LOGO

  OCTOBER 31, 2023

 

 

  

 

   2023 Annual Report

 

iShares U.S. ETF Trust

· iShares Inflation Hedged Corporate Bond ETF | LQDI | Cboe BZX

· iShares Inflation Hedged High Yield Bond ETF | HYGI | NYSE Arca

· iShares Inflation Hedged U.S. Aggregate Bond ETF | AGIH | NYSE Arca

· iShares Interest Rate Hedged Corporate Bond ETF | LQDH | NYSE Arca

· iShares Interest Rate Hedged High Yield Bond ETF | HYGH | NYSE Arca

· iShares Interest Rate Hedged Long-Term Corporate Bond ETF | IGBH | NYSE Arca

· iShares Interest Rate Hedged U.S. Aggregate Bond ETF | AGRH | NYSE Arca


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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 October 31, 2023
     
     6-Month     12-Month  
 

U.S. large cap equities

(S&P 500® Index)

  1.39%   10.14%  
 

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

  (5.29)      (8.56)   
 

International equities

(MSCI Europe, Australasia, Far East Index)

  (7.88)      14.40     
 

Emerging market equities

(MSCI Emerging Markets Index)

  (4.78)      10.80     
 

3-month Treasury bills

(ICE BofA 3-Month

U.S. Treasury Bill Index)

  2.63       4.77   
 

U.S. Treasury securities

(ICE BofA 10-Year

U.S. Treasury Index)

  (9.70)      (3.25)   
 

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

  (6.13)      0.36   
 

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

  (4.65)      2.64   
 

U.S. high yield bonds

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

  0.02      6.23   
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

  2    

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

     19  

Disclosure of Expenses

     19  

Schedules of Investments

     20  

Financial Statements

  

Statements of Assets and Liabilities

     49  

Statements of Operations

     51  

Statements of Changes in Net Assets

     53  

Financial Highlights

     57  

Notes to Financial Statements

     64  

Report of Independent Registered Public Accounting Firm

     74  

Important Tax Information

     75  

Board Review and Approval of Investment Advisory Contract

     76  

Supplemental Information

     86  

Trustee and Officer Information

     87  

General Information

     90  

Glossary of Terms Used in this Report

     91  

Additional Financial Information

     92  

 

 

      


Market Overview

 

iShares U.S. ETF Trust

U.S. Bond Market Overview

The U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 0.36% for the 12 months ended October 31, 2023 (the “reporting period”). The benefit of income outweighed the effect of falling prices, leading to a narrow gain.

Several factors played a role in the weak showing for bonds. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October.

In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note climbed 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. Both issues finished October 2023 near their highest levels since 2007. The government bond market, in addition to being affected by rising interest rates, was further pressured by worries that the need for increased Treasury issuance would create an imbalance of supply and demand in the market.

The volatility in U.S. Treasuries, together with lower mortgage pre-payments and the Fed’s efforts to reduce the fixed-income holdings on its balance sheet, caused mortgage-backed securities to finish with a negative return. Conversely, the other major segments of the securitized category—asset-backed securities and commercial mortgage-backed securities—posted gains. Investment-grade corporate bonds also produced positive returns and outpaced Treasuries. The asset class benefited from a larger contribution from income and a decline in its yield spreads versus government issues.

Bonds with maturities of ten years and above, which are most sensitive to rate movements, trailed the broader market. On the other hand, issues in the three- to- seven-year maturity range outperformed. Higher-rated investment-grade bonds, whose performance is dictated more by interest-rate trends than credit developments, generally lagged lower-rated securities.

 

 

4  

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


Fund Summary as of October 31, 2023    iShares® Inflation Hedged Corporate Bond ETF

 

Investment Objective

The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment grade corporate bonds, as represented by the BlackRock Inflation Hedged Corporate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Performance

 

        Average Annual Total Returns               Cumulative Total Returns  
     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    2.18      3.00      2.48       2.18      15.94      14.38

Fund Market

    2.47        3.01        2.50         2.47        15.97        14.51  

Index

    2.28        4.01        3.69               2.28        21.72        21.93  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was May 8, 2018. The first day of secondary market trading was May 10, 2018.

Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Inflation Hedge Corporate Bond Index.

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

(05/01/23)

 
 

 

      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
          $       1,000.00          $        946.70          $        0.25               $        1,000.00          $      1,025.00          $        0.26          0.05

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

F U N D   S U M M A R Y

    5  


Fund Summary as of October 31, 2023   (continued)    iShares® Inflation Hedged Corporate Bond ETF

 

Portfolio Management Commentary

Investment-grade corporate bonds posted a gain in the annual period, as gauged by the 2.18% return for the Markit iBoxx USD Liquid Investment Grade Index. Although the rising-rate environment was a headwind for performance, the combination of income and falling credit spreads versus government bonds helped corporates finish with a positive total return. The Fund’s benchmark—the Blackrock Inflation Hedged Corporate Bond Index—slightly outperformed the broader market with a return of 2.28%.

The Fund returned 2.18% in net asset value. The Fund’s inflation hedge typically helps Fund performance if inflation comes in above market expectations. The Fund uses zero-coupon swaps at multiple points across the yield curve. If inflation exceeds the fixed rate on the CPI swaps, the swaps will be “in the money.” The Fund actively adjusted its hedge positioning based on changes in composition of the investment-grade bond portfolio (achieved through a position in iShares iBoxx $ Investment Grade Corporate Bond ETF), shifts in the market’s inflation expectations, and interest-rate movements. The notional value of the hedges was typically about 4-6% of the portfolio.

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    94.3

Short-term Investments

    46.2  

Swaps, net cumulative appreciation

    6.6  

Other assets less liabilities

    (47.1

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

 

   
Credit Rating(a)  

Percent of

Total Investment(b)

 

Aaa

    2.7

Aa

    4.6  

A

    45.1  

Baa

    44.7  

Ba

    2.2  

Not Rated

    0.7  

 

  (a) 

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.

 
  (b) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of October 31, 2023    iShares® Inflation Hedged High Yield Bond ETF

 

Investment Objective

The iShares Inflation Hedged High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock Inflation Hedged High Yield Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ HighYield Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Performance

 

        Average Annual Total Returns               Cumulative Total Returns  
     1 Year    

Since

Inception

             1 Year    

Since

Inception

 

Fund NAV

    4.88     4.79         4.88     6.58

Fund Market

    5.03       4.90           5.03       6.74  

Index

    4.40       4.31                 4.40       5.89  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.

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

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $       1,000.00          $      1,004.90          $        0.25               $      1,000.00          $      1,025.00          $        0.26          0.05

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

F U N D   S U M M A R Y

    7  


Fund Summary as of October 31, 2023   (continued)    iShares® Inflation Hedged High Yield Bond ETF

 

Portfolio Management Commentary

High yield corporate bonds delivered a solid gain in the annual period, as gauged by the 6.23% return for the Bloomberg US Corporate High Yield Index. Expectations that central banks were nearing the end of their rate-hiking cycles helped fuel positive investor sentiment, as did mounting hopes that the U.S. economy would avoid a recession. These developments contributed to a decline in credit spreads over the course of the period. Together with the contribution from income, the compression in spreads outweighed the headwind from rising yields in the government bond market.

The Fund returned 4.88% in net asset value terms. The Fund’s inflation hedge typically helps Fund performance if inflation comes in above market expectations. The Fund uses zero-coupon swaps at multiple points across the yield curve. If inflation exceeds the fixed rate on the CPI swaps, the swaps will be “in the money.” The Fund actively adjusted its hedge positioning based on changes in composition of the investment-grade bond portfolio (achieved through a position in iShares iBoxx $ High Yield Corporate Bond ETF), shifts in the market’s inflation expectations, and interest-rate movements. The notional value of the hedges was typically about 1% of the portfolio.

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    95.0

Short-term Investments

    48.1  

Swaps, net cumulative appreciation

    0.6  

Other assets less liabilities

    (43.7

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

 

   
Credit Rating(a)  

Percent of

Total Investment(b)

 

Baa

    1.8

Ba

    41.5  

B

    45.7  

Caa

    9.7  

Ca

    0.4  

Not Rated

    0.9  

 

  (a) 

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.

 
  (b) 

Excludes money market funds.

 

 

 

8  

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


Fund Summary as of October 31, 2023    iShares® Inflation Hedged U.S. Aggregate Bond ETF

 

Investment Objective

The iShares Inflation Hedged U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment-grade bonds, as represented by the BlackRock Inflation Hedged U.S. Aggregate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Core U.S. Aggregate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Performance

 

        Average Annual Total Returns               Cumulative Total Returns  
     1 Year    

Since

Inception

             1 Year    

Since

Inception

 

Fund NAV

    0.36     (2.85 )%          0.36     (3.87 )% 

Fund Market

    0.71       (2.73         0.71       (3.70

Index

    0.62       (2.79               0.62       (3.76

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.

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
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value

(05/01/23)

 
 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $       1,000.00          $         957.10          $       0.49               $      1,000.00          $      1,024.70          $       0.51          0.10

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

Portfolio Management Commentary

Investment-grade bonds posted a narrow gain in the annual period, as gauged by the 0.36% return for Bloomberg U.S. Aggregate Index. Although the rising-rate environment was a headwind for performance, the combination of income and falling credit spreads versus government bonds helped the index finish with a slightly positive total return.

The Fund returned 0.36% in net asset value terms. The Fund’s inflation hedge typically helps Fund performance if inflation comes in above market expectations. The Fund uses zero-coupon swaps at multiple points across the yield curve. If inflation exceeds the fixed rate on the CPI swaps, the swaps will be “in the money.” The Fund actively adjusted its hedge positioning based on changes in composition of the investment-grade bond portfolio (achieved through a position in iShares Core U.S. Aggregate Bond ETF), shifts in the market’s inflation expectations, and interest-rate movements.

 

 

F U N D   S U M M A R Y

    9  


Fund Summary as of October 31, 2023   (continued)    iShares® Inflation Hedged U.S. Aggregate Bond ETF

 

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    93.7

Short-term Investments

    3.4  

Swaps, net cumulative appreciation

    1.4  

Other assets less liabilities

    1.5  

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

   
Credit Rating(a)  

Percent of

Total Investment(b)

 

Aaa

    62.6

Aa

    2.2  

A

    13.3  

Baa

    12.0  

Ba

    0.4  

Not Rated

    9.5  

 

  (a) 

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.

 
  (b) 

Excludes money market funds.

 

 

 

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


Fund Summary as of October 31, 2023    iShares® Interest Rate Hedged Corporate Bond ETF

 

Investment Objective

The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds, as represented by the BlackRock Interest Rate Hedged Corporate Bond Index, (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Performance

 

        Average Annual Total Returns               Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    9.65      2.92      2.35       9.65      15.48      24.49

Fund Market

    10.09        2.94        2.36         10.09        15.62        24.57  

Index

    9.38        2.60        2.64               9.38        13.72        27.82  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was May 27, 2014. The first day of secondary market trading was May 28, 2014.

Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Corporate Bond Index.

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

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $       1,000.00          $      1,036.90          $          0.51               $      1,000.00          $      1,024.70          $         0.51          0.10

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

F U N D   S U M M A R Y

    11  


Fund Summary as of October 31, 2023   (continued)    iShares® Interest Rate Hedged Corporate Bond ETF

 

Portfolio Management Commentary

Investment-grade corporate bonds posted a gain in the annual period, as gauged by the 2.18% return for the Markit iBoxx USD Liquid Investment Grade Index. Although the rising-rate environment was a headwind for performance, the combination of income and falling credit spreads versus government bonds helped corporates finish with a positive total return.

The Fund returned 9.65% in net asset value terms. The Fund’s interest-rate hedging was the largest contributor to performance versus the broader asset class at a time in which bond yields surged. The two-year U.S. Treasury note moved from 4.51% to 5.07% over the course of the 12-month period, and the 10-year yield rose from 4.10% to 4.88%. Both issues finished October 2023 near their highest levels since 2007. Rising interest rates typically reduce the price of existing bonds, while falling rates translate to rising bond prices. A fund that is hedged against interest-rate movements attempts to avoid these fluctuations by offsetting interest-rate risk through the use of interest-rate swaps and U.S. Treasury futures contracts.

The Fund actively adjusted its hedge positioning based on changes in the composition of the investment-grade bond portfolio (achieved through a position in iShares iBoxx $ Investment Grade Corporate Bond ETF), shifts in the market’s inflation expectations, and interest-rate movements.

Since the Fund’s hedging strategy seeks near-zero interest-rate sensitivity, rate movements had a minimal effect on the Fund’s return. Instead, the Fund’s net asset value fluctuated based on direct exposure to the credit spreads of investment-grade corporate bonds, independent of rising rates. The Fund’s positive return therefore reflects the decrease in credit spreads that occurred during the period.

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    93.4

Short-term Investments

    47.9  

Swaps, net cumulative appreciation

    11.2  

Other assets less liabilities

    (52.5

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

 

   
Credit Rating(a)  

Percent of

Total Investment(b)

 

Aaa

    2.7

Aa

    4.6  

A

    45.1  

Baa

    44.7  

Ba

    2.2  

Not Rated

    0.7  

 

  (a) 

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.

 
  (b) 

Excludes money market funds.

 

 

 

12  

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Fund Summary as of October 31, 2023    iShares® Interest Rate Hedged High Yield Bond ETF

 

Investment Objective

The iShares Interest Rate Hedged High Yield Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock Interest Rate Hedged High Yield Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Performance

 

         Average Annual Total Returns               Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years      Since
Inception
 

Fund NAV

    7.97      3.69      3.28       7.97      19.87      35.59

Fund Market

    8.06        3.70        3.29         8.06        19.94        35.77  

Index

    7.29        3.50        3.47               7.29        18.77        37.88  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was May 27, 2014. The first day of secondary market trading was May 28, 2014.

Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged High Yield Bond Index.

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

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $       1,000.00          $      1,043.50          $          0.26               $      1,000.00          $      1,025.00          $         0.26          0.05

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

F U N D   S U M M A R Y

    13  


Fund Summary as of October 31, 2023   (continued)    iShares® Interest Rate Hedged High Yield Bond ETF

 

Portfolio Management Commentary

High yield corporate bonds delivered a solid gain in the annual period, as gauged by the 5.11% return for the Markit iBoxx USD Liquid High Yield Index. Expectations that central banks were nearing the end of their rate-hiking cycles helped fuel positive investor sentiment, as did mounting hopes that the U.S. economy would avoid a recession. These developments contributed to a decline in credit spreads over the course of the period. Together with the contribution from income, the compression in spreads outweighed the headwind from rising yields in the government bond market.

The Fund returned 7.97% in net asset value terms. The Fund’s interest-rate hedging was the largest contributor to performance versus the broader asset class at a time in which bond yields surged. The two-year U.S. Treasury note moved from 4.51% to 5.07% over the course of the 12-month period, and the 10-year yield rose from 4.10% to 4.88%. Both issues finished October 2023 near their highest levels since 2007. Rising interest rates typically reduce the price of existing bonds, while falling rates translate to rising bond prices. A fund that is hedged against interest-rate movements attempts to avoid these fluctuations by offsetting interest-rate risk through the use of interest-rate swaps and U.S. Treasury futures contracts.

The Fund actively adjusted its hedge positioning based on changes in the composition of the high-yield bond portfolio (achieved through a position in iShares iBoxx $ High Yield Corporate Bond ETF), shifts in the market’s inflation expectations, and interest-rate movements.

Since the Fund’s hedging strategy seeks near-zero interest-rate sensitivity, rate movements had a minimal effect on the Fund’s return. Instead, the Fund’s net asset value fluctuated based on direct exposure to the credit spreads of high yield corporate bonds, independent of rising rates. The Fund’s positive return therefore reflects the decrease in credit spreads that occurred during the period.

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    94.8

Short-term Investments

    48.0  

Swaps, net cumulative appreciation

    4.3  

Other assets less liabilities

    (47.1

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

 

   
Credit Rating(a)  

Percent of

Total Investment(b)

 

Baa

    1.8

Ba

    41.5  

B

    45.7  

Caa

    9.7  

Ca

    0.4  

Not Rated

    0.9  

 

  (a) 

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.

 
  (b) 

Excludes money market funds.

 

 

 

14  

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Fund Summary as of October 31, 2023      iShares® Interest Rate Hedged Long-Term Corporate Bond ETF

 

Investment Objective

The iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years, as represented by the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares 10+ Year Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Performance

 

        Average Annual Total Returns               Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years      Since
Inception
 

Fund NAV

    12.41      2.56      3.09       12.41      13.46      28.71

Fund Market

    12.98        2.57        3.10         12.98        13.55        28.76  

Index

    12.53        1.97        3.02               12.53        10.26        27.87  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was July 22, 2015. The first day of secondary market trading was July 23, 2015.

Index performance through November 30, 2021 reflects the performance of the ICE Q70A Custom Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index.

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

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a)  

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $       1,000.00          $      1,046.30          $          0.52               $      1,000.00          $      1,024.70          $         0.51          0.10

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

F U N D   S U M M A R Y

    15  


Fund Summary as of October 31, 2023   (continued)    iShares® Interest Rate Hedged Long-Term Corporate Bond  ETF

 

Portfolio Management Commentary

The broad investment-grade corporate bond market posted a gain in the annual period, as gauged by the 2.18% return for the Markit iBoxx USD Liquid Investment Grade Index. Although the rising-rate environment was a headwind for performance, the combination of income and falling credit spreads versus government bonds helped corporates finish with a gain. Longer-term corporate bonds, which are morse sensitive to interest-rate trends, underperformed at a time of rising rates. As a result the ICE BofA 10+ Year US Corporate Index had a marginal return of 0.81%.

The Fund returned 12.41% in net asset value terms. The Fund’s interest-rate hedging was the largest contributor to performance versus the broader asset class at a time in which bond yields surged. The two-year U.S. Treasury note moved from 4.51% to 5.07% over the course of the 12-month period, and the 10-year yield rose from 4.10% to 4.88%. Both issues finished October 2023 near their highest levels since 2007. Rising interest rates typically reduce the price of existing bonds, while falling rates translate to rising bond prices. A fund that is hedged against interest-rate movements attempts to avoid these fluctuations by offsetting interest-rate risk through the use of interest-rate swaps and U.S. Treasury futures contracts.

The Fund actively adjusted its hedge positioning based on changes in the composition of the investment-grade bond portfolio (achieved through a position in iShares 10+ Year Investment Grade Corporate Bond ETF), shifts in the market’s inflation expectations, and interest-rate movements.

Since the Fund’s hedging strategy seeks near-zero interest-rate sensitivity, rate movements had a minimal effect on the Fund’s return. Instead, the Fund’s net asset value fluctuated based on direct exposure to the credit spreads of investment-grade corporate bonds, independent of rising rates. The Fund’s positive return therefore reflects the decrease in credit spreads that occurred during the period.

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    89.5

Short-term Investments

    29.4  

Swaps, net cumulative appreciation

    12.4  

Other assets less liabilities

    (31.3

    CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)    

 

   
Credit Rating(a)  

Percent of

Total Investment(b)

 

Aaa

    3.3

Aa

    8.9  

A

    41.8  

Baa

    43.0  

Ba

    1.4  

Not Rated

    1.6  

 

  (a) 

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.

 
  (b) 

Excludes money market funds.

 

 

 

16  

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Fund Summary as of October 31, 2023    iShares® Interest Rate Hedged U.S. Aggregate Bond ETF

 

Investment Objective

The iShares Interest Rate Hedged U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment grade bonds, as represented by the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index (the “Index”). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Core U.S.Aggregate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding positions in U.S. Treasury futures or interest rate swaps.

Performance

 

        Average Annual Total Returns               Cumulative Total Returns  
     1 Year     

Since

Inception

             1 Year    

Since

Inception

 

Fund NAV

    5.60      4.33         5.60     5.94

Fund Market

    5.85        4.42           5.85       6.07  

Index

    5.60        4.18                 5.60       5.70  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.

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

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

          $       1,000.00          $      1,021.90          $         0.51               $      1,000.00          $      1,024.70          $         0.51          0.10

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

 

 

 

F U N D   S U M M A R Y

    17  


Fund Summary as of October 31, 2023   (continued)    iShares® Interest Rate Hedged U.S. Aggregate Bond ETF

 

Portfolio Management Commentary

Investment-grade bonds posted a narrow gain in the annual period, as gauged by the 0.36% return for Bloomberg U.S. Aggregate Index. The combination of income and falling credit spreads versus government bonds helped the index finish with a slightly positive total return.

The Fund returned 5.60% in net asset value terms. The Fund’s interest-rate hedging was the largest contributor to performance versus the broader asset class at a time in which bond yields surged. The two-year U.S. Treasury note moved from 4.51% to 5.07% over the course of the 12-month period, and the 10-year yield rose from 4.10% to 4.88%. Both issues finished October 2023 near their highest levels since 2007. Rising interest rates typically reduce the price of existing bonds, while falling rates translate to rising bond prices. A fund that is hedged against interest-rate movements attempts to avoid these fluctuations by offsetting interest-rate risk through the use of interest-rate swaps and U.S. Treasury futures contracts.

The Fund actively adjusted its hedge positioning based on changes in the composition of the investment-grade bond portfolio (achieved through a position in iShares Core U.S. Aggregate Bond ETF), shifts in the market’s inflation expectations, and interest-rate movements.

Since the Fund’s hedging strategy seeks near-zero interest-rate sensitivity, rate movements had a minimal effect on the Fund’s return. Instead, the Fund’s net asset value fluctuated based on direct exposure to the credit spreads of investment-grade corporate bonds, independent of rising rates. The Fund’s positive return therefore reflects the decrease in credit spreads that occurred during the period.

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    92.6

Short-term Investments

    3.5  

Swaps, net cumulative appreciation

    7.1  

Other assets less liabilities

    (3.2

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

 

   
Credit Rating(a)  

Percent of

Total Investment(b)

 

Aaa

    62.6

Aa

    2.2  

A

    13.3  

Baa

    12.0  

Ba

    0.4  

Not Rated

    9.5  

 

  (a) 

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.

 
  (b) 

Excludes money market funds.

 

 

 

18  

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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 each 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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 each 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 examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide 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 examples also provide 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 Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples 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 examples are 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

  19


Schedule of Investments

October 31, 2023

  

iShares® Inflation Hedged Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

   
Exchange-Traded Funds — 94.3%            

iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)

    436,431     $ 43,280,861  
   

 

 

 

Total Investment Companies
(Cost: $52,496,837)

      43,280,861  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 46.2%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(c)(d)

    20,542,071       20,550,288  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(c)

    630,000       630,000  
   

 

 

 

Total Short-Term Securities — 46.2%
(Cost: $21,180,163)

 

    21,180,288  
   

 

 

 

Total Investments in Securities — 140.5%
(Cost: $73,677,000)

 

    64,461,149  

Liabilities in Excess of Other Assets — (40.5)%

 

    (18,572,126
   

 

 

 

Net Assets — 100.0%

 

  $ 45,889,023  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

All or a portion of this security is on loan.

(c) 

Annualized 7-day yield as of period end.

(d) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
       Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

10/31/23

    

Shares

Held at

10/31/23

     Income    

Capital

Gain

Distributions

from

Underlying

Funds

   

  

 
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $      $ 20,551,413 (a)    $     $ (1,250   $ 125      $ 20,550,288        20,542,071      $ 42,783 (b)     $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    170,000        460,000 (a)                          630,000        630,000        22,296          
 

iShares iBoxx $ Investment Grade Corporate Bond ETF

    53,261,756        19,756,210       (28,929,321     (7,188,593     6,380,809        43,280,861        436,431        2,136,355          
          

 

 

   

 

 

    

 

 

       

 

 

   

 

 

   
           $ (7,189,843   $ 6,380,934      $ 64,461,149         $ 2,201,434     $    
          

 

 

   

 

 

    

 

 

       

 

 

   

 

 

   

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

 

 

 

   
   

Paid by the Fund

     Received by the Fund       

 

      

 

        

 

     Notional         

 

      

Upfront

Premium

       Unrealized      

 

 
    Rate    Frequency      Rate    Frequency      Effective
Date
     Termination
Date
              Amount
(000)
       Value        Paid
(Received)
       Appreciation
(Depreciation)
        
 

 

   
 

3.32%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        12/06/29        USD        300        $  19,096        $ 4        $ 19,092    

  

 

3.27%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        03/15/30        USD        100          6,882          1          6,881    
 

3.14%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        05/05/30        USD        170          13,217          2          13,215    
 

3.25%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        12/06/32        USD        200          19,022          3          19,019    
 

3.08%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        01/23/33        USD        200          21,713          3          21,710    
 

3.23%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        12/06/37        USD        100          13,853          2          13,851    
 

3.71%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        08/04/43        USD        200          21,498          6          21,492    

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged Corporate Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 

   
                            

Effective
Date

  

Termination
Date

        

 

      

Notional

Amount
(000)

      

Value

    

Upfront

Premium

Paid
(Received)

    

Unrealized

Appreciation
(Depreciation)

     

 

    Paid by the Fund     

Received by the Fund

    Rate         Frequency      Rate      Frequency
 

 

   
  3.17%   Annual      1-Day SOFR, 5.35%      Annual      N/A      01/09/48          USD          200        $ 37,814      $ 6      $ 37,808    
  2.98%   Annual      1-Day SOFR, 5.35%      Annual      N/A      03/15/48          USD          100          21,594        3        21,591    
  3.07%   Annual      1-Day SOFR, 5.35%      Annual      N/A      05/05/48          USD          100          20,284        3        20,281    
  3.60%   Annual      1-Day SOFR, 5.35%      Annual      N/A      08/04/48          USD          200          25,126        7        25,119    
  4.32%   Annual      1-Day SOFR, 5.35%      Annual      N/A      10/06/48          USD          150          2,915        5        2,910    
  3.15%   Annual      1-Day SOFR, 5.35%      Annual      N/A      11/23/52          USD          100          19,609        4        19,605    
  2.93%   Annual      1-Day SOFR, 5.35%      Annual      N/A      12/06/52          USD          200          46,297        7        46,290    
  2.99%   Annual      1-Day SOFR, 5.35%      Annual      N/A      05/05/53          USD          100          22,189        4        22,185    
  4.21%   Annual      1-Day SOFR, 5.35%      Annual      N/A      10/06/53          USD          50          1,144        2        1,142    
                                    

 

 

    

 

 

    

 

 

   
                                     $ 312,253      $ 62      $ 312,191    
                                    

 

 

    

 

 

    

 

 

   

Centrally Cleared Inflation Swaps

 

 

 
                      

Termination
Date

     

 

   

Notional

Amount
(000)

   

Value

   

Upfront

Premium

Paid
(Received)

   

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

Reference    Frequency      Rate      Frequency

 

 

U.S. CPI Urban Consumers NSA

   At Termination     

2.63%

     At Termination     12/09/23       USD       2,700     $ (25,122   $ (5,947   $ (19,175

3.35%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/05/24       USD       3,000       129,011       19       128,992  

2.74%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     11/17/24       USD       230       1,239       2       1,237  

2.50%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     12/30/24       USD       560       3,455       (4     3,459  

2.54%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     02/10/25       USD       60       379             379  

2.48%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/06/25       USD       66       332             332  

2.50%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/13/25       USD       400       1,671       276       1,395  

2.42%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/25/25       USD       520       2,665       3       2,662  

2.27%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     05/05/25       USD       660       5,259       4       5,255  

2.43%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     07/27/25       USD       510       2,323       4       2,319  

2.63%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     09/21/25       USD       270       (267     1       (268

2.74%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     09/15/26       USD       1,600       91,798       21       91,777  

2.92%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     10/21/26       USD       3,000       139,174       40       139,134  

2.54%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     12/30/27       USD       430       2,946       (243     3,189  

2.46%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/05/28       USD       1,900       19,700       26       19,674  

2.45%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     02/08/28       USD       965       11,347       13       11,334  

2.59%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     02/22/28       USD       360       2,384       5       2,379  

2.71%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     02/24/28       USD       250       418       3       415  

2.58%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     03/31/28       USD       80       372       1       371  

2.56%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/05/28       USD       125       627       2       625  

2.50%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/06/28       USD       700       5,575       9       5,566  

2.52%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/13/28       USD       1,200       8,269       1,935       6,334  

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged Corporate Bond ETF

 

Centrally Cleared Inflation Swaps (continued)

 

 

 
                      

Termination
Date

     

 

   

Notional

Amount
(000)

   

Value

   

Upfront

Premium

Paid
(Received)

   

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

Reference    Frequency      Rate      Frequency

 

 

2.55%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/19/28       USD       100     $ 527     $ 1     $ 526  

2.41%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     05/05/28       USD       1,600       18,079       21       18,058  

2.39%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     05/17/28       USD       1,150       14,750       15       14,735  

2.66%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     10/01/28       USD       1,000       58,908       18       58,890  

2.96%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     10/26/28       USD       1,500       57,688       28       57,660  

2.58%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     10/30/28       USD       1,000       352       13       339  

1.89%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     08/20/30       USD       360       58,428       7,109       51,319  

1.90%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     08/20/30       USD       420       67,900       10       67,890  

2.24%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/12/31       USD       2,000       246,058       47       246,011  

2.40%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     02/09/31       USD       1,440       155,629       34       155,595  

2.47%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/07/31       USD       2,000       200,881       46       200,835  

2.67%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     05/19/31       USD       580       45,990       13       45,977  

2.57%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     06/02/31       USD       3,000       263,141       2,870       260,271  

2.60%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     09/30/31       USD       1,000       63,628       23       63,605  

2.43%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     12/19/32       USD       110       2,748       3       2,745  

2.50%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/05/33       USD       488       8,853       12       8,841  

2.47%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     02/07/33       USD       410       8,671       9       8,662  

2.54%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/13/33       USD       335       4,792       497       4,295  

2.58%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     07/14/33       USD       90       933       2       931  

2.66%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     09/21/33       USD       190       467       5       462  

2.61%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/07/37       USD       3,500       181,373       100       181,273  

2.50%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/25/37       USD       560       34,897       17       34,880  

2.40%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     06/29/41       USD       500       51,210       19       51,191  

2.45%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     06/29/41       USD       1,000       96,185       39       96,146  

2.38%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     07/16/41       USD       300       30,727       4       30,723  

2.58%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/05/42       USD       1,530       83,018       58       82,960  

2.33%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     12/19/42       USD       200       10,518       8       10,510  

2.50%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     12/06/46       USD       500       36,933       22       36,911  

2.47%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     12/09/46       USD       1,000       78,793       45       78,748  

1.83%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     10/18/49       USD       418       90,140       (11,790     101,930  

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged Corporate Bond ETF

 

Centrally Cleared Inflation Swaps (continued)

 

 

 
                      

Termination
Date

     

 

   

Notional

Amount
(000)

   

Value

   

Upfront

Premium

Paid
(Received)

   

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

Reference    Frequency      Rate      Frequency

 

 

1.94%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     08/20/50       USD       10     $ 2,086     $     $ 2,086  

1.95%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     08/20/50       USD       600       124,184       16,729       107,455  

2.23%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     01/06/51       USD       300       45,513       15       45,498  

2.41%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     07/30/51       USD       1,000       106,653       49       106,604  

2.42%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     08/02/51       USD       459       47,762       23       47,739  

2.37%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     02/08/53       USD       99       6,302       4       6,298  

2.35%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination     04/06/53       USD       50       3,283       3       3,280  
                    

 

 

   

 

 

   

 

 

 
                     $ 2,711,555     $ 12,291     $ 2,699,264  
                    

 

 

   

 

 

   

 

 

 

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

 

 

 
Description    Swap Premiums
Paid
       Swap Premiums
Received
      

Unrealized

Appreciation

      

Unrealized

Depreciation

 

 

 

Centrally Cleared Swaps(a)

   $ 30,337        $ (17,984      $ 3,030,898        $ (19,443

 

 

 

  (a) 

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Inflation

Linked

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Swaps — centrally cleared

                    

Unrealized appreciation on centrally cleared swaps(a)

   $      $      $      $      $ 312,191      $ 2,718,707      $ 3,030,898  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                    

Swaps — centrally cleared

                    

Unrealized depreciation on centrally cleared swaps(a)

   $      $      $      $      $      $ 19,443      $ 19,443  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged Corporate Bond ETF

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Inflation

Linked

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $      $      $ (56,283    $      $ (56,283

Swaps

                                 54,389        1,088,743        1,143,132  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $      $      $      $      $ (1,894    $ 1,088,743      $   1,086,849  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $      $      $   (113,634    $      $ (113,634

Swaps

                                 312,191        (1,083,088      (770,897
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $      $      $      $      $ 198,557      $     (1,083,088    $ (884,531
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Interest rate swaps:

  

Average notional value — pays fixed rate

   $ 2,310,000      

Inflation swaps:

  

Average notional value – pays fixed rate

   $ 54,819,250      

Average notional value – receives fixed rate

   $ 2,042,500      

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

                 

Investment Companies

   $ 43,280,861        $        $        $ 43,280,861  

Short-Term Securities

                 

Money Market Funds

     21,180,288                            21,180,288  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 64,461,149        $        $        $ 64,461,149  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Inflation Linked Contracts

   $        $ 2,718,707        $        $ 2,718,707  

Interest Rate Contracts

              312,191                   312,191  

Liabilities

                 

Inflation Linked Contracts

              (19,443                 (19,443
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $   3,011,455        $                 —          3,011,455  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

October 31, 2023

  

iShares® Inflation Hedged High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Shares

    Value  

 

 

Investment Companies

 

Exchange-Traded Funds — 95.0%            

iShares iBoxx $High Yield Corporate Bond ETF(a)(b)

    32,244     $ 2,339,947  
   

 

 

 

Total Investment Companies
(Cost: $2,385,834)

 

    2,339,947  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 48.1%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(c)(d)

    1,124,319       1,124,769  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(c)

    60,000       60,000  
   

 

 

 

Total Short-Term Securities — 48.1%
(Cost: $1,184,654)

 

    1,184,769  
   

 

 

 

Total Investments in Securities — 143.1%
(Cost: $3,570,488)

 

    3,524,716  

Liabilities in Excess of Other Assets — (43.1)%

 

    (1,062,131
   

 

 

 

Net Assets — 100.0%

 

  $ 2,462,585  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

All or a portion of this security is on loan.

(c) 

Annualized 7-day yield as of period end.

(d) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

10/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/23

   

Shares

Held at

10/31/23

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 723,613                $ 400,957 (a)    $     $ 83     $ 116     $ 1,124,769       1,124,319     $ 12,414 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    50,000         10,000 (a)                         60,000       60,000       2,661        

iShares iBoxx $ High Yield Corporate Bond ETF

    2,389,706         37,756       (59,435     186       (28,266     2,339,947       32,244       139,565        
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
          $ 269     $ (28,150   $ 3,524,716       $ 154,640     $  
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

 

 

 
                       

Effective
Date

    

Termination
Date

        

 

      

Notional

Amount
(000)

      

Value

      

 

Upfront

Premium

Paid
(Received)

      

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

     Received by the Fund
Rate   

 

Frequency

     Rate    Frequency

 

 

3.18%

   Annual      1-Day SOFR, 5.35%        Annual      N/A        01/17/30          USD          15        $ 1,086        $        $ 1,086  

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged High Yield Bond ETF

 

OTC Inflation Swaps

 

 

 
                          Counterparty   Termination
Date
   

Notional

Amount

(000)

    Value    

Upfront

Premium

Paid
(Received)

   

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

Reference    Frequency      Rate      Frequency

 

 

4.05%

   At Termination     

U.S. CPI Urban Consumers NAS

     At Termination     

Goldman Sachs International

    06/24/24       USD       60     $ (174   $     $ (174

4.06%

   At Termination     

U.S. CPI Urban Consumers NAS

     At Termination     

Goldman Sachs International

    06/24/24       USD       50       (154           (154

3.05%

   At Termination     

U.S. CPI Urban Consumers NAS

     At Termination     

Goldman Sachs International

    06/24/27       USD       520       1,128             1,128  

2.82%

   At Termination     

U.S. CPI Urban Consumers NAS

     At Termination     

Goldman Sachs International

    06/24/32       USD       98       852             852  
                         

 

 

   

 

 

   

 

 

 
                          $ 1,652     $     $ 1,652  
                         

 

 

   

 

 

   

 

 

 

Centrally Cleared Inflation Swaps

 

 

 
                          Termination
Date
      

Notional

Amount

(000)

      

Value

      

Upfront

Premium

Paid
(Received)

      

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

Reference    Frequency      Rate      Frequency

 

 

2.34%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        07/12/24          USD          100        $ 426        $        $ 426  

2.58%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        11/22/24          USD          8          63                   63  

3.13%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        07/12/25          USD          349          1,862          4          1,858  

2.74%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        12/07/25          USD          42          78          1          77  

2.35%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        02/07/26          USD          14          150                   150  

2.50%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        04/13/26          USD          43          184                   184  

2.36%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        06/01/26          USD          115          1,010          1          1,009  

2.41%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        07/12/26          USD          21          127                   127  

2.90%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        07/12/27          USD          124          739          1          738  

2.62%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        02/28/28          USD          8          49                   49  

2.51%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        07/12/28          USD          30          195          1          194  

2.63%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        09/21/28          USD          55          1          1          0  

2.75%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        07/12/29          USD          488          6,399          8          6,391  

2.52%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        10/11/29          USD          13          178                   178  

2.80%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        10/27/29          USD          25          (64                 (64

2.71%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        12/07/29          USD          24          62          1          61  

2.51%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        12/22/29          USD          25          337                   337  

2.44%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        02/07/30          USD          20          350                   350  

2.48%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        06/01/30          USD          30          425          1          424  

2.61%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination        08/23/30          USD          28          129          1          128  

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged High Yield Bond ETF

 

Centrally Cleared Inflation Swaps (continued)

 

 

 
                              Termination
Date
      

Notional

Amount

(000)

       Value       

Upfront

Premium

Paid
(Received)

      

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

      

Received by the Fund

 
Reference    Frequency        Rate      Frequency  

 

 

2.65%

     At Termination       

U.S. CPI Urban Consumers NSA

       At Termination          09/21/30          USD          10        $ 10        $        $ 10  

2.64%

     At Termination       

U.S. CPI Urban Consumers NSA

       At Termination          10/30/30          USD          29          4                   4  
                                

 

 

      

 

 

      

 

 

 
                                 $ 12,714        $ 20        $ 12,694  
                                

 

 

      

 

 

      

 

 

 

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

 

         
Description   

Swap

Premiums

Paid

    

Swap

Premiums

Received

    

Unrealized

Appreciation

    

Unrealized

Depreciation

 

Centrally Cleared Swaps(a)

   $ 20      $      $ 13,844      $ (64

OTC Swaps

                   1,980        (328

 

  (a) 

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Inflation

Linked

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Swaps — OTC

                    

Unrealized appreciation on OTC swaps; Swap premiums paid

   $      $      $      $      $      $ 1,980      $ 1,980  

Swaps — centrally cleared

                    

Unrealized appreciation on centrally cleared swaps(a)

   $      $      $      $      $ 1,086      $ 12,758      $ 13,844  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $      $      $      $      $ 1,086      $ 14,738      $ 15,824  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                    

Swaps — OTC

                    

Unrealized depreciation on OTC swaps; Swap premiums received

   $      $      $      $      $      $ 328      $ 328  

Swaps — centrally cleared

                    

Unrealized depreciation on centrally cleared swaps(a)

   $      $      $      $      $      $ 64      $ 64  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $      $      $      $      $      $ 392      $ 392  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Inflation

Linked

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                    

Swaps

   $      $      $      $      $ 1,430      $ (1,239    $ 191  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Swaps

   $      $      $      $      $ 1,086      $ (6,827    $ (5,741
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged High Yield Bond ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Interest rate swaps:

  

Average notional value — pays fixed rate

   $ 15,000      

Inflation swaps:

  

Average notional value – pays fixed rate

   $ 2,304,225      

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

 

 
     Assets        Liabilities  

 

 

Derivative Financial Instruments:

       

Swaps - centrally cleared

   $ 13,844        $ 64  

Swaps - OTC(a)

     1,980          328  
  

 

 

      

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     15,824          392  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

     (13,844        (64
  

 

 

      

 

 

 

Total derivative assets and liabilities subject to an MNA

     1,980          328  
  

 

 

      

 

 

 

 

  (a) 

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

 

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

 

 

 
   

Derivative

Assets

Subject to

an MNA by

 

 

 

 

 

Derivatives

Available

 

 

 

Non-Cash

Collateral

 

 

 

Cash

Collateral

 

 

   

Net Amount

of Derivative

 

 

Counterparty     Counterparty         for Offset (a)    Received

 

  Received

 

      Assets (b) 

 

 

Goldman Sachs International

                         $  1,980            $ (328              $     —                $     —                $ 1,652  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 
                   

 

 
   

Derivative
Liabilities

Subject to
an MNA by

    Derivatives
Available
    Non-Cash
Collateral
    Cash
Collateral
    Net Amount
of Derivative
 
Counterparty     Counterparty         for Offset (a)    Received

 

  Pledged

 

      Liabilities  

 

 

Goldman Sachs International

                     $  328       $ (328     $     —       $     —       $  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

  (a) 

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

 
  (b) 

Net amount represents the net amount receivable from the counterparty in the event of default.

 

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

                 

Investment Companies

   $ 2,339,947        $        $        $ 2,339,947  

Short-Term Securities

                 

Money Market Funds

     1,184,769                            1,184,769  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 3,524,716        $        $        $ 3,524,716  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Inflation Linked Contracts

   $        $ 14,738        $        $ 14,738  

Interest Rate Contracts

              1,086                   1,086  

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged High Yield Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                                               

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Liabilities

                 

Inflation Linked Contracts

   $        $ (392      $        $ (392
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ 15,432        $              15,432  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

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

    29  


Schedule of Investments

October 31, 2023

  

iShares® Inflation Hedged U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

 

Exchange-Traded Funds — 93.7%  

iShares Core U.S. Aggregate Bond ETF(a)

    23,688     $ 2,186,639  
   

 

 

 

Total Investment Companies
(Cost: $2,383,112)

 

    2,186,639  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 3.4%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b)

    80,000       80,000  
   

 

 

 

Total Short-Term Securities — 3.4%
(Cost: $80,000)

 

    80,000  
   

 

 

 

Total Investments in Securities — 97.1%
(Cost: $2,463,112)

 

    2,266,639  

Other Assets Less Liabilities — 2.9%

 

    68,387  
   

 

 

 

Net Assets — 100.0%

    $   2,335,026  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

    

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/22

   

Purchases

at Cost

    Proceeds
from Sale
   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation
(Depreciation)

    Value at
10/31/23
    Shares
Held at
10/31/23
    Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 30,000                  $ 50,000 (a)    $     $     $     $ 80,000       80,000     $ 2,039     $  

iShares Core U.S. Aggregate Bond ETF

    2,285,951         78,889       (118,339     (2,609     (57,253     2,186,639       23,688       69,814        
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
          $ (2,609   $ (57,253   $ 2,266,639       $ 71,853     $  
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

 

 

 
                        Effective
Date
     Termination
Date
               

Notional

Amount

(000)

      

Value

      

Upfront

Premium

Paid
(Received)

      

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

      

 

 
Rate    Frequency          Rate    Frequency             

 

 

3.23%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        01/11/33          USD          5        $ 485        $        $ 485  

3.20%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        12/06/42          USD          5          858                   858  

4.06%

   Annual      1-Day SOFR, 5.35%    Annual      N/A        10/17/53          USD          10          477                   477  
                                   

 

 

      

 

 

      

 

 

 
                                    $ 1,820        $        $ 1,820  
                                   

 

 

      

 

 

      

 

 

 

OTC Inflation Swaps

 

 

 

   
                                Counterparty      Termination
Date
      

Notional

Amount
(000)

       Value       

Upfront

Premium

Paid
(Received)

      

Unrealized

Appreciation
(Depreciation)

     
   

Paid by the Fund

    

Received by the Fund

   

    

       Reference    Frequency      Rate      Frequency  
 

 

   
 

3.05%

   At Termination     

U.S. CPI Urban Consumers NAS

       At Termination       

Goldman Sachs International

       06/24/27          USD     315        $   683        $        $ 683    

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged U.S. Aggregate Bond ETF

 

OTC Inflation Swaps (continued)

 

 

 

   
                               Counterparty  

Termination

Date

   

Notional

Amount
(000)

   

Value

   

Upfront

Premium

Paid
(Received)

   

Unrealized

Appreciation
(Depreciation)

     

 

   

Paid by the Fund

      

Received by the Fund

     

 

   

 

Reference

   Frequency        Rate      Frequency      
 

 

   

    

 

2.86%

     At Termination       

U.S. CPI Urban Consumers NAS

       At Termination    

Goldman Sachs International

    06/24/29       USD             315     $ 2,844     $     $ 2,844         
 

2.55%

     At Termination       

U.S. CPI Urban Consumers NAS

       At Termination    

Goldman Sachs International

    06/24/47       USD       47       1,945             1,945    
                        

 

 

   

 

 

   

 

 

   
                         $ 5,472     $     $ 5,472    
                        

 

 

   

 

 

   

 

 

   

Centrally Cleared Inflation Swaps

 

 

 
                                      Termination
Date
   

Notional

Amount
(000)

   

Value

   

Upfront

Premium

Paid
(Received)

   

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

   

 

 
Reference    Frequency      Rate      Frequency      

 

 

3.51%

   At Termination     

U.S. CPI Urban Consumers NSA%

     At Termination       07/05/24       USD             216     $ 1,247     $ 399     $ 848  

3.05%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/11/25       USD       70       550       1       549  

2.98%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       09/08/25       USD       250       (1,718     3       (1,721

2.76%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       12/07/25       USD       47       54             54  

2.80%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       03/06/26       USD       52       0             0  

2.42%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       06/26/26       USD       111       653       1       652  

2.41%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/12/26       USD       12       73             73  

2.65%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       10/12/27       USD       11       43             43  

2.68%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       10/14/27       USD       15       37       (45     82  

2.67%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       10/17/27       USD       13       42             42  

2.89%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       11/04/27       USD       25       (144     1       (145

2.67%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/05/29       USD       50       986       19       967  

2.45%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       01/25/30       USD       37       607       1       606  

2.52%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       06/26/30       USD       26       281             281  

2.64%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/31/30       USD       19       63             63  

2.64%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/05/32       USD       219       5,067       27       5,040  

2.69%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       12/07/32       USD       58       299       2       297  

2.59%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/12/33       USD       10       96             96  

2.59%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       09/08/33       USD       28       238       (223     461  

2.53%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/11/37       USD       100       3,602       3       3,599  

2.40%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       10/12/37       USD       36       1,384       1       1,383  

2.44%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/05/42       USD       114       5,883       (620     6,503  

2.39%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       02/07/43       USD       11       485             485  

2.38%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       10/14/47       USD       17       902       (214     1,116  

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged U.S. Aggregate Bond ETF

 

Centrally Cleared Inflation Swaps (continued)

 

 

 
                                      Termination
Date
   

Notional

Amount
(000)

   

Value

   

Upfront

Premium

Paid
(Received)

   

Unrealized

Appreciation
(Depreciation)

 

Paid by the Fund

    

Received by the Fund

   

 

 
Reference    Frequency      Rate      Frequency      

 

 

2.34%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       12/21/47       USD               17     $ 1,020     $ 1     $ 1,019  

2.56%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       08/07/48       USD       10       236             236  

2.40%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       07/05/52       USD       38       2,690       (325     3,015  

2.46%

   At Termination     

U.S. CPI Urban Consumers NSA

     At Termination       06/26/53       USD       10       455       1       454  
                      

 

 

   

 

 

   

 

 

 
                       $ 25,131     $ (967   $ 26,098  
                      

 

 

   

 

 

   

 

 

 

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

 

         
Description   

Swap

Premiums

Paid

      

Swap

Premiums

Received

      

Unrealized

Appreciation

      

Unrealized

Depreciation

 

Centrally Cleared Swaps(a)

   $ 460        $ (1,427      $ 29,784        $ (1,866

OTC Swaps

                       5,472           

 

  (a) 

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

      

Credit

Contracts

      

Equity

Contracts

      

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

      

Inflation

Linked

Contracts

       Total  

 

 

Assets — Derivative Financial Instruments

 

                   

Swaps — OTC

                                

Unrealized appreciation on OTC swaps; Swap premiums paid

   $        $        $        $        $        $ 5,472        $ 5,472  

Swaps — centrally cleared

                                

Unrealized appreciation on centrally cleared swaps(a)

   $        $        $        $        $ 1,820        $ 27,964        $ 29,784  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
   $        $        $        $        $ 1,820        $ 33,436        $ 35,256  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities — Derivative Financial Instruments

 

                   

Swaps — centrally cleared

                                

Unrealized depreciation on centrally cleared swaps(a)

   $        $        $        $        $        $ 1,866        $ 1,866  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

      

Credit

Contracts

      

Equity

Contracts

      

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

      

Inflation

Linked

Contracts

       Total  

 

 

Net Realized Gain (Loss) from

                                

Swaps

   $        $        $        $        $ 419        $ 1,015        $ 1,434  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                                

Swaps

   $        $        $        $        $ 2,062        $ (2,941      $ (879
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

 

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)

October 31, 2023

  

iShares® Inflation Hedged U.S. Aggregate Bond ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Interest rate swaps:

  

Average notional value — pays fixed rate

   $ 15,000      

Inflation swaps:

           

Average notional value – pays fixed rate

   $ 2,316,625      

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

 

 
     Assets        Liabilities  

 

 

Derivative Financial Instruments:

       

Swaps - centrally cleared

   $ 29,784        $ 1,866  

Swaps - OTC(a)

     5,472           
  

 

 

      

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     35,256          1,866  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

     (29,784        (1,866
  

 

 

      

 

 

 

Total derivative assets and liabilities subject to an MNA

     5,472           
  

 

 

      

 

 

 

 

  (a) 

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

 

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

 

 

 
 

Derivative

Assets

Subject to

an MNA by

 

 

 

 

 

Derivatives

Available

 

 

 

Non-Cash

Collateral

 

 

 

Cash

Collateral

 

 

 

Net Amount

of Derivative

 

 

Counterparty

  Counterparty

 

  for Offset

 

  Received

 

  Received

 

         Assets (a) 

 

 

Goldman Sachs International

            $ 5,472               $     —               $     —               $     —               $ 5,472  
    

 

 

        

 

 

        

 

 

        

 

 

        

 

 

 

 

  (a) 

Net amount represents the net amount receivable from the counterparty in the event of default.

 

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

                 

Investment Companies

   $ 2,186,639        $        $        $ 2,186,639  

Short-Term Securities

                 

Money Market Funds

     80,000                            80,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     2,266,639        $        $        $ 2,266,639  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Inflation Linked Contracts

   $        $ 33,436        $        $ 33,436  

Interest Rate Contracts

              1,820                   1,820  

Liabilities

                 

Inflation Linked Contracts

              (1,866                 (1,866
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $     33,390        $           —          33,390  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

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

    33  


Schedule of Investments

October 31, 2023

  

iShares® Interest Rate Hedged Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

   

Exchange-Traded Funds — 93.4%

   

iShares iBoxx $Investment Grade Corporate Bond ETF(a)(b)

    2,420,630     $ 240,053,877  
   

 

 

 

Total Investment Companies
(Cost: $259,236,287)

 

    240,053,877  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 47.9%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(c)(d)

    107,753,033       107,796,134  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(c)

    15,240,000       15,240,000  
   

 

 

 

Total Short-Term Securities — 47.9%
(Cost: $123,027,645)

 

    123,036,134  
   

 

 

 

Total Investments in Securities — 141.3%
(Cost: $382,263,932)

 

    363,090,011  

Liabilities in Excess of Other Assets — (41.3)%

 

    (106,122,543
   

 

 

 

Net Assets — 100.0%

    $     256,967,468  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

All or a portion of this security is on loan.

(c) 

Annualized 7-day yield as of period end.

(d) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

    

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
       Affiliated Issuer  

Value at

10/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/23

   

Shares

Held at

10/31/23

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

   

    

 
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 94,026,906     $ 13,773,431 (a)    $     $ (25,646   $ 21,443     $ 107,796,134       107,753,033     $ 270,735 (b)     $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,120,000       14,120,000 (a)                         15,240,000       15,240,000       702,577       27    
 

iShares iBoxx $ Investment Grade Corporate Bond ETF

    644,356,037       141,996,873       (564,881,953     (120,880,323     139,463,243       240,053,877       2,420,630       13,824,101          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (120,905,969   $ 139,484,686     $ 363,090,011       $ 14,797,413     $ 27    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

 

 

 
                      

Effective

Date

  

Termination

Date

    

Notional

Amount

(000)

    

Value

    

Upfront

Premium

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

 
                 
  Paid by the Fund        Received by the Fund

 

    

 

Rate    Frequency         

 

Rate

  Frequency    

 

 

5.36%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/05/24        USD        7,000      $ 8,638      $ 15      $ 8,623  

0.40%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/19/25        USD        10,900        922,817        821,309        101,508  

0.87%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/01/26        USD        4,000        412,908        21        412,887  

1.00%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      12/07/26        USD        3,800        397,664        23        397,641  

0.49%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/22/27        USD        62,232        8,978,893        7,675,669        1,303,224  

3.54%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      05/24/28        USD        1,500        62,112        13        62,099  

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged Corporate Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 
              

Effective

Date

  

 

Termination

Date

 

 

             

Upfront

Premium

Paid

(Received

 

 

 

  

 

Unrealized

Appreciation

(Depreciation

 

 

                    

Notional

Amount

(000)

    

Value

 
  Paid by the Fund        Received by the Fund

 

    

 

Rate    Frequency          Rate   Frequency    

 

 

4.01%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/13/28        USD        2,300      $ 51,711      $ 22      $ 51,689  

4.05%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      08/31/28        USD        1,000        21,008        9        20,999  

4.33%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/22/28        USD        3,000        27,644        29        27,615  

1.19%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/20/28        USD        22,300        3,283,377        206        3,283,171  

4.53%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/30/28        USD        2,000        810        20        790  

0.78%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/19/30        USD        25,400        5,634,818        4,471,142        1,163,676  

1.22%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      02/12/31        USD        13,180        2,680,302        2,037,381        642,921  

1.03%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      08/23/31        USD        1,000        228,165        13        228,152  

1.28%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      08/23/31        USD        5,000        1,059,511        806,252        253,259  

1.24%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      12/15/31        USD        18,300        4,046,412        260        4,046,152  

1.28%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      12/17/31        USD        3,100        678,544        44        678,500  

3.42%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      05/24/33        USD        1,000        85,875        16        85,859  

3.55%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/05/33        USD        1,500        114,582        24        114,558  

3.56%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/18/33        USD        1,500        113,997        25        113,972  

3.94%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/07/33        USD        500        23,349        8        23,341  

4.08%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/22/33        USD        600        21,648        10        21,638  

4.30%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/17/33        USD        3,000        55,989        52        55,937  

0.91%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/25/35        USD        26,000        8,644,059        6,608,443        2,035,616  

1.35%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      12/15/36        USD        6,400        2,017,454        121        2,017,333  

3.53%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/18/38        USD        1,000        111,477        20        111,457  

3.94%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/07/38        USD        500        34,152        10        34,142  

4.22%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/28/38        USD        300        11,592        6        11,586  

4.52%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/30/38        USD        1,000        5,693        21        5,672  

1.11%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/19/40        USD        20,700        8,408,291        6,262,032        2,146,259  

3.47%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/18/43        USD        1,200        166,336        34        166,302  

3.78%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      08/31/43        USD        1,000        98,790        28        98,762  

3.97%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/22/43        USD        500        37,118        14        37,104  

4.49%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/30/43        USD        700        4,779        20        4,759  

0.86%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      03/30/45        USD        19,747        9,806,970        7,487,252        2,319,718  

1.06%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/18/50        USD        16,655        8,637,103        6,389,843        2,247,260  

1.18%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      10/19/50        USD        14,550        7,272,571        5,270,210        2,002,361  

1.29%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      12/07/51        USD        3,700        1,821,629        125        1,821,504  

3.13%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      06/27/53        USD        900        178,641        28        178,613  

3.18%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/05/53        USD        1,200        229,552        37        229,515  

3.27%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      07/07/53        USD        1,000        176,842        36        176,806  

3.74%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/22/53        USD        1,000        100,007        36        99,971  

3.87%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/26/53        USD        350        27,522        12        27,510  

3.96%

   Annual      1-Day SOFR, 5.35%   Annual      N/A      09/28/53        USD        500        31,878        18        31,860  
                          

 

 

    

 

 

    

 

 

 
                           $ 76,733,230      $ 47,830,909      $ 28,902,321  
                          

 

 

    

 

 

    

 

 

 

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

 

 

Description  

Swap Premiums

Paid

    

Swap Premiums

Received

    

Unrealized

Appreciation

    

Unrealized    

Depreciation    

 

Centrally Cleared Swaps(a)

  $ 47,830,909      $      $ 28,902,321      $              —    

 

 

  (a) 

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

 

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged Corporate Bond ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
   

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                   

Swaps — centrally cleared

                   

Unrealized appreciation on centrally cleared swaps(a)

  $      $      $      $      $ 28,902,321      $      $ 28,902,321   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
      Commodity
Contracts
     Credit
  Contracts
     Equity
  Contracts
     Foreign
Currency
  Exchange
Contracts
    

Interest

Rate

Contracts

    Other
  Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                  

Futures contracts

  $      $      $      $      $ 2,263     $      $ 2,263  

Swaps

                                142,590,948              142,590,948  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
  $      $      $      $      $ 142,593,211     $      $ 142,593,211  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                  

Futures contracts

  $      $      $      $      $ (3,826   $      $ (3,826

Swaps

                                (140,961,975            (140,961,975
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
  $      $      $      $      $   (140,965,801   $      $   (140,965,801
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Interest rate swaps:

 

Average notional value — pays fixed rate

  $ 401,380,750       

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

          

Investment Companies

  $ 240,053,877      $      $      $ 240,053,877  

Short-Term Securities

          

Money Market Funds

    123,036,134                      123,036,134  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 363,090,011      $      $      $ 363,090,011   
 

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

          

Assets

          

Interest Rate Contracts

  $      $   28,902,321      $      $ 28,902,321  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

October 31, 2023

  

iShares® Interest Rate Hedged High Yield Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

   
Exchange-Traded Funds — 94.8%            

iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)

    2,150,222     $ 156,041,610  
   

 

 

 

Total Investment Companies
(Cost: $171,642,867)

      156,041,610  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 48.0%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(c)(d)

    75,250,221       75,280,322  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(c)

    3,840,000       3,840,000  
   

 

 

 

Total Short-Term Securities — 48.0%
(Cost: $79,111,351)

 

    79,120,322  
   

 

 

 

Total Investments in Securities — 142.8%
(Cost: $250,754,218)

 

    235,161,932  

Liabilities in Excess of Other Assets — (42.8)%

 

    (70,491,600
   

 

 

 

Net Assets — 100.0%

 

  $   164,670,332  
   

 

 

 
(a) 

Affiliate of the Fund.

(b) 

All or a portion of this security is on loan.

(c) 

Annualized 7-day yield as of period end.

(d) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

10/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/23

   

Shares

Held at

10/31/23

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 50,132,602     $ 25,122,906(a )    $     $ 16,178     $ 8,636     $ 75,280,322       75,250,221     $ 748,739(b )    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    880,000       2,960,000(a )                         3,840,000       3,840,000       183,881       3  

iShares iBoxx $ High Yield Corporate Bond ETF

    107,333,659       77,811,536       (26,403,850     (4,762,116     2,062,381       156,041,610       2,150,222       7,412,435        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $   (4,745,938   $ 2,071,017     $ 235,161,932       $ 8,345,055     $ 3  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

 

 

 
                  

Effective

Date

  

Termination

Date

           

Notional

Amount

(000)

     Value     

Upfront

Premium

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

 
             
Paid by the Fund    Received by the Fund       

 

  

 

  
Rate   Frequency       

 

Rate

   Frequency           

 

 

0.77%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      01/05/24        USD        1,520      $       12,763      $ 1      $ 12,762  

1.44%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      02/22/24        USD        2,600        32,567        2        32,565  

1.64%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      03/14/24        USD        1,500        21,191        1        21,190  

0.44%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/17/24        USD        6,120        189,752        179,921        9,831  

2.94%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/04/24        USD        4,000        75,721        7        75,714  

3.20%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/09/24        USD        1,000        17,168        2        17,166  

5.31%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/09/24        USD        4,000        6,002        10        5,992  

3.14%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/15/24        USD        2,000        35,944        4        35,940  

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged High Yield Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 
                  

Effective

Date

  

Termination

Date

           

Notional

Amount

(000)

    

Value

    

Upfront

Premium

Paid

(Received)

   

Unrealized

Appreciation

(Depreciation)

 
             
Paid by the Fund    Received by the Fund       

 

  

 

  
Rate  

 

Frequency    

   Rate    Frequency           

 

 

5.44%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      10/03/24        USD        3,000      $ 42      $ 10     $ 32  

0.33%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/15/25        USD        16,400         1,355,915        1,282,286       73,629  

3.77%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      01/13/26        USD        2,000        46,134        12       46,122  

3.83%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      02/07/26        USD        1,000        21,941        6       21,935  

4.03%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      02/10/26        USD        2,000        35,683        12       35,671  

4.19%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/16/26        USD        2,000        28,446        15       28,431  

0.87%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/17/26        USD        1,250        118,762        110,382       8,380  

4.20%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/27/26        USD        4,000        55,387        28       55,359  

4.51%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      07/11/26        USD        2,000        12,205        15       12,190  

4.29%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/09/26        USD        2,500        28,604        18       28,586  

4.41%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/31/26        USD        1,500        12,307        11       12,296  

4.68%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/27/26        USD        4,500        2,748        35       2,713  

0.87%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/29/26        USD        2,900        298,603        16       298,587  

4.65%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      10/03/26        USD        5,000        7,052        39       7,013  

1.13%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      11/18/26        USD        7,600        756,876        43       756,833  

1.32%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      11/23/26        USD        500        47,313        43,289       4,024  

1.32%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      01/10/27        USD        3,776        369,832        23       369,809  

1.60%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      02/09/27        USD        1,916        175,289        12       175,277  

1.70%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      02/28/27        USD        1,172        105,087        7       105,080  

2.64%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/15/27        USD        300        20,185        2       20,183  

1.42%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      04/07/28        USD        9,450        1,177,219        1,020,812       156,407  

1.23%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/08/28        USD        5,780        786,884        685,853       101,031  

3.78%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/27/28        USD        2,000        64,237        19       64,218  

4.13%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      07/11/28        USD        1,000        17,585        9       17,576  

3.95%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/09/28        USD        1,000        25,431        10       25,421  

4.15%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/18/28        USD        1,300        21,677        (1,620     23,297  

4.05%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/31/28        USD        1,500        31,641        14       31,627  

1.12%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/03/28        USD        1,960        288,636        251,474       37,162  

4.18%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/15/28        USD        1,400        22,078        13       22,065  

4.39%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/27/28        USD        1,500        9,442        15       9,427  

4.46%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/29/28        USD        3,500        12,187        34       12,153  

1.14%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      10/12/28        USD        2,500        371,696        23       371,673  

1.21%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      10/22/28        USD        2,100        307,317        19       307,298  

4.53%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      10/30/28        USD        3,000        1,082        30       1,052  

1.32%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      01/05/29        USD        4,300        630,638        44       630,594  

1.45%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      01/27/29        USD        4,450        634,321        46       634,275  

1.73%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      02/28/29        USD        355        46,514        4       46,510  

1.70%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      03/11/29        USD        842        112,343        9       112,334  

2.56%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/15/29        USD        300        29,687        3       29,684  

3.10%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/12/29        USD        800        58,156        9       58,147  

3.44%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/22/29        USD        500        27,773        6       27,767  

3.37%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      12/02/29        USD        450        27,423        5       27,418  

3.29%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      01/10/30        USD        1,500        99,165        18       99,147  

3.16%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      02/03/30        USD        1,200        88,550        15       88,535  

0.77%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      04/01/30        USD        10,500        2,171,114        1,856,260       314,854  

3.45%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      05/24/30        USD        1,000        60,683        13       60,670  

3.54%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/01/30        USD        700        39,003        9       38,994  

3.59%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/27/30        USD        1,300        69,443        17       69,426  

3.84%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/09/30        USD        2,200        87,863        29       87,834  

4.02%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/18/30        USD        1,300        38,257        (1,982     40,239  

3.91%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      08/31/30        USD        1,500        53,472        20       53,452  

4.04%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/15/30        USD        1,000        28,516        13       28,503  

4.30%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/27/30        USD        750        10,191        10       10,181  

4.36%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      09/29/30        USD        2,000        20,086        27       20,059  

4.31%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      10/03/30        USD        1,500        19,383        20       19,363  

1.59%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      06/04/31        USD        2,814        526,004        418,559       107,445  

1.36%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      10/20/31        USD        830        174,147        11       174,136  

1.28%

  Annual    1-Day SOFR, 5.35%    Annual    N/A      11/30/31        USD        1,100        239,082        16       239,066  

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged High Yield Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 
                 

Effective

Date

  

Termination

Date

           

Notional

Amount

(000)

     Value     

Upfront

Premium

Paid

(Received)

   

Unrealized

Appreciation

(Depreciation)

 
                     
Paid by the Fund    Received by the Fund       

 

  

 

  
Rate   Frequency        Rate  

 

Frequency    

      

 

 

1.52%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      01/10/32        USD        328      $ 66,766      $ 5     $ 66,761  

1.61%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      01/12/32        USD        2,033        401,920        29       401,891  

1.78%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      02/28/32        USD        100        18,875        1       18,874  

2.76%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      08/23/32        USD        150        19,150        2       19,148  

3.37%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      12/27/32        USD        300        25,945        5       25,940  

3.45%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      01/05/33        USD        300        24,211        5       24,206  

3.34%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      02/08/33        USD        500        44,965        9       44,956  

3.94%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      08/18/33        USD        310        14,413        (540     14,953  

4.25%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      09/27/33        USD        500        11,466        9       11,457  

4.28%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      10/03/33        USD        500        10,247        8       10,239  

0.86%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      03/30/45        USD        80        39,730        32,092       7,638  

0.87%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      03/30/50        USD        10        5,436        4,359       1,077  

1.06%

  Annual    1-Day SOFR, 5.35%   Annual    N/A      09/18/50        USD        15        7,779        6,101       1,678  
                     

 

 

    

 

 

   

 

 

 
                      $ 13,009,348      $ 5,888,180     $ 7,121,168   
                     

 

 

    

 

 

   

 

 

 

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

 

 

 
Description  

Swap Premiums

Paid

    

Swap Premiums

Received

   

Unrealized

Appreciation

    

Unrealized    

Depreciation    

 

 

 

Centrally Cleared Swaps(a)

  $ 5,892,322      $ (4,142   $ 7,121,168      $ —       

 

 

 

  (a) 

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
   

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                   

Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)

  $      $      $      $      $ 7,121,168      $      $ 7,121,168   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
   

 Commodity

Contracts

    

Credit

 Contracts

    

Equity

 Contracts

    

Foreign

Currency

 Exchange

Contracts

    

Interest

Rate

Contracts

   

Other

Contracts

     Total  

 

 

Net Realized Gain (Loss) from

                  

Futures contracts

  $      $      $      $      $ 3,903     $      $ 3,903  

Swaps

                                9,748,055              9,748,055  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
  $      $      $      $      $ 9,751,958     $      $   9,751,958  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                  

Futures contracts

  $      $      $      $      $ (3,827   $      $ (3,827

Swaps

                                (5,767,441            (5,767,441
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
  $      $      $      $      $   (5,771,268   $      $   (5,771,268
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged High Yield Bond ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Interest rate swaps:

 

Average notional value — pays fixed rate

  $ 155,900,500      

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

          

Investment Companies

  $ 156,041,610      $      $      $ 156,041,610  

Short-Term Securities

          

Money Market Funds

    79,120,322                      79,120,322  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 235,161,932      $      $      $ 235,161,932  
 

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

          

Assets

          

Interest Rate Contracts

  $      $     7,121,168      $      $ 7,121,168  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

October 31, 2023

  

iShares® Interest Rate Hedged Long-Term Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

   
Exchange-Traded Funds — 89.5%            

iShares 10+ Year Investment Grade Corporate Bond ETF(a)(b)

    1,294,239     $ 58,266,640  
   

 

 

 

Total Investment Companies
(Cost: $62,538,046)

      58,266,640  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 29.4%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(c)(d)

    16,890,650       16,897,406  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(c)

    2,280,000       2,280,000  
   

 

 

 

Total Short-Term Securities — 29.4%
(Cost: $19,177,388)

 

    19,177,406  
   

 

 

 

Total Investments in Securities — 118.9%
(Cost: $81,715,434)

 

    77,444,046  

Liabilities in Excess of Other Assets — (18.9)%

 

    (12,323,631
   

 

 

 

Net Assets — 100.0%

    $     65,120,415  
   

 

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

All or a portion of this security is on loan.

