1,079,213  

1.70%, 06/10/27 (Call 05/10/27)

     6,405       5,655,999  

1.90%, 12/10/28 (Call 10/10/28)

     4,910       4,211,552  

2.15%, 12/10/31 (Call 09/10/31)

     7,090       5,777,216  

2.35%, 06/24/40 (Call 12/24/39)

     3,661       2,542,089  

2.45%, 06/24/50 (Call 12/24/49)

     5,200       3,307,928  

2.75%, 02/10/25 (Call 11/10/24)

       10,496         10,068,393  

2.75%, 12/10/51 (Call 06/10/51)

     4,055       2,706,226  

2.90%, 03/07/24 (Call 02/07/24)

     4,265       4,165,625  

2.90%, 12/10/61 (Call 06/10/61)

     4,931       3,162,497  

3.40%, 03/07/29 (Call 12/07/28)

     7,221       6,704,193  

3.60%, 09/15/42 (Call 03/15/42)

     2,395       1,950,560  

3.70%, 02/10/45 (Call 08/10/44)

     7,219       5,935,678  

3.90%, 03/07/39 (Call 09/07/38)

     4,780       4,180,301  

4.00%, 03/07/49 (Call 09/07/48)

     5,458       4,660,968  

4.15%, 05/18/43

     4,082       3,642,083  

6.50%, 12/01/33

     1,173       1,328,634  

6.55%, 09/15/37

     115       130,899  

Merck Sharp & Dohme Corp.

    

5.75%, 11/15/36

     725       763,121  

5.95%, 12/01/28

     915       969,369  

Mylan Inc.

    

4.55%, 04/15/28 (Call 01/15/28)

     3,540       3,314,679  

5.20%, 04/15/48 (Call 10/15/47)

     3,110       2,372,619  

5.40%, 11/29/43 (Call 05/29/43)

     1,774       1,431,174  

Novartis Capital Corp.

    

1.75%, 02/14/25 (Call 01/14/25)

     3,570       3,353,087  

2.00%, 02/14/27 (Call 12/14/26)

     4,776       4,322,232  
Security   Par
(000)		     Value  

Pharmaceuticals (continued)

    

2.20%, 08/14/30 (Call 05/14/30)

   $ 1,918     $ 1,621,132  

2.75%, 08/14/50 (Call 02/14/50)

     5,123       3,555,106  

3.00%, 11/20/25 (Call 08/20/25)

     5,846       5,565,100  

3.10%, 05/17/27 (Call 02/17/27)

     1,409       1,324,263  

3.40%, 05/06/24

     5,073       4,968,851  

3.70%, 09/21/42

     1,980       1,673,140  

4.00%, 11/20/45 (Call 05/20/45)

     4,306       3,758,707  

4.40%, 05/06/44

     6,448       5,976,393  

Pfizer Inc.

    

0.80%, 05/28/25 (Call 04/28/25)

     4,572       4,190,284  

1.70%, 05/28/30 (Call 02/28/30)

     4,391       3,590,126  

1.75%, 08/18/31 (Call 05/18/31)

     4,135       3,283,603  

2.55%, 05/28/40 (Call 11/28/39)

     4,800       3,457,968  

2.63%, 04/01/30 (Call 01/01/30)

     5,043       4,402,640  

2.70%, 05/28/50 (Call 11/28/49)

     3,210       2,193,104  

2.75%, 06/03/26

     3,862       3,628,349  

2.95%, 03/15/24 (Call 02/15/24)

     2,917       2,849,267  

3.00%, 12/15/26

     7,168       6,743,081  

3.40%, 05/15/24

     3,571       3,497,866  

3.45%, 03/15/29 (Call 12/15/28)

     6,293       5,863,566  

3.60%, 09/15/28 (Call 06/15/28)

     2,758       2,621,865  

3.90%, 03/15/39 (Call 09/15/38)

     3,403       2,973,405  

4.00%, 12/15/36

     4,087       3,735,355  

4.00%, 03/15/49 (Call 09/15/48)

     5,242       4,531,080  

4.10%, 09/15/38 (Call 03/15/38)

     3,052       2,751,958  

4.13%, 12/15/46

     1,922       1,682,903  

4.20%, 09/15/48 (Call 03/15/48)(b)

     2,570       2,287,737  

4.30%, 06/15/43

     2,483       2,257,072  

4.40%, 05/15/44

     3,934       3,631,515  

5.60%, 09/15/40

     2,224       2,319,810  

7.20%, 03/15/39

     8,773         10,687,093  

Pharmacia LLC, 6.60%, 12/01/28

     3,749       4,093,158  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

     5,336       5,067,386  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

     9,133       8,500,722  

Takeda Pharmaceutical Co. Ltd.

    

2.05%, 03/31/30 (Call 12/31/29)

       10,083       8,218,149  

3.03%, 07/09/40 (Call 01/09/40)

     5,386       3,957,687  

3.18%, 07/09/50 (Call 01/09/50)

     7,535       5,151,529  

3.38%, 07/09/60 (Call 01/09/60)

     2,976       1,990,379  

5.00%, 11/26/28 (Call 08/26/28)

     6,451       6,363,782  

Utah Acquisition Sub Inc.

    

3.95%, 06/15/26 (Call 03/15/26)

     7,042       6,587,228  

5.25%, 06/15/46 (Call 12/15/45)

     3,567       2,782,046  

Viatris Inc.

    

1.65%, 06/22/25 (Call 05/22/25)

     3,707       3,373,370  

2.30%, 06/22/27 (Call 04/22/27)

     4,038       3,491,053  

2.70%, 06/22/30 (Call 03/22/30)

     3,885       3,079,445  

3.85%, 06/22/40 (Call 12/22/39)

     5,631       3,842,932  

4.00%, 06/22/50 (Call 12/22/49)

     7,311       4,712,744  

Wyeth LLC

    

5.95%, 04/01/37

     6,331       6,795,949  

6.00%, 02/15/36

     1,764       1,886,298  

6.50%, 02/01/34

     3,449       3,846,497  

Zoetis Inc.

    

2.00%, 05/15/30 (Call 02/15/30)

     4,165       3,411,760  

3.00%, 09/12/27 (Call 06/15/27)

     3,381       3,120,494  

3.00%, 05/15/50 (Call 11/15/49)

     520       354,396  

3.90%, 08/20/28 (Call 05/20/28)

     1,859       1,760,324  

3.95%, 09/12/47 (Call 03/12/47)

     3,044       2,473,220  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   69

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Pharmaceuticals (continued)

    

4.45%, 08/20/48 (Call 02/20/48)

   $ 1,994     $ 1,729,576  

4.50%, 11/13/25 (Call 08/13/25)

       4,246       4,164,647  

4.70%, 02/01/43 (Call 08/01/42)

     3,415       3,074,695  

5.40%, 11/14/25 (Call 10/14/25)

     355       357,105  

5.60%, 11/16/32 (Call 08/16/32)

     835       864,075  
   

 

 

  
        1,074,571,570  
Pipelines — 0.8%            

Boardwalk Pipelines LP

    

3.40%, 02/15/31 (Call 11/15/30)

     1,647       1,400,526  

3.60%, 09/01/32 (Call 06/01/32)

     955       802,200  

4.45%, 07/15/27 (Call 04/15/27)

     922       878,426  

4.80%, 05/03/29 (Call 02/03/29)(b)

     2,351       2,228,348  

4.95%, 12/15/24 (Call 09/15/24)

     1,763       1,734,933  

5.95%, 06/01/26 (Call 03/01/26)

     2,024       2,038,795  

Cheniere Corpus Christi Holdings LLC

    

2.74%, 12/31/39 (Call 07/04/39)

     3,750       2,961,563  

3.70%, 11/15/29 (Call 05/18/29)

     5,358       4,827,237  

5.13%, 06/30/27 (Call 01/01/27)

     3,427       3,382,038  

5.88%, 03/31/25 (Call 10/02/24)

     6,358       6,379,808  

Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)

     625       579,113  

Cheniere Energy Partners LP

    

3.25%, 01/31/32 (Call 01/31/27)

     1,365       1,093,665  

4.00%, 03/01/31 (Call 03/01/26)

     1,630       1,407,913  

4.50%, 10/01/29 (Call 10/01/24)

     1,270       1,151,306  

Columbia Pipeline Group Inc.

    

4.50%, 06/01/25 (Call 03/01/25)

     6,650       6,508,222  

5.80%, 06/01/45 (Call 12/01/44)

     2,517       2,488,961  

DCP Midstream Operating LP

    

3.25%, 02/15/32 (Call 08/15/31)

     810       672,025  

5.13%, 05/15/29 (Call 02/15/29)

     380       365,720  

5.38%, 07/15/25 (Call 04/15/25)

     224       221,711  

5.60%, 04/01/44 (Call 10/01/43)

     285       266,358  

5.63%, 07/15/27 (Call 04/15/27)

     90       89,117  

8.13%, 08/16/30

     105       116,445  

Eastern Gas Transmission and Storage Inc.

    

3.00%, 11/15/29 (Call 08/15/29)

     2,585       2,231,811  

4.60%, 12/15/44 (Call 06/15/44)

     2,001       1,671,015  

4.80%, 11/01/43 (Call 05/01/43)

     1,858       1,618,318  

Enbridge Energy Partners LP

    

5.50%, 09/15/40 (Call 03/15/40)

     2,210       2,089,157  

5.88%, 10/15/25 (Call 07/15/25)

     2,737       2,766,970  

7.38%, 10/15/45 (Call 04/15/45)

     2,834       3,208,371  

Series B, 7.50%, 04/15/38

     1,985       2,223,478  

Enbridge Inc.

    

1.60%, 10/04/26 (Call 09/04/26)

     2,560       2,249,114  

2.50%, 01/15/25 (Call 12/15/24)

     2,852       2,699,133  

2.50%, 02/14/25

     1,115       1,053,196  

2.50%, 08/01/33 (Call 05/01/33)

     4,470       3,452,405  

3.13%, 11/15/29 (Call 08/15/29)

     3,880       3,381,032  

3.40%, 08/01/51 (Call 02/01/51)

     2,280       1,565,015  

3.50%, 06/10/24 (Call 03/10/24)

     2,518       2,452,230  

3.70%, 07/15/27 (Call 04/15/27)

     3,327       3,116,833  

4.00%, 11/15/49 (Call 05/15/49)

     1,763       1,366,730  

4.25%, 12/01/26 (Call 09/01/26)

     3,651       3,498,790  

4.50%, 06/10/44 (Call 12/10/43)

     1,473       1,233,446  

5.50%, 12/01/46 (Call 05/29/46)

     996       943,312  

Energy Transfer LP

    

2.90%, 05/15/25 (Call 04/15/25)

     4,350       4,105,486  

3.75%, 05/15/30 (Call 02/15/30)

     4,166       3,697,283  

3.90%, 05/15/24 (Call 02/15/24)

     2,231       2,179,732  
Security   Par
(000)		     Value  

Pipelines (continued)

    

3.90%, 07/15/26 (Call 04/15/26)

   $ 2,524     $ 2,382,252  

4.00%, 10/01/27 (Call 07/01/27)

     2,715       2,533,258  

4.05%, 03/15/25 (Call 12/15/24)

     4,071       3,950,824  

4.15%, 09/15/29 (Call 06/15/29)

     2,722       2,481,702  

4.20%, 04/15/27 (Call 01/15/27)

     2,367       2,240,792  

4.25%, 04/01/24 (Call 01/01/24)

       2,049         2,015,724  

4.40%, 03/15/27 (Call 12/15/26)

     2,867       2,737,928  

4.50%, 04/15/24 (Call 03/15/24)

     2,917       2,877,971  

4.75%, 01/15/26 (Call 10/15/25)

     3,957       3,872,043  

4.90%, 03/15/35 (Call 09/15/34)

     1,270       1,139,038  

4.95%, 05/15/28 (Call 02/15/28)

     1,853       1,785,551  

4.95%, 06/15/28 (Call 03/15/28)

     4,049       3,912,954  

4.95%, 01/15/43 (Call 07/15/42)

     1,614       1,314,974  

5.00%, 05/15/44 (Call 11/15/43)

     1,895       1,563,072  

5.00%, 05/15/50 (Call 11/15/49)

     7,099       5,829,060  

5.15%, 02/01/43 (Call 08/01/42)

     2,326       1,955,468  

5.15%, 03/15/45 (Call 09/15/44)

     1,283       1,074,513  

5.25%, 04/15/29 (Call 01/15/29)

     4,452       4,340,834  

5.30%, 04/01/44 (Call 10/01/43)

     2,664       2,286,778  

5.30%, 04/15/47 (Call 10/15/46)

     3,740       3,176,120  

5.35%, 05/15/45 (Call 11/15/44)

     3,503       2,988,374  

5.40%, 10/01/47 (Call 04/01/47)

     5,648       4,859,087  

5.50%, 06/01/27 (Call 03/01/27)

     2,883       2,864,981  

5.55%, 02/15/28 (Call 01/15/28)

     2,515       2,506,977  

5.75%, 02/15/33 (Call 11/15/32)

     3,650       3,597,440  

5.95%, 12/01/25 (Call 09/01/25)

     2,163       2,183,678  

5.95%, 10/01/43 (Call 04/01/43)

     1,403       1,303,415  

6.00%, 06/15/48 (Call 12/15/47)

     4,050       3,726,526  

6.05%, 06/01/41 (Call 12/01/40)

     2,129       2,041,605  

6.10%, 02/15/42

     1,735       1,629,980  

6.13%, 12/15/45 (Call 06/15/45)

     3,623       3,387,940  

6.25%, 04/15/49 (Call 10/15/48)

     6,404       6,087,322  

6.50%, 02/01/42 (Call 08/01/41)

     907       902,383  

6.63%, 10/15/36

     1,530       1,551,741  

7.50%, 07/01/38

     2,585       2,802,709  

Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)

     1,801       1,684,007  

Enterprise Products Operating LLC

    

2.80%, 01/31/30 (Call 10/31/29)

     3,836       3,289,408  

3.13%, 07/31/29 (Call 04/30/29)

     4,991       4,405,406  

3.20%, 02/15/52 (Call 08/15/51)

     4,155       2,769,266  

3.30%, 02/15/53 (Call 08/15/52)

     1,855       1,259,471  

3.70%, 02/15/26 (Call 11/15/25)

     4,157       3,992,466  

3.70%, 01/31/51 (Call 07/31/50)

     4,157       3,057,972  

3.75%, 02/15/25 (Call 11/15/24)

     6,393       6,207,859  

3.95%, 02/15/27 (Call 11/15/26)

     3,614       3,451,515  

3.95%, 01/31/60 (Call 07/31/59)

     3,157       2,323,868  

4.15%, 10/16/28 (Call 07/16/28)

     4,321       4,082,135  

4.20%, 01/31/50 (Call 07/31/49)

     4,545       3,645,999  

4.25%, 02/15/48 (Call 08/15/47)

     4,215       3,422,369  

4.45%, 02/15/43 (Call 08/15/42)

     3,131       2,674,312  

4.80%, 02/01/49 (Call 08/01/48)

     4,653       4,074,539  

4.85%, 08/15/42 (Call 02/15/42)

     3,169       2,841,516  

4.85%, 03/15/44 (Call 09/15/43)

     5,172       4,601,425  

4.90%, 05/15/46 (Call 11/15/45)

     2,537       2,227,917  

4.95%, 10/15/54 (Call 04/15/54)

     1,787       1,561,767  

5.05%, 01/10/26

     3,715       3,709,167  

5.10%, 02/15/45 (Call 08/15/44)

     4,349       3,978,900  

5.35%, 01/31/33 (Call 10/31/32)

     4,020       4,017,387  

5.38%, 02/15/78 (Call 02/15/28), (3 mo. LIBOR US + 2.570%)(a)

     2,450       2,049,474  

 

 

70  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Pipelines (continued)

    

5.70%, 02/15/42

   $ 1,062     $ 1,045,762  

5.95%, 02/01/41

     3,064       3,102,514  

6.13%, 10/15/39

     1,977       2,066,657  

6.45%, 09/01/40

     1,955       2,074,509  

7.55%, 04/15/38

       1,709         1,930,401  

Series D, 6.88%, 03/01/33

     1,015       1,127,888  

Series E, 5.25%, 08/16/77 (Call 08/16/27), (3 mo. LIBOR US + 3.033%)(a)

     4,591       4,106,328  

Series H, 6.65%, 10/15/34

     1,515       1,615,520  

Kinder Morgan Energy Partners LP

    

4.25%, 09/01/24 (Call 06/01/24)

     2,569       2,520,163  

4.30%, 05/01/24 (Call 02/01/24)

     3,067       3,023,326  

4.70%, 11/01/42 (Call 05/01/42)

     1,732       1,439,933  

5.00%, 08/15/42 (Call 02/15/42)

     2,295       1,961,169  

5.00%, 03/01/43 (Call 09/01/42)

     2,440       2,063,142  

5.40%, 09/01/44 (Call 03/01/44)

     2,245       2,011,296  

5.50%, 03/01/44 (Call 09/01/43)

     2,685       2,416,822  

5.63%, 09/01/41

     1,672       1,523,744  

5.80%, 03/15/35

     1,266       1,234,793  

6.38%, 03/01/41

     2,301       2,295,224  

6.50%, 02/01/37

     1,047       1,057,512  

6.50%, 09/01/39

     2,182       2,222,651  

6.55%, 09/15/40

     1,628       1,629,579  

6.95%, 01/15/38

     4,488       4,786,048  

7.30%, 08/15/33

     1,060       1,153,407  

7.40%, 03/15/31

     886       955,640  

7.50%, 11/15/40

     1,634       1,795,096  

7.75%, 03/15/32

     851       940,883  

Kinder Morgan Inc.

    

1.75%, 11/15/26 (Call 10/15/26)

     3,350       2,936,309  

2.00%, 02/15/31 (Call 11/15/30)

     695       539,306  

3.25%, 08/01/50 (Call 02/01/50)

     2,402       1,519,721  

3.60%, 02/15/51 (Call 08/15/50)

     1,385       936,786  

4.30%, 06/01/25 (Call 03/01/25)

     7,045       6,881,697  

4.30%, 03/01/28 (Call 12/01/27)

     5,366       5,120,613  

4.80%, 02/01/33 (Call 11/01/32)

     3,415       3,167,139  

5.05%, 02/15/46 (Call 08/15/45)

     3,033       2,559,761  

5.20%, 06/01/33 (Call 03/01/33)

     2,115       2,013,945  

5.20%, 03/01/48 (Call 09/01/47)

     2,938       2,550,919  

5.30%, 12/01/34 (Call 06/01/34)

     3,023       2,835,060  

5.45%, 08/01/52 (Call 02/01/52)

     3,010       2,684,077  

5.55%, 06/01/45 (Call 12/01/44)

     6,210       5,627,191  

7.75%, 01/15/32

     4,699       5,243,097  

7.80%, 08/01/31

     1,305       1,450,207  

Magellan Midstream Partners LP

    

3.25%, 06/01/30 (Call 03/01/30)

     1,337       1,166,760  

3.95%, 03/01/50 (Call 09/01/49)

     3,274       2,407,110  

4.20%, 10/03/47 (Call 04/03/47)

     2,233       1,706,727  

4.25%, 09/15/46 (Call 03/15/46)

     2,168       1,667,430  

4.85%, 02/01/49 (Call 08/01/48)

     2,018       1,708,641  

5.00%, 03/01/26 (Call 12/01/25)

     3,504       3,465,806  

5.15%, 10/15/43 (Call 04/15/43)

     2,211       1,944,597  

MPLX LP

    

1.75%, 03/01/26 (Call 02/01/26)

     6,533       5,843,050  

2.65%, 08/15/30 (Call 05/15/30)

     5,213       4,279,664  

4.00%, 02/15/25 (Call 11/15/24)

     2,190       2,125,505  

4.00%, 03/15/28 (Call 12/15/27)

     4,140       3,877,607  

4.13%, 03/01/27 (Call 12/01/26)

     4,377       4,175,702  

4.25%, 12/01/27 (Call 09/01/27)

     2,575       2,435,693  

4.50%, 04/15/38 (Call 10/15/37)

     6,935       5,924,987  
Security   Par
(000)		     Value  

Pipelines (continued)

    

4.70%, 04/15/48 (Call 10/15/47)

   $ 4,864     $ 3,916,250  

4.80%, 02/15/29 (Call 11/15/28)

     3,145       3,022,093  

4.88%, 12/01/24 (Call 09/01/24)

     4,784       4,720,995  

4.88%, 06/01/25 (Call 03/01/25)

       4,417         4,348,978  

4.90%, 04/15/58 (Call 10/15/57)

     981       785,447  

4.95%, 09/01/32 (Call 06/01/32)

     3,565       3,353,489  

4.95%, 03/14/52 (Call 09/14/51)

     5,010       4,167,819  

5.00%, 03/01/33 (Call 12/01/32)

     1,885       1,768,469  

5.20%, 03/01/47 (Call 09/01/46)

     3,678       3,184,780  

5.20%, 12/01/47 (Call 06/01/47)

     1,741       1,498,165  

5.50%, 02/15/49 (Call 08/15/48)

     5,106       4,571,708  

5.65%, 03/01/53 (Call 09/01/52)

     775       713,713  

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)

     2,584       2,449,994  

ONEOK Inc.

    

2.20%, 09/15/25 (Call 08/15/25)

     1,420       1,301,913  

2.75%, 09/01/24 (Call 08/01/24)

     1,221       1,167,911  

3.10%, 03/15/30 (Call 12/15/29)

     1,688       1,431,390  

3.40%, 09/01/29 (Call 06/01/29)

     2,708       2,349,650  

4.00%, 07/13/27 (Call 04/13/27)

     2,221       2,089,339  

4.35%, 03/15/29 (Call 12/15/28)

     2,488       2,312,297  

4.45%, 09/01/49 (Call 03/01/49)

     2,558       1,922,516  

4.50%, 03/15/50 (Call 09/15/49)

     1,201       915,174  

4.55%, 07/15/28 (Call 04/15/28)

     3,191       3,031,386  

4.90%, 03/15/25 (Call 12/15/24)

     2,958       2,917,032  

4.95%, 07/13/47 (Call 01/06/47)

     2,955       2,423,543  

5.20%, 07/15/48 (Call 01/15/48)

     3,849       3,270,303  

5.85%, 01/15/26 (Call 12/15/25)

     1,931       1,946,680  

6.00%, 06/15/35

     860       828,352  

6.10%, 11/15/32 (Call 08/15/32)

     365       367,223  

6.35%, 01/15/31 (Call 10/15/30)

     1,800       1,843,380  

7.15%, 01/15/51 (Call 07/15/50)

     1,355       1,419,634  

ONEOK Partners LP

    

6.13%, 02/01/41 (Call 08/01/40)

     2,550       2,462,000  

6.20%, 09/15/43 (Call 03/15/43)

     1,212       1,171,337  

6.65%, 10/01/36

     2,423       2,455,929  

6.85%, 10/15/37

     2,005       2,077,280  

Plains All American Pipeline LP/PAA Finance Corp.

    

3.55%, 12/15/29 (Call 09/15/29)

     2,753       2,390,815  

3.60%, 11/01/24 (Call 08/01/24)

     3,829       3,704,711  

3.80%, 09/15/30 (Call 06/15/30)

     2,129       1,853,614  

4.30%, 01/31/43 (Call 07/31/42)

     1,537       1,127,743  

4.50%, 12/15/26 (Call 09/15/26)

     4,115       3,945,009  

4.65%, 10/15/25 (Call 07/15/25)

     4,688       4,578,020  

4.70%, 06/15/44 (Call 12/15/43)

     2,665       2,059,432  

4.90%, 02/15/45 (Call 08/15/44)

     2,511       1,981,104  

5.15%, 06/01/42 (Call 12/01/41)

     2,034       1,670,809  

6.65%, 01/15/37

     2,717       2,716,185  

Sabine Pass Liquefaction LLC

    

4.20%, 03/15/28 (Call 09/15/27)

     4,183       3,928,966  

4.50%, 05/15/30 (Call 11/15/29)

     2,152       2,015,348  

5.00%, 03/15/27 (Call 09/15/26)

     8,618       8,411,340  

5.63%, 03/01/25 (Call 12/01/24)

     8,842       8,831,566  

5.75%, 05/15/24 (Call 02/15/24)

     7,225       7,224,277  

5.88%, 06/30/26 (Call 12/31/25)

     2,100       2,113,167  

5.90%, 09/15/37 (Call 03/15/37)(f)

     2,665       2,661,536  

Spectra Energy Partners LP

    

3.38%, 10/15/26 (Call 07/15/26)

     3,733       3,487,593  

3.50%, 03/15/25 (Call 12/15/24)

     2,579       2,479,863  

4.50%, 03/15/45 (Call 09/15/44)

     3,510       2,905,332  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   71

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Pipelines (continued)

    

4.75%, 03/15/24 (Call 12/15/23)

   $ 3,745     $ 3,712,718  

5.95%, 09/25/43 (Call 03/25/43)

     1,441       1,420,595  

Targa Resources Corp.

    

4.00%, 01/15/32 (Call 07/15/26)

     3,585       3,048,039  

4.20%, 02/01/33 (Call 12/01/32)

     2,595       2,260,816  

4.88%, 02/01/31 (Call 02/01/26)

     3,585       3,261,525  

4.95%, 04/15/52 (Call 10/15/51)

       2,250         1,803,375  

5.00%, 01/15/28 (Call 01/15/24)

     2,240       2,141,821  

5.20%, 07/01/27 (Call 06/01/27)

     2,870       2,821,669  

5.50%, 03/01/30 (Call 03/01/25)

     3,550       3,365,436  

6.13%, 03/15/33 (Call 12/15/32)

     2,850       2,862,882  

6.25%, 07/01/52 (Call 01/01/52)

     2,755       2,623,972  

6.50%, 07/15/27 (Call 07/15/23)

     2,555       2,583,156  

6.50%, 02/15/53 (Call 08/15/52)

     2,915       2,868,389  

6.88%, 01/15/29 (Call 01/15/24)

     2,730       2,767,128  

TC PipeLines LP

    

3.90%, 05/25/27 (Call 02/25/27)

     4,370       4,126,897  

4.38%, 03/13/25 (Call 12/13/24)

     3,918       3,825,222  

Tennessee Gas Pipeline Co. LLC

    

7.00%, 03/15/27

     1,713       1,797,074  

7.00%, 10/15/28

     1,170       1,240,235  

7.63%, 04/01/37

     180       197,653  

Texas Eastern Transmission LP, 7.00%, 07/15/32

     1,047       1,177,519  

TransCanada PipeLines Ltd.

    

1.00%, 10/12/24 (Call 09/12/24)

     1,272       1,180,581  

2.50%, 10/12/31 (Call 07/12/31)

     3,894       3,086,891  

4.10%, 04/15/30 (Call 01/15/30)

     1,340       1,223,206  

4.25%, 05/15/28 (Call 02/15/28)

     6,214       5,875,710  

4.63%, 03/01/34 (Call 12/01/33)

     4,549       4,142,137  

4.75%, 05/15/38 (Call 11/15/37)

     2,240       2,000,790  

4.88%, 01/15/26 (Call 10/15/25)

     3,345       3,298,438  

4.88%, 05/15/48 (Call 11/15/47)

     3,660       3,211,613  

5.00%, 10/16/43 (Call 04/16/43)

     2,781       2,487,410  

5.10%, 03/15/49 (Call 09/15/48)

     3,941       3,584,537  

5.60%, 03/31/34

     1,296       1,272,452  

5.85%, 03/15/36

     2,433       2,411,346  

6.10%, 06/01/40

     3,066       3,102,915  

6.20%, 10/15/37

     3,733       3,846,670  

7.25%, 08/15/38

     2,711       3,004,574  

7.63%, 01/15/39

     3,049       3,529,400  

Transcontinental Gas Pipe Line Co. LLC

    

3.25%, 05/15/30 (Call 02/15/30)

     2,334       2,030,043  

3.95%, 05/15/50 (Call 11/15/49)

     2,339       1,811,556  

4.00%, 03/15/28 (Call 12/15/27)

     1,814       1,709,242  

4.45%, 08/01/42 (Call 02/01/42)

     1,568       1,349,468  

4.60%, 03/15/48 (Call 09/15/47)

     3,220       2,754,613  

5.40%, 08/15/41 (Call 02/15/41)

     1,862       1,782,772  

7.85%, 02/01/26 (Call 11/01/25)

     4,472       4,741,170  

Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)

     2,166       2,092,551  

Williams Companies Inc. (The)

    

2.60%, 03/15/31 (Call 12/15/30)

     1,645       1,335,000  

3.50%, 11/15/30 (Call 08/15/30)

     2,479       2,168,431  

3.50%, 10/15/51 (Call 04/15/51)

     1,465       999,320  

3.75%, 06/15/27 (Call 03/15/27)

     6,505       6,119,188  

3.90%, 01/15/25 (Call 10/15/24)

     4,535       4,399,358  

4.00%, 09/15/25 (Call 06/15/25)

     4,001       3,857,324  

4.30%, 03/04/24 (Call 12/04/23)

     5,423       5,354,562  

4.55%, 06/24/24 (Call 03/24/24)

     2,277       2,245,623  

4.65%, 08/15/32 (Call 05/15/32)

     3,415       3,181,687  
Security   Par
(000)		     Value  

Pipelines (continued)

    

4.85%, 03/01/48 (Call 09/01/47)

   $ 3,256     $ 2,793,029  

4.90%, 01/15/45 (Call 07/15/44)

     2,401       2,044,980  

5.10%, 09/15/45 (Call 03/15/45)

     2,598       2,283,720  

5.30%, 08/15/52 (Call 02/15/52)

     1,550       1,400,642  

5.40%, 03/02/26

     1,410       1,410,465  

5.40%, 03/04/44 (Call 09/04/43)

       2,391       2,204,382  

5.65%, 03/15/33 (Call 12/15/32)

     3,400       3,401,700  

5.75%, 06/24/44 (Call 12/24/43)

     2,136       2,034,390  

5.80%, 11/15/43 (Call 05/15/43)

     1,700       1,639,667  

6.30%, 04/15/40

     4,904       5,025,815  

8.75%, 03/15/32

     555       659,168  

Series A, 7.50%, 01/15/31

     330       361,591  
   

 

 

  
        725,174,407  
Real Estate — 0.0%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)

     1,402       1,368,394  

CBRE Services Inc.

    

2.50%, 04/01/31 (Call 01/01/31)

     3,663       2,977,030  

4.88%, 03/01/26 (Call 12/01/25)

     2,344       2,292,971  

Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)

     1,802       1,343,391  
   

 

 

  
      7,981,786  
Real Estate Investment Trusts — 1.0%            

Agree LP

    

2.00%, 06/15/28 (Call 04/15/28)

     1,665       1,379,469  

2.60%, 06/15/33 (Call 03/15/33)

     1,251       956,440  

2.90%, 10/01/30 (Call 07/01/30)

     1,114       929,187  

4.80%, 10/01/32 (Call 07/01/32)

     195       182,385  

Alexandria Real Estate Equities Inc.

    

1.88%, 02/01/33 (Call 11/01/32)

     3,160       2,342,761  

2.00%, 05/18/32 (Call 02/18/32)

     1,688       1,289,159  

2.75%, 12/15/29 (Call 09/15/29)

     1,191       1,006,836  

2.95%, 03/15/34 (Call 12/15/33)

     2,230       1,792,139  

3.00%, 05/18/51 (Call 11/18/50)

     3,170       2,037,644  

3.38%, 08/15/31 (Call 05/15/31)

     2,075       1,820,646  

3.45%, 04/30/25 (Call 02/28/25)

     1,825       1,749,171  

3.55%, 03/15/52 (Call 09/15/51)

     3,445       2,465,345  

3.80%, 04/15/26 (Call 02/15/26)

     1,761       1,686,228  

3.95%, 01/15/27 (Call 10/15/26)

     411       392,554  

3.95%, 01/15/28 (Call 10/15/27)

     1,447       1,363,942  

4.00%, 02/01/50 (Call 08/01/49)

     2,710       2,097,838  

4.30%, 01/15/26 (Call 10/15/25)

     710       689,630  

4.50%, 07/30/29 (Call 04/30/29)

     1,746       1,662,768  

4.70%, 07/01/30 (Call 04/01/30)

     1,447       1,396,225  

4.75%, 04/15/35 (Call 01/15/35)

     605       572,082  

4.85%, 04/15/49 (Call 10/15/48)

     1,228       1,070,534  

4.90%, 12/15/30 (Call 09/15/30)

     3,190       3,089,643  

5.15%, 04/15/53 (Call 10/15/52)

     2,730       2,532,430  

American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)

     595       470,401  

American Homes 4 Rent LP

    

2.38%, 07/15/31 (Call 04/15/31)

     410       322,473  

3.38%, 07/15/51 (Call 01/15/51)

     1,950       1,267,832  

3.63%, 04/15/32 (Call 01/15/32)(b)

     155       131,043  

4.25%, 02/15/28 (Call 11/15/27)

     2,720       2,540,045  

4.30%, 04/15/52 (Call 10/15/51)

     270       207,338  

4.90%, 02/15/29 (Call 11/15/28)

     1,466       1,393,668  

American Tower Corp.

    

1.30%, 09/15/25 (Call 08/15/25)

     2,815       2,530,460  

 

 

72  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

1.45%, 09/15/26 (Call 08/15/26)

   $ 2,247     $ 1,954,463  

1.50%, 01/31/28 (Call 11/30/27)

     2,029       1,676,400  

1.60%, 04/15/26 (Call 03/15/26)

     2,766       2,462,266  

1.88%, 10/15/30 (Call 07/15/30)

     2,881       2,220,560  

2.10%, 06/15/30 (Call 03/15/30)

     1,697       1,341,563  

2.30%, 09/15/31 (Call 06/15/31)

     3,685       2,862,692  

2.40%, 03/15/25 (Call 02/15/25)

     1,512       1,419,103  

2.70%, 04/15/31 (Call 01/15/31)

     3,427       2,777,652  

2.75%, 01/15/27 (Call 11/15/26)

       3,043         2,746,034  

2.90%, 01/15/30 (Call 10/15/29)

     2,900       2,453,342  

2.95%, 01/15/25 (Call 12/15/24)

     3,030       2,886,681  

2.95%, 01/15/51 (Call 07/15/50)

     4,720       2,850,550  

3.10%, 06/15/50 (Call 12/15/49)

     5,420       3,372,270  

3.13%, 01/15/27 (Call 10/15/26)

     1,608       1,473,925  

3.38%, 05/15/24 (Call 04/15/24)

     2,492       2,425,289  

3.38%, 10/15/26 (Call 07/15/26)

     3,597       3,342,872  

3.55%, 07/15/27 (Call 04/15/27)

     2,386       2,204,330  

3.60%, 01/15/28 (Call 10/15/27)

     3,036       2,776,088  

3.65%, 03/15/27 (Call 02/15/27)

     1,905       1,774,717  

3.70%, 10/15/49 (Call 04/15/49)

     2,401       1,675,370  

3.80%, 08/15/29 (Call 05/15/29)

     5,636       5,081,868  

3.95%, 03/15/29 (Call 12/15/28)

     2,808       2,562,665  

4.00%, 06/01/25 (Call 03/01/25)

     2,951       2,855,299  

4.05%, 03/15/32 (Call 12/15/31)(b)

     2,310       2,055,992  

4.40%, 02/15/26 (Call 11/15/25)

     1,994       1,935,915  

5.50%, 03/15/28 (Call 02/15/28)

     1,560       1,555,226  

5.65%, 03/15/33 (Call 12/15/32)

     2,560       2,548,326  

AvalonBay Communities Inc.

    

1.90%, 12/01/28 (Call 10/01/28)

     1,695       1,427,224  

2.05%, 01/15/32 (Call 10/15/31)

     2,715       2,149,927  

2.30%, 03/01/30 (Call 12/01/29)

     2,478       2,075,052  

2.45%, 01/15/31 (Call 10/15/30)

     2,209       1,836,010  

2.90%, 10/15/26 (Call 07/15/26)

     1,517       1,394,290  

2.95%, 05/11/26 (Call 02/11/26)

     2,595       2,423,003  

3.20%, 01/15/28 (Call 10/15/27)

     1,873       1,721,362  

3.30%, 06/01/29 (Call 03/01/29)

     1,848       1,653,701  

3.35%, 05/15/27 (Call 02/15/27)

     977       909,147  

3.45%, 06/01/25 (Call 03/03/25)

     2,227       2,139,145  

3.50%, 11/15/24 (Call 08/15/24)

     875       846,475  

3.50%, 11/15/25 (Call 08/15/25)

     510       487,091  

3.90%, 10/15/46 (Call 04/15/46)

     1,015       792,603  

4.15%, 07/01/47 (Call 01/01/47)

     980       800,533  

4.35%, 04/15/48 (Call 10/15/47)

     1,270       1,070,026  

5.00%, 02/15/33 (Call 11/15/32)(b)

     1,480       1,473,680  

Boston Properties LP

    

2.45%, 10/01/33 (Call 07/01/33)

     4,100       2,991,483  

2.55%, 04/01/32 (Call 01/01/32)

     4,100       3,124,241  

2.75%, 10/01/26 (Call 07/01/26)

     4,396       3,966,862  

2.90%, 03/15/30 (Call 12/15/29)

     3,437       2,825,592  

3.20%, 01/15/25 (Call 10/15/24)

     4,442       4,241,133  

3.25%, 01/30/31 (Call 10/30/30)

     3,312       2,763,135  

3.40%, 06/21/29 (Call 03/21/29)

     1,860       1,598,372  

3.65%, 02/01/26 (Call 11/03/25)

     4,458       4,225,248  

4.50%, 12/01/28 (Call 09/01/28)

     3,987       3,703,764  

6.75%, 12/01/27 (Call 11/01/27)

     680       705,942  

Brandywine Operating Partnership LP

    

3.95%, 11/15/27 (Call 08/15/27)

     2,347       1,980,657  

4.10%, 10/01/24 (Call 07/01/24)

     2,332       2,242,381  

4.55%, 10/01/29 (Call 07/01/29)

     1,783       1,470,957  

7.55%, 03/15/28 (Call 02/15/28)

     1,300       1,276,392  
Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

Brixmor Operating Partnership LP

    

2.25%, 04/01/28 (Call 02/01/28)

   $ 598     $ 503,241  

2.50%, 08/16/31 (Call 05/16/31)

     2,280       1,768,733  

3.65%, 06/15/24 (Call 04/15/24)

     2,967       2,873,747  

3.85%, 02/01/25 (Call 11/01/24)

       2,074         1,992,036  

3.90%, 03/15/27 (Call 12/15/26)

     866       803,509  

4.05%, 07/01/30 (Call 04/01/30)

     3,717       3,290,177  

4.13%, 06/15/26 (Call 03/15/26)

     1,933       1,823,515  

4.13%, 05/15/29 (Call 02/15/29)

     1,954       1,760,476  

Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)

     3,067       2,211,644  

Camden Property Trust

    

2.80%, 05/15/30 (Call 02/15/30)

     2,680       2,300,914  

3.15%, 07/01/29 (Call 04/01/29)

     2,378       2,111,379  

3.35%, 11/01/49 (Call 05/01/49)

     2,140       1,537,997  

4.10%, 10/15/28 (Call 07/15/28)

     1,157       1,098,618  

Corporate Office Properties LP

    

2.00%, 01/15/29 (Call 11/15/28)

     1,435       1,104,075  

2.25%, 03/15/26 (Call 02/15/26)

     445       397,688  

2.75%, 04/15/31 (Call 01/15/31)

     1,790       1,350,197  

2.90%, 12/01/33 (Call 09/01/33)

     1,660       1,169,935  

Crown Castle Inc.

    

2.90%, 04/01/41 (Call 10/01/40)

     4,575       3,110,268  

3.25%, 01/15/51 (Call 07/15/50)

     3,850       2,526,023  

4.75%, 05/15/47 (Call 11/15/46)

     1,348       1,139,303  

5.00%, 01/11/28 (Call 12/11/27)

     1,925       1,896,722  

Crown Castle International Corp.