(c) 

Annualized 7-day yield as of period end.

(d) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

    

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

10/31/23

    

Shares

Held at

10/31/23

     Income    

Capital

Gain

Distributions
from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 245,498      $ 16,628,431 (a)    $      $ 23,459      $ 18      $ 16,897,406        16,890,650      $ 102,378 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,210,000        1,070,000 (a)                            2,280,000        2,280,000        80,026       2  

iShares 10+ Year Investment Grade Corporate Bond ETF

     49,067,109        82,592,640       (73,328,020      (4,745,146      4,680,057        58,266,640        1,294,239        3,053,468        
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
           $ (4,721,687    $ 4,680,075      $ 77,444,046         $ 3,235,872     $ 2  
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (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.

 

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

 

 

 

Paid by the Fund

  

Received by the Fund

   Effective    Termination       

 

  

Notional

Amount

      

 

    

Upfront

Premium

Paid

    

Unrealized

Appreciation

 
Rate    Frequency        Rate    Frequency        Date    Date           (000)      Value      (Received)      (Depreciation)  

 

 

1.49%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      02/18/24      USD      800      $ 9,727      $ 1      $ 9,726  

0.40%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/19/25      USD      1,850        156,625        139,962        16,663  

2.45%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/04/27      USD      500        36,618        3        36,615  

0.48%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      09/15/27      USD      2,335            336,678        290,638        46,040  

3.24%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      04/11/28      USD      700        36,760        6        36,754  

3.24%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      05/16/28      USD      300        16,054        3        16,051  

3.91%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/11/28      USD      200        5,352        2        5,350  

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged Long-Term Corporate Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 

Paid by the Fund

  

Received by the Fund

   Effective    Termination       

 

  

Notional

Amount

      

 

    

Upfront

Premium

Paid

    

Unrealized

Appreciation

 
Rate    Frequency        Rate    Frequency        Date    Date           (000)      Value      (Received)      (Depreciation)  

 

 

4.40%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/17/28      USD      700      $ 4,197      $ 7      $ 4,190  

4.52%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      11/01/28      USD      400        264        4        260  

0.78%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/19/30      USD      2,190        485,861        390,576        95,285  

2.10%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      04/04/32      USD      2,630        443,855        39        443,816  

3.37%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      05/22/33      USD      200        18,014        3        18,011  

3.48%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      06/01/33      USD      200        16,258        4        16,254  

3.53%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      06/16/33      USD      100        7,802        2        7,800  

3.76%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/08/33      USD      800        48,465        14        48,451  

3.72%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/10/33      USD      400        25,527        7        25,520  

3.72%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/11/33      USD      300        19,255        5        19,250  

4.31%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/17/33      USD      600        10,649        10        10,639  

4.51%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/30/33      USD      500        1,134        9        1,125  

1.75%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      06/17/36      USD      9,285          2,484,859        1,721,183        763,676  

3.78%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/08/38      USD      1,300        111,175        27        111,148  

3.72%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/11/38      USD      600        54,881        13        54,868  

3.92%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/18/38      USD      300        21,069        (494      21,563  

3.91%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/31/38      USD      100        7,172        2        7,170  

4.01%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      09/22/38      USD      100        6,123        2        6,121  

4.29%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      09/29/38      USD      200        6,105        4        6,101  

4.32%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/17/38      USD      700        19,326        14        19,312  

4.54%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/30/38      USD      600        2,542        13        2,529  

1.95%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      05/10/41      USD      12,427        3,898,552        2,551,491        1,347,061  

3.47%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      07/25/43      USD      200        27,773        5        27,768  

3.65%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/03/43      USD      100        11,577        3        11,574  

3.73%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/08/43      USD      1,800        188,734        50        188,684  

3.67%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/11/43      USD      400        45,050        11        45,039  

3.81%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/15/43      USD      200        19,133        6        19,127  

3.87%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/18/43      USD      200        17,539        (405      17,944  

3.95%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      09/22/43      USD      250        19,177        7        19,170  

4.24%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      09/29/43      USD      200        7,869        5        7,864  

4.28%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/17/43      USD      600        20,387        17        20,370  

4.50%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/30/43      USD      500        2,826        14        2,812  

4.52%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      11/01/43      USD      200        587        6        581  

1.61%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/24/46      USD      4,300        1,748,214        1,207,224        540,990  

1.40%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      11/12/46      USD      1,900        832,940        49        832,891  

1.44%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      12/10/46      USD      1,550        671,134        47        671,087  

3.40%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      07/27/48      USD      70        10,935        2        10,933  

3.53%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/03/48      USD      130        17,757        4        17,753  

3.63%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/08/48      USD      1,900        230,799        61        230,738  

3.58%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/11/48      USD      200        25,776        7        25,769  

3.70%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/15/48      USD      200        22,335        7        22,328  

3.75%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/18/48      USD      300        31,056        (549      31,605  

3.73%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/31/48      USD      100        10,740        3        10,737  

4.13%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      09/29/48      USD      200        9,535        6        9,529  

4.39%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      10/30/48      USD      600        5,304        19        5,285  

4.42%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      11/01/48      USD      100        432        4        428  

2.04%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      05/07/51      USD      11,085        4,086,502        2,444,180        1,642,322  

3.18%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      06/06/53      USD      300        57,434        1,061        56,373  

3.22%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      07/05/53      USD      200        37,190        7        37,183  

3.27%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      07/07/53      USD      200        35,434        7        35,427  

3.28%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      07/27/53      USD      100        17,517        4        17,513  

3.42%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/03/53      USD      100        15,280        3        15,277  

3.53%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/08/53      USD      1,400        187,994        50        187,944  

3.48%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/11/53      USD      100        14,221        3        14,218  

3.59%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/15/53      USD      200        24,851        7        24,844  

3.64%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/18/53      USD      150        17,407        (260      17,667  

3.61%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      08/31/53      USD      200        24,131        7        24,124  

3.87%

   Annual    1-Day SOFR, 5.35%    Annual    N/A      09/26/53      USD      200        15,826        8        15,818  

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged Long-Term Corporate Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 

Paid by the Fund

  

Received by the Fund

   Effective    Termination       

 

    

Notional

Amount

      

 

    

Upfront

Premium

Paid

    

Unrealized

Appreciation

 
Rate      Frequency        Rate      Frequency        Date    Date             (000)      Value      (Received)      (Depreciation)  

 

 

4.02%

     Annual    1-Day SOFR, 5.35%      Annual    N/A      09/29/53        USD        150      $ 8,134      $ 5      $ 8,129  

4.06%

     Annual    1-Day SOFR, 5.35%      Annual    N/A      10/17/53        USD        200        9,348        7        9,341  

4.29%

     Annual    1-Day SOFR, 5.35%      Annual    N/A      10/30/53        USD        400        3,776        14        3,762  

4.31%

     Annual    1-Day SOFR, 5.35%      Annual    N/A      11/01/53        USD        100        551        4        547  
                           

 

 

    

 

 

    

 

 

 
                            $ 16,824,104      $ 8,745,260      $ 8,078,844  
                           

 

 

    

 

 

    

 

 

 

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

 

         
Description   

Swap Premiums

Paid

     Swap Premiums
Received
      

Unrealized

Appreciation

      

Unrealized  

Depreciation  

 

Centrally Cleared Swaps(a)

   $ 8,746,968        $ (1,708      $ 8,078,844        $ —    

 

  (a) 

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

      

Equity

Contracts

      

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

Contracts

      

Other

Contracts

       Total  

 

 

Assets — Derivative Financial Instruments

 

Swaps — centrally cleared

                              

Unrealized appreciation on centrally cleared swaps(a)

   $      $        $        $        $ 8,078,844        $        $ 8,078,844  
  

 

 

    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Commodity

Contracts

      

Credit

      Contracts

      

Equity

      Contracts

      

Foreign

Currency

Exchange

Contracts

      

Interest

Rate

      Contracts

      

Other

      Contracts

       Total  

 

 

Net Realized Gain (Loss) from

 

Futures contracts

   $        $        $        $        $ (217      $        $ (217

Swaps

                                         19,993,301                   19,993,301  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
   $        $        $        $        $ 19,993,084        $        $ 19,993,084  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

 

Futures contracts

   $        $        $        $        $ (1,505      $        $ (1,505

Swaps

                                         (17,347,338                 (17,347,338
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 
   $        $        $        $        $   (17,348,843      $        $ (17,348,843
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Interest rate swaps:

  

Average notional value — pays fixed rate

   $ 86,779,888    

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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

    43  


Schedule of Investments   (continued)

October 31, 2023

  

iShares® Interest Rate Hedged Long-Term Corporate Bond ETF

 

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

       

Investment Companies

  $ 58,266,640     $           —     $             —     $ 58,266,640  

Short-Term Securities

       

Money Market Funds

    19,177,406                   19,177,406  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 77,444,046     $     $     $ 77,444,046  
 

 

 

   

 

 

   

 

 

   

 

 

 

Derivative Financial Instruments(a)

       

Assets

       

Interest Rate Contracts

  $     $   8,078,844     $     $ 8,078,844  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

October 31, 2023

  

iShares® Interest Rate Hedged U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

   
Exchange-Traded Funds — 92.6%            

iShares Core U.S. Aggregate Bond ETF(a)

    51,108     $ 4,717,779  
   

 

 

 

Total Investment Companies
(Cost: $5,045,612)

      4,717,779  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 3.5%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(a)(b)

    180,000       180,000  
   

 

 

 

Total Short-Term Securities — 3.5%
(Cost: $180,000)

      180,000  
   

 

 

 

Total Investments in Securities — 96.1%
(Cost: $5,225,612)

      4,897,779  

Other Assets Less Liabilities — 3.9%

      200,040  
   

 

 

 

Net Assets — 100.0%

    $   5,097,819  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

    

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

10/31/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/23

   

Shares

Held at

10/31/23

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 10,000     $ 170,000 (a)    $     $     $     $ 180,000       180,000     $ 4,357     $  

iShares Core U.S. Aggregate Bond ETF

    2,382,370       2,797,538       (266,816     (5,317     (189,996     4,717,779       51,108       91,950        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (5,317   $ (189,996   $ 4,897,779       $ 96,307     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

 

 

 
                         

Effective

Date

    

Termination

Date

           

Notional

Amount

(000)

     Value     

Upfront

Premium

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

 
                         

Paid by the Fund

    

Received by the Fund

    

 

Rate    Frequency         

 

Rate

     Frequency         

 

 

5.39%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/24      USD        100      $ 102      $ 10      $ 92  

3.01%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/24      USD        250        4,228        1        4,227  

4.86%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/25      USD        300        1,184        1        1,183  

2.87%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/25      USD        310          11,060        1        11,059  

2.83%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        08/04/25      USD        30        1,115               1,115  

3.14%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        08/23/25      USD        10        326               326  

4.04%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        12/30/25      USD        30        520               520  

3.69%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        01/27/26      USD        50        1,241        1        1,240  

3.66%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        02/06/26      USD        20        511               511  

3.58%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        04/11/26      USD        20        562        1        561  

3.73%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        05/04/26      USD        10        250               250  

4.45%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/26      USD        450        3,499        3        3,496  

4.43%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/26      USD        40        321        6        315  

2.91%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/01/27      USD        15        849               849  

2.80%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/27      USD        380        23,113        2        23,111  

3.08%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        09/02/27      USD        10        527               527  

4.20%

   Annual      1-Day SOFR, 5.35%      Annual      N/A        10/24/27      USD        10        138               138  

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged U.S. Aggregate Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 
                           

Effective

Date

    

Termination

Date

           

Notional

Amount

(000)

     Value     

Upfront

Premium

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

 
                           
Paid by the Fund      Received by the Fund     

 

    

 

  
Rate      Frequency          Rate     

 

Frequency    

    

 

 

4.17%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        11/03/27      USD        10      $ 149      $      $ 149  

3.98%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/28      USD        380        9,092        3        9,089  

3.97%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/28      USD        30        729        5        724  

2.88%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/01/29      USD        15        1,225               1,225  

2.78%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/29      USD        320          27,747        4        27,743  

2.64%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/22/29      USD        20        1,910               1,910  

3.60%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        10/07/29      USD        10        477        1        476  

4.06%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        10/24/29      USD        12        288               288  

3.62%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        12/30/29      USD        10        484        1        483  

3.32%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        02/07/30      USD        15        978               978  

3.32%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        05/04/30      USD        10        678               678  

3.46%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        06/07/30      USD        15        903               903  

3.76%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/30      USD        320        14,127        4        14,123  

3.75%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/30      USD        30        1,332        12        1,320  

3.98%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/07/30      USD        15        478               478  

4.02%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        09/07/30      USD        20        593               593  

2.89%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/01/32      USD        10        1,164        1        1,163  

2.81%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/32      USD        210        25,792        4        25,788  

2.61%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/22/32      USD        10        1,384               1,384  

2.80%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/25/32      USD        10        1,249        1        1,248  

2.93%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        09/02/32      USD        10        1,157               1,157  

3.56%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        12/30/32      USD        10        720               720  

3.81%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        03/06/33      USD        10        544               544  

3.42%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        06/07/33      USD        20        1,723               1,723  

3.61%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/33      USD        210        15,171        3        15,168  

3.60%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/33      USD        15        1,091        37        1,054  

3.92%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/07/33      USD        10        486               486  

3.94%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/18/33      USD        20        930        8        922  

2.89%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/37      USD        130        22,159        2        22,157  

2.68%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/22/37      USD        10        1,929               1,929  

2.86%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/25/37      USD        7        1,221               1,221  

3.53%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/38      USD        140        15,557        3        15,554  

3.53%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/38      USD        10        1,111        38        1,073  

3.91%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/07/38      USD        10        712               712  

3.96%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        09/07/38      USD        10        664               664  

4.47%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        10/06/38      USD        20        225        1        224  

2.86%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/42      USD        125        26,458        3        26,455  

2.67%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/22/42      USD        10        2,370        1        2,369  

2.84%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/25/42      USD        10        2,160               2,160  

3.48%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        12/30/42      USD        5        678               678  

3.45%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/43      USD        140        19,783        4        19,779  

3.46%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/43      USD        14        1,965        75        1,890  

3.87%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/18/43      USD        20        1,754        10        1,744  

2.76%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/47      USD        105        26,029        3        26,026  

2.56%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/05/47      USD        15        4,147        1        4,146  

3.08%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        10/05/47      USD        10        2,009        1        2,008  

3.11%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        03/17/48      USD        5        989               989  

3.32%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/05/48      USD        130        21,729        5        21,724  

3.34%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/48      USD        10        1,652        55        1,597  

3.75%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        08/18/48      USD        15        1,553        7        1,546  

4.32%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        10/06/48      USD        15        293        1        292  

2.70%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        06/24/52      USD        3        802               802  

2.65%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/11/52      USD        75        20,762        3        20,759  

2.92%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        04/12/53      USD        10        2,329               2,329  

3.24%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        05/24/53      USD        10        1,822               1,822  

3.20%

     Annual          1-Day SOFR, 5.35%      Annual      N/A        07/05/53      USD        70        13,186        3        13,183  

 

 

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)

October 31, 2023

  

iShares® Interest Rate Hedged U.S. Aggregate Bond ETF

 

Centrally Cleared Interest Rate Swaps (continued)

 

 

 

Paid by the Fund

    

Received by the Fund

    

Effective

Date

    

Termination

Date

      

 

    

Notional
Amount

(000)

      

 

    

Upfront

Premium

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

 
Rate      Frequency          Rate      Frequency             Value  

 

 

3.22%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        07/07/53      USD        15      $ 2,784      $ 103      $ 2,681  

3.69%

     Annual      1-Day SOFR, 5.35%      Annual      N/A        09/07/53      USD        10        1,080        1        1,079  
                                   

 

 

    

 

 

    

 

 

 
                                    $ 362,059      $ 430      $ 361,629  
                                   

 

 

    

 

 

    

 

 

 

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps

 

         
Description   

Swap Premiums

Paid

    

Swap Premiums

Received

    

Unrealized

Appreciation

    

Unrealized

Depreciation

 

Centrally Cleared Swaps(a)

   $ 430      $      $ 361,629      $  

 

  (a) 

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

 

 
    

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

 

 

Assets — Derivative Financial Instruments

                    

Swaps — centrally cleared

                    

Unrealized appreciation on centrally cleared swaps(a)

   $      $      $      $      $ 361,629      $      $ 361,629  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended October 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Net Realized Gain (Loss) from

                    

Swaps

   $      $      $      $      $ 52,928      $      $ 52,928  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Swaps

   $      $      $      $      $ 207,266      $      $ 207,266  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Interest rate swaps:

  

Average notional value — pays fixed rate

   $ 3,651,500      

 

 

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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

    47  


Schedule of Investments   (continued)

October 31, 2023

  

iShares® Interest Rate Hedged U.S. Aggregate Bond ETF

 

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

           

Investment Companies

   $ 4,717,779      $      $      $ 4,717,779  

Short-Term Securities

           

Money Market Funds

     180,000                      180,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 4,897,779      $      $      $ 4,897,779  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Assets

           

Interest Rate Contracts

   $      $   361,629      $             —      $ 361,629  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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


Statements of Assets and Liabilities  

October 31, 2023

 

   

iShares

Inflation

Hedged

Corporate

Bond ETF

      

iShares

Inflation

Hedged High

Yield Bond ETF

      

iShares

Inflation

Hedged

U.S. Aggregate

Bond ETF

      

iShares

Interest Rate

Hedged

Corporate

Bond ETF

 

 

 

ASSETS

                      

Investments, at value — affiliated(a)(b)

  $ 64,461,149           $ 3,524,716           $ 2,266,639        $ 363,090,011  

Cash

    8,593             11,125             6,692          189,598  

Cash pledged for centrally cleared swaps

    1,978,000             48,000             57,000          369,000  

Receivables:

                      

Securities lending income — affiliated

    26,371             2,167                      145,574  

Dividends — affiliated

    1,924             279             341          389,177  

Variation margin on centrally cleared swaps

                                     597,180  

Unrealized appreciation on OTC swaps

                1,980             5,472           
 

 

 

         

 

 

         

 

 

      

 

 

 

Total assets

    66,476,037             3,588,267             2,336,144          364,780,540  
 

 

 

         

 

 

         

 

 

      

 

 

 

LIABILITIES

                      

Collateral on securities loaned, at value

    20,551,637             1,124,652                      107,791,190  

Payables:

                      

Investment advisory fees

    1,925             104             199          21,882  

Variation margin on centrally cleared swaps

    33,452             598             919           

Unrealized depreciation on OTC swaps

                328                       
 

 

 

         

 

 

         

 

 

      

 

 

 

Total liabilities

    20,587,014             1,125,682             1,118          107,813,072  
 

 

 

         

 

 

         

 

 

      

 

 

 

Commitments and contingent liabilities

                      

NET ASSETS

  $ 45,889,023           $ 2,462,585           $ 2,335,026        $ 256,967,468  
 

 

 

         

 

 

         

 

 

      

 

 

 

NET ASSETS CONSIST OF

                      

Paid-in capital

  $ 64,681,260           $ 2,610,144           $ 2,647,377        $ 252,586,960  

Accumulated earnings (loss)

    (18,792,237           (147,559           (312,351        4,380,508  
 

 

 

         

 

 

         

 

 

      

 

 

 

NET ASSETS

  $ 45,889,023           $ 2,462,585           $ 2,335,026        $ 256,967,468  
 

 

 

         

 

 

         

 

 

      

 

 

 

NET ASSET VALUE

                      

Shares outstanding

    1,900,000             100,000             100,000          2,800,000  
 

 

 

         

 

 

         

 

 

      

 

 

 

Net asset value

  $ 24.15           $ 24.63           $ 23.35        $ 91.77  
 

 

 

         

 

 

         

 

 

      

 

 

 

Shares authorized

    Unlimited             Unlimited             Unlimited          Unlimited  
 

 

 

         

 

 

         

 

 

      

 

 

 

Par value

    None             None             None          None  
 

 

 

         

 

 

         

 

 

      

 

 

 

(a) Investments, at cost — affiliated

  $ 73,677,000           $ 3,570,488           $ 2,463,112        $ 382,263,932  

(b) Securities loaned, at value

  $ 20,081,330           $ 1,102,920           $        $ 105,507,856  

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

    49  


Statements of Assets and Liabilities   (continued)

October 31, 2023

 

   

iShares

Interest Rate

Hedged High

Yield Bond ETF

      

iShares

Interest Rate

Hedged

Long-Term

Corporate

Bond ETF

   

iShares

Interest Rate

Hedged

U.S. Aggregate

Bond ETF

 

 

 

ASSETS

           

Investments, at value — affiliated(a)(b)

  $ 235,161,932        $ 77,444,046                     $ 4,897,779  

Cash

    132,732          33,422          11,559  

Cash pledged for centrally cleared swaps

    4,344,000          4,343,000          181,000  

Receivables:

           

Securities lending income — affiliated

    144,498          1,611           

Dividends — affiliated

    25,787          15,724          847  

Variation margin on centrally cleared swaps

    136,604          185,291          7,068  
 

 

 

      

 

 

      

 

 

 

Total assets

    239,945,553          82,023,094          5,098,253  
 

 

 

      

 

 

      

 

 

 

LIABILITIES

           

Collateral on securities loaned, at value

    75,268,108          16,897,403           

Payables:

           

Investment advisory fees

    7,113          5,276          434  
 

 

 

      

 

 

      

 

 

 

Total liabilities

    75,275,221          16,902,679          434  
 

 

 

      

 

 

      

 

 

 

Commitments and contingent liabilities

           

NET ASSETS

  $ 164,670,332        $ 65,120,415        $ 5,097,819  
 

 

 

      

 

 

      

 

 

 

NET ASSETS CONSIST OF

           

Paid-in capital

  $ 182,698,433        $ 53,534,691        $ 5,105,027  

Accumulated earnings (loss)

    (18,028,101        11,585,724          (7,208
 

 

 

      

 

 

      

 

 

 

NET ASSETS

  $ 164,670,332        $ 65,120,415        $ 5,097,819  
 

 

 

      

 

 

      

 

 

 

NET ASSET VALUE

           

Shares outstanding

    2,000,000          2,750,000          200,000  
 

 

 

      

 

 

      

 

 

 

Net asset value

  $ 82.34        $ 23.68        $ 25.49  
 

 

 

      

 

 

      

 

 

 

Shares authorized

    Unlimited          Unlimited          Unlimited  
 

 

 

      

 

 

      

 

 

 

Par value

    None          None          None  
 

 

 

      

 

 

      

 

 

 

(a) Investments, at cost — affiliated

  $ 250,754,218        $ 81,715,434        $ 5,225,612  

(b) Securities loaned, at value

  $ 73,844,184        $ 16,359,593        $  

See notes to financial statements.

 

 

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


Statements of Operations

Year Ended October 31, 2023

 

   

iShares

Inflation

Hedged

Corporate

Bond ETF

   

iShares

Inflation

Hedged High

Yield Bond ETF

   

iShares

Inflation

Hedged

U.S. Aggregate

Bond ETF

   

iShares

Interest Rate

Hedged

Corporate

Bond ETF

 

 

 

INVESTMENT INCOME

             

Dividends — affiliated

  $ 2,158,651       $ 142,226       $ 71,853       $ 14,526,678  

Interest — unaffiliated

    1,303         216         239         458,426  

Securities lending income — affiliated — net

    42,783                  12,414                                270,735  
 

 

 

     

 

 

     

 

 

     

 

 

 

Total investment income

    2,202,737         154,856         72,092         15,255,839  
 

 

 

     

 

 

     

 

 

     

 

 

 

EXPENSES

             

Investment advisory

    113,616         13,783         3,160         1,050,446  
 

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses

    113,616         13,783         3,160         1,050,446  

Less:

             

Investment advisory fees waived

    (85,246       (12,530       (729       (700,810
 

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses after fees waived

    28,370         1,253         2,431         349,636  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

    2,174,367         153,603         69,661         14,906,203  
 

 

 

     

 

 

     

 

 

     

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

             

Net realized gain (loss) from:

             

Investments — unaffiliated

                            4,395,254  

Investments — affiliated

    (7,189,843       269         (2,609       (120,905,969

Capital gain distributions from underlying funds — affiliated

                            27  

Futures contracts

    (56,283                       2,263  

Swaps

    1,143,132         191         1,434         142,590,948  
 

 

 

     

 

 

     

 

 

     

 

 

 
    (6,102,994       460         (1,175       26,082,523  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net change in unrealized appreciation (depreciation) on:

             

Investments — unaffiliated

                            244,647  

Investments — affiliated

    6,380,934         (28,150       (57,253       139,484,686  

Futures contracts

    (113,634                       (3,826

Swaps

    (770,897       (5,741       (879       (140,961,975
 

 

 

     

 

 

     

 

 

     

 

 

 
    5,496,403         (33,891       (58,132       (1,236,468
 

 

 

     

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain (loss)

    (606,591       (33,431       (59,307       24,846,055  
 

 

 

     

 

 

     

 

 

     

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 1,567,776       $ 120,172       $ 10,354       $ 39,752,258  
 

 

 

     

 

 

     

 

 

     

 

 

 

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

    51  


Statements of Operations   (continued)

Year Ended October 31, 2023

 

   

iShares

Interest Rate

Hedged High

Yield Bond ETF

   

iShares

Interest Rate

Hedged

Long-Term

Corporate

Bond ETF

   

iShares

Interest Rate

Hedged

U.S. Aggregate

Bond ETF

 

 

 

INVESTMENT INCOME

           

Dividends — affiliated

    $ 7,596,316       $ 3,133,494       $ 96,307  

Interest — unaffiliated

      3,410         229,774         397  

Securities lending income — affiliated — net

      748,739         102,378          
   

 

 

     

 

 

     

 

 

 

Total investment income

      8,348,465         3,465,646         96,704  
   

 

 

     

 

 

     

 

 

 

EXPENSES

           

Investment advisory

      881,652         265,602         4,391  
   

 

 

     

 

 

     

 

 

 

Total expenses

      881,652                  265,602                  4,391  

Less:

           

Investment advisory fees waived

      (813,923       (189,860       (1,013
   

 

 

     

 

 

     

 

 

 

Total expenses after fees waived

      67,729         75,742         3,378  
   

 

 

     

 

 

     

 

 

 

Net investment income

      8,280,736         3,389,904         93,326  
   

 

 

     

 

 

     

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

           

Net realized gain (loss) from:

           

Investments — unaffiliated

              3,406,810          

Investments — affiliated

      (4,745,938       (4,721,687       (5,317

Capital gain distributions from underlying funds — affiliated

      3         2          

Futures contracts

             3,903         (217        

Swaps

      9,748,055         19,993,301         52,928  
   

 

 

     

 

 

     

 

 

 
      5,006,023         18,678,209         47,611  
   

 

 

     

 

 

     

 

 

 

Net change in unrealized appreciation (depreciation) on:

           

Investments — unaffiliated

              214,098          

Investments — affiliated

      2,071,017         4,680,075         (189,996

Futures contracts

      (3,827       (1,505        

Swaps

      (5,767,441       (17,347,338       207,266  
   

 

 

     

 

 

     

 

 

 
      (3,700,251       (12,454,670       17,270  
   

 

 

     

 

 

     

 

 

 

Net realized and unrealized gain

      1,305,772         6,223,539         64,881  
   

 

 

     

 

 

     

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

    $ 9,586,508       $ 9,613,443       $ 158,207  
   

 

 

     

 

 

     

 

 

 

See notes to financial statements.

 

 

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


Statements of Changes in Net Assets

 

   

iShares

Inflation Hedged Corporate Bond

ETF

   

iShares

Inflation Hedged High Yield Bond

ETF

 
 

 

 

   

 

 

 
                                  Period From  
    Year Ended         Year Ended       Year Ended         06/22/22 (a)  
    10/31/23           10/31/22     10/31/23     to 10/31/22  

 

 

INCREASE (DECREASE) IN NET ASSETS

             

OPERATIONS

             

Net investment income

  $ 2,174,367       $ 2,666,650                 $ 153,603             $ 71,778  

Net realized gain (loss)

    (6,102,994             (7,552,493       460         (119,125

Net change in unrealized appreciation (depreciation)

    5,496,403         (14,610,183       (33,891       3,551  
 

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

    1,567,776         (19,496,026       120,172         (43,796
 

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

             

Decrease in net assets resulting from distributions to shareholders

    (2,197,827       (2,838,582       (154,669       (69,266
 

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

             

Net increase (decrease) in net assets derived from capital share transactions

    (9,995,888       5,776,762                 2,610,144  
 

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

             

Total increase (decrease) in net assets

    (10,625,939       (16,557,846       (34,497       2,497,082  

Beginning of period

    56,514,962         73,072,808         2,497,082          
 

 

 

     

 

 

     

 

 

     

 

 

 

End of period

  $ 45,889,023       $ 56,514,962       $ 2,462,585       $ 2,497,082  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

    53  


Statements of Changes in Net Assets (continued)

 

   

iShares

Inflation Hedged U.S. Aggregate

Bond ETF

   

iShares

Interest Rate Hedged Corporate Bond

ETF

 
 

 

 

   

 

 

 
                Period From                          
    Year Ended         06/22/22 (a)       Year Ended       Year Ended  
          10/31/23     to 10/31/22           10/31/23           10/31/22  

 

 

INCREASE (DECREASE) IN NET ASSETS

               

OPERATIONS

               

Net investment income

    $ 69,661       $ 31,988       $ 14,906,203       $ 28,496,165  

Net realized gain (loss)

      (1,175       (145,734       26,082,523         (72,857,593

Net change in unrealized appreciation (depreciation)

      (58,132       (104,951       (1,236,468       (10,553,700
   

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

            10,354               (218,697             39,752,258               (54,915,128
   

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

               

Decrease in net assets resulting from distributions to shareholders

      (71,665       (32,343       (24,840,191       (23,524,103
   

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

               

Net increase (decrease) in net assets derived from capital share transactions

              2,647,377         (502,125,478       106,530,552  
   

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

               

Total increase (decrease) in net assets

      (61,311       2,396,337         (487,213,411       28,091,321  

Beginning of period

      2,396,337                 744,180,879         716,089,558  
   

 

 

     

 

 

     

 

 

     

 

 

 

End of period

    $ 2,335,026       $ 2,396,337       $ 256,967,468       $ 744,180,879  
   

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

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


Statements of Changes in Net Assets (continued)

 

   

iShares

Interest Rate Hedged High Yield Bond

ETF

   

iShares

Interest Rate Hedged Long-Term

Corporate Bond ETF

 
 

 

 

   

 

 

 
    Year Ended       Year Ended       Year Ended       Year Ended  
          10/31/23           10/31/22           10/31/23           10/31/22  

 

 

INCREASE (DECREASE) IN NET ASSETS

               

OPERATIONS

               

Net investment income

    $ 8,280,736       $ 7,462,153       $ 3,389,904       $ 12,025,113  

Net realized gain (loss)

      5,006,023         (6,190,330       18,678,209         (37,290,414

Net change in unrealized appreciation (depreciation)

             (3,700,251              (4,703,180                  (12,454,670              (10,023,958
   

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

      9,586,508         (3,431,357       9,613,443         (35,289,259
   

 

 

     

 

 

     

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

               

Decrease in net assets resulting from distributions to shareholders

      (11,416,943       (7,061,210       (5,196,424       (15,092,854
   

 

 

     

 

 

     

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

               

Net increase (decrease) in net assets derived from capital share transactions

      54,572,358         (13,499,477       (42,006,236       (677,701,130
   

 

 

     

 

 

     

 

 

     

 

 

 

NET ASSETS

               

Total increase (decrease) in net assets

      52,741,923         (23,992,044       (37,589,217       (728,083,243

Beginning of year

      111,928,409         135,920,453         102,709,632         830,792,875  
   

 

 

     

 

 

     

 

 

     

 

 

 

End of year

    $ 164,670,332       $ 111,928,409       $ 65,120,415       $ 102,709,632  
   

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

    55  


Statements of Changes in Net Assets (continued)

 

   

iShares

Interest Rate Hedged

U.S. Aggregate Bond ETF

 
   

 

 

 
    Period From

 

    Year Ended          06/22/22 (a)  
    10/31/23     to 10/31/22  

 

 

INCREASE (DECREASE) IN NET ASSETS

        

OPERATIONS

        

Net investment income

             $ 93,326        $ 27,365  

Net realized gain (loss)

      47,611          (48,750

Net change in unrealized appreciation (depreciation)

      17,270               16,526  
   

 

 

      

 

 

 

Net increase (decrease) in net assets resulting from operations

      158,207          (4,859
   

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

        

Decrease in net assets resulting from distributions to shareholders

      (142,396        (18,160
   

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

        

Net increase in net assets derived from capital share transactions

      2,565,141          2,539,886  
   

 

 

      

 

 

 

NET ASSETS

        

Total increase in net assets

      2,580,952          2,516,867  

Beginning of period

      2,516,867           
   

 

 

      

 

 

 

End of period

    $ 5,097,819        $ 2,516,867  
   

 

 

      

 

 

 

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

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


Financial Highlights

(For a share outstanding throughout each period)

 

          iShares Inflation Hedged Corporate Bond ETF  
 

 

 

 
    Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
          10/31/23            10/31/22            10/31/21            10/31/20     10/31/19  

 

 

Net asset value, beginning of year

    $ 24.57        $ 30.45        $ 27.66        $ 26.33        $ 24.31  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income(a)

      0.97          0.75          0.63          0.71                 0.91  

Net realized and unrealized gain (loss)(b)

      (0.40        (5.80        2.82          1.36          2.01  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

      0.57          (5.05        3.45          2.07          2.92  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions(c)

                       

From net investment income

      (0.99        (0.76        (0.66        (0.74        (0.90

From net realized gain

               (0.07                           
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total distributions

      (0.99        (0.83        (0.66        (0.74        (0.90
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of year

    $ 24.15        $ 24.57        $ 30.45        $ 27.66        $ 26.33  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                       

Based on net asset value

      2.18        (16.89 )%         12.60        8.00 %(e)         12.26 %(f) 
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(g)

                       

Total expenses

      0.20        0.20        0.20        0.20        0.20
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

      0.05        0.05        0.05        0.05        0.05
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

      3.83        2.68        2.14        2.64        3.60
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                       

Net assets, end of year (000)

    $ 45,889        $ 56,515        $ 73,073        $ 17,979        $ 7,898  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(h)

      5        10        0        13        0
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(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) 

Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 12.22%.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  57


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

   

iShares Inflation Hedged High Yield Bond ETF

 
                Period From  
    Year Ended          06/22/22 (a) 
          10/31/23     to 10/31/22  

 

 

Net asset value, beginning of period

    $ 24.97        $ 24.99  
   

 

 

      

 

 

 

Net investment income(b)

      1.54          0.44  

Net realized and unrealized loss(c)

      (0.33        (0.03
   

 

 

      

 

 

 

Net increase from investment operations

      1.21          0.41  
   

 

 

      

 

 

 

Distributions from net investment income(d)

                               (1.55                             (0.43
   

 

 

      

 

 

 

Net asset value, end of period

    $ 24.63        $ 24.97  
   

 

 

      

 

 

 

Total Return(e)

        

Based on net asset value

      4.88        1.62 %(f)  
   

 

 

      

 

 

 

Ratios to Average Net Assets(g)

        

Total expenses

      0.55        0.55 %(h)  
   

 

 

      

 

 

 

Total expenses after fees waived

      0.05        0.05 %(h)  
   

 

 

      

 

 

 

Net investment income

      6.13        4.85 %(h)  
   

 

 

      

 

 

 

Supplemental Data

        

Net assets, end of period (000)

    $ 2,463        $ 2,497  
   

 

 

      

 

 

 

Portfolio turnover rate(i)

      2        1
   

 

 

      

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

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.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

   

iShares Inflation Hedged U.S. Aggregate Bond ETF

 
                Period From  
    Year Ended          06/22/22 (a) 
          10/31/23     to 10/31/22  

 

 

Net asset value, beginning of period

    $ 23.96        $ 25.20  
   

 

 

      

 

 

 

Net investment income(b)

      0.70          0.19  

Net realized and unrealized loss(c)

      (0.59        (1.24
   

 

 

      

 

 

 

Net increase (decrease) from investment operations

      0.11          (1.05
   

 

 

      

 

 

 

Distributions from net investment income(d)

      (0.72        (0.19
   

 

 

      

 

 

 

Net asset value, end of period

                                 $ 23.35                                 $ 23.96  
   

 

 

      

 

 

 

Total Return(e)

        

Based on net asset value

      0.36        (4.21 )%(f) 
   

 

 

      

 

 

 

Ratios to Average Net Assets(g)

        

Total expenses

      0.13        0.13 %(h) 
   

 

 

      

 

 

 

Total expenses after fees waived

      0.10        0.10 %(h) 
   

 

 

      

 

 

 

Net investment income

      2.87        2.09 %(h) 
   

 

 

      

 

 

 

Supplemental Data

        

Net assets, end of period (000)

    $ 2,335        $ 2,396  
   

 

 

      

 

 

 

Portfolio turnover rate(i)

      3        1
   

 

 

      

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

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.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  59


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Interest Rate Hedged Corporate Bond ETF  
 

 

 

 
    Year Ended
10/31/23
    Year Ended
10/31/22
    Year Ended
10/31/21
    Year Ended
10/31/20
    Year Ended
10/31/19
 

 

 

Net asset value, beginning of year

    $ 89.66        $ 96.12        $ 91.84        $ 93.50        $ 95.79  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income(a)

      3.91          2.61          2.23          2.38          3.35  

Net realized and unrealized gain (loss)(b)

      4.54          (6.79        3.68          (1.69        (0.97
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

      8.45          (4.18        5.91          0.69          2.38  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions(c)

                       

From net investment income

      (6.34        (2.28        (1.63        (2.35        (3.12

From net realized gain

                                          (1.55
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total distributions

      (6.34        (2.28        (1.63        (2.35        (4.67
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of year

    $ 91.77        $ 89.66        $ 96.12        $ 91.84        $ 93.50  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                       

Based on net asset value

      9.65        (4.37 )%         6.46        0.79        2.63
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(e)

                       

Total expenses

      0.30        0.30        0.30        0.30        0.30
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

      0.10        0.10        0.10        0.10        0.10
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

      4.26        2.83        2.33        2.64        3.59
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                       

Net assets, end of year (000)

    $ 256,967        $ 744,181        $ 716,090        $ 450,004        $ 126,232  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(f)

      28        20        5        7        4
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

60  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Interest Rate Hedged High Yield Bond ETF  
 

 

 

 
   

Year Ended

10/31/23

   

Year Ended

10/31/22

   

Year Ended

10/31/21

   

Year Ended

10/31/20

   

Year Ended

10/31/19

 

 

 

Net asset value, beginning of year

     $ 82.91        $ 87.69        $ 83.10        $ 87.86        $ 90.47  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income(a)

       5.05          4.50          3.81          4.31          5.51  

Net realized and unrealized gain (loss)(b)

       1.33          (4.92        4.15          (5.53        (2.92
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

       6.38          (0.42        7.96          (1.22        2.59  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions(c)

                        

From net investment income

       (6.95        (4.36        (3.37        (3.51        (5.18

Return of capital

                                  (0.03              (0.02
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total distributions

       (6.95        (4.36        (3.37        (3.54        (5.20
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of year

     $ 82.34        $ 82.91        $ 87.69              $ 83.10        $ 87.86  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                        

Based on net asset value

       7.97        (0.43 )%         9.70        (1.32 )%         3.00
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(e)

                        

Total expenses

       0.65        0.65              0.65        0.65        0.65
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

             0.05              0.05        0.05        0.05        0.05
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

       6.11        5.32        4.37        5.12        6.22
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                        

Net assets, end of year (000)

     $ 164,670        $ 111,928        $ 135,920        $ 62,325        $ 114,212  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(f)

       5        10        1        1        1
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  61


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

           iShares Interest Rate Hedged Long-Term Corporate Bond ETF  
 

 

 

 
   

Year Ended

10/31/23

   

Year Ended

10/31/22

   

Year Ended

10/31/21

   

Year Ended

10/31/20

   

Year Ended

10/31/19

 

 

 

Net asset value, beginning of year

           $ 22.57        $ 25.33        $ 23.48        $ 24.31        $ 25.76  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income(a)

       1.05                0.77          0.68          0.52          0.98  

Net realized and unrealized gain (loss)(b)

       1.69          (2.66        1.66          (0.70        (1.01
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

       2.74          (1.89        2.34                (0.18              (0.03
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions(c)

                              

From net investment income

       (1.63        (0.67        (0.46        (0.65        (0.96

From net realized gain

                (0.20        (0.03                 (0.45

Return of capital

                                           (0.01
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total distributions

       (1.63        (0.87        (0.49        (0.65        (1.42
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of year

     $ 23.68        $ 22.57        $ 25.33        $ 23.48        $ 24.31  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                        

Based on net asset value

       12.41        (7.59 )%         10.01        (0.69 )%         (0.03 )% 
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(e)

                        

Total expenses

       0.35        0.35        0.35        0.35        0.35
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

       0.10        0.10        0.10        0.10        0.10
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

       4.47        3.18        2.69        2.22        3.98
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                        

Net assets, end of year (000)

     $ 65,120        $ 102,710        $ 830,793        $ 557,715        $ 59,558  
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(f)

       87        42        14        18        13
    

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(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) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

 
(f) 

Portfolio turnover rate excludes in-kind transactions.

 

See notes to financial statements.

 

 

62  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

   

iShares Interest Rate Hedged U.S. Aggregate Bond ETF

 
 

 

 
              Period From  
  Year Ended

 

      06/22/22 (a) 
    10/31/23     to 10/31/22  

 

 

Net asset value, beginning of period

                                 $ 25.17       $ 25.19  
   

 

 

     

 

 

 

Net investment income(b)

      0.71         0.17  

Net realized and unrealized gain (loss)(c)

      0.68         (0.08
   

 

 

     

 

 

 

Net increase from investment operations

      1.39         0.09  
   

 

 

     

 

 

 

Distributions from net investment income(d)

      (1.07       (0.11
   

 

 

     

 

 

 

Net asset value, end of period

    $ 25.49                                $ 25.17  
   

 

 

     

 

 

 

Total Return(e)

       

Based on net asset value

      5.60       0.32 %(f) 
   

 

 

     

 

 

 

Ratios to Average Net Assets(g)

       

Total expenses

      0.13       0.13 %(h) 
   

 

 

     

 

 

 

Total expenses after fees waived

      0.10       0.10 %(h) 
   

 

 

     

 

 

 

Net investment income

      2.76       1.84 %(h) 
   

 

 

     

 

 

 

Supplemental Data

       

Net assets, end of period (000)

    $ 5,098       $ 2,517  
   

 

 

     

 

 

 

Portfolio turnover rate(i)

      8       14
   

 

 

     

 

 

 

 

(a) 

Commencement of operations.

 
(b) 

Based on average shares outstanding.

 
(c) 

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.

 
(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

 
(e) 

Where applicable, assumes the reinvestment of distributions.

 
(f) 

Not annualized.

 
(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

 
(h) 

Annualized.

 
(i) 

Portfolio turnover rate excludes in-kind transactions.

 

See notes to financial statements.

 

 

F I N A N C I A L   H I G H L I G H T S

  63


Notes to Financial Statements  

 

1.

ORGANIZATION

iShares U.S. ETF 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 funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF  

Diversification    

Classification    

 

Inflation Hedged Corporate Bond

    Diversified      

Inflation Hedged High Yield Bond

    Non-diversified      

Inflation Hedged U.S. Aggregate Bond

    Non-diversified      

Interest Rate Hedged Corporate Bond

    Diversified      

Interest Rate Hedged High Yield Bond

    Diversified      

Interest Rate Hedged Long-Term Corporate Bond

    Diversified      

Interest Rate Hedged U.S. Aggregate Bond

    Non-diversified      

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.

 

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. Each 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. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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 Funds. Because such gains or losses are not taxable to the Funds 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 Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each 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 Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each 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 each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each 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 each Fund’s assets and liabilities:

 

 

64  

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Notes to Financial Statements  (continued)

 

   

Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

 

   

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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 each 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 each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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

Securities Lending: Each 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 each 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, each 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 each 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 Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds 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 Funds, 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 Funds can reinvest cash collateral

 

 

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Notes to Financial Statements  (continued)

 

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.

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  

 

 

Inflation Hedged Corporate Bond

        

Citigroup Global Markets, Inc.

  $ 745,858      $ (745,858   $     $  

J.P. Morgan Securities LLC

    19,335,472        (19,335,472            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 20,081,330      $ (20,081,330   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

Inflation Hedged High Yield Bond

        

BNP Paribas SA

  $ 6,314      $ (6,314   $     $  

J.P. Morgan Securities LLC

    1,096,606        (1,096,606            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 1,102,920      $ (1,102,920   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

Interest Rate Hedged Corporate Bond

        

BofA Securities, Inc.

  $ 2,975,100      $ (2,975,100   $     $  

Citigroup Global Markets, Inc.

    33,385,680        (33,385,680            

Goldman Sachs & Co. LLC

    63,589,292        (63,589,292            

J.P. Morgan Securities LLC

    3,841,052        (3,841,052            

Toronto-Dominion Bank

    1,716,732        (1,716,732            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 105,507,856      $ (105,507,856   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

Interest Rate Hedged High Yield Bond

        

BNP Paribas SA

  $ 9,625,758      $ (9,625,758   $     $  

BofA Securities, Inc.

    7,257,000        (7,257,000            

Citigroup Global Markets, Inc.

    1,839,287        (1,839,287            

Goldman Sachs & Co. LLC

    19,871,407        (19,871,407            

J.P. Morgan Securities LLC

    27,993,732        (27,993,732            

Morgan Stanley

    1,814,250        (1,814,250            

Toronto-Dominion Bank

    5,442,750        (5,442,750            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 73,844,184      $ (73,844,184   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

Interest Rate Hedged Long-Term Corporate Bond

        

J.P. Morgan Securities LLC

  $ 16,359,593      $ (16,359,593   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

  (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 each 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, each 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. Each 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 each Fund.

 

5.

DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations

 

 

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Notes to Financial Statements  (continued)

 

equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

The iShares Inflation Hedged Corporate Bond ETF, iShares Inflation Hedged High Yield Bond ETF and iShares Inflation Hedged U.S. Aggregate Bond ETF use inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF and iShares Interest Rate Hedged U.S. Aggregate Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

 

 

 

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Notes to Financial Statements  (continued)

 

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

 

6.

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 each 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 Funds, 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).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

Inflation Hedged Corporate Bond

    0.20

Inflation Hedged High Yield Bond

    0.55  

Inflation Hedged U.S. Aggregate Bond

    0.13  

Interest Rate Hedged Corporate Bond

    0.30  

Interest Rate Hedged High Yield Bond

    0.65  

Interest Rate Hedged Long-Term Corporate Bond

    0.35  

Interest Rate Hedged U.S. Aggregate Bond

    0.13  

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 Statements of Operations does not include acquired fund fees and expenses.

For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.05%.

For the iShares Inflation Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.

For the iShares Inflation Hedged U.S. Aggregate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares Core U.S. Aggregate Bond ETF (“AGG”), after taking into account any fee waivers by AGG, plus 0.10%.

For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the HYG, after taking into account any fee waivers by HYG, plus 0.05%.

For the iShares Interest Rate Hedged Long-Term Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares 10+ Year Investment Grade Corporate Bond ETF (“IGLB”), after taking into account any fee waivers by IGLB, plus 0.10%.

For the iShares Interest Rate Hedged U.S. Aggregate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in AGG, after taking into account any fee waivers by AGG, plus 0.10%.

 

 

 

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Notes to Financial Statements  (continued)

 

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

 

   
iShares ETF   Amounts Waived  

Inflation Hedged Corporate Bond

  $ 85,246      

Inflation Hedged High Yield Bond

    12,530  

Inflation Hedged U.S. Aggregate Bond

    729  

Interest Rate Hedged Corporate Bond

    700,810  

Interest Rate Hedged High Yield Bond

    813,923  

Interest Rate Hedged Long-Term Corporate Bond

    189,860  

Interest Rate Hedged U.S. Aggregate Bond

    1,013  

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

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 Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each 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 each 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. Each 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, each 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, each 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 each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts  

Inflation Hedged Corporate Bond

  $     10,993  

Inflation Hedged High Yield Bond

    2,960  

Interest Rate Hedged Corporate Bond

    74,462  

Interest Rate Hedged High Yield Bond

    176,754    

Interest Rate Hedged Long-Term Corporate Bond

    26,104  

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each 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 Statements of Operations.

 

 

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

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Notes to Financial Statements  (continued)

 

7.

PURCHASES AND SALES

For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

 

     
iShares ETF   Purchases              Sales      

Inflation Hedged Corporate Bond

  $ 2,819,472      $ 28,929,321  

Inflation Hedged High Yield Bond

    37,756        59,435  

Inflation Hedged U.S. Aggregate Bond

    78,889        118,339  

Interest Rate Hedged Corporate Bond

    98,283,488        658,605,340  

Interest Rate Hedged High Yield Bond

    6,673,312        26,403,850  

Interest Rate Hedged Long-Term Corporate Bond

    60,473,009        120,286,713  

Interest Rate Hedged U.S. Aggregate Bond

    445,470        266,816      

For the year ended October 31, 2023, in-kind transactions were as follows:

 

     
iShares ETF  

In-kind

Purchases

    

    In-kind    

Sales    

Inflation Hedged Corporate Bond

  $   16,936,739      $     —    

Interest Rate Hedged Corporate Bond

    43,713,385        —    

Interest Rate Hedged High Yield Bond

    71,138,224        —    

Interest Rate Hedged Long-Term Corporate Bond

    22,119,632        —    

Interest Rate Hedged U.S. Aggregate Bond

    2,352,068        —    

 

8.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each 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 Funds as of October 31, 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 Funds’ 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 October 31, 2023, permanent differences attributable to certain deemed distributions were reclassified to the following accounts:

 

     
iShares ETF   Paid-in Capital     

Accumulated

Earnings (Loss)

 

Interest Rate Hedged Long-Term Corporate Bond

   $ 3,190,457        $ (3,190,457

The tax character of distributions paid was as follows:

 

 

 
iShares ETF  

Year Ended

10/31/23

          

Year Ended

10/31/22

 

 

 

Inflation Hedged Corporate Bond

      

Ordinary income

  $ 2,197,827               $ 2,838,582  
 

 

 

      

 

 

 

 

 

 
iShares ETF  

Year Ended

10/31/23

     Period Ended
10/31/22
 

 

 

Inflation Hedged High Yield Bond

    

Ordinary income

  $ 154,669      $ 69,266  
 

 

 

    

 

 

 

Inflation Hedged U.S. Aggregate Bond

    

Ordinary income

  $ 71,665      $ 32,343  
 

 

 

    

 

 

 

 

 

 
iShares ETF   Year Ended
10/31/23
            Year Ended
10/31/22
 

 

 

Interest Rate Hedged Corporate Bond

      

Ordinary income

  $ 24,840,191        $ 23,524,103  
 

 

 

      

 

 

 

Interest Rate Hedged High Yield Bond

      

Ordinary income

  $ 11,416,943        $ 7,061,210  
 

 

 

      

 

 

 

 

 

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Notes to Financial Statements  (continued)

 

 

 
iShares ETF  

Year Ended

10/31/23

    

Year Ended

10/31/22

 

 

 

Interest Rate Hedged Long-Term Corporate Bond

    

Ordinary income

  $   5,196,424      $ 15,092,854  
 

 

 

    

 

 

 
    

 

 
iShares ETF  

Year Ended

10/31/23

    

Period Ended

10/31/22

 

 

 

Interest Rate Hedged U.S. Aggregate Bond

    

Ordinary income

  $ 142,396      $ 18,160  
 

 

 

    

 

 

 

As of October 31, 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     

 

 

Inflation Hedged Corporate Bond

  $ 30,066      $ (11,462,463   $ (7,359,840   $   (18,792,237)    

Inflation Hedged High Yield Bond

    2,823        (118,280     (32,102     (147,559)    

Inflation Hedged U.S. Aggregate Bond

    364        (146,067     (166,648     (312,351)    

Interest Rate Hedged Corporate Bond

    2,144,688        (14,372,252     16,608,072       4,380,508     

Interest Rate Hedged High Yield Bond

    989,029        (15,089,738     (3,927,392     (18,028,101)    

Interest Rate Hedged Long-Term Corporate Bond

    276,198              11,309,526       11,585,724     

Interest Rate Hedged U.S. Aggregate Bond

    7,845        (31,588     16,535       (7,208)    

 

 

 

  (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 and the timing and recognition of realized gains/losses for tax purposes.

 

As of October 31, 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)   

 

 

 

Inflation Hedged Corporate Bond

  $ 74,832,444      $ 3,031,022      $ (10,390,862   $ (7,359,840)    

Inflation Hedged High Yield Bond

    3,572,250        15,939        (48,041     (32,102)    

Inflation Hedged U.S. Aggregate Bond

    2,466,677        35,256        (201,904     (166,648)    

Interest Rate Hedged Corporate Bond

    375,384,260        54,972,892        (38,364,820     16,608,072     

Interest Rate Hedged High Yield Bond

    246,210,492        7,130,139        (11,057,531     (3,927,392)    

Interest Rate Hedged Long-Term Corporate Bond

    74,213,364        19,852,338        (8,542,812     11,309,526     

Interest Rate Hedged U.S. Aggregate Bond

    5,242,873        361,629        (345,094     16,535     

 

 

 

9.

PRINCIPAL RISKS

In the normal course of business, each 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 Funds and their investments. Each 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 each 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.

The Funds 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.

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.

 

 

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

  71


Notes to Financial Statements  (continued)

 

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds 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 Funds manage 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 Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class 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 each Fund’s portfolio are disclosed in its 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 Funds may be exposed to financial instruments that recently transitioned from, or continue to be 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, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each 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 each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Year Ended

10/31/23

         

Year Ended

10/31/22

 
 

 

 

      

 

 

 
iShares ETF   Shares           Amount          Shares           Amount  

 

 

Inflation Hedged Corporate Bond

                

Shares sold

    700,000        $ 17,953,289          2,800,000        $ 82,986,717  

Shares redeemed

    (1,100,000        (27,949,177        (2,900,000        (77,209,955
 

 

 

      

 

 

      

 

 

      

 

 

 
    (400,000      $ (9,995,888        (100,000      $ 5,776,762  
 

 

 

      

 

 

      

 

 

      

 

 

 

 

 

72  

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Notes to Financial Statements  (continued)

 

 

 
    

Year Ended

10/31/23

        

Period Ended

10/31/22

 
  

 

 

      

 

 

 
iShares ETF    Shares             Amount           Shares           Amount  

 

 

Inflation Hedged High Yield Bond

                 

Shares sold

            $          200,000        $ 5,020,582  

Shares redeemed

                       (100,000        (2,410,438
  

 

 

      

 

 

      

 

 

      

 

 

 
            $          100,000        $ 2,610,144  
  

 

 

      

 

 

      

 

 

      

 

 

 

Inflation Hedged U.S. Aggregate Bond

                 

Shares sold

            $          200,000        $ 5,031,676  

Shares redeemed

                       (100,000        (2,384,299
  

 

 

      

 

 

      

 

 

      

 

 

 
            $          100,000        $ 2,647,377  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

 

 
   

Year Ended

10/31/23

   

  

  

Year Ended

10/31/22

 
 

 

 

      

 

 

 
iShares ETF   Shares           Amount          Shares           Amount  

 

 

Interest Rate Hedged Corporate Bond

                

Shares sold

    500,000        $ 46,216,396          9,300,000        $ 875,012,659  

Shares redeemed

    (6,000,000        (548,341,874        (8,450,000        (768,482,107
 

 

 

      

 

 

      

 

 

      

 

 

 
    (5,500,000      $ (502,125,478        850,000        $ 106,530,552  
 

 

 

      

 

 

      

 

 

      

 

 

 

Interest Rate Hedged High Yield Bond

                

Shares sold

    900,000        $ 75,010,949          1,250,000        $ 107,235,850  

Shares redeemed

    (250,000        (20,438,591        (1,450,000        (120,735,327
 

 

 

      

 

 

      

 

 

      

 

 

 
    650,000        $ 54,572,358          (200,000      $ (13,499,477
 

 

 

      

 

 

      

 

 

      

 

 

 

Interest Rate Hedged Long-Term Corporate Bond

                

Shares sold

    1,050,000        $ 24,802,260          3,900,000        $ 94,891,724  

Shares redeemed

    (2,850,000        (66,808,496        (32,150,000        (772,592,854
 

 

 

      

 

 

      

 

 

      

 

 

 
    (1,800,000      $ (42,006,236        (28,250,000      $ (677,701,130
 

 

 

      

 

 

      

 

 

      

 

 

 

 

 

 
    

Year Ended

10/31/23

        

Period Ended

10/31/22

 
  

 

 

      

 

 

 
iShares ETF    Shares           Amount          Shares           Amount  

 

 

Interest Rate Hedged U.S. Aggregate Bond

                 

Shares sold

     100,000        $   2,565,141             200,000        $ 5,044,817  

Shares redeemed

                       (100,000         (2,504,931
  

 

 

      

 

 

      

 

 

      

 

 

 
     100,000        $ 2,565,141          100,000        $ 2,539,886  
  

 

 

      

 

 

      

 

 

      

 

 

 

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 Statements of Assets and Liabilities.

 

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds 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

  73


Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of

iShares U.S. ETF Trust and Shareholders of each of the seven funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

 

iShares Inflation Hedged Corporate Bond ETF(1)

iShares Inflation Hedged High Yield Bond ETF (2)

iShares Inflation Hedged U.S. Aggregate Bond ETF(2)

iShares Interest Rate Hedged Corporate Bond ETF(1)

iShares Interest Rate Hedged High Yield Bond ETF(1)

iShares Interest Rate Hedged Long-Term Corporate Bond ETF(1)

iShares Interest Rate Hedged U.S. Aggregate Bond ETF(2)

(1) Statement of operations for the year ended October 31, 2023 and statement of changes in net assets for each of the two years in the period ended October 31, 2023.

(2) Statement of operations for the year ended October 31, 2023, and statement of changes in net assets for the year ended October 31, 2023 and for the period June 22, 2022 (commencement of operations) to October 31, 2022.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ 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 Funds 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 October 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 21, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

74  

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Important Tax Information (unaudited)

 

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:

 

   
iShares ETF  

  Federal Obligation  

Interest  

 

Inflation Hedged Corporate Bond

  $ 24,268    

Inflation Hedged High Yield Bond

    1,963    

Inflation Hedged U.S. Aggregate Bond

    28,358    

Interest Rate Hedged Corporate Bond

    500,833    

Interest Rate Hedged High Yield Bond

    129,119    

Interest Rate Hedged Long-Term Corporate Bond

    57,330    

Interest Rate Hedged U.S. Aggregate Bond

    38,333    

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 Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:

 

   
iShares ETF     Interest Dividends    

Inflation Hedged Corporate Bond

  $ 2,115,845    

Inflation Hedged High Yield Bond

    135,661    

Inflation Hedged U.S. Aggregate Bond

    71,618    

Interest Rate Hedged Corporate Bond

    14,615,964    

Interest Rate Hedged High Yield Bond

    7,242,827    

Interest Rate Hedged Long-Term Corporate Bond

    3,352,917    

Interest Rate Hedged U.S. Aggregate Bond

    95,872    

The Funds hereby designate the following amounts, or maximum amounts 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 October 31, 2023:

 

   
iShares ETF  

  Interest-Related  

Dividends  

 

Inflation Hedged Corporate Bond

  $ 1,758,009    

Inflation Hedged High Yield Bond

    98,071    

Inflation Hedged U.S. Aggregate Bond

    66,623    

Interest Rate Hedged Corporate Bond

    12,195,019    

Interest Rate Hedged High Yield Bond

    5,294,734    

Interest Rate Hedged Long-Term Corporate Bond

    2,670,705    

Interest Rate Hedged U.S. Aggregate Bond

    89,480    

 

 

I M P O R T A N T   T A X   I N F O R M A T I O N

    75  


Board Review and Approval of Investment Advisory Contract 

 

iShares Inflation Hedged Corporate Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

 

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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

iShares Inflation Hedged High Yield Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

 

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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

iShares Inflation Hedged U.S. Aggregate Bond ETF, iShares Interest Rate Hedged U.S. Aggregate Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

 

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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

 

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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

 

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and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

 

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  85


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 each 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.

October 31, 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

 

Inflation Hedged Corporate Bond

  $  0.988428      $      $      $  0.988428          100             100

Inflation Hedged High Yield Bond

    1.546693                      1.546693          100                   100  

Interest Rate Hedged Corporate Bond(a)

    5.832047               0.508911        6.340958          92             8       100  

Interest Rate Hedged High Yield Bond(a)

    6.640006               0.306983        6.946989          96             4       100  

Interest Rate Hedged Long-Term Corporate Bond(a)

    1.543859               0.087294        1.631153                95             5       100  

 

  (a) 

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

 

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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.

 

 

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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. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. 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 BFAor 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 Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, 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. Wasserman 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

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Robert S.

Kapito(a)

(1957)

  

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 Trust (since 2009).

Salim Ramji(b)

(1970)

  

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 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

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

John E.

Kerrigan

(1955)

 

  

Trustee (since 2011); Independent Board Chair (since 2022).

 

   Chief Investment Officer, Santa Clara University (since 2002).   

Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2022).

 

Jane D. Carlin

(1956)

   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 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

(1954)

   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 Trust (since 2017).

 

 

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    87  


Trustee and Officer Information  (unaudited) (continued)

 

Independent Trustees (continued)
       

Name

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Cecilia H.

Herbert

(1949)

   Trustee (since 2011); 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); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).    Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005).

Drew E.

Lawton

(1959)

   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 Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E.

Martinez

(1961)

   Trustee (since 2011); 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 Trust (since 2003).

Madhav V.

Rajan

(1964)

   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 Trust (since 2011).
          Officers     
     

Name

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

Dominik Rohé

(1973)

   President (since 2023).    Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).

Trent Walker

(1974)

   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.

Aaron

Wasserman

(1974)

   Chief Compliance Officer (since 2023).    Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).

Marisa

Rolland

(1980)

   Secretary (since 2022).    Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).

Rachel

Aguirre

(1982)

   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

(1976)

   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

(Year of

Birth)

   Position(s)   

Principal Occupation(s)

During Past 5 Years

James Mauro

(1970)

   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 March 30, 2023, Dominik Rohé replaced Armando Senra as President.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

 

 

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N

    89  


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 Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each 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
CPI   Consumer Price Index
SOFR   Secured Overnight Financing Rate

 

 

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  91


Additional Financial Information

Schedules of Investments (Unaudited)

October 31, 2023

Statements of Assets and Liabilities (Unaudited)

October 31, 2023

iShares Trust

iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca

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

iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca

iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca


Schedule of Investments (unaudited)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.0%            

Interpublic Group of Companies Inc. (The)

   

3.38%, 03/01/41 (Call 09/01/40)

  $ 192     $ 121,683  

5.40%, 10/01/48 (Call 04/01/48)

    212       170,777  
   

 

 

 
      292,460  
Aerospace & Defense — 2.4%            

Airbus SE, 3.95%, 04/10/47 (Call 10/10/46)(a)

    475       347,218  

BAE Systems Holdings Inc., 4.75%, 10/07/44(a)

    194       154,780  

BAE Systems PLC

   

3.00%, 09/15/50 (Call 03/15/50)(a)

    202       116,704  

5.80%, 10/11/41(a)

    917       827,041  

Boeing Co. (The)

   

3.25%, 02/01/35 (Call 11/01/34)

    654       483,554  

3.30%, 03/01/35 (Call 09/01/34)

    219       157,399  

3.38%, 06/15/46 (Call 12/15/45)

    562       339,061  

3.50%, 03/01/39 (Call 09/01/38)(b)

    366       248,962  

3.50%, 03/01/45 (Call 09/01/44)(b)

    253       154,968  

3.55%, 03/01/38 (Call 09/01/37)

    318       223,407  

3.60%, 05/01/34 (Call 02/01/34)

    689       537,124  

3.63%, 03/01/48 (Call 09/01/47)

    290       179,722  

3.65%, 03/01/47 (Call 09/01/46)

    332       206,779  

3.75%, 02/01/50 (Call 08/01/49)

        1,057       672,285  

3.83%, 03/01/59 (Call 09/01/58)(b)

    187       111,959  

3.85%, 11/01/48 (Call 05/01/48)

    355       229,517  

3.90%, 05/01/49 (Call 11/01/48)(b)

    689       448,770  

3.95%, 08/01/59 (Call 02/01/59)

    657       404,660  

5.71%, 05/01/40 (Call 11/01/39)

    2,358           2,085,815  

5.81%, 05/01/50 (Call 11/01/49)

    4,192       3,608,896  

5.88%, 02/15/40

    427       381,916  

5.93%, 05/01/60 (Call 11/01/59)

    2,696       2,268,156  

6.63%, 02/15/38

    191       185,846  

6.88%, 03/15/39

    412       417,318  

General Dynamics Corp.

   

2.85%, 06/01/41 (Call 12/01/40)

    342       224,359  

3.60%, 11/15/42 (Call 05/15/42)

    459       330,196  

4.25%, 04/01/40 (Call 10/01/39)

    584       473,378  

4.25%, 04/01/50 (Call 10/01/49)

    448       348,978  

Howmet Aerospace Inc., 5.95%, 02/01/37

    255       232,944  

L3Harris Technologies Inc.

   

4.85%, 04/27/35 (Call 10/27/34)

    343       299,985  

5.05%, 04/27/45 (Call 10/27/44)

    147       122,013  

5.60%, 07/31/53 (Call 01/31/53)

    280       247,429  

6.15%, 12/15/40

    510       483,555  

Lockheed Martin Corp.

   

2.80%, 06/15/50 (Call 12/15/49)

    611       356,517  

3.60%, 03/01/35 (Call 09/01/34)(b)

    345       281,578  

3.80%, 03/01/45 (Call 09/01/44)

    794       578,047  

4.07%, 12/15/42

    1,133       877,918  

4.09%, 09/15/52 (Call 03/15/52)

    1,220       899,709  

4.15%, 06/15/53 (Call 12/15/52)(b)

    620       461,138  

4.30%, 06/15/62 (Call 12/15/61)

    509       372,195  

4.50%, 05/15/36 (Call 11/15/35)

    327       286,351  

4.70%, 05/15/46 (Call 11/15/45)

    1,017       840,096  

4.75%, 02/15/34 (Call 11/15/33)

    422       387,897  

5.20%, 02/15/55 (Call 08/15/54)

    510       444,661  

5.70%, 11/15/54 (Call 05/15/54)(b)

    746       698,600  

5.72%, 06/01/40

    138       131,939  

5.90%, 11/15/63 (Call 05/15/63)

    575       549,586  

Series B, 6.15%, 09/01/36

    550       559,791  
Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

Northrop Grumman Corp.

   

3.85%, 04/15/45 (Call 10/15/44)

  $ 384     $ 272,160  

4.03%, 10/15/47 (Call 04/15/47)

    1,727       1,255,345  

4.75%, 06/01/43

    817       669,366  

4.95%, 03/15/53 (Call 09/15/52)

    701       580,657  

5.05%, 11/15/40

    460       395,034  

5.15%, 05/01/40 (Call 11/01/39)

    452       396,114  

5.25%, 05/01/50 (Call 11/01/49)

    778       676,428  

RTX Corp.

   

2.82%, 09/01/51 (Call 03/01/51)

    826       445,319  

3.03%, 03/15/52 (Call 09/15/51)

    909       507,978  

3.13%, 07/01/50 (Call 01/01/50)

    790       458,225  

3.75%, 11/01/46 (Call 05/01/46)(b)

    880       582,714  

4.05%, 05/04/47 (Call 11/04/46)

    509       356,081  

4.15%, 05/15/45 (Call 11/16/44)

    818       586,267  

4.20%, 12/15/44 (Call 06/15/44)

    265       184,672  

4.35%, 04/15/47 (Call 10/15/46)

    763       559,768  

4.45%, 11/16/38 (Call 05/16/38)

    563       448,958  

4.50%, 06/01/42

        2,655       2,060,232  

4.63%, 11/16/48 (Call 05/16/48)

    1,367       1,051,916  

4.70%, 12/15/41

    380       302,494  

4.80%, 12/15/43 (Call 06/15/43)

    349       276,547  

4.88%, 10/15/40

    447       366,745  

5.38%, 02/27/53 (Call 08/27/52)

    990       839,192  

5.40%, 05/01/35(b)

    210       194,449  

5.70%, 04/15/40

    440       395,165  

6.05%, 06/01/36

    470       452,722  

6.13%, 07/15/38

    500       478,279  
   

 

 

 
          40,073,544  
Agriculture — 1.5%            

Altria Group Inc.

   

3.40%, 02/04/41 (Call 08/04/40)

    1,199       734,749  

3.70%, 02/04/51 (Call 08/04/50)(b)

    1,006       586,117  

3.88%, 09/16/46 (Call 03/16/46)

    1,179       728,241  

4.00%, 02/04/61 (Call 08/04/60)

    689       415,310  

4.25%, 08/09/42

    797       545,506  

4.45%, 05/06/50 (Call 11/06/49)

    432       286,789  

4.50%, 05/02/43

    614       433,427  

5.38%, 01/31/44(b)

    1,464       1,256,147  

5.80%, 02/14/39 (Call 08/14/38)(b)

    1,876       1,667,522  

5.95%, 02/14/49 (Call 08/14/48)

    1,934       1,640,654  

6.20%, 02/14/59 (Call 08/14/58)(b)

    196       175,077  

Archer-Daniels-Midland Co.

   

2.70%, 09/15/51 (Call 03/15/51)(b)

    195       109,626  

3.75%, 09/15/47 (Call 03/15/47)

    189       132,168  

4.02%, 04/16/43

    563       415,551  

4.50%, 03/15/49 (Call 09/15/48)

    159       126,332  

4.54%, 03/26/42

    386       312,136  

5.38%, 09/15/35

    805       764,301  

5.77%, 03/01/41(c)

    369       336,150  

BAT Capital Corp.

   

3.73%, 09/25/40 (Call 03/25/40)

    598       379,223  

3.98%, 09/25/50 (Call 03/25/50)

    943       554,810  

4.39%, 08/15/37 (Call 02/15/37)

    1,772       1,287,897  

4.54%, 08/15/47 (Call 02/15/47)

    1,925       1,245,411  

4.76%, 09/06/49 (Call 03/06/49)

    827       549,793  

5.28%, 04/02/50 (Call 10/02/49)

    435       309,367  

5.65%, 03/16/52 (Call 09/16/51)

    508       382,043  

7.08%, 08/02/43 (Call 02/02/43)

    584       532,416  

7.08%, 08/02/53 (Call 02/02/53)

    830       740,784  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Agriculture (continued)            

Cargill Inc.

   

3.13%, 05/25/51 (Call 11/25/50)(a)(b)

  $ 520     $ 314,541  

3.88%, 05/23/49 (Call 11/23/48)(a)

    208       143,506  

4.38%, 04/22/52 (Call 10/22/51)(a)

    341       261,515  

4.76%, 11/23/45(a)

    434       352,851  

Philip Morris International Inc.

   

3.88%, 08/21/42

    759       532,587  

4.13%, 03/04/43

    788       564,709  

4.25%, 11/10/44

    635       457,970  

4.38%, 11/15/41

    773       581,188  

4.50%, 03/20/42

    662       506,391  

4.88%, 11/15/43

    281       223,924  

6.38%, 05/16/38

    1,343       1,329,366  

Reynolds American Inc.

   

5.70%, 08/15/35 (Call 02/15/35)

    608       520,920  

5.85%, 08/15/45 (Call 02/15/45)

    1,819       1,421,952  

6.15%, 09/15/43

    441       368,569  

7.25%, 06/15/37

    501       483,273  
   

 

 

 
          24,710,809  
Apparel — 0.1%            

NIKE Inc.

   

3.25%, 03/27/40 (Call 09/27/39)(b)

    659       474,630  

3.38%, 11/01/46 (Call 05/01/46)

    324       218,155  

3.38%, 03/27/50 (Call 09/27/49)(b)

    933       627,800  

3.63%, 05/01/43 (Call 11/01/42)

    565       419,690  

3.88%, 11/01/45 (Call 05/01/45)

    733       547,474  

VF Corp., 6.45%, 11/01/37

    295       269,090  
   

 

 

 
      2,556,839  
Auto Manufacturers — 0.3%            

Cummins Inc.

   

2.60%, 09/01/50 (Call 03/01/50)(b)

    164       90,060  

4.88%, 10/01/43 (Call 04/01/43)(b)

    432       369,763  

General Motors Co.

   

5.00%, 04/01/35

    459       381,965  

5.15%, 04/01/38 (Call 10/01/37)

    763       613,713  

5.20%, 04/01/45

    941       699,498  

5.40%, 04/01/48 (Call 10/01/47)

    512       383,837  

5.95%, 04/01/49 (Call 10/01/48)(b)

    600       485,112  

6.25%, 10/02/43

        1,354       1,163,699  

6.60%, 04/01/36 (Call 10/01/35)

    952       895,233  

6.75%, 04/01/46 (Call 10/01/45)

    587       526,019  
   

 

 

 
      5,608,899  
Auto Parts & Equipment — 0.1%            

Aptiv PLC

   

3.10%, 12/01/51 (Call 06/01/51)

    1,064       573,127  

4.15%, 05/01/52 (Call 11/01/51)

    714       470,173  

4.40%, 10/01/46 (Call 04/01/46)(b)

    210       142,379  

5.40%, 03/15/49 (Call 09/15/48)(b)

    230       179,384  

BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)(b)

    205       145,951  

Lear Corp.

   

3.55%, 01/15/52 (Call 07/15/51)

    100       56,310  

5.25%, 05/15/49 (Call 11/15/48)(b)

    444       341,544  
   

 

 

 
      1,908,868  
Banks — 7.5%            

Bank of America Corp.

   

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

    3,963       2,416,229  

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

    879       485,627  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 1,507     $ 864,432  

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

    2,514       1,669,252  

3.95%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.452%)(d)

    1,047       729,350  

4.08%, 04/23/40 (Call 04/23/39),
(3-mo. SOFR + 1.582%)(d)

    1,182       891,066  

4.08%, 03/20/51 (Call 03/20/50),
(3-mo. SOFR + 3.412%)(d)

    4,209           2,950,919  

4.24%, 04/24/38 (Call 04/24/37),
(3-mo. SOFR + 2.076%)(d)

    1,103       870,458  

4.33%, 03/15/50 (Call 03/15/49),
(3-mo. SOFR + 1.782%)(d)

    1,923       1,411,791  

4.44%, 01/20/48 (Call 01/20/47),
(3-mo. SOFR + 2.252%)(d)

    1,614       1,220,805  

4.88%, 04/01/44

    492       401,454  

5.00%, 01/21/44

    1,430       1,198,868  

5.88%, 02/07/42

    1,209       1,133,119  

6.11%, 01/29/37

    1,542       1,465,155  

7.75%, 05/14/38

    1,022       1,095,168  

Series L, 4.75%, 04/21/45

    493       387,434  

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

    899       567,309  

Bank of America NA, 6.00%, 10/15/36

    931       897,299  

Barclays PLC

   

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

    707       433,792  

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

    605       381,154  

4.95%, 01/10/47

        1,046       801,373  

5.25%, 08/17/45

    1,060       855,264  

BNP Paribas SA, 2.82%, 01/26/41(a)(b)

    475       279,421  

BPCE SA, 3.58%, 10/19/42 (Call 10/19/41),
(1-day SOFR + 1.952%)(a)(b)(d)

    254       148,455  

Citigroup Inc.

   

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

    1,178       723,839  

3.88%, 01/24/39 (Call 01/24/38),
(3-mo. SOFR + 1.430%)(d)

    260       194,574  

4.28%, 04/24/48 (Call 04/24/47),
(3-mo. SOFR + 2.101%)(d)

    955       701,739  

4.65%, 07/30/45

    771       592,559  

4.65%, 07/23/48 (Call 06/23/48)

    1,982       1,526,555  

4.75%, 05/18/46

    1,623       1,211,947  

5.30%, 05/06/44(b)

    804       655,287  

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

    1,134       979,034  

5.88%, 01/30/42

    884       819,177  

6.13%, 08/25/36

    363       341,899  

6.68%, 09/13/43

    955       913,038  

6.88%, 03/05/38

    234       234,568  

6.88%, 02/15/98

    129       125,829  

8.13%, 07/15/39

    1,613       1,818,714  

Commonwealth Bank of Australia

   

3.31%, 03/11/41(a)

    885       539,910  

3.74%, 09/12/39(a)

    830       561,765  

3.90%, 07/12/47(a)(b)

    889       655,712  

4.32%, 01/10/48(a)(b)

    847       557,332  

Cooperatieve Rabobank UA

   

5.25%, 05/24/41

    1,595       1,458,600  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

5.25%, 08/04/45(b)

  $ 679     $ 559,393  

5.75%, 12/01/43

    543       480,460  

5.80%, 09/30/2110(a)(b)

    220       170,881  

Credit Agricole SA, 2.81%, 01/11/41(a)

    611       354,579  

Fifth Third Bancorp., 8.25%, 03/01/38

    773       786,429  

Goldman Sachs Group Inc. (The)

   

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

        1,301       801,501  

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

    1,828           1,186,346  

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

    1,631       1,077,419  

4.02%, 10/31/38 (Call 10/31/37),
(3-mo. SOFR + 1.635%)(d)

    1,790       1,355,203  

4.41%, 04/23/39 (Call 04/23/38),
(3-mo. SOFR + 1.692%)(d)

    1,141       905,407  

4.75%, 10/21/45 (Call 04/21/45)(b)

    1,645       1,313,519  

4.80%, 07/08/44 (Call 01/08/44)

    1,413       1,119,792  

5.15%, 05/22/45(b)

    1,641       1,330,274  

6.25%, 02/01/41

    2,047       1,981,745  

6.45%, 05/01/36(b)

    641       617,636  

6.75%, 10/01/37

    4,309       4,209,323  

HSBC Bank USA NA/New York

   

5.63%, 08/15/35

    331       291,928  

7.00%, 01/15/39(b)

    750       750,565  

HSBC Holdings PLC

   

5.25%, 03/14/44(b)

    561       451,903  

6.10%, 01/14/42(b)

    803       772,174  

6.33%, 03/09/44 (Call 03/09/43),
(1-day SOFR + 2.650%)(d)

    1,618       1,500,062  

6.50%, 05/02/36

    1,707       1,582,560  

6.50%, 09/15/37

    2,320       2,154,124  

6.80%, 06/01/38

    950       889,851  

HSBC USA Inc., 7.20%, 07/15/97(b)

    252       253,563  

Intesa Sanpaolo SpA, 7.78%, 06/20/54 (Call 06/20/53),
(1-year CMT + 3.900%)(a)(b)(d)

    1,406       1,219,158  

JPMorgan Chase & Co.

   

2.53%, 11/19/41 (Call 11/19/40),
(3-mo. SOFR + 1.510%)(d)

    1,359       812,088  

3.11%, 04/22/41 (Call 04/22/40),
(3-mo. SOFR + 2.460%)(d)

    1,276       845,762  

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

    1,983       1,168,045  

3.16%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.460%)(d)

    1,595       1,050,713  

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

    2,875       1,762,708  

3.88%, 07/24/38 (Call 07/24/37),
(3-mo. SOFR + 1.622%)(d)

    1,411       1,079,599  

3.90%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.482%)(d)

    1,481       1,024,253  

3.96%, 11/15/48 (Call 11/15/47),
(3-mo. SOFR + 1.642%)(d)

    2,484       1,736,470  

4.03%, 07/24/48 (Call 07/24/47),
(3-mo. SOFR + 1.722%)(d)

    1,327       939,450  

4.26%, 02/22/48 (Call 02/22/47),
(3-mo. SOFR + 1.842%)(d)

    1,628       1,201,723  

4.85%, 02/01/44

    903       751,488  

4.95%, 06/01/45

    1,289       1,055,458  

5.40%, 01/06/42

    959       863,486  

5.50%, 10/15/40

    959       873,648  
Security  

Par

(000)

    Value  
Banks (continued)            

5.60%, 07/15/41

  $ 1,415     $ 1,301,782  

5.63%, 08/16/43(b)

    1,018       919,991  

6.40%, 05/15/38

        2,222           2,244,355  

Lloyds Banking Group PLC

   

3.37%, 12/14/46 (Call 09/14/41),
(5-year CMT + 1.500%)(b)(d)

    900       521,515  

4.34%, 01/09/48

    1,187       774,509  

5.30%, 12/01/45(b)

    602       473,029  

Mitsubishi UFJ Financial Group Inc.

   

3.75%, 07/18/39

    1,254       943,219  

4.15%, 03/07/39(b)

    189       149,073  

4.29%, 07/26/38(b)

    279       225,753  

Morgan Stanley

   

2.80%, 01/25/52 (Call 01/25/51),
(1-day SOFR + 1.430%)(b)(d)

    1,799       991,908  

3.22%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.485%)(d)

    1,741       1,150,538  

3.97%, 07/22/38 (Call 07/22/37)(d)

    1,307       989,180  

4.30%, 01/27/45

    2,074       1,558,839  

4.38%, 01/22/47

    2,053       1,533,147  

4.46%, 04/22/39 (Call 04/22/38),
(3-mo. SOFR + 1.693%)(d)

    534       428,185  

5.60%, 03/24/51 (Call 03/24/50),
(1-day SOFR + 4.840%)(d)

    1,684       1,503,734  

6.38%, 07/24/42

    1,697       1,682,036  

MUFG Bank Ltd., 4.70%, 03/10/44(a)

    35       27,738  

National Australia Bank Ltd., 2.65%, 01/14/41(a)

    515       282,474  

Regions Bank/Birmingham AL, 6.45%, 06/26/37

    267       234,725  

Regions Financial Corp., 7.38%, 12/10/37(b)

    390       373,035  

Santander UK Group Holdings PLC,
5.63%, 09/15/45(a)

    45       31,825  

Societe Generale SA

   

3.63%, 03/01/41(a)(b)

    749       430,771  

4.03%, 01/21/43 (Call 01/21/42),
(1-year CMT + 1.900%)(a)(d)

    590       349,219  

5.63%, 11/24/45(a)(b)

    210       155,653  

7.37%, 01/10/53(a)

    750       650,415  

Standard Chartered PLC

   

5.30%, 01/09/43(a)(b)

    707       551,407  

5.70%, 03/26/44(a)(b)

    988       809,408  

Sumitomo Mitsui Financial Group Inc.

   

2.30%, 01/12/41

    338       197,659  

2.93%, 09/17/41(b)

    528       328,897  

3.05%, 01/14/42

    325       213,331  

6.18%, 07/13/43

    823       769,972  

UBS AG, 4.50%, 06/26/48

    741       588,147  

UBS Group AG

   

3.18%, 02/11/43 (Call 02/11/42),
(1-year CMT + 1.100%)(a)(d)

    1,132       700,983  

4.88%, 05/15/45

    2,295       1,828,662  

6.30%, 09/22/34 (Call 09/22/33),
(1-year CMT + 2.000%)(a)(d)

    200       189,445  

Wachovia Corp.

   

5.50%, 08/01/35

    624       555,454  

7.50%, 04/15/35

    216       225,235  

Wells Fargo & Co.

   

3.07%, 04/30/41 (Call 04/30/40),
(1-day SOFR + 2.530%)(d)

    2,667       1,704,223  

3.90%, 05/01/45

    1,657       1,151,468  

4.40%, 06/14/46

    1,565       1,094,685  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.61%, 04/25/53 (Call 04/25/52),
(1-day SOFR + 2.130%)(d)

  $     2,449     $ 1,805,633  

4.65%, 11/04/44

    1,355       998,824  

4.75%, 12/07/46

    1,555       1,145,224  

4.90%, 11/17/45

    1,599       1,216,146  

5.01%, 04/04/51 (Call 04/04/50),
(3-mo. SOFR + 4.502%)(d)

    4,493       3,563,223  

5.38%, 11/02/43

    1,505       1,234,625  

5.61%, 01/15/44

    1,877       1,581,935  

5.95%, 12/01/86 (Call 12/15/36)

    199       182,351  

Wells Fargo Bank NA

   

5.85%, 02/01/37

    805       742,409  

5.95%, 08/26/36

    430       394,316  

6.60%, 01/15/38

    1,190       1,167,540  

Westpac Banking Corp.

   

2.96%, 11/16/40

    805       469,817  

3.13%, 11/18/41

    729       425,821  

4.42%, 07/24/39

    705       515,305  
   

 

 

 
          127,726,751  
Beverages — 2.8%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

    4,223       3,716,406  

4.90%, 02/01/46 (Call 08/01/45)

    7,444       6,199,188  

Anheuser-Busch InBev Finance Inc.

   

4.63%, 02/01/44

    810       655,864  

4.70%, 02/01/36 (Call 08/01/35)

    585       514,823  

4.90%, 02/01/46 (Call 08/01/45)

    1,287       1,071,783  

Anheuser-Busch InBev Worldwide Inc.

   

3.75%, 07/15/42

    80       59,934  

4.35%, 06/01/40 (Call 12/01/39)

    933       753,312  

4.38%, 04/15/38 (Call 10/15/37)

    1,243       1,028,203  

4.44%, 10/06/48 (Call 04/06/48)

    1,509       1,167,617  

4.50%, 06/01/50 (Call 12/01/49)

    1,245       988,571  

4.60%, 04/15/48 (Call 10/15/47)

    1,867       1,512,460  

4.60%, 06/01/60 (Call 12/01/59)

    365       282,045  

4.75%, 04/15/58 (Call 10/15/57)

    608       487,121  

4.95%, 01/15/42

    1,185       1,018,334  

5.45%, 01/23/39 (Call 07/23/38)

    1,450       1,337,704  

5.55%, 01/23/49 (Call 07/23/48)

    3,146       2,854,109  

5.80%, 01/23/59 (Call 07/23/58)

    1,504       1,389,012  

5.88%, 06/15/35(b)

    370       371,250  

8.00%, 11/15/39

    369       420,081  

8.20%, 01/15/39

    998       1,166,437  

Bacardi Ltd.

   

5.15%, 05/15/38 (Call 11/15/37)(a)

    237       198,857  

5.30%, 05/15/48 (Call 11/15/47)(a)

    448       363,840  

Bacardi Ltd./Bacardi-Martini BV, 5.90%, 06/15/43 (Call 12/15/42)(a)(b)

    288       254,408  

Brown-Forman Corp.

   

3.75%, 01/15/43 (Call 07/15/42)(b)

    320       223,274  

4.00%, 04/15/38 (Call 10/15/37)

    145       115,619  

4.50%, 07/15/45 (Call 01/15/45)

    190       151,930  

Coca-Cola Co. (The)

   

2.50%, 06/01/40(b)

    1,255       810,414  

2.50%, 03/15/51

    1,254       691,689  

2.60%, 06/01/50

    1,185       674,533  

2.75%, 06/01/60(b)

    605       339,454  

2.88%, 05/05/41

    677       455,194  

3.00%, 03/05/51(b)

    1,484       925,647  

4.20%, 03/25/50

    517       404,883  
Security  

Par

(000)

    Value  
Beverages (continued)            

Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43

  $ 264     $ 230,094  

Constellation Brands Inc.

   

3.75%, 05/01/50 (Call 11/01/49)

    399       266,067  

4.10%, 02/15/48 (Call 08/15/47)

    424       299,815  

4.50%, 05/09/47 (Call 11/09/46)(b)

    507       380,916  

5.25%, 11/15/48 (Call 05/15/48)

    329       274,989  

Diageo Capital PLC

   

3.88%, 04/29/43 (Call 10/29/42)(b)

    498       370,875  

5.88%, 09/30/36

    337       333,094  

Diageo Investment Corp.

   

4.25%, 05/11/42

    385       300,995  

7.45%, 04/15/35

    445       493,029  

Fomento Economico Mexicano SAB de CV

   

3.50%, 01/16/50 (Call 07/16/49)

    320       205,766  

4.38%, 05/10/43

    150       114,836  

Heineken NV

   

4.00%, 10/01/42(a)

    486       353,281  

4.35%, 03/29/47 (Call 09/29/46)(a)

    190       140,219  

Keurig Dr Pepper Inc.

   

3.35%, 03/15/51 (Call 09/15/50)(b)

    367       220,838  

3.80%, 05/01/50 (Call 11/01/49)

    554       367,709  

4.42%, 12/15/46 (Call 06/15/46)

    316       230,266  

4.50%, 11/15/45 (Call 05/15/45)(b)

    355       267,934  

4.50%, 04/15/52 (Call 10/15/51)

    941       696,384  

5.09%, 05/25/48 (Call 11/25/47)(b)

    235       192,363  

Molson Coors Beverage Co.

   

4.20%, 07/15/46 (Call 01/15/46)

    951       674,382  

5.00%, 05/01/42

        1,378       1,127,562  

PepsiCo Inc.

   

2.63%, 10/21/41 (Call 04/21/41)

    767       491,134  

2.75%, 10/21/51 (Call 04/21/51)(b)

    946       549,656  

2.88%, 10/15/49 (Call 04/15/49)

    902       548,426  

3.38%, 07/29/49 (Call 01/29/49)(b)

    585       391,541  

3.45%, 10/06/46 (Call 04/06/46)

    882       610,423  

3.50%, 03/19/40 (Call 09/19/39)

    240       178,827  

3.60%, 08/13/42

    240       176,400  

3.63%, 03/19/50 (Call 09/19/49)

    874       610,364  

3.88%, 03/19/60 (Call 09/19/59)

    309       216,690  

4.00%, 03/05/42

    332       256,677  

4.00%, 05/02/47 (Call 11/02/46)

    295       227,222  

4.20%, 07/18/52 (Call 01/18/52)

    530       408,894  

4.25%, 10/22/44 (Call 04/22/44)

    55       42,729  

4.45%, 04/14/46 (Call 10/14/45)

    889       725,578  

4.60%, 07/17/45 (Call 01/17/45)

    355       287,161  

4.65%, 02/15/53 (Call 08/15/52)

    709       594,823  

4.88%, 11/01/40

    457       404,160  

5.50%, 01/15/40

    100       94,445  

Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)(a)(b)

    196       108,105  

Pernod Ricard SA, 5.50%, 01/15/42(a)

    691       624,536  
   

 

 

 
          47,693,201  
Biotechnology — 1.9%            

Amgen Inc.

   

2.77%, 09/01/53 (Call 03/01/53)

    795       415,347  

2.80%, 08/15/41 (Call 02/15/41)

    927       573,412  

3.00%, 01/15/52 (Call 07/15/51)(b)

    873       495,986  

3.15%, 02/21/40 (Call 08/21/39)

    1,404       940,288  

3.38%, 02/21/50 (Call 08/21/49)

    1,693       1,046,196  

4.20%, 02/22/52 (Call 08/22/51)

    805       566,329  

4.40%, 05/01/45 (Call 11/01/44)(b)

    1,780       1,336,890  

4.40%, 02/22/62 (Call 08/22/61)

    899       621,946  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Biotechnology (continued)            

4.56%, 06/15/48 (Call 12/15/47)

  $ 1,114     $ 842,767  

4.66%, 06/15/51 (Call 12/15/50)

        2,667       2,029,657  

4.88%, 03/01/53 (Call 09/01/52)

    795       620,671  

4.95%, 10/01/41

    478       393,705  

5.15%, 11/15/41 (Call 05/15/41)

    626       528,989  

5.60%, 03/02/43 (Call 09/02/42)

    1,763       1,572,447  

5.65%, 06/15/42 (Call 12/15/41)

    371       330,775  

5.65%, 03/02/53 (Call 09/02/52)

    3,243       2,852,260  

5.75%, 03/15/40

    362       329,140  

5.75%, 03/02/63 (Call 09/02/62)

    2,085       1,805,859  

6.38%, 06/01/37

    371       365,909  

6.40%, 02/01/39

    278       275,261  

6.90%, 06/01/38(b)

    50       50,622  

Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)

    310       263,587  

Biogen Inc.

   

3.15%, 05/01/50 (Call 11/01/49)

    1,038       597,773  

3.25%, 02/15/51 (Call 08/15/50)(b)

    477       278,967  

5.20%, 09/15/45 (Call 03/15/45)

    771       641,596  

CSL Finance PLC

   

4.63%, 04/27/42 (Call 10/27/41)(a)

    210       172,755  

4.75%, 04/27/52 (Call 10/27/51)(a)

    749       599,534  

4.95%, 04/27/62 (Call 10/27/61)(a)

    349       273,515  

Gilead Sciences Inc.

   

2.60%, 10/01/40 (Call 04/01/40)

    994       621,688  

2.80%, 10/01/50 (Call 04/01/50)(b)

    1,279       721,357  

4.00%, 09/01/36 (Call 03/01/36)

    680       553,996  

4.15%, 03/01/47 (Call 09/01/46)

    1,483       1,092,209  

4.50%, 02/01/45 (Call 08/01/44)

    1,494       1,168,808  

4.60%, 09/01/35 (Call 03/01/35)

    777       681,731  

4.75%, 03/01/46 (Call 09/01/45)

    1,911       1,544,642  

4.80%, 04/01/44 (Call 10/01/43)

    1,469       1,207,307  

5.55%, 10/15/53 (Call 04/15/53)

    1,090       984,612  

5.65%, 12/01/41 (Call 06/01/41)

    883       816,539  

Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)

    402       216,464  

Royalty Pharma PLC

   

3.30%, 09/02/40 (Call 03/02/40)(b)

    728       460,031  

3.35%, 09/02/51 (Call 03/02/51)

    461       254,235  

3.55%, 09/02/50 (Call 03/02/50)(b)

    725       423,004  
   

 

 

 
          31,568,806  
Building Materials — 0.5%            

Carrier Global Corp.

   

3.38%, 04/05/40 (Call 10/05/39)

    1,211       814,833  

3.58%, 04/05/50 (Call 10/05/49)

    1,633       1,024,083  

CRH America Finance Inc.

   

4.40%, 05/09/47 (Call 11/09/46)(a)

    200       145,354  

4.50%, 04/04/48 (Call 10/04/47)(a)(b)

    498       382,531  

CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)(a)

    381       308,477  

Fortune Brands Home & Security Inc., 4.50%, 03/25/52 (Call 09/25/51)

    306       210,409  

Holcim Capital Corp. Ltd.

   

6.50%, 09/12/43(a)

    370       325,086  

6.88%, 09/29/39(a)

    200       185,700  

Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)(a)

    200       149,007  

Johnson Controls International PLC

   

4.50%, 02/15/47 (Call 08/15/46)

    404       305,901  

4.63%, 07/02/44 (Call 01/02/44)

    306       236,086  

4.95%, 07/02/64 (Call 01/02/64)(c)

    216       162,818  

5.13%, 09/14/45 (Call 03/14/45)

    239       196,754  
Security  

Par

(000)

    Value  
Building Materials (continued)            

6.00%, 01/15/36

  $ 298     $ 290,035  

Lafarge SA, 7.13%, 07/15/36

    215       221,058  

Martin Marietta Materials Inc.

   

3.20%, 07/15/51 (Call 01/15/51)

    548       325,547  

4.25%, 12/15/47 (Call 06/15/47)

    483       349,744  

Masco Corp.

   

3.13%, 02/15/51 (Call 08/15/50)

    219       122,711  

4.50%, 05/15/47 (Call 11/15/46)(b)

    277       197,313  

Owens Corning

   

4.30%, 07/15/47 (Call 01/15/47)

    539       384,131  

4.40%, 01/30/48 (Call 07/30/47)

    244       175,397  

7.00%, 12/01/36

    319       320,585  

Trane Technologies Global Holding Co. Ltd.

   

4.30%, 02/21/48 (Call 08/21/47)(b)

    205       149,534  

5.75%, 06/15/43

    358       328,922  

Trane Technologies Luxembourg Finance SA

   

4.50%, 03/21/49 (Call 09/21/48)

    258       195,510  

4.65%, 11/01/44 (Call 05/01/44)(b)

    227       176,063  

Votorantim Cimentos International SA, 7.25%, 04/05/41(a)

    205       208,020  

Vulcan Materials Co.

   

4.50%, 06/15/47 (Call 12/15/46)(b)

    520       396,792  

4.70%, 03/01/48 (Call 09/01/47)

    317       246,511  
   

 

 

 
          8,534,912  
Chemicals — 1.7%            

Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)(a)

    365       245,300  

Air Products and Chemicals Inc.

   

2.70%, 05/15/40 (Call 11/15/39)(b)

    536       347,765  

2.80%, 05/15/50 (Call 11/15/49)(b)

    737       434,379  

Albemarle Corp.

   

5.45%, 12/01/44 (Call 06/01/44)(b)

    267       218,212  

5.65%, 06/01/52 (Call 12/01/51)(b)

    351       271,822  

Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(a)

    300       246,072  

Braskem Netherlands Finance BV, 5.88%, 01/31/50(a)(b)

    673       434,506  

CF Industries Inc.

   

4.95%, 06/01/43

    780       602,145  

5.15%, 03/15/34(b)

    398       352,688  

5.38%, 03/15/44

    560       455,398  

Dow Chemical Co. (The)

   

3.60%, 11/15/50 (Call 05/15/50)

    841       530,661  

4.25%, 10/01/34 (Call 04/01/34)

    229       193,086  

4.38%, 11/15/42 (Call 05/15/42)

    1,071       795,540  

4.63%, 10/01/44 (Call 04/01/44)

    311       234,464  

4.80%, 05/15/49 (Call 11/15/48)

    510       387,287  

5.25%, 11/15/41 (Call 05/15/41)

    824       691,845  

5.55%, 11/30/48 (Call 05/30/48)

    659       556,237  

6.90%, 05/15/53 (Call 11/15/52)

    640       639,767  

9.40%, 05/15/39

    431       526,161  

DuPont de Nemours Inc.

   

5.32%, 11/15/38 (Call 05/15/38)

    1,366       1,220,903  

5.42%, 11/15/48 (Call 05/15/48)

        1,627       1,411,141  

Eastman Chemical Co.

   

4.65%, 10/15/44 (Call 04/15/44)

    269       196,187  

4.80%, 09/01/42 (Call 03/01/42)(b)

    765       586,595  

Ecolab Inc.

   

2.13%, 08/15/50 (Call 02/15/50)(b)

    363       176,309  

2.70%, 12/15/51 (Call 06/15/51)(b)

    591       324,390  

2.75%, 08/18/55 (Call 02/18/55)(b)

    617       328,018  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

3.95%, 12/01/47 (Call 06/01/47)

  $ 271     $ 197,166  

5.50%, 12/08/41

    334       305,653  

FMC Corp.

   

4.50%, 10/01/49 (Call 04/01/49)

    415       274,053  

6.38%, 05/18/53 (Call 11/18/52)

    380       319,912  

GC Treasury Center Co. Ltd., 4.30%, 03/18/51 (Call 09/18/50)(a)

    471       298,594  

International Flavors & Fragrances Inc.

   

3.27%, 11/15/40 (Call 05/15/40)(a)(b)

    543       330,216  

3.47%, 12/01/50 (Call 06/01/50)(a)(b)

    1,109       617,957  

4.38%, 06/01/47 (Call 12/01/46)

    395       256,781  

5.00%, 09/26/48 (Call 03/26/48)(b)

    500       359,735  

Linde Inc./CT

   

2.00%, 08/10/50 (Call 02/10/50)(b)

    162       77,960  

3.55%, 11/07/42 (Call 05/07/42)

    615       439,366  

Lubrizol Corp. (The), 6.50%, 10/01/34(b)

    385       420,162  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    809           616,788  

5.25%, 07/15/43

    657       528,719  

LYB International Finance III LLC

   

3.38%, 10/01/40 (Call 04/01/40)

    557       360,826  

3.63%, 04/01/51 (Call 10/01/50)(b)

    828       498,988  

3.80%, 10/01/60 (Call 04/01/60)

    508       293,369  

4.20%, 10/15/49 (Call 04/15/49)

    731       484,686  

4.20%, 05/01/50 (Call 11/01/49)

    728       481,622  

LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)(b)

    860       600,015  

Mosaic Co. (The)

   

4.88%, 11/15/41 (Call 05/15/41)

    330       252,522  

5.63%, 11/15/43 (Call 05/15/43)(b)

    385       322,965  

Nutrien Ltd.

   

3.95%, 05/13/50 (Call 11/13/49)(b)

    366       246,458  

4.13%, 03/15/35 (Call 09/15/34)

    237       190,460  

4.90%, 06/01/43 (Call 12/01/42)

    270       214,325  

5.00%, 04/01/49 (Call 10/01/48)(b)

    549       427,266  

5.25%, 01/15/45 (Call 07/15/44)

    373       305,361  

5.63%, 12/01/40

    336       295,637  

5.80%, 03/27/53 (Call 09/27/52)(b)

    663       579,312  

5.88%, 12/01/36

    392       363,322  

6.13%, 01/15/41 (Call 07/15/40)

    330       304,246  

Orbia Advance Corp. SAB de CV

   

5.50%, 01/15/48 (Call 07/15/47)(a)

    225       163,359  

5.88%, 09/17/44(a)

    791       616,101  

PPG Industries Inc., 5.50%, 11/15/40

    50       41,658  

RPM International Inc.

   

4.25%, 01/15/48 (Call 07/15/47)(b)

    190       129,903  

5.25%, 06/01/45 (Call 12/01/44)(b)

    199       157,417  

Sherwin-Williams Co. (The)

   

2.90%, 03/15/52 (Call 09/15/51)

    333       180,364  

3.30%, 05/15/50 (Call 11/15/49)

    369       221,452  

3.80%, 08/15/49 (Call 02/15/49)

        401       265,029  

4.00%, 12/15/42 (Call 06/15/42)

    314       224,156  

4.50%, 06/01/47 (Call 12/01/46)

    1,029       776,155  

4.55%, 08/01/45 (Call 02/01/45)(b)

    176       132,185  

Sociedad Quimica y Minera de Chile SA

   

3.50%, 09/10/51 (Call 03/10/51)(a)(b)

    541       314,592  

4.25%, 01/22/50 (Call 07/22/49)(a)(b)

    225       152,961  

Westlake Corp.

   

2.88%, 08/15/41 (Call 02/15/41)

    232       136,321  

3.13%, 08/15/51 (Call 02/15/51)

    265       142,719  

3.38%, 08/15/61 (Call 02/15/61)

    416       214,818  
Security  

Par

(000)

    Value  
Chemicals (continued)            

4.38%, 11/15/47 (Call 05/15/47)(b)

  $ 420     $ 290,457  

5.00%, 08/15/46 (Call 02/15/46)

    540       410,466  
   

 

 

 
      28,241,433  
Coal — 0.1%            

Teck Resources Ltd.

   

5.20%, 03/01/42 (Call 09/01/41)

    295       229,862  

5.40%, 02/01/43 (Call 08/01/42)

    295       235,845  

6.00%, 08/15/40 (Call 02/15/40)

    438       380,130  

6.13%, 10/01/35(b)

    300       277,587  

6.25%, 07/15/41 (Call 01/15/41)

    342       303,153  
   

 

 

 
          1,426,577  
Commercial Services — 1.7%            

Adani Ports & Special Economic Zone Ltd., 5.00%, 08/02/41 (Call 02/02/41)(a)

    120       73,369  

American University (The), Series 2019, 3.67%, 04/01/49(b)

    425       296,916  

Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)

    498       301,941  

California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)

    195       106,505  

California Institute of Technology

   

3.65%, 09/01/2119 (Call 03/01/2119)

    172       99,473  

4.32%, 08/01/45

    343       272,846  

4.70%, 11/01/2111

    385       283,353  

Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121)

    195       159,941  

Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/2121)

    150       85,683  

DP World Ltd./United Arab Emirates

   

4.70%, 09/30/49 (Call 03/30/49)(a)

    380       273,144  

5.63%, 09/25/48(a)

    1,004       825,248  

6.85%, 07/02/37(a)(b)

        1,315       1,299,867  

Duke University

   

3.20%, 10/01/38(b)

    175       129,424  

3.30%, 10/01/46(b)

    200       134,844  

Series 2020, 2.68%, 10/01/44

    337       218,335  

Series 2020, 2.76%, 10/01/50

    294       171,876  

Series 2020, 2.83%, 10/01/55

    232       132,063  

Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)(b)

    361       215,953  

Equifax Inc., 7.00%, 07/01/37

    265       259,654  

ERAC USA Finance LLC

   

4.20%, 11/01/46 (Call 05/01/46)(a)(b)

    245       178,221  

4.50%, 02/15/45 (Call 08/15/44)(a)

    159       121,004  

5.40%, 05/01/53 (Call 11/01/52)(a)

    645       557,378  

5.63%, 03/15/42(a)(b)

    457       411,171  

6.70%, 06/01/34(a)

    605       619,118  

7.00%, 10/15/37(a)

    925       962,154  

Ford Foundation (The)

   

Series 2017, 3.86%, 06/01/47 (Call 12/01/46)(b)

    244       179,970  

Series 2020, 2.42%, 06/01/50 (Call 12/01/49)

    125       68,285  

Series 2020, 2.82%, 06/01/70 (Call 12/01/69)(b)

    425       216,327  

George Washington University (The)

   

4.87%, 09/15/45(b)

    240       201,909  

Series 2014, 4.30%, 09/15/44

    297       227,883  

Series 2016, 3.55%, 09/15/46

    265       178,675  

Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    532       401,322  

Georgetown University (The)

   

5.12%, 04/01/53 (Call 10/01/52)(b)

    20       17,301  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

Series 20A, 2.94%, 04/01/50

  $ 221     $ 129,309  

Series A, 5.22%, 10/01/2118 (Call 04/01/2118)

    185       145,656  

Series B, 4.32%, 04/01/49 (Call 10/01/48)

    545       415,882  

Global Payments Inc.

   

4.15%, 08/15/49 (Call 02/15/49)

    492       319,029  

5.95%, 08/15/52 (Call 02/15/52)(b)

    500       422,123  

Howard University, 5.21%, 10/01/52 (Call 10/01/32)

    225       175,170  

ITR Concession Co. LLC, 5.18%, 07/15/35 (Call 01/15/35)(a)

    239       199,754  

Johns Hopkins University

   

Series 2013, 4.08%, 07/01/53

    331       248,067  

Series A, 2.81%, 01/01/60 (Call 07/01/59)(b)

    185       100,829  

Leland Stanford Junior University (The)

   

2.41%, 06/01/50 (Call 12/01/49)(b)

    388       211,696  

3.46%, 05/01/47

        225       154,534  

3.65%, 05/01/48 (Call 11/01/47)

    547           395,272  

Massachusetts Institute of Technology

   

3.07%, 04/01/52 (Call 10/01/51)(b)

    400       248,855  

3.89%, 07/01/2116(b)

    210       135,082  

3.96%, 07/01/38

    354       294,314  

4.68%, 07/01/2114

    404       312,397  

5.60%, 07/01/2111(b)

    527       487,976  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

    439       274,164  

Series G, 2.29%, 07/01/51 (Call 01/01/51)(b)

    466       245,468  

Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45

    163       107,536  

Moody’s Corp.

   

2.55%, 08/18/60 (Call 02/18/60)

    354       161,967  

2.75%, 08/19/41 (Call 02/19/41)(b)

    380       234,487  

3.10%, 11/29/61 (Call 05/29/61)

    260       140,869  

3.25%, 05/20/50 (Call 11/20/49)(b)

    137       82,562  

3.75%, 02/25/52 (Call 08/25/51)

    270       179,987  

4.88%, 12/17/48 (Call 06/17/48)

    279       224,545  

5.25%, 07/15/44

    405       348,071  

Northeastern University, Series 2020, 2.89%, 10/01/50(b)

    245       143,725  

Northwestern University

   

3.69%, 12/01/38

    220       176,494  

3.87%, 12/01/48(b)

    170       125,932  

4.64%, 12/01/44

    510       439,487  

Series 2017, 3.66%, 12/01/57 (Call 06/01/57)

    180       121,384  

Series 2020, 2.64%, 12/01/50 (Call 06/01/50)(b)

    125       71,232  

PayPal Holdings Inc.

   

3.25%, 06/01/50 (Call 12/01/49)(b)

    544       333,991  

5.05%, 06/01/52 (Call 12/01/51)(b)

    660       558,083  

5.25%, 06/01/62 (Call 12/01/61)(b)

    380       314,638  

Pelabuhan Indonesia Persero PT, 5.38%, 05/05/45(a)

    315       267,421  

President and Fellows of Harvard College

   

2.52%, 10/15/50 (Call 04/15/50)

    442       248,096  

3.15%, 07/15/46 (Call 01/15/46)

    410       271,529  

3.30%, 07/15/56 (Call 01/15/56)

    159       101,636  

3.62%, 10/01/37

    252       200,943  

3.75%, 11/15/52 (Call 05/15/52)

    410       293,928  

4.88%, 10/15/40(b)

    150       132,690  

6.50%, 01/15/39(a)

    470       497,558  

Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41)

    438       262,550  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

    407       222,771  
Security  

Par

(000)

    Value  
Commercial Services (continued)            

S&P Global Inc.

   

2.30%, 08/15/60 (Call 02/15/60)(b)

  $ 506     $ 235,180  

3.25%, 12/01/49 (Call 06/01/49)

    401       249,853  

3.70%, 03/01/52 (Call 09/01/51)

    683       461,486  

3.90%, 03/01/62 (Call 09/01/61)

    366       246,193  

4.50%, 05/15/48 (Call 11/15/47)(b)

    200       151,547  

6.55%, 11/15/37

    50       49,474  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

    315       197,830  

Trustees of Boston College

   

3.13%, 07/01/52(b)

    262       163,054  

3.99%, 07/01/47

    160       115,709  

Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)(b)

    305       228,653  

Trustees of Dartmouth College, 3.47%, 06/01/46

    275       190,346  

Trustees of Princeton University (The)

   

4.20%, 03/01/52 (Call 09/01/51)(b)

    50       39,551  

5.70%, 03/01/39(b)

    784       773,973  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(b)

        300       171,675  

Trustees of the University of Pennsylvania (The)

   

3.61%, 02/15/2119 (Call 08/15/2118)(b)

    195       115,490  

4.67%, 09/01/2112

    250       193,617  

Series 2020, 2.40%, 10/01/50 (Call 04/01/50)(b)

    325       173,810  

Trustees of Tufts College

   

3.10%, 08/15/51 (Call 02/15/51)

    115       69,344  

Series 2012, 5.02%, 04/15/2112(b)

    205       157,272  

University of Chicago (The)

   

3.00%, 10/01/52 (Call 04/01/52)(b)

    160       98,962  

4.00%, 10/01/53 (Call 04/01/53)

    395       294,298  

Series 20B, 2.76%, 04/01/45 (Call 10/01/44)

    230       158,477  

Series C, 2.55%, 04/01/50 (Call 10/01/49)(b)

    285       165,056  

University of Miami, 4.06%, 04/01/52

    405       292,046  

University of Notre Dame du Lac

   

Series 2015, 3.44%, 02/15/45

    350       248,075  

Series 2017, 3.39%, 02/15/48 (Call 08/15/47)

    313       213,697  

University of Southern California

   

2.81%, 10/01/50 (Call 04/01/50)

    426       246,387  

3.03%, 10/01/39

    818       591,296  

4.98%, 10/01/53 (Call 04/01/53)(b)

    160       137,789  

5.25%, 10/01/2111(b)

    240       202,598  

Series 2017, 3.84%, 10/01/47 (Call 04/01/47)

    275       203,289  

Series 21A, 2.95%, 10/01/51 (Call 04/01/51)

    189       112,777  

Series A, 3.23%, 10/01/2120 (Call 04/01/2120)(b)

    70       36,074  

Verisk Analytics Inc.

   

3.63%, 05/15/50 (Call 11/15/49)(b)

    265       169,324  

5.50%, 06/15/45 (Call 12/15/44)

    173       146,372  

Washington University (The)

   

3.52%, 04/15/54 (Call 10/15/53)

    510       345,987  

4.35%, 04/15/2122 (Call 10/15/2121)(b)

    130       91,552  

Wesleyan University, 4.78%, 07/01/2116

    181       129,119  

William Marsh Rice University

   

3.57%, 05/15/45

    68       49,276  

3.77%, 05/15/55

    220       156,799  

WK Kellogg Foundation Trust, 2.44%, 10/01/50 (Call 04/01/50)(a)(b)

    130       69,729  

Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)(b)

    396       215,459  
   

 

 

 
          29,219,337  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Computers — 2.0%            

Apple Inc.

   

2.38%, 02/08/41 (Call 08/08/40)

  $ 1,235     $ 787,961  

2.40%, 08/20/50 (Call 02/20/50)

    925       514,562  

2.55%, 08/20/60 (Call 02/20/60)(b)

    1,336       731,760  

2.65%, 05/11/50 (Call 11/11/49)

    1,925       1,114,288  

2.65%, 02/08/51 (Call 08/08/50)(b)

    2,322       1,333,353  

2.70%, 08/05/51 (Call 02/05/51)

    1,396       807,325  

2.80%, 02/08/61 (Call 08/08/60)

    1,335       737,205  

2.85%, 08/05/61 (Call 02/05/61)

    1,038       577,020  

2.95%, 09/11/49 (Call 03/11/49)

    1,256       782,226  

3.45%, 02/09/45

    1,630       1,165,706  

3.75%, 09/12/47 (Call 03/12/47)(b)

    790       576,290  

3.75%, 11/13/47 (Call 05/13/47)

    1,097       804,063  

3.85%, 05/04/43

    2,114       1,634,949  

3.85%, 08/04/46 (Call 02/04/46)

    1,551       1,163,082  

3.95%, 08/08/52 (Call 02/08/52)

    1,376       1,020,144  

4.10%, 08/08/62 (Call 02/08/62)

    920       674,638  

4.25%, 02/09/47 (Call 08/09/46)

    705       569,471  

4.38%, 05/13/45

    1,552       1,272,496  

4.45%, 05/06/44

    777       655,246  

4.50%, 02/23/36 (Call 08/23/35)(b)

    1,059       979,292  

4.65%, 02/23/46 (Call 08/23/45)

    3,038       2,591,871  

4.85%, 05/10/53 (Call 11/10/52)

    1,085       942,474  

Dell Inc.

   

5.40%, 09/10/40

    386       329,738  

6.50%, 04/15/38

    300       286,189  

Dell International LLC/EMC Corp.

   

3.38%, 12/15/41 (Call 06/15/41)

    875       563,671  

3.45%, 12/15/51 (Call 06/15/51)

    1,015       604,738  

8.10%, 07/15/36 (Call 01/15/36)

    916       993,444  

8.35%, 07/15/46 (Call 01/15/46)(b)

    349       389,886  

Hewlett Packard Enterprise Co.

   

6.20%, 10/15/35 (Call 04/15/35)

    495       485,895  

6.35%, 10/15/45 (Call 04/15/45)

    1,139       1,043,951  

HP Inc., 6.00%, 09/15/41(b)

    1,202       1,088,521  

International Business Machines Corp.

   

2.85%, 05/15/40 (Call 11/15/39)

    534       342,092  

2.95%, 05/15/50 (Call 11/15/49)(b)

    612       347,329  

3.43%, 02/09/52 (Call 08/09/51)

    556       343,673  

4.00%, 06/20/42(b)

    964       716,799  

4.15%, 05/15/39

    1,581       1,241,147  

4.25%, 05/15/49

        2,258       1,650,359  

4.70%, 02/19/46

    547       432,522  

4.90%, 07/27/52 (Call 01/27/52)

    703       564,791  

5.10%, 02/06/53 (Call 08/06/52)(b)

    655       544,211  

5.60%, 11/30/39

    730       673,408  

7.13%, 12/01/96(b)

    152       159,724  

Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)(b)

    279       173,087  
   

 

 

 
          34,410,597  
Cosmetics & Personal Care — 0.4%            

Colgate-Palmolive Co.

   

3.70%, 08/01/47 (Call 02/01/47)(b)

    230       169,032  

4.00%, 08/15/45

    379       298,616  

Estee Lauder Companies Inc. (The)

   

3.13%, 12/01/49 (Call 06/01/49)

    431       262,941  

3.70%, 08/15/42

    231       159,370  

4.15%, 03/15/47 (Call 09/15/46)

    348       258,135  

4.38%, 06/15/45 (Call 12/15/44)

    186       142,336  

5.15%, 05/15/53 (Call 11/15/52)(b)

    380       325,869  

6.00%, 05/15/37(b)

    305       303,171  
Security  

Par

(000)

    Value  
Cosmetics & Personal Care (continued)            

GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52 (Call 09/24/51)

  $ 627     $ 440,367  

Kenvue Inc.

   

5.05%, 03/22/53 (Call 09/22/52)(b)

        1,347       1,157,335  

5.10%, 03/22/43 (Call 09/22/42)(b)

    843       745,780  

5.20%, 03/22/63 (Call 09/22/62)

    585       496,679  

Procter & Gamble Co. (The)

   

3.50%, 10/25/47

    225       159,151  

3.55%, 03/25/40

    278       214,142  

3.60%, 03/25/50(b)

    286       206,989  

5.55%, 03/05/37

    960       955,556  

5.80%, 08/15/34

    294       303,901  

Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)(b)

    435       245,979  
   

 

 

 
          6,845,349  
Distribution & Wholesale — 0.1%            

WW Grainger Inc.

   

3.75%, 05/15/46 (Call 11/15/45)

    180       126,243  

4.20%, 05/15/47 (Call 11/15/46)

    296       229,784  

4.60%, 06/15/45 (Call 12/15/44)

    892       722,476  
   

 

 

 
      1,078,503  
Diversified Financial Services — 1.3%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/41 (Call 04/29/41)

    1,527       1,023,452  

American Express Co., 4.05%, 12/03/42(b)

    1,384       1,043,301  

Ares Finance Co. IV LLC, 3.65%, 02/01/52 (Call 08/01/51)(a)(b)

    335       195,490  

Blackstone Holdings Finance Co. LLC

   

2.80%, 09/30/50 (Call 03/30/50)(a)

    308       158,205  

2.85%, 08/05/51 (Call 02/05/51)(a)

    335       174,274  

3.20%, 01/30/52 (Call 07/30/51)(a)

    846       477,215  

3.50%, 09/10/49 (Call 03/10/49)(a)(b)

    185       110,422  

4.00%, 10/02/47 (Call 04/02/47)(a)

    190       124,050  

4.45%, 07/15/45(a)(b)

    270       190,206  

5.00%, 06/15/44(a)

    341       264,247  

6.25%, 08/15/42(a)

    340       299,680  

Blue Owl Finance LLC, 4.13%, 10/07/51 (Call 04/07/51)(a)

    260       145,105  

Brookfield Finance Inc.

   

3.50%, 03/30/51 (Call 09/30/50)

    427       249,561  

3.63%, 02/15/52 (Call 08/15/51)

    478       282,949  

4.70%, 09/20/47 (Call 03/20/47)

    636       469,654  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    465       268,392  

CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)(b)

    772       410,666  

CME Group Inc.

   

4.15%, 06/15/48 (Call 12/15/47)(b)

    187       144,803  

5.30%, 09/15/43 (Call 03/15/43)

    867       804,441  

FMR LLC

   

5.15%, 02/01/43(a)

    345       278,285  

6.45%, 11/15/39(a)

    265       250,786  

6.50%, 12/14/40(a)

    327       308,845  

Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51)

    315       167,826  

Invesco Finance PLC, 5.38%, 11/30/43

    353       297,786  

Jefferies Financial Group Inc.

   

6.25%, 01/15/36

    515       488,324  

6.50%, 01/20/43

    367       338,063  

6.63%, 10/23/43 (Call 07/23/43)(b)

    153       142,086  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a)(b)

  $ 411     $ 341,279  

Legg Mason Inc., 5.63%, 01/15/44

    430       379,287  

LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)(a)

    666       445,186  

Mastercard Inc.

   

2.95%, 03/15/51 (Call 09/15/50)(b)

    459       280,086  

3.65%, 06/01/49 (Call 12/01/48)

    757       535,373  

3.80%, 11/21/46 (Call 05/21/46)

    374       274,560  

3.85%, 03/26/50 (Call 09/26/49)

    1,081       789,845  

3.95%, 02/26/48 (Call 08/26/47)

    324       244,638  

Nasdaq Inc.

   

2.50%, 12/21/40 (Call 06/21/40)

    514       300,171  

3.25%, 04/28/50 (Call 10/28/49)

    521       305,381  

3.95%, 03/07/52 (Call 09/07/51)

    455       300,600  

5.55%, 02/15/34 (Call 11/15/33)

    897       832,050  

5.95%, 08/15/53 (Call 02/15/53)(b)

    520       463,926  

6.10%, 06/28/63 (Call 12/28/62)(b)

    565       499,530  

Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)(a)

    261       185,742  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)

    574       368,505  

4.95%, 07/15/46

    605       478,756  

Visa Inc.

   

2.00%, 08/15/50 (Call 02/15/50)(b)

    1,442       736,360  

2.70%, 04/15/40 (Call 10/15/39)

    900       602,069  

3.65%, 09/15/47 (Call 03/15/47)

    615       442,583  

4.15%, 12/14/35 (Call 06/14/35)

    1,172       1,021,211  

4.30%, 12/14/45 (Call 06/14/45)

        2,870       2,291,316  

Voya Financial Inc.

   

4.80%, 06/15/46

    164       117,920  

5.70%, 07/15/43

    532       446,565  

Western Union Co. (The)

   

6.20%, 11/17/36

    544       512,336  

6.20%, 06/21/40

    269       241,765  
   

 

 

 
          22,545,154  
Electric — 12.5%            

Abu Dhabi National Energy Co. PJSC

   

3.40%, 04/29/51 (Call 10/29/50)(a)

    652       414,020  

4.00%, 10/03/49(a)

    548       395,320  

6.50%, 10/27/36(a)

    820       865,051  

AEP Texas Inc.

   

3.45%, 05/15/51 (Call 11/15/50)

    111       66,401  

3.80%, 10/01/47 (Call 04/01/47)

    283       181,888  

5.25%, 05/15/52 (Call 11/15/51)

    397       321,258  

Series G, 4.15%, 05/01/49 (Call 11/01/48)(b)

    239       163,606  

Series H, 3.45%, 01/15/50 (Call 07/15/49)

    397       240,627  

AEP Transmission Co. LLC

   

3.15%, 09/15/49 (Call 03/15/49)

    290       173,132  

3.75%, 12/01/47 (Call 06/01/47)

    469       317,799  

3.80%, 06/15/49 (Call 12/15/48)

    324       219,720  

4.00%, 12/01/46 (Call 06/01/46)

    115       82,489  

4.25%, 09/15/48 (Call 03/15/48)

    321       235,420  

4.50%, 06/15/52 (Call 12/01/51)

    415       315,127  

5.40%, 03/15/53 (Call 09/15/52)

    505       441,106  

Series M, 3.65%, 04/01/50 (Call 10/01/49)

    484       318,631  

Series N, 2.75%, 08/15/51 (Call 02/15/51)

    422       226,717  

Alabama Power Co.

   

3.00%, 03/15/52 (Call 09/15/51)(b)

    344       194,004  

3.13%, 07/15/51 (Call 01/15/51)

    515       298,418  
Security  

Par

(000)

    Value  
Electric (continued)            

3.45%, 10/01/49 (Call 04/01/49)

  $     672     $     422,673  

3.75%, 03/01/45 (Call 09/01/44)

    609       419,731  

3.85%, 12/01/42

    220       157,875  

4.10%, 01/15/42

    280       204,294  

4.15%, 08/15/44 (Call 02/15/44)

    364       265,274  

4.30%, 01/02/46 (Call 07/02/45)

    340       250,266  

5.50%, 03/15/41(b)

    358       319,503  

6.00%, 03/01/39(b)

    247       234,504  

6.13%, 05/15/38

    135       131,446  

Series 11-C, 5.20%, 06/01/41(b)

    290       248,921  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

    384       280,647  

Series B, 3.70%, 12/01/47 (Call 06/01/47)

    485       323,529  

Alfa Desarrollo SpA, 4.55%, 09/27/51
(Call 03/27/51)(a)

    532       345,302  

Ameren Illinois Co.

   

2.90%, 06/15/51 (Call 12/15/50)(b)

    242       136,020  

3.25%, 03/15/50 (Call 09/15/49)

    252       155,545  

3.70%, 12/01/47 (Call 06/01/47)

    387       264,708  

4.15%, 03/15/46 (Call 09/15/45)

    380       277,673  

4.30%, 07/01/44 (Call 01/01/44)(b)

    195       144,174  

4.50%, 03/15/49 (Call 09/15/48)

    360       281,494  

4.80%, 12/15/43 (Call 06/15/43)(b)

    185       146,323  

5.90%, 12/01/52 (Call 06/01/52)

    270       256,281  

American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)(b)

    337       197,454  

American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)(a)

    181       147,478  

Appalachian Power Co.

   

4.40%, 05/15/44 (Call 11/15/43)

    283       204,705  

4.45%, 06/01/45 (Call 12/01/44)

    266       195,631  

7.00%, 04/01/38

    460       472,835  

Series L, 5.80%, 10/01/35(b)

    240       220,435  

Series P, 6.70%, 08/15/37(b)

    195       192,361  

Series Y, 4.50%, 03/01/49 (Call 09/01/48)

    305       221,128  

Series Z, 3.70%, 05/01/50 (Call 11/01/49)

    390       246,020  

Arizona Public Service Co.

   

2.65%, 09/15/50 (Call 03/15/50)

    245       125,285  

3.35%, 05/15/50 (Call 11/15/49)(b)

    270       158,698  

3.50%, 12/01/49 (Call 06/01/49)

    147       88,295  

3.75%, 05/15/46 (Call 11/15/45)

    166       107,099  

4.20%, 08/15/48 (Call 02/15/48)

    142       97,145  

4.25%, 03/01/49 (Call 09/01/48)

    181       124,263  

4.35%, 11/15/45 (Call 05/15/45)

    162       115,918  

4.50%, 04/01/42 (Call 10/01/41)

    526       397,953  

4.70%, 01/15/44 (Call 07/15/43)(b)

    140       102,258  

5.05%, 09/01/41 (Call 03/01/41)(b)

    482       390,084  

5.50%, 09/01/35

    260       236,758  

Avista Corp.

   

4.00%, 04/01/52 (Call 10/01/51)(b)

    184       121,857  

4.35%, 06/01/48 (Call 12/01/47)

    161       116,249  

Baltimore Gas & Electric Co.

   

2.90%, 06/15/50 (Call 12/15/49)

    318       178,618  

3.20%, 09/15/49 (Call 03/15/49)

    267       162,562  

3.50%, 08/15/46 (Call 02/15/46)

    351       226,729  

3.75%, 08/15/47 (Call 02/15/47)

    255       173,350  

4.25%, 09/15/48 (Call 03/15/48)

    260       189,489  

4.55%, 06/01/52 (Call 12/01/51)(b)

    411       312,474  

5.40%, 06/01/53 (Call 12/01/52)

    549       476,177  

6.35%, 10/01/36

    260       259,924  

Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)(a)

    185       134,173  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Berkshire Hathaway Energy Co.

   

2.85%, 05/15/51 (Call 11/15/50)

  $     1,156     $ 636,752  

3.80%, 07/15/48 (Call 01/15/48)

    647       426,284  

4.25%, 10/15/50 (Call 04/15/50)

    648       453,598  

4.45%, 01/15/49 (Call 07/15/48)

    798       584,537  

4.50%, 02/01/45 (Call 08/01/44)

    371       285,269  

4.60%, 05/01/53 (Call 11/01/52)

    639       473,433  

5.15%, 11/15/43 (Call 05/15/43)

    358       301,456  

5.95%, 05/15/37

    554       529,098  

6.13%, 04/01/36

    1,352           1,315,462  

Black Hills Corp.

   

3.88%, 10/15/49 (Call 04/15/49)

    188       119,369  

4.20%, 09/15/46 (Call 03/15/46)

    145       99,074  

6.15%, 05/15/34 (Call 02/15/34)

    100       94,210  

Celeo Redes Operacion Chile SA,
5.20%, 06/22/47(a)

    189       165,666  

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)(b)

    578       401,070  

3.60%, 03/01/52 (Call 09/01/51)

    494       324,382  

3.95%, 03/01/48 (Call 09/01/47)

    86       61,326  

4.50%, 04/01/44 (Call 10/01/43)

    402       314,026  

5.30%, 04/01/53 (Call 10/01/52)(b)

    80       70,572  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

    500       374,154  

Series AD, 2.90%, 07/01/50 (Call 01/01/50)

    188       107,351  

Series AF, 3.35%, 04/01/51 (Call 10/01/50)

    500       312,892  

Series AJ, 4.85%, 10/01/52 (Call 04/01/52)

    212       173,369  

CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)

    125       79,110  

CEZ AS, 5.63%, 04/03/42(a)

    238       196,091  

Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)

    184       133,234  

Cleco Power LLC

   

6.00%, 12/01/40(b)

    223       193,762  

6.50%, 12/01/35

    310       289,797  

Cleveland Electric Illuminating Co. (The),
5.95%, 12/15/36(b)

    551       507,042  

CMS Energy Corp.

   

4.70%, 03/31/43 (Call 09/30/42)

    495       388,854  

4.88%, 03/01/44 (Call 09/01/43)

    106       86,427  

Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(b)

    194       176,423  

Comision Federal de Electricidad

   

4.68%, 02/09/51 (Call 08/09/50)(a)

    462       274,508  

5.75%, 02/14/42(a)(b)

    526       414,231  

6.13%, 06/16/45(a)

    500       402,396  

6.26%, 02/15/52 (Call 08/15/51)(a)

    390       295,069  

Commonwealth Edison Co.

   

3.00%, 03/01/50 (Call 09/01/49)

    518       299,142  

3.65%, 06/15/46 (Call 12/15/45)

    580       388,581  

3.70%, 03/01/45 (Call 09/01/44)

    308       211,819  

3.80%, 10/01/42 (Call 04/01/42)

    323       231,934  

4.00%, 03/01/48 (Call 09/01/47)

    606       433,022  

4.00%, 03/01/49 (Call 09/01/48)

    338       240,218  

4.35%, 11/15/45 (Call 05/15/45)(b)

    398       300,306  

4.60%, 08/15/43 (Call 02/15/43)

    270       215,809  

4.70%, 01/15/44 (Call 07/15/43)

    290       233,202  

5.30%, 02/01/53 (Call 08/01/52)

    420       362,428  

6.45%, 01/15/38

    319       318,476  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    557       380,209  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

    255       152,418  

Series 130, 3.13%, 03/15/51 (Call 09/15/50)

    579       340,412  
Security  

Par

(000)

    Value  
Electric (continued)            

Series 131, 2.75%, 09/01/51 (Call 03/01/51)

  $     340     $     183,750  

Series 133, 3.85%, 03/15/52 (Call 09/15/51)

    360       244,389  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    312       222,765  

4.30%, 04/15/44 (Call 10/15/43)

    89       67,383  

5.25%, 01/15/53 (Call 07/15/52)(b)

    346       297,606  

6.35%, 06/01/36(b)

    200       196,472  

Series A, 4.15%, 06/01/45 (Call 12/01/44)(b)

    222       165,650  

Consolidated Edison Co. of New York Inc.

   

3.20%, 12/01/51 (Call 06/01/51)

    469       274,127  

3.60%, 06/15/61 (Call 12/15/60)

    515       313,771  

3.70%, 11/15/59 (Call 05/15/59)

    413       251,485  

3.85%, 06/15/46 (Call 12/15/45)

    387       262,406  

3.95%, 03/01/43 (Call 09/01/42)

    655       469,778  

4.45%, 03/15/44 (Call 09/15/43)

    371       282,511  

4.50%, 12/01/45 (Call 06/01/45)

    576       435,940  

4.50%, 05/15/58 (Call 11/15/57)

    497       355,657  

4.63%, 12/01/54 (Call 06/01/54)

    523       388,492  

5.70%, 06/15/40

    325       291,612  

6.15%, 11/15/52 (Call 05/15/52)

    625       594,393  

Series 05-A, 5.30%, 03/01/35

    348       315,942  

Series 06-A, 5.85%, 03/15/36

    410       390,353  

Series 06-B, 6.20%, 06/15/36

    465       453,411  

Series 06-E, 5.70%, 12/01/36

    277       254,817  

Series 07-A, 6.30%, 08/15/37(b)

    440       429,891  

Series 08-B, 6.75%, 04/01/38(b)

    415       428,238  

Series 09-C, 5.50%, 12/01/39

    535       473,151  

Series 12-A, 4.20%, 03/15/42

    456       340,039  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    385       262,006  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

    816       569,416  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    508       359,309  

Series C, 3.00%, 12/01/60 (Call 06/01/60)

    385       203,009  

Series C, 4.00%, 11/15/57 (Call 05/15/57)(b)

    194       130,043  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    408       283,561  

Series E, 4.65%, 12/01/48 (Call 06/01/48)(b)

    434       333,893  

Consorcio Transmantaro SA

   

4.70%, 04/16/34(a)

    225       195,900  

5.20%, 04/11/38 (Call 01/11/38)(a)

    642       549,062  

Constellation Energy Generation LLC

   

5.60%, 06/15/42 (Call 12/15/41)

    684       587,828  

6.25%, 10/01/39

    787       729,502  

6.50%, 10/01/53 (Call 04/01/53)

    410       385,089  

Consumers Energy Co.

   

2.50%, 05/01/60 (Call 11/01/59)

    132       63,932  

3.10%, 08/15/50 (Call 02/15/50)(b)

    356       217,229  

3.25%, 08/15/46 (Call 02/15/46)

    290       183,977  

3.50%, 08/01/51 (Call 02/01/51)

    411       269,536  

3.75%, 02/15/50 (Call 08/15/49)

    193       131,205  

3.95%, 05/15/43 (Call 11/15/42)

    379       279,264  

3.95%, 07/15/47 (Call 01/15/47)

    255       183,578  

4.05%, 05/15/48 (Call 11/15/47)

    311       226,612  

4.10%, 11/15/45 (Call 05/15/45)

    35       24,628  

4.20%, 09/01/52 (Call 03/01/52)

    332       243,718  

4.35%, 04/15/49 (Call 10/15/48)

    369       280,186  

4.35%, 08/31/64 (Call 02/28/64)

    187       129,931  

Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)(b)

    198       131,434  

Delmarva Power & Light Co.

   

4.00%, 06/01/42 (Call 12/01/41)(b)

    248       173,721  

4.15%, 05/15/45 (Call 11/15/44)

    326       233,674  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Dominion Energy Inc.

   

4.70%, 12/01/44 (Call 06/01/44)

  $ 377     $     284,947  

4.85%, 08/15/52 (Call 02/15/52)

    465       353,396  

7.00%, 06/15/38

    348       348,459  

Series A, 4.60%, 03/15/49 (Call 09/15/48)

    331       243,552  

Series B, 3.30%, 04/15/41 (Call 10/15/40)

    414       270,556  

Series B, 5.95%, 06/15/35

    455       426,368  

Series C, 4.05%, 09/15/42 (Call 03/15/42)

    350       245,566  

Series C, 4.90%, 08/01/41 (Call 02/01/41)(b)

    462       368,983  

Dominion Energy South Carolina Inc.

   

4.60%, 06/15/43 (Call 12/15/42)

    368       290,977  

5.10%, 06/01/65 (Call 12/01/64)

    156       125,802  

5.45%, 02/01/41 (Call 08/01/40)

    317       282,392  

6.05%, 01/15/38

    398       383,899  

6.25%, 10/15/53 (Call 04/15/53)

    120       116,759  

DTE Electric Co.