    

1.05%, 07/15/26 (Call 06/15/26)

     5,755       4,978,938  

1.35%, 07/15/25 (Call 06/15/25)

     2,105       1,911,803  

2.10%, 04/01/31 (Call 01/01/31)

     3,765       2,949,539  

2.25%, 01/15/31 (Call 10/15/30)

     3,007       2,406,051  

2.50%, 07/15/31 (Call 04/15/31)

     250       201,618  

2.90%, 03/15/27 (Call 02/15/27)

     1,670       1,517,529  

3.10%, 11/15/29 (Call 08/15/29)

     768       666,179  

3.20%, 09/01/24 (Call 07/01/24)

     4,021       3,885,171  

3.30%, 07/01/30 (Call 04/01/30)

     4,260       3,713,314  

3.65%, 09/01/27 (Call 06/01/27)

     3,185       2,961,668  

3.70%, 06/15/26 (Call 03/15/26)

     3,959       3,746,085  

3.80%, 02/15/28 (Call 11/15/27)

     4,261       3,962,347  

4.00%, 03/01/27 (Call 12/01/26)

     2,480       2,363,068  

4.00%, 11/15/49 (Call 05/15/49)

     1,573       1,194,898  

4.15%, 07/01/50 (Call 01/01/50)

     1,938       1,491,136  

4.30%, 02/15/29 (Call 11/15/28)

     3,055       2,871,761  

4.45%, 02/15/26 (Call 11/15/25)

     4,440       4,314,570  

5.20%, 02/15/49 (Call 08/15/48)

     1,603       1,464,036  

CubeSmart LP

    

2.00%, 02/15/31 (Call 11/15/30)

     1,525       1,169,446  

2.25%, 12/15/28 (Call 10/15/28)

     2,422       2,027,698  

2.50%, 02/15/32 (Call 11/15/31)

     2,575       2,010,689  

3.00%, 02/15/30 (Call 11/15/29)

     760       642,071  

3.13%, 09/01/26 (Call 06/01/26)

     2,447       2,256,207  

4.00%, 11/15/25 (Call 08/15/25)

     1,301       1,249,025  

4.38%, 02/15/29 (Call 11/15/28)(b)

     1,616       1,500,618  

Digital Realty Trust LP

    

3.60%, 07/01/29 (Call 04/01/29)

     3,824       3,380,378  

3.70%, 08/15/27 (Call 05/15/27)(b)

     5,935       5,499,846  

4.45%, 07/15/28 (Call 04/15/28)

     2,140       2,018,555  

5.55%, 01/15/28 (Call 12/15/27)

     2,940       2,929,534  

EPR Properties

    

3.75%, 08/15/29 (Call 05/15/29)

     1,500       1,218,375  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   73

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

4.50%, 04/01/25 (Call 01/01/25)

   $ 1,000     $ 964,100  

4.50%, 06/01/27 (Call 03/01/27)

     1,500       1,335,300  

4.75%, 12/15/26 (Call 09/15/26)

     1,500       1,368,225  

4.95%, 04/15/28 (Call 01/15/28)

     1,000       888,050  

Equinix Inc.

    

1.00%, 09/15/25 (Call 08/15/25)

     2,244       2,004,677  

1.25%, 07/15/25 (Call 06/15/25)

     2,988       2,702,616  

1.45%, 05/15/26 (Call 04/15/26)

     2,867       2,528,981  

1.55%, 03/15/28 (Call 01/15/28)

       1,523         1,267,410  

1.80%, 07/15/27 (Call 05/15/27)

     2,408       2,065,823  

2.00%, 05/15/28 (Call 03/15/28)

     3,188       2,693,988  

2.15%, 07/15/30 (Call 04/15/30)

     1,255       1,002,883  

2.50%, 05/15/31 (Call 02/15/31)

     605       484,024  

2.63%, 11/18/24 (Call 10/18/24)

     4,552       4,333,686  

2.90%, 11/18/26 (Call 09/18/26)

     2,528       2,309,480  

2.95%, 09/15/51 (Call 03/15/51)

     2,100       1,308,258  

3.00%, 07/15/50 (Call 01/15/50)

     2,169       1,385,883  

3.20%, 11/18/29 (Call 08/18/29)(b)

     3,522       3,070,937  

3.40%, 02/15/52 (Call 08/15/51)

     2,295       1,566,108  

3.90%, 04/15/32 (Call 01/15/32)

     1,700       1,502,970  

ERP Operating LP

    

1.85%, 08/01/31 (Call 05/01/31)

     795       626,627  

2.50%, 02/15/30 (Call 11/15/29)

     2,183       1,843,063  

2.85%, 11/01/26 (Call 08/01/26)

     686       631,415  

3.00%, 07/01/29 (Call 04/01/29)

     1,958       1,711,625  

3.25%, 08/01/27 (Call 05/01/27)

     1,119       1,036,765  

3.38%, 06/01/25 (Call 03/01/25)

     563       539,585  

3.50%, 03/01/28 (Call 12/01/27)

     2,768       2,554,836  

4.00%, 08/01/47 (Call 02/01/47)

     981       785,771  

4.15%, 12/01/28 (Call 09/01/28)

     1,630       1,536,275  

4.50%, 07/01/44 (Call 01/01/44)

     470       415,123  

4.50%, 06/01/45 (Call 12/01/44)

     1,515       1,295,840  

Essex Portfolio LP

    

1.65%, 01/15/31 (Call 10/15/30)

     1,440       1,082,549  

1.70%, 03/01/28 (Call 01/01/28)

     585       488,867  

2.55%, 06/15/31 (Call 03/15/31)

     1,045       835,227  

2.65%, 03/15/32 (Call 12/15/31)

     2,638       2,092,277  

2.65%, 09/01/50 (Call 03/01/50)

     455       265,220  

3.00%, 01/15/30 (Call 10/15/29)

     2,240       1,904,784  

3.38%, 04/15/26 (Call 01/15/26)

     1,874       1,751,684  

3.50%, 04/01/25 (Call 01/01/25)

     1,246       1,197,718  

3.63%, 05/01/27 (Call 02/01/27)

     1,770       1,653,534  

3.88%, 05/01/24 (Call 02/01/24)

     2,075       2,028,437  

4.00%, 03/01/29 (Call 12/01/28)

     1,521       1,397,799  

4.50%, 03/15/48 (Call 09/15/47)

     1,825       1,512,359  

Extra Space Storage LP

    

2.35%, 03/15/32 (Call 12/15/31)

     1,520       1,163,393  

2.55%, 06/01/31 (Call 03/01/31)

     1,485       1,182,654  

3.90%, 04/01/29 (Call 02/01/29)

     145       131,833  

Federal Realty Investment Trust

    

1.25%, 02/15/26 (Call 01/15/26)

     1,229       1,091,807  

3.20%, 06/15/29 (Call 03/15/29)

     1,783       1,540,262  

3.25%, 07/15/27 (Call 04/15/27)

     1,809       1,658,943  

3.50%, 06/01/30 (Call 03/01/30)

     446       388,033  

4.50%, 12/01/44 (Call 06/01/44)

     1,191       953,812  

GLP Capital LP/GLP Financing II Inc.

    

3.25%, 01/15/32 (Call 10/15/31)

     3,155       2,503,997  

3.35%, 09/01/24 (Call 06/03/24)

     3,438       3,299,174  

4.00%, 01/15/30 (Call 10/17/29)

     3,023       2,651,564  

4.00%, 01/15/31 (Call 10/15/30)

     3,027       2,596,954  
Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

5.25%, 06/01/25 (Call 03/01/25)

   $ 4,020     $ 3,942,213  

5.30%, 01/15/29 (Call 10/15/28)

     3,080       2,915,128  

5.38%, 04/15/26 (Call 01/15/26)

       5,663         5,525,446  

5.75%, 06/01/28 (Call 03/03/28)

     2,799       2,740,669  

Healthcare Realty Holdings LP

    

2.00%, 03/15/31 (Call 12/15/30)

     2,013       1,537,308  

3.50%, 08/01/26 (Call 05/01/26)

     2,472       2,298,564  

3.75%, 07/01/27 (Call 04/01/27)

     2,728       2,534,476  

Healthcare Trust of America Holdings LP,
3.10%, 02/15/30 (Call 11/15/29)

     1,760       1,498,077  

Healthpeak Properties Interim Inc.

    

1.35%, 02/01/27 (Call 01/01/27)

     1,325       1,153,903  

2.13%, 12/01/28 (Call 10/01/28)

     2,530       2,141,291  

2.88%, 01/15/31 (Call 10/15/30)(b)

     1,778       1,498,214  

3.00%, 01/15/30 (Call 10/15/29)

     3,219       2,773,136  

3.25%, 07/15/26 (Call 05/15/26)

     1,287       1,206,009  

3.40%, 02/01/25 (Call 11/01/24)

     348       335,197  

3.50%, 07/15/29 (Call 04/15/29)

     2,036       1,818,392  

4.00%, 06/01/25 (Call 03/01/25)

     2,516       2,441,174  

5.25%, 12/15/32 (Call 09/15/32)

     1,000       981,120  

6.75%, 02/01/41 (Call 08/01/40)

     918       965,727  

Highwoods Realty LP

    

2.60%, 02/01/31 (Call 11/01/30)

     796       591,866  

3.05%, 02/15/30 (Call 11/15/29)

     3,371       2,670,068  

3.88%, 03/01/27 (Call 12/01/26)

     2,150       1,982,601  

4.13%, 03/15/28 (Call 12/15/27)

     1,288       1,144,195  

4.20%, 04/15/29 (Call 01/15/29)

     2,585       2,245,874  

Host Hotels & Resorts LP

    

3.88%, 04/01/24 (Call 02/01/24)

     2,642       2,582,476  

Series E, 4.00%, 06/15/25 (Call 03/15/25)

     2,004       1,949,591  

Series F, 4.50%, 02/01/26 (Call 11/01/25)

     351       339,452  

Series H, 3.38%, 12/15/29 (Call 09/16/29)

     2,484       2,113,362  

Series I, 3.50%, 09/15/30 (Call 06/15/30)

     365       303,954  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

     1,690       1,303,058  

Hudson Pacific Properties LP

    

3.25%, 01/15/30 (Call 10/15/29)

     2,524       1,901,859  

3.95%, 11/01/27 (Call 08/01/27)

     2,096       1,812,160  

4.65%, 04/01/29 (Call 01/01/29)

     2,456       2,081,239  

5.95%, 02/15/28 (Call 01/15/28)(b)

     55       52,346  

Invitation Homes Operating Partnership LP

    

2.00%, 08/15/31 (Call 05/15/31)

     1,443       1,081,947  

2.30%, 11/15/28 (Call 09/15/28)

     1,775       1,467,748  

2.70%, 01/15/34 (Call 10/15/33)

     1,775       1,326,582  

4.15%, 04/15/32 (Call 01/15/32)

     3,025       2,663,512  

Kilroy Realty LP

    

2.50%, 11/15/32 (Call 08/15/32)

     1,718       1,213,904  

2.65%, 11/15/33 (Call 08/15/33)

     1,925       1,322,956  

3.05%, 02/15/30 (Call 11/15/29)

     2,017       1,605,189  

3.45%, 12/15/24 (Call 09/15/24)

     3,082       2,952,063  

4.25%, 08/15/29 (Call 05/15/29)

     2,128       1,851,594  

4.38%, 10/01/25 (Call 07/01/25)

     1,206       1,159,038  

4.75%, 12/15/28 (Call 09/15/28)

     1,879       1,725,279  

Kimco Realty Corp.

    

1.90%, 03/01/28 (Call 01/01/28)

     628       530,252  

2.25%, 12/01/31 (Call 09/01/31)

     1,111       862,314  

2.70%, 03/01/24 (Call 01/01/24)

     2,812       2,728,034  

2.70%, 10/01/30 (Call 07/01/30)

     890       735,238  

2.80%, 10/01/26 (Call 07/01/26)

     2,685       2,453,687  

3.30%, 02/01/25 (Call 12/01/24)

     1,682       1,613,189  

3.70%, 10/01/49 (Call 04/01/49)

     787       556,055  

 

 

74  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

3.80%, 04/01/27 (Call 01/01/27)

   $ 1,884     $ 1,766,363  

4.13%, 12/01/46 (Call 06/01/46)

     891       665,826  

4.25%, 04/01/45 (Call 10/01/44)

     1,652       1,272,040  

4.45%, 09/01/47 (Call 03/01/47)

     2,635       2,120,332  

4.60%, 02/01/33 (Call 11/01/32)

       1,735         1,593,077  

Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)

     2,127       1,969,304  

Kite Realty Group Trust

    

4.00%, 03/15/25 (Call 12/15/24)

     705       673,515  

4.75%, 09/15/30 (Call 06/15/30)

     2,315       2,076,902  

Life Storage LP

    

2.20%, 10/15/30 (Call 07/15/30)

     1,336       1,065,874  

2.40%, 10/15/31 (Call 07/15/31)

     2,455       1,946,324  

3.88%, 12/15/27 (Call 09/15/27)

     796       740,105  

4.00%, 06/15/29 (Call 03/15/29)

     2,373       2,163,678  

LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26)

     1,644       1,550,867  

LXP Industrial Trust

    

2.38%, 10/01/31 (Call 07/01/31)

     345       262,414  

2.70%, 09/15/30 (Call 06/15/30)

     696       556,995  

Mid-America Apartments LP

    

1.10%, 09/15/26 (Call 08/15/26)

     2,095       1,815,485  

1.70%, 02/15/31 (Call 11/15/30)

     2,296       1,792,510  

2.75%, 03/15/30 (Call 12/15/29)

     1,155       998,001  

2.88%, 09/15/51 (Call 03/15/51)

     1,190       772,322  

3.60%, 06/01/27 (Call 03/01/27)

     2,795       2,641,862  

3.75%, 06/15/24 (Call 03/13/24)

     1,162       1,136,134  

3.95%, 03/15/29 (Call 12/15/28)

     1,795       1,687,354  

4.00%, 11/15/25 (Call 08/15/25)

     3,402       3,282,828  

4.20%, 06/15/28 (Call 03/15/28)

     1,358       1,294,772  

National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)

     2,408       1,809,588  

National Retail Properties Inc.

    

2.50%, 04/15/30 (Call 01/15/30)

     2,162       1,791,001  

3.00%, 04/15/52 (Call 10/15/51)

     505       312,277  

3.10%, 04/15/50 (Call 10/15/49)

     2,117       1,351,154  

3.50%, 10/15/27 (Call 07/15/27)

     855       780,786  

3.50%, 04/15/51 (Call 01/15/50)

     2,077       1,434,355  

3.60%, 12/15/26 (Call 09/15/26)

     2,107       1,962,523  

3.90%, 06/15/24 (Call 03/15/24)

     2,165       2,116,461  

4.00%, 11/15/25 (Call 08/15/25)

     2,320       2,232,954  

4.30%, 10/15/28 (Call 07/15/28)

     1,070       999,519  

4.80%, 10/15/48 (Call 04/25/48)

     585       497,578  

Omega Healthcare Investors Inc.

    

3.25%, 04/15/33 (Call 01/15/33)

     3,023       2,167,884  

3.38%, 02/01/31 (Call 11/01/30)

     2,029       1,603,153  

3.63%, 10/01/29 (Call 07/01/29)

     2,237       1,857,426  

4.50%, 01/15/25 (Call 10/15/24)

     2,715       2,645,985  

4.50%, 04/01/27 (Call 01/01/27)

     1,465       1,384,161  

4.75%, 01/15/28 (Call 10/15/27)

     2,032       1,908,312  

4.95%, 04/01/24 (Call 01/01/24)

     2,568       2,527,400  

5.25%, 01/15/26 (Call 10/15/25)

     3,440       3,371,785  

Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)

     2,535       1,904,419  

Physicians Realty LP

    

2.63%, 11/01/31 (Call 08/01/31)

     3,158       2,525,074  

3.95%, 01/15/28 (Call 10/15/27)

     2,408       2,221,765  

4.30%, 03/15/27 (Call 12/15/26)

     291       276,942  

Piedmont Operating Partnership LP

    

2.75%, 04/01/32 (Call 01/01/32)

     305       215,428  

3.15%, 08/15/30 (Call 05/15/30)

     1,528       1,167,774  

4.45%, 03/15/24 (Call 12/15/23)

     930       917,296  
Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

Prologis LP

    

1.25%, 10/15/30 (Call 07/15/30)

   $ 3,143     $ 2,408,701  

1.63%, 03/15/31 (Call 12/15/30)

     1,604       1,253,446  

1.75%, 07/01/30 (Call 04/01/30)

     1,107       881,039  

1.75%, 02/01/31 (Call 11/01/30)

     2,065       1,629,760  

2.13%, 04/15/27 (Call 02/15/27)(b)

     1,791       1,612,760  

2.13%, 10/15/50 (Call 04/15/50)

       1,787         1,007,457  

2.25%, 04/15/30 (Call 01/15/30)

     2,742       2,290,776  

2.25%, 01/15/32 (Call 10/15/31)

     1,832       1,468,806  

2.88%, 11/15/29 (Call 08/15/29)

     1,605       1,393,493  

3.00%, 04/15/50 (Call 10/15/49)

     3,148       2,143,599  

3.05%, 03/01/50 (Call 09/01/49)

     1,676       1,157,345  

3.25%, 06/30/26 (Call 03/30/26)

     884       837,015  

3.25%, 10/01/26 (Call 07/01/26)(b)

     1,330       1,257,701  

3.38%, 12/15/27 (Call 09/15/27)

     2,705       2,526,335  

3.88%, 09/15/28 (Call 06/15/28)

     1,952       1,848,954  

4.00%, 09/15/28 (Call 06/15/28)

     1,216       1,163,055  

4.38%, 02/01/29 (Call 11/01/28)

     1,621       1,561,250  

4.38%, 09/15/48 (Call 03/15/48)

     474       413,029  

4.63%, 01/15/33 (Call 10/15/32)

     2,695       2,604,556  

Public Storage

    

0.88%, 02/15/26 (Call 01/15/26)

     2,043       1,808,525  

1.50%, 11/09/26 (Call 10/09/26)

     2,754       2,439,466  

1.85%, 05/01/28 (Call 03/01/28)

     2,855       2,451,731  

1.95%, 11/09/28 (Call 09/09/28)

     2,290       1,944,210  

2.25%, 11/09/31 (Call 08/09/31)

     1,975       1,591,277  

2.30%, 05/01/31 (Call 02/01/31)

     2,570       2,101,026  

3.09%, 09/15/27 (Call 06/15/27)

     3,220       2,979,659  

3.39%, 05/01/29 (Call 02/01/29)

     2,176       1,977,331  

Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)

     3,042       2,442,118  

Realty Income Corp.

    

0.75%, 03/15/26 (Call 02/15/26)

     1,433       1,249,390  

1.80%, 03/15/33 (Call 12/15/32)

     1,698       1,239,642  

2.20%, 06/15/28 (Call 04/15/28)

     1,010       872,438  

2.85%, 12/15/32 (Call 09/15/32)

     636       519,377  

3.00%, 01/15/27 (Call 10/15/26)

     2,564       2,368,495  

3.10%, 12/15/29 (Call 09/15/29)

     1,319       1,159,480  

3.25%, 06/15/29 (Call 03/15/29)

     1,082       967,481  

3.25%, 01/15/31 (Call 10/15/30)

     3,449       3,006,252  

3.40%, 01/15/28 (Call 11/15/27)

     1,740       1,612,562  

3.65%, 01/15/28 (Call 10/15/27)

     2,539       2,378,231  

3.88%, 07/15/24 (Call 04/15/24)

     2,225       2,176,717  

3.88%, 04/15/25 (Call 02/15/25)

     2,942       2,851,592  

3.95%, 08/15/27 (Call 05/15/27)

     2,801       2,667,532  

4.13%, 10/15/26 (Call 07/15/26)

     2,306       2,222,638  

4.63%, 11/01/25 (Call 09/01/25)

     1,921       1,887,459  

4.65%, 03/15/47 (Call 09/15/46)

     2,733       2,485,226  

4.85%, 03/15/30 (Call 01/15/30)

     700       678,615  

4.88%, 06/01/26 (Call 03/01/26)

     2,319       2,296,946  

5.05%, 01/13/26 (Call 01/13/24)

     235       232,751  

5.63%, 10/13/32 (Call 07/13/32)

     2,310       2,355,137  

Regency Centers LP

    

2.95%, 09/15/29 (Call 06/15/29)

     1,505       1,267,150  

3.60%, 02/01/27 (Call 11/01/26)

     486       456,806  

3.70%, 06/15/30 (Call 03/15/30)

     713       629,622  

4.13%, 03/15/28 (Call 12/15/27)

     1,246       1,155,540  

4.40%, 02/01/47 (Call 08/01/46)

     1,713       1,372,284  

4.65%, 03/15/49 (Call 09/15/48)

     1,391       1,150,552  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   75

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

Rexford Industrial Realty LP

    

2.13%, 12/01/30 (Call 09/01/30)

   $ 2,118     $ 1,674,639  

2.15%, 09/01/31 (Call 06/01/31)

       2,035         1,571,346  

Sabra Health Care LP

    

3.20%, 12/01/31 (Call 09/01/31)

     3,852       2,857,105  

3.90%, 10/15/29 (Call 07/15/29)

     2,833       2,356,093  

5.13%, 08/15/26 (Call 05/15/26)

     4,121       3,895,375  

Safehold Operating Partnership LP

    

2.80%, 06/15/31 (Call 03/15/31)

     2,385       1,845,441  

2.85%, 01/15/32 (Call 10/15/31)

     670       515,150  

Simon Property Group LP

    

1.38%, 01/15/27 (Call 10/15/26)

     3,299       2,881,841  

1.75%, 02/01/28 (Call 11/01/27)

     1,215       1,038,315  

2.00%, 09/13/24 (Call 06/13/24)

     3,897       3,710,451  

2.20%, 02/01/31 (Call 11/01/30)

     1,509       1,205,450  

2.25%, 01/15/32 (Call 10/15/31)

     3,160       2,467,391  

2.45%, 09/13/29 (Call 06/13/29)

     5,378       4,510,636  

2.65%, 07/15/30 (Call 04/15/30)

     1,598       1,342,751  

2.65%, 02/01/32 (Call 11/01/31)

     2,385       1,929,203  

3.25%, 11/30/26 (Call 08/30/26)

     3,248       3,032,105  

3.25%, 09/13/49 (Call 03/13/49)

     4,593       3,164,623  

3.30%, 01/15/26 (Call 10/15/25)

     3,437       3,260,819  

3.38%, 10/01/24 (Call 07/01/24)

     5,583       5,412,049  

3.38%, 06/15/27 (Call 03/15/27)

     1,212       1,128,905  

3.38%, 12/01/27 (Call 09/01/27)

     3,983       3,682,562  

3.50%, 09/01/25 (Call 06/01/25)

     4,976       4,773,875  

3.80%, 07/15/50 (Call 01/15/50)

     2,575       1,935,035  

4.25%, 10/01/44 (Call 04/01/44)

     1,077       875,267  

4.25%, 11/30/46 (Call 05/30/46)

     2,282       1,857,571  

4.75%, 03/15/42 (Call 09/15/41)

     2,136       1,879,979  

6.75%, 02/01/40 (Call 11/01/39)

     2,188       2,437,060  

SITE Centers Corp.

    

3.63%, 02/01/25 (Call 11/01/24)

     2,752       2,619,326  

4.25%, 02/01/26 (Call 11/01/25)

     2,059       1,941,163  

4.70%, 06/01/27 (Call 03/01/27)

     2,154       2,019,612  

Spirit Realty LP

    

2.10%, 03/15/28 (Call 01/15/28)

     946       783,846  

2.70%, 02/15/32 (Call 11/15/31)

     655       499,850  

3.20%, 01/15/27 (Call 11/15/26)

     2,487       2,239,817  

3.20%, 02/15/31 (Call 11/15/30)

     725       591,528  

3.40%, 01/15/30 (Call 10/15/29)

     1,970       1,666,659  

4.00%, 07/15/29 (Call 04/15/29)

     2,792       2,461,874  

4.45%, 09/15/26 (Call 06/15/26)

     1,896       1,810,547  

STORE Capital Corp.

    

2.70%, 12/01/31 (Call 09/01/31)

     2,035       1,478,204  

2.75%, 11/18/30 (Call 08/18/30)

     889       671,417  

4.50%, 03/15/28 (Call 12/15/27)

     2,057       1,828,570  

4.63%, 03/15/29 (Call 12/15/28)

     1,731       1,522,536  

Sun Communities Operating LP

    

2.30%, 11/01/28 (Call 09/01/28)

     615       520,075  

2.70%, 07/15/31 (Call 04/15/31)

     2,892       2,307,267  

4.20%, 04/15/32 (Call 01/15/32)

     1,450       1,286,194  

5.70%, 01/15/33 (Call 10/15/32)

     2,990       2,944,313  

Tanger Properties LP

    

2.75%, 09/01/31 (Call 06/01/31)

     670       495,519  

3.13%, 09/01/26 (Call 06/01/26)

     988       896,086  

3.88%, 07/15/27 (Call 04/15/27)(b)

     2,065       1,896,661  

UDR Inc.

    

1.90%, 03/15/33 (Call 12/15/32)

     1,735       1,259,037  

2.10%, 08/01/32 (Call 05/01/32)

     1,345       1,015,556  
Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

2.10%, 06/15/33 (Call 03/15/33)(b)

   $ 585     $ 426,225  

2.95%, 09/01/26 (Call 06/01/26)

     905       833,170  

3.00%, 08/15/31 (Call 05/15/31)

     2,258       1,901,078  

3.10%, 11/01/34 (Call 08/01/34)

     808       640,752  

3.20%, 01/15/30 (Call 10/15/29)

       2,463         2,160,199  

3.50%, 07/01/27 (Call 04/01/27)

     1,318       1,227,229  

3.50%, 01/15/28 (Call 10/15/27)

     1,050       971,051  

4.40%, 01/26/29 (Call 10/26/28)

     1,875       1,758,337  

Ventas Realty LP

    

2.50%, 09/01/31 (Call 06/01/31)

     2,310       1,823,791  

2.65%, 01/15/25 (Call 12/15/24)

     2,491       2,354,120  

3.00%, 01/15/30 (Call 10/15/29)

     2,070       1,761,446  

3.25%, 10/15/26 (Call 07/15/26)

     954       879,321  

3.50%, 04/15/24 (Call 03/15/24)

     2,165       2,106,415  

3.50%, 02/01/25 (Call 11/01/24)

     2,953       2,835,087  

3.75%, 05/01/24 (Call 02/01/24)

     2,670       2,608,296  

3.85%, 04/01/27 (Call 01/01/27)

     1,080       1,021,691  

4.00%, 03/01/28 (Call 12/01/27)

     1,328       1,230,671  

4.13%, 01/15/26 (Call 10/15/25)

     4,094       3,939,165  

4.38%, 02/01/45 (Call 08/01/44)

     338       269,927  

4.40%, 01/15/29 (Call 10/15/28)

     719       669,152  

4.75%, 11/15/30 (Call 08/15/30)

     1,040       981,427  

4.88%, 04/15/49 (Call 10/15/48)

     2,037       1,738,233  

5.70%, 09/30/43 (Call 03/30/43)

     1,105       1,041,540  

VICI Properties LP

    

4.38%, 05/15/25

     2,880       2,775,139  

4.75%, 02/15/28 (Call 01/15/28)

     3,605       3,400,957  

4.95%, 02/15/30 (Call 12/15/29)

     4,290       4,018,314  

5.13%, 05/15/32 (Call 02/15/32)

     5,740       5,322,243  

5.63%, 05/15/52 (Call 11/15/51)

     4,493       3,995,760  

Vornado Realty LP

    

2.15%, 06/01/26 (Call 05/01/26)

     1,432       1,233,353  

3.40%, 06/01/31 (Call 03/01/31)

     1,095       830,787  

3.50%, 01/15/25 (Call 11/15/24)

     2,873       2,726,218  

Welltower OP LLC

    

2.05%, 01/15/29 (Call 11/15/28)

     2,143       1,753,681  

2.70%, 02/15/27 (Call 12/15/26)

     1,839       1,659,035  

2.75%, 01/15/31 (Call 10/15/30)

     1,001       815,865  

2.75%, 01/15/32 (Call 10/15/31)

     2,195       1,752,269  

2.80%, 06/01/31 (Call 03/01/31)

     4,495       3,644,546  

3.10%, 01/15/30 (Call 10/15/29)

     2,655       2,268,405  

3.63%, 03/15/24 (Call 02/15/24)

     5,118       5,014,872  

3.85%, 06/15/32 (Call 03/15/32)

     1,740       1,514,496  

4.00%, 06/01/25 (Call 03/01/25)

     6,868       6,638,746  

4.13%, 03/15/29 (Call 09/15/28)

     2,236       2,063,985  

4.25%, 04/01/26 (Call 01/01/26)

     4,227       4,078,970  

4.25%, 04/15/28 (Call 01/15/28)

     3,053       2,882,246  

4.95%, 09/01/48 (Call 03/01/48)

     380       323,593  

6.50%, 03/15/41 (Call 09/15/40)

     2,112       2,176,078  

Weyerhaeuser Co.

    

3.38%, 03/09/33 (Call 12/09/32)

     575       483,748  

4.00%, 11/15/29 (Call 08/15/29)

     2,659       2,421,312  

4.00%, 04/15/30 (Call 01/15/30)

     3,090       2,805,411  

4.00%, 03/09/52 (Call 09/09/51)

     465       363,151  

6.95%, 10/01/27

     1,514       1,611,880  

7.38%, 03/15/32

     2,833       3,149,446  

WP Carey Inc.

    

2.25%, 04/01/33 (Call 01/01/33)

     830       624,069  

2.40%, 02/01/31 (Call 11/01/30)

     1,858       1,496,972  

2.45%, 02/01/32 (Call 11/01/31)

     1,740       1,374,739  

 

 

76  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Real Estate Investment Trusts (continued)

    

3.85%, 07/15/29 (Call 04/15/29)

   $ 1,841     $ 1,671,573  

4.00%, 02/01/25 (Call 12/01/24)

     2,568       2,506,522  

4.25%, 10/01/26 (Call 07/01/26)

     955       920,601  

4.60%, 04/01/24 (Call 01/01/24)

       2,382       2,352,439  
   

 

 

  
        838,738,140  
Retail — 0.7%            

Advance Auto Parts Inc.

    

1.75%, 10/01/27 (Call 08/01/27)

     1,630       1,381,327  

3.50%, 03/15/32 (Call 12/15/31)

     1,680       1,379,112  

3.90%, 04/15/30 (Call 01/15/30)

     2,240       1,979,578  

AutoNation Inc.

    

1.95%, 08/01/28 (Call 06/01/28)

     1,002       815,818  

2.40%, 08/01/31 (Call 05/01/31)

     2,495       1,867,083  

3.50%, 11/15/24 (Call 09/15/24)

     2,649       2,552,126  

3.80%, 11/15/27 (Call 08/15/27)

     1,612       1,477,688  

3.85%, 03/01/32 (Call 12/01/31)

     1,460       1,224,079  

4.50%, 10/01/25 (Call 07/01/25)

     1,949       1,894,506  

4.75%, 06/01/30 (Call 03/01/30)

     2,358       2,200,038  

AutoZone Inc.

    

1.65%, 01/15/31 (Call 10/15/30)

     591       455,401  

3.13%, 04/18/24 (Call 03/18/24)

     1,489       1,450,316  

3.13%, 04/21/26 (Call 01/21/26)

     2,828       2,650,317  

3.25%, 04/15/25 (Call 01/15/25)

     3,433       3,283,459  

3.63%, 04/15/25 (Call 03/15/25)

     890       859,224  

3.75%, 06/01/27 (Call 03/01/27)

     2,384       2,263,989  

3.75%, 04/18/29 (Call 01/18/29)

     2,900       2,660,721  

4.00%, 04/15/30 (Call 01/15/30)

     1,860       1,709,080  

4.50%, 02/01/28 (Call 01/01/28)

     2,525       2,449,124  

4.75%, 08/01/32 (Call 05/01/32)

     2,550       2,433,338  

4.75%, 02/01/33 (Call 11/01/32)

     3,180       3,013,400  

Best Buy Co. Inc.

    

1.95%, 10/01/30 (Call 07/01/30)

     3,574       2,809,343  

4.45%, 10/01/28 (Call 07/01/28)(b)

     3,484       3,337,045  

Costco Wholesale Corp.

    

1.38%, 06/20/27 (Call 04/20/27)

     4,891       4,277,228  

1.60%, 04/20/30 (Call 01/20/30)

     6,494       5,299,753  

1.75%, 04/20/32 (Call 01/20/32)

     4,305       3,396,903  

2.75%, 05/18/24 (Call 03/18/24)

     4,883       4,741,149  

3.00%, 05/18/27 (Call 02/18/27)

     5,172       4,865,714  

Darden Restaurants Inc.

    

3.85%, 05/01/27 (Call 02/01/27)

     4,009       3,826,430  

4.55%, 02/15/48 (Call 08/15/47)

     1,975       1,622,660  

Dick’s Sporting Goods Inc.

    

3.15%, 01/15/32 (Call 10/15/31)(b)

     2,585       2,040,004  

4.10%, 01/15/52 (Call 07/15/51)

     3,020       1,999,331  

Dollar General Corp.

    

3.50%, 04/03/30 (Call 01/03/30)

     1,808       1,616,931  

3.88%, 04/15/27 (Call 01/15/27)

     3,991       3,796,598  

4.13%, 05/01/28 (Call 02/01/28)

     2,872       2,732,765  

4.13%, 04/03/50 (Call 10/03/49)

     3,035       2,405,875  

4.15%, 11/01/25 (Call 08/01/25)

     2,127       2,070,741  

4.25%, 09/20/24

     430       422,552  

4.63%, 11/01/27 (Call 10/01/27)

     2,440       2,380,610  

5.00%, 11/01/32 (Call 08/01/32)

     2,810       2,720,277  

5.50%, 11/01/52 (Call 05/01/52)

     180       175,775  

Dollar Tree Inc.

    

2.65%, 12/01/31 (Call 09/01/31)

     3,690       2,967,756  

3.38%, 12/01/51 (Call 06/01/51)

     2,525       1,685,513  

4.00%, 05/15/25 (Call 03/15/25)

     4,875       4,734,844  

4.20%, 05/15/28 (Call 02/15/28)

     5,733       5,457,472  
Security   Par
(000)		     Value  

Retail (continued)

    

Genuine Parts Co.

    

1.75%, 02/01/25 (Call 03/31/23)

   $ 465     $ 433,998  

1.88%, 11/01/30 (Call 08/01/30)

     2,550       1,970,309  

2.75%, 02/01/32 (Call 11/01/31)

     715       577,384  

Home Depot Inc. (The)

    

0.90%, 03/15/28 (Call 01/15/28)

     4,872       4,039,521  

1.38%, 03/15/31 (Call 12/15/30)

     6,735       5,182,582  

1.50%, 09/15/28 (Call 07/15/28)(b)

     1,245       1,050,929  

1.88%, 09/15/31 (Call 06/15/31)

     2,150       1,702,134  

2.13%, 09/15/26 (Call 06/15/26)

     3,995       3,636,569  

2.38%, 03/15/51 (Call 09/15/50)

     5,510       3,303,410  

2.50%, 04/15/27 (Call 02/15/27)

     4,309       3,938,383  

2.70%, 04/15/25 (Call 03/15/25)

     1,495       1,425,782  

2.70%, 04/15/30 (Call 01/15/30)

     6,381       5,534,560  

2.75%, 09/15/51 (Call 03/15/51)

     2,080       1,354,538  

2.80%, 09/14/27 (Call 06/14/27)

     3,659       3,366,207  

2.88%, 04/15/27 (Call 03/15/27)

     2,650       2,463,970  

2.95%, 06/15/29 (Call 03/15/29)

     3,016       2,693,198  

3.00%, 04/01/26 (Call 01/01/26)

     6,027       5,690,091  

3.13%, 12/15/49 (Call 06/15/49)

     5,849       4,135,009  

3.25%, 04/15/32 (Call 01/15/32)

     5,595       4,903,962  

3.30%, 04/15/40 (Call 10/15/39)

     2,732       2,176,858  

3.35%, 09/15/25 (Call 06/15/25)

     2,490       2,393,164  

3.35%, 04/15/50 (Call 10/15/49)

     4,621       3,427,349  

3.50%, 09/15/56 (Call 03/15/56)

     3,305       2,478,287  

3.63%, 04/15/52 (Call 10/15/51)

     6,085       4,679,243  

3.90%, 12/06/28 (Call 09/06/28)

     3,903       3,736,849  

3.90%, 06/15/47 (Call 12/15/46)

     4,400       3,633,036  

4.00%, 09/15/25 (Call 08/15/25)

     315       309,796  

4.20%, 04/01/43 (Call 10/01/42)

     4,224       3,696,676  

4.25%, 04/01/46 (Call 10/01/45)

     5,965       5,165,809  

4.40%, 03/15/45 (Call 09/15/44)

     2,907       2,577,550  

4.50%, 09/15/32 (Call 06/15/32)

     1,370       1,320,872  

4.50%, 12/06/48 (Call 06/06/48)

     5,843       5,254,201  

4.88%, 02/15/44 (Call 08/15/43)

     4,070       3,902,764  

4.95%, 09/15/52 (Call 03/15/52)

     1,050       1,008,294  

5.40%, 09/15/40 (Call 03/15/40)

     2,404       2,436,742  

5.88%, 12/16/36

       10,013         10,703,997  

5.95%, 04/01/41 (Call 10/01/40)

     3,930       4,214,178  

Lowe’s Companies Inc.

    

1.30%, 04/15/28 (Call 02/15/28)

     6,957       5,757,335  

1.70%, 09/15/28 (Call 07/15/28)

     3,398       2,835,903  

1.70%, 10/15/30 (Call 07/15/30)

     4,203       3,277,541  

2.50%, 04/15/26 (Call 01/15/26)

     3,312       3,063,633  

2.63%, 04/01/31 (Call 01/01/31)

     5,647       4,646,126  

2.80%, 09/15/41 (Call 03/15/41)

     3,346       2,265,041  

3.00%, 10/15/50 (Call 04/15/50)

     4,183       2,658,464  

3.10%, 05/03/27 (Call 02/03/27)

     4,466       4,148,244  

3.13%, 09/15/24 (Call 06/15/24)

     3,670       3,547,789  

3.35%, 04/01/27 (Call 03/01/27)

     2,433       2,276,558  

3.38%, 09/15/25 (Call 06/15/25)

     5,112       4,880,426  

3.50%, 04/01/51 (Call 10/01/50)

     5,257       3,694,252  

3.65%, 04/05/29 (Call 01/05/29)

     4,883       4,459,449  

3.70%, 04/15/46 (Call 10/15/45)

     7,326       5,414,354  

3.75%, 04/01/32 (Call 01/01/32)

     5,575       4,934,655  

4.00%, 04/15/25 (Call 03/15/25)

     4,442       4,322,910  

4.05%, 05/03/47 (Call 11/03/46)

     5,569       4,348,331  

4.25%, 04/01/52 (Call 10/01/51)

     3,835       3,018,413  

4.38%, 09/15/45 (Call 03/15/45)

     2,205       1,802,499  

4.40%, 09/08/25

     1,970       1,936,018  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   77

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Retail (continued)

    

4.45%, 04/01/62 (Call 10/01/61)

   $ 2,450     $ 1,912,936  

4.50%, 04/15/30 (Call 01/15/30)

     4,994       4,759,132  

4.55%, 04/05/49 (Call 10/05/48)

     1,148       947,950  

4.65%, 04/15/42 (Call 10/15/41)

       2,320         2,015,338  

5.00%, 04/15/33 (Call 01/15/33)(b)

     3,470       3,340,291  

5.00%, 04/15/40 (Call 10/15/39)

     2,501       2,290,266  

5.13%, 04/15/50 (Call 10/15/49)

     390       354,420  

5.50%, 10/15/35

     573       570,278  

5.63%, 04/15/53 (Call 10/15/52)

     3,470       3,331,651  

5.80%, 09/15/62 (Call 03/15/62)

     3,130       3,023,768  

6.50%, 03/15/29

     600       638,490  

McDonald’s Corp.