   

2.95%, 03/01/50 (Call 09/01/49)

    222       128,207  

3.70%, 03/15/45 (Call 09/15/44)

    249       172,065  

3.70%, 06/01/46 (Call 12/01/45)

    184       125,591  

3.75%, 08/15/47 (Call 02/15/47)

    95       65,064  

3.95%, 06/15/42 (Call 12/15/41)(b)

    235       167,705  

3.95%, 03/01/49 (Call 09/01/48)

    538       377,633  

4.30%, 07/01/44 (Call 01/01/44)

    181       137,848  

5.40%, 04/01/53 (Call 10/01/52)(b)

    446       391,609  

5.70%, 10/01/37(b)

    198       180,508  

Series A, 4.00%, 04/01/43 (Call 10/01/42)

    266       194,761  

Series A, 4.05%, 05/15/48 (Call 11/15/47)

    450       322,645  

Series A, 6.63%, 06/01/36(b)

    395       404,352  

Series B, 3.25%, 04/01/51 (Call 10/01/50)

    377       227,971  

Series B, 3.65%, 03/01/52 (Call 09/01/51)

    425       277,596  

Duke Energy Carolinas LLC

   

3.20%, 08/15/49 (Call 02/15/49)

    521       312,061  

3.45%, 04/15/51 (Call 10/15/50)

    303       188,887  

3.55%, 03/15/52 (Call 09/15/51)

    400       253,852  

3.70%, 12/01/47 (Call 06/01/47)

    487       327,286  

3.75%, 06/01/45 (Call 12/01/44)

    387       263,520  

3.88%, 03/15/46 (Call 09/15/45)

    403       276,916  

3.95%, 03/15/48 (Call 09/15/47)

    413       287,295  

4.00%, 09/30/42 (Call 03/30/42)

    498       364,243  

4.25%, 12/15/41 (Call 06/15/41)

    539       410,877  

5.30%, 02/15/40

    485       429,065  

5.35%, 01/15/53 (Call 07/15/52)

    695       595,795  

5.40%, 01/15/54 (Call 07/15/53)

    257       221,761  

6.00%, 01/15/38

    419       407,032  

6.05%, 04/15/38

    474       456,852  

6.10%, 06/01/37

    367       356,440  

Duke Energy Corp.

   

3.30%, 06/15/41 (Call 12/15/40)

    586       383,188  

3.50%, 06/15/51 (Call 12/15/50)

    611       370,479  

3.75%, 09/01/46 (Call 03/01/46)

        1,118       728,439  

3.95%, 08/15/47 (Call 02/15/47)

    406       270,911  

4.20%, 06/15/49 (Call 12/15/48)

    438       301,205  

4.80%, 12/15/45 (Call 06/15/45)(b)

    471       365,337  

5.00%, 08/15/52 (Call 02/15/52)(b)

    890       690,977  

6.10%, 09/15/53 (Call 03/15/53)

    585       532,919  

Duke Energy Florida LLC

   

3.00%, 12/15/51 (Call 06/15/51)

    410       232,103  

3.40%, 10/01/46 (Call 04/01/46)

    503       317,346  

3.85%, 11/15/42 (Call 05/15/42)

    345       245,089  

4.20%, 07/15/48 (Call 01/15/48)

    322       232,898  

5.65%, 04/01/40

    271       247,182  
Security  

Par

(000)

    Value  
Electric (continued)            

5.95%, 11/15/52 (Call 05/15/52)

  $ 390     $ 360,911  

6.35%, 09/15/37

    390       385,965  

6.40%, 06/15/38

    744       738,594  

Duke Energy Indiana LLC

   

2.75%, 04/01/50 (Call 10/01/49)

    453       243,384  

3.75%, 05/15/46 (Call 11/15/45)

    356       239,165  

5.40%, 04/01/53 (Call 10/01/52)

    420       360,153  

6.12%, 10/15/35

    300       290,560  

6.35%, 08/15/38

    395       390,539  

6.45%, 04/01/39

    360       359,282  

Series UUU, 4.20%, 03/15/42 (Call 09/15/41)

    224       167,161  

Series WWW, 4.90%, 07/15/43 (Call 01/15/43)

    296       243,109  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

    411       245,741  

Duke Energy Ohio Inc.

   

3.70%, 06/15/46 (Call 12/15/45)

    293       191,595  

4.30%, 02/01/49 (Call 08/01/48)

    317       229,438  

5.65%, 04/01/53 (Call 10/01/52)

    285       252,713  

Duke Energy Progress LLC

   

2.50%, 08/15/50 (Call 02/15/50)

    435       223,161  

2.90%, 08/15/51 (Call 02/15/51)

    412       229,187  

3.60%, 09/15/47 (Call 03/15/47)

    410       267,169  

3.70%, 10/15/46 (Call 04/15/46)

    391       258,421  

4.00%, 04/01/52 (Call 10/01/51)

    315       215,787  

4.10%, 05/15/42 (Call 11/15/41)

    442       329,242  

4.10%, 03/15/43 (Call 09/15/42)

    411       300,256  

4.15%, 12/01/44 (Call 06/01/44)

    429       313,401  

4.20%, 08/15/45 (Call 02/15/45)

    665       483,644  

4.38%, 03/30/44 (Call 09/30/43)(b)

    220       166,801  

5.35%, 03/15/53 (Call 09/15/52)

    385       327,786  

6.30%, 04/01/38(b)

    285       279,549  

E.ON International Finance BV,
6.65%, 04/30/38(a)(b)

        1,021       999,987  

El Paso Electric Co.

   

5.00%, 12/01/44 (Call 06/01/44)(b)

    165       128,077  

6.00%, 05/15/35

    521       484,406  

Electricite de France SA

   

4.75%, 10/13/35 (Call 04/13/35)(a)(b)

    428       358,189  

4.88%, 09/21/38 (Call 03/21/38)(a)

    491       387,647  

4.88%, 01/22/44(a)

    788       595,128  

4.95%, 10/13/45 (Call 04/13/45)(a)

    881       664,323  

5.00%, 09/21/48 (Call 03/21/48)(a)

    994       729,004  

5.25%, 10/13/55 (Call 04/13/55)(a)

    201       144,447  

5.60%, 01/27/40(a)(b)

    698       603,375  

6.00%, 01/22/2114(a)

    564       439,231  

6.90%, 05/23/53 (Call 11/23/52)(a)

    740       688,448  

6.95%, 01/26/39(a)(b)

    1,295           1,291,694  

Elm Road Generating Station Supercritical LLC, 6.09%, 02/11/40(a)

    255       234,729  

Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)

    734       513,007  

Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(a)

    215       193,737  

Empresa de Transmision Electrica SA, 5.13%, 05/02/49(a)

    325       232,375  

Enel Finance America LLC, 2.88%, 07/12/41 (Call 01/12/41)(a)(b)

    601       343,937  

Enel Finance International NV

   

4.75%, 05/25/47(a)(b)

    851       616,570  

5.50%, 06/15/52 (Call 12/15/51)(a)

    690       536,067  

6.00%, 10/07/39(a)(b)

    1,169       1,032,519  

6.80%, 09/15/37(a)

    886       861,662  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

7.75%, 10/14/52 (Call 04/14/52)(a)

  $ 729     $     748,539  

Entergy Arkansas LLC

   

2.65%, 06/15/51 (Call 12/15/50)

    587       306,179  

3.35%, 06/15/52 (Call 12/15/51)

    320       192,243  

4.20%, 04/01/49 (Call 10/01/48)

    453       323,301  

4.95%, 12/15/44 (Call 12/15/24)

    290       228,516  

Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)

    445       280,421  

Entergy Louisiana LLC

   

2.90%, 03/15/51 (Call 09/15/50)

    555       306,003  

3.10%, 06/15/41 (Call 12/15/40)

    369       239,424  

4.20%, 09/01/48 (Call 03/01/48)

    814       580,293  

4.20%, 04/01/50 (Call 10/01/49)

    433       308,144  

4.75%, 09/15/52 (Call 03/15/52)

    415       318,138  

4.95%, 01/15/45 (Call 01/15/25)(b)

    415       329,411  

Entergy Mississippi LLC

   

3.50%, 06/01/51 (Call 03/01/51)

    254       156,121  

3.85%, 06/01/49 (Call 12/01/48)

    318       213,464  

Entergy Texas Inc.

   

3.55%, 09/30/49 (Call 03/30/49)

    175       110,625  

4.50%, 03/30/39 (Call 09/30/38)(b)

    318       254,318  

5.00%, 09/15/52 (Call 03/15/52)

    284       225,639  

5.15%, 06/01/45 (Call 06/01/25)(b)

    190       155,254  

5.80%, 09/01/53 (Call 03/01/53)

    295       263,799  

Evergy Kansas Central Inc.

   

3.25%, 09/01/49 (Call 03/01/49)

    171       102,070  

3.45%, 04/15/50 (Call 10/15/49)

    230       142,786  

4.10%, 04/01/43 (Call 10/01/42)

    469       339,259  

4.13%, 03/01/42 (Call 09/01/41)

    516       379,250  

4.25%, 12/01/45 (Call 06/01/45)

    147       106,814  

4.63%, 09/01/43 (Call 03/01/43)(b)

    269       202,600  

5.70%, 03/15/53 (Call 09/15/52)

    214       188,175  

Evergy Kansas South Inc., 4.30%, 07/15/44 (Call 01/15/44)(a)

    199       141,983  

Evergy Metro Inc.

   

4.20%, 06/15/47 (Call 12/15/46)

    196       141,409  

4.20%, 03/15/48 (Call 09/15/47)

    180       128,127  

5.30%, 10/01/41 (Call 04/01/41)

    461       402,729  

Series 2019, 4.13%, 04/01/49 (Call 10/01/48)

    190       131,445  

Series B, 6.05%, 11/15/35(b)

    260       251,810  

Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)

    400       243,522  

Exelon Corp.

   

4.10%, 03/15/52 (Call 09/15/51)

    695       472,567  

4.45%, 04/15/46 (Call 10/15/45)

    609       446,963  

4.70%, 04/15/50 (Call 10/15/49)

    601       453,149  

4.95%, 06/15/35 (Call 12/15/34)

    280       242,615  

5.10%, 06/15/45 (Call 12/15/44)

    561       455,541  

5.60%, 03/15/53 (Call 09/15/52)

    490       420,362  

5.63%, 06/15/35

    347       322,455  

Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41)(b)

    310       269,825  

FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)(a)(b)

    416       332,471  

FirstEnergy Transmission LLC

   

4.55%, 04/01/49 (Call 10/01/48)(a)

    70       51,743  

5.45%, 07/15/44 (Call 01/15/44)(a)

    209       174,473  

Florida Power & Light Co.

   

2.88%, 12/04/51 (Call 06/04/51)

        1,025       581,223  

3.15%, 10/01/49 (Call 04/01/49)

    533       324,609  

3.70%, 12/01/47 (Call 06/01/47)

    453       310,030  

3.80%, 12/15/42 (Call 06/15/42)

    304       223,273  
Security  

Par

(000)

    Value  
Electric (continued)            

3.95%, 03/01/48 (Call 09/01/47)

  $ 768     $ 548,094  

3.99%, 03/01/49 (Call 09/01/48)

    440       315,077  

4.05%, 06/01/42 (Call 12/01/41)

    592       449,925  

4.05%, 10/01/44 (Call 04/01/44)

    386       287,613  

4.13%, 02/01/42 (Call 08/01/41)

    370       286,970  

4.13%, 06/01/48 (Call 12/01/47)

    382       279,911  

4.95%, 06/01/35

    380       343,541  

5.13%, 06/01/41 (Call 12/01/40)

    275       235,035  

5.25%, 02/01/41 (Call 08/01/40)

    359       321,754  

5.30%, 04/01/53 (Call 10/01/52)

    556       484,697  

5.63%, 04/01/34

    15       14,595  

5.65%, 02/01/37

    368       348,354  

5.69%, 03/01/40

    616       585,514  

5.95%, 02/01/38

    728       706,704  

5.96%, 04/01/39

    455       441,483  

Georgia Power Co.

   

4.30%, 03/15/42

        1,175           899,039  

4.30%, 03/15/43

    509       382,692  

5.13%, 05/15/52 (Call 11/15/51)

    625       517,630  

5.40%, 06/01/40(b)

    220       186,150  

Series 10-C, 4.75%, 09/01/40

    513       416,553  

Series A, 3.25%, 03/15/51 (Call 09/15/50)

    529       315,437  

Series B, 3.70%, 01/30/50 (Call 07/30/49)(b)

    449       295,062  

Great River Energy, 6.25%, 07/01/38(a)

    392       396,647  

Iberdrola International BV, 6.75%, 07/15/36(b)

    425       436,698  

Idaho Power Co.

   

3.65%, 03/01/45 (Call 09/01/44)

    189       121,835  

5.50%, 03/15/53 (Call 09/15/52)

    195       170,460  

5.80%, 04/01/54 (Call 10/01/53)

    165       149,321  

Series K, 4.20%, 03/01/48 (Call 09/01/47)(b)

    220       160,214  

Indiana Michigan Power Co.

   

3.25%, 05/01/51 (Call 11/01/50)

    320       190,097  

4.25%, 08/15/48 (Call 02/15/48)

    340       243,171  

5.63%, 04/01/53 (Call 10/01/52)

    405       358,539  

6.05%, 03/15/37

    323       310,580  

Series K, 4.55%, 03/15/46 (Call 09/15/45)

    315       242,820  

Series L, 3.75%, 07/01/47 (Call 01/01/47)

    210       137,737  

Indianapolis Power & Light Co.

   

4.05%, 05/01/46 (Call 11/01/45)(a)

    146       101,978  

4.70%, 09/01/45 (Call 03/01/45)(a)

    186       137,685  

Infraestructura Energetica Nova SAB de CV

   

4.75%, 01/15/51 (Call 07/15/50)(a)

    485       329,801  

4.88%, 01/14/48(a)

    352       245,855  

Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a)

    1,000       725,394  

International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43)

    280       210,711  

Interstate Power & Light Co.

   

3.10%, 11/30/51 (Call 05/30/51)

    173       96,113  

3.50%, 09/30/49 (Call 03/30/49)

    394       244,924  

3.70%, 09/15/46 (Call 03/15/46)

    144       92,287  

4.70%, 10/15/43 (Call 04/15/43)(b)

    193       145,388  

6.25%, 07/15/39

    225       211,839  

ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)

    303       253,645  

Jersey Central Power & Light Co., 6.15%, 06/01/37

    241       230,667  

Kentucky Utilities Co.

   

3.30%, 06/01/50 (Call 12/01/49)

    333       202,481  

4.38%, 10/01/45 (Call 04/01/45)

    449       332,835  

5.13%, 11/01/40 (Call 05/01/40)

    502       424,089  

Series 1, 4.65%, 11/15/43 (Call 05/15/43)

    199       150,968  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)

  $ 191     $     166,025  

Louisville Gas & Electric Co.

   

4.25%, 04/01/49 (Call 10/01/48)

    334       240,691  

4.38%, 10/01/45 (Call 04/01/45)

    230       168,574  

4.65%, 11/15/43 (Call 05/15/43)(b)

    237       180,275  

5.13%, 11/15/40 (Call 05/15/40)

    95       79,681  

Massachusetts Electric Co.

   

4.00%, 08/15/46 (Call 02/15/46)(a)

    155       101,125  

5.90%, 11/15/39(a)

    389       351,186  

MidAmerican Energy Co.

   

2.70%, 08/01/52 (Call 02/01/52)

    480       256,934  

3.15%, 04/15/50 (Call 10/15/49)

    838       501,795  

3.65%, 08/01/48 (Call 02/01/48)

    480       324,484  

3.95%, 08/01/47 (Call 02/01/47)

    517       367,730  

4.25%, 05/01/46 (Call 11/01/45)(b)

    386       287,700  

4.25%, 07/15/49 (Call 01/15/49)

    629       464,528  

4.40%, 10/15/44 (Call 04/15/44)

    375       289,604  

4.80%, 09/15/43 (Call 03/15/43)

    356       291,615  

5.75%, 11/01/35(b)

    406       396,061  

5.80%, 10/15/36

    400       387,562  

5.85%, 09/15/54 (Call 03/15/54)(b)

    330       309,013  

Minejesa Capital BV, 5.63%, 08/10/37(a)

    410       302,063  

Mississippi Power Co.

   

Series 12-A, 4.25%, 03/15/42

    513       376,814  

Series B, 3.10%, 07/30/51 (Call 01/30/51)

    300       166,179  

Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)

    294       248,925  

Narragansett Electric Co. (The)

   

4.17%, 12/10/42(a)

    282       196,145  

5.64%, 03/15/40(a)

    273       241,832  

National Grid USA, 5.80%, 04/01/35

    210       193,666  

National Rural Utilities Cooperative Finance Corp.

   

4.30%, 03/15/49 (Call 09/15/48)

    184       134,601  

4.40%, 11/01/48 (Call 05/01/48)

    143       106,378  

Nevada Power Co.

   

5.38%, 09/15/40 (Call 03/15/40)

    275       237,523  

5.45%, 05/15/41 (Call 11/15/40)

    170       148,213  

5.90%, 05/01/53 (Call 11/01/52)

    332       302,125  

6.00%, 03/15/54 (Call 09/15/53)

    465       427,424  

Series EE, 3.13%, 08/01/50 (Call 02/01/50)

    254       145,217  

Series N, 6.65%, 04/01/36

    474       476,574  

Series R, 6.75%, 07/01/37

    290       293,913  

New England Power Co.

   

2.81%, 10/06/50 (Call 04/06/50)(a)

    160       86,968  

3.80%, 12/05/47 (Call 06/05/47)(a)(b)

    185       124,695  

5.94%, 11/25/52 (Call 05/25/52)(a)

    175       156,377  

New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)(a)

    180       103,857  

NextEra Energy Capital Holdings Inc.

   

3.00%, 01/15/52 (Call 07/15/51)(b)

    380       208,334  

5.25%, 02/28/53 (Call 08/28/52)

    878       712,675  

Niagara Mohawk Power Corp.

   

3.03%, 06/27/50 (Call 12/27/49)(a)

    154       83,684  

4.12%, 11/28/42(a)(b)

    235       165,708  

4.28%, 10/01/34 (Call 04/01/34)(a)

    78       63,393  

5.78%, 09/16/52 (Call 03/16/52)(a)

        1,005       874,700  

Northern States Power Co./MN

   

2.60%, 06/01/51 (Call 12/01/50)

    475       252,093  

2.90%, 03/01/50 (Call 09/01/49)(b)

    489       281,236  

3.20%, 04/01/52 (Call 10/01/51)

    301       179,485  

3.40%, 08/15/42 (Call 02/15/42)

    243       165,901  
Security  

Par

(000)

    Value  
Electric (continued)            

3.60%, 05/15/46 (Call 11/15/45)

  $     232     $     154,789  

3.60%, 09/15/47 (Call 03/15/47)

    432       290,142  

4.00%, 08/15/45 (Call 02/15/45)

    200       143,193  

4.13%, 05/15/44 (Call 11/15/43)

    228       169,007  

4.50%, 06/01/52 (Call 12/01/51)

    425       325,889  

4.85%, 08/15/40 (Call 02/15/40)(b)

    280       231,255  

5.10%, 05/15/53 (Call 11/15/52)

    665       563,029  

5.25%, 07/15/35(b)

    259       239,189  

5.35%, 11/01/39

    368       332,726  

6.20%, 07/01/37

    320       316,813  

6.25%, 06/01/36

    326       324,921  

NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)

    233       167,292  

NSTAR Electric Co.

   

3.10%, 06/01/51 (Call 12/01/50)

    362       211,407  

4.40%, 03/01/44 (Call 09/01/43)

    198       151,991  

4.55%, 06/01/52 (Call 12/01/51)(b)

    300       229,085  

4.95%, 09/15/52 (Call 03/15/52)

    375       305,057  

5.50%, 03/15/40

    462       414,875  

Oglethorpe Power Corp.

   

3.75%, 08/01/50 (Call 02/01/50)(b)

    95       59,951  

4.20%, 12/01/42

    365       250,931  

4.25%, 04/01/46 (Call 10/01/45)

    155       103,084  

4.50%, 04/01/47 (Call 10/01/46)

    70       50,237  

4.55%, 06/01/44

    115       81,637  

5.05%, 10/01/48 (Call 04/01/48)

    172       133,324  

5.25%, 09/01/50

    300       240,795  

5.38%, 11/01/40

    525       432,300  

5.95%, 11/01/39

    473       430,314  

Ohio Edison Co.

   

6.88%, 07/15/36(b)

    325       332,085  

8.25%, 10/15/38

    230       261,192  

Ohio Power Co.

   

4.00%, 06/01/49 (Call 12/01/48)

    387       267,333  

4.15%, 04/01/48 (Call 10/01/47)

    350       248,236  

Series F, 5.85%, 10/01/35

    240       231,440  

Series R, 2.90%, 10/01/51 (Call 04/01/51)

    450       251,319  

Oklahoma Gas & Electric Co.

   

3.85%, 08/15/47 (Call 02/15/47)

    175       117,649  

3.90%, 05/01/43 (Call 11/01/42)(b)

    255       173,611  

4.00%, 12/15/44 (Call 06/15/44)

    185       124,874  

4.15%, 04/01/47 (Call 10/01/46)

    146       103,536  

4.55%, 03/15/44 (Call 09/15/43)

    166       123,278  

5.25%, 05/15/41 (Call 11/15/40)

    185       149,202  

5.60%, 04/01/53 (Call 10/01/52)

    104       91,480  

5.85%, 06/01/40

    225       199,626  

Oncor Electric Delivery Co. LLC

   

2.70%, 11/15/51 (Call 05/15/51)

    322       171,224  

3.10%, 09/15/49 (Call 03/15/49)

    557       330,530  

3.70%, 05/15/50 (Call 11/15/49)

    291       193,637  

3.75%, 04/01/45 (Call 10/01/44)

    254       178,814  

3.80%, 09/30/47 (Call 03/30/47)

    288       197,571  

3.80%, 06/01/49 (Call 12/01/48)

    385       261,726  

4.10%, 11/15/48 (Call 05/15/48)

    339       243,779  

4.55%, 12/01/41 (Call 06/01/41)

    265       213,688  

4.60%, 06/01/52 (Call 12/01/51)

    321       248,026  

4.95%, 09/15/52 (Call 03/15/52)

    368       302,191  

4.95%, 09/15/52 (Call 03/15/52)(a)

    333       273,450  

5.25%, 09/30/40

    465       416,734  

5.30%, 06/01/42 (Call 12/01/41)

    350       317,145  

5.35%, 10/01/52 (Call 04/01/52)

    232       202,511  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

7.50%, 09/01/38

  $ 398     $ 440,339  

Pacific Gas and Electric Co.

   

3.30%, 08/01/40 (Call 02/01/40)

    800       485,406  

3.50%, 08/01/50 (Call 02/01/50)

        1,491       829,759  

3.75%, 08/15/42 (Call 02/15/42)(b)

    324       199,267  

3.95%, 12/01/47 (Call 06/01/47)

    604       360,379  

4.00%, 12/01/46 (Call 06/01/46)

    507       306,665  

4.20%, 06/01/41 (Call 12/01/40)

    408       271,786  

4.25%, 03/15/46 (Call 09/15/45)

    353       222,419  

4.30%, 03/15/45 (Call 09/15/44)

    490       317,070  

4.45%, 04/15/42 (Call 10/15/41)

    341       230,358  

4.50%, 07/01/40 (Call 01/01/40)

    1,448           1,027,747  

4.50%, 12/15/41 (Call 06/15/41)

    286       188,056  

4.60%, 06/15/43 (Call 12/15/42)

    315       215,688  

4.75%, 02/15/44 (Call 08/15/43)(b)

    529       368,542  

4.95%, 07/01/50 (Call 01/01/50)

    2,484       1,733,903  

5.25%, 03/01/52 (Call 09/01/51)

    390       282,354  

6.70%, 04/01/53 (Call 10/01/52)(b)

    591       523,473  

6.75%, 01/15/53 (Call 07/15/52)

    965       854,071  

PacifiCorp

   

2.90%, 06/15/52 (Call 12/15/51)

    962       501,443  

3.30%, 03/15/51 (Call 09/15/50)

    515       293,943  

4.10%, 02/01/42 (Call 08/01/41)

    440       311,070  

4.13%, 01/15/49 (Call 07/15/48)(b)

    425       284,472  

4.15%, 02/15/50 (Call 08/15/49)

    477       319,806  

5.25%, 06/15/35

    350       310,466  

5.35%, 12/01/53 (Call 06/01/53)

    700       556,780  

5.50%, 05/15/54 (Call 11/15/53)(b)

    775       631,211  

5.75%, 04/01/37

    565       518,140  

6.00%, 01/15/39

    774       709,630  

6.10%, 08/01/36(b)

    375       357,523  

6.25%, 10/15/37

    603       572,361  

6.35%, 07/15/38

    235       227,703  

PECO Energy Co.

   

2.80%, 06/15/50 (Call 12/15/49)(b)

    297       163,189  

2.85%, 09/15/51 (Call 03/15/51)

    250       137,735  

3.00%, 09/15/49 (Call 03/15/49)

    240       139,663  

3.05%, 03/15/51 (Call 09/15/50)

    290       168,240  

3.70%, 09/15/47 (Call 03/15/47)

    308       211,050  

3.90%, 03/01/48 (Call 09/01/47)

    364       258,562  

4.15%, 10/01/44 (Call 04/01/44)

    284       210,959  

4.38%, 08/15/52 (Call 02/15/52)(b)

    365       274,104  

4.60%, 05/15/52 (Call 11/15/51)

    255       197,768  

4.80%, 10/15/43 (Call 04/15/43)

    205       165,480  

5.95%, 10/01/36(b)

    281       273,306  

Pennsylvania Electric Co., 6.15%, 10/01/38(b)

    304       280,968  

Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)(a)

    803       488,055  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

   

4.38%, 02/05/50(a)

    390       253,148  

4.88%, 07/17/49(a)

    528       375,836  

5.25%, 10/24/42(a)

    770       602,670  

5.25%, 05/15/47(a)(b)

    480       366,036  

6.15%, 05/21/48(a)

    860       728,850  

6.25%, 01/25/49(a)

    370       319,958  

Potomac Electric Power Co.

   

4.15%, 03/15/43 (Call 09/15/42)

    586       443,593  

6.50%, 11/15/37(b)

    385       390,756  

7.90%, 12/15/38(b)

    225       258,756  
Security  

Par

(000)

    Value  
Electric (continued)            

PPL Electric Utilities Corp.

   

3.00%, 10/01/49 (Call 04/01/49)

  $     365     $     216,094  

3.95%, 06/01/47 (Call 12/01/46)

    375       266,767  

4.13%, 06/15/44 (Call 12/15/43)

    267       197,143  

4.15%, 10/01/45 (Call 04/01/45)

    246       180,955  

4.15%, 06/15/48 (Call 12/15/47)

    307       224,495  

4.75%, 07/15/43 (Call 01/15/43)

    235       191,186  

5.20%, 07/15/41 (Call 01/15/41)(b)

    185       156,051  

5.25%, 05/15/53 (Call 11/15/52)

    563       484,535  

6.25%, 05/15/39

    330       324,312  

Progress Energy Inc., 6.00%, 12/01/39

    460       427,078  

Public Service Co. of Colorado

   

3.55%, 06/15/46 (Call 12/15/45)

    177       110,323  

3.60%, 09/15/42 (Call 03/15/42)

    463       315,286  

3.80%, 06/15/47 (Call 12/15/46)

    291       195,707  

3.95%, 03/15/43 (Call 09/15/42)

    329       229,405  

4.05%, 09/15/49 (Call 03/15/49)

    288       197,784  

4.10%, 06/15/48 (Call 12/15/47)

    292       203,188  

4.30%, 03/15/44 (Call 09/15/43)

    225       167,325  

4.50%, 06/01/52 (Call 12/01/51)

    281       207,197  

4.75%, 08/15/41 (Call 02/15/41)

    254       198,185  

5.25%, 04/01/53 (Call 10/01/52)

    646       540,177  

6.50%, 08/01/38

    285       283,252  

Series 17, 6.25%, 09/01/37

    295       286,093  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

    475       280,083  

Series 36, 2.70%, 01/15/51 (Call 07/15/50)

    255       133,924  

Public Service Co. of New Hampshire

   

3.60%, 07/01/49 (Call 01/01/49)

    179       119,409  

5.15%, 01/15/53 (Call 07/15/52)

    192       163,683  

Public Service Co. of Oklahoma

   

Series G, 6.63%, 11/15/37

    344       333,098  

Series K, 3.15%, 08/15/51 (Call 02/15/51)

    287       162,310  

Public Service Electric & Gas Co.

   

2.05%, 08/01/50 (Call 02/01/50)

    216       103,286  

2.70%, 05/01/50 (Call 11/01/49)

    226       125,875  

3.00%, 03/01/51 (Call 09/01/50)(b)

    287       169,114  

3.15%, 01/01/50 (Call 07/01/49)

    199       121,488  

3.20%, 08/01/49 (Call 02/01/49)

    225       138,745  

3.60%, 12/01/47 (Call 06/01/47)

    197       133,313  

3.65%, 09/01/42 (Call 03/01/42)(b)

    495       354,804  

3.80%, 01/01/43 (Call 07/01/42)

    235       170,404  

3.80%, 03/01/46 (Call 09/01/45)

    321       226,239  

3.85%, 05/01/49 (Call 11/01/48)

    111       77,443  

3.95%, 05/01/42 (Call 11/01/41)

    536       400,869  

4.05%, 05/01/48 (Call 11/01/47)

    185       135,763  

4.15%, 11/01/45 (Call 05/01/45)

    199       143,226  

5.13%, 03/15/53 (Call 09/15/52)(b)

    225       193,281  

5.38%, 11/01/39

    290       253,494  

5.50%, 03/01/40

    275       251,507  

5.70%, 12/01/36(b)

    295       274,056  

5.80%, 05/01/37

    617       587,173  

Series I, 4.00%, 06/01/44 (Call 12/01/43)

    125       88,919  

Series K, 4.05%, 05/01/45 (Call 11/01/44)

    194       137,774  

Public Service Electric and Gas Co., 5.45%, 08/01/53 (Call 02/01/53)

    248       223,793  

Puget Sound Energy Inc.

   

2.89%, 09/15/51 (Call 03/15/51)(b)

    140       76,364  

3.25%, 09/15/49 (Call 03/15/49)

    180       107,900  

4.22%, 06/15/48 (Call 12/15/47)

    109       78,241  

4.30%, 05/20/45 (Call 11/20/44)

    156       113,686  

4.43%, 11/15/41 (Call 05/15/41)

    361       269,619  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

5.45%, 06/01/53 (Call 12/01/52)

  $ 141     $     122,069  

5.48%, 06/01/35

    251       228,394  

5.64%, 04/15/41 (Call 10/15/40)

    385       344,251  

5.76%, 10/01/39(b)

    280       254,669  

5.76%, 07/15/40(b)

    340       305,494  

5.80%, 03/15/40

    444       403,591  

6.27%, 03/15/37

    605       585,291  

6.72%, 06/15/36

    70       70,388  

Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)

    645       621,909  

San Diego Gas & Electric Co.

   

3.70%, 03/15/52 (Call 09/15/51)(b)

    246       160,100  

3.95%, 11/15/41(b)

    333       238,672  

4.15%, 05/15/48 (Call 11/15/47)

    118       85,197  

4.30%, 04/01/42 (Call 10/01/41)

    382       286,587  

4.50%, 08/15/40

    602       481,537  

5.35%, 05/15/35(b)

    299       272,838  

5.35%, 05/15/40(b)

    295       253,926  

5.35%, 04/01/53 (Call 10/01/52)

    644       550,859  

6.00%, 06/01/39(b)

    248       237,048  

Series FFF, 6.13%, 09/15/37(b)

    230       215,400  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)

    163       109,179  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

    196       135,676  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)(b)

    169       101,260  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    450       255,799  

Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)(b)

    505       433,038  

Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)

    622       556,640  

Sempra Energy

   

3.80%, 02/01/38 (Call 08/01/37)

    695       518,246  

4.00%, 02/01/48 (Call 08/01/47)

    578       394,627  

6.00%, 10/15/39

    692       632,937  

Sierra Pacific Power Co.

   

5.90%, 03/15/54 (Call 09/15/53)(a)

    500       450,974  

Series P, 6.75%, 07/01/37(b)

    150       150,198  

Solar Star Funding LLC, 5.38%, 06/30/35(a)

    78       72,449  

Southern California Edison Co.

   

3.45%, 02/01/52 (Call 08/01/51)

    505       302,163  

3.65%, 02/01/50 (Call 08/01/49)

    927       588,880  

3.90%, 12/01/41 (Call 06/01/41)

    485       337,846  

4.00%, 04/01/47 (Call 10/01/46)

        1,183       809,746  

4.05%, 03/15/42 (Call 09/15/41)

    485       346,997  

4.50%, 09/01/40 (Call 03/01/40)

    404       313,611  

4.65%, 10/01/43 (Call 04/01/43)

    461       355,987  

5.50%, 03/15/40

    478       420,791  

5.63%, 02/01/36

    359       327,996  

5.70%, 03/01/53 (Call 09/01/52)(b)

    300       260,780  

5.88%, 12/01/53 (Call 06/01/53)(b)

    336       298,899  

6.00%, 01/15/34

    94       91,023  

6.05%, 03/15/39

    452       420,240  

Series 04-G, 5.75%, 04/01/35(b)

    460       433,193  

Series 05-B, 5.55%, 01/15/36(b)

    245       222,344  

Series 05-E, 5.35%, 07/15/35

    435       398,925  

Series 06-E, 5.55%, 01/15/37

    608       547,501  

Series 08-A, 5.95%, 02/01/38

    537       498,140  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

    402       278,288  

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

    445       247,286  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    431       334,798  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

    304       197,500  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    937       649,898  

Series E, 5.45%, 06/01/52 (Call 12/01/51)

    255       212,907  
Security  

Par

(000)

    Value  
Electric (continued)            

Series H, 3.65%, 06/01/51 (Call 12/01/50)

  $ 264     $ 165,511  

Southern Co. (The)

   

4.25%, 07/01/36 (Call 01/01/36)

    217       175,854  

4.40%, 07/01/46 (Call 01/01/46)

        1,627           1,200,134  

5.70%, 03/15/34 (Call 09/15/33)

    150       142,695  

Southern Power Co.

   

5.15%, 09/15/41

    430       353,256  

5.25%, 07/15/43

    295       237,899  

Series F, 4.95%, 12/15/46 (Call 06/15/46)

    318       243,024  

Southwestern Electric Power Co.

   

3.25%, 11/01/51 (Call 05/01/51)

    660       371,895  

6.20%, 03/15/40

    304       282,220  

Series J, 3.90%, 04/01/45 (Call 10/01/44)

    368       243,410  

Series L, 3.85%, 02/01/48 (Call 08/01/47)

    381       243,015  

Southwestern Public Service Co.

   

3.40%, 08/15/46 (Call 02/15/46)

    182       110,274  

3.70%, 08/15/47 (Call 02/15/47)

    333       215,665  

3.75%, 06/15/49 (Call 12/15/48)

    236       152,333  

4.50%, 08/15/41 (Call 02/15/41)(b)

    426       328,491  

6.00%, 10/01/36

    286       269,931  

Series 6, 4.40%, 11/15/48 (Call 05/15/48)

    197       142,265  

Series 8, 3.15%, 05/01/50 (Call 11/01/49)

    453       261,557  

Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(a)

    225       185,502  

State Grid Overseas Investment 2013 Ltd., 4.38%, 05/22/43(a)(b)

    235       191,872  

State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(a)(b)

    525       453,802  

State Grid Overseas Investment BVI Ltd, 4.00%, 05/04/47(a)(b)

    260       193,937  

Tampa Electric Co.

   

3.45%, 03/15/51 (Call 09/15/50)

    195       117,731  

3.63%, 06/15/50 (Call 12/15/49)

    74       47,061  

4.10%, 06/15/42 (Call 12/15/41)

    443       324,198  

4.20%, 05/15/45 (Call 11/15/44)

    193       133,994  

4.30%, 06/15/48 (Call 12/15/47)

    170       122,405  

4.35%, 05/15/44 (Call 11/15/43)

    164       120,772  

4.45%, 06/15/49 (Call 12/15/48)

    161       118,004  

5.00%, 07/15/52 (Call 01/15/52)

    180       143,606  

6.15%, 05/15/37(b)

    295       276,118  

6.55%, 05/15/36(b)

    295       287,298  

Toledo Edison Co. (The), 6.15%, 05/15/37

    280       270,371  

Tri-State Generation & Transmission Association Inc.

   

4.70%, 11/01/44 (Call 05/01/44)

    216       149,129  

6.00%, 06/15/40(a)

    442       372,200  

Tucson Electric Power Co.

   

3.25%, 05/01/51 (Call 11/01/50)

    76       43,687  

4.00%, 06/15/50 (Call 12/15/49)

    197       131,464  

4.85%, 12/01/48 (Call 06/01/48)

    194       148,376  

5.50%, 04/15/53 (Call 10/15/52)

    235       200,183  

Union Electric Co.

   

2.63%, 03/15/51 (Call 09/15/50)

    511       271,001  

3.25%, 10/01/49 (Call 04/01/49)

    282       165,411  

3.65%, 04/15/45 (Call 10/15/44)

    291       193,872  

3.90%, 09/15/42 (Call 03/15/42)

    629       452,008  

3.90%, 04/01/52 (Call 10/01/51)

    400       275,465  

4.00%, 04/01/48 (Call 10/01/47)

    311       215,018  

5.30%, 08/01/37(b)

    222       202,184  

5.45%, 03/15/53 (Call 09/15/52)(b)

    209       182,028  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

8.45%, 03/15/39

  $ 297     $ 347,992  

Virginia Electric & Power Co.

   

2.45%, 12/15/50 (Call 06/15/50)

    743       375,847  

2.95%, 11/15/51 (Call 05/15/51)(b)

    718       400,052  

3.30%, 12/01/49 (Call 06/01/49)(b)

    292       177,386  

4.00%, 01/15/43 (Call 07/15/42)

    421       305,893  

4.45%, 02/15/44 (Call 08/15/43)

    497       373,936  

4.60%, 12/01/48 (Call 06/01/48)

    247       188,762  

5.45%, 04/01/53 (Call 10/01/52)

    587       500,337  

6.35%, 11/30/37

    397       386,042  

8.88%, 11/15/38

    652       785,832  

Series A, 6.00%, 05/15/37

    518       495,413  

Series B, 3.80%, 09/15/47 (Call 03/15/47)

    564       376,788  

Series B, 4.20%, 05/15/45 (Call 11/15/44)

    252       181,155  

Series B, 6.00%, 01/15/36

    473       455,664  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

    402       278,645  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

    473       358,535  

Series D, 4.65%, 08/15/43 (Call 02/15/43)

    543       422,918  

Virginia Electric and Power Co., 5.70%, 08/15/53 (Call 02/15/53)

    515       455,808  

Wisconsin Electric Power Co.

   

3.65%, 12/15/42 (Call 06/15/42)(b)

        281       187,685  

4.25%, 06/01/44 (Call 12/01/43)

    31       22,322  

4.30%, 12/15/45 (Call 06/15/45)(b)

    181       131,177  

4.30%, 10/15/48 (Call 04/15/48)

    180       133,146  

5.70%, 12/01/36(b)

    235       224,648  

Wisconsin Power and Light Co.

   

3.65%, 04/01/50 (Call 10/01/49)

    172       109,450  

4.10%, 10/15/44 (Call 04/15/44)

    165       117,341  

6.38%, 08/15/37

    300       296,216  

7.60%, 10/01/38

    170       180,842  

Wisconsin Public Service Corp.

   

2.85%, 12/01/51 (Call 06/01/51)

    340       187,709  

3.30%, 09/01/49 (Call 03/01/49)(b)

    199       121,523  

3.67%, 12/01/42

    498       340,366  

4.75%, 11/01/44 (Call 05/01/44)

    160       127,966  

Xcel Energy Inc.

   

3.50%, 12/01/49 (Call 06/01/49)(b)

    271       167,416  

4.80%, 09/15/41 (Call 03/15/41)

    253       196,965  

6.50%, 07/01/36(b)

    275       273,473  
   

 

 

 
          211,790,714  
Electrical Components & Equipment — 0.1%            

Emerson Electric Co.

   

2.75%, 10/15/50 (Call 04/15/50)(b)

    316       177,267  

2.80%, 12/21/51 (Call 06/21/51)

    555       314,307  

5.25%, 11/15/39

    305       274,869  

6.13%, 04/15/39

    225       215,399  
   

 

 

 
      981,842  
Electronics — 0.2%            

Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)(b)

    374       271,432  

Honeywell International Inc.

   

2.80%, 06/01/50 (Call 12/01/49)(b)

    364       226,099  

3.81%, 11/21/47 (Call 05/21/47)

    225       161,254  

4.50%, 01/15/34 (Call 10/15/33)

    49       44,035  

5.38%, 03/01/41

    434       400,942  

5.70%, 03/15/36

    591       576,827  

5.70%, 03/15/37

    646       630,237  

Tyco Electronics Group SA, 7.13%, 10/01/37

    458       488,652  
   

 

 

 
      2,799,478  
Security  

Par

(000)

    Value  
Engineering & Construction — 0.2%            

Aeropuerto Internacional de Tocumen SA

   

4.00%, 08/11/41 (Call 08/11/40)(a)

  $ 350     $ 249,813  

5.13%, 08/11/61 (Call 08/11/60)(a)

    1,070       715,671  

LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)(a)(b)

    350       197,257  

Mexico City Airport Trust

   

5.50%, 10/31/46 (Call 04/30/46)(a)

    606       433,437  

5.50%, 07/31/47 (Call 01/31/47)(a)(b)

    1,616       1,158,444  
   

 

 

 
          2,754,622  
Entertainment — 0.5%            

Warnermedia Holdings Inc.

   

5.05%, 03/15/42 (Call 09/15/41)(b)

        3,405       2,522,181  

5.14%, 03/15/52 (Call 09/15/51)(b)

    5,474       3,873,494  

5.39%, 03/15/62 (Call 09/15/61)

    2,082       1,458,166  
   

 

 

 
      7,853,841  
Environmental Control — 0.2%            

Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)(b)

    160       117,705  

Republic Services Inc.

   

3.05%, 03/01/50 (Call 09/01/49)(b)

    87       52,351  

5.00%, 04/01/34 (Call 01/01/34)

    384       352,225  

5.70%, 05/15/41 (Call 11/15/40)

    508       474,504  

6.20%, 03/01/40

    372       362,467  

Waste Connections Inc.

   

2.95%, 01/15/52 (Call 07/15/51)(b)

    719       410,966  

3.05%, 04/01/50 (Call 10/01/49)

    367       217,773  

Waste Management Inc.

   

2.50%, 11/15/50 (Call 05/15/50)(b)

    397       211,149  

2.95%, 06/01/41 (Call 12/01/40)

    464       303,279  

3.90%, 03/01/35 (Call 09/01/34)

    351       285,987  

4.10%, 03/01/45 (Call 09/01/44)(b)

    270       202,486  

4.15%, 07/15/49 (Call 01/15/49)

    558       418,170  

4.88%, 02/15/34 (Call 11/15/33)

    512       468,860  
   

 

 

 
      3,877,922  
Food — 2.0%            

Bimbo Bakeries USA Inc., 4.00%, 05/17/51
(Call 11/17/50)(a)

    335       228,838  

Campbell Soup Co.

   

3.13%, 04/24/50 (Call 10/24/49)

    303       172,540  

4.80%, 03/15/48 (Call 09/15/47)

    447       339,235  

Cencosud SA, 6.63%, 02/12/45
(Call 08/12/44)(a)(b)

    200       190,863  

Conagra Brands Inc.

   

5.30%, 11/01/38 (Call 05/01/38)

    813       680,564  

5.40%, 11/01/48 (Call 05/01/48)

    713       570,664  

General Mills Inc.

   

3.00%, 02/01/51 (Call 08/01/50)(b)

    451       258,280  

4.15%, 02/15/43 (Call 08/15/42)

    160       117,738  

4.55%, 04/17/38 (Call 10/17/37)

    139       111,120  

4.70%, 04/17/48 (Call 10/17/47)(b)

    292       231,763  

5.40%, 06/15/40(b)

    596       522,502  

Grupo Bimbo SAB de CV

   

4.00%, 09/06/49 (Call 03/06/49)(a)(b)

    315       214,209  

4.70%, 11/10/47 (Call 05/10/47)(a)

    671       521,873  

4.88%, 06/27/44(a)

    265       212,151  

Hershey Co. (The)

   

2.65%, 06/01/50 (Call 12/01/49)(b)

    238       134,241  

3.13%, 11/15/49 (Call 05/15/49)(b)

    245       151,586  

3.38%, 08/15/46 (Call 02/15/46)

    179       117,565  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)

  $ 287     $ 170,512  

Ingredion Inc.

   

3.90%, 06/01/50 (Call 12/01/49)

    200       126,272  

6.63%, 04/15/37(b)

    169       164,356  

J M Smucker Co. (The)

   

6.50%, 11/15/43 (Call 05/15/43)

    710       673,816  

6.50%, 11/15/53 (Call 05/15/53)(b)

    665       627,010  

JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL

   

6.75%, 03/15/34 (Call 12/15/33)(a)

    450       421,686  

7.25%, 11/15/53 (Call 05/15/53)(a)

        1,140           1,018,138  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

4.38%, 02/02/52 (Call 08/02/51)

    721       440,331  

6.50%, 12/01/52 (Call 06/01/52)

    1,335       1,096,819  

JM Smucker Co. (The)

   

2.75%, 09/15/41 (Call 03/15/41)

    475       282,692  

3.55%, 03/15/50 (Call 09/15/49)

    279       168,960  

4.25%, 03/15/35

    664       541,306  

4.38%, 03/15/45

    542       395,259  

Kellogg Co., 4.50%, 04/01/46(b)

    323       248,038  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40

    355       320,923  

Kraft Heinz Foods Co.

   

4.38%, 06/01/46 (Call 12/01/45)

    2,315       1,693,783  

4.63%, 10/01/39 (Call 04/01/39)

    320       257,835  

4.88%, 10/01/49 (Call 04/01/49)

    1,117       874,495  

5.00%, 07/15/35 (Call 01/15/35)

    381       338,708  

5.00%, 06/04/42

    1,205       993,154  

5.20%, 07/15/45 (Call 01/15/45)

    1,306       1,079,244  

5.50%, 06/01/50 (Call 12/01/49)

    670       575,034  

6.50%, 02/09/40

    513       499,190  

6.88%, 01/26/39

    560       565,898  

7.13%, 08/01/39(a)(b)

    1,093       1,116,226  

Kroger Co. (The)

   

3.88%, 10/15/46 (Call 04/15/46)

    274       181,155  

3.95%, 01/15/50 (Call 07/15/49)

    424       287,124  

4.45%, 02/01/47 (Call 08/01/46)

    604       447,392  

4.65%, 01/15/48 (Call 07/15/47)

    275       208,230  

5.00%, 04/15/42 (Call 10/15/41)

    477       382,303  

5.15%, 08/01/43 (Call 02/01/43)

    289       234,163  

5.40%, 07/15/40 (Call 01/15/40)(b)

    580       497,319  

5.40%, 01/15/49 (Call 07/15/48)

    331       283,669  

6.90%, 04/15/38

    598       608,514  

Mars Inc.

   

2.38%, 07/16/40 (Call 01/16/40)(a)

    540       324,190  

2.45%, 07/16/50 (Call 01/16/50)(a)(b)

    302       153,551  

3.60%, 04/01/34 (Call 01/01/34)(a)(b)

    190       155,675  

3.88%, 04/01/39 (Call 10/01/38)(a)

    554       424,448  

3.95%, 04/01/44 (Call 10/01/43)(a)

    227       165,769  

3.95%, 04/01/49 (Call 10/01/48)(a)

    660       467,038  

4.13%, 04/01/54 (Call 10/01/53)(a)

    352       248,411  

4.20%, 04/01/59 (Call 10/01/58)(a)

    561       390,781  

McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)(b)

    189       135,189  

Mondelez International Inc., 2.63%, 09/04/50 (Call 03/04/50)

    603       328,442  

Nestle Holdings Inc.

   

2.50%, 09/14/41 (Call 03/14/41)(a)(b)

    438       273,741  

2.63%, 09/14/51 (Call 03/14/51)(a)

    406       229,287  

3.90%, 09/24/38 (Call 03/24/38)(a)

    1,007       811,788  
Security  

Par

(000)

    Value  
Food (continued)            

4.00%, 09/24/48 (Call 03/24/48)(a)

  $     1,753     $ 1,327,853  

4.70%, 01/15/53 (Call 07/15/52)(a)(b)

    765       638,622  

Sysco Corp.

   

3.15%, 12/14/51 (Call 06/14/51)(b)

    581       335,947  

3.30%, 02/15/50 (Call 08/15/49)

    369       222,848  

4.45%, 03/15/48 (Call 09/15/47)

    343       253,950  

4.50%, 04/01/46 (Call 10/01/45)

    336       248,873  

4.85%, 10/01/45 (Call 04/01/45)(b)

    375       290,100  

5.38%, 09/21/35

    320       291,826  

6.60%, 04/01/40 (Call 10/01/39)

    280       275,907  

6.60%, 04/01/50 (Call 10/01/49)(b)

    979       965,843  

Tesco PLC, 6.15%, 11/15/37(a)

    465       429,667  

Tyson Foods Inc.

   

4.55%, 06/02/47 (Call 12/02/46)

    556       396,881  

4.88%, 08/15/34 (Call 02/15/34)(b)

    283       249,401  

5.10%, 09/28/48 (Call 03/28/48)

    1,150       888,748  

5.15%, 08/15/44 (Call 02/15/44)

    367       290,618  
   

 

 

 
          33,810,680  
Forest Products & Paper — 0.2%            

Celulosa Arauco y Constitucion SA

   

5.15%, 01/29/50 (Call 07/29/49)(a)(b)

    400       278,171  

5.50%, 11/02/47 (Call 05/02/47)

    250       189,509  

5.50%, 04/30/49 (Call 10/30/48)(a)(b)

    335       250,315  

International Paper Co.

   

4.35%, 08/15/48 (Call 02/15/48)(b)

    616       452,010  

4.40%, 08/15/47 (Call 02/15/47)

    524       382,382  

4.80%, 06/15/44 (Call 12/15/43)

    491       383,303  

5.00%, 09/15/35 (Call 03/15/35)

    336       304,916  

5.15%, 05/15/46 (Call 11/15/45)(b)

    170       137,634  

6.00%, 11/15/41 (Call 05/15/41)

    853       784,873  

7.30%, 11/15/39

    24       24,947  

Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(a)(b)

    843       788,857  
   

 

 

 
      3,976,917  
Gas — 0.9%            

APA Infrastructure Ltd., 5.00%, 03/23/35 (Call 12/23/34)(a)

    195       167,834  

Atmos Energy Corp.

   

2.85%, 02/15/52 (Call 08/15/51)(b)

    372       209,423  

3.38%, 09/15/49 (Call 03/15/49)

    405       254,448  

4.13%, 10/15/44 (Call 04/15/44)

    514       383,184  

4.13%, 03/15/49 (Call 09/15/48)

    292       208,967  

4.15%, 01/15/43 (Call 07/15/42)(b)

    407       311,396  

4.30%, 10/01/48 (Call 04/01/48)

    496       369,257  

5.50%, 06/15/41 (Call 12/15/40)

    325       288,155  

5.75%, 10/15/52 (Call 04/15/52)(b)

    310       284,421  

6.20%, 11/15/53 (Call 05/15/53)

    400       388,213  

Boston Gas Co.

   

4.49%, 02/15/42(a)

    415       303,759  

6.12%, 07/20/53 (Call 01/20/53)(a)

    355       318,908  

Brooklyn Union Gas Co. (The)

   

4.27%, 03/15/48 (Call 09/15/47)(a)(b)

    435       285,919  

4.49%, 03/04/49 (Call 09/04/48)(a)

    217       146,556  

4.50%, 03/10/46 (Call 09/10/45)(a)(b)

    307       208,898  

CenterPoint Energy Resources Corp.

   

4.10%, 09/01/47 (Call 03/01/47)(b)

    171       118,942  

5.85%, 01/15/41 (Call 07/15/40)

    441       400,763  

6.63%, 11/01/37(b)

    225       219,656  

Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)(a)

    249       198,426  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Gas (continued)            

East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)(a)

  $     547     $ 297,185  

KeySpan Gas East Corp.

   

3.59%, 01/18/52 (Call 07/18/51)(a)

    269       156,111  

5.82%, 04/01/41(a)

    580       498,018  

Korea Gas Corp., 6.25%, 01/20/42(a)

    610       617,995  

Mega Advance Investments Ltd.,
6.38%, 05/12/41(a)(b)

    310       298,075  

NiSource Inc.

   

3.95%, 03/30/48 (Call 09/30/47)

    232       156,895  

4.38%, 05/15/47 (Call 11/15/46)

    495       358,768  

4.80%, 02/15/44 (Call 08/15/43)

    527       414,754  

5.00%, 06/15/52 (Call 12/15/51)

    569       445,567  

5.25%, 02/15/43 (Call 08/15/42)

    524       439,470  

5.65%, 02/01/45 (Call 08/01/44)

    208       180,367  

5.80%, 02/01/42 (Call 08/01/41)(b)

    349       302,220  

5.95%, 06/15/41 (Call 12/15/40)(b)

    397       361,795  

ONE Gas Inc.

   

4.50%, 11/01/48 (Call 05/01/48)

    264       193,657  

4.66%, 02/01/44 (Call 08/01/43)(b)

    436       335,775  

Piedmont Natural Gas Co. Inc.

   

3.35%, 06/01/50 (Call 12/01/49)

    306       177,110  

3.64%, 11/01/46 (Call 05/01/46)

    205       127,789  

4.10%, 09/18/34 (Call 03/18/34)

    95       75,069  

4.65%, 08/01/43 (Call 02/01/43)(b)

    234       180,355  

5.05%, 05/15/52 (Call 11/15/51)(b)

    370       288,649  

Southern California Gas Co.

   

3.75%, 09/15/42 (Call 03/15/42)

    395       271,729  

4.45%, 03/15/44 (Call 09/15/43)

    205       153,647  

5.13%, 11/15/40

    264       225,447  

5.75%, 06/01/53 (Call 12/01/52)

    375       331,729  

6.35%, 11/15/52 (Call 05/15/52)

    413       398,714  

Series KK, 5.75%, 11/15/35

    235       214,494  

Series UU, 4.13%, 06/01/48 (Call 12/01/47)

    265       185,115  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

    379       271,726  

Series WW, 3.95%, 02/15/50 (Call 08/15/49)

    185       123,800  

Southern Co. Gas Capital Corp.

   

3.95%, 10/01/46 (Call 04/01/46)

    381       249,483  

4.40%, 06/01/43 (Call 12/01/42)

    537       387,298  

4.40%, 05/30/47 (Call 11/30/46)

    230       165,671  

5.88%, 03/15/41 (Call 09/15/40)

    491       432,493  

6.00%, 10/01/34

    150       136,645  

Series 21A, 3.15%, 09/30/51 (Call 03/30/51)

    310       174,476  

Southwest Gas Corp.

   

3.18%, 08/15/51 (Call 02/15/51)

    241       130,323  

3.80%, 09/29/46 (Call 03/29/46)(b)

    190       122,524  

4.15%, 06/01/49 (Call 12/01/48)

    187       124,185  

Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)

    190       136,284  

Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)

    190       114,695  

Washington Gas Light Co.

   

3.65%, 09/15/49 (Call 03/15/49)

    154       96,452  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

    316       205,951  
   

 

 

 
          15,625,630  
Hand & Machine Tools — 0.1%            

Snap-on Inc.

   

3.10%, 05/01/50 (Call 11/01/49)

    228       139,564  

4.10%, 03/01/48 (Call 09/01/47)

    304       222,489  

Stanley Black & Decker Inc.

   

2.75%, 11/15/50 (Call 05/15/50)

    394       200,830  

4.85%, 11/15/48 (Call 05/15/48)

    180       136,982  
Security  

Par

(000)

    Value  
Hand & Machine Tools (continued)            

5.20%, 09/01/40

  $ 655     $ 552,276  
   

 

 

 
      1,252,141  
Health Care - Products — 1.1%            

Abbott Laboratories

   

4.75%, 11/30/36 (Call 05/30/36)

    834       760,260  

4.75%, 04/15/43 (Call 10/15/42)

    171       147,660  

4.90%, 11/30/46 (Call 05/30/46)

        2,361       2,036,499  

5.30%, 05/27/40

    1,050       983,931  

6.00%, 04/01/39

    582       583,702  

6.15%, 11/30/37

    857       880,016  

Alcon Finance Corp.

   

3.80%, 09/23/49 (Call 03/23/49)(a)

    305       206,503  

5.75%, 12/06/52 (Call 06/06/52)(a)

    370       333,175  

Baxter International Inc.

   

3.13%, 12/01/51 (Call 06/01/51)(b)

    286       157,162  

3.50%, 08/15/46 (Call 02/15/46)

    153       91,775  

4.50%, 06/15/43 (Call 12/15/42)

    555       395,732  

6.25%, 12/01/37(b)

    180       170,092  

Boston Scientific Corp.

   

4.55%, 03/01/39 (Call 09/01/38)(b)

    159       131,623  

4.70%, 03/01/49 (Call 09/01/48)

    294       234,333  

6.50%, 11/15/35

    344       346,607  

7.38%, 01/15/40

    300       319,248  

Covidien International Finance SA, 6.55%, 10/15/37

    330       338,272  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)(b)

    768       422,641  

2.80%, 12/10/51 (Call 06/10/51)(b)

    788       443,909  

4.38%, 09/15/45 (Call 03/15/45)

    415       328,290  

DH Europe Finance II Sarl

   

3.25%, 11/15/39 (Call 05/15/39)

    721       515,217  

3.40%, 11/15/49 (Call 05/15/49)

    812       530,679  

GE HealthCare Technologies Inc., 6.38%, 11/22/52 (Call 05/22/52)

    699       677,125  

HCA Inc., 4.38%, 03/15/42 (Call 09/15/41)

    540       389,170  

Koninklijke Philips NV

   

5.00%, 03/15/42

    464       368,260  

6.88%, 03/11/38(b)

    794       792,463  

Medtronic Inc.

   

4.00%, 04/01/43 (Call 10/01/42)

    50       38,175  

4.38%, 03/15/35

    1,244       1,088,314  

4.63%, 03/15/45

    1,570       1,295,780  

Revvity Inc., 3.63%, 03/15/51 (Call 09/15/50)(b)

    269       162,301  

STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50)

    376       248,441  

Stryker Corp.

   

2.90%, 06/15/50 (Call 12/15/49)(b)

    230       134,498  

4.10%, 04/01/43 (Call 10/01/42)

    692       519,351  

4.38%, 05/15/44 (Call 11/15/43)

    153       117,679  

4.63%, 03/15/46 (Call 09/15/45)

    580       468,115  

Thermo Fisher Scientific Inc.

   

2.80%, 10/15/41 (Call 04/15/41)

    731       465,756  

4.10%, 08/15/47 (Call 02/15/47)

    468       348,588  

5.30%, 02/01/44 (Call 08/01/43)

    183       163,331  

5.40%, 08/10/43 (Call 04/10/43)(b)

    675       612,095  

Zimmer Biomet Holdings Inc.

   

4.25%, 08/15/35 (Call 02/15/35)(b)

    189       148,872  

4.45%, 08/15/45 (Call 02/15/45)(b)

    189       141,473  

5.75%, 11/30/39

    490       435,252  
   

 

 

 
          18,972,365  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services — 3.9%            

AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)

  $ 182     $ 102,749  

Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)

    195       124,567  

Advocate Health & Hospitals Corp.

   

3.39%, 10/15/49 (Call 04/15/49)

    248       160,130  

4.27%, 08/15/48 (Call 02/15/48)

    208       159,806  

Series 2020, 3.01%, 06/15/50 (Call 12/15/49)(b)

    145       85,102  

Aetna Inc.

   

3.88%, 08/15/47 (Call 02/15/47)

    308       202,797  

4.13%, 11/15/42 (Call 05/15/42)

    586       418,624  

4.50%, 05/15/42 (Call 11/15/41)

        549       413,943  

4.75%, 03/15/44 (Call 09/15/43)

    172       132,948  

6.63%, 06/15/36

    705       705,299  

6.75%, 12/15/37

    557       560,876  

AHS Hospital Corp.

   

5.02%, 07/01/45

    330       279,586  

Series 2021, 2.78%, 07/01/51 (Call 01/01/51)

    84       46,049  

Allina Health System

   

2.90%, 11/15/51 (Call 05/15/51)(b)

    185       102,940  

4.81%, 11/15/45 (Call 05/15/45)(b)

    175       142,524  

Series 2019, 3.89%, 04/15/49

    166       117,862  

Anthem Inc., 4.55%, 05/15/52 (Call 11/15/51)

    566       428,500  

Ascension Health

   

3.95%, 11/15/46

    679       491,473  

4.85%, 11/15/53

    385       320,650  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

    344       238,951  

Banner Health

   

2.91%, 01/01/42 (Call 07/01/41)

    75       47,864  

2.91%, 01/01/51 (Call 07/01/50)(b)

    150       84,713  

Series 2020, 3.18%, 01/01/50 (Call 07/01/49)(b)

    198       121,280  

Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41

    193           145,158  

Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)

    10       5,010  

Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)

    260       163,446  

BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)(b)

    191       133,917  

Baylor Scott & White Holdings

   

3.97%, 11/15/46 (Call 05/15/46)

    230       166,501  

4.19%, 11/15/45 (Call 05/15/45)

    278       211,076  

Series 2021, 2.84%, 11/15/50 (Call 11/15/49)

    603       344,940  

Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51)

    215       116,181  

Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)

    185       110,892  

Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)

    222       132,713  

Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)

    67       35,139  

Children’s Hospital Corp. (The)

   

Series 2017, 4.12%, 01/01/47 (Call 07/01/46)

    177       133,484  

Series 2020, 2.59%, 02/01/50 (Call 08/01/49)

    326       173,991  

Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44

    161       126,454  

Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)

    150       84,577  

Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)

    79       44,378  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

City of Hope

   

Series 2013, 5.62%, 11/15/43

  $ 267     $ 232,757  

Series 2018, 4.38%, 08/15/48 (Call 02/15/48)(b)

    198       144,724  

Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(b)

    285       220,826  

CommonSpirit Health

   

3.82%, 10/01/49 (Call 04/01/49)

    418       275,229  

3.91%, 10/01/50 (Call 04/01/50)

    447       299,018  

4.19%, 10/01/49 (Call 04/01/49)

    887       619,131  

4.35%, 11/01/42(b)

    244       185,064  

6.46%, 11/01/52 (Call 05/01/52)(b)

    215           210,497  

Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)

    139       78,824  

Corewell Health Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)

    84       54,857  

Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)

    174       108,288  

Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)

    194       133,645  

Dignity Health

   

4.50%, 11/01/42

    231       180,270  

5.27%, 11/01/64(b)

    110       88,262  

Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)

    269       195,000  

Elevance Health Inc.

   

3.13%, 05/15/50 (Call 11/15/49)

    742       439,675  

3.60%, 03/15/51 (Call 09/15/50)

        1,012       649,558  

3.70%, 09/15/49 (Call 03/15/49)

    646       424,164  

4.38%, 12/01/47 (Call 06/01/47)

    1,087       813,391  

4.55%, 03/01/48 (Call 09/01/47)

    780       597,013  

4.63%, 05/15/42

    831       666,298  

4.65%, 01/15/43

    830       660,622  

4.65%, 08/15/44 (Call 02/15/44)

    627       494,147  

4.85%, 08/15/54 (Call 02/15/54)

    155       114,754  

5.10%, 01/15/44(b)

    490       410,571  

5.13%, 02/15/53 (Call 08/15/52)

    908       753,415  

5.85%, 01/15/36

    403       383,499  

5.95%, 12/15/34

    312       303,873  

6.10%, 10/15/52 (Call 04/15/52)

    579       547,478  

6.38%, 06/15/37

    371       368,035  

Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)(b)

    155       100,919  

Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)

    120       99,870  

Hackensack Meridian Health Inc.

   

4.21%, 07/01/48 (Call 01/01/48)

    185       139,424  

4.50%, 07/01/57 (Call 01/01/57)

    205       156,809  

Series 2020, 2.68%, 09/01/41 (Call 03/01/41)

    345       214,696  

Series 2020, 2.88%, 09/01/50 (Call 03/01/50)(b)

    254       148,306  

Hartford HealthCare Corp., 3.45%, 07/01/54(b)

    80       50,748  

HCA Inc.

   

3.50%, 07/15/51 (Call 01/15/51)

    1,204       697,491  

4.63%, 03/15/52 (Call 09/15/51)

    1,583       1,102,078  

5.13%, 06/15/39 (Call 12/15/38)

    821       675,362  

5.25%, 06/15/49 (Call 12/15/48)

    1,601       1,230,614  

5.50%, 06/15/47 (Call 12/15/46)

    1,244       1,002,110  

5.90%, 06/01/53 (Call 12/01/52)

    930       786,198  

Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)(a)

    490       293,044  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)

  $ 222     $ 152,487  

Humana Inc.

   

3.95%, 08/15/49 (Call 02/15/49)

    289       198,219  

4.63%, 12/01/42 (Call 06/01/42)(b)

    600       470,423  

4.80%, 03/15/47 (Call 09/15/46)

    223       175,408  

4.95%, 10/01/44 (Call 04/01/44)

    415       331,784  

5.50%, 03/15/53 (Call 09/15/52)

    590       508,188  

8.15%, 06/15/38

    234       257,646  

Indiana University Health Inc. Obligated Group

   

3.97%, 11/01/48 (Call 05/01/48)

    184       134,671  

Series 2021, 2.85%, 11/01/51 (Call 05/01/51)

    175       99,368  

Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)(b)

    90       66,826  

Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)

    245       160,035  

Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)

    189       123,397  

Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46

    341       243,332  

Kaiser Foundation Hospitals

   

4.15%, 05/01/47 (Call 11/01/46)

    1,203       906,062  

4.88%, 04/01/42

    539       460,547  

Series 2019, 3.27%, 11/01/49 (Call 05/01/49)

    992       619,526  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

    695       446,862  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(b)

        1,073       630,109  

Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)

    524       406,590  

Mass General Brigham Inc.

   

Series 2017, 3.77%, 07/01/48 (Call 01/01/48)

    142       99,964  

Series 2020, 3.19%, 07/01/49 (Call 01/01/49)(b)

    89       54,906  

Series 2020, 3.34%, 07/01/60 (Call 01/01/60)

    399       235,777  

Mayo Clinic

   

3.77%, 11/15/43

    15       11,166  

Series 2013, 4.00%, 11/15/47(b)

    100       75,606  

Series 2016, 4.13%, 11/15/52(b)

    365       274,197  

Series 2021, 3.20%, 11/15/61 (Call 05/15/61)

    351       203,399  

McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)

    101       76,055  

MedStar Health Inc., Series 20A, 3.63%, 08/15/49

    80       51,335  

Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)

    192           123,090  

Memorial Sloan-Kettering Cancer Center

   

4.13%, 07/01/52

    155       113,461  

5.00%, 07/01/42

    411       354,961  

Series 2015, 4.20%, 07/01/55

    335       245,555  

Series 2020, 2.96%, 01/01/50 (Call 07/01/49)

    50       29,588  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

    146       79,923  

MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)

    198       119,959  

Montefiore Obligated Group

   

4.29%, 09/01/50

    135       75,185  

Series 18-C, 5.25%, 11/01/48 (Call 05/01/48)(b)

    258       175,133  

Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52

    199       133,087  

Mount Sinai Hospitals Group Inc.

   

Series 2017, 3.98%, 07/01/48

    184       130,987  

Series 2019, 3.74%, 07/01/49 (Call 01/01/49)

    274       181,619  

Series 2020, 3.39%, 07/01/50 (Call 07/01/49)

    289       171,333  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)(b)

  $ 196     $ 102,945  

Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)(b)

    192       154,635  

New York and Presbyterian Hospital (The)

   

2.26%, 08/01/40 (Call 02/01/40)

    185       110,117  

2.61%, 08/01/60 (Call 02/01/60)(b)

    155       74,378  

3.56%, 08/01/36

    175       133,793  

4.02%, 08/01/45

    310       230,245  

4.06%, 08/01/56(b)

    198       140,757  

4.76%, 08/01/2116(b)

    180       132,412  

Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)

    250       153,312  

Northwell Healthcare Inc.

   

3.81%, 11/01/49 (Call 11/01/48)

    219       141,163  

3.98%, 11/01/46 (Call 11/01/45)

    155       107,985  

4.26%, 11/01/47 (Call 11/01/46)

    534       379,184  

6.15%, 11/01/43

    370       340,197  

Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(b)

    184       101,567  

Novant Health Inc.