    

1.45%, 09/01/25 (Call 08/01/25)

     1,925       1,759,123  

2.13%, 03/01/30 (Call 12/01/29)

     3,005       2,489,673  

2.63%, 09/01/29 (Call 06/01/29)

     5,108       4,439,056  

3.25%, 06/10/24

     1,603       1,566,788  

3.30%, 07/01/25 (Call 06/15/25)

     5,351       5,146,431  

3.38%, 05/26/25 (Call 02/26/25)

     2,785       2,679,086  

3.50%, 03/01/27 (Call 12/01/26)

     2,659       2,511,133  

3.50%, 07/01/27 (Call 05/01/27)

     4,638       4,372,799  

3.60%, 07/01/30 (Call 04/01/30)

     2,375       2,164,053  

3.63%, 05/01/43

     1,771       1,380,495  

3.63%, 09/01/49 (Call 03/01/49)

     5,827       4,391,227  

3.70%, 01/30/26 (Call 10/30/25)

     5,355       5,164,737  

3.70%, 02/15/42

     2,351       1,863,661  

3.80%, 04/01/28 (Call 01/01/28)

     4,241       4,020,426  

4.20%, 04/01/50 (Call 10/01/49)

     3,240       2,692,181  

4.45%, 03/01/47 (Call 09/01/46)

     4,300       3,720,661  

4.45%, 09/01/48 (Call 03/01/48)

     2,955       2,573,303  

4.60%, 09/09/32 (Call 06/09/32)

     35       33,744  

4.60%, 05/26/45 (Call 11/26/44)

     2,749       2,441,277  

4.70%, 12/09/35 (Call 06/09/35)

     4,056       3,832,068  

4.88%, 07/15/40

     1,632       1,531,665  

4.88%, 12/09/45 (Call 06/09/45)

     6,490       5,899,670  

5.15%, 09/09/52 (Call 03/09/52)

     285       273,195  

5.70%, 02/01/39

     1,589       1,631,824  

6.30%, 10/15/37

     3,083       3,350,882  

6.30%, 03/01/38

     2,303       2,483,832  

O’Reilly Automotive Inc.

    

1.75%, 03/15/31 (Call 12/15/30)

     1,265       981,880  

3.55%, 03/15/26 (Call 12/15/25)

     3,008       2,878,295  

3.60%, 09/01/27 (Call 06/01/27)

     1,931       1,811,490  

3.90%, 06/01/29 (Call 03/01/29)

     2,877       2,664,476  

4.20%, 04/01/30 (Call 01/01/30)

     1,876       1,758,018  

4.35%, 06/01/28 (Call 03/01/28)

     1,840       1,772,104  

4.70%, 06/15/32 (Call 03/15/32)

     3,610       3,440,619  

Ross Stores Inc.

    

0.88%, 04/15/26 (Call 03/15/26)

     3,300       2,886,180  

1.88%, 04/15/31 (Call 01/15/31)

     1,760       1,375,246  

4.60%, 04/15/25 (Call 03/15/25)

     2,924       2,878,678  

Starbucks Corp.

    

2.00%, 03/12/27 (Call 01/12/27)

     3,421       3,042,398  

2.25%, 03/12/30 (Call 12/12/29)

     3,350       2,777,083  

2.45%, 06/15/26 (Call 03/15/26)

     1,596       1,471,257  

2.55%, 11/15/30 (Call 08/15/30)

     4,276       3,569,348  

3.00%, 02/14/32 (Call 11/14/31)

     3,825       3,252,933  

3.35%, 03/12/50 (Call 09/12/49)

     3,120       2,223,094  

3.50%, 03/01/28 (Call 12/01/27)

     2,561       2,386,570  

3.50%, 11/15/50 (Call 05/15/50)

     2,815       2,047,490  

3.55%, 08/15/29 (Call 05/15/29)

     3,450       3,155,749  
Security   Par
(000)		     Value  

Retail (continued)

    

3.75%, 12/01/47 (Call 06/01/47)

   $ 3,179     $ 2,434,224  

3.80%, 08/15/25 (Call 06/15/25)

     3,936       3,816,582  

4.00%, 11/15/28 (Call 08/15/28)

     3,730       3,535,331  

4.30%, 06/15/45 (Call 12/10/44)

     2,066       1,740,378  

4.45%, 08/15/49 (Call 02/15/49)

     1,764       1,502,328  

4.50%, 11/15/48 (Call 05/15/48)

     4,735       4,077,498  

4.75%, 02/15/26 (Call 01/15/26)

     1,265       1,252,957  

4.80%, 02/15/33 (Call 11/15/32)

     3,200       3,101,760  

Target Corp.

    

1.95%, 01/15/27 (Call 12/15/26)

     2,700       2,432,511  

2.25%, 04/15/25 (Call 03/15/25)

     7,923       7,486,126  

2.35%, 02/15/30 (Call 11/15/29)

     3,581       3,038,228  

2.50%, 04/15/26

     4,841       4,529,191  

2.65%, 09/15/30 (Call 06/15/30)

     2,199       1,881,684  

2.95%, 01/15/52 (Call 07/15/51)

     4,205       2,864,656  

3.38%, 04/15/29 (Call 01/15/29)

       5,223         4,818,374  

3.50%, 07/01/24

     1,070       1,046,032  

3.63%, 04/15/46

     3,973       3,151,185  

3.90%, 11/15/47 (Call 05/15/47)

     3,532       2,897,794  

4.00%, 07/01/42

     2,256       1,981,625  

4.40%, 01/15/33 (Call 10/15/32)

     3,335       3,160,946  

4.50%, 09/15/32 (Call 06/15/32)

     4,085       3,923,030  

4.80%, 01/15/53 (Call 07/15/52)

     6,315       5,894,610  

6.50%, 10/15/37

     488       545,887  

7.00%, 01/15/38

     770       898,783  

TJX Companies Inc. (The)

    

1.15%, 05/15/28 (Call 03/15/28)

     646       540,844  

1.60%, 05/15/31 (Call 02/15/31)

     375       294,904  

2.25%, 09/15/26 (Call 06/15/26)

     6,730       6,146,374  

3.88%, 04/15/30 (Call 01/15/30)

     2,900       2,726,899  

4.50%, 04/15/50 (Call 10/15/49)(b)

     2,460       2,234,147  

Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)

     2,405       1,851,754  

Walgreens Boots Alliance Inc.

    

3.20%, 04/15/30 (Call 01/15/30)

     2,000       1,693,020  

3.45%, 06/01/26 (Call 03/01/26)

     2,252       2,109,786  

4.10%, 04/15/50 (Call 10/15/49)

     1,850       1,340,122  

Walmart Inc.

    

1.05%, 09/17/26 (Call 08/17/26)

     6,300       5,533,920  

1.50%, 09/22/28 (Call 07/22/28)

     4,733       4,019,879  

1.80%, 09/22/31 (Call 06/22/31)

     7,817       6,306,521  

2.38%, 09/24/29 (Call 06/24/29)

     2,192       1,905,440  

2.50%, 09/22/41 (Call 03/22/41)

     5,206       3,718,750  

2.65%, 12/15/24 (Call 10/15/24)

     175       168,721  

2.65%, 09/22/51 (Call 03/22/51)

     5,690       3,855,601  

2.85%, 07/08/24 (Call 06/08/24)

     160       155,328  

2.95%, 09/24/49 (Call 03/24/49)

     223       161,325  

3.05%, 07/08/26 (Call 05/08/26)

     550       521,928  

3.25%, 07/08/29 (Call 04/08/29)

     1,473       1,360,728  

3.30%, 04/22/24 (Call 01/22/24)

     9,060       8,886,229  

3.55%, 06/26/25 (Call 04/26/25)

     680       663,095  

3.63%, 12/15/47 (Call 06/15/47)

     445       365,634  

3.70%, 06/26/28 (Call 03/26/28)

     4,152       3,970,225  

3.90%, 09/09/25

     3,655       3,581,973  

3.95%, 09/09/27 (Call 08/09/27)

     2,880       2,806,704  

3.95%, 06/28/38 (Call 12/28/37)

     1,075       974,197  

4.00%, 04/11/43 (Call 10/11/42)

     60       52,717  

4.05%, 06/29/48 (Call 12/29/47)

     2,430       2,140,636  

4.15%, 09/09/32 (Call 06/09/32)

     3,850       3,709,975  

4.50%, 09/09/52 (Call 03/09/52)

     1,300       1,225,679  

5.00%, 10/25/40

     180       179,698  

 

 

78  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Retail (continued)

    

5.25%, 09/01/35

   $ 1,320     $ 1,386,317  

5.63%, 04/01/40

     680       727,858  

5.63%, 04/15/41

     15       16,144  

5.88%, 04/05/27

     255       267,352  

6.20%, 04/15/38

     800       899,168  

6.50%, 08/15/37

     265       310,209  

7.55%, 02/15/30

     750       881,153  
   

 

 

  
        600,862,227  
Semiconductors — 0.7%            

Advanced Micro Devices Inc.

    

3.92%, 06/01/32 (Call 03/01/32)

     3,235       2,996,742  

4.39%, 06/01/52 (Call 12/01/51)

     2,160       1,919,635  

Analog Devices Inc.

    

1.70%, 10/01/28 (Call 08/01/28)

     2,315       1,951,429  

2.10%, 10/01/31 (Call 07/01/31)

     2,545       2,055,698  

2.80%, 10/01/41 (Call 04/01/41)

     1,830       1,319,979  

2.95%, 04/01/25 (Call 03/01/25)

     1,011       967,426  

2.95%, 10/01/51 (Call 04/01/51)

     2,985       2,047,680  

3.45%, 06/15/27 (Call 03/15/27)(f)

     1,947       1,839,545  

3.50%, 12/05/26 (Call 09/05/26)

     5,138       4,874,832  

5.30%, 12/15/45 (Call 06/15/45)

     200       195,336  

Applied Materials Inc.

    

1.75%, 06/01/30 (Call 03/01/30)

     4,410       3,590,181  

2.75%, 06/01/50 (Call 12/01/49)

     3,061       2,081,174  

3.30%, 04/01/27 (Call 01/01/27)

     5,345       5,052,308  

3.90%, 10/01/25 (Call 07/01/25)

     3,381       3,289,341  

4.35%, 04/01/47 (Call 10/01/46)

     3,737       3,349,025  

5.10%, 10/01/35 (Call 04/01/35)

     1,509       1,518,341  

5.85%, 06/15/41

     2,354       2,514,496  

Broadcom Corp./Broadcom Cayman Finance Ltd.

    

3.13%, 01/15/25 (Call 11/15/24)

     857       820,415  

3.50%, 01/15/28 (Call 10/15/27)

     4,179       3,816,764  

3.88%, 01/15/27 (Call 10/15/26)

       12,022       11,344,801  

Broadcom Inc.

    

1.95%, 02/15/28 (Call 12/15/27)(b)(f)

     10       8,475  

2.45%, 02/15/31 (Call 11/15/30)(f)

     10,645       8,431,904  

2.60%, 02/15/33 (Call 11/15/32)(f)

     4,505       3,402,807  

3.14%, 11/15/35 (Call 08/15/35)(f)

     3,660       2,700,348  

3.15%, 11/15/25 (Call 10/15/25)

     3,853       3,627,253  

3.19%, 11/15/36 (Call 08/15/36)(f)

     1,440       1,043,064  

3.42%, 04/15/33 (Call 01/15/33)(f)

     17,561       14,142,225  

3.46%, 09/15/26 (Call 07/15/26)

     1,132       1,057,662  

3.47%, 04/15/34 (Call 01/15/34)(f)

     12,045       9,540,483  

3.50%, 02/15/41 (Call 08/15/40)(f)

     9,370       6,708,639  

3.63%, 10/15/24 (Call 09/15/24)

     680       659,641  

3.75%, 02/15/51 (Call 08/15/50)(f)

     4,881       3,403,472  

4.00%, 04/15/29 (Call 02/15/29)(f)

     3,640       3,295,838  

4.11%, 09/15/28 (Call 06/15/28)

     145       135,650  

4.15%, 11/15/30 (Call 08/15/30)

     4,525       4,074,627  

4.15%, 04/15/32 (Call 01/15/32)(f)

     4,080       3,598,805  

4.30%, 11/15/32 (Call 08/15/32)

     8,104       7,185,331  

4.75%, 04/15/29 (Call 01/15/29)

     545       521,451  

4.93%, 05/15/37 (Call 02/15/37)(f)

     20,250       17,607,172  

5.00%, 04/15/30 (Call 01/15/30)

     185       177,718  

Intel Corp.

    

1.60%, 08/12/28 (Call 06/12/28)

     4,218       3,541,939  

2.00%, 08/12/31 (Call 05/12/31)

     5,045       3,959,013  

2.45%, 11/15/29 (Call 08/15/29)

     8,022       6,748,989  

2.60%, 05/19/26 (Call 02/19/26)

     4,771       4,429,969  

2.80%, 08/12/41 (Call 02/12/41)

     2,425       1,650,673  
Security   Par
(000)		     Value  

Semiconductors (continued)

    

2.88%, 05/11/24 (Call 03/11/24)

   $ 5,514     $ 5,364,515  

3.05%, 08/12/51 (Call 02/12/51)

     1,555       1,000,238  

3.10%, 02/15/60 (Call 08/15/59)

     5,500       3,362,095  

3.15%, 05/11/27 (Call 02/11/27)

     3,543       3,293,218  

3.20%, 08/12/61 (Call 02/12/61)

     1,405       872,561  

3.25%, 11/15/49 (Call 05/15/49)

       10,443         6,985,636  

3.40%, 03/25/25 (Call 02/25/25)

     5,977       5,782,269  

3.70%, 07/29/25 (Call 04/29/25)

     8,208       7,940,009  

3.73%, 12/08/47 (Call 06/08/47)

     5,720       4,237,662  

3.75%, 03/25/27 (Call 01/25/27)

     4,610       4,403,518  

3.75%, 08/05/27 (Call 07/05/27)

     3,970       3,772,334  

3.90%, 03/25/30 (Call 12/25/29)

     6,254       5,770,128  

4.00%, 08/05/29 (Call 06/05/29)

     2,970       2,775,109  

4.00%, 12/15/32

     3,251       2,946,121  

4.10%, 05/19/46 (Call 11/19/45)

     4,477       3,590,330  

4.10%, 05/11/47 (Call 11/11/46)

     5,108       4,087,728  

4.15%, 08/05/32 (Call 05/05/32)

     2,980       2,740,825  

4.25%, 12/15/42

     872       729,864  

4.60%, 03/25/40 (Call 09/25/39)

     6,769       6,032,262  

4.75%, 03/25/50 (Call 09/25/49)

     6,924       5,998,538  

4.80%, 10/01/41

     885       801,536  

4.88%, 02/10/26

     6,460       6,398,113  

4.88%, 02/10/28 (Call 01/10/28)

     4,995       4,922,423  

4.90%, 07/29/45 (Call 01/29/45)

     1,781       1,649,598  

4.90%, 08/05/52 (Call 02/05/52)

     3,310       2,932,163  

4.95%, 03/25/60 (Call 09/25/59)(b)

     3,604       3,161,537  

5.05%, 08/05/62 (Call 02/05/62)

     2,975       2,602,203  

5.13%, 02/10/30 (Call 12/10/29)

     5,530       5,462,257  

5.20%, 02/10/33 (Call 11/10/32)

     7,490       7,348,813  

5.63%, 02/10/43 (Call 08/10/42)

     3,385       3,304,539  

5.70%, 02/10/53 (Call 08/10/52)

     5,040       4,926,398  

5.90%, 02/10/63 (Call 08/10/62)

     5,460       5,373,787  

KLA Corp.

    

3.30%, 03/01/50 (Call 08/28/49)

     3,003       2,176,755  

4.10%, 03/15/29 (Call 12/15/28)

     3,328       3,172,782  

4.65%, 11/01/24 (Call 08/01/24)

     1,386       1,372,556  

4.65%, 07/15/32 (Call 04/15/32)

     2,120       2,069,671  

4.95%, 07/15/52 (Call 01/15/52)

     4,375       4,128,906  

5.00%, 03/15/49 (Call 09/15/48)

     1,564       1,465,765  

5.25%, 07/15/62 (Call 01/15/62)

     3,370       3,222,765  

Lam Research Corp.

    

1.90%, 06/15/30 (Call 03/15/30)

     3,555       2,893,557  

2.88%, 06/15/50 (Call 12/15/49)

     3,454       2,302,229  

3.13%, 06/15/60 (Call 12/15/59)

     2,856       1,874,421  

3.75%, 03/15/26 (Call 01/15/26)

     5,650       5,443,662  

3.80%, 03/15/25 (Call 12/15/24)

     2,817       2,741,871  

4.00%, 03/15/29 (Call 12/15/28)

     4,066       3,859,081  

4.88%, 03/15/49 (Call 09/15/48)

     3,095       2,907,288  

Marvell Technology Inc.

    

1.65%, 04/15/26 (Call 03/15/26)

     3,125       2,783,188  

2.45%, 04/15/28 (Call 02/15/28)

     3,057       2,606,734  

2.95%, 04/15/31 (Call 01/15/31)

     2,900       2,330,904  

4.88%, 06/22/28 (Call 03/22/28)

     205       198,153  

Microchip Technology Inc.

    

0.98%, 09/01/24

     587       548,111  

4.25%, 09/01/25 (Call 09/01/23)

     5,540       5,365,545  

Micron Technology Inc.

    

2.70%, 04/15/32 (Call 01/15/32)

     4,157       3,152,004  

3.37%, 11/01/41 (Call 05/01/41)

     1,315       878,118  

3.48%, 11/01/51 (Call 05/01/51)

     3,400       2,118,914  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   79

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Semiconductors (continued)

    

4.19%, 02/15/27 (Call 12/15/26)

   $ 3,384     $ 3,203,294  

4.66%, 02/15/30 (Call 11/15/29)

     3,412       3,134,127  

4.98%, 02/06/26 (Call 12/06/25)

     2,966       2,925,395  

5.33%, 02/06/29 (Call 11/06/28)

     2,639       2,576,984  

5.88%, 02/09/33 (Call 11/09/32)

     2,000       1,937,160  

6.75%, 11/01/29 (Call 09/01/29)

     4,150       4,280,310  

NVIDIA Corp.

    

0.58%, 06/14/24 (Call 06/14/23)

     395       372,560  

1.55%, 06/15/28 (Call 04/15/28)

     6,635       5,638,290  

2.00%, 06/15/31 (Call 03/15/31)

     3,728       3,011,888  

2.85%, 04/01/30 (Call 01/01/30)

     4,537       3,998,231  

3.20%, 09/16/26 (Call 06/16/26)

     3,502       3,324,168  

3.50%, 04/01/40 (Call 10/01/39)

     3,638       2,992,073  

3.50%, 04/01/50 (Call 10/01/49)

     7,952       6,163,198  

3.70%, 04/01/60 (Call 10/01/59)

     2,465       1,872,020  

NXP BV/NXP Funding LLC

    

4.88%, 03/01/24 (Call 02/01/24)

     2,614       2,591,729  

5.35%, 03/01/26 (Call 01/01/26)

       2,265         2,242,531  

5.55%, 12/01/28 (Call 09/01/28)

     1,537       1,534,326  

NXP BV/NXP Funding LLC/NXP USA Inc.

    

2.50%, 05/11/31 (Call 02/11/31)

     4,044       3,192,778  

2.65%, 02/15/32 (Call 11/15/31)

     3,786       2,973,373  

2.70%, 05/01/25 (Call 04/01/25)

     2,084       1,957,272  

3.13%, 02/15/42 (Call 08/15/41)

     1,685       1,135,336  

3.15%, 05/01/27 (Call 03/01/27)

     2,605       2,377,323  

3.25%, 05/11/41 (Call 11/11/40)

     4,435       3,076,338  

3.25%, 11/30/51 (Call 05/30/51)

     1,870       1,181,503  

3.40%, 05/01/30 (Call 02/01/30)

     3,808       3,299,023  

3.88%, 06/18/26 (Call 04/18/26)

     3,460       3,284,959  

4.30%, 06/18/29 (Call 03/18/29)

     5,226       4,825,061  

4.40%, 06/01/27 (Call 05/01/27)

     680       651,148  

5.00%, 01/15/33 (Call 10/15/32)

     3,720       3,497,135  

Qorvo Inc.

    

1.75%, 12/15/24 (Call 03/13/23)(f)

     2,515       2,331,531  

4.38%, 10/15/29 (Call 10/15/24)

     3,840       3,422,438  

QUALCOMM Inc.

    

1.30%, 05/20/28 (Call 02/20/28)

     3,850       3,240,506  

1.65%, 05/20/32 (Call 02/20/32)

     5,003       3,823,693  

2.15%, 05/20/30 (Call 02/20/30)

     5,300       4,435,199  

2.90%, 05/20/24 (Call 03/20/24)

     253       246,265  

3.25%, 05/20/27 (Call 02/20/27)

     9,112       8,565,736  

3.25%, 05/20/50 (Call 11/20/49)(b)

     3,829       2,820,633  

3.45%, 05/20/25 (Call 02/20/25)

     566       546,564  

4.25%, 05/20/32 (Call 02/20/32)

     1,076       1,030,195  

4.30%, 05/20/47 (Call 11/20/46)

     6,525       5,699,914  

4.50%, 05/20/52 (Call 11/20/51)

     4,220       3,749,386  

4.65%, 05/20/35 (Call 11/20/34)

     4,582       4,446,235  

4.80%, 05/20/45 (Call 11/20/44)

     2,761       2,622,922  

5.40%, 05/20/33 (Call 02/20/33)

     3,700       3,813,627  

6.00%, 05/20/53 (Call 11/20/52)

     3,800       4,096,666  

Skyworks Solutions Inc.

    

1.80%, 06/01/26 (Call 05/01/26)

     3,595       3,164,750  

3.00%, 06/01/31 (Call 03/01/31)

     2,105       1,704,250  

Texas Instruments Inc.

    

1.13%, 09/15/26 (Call 08/15/26)

     790       695,042  

1.38%, 03/12/25 (Call 02/12/25)

     4,138       3,852,519  

1.75%, 05/04/30 (Call 02/04/30)

     4,130       3,377,514  

1.90%, 09/15/31 (Call 06/15/31)

     2,645       2,139,593  

2.25%, 09/04/29 (Call 06/04/29)

     2,973       2,548,783  

2.63%, 05/15/24 (Call 03/15/24)

     1,223       1,187,191  
Security   Par
(000)		     Value  

Semiconductors (continued)

    

2.70%, 09/15/51 (Call 03/15/51)(b)

   $ 2,300     $ 1,596,292  

2.90%, 11/03/27 (Call 08/03/27)

     2,926       2,708,101  

3.65%, 08/16/32 (Call 05/16/32)

     2,205       2,027,409  

3.88%, 03/15/39 (Call 09/15/38)

       3,083       2,723,831  

4.10%, 08/16/52 (Call 02/16/52)

     990       885,892  

4.15%, 05/15/48 (Call 11/15/47)

     5,481       4,858,194  

4.60%, 02/15/28 (Call 01/15/28)

     2,300       2,287,373  

4.70%, 11/18/24

     1,855       1,842,850  

TSMC Arizona Corp.

    

1.75%, 10/25/26 (Call 09/25/26)

     5,825       5,146,038  

2.50%, 10/25/31 (Call 07/25/31)

     4,645       3,839,975  

3.13%, 10/25/41 (Call 04/25/41)

     4,525       3,525,201  

3.25%, 10/25/51 (Call 04/25/51)

     4,205       3,154,969  

3.88%, 04/22/27 (Call 03/22/27)

     880       844,730  

4.13%, 04/22/29 (Call 02/22/29)

     535       509,069  

4.25%, 04/22/32 (Call 01/22/32)

     1,070       1,023,733  

4.50%, 04/22/52 (Call 10/22/51)

     1,380       1,294,785  

Xilinx Inc.

    

2.38%, 06/01/30 (Call 03/01/30)

     3,321       2,797,079  

2.95%, 06/01/24 (Call 04/01/24)

     4,273       4,149,852  
   

 

 

  
        561,405,661  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc.

    

2.04%, 08/16/28 (Call 06/16/28)

     2,624       2,172,724  

3.48%, 12/01/27 (Call 09/01/27)

     2,346       2,146,121  

3.84%, 05/01/25 (Call 04/01/25)

     2,445       2,355,660  

4.20%, 05/01/30 (Call 02/01/30)

     1,535       1,401,654  
   

 

 

  
      8,076,159  
Software — 0.7%            

Activision Blizzard Inc.

    

1.35%, 09/15/30 (Call 06/15/30)

     2,516       1,962,908  

2.50%, 09/15/50 (Call 03/15/50)

     4,143       2,584,652  

3.40%, 09/15/26 (Call 06/15/26)

     3,915       3,702,259  

3.40%, 06/15/27 (Call 03/15/27)

     2,350       2,205,569  

4.50%, 06/15/47 (Call 12/15/46)

     2,213       1,954,167  

Adobe Inc.

    

1.90%, 02/01/25 (Call 01/01/25)

     3,823       3,610,059  

2.15%, 02/01/27 (Call 12/01/26)

     3,341       3,036,835  

2.30%, 02/01/30 (Call 11/01/29)

     5,988       5,117,405  

3.25%, 02/01/25 (Call 11/01/24)

     3,043       2,946,506  

Autodesk Inc.

    

2.40%, 12/15/31 (Call 09/15/31)

     4,315       3,451,914  

2.85%, 01/15/30 (Call 10/15/29)

     2,662       2,281,813  

3.50%, 06/15/27 (Call 03/15/27)

     3,635       3,410,975  

4.38%, 06/15/25 (Call 03/15/25)

     2,577       2,536,696  

Broadridge Financial Solutions Inc.

    

2.60%, 05/01/31 (Call 02/01/31)

     4,611       3,730,253  

2.90%, 12/01/29 (Call 09/01/29)

     3,693       3,116,855  

3.40%, 06/27/26 (Call 03/27/26)

     3,919       3,675,356  

Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)

     1,785       1,756,476  

Electronic Arts Inc.

    

1.85%, 02/15/31 (Call 11/15/30)

     3,387       2,650,836  

2.95%, 02/15/51 (Call 08/15/50)

     3,145       2,003,334  

4.80%, 03/01/26 (Call 12/01/25)

     2,977       2,951,844  

Fidelity National Information Services Inc.

    

0.60%, 03/01/24

     2,898       2,761,852  

1.15%, 03/01/26 (Call 02/01/26)

     5,553       4,869,925  

1.65%, 03/01/28 (Call 01/01/28)

     4,885       4,090,113  

 

 

80  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Software (continued)

    

2.25%, 03/01/31 (Call 12/01/30)

   $ 4,350     $ 3,420,100  

3.10%, 03/01/41 (Call 09/01/40)

     2,975       2,050,905  

4.50%, 07/15/25

     1,310       1,280,656  

4.50%, 08/15/46 (Call 02/15/46)

     1,277       1,011,384  

4.70%, 07/15/27 (Call 06/15/27)

     2,410       2,345,388  

5.10%, 07/15/32 (Call 04/15/32)

     1,870       1,788,374  

5.63%, 07/15/52 (Call 01/15/52)

     1,920       1,794,106  

Fiserv Inc.

    

2.25%, 06/01/27 (Call 04/01/27)

     1,635       1,450,670  

2.65%, 06/01/30 (Call 03/01/30)

     5,014       4,198,322  

2.75%, 07/01/24 (Call 06/01/24)

     6,662       6,413,774  

3.20%, 07/01/26 (Call 05/01/26)

     7,929       7,403,387  

3.50%, 07/01/29 (Call 04/01/29)

     8,460       7,554,865  

3.85%, 06/01/25 (Call 03/01/25)

     4,565       4,396,095  

4.20%, 10/01/28 (Call 07/01/28)

     2,702       2,538,448  

4.40%, 07/01/49 (Call 01/01/49)

     7,040       5,674,029  

5.45%, 03/02/28 (Call 02/02/28)

     2,450       2,448,064  

5.60%, 03/02/33 (Call 12/01/32)

     625       624,187  

Intuit Inc.

    

0.95%, 07/15/25 (Call 06/15/25)

     4,215       3,824,649  

1.35%, 07/15/27 (Call 05/15/27)

     4,289       3,710,628  

1.65%, 07/15/30 (Call 04/15/30)

     4,462       3,587,136  

Microsoft Corp.

    

2.40%, 08/08/26 (Call 05/08/26)

     12,552       11,634,700  

2.53%, 06/01/50 (Call 12/01/49)

       32,560         21,741,289  

2.68%, 06/01/60 (Call 12/01/59)

     14,128       9,141,240  

2.70%, 02/12/25 (Call 11/12/24)

     7,615       7,329,666  

2.92%, 03/17/52 (Call 09/17/51)

     30,711       22,150,923  

3.04%, 03/17/62 (Call 09/17/61)

     8,629       6,042,716  

3.13%, 11/03/25 (Call 08/03/25)

     6,536       6,263,449  

3.30%, 02/06/27 (Call 11/06/26)

     13,480       12,876,366  

3.45%, 08/08/36 (Call 02/08/36)

     4,366       3,817,761  

3.50%, 02/12/35 (Call 08/12/34)

     10,736       9,706,418  

3.50%, 11/15/42

     1,045       884,488  

3.70%, 08/08/46 (Call 02/08/46)

     1,625       1,390,350  

3.75%, 02/12/45 (Call 08/12/44)

     790       680,964  

3.95%, 08/08/56 (Call 02/08/56)

     400       344,744  

4.00%, 02/12/55 (Call 08/12/54)(b)

     490       435,434  

4.10%, 02/06/37 (Call 08/06/36)

     2,035       1,908,342  

4.20%, 11/03/35 (Call 05/03/35)

     450       430,888  

4.25%, 02/06/47 (Call 08/06/46)

     525       487,121  

4.45%, 11/03/45 (Call 05/03/45)

     1,301       1,233,075  

4.50%, 10/01/40

     405       395,956  

4.50%, 02/06/57 (Call 08/06/56)

     340       328,991  

5.30%, 02/08/41

     590       632,663  

Oracle Corp.

    

1.65%, 03/25/26 (Call 02/25/26)

     7,545       6,740,929  

2.30%, 03/25/28 (Call 01/25/28)

     9,425       8,177,318  

2.50%, 04/01/25 (Call 03/01/25)

     8,669       8,175,734  

2.65%, 07/15/26 (Call 04/15/26)

     12,955       11,838,538  

2.80%, 04/01/27 (Call 02/01/27)

     7,672       6,961,266  

2.88%, 03/25/31 (Call 12/25/30)

     9,351       7,746,742  

2.95%, 11/15/24 (Call 09/15/24)

     4,317       4,140,607  

2.95%, 05/15/25 (Call 02/15/25)

     7,644       7,249,417  

2.95%, 04/01/30 (Call 01/01/30)

     12,390       10,576,476  

3.25%, 11/15/27 (Call 08/15/27)

     8,097       7,408,188  

3.25%, 05/15/30 (Call 02/15/30)

     1,414       1,232,428  

3.40%, 07/08/24 (Call 04/08/24)

     7,429       7,228,045  

3.60%, 04/01/40 (Call 10/01/39)

     10,920       8,064,311  

3.60%, 04/01/50 (Call 10/01/49)

     16,313       11,062,172  
Security   Par
(000)		     Value  

Software (continued)

    

3.65%, 03/25/41 (Call 09/25/40)

   $ 6,403     $ 4,717,090  

3.80%, 11/15/37 (Call 05/15/37)

     6,563       5,187,658  

3.85%, 07/15/36 (Call 01/15/36)

     4,407       3,588,400  

3.85%, 04/01/60 (Call 10/01/59)

       11,872         7,891,675  

3.90%, 05/15/35 (Call 11/15/34)

     4,740       3,935,006  

3.95%, 03/25/51 (Call 09/25/50)

     9,450       6,781,131  

4.00%, 07/15/46 (Call 01/15/46)

     10,729       7,850,731  

4.00%, 11/15/47 (Call 05/15/47)

     7,357       5,387,972  

4.10%, 03/25/61 (Call 09/25/60)

     5,715       3,978,840  

4.13%, 05/15/45 (Call 11/15/44)

     7,664       5,782,488  

4.30%, 07/08/34 (Call 01/08/34)

     6,039       5,309,006  

4.38%, 05/15/55 (Call 11/15/54)

     5,019       3,808,618  

4.50%, 05/06/28 (Call 04/06/28)

     1,715       1,649,453  

4.50%, 07/08/44 (Call 01/08/44)

     2,473       2,011,909  

4.65%, 05/06/30 (Call 03/06/30)

     1,715       1,627,501  

4.90%, 02/06/33 (Call 11/06/32)

     3,100       2,926,927  

5.38%, 07/15/40

     7,499       6,884,832  

5.55%, 02/06/53 (Call 08/06/52)

     4,505       4,120,093  

5.80%, 11/10/25

     1,245       1,259,803  

6.13%, 07/08/39

     3,803       3,799,159  

6.15%, 11/09/29 (Call 09/09/29)

     4,065       4,207,234  

6.25%, 11/09/32 (Call 08/09/32)

     6,360       6,620,760  

6.50%, 04/15/38

     5,625       5,859,619  

6.90%, 11/09/52 (Call 05/09/52)

     7,910       8,526,347  

Roper Technologies Inc.

    

1.00%, 09/15/25 (Call 08/15/25)

     2,382       2,144,919  

1.40%, 09/15/27 (Call 07/15/27)

     2,526       2,140,381  

1.75%, 02/15/31 (Call 11/15/30)

     2,315       1,783,916  

2.00%, 06/30/30 (Call 03/30/30)

     3,134       2,521,992  

2.35%, 09/15/24 (Call 08/15/24)

     2,500       2,386,300  

2.95%, 09/15/29 (Call 06/15/29)

     3,433       2,982,796  

3.80%, 12/15/26 (Call 09/15/26)

     2,942       2,799,195  

3.85%, 12/15/25 (Call 09/15/25)

     1,886       1,816,614  

4.20%, 09/15/28 (Call 06/15/28)

     2,419       2,309,081  

salesforce.com Inc.

    

0.63%, 07/15/24 (Call 03/31/23)

     630       592,099  

1.50%, 07/15/28 (Call 05/15/28)

     1,880       1,593,413  

1.95%, 07/15/31 (Call 04/15/31)

     4,522       3,623,705  

2.70%, 07/15/41 (Call 01/15/41)

     2,155       1,522,938  

2.90%, 07/15/51 (Call 01/15/51)

     4,325       2,908,476  

3.05%, 07/15/61 (Call 01/15/61)

     3,115       1,997,494  

3.70%, 04/11/28 (Call 01/11/28)

     8,936       8,513,506  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

     7,519       5,732,711  

Take-Two Interactive Software Inc.

    

3.30%, 03/28/24

     2,832       2,767,119  

3.55%, 04/14/25

     2,820       2,710,443  

3.70%, 04/14/27 (Call 03/14/27)

     2,570       2,424,923  

4.00%, 04/14/32 (Call 01/14/32)

     2,313       2,059,958  

VMware Inc.

    

1.00%, 08/15/24 (Call 03/31/23)

     1,000       934,600  

1.40%, 08/15/26 (Call 07/15/26)

     2,707       2,336,033  

1.80%, 08/15/28 (Call 06/15/28)

     1,599       1,306,991  

2.20%, 08/15/31 (Call 05/15/31)

     1,142       866,093  

3.90%, 08/21/27 (Call 05/21/27)

     3,534       3,302,700  

4.50%, 05/15/25 (Call 04/15/25)

     2,931       2,870,416  

4.65%, 05/15/27 (Call 03/15/27)

     5,021       4,848,077  

4.70%, 05/15/30 (Call 02/15/30)

     2,590       2,429,394  

Workday Inc.

    

3.50%, 04/01/27 (Call 03/01/27)

     2,780       2,597,882  

3.70%, 04/01/29 (Call 02/01/29)

     2,013       1,838,634  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   81

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Software (continued)

    

3.80%, 04/01/32 (Call 01/01/32)(b)

   $ 2,985     $ 2,625,039  
   

 

 

  
        561,383,574  
Telecommunications — 1.1%            

America Movil SAB de CV

    

2.88%, 05/07/30 (Call 02/07/30)

     5,400       4,637,412  

3.63%, 04/22/29 (Call 01/22/29)

     3,686       3,353,265  

4.38%, 07/16/42

     5,065       4,401,586  

4.38%, 04/22/49 (Call 10/22/48)(b)

     3,966       3,412,426  

4.70%, 07/21/32 (Call 04/21/32)

     1,295       1,236,932  

6.13%, 11/15/37

     2,790       2,945,068  

6.13%, 03/30/40

     4,551       4,795,070  

6.38%, 03/01/35

     3,841       4,160,917  

AT&T Inc.

    

0.90%, 03/25/24 (Call 03/13/23)

     2,510       2,394,490  

1.65%, 02/01/28 (Call 12/01/27)

     11,606       9,861,386  

1.70%, 03/25/26 (Call 03/25/23)

     4,954       4,452,606  

2.25%, 02/01/32 (Call 11/01/31)

     9,021       7,043,507  

2.30%, 06/01/27 (Call 04/01/27)

     4,312       3,844,967  

2.55%, 12/01/33 (Call 09/01/33)

       23,318       17,852,028  

2.75%, 06/01/31 (Call 03/01/31)

     10,971       9,066,105  

2.95%, 07/15/26 (Call 04/15/26)(b)

     2,093       1,956,181  

3.10%, 02/01/43 (Call 08/01/42)

     225       157,019  

3.30%, 02/01/52 (Call 08/01/51)

     350       239,264  

3.50%, 06/01/41 (Call 12/01/40)

     10,650       7,991,227  

3.50%, 09/15/53 (Call 03/15/53)

     29,761       20,431,819  

3.50%, 02/01/61 (Call 08/01/60)

     250       164,710  

3.55%, 09/15/55 (Call 03/15/55)

     29,628       20,088,377  

3.65%, 06/01/51 (Call 12/01/50)

     8,846       6,320,555  

3.65%, 09/15/59 (Call 03/15/59)

     25,312       17,137,996  

3.80%, 02/15/27 (Call 11/15/26)

     1,049       996,183  

3.80%, 12/01/57 (Call 06/01/57)

     23,611       16,573,741  

3.85%, 06/01/60 (Call 12/01/59)

     8,275       5,783,646  

3.88%, 01/15/26 (Call 10/15/25)

     1,739       1,674,987  

4.10%, 02/15/28 (Call 11/15/27)

     895       853,033  

4.25%, 03/01/27 (Call 12/01/26)

     2,044       1,982,660  

4.30%, 02/15/30 (Call 11/15/29)

     9,922       9,310,904  

4.30%, 12/15/42 (Call 06/15/42)

     2,193       1,812,909  

4.35%, 03/01/29 (Call 12/01/28)

     11,619       11,015,044  

4.35%, 06/15/45 (Call 12/15/44)

     1,755       1,427,412  

4.50%, 05/15/35 (Call 11/15/34)

     10,766       9,677,127  

4.50%, 03/09/48 (Call 09/09/47)

     3,515       2,894,040  

4.55%, 03/09/49 (Call 09/09/48)

     3,064       2,536,900  

4.65%, 06/01/44 (Call 12/01/43)

     1,944       1,657,863  

4.75%, 05/15/46 (Call 11/15/45)

     2,756       2,367,707  

4.80%, 06/15/44 (Call 12/15/43)

     435       379,598  

4.85%, 03/01/39 (Call 09/01/38)

     11,097       9,967,658  

4.85%, 07/15/45 (Call 01/15/45)

     594       516,049  

4.90%, 08/15/37 (Call 02/14/37)

     4,253       3,903,999  

5.15%, 03/15/42

     550       504,059  

5.15%, 11/15/46 (Call 05/15/46)

     1,451       1,320,671  

5.15%, 02/15/50 (Call 08/14/49)

     1,132       1,033,007  

5.25%, 03/01/37 (Call 09/01/36)

     1,550       1,492,883  

5.35%, 09/01/40

     613       583,570  

5.45%, 03/01/47 (Call 09/01/46)

     882       841,666  

5.54%, 02/20/26 (Call 02/20/24)

     70       69,690  

5.55%, 08/15/41

     172       167,265  

5.65%, 02/15/47 (Call 08/15/46)

     277       272,225  

5.70%, 03/01/57 (Call 09/01/56)

     686       667,601  

6.00%, 08/15/40 (Call 05/15/40)

     1,544       1,567,268  

6.30%, 01/15/38

     470       491,253  
Security   Par
(000)		     Value  

Telecommunications (continued)

    

6.38%, 03/01/41

   $ 629     $ 658,821  

6.55%, 02/15/39

     640       681,837  

Bell Telephone Co. of Canada or Bell Canada (The)

    

3.65%, 08/15/52 (Call 02/15/52)

     2,195       1,612,513  

4.30%, 07/29/49 (Call 01/29/49)

     2,650       2,178,432  

4.46%, 04/01/48 (Call 10/01/47)

     4,251       3,611,437  

Series US-3, 0.75%, 03/17/24

     420       399,563  

Series US-4, 3.65%, 03/17/51 (Call 09/17/50)

     2,094       1,540,200  

Series US-5, 2.15%, 02/15/32 (Call 11/15/31)

     2,255       1,770,085  

Series US-6, 3.20%, 02/15/52 (Call 08/15/51)

     1,025       689,190  

British Telecommunications PLC

    

5.13%, 12/04/28 (Call 09/24/28)

       3,408       3,344,577  

9.63%, 12/15/30

     7,451       9,005,204  

Cisco Systems Inc.