   

2.64%, 11/01/36 (Call 08/01/36)

    160       111,469  

3.17%, 11/01/51 (Call 05/01/51)

    347       209,353  

3.32%, 11/01/61 (Call 05/01/61)

    272       157,365  

4.37%, 11/01/43(b)

    300       231,333  

NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)(b)

    54       28,460  

NYU Langone Hospitals

   

5.75%, 07/01/43

    80       73,984  

Series 2020, 3.38%, 07/01/55 (Call 01/01/55)

    130       77,447  

Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)

        190       169,797  

OhioHealth Corp.

   

2.83%, 11/15/41 (Call 05/15/41)

    80       50,432  

Series 2020, 3.04%, 11/15/50 (Call 05/15/50)(b)

    230       142,823  

Orlando Health Obligated Group

   

3.33%, 10/01/50 (Call 04/01/50)

    95       60,931  

4.09%, 10/01/48 (Call 04/01/48)

    190       137,478  

PeaceHealth Obligated Group

   

Series 2018, 4.79%, 11/15/48 (Call 05/15/48)

    227       174,431  

Series 2020, 3.22%, 11/15/50 (Call 05/15/50)

    250       139,766  

Piedmont Healthcare Inc.

   

2.86%, 01/01/52 (Call 07/01/51)

    219       120,187  

Series 2042, 2.72%, 01/01/42 (Call 07/01/41)

    50       30,839  

Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)

    190           159,880  

Providence St Joseph Health Obligated Group

   

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)

    650       326,955  

Series A, 3.93%, 10/01/48 (Call 04/01/48)(b)

    280       190,471  

Series I, 3.74%, 10/01/47

    180       120,045  

Queen’s Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52)(b)

    135       110,222  

Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)(b)

    193       151,363  

Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)

    195       117,948  

Roche Holdings Inc.

   

2.61%, 12/13/51 (Call 06/13/51)(a)(b)

    1,715       950,791  

4.00%, 11/28/44 (Call 05/28/44)(a)(b)

    563       432,296  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

7.00%, 03/01/39(a)

  $ 620     $ 685,522  

RWJ Barnabas Health Inc.

   

3.48%, 07/01/49 (Call 01/01/49)(b)

    159       104,252  

3.95%, 07/01/46 (Call 07/01/45)(b)

    170       121,369  

Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)(b)

    508       281,874  

Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)(b)

    195       112,798  

Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)

    196       107,084  

Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)

    190       152,894  

Stanford Health Care

   

3.03%, 08/15/51 (Call 02/15/51)(b)

    137       82,005  

Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

    378       255,546  

Summa Health, 3.51%, 11/15/51
(Call 05/15/51)(b)

    148       89,149  

Sutter Health

   

Series 2018, 4.09%, 08/15/48 (Call 02/15/48)

    198       144,380  

Series 20A, 3.16%, 08/15/40 (Call 02/15/40)

    145       97,516  

Series 20A, 3.36%, 08/15/50 (Call 02/15/50)

    326       202,090  

Texas Health Resources

   

2.33%, 11/15/50 (Call 05/15/50)(b)

    170       84,365  

4.33%, 11/15/55

    175       132,853  

Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)

    210       200,557  

Trinity Health Corp.

   

4.13%, 12/01/45

    340       255,205  

Series 2019, 3.43%, 12/01/48

    163       109,543  

Series 2021, 2.63%, 12/01/40 (Call 06/01/40)

    116       72,369  

UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)

    110       91,004  

UnitedHealth Group Inc.

   

2.75%, 05/15/40 (Call 11/15/39)

    695       449,957  

2.90%, 05/15/50 (Call 11/15/49)

    996       574,588  

3.05%, 05/15/41 (Call 11/15/40)

        1,082       722,016  

3.13%, 05/15/60 (Call 11/15/59)

    585       332,895  

3.25%, 05/15/51 (Call 11/15/50)

    1,610       988,978  

3.50%, 08/15/39 (Call 02/15/39)

    932       684,368  

3.70%, 08/15/49 (Call 02/15/49)(b)

    1,030       697,090  

3.75%, 10/15/47 (Call 04/15/47)(b)

    816       565,068  

3.88%, 08/15/59 (Call 02/15/59)

    1,000       661,172  

3.95%, 10/15/42 (Call 04/15/42)

    595       443,663  

4.20%, 01/15/47 (Call 07/15/46)

    675       503,085  

4.25%, 03/15/43 (Call 09/15/42)

    679       529,679  

4.25%, 04/15/47 (Call 10/15/46)

    708       532,842  

4.25%, 06/15/48 (Call 12/15/47)

    966       722,602  

4.38%, 03/15/42 (Call 09/15/41)

    506       400,791  

4.45%, 12/15/48 (Call 06/15/48)

    788       607,665  

4.63%, 07/15/35

    370       328,934  

4.63%, 11/15/41 (Call 05/15/41)

    573       470,652  

4.75%, 07/15/45

    1,199       984,366  

4.75%, 05/15/52 (Call 11/15/51)

    1,595       1,276,784  

4.95%, 05/15/62 (Call 11/15/61)

    782       634,859  

5.05%, 04/15/53 (Call 10/15/52)

    1,578       1,327,002  

5.20%, 04/15/63 (Call 10/15/62)(b)

    1,390       1,161,314  

5.70%, 10/15/40 (Call 04/15/40)

    334       315,918  

5.80%, 03/15/36

    775       762,197  

5.88%, 02/15/53 (Call 08/15/52)

    1,550           1,465,836  

5.95%, 02/15/41 (Call 08/15/40)

    355       340,886  

6.05%, 02/15/63 (Call 08/15/62)

    1,215       1,157,853  

6.50%, 06/15/37(b)

    465       481,717  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

6.63%, 11/15/37

  $ 605     $ 631,128  

6.88%, 02/15/38

    970       1,040,144  

UPMC, 5.38%, 05/15/43 (Call 11/15/42)

    62       54,571  

WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)

    75       44,496  

West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)

    220       125,513  

Willis-Knighton Medical Center

   

Series 2018, 4.81%, 09/01/48 (Call 03/01/48)

    185       145,089  

Series 2021, 3.07%, 03/01/51 (Call 09/01/50)(b)

    248       133,914  

Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)

    85       43,296  
   

 

 

 
          66,879,469  
Holding Companies - Diversified — 0.1%            

Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)(a)

        165       148,880  

CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)(a)

    827       530,513  

JAB Holdings BV

   

3.75%, 05/28/51 (Call 11/28/50)(a)

    487       280,519  

4.50%, 04/08/52 (Call 10/08/51)(a)

    250       165,963  

PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(b)

    585       342,276  
   

 

 

 
      1,468,151  
Home Builders — 0.0%            

MDC Holdings Inc.

   

3.97%, 08/06/61 (Call 02/06/61)(b)

    195       102,959  

6.00%, 01/15/43 (Call 10/15/42)

    441       346,429  

PulteGroup Inc., 6.00%, 02/15/35

    170       158,178  
   

 

 

 
      607,566  
Home Furnishings — 0.0%            

Leggett & Platt Inc., 3.50%, 11/15/51 (Call 05/15/51)(b)

    313       187,184  

Whirlpool Corp.

   

4.50%, 06/01/46 (Call 12/01/45)(b)

    316       225,561  

4.60%, 05/15/50 (Call 11/15/49)(b)

    411       295,402  

5.15%, 03/01/43

    241       187,121  
   

 

 

 
      895,268  
Household Products & Wares — 0.2%            

Church & Dwight Co. Inc.

   

3.95%, 08/01/47 (Call 02/01/47)

    219       156,473  

5.00%, 06/15/52 (Call 12/15/51)(b)

    323       271,429  

Kimberly-Clark Corp.

   

2.88%, 02/07/50 (Call 08/07/49)(b)

    185       110,855  

3.20%, 07/30/46 (Call 01/30/46)(b)

    73       46,754  

3.70%, 06/01/43

    310       213,645  

3.90%, 05/04/47 (Call 11/04/46)

    204       147,984  

5.30%, 03/01/41

    475       434,857  

6.63%, 08/01/37(b)

    763       815,746  

SC Johnson & Son Inc.

   

4.00%, 05/15/43 (Call 02/15/43)(a)

    405       292,010  

4.35%, 09/30/44 (Call 03/30/44)(a)(b)

    254       191,490  

4.75%, 10/15/46 (Call 04/16/46)(a)(b)

    640       513,744  

4.80%, 09/01/40(a)

    558       448,820  
   

 

 

 
      3,643,807  
Insurance — 4.9%            

Aflac Inc.

   

4.00%, 10/15/46 (Call 04/15/46)

    151       104,467  

4.75%, 01/15/49 (Call 07/15/48)

    200       159,535  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

6.45%, 08/15/40

  $ 399     $ 379,387  

AIA Group Ltd.

   

3.20%, 09/16/40 (Call 03/16/40)(a)

        1,579           1,019,650  

4.50%, 03/16/46 (Call 09/16/45)(a)

    335       260,026  

4.88%, 03/11/44(a)

    282       234,506  

Alleghany Corp.

   

3.25%, 08/15/51 (Call 02/15/51)

    220       134,717  

4.90%, 09/15/44 (Call 03/15/44)(b)

    174       144,318  

Allstate Corp. (The)

   

3.85%, 08/10/49 (Call 02/10/49)

    116       76,495  

4.20%, 12/15/46 (Call 06/15/46)

    182       127,843  

4.50%, 06/15/43

    710       536,827  

5.55%, 05/09/35

    526       490,321  

5.95%, 04/01/36

    555       531,461  

6.50%, 05/15/67 (Call 05/15/37), (3-mo. LIBOR US + 2.120%)(d)

    304       270,359  

American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)

    315       225,719  

American International Group Inc.

   

3.88%, 01/15/35 (Call 07/15/34)

    190       152,368  

4.38%, 06/30/50 (Call 12/30/49)

    804       588,090  

4.50%, 07/16/44 (Call 01/16/44)

    772       587,388  

4.75%, 04/01/48 (Call 10/01/47)

    791       619,492  

4.80%, 07/10/45 (Call 01/10/45)

    496       390,554  

6.25%, 05/01/36

    470       454,777  

AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)(a)

    287       148,922  

Aon Corp., 6.25%, 09/30/40

    362       348,785  

Aon Global Ltd.

   

2.90%, 08/23/51 (Call 02/23/51)

    399       220,196  

3.90%, 02/28/52 (Call 08/28/51)

    506       340,209  

4.25%, 12/12/42

    276       194,411  

4.45%, 05/24/43 (Call 02/24/43)

    380       275,013  

4.60%, 06/14/44 (Call 03/14/44)

    285       222,183  

4.75%, 05/15/45 (Call 11/15/44)

    274       218,091  

Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)(b)

    265       211,856  

Arch Capital Group Ltd.

   

3.64%, 06/30/50 (Call 12/30/49)

    711       451,739  

7.35%, 05/01/34

    375       394,362  

Arch Capital Group U.S. Inc., 5.14%, 11/01/43

    300       247,686  

Arthur J Gallagher & Co.

   

3.05%, 03/09/52 (Call 09/09/51)

    270       146,466  

3.50%, 05/20/51 (Call 11/20/50)

    676       407,592  

5.75%, 03/02/53 (Call 09/02/52)

    394       343,324  

6.75%, 02/15/54 (Call 08/15/53)

    105       103,173  

Assured Guaranty Municipal Holdings Inc., 6.40%, 12/15/66 (Call 12/15/36), (1-mo. LIBOR US + 2.215%)(a)(b)(d)

    270       229,481  

Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51)

    270       157,895  

Athene Holding Ltd.

   

3.45%, 05/15/52 (Call 11/15/51)(b)

    345       194,831  

3.95%, 05/25/51 (Call 11/25/50)

    351       219,722  

AXA SA, 6.38%, (Call 12/14/36), (3-mo. LIBOR US + 2.256%)(a)(d)(e)

    250       258,080  

AXIS Specialty Finance PLC, 5.15%, 04/01/45

    104       79,865  

Berkshire Hathaway Finance Corp.

   

2.50%, 01/15/51 (Call 07/15/50)

    636       342,189  

2.85%, 10/15/50 (Call 04/15/50)

    1,436       824,942  

3.85%, 03/15/52 (Call 09/15/51)

    2,155       1,502,352  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.20%, 08/15/48 (Call 02/15/48)

  $ 1,851     $ 1,417,497  

4.25%, 01/15/49 (Call 07/15/48)

    1,692       1,306,213  

4.30%, 05/15/43

    521       419,969  

4.40%, 05/15/42

    592       489,346  

5.75%, 01/15/40

    624       615,247  

Berkshire Hathaway Inc., 4.50%, 02/11/43

        1,209           1,014,375  

Brighthouse Financial Inc.

   

3.85%, 12/22/51 (Call 06/22/51)

    275       149,592  

4.70%, 06/22/47 (Call 12/22/46)(b)

    746       489,978  

Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51)

    388       287,875  

Chubb Corp. (The)

   

6.00%, 05/11/37

    715       707,523  

Series 1, 6.50%, 05/15/38

    598       617,799  

Chubb INA Holdings Inc.

   

2.85%, 12/15/51 (Call 06/15/51)(b)

    225       131,165  

3.05%, 12/15/61 (Call 06/15/61)

    724       407,358  

4.15%, 03/13/43

    679       523,858  

4.35%, 11/03/45 (Call 05/03/45)

    900       702,412  

6.70%, 05/15/36(b)

    361       376,944  

Cincinnati Financial Corp., 6.13%, 11/01/34

    475       450,067  

Corebridge Financial Inc.

   

4.35%, 04/05/42 (Call 10/05/41)

    280       203,016  

4.40%, 04/05/52 (Call 10/05/51)

    959       658,937  

Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(a)

    502       282,639  

Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)

    1,020       777,004  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)

    838       470,856  

3.50%, 10/15/50 (Call 04/15/50)

    721       436,176  

4.87%, 06/01/44

    300       234,714  

Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3-mo. LIBOR US +
3.744%)(a)(d)

    190       171,889  

Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3-mo. LIBOR US +
3.454%)(a)(d)

    358       295,620  

Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3-mo. LIBOR US +
3.231%)(a)(d)

    335       242,527  

Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51)(b)

    250       130,263  

Five Corners Funding Trust IV, 6.00%, 02/15/53 (Call 08/15/52)(a)(b)

    526       473,610  

Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a)

    311       236,991  

Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(a)

    526       378,384  

Guardian Life Insurance Co. of America (The)

   

3.70%, 01/22/70 (Call 07/22/69)(a)

    199       112,132  

4.85%, 01/24/77(a)

    348       246,295  

4.88%, 06/19/64(a)(b)

    340       252,460  

Hartford Financial Services Group Inc. (The)

   

2.90%, 09/15/51 (Call 03/15/51)

    215       118,403  

3.60%, 08/19/49 (Call 02/19/49)

    413       267,442  

4.30%, 04/15/43

    364       268,060  

4.40%, 03/15/48 (Call 09/15/47)

    210       155,986  

5.95%, 10/15/36

    325       309,315  

6.10%, 10/01/41(b)

    401       374,419  

6.63%, 03/30/40

    290       283,218  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)(a)(b)

  $ 200     $ 125,467  

Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)

    300       177,019  

Liberty Mutual Group Inc.

   

3.95%, 10/15/50 (Call 04/15/50)(a)(b)

    880           556,210  

3.95%, 05/15/60 (Call 11/15/59)(a)

    514       300,662  

4.85%, 08/01/44(a)(b)

    105       77,584  

5.50%, 06/15/52 (Call 12/15/51)(a)

    733       585,699  

6.50%, 03/15/35(a)

    290       272,272  

6.50%, 05/01/42(a)

    397       346,903  

Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)(b)

    210       196,348  

Lincoln National Corp.

   

4.35%, 03/01/48 (Call 09/01/47)(b)

    306       199,436  

4.38%, 06/15/50 (Call 12/15/49)(b)

    186       121,284  

6.30%, 10/09/37

    291       269,507  

7.00%, 06/15/40

    413       390,062  

Loews Corp.

   

4.13%, 05/15/43 (Call 11/15/42)

    485       361,237  

6.00%, 02/01/35(b)

    461       453,953  

Manulife Financial Corp., 5.38%, 03/04/46

    465       408,094  

Maple Grove Funding Trust I, 4.16%, 08/15/51 (Call 02/15/51)(a)(b)

    485       294,576  

Markel Group Inc.

   

3.45%, 05/07/52 (Call 11/07/51)

    391       235,939  

4.15%, 09/17/50 (Call 03/17/50)(b)

    435       294,500  

4.30%, 11/01/47 (Call 05/01/47)

    283       198,341  

5.00%, 03/30/43(b)

    235       181,107  

5.00%, 04/05/46

    261       205,069  

5.00%, 05/20/49 (Call 11/20/48)

    408       322,350  

Marsh & McLennan Companies Inc.

   

2.90%, 12/15/51 (Call 06/15/51)(b)

    210       117,344  

4.20%, 03/01/48 (Call 09/01/47)

    419       309,405  

4.35%, 01/30/47 (Call 07/30/46)

    289       219,520  

4.75%, 03/15/39 (Call 09/15/38)

    370       314,792  

4.90%, 03/15/49 (Call 09/15/48)

    941       773,530  

5.45%, 03/15/53 (Call 09/15/52)

    530       466,942  

5.70%, 09/15/53 (Call 03/15/53)

    950       872,146  

6.25%, 11/01/52 (Call 05/01/52)

    270       264,167  

Massachusetts Mutual Life Insurance Co.

   

3.20%, 12/01/61(a)

    340       178,821  

3.38%, 04/15/50(a)(b)

    479       291,369  

3.73%, 10/15/70(a)

    406       229,248  

4.50%, 04/15/65(a)

    511       331,980  

4.90%, 04/01/77(a)

    356       254,169  

5.08%, 02/15/69 (Call 02/15/49), (3-mo. LIBOR US + 3.191%)(a)(d)

    295       229,510  

5.38%, 12/01/41(a)(b)

    391       317,896  

5.67%, 12/01/52 (Call 06/01/52)(a)

    541       472,143  

MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(a)(b)

    390       397,122  

MetLife Inc.

   

4.05%, 03/01/45(b)

    703       505,292  

4.13%, 08/13/42

    592       440,753  

4.60%, 05/13/46 (Call 11/13/45)(b)

    552       431,461  

4.72%, 12/15/44

    387       303,963  

4.88%, 11/13/43

    662       540,102  

5.00%, 07/15/52 (Call 01/15/52)(b)

    830       670,501  

5.25%, 01/15/54 (Call 07/15/53)

    769       643,072  

5.70%, 06/15/35

        1,032       979,450  

5.88%, 02/06/41

    666       622,538  
Security  

Par

(000)

    Value  
Insurance (continued)            

6.38%, 06/15/34

  $ 947     $ 954,200  

6.40%, 12/15/66 (Call 12/15/31)(b)

    913       855,916  

9.25%, 04/08/68 (Call 04/08/33)(a)(b)

    605       655,312  

10.75%, 08/01/69 (Call 08/01/34)

    441       556,607  

Mutual of Omaha Insurance Co., 6.80%, 06/15/36(a)

    93       88,969  

National Life Insurance Co., 5.25%, 07/19/68 (Call 07/19/48), (3-mo. LIBOR US +
3.314%)(a)(b)(d)

    105       82,057  

Nationwide Financial Services Inc.

   

3.90%, 11/30/49 (Call 05/30/49)(a)(b)

    510       340,258  

5.30%, 11/18/44(a)(b)

    127       98,292  

6.75%, 05/15/87

    345       311,943  

Nationwide Mutual Insurance Co.

   

4.35%, 04/30/50 (Call 10/30/49)(a)

    925       622,173  

4.95%, 04/22/44(a)

    184       136,852  

9.38%, 08/15/39(a)

    863       1,011,820  

New York Life Insurance Co.

   

3.75%, 05/15/50 (Call 11/15/49)(a)

    653       428,044  

4.45%, 05/15/69 (Call 11/15/68)(a)

    720       494,009  

6.75%, 11/15/39(a)

    944       953,761  

Northwestern Mutual Life Insurance Co. (The)

   

3.45%, 03/30/51 (Call 09/30/50)(a)

    442       266,818  

3.63%, 09/30/59 (Call 03/30/59)(a)

    1,025       615,263  

3.85%, 09/30/47 (Call 03/30/47)(a)

    669       449,438  

6.06%, 03/30/40(a)(b)

        1,306           1,217,673  

Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(a)

    210       168,014  

Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)

    385       238,376  

OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)(a)(b)

    176       107,259  

Pacific Life Insurance Co.

   

4.30%, 10/24/67 (Call 10/24/47), (3-mo. LIBOR US + 2.796%)(a)(b)(d)

    460       315,600  

9.25%, 06/15/39(a)(b)

    275       323,079  

Pacific LifeCorp.

   

3.35%, 09/15/50 (Call 03/15/50)(a)

    464       281,858  

5.13%, 01/30/43(a)

    474       392,633  

5.40%, 09/15/52 (Call 03/15/52)(a)(b)

    475       403,125  

Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(a)

    330       185,970  

Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)(a)

    325       254,992  

Principal Financial Group Inc.

   

4.30%, 11/15/46 (Call 05/15/46)

    150       106,245  

4.35%, 05/15/43(b)

    406       299,540  

4.63%, 09/15/42

    311       239,988  

5.50%, 03/15/53 (Call 09/15/52)

    95       79,267  

6.05%, 10/15/36

    526       504,187  

Progressive Corp. (The)

   

3.70%, 01/26/45(b)

    245       168,903  

3.70%, 03/15/52 (Call 09/15/51)

    395       264,841  

3.95%, 03/26/50 (Call 09/26/49)

    323       229,710  

4.13%, 04/15/47 (Call 10/15/46)

    643       476,347  

4.20%, 03/15/48 (Call 09/15/47)

    448       333,544  

4.35%, 04/25/44

    284       217,367  

Prudential Financial Inc.

   

3.00%, 03/10/40 (Call 09/10/39)

    392       260,135  

3.70%, 03/13/51 (Call 09/13/50)

    1,113       724,869  

3.91%, 12/07/47 (Call 06/07/47)

    740       504,773  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

3.94%, 12/07/49 (Call 06/07/49)

  $ 839     $ 568,284  

4.35%, 02/25/50 (Call 08/25/49)

    780       571,307  

4.42%, 03/27/48 (Call 09/27/47)

    355       262,895  

4.60%, 05/15/44

    493       385,800  

5.70%, 12/14/36

    747       717,187  

6.63%, 12/01/37

    403       412,079  

6.63%, 06/21/40(b)

    274       274,829  

Securian Financial Group Inc., 4.80%, 04/15/48(a)

    210       145,487  

Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)(b)

    232       188,915  

Sompo International Holdings Ltd., 7.00%, 07/15/34(b)

    130       129,831  

Teachers Insurance & Annuity Association of America

   

3.30%, 05/15/50 (Call 11/15/49)(a)

    892       534,846  

4.27%, 05/15/47 (Call 11/15/46)(a)(b)

    1,205       874,442  

4.90%, 09/15/44(a)(b)

    1,121       906,370  

6.85%, 12/16/39(a)

        1,310       1,324,485  

Transatlantic Holdings Inc., 8.00%, 11/30/39

    567       640,161  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)

    350       190,534  

3.05%, 06/08/51 (Call 12/08/50)

    625       371,885  

3.75%, 05/15/46 (Call 11/15/45)(b)

    332       229,437  

4.00%, 05/30/47 (Call 11/30/46)

    563       409,130  

4.05%, 03/07/48 (Call 09/07/47)

    390       286,004  

4.10%, 03/04/49 (Call 09/04/48)

    490       359,068  

4.30%, 08/25/45 (Call 02/25/45)

    249       188,689  

4.60%, 08/01/43(b)

    360       294,609  

5.35%, 11/01/40

    605       550,155  

6.25%, 06/15/37

    935       946,498  

6.75%, 06/20/36

    382       402,886  

Travelers Cos. Inc. (The), 5.45%, 05/25/53 (Call 11/25/52)(b)

    600       539,041  

Trinity Acquisition PLC, 6.13%, 08/15/43(b)

    289       250,171  

Unum Group

   

4.13%, 06/15/51 (Call 12/15/50)

    440       274,160  

4.50%, 12/15/49 (Call 06/15/49)

    335       222,418  

5.75%, 08/15/42

    430       356,464  

W R Berkley Corp.

   

3.15%, 09/30/61 (Call 03/30/61)(b)

    249       129,212  

3.55%, 03/30/52 (Call 09/30/51)

    257       154,554  

4.00%, 05/12/50 (Call 11/12/49)

    312       209,071  

4.75%, 08/01/44

    270       206,724  

Western & Southern Life Insurance Co. (The)

   

3.75%, 04/28/61 (Call 10/28/60)(a)

    375       213,099  

5.15%, 01/15/49 (Call 07/15/48)(a)

    285       222,932  

Willis North America Inc.

   

3.88%, 09/15/49 (Call 03/15/49)

    335       214,292  

5.05%, 09/15/48 (Call 03/15/48)

    226       173,622  

WR Berkley Corp., 6.25%, 02/15/37(b)

    245       231,904  

XLIT Ltd., 5.25%, 12/15/43

    120       102,122  
   

 

 

 
          83,695,720  
Internet — 1.9%            

Alibaba Group Holding Ltd.

   

2.70%, 02/09/41 (Call 08/09/40)

    678       392,341  

3.15%, 02/09/51 (Call 08/09/50)

    1,230       665,988  

3.25%, 02/09/61 (Call 08/09/60)

    690       351,777  

4.00%, 12/06/37 (Call 06/06/37)

    672       503,088  

4.20%, 12/06/47 (Call 06/06/47)

    1,387       932,035  

4.40%, 12/06/57 (Call 06/06/57)(b)

    799       526,716  

4.50%, 11/28/34 (Call 05/28/34)

    351       295,300  
Security  

Par

(000)

    Value  
Internet (continued)            

Alphabet Inc.

   

1.90%, 08/15/40 (Call 02/15/40)(b)

  $ 819     $ 489,717  

2.05%, 08/15/50 (Call 02/15/50)

    1,662       859,146  

2.25%, 08/15/60 (Call 02/15/60)(b)

    1,488       752,418  

Amazon.com Inc.

   

2.50%, 06/03/50 (Call 12/03/49)

    2,082       1,151,428  

2.70%, 06/03/60 (Call 12/03/59)(b)

    1,554       833,407  

2.88%, 05/12/41 (Call 11/12/40)

    1,707       1,145,928  

3.10%, 05/12/51 (Call 11/12/50)

    2,566       1,589,820  

3.25%, 05/12/61 (Call 11/12/60)

    1,357       812,638  

3.88%, 08/22/37 (Call 02/22/37)

    1,911       1,565,171  

3.95%, 04/13/52 (Call 10/13/51)(b)

    2,054       1,501,609  

4.05%, 08/22/47 (Call 02/22/47)

    2,807       2,139,887  

4.10%, 04/13/62 (Call 10/13/61)(b)

    979       703,852  

4.25%, 08/22/57 (Call 02/22/57)

    1,820       1,377,298  

4.80%, 12/05/34 (Call 06/05/34)

    694       649,553  

4.95%, 12/05/44 (Call 06/05/44)

    1,298       1,158,482  

eBay Inc.

   

3.65%, 05/10/51 (Call 11/10/50)

    180       112,645  

4.00%, 07/15/42 (Call 01/15/42)(b)

    1,247       874,613  

JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)

    203       132,314  

Meta Platforms Inc.

   

4.45%, 08/15/52 (Call 02/15/52)

    2,037       1,540,092  

4.65%, 08/15/62 (Call 02/15/62)

    1,029       775,934  

5.60%, 05/15/53 (Call 11/15/52)(b)

    1,857       1,679,503  

5.75%, 05/15/63 (Call 11/15/62)

    1,417       1,271,255  

Prosus NV

   

3.83%, 02/08/51 (Call 08/08/50)(a)

    1,095       559,445  

4.03%, 08/03/50 (Call 02/03/50)(a)

    772       416,230  

4.99%, 01/19/52 (Call 07/19/51)(a)

    692       427,402  

Tencent Holdings Ltd.

   

3.24%, 06/03/50 (Call 12/03/49)(a)

    1,432       782,354  

3.29%, 06/03/60 (Call 12/03/59)(a)(b)

    663       341,114  

3.68%, 04/22/41 (Call 10/22/40)(a)(b)

    532       354,537  

3.84%, 04/22/51 (Call 10/22/50)(a)

        1,339       821,800  

3.93%, 01/19/38 (Call 07/19/37)(a)

    730       535,971  

3.94%, 04/22/61 (Call 10/22/60)(a)

    590       348,616  

4.53%, 04/11/49 (Call 10/11/48)(a)

    374       263,933  
   

 

 

 
          31,635,357  
Iron & Steel — 0.3%            

ArcelorMittal SA

   

6.75%, 03/01/41

    433       393,667  

7.00%, 10/15/39(b)

    530       503,794  

Nucor Corp.

   

2.98%, 12/15/55 (Call 06/15/55)

    591       316,578  

3.85%, 04/01/52 (Call 09/01/51)(b)

    466       313,686  

4.40%, 05/01/48 (Call 11/01/47)(b)

    256       191,942  

5.20%, 08/01/43 (Call 02/01/43)

    282       245,184  

6.40%, 12/01/37(b)

    280       280,652  

Reliance Steel & Aluminum Co., 6.85%, 11/15/36(b)

    270       265,034  

Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)

    237       134,695  

Vale Overseas Ltd.

   

6.88%, 11/21/36

    1,042       1,028,779  

6.88%, 11/10/39(b)

    868       852,315  

8.25%, 01/17/34(b)

    177       193,003  

Vale SA, 5.63%, 09/11/42(b)

    416       366,329  
   

 

 

 
      5,085,658  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Leisure Time — 0.0%            

Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51)

  $ 175     $ 114,431  

Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)(b)

    199       136,472  
   

 

 

 
      250,903  
Lodging — 0.0%            

Marriott International Inc./MD, 4.50%, 10/01/34 (Call 04/01/34)(b)

    95       78,742  
   

 

 

 
Machinery — 0.5%            

ABB Finance USA Inc., 4.38%, 05/08/42(b)

    366       297,221  

Caterpillar Inc.

   

3.25%, 09/19/49 (Call 03/19/49)

    633       415,097  

3.25%, 04/09/50 (Call 10/09/49)(b)

    924       602,882  

3.80%, 08/15/42

        1,553           1,173,180  

4.30%, 05/15/44 (Call 11/15/43)(b)

    256       207,046  

4.75%, 05/15/64 (Call 11/15/63)

    327       261,898  

5.20%, 05/27/41

    626       573,387  

5.30%, 09/15/35

    197       190,684  

6.05%, 08/15/36

    643       652,029  

Deere & Co.

   

2.88%, 09/07/49 (Call 03/07/49)

    113       70,142  

3.75%, 04/15/50 (Call 10/15/49)(b)

    466       344,906  

3.90%, 06/09/42 (Call 12/09/41)

    1,330       1,041,433  

Dover Corp.

   

5.38%, 10/15/35(b)

    260       243,331  

5.38%, 03/01/41 (Call 12/01/40)

    312       275,246  

6.60%, 03/15/38

    211       211,478  

Otis Worldwide Corp.

   

3.11%, 02/15/40 (Call 08/15/39)

    575       390,998  

3.36%, 02/15/50 (Call 08/15/49)

    455       286,365  

Rockwell Automation Inc.

   

2.80%, 08/15/61 (Call 02/15/61)

    300       161,091  

4.20%, 03/01/49 (Call 09/01/48)

    324       247,232  

6.25%, 12/01/37

    230       227,990  

Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)

    290       208,159  
   

 

 

 
      8,081,795  
Manufacturing — 0.7%            

3M Co.

   

3.13%, 09/19/46 (Call 03/19/46)(b)

    358       217,836  

3.25%, 08/26/49 (Call 02/26/49)(b)

    772       453,434  

3.63%, 10/15/47 (Call 04/15/47)(b)

    371       238,730  

3.70%, 04/15/50 (Call 10/15/49)(b)

    478       316,259  

3.88%, 06/15/44(b)

    150       103,303  

4.00%, 09/14/48 (Call 03/14/48)(b)

    850       596,844  

5.70%, 03/15/37(b)

    491       472,542  

Eaton Corp.

   

3.92%, 09/15/47 (Call 03/15/47)(b)

    235       169,463  

4.15%, 11/02/42

    715       555,985  

4.70%, 08/23/52 (Call 02/23/52)(b)

    487       395,283  

GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35

    661       575,515  

General Electric Co.

   

4.35%, 05/01/50 (Call 11/01/49)

    246       184,227  

4.50%, 03/11/44

    250       198,364  

5.88%, 01/14/38

    495       483,525  

6.15%, 08/07/37

    421       405,086  

6.88%, 01/10/39

    735       786,326  

Illinois Tool Works Inc.

   

3.90%, 09/01/42 (Call 03/01/42)

    604       465,040  

4.88%, 09/15/41 (Call 03/15/41)

    710       622,982  
Security  

Par

(000)

    Value  
Manufacturing (continued)            

Parker-Hannifin Corp.

   

4.00%, 06/14/49 (Call 12/14/48)

  $ 579     $ 414,384  

4.10%, 03/01/47 (Call 09/01/46)

    394       287,425  

4.20%, 11/21/34 (Call 05/21/34)(b)

    302       254,759  

4.45%, 11/21/44 (Call 05/21/44)

    322       248,815  

6.25%, 05/15/38

    370       358,665  

Siemens Financieringsmaatschappij NV

   

2.88%, 03/11/41(a)(b)

        1,386       926,912  

3.30%, 09/15/46(a)

    818       539,816  

4.20%, 03/16/47(a)

    820       626,942  

4.40%, 05/27/45(a)(b)

    1,383           1,102,053  
   

 

 

 
      12,000,515  
Media — 4.4%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

3.50%, 06/01/41 (Call 12/01/40)

    1,131       677,694  

3.50%, 03/01/42 (Call 09/01/41)

    1,041       614,772  

3.70%, 04/01/51 (Call 10/01/50)

    1,699       931,428  

3.85%, 04/01/61 (Call 10/01/60)(b)

    1,365       721,086  

3.90%, 06/01/52 (Call 12/01/51)

    1,828       1,031,813  

3.95%, 06/30/62 (Call 12/30/61)

    1,046       558,352  

4.40%, 12/01/61 (Call 06/01/61)

    1,052       612,520  

4.80%, 03/01/50 (Call 09/01/49)

    2,184       1,439,674  

5.13%, 07/01/49 (Call 01/01/49)

    966       668,363  

5.25%, 04/01/53 (Call 10/01/52)(b)

    1,217       863,104  

5.38%, 04/01/38 (Call 10/01/37)

    437       344,899  

5.38%, 05/01/47 (Call 11/01/46)

    1,862       1,346,676  

5.50%, 04/01/63 (Call 10/01/62)

    865       608,168  

5.75%, 04/01/48 (Call 10/01/47)

    1,871       1,419,577  

6.38%, 10/23/35 (Call 04/23/35)(b)

    1,258       1,136,993  

6.48%, 10/23/45 (Call 04/23/45)

    2,954       2,483,341  

6.83%, 10/23/55 (Call 04/23/55)

    390       329,064  

Comcast Corp.

   

2.45%, 08/15/52 (Call 02/15/52)

    1,252       629,692  

2.65%, 08/15/62 (Call 02/15/62)

    832       404,053  

2.80%, 01/15/51 (Call 07/15/50)

    1,289       704,388  

2.89%, 11/01/51 (Call 05/01/51)

    3,800       2,098,615  

2.94%, 11/01/56 (Call 05/01/56)(b)

    4,576       2,424,361  

2.99%, 11/01/63 (Call 05/01/63)

    3,074       1,578,139  

3.20%, 07/15/36 (Call 01/15/36)

    547       403,711  

3.25%, 11/01/39 (Call 05/01/39)

    1,060       730,959  

3.40%, 07/15/46 (Call 01/15/46)

    1,105       709,756  

3.45%, 02/01/50 (Call 08/01/49)

    1,359       859,147  

3.75%, 04/01/40 (Call 10/01/39)

    1,233       906,122  

3.90%, 03/01/38 (Call 09/01/37)

    1,062       823,801  

3.97%, 11/01/47 (Call 05/01/47)

    1,697       1,191,139  

4.00%, 08/15/47 (Call 02/15/47)(b)

    735       517,772  

4.00%, 03/01/48 (Call 09/01/47)

    825       581,691  

4.00%, 11/01/49 (Call 05/01/49)(b)

    1,581       1,104,318  

4.05%, 11/01/52 (Call 05/01/52)

    791       548,779  

4.20%, 08/15/34 (Call 02/15/34)

    510       431,122  

4.40%, 08/15/35 (Call 02/15/35)

    488       415,191  

4.60%, 10/15/38 (Call 04/15/38)

    847       703,651  

4.60%, 08/15/45 (Call 02/15/45)

    680       532,082  

4.65%, 07/15/42

    611       491,154  

4.70%, 10/15/48 (Call 04/15/48)

    1,478       1,177,525  

4.75%, 03/01/44

    375       302,011  

4.95%, 10/15/58 (Call 04/15/58)(b)

    819       659,136  

5.35%, 05/15/53 (Call 11/15/52)

    1,245       1,071,119  

5.50%, 05/15/64 (Call 11/15/63)

    1,082       922,613  

5.65%, 06/15/35

    636       606,026  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

6.40%, 03/01/40

  $ 130     $ 124,499  

6.45%, 03/15/37(b)

    565       567,939  

6.50%, 11/15/35

    497       507,627  

6.55%, 07/01/39(b)

    185       184,645  

6.95%, 08/15/37

    483       502,796  

Cox Communications Inc.

   

2.95%, 10/01/50 (Call 04/01/50)(a)(b)

    365       190,985  

3.60%, 06/15/51 (Call 12/15/50)(a)

    327       195,607  

4.50%, 06/30/43 (Call 12/30/42)(a)

    416       298,144  

4.60%, 08/15/47 (Call 02/15/47)(a)(b)

    170       120,384  

4.70%, 12/15/42(a)

    301       224,796  

4.80%, 02/01/35 (Call 08/01/34)(a)

    249       209,717  

8.38%, 03/01/39(a)

    475       520,973  

Discovery Communications LLC

   

4.00%, 09/15/55 (Call 03/15/55)(b)

        1,133       650,769  

4.65%, 05/15/50 (Call 11/15/49)

    692       455,189  

4.88%, 04/01/43

    453       321,889  

4.95%, 05/15/42

    476       332,617  

5.00%, 09/20/37 (Call 03/20/37)(b)

    340       266,136  

5.20%, 09/20/47 (Call 03/20/47)

    926       662,820  

5.30%, 05/15/49 (Call 11/15/48)

    430       309,736  

6.35%, 06/01/40(b)

    797       691,477  

Fox Corp.

   

5.48%, 01/25/39 (Call 07/25/38)

    801       662,796  

5.58%, 01/25/49 (Call 07/25/48)

    1,247       982,464  

Grupo Televisa SAB

   

5.00%, 05/13/45 (Call 11/13/44)

    203       153,124  

5.25%, 05/24/49 (Call 11/24/48)(b)

    195       151,388  

6.13%, 01/31/46 (Call 07/31/45)(b)

    286       249,375  

6.63%, 01/15/40(b)

    1,572           1,479,368  

NBCUniversal Media LLC

   

4.45%, 01/15/43

    670       520,276  

5.95%, 04/01/41

    366       344,101  

6.40%, 04/30/40

    285       275,973  

Paramount Global

   

4.38%, 03/15/43

    1,028       616,722  

4.60%, 01/15/45 (Call 07/15/44)

    351       210,258  

4.85%, 07/01/42 (Call 01/01/42)

    482       307,613  

4.90%, 08/15/44 (Call 02/15/44)

    315       197,929  

4.95%, 05/19/50 (Call 11/19/49)

    629       398,913  

5.25%, 04/01/44 (Call 10/01/43)

    215       139,774  

5.85%, 09/01/43 (Call 03/01/43)

    1,016       733,506  

5.90%, 10/15/40 (Call 04/15/40)

    285       209,810  

6.88%, 04/30/36

    898       773,613  

Sky Group Finance Ltd., 6.50%,  10/15/35(a)

    373       374,113  

Thomson Reuters Corp.

   

5.50%, 08/15/35

    383       352,389  

5.65%, 11/23/43 (Call 05/23/43)(b)

    190       160,896  

5.85%, 04/15/40

    420       377,858  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    1,063       698,171  

5.50%, 09/01/41 (Call 03/01/41)

    1,037       777,174  

5.88%, 11/15/40 (Call 05/15/40)

    1,203       949,029  

6.55%, 05/01/37

    1,222       1,072,838  

6.75%, 06/15/39

    1,082       943,590  

7.30%, 07/01/38

        1,117           1,040,934  

TWDC Enterprises 18 Corp.

   

3.00%, 07/30/46

    513       307,835  

3.70%, 12/01/42

    502       359,159  

4.13%, 06/01/44

    862       647,857  

4.38%, 08/16/41

    405       317,801  
Security  

Par

(000)

    Value  
Media (continued)            

Series E, 4.13%, 12/01/41

  $ 575     $ 438,438  

Walt Disney Co. (The)

   

2.75%, 09/01/49 (Call 03/01/49)(b)

        1,697       948,328  

3.50%, 05/13/40 (Call 11/13/39)

    1,468       1,055,262  

3.60%, 01/13/51 (Call 07/13/50)(b)

    2,255       1,490,398  

3.80%, 05/13/60 (Call 11/13/59)(b)

    402       262,138  

4.63%, 03/23/40 (Call 09/23/39)

    600       504,347  

4.70%, 03/23/50 (Call 09/23/49)(b)

    1,391       1,126,693  

4.75%, 09/15/44 (Call 03/15/44)

    577       470,789  

4.75%, 11/15/46 (Call 05/15/46)

    500       403,669  

4.95%, 10/15/45 (Call 04/15/45)

    406       335,187  

5.40%, 10/01/43

    700       624,047  

6.15%, 03/01/37(b)

    240       236,076  

6.15%, 02/15/41

    583       564,975  

6.20%, 12/15/34

    541       548,867  

6.40%, 12/15/35

    503       512,142  

6.65%, 11/15/37

    907       943,827  

7.75%, 12/01/45(b)

    310       357,824  
   

 

 

 
          74,263,996  
Metal Fabricate & Hardware — 0.0%            

Precision Castparts Corp.

   

3.90%, 01/15/43 (Call 07/15/42)(b)

    366       271,760  

4.20%, 06/15/35 (Call 12/15/34)(b)

    203       170,193  

4.38%, 06/15/45 (Call 12/15/44)

    128       98,713  

Valmont Industries Inc.

   

5.00%, 10/01/44 (Call 04/01/44)

    295       226,962  

5.25%, 10/01/54 (Call 04/01/54)

    201       152,510  
   

 

 

 
      920,138  
Mining — 1.7%            

Anglo American Capital PLC

   

3.95%, 09/10/50 (Call 03/10/50)(a)

    413       267,665  

4.75%, 03/16/52 (Call 09/16/51)(a)(b)

    533       382,485  

Barrick Gold Corp.

   

5.25%, 04/01/42(b)

    70       60,393  

6.45%, 10/15/35(b)

    326       320,928  

Barrick International Barbados Corp., 6.35%, 10/15/36(a)

    535       524,743  

Barrick North America Finance LLC

   

5.70%, 05/30/41

    695       636,151  

5.75%, 05/01/43

    759       698,653  

7.50%, 09/15/38

    275       289,926  

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39

    715       667,776  

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42

    866       679,435  

5.00%, 09/30/43

    2,304       1,990,599  

5.50%, 09/08/53 (Call 03/08/53)

    305       277,243  

Corp. Nacional del Cobre de Chile

   

3.15%, 01/15/51 (Call 07/15/50)(a)

    788       412,587  

3.70%, 01/30/50 (Call 07/30/49)(a)(b)

    2,298       1,349,481  

4.25%, 07/17/42(a)

    430       299,201  

4.38%, 02/05/49 (Call 08/05/48)(a)

    1,186       801,522  

4.50%, 08/01/47 (Call 02/01/47)(a)

    962       660,630  

4.88%, 11/04/44(a)

    795       585,179  

5.63%, 09/21/35(a)(b)

    100       89,523  

5.63%, 10/18/43(a)

    903       747,452  

6.15%, 10/24/36(a)(b)

    513       467,531  

6.30%, 09/08/53 (Call 03/08/53)(a)

    665       574,682  

Freeport Indonesia PT, 6.20%, 04/14/52 (Call 10/14/51)(a)(b)

    645       532,254  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mining (continued)            

Freeport-McMoRan Inc.

   

5.40%, 11/14/34 (Call 05/14/34)(b)

  $ 233     $ 206,136  

5.45%, 03/15/43 (Call 09/15/42)

    1,772       1,457,453  

Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a)

    490       324,402  

Glencore Canada Corp., 6.20%, 06/15/35

    280       261,335  

Glencore Finance Canada Ltd.

   

5.55%, 10/25/42(a)

    330       274,692  

6.00%, 11/15/41(a)

    408       362,227  

6.90%, 11/15/37(a)

    828       810,133  

Glencore Funding LLC

   

3.38%, 09/23/51 (Call 03/23/51)(a)

    110       63,087  

3.88%, 04/27/51 (Call 10/27/50)(a)

    65       41,110  

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT

   

5.80%, 05/15/50 (Call 11/15/49)(a)

    330       260,230  

6.76%, 11/15/48(a)(b)

    264       234,264  

Industrias Penoles SAB de CV

   

4.75%, 08/06/50 (Call 02/06/50)(a)

    343       237,354  

5.65%, 09/12/49 (Call 03/12/49)(a)

    210       166,631  

Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)

    235       227,489  

Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)(b)

    689       465,580  

Newcrest Finance Pty Ltd.

   

4.20%, 05/13/50 (Call 11/13/49)(a)(b)

    192       137,199  

5.75%, 11/15/41(a)

    587       525,618  

Newmont Corp.

   

4.88%, 03/15/42 (Call 09/15/41)

    912       747,918  

5.45%, 06/09/44 (Call 12/09/43)

    175       150,549  

5.88%, 04/01/35

    90       86,862  

6.25%, 10/01/39

    1,063       1,026,641  

Rio Tinto Alcan Inc.

   

5.75%, 06/01/35

    533       505,819  

6.13%, 12/15/33

    194       193,888  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)

    780       434,280  

5.20%, 11/02/40

    923       827,074  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    594       456,937  

4.75%, 03/22/42 (Call 09/22/41)

    448       379,458  

5.13%, 03/09/53 (Call 09/09/52)

    682       587,359  

Southern Copper Corp.

   

5.25%, 11/08/42

    1,268       1,060,943  

5.88%, 04/23/45(b)

    836       748,791  

6.75%, 04/16/40

        1,017           1,008,621  

7.50%, 07/27/35

    905       962,756  
   

 

 

 
      28,548,875  
Oil & Gas — 5.9%            

Apache Corp.

   

4.75%, 04/15/43 (Call 10/15/42)

    438       307,615  

5.10%, 09/01/40 (Call 03/01/40)(b)

    1,030       800,362  

5.25%, 02/01/42 (Call 08/01/41)

    445       336,082  

5.35%, 07/01/49 (Call 01/01/49)

    182       132,833  

6.00%, 01/15/37

    493       436,271  

BG Energy Capital PLC, 5.13%, 10/15/41(a)

    1,132       946,853  

BP Capital Markets America Inc.

   

2.77%, 11/10/50 (Call 05/10/50)

    1,225       679,979  

2.94%, 06/04/51 (Call 12/04/50)

    1,887       1,084,936  

3.00%, 02/24/50 (Call 08/24/49)

    1,575       929,238  

3.00%, 03/17/52 (Call 09/17/51)

    1,060       615,738  

3.06%, 06/17/41 (Call 12/17/40)

    1,265       836,700  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.07%, 03/30/50 (Call 09/30/49)

  $ 410     $ 367,399  

3.38%, 02/08/61 (Call 08/08/60)(b)

    1,539       910,713  

Burlington Resources LLC, 5.95%, 10/15/36

    119       117,631  

Canadian Natural Resources Ltd.

   

4.95%, 06/01/47 (Call 12/01/46)

    255       200,075  

5.85%, 02/01/35

    461       421,738  

6.25%, 03/15/38

    844       788,625  

6.50%, 02/15/37

    562       533,805  

6.75%, 02/01/39

    480       462,201  

Cenovus Energy Inc.

   

3.75%, 02/15/52 (Call 08/15/51)(b)

    559       349,497  

5.25%, 06/15/37 (Call 12/15/36)(b)

    87       74,386  

5.40%, 06/15/47 (Call 12/15/46)

    379       311,301  

6.75%, 11/15/39

    334       322,819  

Chevron Corp.

   

2.98%, 05/11/40 (Call 11/11/39)

    79       53,556  

3.08%, 05/11/50 (Call 11/11/49)(b)

    699       438,779  

Chevron USA Inc.

   

2.34%, 08/12/50 (Call 02/12/50)(b)

    563       298,154  

5.25%, 11/15/43 (Call 05/15/43)

    161       144,877  

6.00%, 03/01/41 (Call 09/01/40)(b)

    225       223,044  

CNOOC Finance 2011 Ltd., 5.75%, 01/26/41(a)

    500       471,271  

CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(a)(b)

    250       212,453  

CNOOC Finance 2013 Ltd.

   

3.30%, 09/30/49 (Call 03/30/49)

    470       291,193  

4.25%, 05/09/43

    220       169,478  

CNOOC Finance 2014 ULC, 4.88%, 04/30/44

    405       338,563  

CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45

    315       236,179  

CNOOC Petroleum North America ULC

   

5.88%, 03/10/35

    582       563,135  

6.40%, 05/15/37(b)

        1,055           1,062,444  

7.50%, 07/30/39

    410       448,428  

CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(a)

    400       386,521  

ConocoPhillips Co.

   

3.76%, 03/15/42 (Call 09/15/41)

    762       553,545  

3.80%, 03/15/52 (Call 09/15/51)

    934       636,234  

4.03%, 03/15/62 (Call 09/15/61)

    1,420       957,437  

4.30%, 11/15/44 (Call 05/15/44)

    829       636,664  

4.88%, 10/01/47 (Call 04/01/47)(b)

    94       77,360  

5.30%, 05/15/53 (Call 11/15/52)

    944       814,981  

5.55%, 03/15/54 (Call 09/15/53)

    724       647,163  

5.70%, 09/15/63 (Call 03/15/63)

    460       410,489  

5.90%, 05/15/38

    75       72,499  

5.95%, 03/15/46 (Call 09/15/45)(b)

    280       262,135  

6.50%, 02/01/39

    940       970,824  

Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)

    296       209,005  

Devon Energy Corp.

   

4.75%, 05/15/42 (Call 11/15/41)

    978       745,628  

5.00%, 06/15/45 (Call 12/15/44)(b)

    186       143,318  

5.60%, 07/15/41 (Call 01/15/41)

    1,438       1,220,697  

Diamondback Energy Inc.

   

4.25%, 03/15/52 (Call 09/15/51)

    577       396,568  

4.40%, 03/24/51 (Call 09/24/50)

    333       236,289  

6.25%, 03/15/53 (Call 09/15/52)(b)

    457       421,701  

Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(a)

    431       283,279  

Eni SpA, 5.70%, 10/01/40(a)

    420       346,608  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

EOG Resources Inc.

   

3.90%, 04/01/35 (Call 10/01/34)

  $ 192     $ 157,531  

4.95%, 04/15/50 (Call 10/15/49)

    412       345,889  

5.10%, 01/15/36 (Call 07/15/35)(b)

    240       210,384  

Equinor ASA

   

3.25%, 11/18/49 (Call 05/18/49)

    864       548,255  

3.63%, 04/06/40 (Call 10/06/39)

    368       272,646  

3.70%, 04/06/50 (Call 10/06/49)

    1,024       708,554  

3.95%, 05/15/43

    609       461,120  

4.25%, 11/23/41

    415       330,032  

4.80%, 11/08/43

    531       445,383  

5.10%, 08/17/40

    573       513,879  

Exxon Mobil Corp.

   

3.00%, 08/16/39 (Call 02/16/39)(b)

    743       517,122  

3.10%, 08/16/49 (Call 02/16/49)

    1,202       746,874  

3.45%, 04/15/51 (Call 10/15/50)(b)

        2,125           1,396,339  

3.57%, 03/06/45 (Call 09/06/44)

    833       583,306  

4.11%, 03/01/46 (Call 09/01/45)

    2,026       1,544,210  

4.23%, 03/19/40 (Call 09/19/39)

    1,593       1,292,762  

4.33%, 03/19/50 (Call 09/19/49)

    2,139       1,656,438  

Hess Corp.

   

5.60%, 02/15/41

    1,412       1,311,060  

5.80%, 04/01/47 (Call 10/01/46)(b)

    154       145,381  

6.00%, 01/15/40

    733       708,170  

KazMunayGas National Co. JSC

   

5.75%, 04/19/47(a)

    1,010       748,430  

6.38%, 10/24/48(a)(b)

    1,130       883,660  

Marathon Oil Corp.

   

5.20%, 06/01/45 (Call 12/01/44)

    137       105,767  

6.60%, 10/01/37(b)

    713       681,538  

Marathon Petroleum Corp.

   

4.50%, 04/01/48 (Call 10/01/47)(b)

    344       244,287  

4.75%, 09/15/44 (Call 03/15/44)

    385       290,961  

5.00%, 09/15/54 (Call 03/15/54)

    293       216,043  

5.85%, 12/15/45 (Call 06/15/45)(b)

    214       178,720  

6.50%, 03/01/41 (Call 09/01/40)

    903       857,026  

Motiva Enterprises LLC, 6.85%, 01/15/40(a)

    611       601,787  

Occidental Petroleum Corp.

   

0.00%, 10/10/36 (Call 10/10/24)(b)(f)

    535       275,220  

4.10%, 02/15/47 (Call 08/15/46)

    341       220,003  

4.20%, 03/15/48 (Call 09/15/47)

    250       168,508  

4.40%, 04/15/46 (Call 10/15/45)(b)

    400       285,348  

4.40%, 08/15/49 (Call 02/15/49)

    339       221,669  

4.63%, 06/15/45 (Call 12/15/44)

    375       263,513  

6.20%, 03/15/40

    225       208,620  

6.45%, 09/15/36

    839       814,904  

6.60%, 03/15/46 (Call 09/15/45)(b)

    929       894,539  

7.95%, 06/15/39(b)

    305       326,045  

Ovintiv Inc.

   

6.50%, 08/15/34(b)

    435       416,136  

6.50%, 02/01/38

    468       433,571  

6.63%, 08/15/37

    498       466,583  

7.10%, 07/15/53 (Call 01/15/53)

    115       109,447  

Pertamina Persero PT

   

4.15%, 02/25/60 (Call 08/25/59)(a)

    660       410,780  

4.18%, 01/21/50 (Call 07/21/49)(a)

    755       500,077  

4.70%, 07/30/49(a)

    631       458,638  

5.63%, 05/20/43(a)

    1,025       863,755  

6.00%, 05/03/42(a)

    807       705,911  

6.45%, 05/30/44(a)

    1,201       1,106,483  

6.50%, 05/27/41(a)

    445       415,468  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

6.50%, 11/07/48(a)

  $ 454     $ 423,092  

Petronas Capital Ltd.

   

3.40%, 04/28/61 (Call 10/28/60)(a)

    1,390       813,686  

4.50%, 03/18/45(a)

    1,162       920,074  

4.55%, 04/21/50 (Call 10/21/49)(a)

    2,114       1,641,785  

4.80%, 04/21/60 (Call 10/21/59)(a)

    693       545,751  

Phillips 66

   

3.30%, 03/15/52 (Call 09/15/51)(b)

    810       474,683  

4.65%, 11/15/34 (Call 05/15/34)

    627       545,217  

4.88%, 11/15/44 (Call 05/15/44)

    1,305       1,072,820  

5.88%, 05/01/42

    904       843,527  

Phillips 66 Co.

   

4.68%, 02/15/45 (Call 08/15/44)

    429       326,520  

4.90%, 10/01/46 (Call 04/01/46)(b)

    479       376,647  

PTTEP Treasury Center Co. Ltd.

   

3.90%, 12/06/59(a)(b)

    615       382,435  

6.35%, 06/12/42(a)

    200       185,533  

Qatar Energy

   

3.13%, 07/12/41 (Call 01/12/41)(a)

    2,773       1,821,029  

3.30%, 07/12/51 (Call 01/12/51)(a)

    3,028       1,845,711  

Reliance Industries Ltd.

   

3.63%, 01/12/52(a)(b)

        1,830           1,105,924  

3.75%, 01/12/62(a)

    551       322,104  

4.88%, 02/10/45(a)

    98       78,230  

Saudi Arabian Oil Co.

   

3.25%, 11/24/50 (Call 05/24/50)(a)

    1,646       971,140  

3.50%, 11/24/70 (Call 05/24/70)(a)

    1,755       986,029  

4.25%, 04/16/39(a)

    2,198       1,719,737  

4.38%, 04/16/49(a)

    2,218       1,621,682  

Shell International Finance BV

   

2.88%, 11/26/41 (Call 05/26/41)

    495       320,058  

3.00%, 11/26/51 (Call 05/26/51)

    840       495,270  

3.13%, 11/07/49 (Call 05/07/49)

    1,057       648,964  

3.25%, 04/06/50 (Call 10/06/49)(b)

    1,601       1,009,263  

3.63%, 08/21/42

    453       327,726  

3.75%, 09/12/46

    1,039       726,977  

4.00%, 05/10/46

    1,673       1,231,962  

4.13%, 05/11/35

    1,152       982,130  

4.38%, 05/11/45

    2,345       1,830,894  

4.55%, 08/12/43

    1,067       864,771  

5.50%, 03/25/40

    888       829,292  

6.38%, 12/15/38

    2,206       2,254,945  

Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(a)

    370       286,544  

Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a)

    713       612,005  

Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(a)

    450       409,422  

Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45(a)

    550       415,666  

Sinopec Group Overseas Development 2017 Ltd.

   

4.00%, 09/13/47(a)

    405       296,091  

4.25%, 04/12/47(a)

    350       267,850  

Sinopec Group Overseas Development 2018 Ltd.

   

3.10%, 01/08/51 (Call 07/08/50)(a)

    400       239,235  

3.35%, 05/13/50 (Call 11/13/49)(a)

    340       215,710  

3.44%, 11/12/49 (Call 05/12/49)(a)

    395       256,300  

3.68%, 08/08/49 (Call 02/08/49)(a)

    345       234,880  

4.60%, 09/12/48(a)

    423       338,058  

Sinopec Group Overseas Development Ltd., 4.25%, 05/03/46(a)

    400       307,527  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Suncor Energy Inc.

   

3.75%, 03/04/51 (Call 09/04/50)(b)

  $ 427     $ 271,299  

4.00%, 11/15/47 (Call 05/15/47)

    314       210,369  

5.95%, 12/01/34

    455       426,513  

6.50%, 06/15/38

        1,121           1,077,722  

6.80%, 05/15/38

    878       863,311  

6.85%, 06/01/39

    600       583,740  

Thaioil Treasury Center Co. Ltd.

   

3.50%, 10/17/49(a)(b)

    546       298,875  

3.75%, 06/18/50(a)

    390       223,097  

5.38%, 11/20/48(a)

    405       307,125  

TotalEnergies Capital International SA

   

2.99%, 06/29/41 (Call 12/29/40)

    524       345,788  

3.13%, 05/29/50 (Call 11/29/49)

    1,898       1,160,012  

3.39%, 06/29/60 (Call 12/29/59)

    606       365,547  

3.46%, 07/12/49 (Call 01/12/49)

    710       469,772  

Valero Energy Corp.

   

3.65%, 12/01/51 (Call 06/01/51)

    489       296,760  

4.00%, 06/01/52 (Call 12/01/51)(b)

    250       162,472  

4.90%, 03/15/45(b)

    351       275,607  

6.63%, 06/15/37

    1,368       1,343,327  

XTO Energy Inc., 6.75%, 08/01/37

    415       437,079  
   

 

 

 
      99,159,379  
Oil & Gas Services — 0.4%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40(b)

    1,024       891,251  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)

    624       444,959  

Halliburton Co.

   

4.50%, 11/15/41 (Call 05/15/41)

    332       256,275  

4.75%, 08/01/43 (Call 02/01/43)

    748       592,639  

4.85%, 11/15/35 (Call 05/15/35)

    512       450,490  

5.00%, 11/15/45 (Call 05/15/45)

    1,064       874,079  

6.70%, 09/15/38

    838       877,022  

7.45%, 09/15/39

    1,203       1,311,917  

NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)

    970       649,399  
   

 

 

 
      6,348,031  
Packaging & Containers — 0.1%            

Packaging Corp. of America

   

3.05%, 10/01/51 (Call 04/01/51)

    535       301,622  

4.05%, 12/15/49 (Call 06/15/49)

    230       157,768  

Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)(b)

    380       336,720  

Stora Enso OYJ, 7.25%, 04/15/36(a)(b)

    355       354,974  
   

 

 

 
      1,151,084  
Pharmaceuticals — 7.0%            

AbbVie Inc.

   

4.05%, 11/21/39 (Call 05/21/39)

    3,118       2,436,179  

4.25%, 11/21/49 (Call 05/21/49)

    4,370       3,279,630  

4.30%, 05/14/36 (Call 11/14/35)

    826       701,445  

4.40%, 11/06/42

    2,043       1,622,432  

4.45%, 05/14/46 (Call 11/14/45)

    1,609       1,250,410  

4.50%, 05/14/35 (Call 11/14/34)

    2,103       1,837,183  

4.55%, 03/15/35 (Call 09/15/34)

    1,382       1,214,989  

4.63%, 10/01/42 (Call 04/01/42)

    359       288,651  

4.70%, 05/14/45 (Call 11/14/44)

    2,350       1,910,504  

4.75%, 03/15/45 (Call 09/15/44)

    829       679,476  

4.85%, 06/15/44 (Call 12/15/43)

    892       746,010  

4.88%, 11/14/48 (Call 05/14/48)(b)

    1,452       1,202,243  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

AstraZeneca PLC

   

2.13%, 08/06/50 (Call 02/06/50)(b)

  $ 384     $ 197,919  

3.00%, 05/28/51 (Call 11/28/50)

    547       335,224  

4.00%, 09/18/42

    1,206       934,998  

4.38%, 11/16/45

    757       601,747  

4.38%, 08/17/48 (Call 02/17/48)

    512       405,999  

6.45%, 09/15/37

    1,823       1,895,741  

Bayer U.S. Finance II LLC

   

3.95%, 04/15/45 (Call 10/15/44)(a)

    285       183,970  

4.20%, 07/15/34 (Call 01/15/34)(a)(b)

    133       110,686  

4.40%, 07/15/44 (Call 01/15/44)(a)(b)

    715       505,788  

4.63%, 06/25/38 (Call 12/25/37)(a)

    832       662,069  

4.65%, 11/15/43 (Call 05/15/43)(a)(b)

    205       146,144  

4.70%, 07/15/64 (Call 01/15/64)(a)

    530       358,751  

4.88%, 06/25/48 (Call 12/25/47)(a)

    1,543           1,156,451  

5.50%, 07/30/35(a)(b)

    195       176,824  

Becton Dickinson and Co.

   

3.79%, 05/20/50 (Call 11/20/49)(b)

    395       265,955  

4.67%, 06/06/47 (Call 12/06/46)

    1,092       860,032  

4.69%, 12/15/44 (Call 06/15/44)

    694       554,699  

Bristol-Myers Squibb Co.

   

2.35%, 11/13/40 (Call 05/13/40)

    701       420,768  

2.55%, 11/13/50 (Call 05/13/50)

        1,364       726,863  

3.25%, 08/01/42

    445       298,557  

3.55%, 03/15/42 (Call 09/15/41)

    1,125       797,381  

3.70%, 03/15/52 (Call 09/15/51)

    1,688       1,133,173  

3.90%, 03/15/62 (Call 09/15/61)(b)

    614       401,415  

4.13%, 06/15/39 (Call 12/15/38)

    1,521       1,207,925  

4.25%, 10/26/49 (Call 04/26/49)

    2,892       2,150,840  

4.35%, 11/15/47 (Call 05/15/47)

    1,181       898,151  

4.50%, 03/01/44 (Call 09/01/43)

    55       43,681  

4.55%, 02/20/48 (Call 08/20/47)

    1,048       825,459  

4.63%, 05/15/44 (Call 11/15/43)

    780       634,062  

5.00%, 08/15/45 (Call 02/15/45)

    429       365,218  

5.88%, 11/15/36(b)

    346       339,145  

6.25%, 11/15/53 (Call 05/15/53)

    470       465,122  

6.40%, 11/15/63 (Call 05/15/63)

    475       470,596  

Cardinal Health Inc.

   

4.37%, 06/15/47 (Call 12/15/46)

    401       288,571  

4.50%, 11/15/44 (Call 05/15/44)(b)

    193       140,101  

4.60%, 03/15/43

    283       214,377  

4.90%, 09/15/45 (Call 03/15/45)

    287       219,277  

Cencora Inc.

   

4.25%, 03/01/45 (Call 09/01/44)(b)

    287       208,858  

4.30%, 12/15/47 (Call 06/15/47)

    309       226,204  

Cigna Group (The)

   

3.20%, 03/15/40 (Call 09/15/39)

    622       421,674  

3.40%, 03/15/50 (Call 09/15/49)

    1,040       643,104  

3.40%, 03/15/51 (Call 09/15/50)

    1,213       747,404  

3.88%, 10/15/47 (Call 04/15/47)

    940       640,758  

4.80%, 08/15/38 (Call 02/15/38)

    1,589       1,346,005  

4.80%, 07/15/46 (Call 01/16/46)

    990       786,298  

4.90%, 12/15/48 (Call 06/15/48)

    2,542       2,032,802  

5.38%, 02/15/42 (Call 08/15/41)(b)

    271       227,211  

6.13%, 11/15/41(b)

    224       214,018  

CVS Health Corp.

   

2.70%, 08/21/40 (Call 02/21/40)

    1,019       617,065  

4.13%, 04/01/40 (Call 10/01/39)(b)

    945       699,936  

4.25%, 04/01/50 (Call 10/01/49)

    668       462,938  

4.78%, 03/25/38 (Call 09/25/37)

    3,994       3,303,416  

4.88%, 07/20/35 (Call 01/20/35)

    455       392,864  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

5.05%, 03/25/48 (Call 09/25/47)

  $ 5,709     $ 4,487,758  

5.13%, 07/20/45 (Call 01/20/45)

    2,721       2,172,345  

5.30%, 12/05/43 (Call 06/05/43)

    658       544,094  

5.63%, 02/21/53 (Call 08/21/52)

    989       838,105  

5.88%, 06/01/53 (Call 12/01/52)(b)

    1,025       896,372  

6.00%, 06/01/63 (Call 12/01/62)

    576       499,006  

6.13%, 09/15/39

    409       381,102  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)(b)

    962       510,441  

2.50%, 09/15/60 (Call 03/15/60)

    684       347,595  

3.70%, 03/01/45 (Call 09/01/44)(b)

    251       183,690  

3.95%, 05/15/47 (Call 11/15/46)(b)

    135       102,950  

3.95%, 03/15/49 (Call 09/15/48)

    736       556,040  

4.15%, 03/15/59 (Call 09/15/58)

    394       291,571  

4.88%, 02/27/53 (Call 08/27/52)

    1,011       876,208  

4.95%, 02/27/63 (Call 08/27/62)

    840       715,425  

5.55%, 03/15/37(b)

    385       378,348  

5.95%, 11/15/37(b)

    215       215,648  

GlaxoSmithKline Capital Inc.

   

4.20%, 03/18/43(b)

    409       327,509  

5.38%, 04/15/34(b)

    846       827,254  

6.38%, 05/15/38

        2,368           2,464,755  

Johnson & Johnson

   

2.10%, 09/01/40 (Call 03/01/40)

    764       464,014  

2.25%, 09/01/50 (Call 03/01/50)(b)

    708       380,597  

2.45%, 09/01/60 (Call 03/01/60)(b)

    861       441,875  

3.40%, 01/15/38 (Call 07/15/37)

    703       546,053  

3.50%, 01/15/48 (Call 07/15/47)(b)

    537       379,645  

3.55%, 03/01/36 (Call 09/01/35)

    727       594,865  

3.63%, 03/03/37 (Call 09/03/36)

    1,053       854,463  

3.70%, 03/01/46 (Call 09/01/45)

    1,489       1,098,118  

3.75%, 03/03/47 (Call 09/03/46)

    721       533,869  

4.50%, 09/01/40

    451       388,662  

4.50%, 12/05/43 (Call 06/05/43)(b)

    214       182,947  

4.85%, 05/15/41(b)

    654       584,557  

5.85%, 07/15/38(b)

    1,147       1,172,154  

5.95%, 08/15/37

    824       845,982  

McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43)

    211       165,789  

Mead Johnson Nutrition Co.