    

2.50%, 09/20/26 (Call 06/20/26)

     2,862       2,647,379  

2.95%, 02/28/26

     1,875       1,776,075  

3.50%, 06/15/25

     2,418       2,343,864  

3.63%, 03/04/24

     4,377       4,311,564  

5.50%, 01/15/40

     6,936       7,296,949  

5.90%, 02/15/39

     7,250       7,938,025  

Corning Inc.

    

3.90%, 11/15/49 (Call 05/15/49)

     1,808       1,359,471  

4.38%, 11/15/57 (Call 05/15/57)

     2,877       2,307,814  

4.70%, 03/15/37

     1,097       1,002,274  

4.75%, 03/15/42

     1,280       1,169,459  

5.35%, 11/15/48 (Call 05/15/48)

     2,014       1,928,425  

5.45%, 11/15/79 (Call 05/15/79)

     4,048       3,573,898  

5.75%, 08/15/40

     2,007       2,033,091  

5.85%, 11/15/68 (Call 05/15/68)

     1,292       1,223,860  

Deutsche Telekom International Finance BV

    

8.75%, 06/15/30

     9,835         11,662,736  

9.25%, 06/01/32

     3,247       4,112,390  

Juniper Networks Inc.

    

1.20%, 12/10/25 (Call 11/10/25)

     420       373,548  

2.00%, 12/10/30 (Call 09/10/30)

     1,261       972,054  

3.75%, 08/15/29 (Call 05/15/29)

     2,711       2,431,848  

5.95%, 03/15/41

     1,314       1,282,871  

Koninklijke KPN NV, 8.38%, 10/01/30

     1,062       1,239,343  

Motorola Solutions Inc.

    

2.30%, 11/15/30 (Call 08/15/30)

     1,726       1,350,008  

2.75%, 05/24/31 (Call 02/24/31)

     3,905       3,104,514  

4.00%, 09/01/24

     395       387,222  

4.60%, 02/23/28 (Call 11/23/27)

     3,860       3,726,869  

4.60%, 05/23/29 (Call 02/23/29)

     3,041       2,861,794  

5.50%, 09/01/44

     993       908,615  

5.60%, 06/01/32 (Call 03/01/32)

     3,335       3,262,230  

Nokia OYJ

    

4.38%, 06/12/27

     308       287,980  

6.63%, 05/15/39

     145       141,465  

Orange SA

    

5.38%, 01/13/42

     3,363       3,323,653  

5.50%, 02/06/44 (Call 08/06/43)

     2,329       2,346,561  

9.00%, 03/01/31

     8,725       10,672,071  

Rogers Communications Inc.

    

2.90%, 11/15/26 (Call 08/15/26)

     3,772       3,447,382  

2.95%, 03/15/25 (Call 03/15/23)(f)

     3,350       3,178,044  

3.20%, 03/15/27 (Call 02/15/27)(f)

     2,655       2,442,042  

3.63%, 12/15/25 (Call 09/15/25)

     4,003       3,802,330  

3.70%, 11/15/49 (Call 05/15/49)

     4,153       2,929,609  

3.80%, 03/15/32 (Call 12/15/31)(f)

     3,270       2,856,672  

 

 

82  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Telecommunications (continued)

    

4.30%, 02/15/48 (Call 08/15/47)

   $ 3,712     $ 2,848,923  

4.35%, 05/01/49 (Call 11/01/48)

     4,318       3,365,924  

4.50%, 03/15/42 (Call 09/15/41)(f)

     3,300       2,706,924  

4.50%, 03/15/43 (Call 09/15/42)

     2,088       1,700,989  

4.55%, 03/15/52 (Call 09/15/51)(f)

     4,375       3,495,844  

5.00%, 03/15/44 (Call 09/15/43)

     4,343       3,767,987  

5.45%, 10/01/43 (Call 04/01/43)

     2,778       2,544,398  

7.50%, 08/15/38

     1,721       1,925,816  

Telefonica Emisiones SA

    

4.10%, 03/08/27

     5,134       4,862,617  

4.67%, 03/06/38

     2,959       2,442,329  

4.90%, 03/06/48

     4,541       3,601,240  

5.21%, 03/08/47

     8,809       7,367,407  

5.52%, 03/01/49 (Call 09/01/48)

     4,565       3,959,955  

7.05%, 06/20/36

     8,095       8,529,701  

Telefonica Europe BV, 8.25%, 09/15/30

     4,820       5,464,771  

TELUS Corp.

    

2.80%, 02/16/27 (Call 11/16/26)

     3,540       3,250,109  

3.40%, 05/13/32 (Call 02/13/32)

     3,735       3,171,725  

3.70%, 09/15/27 (Call 06/15/27)

     2,338       2,205,272  

4.30%, 06/15/49 (Call 12/15/48)

     1,652       1,373,506  

4.60%, 11/16/48 (Call 05/16/48)

     2,482       2,180,363  

T-Mobile USA Inc.

    

1.50%, 02/15/26 (Call 01/15/26)

     1,556       1,392,853  

2.05%, 02/15/28 (Call 12/15/27)

     8,010       6,877,867  

2.25%, 02/15/26 (Call 02/15/24)

     7,321       6,663,355  

2.25%, 11/15/31 (Call 08/15/31)

     4,679       3,670,769  

2.40%, 03/15/29 (Call 01/15/29)

     691       584,441  

2.55%, 02/15/31 (Call 11/15/30)

     9,639       7,860,026  

2.63%, 04/15/26 (Call 04/15/23)

     3,872       3,545,939  

2.63%, 02/15/29 (Call 02/15/24)

     7,750       6,603,542  

2.70%, 03/15/32 (Call 01/15/29)

     3,185       2,578,544  

2.88%, 02/15/31 (Call 02/15/26)

     6,510       5,406,099  

3.00%, 02/15/41 (Call 08/15/40)

     9,941       6,934,742  

3.30%, 02/15/51 (Call 08/15/50)

     9,874       6,605,410  

3.38%, 04/15/29 (Call 04/15/24)

     4,245       3,755,594  

3.40%, 10/15/52 (Call 04/15/52)

     9,375       6,364,594  

3.50%, 04/15/25 (Call 03/15/25)

     10,751       10,298,060  

3.50%, 04/15/31 (Call 04/15/26)

     5,010       4,339,912  

3.60%, 11/15/60 (Call 05/15/60)

     7,558       5,039,523  

3.75%, 04/15/27 (Call 02/15/27)

     12,647       11,891,848  

3.88%, 04/15/30 (Call 01/15/30)

       24,597         22,309,725  

4.38%, 04/15/40 (Call 10/15/39)

     7,780       6,613,156  

4.50%, 04/15/50 (Call 10/15/49)

     11,212       9,312,575  

4.75%, 02/01/28 (Call 02/01/24)

     5,540       5,367,152  

4.95%, 03/15/28 (Call 02/15/28)

     3,465       3,402,249  

5.05%, 07/15/33 (Call 04/15/33)

     7,840       7,552,899  

5.20%, 01/15/33 (Call 10/15/32)

     870       848,485  

5.38%, 04/15/27 (Call 04/15/23)

     5,795       5,801,722  

5.65%, 01/15/53 (Call 07/15/52)

     8,320       8,160,672  

5.80%, 09/15/62 (Call 03/15/62)

     950       929,414  

Verizon Communications Inc.

    

0.75%, 03/22/24

     2,185       2,082,108  

0.85%, 11/20/25 (Call 10/20/25)

     6,151       5,499,302  

1.45%, 03/20/26 (Call 02/20/26)

     5,210       4,663,888  

1.50%, 09/18/30 (Call 06/18/30)

     2,440       1,889,146  

1.68%, 10/30/30 (Call 07/30/30)

     2,873       2,217,295  

1.75%, 01/20/31 (Call 10/20/30)

     8,730       6,734,671  

2.10%, 03/22/28 (Call 01/22/28)

     11,115       9,599,692  

2.36%, 03/15/32 (Call 12/15/31)

     19,312       15,172,859  
Security   Par
(000)		     Value  

Telecommunications (continued)

    

2.55%, 03/21/31 (Call 12/21/30)

   $ 12,793     $ 10,450,985  

2.63%, 08/15/26

     9,529       8,749,242  

2.65%, 11/20/40 (Call 05/20/40)

     12,638       8,543,794  

2.85%, 09/03/41 (Call 03/03/41)

     3,992       2,764,021  

2.88%, 11/20/50 (Call 05/20/50)

     11,704       7,376,446  

2.99%, 10/30/56 (Call 04/30/56)

     14,639       8,947,503  

3.00%, 03/22/27 (Call 01/22/27)

     3,562       3,285,304  

3.00%, 11/20/60 (Call 05/20/60)

     8,546       5,141,872  

3.15%, 03/22/30 (Call 12/22/29)

     7,464       6,532,418  

3.38%, 02/15/25

     6,658       6,430,696  

3.40%, 03/22/41 (Call 09/22/40)

     9,615       7,251,345  

3.50%, 11/01/24 (Call 08/01/24)

     4,354       4,241,972  

3.55%, 03/22/51 (Call 09/22/50)

     17,273       12,471,279  

3.70%, 03/22/61 (Call 09/22/60)

     8,335       5,862,922  

3.85%, 11/01/42 (Call 05/01/42)

     4,936       3,926,292  

3.88%, 02/08/29 (Call 11/08/28)

     4,552       4,237,002  

3.88%, 03/01/52 (Call 09/01/51)

     5,365       4,098,645  

4.00%, 03/22/50 (Call 09/22/49)

     4,417       3,471,188  

4.02%, 12/03/29 (Call 09/03/29)

     11,254       10,393,069  

4.13%, 03/16/27

     8,983       8,643,802  

4.13%, 08/15/46

     2,927       2,384,744  

4.27%, 01/15/36

     8,419       7,421,096  

4.33%, 09/21/28

       15,976         15,295,742  

4.40%, 11/01/34 (Call 05/01/34)

     5,869       5,338,090  

4.50%, 08/10/33

     9,641       8,948,005  

4.52%, 09/15/48

     990       845,232  

4.67%, 03/15/55

     145       125,284  

4.75%, 11/01/41

     1,448       1,321,126  

4.81%, 03/15/39

     5,851       5,361,037  

4.86%, 08/21/46

     8,924       8,045,521  

5.01%, 04/15/49

     2,015       1,846,747  

5.01%, 08/21/54

     60       55,252  

5.25%, 03/16/37

     4,802       4,684,447  

5.50%, 03/16/47

     3,231       3,140,112  

5.85%, 09/15/35

     737       745,048  

6.55%, 09/15/43

     2,688       2,920,512  

7.75%, 12/01/30

     654       750,243  

Vodafone Group PLC

    

4.13%, 05/30/25

     6,849       6,667,365  

4.25%, 09/17/50

     6,039       4,738,260  

4.38%, 05/30/28

     1,100       1,073,171  

4.38%, 02/19/43

     6,052       4,950,173  

4.88%, 06/19/49

     2,558       2,215,407  

5.13%, 06/19/59

     1,471       1,294,995  

5.63%, 02/10/53 (Call 08/10/52)

     3,000       2,883,210  

5.75%, 02/10/63 (Call 08/10/62)

     2,300       2,184,724  

6.15%, 02/27/37

     5,960       6,165,680  

6.25%, 11/30/32

     1,983       2,099,224  

7.88%, 02/15/30

     2,820       3,205,579  
   

 

 

  
        920,657,140  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc.

    

3.00%, 11/19/24 (Call 10/19/24)

     2,958       2,835,391  

3.50%, 09/15/27 (Call 06/15/27)(b)

     2,214       2,029,817  

3.55%, 11/19/26 (Call 09/19/26)

     3,044       2,829,307  

3.90%, 11/19/29 (Call 08/19/29)

     2,514       2,216,543  

5.10%, 05/15/44 (Call 11/15/43)(b)

     1,586       1,337,014  

6.35%, 03/15/40

     1,979       1,935,957  
   

 

 

  
      13,184,029  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   83

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Transportation — 0.6%

    

BNSF Funding Trust I, 6.61%, 12/15/55 (Call 01/15/26), (3 mo. LIBOR US + 2.350%)(a)

   $ 1,247     $ 1,212,857  

Burlington Northern Santa Fe LLC

    

2.88%, 06/15/52 (Call 12/15/51)

     1,964       1,311,107  

3.00%, 04/01/25 (Call 01/01/25)

     3,935       3,767,054  

3.05%, 02/15/51 (Call 08/15/50)

     2,347       1,620,463  

3.25%, 06/15/27 (Call 03/15/27)(b)

     4,888       4,611,828  

3.30%, 09/15/51 (Call 03/15/51)

     3,935       2,856,613  

3.40%, 09/01/24 (Call 06/01/24)

     2,968       2,892,108  

3.55%, 02/15/50 (Call 08/15/49)

     2,871       2,202,201  

3.65%, 09/01/25 (Call 06/01/25)

     2,209       2,129,410  

3.75%, 04/01/24 (Call 01/01/24)

     3,803       3,743,787  

3.90%, 08/01/46 (Call 02/01/46)

     3,421       2,768,000  

4.05%, 06/15/48 (Call 12/15/47)

       2,883         2,410,822  

4.13%, 06/15/47 (Call 12/15/46)

     2,840       2,406,275  

4.15%, 04/01/45 (Call 10/01/44)

     3,698       3,159,756  

4.15%, 12/15/48 (Call 06/15/48)

     1,850       1,564,897  

4.38%, 09/01/42 (Call 03/01/42)

     1,387       1,235,498  

4.40%, 03/15/42 (Call 09/15/41)

     3,042       2,708,718  

4.45%, 03/15/43 (Call 09/15/42)

     3,365       2,999,023  

4.45%, 01/15/53 (Call 07/15/52)

     925       823,158  

4.55%, 09/01/44 (Call 03/01/44)

     3,043       2,752,880  

4.70%, 09/01/45 (Call 03/01/45)

     2,479       2,285,192  

4.90%, 04/01/44 (Call 10/01/43)

     2,559       2,404,718  

4.95%, 09/15/41 (Call 03/15/41)

     1,443       1,377,675  

5.05%, 03/01/41 (Call 09/01/40)

     1,520       1,475,054  

5.15%, 09/01/43 (Call 03/01/43)

     2,900       2,843,508  

5.40%, 06/01/41 (Call 12/01/40)

     1,687       1,689,733  

5.75%, 05/01/40 (Call 11/01/39)

     2,691       2,805,529  

6.15%, 05/01/37

     1,287       1,410,217  

6.20%, 08/15/36

     780       845,013  

7.00%, 12/15/25

     1,764       1,852,676  

Canadian National Railway Co.

    

2.45%, 05/01/50 (Call 11/01/49)

     2,002       1,231,490  

2.75%, 03/01/26 (Call 12/01/25)

     4,763       4,458,549  

2.95%, 11/21/24 (Call 08/21/24)

     2,973       2,858,599  

3.20%, 08/02/46 (Call 02/02/46)

     2,634       1,924,875  

3.65%, 02/03/48 (Call 08/03/47)

     2,264       1,809,457  

3.85%, 08/05/32 (Call 05/05/32)

     2,700       2,476,629  

4.40%, 08/05/52 (Call 02/05/52)

     1,965       1,749,636  

4.45%, 01/20/49 (Call 07/20/48)

     2,515       2,258,797  

6.20%, 06/01/36

     968       1,044,278  

6.25%, 08/01/34

     1,140       1,246,123  

6.38%, 11/15/37

     1,257       1,354,468  

6.90%, 07/15/28

     1,710       1,860,617  

Canadian Pacific Railway Co.

    

1.35%, 12/02/24 (Call 03/31/23)

     4,526       4,216,829  

1.75%, 12/02/26 (Call 11/02/26)

     1,390       1,230,525  

2.05%, 03/05/30 (Call 12/05/29)

     2,871       2,359,244  

2.45%, 12/02/31 (Call 09/02/31)

     2,740       2,280,502  

2.90%, 02/01/25 (Call 11/01/24)

     5,973       5,696,570  

3.00%, 12/02/41 (Call 06/02/41)

     1,995       1,510,534  

3.10%, 12/02/51 (Call 06/02/51)

     3,312       2,260,672  

4.00%, 06/01/28 (Call 03/01/28)

     4,115       3,910,855  

4.80%, 09/15/35 (Call 03/15/35)

     2,633       2,456,615  

4.80%, 08/01/45 (Call 02/01/45)

     2,342       2,132,930  

5.95%, 05/15/37

     1,123       1,151,345  

6.13%, 09/15/2115 (Call 03/15/15)

     2,489       2,538,531  

7.13%, 10/15/31

     3,792       4,247,419  
Security   Par
(000)		     Value  

Transportation (continued)

    

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)

   $ 3,933     $ 3,744,491  

CSX Corp.

    

2.40%, 02/15/30 (Call 11/15/29)

     2,228       1,880,566  

2.50%, 05/15/51 (Call 11/15/50)

     776       477,108  

2.60%, 11/01/26 (Call 08/01/26)

     3,933       3,604,909  

3.25%, 06/01/27 (Call 03/01/27)

     5,031       4,691,206  

3.35%, 11/01/25 (Call 08/01/25)

     5,499       5,249,015  

3.35%, 09/15/49 (Call 03/15/49)

     3,044       2,192,228  

3.40%, 08/01/24 (Call 05/01/24)

     4,034       3,926,373  

3.80%, 03/01/28 (Call 12/01/27)

     2,901       2,755,776  

3.80%, 11/01/46 (Call 05/01/46)

     1,504       1,176,669  

3.80%, 04/15/50 (Call 10/15/49)

       1,791         1,383,601  

3.95%, 05/01/50 (Call 11/01/49)

     2,681       2,140,752  

4.10%, 11/15/32 (Call 08/15/32)

     2,575       2,373,146  

4.10%, 03/15/44 (Call 09/15/43)

     3,453       2,908,635  

4.25%, 03/15/29 (Call 12/15/28)

     4,550       4,316,676  

4.25%, 11/01/66 (Call 05/01/66)

     2,068       1,640,379  

4.30%, 03/01/48 (Call 09/01/47)

     2,165       1,842,220  

4.40%, 03/01/43 (Call 09/01/42)

     1,540       1,331,007  

4.50%, 03/15/49 (Call 09/15/48)

     1,976       1,727,241  

4.50%, 11/15/52 (Call 05/15/52)

     2,645       2,295,199  

4.50%, 08/01/54 (Call 02/01/54)

     1,325       1,131,709  

4.65%, 03/01/68 (Call 09/01/67)

     2,040       1,731,450  

4.75%, 05/30/42 (Call 11/30/41)

     2,790       2,537,031  

4.75%, 11/15/48 (Call 05/15/48)

     1,821       1,643,434  

5.50%, 04/15/41 (Call 10/15/40)

     774       771,949  

6.00%, 10/01/36

     1,487       1,547,610  

6.15%, 05/01/37

     1,425       1,502,777  

6.22%, 04/30/40

     3,098       3,317,493  

FedEx Corp.

    

2.40%, 05/15/31 (Call 02/15/31)

     3,620       2,940,345  

3.10%, 08/05/29 (Call 05/05/29)

     4,284       3,777,417  

3.25%, 04/01/26 (Call 01/01/26)

     5,118       4,843,470  

3.25%, 05/15/41 (Call 11/15/40)

     2,050       1,475,406  

3.40%, 02/15/28 (Call 11/15/27)

     3,047       2,807,902  

3.88%, 08/01/42

     1,025       793,371  

3.90%, 02/01/35

     2,645       2,262,083  

4.05%, 02/15/48 (Call 08/15/47)

     2,070       1,586,448  

4.10%, 04/15/43

     1,885       1,482,553  

4.10%, 02/01/45

     1,235       965,721  

4.20%, 10/17/28 (Call 07/17/28)

     704       675,910  

4.40%, 01/15/47 (Call 07/15/46)

     3,725       3,040,978  

4.55%, 04/01/46 (Call 10/01/45)

     4,285       3,544,338  

4.75%, 11/15/45 (Call 05/15/45)

     5,142       4,390,805  

4.90%, 01/15/34

     2,384       2,282,752  

4.95%, 10/17/48 (Call 04/17/48)

     1,636       1,445,733  

5.10%, 01/15/44

     3,137       2,836,946  

5.25%, 05/15/50 (Call 11/15/49)(b)

     4,141       3,839,991  

FedEx Corp. Class AA Pass Through Trust, Series 2020-1, Class AA, 1.88%, 08/20/35

     2,377       1,948,739  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

     4,109       3,949,283  

Kansas City Southern

    

2.88%, 11/15/29 (Call 08/15/29)

     2,004       1,734,141  

3.50%, 05/01/50 (Call 11/01/49)

     1,251       909,865  

4.20%, 11/15/69 (Call 05/15/69)

     1,395       1,069,812  

4.30%, 05/15/43 (Call 11/15/42)

     1,961       1,631,219  

4.70%, 05/01/48 (Call 11/01/47)

     1,960       1,717,019  

4.95%, 08/15/45 (Call 02/15/45)

     2,072       1,879,428  

 

 

84  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Transportation (continued)

    

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)

   $ 2,942     $ 2,760,596  

Norfolk Southern Corp.

    

2.30%, 05/15/31 (Call 02/15/31)

     2,310       1,870,453  

2.55%, 11/01/29 (Call 08/01/29)

     2,676       2,263,575  

2.90%, 06/15/26 (Call 03/15/26)

     3,268       3,035,514  

2.90%, 08/25/51 (Call 02/25/51)

     2,378       1,522,515  

3.00%, 03/15/32 (Call 12/15/31)

     3,045       2,570,345  

3.05%, 05/15/50 (Call 11/15/49)

     3,132       2,079,930  

3.15%, 06/01/27 (Call 03/01/27)

     1,799       1,661,341  

3.16%, 05/15/55 (Call 11/15/54)

     3,020       1,985,439  

3.40%, 11/01/49 (Call 05/01/49)

     1,859       1,317,752  

3.65%, 08/01/25 (Call 06/01/25)

       2,090         2,007,759  

3.70%, 03/15/53 (Call 09/15/52)

     1,901       1,412,690  

3.80%, 08/01/28 (Call 05/01/28)

     2,376       2,220,871  

3.94%, 11/01/47 (Call 05/01/47)

     2,964       2,340,967  

3.95%, 10/01/42 (Call 04/01/42)

     1,322       1,084,080  

4.05%, 08/15/52 (Call 02/15/52)

     2,714       2,160,371  

4.10%, 05/15/49 (Call 11/15/48)

     1,435       1,157,241  

4.10%, 05/15/2121 (Call 11/15/20)

     2,120       1,447,748  

4.15%, 02/28/48 (Call 08/28/47)

     2,715       2,210,010  

4.45%, 03/01/33 (Call 12/01/32)

     1,835       1,724,203  

4.45%, 06/15/45 (Call 12/15/44)

     2,032       1,721,998  

4.55%, 06/01/53 (Call 12/01/52)

     2,885       2,492,438  

4.65%, 01/15/46 (Call 07/15/45)

     2,209       1,944,782  

4.84%, 10/01/41

     2,192       2,000,989  

5.10%, 08/01/2118 (Call 02/01/18)

     415       353,555  

7.80%, 05/15/27

     85       92,820  

Ryder System Inc.

    

1.75%, 09/01/26 (Call 08/01/26)

     2,320       2,049,604  

2.50%, 09/01/24 (Call 08/01/24)

     2,489       2,375,128  

2.85%, 03/01/27 (Call 02/01/27)

     1,646       1,494,436  

2.90%, 12/01/26 (Call 10/01/26)

     2,640       2,401,291  

3.35%, 09/01/25 (Call 08/01/25)

     1,735       1,643,704  

3.65%, 03/18/24 (Call 02/18/24)

     3,202       3,133,861  

4.30%, 06/15/27 (Call 05/15/27)

     1,725       1,658,001  

4.63%, 06/01/25 (Call 05/01/25)

     2,355       2,300,576  

5.65%, 03/01/28 (Call 02/01/28)

     3,210       3,211,733  

Union Pacific Corp.

    

2.15%, 02/05/27 (Call 12/05/26)

     2,318       2,097,813  

2.38%, 05/20/31 (Call 02/20/31)

     3,265       2,706,130  

2.40%, 02/05/30 (Call 11/05/29)

     3,540       3,009,389  

2.75%, 03/01/26 (Call 12/01/25)

     4,427       4,150,888  

2.80%, 02/14/32 (Call 11/14/31)

     4,687       3,956,015  

2.89%, 04/06/36 (Call 01/06/36)

     2,575       2,022,534  

2.95%, 03/10/52 (Call 09/10/51)

     1,950       1,312,350  

2.97%, 09/16/62 (Call 03/16/62)

     2,510       1,577,886  

3.00%, 04/15/27 (Call 01/15/27)

     3,126       2,910,025  

3.15%, 03/01/24 (Call 02/01/24)

     4,613       4,516,865  

3.20%, 05/20/41 (Call 11/20/40)

     3,418       2,634,560  

3.25%, 01/15/25 (Call 10/15/24)

     3,734       3,604,692  

3.25%, 08/15/25 (Call 05/15/25)

     2,110       2,020,367  

3.25%, 02/05/50 (Call 08/05/49)

     5,736       4,145,120  

3.35%, 08/15/46 (Call 02/15/46)

     1,621       1,175,225  

3.38%, 02/01/35 (Call 08/01/34)

     1,966       1,658,262  

3.38%, 02/14/42 (Call 08/14/41)

     2,420       1,903,233  

3.50%, 02/14/53 (Call 08/14/52)

     3,775       2,824,983  

3.55%, 08/15/39 (Call 02/15/39)

     2,600       2,135,692  

3.55%, 05/20/61 (Call 11/20/60)

     1,904       1,363,873  

3.60%, 09/15/37 (Call 03/15/37)

     2,851       2,403,849  

3.70%, 03/01/29 (Call 12/01/28)

     3,548       3,320,041  
Security   Par
(000)		     Value  

Transportation (continued)

    

3.75%, 03/15/24 (Call 12/15/23)

   $ 1,641     $ 1,614,367  

3.75%, 07/15/25 (Call 05/15/25)

     3,375       3,274,897  

3.75%, 02/05/70 (Call 08/05/69)

     2,450       1,772,306  

3.80%, 10/01/51 (Call 04/01/51)

     2,948       2,344,662  

3.80%, 04/06/71 (Call 10/06/70)

     1,705       1,242,485  

3.84%, 03/20/60 (Call 09/20/59)

     4,491       3,431,977  

3.85%, 02/14/72 (Call 08/14/71)

     1,505       1,114,994  

3.88%, 02/01/55 (Call 08/01/54)

     1,398       1,099,611  

3.95%, 09/10/28 (Call 06/10/28)

     4,709       4,504,488  

3.95%, 08/15/59 (Call 02/15/59)

     2,280       1,770,420  

4.00%, 04/15/47 (Call 10/15/46)

       2,404       1,970,415  

4.05%, 11/15/45 (Call 05/15/45)

     2,246       1,867,482  

4.05%, 03/01/46 (Call 09/01/45)

     2,525       2,078,479  

4.10%, 09/15/67 (Call 03/15/67)

     1,571       1,230,297  

4.30%, 03/01/49 (Call 09/01/48)

     2,864       2,460,061  

4.50%, 01/20/33 (Call 10/20/32)

     5,755       5,539,936  

4.50%, 09/10/48 (Call 03/10/48)

     1,898       1,658,985  

4.75%, 02/21/26 (Call 01/21/26)

     6,115       6,087,544  

4.95%, 09/09/52 (Call 03/09/52)

     110       106,169  

4.96%, 05/15/53 (Call 11/15/52)

     4,000       3,826,360  

5.15%, 01/20/63 (Call 07/20/62)

     698       670,743  

6.63%, 02/01/29

     1,815       1,971,108  

United Parcel Service Inc.

    

2.20%, 09/01/24 (Call 08/01/24)

     2,553       2,442,940  

2.40%, 11/15/26 (Call 08/15/26)

     2,322       2,139,444  

2.50%, 09/01/29 (Call 06/01/29)

     2,360       2,042,108  

2.80%, 11/15/24 (Call 09/15/24)

     3,457       3,328,780  

3.05%, 11/15/27 (Call 08/15/27)

     5,766       5,352,578  

3.40%, 03/15/29 (Call 12/15/28)

     3,504       3,237,906  

3.40%, 11/15/46 (Call 05/15/46)

     1,181       896,143  

3.40%, 09/01/49 (Call 03/01/49)(b)

     2,986       2,316,330  

3.63%, 10/01/42

     1,240       1,021,624  

3.75%, 11/15/47 (Call 05/15/47)

     3,337       2,737,374  

3.90%, 04/01/25 (Call 03/01/25)

     3,788       3,702,164  

4.25%, 03/15/49 (Call 09/15/48)

     3,538       3,125,540  

4.45%, 04/01/30 (Call 01/01/30)

     1,627       1,590,474  

4.88%, 03/03/33 (Call 12/03/32)

     2,450       2,433,119  

4.88%, 11/15/40 (Call 05/15/40)

     2,028       1,967,809  

5.05%, 03/03/53 (Call 09/03/52)

     2,465       2,435,864  

5.20%, 04/01/40 (Call 10/01/39)

     1,589       1,602,173  

5.30%, 04/01/50 (Call 10/01/49)(b)

     4,657       4,792,845  

6.20%, 01/15/38

     5,632       6,232,484  
   

 

 

  
        484,297,777  
Trucking & Leasing — 0.0%            

GATX Corp.

    

1.90%, 06/01/31 (Call 03/01/31)

     1,916       1,443,036  

3.10%, 06/01/51 (Call 12/01/50)

     1,775       1,120,717  

3.25%, 03/30/25 (Call 12/30/24)

     1,155       1,097,735  

3.25%, 09/15/26 (Call 06/15/26)

     2,301       2,131,485  

3.50%, 03/15/28 (Call 12/15/27)

     2,383       2,161,643  

3.50%, 06/01/32 (Call 03/01/32)

     1,108       931,230  

3.85%, 03/30/27 (Call 12/30/26)

     3,018       2,831,035  

4.00%, 06/30/30 (Call 03/30/30)

     1,954       1,757,604  

4.55%, 11/07/28 (Call 08/07/28)

     3,223       3,060,980  

4.70%, 04/01/29 (Call 01/01/29)

     1,572       1,506,416  

4.90%, 03/15/33 (Call 12/15/32)

     1,520       1,431,323  

5.20%, 03/15/44 (Call 09/15/43)

     1,747       1,569,784  
   

 

 

  
      21,042,988  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   85

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Venture Capital — 0.0%

    

Hercules Capital Inc.

    

2.63%, 09/16/26 (Call 08/16/26)

   $ 1,294     $ 1,135,084  

3.38%, 01/20/27 (Call 12/20/26)

     1,415       1,249,700  
   

 

 

  
      2,384,784  
Water — 0.1%            

American Water Capital Corp.

    

2.30%, 06/01/31 (Call 03/01/31)

     2,390       1,948,639  

2.80%, 05/01/30 (Call 02/01/30)

     2,474       2,139,218  

2.95%, 09/01/27 (Call 06/01/27)

     1,945       1,783,448  

3.25%, 06/01/51 (Call 12/01/50)(b)

     2,785       1,977,016  

3.40%, 03/01/25 (Call 12/01/24)

     5,340       5,144,396  

3.45%, 06/01/29 (Call 03/01/29)

     3,213       2,918,785  

3.45%, 05/01/50 (Call 11/01/49)

     2,634       1,938,466  

3.75%, 09/01/28 (Call 06/01/28)

     2,217       2,070,412  

3.75%, 09/01/47 (Call 03/01/47)

     3,377       2,633,081  

3.85%, 03/01/24 (Call 12/01/23)

     1,674       1,646,496  

4.00%, 12/01/46 (Call 06/01/46)

     1,490       1,182,524  

4.15%, 06/01/49 (Call 12/01/48)

     2,581       2,116,291  

4.20%, 09/01/48 (Call 03/01/48)

     1,337       1,117,037  

4.30%, 12/01/42 (Call 06/01/42)

     1,109       966,427  

4.30%, 09/01/45 (Call 03/01/45)

     1,801       1,535,064  

4.45%, 06/01/32 (Call 03/01/32)

     2,795       2,659,610  

6.59%, 10/15/37

     880       960,661  

Essential Utilities Inc.

    

2.40%, 05/01/31 (Call 02/01/31)

     2,879       2,312,010  

2.70%, 04/15/30 (Call 01/15/30)

     2,376       1,992,323  

3.35%, 04/15/50 (Call 10/15/49)

     2,539       1,770,978  

3.57%, 05/01/29 (Call 02/01/29)

     2,670       2,397,873  

4.28%, 05/01/49 (Call 11/01/48)

     2,507       2,034,355  

5.30%, 05/01/52 (Call 11/01/51)

     1,915       1,808,009  

United Utilities PLC, 6.88%, 08/15/28

     666       710,276  
   

 

 

  
      47,763,395  
   

 

 

  

Total Corporate Bonds & Notes — 25.4%
(Cost: $25,033,104,247)

 

       21,757,307,731  
   

 

 

  

Foreign Government Obligations(g)

    
Canada — 0.2%            

Canada Government International Bond

    

0.75%, 05/19/26

     225       200,396  

1.63%, 01/22/25

       12,820       12,089,260  

2.88%, 04/28/25

     4,010       3,854,412  

Export Development Canada, 3.88%, 02/14/28

     250       245,130  

Hydro-Quebec

    

Series HH, 8.50%, 12/01/29

     1,000       1,215,560  

Series HK, 9.38%, 04/15/30

     1,405       1,806,324  

Series IO, 8.05%, 07/07/24(b)

     2,320       2,397,743  

Province of Alberta Canada

    

1.00%, 05/20/25

     4,870       4,476,407  

1.30%, 07/22/30(b)

     5,437       4,356,831  

1.88%, 11/13/24

     4,064       3,849,136  

3.30%, 03/15/28

     9,566       9,051,254  

Province of British Columbia Canada

    

0.90%, 07/20/26(b)

     895       792,156  

1.30%, 01/29/31(b)

     3,925       3,128,931  

2.25%, 06/02/26

     7,330       6,799,821  

6.50%, 01/15/26(b)

     188       195,917  

7.25%, 09/01/36

     303       385,316  
Security   Par
(000)		     Value  

Canada (continued)

    

Province of Manitoba Canada

    

1.50%, 10/25/28

   $ 250     $ 213,153  

2.13%, 06/22/26

     55       50,669  

3.05%, 05/14/24

     2,035       1,981,154  

Series GX, 2.60%, 04/16/24

     165       160,098  

Province of New Brunswick Canada,
3.63%, 02/24/28

     1,946       1,858,411  

Province of Ontario Canada

    

0.63%, 01/21/26(b)

     3,822       3,403,491  

1.05%, 04/14/26

     480       429,461  

1.05%, 05/21/27

     615       532,449  

1.13%, 10/07/30

     9,347       7,369,829  

1.60%, 02/25/31

     7,385       5,995,217  

1.80%, 10/14/31

     250       204,810  

2.00%, 10/02/29(b)

     5,630       4,857,620  

2.13%, 01/21/32

     460       385,839  

2.30%, 06/15/26

     8,465       7,849,171  

2.50%, 04/27/26

       12,604       11,779,698  

3.20%, 05/16/24

     5,870       5,723,602  

Province of Quebec Canada

    

0.60%, 07/23/25

     931       843,654  

1.35%, 05/28/30

     4,790       3,902,844  

1.90%, 04/21/31

     2,350       1,947,468  

2.50%, 04/20/26(b)

     8,616       8,075,260  

2.75%, 04/12/27(b)

     5,192       4,835,933  

Series PD, 7.50%, 09/15/29

     5,122       5,964,364  

Series QO, 2.88%, 10/16/24

     8,478       8,180,846  

Series QW, 2.50%, 04/09/24

     225       218,189  

Series QX, 1.50%, 02/11/25

       7,365       6,894,229  
   

 

 

  
        148,502,053  
Chile — 0.1%            

Chile Government International Bond

    

2.45%, 01/31/31 (Call 10/31/30)(b)

     10,207       8,516,108  

2.55%, 01/27/32 (Call 10/27/31)(b)

     8,576       7,033,263  

2.55%, 07/27/33 (Call 04/27/33)

     6,108       4,804,247  

2.75%, 01/31/27 (Call 12/31/26)

     625       574,381  

3.10%, 05/07/41 (Call 11/07/40)

     9,026       6,576,163  

3.10%, 01/22/61 (Call 07/22/60)

     5,620       3,498,394  

3.13%, 03/27/25(b)

     1,475       1,427,653  

3.13%, 01/21/26

     7,495       7,154,577  

3.24%, 02/06/28 (Call 11/06/27)

     9,980       9,245,073  

3.25%, 09/21/71 (Call 03/21/71)

     2,978       1,836,682  

3.50%, 01/31/34 (Call 10/31/33)

     4,578       3,912,862  

3.50%, 01/25/50 (Call 07/25/49)

     10,230       7,397,211  

3.63%, 10/30/42

     1,283       983,266  

3.86%, 06/21/47

     3,443       2,720,245  

4.00%, 01/31/52 (Call 07/31/51)

     3,158       2,466,872  

4.34%, 03/07/42 (Call 09/07/41)

     3,251       2,782,758  
   

 

 

  
      70,929,755  
Finland — 0.0%            

Finland Government International Bond,
6.95%, 02/15/26

     462       486,999  
   

 

 

  
Hong Kong — 0.0%            

Hong Kong Government International Bond,
1.75%, 11/24/31(d)

     2,300       1,883,884  
   

 

 

  

 

 

86  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Hungary — 0.0%

    

Hungary Government International Bond

    

5.38%, 03/25/24

   $ 10,530     $ 10,505,676  

7.63%, 03/29/41

     3,625       4,075,950  
   

 

 

  
        14,581,626  
Indonesia — 0.1%            

Indonesia Government International Bond

    

1.85%, 03/12/31

     220       176,374  

2.15%, 07/28/31 (Call 04/28/31)

     3,620       2,951,748  

2.85%, 02/14/30

     5,376       4,756,685  

3.05%, 03/12/51(b)

     1,100       795,729  

3.20%, 09/23/61 (Call 03/23/61)

     725       490,238  

3.35%, 03/12/71

     1,140       774,824  

3.40%, 09/18/29(b)

     2,795       2,563,043  

3.50%, 01/11/28

     2,167       2,041,899  

3.50%, 02/14/50

     3,641       2,717,060  

3.55%, 03/31/32 (Call 12/31/31)

     1,190       1,072,202  

3.70%, 10/30/49

     4,141       3,271,887  

3.85%, 10/15/30(b)

       10,150       9,484,464  

4.10%, 04/24/28

     4,500       4,342,140  

4.15%, 09/20/27 (Call 06/20/27)

     4,425       4,275,789  

4.20%, 10/15/50

     6,280       5,286,002  

4.30%, 03/31/52 (Call 09/30/51)

     2,350       2,005,255  

4.35%, 01/11/48

     6,760       5,940,688  

4.45%, 04/15/70

     4,935       4,139,971  

4.65%, 09/20/32 (Call 06/20/32)

     5,845       5,688,179  

4.75%, 02/11/29(b)

     4,033       4,002,026  

4.85%, 01/11/33 (Call 10/11/32)

     270       265,056  

5.35%, 02/11/49

     4,095       4,091,970  

5.45%, 09/20/52 (Call 03/20/52)

     1,925       1,915,856  
   

 

 

  
      73,049,085  
Israel — 0.1%            

Israel Government AID Bond, 5.50%, 12/04/23

     25,000       25,068,000  

Israel Government International Bond

    

2.75%, 07/03/30

     10,000       8,849,700  

2.88%, 03/16/26

     3,035       2,860,943  

3.25%, 01/17/28

     3,920       3,661,358  

3.88%, 07/03/50

     6,185       4,984,739  

4.13%, 01/17/48

     2,530       2,147,363  

4.50%, 01/17/33

     3,200       3,096,832  

4.50%, 01/30/43

     5,193       4,689,954  

4.50%, April 03, 2120

     2,928       2,362,984  

State of Israel

    

2.50%, 01/15/30

     2,905       2,526,101  

3.38%, 01/15/50

     6,053       4,482,065  
   

 

 

  
      64,730,039  
Italy — 0.0%            

Republic of Italy Government International Bond

    

0.88%, 05/06/24

     1,775       1,669,512  

1.25%, 02/17/26

     10,090       8,853,370  

2.38%, 10/17/24

     7,354       6,954,898  

2.88%, 10/17/29

     7,580       6,402,599  

3.88%, 05/06/51

     8,780       6,134,937  

4.00%, 10/17/49

     7,445       5,459,865  

5.38%, 06/15/33

     7,432       7,283,657  
   

 

 

  
      42,758,838  
Japan — 0.1%            

Japan Bank for International Cooperation

    

0.63%, 07/15/25

     2,783       2,510,767  

1.25%, 01/21/31

     7,230       5,637,014  
Security   Par
(000)		     Value  

Japan (continued)

    

1.75%, 10/17/24

   $ 6,360     $ 6,011,599  

1.88%, 07/21/26

     6,255       5,654,708  

1.88%, 04/15/31

       12,093       9,849,386  

2.00%, 10/17/29

     4,602       3,906,408  

2.13%, 02/10/25

     1,970       1,859,641  

2.13%, 02/16/29(b)

     5,380       4,646,329  

2.25%, 11/04/26

     7,880       7,179,153  

2.38%, 04/20/26

     5,580       5,167,359  

2.50%, 05/23/24

     4,240       4,093,593  

2.50%, 05/28/25

     3,796       3,586,271  

2.75%, 01/21/26(b)

     5,360       5,049,388  

2.75%, 11/16/27

     6,485       5,953,749  

2.88%, 04/14/25

     50       47,723  

2.88%, 06/01/27

     7,008       6,484,993  

2.88%, 07/21/27

     4,912       4,550,428  

3.00%, 05/29/24

     5,075       4,925,896  

3.25%, 07/20/28

     2,010       1,868,114  

3.50%, 10/31/28(b)

     3,700       3,471,340  

4.38%, 10/05/27

     400       395,000  

Japan International Cooperation Agency

    

1.00%, 07/22/30(b)

     2,951       2,281,241  

2.13%, 10/20/26

     2,509       2,274,183  

2.75%, 04/27/27(b)

     2,520       2,317,215  

3.25%, 05/25/27

     3,750       3,514,500  

3.38%, 06/12/28(b)

     3,075       2,873,249  
   

 

 

  
        106,109,247  
Mexico — 0.2%            

Mexico Government International Bond

    

2.66%, 05/24/31 (Call 02/24/31)

     6,235       5,037,942  

3.25%, 04/16/30 (Call 01/16/30)(b)

     11,860       10,326,976  

3.50%, 02/12/34 (Call 11/12/33)

     2,368       1,932,335  

3.75%, 01/11/28

     7,840       7,344,512  

3.77%, 05/24/61 (Call 11/24/60)

     8,511       5,628,239  

3.90%, 04/27/25 (Call 03/27/25)

     1,130       1,108,349  

4.13%, 01/21/26

     8,661       8,439,365  

4.15%, 03/28/27

     8,270       8,021,238  

4.28%, 08/14/41 (Call 02/14/41)

     9,432       7,557,390  

4.35%, 01/15/47

     4,823       3,728,420  

4.40%, 02/12/52 (Call 08/12/51)

     4,138       3,154,811  

4.50%, 04/22/29(b)

     11,080       10,529,656  

4.50%, 01/31/50 (Call 07/31/49)(b)

     11,483       9,061,810  

4.60%, 01/23/46

     7,999       6,432,156  

4.60%, 02/10/48

     10,607       8,491,116  

4.75%, 04/27/32 (Call 01/27/32)

     8,162       7,628,613  

4.75%, 03/08/44

     12,688       10,563,014  

4.88%, 05/19/33 (Call 02/19/33)

     4,213       3,923,314  

5.00%, 04/27/51 (Call 10/27/50)

     7,120       5,996,749  

5.40%, 02/09/28 (Call 01/09/28)

     1,715       1,723,352  

5.55%, 01/21/45

     10,720       9,908,282  

5.75%, October 12, 2110

     9,319       8,264,555  

6.05%, 01/11/40

     10,018       9,991,553  

6.35%, 02/09/35 (Call 11/09/34)

     6,015       6,185,225  

6.75%, 09/27/34

     10,322       11,031,431  

7.50%, 04/08/33

     4,492       5,016,172  

8.30%, 08/15/31

     4,758       5,536,076  

11.50%, 05/15/26(b)

     713       847,379  
   

 

 

  
      183,410,030  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   87

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Panama — 0.1%

    

Panama Government International Bond

    

2.25%, 09/29/32 (Call 06/29/32)

   $   10,280     $ 7,654,796  

3.16%, 01/23/30 (Call 10/23/29)

     5,543       4,772,800  

3.30%, 01/19/33 (Call 10/19/32)(b)

     3,000       2,439,660  

3.75%, 03/16/25 (Call 12/16/24)

     6,166       5,967,825  

3.87%, 07/23/60 (Call 01/23/60)

     9,713       6,218,748  

3.88%, 03/17/28 (Call 12/17/27)

     5,497       5,161,188  

4.00%, 09/22/24 (Call 06/24/24)

     1,165       1,140,011  

4.30%, 04/29/53

     5,349       3,881,181  

4.50%, 05/15/47 (Call 11/15/46)

     3,391       2,615,410  

4.50%, 04/16/50 (Call 10/16/49)

     7,795       5,863,867  

4.50%, 04/01/56 (Call 10/01/55)

     8,240       6,020,968  

4.50%, 01/19/63 (Call 07/19/62)

     6,160       4,402,059  

6.40%, 02/14/35 (Call 11/14/34)

     5,000       5,166,350  

6.70%, 01/26/36

     5,901       6,249,808  

7.13%, 01/29/26

     4,407       4,637,354  

8.88%, 09/30/27

     4,439       5,111,065  

9.38%, 04/01/29

     3,247       3,893,348  
   

 

 

  
        81,196,438  
Peru — 0.1%            

Peruvian Government International Bond

    

1.86%, 12/01/32 (Call 09/01/32)

     4,750       3,455,720  

2.39%, 01/23/26 (Call 12/23/25)

     4,741       4,413,539  

2.78%, 01/23/31 (Call 10/23/30)

     12,869       10,623,359  

2.78%, 12/01/60 (Call 06/01/60)

     6,078       3,525,301  

2.84%, 06/20/30(b)

     3,097       2,619,876  

3.00%, 01/15/34 (Call 10/15/33)

     7,300       5,754,736  

3.23%, July 28, 2121 (Call 01/28/21)

     3,173       1,853,540  

3.30%, 03/11/41 (Call 09/11/40)

     4,996       3,651,127  

3.55%, 03/10/51 (Call 09/10/50)(b)

     5,243       3,743,450  

3.60%, 01/15/72 (Call 07/15/71)

     3,270       2,126,023  

4.13%, 08/25/27(b)

     4,103       3,970,596  

5.63%, 11/18/50

     7,375       7,257,516  

6.55%, 03/14/37(b)

     4,321       4,610,118  

7.35%, 07/21/25

     6,467       6,809,622  

8.75%, 11/21/33

     7,705       9,546,726  
   

 

 

  
      73,961,249  
Philippines — 0.1%            

Bangko Sentral ng Pilipinas Bond, 8.60%, 06/15/27

     200       227,620  

Philippine Government International Bond

    

1.65%, 06/10/31

     1,316       1,019,663  

1.95%, 01/06/32

     1,020       803,607  

2.46%, 05/05/30

     5,690       4,810,667  

2.65%, 12/10/45

     3,275       2,201,717  

2.95%, 05/05/45

     5,332       3,794,411  

3.00%, 02/01/28

     9,141       8,427,636  

3.20%, 07/06/46

     5,450       3,925,580  

3.23%, 03/29/27

     575       538,545  

3.56%, 09/29/32(b)

     583       517,955  

3.70%, 03/01/41

     8,119       6,586,133  

3.70%, 02/02/42

     7,884       6,357,815  

3.75%, 01/14/29

     6,736       6,317,021  

3.95%, 01/20/40

     7,815       6,584,372  

4.20%, 03/29/47

     700       597,443  

4.63%, 07/17/28

     200       197,280  

5.00%, 07/17/33

     2,015       2,002,588  

5.00%, 01/13/37

     5,390       5,303,652  

5.17%, 10/13/27

     2,000       2,022,740  

5.50%, 03/30/26

     4,271       4,337,927  
Security   Par
(000)		     Value  

Philippines (continued)

    

5.50%, 01/17/48

   $ 4,000     $ 4,085,800  

5.61%, 04/13/33

     175       181,314  

5.95%, 10/13/47

     255       275,222  

6.38%, 01/15/32

     4,382       4,739,703  

6.38%, 10/23/34

       7,361       8,027,833  

7.50%, 09/25/24

     770       785,419  

7.75%, 01/14/31

     5,993       7,008,154  

9.50%, 10/21/24(b)

     1,039       1,119,907  

9.50%, 02/02/30

     2,734       3,418,539  

10.63%, 03/16/25

     5,476       6,092,652  
   

 

 

  
        102,308,915  
Poland — 0.0%            

Republic of Poland Government International Bond

    

3.25%, 04/06/26

     3,905       3,710,648  

5.50%, 11/16/27 (Call 08/16/27)

     290       296,667  

5.75%, 11/16/32 (Call 08/16/32)

     3,585       3,758,765  
   

 

 

  
      7,766,080  
South Korea — 0.1%            

Export-Import Bank of Korea

    

0.63%, 06/29/24

     3,000       2,821,590  

0.75%, 09/21/25

     705       630,094  

1.13%, 12/29/26

     1,160       997,368  

1.25%, 01/18/25

     3,435       3,192,764  

1.25%, 09/21/30

     2,775       2,164,528  

1.38%, 02/09/31

     1,470       1,145,380  

1.63%, 01/18/27

     1,730       1,532,797  

2.13%, 01/18/32(b)

     1,285       1,043,523  

2.38%, 04/21/27

     1,640       1,488,661  

2.50%, 06/29/41(b)

     4,093       2,882,986  

2.63%, 05/26/26

     3,697       3,414,143  

2.88%, 01/21/25

     5,590       5,354,940  

3.25%, 11/10/25

     4,450       4,227,322  

3.25%, 08/12/26

     3,885       3,646,344  

5.13%, 01/11/33

     400       410,136  

Korea Development Bank (The)

    

0.40%, 06/19/24

     1,925       1,807,402  

0.80%, 04/27/26

     1,700       1,483,981  

1.38%, 04/25/27(b)

     1,635       1,422,483  

4.38%, 02/15/33

     30       29,006  

Korea International Bond

    

1.00%, 09/16/30

     1,350       1,069,780  

1.75%, 10/15/31(b)

     2,785       2,286,485  

2.00%, 06/19/24

     1,310       1,258,229  

2.50%, 06/19/29

     3,585       3,201,799  

2.75%, 01/19/27

     2,865       2,682,786  

3.50%, 09/20/28

     1,745       1,654,120  

3.88%, 09/20/48

     1,553       1,372,495  

4.13%, 06/10/44

     2,301       2,146,143  

5.63%, 11/03/25(b)

     100       100,859  
   

 

 

  
      55,468,144  
Supranational — 0.8%            

African Development Bank

    

0.88%, 03/23/26

     4,135       3,696,235  

0.88%, 07/22/26

     6,603       5,836,392  

3.38%, 07/07/25

     445       431,726  

4.38%, 11/03/27

     3,850       3,849,538  

Asian Development Bank

    

0.38%, 06/11/24

     3,860       3,631,913  

0.38%, 09/03/25

     3,770       3,390,286  

 

 

88  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Supranational (continued)

    

0.50%, 02/04/26

   $ 5,595     $ 4,973,843  

0.63%, 10/08/24

       13,535         12,621,929  

0.63%, 04/29/25

     14,060       12,862,510  

0.75%, 10/08/30(b)

     999       777,811  

1.00%, 04/14/26

     4,030       3,617,207  

1.25%, 06/09/28

     50       42,864  

1.50%, 10/18/24

     14,454       13,657,440  

1.50%, 01/20/27

     2,655       2,378,429  

1.50%, 03/04/31(b)

     1,409       1,156,056  

1.63%, 03/15/24(b)

     375       361,283  

1.75%, 08/14/26

     2,160       1,973,743  

1.75%, 09/19/29

     8,725       7,502,191  

1.88%, 03/15/29

     1,050       915,275  

1.88%, 01/24/30

     9,596       8,266,666  

2.00%, 01/22/25

     6,432       6,096,314  

2.00%, 04/24/26

     5,960       5,515,682  

2.13%, 03/19/25(b)

     570       539,847  

2.38%, 08/10/27

     1,340       1,234,341  

2.50%, 11/02/27

     6,092       5,620,236  

2.63%, 01/12/27

     5,844       5,468,991  

2.75%, 01/19/28

     7,765       7,243,270  

2.88%, 05/06/25

     1,475       1,415,941  

3.13%, 08/20/27(b)

     1,905       1,810,950  

3.13%, 09/26/28(b)

     794       748,154  

3.13%, 04/27/32(b)

     825       763,901  

3.88%, 09/28/32

     2,485       2,439,425  

4.00%, 01/12/33

     5,800       5,737,534  

4.13%, 09/27/24

     1,550       1,527,789  

4.25%, 01/09/26

     540       535,037  

5.82%, 06/16/28

     6,040       6,422,694  

6.22%, 08/15/27

     850       894,481  

6.38%, 10/01/28

     615       671,795  

Asian Infrastructure Investment Bank (The)

    

0.50%, 10/30/24

     8,270       7,663,313  

0.50%, 05/28/25

     11,100       10,060,929  

0.50%, 01/27/26

     1,440       1,273,147  

2.25%, 05/16/24

     7,020       6,769,807  

3.38%, 06/29/25

     155       149,642  

3.75%, 09/14/27

     25       24,210  

4.00%, 01/18/28

     25       24,456  

Council of Europe Development Bank

    

0.38%, 06/10/24

     120       112,939  

0.88%, 09/22/26

     30       26,380  

3.00%, 06/16/25

     1,170       1,123,949  

European Bank for Reconstruction & Development

    

0.50%, 05/19/25

     3,815       3,471,955  

0.50%, 11/25/25

     1,180       1,055,994  

0.50%, 01/28/26

     393       349,632  

1.50%, 02/13/25

     2,525       2,367,415  

1.63%, 09/27/24

     2,080       1,973,650  

European Investment Bank

    

0.38%, 12/15/25

     3,290       2,932,278  

0.38%, 03/26/26

     2,700       2,381,562  

0.63%, 07/25/25

     11,387       10,355,907  

0.63%, 10/21/27

     982       832,873  

0.75%, 10/26/26

     7,220       6,330,063  

0.75%, 09/23/30

     840       659,635  

0.88%, 05/17/30

     6,375       5,103,953  

1.25%, 02/14/31

     13,104       10,639,793  

1.38%, 03/15/27

     17,330       15,434,098  
Security   Par
(000)		     Value  

Supranational (continued)

    

1.63%, 03/14/25

   $ 18,858     $ 17,698,233  

1.63%, 10/09/29

     4,595       3,936,445  

1.63%, 05/13/31

     145       120,850  

1.75%, 03/15/29(b)

     7,165       6,219,936  

1.88%, 02/10/25

     9,863       9,320,338  

2.13%, 04/13/26

     7,575       7,049,825  

2.25%, 06/24/24

     385       371,028  

2.38%, 05/24/27

     5,566       5,143,040  

2.50%, 10/15/24(b)

     6,300       6,058,710  

2.63%, 03/15/24

     7,202       7,010,355  

2.75%, 08/15/25

     995       951,936  

3.25%, 11/15/27

     150       143,540  

3.88%, 03/15/28

     625       613,906  

4.88%, 02/15/36

     7,271       7,737,289  

Inter-American Development Bank

    

0.50%, 09/23/24

     2,335       2,175,403  

0.63%, 07/15/25

     2,055       1,869,392  

0.63%, 09/16/27

     1,305       1,106,862  

0.88%, 04/03/25

     7,625       7,031,622  

0.88%, 04/20/26

     13,495       12,055,218  

1.13%, 07/20/28

     9,780       8,304,980  

1.13%, 01/13/31

     5,980       4,767,376  

1.50%, 01/13/27

     235       210,525  

1.75%, 03/14/25

       15,504         14,575,620  

2.00%, 06/02/26

     7,718       7,108,510  

2.00%, 07/23/26(b)

     5,163       4,748,205  

2.13%, 01/15/25

     12,191       11,591,812  

2.25%, 06/18/29

     9,259       8,220,140  

2.38%, 07/07/27(b)

     4,459       4,113,873  

3.13%, 09/18/28(b)

     9,465       8,917,544  

3.20%, 08/07/42

     4,345       3,649,843  

3.25%, 07/01/24

     25       24,388  

3.50%, 09/14/29

     850       815,218  

3.88%, 10/28/41

     5,700       5,317,986  

4.00%, 01/12/28

     611       603,350  

4.38%, 01/24/44(b)

     3,235       3,208,182  

7.00%, 06/15/25

     30       31,299  

International Bank for Reconstruction & Development

    

0.38%, 07/28/25

     14,770       13,339,969  

0.50%, 10/28/25

     21,471       19,278,381  

0.63%, 04/22/25

     27,540       25,218,378  

0.65%, 02/10/26 (Call 05/10/23)

     29       25,486  

0.75%, 03/11/25

     13,022       12,005,633  

0.75%, 11/24/27

     5,215       4,426,909  

0.75%, 08/26/30

     5,368       4,190,637  

0.88%, 07/15/26

     8,775       7,788,427  

0.88%, 05/14/30

     11,130       8,851,355  

1.13%, 09/13/28

     16,985       14,364,384  

1.25%, 02/10/31(b)

     13,280       10,713,906  

1.38%, 04/20/28

     17,935       15,550,004  

1.50%, 08/28/24

     2,990       2,837,450  

1.63%, 01/15/25

     12,324       11,612,659  

1.63%, 11/03/31(b)

     22,604       18,620,723  

1.75%, 10/23/29

     12,377       10,622,189  

1.88%, 10/27/26

     5,980       5,461,115  

2.13%, 03/03/25

     6,519       6,185,553  

2.25%, 03/28/24(b)

     136       131,750  

2.50%, 03/19/24

     13,789       13,406,217  

2.50%, 11/25/24

     17,049       16,352,889  

2.50%, 07/29/25

     17,824       16,949,376  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   89

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Supranational (continued)

 

2.50%, 11/22/27

   $ 17,175     $ 15,852,697  

2.50%, 03/29/32

     1,055       931,544  

3.13%, 11/20/25

     2,922       2,809,561  

3.13%, 06/15/27

     940       894,175  

3.63%, 09/21/29

     4,025       3,890,887  

3.88%, 02/14/30

     450       440,766  

4.75%, 02/15/35(b)

     722       753,075  

International Finance Corp.

    

0.38%, 07/16/25

     2,082       1,883,919  

0.75%, 10/08/26

     705       617,897  

0.75%, 08/27/30(b)

     3,260       2,548,179  

1.38%, 10/16/24

     1,470       1,387,019  

2.13%, 04/07/26

     968       900,395  

Nordic Investment Bank

    

2.25%, 05/21/24

     1,475       1,423,287  

2.63%, 04/04/25

     2,497       2,388,455  

3.38%, 09/08/27

     360       345,715  
   

 

 

  
      695,571,039  
Sweden — 0.0%  

Svensk Exportkredit AB

    

0.38%, 03/11/24

     325       308,822  

0.38%, 07/30/24

     4,575       4,272,409  

0.50%, 08/26/25

     3,585       3,221,266  

0.63%, 05/14/25

     7,335       6,670,962  

2.25%, 03/22/27

     413       376,966  
   

 

 

  
      14,850,425  
Uruguay — 0.1%  

Uruguay Government International Bond

    

4.13%, 11/20/45(b)

     1,883       1,696,133  

4.38%, 10/27/27

     10,270       10,216,801  

4.38%, 01/23/31 (Call 10/23/30)

     9,526       9,277,940  

4.50%, 08/14/24(b)

     3,434       3,426,039  

4.98%, 04/20/55

     7,806       7,498,756  

5.10%, 06/18/50

       11,402       11,209,192  

5.75%, 10/28/34 (Call 07/28/34)(b)

     2,600       2,796,560  

7.63%, 03/21/36

     4,861       6,044,414  
   

 

 

  
      52,165,835  
   

 

 

  

Total Foreign Government Obligations — 2.1%
(Cost: $2,035,182,717)

 

       1,789,729,681  
   

 

 

  
Municipal Debt Obligations  
Alabama — 0.0%  

Alabama Federal Aid Highway Finance Authority, 2.65%, 09/01/37 (Call 09/01/31)

     1,150       890,190  
   

 

 

  
Arizona — 0.0%  

Salt River Project Agricultural Improvement & Power District RB BAB, 4.84%, 01/01/41

     1,875       1,852,676  
   

 

 

  
California — 0.2%  

Bay Area Toll Authority RB

    

2.57%, 04/01/31

     2,930       2,599,141  

3.13%, 04/01/55 (Call 04/01/31)

     470       334,746  

Bay Area Toll Authority RB BAB

    

Series F-2, 6.26%, 04/01/49

     4,735       5,677,303  

Series S-1, 7.04%, 04/01/50

     4,300       5,582,810  

Series S-3, 6.91%, 10/01/50

     1,300       1,684,606  

California Earthquake Authority, 5.60%, 07/01/27

     1,100       1,100,311  
Security   Par
(000)		     Value  

California (continued)

 

California Health Facilities Financing Authority

    

4.19%, 06/01/37 (Call 06/01/31)

   $ 325     $ 297,722  

4.35%, 06/01/41 (Call 06/01/31)

     445       405,423  

California State University RB

    

Class B, 2.72%, 11/01/52

     910       619,752  

2.94%, 11/01/52 (Call 11/01/31)

     1,000       699,666  

Class B, 2.98%, 11/01/51 (Call 05/01/51)

     3,315       2,285,941  

Series E, 2.90%, 11/01/51 (Call 11/01/30)

     1,895       1,369,058  

City of Los Angeles Department of Airports Customer Facility Charge Revenue RB, 4.24%, 05/15/48 (Call 05/15/32) (AGM)

     330       281,139  

City of San Francisco CA Public Utilities Commission Water Revenue RB, 3.30%, 11/01/39 (Call 11/01/29)

     1,670       1,354,382  

City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, Series B, 6.00%, 11/01/40

     2,500       2,687,618  

East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40

     4,480       4,904,820  

Foothill-Eastern Transportation Corridor Agency RB

    

3.92%, 01/15/53 (Call 01/15/30)

     1,025       795,827  

Series A, 4.09%, 01/15/49 (Call 01/15/30)

     2,040       1,612,065  

Golden State Tobacco Securitization Corp. RB

    

Class B, 2.75%, 06/01/34 (Call 06/01/31)

     1,270       1,016,978  

Class B, 3.00%, 06/01/46

     765       703,216  

3.12%, 06/01/38 (Call 06/01/31) (SAP)

     1,000       783,835  

Class B, 3.29%, 06/01/42 (Call 06/01/31)

     2,790       2,128,232  

3.49%, 06/01/36 (Call 12/01/31)

     230       182,233  

3.71%, 06/01/41 (Call 12/01/31)

     830       634,038  

3.85%, 06/01/50 (Call 12/01/31)

     1,320       1,178,174  

4.21%, 06/01/50 (Call 12/01/31)

     1,535       1,169,213  

Los Angeles Community College District/CA GO

    

1.81%, 08/01/30

       5,000         4,153,295  

2.11%, 08/01/32 (Call 08/01/30)

     3,000       2,421,852  

Los Angeles Community College District/CA GO BAB,

    

6.75%, 08/01/49

     1,100       1,393,153  

Los Angeles County Metropolitan Transportation Authority RB BAB, Series A, 5.74%, 06/01/39

     1,815       1,938,857  

Los Angeles County Public Works Financing Authority

    

RB BAB, 7.62%, 08/01/40

     1,150       1,440,342  

Los Angeles Department of Water & Power, RB

    

Series A, 5.72%, 07/01/39

     2,100       2,258,873  

Series A, 6.60%, 07/01/50

     385       469,701  

Series D, 6.57%, 07/01/45

     2,970       3,509,898  

Los Angeles Unified School District/CA GO BAB

    

5.75%, 07/01/34

     4,760       5,018,387  

5.76%, 07/01/29

     2,170       2,235,117  

Series RY, 6.76%, 07/01/34

     3,025       3,418,670  

Regents of the University of California Medical Center Pooled Revenue RB

    

Class A, 3.71%, 05/15/20 (Call 11/15/19)

     2,600       1,733,308  

4.13%, 05/15/32 (Call 02/15/32)

     550       515,332  

4.56%, 05/15/53

     895       827,922  

Series N, Class A, 3.26%, 05/15/60 (Call 11/15/59)(b)

     1,835       1,270,416  

Regents of the University of California Medical Center Pooled Revenue RB BAB

    

Series H, Class H, 6.55%, 05/15/48

     2,575       3,000,199  

Series F, 6.58%, 05/15/49

     3,015       3,491,289  

San Diego County Regional Transportation

    

Commission RB, 3.25%, 04/01/48 (Call 04/01/30)

     1,025       804,401  

 

 

90  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

California (continued)

 

  

San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48

   $ 1,905     $ 2,142,721  

San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49

     2,350       2,650,304  

San Joaquin Hills Transportation Corridor Agency RB, 3.49%, 01/15/50 (Call 01/15/32)

     1,600       1,183,323  

Santa Clara Valley Transportation Authority RB BAB, 5.88%, 04/01/32

     2,620       2,696,004  

State of California GO

    

2.50%, 10/01/29

     6,000       5,254,668  

3.38%, 04/01/25

     3,000       2,909,034  

3.50%, 04/01/28

     860       812,620  

4.50%, 04/01/33 (Call 04/01/28)

     2,750       2,672,984  

4.60%, 04/01/38 (Call 04/01/28)

     2,170       2,077,968  

Series A, 3.05%, 04/01/29

     1,110       1,013,783  

State of California GO BAB

    

7.30%, 10/01/39

     5,220       6,397,982  

7.35%, 11/01/39

     2,130       2,613,395  

7.50%, 04/01/34

     8,325       10,095,403  

7.55%, 04/01/39

       12,470       15,852,026  

7.60%, 11/01/40

     6,825       8,791,214  

7.63%, 03/01/40

     3,350       4,250,172  

University of California RB

    

Series AD, 4.86%, 05/15/12(b)

     3,285       2,991,282  

Series AQ, 4.77%, 05/15/15

     835       729,012  

Series AX, 3.06%, 07/01/25 (Call 04/01/25)

     2,925       2,806,128  

Series BD, 3.35%, 07/01/29

     4,730       4,365,047  

Series BG, 0.88%, 05/15/25 (Call 04/15/25)

     950       868,976  

Series BG, 1.32%, 05/15/27 (Call 03/15/27)

     775       675,088  

Series BG, 1.61%, 05/15/30 (Call 02/15/30)

     2,990       2,419,063  

Series BG, 3.07%, 05/15/51 (Call 05/15/31)

     3,110       2,147,163  

University of California RB BAB, 5.95%, 05/15/45

     2,255       2,482,798  
   

 

 

  
        172,887,419  
Colorado — 0.0%  

Regional Transportation District Sales Tax Revenue RB BAB, Series B, 5.84%, 11/01/50

     700       795,339  
   

 

 

  
Connecticut — 0.0%  

State of Connecticut GO, Series A, 5.85%, 03/15/32

     3,805       4,074,527  
   

 

 

  
District of Columbia — 0.0%  

District of Columbia RB BAB, Series E, 5.59%, 12/01/34

     700       734,409  

District of Columbia Water & Sewer Authority RB

    

3.21%, 10/01/48 (Call 10/01/29)

     1,000       755,187  

4.81%, 10/01/14

     1,690       1,528,730  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB BAB, 7.46%, 10/01/46

     1,300       1,643,082  
   

 

 

  
      4,661,408  
Florida — 0.0%  

County of Broward FL Airport System Revenue RB, 3.48%, 10/01/43 (Call 10/01/29)

     250       203,645  

County of Miami-Dade FL Aviation Revenue RB, Series C, 4.28%, 10/01/41 (Call 10/01/28)

     985       884,327  

County of Miami-Dade FL Transit System RB, Series B, 2.60%, 07/01/42 (Call 07/01/30)

     1,300       941,252  

County of Miami-Dade FL Water & Sewer System Revenue RB, 3.49%, 10/01/42 (Call 10/01/29)

     1,265       1,012,756  

State Board of Administration Finance Corp. RB 1.26%, 07/01/25

     4,385       4,012,626  
Security   Par
(000)		     Value  

Florida (continued)

 

1.71%, 07/01/27

   $ 3,000     $ 2,614,416  

2.15%, 07/01/30

     4,902       4,011,111  
   

 

 

  
        13,680,133  
Georgia — 0.0%            

City of Atlanta GA Water & Wastewater Revenue RB, 2.26%, 11/01/35 (Call 11/01/30)

     1,330       1,038,104  

Municipal Electric Authority of Georgia RB BAB

    

Project J, Series 2010-A, 6.64%, 04/01/57

     3,835       4,231,750  

Project M, Series 2010-A, 6.66%, 04/01/57

     3,357       3,688,762  

Project P, Series 2010-A, 7.06%, 04/01/57

     317       331,553  
   

 

 

  
      9,290,169  
Idaho — 0.0%            

Idaho Energy Resources Authority RB, 2.86%, 09/01/46

     580       418,674  
   

 

 

  
Illinois — 0.1%            

Chicago O’Hare International Airport RB

    

Series C, 4.47%, 01/01/49(b)

     1,050       980,584  

Series C, 4.57%, 01/01/54(b)

     2,450       2,286,213  

Chicago O’Hare International Airport RB BAB, Series B, 6.40%, 01/01/40

     500       570,310  

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB

    

Series A, 6.90%, 12/01/40

     3,430       3,861,443  

Series B, 6.90%, 12/01/40

     3,750       4,266,930  

Illinois State Toll Highway Authority RB BAB, Series A, 6.18%, 01/01/34

     1,820       2,011,044  

Sales Tax Securitization Corp. RB

    

3.24%, 01/01/42

     5,125       3,958,171  

3.82%, 01/01/48

     135       109,728  

State of Illinois GO

    

4.95%, 06/01/23

     14       13,610  

5.10%, 06/01/33

       27,923       27,452,553  

State of Illinois GO BAB, Series 5, 7.35%, 07/01/35

     3,621       3,923,257  
   

 

 

  
      49,433,843  
Indiana — 0.0%            

Indiana Finance Authority RB, 3.05%, 01/01/51

     645       483,756  
   

 

 

  
Kansas — 0.0%            

Kansas Development Finance Authority RB, 2.77%, 05/01/51

     605       432,702  

State of Kansas Department of Transportation RB BAB, 4.60%, 09/01/35

     500       487,400  
   

 

 

  
      920,102  
Louisiana — 0.0%            

Louisiana Local Government Environmental Facilities & Community Development Authority RB

    

3.62%, 02/01/29

     1,571       1,517,381  

4.15%, 02/01/33(b)

     2,280       2,206,154  

4.28%, 02/01/36

     1,560       1,469,386  

4.48%, 08/01/39

     1,710       1,625,856  

State of Louisiana Gasoline & Fuels Tax Revenue RB, 2.95%, 05/01/41

     1,185       898,489  
   

 

 

  
      7,717,266  
Maryland — 0.0%            

Maryland Health & Higher Educational Facilities Authority, Class D, 3.05%, 07/01/40 (Call 01/01/40)

     2,500       1,840,167  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   91

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Maryland (continued)

    

Maryland State Transportation Authority RB BAB, 5.89%, 07/01/43

   $ 1,500     $ 1,618,521  
   

 

 

  
      3,458,688  
Massachusetts — 0.0%  

Commonwealth of Massachusetts GO, 4.91%, 05/01/29

     1,950       1,977,624  

Commonwealth of Massachusetts GOL

    

2.51%, 07/01/41 (Call 07/01/30)

     540       394,490  

2.90%, 09/01/49

     2,675       1,924,542  

Series D, 2.66%, 09/01/39

     1,964       1,571,993  

Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39(b)

     3,700       3,896,466  

Commonwealth of Massachusetts RB,
3.77%, 07/15/29

     2,900       2,756,688  

Commonwealth of Massachusetts Transportation Fund Revenue RB BAB, Series A, 5.73%, 06/01/40

     1,435       1,519,322  

Massachusetts School Building Authority RB

    

3.40%, 10/15/40 (Call 10/15/29)

     1,755       1,434,753  

Series B, 1.75%, 08/15/30

     2,050       1,688,128  

Massachusetts School Building Authority RB BAB,
Series B, 5.72%, 08/15/39

     1,060       1,135,334  

Massachusetts Water Resources Authority RB,
2.82%, 08/01/41 (Call 08/01/31)

     925       706,183  
   

 

 

  
        19,005,523  
Michigan — 0.0%  

Great Lakes Water Authority Sewage Disposal System Revenue RB, 3.06%, 07/01/39

     1,685       1,342,079  

Great Lakes Water Authority Water Supply System Revenue RB, 3.47%, 07/01/41 (Call 07/01/30)

     575       474,066  

Michigan Finance Authority RB

    

3.08%, 12/01/34

       2,110       1,788,907  

3.38%, 12/01/40

     845       687,460  

Michigan State Building Authority RB,
2.71%, 10/15/40 (Call 10/15/30)

     1,250       933,747  

Michigan State University RB, 4.17%, 08/15/22 (Call 02/15/22)

     2,675       2,101,699  

Michigan Strategic Fund RB, 3.23%, 09/01/47 (Call 09/01/31)

     460       341,827  

University of Michigan RB

    

3.50%, 04/01/52 (Call 10/01/51)(b)

     614       491,126  

3.50%, 04/01/52 (Call 10/01/51)

     475       380,539  

4.45%, 04/01/22 (Call 10/01/21)

     1,580       1,343,254  

Series B, 2.44%, 04/01/40 (Call 10/01/39)

     2,862       2,088,802  
   

 

 

  
      11,973,506  
Minnesota — 0.0%  

University of Minnesota RB, 4.05%, 04/01/52 (Call 10/01/51)

     924       830,948  
   

 

 

  
Mississippi — 0.0%  

State of Mississippi GO BAB, Series F, 5.25%, 11/01/34

     1,000       1,020,979  
   

 

 

  
Missouri — 0.0%  

Health & Educational Facilities Authority of the State of Missouri RB, Series A, 3.65%, 08/15/57 (Call 08/15/27)

     4,730       3,757,767  
   

 

 

  
Nebraska — 0.0%  

University of Nebraska Facilities Corp. RB, Series A, Class A, 3.04%, 10/01/49(b)

     1,000       759,294  
   

 

 

  
Security   Par
(000)		     Value  

Nevada — 0.0%

    

County of Clark Department of Aviation RB BAB, Series C, 6.82%, 07/01/45

   $ 850     $ 1,037,819  
   

 

 

  
New Jersey — 0.1%  

New Jersey Economic Development Authority RB, Series A, 7.43%, 02/15/29 (NPFGC)

       5,560       5,971,490  

New Jersey State Turnpike Authority RB BAB, Series F, 7.41%, 01/01/40

     6,979       8,764,040  

New Jersey Transportation Trust Fund Authority RB

    

4.08%, 06/15/39

     1,200       1,024,748  

4.13%, 06/15/42

     345       287,772  

New Jersey Transportation Trust Fund Authority RB BAB

    

Series B, 6.56%, 12/15/40

     2,650       2,929,154  

Series C, 5.75%, 12/15/28

     2,900       2,926,030  

New Jersey Turnpike Authority RB BAB, Series A,
7.10%, 01/01/41

     4,230       5,181,703  

Rutgers The State University of New Jersey RB

    

3.27%, 05/01/43

     1,000       794,607  

Series P, 3.92%, 05/01/19 (Call 11/01/18)(b)

     1,475       1,052,951  

Rutgers The State University of New Jersey RB BAB, Class H, 5.67%, 05/01/40

     900       950,327  
   

 

 

  
        29,882,822  
New York — 0.1%  

City of New York NY, 5.26%, 10/01/52

     500       522,533  

City of New York NY GO BAB

    

Series C-1, 5.52%, 10/01/37

     3,000       3,118,470  

Series F1, 6.27%, 12/01/37

     1,255       1,395,809  

Metropolitan Transportation Authority RB, Series C2, 5.18%, 11/15/49

     3,880       3,503,531  

Metropolitan Transportation Authority RB BAB

    

7.34%, 11/15/39

     3,265       4,008,375  

Series 2010-A, 6.67%, 11/15/39

     50       53,682  

Series A, 5.87%, 11/15/39

     100       100,452  

Series B, 6.65%, 11/15/39

     220       235,168  

Series E, 6.81%, 11/15/40

     1,630       1,775,432  

New York City Municipal Water Finance Authority RB

    

5.44%, 06/15/43

     1,385       1,476,428  

5.72%, 06/15/42(b)

     3,145       3,460,963  

5.88%, 06/15/44

     3,200       3,601,475  

6.01%, 06/15/42

     1,860       2,094,743  

New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB

    

5.51%, 08/01/37

     2,235       2,321,246  

5.57%, 11/01/38

     2,100       2,182,402  

Series C-2, 5.77%, 08/01/36

     1,910       1,988,186  

New York State Dormitory Authority RB

    

3.19%, 02/15/43

     450       348,095  

Series B, 3.14%, 07/01/43

     275       219,202  

Series F, 3.11%, 02/15/39

     2,350       1,906,414  

New York State Dormitory Authority RB BAB

    

Series D, 5.60%, 03/15/40

     2,325       2,454,812  

Series F, 5.63%, 03/15/39

     2,165       2,265,621  

New York State Thruway Authority RB

    

Class M, 2.90%, 01/01/35

     2,000       1,661,998  

Series M, 3.50%, 01/01/42 (Call 01/01/30)

     1,005       824,263  

New York State Urban Development Corp. RB,

    

Series B, 3.90%, 03/15/33 (Call 09/15/28)

     290       269,476  

New York State Urban Development Corp. RB BAB,

    

5.77%, 03/15/39

     1,260       1,302,298  

 

 

92  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

New York (continued)

    

Port Authority of New York & New Jersey RB

    

3.14%, 02/15/51 (Call 08/15/31)

   $ 1,145     $ 857,793  

3.29%, 08/01/69

     1,300       898,383  

4.03%, 09/01/48(b)

     1,440       1,246,758  

Series 164, 5.65%, 11/01/40

     2,255       2,412,809  

Series 165, 5.65%, 11/01/40

     1,795       1,931,804  

Series 168, 4.93%, 10/01/51

     2,500       2,499,160  

Series 174, 4.46%, 10/01/62

     6,585       6,012,480  

Series 181, 4.96%, 08/01/46

     2,000       2,006,092  

Series 182, 5.31%, 08/01/46 (Call 08/01/24)

     1,000       985,840  

Series 192, 4.81%, 10/15/65(b)

     4,235       4,112,837  

Series 225, 3.18%, 07/15/60 (Call 07/15/31)

     675       467,014  

Series AAA, 1.09%, 07/01/23

       2,255       2,225,802  
   

 

 

  
        68,747,846  
North Carolina — 0.0%            

Charlotte-Mecklenburg Hospital Authority (The) RB, 3.20%, 01/15/51 (Call 01/15/50)

     1,100       776,919  
   

 

 

  
Ohio — 0.0%            

American Municipal Power Inc. RB BAB

    

5.94%, 02/15/47

     1,300       1,429,256  

Series B, 8.08%, 02/15/50

     4,075       5,561,894  

JobsOhio Beverage System RB

    

2.83%, 01/01/38(b)

     1,950       1,530,411  

4.43%, 01/01/33

     310       302,908  

Series B, 4.53%, 01/01/35

     2,400       2,330,148  

Ohio State University (The) RB

    

Series A, 3.80%, 12/01/46

     3,750       3,145,717  

Series A, 4.05%, 12/01/56

     500       424,451  

Series A, 4.80%, 06/01/11

     350       319,211  

Ohio State University (The) RB BAB, Series C,
4.91%, 06/01/40(b)

     1,905       1,906,052  

Ohio Turnpike & Infrastructure Commission RB, Series A, Class A, 3.22%, 02/15/48 (Call 02/15/30)(b)

     1,775       1,285,045  

Ohio Water Development Authority Water Pollution Control Loan Fund RB, Series B-2, 4.88%, 12/01/34

     1,115       1,111,178  
   

 

 

  
      19,346,271  
Oklahoma — 0.0%            

Oklahoma Development Finance Authority RB

    

3.88%, 05/01/37

     250       238,995  

4.38%, 11/01/45

     715       665,633  

4.62%, 06/01/44

     1,655       1,582,496  

4.71%, 05/01/52

     520       490,742  

5.09%, 02/01/52

     680       672,931  
   

 

 

  
      3,650,797  
Oregon — 0.0%            

Oregon School Boards Association RB

    

Series B, 5.55%, 06/30/28 (NPFGC)

     50       50,825  

Series B, 5.68%, 06/30/28 (NPFGC)

     1,000       1,023,546  

Oregon State University RB, 3.42%, 03/01/60 (Call 03/01/30) (BAM)

     1,100       786,012  

State of Oregon Department of Transportation RB BAB, Series 2010-A, 5.83%, 11/15/34

     2,085       2,226,198  

State of Oregon GO, 5.89%, 06/01/27

     8,020       8,232,233  
   

 

 

  
      12,318,814  
Pennsylvania — 0.0%            

City of Philadelphia PA Water & Wastewater Revenue RB, 2.93%, 07/01/45 (Call 07/01/31)

     1,030       745,698  
Security   Par
(000)		     Value  

Pennsylvania (continued)

    

Commonwealth Financing Authority RB

    

Class A, 2.99%, 06/01/42(b)

   $ 1,130     $ 842,851  

Series A, 4.14%, 06/01/38

     50       45,002  

Pennsylvania State University (The) RB

    

2.79%, 09/01/43

       1,750       1,333,836  

2.84%, 09/01/50

     975       684,462  

Pennsylvania Turnpike Commission RB BAB, Series B, 5.51%, 12/01/45

     1,000       1,064,935  

University of Pittsburgh-of the Commonwealth System of Higher Education RB, 3.56%, 09/15/19 (Call 03/15/19)

     2,000       1,339,202  
   

 

 

  
        6,055,986  
South Carolina — 0.0%            

South Carolina Public Service Authority, Series C, 6.45%, 01/01/50

     1,000       1,097,353  
   

 

 

  
Tennessee — 0.0%            

Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series 2016B, 4.05%, 07/01/26 (Call 04/01/26)

     1,000       951,500  
   

 

 

  
Texas — 0.1%            

City of San Antonio Texas Electric & Gas Systems Revenue RB BAB

    

2.91%, 02/01/48 (Call 02/01/31)

     480       342,063  

5.81%, 02/01/41

     1,875       2,049,116  

Series C, 5.99%, 02/01/39

     1,000       1,087,119  

Dallas Area Rapid Transit RB, 2.61%, 12/01/48 (Call 12/01/31)(b)

     1,895       1,300,997  

Dallas Area Rapid Transit RB BAB

    

5.02%, 12/01/48(b)

     3,250       3,296,774  

Series B, 6.00%, 12/01/44

     400       447,300  

Dallas Convention Center Hotel Development Corp. RB BAB, 7.09%, 01/01/42

     700       783,074  

Dallas County Hospital District GOL BAB, Series C,
5.62%, 08/15/44

     1,250       1,361,845  

Dallas Fort Worth International Airport RB

    

2.84%, 11/01/46 (Call 11/01/31)

     220       161,404  

Class A, 2.99%, 11/01/38

     1,200       981,533  

4.51%, 11/01/51 (Call 11/01/32)

     1,330       1,257,281  

Series A, Class A, 3.14%, 11/01/45

     1,405       1,084,461  

Series C, Class C, 2.92%, 11/01/50

     2,670       1,944,937  

Series C, Class C, 3.09%, 11/01/40 (Call 11/01/30)

     340       265,809  

Dallas Independent School District GO BAB, Series C, 6.45%, 02/15/35 (Call 03/31/23) (PSF)

     400       401,148  

Grand Parkway Transportation Corp. RB,
3.24%, 10/01/52 (Call 04/01/30)

     4,805       3,610,890  

North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49

     4,120       5,119,528  

Permanent University Fund - Texas A&M University System RB, Series B, 3.66%, 07/01/47 (Call 07/01/27)

     2,000       1,705,486  

Permanent University Fund - University of Texas System RB, Series A, 3.38%, 07/01/47 (Call 01/01/47)(b)

     1,625       1,281,087  

State of Texas GO BAB

    

5.52%, 04/01/39

     2,300       2,458,341  

Series A, 4.63%, 04/01/33

     1,255       1,245,887  

Series A, 4.68%, 04/01/40

     2,250       2,218,401  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   93

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Texas (continued)

    

Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49

   $ 3,350     $ 2,641,509  

Texas Transportation Commission GO,
2.47%, 10/01/44 (Call 10/01/30)

     2,505       1,779,159  

Texas Transportation Commission State Highway Fund RB

    

4.00%, 10/01/33

     2,725       2,574,986  

First Class, 5.18%, 04/01/30

     5,115       5,203,955  

University of Texas System (The) RB, Series B,
2.44%, 08/15/49 (Call 02/15/49)

     765       511,653  

University of Texas System (The) RB BAB, Series C, 4.79%, 08/15/46

     2,400       2,407,421  
   

 

 

  
      49,523,164  
Virginia — 0.0%            

University of Virginia RB

    

2.26%, 09/01/50 (Call 03/01/50)(b)

     2,790       1,735,623  

2.58%, 11/01/51 (Call 05/01/51)

     1,000       665,055  

Series A, 3.23%, 09/01/19 (Call 03/01/19)

     790       486,213  

Series C, 4.18%, 09/01/17 (Call 03/01/17)

     840       672,379  
   

 

 

  
      3,559,270  
Washington — 0.0%            

Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB BAB, 5.49%, 11/01/39

     1,200       1,269,065  

State of Washington GO BAB, Series F, 5.14%, 08/01/40

     2,165       2,225,031  
   

 

 

  
      3,494,096  
Wisconsin — 0.0%            

State of Wisconsin RB

    

Series A, 5.70%, 05/01/26

     220       220,721  

Series C, 3.15%, 05/01/27

     2,580       2,423,095  
   

 

 

  
      2,643,816  
   

 

 

  

Total Municipal Debt Obligations — 0.6%
(Cost: $586,888,555)

 

       510,998,680  
   

 

 

  

U.S. Government & Agency Obligations

    
Mortgage-Backed Securities — 28.1%            

Federal Home Loan Mortgage Corp.