   

4.60%, 06/01/44 (Call 12/01/43)(b)

    186       147,845  

5.90%, 11/01/39

    563       528,373  

Merck & Co. Inc.

   

2.35%, 06/24/40 (Call 12/24/39)

    850       527,345  

2.45%, 06/24/50 (Call 12/24/49)

    1,089       585,123  

2.75%, 12/10/51 (Call 06/10/51)

    1,650       931,724  

2.90%, 12/10/61 (Call 06/10/61)

    1,094       588,275  

3.60%, 09/15/42 (Call 03/15/42)(b)

    427       312,596  

3.70%, 02/10/45 (Call 08/10/44)

    1,057       757,319  

3.90%, 03/07/39 (Call 09/07/38)

    732       581,235  

4.00%, 03/07/49 (Call 09/07/48)

    1,334       986,404  

4.15%, 05/18/43

    1,114       874,269  

4.90%, 05/17/44 (Call 11/17/43)

    890       769,564  

5.00%, 05/17/53 (Call 11/17/52)

    1,221       1,042,684  

5.15%, 05/17/63 (Call 11/17/62)(b)

    735       626,294  

6.55%, 09/15/37

    1,083       1,130,940  

Merck Sharp & Dohme Corp.

   

5.75%, 11/15/36

    271       265,620  

5.85%, 06/30/39

    256       247,086  

Mylan Inc.

   

5.20%, 04/15/48 (Call 10/15/47)

    584       401,523  

5.40%, 11/29/43 (Call 05/29/43)

    350       257,501  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Novartis Capital Corp.

   

2.75%, 08/14/50 (Call 02/14/50)(b)

  $ 710     $ 421,956  

3.70%, 09/21/42

    883       658,423  

4.00%, 11/20/45 (Call 05/20/45)

    770       589,959  

4.40%, 05/06/44

    1,219       996,153  

Pfizer Inc.

   

2.55%, 05/28/40 (Call 11/28/39)

    1,444       916,679  

2.70%, 05/28/50 (Call 11/28/49)(b)

    1,373       796,594  

3.90%, 03/15/39 (Call 09/15/38)

    1,423       1,114,073  

4.00%, 12/15/36

    767       638,498  

4.00%, 03/15/49 (Call 09/15/48)

    1,461       1,082,191  

4.10%, 09/15/38 (Call 03/15/38)

    872       702,122  

4.13%, 12/15/46

    1,470       1,117,603  

4.20%, 09/15/48 (Call 03/15/48)

    1,296       993,058  

4.30%, 06/15/43

    1,154       914,360  

4.40%, 05/15/44

    990       801,647  

5.60%, 09/15/40

    900       845,138  

7.20%, 03/15/39

    1,678       1,849,486  

Pfizer Investment Enterprises Pte Ltd.

   

5.11%, 05/19/43 (Call 11/19/42)

    1,131       992,700  

5.30%, 05/19/53 (Call 11/19/52)

    4,838       4,232,514  

5.34%, 05/19/63 (Call 11/19/62)

    988       846,378  

Takeda Pharmaceutical Co. Ltd.

   

3.03%, 07/09/40 (Call 01/09/40)

    1,199       788,699  

3.18%, 07/09/50 (Call 01/09/50)

    1,828       1,084,038  

3.38%, 07/09/60 (Call 01/09/60)

    709       405,442  

Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45)

    749       524,675  

Viatris Inc.

   

3.85%, 06/22/40 (Call 12/22/39)

    993       618,034  

4.00%, 06/22/50 (Call 12/22/49)

    1,645       946,415  

Wyeth LLC

   

5.95%, 04/01/37

    1,881       1,854,857  

6.00%, 02/15/36

    726       719,880  

6.50%, 02/01/34

    327       337,538  

Zoetis Inc.

   

3.00%, 05/15/50 (Call 11/15/49)(b)

    194       114,998  

3.95%, 09/12/47 (Call 03/12/47)

    137       97,986  

4.45%, 08/20/48 (Call 02/20/48)

    172       132,339  

4.70%, 02/01/43 (Call 08/01/42)

    1,300       1,067,449  
   

 

 

 
          118,546,794  
Pipelines — 4.6%            

Abu Dhabi Crude Oil Pipeline LLC,
4.60%, 11/02/47(a)

        1,376       1,123,193  

Cameron LNG LLC

   

3.30%, 01/15/35 (Call 09/15/34)(a)

    395       302,321  

3.40%, 01/15/38 (Call 07/15/37)(a)

    274       206,587  

3.70%, 01/15/39 (Call 07/15/38)(a)

    582       428,988  

Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 (Call 07/04/39)(b)

    152       109,583  

Colonial Pipeline Co.

   

4.20%, 04/15/43 (Call 10/15/42)(a)(b)

    110       79,735  

4.25%, 04/15/48 (Call 10/15/47)(a)(b)

    434       312,373  

6.38%, 08/01/37(a)

    70       66,007  

Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)

    180       152,257  

Columbia Pipelines Operating Co. LLC

   

6.50%, 08/15/43 (Call 02/15/43)(a)(b)

    637       592,190  

6.54%, 11/15/53 (Call 05/15/53)(a)(b)

    1,242       1,140,811  

6.71%, 08/15/63 (Call 02/15/63)(a)

    675       622,039  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

DCP Midstream Operating LP

   

5.60%, 04/01/44 (Call 10/01/43)

  $ 209     $ 176,634  

6.45%, 11/03/36(a)

    380       362,686  

6.75%, 09/15/37(a)(b)

    463       457,705  

Eastern Gas Transmission & Storage Inc.

   

3.90%, 11/15/49 (Call 05/15/49)

    183       114,336  

4.60%, 12/15/44 (Call 06/15/44)

    297       219,364  

4.80%, 11/01/43 (Call 05/01/43)

    207       160,977  

EIG Pearl Holdings Sarl

   

3.55%, 08/31/36(a)

    240       187,200  

4.39%, 11/30/46(a)

    805       549,348  

Enbridge Energy Partners LP

   

5.50%, 09/15/40 (Call 03/15/40)

    797       670,228  

7.38%, 10/15/45 (Call 04/15/45)

    452       462,181  

Series B, 7.50%, 04/15/38(b)

    490       502,835  

Enbridge Inc.

   

3.40%, 08/01/51 (Call 02/01/51)(b)

    735       434,615  

4.00%, 11/15/49 (Call 05/15/49)(b)

    523       346,897  

4.50%, 06/10/44 (Call 12/10/43)

    363       264,692  

5.50%, 12/01/46 (Call 06/01/46)

    530       442,186  

8.50%, 01/15/84 (Call 10/15/33),
(5-year CMT + 4.431%)(d)

    500       478,984  

Energy Transfer LP

   

4.90%, 03/15/35 (Call 09/15/34)

    219       185,954  

4.95%, 01/15/43 (Call 07/15/42)

    333       248,572  

5.00%, 05/15/44 (Call 11/15/43)(b)

    365       273,271  

5.00%, 05/15/50 (Call 11/15/49)(b)

        1,637           1,227,400  

5.15%, 02/01/43 (Call 08/01/42)

    404       310,036  

5.15%, 03/15/45 (Call 09/15/44)

    782       605,582  

5.30%, 04/01/44 (Call 10/01/43)(b)

    523       410,998  

5.30%, 04/15/47 (Call 10/15/46)

    705       546,446  

5.35%, 05/15/45 (Call 11/15/44)

    685       538,283  

5.40%, 10/01/47 (Call 04/01/47)

    1,198       940,858  

5.95%, 10/01/43 (Call 04/01/43)

    363       307,029  

6.00%, 06/15/48 (Call 12/15/47)

    900       765,225  

6.05%, 06/01/41 (Call 12/01/40)

    604       524,165  

6.10%, 02/15/42

    240       209,808  

6.13%, 12/15/45 (Call 06/15/45)

    796       687,768  

6.25%, 04/15/49 (Call 10/15/48)

    1,292       1,136,920  

6.50%, 02/01/42 (Call 08/01/41)

    734       678,522  

6.63%, 10/15/36

    361       346,068  

6.85%, 02/15/40(b)

    165       152,016  

7.50%, 07/01/38

    479       489,611  

Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)

    290       253,271  

Enterprise Products Operating LLC

   

3.20%, 02/15/52 (Call 08/15/51)

    838       505,621  

3.30%, 02/15/53 (Call 08/15/52)(b)

    777       475,768  

3.70%, 01/31/51 (Call 07/31/50)

    795       531,715  

3.95%, 01/31/60 (Call 07/31/59)

    753       504,245  

4.20%, 01/31/50 (Call 07/31/49)

    1,078       789,580  

4.25%, 02/15/48 (Call 08/15/47)

    1,006       752,779  

4.45%, 02/15/43 (Call 08/15/42)

    921       727,185  

4.80%, 02/01/49 (Call 08/01/48)

    956       772,733  

4.85%, 08/15/42 (Call 02/15/42)

    625       522,490  

4.85%, 03/15/44 (Call 09/15/43)

    1,143       946,601  

4.90%, 05/15/46 (Call 11/15/45)

    793       652,770  

4.95%, 10/15/54 (Call 04/15/54)

    298       240,554  

5.10%, 02/15/45 (Call 08/15/44)(b)

    919       782,313  

5.70%, 02/15/42

    801       734,918  

5.95%, 02/01/41

    470       445,635  

6.13%, 10/15/39

    500       484,087  
Security  

Par

(000)

    Value  
Pipelines (continued)            

6.45%, 09/01/40

  $ 440     $ 437,922  

7.55%, 04/15/38

    325       354,395  

Series H, 6.65%, 10/15/34

    253       262,270  

Series J, 5.75%, 03/01/35

    75       70,439  

Fermaca Enterprises S de RL de CV, 6.38%, 03/30/38 (Call 09/30/37)(a)

    150       139,955  

Flex Intermediate Holdco LLC, 4.32%, 12/30/39
(Call 06/30/39)(a)

    128       83,838  

FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(a)

    363       298,019  

Galaxy Pipeline Assets Bidco Ltd.

   

2.16%, 03/31/34(a)

    170       137,535  

2.63%, 03/31/36(a)(b)

    682       513,788  

2.94%, 09/30/40(a)(b)

        1,537           1,134,007  

3.25%, 09/30/40(a)(b)

    1,230       855,791  

Greensaif Pipelines Bidco Sarl

   

6.13%, 02/23/38(a)

    600       557,251  

6.51%, 02/23/42(a)

    1,000       928,593  

Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)(a)

    197       154,086  

Kinder Morgan Energy Partners LP

   

4.70%, 11/01/42 (Call 05/01/42)

    424       314,361  

5.00%, 08/15/42 (Call 02/15/42)

    460       359,400  

5.00%, 03/01/43 (Call 09/01/42)

    692       534,731  

5.40%, 09/01/44 (Call 03/01/44)

    325       261,670  

5.50%, 03/01/44 (Call 09/01/43)

    669       544,973  

5.63%, 09/01/41

    352       291,225  

5.80%, 03/15/35

    435       398,616  

6.38%, 03/01/41(b)

    424       386,322  

6.50%, 02/01/37

    351       331,748  

6.50%, 09/01/39

    541       501,775  

6.55%, 09/15/40

    362       335,590  

6.95%, 01/15/38

    925       916,989  

7.50%, 11/15/40

    305       307,571  

Kinder Morgan Inc.

   

3.25%, 08/01/50 (Call 02/01/50)

    392       221,810  

3.60%, 02/15/51 (Call 08/15/50)

    844       508,126  

5.05%, 02/15/46 (Call 08/15/45)

    603       459,904  

5.20%, 03/01/48 (Call 09/01/47)

    563       438,015  

5.30%, 12/01/34 (Call 06/01/34)

    360       318,566  

5.45%, 08/01/52 (Call 02/01/52)(b)

    611       493,847  

5.55%, 06/01/45 (Call 12/01/44)

    1,298       1,068,414  

Magellan Midstream Partners LP

   

3.95%, 03/01/50 (Call 09/01/49)(b)

    574       362,211  

4.20%, 12/01/42 (Call 06/01/42)

    286       190,513  

4.20%, 03/15/45 (Call 09/15/44)

    194       124,904  

4.20%, 10/03/47 (Call 04/03/47)

    268       177,235  

4.25%, 09/15/46 (Call 03/15/46)

    366       247,186  

4.85%, 02/01/49 (Call 08/01/48)

    330       244,189  

5.15%, 10/15/43 (Call 04/15/43)

    419       332,553  

6.40%, 05/01/37(b)

    260       237,947  

MPLX LP

   

4.50%, 04/15/38 (Call 10/15/37)

    1,213       944,994  

4.70%, 04/15/48 (Call 10/15/47)

    1,234       892,052  

4.90%, 04/15/58 (Call 10/15/57)

    343       241,444  

4.95%, 03/14/52 (Call 09/14/51)

    1,118       828,559  

5.20%, 03/01/47 (Call 09/01/46)

    800       618,692  

5.20%, 12/01/47 (Call 06/01/47)

    426       327,952  

5.50%, 02/15/49 (Call 08/15/48)(b)

    1,056       852,365  

5.65%, 03/01/53 (Call 09/01/52)

    412       338,891  

NGPL PipeCo LLC, 7.77%, 12/15/37(a)(b)

    586       584,646  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

Northern Natural Gas Co.

   

3.40%, 10/16/51 (Call 04/16/51)(a)

  $ 181     $ 105,390  

4.10%, 09/15/42 (Call 03/15/42)(a)

    413       289,924  

4.30%, 01/15/49 (Call 07/15/48)(a)

    387       266,930  

ONEOK Inc.

   

4.45%, 09/01/49 (Call 03/01/49)

    371       254,068  

4.50%, 03/15/50 (Call 09/15/49)

    323       223,012  

4.95%, 07/13/47 (Call 01/06/47)

    509       379,917  

5.20%, 07/15/48 (Call 01/15/48)

    731       565,581  

6.00%, 06/15/35

    379       351,211  

6.63%, 09/01/53 (Call 03/01/53)

    1,618       1,512,102  

7.15%, 01/15/51 (Call 07/15/50)

    247       241,543  

ONEOK Partners LP

   

6.13%, 02/01/41 (Call 08/01/40)

    568       513,278  

6.20%, 09/15/43 (Call 03/15/43)

    244       218,401  

6.65%, 10/01/36

    430       414,301  

6.85%, 10/15/37

    483       471,627  

Plains All American Pipeline LP/PAA Finance Corp.

   

4.30%, 01/31/43 (Call 07/31/42)

    504       341,348  

4.70%, 06/15/44 (Call 12/15/43)

    240       168,034  

4.90%, 02/15/45 (Call 08/15/44)

    164       118,289  

5.15%, 06/01/42 (Call 12/01/41)

    589       446,665  

6.65%, 01/15/37

    469       443,411  

Sabal Trail Transmission LLC

   

4.68%, 05/01/38 (Call 11/01/37)(a)

    314       262,469  

4.83%, 05/01/48 (Call 11/01/47)(a)

    263       198,958  

Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 (Call 03/15/37)

    35       33,542  

Southern Natural Gas Co. LLC, 4.80%, 03/15/47
(Call 09/15/46)(a)

    300       217,894  

Spectra Energy Partners LP

   

4.50%, 03/15/45 (Call 09/15/44)

    491       354,518  

5.95%, 09/25/43 (Call 03/25/43)

    265       230,778  

Targa Resources Corp.

   

4.95%, 04/15/52 (Call 10/15/51)

    530       386,725  

6.25%, 07/01/52 (Call 01/01/52)

    355       310,282  

6.50%, 02/15/53 (Call 08/15/52)

    592       539,766  

Tennessee Gas Pipeline Co. LLC,
7.63%, 04/01/37

    140       149,380  

Texas Eastern Transmission LP, 4.15%, 01/15/48 (Call 07/15/47)(a)

    198       136,820  

TransCanada PipeLines Ltd.

   

4.63%, 03/01/34 (Call 12/01/33)

    441       373,030  

4.75%, 05/15/38 (Call 11/15/37)

    190       151,163  

4.88%, 05/15/48 (Call 11/15/47)(b)

    514       388,887  

5.00%, 10/16/43 (Call 04/16/43)

    425       335,402  

5.10%, 03/15/49 (Call 09/15/48)(b)

    621       484,816  

5.60%, 03/31/34

    340       309,776  

5.85%, 03/15/36

    580       533,387  

6.10%, 06/01/40

    660       606,360  

6.20%, 10/15/37

    960       895,318  

7.25%, 08/15/38

    660       676,524  

7.63%, 01/15/39(b)

        1,169           1,238,081  

Transcontinental Gas Pipe Line Co. LLC

   

3.95%, 05/15/50 (Call 11/15/49)

    390       264,237  

4.45%, 08/01/42 (Call 02/01/42)

    433       326,607  

4.60%, 03/15/48 (Call 09/15/47)

    420       316,038  

5.40%, 08/15/41 (Call 02/15/41)

    529       448,514  

Western Midstream Operating LP

   

5.25%, 02/01/50 (Call 08/01/49)

    879       649,546  

5.30%, 03/01/48 (Call 09/01/47)

    510       380,997  
Security  

Par

(000)

    Value  
Pipelines (continued)            

5.45%, 04/01/44 (Call 10/01/43)

  $ 446     $ 343,251  

5.50%, 08/15/48 (Call 02/15/48)

    244       185,006  

Williams Companies Inc. (The)

   

3.50%, 10/15/51 (Call 04/15/51)

    469       283,456  

4.85%, 03/01/48 (Call 09/01/47)

    606       463,991  

4.90%, 01/15/45 (Call 07/15/44)

    389       298,360  

5.10%, 09/15/45 (Call 03/15/45)

    771       619,741  

5.30%, 08/15/52 (Call 02/15/52)

    572       465,046  

5.40%, 03/04/44 (Call 09/04/43)

    385       319,969  

5.75%, 06/24/44 (Call 12/24/43)(b)

    463       403,640  

5.80%, 11/15/43 (Call 05/15/43)

    282       245,684  

6.30%, 04/15/40

    900       849,736  
   

 

 

 
          77,144,351  
Private Equity — 0.1%            

Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)(b)

    195       148,924  

Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)(b)

    249       196,430  

Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a)(b)

    509       413,952  

KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(a)

    698       552,450  

KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(a)(b)

        356       212,554  

KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)(a)

    521       305,931  

KKR Group Finance Co. X LLC, 3.25%, 12/15/51 (Call 06/15/51)(a)

    606       335,260  
   

 

 

 
      2,165,501  
Real Estate — 0.0%            

CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)

    302       274,573  

Sinochem Overseas Capital Co. Ltd.,
6.30%, 11/12/40(a)

    100       92,919  
   

 

 

 
      367,492  
Real Estate Investment Trusts — 1.2%            

Alexandria Real Estate Equities Inc.

   

2.95%, 03/15/34 (Call 12/15/33)

    467       340,450  

3.00%, 05/18/51 (Call 11/18/50)

    579       306,586  

3.55%, 03/15/52 (Call 09/15/51)

    805       480,096  

4.00%, 02/01/50 (Call 08/01/49)

    532       346,400  

4.75%, 04/15/35 (Call 01/15/35)(b)

    703       594,619  

4.85%, 04/15/49 (Call 10/15/48)

    212       156,237  

5.15%, 04/15/53 (Call 10/15/52)

    348       274,039  

American Homes 4 Rent LP

   

3.38%, 07/15/51 (Call 01/15/51)

    220       123,864  

4.30%, 04/15/52 (Call 10/15/51)(b)

    255       172,923  

American Tower Corp.

   

2.95%, 01/15/51 (Call 07/15/50)(b)

    950       505,664  

3.10%, 06/15/50 (Call 12/15/49)

    847       467,070  

3.70%, 10/15/49 (Call 04/15/49)

    529       327,932  

AvalonBay Communities Inc.

   

3.90%, 10/15/46 (Call 04/15/46)

    316       213,195  

4.15%, 07/01/47 (Call 01/01/47)

    255       181,609  

4.35%, 04/15/48 (Call 10/18/47)

    243       175,359  

Boston Properties LP, 6.50%, 01/15/34 (Call 10/15/33)(b)

    97       88,573  

Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)(b)

    229       142,495  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Crown Castle Inc.

   

2.90%, 04/01/41 (Call 10/01/40)(b)

  $     1,003     $ 604,771  

3.25%, 01/15/51 (Call 07/15/50)(b)

    783       442,874  

4.75%, 05/15/47 (Call 11/15/46)

    252       186,450  

Crown Castle International Corp.

   

4.00%, 11/15/49 (Call 05/15/49)

    208       134,809  

4.15%, 07/01/50 (Call 01/01/50)

    308       205,523  

5.20%, 02/15/49 (Call 08/15/48)

    261       205,598  

Equinix Inc.

   

2.95%, 09/15/51 (Call 03/15/51)

    334       179,034  

3.00%, 07/15/50 (Call 01/15/50)(b)

    303       164,963  

3.40%, 02/15/52 (Call 08/15/51)

    302       179,123  

ERP Operating LP

   

4.00%, 08/01/47 (Call 02/01/47)

    215       144,528  

4.50%, 07/01/44 (Call 01/01/44)

    713       536,762  

4.50%, 06/01/45 (Call 12/01/44)

    282       204,933  

Essex Portfolio LP

   

2.65%, 09/01/50 (Call 03/01/50)

    354       173,415  

4.50%, 03/15/48 (Call 09/15/47)

    240       173,232  

Federal Realty Investment Trust

   

3.63%, 08/01/46 (Call 02/01/46)

    224       129,962  

4.50%, 12/01/44 (Call 06/01/44)(b)

    467       328,699  

Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)(a)

    173       131,507  

Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40)

    267       254,626  

Kimco Realty Corp.

   

3.70%, 10/01/49 (Call 04/01/49)(b)

    329       203,590  

4.13%, 12/01/46 (Call 06/01/46)

    316       208,399  

4.25%, 04/01/45 (Call 10/01/44)(b)

    360       250,182  

4.45%, 09/01/47 (Call 03/01/47)

    298       209,223  

Mid-America Apartments LP, 2.88%, 09/15/51 (Call 03/15/51)

    185       100,721  

NNN REIT Inc.

   

3.00%, 04/15/52 (Call 10/15/51)(b)

    475       253,467  

3.10%, 04/15/50 (Call 10/15/49)

    215       117,544  

3.50%, 04/15/51 (Call 10/15/50)

    374       223,711  

4.80%, 10/15/48 (Call 04/15/48)

    356           261,860  

Prologis LP

   

2.13%, 10/15/50 (Call 04/15/50)

    413       193,437  

3.00%, 04/15/50 (Call 10/15/49)(b)

    519       298,920  

3.05%, 03/01/50 (Call 09/01/49)

    326       187,406  

4.38%, 09/15/48 (Call 03/15/48)

    245       178,583  

5.25%, 06/15/53 (Call 12/15/52)

    860       723,201  

Public Storage Operating Co., 5.35%, 08/01/53 (Call 02/01/53)

    530       456,230  

Realty Income Corp.

   

4.65%, 03/15/47 (Call 09/15/46)

    524       411,382  

5.88%, 03/15/35

    160       149,724  

Regency Centers LP

   

4.40%, 02/01/47 (Call 08/01/46)

    429       300,035  

4.65%, 03/15/49 (Call 09/15/48)

    223       161,119  

Simon Property Group LP

   

3.25%, 09/13/49 (Call 03/13/49)(b)

    914       529,363  

3.80%, 07/15/50 (Call 01/15/50)(b)

    569       361,662  

4.25%, 10/01/44 (Call 04/01/44)

    262       183,636  

4.25%, 11/30/46 (Call 05/30/46)

    360       249,666  

4.75%, 03/15/42 (Call 09/15/41)

    483       371,939  

5.85%, 03/08/53 (Call 09/03/52)

    515       448,030  

6.75%, 02/01/40 (Call 11/01/39)

    636       624,678  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Trust Fibra Uno

   

6.39%, 01/15/50 (Call 07/15/49)(a)

  $ 500     $ 349,870  

6.95%, 01/30/44 (Call 07/30/43)(a)

    445       342,115  

UDR Inc., 3.10%, 11/01/34 (Call 08/01/34)

    190       139,222  

Ventas Realty LP

   

4.38%, 02/01/45 (Call 08/01/44)

    210       143,378  

4.88%, 04/15/49 (Call 10/15/48)

    218       158,400  

5.70%, 09/30/43 (Call 03/30/43)

    353       290,315  

VICI Properties LP, 5.63%, 05/15/52
(Call 11/15/51)(b)

    521       407,818  

WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)

    433       256,473  

WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)(a)

    397       247,523  

Welltower Inc.

   

5.13%, 03/15/43 (Call 09/15/42)

    295       227,542  

6.50%, 03/15/41 (Call 09/15/40)

        395       374,482  

Welltower OP LLC, 4.95%, 09/01/48 (Call 03/01/48)

    189       146,661  

Weyerhaeuser Co., 4.00%, 03/09/52 (Call 09/09/51)

    365       248,995  
   

 

 

 
          20,268,422  
Retail — 3.0%            

7-Eleven Inc.

   

2.50%, 02/10/41 (Call 08/10/40)(a)(b)

    496       288,654  

2.80%, 02/10/51 (Call 08/02/50)(a)

    900       478,956  

Alimentation Couche-Tard Inc.

   

3.44%, 05/13/41 (Call 11/13/40)(a)

    336       214,657  

3.63%, 05/13/51 (Call 11/13/50)(a)

    315       187,448  

3.80%, 01/25/50 (Call 07/25/49)(a)(b)

    373       231,419  

4.50%, 07/26/47 (Call 01/26/47)(a)

    495       344,754  

CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)(b)

    630       402,555  

CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)(a)(b)

    925       626,132  

Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)(b)

    194       141,276  

Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51)

    497       290,749  

Dollar General Corp.

   

4.13%, 04/03/50 (Call 10/03/49)

    236       154,248  

5.50%, 11/01/52 (Call 05/01/52)(b)

    198       158,264  

Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51)

    182       103,408  

Home Depot Inc. (The)

   

2.38%, 03/15/51 (Call 09/15/50)

    1,159       591,947  

2.75%, 09/15/51 (Call 03/15/51)

    920       512,560  

3.13%, 12/15/49 (Call 06/15/49)

    1,073       652,831  

3.30%, 04/15/40 (Call 10/15/39)

    1,126       796,107  

3.35%, 04/15/50 (Call 10/15/49)

    1,224       775,676  

3.50%, 09/15/56 (Call 03/15/56)

    730       461,607  

3.63%, 04/15/52 (Call 10/15/51)

    1,273       847,768  

3.90%, 06/15/47 (Call 12/15/46)

    1,037       741,990  

4.20%, 04/01/43 (Call 10/01/42)

    943       732,302  

4.25%, 04/01/46 (Call 10/01/45)

    1,215       923,541  

4.40%, 03/15/45 (Call 09/15/44)

    892       698,580  

4.50%, 12/06/48 (Call 06/06/48)

    1,284       1,011,903  

4.88%, 02/15/44 (Call 08/15/43)

    690       580,622  

4.95%, 09/15/52 (Call 03/15/52)(b)

    830       698,614  

5.40%, 09/15/40 (Call 03/15/40)

    499       456,180  

5.88%, 12/16/36

    2,413       2,389,631  

5.95%, 04/01/41 (Call 10/01/40)

    712       690,411  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

Lowe’s Companies Inc.

   

2.80%, 09/15/41 (Call 03/15/41)

  $ 801     $ 486,526  

3.00%, 10/15/50 (Call 04/15/50)(b)

        1,255       689,780  

3.50%, 04/01/51 (Call 10/01/50)(b)

    395       239,226  

3.70%, 04/15/46 (Call 10/15/45)

    1,074       706,327  

4.05%, 05/03/47 (Call 11/03/46)

    1,307       901,863  

4.25%, 04/01/52 (Call 10/01/51)

    1,229       851,764  

4.38%, 09/15/45 (Call 03/15/45)

    329       239,862  

4.45%, 04/01/62 (Call 10/01/61)

    1,007       687,546  

4.55%, 04/05/49 (Call 10/05/48)

    442       325,533  

4.65%, 04/15/42 (Call 10/15/41)

    484       382,517  

5.00%, 04/15/40 (Call 10/15/39)

    260       217,148  

5.00%, 09/15/43 (Call 03/15/43)(b)

    30       24,412  

5.13%, 04/15/50 (Call 10/15/49)

    320       258,630  

5.50%, 10/15/35

    382       356,769  

5.63%, 04/15/53 (Call 10/15/52)(b)

    1,160       1,002,390  

5.75%, 07/01/53 (Call 01/01/53)

    434       380,821  

5.80%, 10/15/36

    255       242,405  

5.80%, 09/15/62 (Call 03/15/62)(b)

    769       651,590  

5.85%, 04/01/63 (Call 10/01/62)

    287       244,859  

McDonald’s Corp.

   

3.63%, 05/01/43

    406       283,521  

3.63%, 09/01/49 (Call 03/01/49)

    1,523           1,009,415  

3.70%, 02/15/42

    521       371,180  

4.20%, 04/01/50 (Call 10/01/49)

    607       441,913  

4.45%, 03/01/47 (Call 09/01/46)

    927       711,253  

4.45%, 09/01/48 (Call 03/01/48)

    611       466,755  

4.60%, 05/26/45 (Call 11/26/44)

    476       375,903  

4.70%, 12/09/35 (Call 06/09/35)

    182       159,689  

4.88%, 07/15/40

    294       246,687  

4.88%, 12/09/45 (Call 06/09/45)

    1,211       996,848  

5.15%, 09/09/52 (Call 03/09/52)

    664       559,755  

5.45%, 08/14/53 (Call 02/14/53)(b)

    625       550,943  

5.70%, 02/01/39

    460       433,002  

6.30%, 10/15/37

    837       845,895  

6.30%, 03/01/38

    557       561,685  

Starbucks Corp.

   

3.35%, 03/12/50 (Call 09/12/49)

    288       177,820  

3.50%, 11/15/50 (Call 05/15/50)(b)

    868       556,183  

3.75%, 12/01/47 (Call 06/01/47)

    414       278,423  

4.30%, 06/15/45 (Call 12/15/44)

    246       183,666  

4.45%, 08/15/49 (Call 02/15/49)

    753       568,068  

4.50%, 11/15/48 (Call 05/15/48)

    725       549,767  

Target Corp.

   

2.95%, 01/15/52 (Call 07/15/51)(b)

    741       426,772  

3.63%, 04/15/46

    492       340,847  

3.90%, 11/15/47 (Call 05/15/47)

    432       308,495  

4.00%, 07/01/42(b)

    649       503,140  

4.80%, 01/15/53 (Call 07/15/52)(b)

    944       767,767  

6.50%, 10/15/37

    619       634,810  

7.00%, 01/15/38(b)

    440       476,933  

Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)(b)

    171       144,214  

TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49)

    185       146,137  

Walgreen Co., 4.40%, 09/15/42

    300       197,971  

Walgreens Boots Alliance Inc.

   

4.10%, 04/15/50 (Call 10/15/49)(b)

    584       339,929  

4.65%, 06/01/46 (Call 12/01/45)(b)

    175       113,380  

4.80%, 11/18/44 (Call 05/18/44)

    640       426,893  

Walmart Inc.

   

2.50%, 09/22/41 (Call 03/22/41)

    940       593,519  
Security  

Par

(000)

    Value  
Retail (continued)            

2.65%, 09/22/51 (Call 03/22/51)(b)

  $     1,335     $ 766,267  

2.95%, 09/24/49 (Call 03/24/49)

    476       296,399  

3.63%, 12/15/47 (Call 06/15/47)

    532       378,682  

3.95%, 06/28/38 (Call 12/28/37)

    249       204,998  

4.00%, 04/11/43 (Call 10/11/42)

    455       353,104  

4.05%, 06/29/48 (Call 12/29/47)

    1,240       956,504  

4.30%, 04/22/44 (Call 10/22/43)(b)

    260       214,403  

4.50%, 09/09/52 (Call 03/09/52)

    886       718,859  

4.50%, 04/15/53 (Call 10/15/52)

    1,360       1,104,268  

4.88%, 07/08/40(b)

    200       175,506  

5.00%, 10/25/40(b)

    400       366,223  

5.25%, 09/01/35

    1,362       1,332,093  

5.63%, 04/01/40

    380       368,321  

5.63%, 04/15/41(b)

    40       39,012  

6.20%, 04/15/38

    665       694,518  

6.50%, 08/15/37

    860       924,513  
   

 

 

 
          50,717,606  
Semiconductors — 2.4%            

Advanced Micro Devices Inc., 4.39%, 06/01/52 (Call 12/01/51)

    111       85,505  

Analog Devices Inc.

   

2.80%, 10/01/41 (Call 04/01/41)

    438       277,801  

2.95%, 10/01/51 (Call 04/01/51)(b)

    658       385,517  

5.30%, 12/15/45 (Call 06/15/45)(b)

    150       130,373  

Applied Materials Inc.

   

2.75%, 06/01/50 (Call 12/01/49)(b)

    514       304,637  

4.35%, 04/01/47 (Call 10/01/46)

    570       455,304  

5.10%, 10/01/35 (Call 04/01/35)

    354       335,455  

5.85%, 06/15/41(b)

    486       468,787  

Broadcom Inc.

   

3.14%, 11/15/35 (Call 08/15/35)(a)(b)

    2,601       1,834,737  

3.19%, 11/15/36 (Call 08/15/36)(a)

    2,139       1,481,383  

3.47%, 04/15/34 (Call 01/15/34)(a)

    2,268       1,728,079  

3.50%, 02/15/41 (Call 08/15/40)(a)

    2,395       1,592,872  

3.75%, 02/15/51 (Call 08/15/50)(a)(b)

    1,352       862,073  

4.93%, 05/15/37 (Call 02/15/37)(a)

    1,887       1,572,669  

Foundry JV Holdco LLC, 5.88%, 01/25/34 (Call 10/25/33)(a)(b)

    620       575,157  

Intel Corp.

   

2.80%, 08/12/41 (Call 02/12/41)

    655       410,005  

3.05%, 08/12/51 (Call 02/12/51)

    1,029       589,125  

3.10%, 02/15/60 (Call 08/15/59)

    849       458,416  

3.20%, 08/12/61 (Call 02/12/61)

    625       341,670  

3.25%, 11/15/49 (Call 05/15/49)

    1,583       954,830  

3.73%, 12/08/47 (Call 06/08/47)

    1,541       1,037,157  

4.10%, 05/19/46 (Call 11/19/45)

    991       723,123  

4.10%, 05/11/47 (Call 11/11/46)

    789       568,812  

4.25%, 12/15/42

    480       366,866  

4.60%, 03/25/40 (Call 09/25/39)(b)

    599       501,493  

4.75%, 03/25/50 (Call 09/25/49)

    1,710       1,342,827  

4.80%, 10/01/41(b)

    554       459,413  

4.90%, 07/29/45 (Call 01/29/45)

    601       517,863  

4.90%, 08/05/52 (Call 02/05/52)

    1,325       1,055,874  

4.95%, 03/25/60 (Call 09/25/59)(b)

    673       539,665  

5.05%, 08/05/62 (Call 02/05/62)

    710       560,142  

5.63%, 02/10/43 (Call 08/10/42)(b)

    805       737,101  

5.70%, 02/10/53 (Call 08/10/52)(b)

    1,675       1,499,012  

5.90%, 02/10/63 (Call 08/10/62)

    1,151       1,040,637  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

    571       359,853  

4.95%, 07/15/52 (Call 01/15/52)

    900       754,061  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Semiconductors (continued)            

5.00%, 03/15/49 (Call 09/15/48)

  $ 315     $ 261,624  

5.25%, 07/15/62 (Call 01/15/62)(b)

    593       502,528  

5.65%, 11/01/34 (Call 07/01/34)

    150       144,604  

Lam Research Corp.

   

2.88%, 06/15/50 (Call 12/15/49)(b)

    333       193,113  

3.13%, 06/15/60 (Call 12/15/59)

    403       223,898  

4.88%, 03/15/49 (Call 09/15/48)

    478       394,275  

Micron Technology Inc.

   

3.37%, 11/01/41 (Call 05/01/41)

    329       207,339  

3.48%, 11/01/51 (Call 05/01/51)(b)

    231       135,455  

NVIDIA Corp.

   

3.50%, 04/01/40 (Call 10/01/39)

    644       482,121  

3.50%, 04/01/50 (Call 10/01/49)

    1,448       990,899  

3.70%, 04/01/60 (Call 10/01/59)

    358       240,782  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

3.13%, 02/15/42 (Call 08/15/41)

    293       181,571  

3.25%, 05/11/41 (Call 11/11/40)

    652       418,429  

3.25%, 11/30/51 (Call 05/30/51)(b)

    294       166,434  

QUALCOMM Inc.

   

3.25%, 05/20/50 (Call 11/20/49)(b)

    544       347,224  

4.30%, 05/20/47 (Call 11/20/46)

    1,173       896,160  

4.50%, 05/20/52 (Call 11/20/51)

    804       618,029  

4.65%, 05/20/35 (Call 11/20/34)(b)

    864       786,037  

4.80%, 05/20/45 (Call 11/20/44)

    1,216       1,022,561  

6.00%, 05/20/53 (Call 11/20/52)

    964       927,722  

Texas Instruments Inc.

   

2.70%, 09/15/51 (Call 03/15/51)

    353       199,151  

3.88%, 03/15/39 (Call 09/15/38)

    699       555,597  

4.10%, 08/16/52 (Call 02/16/52)

    256       188,470  

4.15%, 05/15/48 (Call 11/15/47)

        1,137       860,652  

5.00%, 03/14/53 (Call 09/14/52)

    357       303,999  

5.05%, 05/18/63 (Call 11/18/62)

    887       738,596  

TSMC Arizona Corp.

   

3.13%, 10/25/41 (Call 04/25/41)

    290       201,336  

3.25%, 10/25/51 (Call 04/25/51)

    699       448,494  

4.50%, 04/22/52 (Call 10/22/51)(b)

    825       676,542  
   

 

 

 
          40,221,936  
Software — 2.8%            

Activision Blizzard Inc.

   

2.50%, 09/15/50 (Call 03/15/50)

    956       534,423  

4.50%, 06/15/47 (Call 12/15/46)

    60       50,203  

Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)(b)

    174       99,937  

Fidelity National Information Services Inc.

   

3.10%, 03/01/41 (Call 09/01/40)(b)

    573       361,531  

4.50%, 08/15/46 (Call 02/15/46)

    190       134,905  

5.63%, 07/15/52 (Call 01/15/52)(b)

    334       283,163  

Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)

    203       146,596  

Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)

    1,234       895,308  

Intuit Inc., 5.50%, 09/15/53 (Call 03/15/53)

    550       500,336  

Microsoft Corp.

   

2.53%, 06/01/50 (Call 12/01/49)(b)

    4,786       2,739,611  

2.68%, 06/01/60 (Call 12/01/59)(b)

    2,796       1,546,061  

2.92%, 03/17/52 (Call 09/17/51)

    4,864       3,002,590  

3.04%, 03/17/62 (Call 09/17/61)

    1,465       869,916  

3.45%, 08/08/36 (Call 02/08/36)

    1,460       1,190,553  

3.50%, 02/12/35 (Call 08/12/34)(b)

    1,291       1,098,331  

3.50%, 11/15/42(b)

    577       432,051  

3.70%, 08/08/46 (Call 02/08/46)

    1,434       1,067,726  

3.75%, 02/12/45 (Call 08/12/44)(b)

    462       355,203  

3.95%, 08/08/56 (Call 02/08/56)

    376       280,355  
Security  

Par

(000)

    Value  
Software (continued)            

4.00%, 02/12/55 (Call 08/12/54)

  $ 256     $ 192,738  

4.10%, 02/06/37 (Call 08/06/36)

    772       669,126  

4.20%, 11/03/35 (Call 05/03/35)(b)

    548       493,316  

4.25%, 02/06/47 (Call 08/06/46)

    889       726,089  

4.45%, 11/03/45 (Call 05/03/45)

    855       730,959  

4.50%, 10/01/40

    498       435,987  

4.50%, 02/06/57 (Call 08/06/56)

    710       586,069  

4.75%, 11/03/55 (Call 05/03/55)(b)

    221       188,014  

5.20%, 06/01/39(b)

    256       246,295  

5.30%, 02/08/41

    676       662,041  

Oracle Corp.

   

3.60%, 04/01/40 (Call 10/01/39)

    2,033       1,395,963  

3.60%, 04/01/50 (Call 10/01/49)(b)

    3,625       2,221,292  

3.65%, 03/25/41 (Call 09/25/40)

    1,777       1,210,073  

3.80%, 11/15/37 (Call 05/15/37)

    1,441       1,060,389  

3.85%, 07/15/36 (Call 01/15/36)

    952       726,087  

3.85%, 04/01/60 (Call 10/01/59)

    2,616       1,570,123  

3.90%, 05/15/35 (Call 11/15/34)

    1,010       795,498  

3.95%, 03/25/51 (Call 09/25/50)

    2,490       1,616,355  

4.00%, 07/15/46 (Call 01/15/46)

    2,274       1,527,849  

4.00%, 11/15/47 (Call 05/15/47)

    1,733       1,152,165  

4.10%, 03/25/61 (Call 09/25/60)

    1,124       704,982  

4.13%, 05/15/45 (Call 11/15/44)

    1,430       990,567  

4.30%, 07/08/34 (Call 01/08/34)

    1,368       1,140,270  

4.38%, 05/15/55 (Call 11/15/54)

    975       659,670  

4.50%, 07/08/44 (Call 01/08/44)

    827       611,312  

5.38%, 07/15/40(b)

    1,835       1,561,625  

5.55%, 02/06/53 (Call 08/06/52)(b)

    1,776       1,475,487  

6.13%, 07/08/39

    941       879,312  

6.50%, 04/15/38

    1,111       1,084,062  

6.90%, 11/09/52 (Call 05/09/52)(b)

    1,881       1,853,544  

salesforce.com Inc.

   

2.70%, 07/15/41 (Call 01/15/41)(b)

    784       504,157  

2.90%, 07/15/51 (Call 01/15/51)

        1,481       871,020  

3.05%, 07/15/61 (Call 01/15/61)

    923       514,072  
   

 

 

 
          46,645,307  
Telecommunications — 5.8%            

America Movil SAB de CV

   

4.38%, 07/16/42

    998       769,191  

4.38%, 04/22/49 (Call 10/22/48)

    248       186,963  

6.13%, 11/15/37

    749       725,689  

6.13%, 03/30/40

    1,654       1,574,436  

6.38%, 03/01/35(b)

    1,209       1,218,616  

AT&T Inc.

   

2.55%, 12/01/33 (Call 09/01/33)

    1,579       1,133,249  

3.10%, 02/01/43 (Call 08/01/42)(b)

    531       336,819  

3.30%, 02/01/52 (Call 08/01/51)(b)

    827       482,079  

3.50%, 06/01/41 (Call 12/01/40)(b)

    1,901       1,270,894  

3.50%, 09/15/53 (Call 03/15/53)

    5,827       3,431,225  

3.50%, 02/01/61 (Call 08/01/60)

    560       318,124  

3.55%, 09/15/55 (Call 03/15/55)

    5,757       3,346,531  

3.65%, 06/01/51 (Call 12/01/50)

    2,320       1,427,901  

3.65%, 09/15/59 (Call 03/15/59)

    5,048       2,920,585  

3.80%, 12/01/57 (Call 06/01/57)

    4,647       2,798,434  

3.85%, 06/01/60 (Call 12/01/59)

    1,128       679,478  

4.30%, 12/15/42 (Call 06/15/42)(b)

    1,154       854,495  

4.35%, 06/15/45 (Call 12/15/44)(b)

    969       694,984  

4.50%, 05/15/35 (Call 11/15/34)

    2,088       1,741,251  

4.50%, 03/09/48 (Call 09/09/47)(b)

    1,326       960,133  

4.55%, 03/09/49 (Call 09/09/48)(b)

    784       565,906  

4.65%, 06/01/44 (Call 12/01/43)

    375       283,400  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

4.75%, 05/15/46 (Call 11/15/45)

  $     1,335     $     1,009,004  

4.80%, 06/15/44 (Call 12/15/43)

    354       270,637  

4.85%, 03/01/39 (Call 09/01/38)

    825       673,035  

4.85%, 07/15/45 (Call 01/15/45)

    284       216,625  

4.90%, 08/15/37 (Call 02/14/37)

    611       513,689  

5.15%, 03/15/42

    266       219,475  

5.15%, 11/15/46 (Call 05/15/46)

    615       491,049  

5.15%, 02/15/50 (Call 08/14/49)

    511       402,646  

5.25%, 03/01/37 (Call 09/01/36)

    864       755,218  

5.35%, 09/01/40

    518       440,235  

5.40%, 02/15/34 (Call 11/15/33)

    2,058       1,890,950  

5.45%, 03/01/47 (Call 09/01/46)

    459       386,246  

5.55%, 08/15/41

    362       312,455  

5.65%, 02/15/47 (Call 08/15/46)(b)

    600       529,739  

5.70%, 03/01/57 (Call 09/01/56)(b)

    285       240,490  

6.00%, 08/15/40 (Call 05/15/40)

    345       316,521  

6.15%, 09/15/34

    175       164,794  

6.25%, 03/29/41

    240       218,922  

6.30%, 01/15/38(b)

    469       451,215  

6.38%, 03/01/41

    251       236,430  

6.55%, 02/15/39

    420       407,270  

Bell Telephone Co. of Canada or Bell Canada (The)

   

3.65%, 08/15/52 (Call 02/15/52)

    499       316,008  

4.30%, 07/29/49 (Call 01/29/49)

    402       287,298  

4.46%, 04/01/48 (Call 10/01/47)(b)

    791       584,199  

Series US-4, 3.65%, 03/17/51 (Call 09/17/50)

    264       168,018  

Series US-6, 3.20%, 02/15/52
(Call 08/15/51)(b)

    427       248,816  

British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)(a)

    200       134,035  

Cisco Systems Inc.

   

5.50%, 01/15/40

    1,763       1,673,044  

5.90%, 02/15/39

    1,702       1,692,634  

Corning Inc.

   

3.90%, 11/15/49 (Call 05/15/49)

    245       165,413  

4.38%, 11/15/57 (Call 05/15/57)(b)

    598       424,941  

4.70%, 03/15/37(b)

    585       500,124  

4.75%, 03/15/42

    511       415,912  

5.35%, 11/15/48 (Call 05/15/48)

    147       125,155  

5.45%, 11/15/79 (Call 05/19/79)

    819       645,947  

5.75%, 08/15/40(b)

    470       425,517  

5.85%, 11/15/68 (Call 05/15/68)

    139       117,702  

7.25%, 08/15/36 (Call 08/15/26)

    295       303,476  

Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)

    186       118,862  

Deutsche Telekom International Finance BV

   

4.75%, 06/21/38 (Call 12/21/37)(a)

    611       511,453  

4.88%, 03/06/42(a)

    742       603,530  

Juniper Networks Inc., 5.95%, 03/15/41

    424       368,473  

Motorola Solutions Inc., 5.50%, 09/01/44

    116       97,334  

Nokia OYJ, 6.63%, 05/15/39(b)

    473       410,689  

Ooredoo International Finance Ltd., 4.50%, 01/31/43(a)

    368       311,264  

Orange SA

   

5.38%, 01/13/42

    1,264       1,096,501  

5.50%, 02/06/44 (Call 08/06/43)

    194       170,778  

Rogers Communications Inc.

   

3.70%, 11/15/49 (Call 05/15/49)(b)

    605       368,782  

4.30%, 02/15/48 (Call 08/15/47)

    454       304,833  

4.35%, 05/01/49 (Call 11/01/48)

    810       551,489  

4.50%, 03/15/42 (Call 09/15/41)

    462       341,790  
Security  

Par

(000)

    Value  
Telecommunications (continued)            

4.50%, 03/15/43 (Call 09/15/42)

  $ 316     $ 227,968  

4.55%, 03/15/52 (Call 09/15/51)

        1,386       958,626  

5.00%, 03/15/44 (Call 09/15/43)

    668       513,654  

5.45%, 10/01/43 (Call 04/01/43)(b)

    446       365,393  

7.50%, 08/15/38

    848       841,082  

SES Global Americas Holdings Inc., 5.30%, 03/25/44(a)(b)

    139       90,630  

SES SA, 5.30%, 04/04/43(a)(b)

    380       244,313  

Telefonica Emisiones SA

   

4.67%, 03/06/38

    414       321,897  

4.90%, 03/06/48

    867       624,679  

5.21%, 03/08/47

    1,766       1,343,498  

5.52%, 03/01/49 (Call 09/01/48)

    833       657,183  

7.05%, 06/20/36

    1,843       1,840,019  

TELUS Corp.

   

4.30%, 06/15/49 (Call 12/15/48)

    302       211,545  

4.60%, 11/16/48 (Call 05/16/48)(b)

    419       308,046  

T-Mobile USA Inc.

   

3.00%, 02/15/41 (Call 08/15/40)

    1,832           1,156,357  

3.30%, 02/15/51 (Call 08/15/50)

    2,394       1,406,837  

3.40%, 10/15/52 (Call 04/15/52)

    2,182       1,291,321  

3.60%, 11/15/60 (Call 05/15/60)

    1,495       869,698  

4.38%, 04/15/40 (Call 10/15/39)(b)

    1,580       1,222,029  

4.50%, 04/15/50 (Call 10/15/49)

    2,327       1,697,643  

5.65%, 01/15/53 (Call 07/15/52)

    1,375       1,188,477  

5.75%, 01/15/54 (Call 07/15/53)

    1,095       961,269  

5.80%, 09/15/62 (Call 03/15/62)

    688       592,866  

6.00%, 06/15/54 (Call 12/15/53)

    595       540,239  

Verizon Communications Inc.

   

2.65%, 11/20/40 (Call 05/20/40)

    2,265       1,369,140  

2.85%, 09/03/41 (Call 03/03/41)

    928       573,137  

2.88%, 11/20/50 (Call 05/20/50)(b)

    2,065       1,128,679  

2.99%, 10/30/56 (Call 04/30/56)

    2,815       1,481,088  

3.00%, 11/20/60 (Call 05/20/60)

    1,469       752,001  

3.40%, 03/22/41 (Call 09/22/40)

    2,983       2,012,947  

3.55%, 03/22/51 (Call 09/22/50)(b)

    3,523       2,213,601  

3.70%, 03/22/61 (Call 09/22/60)(b)

    2,401       1,464,327  

3.85%, 11/01/42 (Call 05/01/42)

    692       489,501  

3.88%, 03/01/52 (Call 09/01/51)(b)

    799       532,958  

4.00%, 03/22/50 (Call 09/22/49)

    1,019       692,873  

4.13%, 08/15/46

    655       468,387  

4.27%, 01/15/36

    55       45,388  

4.40%, 11/01/34 (Call 05/01/34)

    1,607       1,360,456  

4.52%, 09/15/48

    982       734,841  

4.67%, 03/15/55

    619       461,908  

4.75%, 11/01/41

    566       469,556  

4.81%, 03/15/39

    977       809,658  

4.86%, 08/21/46(b)

    1,800       1,432,670  

5.01%, 04/15/49(b)

    465       383,097  

5.01%, 08/21/54(b)

    230       182,100  

5.25%, 03/16/37

    921       829,516  

5.50%, 03/16/47

    418       365,687  

5.85%, 09/15/35(b)

    350       332,618  

6.55%, 09/15/43

    742       738,714  

Vodafone Group PLC

   

4.25%, 09/17/50

    1,358       926,068  

4.38%, 02/19/43

    1,130       835,699  

4.88%, 06/19/49

    1,746       1,320,721  

5.00%, 05/30/38(b)

    295       255,476  

5.13%, 06/19/59

    206       154,970  

5.25%, 05/30/48(b)

    1,006       811,291  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

5.63%, 02/10/53 (Call 08/10/52)

  $ 708     $ 595,480  

5.75%, 02/10/63 (Call 08/10/62)

    145       120,820  

6.15%, 02/27/37

        1,344       1,275,932  

Xiaomi Best Time International Ltd., 4.10%, 07/14/51 (Call 01/14/51)(a)

    210       115,301  
   

 

 

 
          98,562,920  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc.

   

5.10%, 05/15/44 (Call 11/15/43)(b)

    176       135,210  

6.35%, 03/15/40(b)

    452       412,065  

Mattel Inc.

   

5.45%, 11/01/41 (Call 05/01/41)

    325       253,520  

6.20%, 10/01/40

    280       239,940  
   

 

 

 
      1,040,735  
Transportation — 3.5%            

Burlington Northern Santa Fe LLC

   

2.88%, 06/15/52 (Call 12/15/51)

    526       300,177  

3.05%, 02/15/51 (Call 08/15/50)

    457       269,311  

3.30%, 09/15/51 (Call 03/15/51)

    737       459,388  

3.55%, 02/15/50 (Call 08/15/49)

    685       456,788  

3.90%, 08/01/46 (Call 02/01/46)

    606       429,399  

4.05%, 06/15/48 (Call 12/15/47)

    544       394,176  

4.13%, 06/15/47 (Call 12/15/46)

    875       645,941  

4.15%, 04/01/45 (Call 10/01/44)

    808       603,855  

4.15%, 12/15/48 (Call 06/15/48)

    658       482,800  

4.38%, 09/01/42 (Call 03/01/42)

    525       413,633  

4.40%, 03/15/42 (Call 09/15/41)

    488       386,880  

4.45%, 03/15/43 (Call 09/15/42)

    563       445,730  

4.45%, 01/15/53 (Call 07/15/52)(b)

    790       611,578  

4.55%, 09/01/44 (Call 03/01/44)

    645       513,367  

4.70%, 09/01/45 (Call 03/01/45)

    461       372,961  

4.90%, 04/01/44 (Call 10/01/43)

    765       642,305  

4.95%, 09/15/41 (Call 03/15/41)

    263       226,309  

5.05%, 03/01/41 (Call 09/01/40)

    393       342,176  

5.15%, 09/01/43 (Call 03/01/43)

    541       470,675  

5.20%, 04/15/54 (Call 10/15/53)

    931       803,894  

5.40%, 06/01/41 (Call 12/01/40)

    505       458,223  

5.75%, 05/01/40 (Call 11/01/39)

    594       566,216  

6.15%, 05/01/37

    763       767,463  

6.20%, 08/15/36

    285       287,901  

Canadian National Railway Co.

   

2.45%, 05/01/50 (Call 11/01/49)

    266       140,206  

3.20%, 08/02/46 (Call 02/02/46)

    317       201,530  

3.50%, 11/15/42 (Call 05/15/42)(b)

    458       306,513  

3.65%, 02/03/48 (Call 08/03/47)

    294       203,237  

4.40%, 08/05/52 (Call 02/05/52)(b)

    399       308,279  

4.45%, 01/20/49 (Call 07/20/48)

    361       279,603  

4.50%, 11/07/43 (Call 05/07/43)

    133       102,780  

6.13%, 11/01/53 (Call 05/01/53)

    50       49,923  

6.20%, 06/01/36

    625       631,443  

6.25%, 08/01/34

    325       328,271  

6.38%, 11/15/37

    459       467,155  

6.71%, 07/15/36(b)

    167       169,923  

Canadian Pacific Railway Co.

   

3.00%, 12/02/41 (Call 06/02/41)(b)

    866       695,100  

3.10%, 12/02/51 (Call 06/02/51)(b)

    1,407       825,932  

3.50%, 05/01/50 (Call 11/01/49)

    420       268,205  

4.20%, 11/15/69 (Call 05/15/69)

    211       142,653  

4.30%, 05/15/43 (Call 11/15/42)

    336       253,471  

4.70%, 05/01/48 (Call 11/01/47)

    383       298,586  
Security  

Par

(000)

    Value  
Transportation (continued)            

4.80%, 09/15/35 (Call 03/15/35)

  $ 195     $     171,662  

4.80%, 08/01/45 (Call 02/01/45)

    431       343,403  

4.95%, 08/15/45 (Call 02/15/45)

    352       288,376  

5.75%, 01/15/42

    618       550,558  

5.95%, 05/15/37

    629       603,931  

6.13%, 09/15/2115 (Call 03/15/2115)(b)

    394       354,615  

Central Japan Railway Co., 4.25%, 11/24/45 (Call 05/24/45)(a)

    56       42,299  

CSX Corp.

   

2.50%, 05/15/51 (Call 11/15/50)

    503       261,331  

3.35%, 09/15/49 (Call 03/15/49)

    415       260,242  

3.80%, 11/01/46 (Call 05/01/46)

    712       491,436  

3.80%, 04/15/50 (Call 10/15/49)

    476       321,939  

3.95%, 05/01/50 (Call 11/01/49)

    587       409,325  

4.10%, 03/15/44 (Call 09/15/43)

    667       496,202  

4.25%, 11/01/66 (Call 05/01/66)

    423       293,373  

4.30%, 03/01/48 (Call 09/01/47)

    728       543,226  

4.40%, 03/01/43 (Call 09/01/42)(b)

    222       171,092  

4.50%, 03/15/49 (Call 09/15/48)

    349       266,357  

4.50%, 11/15/52 (Call 05/15/52)

    845       644,634  

4.50%, 08/01/54 (Call 02/01/54)

    181       136,834  

4.65%, 03/01/68 (Call 09/01/67)

    155       114,887  

4.75%, 05/30/42 (Call 11/30/41)

    526       430,966  

4.75%, 11/15/48 (Call 05/15/48)

    594       470,278  

5.50%, 04/15/41 (Call 10/15/40)

    397       358,550  

6.00%, 10/01/36

    359       353,654  

6.15%, 05/01/37

    556       554,456  

6.22%, 04/30/40(b)

    504       495,910  

Empresa de los Ferrocarriles del Estado

   

3.07%, 08/18/50 (Call 02/18/50)(a)

    295       159,048  

3.83%, 09/14/61 (Call 03/14/61)(a)

    455       266,307  

Empresa de Transporte de Pasajeros Metro SA

   

3.69%, 09/13/61 (Call 03/13/61)(a)

    515       289,080  

4.70%, 05/07/50 (Call 11/07/49)(a)

    758       544,172  

5.00%, 01/25/47 (Call 07/25/46)(a)

    480       368,715  

ENA Master Trust, 4.00%, 05/19/48
(Call 02/19/48)(a)

    205       139,175  

FedEx Corp.

   

3.25%, 05/15/41 (Call 11/15/40)

    813       535,935  

3.88%, 08/01/42

    510       363,319  

3.90%, 02/01/35

    230       185,193  

4.05%, 02/15/48 (Call 08/15/47)

    642       447,000  

4.10%, 04/15/43

    510       367,278  

4.10%, 02/01/45

    486       344,873  

4.40%, 01/15/47 (Call 07/15/46)

    635       466,595  

4.50%, 02/01/65(b)

    169       112,748  

4.55%, 04/01/46 (Call 10/01/45)

    949       715,888  

4.75%, 11/15/45 (Call 05/15/45)

    982       762,208  

4.95%, 10/17/48 (Call 04/17/48)

    657       523,018  

5.10%, 01/15/44

    605       498,943  

5.25%, 05/15/50 (Call 11/15/49)(b)

        1,028       853,962  

Norfolk Southern Corp.

   

2.90%, 08/25/51 (Call 02/25/51)

    535       297,430  

3.05%, 05/15/50 (Call 11/15/49)

    668       387,520  

3.16%, 05/15/55 (Call 11/15/54)

    535       303,277  

3.40%, 11/01/49 (Call 05/01/49)

    357       221,676  

3.70%, 03/15/53 (Call 09/15/52)

    218       140,403  

3.94%, 11/01/47 (Call 05/01/47)(b)

    646       452,749  

3.95%, 10/01/42 (Call 04/01/42)

    520       378,841  

4.05%, 08/15/52 (Call 02/15/52)

    664       459,889  

4.10%, 05/15/49 (Call 11/15/48)

    359       255,471  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Transportation (continued)            

4.10%, 05/15/2121 (Call 11/15/2120)

  $ 290     $ 174,913  

4.15%, 02/28/48 (Call 08/28/47)

    590       423,903  

4.45%, 06/15/45 (Call 12/15/44)

    444       338,644  

4.55%, 06/01/53 (Call 12/01/52)(b)

    606       456,743  

4.65%, 01/15/46 (Call 07/15/45)

    506       392,806  

4.80%, 08/15/43 (Call 02/15/43)

    230       178,007  

4.84%, 10/01/41

    703       579,715  

5.10%, 08/01/2118 (Call 02/01/2118)

    55       40,375  

5.35%, 08/01/54 (Call 02/01/54)

    825       704,063  

Polar Tankers Inc., 5.95%, 05/10/37(a)

        1,271       1,229,629  

TTX Co.

   

3.90%, 02/01/45 (Call 08/01/44)(a)

    240       166,937  

4.20%, 07/01/46 (Call 01/01/46)(a)

    280       202,207  

4.60%, 02/01/49 (Call 08/01/48)(a)

    291       224,857  

4.65%, 06/15/44(a)

    240       182,418  

5.65%, 12/01/52 (Call 06/01/52)(a)

    260       233,804  

Union Pacific Corp.

   

2.89%, 04/06/36 (Call 01/06/36)

    320       234,481  

2.95%, 03/10/52 (Call 09/10/51)

    667       385,332  

2.97%, 09/16/62 (Call 03/16/62)

    761       401,335  

3.20%, 05/20/41 (Call 11/20/40)

    862       586,289  

3.25%, 02/05/50 (Call 08/05/49)

    1,390       873,635  

3.35%, 08/15/46 (Call 02/15/46)

    289       181,279  

3.38%, 02/01/35 (Call 08/01/34)

    165       129,037  

3.38%, 02/14/42 (Call 08/14/41)

    400       279,630  

3.50%, 02/14/53 (Call 08/14/52)

    985       637,400  

3.55%, 08/15/39 (Call 02/15/39)

    482       354,863  

3.55%, 05/20/61 (Call 11/20/60)(b)

    465       282,703  

3.60%, 09/15/37 (Call 03/15/37)

    98       75,347  

3.75%, 02/05/70 (Call 08/05/69)

    515       319,579  

3.80%, 10/01/51 (Call 04/01/51)

    850       587,283  

3.80%, 04/06/71 (Call 10/06/70)

    671       419,283  

3.84%, 03/20/60 (Call 09/20/59)

    1,453       956,993  

3.85%, 02/14/72 (Call 08/14/71)

    370       235,049  

3.88%, 02/01/55 (Call 08/01/54)

    334       225,566  

3.95%, 08/15/59 (Call 02/15/59)

    360       241,626  

4.00%, 04/15/47 (Call 10/15/46)

    475       340,190  

4.05%, 11/15/45 (Call 05/15/45)

    407       290,495  

4.05%, 03/01/46 (Call 09/01/45)

    463       332,334  

4.10%, 09/15/67 (Call 03/15/67)

    348       235,153  

4.30%, 03/01/49 (Call 09/01/48)

    538       405,344  

4.50%, 09/10/48 (Call 03/10/48)

    360       279,763  

4.95%, 09/09/52 (Call 03/09/52)

    538       453,515  

4.96%, 05/15/53 (Call 11/15/52)(b)

    485       408,901  

5.15%, 01/20/63 (Call 07/20/62)

    295       242,892  

United Parcel Service Inc.

   

3.40%, 11/15/46 (Call 05/15/46)

    335       223,677  

3.40%, 09/01/49 (Call 03/01/49)(b)

    437       292,897  

3.63%, 10/01/42

    523       381,317  

3.75%, 11/15/47 (Call 05/15/47)

    919       652,209  

4.25%, 03/15/49 (Call 09/15/48)

    543       413,080  

4.88%, 11/15/40 (Call 05/15/40)(b)

    455       398,676  

5.05%, 03/03/53 (Call 09/03/52)(b)

    759       651,614  

5.20%, 04/01/40 (Call 10/01/39)

    316       286,980  

5.30%, 04/01/50 (Call 10/01/49)

    892       799,943  

6.20%, 01/15/38(b)

    1,396       1,428,942  
   

 

 

 
          58,747,858  
Trucking & Leasing — 0.1%            

GATX Corp.

   

3.10%, 06/01/51 (Call 12/01/50)

    349       187,267  

4.50%, 03/30/45 (Call 09/30/44)(b)

    195       135,774  
Security  

Par

(000)

    Value  

 

 
Trucking & Leasing (continued)            

5.20%, 03/15/44 (Call 09/15/43)

  $ 209     $ 165,366  

6.05%, 03/15/34 (Call 12/15/33)

    325       306,214  

6.90%, 05/01/34 (Call 02/01/34)

    225       224,620  
   

 

 

 
      1,019,241  
Water — 0.2%            

American Water Capital Corp.

   

3.25%, 06/01/51 (Call 12/01/50)(b)

    400       246,542  

3.45%, 05/01/50 (Call 11/01/49)

    405       258,825  

3.75%, 09/01/47 (Call 03/01/47)

    604       413,555  

4.00%, 12/01/46 (Call 06/01/46)

    190       134,148  

4.15%, 06/01/49 (Call 12/01/48)(b)

    520       377,461  

4.20%, 09/01/48 (Call 03/01/48)

    530       389,167  

4.30%, 12/01/42 (Call 06/01/42)

    281       217,526  

4.30%, 09/01/45 (Call 03/01/45)

    176       131,125  

6.59%, 10/15/37

    532       550,083  

Essential Utilities Inc.

   

3.35%, 04/15/50 (Call 10/15/49)(b)

    441       259,146  

4.28%, 05/01/49 (Call 11/01/48)(b)

    355       248,569  

5.30%, 05/01/52 (Call 11/01/51)(b)

    355       286,638  
   

 

 

 
      3,512,785  
   

 

 

 

Total Corporate Bonds & Notes — 98.2%
(Cost: $2,277,254,570)

 

    1,661,813,593  
   

 

 

 

Foreign Government Obligations(g)

 

 
South Korea — 0.0%            

Korea Electric Power Corp., 5.13%, 04/23/34(a)(b)

    250       231,769  
   

 

 

 

Total Foreign Government Obligations — 0.0%
(Cost: $264,254)

 

    231,769  
   

 

 

 

Total Long-Term Investments — 98.2%
(Cost: $2,277,518,824)

 

    1,662,045,362  
   

 

 

 
    Shares        

 

 

Short-Term Securities

   
Money Market Funds — 11.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(h)(i)(j)

      183,193,335       183,266,613  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(h)(i)

    4,780,000       4,780,000  
   

 

 

 

Total Short-Term Securities — 11.1%
(Cost: $187,963,288)

 

    188,046,613  
   

 

 

 

Total Investments — 109.3%
(Cost: $2,465,482,112)

 

    1,850,091,975  

Liabilities in Excess of Other Assets — (9.3)%

 

    (158,160,246
   

 

 

 

Net Assets — 100.0%

    $   1,691,931,729  
   

 

 

 

 

(a) 

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.

(b) 

All or a portion of this security is on loan.

(c) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d) 

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.

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

 

(e) 

Perpetual security with no stated maturity date.

(f) 

Zero-coupon bond.

(g) 

U.S. dollar denominated security issued by foreign domiciled entity.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day yield as of period end.