    

2.00%, 02/01/37

       30,660       27,280,109  

2.00%, 04/01/52

     1,128       919,615  

2.50%, 10/01/27

     98       92,752  

2.50%, 02/01/28

     1,279       1,208,171  

2.50%, 01/01/30

     10,168       9,436,675  

2.50%, 03/01/31

     95       88,247  

2.50%, 08/01/31

     3,342       3,100,374  

2.50%, 10/01/31

     7,012       6,504,625  

2.50%, 11/01/31

     41       37,999  

2.50%, 12/01/31

     10,458       9,702,322  

2.50%, 02/01/32

     12,983       12,043,701  

2.50%, 08/01/32

     150       139,033  

2.50%, 01/01/33

     11,443       10,600,400  

2.50%, 02/01/33

     29       26,999  

2.50%, 04/01/33

     1,317       1,211,457  

2.50%, 07/01/52

     5,904       5,012,158  

2.94%, 05/01/42, (12 mo. LIBOR US + 1.804%)(a)

     330       332,453  

3.00%, 11/01/26

     219       210,028  

3.00%, 01/01/27

     102       98,104  

3.00%, 02/01/27

     250       239,691  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

    

3.00%, 04/01/27

   $ 159     $ 152,065  

3.00%, 05/01/27

     1,440       1,379,225  

3.00%, 06/01/27

     1,341       1,283,910  

3.00%, 07/01/27

     54       51,394  

3.00%, 08/01/27

     169       161,674  

3.00%, 09/01/27

     781       745,447  

3.00%, 11/01/27

     304       290,005  

3.00%, 12/01/27

     160       152,987  

3.00%, 01/01/28

     48       45,109  

3.00%, 11/01/28

     158       149,247  

3.00%, 01/01/29

     188       177,731  

3.00%, 03/01/29

     574       540,645  

3.00%, 05/01/29

       24,421         23,057,263  

3.00%, 05/01/30

     3,876       3,653,993  

3.00%, 06/01/30

     2,252       2,122,584  

3.00%, 07/01/30

     4,621       4,356,557  

3.00%, 12/01/30

     10,930       10,303,415  

3.00%, 02/01/31

     3,301       3,111,736  

3.00%, 05/01/31

     6,950       6,550,756  

3.00%, 06/01/31

     5,097       4,804,456  

3.00%, 08/01/31

     42       39,840  

3.00%, 12/01/31

     29       27,379  

3.00%, 02/01/32

     101       95,385  

3.00%, 07/01/32

     7,852       7,397,000  

3.00%, 09/01/32

     10       9,305  

3.00%, 02/01/33

     19       17,474  

3.00%, 05/01/33

     1,759       1,650,483  

3.00%, 06/01/42

     476       431,968  

3.00%, 10/01/42

     190       172,648  

3.00%, 01/01/43

     497       450,583  

3.00%, 02/01/43

     13,101       11,878,082  

3.00%, 12/01/44

     35       31,858  

3.00%, 04/01/45

     287       258,798  

3.00%, 08/01/45

     189       170,050  

3.00%, 12/01/45

     14       13,028  

3.00%, 01/01/46

     1,060       954,383  

3.00%, 02/01/46

     125       112,191  

3.00%, 07/01/46

     2,342       2,108,082  

3.00%, 08/01/46

     43,402       39,064,899  

3.00%, 09/01/46

     17,352       15,683,472  

3.00%, 10/01/46

     34,110       30,740,216  

3.00%, 11/01/46

     25,215       22,694,576  

3.00%, 12/01/46

     58,095       52,289,882  

3.00%, 01/01/47

     13,589       12,231,576  

3.00%, 02/01/47

     29,138       26,226,554  

3.00%, 03/01/47

     146       131,140  

3.00%, 04/01/47

     377       339,293  

3.00%, 05/01/47

     23,251       20,967,348  

3.00%, 06/01/47

     22,892       20,604,802  

3.00%, 08/01/47

     3,037       2,733,257  

3.00%, 09/01/47

     663       597,150  

3.00%, 10/01/47

     7,506       6,756,152  

3.00%, 11/01/47

     14       12,257  

3.00%, 01/01/48

     15       13,126  

3.00%, 11/01/48

     1,129       1,015,420  

3.00%, 03/01/49

     186       165,359  

3.00%, 05/01/49

     227       203,137  

3.00%, 06/01/49

     178       158,441  

3.24%, 12/01/38, (12 mo. LIBOR US +
1.760%)(a)

     505       504,382  

3.50%, 11/01/25

     648       629,799  

 

 

94  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

    

3.50%, 03/01/26

   $ 688     $ 668,150  

3.50%, 06/01/26

     165       159,429  

3.50%, 03/01/32

     698       668,176  

3.50%, 05/01/32

     2,016       1,941,659  

3.50%, 09/01/32

     1,701       1,629,834  

3.50%, 06/01/33

     121       115,389  

3.50%, 07/01/33

     6,280       6,032,740  

3.50%, 11/01/33

     18       16,876  

3.50%, 06/01/34

     5,344       5,121,032  

3.50%, 03/01/38

     3,634       3,425,483  

3.50%, 06/01/38

     964       906,624  

3.50%, 09/01/38

     635       596,765  

3.50%, 02/01/42

     55       50,959  

3.50%, 05/01/42

     6       5,521  

3.50%, 09/01/42

     9       7,995  

3.50%, 10/01/42

     7,504       7,003,973  

3.50%, 11/01/42

     568       530,542  

3.50%, 01/01/43

     11       10,307  

3.50%, 04/01/43

     3,981       3,713,298  

3.50%, 06/01/43

     804       753,374  

3.50%, 07/01/43

     1,326       1,237,328  

3.50%, 08/01/43

     4,793       4,470,689  

3.50%, 10/01/43

     1,041       975,375  

3.50%, 01/01/44

     12,469       11,646,152  

3.50%, 02/01/44

     6,732       6,305,593  

3.50%, 09/01/44

     5,250       4,901,241  

3.50%, 10/01/44

     7,378       6,862,642  

3.50%, 11/01/44

     87       80,745  

3.50%, 12/01/45

     9,394       8,710,604  

3.50%, 01/01/46

     291       269,474  

3.50%, 03/01/46

     26,623       24,806,991  

3.50%, 05/01/46

     3,489       3,245,776  

3.50%, 06/01/46

     101       93,426  

3.50%, 07/01/46

     4,623       4,295,871  

3.50%, 08/01/46

     3,158       2,928,809  

3.50%, 09/01/46

     5,204       4,838,949  

3.50%, 10/01/46

     1,253       1,160,869  

3.50%, 11/01/46

     646       598,080  

3.50%, 12/01/46

     3,878       3,594,746  

3.50%, 01/01/47

     2,100       1,946,181  

3.50%, 02/01/47

     5,175       4,798,958  

3.50%, 03/01/47

     3,397       3,148,176  

3.50%, 04/01/47

     7,607       7,048,414  

3.50%, 05/01/47

     1,613       1,500,355  

3.50%, 07/01/47

     6,772       6,272,479  

3.50%, 08/01/47

     18,927       17,637,334  

3.50%, 09/01/47

       24,311         22,531,309  

3.50%, 12/01/47

     4,237       3,924,643  

3.50%, 01/01/48

     19,556       18,274,070  

3.50%, 02/01/48

     20,580       19,009,132  

3.50%, 03/01/48

     8,545       7,915,577  

3.50%, 04/01/48

     1,935       1,809,409  

3.50%, 05/01/48

     9,691       8,974,660  

3.50%, 04/01/49

     1,334       1,240,906  

3.50%, 05/01/49

     4,042       3,738,822  

3.50%, 06/01/49

     1,752       1,629,348  

3.90%, 08/01/41, (12 mo. LIBOR US + 1.732%)(a)

     197       196,761  

4.00%, 05/01/25

     68       66,888  

4.00%, 10/01/25

     400       390,748  

4.00%, 02/01/26

     278       272,023  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

    

4.00%, 05/01/26

   $ 477     $ 465,413  

4.00%, 12/01/32

     1,240       1,213,535  

4.00%, 05/01/33

     2,150       2,104,884  

4.00%, 09/01/41

     2,897       2,795,236  

4.00%, 02/01/42

     2,306       2,222,693  

4.00%, 03/01/42

     495       476,304  

4.00%, 06/01/42

     3,358       3,229,849  

4.00%, 08/01/42

     1,447       1,392,520  

4.00%, 07/01/44

     4,029       3,880,218  

4.00%, 01/01/45

     1,031       990,864  

4.00%, 02/01/45

     1,391       1,347,608  

4.00%, 06/01/45

     2,063       1,977,382  

4.00%, 08/01/45

     3,646       3,494,844  

4.00%, 09/01/45

     6,037       5,786,474  

4.00%, 01/01/46

     1,663       1,593,548  

4.00%, 02/01/46

     149       142,893  

4.00%, 03/01/46

     343       328,275  

4.00%, 05/01/46

     3,578       3,422,141  

4.00%, 06/01/46

     95       89,825  

4.00%, 07/01/46

     2,990       2,874,826  

4.00%, 08/01/46

     89       85,993  

4.00%, 10/01/46

     2,837       2,719,140  

4.00%, 11/01/46

     8,374       8,009,295  

4.00%, 02/01/47

     3,480       3,329,228  

4.00%, 08/01/47

     248       237,036  

4.00%, 10/01/47

     759       724,351  

4.00%, 11/01/47

     1,425       1,360,810  

4.00%, 01/01/48

     5,611       5,356,708  

4.00%, 02/01/48

     8,359       8,008,954  

4.00%, 04/01/48

     170       161,915  

4.00%, 06/01/48

     15,267       14,698,899  

4.00%, 07/01/48

     14,238       13,585,489  

4.00%, 08/01/48

     1,841       1,756,731  

4.00%, 09/01/48

     3,650       3,483,320  

4.00%, 10/01/48

     1,913       1,830,299  

4.00%, 12/01/48

     9,810       9,422,420  

4.00%, 01/01/49

     1,538       1,468,282  

4.00%, 04/01/52

     17,484       16,411,124  

4.00%, 07/01/52

     49,537       46,480,360  

4.00%, 10/01/52

       28,868         27,302,207  

4.03%, 11/01/40, (12 mo. LIBOR US +
1.775%)(a)

     13       12,555  

4.06%, 11/01/41, (12 mo. LIBOR US +
1.892%)(a)

     293       294,181  

4.13%, 09/01/41, (12 mo. LIBOR US +
1.880%)(a)

     217       214,452  

4.15%, 11/01/40, (12 mo. LIBOR US +
1.900%)(a)

     187       184,877  

4.15%, 01/01/42, (12 mo. LIBOR US +
1.900%)(a)

     69       67,651  

4.16%, 11/01/40, (12 mo. LIBOR US +
1.910%)(a)

     367       365,656  

4.50%, 07/01/24

     54       53,521  

4.50%, 08/01/24

     14       13,857  

4.50%, 09/01/24

     46       44,966  

4.50%, 10/01/24

     41       40,435  

4.50%, 08/01/30

     1,169       1,156,591  

4.50%, 03/01/39

     1,002       991,554  

4.50%, 05/01/39

     1,172       1,159,660  

4.50%, 10/01/39

     719       711,777  

4.50%, 01/01/40

     219       216,800  

4.50%, 02/01/41

     1,471       1,456,867  

4.50%, 04/01/41

     47       46,333  

4.50%, 05/01/41

     3,804       3,771,886  

4.50%, 05/01/42

     3,757       3,719,413  

4.50%, 01/01/45

     2,694       2,661,724  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   95

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

4.50%, 11/01/45

   $ 171     $ 168,910  

4.50%, 12/01/45

     141       140,014  

4.50%, 01/01/46

     4,172       4,120,560  

4.50%, 03/01/46

     196       193,913  

4.50%, 04/01/46

     600       590,022  

4.50%, 05/01/46

     437       429,328  

4.50%, 07/01/46

     108       106,518  

4.50%, 08/01/46

     305       300,047  

4.50%, 09/01/46

     2,625       2,602,999  

4.50%, 05/01/47

     2,210       2,168,104  

4.50%, 06/01/47

     1,265       1,240,854  

4.50%, 11/01/47

     152       149,057  

4.50%, 05/01/48

     7,292       7,138,271  

4.50%, 06/01/48

     5,735       5,623,312  

4.50%, 07/01/48

     4,218       4,136,112  

4.50%, 09/01/48

     193       188,671  

4.50%, 10/01/48

     7,656       7,557,275  

4.50%, 11/01/48

     35       34,006  

4.50%, 12/01/48

     7,151       6,999,856  

4.50%, 01/01/49

     1,507       1,475,686  

4.50%, 05/01/49

     14       13,929  

4.50%, 10/01/52

     14,677       14,203,297  

4.50%, 12/01/52

     47,163       45,969,709  

5.00%, 12/01/24

     0 (h)      1  

5.00%, 08/01/25

     366       361,754  

5.00%, 04/01/33

     2,898       2,910,740  

5.00%, 06/01/33

     350       351,283  

5.00%, 12/01/33

     674       677,108  

5.00%, 07/01/35

     1,266       1,273,857  

5.00%, 01/01/36

     586       590,138  

5.00%, 01/01/37

     71       71,233  

5.00%, 02/01/37

     71       71,190  

5.00%, 02/01/38

     374       376,511  

5.00%, 03/01/38

     2,496       2,516,581  

5.00%, 12/01/38

     316       318,332  

5.00%, 03/01/40

     86       87,180  

5.00%, 08/01/40

     359       362,826  

5.00%, 09/01/40

     1,572       1,587,789  

5.00%, 08/01/41

     425       429,073  

5.00%, 09/01/47

     552       550,942  

5.00%, 03/01/48

     266       266,011  

5.00%, 04/01/48

     4,688       4,679,884  

5.00%, 05/01/48

     1,477       1,474,126  

5.00%, 07/01/48

     956       954,517  

5.00%, 10/01/48

     649       647,673  

5.00%, 11/01/48

     1,010       1,011,117  

5.00%, 04/01/49

     459       458,518  

5.00%, 06/01/49

     875       873,988  

5.00%, 08/01/52

     10,815       10,660,359  

5.00%, 09/01/52

       26,550         26,361,902  

5.00%, 10/01/52

     12,463       12,285,334  

5.00%, 11/01/52

     10,454       10,294,582  

5.00%, 01/01/53

     28,881       28,621,367  

5.50%, 02/01/34

     1,166       1,191,566  

5.50%, 05/01/35

     987       1,014,645  

5.50%, 06/01/35

     532       546,536  

5.50%, 05/01/36

     658       676,718  

5.50%, 07/01/36

     1,184       1,218,857  

5.50%, 03/01/38

     1,083       1,115,217  

5.50%, 04/01/38

     226       232,873  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

5.50%, 01/01/39

   $ 570     $ 584,539  

5.50%, 11/01/39

     573       590,033  

5.50%, 11/01/52

     15,682       15,820,776  

5.50%, 12/01/52

       53,035         53,611,365  

5.50%, 01/01/53

     49,014       49,611,638  

5.50%, 02/01/53

     13,570       13,727,818  

6.00%, 10/01/36

     646       673,985  

6.00%, 02/01/37

     521       545,747  

6.00%, 11/01/37

     1,813       1,901,289  

6.00%, 09/01/38

     27       28,473  

Federal National Mortgage Association

    

1.50%, 04/01/52

     9,614       7,444,726  

2.00%, 03/01/37

     7,882       7,013,161  

2.00%, 04/01/37

     11,844       10,538,610  

2.42%, 04/01/44, (12 mo. LIBOR US +
1.590%)(a)

     245       244,081  

2.50%, 04/01/37

     4,942       4,512,485  

2.50%, 07/01/52

     14,455       12,271,555  

3.00%, 02/01/47

     9,822       8,894,084  

3.00%, 03/01/47

     7,471       6,589,518  

3.00%, 02/01/52

     19,688       17,379,900  

3.00%, 04/01/52

     49,284       43,976,936  

3.31%, 02/01/42, (12 mo. LIBOR US +
1.805%)(a)

     101       99,914  

3.50%, 11/01/51

     6,087       5,665,319  

3.50%, 07/01/52

     1,996       1,816,040  

4.00%, 08/01/41, (12 mo. LIBOR US +
1.750%)(a)

     207       207,728  

4.00%, 02/01/47

     10,245       9,848,645  

4.00%, 08/01/52

     85,494       80,227,256  

4.00%, 01/01/57

     6,718       6,452,480  

4.00%, 02/01/57

     7,621       7,319,967  

4.07%, 10/01/41, (12 mo. LIBOR US +
1.815%)(a)

     343       344,029  

4.50%, 05/01/52

     10,673       10,472,953  

4.50%, 10/01/52

     92,972       90,177,257  

4.50%, 11/01/52

     2,019       1,946,247  

4.50%, 12/01/52

     66,325       63,924,693  

5.00%, 10/01/52

     20,590       20,449,850  

5.00%, 11/01/52

     23,144       22,980,042  

5.00%, 12/01/52

     26,347       26,159,621  

5.00%, 01/01/53

     19,840       19,493,421  

5.50%, 09/01/52

     14,234       14,543,273  

5.50%, 12/01/52

     13,903       14,098,409  

5.50%, 01/01/53

     37,652       38,343,206  

5.50%, 02/01/53

     18,928       18,937,726  

Series 2015-M10, Class A2, 3.09%, 04/25/27(a)

     3,132       2,956,452  

Series 2016-M6, Class A2, 2.49%, 05/25/26

     8,788       8,205,692  

Series 2017, Class A2, 2.96%, 09/25/27(a)

     1,768       1,657,035  

Series 2017-M4, Class A2, 2.55%, 12/25/26(a)

     21,264       19,713,487  

Series 2017-M7, Class A2, 2.96%, 02/25/27(a)

     14,860       13,951,220  

Series 2017-M8, Class A2, 3.06%, 05/25/27(a)

     9,114       8,574,699  

Series 2018-M10, Class A2, 3.36%, 07/25/28(a)

     3,000       2,841,414  

Series 2018-M12, Class A2, 3.63%, 08/25/30(a)

     12,300       11,657,301  

Series 2018-M13, Class A2, 3.74%, 09/25/30(a)

     8,130       7,771,663  

Series 2018-M2, Class A2, 2.91%, 01/25/28(a)

     8,895       8,296,306  

Series 2019-M2, Class A2, 3.63%, 11/25/28(a)

     5,205       4,973,659  

Series 2019-M22, Class A2, 2.52%, 08/25/29

     22,403       19,910,280  

Series 2021-M13, Class A2, 1.61%, 04/25/31(a)

     17,050       13,643,886  

Series 2021-M17, Class A2, 1.71%, 07/25/31(a)

     20,500       16,483,499  

Series 2022-M1, Class A2, 1.67%, 10/25/31(a)

     29,670       23,575,226  

 

 

96  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

Freddie Mac Multifamily Structured Pass Through Certificates

    

Series K036, Class A2, 3.53%, 10/25/23 (Call 11/25/23)(a)

   $ 8,661     $ 8,560,733  

Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)

     5,000       4,815,111  

Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)(a)

     14,000       13,479,581  

Series K052, Class A2, 3.15%, 11/25/25 (CalI 01/25/26)

     19,250       18,401,400  

Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26)

     15,000       14,269,269  

Series K059, Class A2, 3.12%, 09/25/26 (CalI 10/25/26)(a)

     14,300       13,541,065  

Series K063, Class A2, 3.43%, 01/25/27 (CalI 02/25/27)(a)

     20,000       19,094,252  

Series K066, Class A2, 3.12%, 06/25/27 (CalI 07/25/27)

     18,250       17,176,094  

Series K067, Class A1, 2.90%, 03/25/27 (CalI 09/25/27)

     9,434       9,027,595  

Series K069, Class A2, 3.19%, 09/25/27 (CalI 10/25/27)(a)

     3,150       2,967,333  

Series K072, Class A2, 3.44%, 12/25/27 (CalI 12/25/27)

     10,000       9,512,522  

Series K074, Class A2, 3.60%, 01/25/28 (CalI 07/25/28)

     10,000       9,575,229  

Series K076, Class A2, 3.90%, 04/25/28 (CalI 05/25/28)

     8,000       7,761,136  

Series K081, Class A2, 3.90%, 08/25/28 (CalI 12/25/28)(a)

     19,091       18,467,612  

Series K085, Class A2, 4.06%, 10/25/28 (CalI 11/25/28)(a)

     20,000       19,447,105  

Series K089, Class A2, 3.56%, 01/25/29 (CalI 04/25/29)

     10,000       9,485,890  

Series K100, Class A2, 2.67%, 09/25/29 (CalI 10/25/29)

     10,000       8,936,042  

Series K101, Class A2, 2.52%, 10/25/29 (CalI 01/25/30)

     31,000       27,424,647  

Series K105, Class A2, 1.87%, 01/25/30 (CalI 06/25/30)

     4,775       4,027,318  

Series K108, Class A2, 1.52%, 03/25/30 (CalI 03/25/30)

     2,000       1,642,085  

Series K110, Class A2, 1.48%, 04/25/30 (CalI 05/25/30)

     13,200       10,784,305  

Series K111, Class A2, 1.35%, 05/25/30 (CalI 07/25/30)

     5,000       4,031,518  

Series K117, Class A2, 1.41%, 08/25/30 (CalI 10/25/30)

     15,000       12,045,226  

Series K126, Class A2, 2.07%, 01/25/31 (CalI 05/25/31)

     17,440       14,614,633  

Series K135, CLASS A2, 2.15%, 10/25/31 (CalI 11/25/31)(a)

     4,670       3,889,422  

Series K1510, Class A3, 3.79%, 01/25/34 (CalI 01/25/34)

       20,000         18,662,690  

Series K-1512, Class A2, 2.99%, 05/25/31 (CalI 10/25/34)

     10,960       9,822,964  

Series K-1512, Class A3, 3.06%, 04/25/34 (CalI 10/25/34)

     16,190       14,022,166  

Series K-1514, Class A2, 2.86%, 10/25/34 (CalI 10/25/34)

     15,500       13,029,350  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

Series K722, Class A2, 2.41%, 03/25/23

   $ 69     $ 68,743  

Series K729, Class A1, 2.95%, 02/25/24 (CalI 11/25/24)

     1,347       1,347,167  

Series K733, Class A2, 3.75%, 08/25/25 (CalI 01/25/26)

     15,000       14,566,956  

Series K734, Class A2, 3.21%, 02/25/26 (CalI 07/25/26)

     5,700       5,452,854  

Series K739, Class A2, 1.34%, 09/25/27 (CalI 09/25/27)

     25,490       22,258,791  

Government National Mortgage Association

    

1.50%, 10/20/51

     4,604       3,621,418  

2.00%, 07/20/50

     5,658       4,772,819  

2.00%, 08/20/50

     74,978       63,247,697  

2.00%, 09/20/50

     2,154       1,816,938  

2.00%, 10/20/50

     8,220       6,933,964  

2.00%, 11/20/50

     44,999       37,997,080  

2.00%, 12/20/50

     81,480       68,732,838  

2.00%, 02/20/51

       163,274         137,631,310  

2.00%, 06/20/51

     7,429       6,267,842  

2.00%, 08/20/51

     133,987       112,958,479  

2.00%, 10/20/51

     93,955       79,002,894  

2.00%, 11/20/51

     68,163       57,296,965  

2.00%, 12/20/51

     243,623       204,681,937  

2.00%, 01/20/52

     85,333       71,652,096  

2.00%, 03/20/52

     90,081       75,471,510  

2.00%, 04/20/52

     45,840       38,405,220  

2.00%, 06/20/52

     7,705       6,455,409  

2.00%, 03/21/53(i)

     187,468       157,117,956  

2.50%, 02/15/28

     74       71,048  

2.50%, 10/20/31

     79       74,054  

2.50%, 05/20/45

     3,231       2,840,735  

2.50%, 11/20/46

     456       401,454  

2.50%, 12/20/46

     14,056       12,362,950  

2.50%, 01/20/47

     6,488       5,706,297  

2.50%, 06/20/50

     16,720       14,580,758  

2.50%, 08/20/50

     18,171       15,846,002  

2.50%, 09/20/50

     39,320       34,290,002  

2.50%, 01/20/51

     86,274       75,235,907  

2.50%, 02/20/51

     68,998       60,157,641  

2.50%, 05/20/51

     295,946       257,752,845  

2.50%, 06/20/51

     9,157       7,972,048  

2.50%, 07/20/51

     245,657       212,574,882  

2.50%, 08/20/51

     122,454       106,191,133  

2.50%, 09/20/51

     4,943       4,285,475  

2.50%, 10/20/51

     4,456       3,852,500  

2.50%, 11/20/51

     36,511       31,627,315  

2.50%, 12/20/51

     103,535       89,687,051  

2.50%, 03/20/52

     91,309       78,950,456  

2.50%, 04/20/52

     42,254       36,581,788  

2.50%, 05/20/52

     28,917       25,000,375  

2.50%, 07/20/52

     9,606       8,323,535  

2.50%, 08/20/52

     19,274       16,745,364  

2.50%, 03/21/53(i)

     90,348       78,122,353  

3.00%, 08/20/42

     5,054       4,609,487  

3.00%, 09/15/42

     10       8,664  

3.00%, 10/15/42

     33       29,609  

3.00%, 03/15/43

     182       165,971  

3.00%, 06/15/43

     29       26,772  

3.00%, 07/15/43

     69       62,445  

3.00%, 08/15/43

     155       141,013  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   97

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

3.00%, 09/20/43

   $ 5,802     $ 5,290,527  

3.00%, 11/15/43

     519       471,955  

3.00%, 01/15/44

     4,816       4,380,611  

3.00%, 08/20/44

     15,197       13,858,619  

3.00%, 09/15/44

     680       618,393  

3.00%, 10/15/44

     114       104,080  

3.00%, 03/20/45

     4,860       4,411,895  

3.00%, 05/20/45

     20,073       18,222,580  

3.00%, 06/20/45

     6,557       5,952,721  

3.00%, 07/20/45

     13,180       11,964,957  

3.00%, 10/20/45

     4,475       4,062,804  

3.00%, 11/20/45

     2,842       2,580,338  

3.00%, 12/20/45

     5,214       4,732,961  

3.00%, 02/20/46

     15,593       14,155,308  

3.00%, 04/20/46

     7,167       6,505,067  

3.00%, 05/20/46

     11,855       10,760,701  

3.00%, 06/20/46

     14,129       12,823,981  

3.00%, 07/20/46

     19,757       17,932,376  

3.00%, 08/20/46

     34,580       31,387,528  

3.00%, 09/20/46

     26,044       23,639,532  

3.00%, 11/20/46

     7,025       6,376,623  

3.00%, 12/15/46

     8,146       7,361,046  

3.00%, 12/20/46

       40,461         36,725,318  

3.00%, 01/20/47

     2,132       1,934,859  

3.00%, 02/15/47

     12,054       10,873,980  

3.00%, 02/20/47

     12,911       11,718,660  

3.00%, 03/20/47

     11,907       10,807,764  

3.00%, 04/20/47

     261       236,417  

3.00%, 06/20/47

     5,745       5,212,531  

3.00%, 09/20/47

     339       307,678  

3.00%, 10/20/47

     6,963       6,317,351  

3.00%, 11/20/47

     127       114,800  

3.00%, 02/20/48

     5,401       4,858,727  

3.00%, 03/20/48

     20       18,026  

3.00%, 07/20/49

     8,195       7,406,245  

3.00%, 09/20/49

     29,093       26,262,152  

3.00%, 10/15/49

     10,473       9,399,328  

3.00%, 10/20/49

     15,369       13,869,206  

3.00%, 11/20/49

     171       154,445  

3.00%, 12/20/49

     90,998       82,066,789  

3.00%, 01/20/50

     48,400       43,636,496  

3.00%, 02/20/50

     61,085       55,105,463  

3.00%, 07/20/50

     1,919       1,729,551  

3.00%, 08/20/50

     28,465       25,614,813  

3.00%, 09/20/50

     1,146       1,031,127  

3.00%, 06/20/51

     731       655,452  

3.00%, 08/20/51

     79,639       71,378,646  

3.00%, 09/20/51

     26,440       23,690,436  

3.00%, 10/20/51

     30,474       27,296,155  

3.00%, 11/20/51

     51,652       46,251,008  

3.00%, 12/20/51

     46,382       41,519,541  

3.00%, 02/20/52

     23,715       21,215,844  

3.00%, 05/20/52

     9,782       8,722,828  

3.00%, 07/20/52

     29,113       26,053,323  

3.00%, 08/20/52

     14,527       13,000,181  

3.00%, 09/20/52

     19,802       17,726,800  

3.00%, 03/21/53(i)

     90,032       80,362,353  

3.50%, 11/20/40

     64       60,149  

3.50%, 12/20/40

     46       42,994  

3.50%, 05/20/41

     93       87,412  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

3.50%, 09/15/41

   $ 163     $ 153,901  

3.50%, 10/15/41

     217       204,659  

3.50%, 12/15/41

     1,751       1,651,669  

3.50%, 04/15/42

     107       101,329  

3.50%, 08/20/42

     8,921       8,407,794  

3.50%, 09/15/42

     359       339,174  

3.50%, 09/20/42

     10,734       10,115,670  

3.50%, 10/15/42

     320       302,301  

3.50%, 10/20/42

       28,616         26,968,835  

3.50%, 11/15/42

     451       425,783  

3.50%, 11/20/42

     24,988       23,549,653  

3.50%, 12/15/42

     651       614,210  

3.50%, 12/20/42

     8,844       8,334,677  

3.50%, 02/15/43

     348       328,577  

3.50%, 02/20/43

     171       160,926  

3.50%, 03/15/43

     452       425,657  

3.50%, 03/20/43

     759       714,936  

3.50%, 04/15/43

     24       22,886  

3.50%, 04/20/43

     191       179,445  

3.50%, 05/15/43

     717       676,590  

3.50%, 06/15/43

     10,325       9,739,198  

3.50%, 08/20/43

     138       130,088  

3.50%, 09/20/43

     68       63,954  

3.50%, 10/20/43

     186       174,757  

3.50%, 01/15/44

     151       141,939  

3.50%, 01/20/44

     5,734       5,399,865  

3.50%, 02/20/44

     1,864       1,755,150  

3.50%, 03/20/44

     176       165,451  

3.50%, 07/20/44

     32       29,712  

3.50%, 08/15/44

     27       25,427  

3.50%, 08/20/44

     6,108       5,747,263  

3.50%, 09/15/44

     75       70,285  

3.50%, 09/20/44

     10,986       10,336,955  

3.50%, 10/15/44

     148       139,067  

3.50%, 10/20/44

     1,653       1,555,082  

3.50%, 11/20/44

     14       12,998  

3.50%, 12/20/44

     1,024       963,421  

3.50%, 01/15/45

     61       57,765  

3.50%, 01/20/45

     151       142,506  

3.50%, 03/15/45

     121       112,346  

3.50%, 04/20/45

     10,474       9,842,811  

3.50%, 05/20/45

     3,978       3,738,729  

3.50%, 06/15/45

     42       39,673  

3.50%, 06/20/45

     17       15,515  

3.50%, 07/20/45

     236       221,367  

3.50%, 08/20/45

     495       465,520  

3.50%, 09/20/45

     15,332       14,407,589  

3.50%, 10/20/45

     1,498       1,407,865  

3.50%, 11/20/45

     10,868       10,213,198  

3.50%, 12/20/45

     6,075       5,708,351  

3.50%, 03/20/46

     22,389       21,039,262  

3.50%, 04/20/46

     9,846       9,201,017  

3.50%, 06/20/46

     43,424       40,577,812  

3.50%, 07/20/46

     313       292,771  

3.50%, 08/15/46

     48       44,465  

3.50%, 11/20/46

     444       414,586  

3.50%, 12/20/46

     12,600       11,774,028  

3.50%, 01/15/47

     51       47,570  

3.50%, 01/20/47

     2,964       2,769,712  

3.50%, 02/20/47

     50,992       47,649,185  

 

 

98  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

    

3.50%, 03/20/47

   $ 18,874     $ 17,628,456  

3.50%, 04/20/47

     16,697       15,595,564  

3.50%, 06/20/47

     3,747       3,499,402  

3.50%, 07/20/47

     472       440,647  

3.50%, 08/20/47

     24,953       23,309,490  

3.50%, 09/15/47

     58       53,652  

3.50%, 09/20/47

     7,795       7,280,619  

3.50%, 10/20/47

     14,477       13,566,267  

3.50%, 11/15/47

     21       19,701  

3.50%, 11/20/47

     21,387       19,975,351  

3.50%, 12/15/47

     34,143       31,840,990  

3.50%, 12/20/47

     10,045       9,386,943  

3.50%, 01/20/48

     9,269       8,658,058  

3.50%, 02/20/48

     3,499       3,268,614  

3.50%, 04/20/48

     34,303       32,034,564  

3.50%, 05/15/48

     371       344,655  

3.50%, 08/20/48

     4,569       4,266,255  

3.50%, 11/20/48

     3,644       3,402,630  

3.50%, 01/20/49

     2,218       2,071,351  

3.50%, 06/20/49

     740       689,139  

3.50%, 09/20/49

     5,911       5,501,066  

3.50%, 10/20/49

     7,577       7,052,105  

3.50%, 01/20/50

     29,923       27,840,767  

3.50%, 03/20/50

     8,471       7,881,902  

3.50%, 08/20/50

     6,924       6,426,775  

3.50%, 10/20/51

     2,704       2,495,487  

3.50%, 01/20/52

     10,706       9,882,280  

3.50%, 02/20/52

     19,829       18,302,761  

3.50%, 09/20/52

     9,919       9,113,385  

3.50%, 03/21/53(i)