(j) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

Corporate Bonds & Notes

  $      $ 1,661,813,593      $      $ 1,661,813,593  

Foreign Government Obligations

           231,769               231,769  

Short-Term Securities

          

Money Market Funds

    188,046,613                      188,046,613  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $   188,046,613      $ 1,662,045,362      $             —      $ 1,850,091,975  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) 

October 31, 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     $ 9,022,698  

4.87%, 05/15/28

    6,840       6,721,396  

Class A, 0.90%, 11/15/26

    70,000       66,502,032  

Class A, 4.95%, 10/15/27

    15,000       14,806,066  

Americredit Automobile Receivables Trust 2023-15.62%, 11/18/27 (Call 04/18/27)

    8,210       8,160,066  

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

    23,870       23,288,012  

BMW Vehicle Lease Trust

   

5.99%, 09/25/26

    3,240       3,239,042  

5.98%, 02/25/27

    14,500       14,508,838  

Capital One Multi-Asset Execution Trust Class A2, 1.39%, 07/15/30

        11,000       9,053,689  

CarMax Auto Owner Trust4.65%, 01/16/29 (Call 07/15/26)

    8,300       8,024,206  

Discover Card Execution Note Trust 3.56%, 07/15/27

    18,000       17,355,538  

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

    6,900       6,567,814  

Exeter Automobile Receivables Trust Series 2021-2, Class D, 1.40%, 04/15/27 (Call 09/15/25)

    3,261       3,037,016  

Exeter Automobile Receivables Trust 2023-15.82%, 02/15/28 (Call 01/15/27)

    11,180       10,991,159  

GM Financial Automobile Leasing Trust5.16%, 01/20/27 (Call 08/20/25)

    21,771       21,494,610  

GM Financial Consumer Automobile Receivables Trust

   

1.51%, 04/17/28 (Call 02/16/26)

    2,940       2,678,844  

4.47%, 02/16/28 (Call 04/16/26)

    6,667       6,506,138  

4.43%, 10/16/28 (Call 04/16/26)

    13,000       12,485,797  

5.78%, 08/16/28

    6,090       6,091,311  

5.71%, 02/16/29

    9,710       9,683,172  

GM Financial Consumer Automobile Receivables Trust 2023-1

   

4.66%, 02/16/28 (Call 10/16/26)

    18,560       18,162,053  

4.59%, 07/17/28 (Call 10/16/26)

    3,500       3,378,514  

Hyundai Auto Receivables Trust

   

5.39%, 06/15/27 (Call 02/15/27)

    11,045       10,961,294  

4.58%, 04/15/27 (Call 11/15/26)

    6,600       6,466,879  

4.48%, 07/17/28 (Call 11/15/26)

    13,000       12,552,881  

5.48%, 04/17/28

    30,000       29,859,738  

Santander Drive Auto Receivables Trust 5.09%, 05/15/30 (Call 01/15/26)

    17,060       16,511,483  

Series 2021-3, Class C, 0.95%, 09/15/27 (Call 05/15/25)

    7,952       7,840,725  

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

    28,690       27,827,696  

Volkswagen Auto Loan Enhanced Trust

   

5.02%, 06/20/28

    10,780       10,600,006  

5.01%, 01/22/30

    6,000       5,836,956  
   

 

 

 

Total Asset-Backed Securities — 0.4% (Cost: $422,929,481)

          410,215,669  
   

 

 

 

Collaterized Mortgage Obligations

 

Mortgage-Backed Securities — 1.0%            

Bank

   

2.29%, 06/15/64 (Call 08/15/31)

    7,260       5,467,172  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 5,000     $ 4,593,140  

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

    15,310       12,617,160  

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

    6,500       5,246,619  

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

    23,610       18,173,953  

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

    5,760       4,185,581  

Series 21-BN36, Class A5, 2.47%, 09/15/64 (Call 10/15/31)

    8,930       6,800,077  

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

    1,511       1,451,249  

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

    8,750       7,330,215  

BBCMS Mortgage Trust

   

5.45%, 04/15/56 (Call 04/15/33)

    7,710       7,238,983  

6.00%, 09/15/56

        18,820       18,418,640  

6.80%, 11/15/56

    3,970       4,101,281  

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

    18,450       16,973,787  

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

    10,000       8,116,189  

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

    16,670       12,957,902  

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

    1,965       1,484,201  

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

    3,745       3,093,095  

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

    3,160       3,025,315  

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

    18,590           14,423,213  

Benchmark Mortgage Trust

   

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

    10,616       9,513,536  

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

    7,000       6,368,110  

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

    6,150       5,609,764  

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

    10,093       9,199,748  

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

    17,000       15,163,500  

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

    20,650       17,875,502  

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

    20,000       17,066,802  

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

    2,700       1,660,272  

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

    7,000       5,268,224  

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

    8,616       6,435,851  

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

    25,000       18,136,702  

Series 2023-B38, Class A2, 5.63%, 04/15/56 (Call 04/15/33)

    10,000       9,607,352  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

BMO Mortgage Trust

   

5.96%, 09/15/56

  $ 30,000     $ 29,167,780  

7.24%, 11/15/56

    11,200       11,162,230  

Citigroup Commercial Mortgage Trust

   

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

    1,853       1,829,815  

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

    5,209       4,966,006  

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

    2,011       1,982,525  

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

    17,730       16,532,333  

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

    11,400       10,300,279  

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

    13,900       12,735,516  

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

    20,020       18,075,121  

COMM Mortgage Trust

   

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

    12,887       12,664,618  

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

    16,990       16,195,451  

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

    9,650       9,277,853  

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

    8,000       7,560,346  

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

    4,000       3,779,470  

Commission Mortgage Trust

   

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

        10,000       9,741,468  

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

    8,597       8,545,619  

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

    3,000       2,871,479  

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

    2,750       2,639,005  

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

    3,000       2,461,811  

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

    15,500       14,799,221  

CSAIL Commercial Mortgage Trust

   

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

    10,000       9,550,414  

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

    17,519           16,585,375  

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

    5,200       4,795,792  

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

    27,000       24,479,260  

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

    10,000       8,203,917  

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

    1,000       913,264  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates

   

3.78%, 11/25/32 (Call 11/25/32)(a)

    17,795       15,440,969  

4.20%, 05/25/33

    48,000       42,838,182  

4.35%, 01/25/33 (Call 02/25/33)(a)

    33,140       30,014,820  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Federal National Mortgage Association, 4.19%, 07/25/28

  $ 20,000     $ 18,916,599  

Freddie Mac Multifamily Structured Pass Through Certificates

   

3.82%, 12/25/32 (Call 01/25/33)(a)

    21,500       18,697,920  

4.25%, 04/25/33 (Call 04/25/33)

    40,000       35,888,067  

GS Mortgage Securities Trust

   

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

    16,318       15,999,870  

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

    6,000       5,846,184  

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

    10,000       9,445,640  

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

    13,000       11,511,030  

Series 2018-GS10, Class A5, 4.16%, 07/10/51 (Call 07/10/28)(a)

    3,000       2,725,522  

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

    3,000       2,732,211  

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

    2,500       2,228,594  

JPMBB Commercial Mortgage Securities Trust, Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)(a)

    3,800       3,498,645  

Morgan Stanley Bank of America Merrill Lynch Trust

   

Series 2013-C10, Class AS, 3.96%, 07/15/46 (Call 06/15/28)(a)

    980       935,567  

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

    5,000       4,754,847  

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

    1,850       1,764,278  

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

    7,275       6,928,266  

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

        17,025           16,134,151  

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

    16,420       15,319,862  

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

    2,000       1,802,935  

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

    9,522       8,734,006  

Morgan Stanley Capital I Trust

   

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

    3,500       3,290,141  

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

    12,000       10,863,643  

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

    21,700       19,683,666  

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

    700       637,334  

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

    7,660       6,579,987  

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

    720       584,230  

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

    20,000       16,173,128  

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

    10,430       7,957,292  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

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

  $ 18,150     $ 16,446,268  

Wells Fargo Commercial Mortgage Trust

   

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

    4,600       3,473,939  

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

    8,500       8,122,585  

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

    5,000       4,754,942  

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

    10,856       10,354,644  

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

    6,480       5,107,714  

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

    17,680       13,324,814  

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

    5,200       4,015,077  
   

 

 

 
          942,946,672  
   

 

 

 

Total Collaterized Mortgage Obligations — 1.0%
(Cost: $1,076,997,540)

 

    942,946,672  
   

 

 

 

Corporate Bonds & Notes

   
Advertising — 0.0%            

Interpublic Group of Companies Inc. (The)

   

2.40%, 03/01/31 (Call 12/01/30)

    2,598       1,999,190  

3.38%, 03/01/41 (Call 09/01/40)

    1,952       1,233,535  

4.65%, 10/01/28 (Call 07/01/28)

    1,791       1,666,863  

4.75%, 03/30/30 (Call 12/30/29)

    2,573       2,344,277  

5.38%, 06/15/33 (Call 03/15/33)

    1,558       1,430,160  

5.40%, 10/01/48 (Call 04/01/48)

    1,750       1,419,173  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    2,792       2,213,609  

2.60%, 08/01/31 (Call 05/01/31)

    4,149       3,190,590  

3.60%, 04/15/26 (Call 01/15/26)

    6,835       6,470,205  

3.65%, 11/01/24 (Call 08/01/24)

    3,015       2,940,401  

4.20%, 06/01/30 (Call 03/01/30)

    2,712       2,387,729  
   

 

 

 
      27,295,732  
Aerospace & Defense — 0.4%            

Boeing Co. (The)

   

2.20%, 02/04/26 (Call 11/13/23)

        11,840       10,880,747  

2.25%, 06/15/26 (Call 03/15/26)

    4,484       4,065,055  

2.60%, 10/30/25 (Call 07/30/25)

    2,998       2,802,616  

2.70%, 02/01/27 (Call 12/01/26)

    5,435       4,892,471  

2.75%, 02/01/26 (Call 01/01/26)

    1,805       1,679,905  

2.80%, 03/01/27 (Call 12/01/26)

    2,773       2,490,496  

2.95%, 02/01/30 (Call 11/01/29)

    5,574       4,602,760  

3.10%, 05/01/26 (Call 03/01/26)

    4,941       4,601,218  

3.20%, 03/01/29 (Call 12/01/28)

    4,031       3,480,106  

3.25%, 02/01/28 (Call 12/01/27)

    1,650       1,472,744  

3.25%, 03/01/28 (Call 12/01/27)

    2,514       2,233,117  

3.25%, 02/01/35 (Call 11/01/34)

    2,814       2,074,759  

3.38%, 06/15/46 (Call 12/15/45)

    1,558       941,172  

3.45%, 11/01/28 (Call 08/01/28)

    2,468       2,189,066  

3.50%, 03/01/39 (Call 09/01/38)

    2,069       1,408,043  

3.55%, 03/01/38 (Call 09/01/37)

    1,283       897,514  

3.60%, 05/01/34 (Call 02/01/34)

    3,096       2,414,424  

3.63%, 02/01/31 (Call 11/01/30)

    1,482       1,249,218  

3.63%, 03/01/48 (Call 09/01/47)

    1,873       1,158,741  

3.65%, 03/01/47 (Call 09/01/46)

    1,701       1,064,201  
Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

3.75%, 02/01/50 (Call 08/01/49)

  $ 4,983     $ 3,165,630  

3.83%, 03/01/59 (Call 09/01/58)

    2,137       1,279,876  

3.85%, 11/01/48 (Call 05/01/48)

    2,009       1,295,482  

3.90%, 05/01/49 (Call 11/01/48)

    3,401       2,225,151  

3.95%, 08/01/59 (Call 02/01/59)

    4,098       2,517,967  

4.88%, 05/01/25 (Call 04/01/25)

    11,972       11,762,384  

5.04%, 05/01/27 (Call 03/01/27)

    7,534       7,295,022  

5.15%, 05/01/30 (Call 02/01/30)

    13,133       12,304,930  

5.71%, 05/01/40 (Call 11/01/39)

    8,647       7,644,094  

5.81%, 05/01/50 (Call 11/01/49)

        20,196           17,403,291  

5.88%, 02/15/40

    1,858       1,658,530  

5.93%, 05/01/60 (Call 11/01/59)

    11,670       9,817,185  

6.13%, 02/15/33

    1,773       1,742,730  

6.63%, 02/15/38

    1,244       1,222,821  

6.88%, 03/15/39

    2,611       2,639,154  

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

    3,150       2,825,729  

2.13%, 08/15/26 (Call 05/15/26)

    3,678       3,373,019  

2.25%, 06/01/31 (Call 03/01/31)

    1,825       1,441,386  

2.38%, 11/15/24 (Call 09/15/24)

    866       836,582  

2.63%, 11/15/27 (Call 08/15/27)

    2,459       2,200,697  

2.85%, 06/01/41 (Call 12/01/40)

    2,784       1,827,915  

3.25%, 04/01/25 (Call 03/01/25)

    3,829       3,709,352  

3.50%, 05/15/25 (Call 03/15/25)

    2,902       2,816,577  

3.50%, 04/01/27 (Call 02/01/27)

    2,267       2,125,788  

3.60%, 11/15/42 (Call 05/15/42)

    933       670,740  

3.63%, 04/01/30 (Call 01/01/30)

    4,697       4,176,664  

3.75%, 05/15/28 (Call 02/15/28)(b)

    4,583       4,266,681  

4.25%, 04/01/40 (Call 10/01/39)

    2,929       2,373,097  

4.25%, 04/01/50 (Call 10/01/49)

    3,530       2,750,590  

HEICO Corp.

   

5.25%, 08/01/28 (Call 07/01/28)

    1,160       1,119,145  

5.35%, 08/01/33 (Call 05/01/33)

    1,060       972,987  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    1,575       1,452,008  

4.95%, 08/15/25 (Call 05/15/25)

    1,557       1,516,407  

L3Harris Technologies Inc.

   

1.80%, 01/15/31 (Call 10/15/30)

    3,140       2,341,440  

2.90%, 12/15/29 (Call 09/15/29)

    2,836       2,384,045  

3.83%, 04/27/25 (Call 01/27/25)

    3,136       3,036,720  

3.85%, 12/15/26 (Call 09/15/26)

    4,302       4,053,132  

4.40%, 06/15/28 (Call 03/15/28)

    6,882       6,426,112  

4.85%, 04/27/35 (Call 10/27/34)

    1,666       1,470,359  

5.05%, 04/27/45 (Call 10/27/44)

    1,643       1,364,390  

5.40%, 01/15/27

    3,785       3,719,141  

5.40%, 07/31/33 (Call 04/30/33)

    4,000       3,736,869  

5.60%, 07/31/53 (Call 01/31/53)

    1,100       971,473  

6.15%, 12/15/40

    2,260       2,150,905  

Lockheed Martin Corp.

   

1.85%, 06/15/30 (Call 03/15/30)

    1,890       1,484,993  

2.80%, 06/15/50 (Call 12/15/49)

    3,933       2,294,189  

3.55%, 01/15/26 (Call 10/15/25)

    4,823       4,633,795  

3.60%, 03/01/35 (Call 09/01/34)

    1,913       1,562,478  

3.80%, 03/01/45 (Call 09/01/44)

    4,700       3,420,008  

3.90%, 06/15/32 (Call 03/15/32)

    3,185       2,788,767  

4.07%, 12/15/42

    2,458       1,902,454  

4.09%, 09/15/52 (Call 03/15/52)

    6,301       4,646,352  

4.15%, 06/15/53 (Call 12/15/52)

    3,865       2,872,273  

4.30%, 06/15/62 (Call 12/15/61)

    3,865       2,825,525  

4.45%, 05/15/28 (Call 04/15/28)

    975       934,475  

4.50%, 05/15/36 (Call 11/15/35)

    1,850       1,620,009  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

4.70%, 05/15/46 (Call 11/15/45)

  $ 4,809     $ 3,970,584  

4.75%, 02/15/34 (Call 11/15/33)

    2,905       2,668,039  

4.95%, 10/15/25 (Call 09/15/25)

    965       957,875  

5.10%, 11/15/27 (Call 10/15/27)

    3,665       3,621,736  

5.20%, 02/15/55 (Call 08/15/54)

    995       867,963  

5.25%, 01/15/33 (Call 10/15/32)

    3,890       3,745,542  

5.70%, 11/15/54 (Call 05/15/54)

    1,915       1,793,122  

5.72%, 06/01/40

    1,162       1,112,780  

5.90%, 11/15/63 (Call 05/15/63)

    1,640       1,566,145  

Series B, 6.15%, 09/01/36

    2,210       2,247,106  

Northrop Grumman Corp.

   

2.93%, 01/15/25 (Call 11/15/24)

    6,369       6,152,452  

3.20%, 02/01/27 (Call 11/01/26)

    2,806       2,598,610  

3.25%, 01/15/28 (Call 10/15/27)

    8,678       7,900,396  

3.85%, 04/15/45 (Call 10/15/44)

    1,954       1,387,259  

4.03%, 10/15/47 (Call 04/15/47)

    8,126       5,905,232  

4.40%, 05/01/30 (Call 02/01/30)

    1,187       1,093,565  

4.70%, 03/15/33 (Call 12/15/32)

    3,430       3,123,109  

4.75%, 06/01/43

    4,004       3,280,050  

4.95%, 03/15/53 (Call 09/15/52)

    2,775       2,298,477  

5.05%, 11/15/40

    1,868       1,615,438  

5.15%, 05/01/40 (Call 11/01/39)

    2,205       1,927,098  

5.25%, 05/01/50 (Call 11/01/49)

    4,078       3,543,437  

RTX Corp.

   

1.90%, 09/01/31 (Call 06/01/31)

    3,691       2,708,007  

2.25%, 07/01/30 (Call 04/01/30)

    4,420       3,468,626  

2.38%, 03/15/32 (Call 12/15/31)

    4,142       3,110,886  

2.65%, 11/01/26 (Call 08/01/26)

    2,135       1,953,703  

2.82%, 09/01/51 (Call 03/01/51)

    3,824       2,052,327  

3.03%, 03/15/52 (Call 09/15/51)

    4,967       2,772,942  

3.13%, 05/04/27 (Call 02/04/27)

    5,056       4,604,957  

3.13%, 07/01/50 (Call 01/01/50)

    4,415       2,559,296  

3.50%, 03/15/27 (Call 12/15/26)

    5,230       4,836,024  

3.75%, 11/01/46 (Call 05/01/46)

    4,769       3,156,810  

3.95%, 08/16/25 (Call 06/16/25)

    6,336       6,128,819  

4.05%, 05/04/47 (Call 11/04/46)

    3,038       2,122,025  

4.13%, 11/16/28 (Call 08/16/28)

    8,329       7,646,513  

4.15%, 05/15/45 (Call 11/16/44)

    3,640       2,609,500  

4.35%, 04/15/47 (Call 10/15/46)

    4,326       3,167,460  

4.45%, 11/16/38 (Call 05/16/38)

    3,555       2,836,294  

4.50%, 06/01/42

    14,052       10,910,591  

4.63%, 11/16/48 (Call 05/16/48)

    6,323       4,849,464  

4.70%, 12/15/41

    2,300       1,830,029  

4.80%, 12/15/43 (Call 06/15/43)

    2,179       1,724,886  

4.88%, 10/15/40

    1,039       851,147  

5.00%, 02/27/26 (Call 01/27/26)

    1,935       1,901,435  

5.15%, 02/27/33 (Call 11/27/32)

        4,370           4,029,279  

5.38%, 02/27/53 (Call 08/27/52)

    3,670       3,109,187  

5.40%, 05/01/35

    150       138,895  

5.70%, 04/15/40

    580       526,473  

6.05%, 06/01/36

    220       212,079  

6.13%, 07/15/38

    980       936,723  

7.20%, 08/15/27

    1,958       2,039,454  

7.50%, 09/15/29

    1,098       1,180,840  
   

 

 

 
        397,018,574  
Agriculture — 0.3%            

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

    4,200       3,977,248  

2.45%, 02/04/32 (Call 11/04/31)

    7,290       5,318,805  

2.63%, 09/16/26 (Call 06/16/26)

    3,230       2,963,267  

3.40%, 05/06/30 (Call 02/06/30)

    3,444       2,875,776  
Security  

Par

(000)

    Value  
Agriculture (continued)            

3.40%, 02/04/41 (Call 08/04/40)

  $ 5,672     $ 3,471,928  

3.70%, 02/04/51 (Call 08/04/50)

    4,932       2,873,939  

3.88%, 09/16/46 (Call 03/16/46)

    5,537       3,417,876  

4.00%, 02/04/61 (Call 08/04/60)

    3,580       2,153,011  

4.25%, 08/09/42

    3,674       2,515,619  

4.40%, 02/14/26 (Call 12/14/25)

    4,341       4,196,022  

4.45%, 05/06/50 (Call 11/06/49)

    2,053       1,355,101  

4.50%, 05/02/43

    2,918       2,056,321  

4.80%, 02/14/29 (Call 11/14/28)

    4,224       3,954,762  

5.38%, 01/31/44(b)

    6,477       5,542,821  

5.80%, 02/14/39 (Call 08/14/38)

    7,877       6,990,904  

5.95%, 02/14/49 (Call 08/14/48)

    7,532       6,386,641  

6.20%, 11/01/28 (Call 10/01/28)

    1,350       1,347,314  

6.88%, 11/01/33 (Call 08/01/33)

    980       977,413  

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    6,635       6,152,550  

2.70%, 09/15/51 (Call 03/15/51)

    1,350       759,508  

2.90%, 03/01/32 (Call 12/01/31)

    2,495       2,022,887  

3.25%, 03/27/30 (Call 12/27/29)

    3,856       3,341,094  

3.75%, 09/15/47 (Call 03/15/47)

    2,614       1,828,407  

4.02%, 04/16/43

    1,347       995,144  

4.50%, 08/15/33 (Call 05/15/33)

    1,490       1,342,116  

4.50%, 03/15/49 (Call 09/15/48)

    3,084       2,458,132  

4.54%, 03/26/42

    1,252       1,017,142  

5.38%, 09/15/35

    666       632,936  

5.94%, 10/01/32

    802       810,113  

BAT Capital Corp.

   

2.26%, 03/25/28 (Call 01/25/28)

        3,275           2,750,960  

2.73%, 03/25/31 (Call 12/25/30)

    4,408       3,321,582  

3.22%, 09/06/26 (Call 07/06/26)

    5,961       5,516,057  

3.46%, 09/06/29 (Call 06/06/29)

    1,932       1,640,157  

3.56%, 08/15/27 (Call 05/15/27)

    3,158       2,862,243  

3.73%, 09/25/40 (Call 03/25/40)

    2,293       1,452,154  

3.98%, 09/25/50 (Call 03/25/50)

    3,761       2,212,511  

4.39%, 08/15/37 (Call 02/15/37)

    9,219       6,697,470  

4.54%, 08/15/47 (Call 02/15/47)

    9,361       6,046,404  

4.70%, 04/02/27 (Call 02/02/27)

    3,784       3,601,542  

4.74%, 03/16/32 (Call 12/16/31)

    3,510       3,013,532  

4.76%, 09/06/49 (Call 03/06/49)

    4,443       2,945,842  

4.91%, 04/02/30 (Call 01/02/30)

    3,743       3,373,806  

5.28%, 04/02/50 (Call 10/02/49)

    2,392       1,701,669  

5.65%, 03/16/52 (Call 09/16/51)

    2,580       1,937,485  

6.34%, 08/02/30 (Call 06/02/30)

    4,040       3,916,749  

6.42%, 08/02/33 (Call 05/02/33)

    4,780       4,504,576  

7.08%, 08/02/43 (Call 02/02/43)

    2,360       2,148,690  

7.08%, 08/02/53 (Call 02/02/53)

    2,475       2,206,978  

7.75%, 10/19/32 (Call 07/19/32)

    2,445       2,508,028  

BAT International Finance PLC

   

1.67%, 03/25/26 (Call 02/25/26)

    3,968       3,573,399  

4.45%, 03/16/28 (Call 02/16/28)

    4,450       4,098,023  

5.93%, 02/02/29 (Call 01/02/29)

    4,035       3,923,714  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    3,800       3,519,186  

2.75%, 05/14/31 (Call 02/14/31)

    4,965       3,931,597  

3.25%, 08/15/26 (Call 05/15/26)

    3,858       3,593,761  

3.75%, 09/25/27 (Call 06/25/27)

    3,011       2,785,122  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    2,634       2,343,110  

1.50%, 05/01/25 (Call 04/01/25)

    3,659       3,439,260  

1.75%, 11/01/30 (Call 08/01/30)

    2,478       1,854,143  

2.10%, 05/01/30 (Call 02/01/30)

    2,468       1,936,978  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Agriculture (continued)            

2.75%, 02/25/26 (Call 11/25/25)

  $ 4,180     $ 3,914,345  

3.13%, 08/17/27 (Call 05/17/27)

    2,585       2,364,725  

3.13%, 03/02/28 (Call 12/02/27)

    3,056       2,734,354  

3.25%, 11/10/24

    3,722       3,626,772  

3.38%, 08/11/25 (Call 05/11/25)

    3,793       3,641,689  

3.38%, 08/15/29 (Call 05/15/29)

    5,058       4,400,590  

3.88%, 08/21/42

    4,211       2,954,858  

4.13%, 03/04/43

    2,409       1,726,052  

4.25%, 11/10/44

    2,668       1,922,108  

4.38%, 11/15/41

    4,187       3,146,445  

4.50%, 03/20/42

    4,380       3,349,335  

4.88%, 02/13/26

    5,295       5,199,236  

4.88%, 02/15/28 (Call 01/15/28)

    5,035       4,837,978  

4.88%, 11/15/43

    1,215       965,231  

5.00%, 11/17/25

    4,100       4,050,377  

5.13%, 11/15/24

    4,230       4,199,311  

5.13%, 11/17/27 (Call 10/17/27)

    5,305       5,168,076  

5.13%, 02/15/30 (Call 12/15/29)

    5,470       5,152,298  

5.25%, 09/07/28 (Call 08/07/28)

    1,415       1,376,271  

5.38%, 02/15/33 (Call 11/15/32)

    5,950       5,496,404  

5.50%, 09/07/30 (Call 07/07/30)

    1,475       1,411,888  

5.63%, 11/17/29 (Call 09/17/29)

    4,580       4,482,030  

5.63%, 09/07/33 (Call 06/07/33)

    1,395       1,309,001  

5.75%, 11/17/32 (Call 08/17/32)

    2,951       2,818,149  

6.38%, 05/16/38

    4,893       4,847,200  

Reynolds American Inc.

   

4.45%, 06/12/25 (Call 03/12/25)

    6,622       6,457,548  

5.70%, 08/15/35 (Call 02/15/35)

    2,964       2,541,384  

5.85%, 08/15/45 (Call 02/15/45)

    8,068       6,306,763  

6.15%, 09/15/43

    2,431       2,028,394  

7.25%, 06/15/37

    2,050       1,975,176  
   

 

 

 
          287,495,513  
Airlines — 0.1%            

American Airlines Pass Through Trust

   

Series 2014-1, Class A, 3.70%, 04/01/28

    391       349,253  

Series 2015-1, Class A, 3.38%, 11/01/28(b)

    312       275,412  

Series 2015-2, Class AA, 3.60%, 03/22/29

    1,528       1,370,141  

Series 2016-1, Class AA, 3.58%, 07/15/29

    1,277       1,152,881  

Series 2016-2, Class AA, 3.20%, 12/15/29(b)

        2,193       1,932,547  

Series 2016-3, Class AA, 3.00%, 04/15/30(b)

    905       789,474  

Series 2017-1, Class AA, 3.65%, 08/15/30

    2,112       1,868,652  

Series 2017-2, Class AA, 3.35%, 04/15/31

    1,839       1,590,266  

Series 2019-1, Class AA, 3.15%, 08/15/33

    2,315       1,928,497  

Series A, Class A, 2.88%, 01/11/36(b)

    4,685       3,743,433  

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

    0       0  

Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29

    4,870       4,202,204  

JetBlue Pass Through Trust

   

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

    2,559       2,250,369  

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

    1,787       1,477,354  

Southwest Airlines Co.

   

2.63%, 02/10/30 (Call 11/10/29)

    2,173       1,753,413  

3.00%, 11/15/26 (Call 08/15/26)(b)

    2,060       1,893,555  

3.45%, 11/16/27 (Call 08/16/27)(b)

    1,623       1,464,724  

5.13%, 06/15/27 (Call 04/15/27)

    7,847       7,574,501  

5.25%, 05/04/25 (Call 04/04/25)

    6,609       6,517,008  

United Airlines Pass Through Trust

   

5.80%, 07/15/37

    7,116       6,690,477  

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

    1,940       1,842,961  

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

    2,644       2,461,080  
Security  

Par

(000)

    Value  
Airlines (continued)            

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

  $ 2,825     $ 2,588,517  

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

    2,717       2,389,639  

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

    2,432       2,092,432  

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

    3,019       2,628,500  

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

    847       750,278  

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

    2,913       2,331,309  

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

    4,638       4,546,098  

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

    2,641       2,494,283  
   

 

 

 
      72,949,258  
Apparel — 0.1%            

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)

    3,583       3,295,925  

2.40%, 03/27/25 (Call 02/27/25)(b)

    6,371       6,115,499  

2.75%, 03/27/27 (Call 01/27/27)

    6,603       6,080,281  

2.85%, 03/27/30 (Call 12/27/29)

    6,790       5,800,389  

3.25%, 03/27/40 (Call 09/27/39)

    4,260       3,066,119  

3.38%, 11/01/46 (Call 05/01/46)

    3,920       2,650,004  

3.38%, 03/27/50 (Call 09/27/49)(b)

    4,307       2,896,248  

3.63%, 05/01/43 (Call 11/01/42)

    1,949       1,443,011  

3.88%, 11/01/45 (Call 05/01/45)

    4,408       3,294,405  

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

    2,658       2,546,938  

Ralph Lauren Corp.

   

2.95%, 06/15/30 (Call 03/15/30)

    2,399       2,009,979  

3.75%, 09/15/25 (Call 07/15/25)

    3,362       3,242,540  

Tapestry Inc.

   

3.05%, 03/15/32 (Call 12/15/31)

        2,068       1,478,342  

4.13%, 07/15/27 (Call 04/15/27)

    751       680,391  

4.25%, 04/01/25 (Call 01/01/25)

    330       320,139  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    3,874       3,648,031  

2.80%, 04/23/27 (Call 02/23/27)

    3,209       2,822,786  

2.95%, 04/23/30 (Call 01/23/30)(b)

    3,664       2,861,884  
   

 

 

 
          54,252,911  
Auto Manufacturers — 0.4%            

American Honda Finance Corp.

   

1.00%, 09/10/25

    904       830,445  

1.20%, 07/08/25

    1,271       1,181,039  

1.30%, 09/09/26

    3,875       3,439,487  

1.50%, 01/13/25

    3,545       3,374,484  

1.80%, 01/13/31

    1,902       1,443,376  

2.00%, 03/24/28

    3,020       2,588,376  

2.25%, 01/12/29

    3,475       2,946,290  

2.30%, 09/09/26

    3,291       3,004,486  

2.35%, 01/08/27

    2,096       1,893,227  

3.50%, 02/15/28

    3,346       3,066,525  

4.60%, 04/17/30

    3,440       3,201,396  

4.70%, 01/12/28

    2,310       2,220,495  

4.75%, 01/12/26

    745       731,879  

5.00%, 05/23/25

    2,035       2,017,094  

5.13%, 07/07/28

    2,355       2,296,168  

5.25%, 07/07/26

    1,725       1,710,974  

5.80%, 10/03/25

    1,825       1,831,087  

5.85%, 10/04/30

    1,825       1,811,951  

Series A, 4.60%, 04/17/25

    3,140       3,094,582  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    2,025       1,861,340  

1.50%, 09/01/30 (Call 06/01/30)

    2,119       1,623,832  

2.60%, 09/01/50 (Call 03/01/50)(b)

    4,295       2,357,713  

4.88%, 10/01/43 (Call 04/01/43)

    1,471       1,256,784  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

General Motors Co.

   

4.00%, 04/01/25

  $ 2,429     $ 2,354,473  

4.20%, 10/01/27 (Call 07/01/27)(b)

    3,539       3,277,259  

5.00%, 10/01/28 (Call 07/01/28)(b)

    3,595       3,389,637  

5.00%, 04/01/35

    3,023       2,512,812  

5.15%, 04/01/38 (Call 10/01/37)

    4,025       3,237,242  

5.20%, 04/01/45

    5,247       3,884,480  

5.40%, 10/15/29 (Call 08/15/29)

    2,290       2,149,591  

5.40%, 04/01/48 (Call 10/01/47)

    3,326       2,496,552  

5.60%, 10/15/32 (Call 07/15/32)(b)

    4,635       4,231,182  

5.95%, 04/01/49 (Call 10/01/48)(b)

    3,737       3,024,559  

6.13%, 10/01/25 (Call 09/01/25)

    8,691       8,675,299  

6.25%, 10/02/43

    4,165       3,572,334  

6.60%, 04/01/36 (Call 10/01/35)

    4,725       4,436,338  

6.75%, 04/01/46 (Call 10/01/45)

    3,277       2,924,192  

6.80%, 10/01/27 (Call 08/01/27)

    4,011       4,070,981  

General Motors Financial Co. Inc.

   

1.25%, 01/08/26 (Call 12/08/25)

    2,093       1,875,462  

1.50%, 06/10/26 (Call 05/10/26)

    5,425       4,786,747  

2.35%, 02/26/27 (Call 01/26/27)

    4,130       3,630,167  

2.35%, 01/08/31 (Call 10/08/30)

    2,460       1,830,406  

2.40%, 04/10/28 (Call 02/10/28)

    3,410       2,874,140  

2.40%, 10/15/28 (Call 08/15/28)

    4,820       3,974,568  

2.70%, 08/20/27 (Call 06/20/27)

    2,924       2,552,195  

2.70%, 06/10/31 (Call 03/10/31)

    5,205       3,917,331  

2.75%, 06/20/25 (Call 05/20/25)

    5,994       5,659,597  

2.90%, 02/26/25 (Call 01/26/25)

    5,986       5,717,881  

3.10%, 01/12/32 (Call 10/12/31)

    3,022       2,297,703  

3.50%, 11/07/24 (Call 09/07/24)

    4,282       4,164,796  

3.60%, 06/21/30 (Call 03/21/30)

    3,171       2,614,051  

3.80%, 04/07/25

    800       772,272  

3.85%, 01/05/28 (Call 10/05/27)(b)

    2,089       1,879,892  

4.00%, 01/15/25 (Call 10/15/24)

    3,335       3,242,745  

4.00%, 10/06/26 (Call 07/06/26)

    3,790       3,542,612  

4.30%, 07/13/25 (Call 04/13/25)

    3,143       3,037,260  

4.30%, 04/06/29 (Call 02/06/29)

    1,040       923,303  

4.35%, 04/09/25 (Call 02/09/25)

    3,362       3,268,026  

4.35%, 01/17/27 (Call 10/17/26)

    5,194       4,876,291  

5.00%, 04/09/27 (Call 03/09/27)

    4,830       4,614,948  

5.25%, 03/01/26 (Call 12/01/25)

    5,510       5,367,292  

5.40%, 04/06/26

    2,360       2,309,363  

5.65%, 01/17/29 (Call 10/17/28)

    2,549       2,446,786  

5.80%, 06/23/28 (Call 05/23/28)

    2,745       2,658,888  

5.85%, 04/06/30 (Call 02/06/30)

    2,030       1,918,799  

6.00%, 01/09/28 (Call 12/09/27)

    3,410       3,349,147  

6.05%, 10/10/25

    3,657       3,642,916  

6.40%, 01/09/33 (Call 10/09/32)(b)

    4,943       4,733,802  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)

    1,480       1,415,089  

2.53%, 03/10/27 (Call 02/10/27)

    940       849,835  

2.97%, 03/10/32 (Call 12/10/31)

    3,690       3,035,339  

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

    6,129       7,084,163  

PACCAR Financial Corp.

   

0.90%, 11/08/24

    650       618,699  

1.10%, 05/11/26

        2,314           2,083,075  

1.80%, 02/06/25

    1,101       1,051,005  

2.00%, 02/04/27

    1,655       1,480,406  

2.85%, 04/07/25

    115       110,724  

3.55%, 08/11/25

    1,828       1,769,599  

4.45%, 03/30/26

    1,255       1,228,863  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

4.60%, 01/10/28

  $ 1,415     $ 1,370,142  

4.95%, 10/03/25

    1,830       1,817,880  

4.95%, 08/10/28

    60       58,843  

5.05%, 08/10/26

    85       84,472  

Toyota Motor Corp.

   

1.34%, 03/25/26 (Call 02/25/26)

    3,125       2,836,694  

2.36%, 03/25/31 (Call 12/25/30)(b)

    1,925       1,542,395  

2.76%, 07/02/29(b)

    1,108       963,836  

3.67%, 07/20/28(b)

    1,930       1,792,482  

5.12%, 07/13/28 (Call 06/13/28)

    1,718       1,695,075  

5.12%, 07/13/33 (Call 04/13/33)(b)

    1,370       1,318,459  

5.28%, 07/13/26 (Call 06/13/26)(b)

    1,165       1,161,022  

Toyota Motor Credit Corp.

   

0.80%, 10/16/25

    955       872,472  

0.80%, 01/09/26

    525       474,296  

1.13%, 06/18/26

    6,359       5,689,644  

1.15%, 08/13/27(b)

    2,192       1,870,490  

1.45%, 01/13/25

    2,880       2,742,531  

1.65%, 01/10/31

    3,115       2,359,070  

1.80%, 02/13/25

    4,003       3,815,605  

1.90%, 01/13/27

    3,435       3,064,755  

1.90%, 04/06/28

    3,749       3,228,167  

1.90%, 09/12/31

    2,945       2,226,654  

2.15%, 02/13/30

    4,060       3,291,377  

2.40%, 01/13/32

    635       497,013  

3.00%, 04/01/25

    7,318       7,058,550  

3.05%, 03/22/27

    6,475       5,970,311  

3.05%, 01/11/28

    3,265       2,974,390  

3.20%, 01/11/27

    4,787       4,457,885  

3.38%, 04/01/30

    3,639       3,169,770  

3.40%, 04/14/25

    3,795       3,678,383  

3.65%, 08/18/25

    3,605       3,490,288  

3.65%, 01/08/29

    2,585       2,366,511  

3.95%, 06/30/25(b)

    4,130       4,026,624  

4.45%, 05/18/26

    2,950       2,879,970  

4.45%, 06/29/29(b)

    3,430       3,245,291  

4.55%, 09/20/27

    1,465       1,415,273  

4.55%, 05/17/30

    3,020       2,827,282  

4.63%, 01/12/28

    2,370       2,293,918  

4.70%, 01/12/33

    1,885       1,742,581  

4.80%, 01/10/25

    2,485       2,463,505  

5.00%, 08/14/26

    5,470       5,401,549  

5.25%, 09/11/28

    1,225       1,206,064  

5.40%, 11/10/25

    3,165       3,160,600  

5.45%, 11/10/27

    4,090       4,077,994  

5.60%, 09/11/25

    1,100       1,102,224  
   

 

 

 
          337,008,481  
Auto Parts & Equipment — 0.0%            

Aptiv PLC

   

2.40%, 02/18/25 (Call 11/13/23)

    1,265       1,206,753  

3.10%, 12/01/51 (Call 06/01/51)

    5,895       3,173,933  

3.25%, 03/01/32 (Call 12/01/31)(b)

    3,735       2,995,026  

4.15%, 05/01/52 (Call 11/01/51)

    3,995       2,621,765  

4.35%, 03/15/29 (Call 12/15/28)

    1,310       1,215,377  

4.40%, 10/01/46 (Call 04/01/46)

    1,212       828,541  

5.40%, 03/15/49 (Call 09/15/48)(b)

    1,452       1,146,276  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)

    4,563       4,057,604  

4.38%, 03/15/45 (Call 09/15/44)

    2,060       1,473,768  

Lear Corp.

   

2.60%, 01/15/32 (Call 10/15/31)

        1,600       1,179,449  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Parts & Equipment (continued)            

3.50%, 05/30/30 (Call 02/28/30)

  $ 1,840     $ 1,521,768  

3.55%, 01/15/52 (Call 07/15/51)

    1,140       646,060  

3.80%, 09/15/27 (Call 06/15/27)

    1,959       1,792,668  

4.25%, 05/15/29 (Call 02/15/29)

    2,105       1,882,204  

5.25%, 05/15/49 (Call 11/15/48)

    1,910       1,468,919  

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)

    1,243       1,001,977  

4.15%, 10/01/25 (Call 07/01/25)

    3,004       2,918,933  

5.50%, 03/21/33 (Call 12/21/32)(b)

    1,290       1,229,776  

5.98%, 03/21/26 (Call 03/21/24)

    165       165,093  
   

 

 

 
      32,525,890  
Banks — 5.6%            

Australia & New Zealand Banking Group Ltd.

   

3.70%, 11/16/25

    3,509       3,379,217  

5.09%, 12/08/25

    1,560       1,542,516  

5.38%, 07/03/25

    3,975       3,957,409  

5.67%, 10/03/25

    4,250       4,256,245  

Banco Bilbao Vizcaya Argentaria SA

   

1.13%, 09/18/25

    4,065       3,702,469  

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

    4,080       4,019,114  

6.14%, 09/14/28 (Call 09/14/27),
(1-year CMT + 2.700%)(a)

    600       585,311  

Banco Santander SA

   

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

    4,213       3,654,313  

1.85%, 03/25/26

    5,889       5,264,139  

2.75%, 05/28/25

    8,489       8,000,629  

2.75%, 12/03/30

    3,518       2,571,595  

2.96%, 03/25/31

    3,780       2,922,190  

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

    4,530       3,333,261  

3.31%, 06/27/29

    5,512       4,703,736  

3.49%, 05/28/30

    4,368       3,580,380  

3.50%, 03/24/25

    1,260       1,211,977  

3.80%, 02/23/28

    3,134       2,787,316  

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

    5,223       4,782,615  

4.25%, 04/11/27

    7,088       6,577,914  

4.38%, 04/12/28

    4,259       3,874,758  

5.15%, 08/18/25

    2,985       2,906,519  

5.18%, 11/19/25

    7,286       7,042,066  

5.29%, 08/18/27

    4,673       4,460,617  

5.59%, 08/08/28

    5,300       5,112,461  

6.53%, 11/07/27 (Call 11/07/26),
(1-year CMT + 1.650%)(a)

    3,200       3,200,000  

6.61%, 11/07/28

    3,200       3,200,000  

6.92%, 08/08/33

    4,000       3,718,792  

6.94%, 11/07/33

    3,200       3,200,000  

Bank of America Corp.

   

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

    10,043       9,072,777  

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

        12,078           11,103,042  

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

    7,589       7,167,423  

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

    18,813       16,596,929  

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

    6,075       4,518,491  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 11,551     $ 8,519,445  

2.02%, 02/13/26 (Call 02/13/25),
(3-mo. SOFR + 0.902%)(a)

    5,929       5,590,537  

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

    8,900       7,339,749  

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

    10,895       8,040,983  

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

    12,105       8,628,970  

2.50%, 02/13/31 (Call 02/13/30),
(3-mo. SOFR + 1.252%)(a)

    14,360       11,324,971  

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

    10,055       8,886,811  

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

    10,665       7,994,311  

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

    13,014       10,263,224  

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

    18,942       11,535,649  

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

    15,244       11,690,574  

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

    3,784       2,091,055  

2.88%, 10/22/30 (Call 10/22/29),
(3-mo. SOFR + 1.452%)(a)

    8,128       6,646,921  

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

    15,675       12,007,706  

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

    7,805       4,480,680  

3.19%, 07/23/30 (Call 07/23/29),
(3-mo. SOFR + 1.442%)(a)

    10,354       8,680,493  

3.25%, 10/21/27 (Call 10/21/26)

    11,510       10,403,220  

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

    12,610       8,365,491  

3.37%, 01/23/26 (Call 01/23/25),
(3-mo. SOFR + 1.072%)(a)

    7,124       6,845,503  

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

    8,094       7,752,971  

3.42%, 12/20/28 (Call 12/20/27),
(3-mo. SOFR + 1.302%)(a)

    19,242       17,127,384  

3.50%, 04/19/26

    10,611       10,011,265  

3.56%, 04/23/27 (Call 04/23/26),
(3-mo. SOFR + 1.322%)(a)

    9,017       8,419,651  

3.59%, 07/21/28 (Call 07/21/27),
(3-mo. SOFR + 1.632%)(a)

    9,016       8,159,078  

3.71%, 04/24/28 (Call 04/24/27),
(3-mo. SOFR + 1.774%)(a)

    8,929       8,153,244  

3.82%, 01/20/28 (Call 01/20/27),
(3-mo. SOFR + 1.837%)(a)

    11,128       10,265,353  

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

    2,665       2,109,287  

3.88%, 08/01/25

    2,488       2,408,534  

3.95%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.452%)(a)

    4,660       3,244,548  

3.97%, 03/05/29 (Call 03/05/28),
(3-mo. SOFR + 1.332%)(a)

    10,215       9,240,346  

3.97%, 02/07/30 (Call 02/07/29),
(3-mo. SOFR + 1.472%)(a)

    10,528       9,305,670  

4.00%, 01/22/25

        10,475           10,194,511  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.08%, 04/23/40 (Call 04/23/39),
(3-mo. SOFR + 1.582%)(a)

  $ 6,059     $ 4,561,873  

4.08%, 03/20/51 (Call 03/20/50),
(3-mo. SOFR + 3.412%)(a)

    18,878       13,242,618  

4.24%, 04/24/38 (Call 04/24/37),
(3-mo. SOFR + 2.076%)(a)

    7,418       5,852,929  

4.25%, 10/22/26

    9,878       9,328,217  

4.27%, 07/23/29 (Call 07/23/28),
(3-mo. SOFR + 1.572%)(a)

    12,644       11,496,571  

4.33%, 03/15/50 (Call 03/15/49),
(3-mo. SOFR + 1.782%)(a)

    10,501       7,721,969  

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

    5,796       5,407,260  

4.44%, 01/20/48 (Call 01/20/47),
(3-mo. SOFR + 2.252%)(a)

    7,686       5,804,172  

4.45%, 03/03/26

    8,466       8,108,065  

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

    12,870           11,101,330  

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

    9,875       9,617,689  

4.88%, 04/01/44

    1,908       1,569,464  

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

        10,280       9,770,715  

5.00%, 01/21/44

    7,310       6,132,826  

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

    16,140       14,422,968  

5.08%, 01/20/27 (Call 01/20/26),
(1-day SOFR + 1.290%)(a)

    11,010       10,716,339  

5.20%, 04/25/29 (Call 04/25/28),
(1-day SOFR + 1.630%)(a)

    11,670       11,093,583  

5.29%, 04/25/34 (Call 04/25/33),
(1-day SOFR + 1.910%)(a)

    17,885       16,160,185  

5.82%, 09/15/29 (Call 09/15/28),
(1-day SOFR + 1.570%)(a)

    5,700       5,549,900  

5.87%, 09/15/34 (Call 09/15/33),
(1-day SOFR + 1.840%)(a)

    7,300       6,877,069  

5.88%, 02/07/42

    6,287       5,885,969  

5.93%, 09/15/27 (Call 09/15/26),
(1-day SOFR + 1.340%)(a)

    6,480       6,413,019  

6.11%, 01/29/37

    8,337       7,922,688  

6.20%, 11/10/28 (Call 11/10/27),
(1-day SOFR + 1.990%)(a)

    7,429       7,381,684  

6.22%, 09/15/26

    3,469       3,497,776  

7.75%, 05/14/38

    7,019       7,516,154  

Series L, 3.95%, 04/21/25

    12,071       11,669,812  

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

    9,293       8,551,266  

Series L, 4.75%, 04/21/45

    2,287       1,795,708  

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

    11,410       10,203,862  

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

    10,815       8,288,837  

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

    4,340       2,740,910  

Bank of America NA

   

5.53%, 08/18/26 (Call 07/18/26)

    6,550       6,494,309  

5.65%, 08/18/25 (Call 07/18/25)

    6,370       6,352,282  

6.00%, 10/15/36

    5,853       5,634,774  

Bank of Montreal

   

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

    2,655       2,366,124  

1.25%, 09/15/26

    8,571       7,508,491  
Security  

Par

(000)

    Value  
Banks (continued)            

1.50%, 01/10/25

  $ 4,200     $ 3,983,714  

1.85%, 05/01/25

    7,352       6,909,637  

2.65%, 03/08/27

    5,135       4,593,108  

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

    3,090       2,237,109  

3.70%, 06/07/25

    1,840       1,773,721  

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

    5,101       4,415,994  

5.20%, 12/12/24

    500       495,673  

5.20%, 02/01/28 (Call 01/01/28)

    5,600       5,398,267  

5.30%, 06/05/26

    3,025       2,975,070  

5.72%, 09/25/28 (Call 08/25/28)

    4,365       4,272,196  

5.92%, 09/25/25

    1,825       1,820,304  

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

    2,685       2,554,894  

Bank of New York Mellon Corp. (The)

   

0.75%, 01/28/26 (Call 12/28/25)

    881       789,135  

1.05%, 10/15/26 (Call 09/15/26)

    2,346       2,055,937  

1.60%, 04/24/25 (Call 03/24/25)

    2,601       2,443,239  

1.65%, 07/14/28 (Call 05/14/28)

    2,160       1,788,745  

1.65%, 01/28/31 (Call 10/28/30)

    1,002       741,756  

1.80%, 07/28/31 (Call 04/28/31)

    2,490       1,832,221  

2.05%, 01/26/27 (Call 12/26/26)

    3,355       2,974,251  

2.45%, 08/17/26 (Call 05/17/26)

    3,111       2,856,162  

2.50%, 01/26/32 (Call 10/26/31)(b)

    2,140       1,637,702  

2.80%, 05/04/26 (Call 02/04/26)

    3,972       3,696,570  

3.00%, 10/30/28 (Call 07/30/28)

    1,894       1,626,523  

3.25%, 05/16/27 (Call 02/16/27)(b)

    3,642       3,332,315  

3.30%, 08/23/29 (Call 05/23/29)

    2,839       2,411,047  

3.40%, 01/29/28 (Call 10/29/27)

    3,769       3,421,631  

3.44%, 02/07/28 (Call 02/07/27),
(3-mo. SOFR + 1.331%)(a)

    4,686       4,318,001  

3.85%, 04/28/28

    4,270       3,954,535  

3.85%, 04/26/29 (Call 02/26/29)

    1,765       1,609,309  

3.95%, 11/18/25 (Call 10/18/25)

    2,754       2,644,736  

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

    2,632       2,449,686  

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

    2,057       1,769,134  

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

    2,523       2,449,991  

4.54%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.168%)(a)

    3,415       3,203,738  

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

    2,145       1,977,736  

4.71%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 1.511%)(a)

    3,070       2,695,745  

4.95%, 04/26/27 (Call 04/26/26),
(1-day SOFR + 1.026%)(a)

    4,015       3,901,779  

4.97%, 04/26/34 (Call 04/26/33),
(1-day SOFR + 1.606%)(a)

    3,795       3,405,657  

5.15%, 05/22/26 (Call 05/22/25),
(1-day SOFR + 1.067%)(a)

    1,415       1,396,100  

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

    3,040       3,015,520  

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

    2,285       2,255,583  

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

    5,805       5,561,986  

6.32%, 10/25/29 (Call 10/25/28),
(1-day SOFR + 1.598%)(a)

        2,750           2,771,038  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

6.47%, 10/25/34 (Call 10/25/33),
(1-day SOFR + 1.845%)(a)

  $ 2,810     $ 2,818,335  

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

    3,406       3,282,912  

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

    1,718       1,420,264  

Bank of Nova Scotia (The)

   

1.05%, 03/02/26

    4,475       3,989,183  

1.30%, 06/11/25

    6,477       6,006,244  

1.30%, 09/15/26 (Call 06/15/26)

    4,490       3,937,761  

1.35%, 06/24/26

    3,975       3,524,951  

1.45%, 01/10/25

    6,170       5,847,970  

1.95%, 02/02/27

    2,380       2,098,672  

2.15%, 08/01/31

    1,696       1,260,106  

2.20%, 02/03/25

    6,069       5,789,397  

2.45%, 02/02/32

    2,525       1,896,722  

2.70%, 08/03/26

    5,266       4,832,197  

2.95%, 03/11/27

    1,785       1,619,714  

3.45%, 04/11/25

    5,255       5,064,026  

4.50%, 12/16/25

    5,552       5,354,748  

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

    4,372       3,532,410  

4.75%, 02/02/26

    1,460       1,421,422  

4.85%, 02/01/30

    3,755       3,450,077  

5.25%, 12/06/24

    2,075       2,057,514  

5.25%, 06/12/28

    2,445       2,343,515  

5.45%, 06/12/25

    2,520       2,494,541  

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

    1,190       883,954  

BankUnited Inc.

   

4.88%, 11/17/25 (Call 08/17/25)

    2,343       2,190,054  

5.13%, 06/11/30 (Call 03/11/30)

    1,209       956,093  

Barclays PLC

   

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

    7,311       6,398,555  

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

    3,709       2,815,291  

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

    2,115       1,559,195  

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

    5,173       4,879,506  

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

    5,318       3,882,730  

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

    4,610       2,825,564  

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

    3,875       2,922,412  

3.65%, 03/16/25

    8,723       8,391,425  

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

    1,753       1,099,850  

4.34%, 01/10/28 (Call 01/10/27)

    5,095       4,657,032  

4.38%, 01/12/26

        10,692           10,203,574  

4.84%, 05/09/28 (Call 05/07/27)

    8,268       7,426,725  

4.95%, 01/10/47

    6,230       4,775,902  

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

    7,045       6,480,639  

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

    5,793       5,019,717  

5.20%, 05/12/26

    7,598       7,252,787  

5.25%, 08/17/45

    6,138       4,944,978  

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

    4,995       4,872,451  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 6,250     $ 5,927,600  

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

    2,820       2,528,866  

5.83%, 05/09/27 (Call 05/09/26),
(1-day SOFR + 2.210%)(a)

    5,970       5,827,963  

6.22%, 05/09/34 (Call 05/09/33),
(1-day SOFR + 2.980%)(a)

    6,225       5,702,321  

6.49%, 09/13/29 (Call 09/13/28),
(1-day SOFR + 2.220%)(a)

    2,775       2,706,551  

6.50%, 09/13/27 (Call 09/13/26),
(1-day SOFR + 1.880%)(a)

    1,115       1,104,341  

6.69%, 09/13/34 (Call 09/13/33),
(1-day SOFR + 2.620%)(a)

    2,205       2,085,702  

7.12%, 06/27/34 (Call 06/27/33),
(1-day SOFR + 3.570%)(a)

    5,960       5,547,223  

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

    2,584       2,613,500  

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

    2,726       2,755,187  

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

    6,525       6,508,054  

BPCE SA, 3.38%, 12/02/26

    1,983       1,825,487  

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

    645       589,375  

Canadian Imperial Bank of Commerce

   

0.95%, 10/23/25

    3,663       3,324,388  

1.25%, 06/22/26 (Call 05/22/26)

    4,825       4,273,097  

2.25%, 01/28/25

    3,770       3,600,001  

3.30%, 04/07/25

    2,365       2,275,444  

3.45%, 04/07/27 (Call 03/07/27)

    3,470       3,172,218  

3.60%, 04/07/32 (Call 03/07/32)(b)

    1,855       1,524,674  

3.95%, 08/04/25

    3,660       3,533,989  

5.00%, 04/28/28 (Call 03/28/28)

    3,620       3,447,894  

5.14%, 04/28/25

    2,590       2,555,332  

5.61%, 07/17/26

    1,330       1,317,051  

5.93%, 10/02/26

    1,940       1,936,603  

5.99%, 10/03/28 (Call 09/03/28)

    1,945       1,921,065  

6.09%, 10/03/33 (Call 07/03/33)

    1,925       1,853,763  

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

    2,255       2,130,152  

Citibank NA

   

5.80%, 09/29/28 (Call 08/29/28)(b)

    5,500       5,431,614  

5.86%, 09/29/25 (Call 08/29/25)

    5,990       5,998,085  

Citigroup Inc.

   

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

    10,028       8,913,795  

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

    1,800       1,703,349  

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

    11,143       9,805,896  

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

    4,650       4,390,251  

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

    3,105       2,309,787  

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

    10,945       8,309,225  

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

        14,540           11,382,874  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 9,067     $ 7,228,046  

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

    3,420       2,096,616  

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

    6,387       5,240,104  

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

    10,100       7,778,205  

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

    6,825       6,144,017  

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

    14,782       14,101,875  

3.20%, 10/21/26 (Call 07/21/26)

    11,573       10,679,054  

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

    4,830       4,624,464  

3.30%, 04/27/25

    5,997       5,771,233  

3.40%, 05/01/26

    8,795       8,270,493  

3.52%, 10/27/28 (Call 10/27/27),
(3-mo. SOFR + 1.412%)(a)

    8,863       7,964,918  

3.67%, 07/24/28 (Call 07/24/27),
(3-mo. SOFR + 1.652%)(a)

    9,525       8,634,783  

3.70%, 01/12/26

    9,007       8,570,217  

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

    8,560       6,954,496  

3.88%, 03/26/25

    5,813       5,606,313  

3.88%, 01/24/39 (Call 01/24/38),
(3-mo. SOFR + 1.430%)(a)

    3,986       2,992,125  

3.89%, 01/10/28 (Call 01/10/27),
(3-mo. SOFR + 1.825%)(a)

    10,752       9,969,159  

3.98%, 03/20/30 (Call 03/20/29),
(3-mo. SOFR + 1.600%)(a)

    9,559       8,449,802  

4.08%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.454%)(a)

    7,916       7,195,483  

4.13%, 07/25/28

    8,189       7,345,190  

4.28%, 04/24/48 (Call 04/24/47),
(3-mo. SOFR + 2.101%)(a)

    4,089       3,001,963  

4.30%, 11/20/26

    4,388       4,123,614  

4.40%, 06/10/25

    5,910       5,719,572  

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

    13,749       12,150,014  

4.45%, 09/29/27

    14,042       12,973,596  

4.60%, 03/09/26

    6,625       6,349,554  

4.65%, 07/30/45

    5,240       4,022,482  

4.65%, 07/23/48 (Call 06/23/48)

    9,408       7,231,757  

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

    4,310       4,080,727  

4.75%, 05/18/46

    8,488       6,329,100  

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

    3,710       3,285,812  

5.30%, 05/06/44

    4,455       3,628,029  

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

    4,897       4,228,134  

5.50%, 09/13/25

    7,268       7,166,765  

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

        10,675           10,536,804  

5.88%, 02/22/33

    1,782       1,676,499  

5.88%, 01/30/42

    5,234       4,849,572  

6.00%, 10/31/33

    5,475       5,237,450  

6.13%, 08/25/36

    2,053       1,937,439  

6.17%, 05/25/34 (Call 05/25/33),
(1-day SOFR + 2.661%)(a)

    4,740       4,420,617  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 10,550     $ 10,247,004  

6.63%, 01/15/28(b)

    1,447       1,499,822  

6.63%, 06/15/32

    4,715       4,672,003  

6.68%, 09/13/43

    5,504       5,265,136  

8.13%, 07/15/39

    9,213       10,388,157  

Citizens Bank NA

   

2.25%, 04/28/25 (Call 03/28/25)

    3,716       3,437,875  

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

    2,258       2,003,417  

Citizens Bank NA/Providence RI

   

3.75%, 02/18/26 (Call 11/18/25)

    2,827       2,587,157  

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

    2,220       2,126,857  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)

    946       702,033  

2.64%, 09/30/32 (Call 07/02/32)

    1,887       1,252,208  

2.85%, 07/27/26 (Call 04/27/26)

    2,165       1,919,044  

3.25%, 04/30/30 (Call 01/30/30)(b)

    2,833       2,191,651  

4.30%, 12/03/25 (Call 11/03/25)

    959       901,812  

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

    1,735       1,392,630  

Comerica Bank

   

4.00%, 07/27/25

        1,180           1,083,500  

5.33%, 08/25/33 (Call 08/25/32),
(1-day SOFR + 2.610%)(a)

    570       444,459  

Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28)(b)

    2,536       2,071,790  

Commonwealth Bank of Australia, 5.50%, 09/12/25

    1,930       1,927,328  

Commonwealth Bank of Australia/New York NY

   

5.08%, 01/10/25

    4,161       4,141,298  

5.32%, 03/13/26

    895       889,704  

Cooperatieve Rabobank UA

   

3.75%, 07/21/26

    5,133       4,771,184  

4.38%, 08/04/25

    5,554       5,334,669  

5.25%, 05/24/41

    5,976       5,459,611  

5.25%, 08/04/45

    4,585       3,771,063  

5.50%, 07/18/25

    3,280       3,258,837  

5.50%, 10/05/26

    3,800       3,770,504  

5.75%, 12/01/43

    4,585       4,053,164  

Cooperatieve Rabobank UA/NY

   

1.38%, 01/10/25

    4,370       4,147,370  

3.38%, 05/21/25

    3,967       3,820,424  

5.00%, 01/13/25

    1,431       1,416,980  

Credit Suisse AG/New York NY

   

1.25%, 08/07/26(b)

    4,813       4,196,142  

2.95%, 04/09/25

    4,924       4,675,511  

3.70%, 02/21/25

    7,426       7,151,052  

5.00%, 07/09/27(b)

    6,670       6,364,678  

7.50%, 02/15/28

    3,640       3,778,495  

7.95%, 01/09/25

    2,895       2,935,916  

Deutsche Bank AG

   

4.10%, 01/13/26(b)

    2,394       2,277,547  

4.50%, 04/01/25

    2,558       2,449,490  

Deutsche Bank AG/New York NY

   

1.69%, 03/19/26

    5,493       4,950,198  

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

    7,339       6,620,777  

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

    6,033       5,213,644  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 5,230     $ 4,526,126  

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

    2,214       1,648,015  

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

    8,177       6,416,276  

3.73%, 01/14/32 (Call 10/14/30),
(1-day SOFR + 2.757%)(a)

    1,720       1,247,761  

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

    4,885       3,425,403  

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

    5,598       5,399,217  

4.10%, 01/13/26

    2,278       2,163,869  

4.16%, 05/13/25

    3,495       3,392,222  

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

        3,270           2,749,178  

5.37%, 09/09/27

    1,419       1,373,137  

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

    370       316,338  

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

    2,955       2,908,679  

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

    3,805       3,731,445  

7.08%, 02/10/34 (Call 11/10/32),
(1-day SOFR + 3.650%)(a)

    2,545       2,238,181  

7.15%, 07/13/27 (Call 07/13/26),
(1-day SOFR + 2.520%)(a)

    4,335       4,328,900  

Discover Bank

   

2.70%, 02/06/30 (Call 11/06/29)

    1,768       1,328,597  

3.45%, 07/27/26 (Call 04/27/26)

    3,963       3,579,372  

4.25%, 03/13/26

    1,745       1,644,436  

4.65%, 09/13/28 (Call 06/13/28)

    3,847       3,381,003  

Fifth Third Bancorp.

   

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

    2,759       2,351,584  

2.38%, 01/28/25 (Call 12/28/24)

    2,757       2,621,290  

2.55%, 05/05/27 (Call 04/05/27)

    3,519       3,034,187  

3.95%, 03/14/28 (Call 02/14/28)

    210       187,571  

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

    2,443       2,207,823  

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

    886       721,977  

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

    3,255       2,883,679  

6.34%, 07/27/29 (Call 07/27/28),
(1-day SOFR + 2.340%)(a)

    420       406,883  

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

    3,795       3,700,983  

8.25%, 03/01/38

    5,257       5,345,688  

Fifth Third Bank NA

   

2.25%, 02/01/27 (Call 01/01/27)(b)

    3,191       2,779,620  

3.85%, 03/15/26 (Call 02/15/26)

    3,189       2,933,847  

3.95%, 07/28/25 (Call 06/28/25)

    2,657       2,547,935  

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

    1,145       1,065,873  

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

    1,546       1,308,088  

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

    1,285       1,195,241  
Security  

Par

(000)

    Value  
Banks (continued)            

First-Citizens Bank & Trust Co., 6.13%, 03/09/28

  $ 995     $ 966,599  

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

    300       287,738  

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

    5,478       5,299,683  

Goldman Sachs Group Inc. (The)

   

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

    4,466       4,142,184  

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

    3,992       3,562,134  

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

    11,835       10,506,392  

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

    14,923           12,974,742  

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

        15,275       13,395,310  

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

    10,485       7,696,502  

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

    9,277       6,891,668  

2.60%, 02/07/30 (Call 11/07/29)

    7,826       6,282,493  

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

    14,490       11,039,493  

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

    10,040       8,894,694  

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

    11,025       8,291,283  

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

    7,755       4,780,119  

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

    13,360       10,380,607  

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

    10,473       6,807,831  

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

    6,230       4,111,486  

3.50%, 01/23/25 (Call 10/23/24)

    6,112       5,920,357  

3.50%, 04/01/25 (Call 03/01/25)

    13,250       12,753,951  

3.50%, 11/16/26 (Call 11/16/25)

    12,306       11,410,417  

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

    5,235       4,791,047  

3.69%, 06/05/28 (Call 06/05/27),
(3-mo. SOFR + 1.772%)(a)

    9,947       9,075,098  

3.75%, 05/22/25 (Call 02/22/25)

    9,250       8,915,834  

3.75%, 02/25/26 (Call 11/25/25)

    7,763       7,364,995  

3.80%, 03/15/30 (Call 12/15/29)

    9,497       8,204,043  

3.81%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.420%)(a)

    8,409       7,552,882  

3.85%, 01/26/27 (Call 01/26/26)

    12,974       12,083,701  

4.02%, 10/31/38 (Call 10/31/37),
(3-mo. SOFR + 1.635%)(a)

    8,651       6,551,086  

4.22%, 05/01/29 (Call 05/01/28),
(3-mo. SOFR + 1.563%)(a)

    10,666       9,728,234  

4.25%, 10/21/25

    7,829       7,507,679  

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

    3,386       3,233,699  

4.41%, 04/23/39 (Call 04/23/38),
(3-mo. SOFR + 1.692%)(a)

    5,063       4,010,124  

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

    9,850       9,222,178  

4.75%, 10/21/45 (Call 04/21/45)

    6,499       5,193,382  

4.80%, 07/08/44 (Call 01/08/44)

    8,169       6,470,556  

5.15%, 05/22/45

    8,877       7,202,861  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

5.70%, 11/01/24

  $ 5,210     $ 5,192,166  

5.80%, 08/10/26 (Call 08/10/25),
(1-day SOFR + 1.075%)(a)

    8,150       8,065,808  

5.95%, 01/15/27

    4,313       4,253,972  

6.13%, 02/15/33

    4,098       4,064,674  

6.25%, 02/01/41

    8,906       8,620,865  

6.45%, 05/01/36

    4,307       4,144,386  

6.48%, 10/24/29 (Call 10/24/28),
(1-day SOFR + 1.770%)(a)

    5,240       5,236,984  

6.56%, 10/24/34 (Call 10/24/33),
(1-day SOFR + 1.950%)(a)

    1,275       1,267,939  

6.75%, 10/01/37

        21,655           21,149,007  

HSBC Bank USA NA/New York

   

5.63%, 08/15/35

    935       823,632  

5.88%, 11/01/34

    1,190       1,088,717  

7.00%, 01/15/39

    2,725       2,716,920  

HSBC Holdings PLC

   

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

    5,815       5,121,384  

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

    9,268       8,620,325  

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

    2,550       2,141,176  

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

    5,865       5,462,124  

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

    3,670       2,982,320  

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

    8,190       7,180,309  

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

    6,268       4,721,173  

2.63%, 11/07/25 (Call 11/07/24),
(3-mo. SOFR + 1.401%)(a)

    9,733       9,332,062  

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

    10,220       7,686,199  

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

    4,058       3,185,338  

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

    7,385       5,508,197  

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

    5,365       5,115,139  

3.90%, 05/25/26

    10,624       10,027,875  

3.97%, 05/22/30 (Call 05/22/29),
(3-mo. SOFR + 1.872%)(a)

    12,145       10,490,917  

4.04%, 03/13/28 (Call 03/13/27),
(3-mo. SOFR + 1.808%)(a)

    10,161       9,333,624  

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

    4,180       4,069,368  

4.25%, 08/18/25

    7,176       6,877,675  

4.29%, 09/12/26 (Call 09/12/25),
(3-mo. SOFR + 1.609%)(a)

    10,489       10,063,885  

4.30%, 03/08/26

    12,872       12,328,218  

4.38%, 11/23/26

    6,651       6,275,737  

4.58%, 06/19/29 (Call 06/19/28),
(3-mo. SOFR + 1.796%)(a)

    16,547       15,077,817  

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

    11,430       10,700,687  

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

    6,730       5,565,279  

4.95%, 03/31/30

    10,230       9,399,351  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 2,700     $ 2,573,331  

5.25%, 03/14/44(b)

    3,869       3,111,431  

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

    8,075       7,250,163  

5.89%, 08/14/27 (Call 08/14/26),
(1-day SOFR + 1.570%)(a)

    6,015       5,908,877  

6.10%, 01/14/42(b)

    3,837       3,690,486  

6.16%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 1.970%)(a)

    6,100       5,971,464  

6.25%, 03/09/34 (Call 03/09/33),
(1-day SOFR + 2.390%)(a)

        10,090       9,573,708  

6.33%, 03/09/44 (Call 03/09/43),
(1-day SOFR + 2.650%)(a)

    9,215       8,547,054  

6.50%, 05/02/36

    7,987       7,338,779  

6.50%, 09/15/37

    9,507       8,668,084  

6.55%, 06/20/34 (Call 06/20/33),
(1-day SOFR + 2.980%)(a)

    4,325       4,032,657  

6.80%, 06/01/38

    6,442       6,001,194  

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

    8,225       8,366,951  

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

    8,630       8,852,736  

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

    8,975       9,296,499  

HSBC USA Inc., 5.63%, 03/17/25

    1,335       1,326,401  

Huntington Bancshares Inc.