       143,826         132,157,311  

4.00%, 06/15/39

     6       6,280  

4.00%, 09/20/40

     2,344       2,274,298  

4.00%, 01/15/41

     2       1,451  

4.00%, 01/20/41

     758       735,760  

4.00%, 02/15/41

     1,813       1,757,949  

4.00%, 05/20/41

     15       14,419  

4.00%, 07/15/41

     849       822,513  

4.00%, 09/15/41

     20       19,679  

4.00%, 09/20/41

     1,010       979,085  

4.00%, 10/15/41

     342       330,695  

4.00%, 11/15/41

     204       198,128  

4.00%, 12/15/41

     771       747,561  

4.00%, 12/20/41

     3,365       3,263,029  

4.00%, 01/15/42

     67       64,967  

4.00%, 01/20/42

     1,463       1,418,381  

4.00%, 02/15/42

     350       339,449  

4.00%, 03/15/42

     1,817       1,759,131  

4.00%, 04/15/42

     515       498,601  

4.00%, 09/20/42

     721       699,083  

4.00%, 08/15/43

     14       13,741  

4.00%, 10/20/43

     3,631       3,518,252  

4.00%, 03/15/44

     127       121,995  

4.00%, 04/15/44

     30       29,281  

4.00%, 06/15/44

     171       164,805  

4.00%, 08/15/44

     9       9,043  

4.00%, 08/20/44

     258       249,164  

4.00%, 09/15/44

     2       2,021  

4.00%, 10/15/44

     10       9,785  

4.00%, 10/20/44

     4,863       4,699,544  

4.00%, 12/20/44

     319       308,705  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

4.00%, 01/20/45

   $ 7,651     $ 7,394,038  

4.00%, 08/20/45

     4,254       4,085,706  

4.00%, 09/20/45

     4,940       4,744,890  

4.00%, 10/20/45

     590       566,628  

4.00%, 01/20/46

     2,251       2,161,771  

4.00%, 03/20/46

     11,111       10,671,853  

4.00%, 07/20/46

     2,383       2,286,981  

4.00%, 08/20/46

     33       31,463  

4.00%, 09/20/46

     546       523,902  

4.00%, 11/20/46

     2,836       2,722,262  

4.00%, 12/15/46

     4,476       4,302,280  

4.00%, 04/20/47

     17,990       17,259,152  

4.00%, 06/20/47

     7,350       7,051,259  

4.00%, 07/20/47

     32,117       30,812,400  

4.00%, 08/20/47

     1,529       1,467,016  

4.00%, 11/20/47

     19,440       18,649,981  

4.00%, 12/20/47

     47       44,936  

4.00%, 01/20/48

     155       148,330  

4.00%, 03/15/48

     42       39,571  

4.00%, 03/20/48

     22,499       21,585,092  

4.00%, 04/20/48

     11,997       11,503,267  

4.00%, 05/15/48

     1,958       1,879,852  

4.00%, 05/20/48

     12,852       12,323,227  

4.00%, 08/20/48

     19,902       19,082,464  

4.00%, 09/20/48

     7,203       6,906,910  

4.00%, 10/20/48

     608       582,604  

4.00%, 11/20/48

     16,788       16,097,115  

4.00%, 02/20/49

     7,528       7,217,928  

4.00%, 03/20/49

     307       294,036  

4.00%, 05/20/49

     722       688,391  

4.00%, 06/15/49

     744       713,178  

4.00%, 06/20/49

     1,840       1,754,943  

4.00%, 09/15/49

     1,944       1,867,017  

4.00%, 02/20/50

     118       112,169  

4.00%, 07/20/50

     174       166,850  

4.00%, 07/20/52

     9,479       8,965,951  

4.00%, 09/20/52

     59,527       56,242,023  

4.00%, 12/20/52

     17,568       16,598,602  

4.00%, 03/21/53(i)

       148,806         140,580,980  

4.50%, 04/15/39

     311       309,775  

4.50%, 08/15/39

     1,553       1,547,708  

4.50%, 11/20/39

     793       791,513  

4.50%, 01/20/40

     215       214,768  

4.50%, 06/15/40

     1,473       1,468,370  

4.50%, 07/15/40

     672       669,674  

4.50%, 08/15/40

     1,083       1,079,077  

4.50%, 08/20/40

     1,319       1,317,251  

4.50%, 09/15/40

     1,313       1,308,614  

4.50%, 10/20/40

     3,222       3,217,678  

4.50%, 06/20/41

     2,822       2,818,536  

4.50%, 07/20/41

     14,590       14,572,940  

4.50%, 09/20/41

     1,938       1,935,544  

4.50%, 12/20/41

     396       395,073  

4.50%, 11/20/45

     3,281       3,258,305  

4.50%, 02/15/46

     4       4,003  

4.50%, 08/20/46

     4,121       4,107,534  

4.50%, 09/20/46

     671       669,952  

4.50%, 10/20/46

     2,936       2,926,213  

4.50%, 11/20/46

     1,145       1,141,699  

4.50%, 12/20/46

     478       476,300  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   99

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

4.50%, 02/20/47

   $ 486     $ 481,691  

4.50%, 04/20/47

     586       574,764  

4.50%, 05/20/47

     548       538,069  

4.50%, 06/20/47

     1,259       1,236,278  

4.50%, 07/20/47

     2,857       2,804,900  

4.50%, 10/20/47

     901       884,916  

4.50%, 04/20/48

     2,182       2,142,661  

4.50%, 05/20/48

     5,517       5,416,031  

4.50%, 06/20/48

     6,007       5,898,316  

4.50%, 07/20/48

     7,858       7,716,025  

4.50%, 08/20/48

     12,660       12,430,983  

4.50%, 09/20/48

     631       619,664  

4.50%, 10/20/48

     652       641,436  

4.50%, 11/20/48

     180       176,860  

4.50%, 12/20/48

     6,410       6,294,461  

4.50%, 01/20/49

     144       141,682  

4.50%, 02/20/49

     1,447       1,414,407  

4.50%, 03/20/49

     2,734       2,684,382  

4.50%, 05/20/49

     723       708,264  

4.50%, 06/20/49

     8,633       8,476,329  

4.50%, 07/20/49

     6,422       6,305,640  

4.50%, 08/20/49

     2,584       2,537,430  

4.50%, 07/20/52

     4,986       4,830,503  

4.50%, 08/20/52

       110,599         107,147,884  

4.50%, 03/21/53(i)

     119,861       116,225,698  

5.00%, 12/15/36

     447       455,814  

5.00%, 01/15/39

     1,319       1,331,062  

5.00%, 07/15/39

     2,391       2,414,129  

5.00%, 05/15/40

     859       867,987  

5.00%, 07/20/40

     4,437       4,504,557  

5.00%, 08/20/40

     1,636       1,661,177  

5.00%, 05/15/47

     1,053       1,076,061  

5.00%, 06/15/47

     160       162,788  

5.00%, 11/15/47

     360       366,603  

5.00%, 12/15/47

     262       267,280  

5.00%, 01/15/48

     344       350,337  

5.00%, 02/15/48

     603       616,590  

5.00%, 03/20/48

     1,222       1,224,729  

5.00%, 04/20/48

     4,187       4,196,694  

5.00%, 05/20/48

     4,507       4,517,117  

5.00%, 10/20/48

     89       89,545  

5.00%, 11/20/48

     1,629       1,633,147  

5.00%, 12/20/48

     2,973       2,980,029  

5.00%, 01/20/49

     4,934       4,945,160  

5.00%, 04/20/49

     11,624       11,651,223  

5.00%, 05/20/49

     1,376       1,378,713  

5.00%, 06/20/49

     11,176       11,201,904  

5.00%, 07/20/52

     5,279       5,217,325  

5.00%, 09/20/52

     6,572       6,494,612  

5.00%, 12/20/52

     44,739       44,212,511  

5.00%, 01/20/53

     47,312       46,755,474  

5.00%, 03/21/53(i)

     33,105       32,706,705  

5.50%, 03/15/36

     668       692,109  

5.50%, 06/20/38

     717       740,034  

5.50%, 03/20/39

     1,109       1,144,778  

5.50%, 12/15/39

     258       268,906  

5.50%, 01/15/40

     2,482       2,596,286  

5.50%, 04/20/48

     259       265,931  

5.50%, 12/20/52

     20,223       20,293,975  

5.50%, 01/20/53

     27,373       27,468,417  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

    

5.50%, 03/21/53(i)

   $ 251,899     $ 252,774,742  

6.00%, 03/15/37

     2,109       2,204,277  

6.00%, 09/20/38

     808       853,751  

6.00%, 11/15/39

     355       371,040  

6.50%, 10/20/38

     1,200       1,286,237  

Uniform Mortgage-Backed Securities

    

1.50%, 03/01/36

     19,033       16,458,584  

1.50%, 04/01/36

     335       290,041  

1.50%, 07/01/36

     3,440       2,975,066  

1.50%, 10/01/36

     13,663       11,814,405  

1.50%, 02/01/37

     164,618       142,350,949  

1.50%, 03/01/37

     169,260       146,233,757  

1.50%, 04/01/37

     26,057       22,511,864  

1.50%, 08/01/37

     13,518       11,689,408  

1.50%, 03/16/38(i)

     96,063       82,997,093  

1.50%, 11/01/50

     92,723       71,734,443  

1.50%, 01/01/51

     25,827       19,980,699  

1.50%, 04/01/51

     9,398       7,281,500  

1.50%, 05/01/51

       105,116       81,432,862  

1.50%, 07/01/51

     143,354         111,045,111  

1.50%, 11/01/51

     92,511       71,606,531  

1.50%, 03/13/53(i)

     67,975       52,504,050  

2.00%, 10/01/35

     33,569       29,898,405  

2.00%, 11/01/35

     16,046       14,361,812  

2.00%, 12/01/35

     73,547       65,503,348  

2.00%, 02/01/36

     377,629       336,624,600  

2.00%, 03/01/36

     74,732       66,526,372  

2.00%, 04/01/36

     568       505,478  

2.00%, 05/01/36

     59,407       52,857,517  

2.00%, 06/01/36

     34,395       30,603,385  

2.00%, 08/01/36

     27,876       24,803,128  

2.00%, 09/01/36

     22,801       20,287,337  

2.00%, 10/01/36

     7,323       6,518,353  

2.00%, 11/01/36

     49,164       43,744,528  

2.00%, 12/01/36

     93,171       82,900,172  

2.00%, 01/01/37

     136,749       121,685,695  

2.00%, 02/01/37

     37,957       33,772,514  

2.00%, 04/01/37

     138,615       123,083,107  

2.00%, 05/01/37

     67,681       60,096,571  

2.00%, 06/01/37

     98,380       87,356,514  

2.00%, 03/16/38(i)

     100,939       89,532,161  

2.00%, 07/01/50

     61,741       50,689,578  

2.00%, 09/01/50

     53,889       44,217,423  

2.00%, 10/01/50

     166,459       136,583,502  

2.00%, 11/01/50

     2,632       2,157,110  

2.00%, 12/01/50

     194,896       160,587,146  

2.00%, 01/01/51

     106,334       87,777,359  

2.00%, 02/01/51

     467,581       382,582,065  

2.00%, 03/01/51

     494,046       404,495,276  

2.00%, 04/01/51

     511,264       418,355,685  

2.00%, 05/01/51

     114,991       94,299,518  

2.00%, 06/01/51

     270,095       221,063,452  

2.00%, 07/01/51

     198,791       162,622,053  

2.00%, 08/01/51

     84,996       69,462,158  

2.00%, 09/01/51

     37,717       30,795,396  

2.00%, 10/01/51

     717,478       586,150,344  

2.00%, 11/01/51

     401,511       328,027,155  

2.00%, 12/01/51

     418,515       341,618,518  

2.00%, 01/01/52

     240,031       196,392,061  

2.00%, 02/01/52

     374,224       304,913,336  

 

 

100  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

2.00%, 03/01/52

   $   145,153     $   118,204,119  

2.00%, 06/01/52

     15,126       12,331,656  

2.00%, 03/13/53(i)

     311,281       253,493,309  

2.50%, 05/01/27

     1,080       1,027,432  

2.50%, 10/01/27

     1,139       1,078,489  

2.50%, 01/01/28

     134       127,000  

2.50%, 03/01/28

     205       189,948  

2.50%, 06/01/28

     35       32,815  

2.50%, 09/01/28

     98       90,476  

2.50%, 12/01/28

     41       38,413  

2.50%, 09/01/29

     72       66,700  

2.50%, 12/01/29

     1,828       1,726,617  

2.50%, 02/01/30

     1,199       1,112,043  

2.50%, 03/01/30

     3,921       3,635,066  

2.50%, 04/01/30

     232       214,798  

2.50%, 06/01/30

     625       578,893  

2.50%, 07/01/30

     1,271       1,178,247  

2.50%, 08/01/30

     3,366       3,119,959  

2.50%, 09/01/30

     1,265       1,173,004  

2.50%, 12/01/30

     2,524       2,339,291  

2.50%, 01/01/31

     1,620       1,502,265  

2.50%, 04/01/31

     959       889,090  

2.50%, 05/01/31

     25       22,810  

2.50%, 09/01/31

     4,817       4,464,622  

2.50%, 10/01/31

     45,101       41,800,965  

2.50%, 12/01/31

     8,318       7,708,497  

2.50%, 01/01/32

     16,230       15,040,825  

2.50%, 02/01/32

     19,163       17,760,516  

2.50%, 03/01/32

     7,413       6,870,538  

2.50%, 04/01/32

     45,289       41,973,948  

2.50%, 05/01/32

     29,171       27,035,480  

2.50%, 06/01/32

     817       757,318  

2.50%, 07/01/32

     12,904       11,958,829  

2.50%, 09/01/32

     4,850       4,494,739  

2.50%, 10/01/32

     963       890,876  

2.50%, 11/01/32

     721       667,112  

2.50%, 12/01/32

     8,552       7,914,207  

2.50%, 01/01/33

     26,163       24,255,231  

2.50%, 03/01/33

     121       111,627  

2.50%, 07/01/33

     117       107,756  

2.50%, 08/01/34

     654       606,248  

2.50%, 10/01/34

     285       262,006  

2.50%, 11/01/34

     24,802       22,771,236  

2.50%, 07/01/35

     13,651       12,517,273  

2.50%, 09/01/35

     25,973       23,816,319  

2.50%, 10/01/35

     83,410       76,484,195  

2.50%, 03/01/36

     24,548       22,416,769  

2.50%, 04/01/36

     1,559       1,423,713  

2.50%, 05/01/36

     20,891       19,076,377  

2.50%, 07/01/36

     35,526       32,439,490  

2.50%, 08/01/36

     10,283       9,395,114  

2.50%, 10/01/36

     1,426       1,301,792  

2.50%, 03/01/37

     3,439       3,142,097  

2.50%, 04/01/37

     23,756       21,689,789  

2.50%, 05/01/37

     70,679       64,471,263  

2.50%, 06/01/37

     17,117       15,613,355  

2.50%, 03/16/38(i)

     98,077       89,433,818  

2.50%, 05/01/43

     223       195,412  

2.50%, 02/01/47

     770       666,792  

2.50%, 04/01/47

     9,739       8,434,319  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

2.50%, 12/01/47

   $ 189     $ 163,794  

2.50%, 07/01/50

     46,526       40,053,069  

2.50%, 08/01/50

     50,468       43,234,330  

2.50%, 09/01/50

       151,168         129,661,498  

2.50%, 10/01/50

     192,652       164,648,996  

2.50%, 11/01/50

     222,594       190,177,702  

2.50%, 12/01/50

     65,236       55,680,223  

2.50%, 01/01/51

     143,979       122,823,094  

2.50%, 02/01/51

     20,120       17,147,647  

2.50%, 03/01/51

     65,435       55,810,189  

2.50%, 04/01/51

     39,082       33,246,290  

2.50%, 05/01/51

     21,385       18,215,078  

2.50%, 07/01/51

     255,839       217,777,287  

2.50%, 08/01/51

     292,733       249,415,691  

2.50%, 09/01/51

     121,821       103,659,371  

2.50%, 10/01/51

     71,333       60,698,523  

2.50%, 11/01/51

     103,446       87,952,313  

2.50%, 12/01/51

     407,336       346,243,456  

2.50%, 01/01/52

     458,735       389,056,767  

2.50%, 02/01/52

     112,302       95,347,382  

2.50%, 03/01/52

     260,710       221,049,582  

2.50%, 04/01/52

     206,942       175,465,266  

2.50%, 05/01/52

     119,196       100,960,837  

2.50%, 07/01/52

     40,138       34,025,354  

2.50%, 08/01/52

     11,680       9,899,327  

2.50%, 03/13/53(i)

     521,352       441,580,644  

3.00%, 11/01/25

     87       84,486  

3.00%, 10/01/26

     62       59,271  

3.00%, 01/01/27

     1,585       1,520,058  

3.00%, 02/01/27

     17       16,657  

3.00%, 10/01/27

     2,062       1,967,486  

3.00%, 11/01/27

     1,372       1,309,699  

3.00%, 12/01/27

     93       88,332  

3.00%, 03/01/29

     142       133,543  

3.00%, 07/01/29

     219       206,548  

3.00%, 09/01/29

     110       103,264  

3.00%, 10/01/29

     29       27,711  

3.00%, 01/01/30

     84       78,937  

3.00%, 03/01/30

     43,420       41,298,675  

3.00%, 04/01/30

     3,595       3,385,289  

3.00%, 06/01/30

     750       714,194  

3.00%, 07/01/30

     2,768       2,606,928  

3.00%, 08/01/30

     10,425       9,817,729  

3.00%, 09/01/30

     14,105       13,283,600  

3.00%, 10/01/30

     6,337       5,968,183  

3.00%, 11/01/30

     1,446       1,361,476  

3.00%, 12/01/30

     4,124       3,883,147  

3.00%, 01/01/31

     14,571       13,721,601  

3.00%, 02/01/31

     10,440       9,832,564  

3.00%, 03/01/31

     6,792       6,395,145  

3.00%, 04/01/31

     1,018       949,684  

3.00%, 05/01/31

     354       333,315  

3.00%, 06/01/31

     6,040       5,687,276  

3.00%, 07/01/31

     1,512       1,423,991  

3.00%, 09/01/31

     5,568       5,243,517  

3.00%, 10/01/31

     1,295       1,219,217  

3.00%, 12/01/31

     11,182       10,549,777  

3.00%, 01/01/32

     10,122       9,531,111  

3.00%, 02/01/32

     18,778       17,683,452  

3.00%, 03/01/32

     2,648       2,491,865  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   101

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

3.00%, 04/01/32

   $ 192     $ 180,331  

3.00%, 05/01/32

     3,531       3,322,891  

3.00%, 06/01/32

     6,011       5,660,579  

3.00%, 08/01/32

     3,745       3,524,208  

3.00%, 09/01/32

     1,045       984,540  

3.00%, 11/01/32

     6,074       5,716,607  

3.00%, 12/01/32

     11,791       11,097,695  

3.00%, 02/01/33

     6,728       6,331,812  

3.00%, 05/01/33

     527       493,770  

3.00%, 09/01/33

     455       426,705  

3.00%, 10/01/33

     5,532       5,181,732  

3.00%, 07/01/34

     4,460       4,175,568  

3.00%, 08/01/34

     393       368,180  

3.00%, 09/01/34

     6,405       5,995,349  

3.00%, 11/01/34

     4,224       3,953,945  

3.00%, 12/01/34

     14,370       13,451,289  

3.00%, 03/01/35

     4,089       3,827,161  

3.00%, 04/01/35

     24,217       22,661,268  

3.00%, 06/01/35

     807       755,233  

3.00%, 07/01/35

     3,355       3,140,610  

3.00%, 10/01/35

     9,505       8,894,339  

3.00%, 12/01/35

     6,703       6,286,202  

3.00%, 07/01/37

     16,000       14,927,052  

3.00%, 03/16/38(i)

     70,245       65,495,713  

3.00%, 08/01/42

     231       209,666  

3.00%, 09/01/42

     86       77,528  

3.00%, 10/01/42

     3,613       3,272,270  

3.00%, 11/01/42

     2,739       2,480,636  

3.00%, 12/01/42

     14,523       13,155,412  

3.00%, 01/01/43

     7,857       7,116,897  

3.00%, 02/01/43

     246       222,668  

3.00%, 03/01/43

     10,353       9,374,550  

3.00%, 04/01/43

     11,332       10,261,780  

3.00%, 05/01/43

     4,784       4,332,042  

3.00%, 06/01/43

     2,373       2,147,944  

3.00%, 07/01/43

     1,672       1,514,069  

3.00%, 08/01/43

     2,778       2,514,334  

3.00%, 09/01/43

     6,634       6,007,670  

3.00%, 01/01/44

     9,279       8,401,964  

3.00%, 10/01/44

     29,417       26,637,793  

3.00%, 12/01/44

     11       9,841  

3.00%, 01/01/45

     2,980       2,698,973  

3.00%, 02/01/45

     266       239,436  

3.00%, 03/01/45

     12,698       11,498,691  

3.00%, 04/01/45

     107       96,347  

3.00%, 05/01/45

     12,248       11,073,797  

3.00%, 06/01/45

     59       52,916  

3.00%, 08/01/45

     134       121,432  

3.00%, 09/01/45

     943       847,899  

3.00%, 11/01/45

     2,030       1,826,207  

3.00%, 12/01/45

     368       331,348  

3.00%, 01/01/46

     568       510,854  

3.00%, 04/01/46

     3,237       2,911,389  

3.00%, 06/01/46

     62       56,005  

3.00%, 07/01/46

     76,334       68,656,835  

3.00%, 08/01/46

     13,681       12,311,370  

3.00%, 10/01/46

     4,249       3,823,921  

3.00%, 11/01/46

     52,364       47,088,464  

3.00%, 12/01/46

       115,624         103,997,241  

3.00%, 01/01/47

     43,091       38,797,549  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

3.00%, 02/01/47

   $ 70,409     $ 63,311,211  

3.00%, 03/01/47

     38,310       34,447,816  

3.00%, 05/01/47

     1,465       1,317,623  

3.00%, 07/01/47

     17,633       15,855,693  

3.00%, 08/01/47

     5,461       4,910,307  

3.00%, 12/01/47

     28,469       25,614,795  

3.00%, 03/01/48

     4,356       3,916,510  

3.00%, 04/01/48

     170       152,450  

3.00%, 09/01/48

     432       388,621  

3.00%, 11/01/48

     49,259       44,291,563  

3.00%, 02/01/49

     22,832       20,534,975  

3.00%, 09/01/49

     10,598       9,476,090  

3.00%, 11/01/49

     16,705       14,891,777  

3.00%, 12/01/49

     31,819       28,340,824  

3.00%, 02/01/50

     8,528       7,586,794  

3.00%, 03/01/50

     20,658       18,401,572  

3.00%, 04/01/50

     33,546       29,953,551  

3.00%, 05/01/50

     9,480       8,463,152  

3.00%, 06/01/50

     27,347       24,391,317  

3.00%, 07/01/50

     24,839       22,159,728  

3.00%, 08/01/50

     63,320       56,622,112  

3.00%, 09/01/50

     203       180,451  

3.00%, 10/01/50

     120,456       107,462,099  

3.00%, 11/01/50

     1,743       1,553,672  

3.00%, 12/01/50

     604       538,228  

3.00%, 01/01/51

     21,101       18,816,518  

3.00%, 05/01/51

     57,632       51,526,101  

3.00%, 07/01/51

     3,963       3,496,215  

3.00%, 08/01/51

     65,663       58,240,444  

3.00%, 11/01/51

     20,138       17,783,036  

3.00%, 01/01/52

     46,174       40,745,360  

3.00%, 03/01/52

     47,282       41,605,941  

3.00%, 04/01/52

       144,797         127,539,829  

3.00%, 05/01/52

     60,469       53,209,510  

3.00%, 03/13/53(i)

     428,477       376,834,064  

3.50%, 10/01/25

     162       157,322  

3.50%, 01/01/27

     206       198,294  

3.50%, 11/01/28

     111       107,152  

3.50%, 01/01/29

     230       221,382  

3.50%, 11/01/29

     108       102,581  

3.50%, 12/01/29

     908       874,043  

3.50%, 07/01/30

     5,832       5,615,576  

3.50%, 10/01/30

     1,537       1,479,262  

3.50%, 11/01/30

     325       312,674  

3.50%, 03/01/31

     2,292       2,203,863  

3.50%, 06/01/31

     7,212       6,944,476  

3.50%, 01/01/32

     8,406       8,089,847  

3.50%, 02/01/32

     1,059       1,012,429  

3.50%, 05/01/32

     4,217       4,058,400  

3.50%, 06/01/32

     3,889       3,742,691  

3.50%, 07/01/32

     1,376       1,324,574  

3.50%, 08/01/32

     1,010       963,457  

3.50%, 09/01/32

     2,400       2,311,559  

3.50%, 10/01/32

     946       902,181  

3.50%, 11/01/32

     1,105       1,057,950  

3.50%, 12/01/32

     127       122,165  

3.50%, 02/01/33

     544       521,992  

3.50%, 03/01/33

     4,838       4,655,886  

3.50%, 04/01/33

     6,124       5,841,208  

3.50%, 05/01/33

     4,352       4,176,550  

 

 

102  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

3.50%, 06/01/33

   $ 5,115     $ 4,908,778  

3.50%, 10/01/33

     692       663,626  

3.50%, 01/01/34

     1,787       1,719,435  

3.50%, 02/01/34

       24,850         23,847,563  

3.50%, 03/01/34

     554       530,185  

3.50%, 04/01/34

     1,521       1,459,027  

3.50%, 05/01/34

     2,093       2,003,947  

3.50%, 07/01/34

     7,615       7,337,053  

3.50%, 08/01/34

     5,972       5,716,649  

3.50%, 01/01/35

     4,231       4,050,254  

3.50%, 05/01/35

     353       339,849  

3.50%, 03/16/38(i)

     61,041       58,179,227  

3.50%, 08/01/38

     970       911,193  

3.50%, 09/01/38

     1,705       1,601,579  

3.50%, 11/01/40

     252       236,830  

3.50%, 02/01/41

     284       265,123  

3.50%, 02/01/42

     8,113       7,564,519  

3.50%, 03/01/42

     58       53,946  

3.50%, 04/01/42

     25       23,553  

3.50%, 05/01/42

     2,823       2,636,624  

3.50%, 08/01/42

     465       434,615  

3.50%, 11/01/42

     9,800       9,137,579  

3.50%, 12/01/42

     3,597       3,346,574  

3.50%, 01/01/43

     87       81,347  

3.50%, 02/01/43

     563       530,815  

3.50%, 04/01/43

     100       93,557  

3.50%, 05/01/43

     132       122,977  

3.50%, 06/01/43

     3,728       3,473,877  

3.50%, 08/01/43

     121       112,417  

3.50%, 10/01/43

     3,904       3,639,558  

3.50%, 09/01/44

     228       213,415  

3.50%, 10/01/44

     4,655       4,337,750  

3.50%, 01/01/45

     121       112,538  

3.50%, 02/01/45

     5,731       5,340,616  

3.50%, 03/01/45

     22,243       20,720,805  

3.50%, 05/01/45

     24,494       22,825,179  

3.50%, 06/01/45

     95       87,858  

3.50%, 07/01/45

     10,005       9,320,876  

3.50%, 08/01/45

     3,937       3,668,456  

3.50%, 10/01/45

     2,013       1,876,877  

3.50%, 11/01/45

     282       261,880  

3.50%, 12/01/45

     37,853       35,131,497  

3.50%, 01/01/46

     16,857       15,757,066  

3.50%, 02/01/46

     16,921       15,674,169  

3.50%, 03/01/46

     21,029       19,522,135  

3.50%, 04/01/46

     3,018       2,794,667  

3.50%, 05/01/46

     17,701       16,470,212  

3.50%, 06/01/46

     3,357       3,105,202  

3.50%, 07/01/46

     27,638       25,721,234  

3.50%, 08/01/46

     8,799       8,150,972  

3.50%, 09/01/46

     7,188       6,653,153  

3.50%, 10/01/46

     9,971       9,256,603  

3.50%, 11/01/46

     14,114       13,095,905  

3.50%, 12/01/46

     62,102       57,843,218  

3.50%, 01/01/47

     32,273       30,069,608  

3.50%, 02/01/47

     13,639       12,632,531  

3.50%, 04/01/47

     12,623       11,741,060  

3.50%, 05/01/47

     14,757       13,730,790  

3.50%, 06/01/47

     10,001       9,292,048  

3.50%, 07/01/47

     64,759       60,043,044  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

3.50%, 08/01/47

   $ 15,613     $ 14,482,919  

3.50%, 09/01/47

     16,734       15,484,568  

3.50%, 10/01/47

     12,972       12,076,694  

3.50%, 11/01/47

     18,250       16,984,418  

3.50%, 12/01/47

     17,555       16,246,160  

3.50%, 01/01/48

     18,573       17,255,333  

3.50%, 02/01/48

     80,267       74,419,570  

3.50%, 03/01/48

     2,581       2,390,174  

3.50%, 04/01/48

     11,930       11,084,201  

3.50%, 05/01/48

     2,421       2,268,903  

3.50%, 06/01/48

     3,439       3,181,995  

3.50%, 07/01/48

     2,702       2,501,003  

3.50%, 11/01/48

     40,461       37,435,912  

3.50%, 02/01/49

     127       116,757  

3.50%, 03/01/49

     1,595       1,474,084  

3.50%, 04/01/49

     2,556       2,371,196  

3.50%, 05/01/49

     1,887       1,737,988  

3.50%, 06/01/49

     87,559       81,119,500  

3.50%, 07/01/49

     14,136       13,021,523  

3.50%, 09/01/49

     19,360       17,833,119  

3.50%, 04/01/50

     49,042       45,479,621  

3.50%, 07/01/50

     15,275       14,024,908  

3.50%, 02/01/51

     30,891       28,438,683  

3.50%, 05/01/51

     774       716,226  

3.50%, 07/01/51

     4,492       4,107,509  

3.50%, 05/01/52

     48,788       44,425,930  

3.50%, 06/01/52

     61,996       56,462,088  

3.50%, 07/01/52

     25,977       23,753,257  

3.50%, 03/13/53(i)

       305,936         278,473,462  

4.00%, 10/01/25

     681       665,670  

4.00%, 11/01/25

     40       39,464  

4.00%, 03/01/26

     279       272,475  

4.00%, 06/01/26

     393       383,393  

4.00%, 09/01/26

     140       136,055  

4.00%, 12/01/30

     1,133       1,103,365  

4.00%, 01/01/31

     421       410,339  

4.00%, 02/01/31

     302       293,723  

4.00%, 10/01/31

     1,287       1,251,421  

4.00%, 02/01/32

     1,661       1,615,650  

4.00%, 07/01/32

     4,336       4,226,714  

4.00%, 05/01/33

     5,169       5,056,817  

4.00%, 06/01/33

     865       845,919  

4.00%, 07/01/33

     1,542       1,508,627  

4.00%, 12/01/33

     9,712       9,491,704  

4.00%, 03/16/38(i)

     40,915       39,892,125  

4.00%, 06/01/38

     2,993       2,897,694  

4.00%, 12/01/40

     22       21,463  

4.00%, 12/01/41

     1,145       1,102,173  

4.00%, 03/01/42

     2,652       2,553,846  

4.00%, 06/01/42

     1,887       1,816,754  

4.00%, 07/01/42

     68       65,796  

4.00%, 09/01/43

     116       112,526  

4.00%, 10/01/43

     87       84,233  

4.00%, 04/01/44

     44       42,046  

4.00%, 05/01/44

     2,782       2,692,704  

4.00%, 06/01/44

     4,577       4,414,898  

4.00%, 10/01/44

     1,284       1,234,800  

4.00%, 12/01/44

     9,683       9,338,781  

4.00%, 01/01/45

     12,488       12,005,535  

4.00%, 02/01/45

     39,548       38,131,010  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   103

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

4.00%, 03/01/45

   $ 6,195     $ 5,968,640  

4.00%, 05/01/45

     11,321       10,947,928  

4.00%, 06/01/45

     6,311       6,067,924  

4.00%, 07/01/45

     424       406,118  

4.00%, 08/01/45

     354       339,074  

4.00%, 09/01/45

     874       842,393  

4.00%, 11/01/45

     143       136,448  

4.00%, 12/01/45

     923       889,294  

4.00%, 01/01/46

     803       768,762  

4.00%, 02/01/46

     1,309       1,251,651  

4.00%, 03/01/46

     1,714       1,639,634  

4.00%, 04/01/46

     2,616       2,499,820  

4.00%, 05/01/46

     7,716       7,424,651  

4.00%, 06/01/46

     20,162       19,509,300  

4.00%, 07/01/46

     23,371       22,441,155  

4.00%, 08/01/46

     4,104       3,931,546  

4.00%, 09/01/46

     189       180,834  

4.00%, 10/01/46

     4,226       4,053,953  

4.00%, 11/01/46

     1,498       1,452,361  

4.00%, 02/01/47

     3,054       2,924,032  

4.00%, 03/01/47

     2,260       2,133,464  

4.00%, 04/01/47

     6,870       6,585,198  

4.00%, 05/01/47

     6,082       5,841,178  

4.00%, 06/01/47

     12,041       11,564,337  

4.00%, 07/01/47

     19,025       18,211,854  

4.00%, 08/01/47

     15,979       15,289,941  

4.00%, 09/01/47

     17,067       16,329,960  

4.00%, 10/01/47

     14,571       14,049,887  

4.00%, 11/01/47

     6,853       6,537,834  

4.00%, 12/01/47

     10,852       10,358,378  

4.00%, 01/01/48

     2,141       2,042,045  

4.00%, 02/01/48

     22,705       21,655,839  

4.00%, 04/01/48

     24,647       23,496,412  

4.00%, 05/01/48

     1,975       1,882,990  

4.00%, 07/01/48

     3,243       3,090,674  

4.00%, 09/01/48

     12,116       11,549,804  

4.00%, 10/01/48

     8,635       8,248,750  

4.00%, 11/01/48

     6,049       5,766,040  

4.00%, 01/01/49

     3,421       3,282,618  

4.00%, 02/01/49

     3,492       3,330,444  

4.00%, 03/01/49

     41,021       39,106,181  

4.00%, 04/01/49

     12,268       11,783,855  

4.00%, 05/01/49

     9,423       9,049,899  

4.00%, 06/01/49

     35,143       33,653,117  

4.00%, 07/01/49

     62,668       59,845,595  

4.00%, 08/01/49

     979       941,601  

4.00%, 10/01/49

     1,821       1,743,763  

4.00%, 11/01/49

     2,861       2,740,547  

4.00%, 12/01/49

     4,033       3,836,447  

4.00%, 02/01/50

     649       617,302  

4.00%, 03/01/51

     8,749       8,323,526  

4.00%, 05/01/51

     22,306       21,263,337  

4.00%, 05/01/52

     38,181       35,867,076  

4.00%, 06/01/52

     49,961       46,904,582  

4.00%, 07/01/52

     36,532       34,317,897  

4.00%, 08/01/52

       128,094         120,288,640  

4.00%, 09/01/52

     22,247       20,880,797  

4.00%, 03/13/53(i)

     192,435       180,618,288  

4.50%, 10/01/24

     101       100,011  

4.50%, 02/01/25

     48       47,623  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

4.50%, 04/01/25

   $ 72     $ 70,562  

4.50%, 06/01/25

     358       352,163  

4.50%, 08/01/31

     1,134       1,120,548  

4.50%, 08/01/34

     327       322,596  

4.50%, 03/16/38(i)

     4,200       4,141,594  

4.50%, 09/01/40

     2,774       2,743,922  

4.50%, 12/01/40

     1,647       1,629,196  

4.50%, 01/01/41

     3,351       3,313,827  

4.50%, 05/01/41

     2,213       2,188,587  

4.50%, 06/01/41

     13,089       12,894,468  

4.50%, 08/01/41

     4,461       4,411,573  

4.50%, 09/01/41

     1,524       1,506,733  

4.50%, 01/01/42

     1,517       1,500,655  

4.50%, 09/01/42

     1,395       1,379,705  

4.50%, 08/01/43

     2,310       2,283,137  

4.50%, 12/01/43

     77       77,112  

4.50%, 03/01/44

     14       13,818  

4.50%, 04/01/44

     4,045       3,991,776  

4.50%, 06/01/44

     798       789,446  

4.50%, 12/01/44

     275       272,140  

4.50%, 02/01/45

     1,632       1,617,626  

4.50%, 08/01/45

     2,233       2,213,330  

4.50%, 10/01/45

     411       410,816  

4.50%, 11/01/45

     190       186,593  

4.50%, 12/01/45

     674       665,565  

4.50%, 01/01/46

     74       73,003  

4.50%, 02/01/46

     8,247       8,156,496  

4.50%, 03/01/46

     1,426       1,409,802  

4.50%, 04/01/46

     270       268,888  

4.50%, 05/01/46

     157       155,355  

4.50%, 06/01/46

     5       4,501  

4.50%, 07/01/46

     27       26,955  

4.50%, 08/01/46

     1,982       1,952,348  

4.50%, 09/01/46

     772       773,555  

4.50%, 10/01/46

     1,017       1,005,238  

4.50%, 01/01/47

     411       403,812  

4.50%, 02/01/47

     150       147,022  

4.50%, 03/01/47

     1,887       1,857,909  

4.50%, 04/01/47

     5,493       5,409,020  

4.50%, 06/01/47

     3,155       3,092,031  

4.50%, 07/01/47

     23       22,450  

4.50%, 08/01/47

     277       271,040  

4.50%, 10/01/47

     7,062       6,976,219  

4.50%, 01/01/48

     10,452       10,245,332  

4.50%, 02/01/48

     1,054       1,038,790  

4.50%, 03/01/48

     5,937       5,831,846  

4.50%, 04/01/48

     2,792       2,732,107  

4.50%, 05/01/48

     5,739       5,621,260  

4.50%, 06/01/48

     3,777       3,727,497  

4.50%, 07/01/48

     2,201       2,153,027  

4.50%, 08/01/48

     10,391       10,217,030  

4.50%, 09/01/48

     316       305,645  

4.50%, 10/01/48

     13,402       13,120,936  

4.50%, 11/01/48

     5,079       4,967,095  

4.50%, 12/01/48

     19,094       18,727,764  

4.50%, 01/01/49

     5,991       5,858,899  

4.50%, 02/01/49

     7,488       7,326,715  

4.50%, 03/01/49

     825       815,831  

4.50%, 04/01/49

       13,491         13,265,122  

4.50%, 05/01/49

     11,716       11,437,988  

 

 

104  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

4.50%, 07/01/49

   $ 808     $ 787,965  

4.50%, 08/01/49

     176       171,880  

4.50%, 09/01/50

     40,753       39,855,504  

4.50%, 05/01/52

     447       430,555  

4.50%, 06/01/52

     48,987       47,189,221  

4.50%, 07/01/52

     2,603       2,508,716  

4.50%, 08/01/52

     6,065       5,845,359  

4.50%, 09/01/52

     16,724       16,096,923  

4.50%, 03/13/53(i)

       267,233         257,462,293  

5.00%, 07/01/23

     17       17,058  

5.00%, 12/01/23

     0 (h)      250  

5.00%, 09/01/33

     96       96,443  

5.00%, 11/01/33

     2,774       2,783,755  

5.00%, 06/01/35

     135       136,078  

5.00%, 10/01/35

     47       46,806  

5.00%, 12/01/36

     39       39,682  

5.00%, 03/16/38(i)

     975       972,543  

5.00%, 05/01/39

     31       31,245  

5.00%, 06/01/39

     561       563,175  

5.00%, 12/01/39

     83       83,772  

5.00%, 01/01/40

     2       1,978  

5.00%, 03/01/40

     1,493       1,505,736  

5.00%, 04/01/40

     236       237,840  

5.00%, 05/01/40

     14       14,601  

5.00%, 06/01/40

     127       127,174  

5.00%, 07/01/40

     870       877,519  

5.00%, 08/01/40

     1,243       1,252,589  

5.00%, 09/01/40

     10       9,800  

5.00%, 10/01/40

     35       34,969  

5.00%, 04/01/41

     621       626,118  

5.00%, 05/01/41

     2,378       2,398,939  

5.00%, 06/01/41

     616       621,202  

5.00%, 08/01/41

     1,085       1,094,175  

5.00%, 10/01/41

     2,856       2,880,848  

5.00%, 01/01/42

     14,760       14,891,095  

5.00%, 05/01/42

     5,419       5,466,568  

5.00%, 09/01/47

     476       474,929  

5.00%, 02/01/48

     1,929       1,923,624  

5.00%, 03/01/48

     1,574       1,569,704  

5.00%, 04/01/48

     2,393       2,386,253  

5.00%, 05/01/48

     2,091       2,086,473  

5.00%, 07/01/48

     2,625       2,617,653  

5.00%, 09/01/48

     1,825       1,819,271  

5.00%, 01/01/49

     132       131,636  

5.00%, 04/01/49

     7,046       7,027,456  

5.00%, 05/01/49

     31       31,045  

5.00%, 06/01/49

     276       275,293  

5.00%, 09/01/49

     66       65,939  

5.00%, 10/01/49

     181       180,211  

5.00%, 08/01/52

     5,118       5,089,147  

5.00%, 03/13/53(i)

     278,465       273,722,515  

5.50%, 05/01/33

     1,031       1,052,789  

5.50%, 11/01/33

     2,101       2,144,432  

5.50%, 09/01/34

     3,109       3,184,687  

5.50%, 09/01/36

     234       238,850  

5.50%, 03/01/38

     186       191,023  

5.50%, 06/01/38

     5,087       5,230,002  

5.50%, 11/01/38

     467       480,360  

5.50%, 07/01/40

     1,287       1,322,887  

5.50%, 09/01/41

     32,806       33,496,889  
Security   Par
(000)		     Value  

Mortgage-Backed Securities (continued)

 

5.50%, 01/01/47

   $ 2,572     $ 2,641,070  

5.50%, 12/01/48

     245       251,047  

5.50%, 03/13/53(i)

       167,769       167,480,647  

6.00%, 03/01/34

     1,728       1,802,772  

6.00%, 05/01/34

     146       152,560  

6.00%, 08/01/34

     288       299,861  

6.00%, 11/01/34

     93       97,069  

6.00%, 09/01/36

     397       415,346  

6.00%, 08/01/37

     900       942,538  

6.00%, 03/01/38

     309       323,205  

6.00%, 05/01/38

     156       163,228  

6.00%, 09/01/38

     128       134,188  

6.00%, 06/01/39

     2,460       2,567,220  

6.00%, 10/01/39

     162       169,268  

6.00%, 07/01/41

     1,355       1,418,924  

6.00%, 02/01/49

     6,575       6,883,811  

6.50%, 08/01/36

     21       22,671  

6.50%, 09/01/36

     184       195,780  

6.50%, 10/01/36

     25       26,094  

6.50%, 12/01/36

     34       36,478  

6.50%, 07/01/37

     45       47,389  

6.50%, 08/01/37

     1,958       2,084,329  

6.50%, 10/01/37

     79       83,901  

6.50%, 11/01/37

     19       19,740  

6.50%, 12/01/37

     600       637,990  

6.50%, 06/01/38

     16       16,795  

6.50%, 10/01/39

     539       574,439  

6.50%, 05/01/40

     18       18,862  

7.00%, 04/01/37

     703       764,427  
   

 

 

  
        24,089,988,880  
U.S. Government Agency Obligations — 0.6%  

Federal Home Loan Banks

    

0.50%, 04/14/25

     7,000       6,407,030  

1.50%, 08/15/24

     1,000       950,650  

2.13%, 03/10/23

     290       289,820  

2.13%, 12/14/29

     70       60,641  

2.50%, 12/08/23

     1,000       979,200  

2.75%, 12/13/24

     250       239,993  

2.88%, 09/13/24

     1,000       966,490  

3.13%, 06/13/25

     980       943,417  

3.25%, 11/16/28

     25,470       24,214,074  

5.50%, 07/15/36

     7,900       8,818,217  

Federal Home Loan Mortgage Corp.

    

2.75%, 06/19/23

     6,935       6,885,970  

6.25%, 07/15/32

     73,453       85,154,797  

6.75%, 03/15/31

     21,820       25,609,043  

Federal National Mortgage Association

    

0.25%, 07/10/23

     121,600       119,526,720  

0.38%, 08/25/25

     24,991       22,477,905  

0.63%, 04/22/25

     5,000       4,579,100  

0.88%, 08/05/30

     17,530       13,884,987  

1.63%, 01/07/25

     13,020       12,273,173  

1.75%, 07/02/24

     1,550       1,482,559  

1.88%, 09/24/26

     1,285       1,177,895  

2.50%, 02/05/24

     200       195,010  

2.63%, 09/06/24

     39,730       38,347,793  

2.88%, 09/12/23

     5,000       4,939,100  

5.63%, 07/15/37

     795       889,732  

6.25%, 05/15/29

     580       643,991  

6.63%, 11/15/30

     8,180       9,477,021  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   105

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

U.S. Government Agency Obligations (continued)

 

7.13%, 01/15/30

   $ 10,000     $ 11,751,000  

7.25%, 05/15/30

     17,396       20,686,105  

Tennessee Valley Authority

    

1.50%, 09/15/31

     1,000       792,670  

3.50%, 12/15/42

     525       433,976  

4.63%, 09/15/60

     1,000       954,880  

4.88%, 01/15/48

     8,035       7,976,425  

5.25%, 09/15/39

     458       476,746  

5.50%, 06/15/38

     10,000       10,708,400  

5.88%, 04/01/36

     95       105,719  

6.15%, 01/15/38

     3,553       4,048,679  

7.13%, 05/01/30

     3,556       4,132,997  

Series B, 4.70%, 07/15/33

     1,500       1,514,670  

Series E, 6.75%, 11/01/25

     7,000       7,347,200  
   

 

 

  
        462,343,795  
U.S. Government Obligations — 41.0%  

U.S. Treasury Note/Bond

    

0.25%, 03/15/24

     238,400       226,666,250  

0.25%, 05/15/24

     141,870       133,817,770  

0.25%, 06/15/24

     139,076       130,687,979  

0.25%, 05/31/25

     106,410       96,375,870  

0.25%, 06/30/25

     4,100       3,706,016  

0.25%, 07/31/25

     184,800       166,464,375  

0.25%, 08/31/25

     340,050       305,380,842  

0.25%, 09/30/25

     116,300       104,252,047  

0.25%, 10/31/25

     194,300       173,503,828  

0.38%, 04/15/24

     75,910       71,995,891  

0.38%, 07/15/24

     38,455       36,063,580  

0.38%, 08/15/24

     87,250       81,537,852  

0.38%, 09/15/24

     5,000       4,659,375  

0.38%, 04/30/25

     44,000       40,081,250  

0.38%, 11/30/25

     467,800       417,876,969  

0.38%, 12/31/25

     360,900       321,962,275  

0.38%, 01/31/26

       652,200       579,387,988  

0.38%, 07/31/27

     119,700       101,193,258  

0.38%, 09/30/27

     5,000       4,204,688  

0.50%, 02/28/26

     184,700       164,224,274  

0.50%, 04/30/27

     93,800       80,426,172  

0.50%, 05/31/27

     108,400       92,622,719  

0.50%, 06/30/27

     136,900       116,675,165  

0.50%, 08/31/27

     155,022       131,466,347  

0.50%, 10/31/27

     202,200       170,606,250  

0.63%, 10/15/24

     12,820       11,957,154  

0.63%, 07/31/26

     60,000       52,856,250  

0.63%, 03/31/27

     75,600       65,329,032  

0.63%, 11/30/27

     197,000       166,895,938  

0.63%, 12/31/27

     187,400       158,411,563  

0.63%, 05/15/30

     270,400       213,827,250  

0.63%, 08/15/30

     396,000       311,416,875  

0.75%, 11/15/24

     113,750       105,987,451  

0.75%, 03/31/26

     20,500       18,344,297  

0.75%, 04/30/26

     10,000       8,914,844  

0.75%, 05/31/26

     42,800       38,051,875  

0.75%, 08/31/26

     227,900       201,121,750  

0.75%, 01/31/28

     496,300       421,195,854  

0.88%, 06/30/26

     170,000       151,512,500  

0.88%, 09/30/26

     190,610       168,615,394  

0.88%, 11/15/30

     163,800       130,912,031  

1.00%, 12/15/24

     165,200       154,197,422  

1.00%, 07/31/28

     200,000       169,625,000  
Security   Par
(000)		     Value  

U.S. Government Obligations (continued)

 

1.13%, 01/15/25

   $ 157,460     $ 147,015,974  

1.13%, 02/28/25

     83,700       77,880,234  

1.13%, 10/31/26

       171,100         152,412,672  

1.13%, 02/28/27

     40,300       35,671,797  

1.13%, 02/29/28

     122,340       105,585,155  

1.13%, 08/31/28

     273,600       233,201,250  

1.13%, 02/15/31

     257,200       209,296,500  

1.13%, 05/15/40

     156,500       99,059,609  

1.13%, 08/15/40

     58,000       36,521,875  

1.25%, 08/31/24

     141,550       133,797,926  

1.25%, 11/30/26

     164,900       147,276,313  

1.25%, 12/31/26

     191,230       170,493,497  

1.25%, 03/31/28

     186,000       161,253,282  

1.25%, 04/30/28

     129,100       111,671,500  

1.25%, 05/31/28

     209,110       180,569,753  

1.25%, 06/30/28

     232,175       200,069,551  

1.25%, 09/30/28

     317,000       271,505,548  

1.25%, 08/15/31

     318,900       258,558,141  

1.25%, 05/15/50

     205,900       114,274,500  

1.38%, 08/31/26

     22,500       20,313,281  

1.38%, 10/31/28

     185,000       159,302,344  

1.38%, 12/31/28

     185,430       159,310,447  

1.38%, 11/15/31

     400,250       325,828,516  

1.38%, 11/15/40

     284,800       187,122,500  

1.38%, 08/15/50

     16,000       9,180,000  

1.50%, 09/30/24

     103,300       97,848,504  

1.50%, 10/31/24

     105,100       99,327,711  

1.50%, 11/30/24

     290,100       273,589,231  

1.50%, 02/15/25

     152,720       143,288,347  

1.50%, 08/15/26

     382,000       346,665,000  

1.50%, 01/31/27

     325,280       292,319,989  

1.50%, 11/30/28

     284,200       246,121,642  

1.50%, 02/15/30

     35,485       30,128,983  

1.63%, 02/15/26

     207,890       191,486,180  

1.63%, 05/15/26

     250,000       229,042,970  

1.63%, 09/30/26

     34,500       31,386,914  

1.63%, 10/31/26

     76,300       69,272,055  

1.63%, 11/30/26

     21,200       19,227,406  

1.63%, 08/15/29

     54,000       46,672,032  

1.63%, 05/15/31

     340,910       286,630,736  

1.63%, 11/15/50

     229,500       140,748,047  

1.75%, 06/30/24

     151,540       145,058,113  

1.75%, 07/31/24

     69,380       66,217,247  

1.75%, 12/31/24(b)

     140,400       132,760,266  

1.75%, 03/15/25

     101,700       95,701,290  

1.75%, 12/31/26

     61,870       56,325,868  

1.75%, 01/31/29

     170,700       149,482,524  

1.75%, 08/15/41

     271,420       188,127,988  

1.88%, 08/31/24

     91,100       86,915,094  

1.88%, 06/30/26(b)

     5,000       4,613,281  

1.88%, 07/31/26

     24,900       22,925,508  

1.88%, 02/28/27

     178,100       162,196,227  

1.88%, 02/28/29

     159,200       140,419,375  

1.88%, 02/15/32

     422,760       358,223,044  

1.88%, 02/15/41

     130,200       93,052,313  

1.88%, 02/15/51

     575,700       376,273,922  

1.88%, 11/15/51

     233,450       151,961,359  

2.00%, 04/30/24

     270,500       260,926,837  

2.00%, 05/31/24

     213,750       205,692,627  

2.00%, 06/30/24

     132,494       127,158,011  

 

 

106  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

U.S. Government Obligations (continued)

 

2.00%, 02/15/25

   $ 180,068     $ 170,670,701  

2.00%, 08/15/25

       326,715         306,933,429  

2.00%, 11/15/26

     181,000       166,449,298  

2.00%, 11/15/41

     98,760       71,338,669  

2.00%, 02/15/50

     102,000       68,993,438  

2.00%, 08/15/51

     466,600       313,861,406  

2.13%, 03/31/24

     208,900       202,241,312  

2.13%, 07/31/24

     215,509       206,829,711  

2.13%, 09/30/24

     100,000       95,687,500  

2.13%, 11/30/24

     76,050       72,514,864  

2.13%, 05/15/25

     245,800       232,492,236  

2.13%, 05/31/26

     48,500       45,131,524  

2.25%, 03/31/24

     142,950       138,588,909  

2.25%, 04/30/24

     185,395       179,376,904  

2.25%, 10/31/24

     20,000       19,134,375  

2.25%, 11/15/24

     214,966       205,594,826  

2.25%, 12/31/24

     75,300       71,837,965  

2.25%, 11/15/25

     159,829       150,476,507  

2.25%, 03/31/26

     19,000       17,808,047  

2.25%, 02/15/27

     151,206       139,912,709  

2.25%, 08/15/27

     146,750       134,883,887  

2.25%, 11/15/27

     153,750       140,861,427  

2.25%, 05/15/41

     276,900       210,400,734  

2.25%, 08/15/46

     118,960       85,874,250  

2.25%, 08/15/49

     106,500       76,413,750  

2.25%, 02/15/52

     252,900       180,625,922  

2.38%, 08/15/24

     259,717       249,886,306  

2.38%, 04/30/26

     17,500       16,441,797  

2.38%, 05/15/27

     190,870       176,867,897  

2.38%, 03/31/29

     244,200       221,325,329  

2.38%, 05/15/29

     191,600       173,368,063  

2.38%, 02/15/42

     141,000       108,459,844  

2.38%, 11/15/49

     229,400       169,290,031  

2.38%, 05/15/51

     133,000       97,713,438  

2.50%, 04/30/24

     175,500       170,255,567  

2.50%, 05/15/24

     51,100       49,529,074  

2.50%, 05/31/24

     232,640       225,251,863  

2.50%, 01/31/25

     35,340       33,844,952  

2.50%, 02/28/26

     52,350       49,474,840  

2.50%, 03/31/27

     109,200       101,837,532  

2.50%, 02/15/45

     50,824       38,832,713  

2.50%, 02/15/46

     152,800       116,175,750  

2.50%, 05/15/46

     123,517       93,892,220  

2.63%, 03/31/25

     5,000       4,790,234  

2.63%, 04/15/25

     97,100       92,920,149  

2.63%, 12/31/25

     56,500       53,719,141  

2.63%, 01/31/26

     62,300       59,155,797  

2.63%, 05/31/27

     132,700       124,178,172  

2.63%, 02/15/29

     211,491       194,670,856  

2.63%, 07/31/29

     145,500       133,416,680  

2.75%, 02/28/25

     90,500       86,989,590  

2.75%, 05/15/25

     150,000       143,789,063  

2.75%, 06/30/25

     141,900       135,880,337  

2.75%, 08/31/25

     173,108       165,493,954  

2.75%, 04/30/27

     169,300       159,327,172  

2.75%, 07/31/27

     119,500       112,264,649  

2.75%, 02/15/28

     263,702       246,664,380  

2.75%, 05/31/29

     285,900       264,479,837  

2.75%, 08/15/32

     379,750       345,216,484  

2.75%, 08/15/42

     106,523       86,766,312  
Security   Par
(000)		     Value  

U.S. Government Obligations (continued)

 

2.75%, 11/15/42

   $ 128,580     $ 104,471,250  

2.75%, 08/15/47

       219,000         174,207,656  

2.75%, 11/15/47

     158,550       126,146,344  

2.88%, 04/30/25

     48,000       46,158,750  

2.88%, 05/31/25

     146,800       141,065,625  

2.88%, 06/15/25

     277,400       266,585,736  

2.88%, 07/31/25

     183,900       176,558,368  

2.88%, 11/30/25

     110,400       105,682,126  

2.88%, 05/15/28

     252,994       237,517,884  

2.88%, 08/15/28

     219,930       206,081,283  

2.88%, 04/30/29

     176,320       164,363,300  

2.88%, 05/15/32

     489,500       450,340,000  

2.88%, 05/15/43

     90,184       74,584,986  

2.88%, 08/15/45

     153,125       124,916,504  

2.88%, 11/15/46

     54,000       44,026,875  

2.88%, 05/15/49

     42,000       34,348,125  

2.88%, 05/15/52

     205,000       168,100,000  

3.00%, 06/30/24

     249,620       242,843,206  

3.00%, 07/31/24

     294,400       286,051,001  

3.00%, 07/15/25

     181,030       174,283,805  

3.00%, 09/30/25

     173,100       166,378,852  

3.00%, 10/31/25

     127,600       122,545,844  

3.00%, 05/15/42

     43,150       36,704,469  

3.00%, 11/15/44

     99,727       83,474,615  

3.00%, 05/15/45

     121,400       101,369,000  

3.00%, 11/15/45

     65,100       54,287,297  

3.00%, 02/15/47

     116,190       96,764,484  

3.00%, 05/15/47

     152,118       126,757,077  

3.00%, 02/15/48

     123,550       103,048,422  

3.00%, 08/15/48

     109,290       91,257,150  

3.00%, 02/15/49

     31,400       26,282,781  

3.00%, 08/15/52

     203,680       171,473,100  

3.13%, 08/15/25

     159,300       153,774,281  

3.13%, 08/31/27

     9,200       8,779,531  

3.13%, 11/15/28

     197,515       187,191,756  

3.13%, 08/31/29

     208,900       197,247,297  

3.13%, 11/15/41

     53,900       47,069,859  

3.13%, 02/15/42

     71,800       62,443,563  

3.13%, 02/15/43

     58,700       50,582,891  

3.13%, 08/15/44

     60,519       51,772,113  

3.13%, 05/15/48

     86,860       74,211,013  

3.25%, 08/31/24

     104,180       101,494,109  

3.25%, 06/30/29

     175,480       167,007,606  

3.25%, 05/15/42

     162,200       143,420,281  

3.38%, 08/15/42

     40,000       36,018,750  

3.38%, 05/15/44

     84,200       75,109,031  

3.38%, 11/15/48

     45,550       40,781,484  

3.50%, 09/15/25

     136,970       133,363,837  

3.50%, 01/31/28(b)

     172,900       167,645,462  

3.50%, 01/31/30

     173,800       167,852,781  

3.50%, 02/15/33

     157,000       151,848,438  

3.50%, 02/15/39

     24,000       22,601,250  

3.63%, 08/15/43

     89,600       83,412,000  

3.63%, 02/15/44

     83,950       77,889,859  

3.63%, 02/15/53

     83,700       79,737,328  

3.75%, 08/15/41

     52,000       49,879,375  

3.75%, 11/15/43

     36,600       34,667,063  

3.88%, 01/15/26

     223,700       219,872,634  

3.88%, 11/30/27

     80,000       78,856,250  

3.88%, 09/30/29

     233,630       230,490,597  

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   107

Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Par
(000)

     Value  

U.S. Government Obligations (continued)

 

3.88%, 11/30/29

   $ 254,900     $ 251,634,094  

3.88%, 12/31/29

     168,800       166,742,750  

3.88%, 08/15/40

     80,516       78,930,841  

3.88%, 02/15/43

     40,000       38,831,250  

4.00%, 12/15/25

       125,300       123,626,071  

4.00%, 02/29/28

     150,000       148,898,438  

4.00%, 10/31/29

     168,150       167,151,609  

4.00%, 02/28/30

     100,000       99,609,375  

4.00%, 11/15/42

     130,000       128,212,500  

4.00%, 11/15/52

     150,000       152,765,625  

4.13%, 01/31/25(b)

     197,100       194,543,859  

4.13%, 09/30/27

     287,000       285,497,736  

4.13%, 10/31/27

     30,000       29,847,656  

4.13%, 11/15/32

     397,000       403,451,250  

4.25%, 09/30/24

     200,000       197,742,188  

4.25%, 12/31/24

     214,200       211,790,250  

4.25%, 10/15/25

     170,620       169,180,394  

4.25%, 05/15/39

     16,040       16,521,200  

4.25%, 11/15/40

     28,889       29,678,934  

4.38%, 10/31/24

     196,900       195,046,372  

4.38%, 02/15/38

     32,000       33,510,000  

4.38%, 11/15/39

     50,933       53,224,985  

4.38%, 05/15/40

     32,403       33,780,128  

4.38%, 05/15/41

     15,949       16,641,785  

4.50%, 11/30/24

     96,800       96,096,688  

4.50%, 11/15/25

     191,900       191,585,165  

4.50%, 02/15/36(b)

     27,685       29,540,760  

4.50%, 05/15/38

     27,000       28,632,656  

4.50%, 08/15/39

     50,207       53,227,265  

4.63%, 02/15/40

     45,950       49,432,148  

4.75%, 02/15/37

     21,977       24,020,174  

4.75%, 02/15/41

     91,158       99,604,358  

5.00%, 05/15/37

     53,658       59,962,815  

5.25%, 11/15/28

     29,377       30,978,965  

5.25%, 02/15/29

     60,090       63,380,867  

5.50%, 08/15/28

     77,000       81,686,172  

6.00%, 02/15/26

     9,468       9,846,720  

6.13%, 08/15/29

     14,600       16,236,797  

6.25%, 05/15/30

     5,000       5,677,344  

6.50%, 11/15/26

     26,950       28,855,449  

6.63%, 02/15/27

     28,800       31,146,750  

6.75%, 08/15/26

     14,400       15,440,625  

6.88%, 08/15/25

     6,265       6,575,803  
   

 

 

  
        35,159,557,804  
   

 

 

  

Total U.S. Government & Agency
Obligations — 69.7%
(Cost: $66,739,292,260)

 

     59,711,890,479  
   

 

 

  

Total Long-Term Investments — 99.1%
(Cost: $95,673,073,867)

 

     84,930,992,604  
   

 

 

  
Security   Shares/
Par
(000)		     Value  
Short-Term Securities  
Money Market Funds — 5.2%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(j)(k)

     3,821,757     $ 3,824,049,590  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(j)(k)(l)

     642,811       642,810,889  
   

 

 

  

Total Short-Term Securities — 5.2%
(Cost: $4,464,406,355)

 

     4,466,860,479  
   

 

 

  

Total Investments Before TBA Sales
Commitments — 104.3%
(Cost: $100,137,480,222)

 

     89,397,853,083  
   

 

 

  
TBA Sales Commitments(i)  
Mortgage-Backed Securities — (0.2)%  

Uniform Mortgage-Backed Securities

    

4.00%, 03/13/53

     (40,295 )      (37,820,635 ) 

4.50%, 03/13/53

     (47,163 )      (45,438,603 ) 

5.00%, 03/13/53

     (40,730 )      (40,036,317 ) 

5.50%, 03/13/53

     (36,946 )      (36,882,499 ) 
   

 

 

  

Total TBA Sales Commitments — (0.2)%
(Proceeds: $(161,440,556))

 

     (160,178,054 ) 
   

 

 

  

Total Investments, Net of TBA Sales
Commitments — 104.1%
(Cost: $99,976,039,666)

 

     89,237,675,029  

Liabilities in Excess of Other Assets — (4.1)%

 

     (3,518,319,033 ) 
   

 

 

  

Net Assets — 100.0%

 

   $   85,719,355,996  
   

 

 

  

 

(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) 

All or a portion of this security is on loan.

(c) 

Zero-coupon bond.

(d) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e) 

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.

(f) 

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.

(g) 

U.S. dollar denominated security issued by foreign domiciled entity.

(h) 

Rounds to less than 1,000.

(i) 

Represents or includes a TBA transaction.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

(l) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

108  

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Schedule of Investments  (continued)

February 28, 2023

   

iShares® Core U.S. Aggregate Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
02/28/22		     Purchases
at Cost		     Proceeds
from Sale		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
02/28/23		     Shares
Held at
02/28/23
(000)		     Income     Capital Gain
Distributions from
Underlying Funds		  

BlackRock Cash Funds: Institutional, SL Agency Shares

    $ 6,479,130,793     $ —     $ (2,655,975,040 )(a)    $ (1,557,260 )    $ 2,451,097     $ 3,824,049,590       3,821,757     $ 90,807,867     $ —  

BlackRock Cash Funds: Treasury, SL Agency Shares

      1,145,114,050       —       (502,303,161 )(a)      —       —       642,810,889       642,811       3,434,540 (b)      —  
        

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
         $ (1,557,260 )    $ 2,451,097     $ 4,466,860,479       $ 94,242,407     $ —  
        

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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

                  

Asset-Backed Securities

    $ —        $ 345,547,126        $ —        $ 345,547,126  

Collaterized Mortgage Obligations

      —          815,518,907          —          815,518,907  

Corporate Bonds & Notes

      —          21,757,307,731          —          21,757,307,731  

Foreign Government Obligations

      —          1,789,729,681          —          1,789,729,681  

Municipal Debt Obligations

      —          510,998,680          —          510,998,680  

U.S. Government & Agency Obligations

      —          59,711,890,479          —          59,711,890,479  

Short-Term Securities

                  

Money Market Funds

      4,466,860,479          —          —          4,466,860,479  

Liabilities

                  

Investments

                  

TBA Sales Commitments

      —          (160,178,054 )         —          (160,178,054 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   4,466,860,479        $ 84,770,814,550        $                 —        $ 89,237,675,029  
  

 

 

       

 

 

       

 

 

       

 

 

  

See notes to financial statements.

 

 

S C H E D U L E  O F  I N V E S T M E N  T S

   109

 

Statement of Assets and Liabilities

February 28, 2023

 

    iShares
Core
U.S. Aggregate
Bond ETF		  

 

  

ASSETS

  

Investments, at value — unaffiliated(a)(b)

  $ 84,930,992,604  

Investments, at value — affiliated(c)

    4,466,860,479  

Cash

     4,455,619  

Cash pledged as collateral for TBA commitments

     74,546,000  

Receivables:

  

Investments sold

     877,104,898  

Securities lending income — affiliated

     285,315  

TBA sales commitments

     161,440,556  

Capital shares sold

     75,605,283  

Dividends — affiliated

     13,343,205  

Interest — unaffiliated

     496,063,130  
 

 

 

  

Total assets

     91,100,697,089  
 

 

 

  

LIABILITIES

  

Collateral on securities loaned, at value

     642,710,889  

TBA sales commitments, at value(d)

    160,178,054  

Payables:

  

Investments purchased

     4,576,731,634  

Investment advisory fees

     1,720,516  
 

 

 

  

Total liabilities

     5,381,341,093  
 

 

 

  

NET ASSETS

   $ 85,719,355,996  
 

 

 

  

NET ASSETS CONSIST OF

  

Paid-in capital

   $ 97,311,439,437  

Accumulated loss

     (11,592,083,441 ) 
 

 

 

  

NET ASSETS

   $ 85,719,355,996  
 

 

 

  

NET ASSET VALUE

  

Shares outstanding

     880,700,000  
 

 

 

  

Net asset value

   $ 97.33  
 

 

 

  

Shares authorized

     Unlimited  
 

 

 

  

Par value

     None  
 

 

 

  

(a)   Investments, at cost — unaffiliated

   $ 95,673,073,867  

(b)   Securities loaned, at value

   $ 625,660,719  

(c)   Investments, at cost — affiliated

   $ 4,464,406,355  

(d)   Proceeds from TBA sales commitments

   $ 161,440,556  

See notes to financial statements.

 

 

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Statement of Operations

Year Ended February 28, 2023

 

    iShares
Core
U.S. Aggregate
Bond ETF		  

 

  

INVESTMENT INCOME

  

Dividends — affiliated

   $ 90,814,563  

Interest — unaffiliated

     1,968,503,980  

Securities lending income — affiliated — net

     3,427,844  

Other income — unaffiliated

     1,471,269  
 

 

 

  

Total investment income

     2,064,217,656  
 

 

 

  

EXPENSES

  

Investment advisory

     25,382,630  
 

 

 

  

Total expenses

     25,382,630  

Less:

  

Investment advisory fees waived

     (3,615,479 ) 
 

 

 

  

Total expenses after fees waived

     21,767,151  
 

 

 

  

Net investment income

     2,042,450,505  
 

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

  

Net realized gain (loss) from:

  

Investments — unaffiliated

     (858,300,881 ) 

Investments — affiliated

     (1,557,260 ) 

In-kind redemptions — unaffiliated(a)

    (359,268,257 ) 

Payments by affiliate

     6,833  
 

 

 

  
    (1,219,119,565 ) 
 

 

 

  

Net change in unrealized appreciation (depreciation) on:

  

Investments — unaffiliated

     (9,422,408,750 ) 

Investments — affiliated

     2,451,097  
 

 

 

  
    (9,419,957,653 ) 
 

 

 

  

Net realized and unrealized loss

     (10,639,077,218 ) 
 

 

 

  

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

   $ (8,596,626,713 ) 
 

 

 

  

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T  S

   111

 

Statements of Changes in Net Assets

 

    iShares
Core U.S. Aggregate Bond ETF		  
   

 

Year Ended
02/28/23

    

 

Year Ended
02/28/22

  

 

  

INCREASE (DECREASE) IN NET ASSETS

    

OPERATIONS

    

Net investment income

   $ 2,042,450,505     $ 1,539,950,792  

Net realized gain (loss)

     (1,219,119,565 )      27,489,848  

Net change in unrealized appreciation (depreciation)

     (9,419,957,653 )      (4,048,941,341 ) 
 

 

 

    

 

 

  

Net decrease in net assets resulting from operations

     (8,596,626,713 )      (2,481,500,701 ) 
 

 

 

    

 

 

  

DISTRIBUTIONS TO SHAREHOLDERS(a)

   

Decrease in net assets resulting from distributions to shareholders

     (1,958,102,477 )      (1,536,535,082 ) 
 

 

 

    

 

 

  

CAPITAL SHARE TRANSACTIONS

    

Net increase in net assets derived from capital share transactions

     8,351,623,889       5,982,209,116  
 

 

 

    

 

 

  

NET ASSETS

    

Total increase (decrease) in net assets

     (2,203,105,301 )      1,964,173,333  

Beginning of year

     87,922,461,297       85,958,287,964  
 

 

 

    

 

 

  

End of year

   $ 85,719,355,996     $ 87,922,461,297  
 

 

 

    

 

 

  

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

112  

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Financial Highlights

(For a share outstanding throughout each period)

 

    iShares Core U.S. Aggregate Bond ETF  
     Year Ended
02/28/23		     Year Ended
02/28/22		      Year Ended
02/28/21		      Year Ended
02/29/20		      Year Ended
02/28/19		  

Net asset value, beginning of year

   $ 110.34     $ 115.40      $ 116.32      $ 107.07      $ 106.72  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income(a)

    2.50       1.99        2.38        3.02        2.96  

Net realized and unrealized gain (loss)(b)

    (13.11 )      (5.06 )       (0.82 )       9.24        0.31  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net increase (decrease) from investment operations

     (10.61 )      (3.07 )       1.56        12.26        3.27  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Distributions from net investment income(c)

    (2.40 )      (1.99 )       (2.48 )       (3.01 )       (2.92 ) 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net asset value, end of year

   $ 97.33     $ 110.34      $ 115.40      $ 116.32      $ 107.07  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total Return(d)

            

Based on net asset value

     (9.67 )%(e)       (2.68 )%       1.31 %       11.61 %       3.13 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Ratios to Average Net Assets(f)

            

Total expenses

     0.03 %      0.04 %       0.04 %       0.05 %       0.05 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Total expenses after fees waived

     0.03 %      0.03 %       0.03 %       0.05 %       0.04 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Net investment income

     2.48 %      1.74 %       2.03 %       2.70 %       2.80 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Supplemental Data

             

Net assets, end of year (000)

   $ 85,719,356     $ 87,922,461      $ 85,958,288      $ 76,413,081      $ 58,023,694  
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio turnover rate(g)(h)

    104 %      163 %       179 %       108 %       146 % 
 

 

 

    

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Includes payment received from an affiliate, which had no impact on the Fund’s total return.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Portfolio turnover rate excludes in-kind transactions.

(h) 

Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T  S

   113

Notes to Financial Statements

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the “Fund”):

 

iShares ETF   Diversification  
Classification  

Core U.S. Aggregate Bond

   Diversified  

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

 

  •  

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

  •  

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

 

 

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Notes to Financial Statements  (continued)

 

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: 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 the 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 that may not have a secondary market and/or may have 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.

 

4.

SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed

 

 

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Notes to Financial Statements  (continued)

 

securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Fund’s investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statement of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by the Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

 

 

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Notes to Financial Statements  (continued)

 

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

iShares ETF and Counterparty    
 Securities Loaned
at Value 		 
 		     
 Cash Collateral
Received		  
(a)  		    
 Non-Cash Collateral
Received, at Fair Value		  
(a) 		     Net Amount  

Core U.S. Aggregate Bond

         

Barclays Bank PLC

   $ 10,983,730      $ (10,983,730 )    $ —     $ —  

Barclays Capital, Inc.

     152,833,167        (152,833,167 )      —       —  

BMO Capital Markets Corp.

     2,877,810        (2,877,810 )      —       —  

BNP Paribas SA

     28,019,935        (28,019,935 )      —       —  

BofA Securities, Inc.

     9,451,098        (9,451,098 )      —       —  

Citadel Clearing LLC

     3,843,342        (3,843,342 )      —       —  

Citigroup Global Markets, Inc.

     10,326,857        (10,326,857 )      —       —  

Deutsche Bank Securities, Inc.

     42,466,809        (42,466,809 )      —       —  

Goldman Sachs & Co. LLC

     95,906,869        (95,906,869 )      —       —  

HSBC Securities (USA), Inc.

     2,802,016        (2,802,016 )      —       —  

J.P. Morgan Securities LLC

     202,129,190        (202,129,190 )      —       —  

Jefferies LLC

     1,723,023        (1,723,023 )      —       —  

Mitsubishi UFJ Securities Holdings Co., Ltd.

     6,654,356        (6,654,356 )      —       —  

Morgan Stanley

     8,698,916        (8,698,916 )      —       —  

Nomura Securities International, Inc.

     6,415,912        (6,415,912 )      —       —  

Pershing LLC

     711,857        (711,857 )      —       —  

RBC Capital Markets LLC

     8,283,462        (8,283,462 )      —       —  

Scotia Capital (USA), Inc.

     1,619,429        (1,619,429 )      —       —  

State Street Bank & Trust Co.

     20,628        (20,628 )      —       —  

Toronto-Dominion Bank

     7,692,920        (7,692,920 )      —       —  

UBS AG

     383,379        (383,379 )      —       —  

Wells Fargo Securities LLC

     21,816,014        (21,816,014 )      —       —  
 

 

 

     

 

 

    

 

 

    

 

 

  
  $ 625,660,719      $ (625,660,719 )    $ —     $ —  
 

 

 

     

 

 

    

 

 

    

 

 

  

 

  (a) 

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

 

5.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

Effective March 31, 2022, for its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.03%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to March 31, 2022, BFA was entitled to an annual investment advisory fee of 0.04%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended February 28, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

iShares ETF   Amounts Waived  

Core U.S. Aggregate Bond

   $ 3,615,479  

 

 

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Notes to Financial Statements  (continued)

 

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended February 28, 2023, the Fund paid BTC $1,047,489 for securities lending agent services.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended February 28, 2023, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

iShares ETF   Purchases      Sales      Net Realized
Gain (Loss)		  

Core U.S. Aggregate Bond

   $ 173,556,832          $ 26,910,285          $ (6,696,710 ) 

During the year ended February 28, 2023, the iShares Core U.S. Aggregate Bond ETF received a reimbursement of $6,833 from an affiliate, which is included in payment by affiliate in the Statement of Operations, related to an operating event.

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the year ended February 28, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

 

     U.S. Government Securities             Other Securities  
iShares ETF   Purchases      Sales             Purchases      Sales  

Core U.S. Aggregate Bond

   $ 88,848,115,706          $ 82,253,677,181              $ 3,035,120,360          $ 2,924,723,670  

 

 

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Notes to Financial Statements  (continued)

 

For the year ended February 28, 2023, in-kind transactions were as follows:

 

iShares ETF   In-kind
Purchases		      In-kind
Sales		  

Core U.S. Aggregate Bond

   $ 12,609,586,471          $ 6,460,795,150  

 

7.

INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 28, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

 

iShares ETF   Paid-in Capital     Accumulated
Earnings (Loss)		  

Core U.S. Aggregate Bond

   $ (359,452,905 )        $ 359,452,905  

The tax character of distributions paid was as follows:

 

iShares ETF   Year Ended
02/28/23		      Year Ended
02/28/22		  

Core U.S. Aggregate Bond

     

Ordinary income

   $ 1,958,102,477      $ 1,536,535,082  
 

 

 

     

 

 

  

As of February 28, 2023, the tax components of accumulated net earnings (losses) were as follows:

 

iShares ETF    
 Undistributed
Ordinary Income		  
 		     

 Non-expiring
Capital Loss
Carryforwards		  
 
(a) 		    
 Net Unrealized
Gains (Losses)		  
(b)  		     Total  

Core U.S. Aggregate Bond

   $ 208,258,167          $ (1,047,632,595 )        $ (10,752,709,013 )        $ (11,592,083,441 ) 

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities and TBA transactions.

 

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

iShares ETF   Tax Cost      Gross Unrealized
Appreciation 		     Gross Unrealized
Depreciation 		    Net Unrealized
Appreciation
(Depreciation) 		 

Core U.S. Aggregate Bond

   $ 100,153,741,254          $ 35,844,518          $ (10,790,470,187 )        $ (10,754,625,669 ) 

 

8.

PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

 

 

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   119

Notes to Financial Statements  (continued)

 

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Fund’s performance.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

 

 

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Notes to Financial Statements  (continued)

 

Transactions in capital shares were as follows:

 

     Year Ended
02/28/23		             Year Ended
02/28/22		  
iShares ETF   Shares     Amount             Shares     Amount  

Core U.S. Aggregate Bond

           

Shares sold

     172,600,000     $ 17,350,936,843          126,600,000     $ 14,457,271,164  

Shares redeemed

     (88,700,000 )      (8,999,312,954 )         (74,700,000 )      (8,475,062,048 ) 
 

 

 

    

 

 

       

 

 

    

 

 

  
    83,900,000     $ 8,351,623,889          51,900,000     $ 5,982,209,116  
 

 

 

    

 

 

       

 

 

    

 

 

  

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

 

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

 

N O T E S  T O  F I N A N C I A L  S  T A T E M E N T S

   121

Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of

iShares Trust and Shareholders of iShares Core U.S. Aggregate Bond ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Core U.S. Aggregate Bond ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of February 28, 2023, the related statement of operations for the year ended February 28, 2023, the statements of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2023 and the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 20, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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Important Tax Information  (unaudited)   

 

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 28, 2023:

 

iShares ETF   Federal Obligation
Interest		  

Core U.S. Aggregate Bond

   $ 594,892,908  

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 28, 2023:

 

iShares ETF   Interest Dividends  

Core U.S. Aggregate Bond

   $ 2,042,122,805  

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 28, 2023:

 

iShares ETF   Interest-Related
Dividends		  

Core U.S. Aggregate Bond

   $ 1,880,114,197  

 

 

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Statement Regarding Liquidity Risk Management Program (unaudited)

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core U.S. Aggregate Bond ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

 

  a)

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

 

  b)

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

 

  c)

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

 

  d)

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

 

  e)

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

 

 

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Supplemental Information  (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2023

 

     Total Cumulative Distributions
for the Fiscal Year		     % Breakdown of the Total Cumulative
Distributions for the Fiscal Year		  
iShares ETF   Net
Investment
Income 		    Net Realized
Capital Gains		     Return of
Capital 		    Total Per
Share 		    Net
Investment
Income 		    Net Realized
Capital Gains		     Return of
Capital 		    Total Per
Share 		 

Core U.S. Aggregate Bond

   $ 2.402526     $ —     $ —     $ 2.402526       100 %      — %      — %      100 % 

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares Core U.S. Aggregate Bond ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time.All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

 

 

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Supplemental Information  (unaudited) (continued)

 

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4,121 million. This figure is comprised of fixed remuneration of USD 685 million and variable remuneration of USD 3,436 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2,958 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 million. These figures relate to the entire Company and not to the Fund.

 

Entity   Entity
Code		      CCY      Total
Remuneration		      Fixed
Remuneration		      Variable
Remuneration		      Senior
Management
Remuneration		      MRTs      Beneficiaries      Status  

BlackRock Fund Advisors

     172        USD        $—        $—        $—        $—        $—        —        Final  

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The Fund is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

 

 

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Trustee and Officer Information  (unaudited)

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 377 funds as of February 28, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

Interested Trustees
       
  Name (Age)    Position(s)    Principal Occupation(s)
During Past 5 Years		    Other Directorships Held by Trustee    
Robert S. Kapito(a) (66)    Trustee (since 2009).    President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).    Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)    Trustee (since 2019).    Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).    Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

 

Independent Trustees
       
  Name (Age)    Position(s)    Principal Occupation(s)
During Past 5 Years		    Other Directorships Held by Trustee    
John E. Kerrigan (67)    Trustee (since 2005); Independent Board Chair (since 2022).    Chief Investment Officer, Santa Clara University (since 2002).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (67)    Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).    Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (68)    Trustee (since 2017); Audit Committee Chair (since 2019).    Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

 

 

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Trustee and Officer Information  (unaudited) (continued)

 

Independent Trustees (continued)
       
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee    
Cecilia H. Herbert (73)    Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).    Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (63)    Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (61)    Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).    Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (58)    Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).    Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
     
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

Armando Senra (51)    President (since 2019).    Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)    Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)    Chief Compliance Officer (since 2006).    Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)    Secretary (since 2022).    Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

 

 

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Trustee and Officer Information  (unaudited) (continued)

 

Officers (continued)
     
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

James Mauro (52)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

 

 

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General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

  •  

Go to icsdelivery.com.

  •  

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
BAB    Build America Bond
BAM    Build America Mutual Assurance Co.
CMT    Constant Maturity Treasury
GO    General Obligation
GOL    General Obligation Limited
LIBOR    London Interbank Offered Rate
NPFGC   

National Public Finance Guarantee Corp.

PSF    Permanent School Fund
RB    Revenue Bond
SAP    Subject to Appropriations
SCA    Svenska Celluosa Aktiebolaget
SOFR    Secured Overnight Financing Rate
TBA    To-Be-Announced

 

 

G L O S S A R Y  O F  T E R M S  U  S E D  I N  T H I S  R E P O R T

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-211-0223

 

 

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