   

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

    2,300       1,556,409  

2.55%, 02/04/30 (Call 11/04/29)

    2,747           2,109,303  

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

    2,360       2,154,824  

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

    1,439       1,232,809  

6.21%, 08/21/29 (Call 08/21/28),
(1-day SOFR + 2.020%)(a)

    690       663,208  

Huntington Bancshares Inc./OH, 4.00%, 05/15/25 (Call 04/15/25)

    1,866       1,787,737  

Huntington National Bank (The)

   

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

    2,750       2,528,108  

5.65%, 01/10/30 (Call 11/10/29)

    1,830       1,675,383  

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

    2,615       2,539,861  

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

    2,410       2,239,744  

ING Groep NV

   

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

    4,166       3,719,951  

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

    2,648       2,025,620  

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

    1,015       978,239  

3.95%, 03/29/27

    6,580       6,090,102  

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

    2,478       2,280,497  

4.05%, 04/09/29

    4,700       4,200,288  

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

    2,775       2,324,441  

4.55%, 10/02/28

    4,641       4,282,900  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

6.08%, 09/11/27 (Call 09/11/26),
(1-day SOFR + 1.560%)(a)

  $ 1,735     $ 1,718,999  

6.11%, 09/11/34 (Call 09/11/33),
(1-day SOFR + 2.090%)(a)

    980       917,838  

JPMorgan Chase & Co.

   

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

    4,611       4,098,104  

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

    3,257       2,930,017  

1.05%, 06/23/27 (Call 12/23/25)

    350       296,825  

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

    8,503       7,405,212  

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

    11,390           10,781,901  

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

    6,961       6,207,703  

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

    2,800       2,068,901  

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

    6,170       4,583,127  

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

    9,795       9,240,466  

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

    9,151       7,603,207  

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

        14,373       13,506,388  

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

    7,760       6,743,643  

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

    13,716       10,915,579  

2.53%, 11/19/41 (Call 11/19/40),
(3-mo. SOFR + 1.510%)(a)

    3,745       2,239,264  

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

    8,570       6,494,092  

2.58%, 04/22/32 (Call 04/22/31),
(3-mo. SOFR + 1.250%)(a)

    8,049       6,213,537  

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

    3,133       2,985,602  

2.74%, 10/15/30 (Call 10/15/29),
(3-mo. SOFR + 1.510%)(a)

    7,861       6,455,006  

2.95%, 10/01/26 (Call 07/01/26)(b)

    13,026       12,051,750  

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

    4,189       3,770,499  

2.96%, 05/13/31 (Call 05/13/30),
(3-mo. SOFR + 2.515%)(a)

    5,141       4,155,281  

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

    11,420       8,898,265  

3.11%, 04/22/41 (Call 04/22/40),
(3-mo. SOFR + 2.460%)(a)

    7,928       5,264,242  

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

    10,745       6,332,557  

3.13%, 01/23/25 (Call 10/23/24)

    8,652       8,370,531  

3.16%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.460%)(a)

    5,120       3,370,745  

3.20%, 06/15/26 (Call 03/15/26)

    6,955       6,517,973  

3.30%, 04/01/26 (Call 01/01/26)

    11,934       11,242,812  

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

    11,260       6,905,369  

3.51%, 01/23/29 (Call 01/23/28),
(3-mo. SOFR + 1.207%)(a)

    10,273       9,209,256  
Security  

Par

(000)

    Value  
Banks (continued)            

3.54%, 05/01/28 (Call 05/01/27),
(3-mo. SOFR + 1.642%)(a)

  $ 7,600     $ 6,947,044  

3.63%, 12/01/27 (Call 12/01/26)

    6,691       6,107,455  

3.70%, 05/06/30 (Call 05/06/29),
(3-mo. SOFR + 1.422%)(a)

    10,791       9,462,795  

3.78%, 02/01/28 (Call 02/01/27),
(3-mo. SOFR + 1.599%)(a)

    12,536       11,622,138  

3.88%, 07/24/38 (Call 07/24/37),
(3-mo. SOFR + 1.622%)(a)

    11,281       8,631,504  

3.90%, 07/15/25 (Call 04/15/25)

        10,390       10,068,003  

3.90%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.482%)(a)

    8,468       5,856,237  

3.96%, 01/29/27 (Call 01/29/26),
(3-mo. SOFR + 1.507%)(a)

    9,193       8,760,228  

3.96%, 11/15/48 (Call 11/15/47),
(3-mo. SOFR + 1.642%)(a)

    11,705       8,182,691  

4.01%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.382%)(a)

    6,949       6,327,712  

4.03%, 07/24/48 (Call 07/24/47),
(3-mo. SOFR + 1.722%)(a)

    7,491       5,310,848  

4.08%, 04/26/26 (Call 04/26/25),
(1-day SOFR + 1.320%)(a)

    11,365           11,014,725  

4.13%, 12/15/26

    10,411       9,829,564  

4.20%, 07/23/29 (Call 07/23/28),
(3-mo. SOFR + 1.522%)(a)

    10,247       9,391,936  

4.25%, 10/01/27

    4,328       4,080,181  

4.26%, 02/22/48 (Call 02/22/47),
(3-mo. SOFR + 1.842%)(a)

    9,354       6,910,372  

4.32%, 04/26/28 (Call 04/26/27),
(1-day SOFR + 1.560%)(a)

    12,238       11,494,378  

4.45%, 12/05/29 (Call 12/05/28),
(3-mo. SOFR + 1.592%)(a)

    10,396       9,559,007  

4.49%, 03/24/31 (Call 03/24/30),
(3-mo. SOFR + 3.790%)(a)

    12,370       11,157,288  

4.57%, 06/14/30 (Call 06/14/29),
(1-day SOFR + 1.750%)(a)

    9,051       8,309,165  

4.59%, 04/26/33 (Call 04/26/32),
(1-day SOFR + 1.800%)(a)

    8,180       7,190,142  

4.85%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.990%)(a)

    7,720       7,375,177  

4.85%, 02/01/44

    5,589       4,659,662  

4.91%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.080%)(a)

    17,020       15,298,737  

4.95%, 06/01/45

    5,231       4,303,244  

5.30%, 07/24/29 (Call 07/24/28),
(1-day SOFR + 1.450%)(a)

    10,900       10,492,269  

5.35%, 06/01/34 (Call 06/01/33),
(1-day SOFR + 1.845%)(a)

    12,990       11,974,929  

5.40%, 01/06/42

    7,134       6,417,244  

5.50%, 10/15/40

    6,854       6,240,343  

5.55%, 12/15/25 (Call 12/15/24),
(1-day SOFR + 1.070%)(a)

    12,920       12,823,980  

5.60%, 07/15/41

    9,065       8,341,651  

5.63%, 08/16/43

    6,683       6,036,922  

5.72%, 09/14/33 (Call 09/14/32),
(1-day SOFR + 2.580%)(a)

    14,220       13,338,490  

6.07%, 10/22/27 (Call 10/22/26),
(1-day SOFR + 1.330%)(a)

    7,175       7,165,663  

6.09%, 10/23/29 (Call 10/23/28),
(1-day SOFR + 1.570%)(a)

    7,090       7,047,650  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

6.25%, 10/23/34 (Call 10/23/33),
(1-day SOFR + 1.810%)(a)

  $ 5,600     $ 5,522,845  

6.40%, 05/15/38

    9,181       9,273,359  

7.63%, 10/15/26

    4,596       4,802,097  

7.75%, 07/15/25

    980       1,010,238  

8.00%, 04/29/27

    7,581       8,051,440  

8.75%, 09/01/30

    1,354       1,533,238  

KeyBank NA

   

4.70%, 01/26/26 (Call 12/26/25)

    300       278,431  

5.00%, 01/26/33 (Call 10/26/32)

    2,533       2,038,166  

KeyBank NA/Cleveland OH

   

3.30%, 06/01/25

    930       862,905  

3.40%, 05/20/26

    3,225       2,840,030  

3.90%, 04/13/29 (Call 03/13/29)

    1,468       1,143,773  

4.15%, 08/08/25

    1,650       1,534,564  

4.90%, 08/08/32

    2,130       1,571,778  

5.85%, 11/15/27 (Call 10/16/27)

    4,193       3,876,253  

6.95%, 02/01/28

    130       119,132  

KeyCorp

   

2.25%, 04/06/27

    2,694       2,233,481  

2.55%, 10/01/29

    3,141       2,349,003  

4.10%, 04/30/28

    3,111       2,660,210  

4.15%, 10/29/25

    1,729       1,610,181  

4.79%, 06/01/33 (Call 06/01/32),
(1-day SOFR + 2.060%)(a)

    3,208       2,528,935  

Korea Development Bank (The)

   

0.75%, 01/25/25(b)

    2,105       1,983,856  

0.80%, 07/19/26

    1,285       1,132,315  

1.00%, 09/09/26

    1,210       1,065,696  

1.63%, 01/19/31

    2,505       1,898,799  

2.00%, 02/24/25

    1,075       1,026,194  

2.00%, 09/12/26(b)

    995       902,029  

2.00%, 10/25/31

    3,615       2,755,842  

2.25%, 02/24/27

    360       324,251  

3.00%, 01/13/26

    3,143       2,977,858  

3.38%, 09/16/25(b)

    2,495       2,399,121  

Kreditanstalt fuer Wiederaufbau

   

0.00%, 04/18/36(c)

    9,730       5,121,981  

0.00%, 06/29/37(b)(c)

        13,976       6,890,936  

0.38%, 07/18/25

    10,645       9,803,471  

0.63%, 01/22/26

    7,060       6,397,566  

0.75%, 09/30/30

    4,289       3,237,522  

1.00%, 10/01/26

    3,954       3,533,744  

1.25%, 01/31/25

    11,280       10,715,842  

1.75%, 09/14/29

    8,877       7,468,434  

2.00%, 05/02/25

    8,288       7,893,011  

2.50%, 11/20/24

    26,220           25,408,321  

2.88%, 04/03/28

    9,712       8,904,920  

3.00%, 05/20/27

    1,165       1,091,902  

3.13%, 06/10/25

    1,165       1,126,513  

3.63%, 04/01/26

    2,965       2,868,272  

3.75%, 02/15/28

    2,550       2,428,325  

3.88%, 06/15/28

    1,390       1,327,231  

4.13%, 07/15/33

    6,905       6,395,537  

4.63%, 08/07/26

    5,425       5,369,867  

5.13%, 09/29/25

    200       199,693  

Landwirtschaftliche Rentenbank

   

0.88%, 03/30/26

    3,845       3,476,638  

0.88%, 09/03/30

    3,560       2,701,390  

1.75%, 07/27/26

    2,960       2,712,703  

2.00%, 01/13/25

    7,942       7,623,993  
Security  

Par

(000)

    Value  
Banks (continued)            

2.38%, 06/10/25

  $ 4,245     $ 4,051,389  

3.88%, 09/28/27(b)

    965       931,068  

3.88%, 06/14/28

    480       458,687  

5.00%, 10/24/33

    50       49,602  

Series 37, 2.50%, 11/15/27

    932       851,034  

Series 40, 0.50%, 05/27/25

        5,945           5,513,745  

Lloyds Bank PLC, 3.50%, 05/14/25

    220       212,439  

Lloyds Banking Group PLC

   

1.63%, 05/11/27 (Call 05/11/26),
(1-year CMT + 0.850%)(a)

    2,750       2,435,160  

2.44%, 02/05/26 (Call 02/05/25),
(1-year CMT + 1.000%)(a)

    4,602       4,362,811  

3.37%, 12/14/46 (Call 09/14/41),
(5-year CMT + 1.500%)(a)

    3,587       2,090,429  

3.51%, 03/18/26 (Call 03/18/25),
(1-year CMT + 1.600%)(a)

    5,050       4,841,283  

3.57%, 11/07/28 (Call 11/07/27),
(3-mo. LIBOR US + 1.205%)(a)

    5,637       5,003,948  

3.75%, 01/11/27

    6,404       5,888,370  

3.75%, 03/18/28 (Call 03/18/27),
(1-year CMT + 1.800%)(a)

    5,455       4,970,450  

4.34%, 01/09/48

    5,954       3,874,307  

4.38%, 03/22/28

    2,683       2,460,692  

4.45%, 05/08/25

    6,902       6,705,358  

4.50%, 11/04/24

    2,615       2,557,889  

4.55%, 08/16/28

    6,558       6,050,319  

4.58%, 12/10/25

    5,173       4,921,339  

4.65%, 03/24/26

    5,639       5,342,946  

4.72%, 08/11/26 (Call 08/11/25),
(1-year CMT + 1.750%)(a)

    3,308       3,206,052  

4.98%, 08/11/33 (Call 08/11/32),
(1-year CMT + 2.300%)(a)

    1,935       1,680,232  

5.30%, 12/01/45(b)

    3,564       2,794,608  

5.87%, 03/06/29 (Call 03/06/28),
(1-year CMT + 1.700%)(a)

    2,285       2,209,829  

5.99%, 08/07/27 (Call 08/07/26),
(1-year CMT + 1.480%)(a)

    6,840       6,738,211  

7.95%, 11/15/33 (Call 08/15/32),
(1-year CMT + 3.750%)(a)

    4,270       4,328,254  

M&T Bank Corp.

   

4.55%, 08/16/28 (Call 08/16/27),
(1-day SOFR + 1.780%)(a)

    2,145       1,951,437  

5.05%, 01/27/34 (Call 01/27/33),
(1-day SOFR + 1.850%)(a)

    2,525       2,112,489  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)

    2,697       2,559,298  

3.40%, 08/17/27

    1,940       1,641,162  

4.65%, 01/27/26 (Call 12/27/25)

    2,195       2,071,668  

4.70%, 01/27/28 (Call 12/27/27)

    2,645       2,395,120  

5.40%, 11/21/25 (Call 10/21/25)

    2,155       2,079,985  

Mitsubishi UFJ Financial Group Inc.

   

1.41%, 07/17/25

    3,494       3,228,051  

1.54%, 07/20/27 (Call 07/20/26),
(1-year CMT + 0.750%)(a)

    3,945       3,481,328  

1.64%, 10/13/27 (Call 10/13/26),
(1-year CMT + 0.670%)(a)

    3,530       3,096,840  

2.05%, 07/17/30

    2,765       2,112,034  

2.19%, 02/25/25

    7,534       7,158,685  

2.31%, 07/20/32 (Call 07/20/31),
(1-year CMT + 0.950%)(a)

    6,919       5,166,336  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.34%, 01/19/28 (Call 01/19/27),
(1-year CMT + 0.830%)(a)

  $     6,040     $     5,341,459  

2.49%, 10/13/32 (Call 10/13/31),
(1-year CMT + 0.970%)(a)

    3,134       2,358,182  

2.56%, 02/25/30

    4,680       3,755,623  

2.76%, 09/13/26

    3,315       3,028,115  

2.85%, 01/19/33 (Call 01/19/32),
(1-year CMT + 1.100%)(a)

    3,805       2,922,983  

3.20%, 07/18/29

    7,484       6,375,864  

3.29%, 07/25/27

    3,717       3,386,763  

3.68%, 02/22/27

    4,119       3,838,088  

3.74%, 03/07/29

    5,024       4,500,594  

3.75%, 07/18/39

    5,875       4,411,443  

3.78%, 03/02/25

    5,321       5,160,655  

3.84%, 04/17/26 (Call 04/17/25),
(1-year CMT + 1.125%)(a)

    3,125       3,018,603  

3.85%, 03/01/26

    3,284       3,127,402  

3.96%, 03/02/28

    5,453       5,049,489  

4.05%, 09/11/28

    4,216       3,875,526  

4.08%, 04/19/28 (Call 04/19/27),
(1-year CMT + 1.300%)(a)

    3,395       3,161,880  

4.15%, 03/07/39(b)

    2,141       1,695,143  

4.29%, 07/26/38(b)

    2,167       1,752,774  

4.32%, 04/19/33 (Call 04/19/32),
(1-year CMT + 1.550%)(a)

    2,755       2,385,635  

5.02%, 07/20/28 (Call 07/20/27),
(1-year CMT + 1.950%)(a)

    5,515       5,284,330  

5.13%, 07/20/33 (Call 07/20/32),
(1-year CMT + 2.125%)(a)

    5,825       5,320,802  

5.24%, 04/19/29 (Call 04/19/28),
(1-year CMT + 1.700%)(a)

    2,275       2,186,101  

5.35%, 09/13/28 (Call 09/13/27),
(1-year CMT + 1.900%)(a)

    4,040       3,909,335  

5.41%, 04/19/34 (Call 04/19/33),
(1-year CMT + 1.970%)(a)(b)

    2,935       2,726,159  

5.42%, 02/22/29 (Call 02/22/28),
(1-year CMT + 1.380%)(a)

    3,935       3,808,698  

5.44%, 02/22/34 (Call 02/22/33),
(1-year CMT + 1.630%)(a)

    2,660       2,476,239  

5.47%, 09/13/33 (Call 09/13/32),
(1-year CMT + 2.125%)(a)

    3,120       2,914,487  

5.48%, 02/22/31 (Call 02/22/30),
(1-year CMT + 1.530%)(a)

    3,390       3,223,459  

5.54%, 04/17/26 (Call 04/17/25),
(1-year CMT + 1.500%)(a)

    1,695       1,677,764  

5.72%, 02/20/26 (Call 02/20/25),
(1-year CMT + 1.080%)(a)

    5,375       5,340,817  

Mizuho Financial Group Inc.

   

1.23%, 05/22/27 (Call 05/22/26),
(1-year CMT + 0.670%)(a)

    3,718       3,277,640  

1.55%, 07/09/27 (Call 07/09/26),
(1-year CMT + 0.750%)(a)

    3,543       3,127,460  

1.98%, 09/08/31 (Call 09/08/30),
(3-mo. SOFR + 1.532%)(a)

    2,610       1,937,540  

2.17%, 05/22/32 (Call 05/22/31),
(1-year CMT + 0.870%)(a)

    2,113       1,549,802  

2.20%, 07/10/31 (Call 07/10/30),
(3-mo. SOFR + 1.772%)(a)

    3,995       3,034,665  

2.23%, 05/25/26 (Call 05/25/25),
(3-mo. SOFR + 1.092%)(a)

    3,044       2,856,086  
Security  

Par

(000)

    Value  
Banks (continued)            

2.26%, 07/09/32 (Call 07/09/31),
(1-year CMT + 0.900%)(a)

  $ 2,390     $ 1,757,618  

2.56%, 09/13/31

        3,730           2,743,753  

2.59%, 05/25/31 (Call 05/25/30),
(3-mo. SOFR + 1.332%)(a)

    2,058       1,613,788  

2.65%, 05/22/26 (Call 05/22/25),
(1-year CMT + 0.900%)(a)

    5,120       4,833,785  

2.84%, 09/13/26

    2,637       2,412,309  

2.87%, 09/13/30 (Call 09/13/29),
(3-mo. SOFR + 1.572%)(a)

    2,225       1,829,738  

3.15%, 07/16/30 (Call 07/16/29),
(3-mo. SOFR + 1.392%)(a)

    3,043       2,555,163  

3.17%, 09/11/27

    4,518       4,054,969  

3.26%, 05/22/30 (Call 05/22/29),
(1-year CMT + 1.250%)(a)

    2,020       1,719,715  

3.66%, 02/28/27

    2,677       2,476,548  

4.02%, 03/05/28

    5,305       4,890,038  

4.25%, 09/11/29 (Call 09/11/28),
(3-mo. SOFR + 1.532%)(a)

    3,980       3,620,714  

5.41%, 09/13/28 (Call 09/13/27),
(1-year CMT + 2.050%)(a)

    2,730       2,645,839  

5.67%, 05/27/29 (Call 05/27/28),
(1-year CMT + 1.500%)(a)

    2,930       2,849,560  

5.67%, 09/13/33 (Call 09/13/32),
(1-year CMT + 2.400%)(a)

    2,805       2,614,293  

5.74%, 05/27/31 (Call 05/27/30),
(1-year CMT + 1.650%)(a)

    2,760       2,628,399  

5.75%, 05/27/34 (Call 05/27/33),
(1-year CMT + 1.800%)(a)

    3,240       3,027,181  

5.75%, 07/06/34 (Call 07/06/33),
(1-year CMT + 1.900%)(a)

    4,185       3,890,350  

5.78%, 07/06/29 (Call 07/06/28),
(1-year CMT + 1.650%)(a)

    4,920       4,804,567  

Morgan Stanley

   

0.99%, 12/10/26 (Call 12/10/25),
(1-day SOFR + 0.720%)(a)

    10,889       9,689,050  

1.51%, 07/20/27 (Call 07/20/26),
(1-day SOFR + 0.858%)(a)

    10,894       9,562,452  

1.59%, 05/04/27 (Call 05/04/26),
(1-day SOFR + 0.879%)(a)

    5,158       4,580,852  

1.79%, 02/13/32 (Call 02/13/31),
(1-day SOFR + 1.034%)(a)

    7,475       5,408,804  

1.93%, 04/28/32 (Call 04/28/31),
(1-day SOFR + 1.020%)(a)

    14,145       10,253,879  

2.19%, 04/28/26 (Call 04/28/25),
(1-day SOFR + 1.990%)(a)

    12,599       11,849,610  

2.24%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.178%)(a)

    9,967       7,354,069  

2.48%, 01/21/28 (Call 01/21/27),
(1-day SOFR + 1.000%)(a)

    9,240       8,187,861  

2.48%, 09/16/36 (Call 09/16/31),
(1-day SOFR + 1.360%)(a)

    14,073       9,977,372  

2.51%, 10/20/32 (Call 10/20/31),
(1-day SOFR + 1.200%)(a)

    10,028       7,500,852  

2.63%, 02/18/26 (Call 02/18/25),
(1-day SOFR + 0.940%)(a)

    8,766       8,346,176  

2.70%, 01/22/31 (Call 01/22/30),
(1-day SOFR + 1.143%)(a)

    14,177       11,396,527  

2.80%, 01/25/52 (Call 01/25/51),
(1-day SOFR + 1.430%)(a)

    8,224       4,534,754  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.94%, 01/21/33 (Call 01/21/32),
(1-day SOFR + 1.290%)(a)

  $ 7,023     $ 5,388,059  

3.13%, 07/27/26

    11,632       10,763,106  

3.22%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.485%)(a)

    5,541       3,658,634  

3.59%, 07/22/28 (Call 07/22/27)(a)

        12,032           10,902,365  

3.62%, 04/01/31 (Call 04/01/30),
(1-day SOFR + 3.120%)(a)

    5,424       4,594,287  

3.63%, 01/20/27

    11,085       10,296,649  

3.77%, 01/24/29 (Call 01/24/28),
(3-mo. SOFR + 1.402%)(a)

    11,404       10,277,621  

3.88%, 01/27/26

    12,852       12,254,636  

3.95%, 04/23/27

    8,380       7,712,741  

3.97%, 07/22/38 (Call 07/22/37)(a)

    11,265       8,527,845  

4.00%, 07/23/25

    8,353       8,084,943  

4.21%, 04/20/28 (Call 04/20/27),
(1-day SOFR + 1.610%)(a)

    6,310       5,884,264  

4.30%, 01/27/45

    8,609       6,469,597  

4.35%, 09/08/26

    9,244       8,742,085  

4.38%, 01/22/47

    8,970       6,695,668  

4.43%, 01/23/30 (Call 01/23/29),
(3-mo. SOFR + 1.890%)(a)

    11,293       10,280,749  

4.46%, 04/22/39 (Call 04/22/38),
(3-mo. SOFR + 1.693%)(a)

    5,642       4,518,021  

4.68%, 07/17/26 (Call 07/17/25),
(1-day SOFR + 1.669%)(a)

    7,285       7,077,430  

4.89%, 07/20/33 (Call 07/20/32),
(1-day SOFR + 2.076%)(a)

    7,095       6,280,436  

5.00%, 11/24/25

    9,161       8,950,914  

5.05%, 01/28/27 (Call 01/28/26),
(1-day SOFR + 1.295%)(a)

    4,150       4,050,921  

5.12%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.730%)(a)

    6,225       5,928,510  

5.16%, 04/20/29 (Call 04/20/28),
(1-day SOFR + 1.590%)(a)

    10,570       10,049,141  

5.25%, 04/21/34 (Call 04/21/33),
(1-day SOFR + 1.870%)(a)

    10,570       9,523,003  

5.30%, 04/20/37 (Call 04/20/32),
(1-day SOFR + 2.620%)(a)

    5,430       4,715,010  

5.42%, 07/21/34 (Call 07/21/33),
(1-day SOFR + 1.880%)(a)

    3,905       3,563,898  

5.45%, 07/20/29 (Call 07/20/28),
(1-day SOFR + 1.630%)(a)

    3,720       3,576,653  

5.60%, 03/24/51 (Call 03/24/50),
(1-day SOFR + 4.840%)(a)

    7,795       6,966,453  

5.95%, 01/19/38 (Call 01/19/33),
(5-year CMT + 2.430%)(a)

    5,290       4,813,322  

6.14%, 10/16/26 (Call 10/16/25),
(1-day SOFR + 1.770%)(a)

    800       797,904  

6.25%, 08/09/26

    5,671       5,677,343  

6.30%, 10/18/28 (Call 10/18/27),
(1-day SOFR + 2.240%)(a)

    6,033       6,023,044  

6.34%, 10/18/33 (Call 10/18/32),
(1-day SOFR + 2.560%)(a)

    12,255       12,013,560  

6.38%, 07/24/42

    8,198       8,118,978  

6.41%, 11/01/29 (Call 11/01/28),
(1-day SOFR + 1.830%)(a)

    2,740       2,737,932  

6.63%, 11/01/34 (Call 11/01/33),
(1-day SOFR + 2.050%)(a)

    4,635       4,628,048  

7.25%, 04/01/32

    10,434       11,131,728  
Security  

Par

(000)

    Value  
Banks (continued)            

Morgan Stanley Bank NA

   

4.75%, 04/21/26 (Call 03/21/26)

  $ 7,453     $ 7,271,566  

5.48%, 07/16/25 (Call 06/16/25)

    4,370       4,349,517  

5.88%, 10/30/26 (Call 09/30/26)

    6,250       6,247,239  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26

        6,361           5,870,329  

3.38%, 01/14/26

    4,374       4,166,758  

3.50%, 06/09/25

    315       304,881  

3.91%, 06/09/27

    365       342,662  

4.90%, 06/13/28

    3,685       3,545,990  

4.94%, 01/12/28

    3,720       3,597,714  

4.97%, 01/12/26

    2,749       2,715,168  

5.13%, 11/22/24

    1,085       1,078,620  

5.20%, 05/13/25

    3,165       3,146,394  

National Bank of Canada, 5.25%, 01/17/25

    1,435       1,422,794  

NatWest Group PLC

   

1.64%, 06/14/27 (Call 06/14/26),
(1-year CMT + 0.900%)(a)

    5,180       4,554,768  

3.03%, 11/28/35 (Call 08/28/30),
(5-year CMT + 2.350%)(a)

    5,103       3,741,122  

3.07%, 05/22/28 (Call 05/22/27),
(1-year CMT + 2.550%)(a)

    3,782       3,345,612  

3.75%, 11/01/29 (Call 11/01/24),
(5-year CMT + 2.100%)(a)

    2,937       2,803,987  

4.45%, 05/08/30 (Call 05/08/29),
(3-mo. LIBOR US + 1.871%)(a)

    2,574       2,281,668  

4.80%, 04/05/26

    6,403       6,167,424  

4.89%, 05/18/29 (Call 05/18/28),
(3-mo. LIBOR US + 1.754%)(a)

    6,525       6,035,286  

5.08%, 01/27/30 (Call 01/27/29),
(3-mo. LIBOR US + 1.905%)(a)

    8,045       7,384,161  

5.52%, 09/30/28 (Call 09/30/27),
(1-year CMT + 2.270%)(a)

    3,050       2,916,162  

5.81%, 09/13/29 (Call 09/13/28),
(1-year CMT + 1.950%)(a)

    3,590       3,438,803  

5.85%, 03/02/27 (Call 03/02/26),
(1-year CMT + 1.350%)(a)

    2,145       2,108,571  

6.02%, 03/02/34 (Call 03/02/33),
(1-year CMT + 2.100%)(a)

    1,480       1,377,593  

7.47%, 11/10/26 (Call 11/10/25),
(1-year CMT + 2.850%)(a)

    5,745       5,843,732  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)

    3,676       2,845,519  

3.15%, 05/03/29 (Call 02/03/29)

    3,097       2,712,215  

3.38%, 05/08/32 (Call 05/08/27),
(3-mo. LIBOR US + 1.131%)(a)

    5,471       4,811,973  

3.65%, 08/03/28 (Call 05/03/28)

    560       511,604  

3.95%, 10/30/25

    4,416       4,261,868  

4.00%, 05/10/27 (Call 04/10/27)

    5,750       5,401,302  

6.13%, 11/02/32 (Call 08/02/32)

    2,551       2,457,271  

Oesterreichische Kontrollbank AG

   

0.38%, 09/17/25

    2,940       2,688,049  

0.50%, 02/02/26

    2,080       1,874,306  

1.50%, 02/12/25

    4,590       4,365,210  

2.88%, 05/23/25

    915       880,152  

3.63%, 09/09/27

    950       907,498  

4.13%, 01/20/26

    1,260       1,231,490  

4.25%, 03/01/28

    945       916,492  

4.63%, 11/03/25

    895       884,969  

5.00%, 10/23/26

    200       199,962  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

PNC Bank NA

   

2.70%, 10/22/29

  $ 3,197     $ 2,533,060  

2.95%, 02/23/25 (Call 01/24/25)

    2,711       2,598,573  

3.10%, 10/25/27 (Call 09/25/27)

    4,568       4,068,147  

3.25%, 06/01/25 (Call 05/02/25)

    3,962       3,784,716  

3.25%, 01/22/28 (Call 12/23/27)

    4,074       3,638,727  

3.88%, 04/10/25 (Call 03/10/25)

    2,856       2,757,268  

4.05%, 07/26/28

    6,079       5,410,013  

4.20%, 11/01/25 (Call 10/02/25)

        2,278           2,183,679  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    3,301       2,899,047  

2.20%, 11/01/24 (Call 10/02/24)

    2,862       2,752,750  

2.31%, 04/23/32 (Call 04/23/31),
(1-day SOFR + 0.979%)(a)(b)

    3,448       2,576,329  

2.55%, 01/22/30 (Call 10/24/29)

    8,022       6,357,098  

2.60%, 07/23/26 (Call 05/23/26)

    3,136       2,881,806  

3.15%, 05/19/27 (Call 04/19/27)(b)

    3,217       2,906,852  

3.45%, 04/23/29 (Call 01/23/29)

    6,440       5,562,201  

4.63%, 06/06/33 (Call 06/06/32),
(1-day SOFR + 1.850%)(a)

    1,042       868,663  

4.76%, 01/26/27 (Call 01/26/26),
(1-day SOFR + 1.085%)(a)

    5,065       4,872,760  

5.07%, 01/24/34 (Call 01/24/33),
(1-day SOFR + 1.933%)(a)

    7,425       6,528,412  

5.35%, 12/02/28 (Call 12/02/27),
(1-day SOFR + 1.620%)(a)

    3,830       3,660,685  

5.58%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 1.841%)(a)

    3,610       3,456,047  

5.81%, 06/12/26 (Call 06/12/25),
(1-day SOFR + 1.322%)(a)

    3,190       3,147,755  

5.94%, 08/18/34 (Call 08/18/33),
(1-day SOFR + 1.946%)(a)

    4,165       3,880,106  

6.04%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.140%)(a)

    4,160       3,917,029  

6.62%, 10/20/27 (Call 10/20/26),
(1-day SOFR + 1.730%)(a)

    3,650       3,659,317  

6.88%, 10/20/34 (Call 10/20/33),
(1-day SOFR + 2.284%)(a)

    1,960       1,958,814  

Regions Bank/Birmingham AL, 6.45%, 06/26/37

    2,300       2,022,125  

Regions Financial Corp.

   

1.80%, 08/12/28 (Call 06/12/28)

    920       717,766  

2.25%, 05/18/25 (Call 04/18/25)

    2,705       2,483,631  

7.38%, 12/10/37

    1,803       1,728,489  

Royal Bank of Canada

   

0.88%, 01/20/26

    3,679       3,296,560  

1.15%, 06/10/25

    5,226       4,855,679  

1.15%, 07/14/26

    4,632       4,081,492  

1.20%, 04/27/26

    6,740       6,010,579  

1.40%, 11/02/26

    4,723       4,144,017  

1.60%, 01/21/25

    1,450       1,378,763  

2.05%, 01/21/27

    1,265       1,119,867  

2.25%, 11/01/24

    7,540       7,271,581  

2.30%, 11/03/31

    5,350       4,031,666  

3.38%, 04/14/25

    1,930       1,862,345  

3.63%, 05/04/27

    3,814       3,529,526  

3.88%, 05/04/32

    2,220       1,865,436  

4.24%, 08/03/27

    5,474       5,140,125  

4.65%, 01/27/26

    6,017       5,831,284  

4.88%, 01/12/26

    4,360       4,266,297  

4.90%, 01/12/28

    3,485       3,344,036  
Security  

Par

(000)

    Value  
Banks (continued)            

4.95%, 04/25/25

  $ 3,325     $ 3,275,349  

5.00%, 02/01/33

    6,365       5,754,307  

5.00%, 05/02/33

    3,310       2,979,920  

5.20%, 07/20/26

    4,065       3,998,667  

5.20%, 08/01/28

    3,270       3,151,547  

6.00%, 11/01/27

        2,825           2,824,578  

Santander Holdings USA Inc.

   

2.49%, 01/06/28 (Call 01/06/27),
(1-day SOFR + 1.249%)(a)

    3,580       3,082,869  

3.24%, 10/05/26 (Call 08/05/26)

    3,824       3,432,626  

3.45%, 06/02/25 (Call 05/02/25)

    4,004       3,785,473  

4.40%, 07/13/27 (Call 04/14/27)(b)

    3,888       3,570,327  

4.50%, 07/17/25 (Call 04/17/25)

    4,156       3,989,363  

5.81%, 09/09/26 (Call 09/09/25),
(1-day SOFR + 2.328%)(a)

    2,015       1,969,893  

6.50%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 2.356%)(a)

    3,255       3,148,046  

6.57%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 2.700%)(a)

    1,395       1,345,804  

Santander UK Group Holdings PLC

   

1.53%, 08/21/26 (Call 08/21/25),
(1-year CMT + 1.250%)(a)

    4,122       3,731,140  

1.67%, 06/14/27 (Call 06/14/26),
(1-day SOFR + 0.989%)(a)

    5,202       4,533,389  

2.47%, 01/11/28 (Call 01/11/27),
(1-day SOFR + 1.220%)(a)

    3,273       2,829,044  

2.90%, 03/15/32 (Call 03/15/31),
(1-day SOFR + 1.475%)(a)

    970       736,041  

3.82%, 11/03/28 (Call 11/03/27),
(3-mo. LIBOR US + 1.400%)(a)

    4,651       4,093,270  

6.53%, 01/10/29 (Call 01/10/28),
(1-day SOFR + 2.600%)(a)

    3,630       3,550,802  

6.83%, 11/21/26 (Call 11/21/25),
(1-day SOFR + 2.749%)(a)

    2,190       2,187,101  

State Street Corp.

   

1.68%, 11/18/27 (Call 11/18/26),
(1-day SOFR + 0.560%)(a)

    1,130       1,002,211  

1.75%, 02/06/26 (Call 02/06/25),
(1-day SOFR + 0.441%)(a)(b)

    1,725       1,629,862  

2.20%, 02/07/28 (Call 02/07/27),
(1-day SOFR + 0.730%)(a)

    1,845       1,630,227  

2.20%, 03/03/31

    2,880       2,155,318  

2.35%, 11/01/25 (Call 11/01/24),
(1-day SOFR + 0.940%)(a)

    3,734       3,585,393  

2.40%, 01/24/30

    3,288       2,678,902  

2.62%, 02/07/33 (Call 02/07/32),
(1-day SOFR + 1.002%)(a)

    2,975       2,254,061  

2.65%, 05/19/26

    3,551       3,303,772  

2.90%, 03/30/26 (Call 03/30/25),
(1-day SOFR + 2.600%)(a)

    2,419       2,306,466  

3.03%, 11/01/34 (Call 11/01/29),
(1-day SOFR + 1.490%)(a)

    2,455       2,029,363  

3.15%, 03/30/31 (Call 03/30/30),
(1-day SOFR + 2.650%)(a)

    1,971       1,646,608  

3.30%, 12/16/24

    4,302       4,181,968  

3.55%, 08/18/25

    4,362       4,190,553  

4.14%, 12/03/29 (Call 12/03/28),
(3-mo. SOFR + 1.292%)(a)

    1,748       1,614,429  

4.16%, 08/04/33 (Call 08/04/32),
(1-day SOFR + 1.726%)(a)(b)

    2,660       2,250,737  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.42%, 05/13/33 (Call 05/13/32),
(1-day SOFR + 1.605%)(a)

  $ 1,835     $ 1,604,035  

4.82%, 01/26/34 (Call 01/26/33),
(1-day SOFR + 1.567%)(a)

    2,125       1,881,495  

4.86%, 01/26/26 (Call 01/26/25),
(1-day SOFR + 0.604%)(a)

    1,245       1,223,623  

5.10%, 05/18/26 (Call 05/18/25),
(1-day SOFR + 1.130%)(a)

    1,745       1,719,488  

5.16%, 05/18/34 (Call 05/18/33),
(1-day SOFR + 1.890%)(a)

    2,655       2,402,352  

5.27%, 08/03/26 (Call 07/03/26)

    4,795       4,716,263  

5.75%, 11/04/26 (Call 11/04/25),
(1-day SOFR + 1.353%)(a)

    1,955       1,942,791  

5.82%, 11/04/28 (Call 11/04/27),
(1-day SOFR + 1.715%)(a)

    1,700       1,680,923  

Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25

        3,800           3,652,451  

Sumitomo Mitsui Financial Group Inc.

   

0.95%, 01/12/26

    1,850       1,656,374  

1.40%, 09/17/26

    8,950       7,851,859  

1.47%, 07/08/25

    2,774       2,568,692  

1.71%, 01/12/31

    2,495       1,816,523  

1.90%, 09/17/28

    7,660       6,264,236  

2.13%, 07/08/30

    5,385       4,123,792  

2.14%, 09/23/30

    2,946       2,233,025  

2.17%, 01/14/27

    1,739       1,539,848  

2.22%, 09/17/31

    2,895       2,144,631  

2.30%, 01/12/41

    840       490,904  

2.35%, 01/15/25

    2,519       2,408,857  

2.47%, 01/14/29

    1,555       1,293,187  

2.63%, 07/14/26

    8,863       8,110,539  

2.72%, 09/27/29

    1,446       1,190,097  

2.75%, 01/15/30

    5,305       4,306,765  

2.93%, 09/17/41

    3,730       2,334,566  

3.01%, 10/19/26

    5,658       5,191,445  

3.04%, 07/16/29

    9,295       7,832,382  

3.05%, 01/14/42(b)

    2,185       1,434,077  

3.20%, 09/17/29

    1,716       1,455,594  

3.35%, 10/18/27

    3,779       3,407,243  

3.36%, 07/12/27

    2,806       2,551,321  

3.45%, 01/11/27

    3,662       3,381,681  

3.54%, 01/17/28

    3,726       3,358,508  

3.78%, 03/09/26

    7,141       6,782,269  

3.94%, 07/19/28

    3,574       3,246,499  

4.31%, 10/16/28

    3,362       3,090,107  

5.46%, 01/13/26

    4,500       4,439,369  

5.52%, 01/13/28

    6,180       6,017,737  

5.71%, 01/13/30

    4,820       4,640,426  

5.72%, 09/14/28

    6,450       6,312,455  

5.77%, 01/13/33

    5,570       5,285,957  

5.78%, 07/13/33

    2,300       2,181,518  

5.80%, 07/13/28

    2,690       2,638,758  

5.81%, 09/14/33

    6,220       5,886,646  

5.85%, 07/13/30

    2,730       2,643,623  

5.88%, 07/13/26

    2,420       2,407,832  

6.18%, 07/13/43

    360       337,183  

Synchrony Bank

   

5.40%, 08/22/25 (Call 07/22/25)

    2,950       2,815,633  

5.63%, 08/23/27 (Call 07/23/27)

    3,267       2,990,827  

Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)

    780       691,149  
Security  

Par

(000)

    Value  
Banks (continued)            

Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)

  $ 335     $ 316,853  

Toronto-Dominion Bank (The)

   

0.75%, 09/11/25

    3,490       3,179,372  

0.75%, 01/06/26

    6,910       6,177,011  

1.15%, 06/12/25

    2,855       2,645,375  

1.20%, 06/03/26

    6,370       5,641,645  

1.25%, 12/13/24

    2,763       2,623,565  

1.25%, 09/10/26

    6,853       6,027,742  

1.45%, 01/10/25

    3,575       3,396,538  

1.95%, 01/12/27

    3,310       2,922,682  

2.00%, 09/10/31

    5,208       3,847,899  

2.45%, 01/12/32

    4,185       3,151,908  

2.80%, 03/10/27

    4,325       3,900,708  

3.20%, 03/10/32

    5,610       4,456,606  

3.63%, 09/15/31 (Call 09/15/26),
(5-year USD Swap + 2.205%)(a)

        6,311           5,798,107  

3.77%, 06/06/25

    5,325       5,145,588  

4.11%, 06/08/27

    5,585       5,233,402  

4.46%, 06/08/32

    2,770       2,414,888  

4.69%, 09/15/27

    5,820       5,541,431  

5.10%, 01/09/26

    1,120       1,102,720  

5.16%, 01/10/28

    4,110       3,961,982  

5.52%, 07/17/28

    4,585       4,467,760  

5.53%, 07/17/26

    4,475       4,424,431  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)

    3,738       3,497,349  

2.15%, 12/06/24 (Call 11/05/24)

    5,601       5,348,110  

2.25%, 03/11/30 (Call 12/11/29)

    5,015       3,701,138  

2.64%, 09/17/29 (Call 09/17/24),
(5-year CMT + 1.150%)(a)

    3,015       2,789,147  

3.30%, 05/15/26 (Call 04/15/26)

    4,374       4,001,871  

3.63%, 09/16/25 (Call 08/16/25)

    5,764       5,436,157  

3.80%, 10/30/26 (Call 09/30/26)

    3,126       2,861,387  

4.05%, 11/03/25 (Call 09/03/25)

    3,095       2,970,435  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    3,712       3,059,837  

1.20%, 08/05/25 (Call 07/03/25)

    2,704       2,464,897  

1.27%, 03/02/27 (Call 03/02/26),
(1-day SOFR + 0.609%)(a)

    3,166       2,770,626  

1.89%, 06/07/29 (Call 06/07/28),
(1-day SOFR + 0.862%)(a)

    4,350       3,480,081  

1.95%, 06/05/30 (Call 03/05/30)

    2,320       1,728,868  

3.70%, 06/05/25 (Call 05/05/25)

    3,834       3,678,277  

3.88%, 03/19/29 (Call 02/16/29)

    2,911       2,487,683  

4.00%, 05/01/25 (Call 03/01/25)

    3,112       2,991,400  

4.12%, 06/06/28 (Call 06/06/27),
(1-day SOFR + 1.368%)(a)

    3,295       3,000,225  

4.26%, 07/28/26 (Call 07/28/25),
(1-day SOFR + 1.456%)(a)

    4,196       4,018,291  

4.87%, 01/26/29 (Call 01/26/28),
(1-day SOFR + 1.435%)(a)

    3,800       3,507,965  

4.92%, 07/28/33 (Call 07/28/32),
(1-day SOFR + 2.240%)(a)

    5,250       4,295,526  

5.12%, 01/26/34 (Call 01/26/33),
(1-day SOFR + 1.852%)(a)

    2,355       2,022,787  

5.87%, 06/08/34 (Call 06/08/33),
(1-day SOFR + 2.361%)(a)

    2,805       2,552,779  

5.90%, 10/28/26 (Call 10/28/25),
(1-day SOFR + 1.626%)(a)

    4,355       4,265,655  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

6.05%, 06/08/27 (Call 06/08/26),
(1-day SOFR + 2.050%)(a)

  $ 2,630     $ 2,574,412  

6.12%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.300%)(a)

    4,688       4,340,244  

7.16%, 10/30/29 (Call 10/30/28),
(1-day SOFR + 2.446%)(a)

    980       985,664  

U.S. Bancorp.

   

1.38%, 07/22/30 (Call 04/22/30)

    3,106       2,206,933  

1.45%, 05/12/25 (Call 04/11/25)

        5,371           5,006,351  

2.22%, 01/27/28 (Call 01/27/27),
(1-day SOFR + 0.730%)(a)

    3,790       3,299,751  

2.49%, 11/03/36 (Call 11/03/31),
(5-year CMT + 0.950%)(a)

    6,655       4,553,104  

2.68%, 01/27/33 (Call 01/27/32),
(1-day SOFR + 1.020%)(a)

    5,673       4,159,704  

3.00%, 07/30/29 (Call 04/30/29)(b)

    2,938       2,399,355  

3.10%, 04/27/26 (Call 03/27/26)(b)

    3,911       3,601,510  

3.90%, 04/26/28 (Call 03/24/28)

    4,329       3,934,975  

3.95%, 11/17/25 (Call 10/17/25)

    3,415       3,268,160  

4.55%, 07/22/28 (Call 07/22/27),
(1-day SOFR + 1.660%)(a)

    6,510       6,040,454  

4.65%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.230%)(a)

    4,615       4,258,300  

4.84%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 1.600%)(a)

    4,745       4,055,108  

4.97%, 07/22/33 (Call 07/22/32),
(1-day SOFR + 2.110%)(a)

    6,425       5,390,293  

5.73%, 10/21/26 (Call 10/21/25),
(1-day SOFR + 1.430%)(a)

    5,200       5,122,323  

5.78%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 2.020%)(a)

    2,215       2,130,209  

5.84%, 06/12/34 (Call 06/10/33),
(1-day SOFR + 2.260%)(a)

    2,330       2,148,826  

5.85%, 10/21/33 (Call 10/21/32),
(1-day SOFR + 2.090%)(a)

    4,985       4,580,222  

6.79%, 10/26/27 (Call 10/26/26),
(1-day SOFR + 1.880%)(a)(b)

    1,450       1,460,054  

Series V, 2.38%, 07/22/26 (Call 06/22/26)

    5,122       4,634,891  

Series X, 3.15%, 04/27/27 (Call 03/27/27)

    4,962       4,476,569  

U.S. Bank NA/Cincinnati OH

   

2.05%, 01/21/25 (Call 12/20/24)

    3,498       3,329,795  

2.80%, 01/27/25 (Call 12/27/24)

    3,727       3,575,746  

UBS AG

   

5.65%, 09/11/28

    3,090       3,023,000  

5.80%, 09/11/25

    2,970       2,954,477  

UBS Group AG

   

3.75%, 03/26/25

    9,474       9,121,250  

4.55%, 04/17/26

    7,839       7,490,882  

4.88%, 05/15/45

    7,742       6,165,437  

Wachovia Corp.

   

5.50%, 08/01/35

    7,896       7,027,720  

7.57%, 08/01/26(d)

    355       367,304  

Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)(b)

    1,685       1,401,586  

Wells Fargo & Co.

   

2.16%, 02/11/26 (Call 02/11/25),
(3-mo. SOFR + 1.012%)(a)

    12,218       11,558,199  

2.19%, 04/30/26 (Call 04/30/25),
(1-day SOFR + 2.000%)(a)

    9,076       8,537,943  

2.39%, 06/02/28 (Call 06/02/27),
(1-day SOFR + 2.100%)(a)

    9,661       8,420,839  
Security  

Par

(000)

    Value  
Banks (continued)            

2.57%, 02/11/31 (Call 02/11/30),
(3-mo. SOFR + 1.262%)(a)

  $ 11,398     $ 9,033,744  

2.88%, 10/30/30 (Call 10/30/29),
(3-mo. SOFR + 1.432%)(a)

    12,676       10,359,945  

3.00%, 02/19/25

    9,088       8,744,931  

3.00%, 04/22/26

    13,765       12,786,458  

3.00%, 10/23/26

        16,843           15,427,335  

3.07%, 04/30/41 (Call 04/30/40),
(1-day SOFR + 2.530%)(a)

    14,200       9,073,349  

3.20%, 06/17/27 (Call 06/17/26),
(3-mo. SOFR + 1.432%)(a)

    9,748       9,001,602  

3.35%, 03/02/33 (Call 03/02/32),
(1-day SOFR + 1.500%)(a)

    10,055       7,917,477  

3.53%, 03/24/28 (Call 03/24/27),
(1-day SOFR + 1.510%)(a)

    12,135       11,067,694  

3.55%, 09/29/25

    10,790       10,302,610  

3.58%, 05/22/28 (Call 05/22/27),
(3-mo. SOFR + 1.572%)(a)

    14,114       12,847,612  

3.90%, 05/01/45

    8,641       6,001,618  

3.91%, 04/25/26 (Call 04/25/25),
(1-day SOFR + 1.320%)(a)

    9,700       9,353,263  

4.10%, 06/03/26

    9,667       9,127,498  

4.15%, 01/24/29 (Call 10/24/28)

    10,127       9,195,613  

4.30%, 07/22/27

    7,741       7,219,553  

4.40%, 06/14/46

    8,157       5,699,013  

4.48%, 04/04/31 (Call 04/04/30),
(3-mo. SOFR + 4.032%)(a)

    7,402       6,575,108  

4.54%, 08/15/26 (Call 08/15/25),
(1-day SOFR + 1.560%)(a)

    4,090       3,963,782  

4.61%, 04/25/53 (Call 04/25/52),
(1-day SOFR + 2.130%)(a)

    12,155       8,955,793  

4.65%, 11/04/44

    8,118       5,978,938  

4.75%, 12/07/46

    8,150       5,996,379  

4.81%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.980%)(a)

    8,855       8,376,032  

4.90%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.100%)(a)

    14,715       12,930,771  

4.90%, 11/17/45

    8,183       6,228,667  

5.01%, 04/04/51 (Call 04/04/50),
(3-mo. SOFR + 4.502%)(a)

    20,951       16,617,620  

5.38%, 02/07/35

    1,220       1,119,086  

5.38%, 11/02/43

    7,563       6,213,034  

5.39%, 04/24/34 (Call 04/24/33),
(1-day SOFR + 2.020%)(a)

    10,770       9,750,522  

5.56%, 07/25/34 (Call 07/25/33),
(1-day SOFR + 1.990%)(a)

    13,044       11,947,700  

5.57%, 07/25/29 (Call 07/25/28),
(1-day SOFR + 1.740%)(a)

    10,415       10,030,296  

5.61%, 01/15/44

    9,548       8,042,348  

5.95%, 12/01/86 (Call 12/15/36)

    1,691       1,550,972  

6.00%, 10/28/25 (Call 04/28/24)

    140       138,757  

6.30%, 10/23/29 (Call 10/23/28),
(1-day SOFR + 1.790%)(a)

    6,730       6,674,102  

6.49%, 10/23/34 (Call 10/23/33),
(1-day SOFR + 2.060%)(a)

    7,875       7,739,063  

Series B, 7.95%, 11/15/29

    1,104       1,169,776  

Wells Fargo Bank NA

   

5.45%, 08/07/26 (Call 07/07/26)

    8,130       8,051,481  

5.55%, 08/01/25 (Call 07/01/25)

    8,150       8,120,806  

5.85%, 02/01/37

    2,989       2,755,119  

5.95%, 08/26/36

    3,262       2,995,509  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

6.60%, 01/15/38

  $ 4,271     $ 4,187,285  

Westpac Banking Corp.

   

1.02%, 11/18/24

    3,585       3,415,256  

1.15%, 06/03/26

    8,255       7,377,101  

1.95%, 11/20/28

    5,195       4,340,401  

2.15%, 06/03/31

    5,165       4,002,939  

2.35%, 02/19/25

    4,512       4,327,858  

2.65%, 01/16/30

    3,329       2,782,762  

2.67%, 11/15/35 (Call 11/15/30),
(5-year CMT + 1.750%)(a)

    3,929       2,859,245  

2.70%, 08/19/26

    4,261       3,940,279  

2.85%, 05/13/26

    7,720       7,230,138  

2.89%, 02/04/30 (Call 02/04/25),
(5-year CMT + 1.350%)(a)

    6,733       6,372,489  

2.96%, 11/16/40

    3,606       2,101,859  

3.02%, 11/18/36 (Call 11/18/31),
(5-year CMT + 1.530%)(a)

    5,715       4,128,020  

3.13%, 11/18/41

    3,969       2,318,276  

3.35%, 03/08/27

    4,515       4,188,128  

3.40%, 01/25/28

    4,755       4,360,064  

3.74%, 08/26/25

    130       125,825  

4.04%, 08/26/27

    2,056       1,952,544  

4.11%, 07/24/34 (Call 07/24/29),
(5-year CMT + 2.000%)(a)

    4,733       4,024,679  

4.32%, 11/23/31 (Call 11/23/26),
(5-year USD ICE Swap + 2.236%)(a)

    5,918       5,464,415  

4.42%, 07/24/39

    3,861       2,830,374  

5.41%, 08/10/33 (Call 08/10/32),
(1-year CMT + 2.680%)(a)

    1,525       1,343,445  

5.46%, 11/18/27

    5,832       5,784,816  

Wintrust Financial Corp., 4.85%, 06/06/29

    797       688,830  

Zions Bancorp. NA, 3.25%, 10/29/29 (Call 07/29/29)

    2,071       1,540,582  
   

 

 

 
        4,983,768,867  
Beverages — 0.5%            

Anheuser-Busch
Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

        20,763       18,262,263  

4.90%, 02/01/46 (Call 08/01/45)

    34,176       28,427,041  

Anheuser-Busch InBev Finance Inc.

   

4.00%, 01/17/43

    125       94,566  

4.63%, 02/01/44

    4,778       3,870,327  

4.70%, 02/01/36 (Call 08/01/35)

    3,551       3,117,415  

4.90%, 02/01/46 (Call 08/01/45)

    5,334       4,417,677  

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

    3,921       3,443,803  

3.65%, 02/01/26 (Call 11/01/25)

    13,599       13,066,100  

3.75%, 07/15/42

    335       248,525  

4.00%, 04/13/28 (Call 01/13/28)

    10,395       9,765,816  

4.35%, 06/01/40 (Call 12/01/39)

    5,774       4,663,824  

4.38%, 04/15/38 (Call 10/15/37)

    4,523       3,737,397  

4.44%, 10/06/48 (Call 04/06/48)

    7,290       5,631,716  

4.50%, 06/01/50 (Call 12/01/49)

    1,695       1,353,325  

4.60%, 04/15/48 (Call 10/15/47)

    7,585       6,158,325  

4.60%, 06/01/60 (Call 12/01/59)

    1,110       870,820  

4.75%, 01/23/29 (Call 10/23/28)

    14,508       13,976,825  

4.75%, 04/15/58 (Call 10/15/57)

    1,950       1,550,538  

4.90%, 01/23/31 (Call 10/23/30)

    3,769       3,599,928  

4.95%, 01/15/42

    5,500       4,721,285  

5.45%, 01/23/39 (Call 07/23/38)

    8,250       7,605,581  
Security  

Par

(000)

    Value  

Beverages (continued)

   

5.55%, 01/23/49 (Call 07/23/48)

  $     14,915     $     13,525,530  

5.80%, 01/23/59 (Call 07/23/58)

    7,596       7,001,034  

5.88%, 06/15/35

    1,040       1,042,504  

8.00%, 11/15/39

    1,600       1,823,810  

8.20%, 01/15/39

    4,991       5,833,507  

Brown-Forman Corp.

   

3.50%, 04/15/25 (Call 02/15/25)

    570       553,147  

4.00%, 04/15/38 (Call 10/15/37)

    996       791,748  

4.50%, 07/15/45 (Call 01/15/45)

    1,510       1,207,020  

4.75%, 04/15/33 (Call 01/15/33)(b)

    2,250       2,085,517  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

    3,914       3,284,922  

1.38%, 03/15/31

    3,100       2,322,011  

1.45%, 06/01/27

    3,307       2,904,837  

1.50%, 03/05/28

    2,997       2,576,366  

1.65%, 06/01/30

    4,519       3,567,597  

2.00%, 03/05/31

    3,466       2,726,892  

2.13%, 09/06/29

    5,518       4,645,033  

2.25%, 01/05/32

    8,785       6,955,053  

2.50%, 06/01/40

    3,238       2,087,852  

2.50%, 03/15/51

    5,790       3,194,124  

2.60%, 06/01/50

    6,664       3,791,834  

2.75%, 06/01/60(b)

    3,676       2,062,800  

2.88%, 05/05/41

    3,700       2,491,009  

2.90%, 05/25/27

    3,862       3,561,163  

3.00%, 03/05/51

    3,790       2,356,276  

3.38%, 03/25/27

    4,257       4,018,483  

3.45%, 03/25/30

    6,173       5,498,991  

4.20%, 03/25/50

    2,956       2,323,505  

Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)

    3,309       3,185,820  

Coca-Cola Femsa SAB de CV

   

1.85%, 09/01/32 (Call 06/01/32)

    4,103       2,982,919  

2.75%, 01/22/30 (Call 10/22/29)

    3,068       2,573,957  

5.25%, 11/26/43

    2,442       2,137,900  

Constellation Brands Inc.

   

2.25%, 08/01/31 (Call 05/01/31)

    640       486,266  

2.88%, 05/01/30 (Call 02/01/30)

    2,605       2,143,247  

3.15%, 08/01/29 (Call 05/01/29)

    3,522       3,042,627  

3.50%, 05/09/27 (Call 02/09/27)

    2,300       2,128,411  

3.60%, 02/15/28 (Call 11/15/27)

    2,255       2,062,087  

3.70%, 12/06/26 (Call 09/06/26)

    3,850       3,612,324  

3.75%, 05/01/50 (Call 11/01/49)

    2,370       1,579,940  

4.10%, 02/15/48 (Call 08/15/47)

    2,361       1,667,406  

4.35%, 05/09/27 (Call 04/09/27)

    2,525       2,407,071  

4.40%, 11/15/25 (Call 09/15/25)

    3,174       3,083,349  

4.50%, 05/09/47 (Call 11/09/46)

    2,010       1,506,278  

4.65%, 11/15/28 (Call 08/15/28)

    2,632       2,488,973  

4.75%, 11/15/24

    3,333       3,291,711  

4.75%, 12/01/25

    2,607       2,549,112  

4.75%, 05/09/32 (Call 02/09/32)

    695       624,981  

4.90%, 05/01/33 (Call 02/01/33)

    3,155       2,848,357  

5.00%, 02/02/26 (Call 02/02/24)

    650       638,593  

5.25%, 11/15/48 (Call 05/15/48)

    1,870       1,561,113  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    3,536       3,275,350  

2.00%, 04/29/30 (Call 01/29/30)

    4,556       3,622,582  

2.13%, 04/29/32 (Call 01/29/32)

    3,463       2,606,663  

2.38%, 10/24/29 (Call 07/24/29)

    2,325       1,938,433  

3.88%, 05/18/28 (Call 02/18/28)

    2,019       1,886,607  

3.88%, 04/29/43 (Call 10/29/42)

    2,362       1,757,866  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Beverages (continued)

   

5.20%, 10/24/25

  $     3,540     $       3,524,726  

5.30%, 10/24/27 (Call 09/24/27)

    3,795       3,763,143  

5.38%, 10/05/26 (Call 09/05/26)

    3,000       3,001,641  

5.50%, 01/24/33 (Call 10/24/32)

    3,280       3,195,092  

5.63%, 10/05/33 (Call 07/05/33)

    2,400       2,356,002  

5.88%, 09/30/36

    2,660       2,633,597  

Diageo Investment Corp.

   

4.25%, 05/11/42

    972       765,007  

7.45%, 04/15/35

    1,980       2,199,571  

Fomento Economico Mexicano SAB de CV,

   

3.50%, 01/16/50 (Call 07/16/49)

    810       521,874  

Keurig Dr Pepper Inc.

   

2.25%, 03/15/31 (Call 12/15/30)

    2,563       1,969,992  

2.55%, 09/15/26 (Call 06/15/26)(b)

    2,363       2,164,078  

3.20%, 05/01/30 (Call 02/01/30)

    2,074       1,749,291  

3.35%, 03/15/51 (Call 09/15/50)

    3,215       1,929,596  

3.40%, 11/15/25 (Call 08/15/25)

    3,054       2,913,839  

3.43%, 06/15/27 (Call 03/15/27)

    2,958       2,732,169  

3.80%, 05/01/50 (Call 11/01/49)

    2,515       1,668,230  

3.95%, 04/15/29 (Call 02/15/29)

    4,665       4,246,994  

4.05%, 04/15/32 (Call 01/15/32)

    3,705       3,184,530  

4.42%, 05/25/25 (Call 03/25/25)

    1,790       1,750,857  

4.42%, 12/15/46 (Call 06/15/46)

    2,022       1,480,688  

4.50%, 11/15/45 (Call 05/15/45)

    3,435       2,596,903  

4.50%, 04/15/52 (Call 10/15/51)

    3,230       2,388,449  

4.60%, 05/25/28 (Call 02/25/28)

    1,470       1,398,734  

5.09%, 05/25/48 (Call 11/25/47)

    50       40,998  

Molson Coors Beverage Co.

   

3.00%, 07/15/26 (Call 04/15/26)

    5,771       5,356,377  

4.20%, 07/15/46 (Call 01/15/46)

    6,922       4,906,737  

5.00%, 05/01/42

    4,367       3,573,606  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)

    3,160       2,375,429  

1.63%, 05/01/30 (Call 02/01/30)

    4,363       3,431,514  

1.95%, 10/21/31 (Call 07/21/31)

    5,055       3,883,138  

2.25%, 03/19/25 (Call 02/19/25)

    8,831       8,460,008  

2.38%, 10/06/26 (Call 07/06/26)

    4,667       4,321,949  

2.63%, 03/19/27 (Call 01/19/27)

    3,178       2,913,801  

2.63%, 07/29/29 (Call 04/29/29)

    4,328       3,743,206  

2.63%, 10/21/41 (Call 04/21/41)

    4,555       2,911,791  

2.75%, 04/30/25 (Call 01/30/25)

    3,156       3,034,398  

2.75%, 03/19/30 (Call 12/19/29)

    6,038       5,143,131  

2.75%, 10/21/51 (Call 04/21/51)

    4,145       2,402,546  

2.85%, 02/24/26 (Call 11/24/25)

    3,869       3,663,963  

2.88%, 10/15/49 (Call 04/15/49)

    4,657       2,829,645  

3.00%, 10/15/27 (Call 07/15/27)

    5,501       5,071,579  

3.38%, 07/29/49 (Call 01/29/49)

    2,770       1,864,492  

3.45%, 10/06/46 (Call 04/06/46)

    4,809       3,333,474  

3.50%, 07/17/25 (Call 04/17/25)

    3,806       3,688,375  

3.50%, 03/19/40 (Call 09/19/39)

    435       324,140  

3.60%, 02/18/28 (Call 01/18/28)

    3,625       3,393,981  

3.60%, 08/13/42

    1,180       871,003  

3.63%, 03/19/50 (Call 09/19/49)

    4,674       3,261,904  

3.88%, 03/19/60 (Call 09/19/59)

    355       250,198  

3.90%, 07/18/32 (Call 04/18/32)

    5,235       4,638,911  

4.00%, 03/05/42

    795       614,670  

4.00%, 05/02/47 (Call 11/02/46)

    1,255       964,102  

4.20%, 07/18/52 (Call 01/18/52)

    2,805       2,166,764  

4.25%, 10/22/44 (Call 04/22/44)

    530       414,121  

4.45%, 05/15/28 (Call 04/15/28)(b)

    2,925       2,851,595  

4.45%, 02/15/33 (Call 11/15/32)(b)

    2,940       2,747,723  
Security  

Par

(000)

    Value  

Beverages (continued)

   

4.45%, 04/14/46 (Call 10/14/45)

  $ 1,665     $ 1,356,509  

4.55%, 02/13/26 (Call 01/13/26)

        2,721       2,682,632  

4.65%, 02/15/53 (Call 08/15/52)

    2,910       2,438,670  

4.88%, 11/01/40

    1,280       1,133,715  

5.50%, 01/15/40

    150       142,540  

7.00%, 03/01/29

    2,545       2,713,524  
   

 

 

 
          460,557,467  
Biotechnology — 0.4%            

Amgen Inc.

   

1.65%, 08/15/28 (Call 06/15/28)

    7,643       6,346,143  

1.90%, 02/21/25 (Call 01/21/25)

    2,977       2,838,394  

2.00%, 01/15/32 (Call 10/15/31)

    5,025       3,713,557  

2.20%, 02/21/27 (Call 12/21/26)

    2,927       2,623,048  

2.30%, 02/25/31 (Call 11/25/30)

    6,236       4,872,573  

2.45%, 02/21/30 (Call 11/21/29)

    3,522       2,874,835  

2.60%, 08/19/26 (Call 05/19/26)(b)

    6,355       5,852,979  

2.77%, 09/01/53 (Call 03/01/53)

    5,405       2,812,634  

2.80%, 08/15/41 (Call 02/15/41)

    6,355       3,928,316  

3.00%, 02/22/29 (Call 12/22/28)

    1,110       974,563  

3.00%, 01/15/52 (Call 07/15/51)(b)

    6,742       3,823,131  

3.13%, 05/01/25 (Call 02/01/25)

    5,689       5,472,002  

3.15%, 02/21/40 (Call 08/21/39)

    7,352       4,916,264  

3.20%, 11/02/27 (Call 08/02/27)

    3,732       3,405,732  

3.35%, 02/22/32 (Call 11/22/31)

    2,826       2,325,998  

3.38%, 02/21/50 (Call 08/21/49)

    7,565       4,668,334  

4.05%, 08/18/29 (Call 06/18/29)

    6,305       5,764,175  

4.20%, 03/01/33 (Call 12/01/32)

    3,970       3,421,450  

4.20%, 02/22/52 (Call 08/22/51)

    3,299       2,316,800  

4.40%, 05/01/45 (Call 11/01/44)

    8,329       6,251,718  

4.40%, 02/22/62 (Call 08/22/61)

    3,756       2,599,347  

4.56%, 06/15/48 (Call 12/15/47)

    6,754       5,114,665  

4.66%, 06/15/51 (Call 12/15/50)

    11,400       8,668,677  

4.88%, 03/01/53 (Call 09/01/52)

    3,285       2,567,605  

4.95%, 10/01/41

    3,837       3,164,866  

5.15%, 03/02/28 (Call 02/02/28)

    13,830       13,497,048  

5.15%, 11/15/41 (Call 05/15/41)

    3,480       2,947,591  

5.25%, 03/02/25

    10,310       10,229,482  

5.25%, 03/02/30 (Call 01/02/30)

    12,180       11,695,036  

5.25%, 03/02/33 (Call 12/02/32)

    15,495       14,454,430  

5.51%, 03/02/26 (Call 03/02/24)

    410       407,709  

5.60%, 03/02/43 (Call 09/02/42)

    11,745       10,469,973  

5.65%, 06/15/42 (Call 12/15/41)

    1,160       1,040,225  

5.65%, 03/02/53 (Call 09/02/52)

    13,335       11,723,050  

5.75%, 03/15/40

    320       290,827  

5.75%, 03/02/63 (Call 09/02/62)

    8,575       7,422,226  

6.38%, 06/01/37

    1,265       1,253,737  

6.40%, 02/01/39

    2,865       2,832,454  

Baxalta Inc.

   

4.00%, 06/23/25 (Call 03/23/25)

    3,275       3,178,300  

5.25%, 06/23/45 (Call 12/23/44)

    1,958       1,674,656  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    6,885       5,404,450  

3.15%, 05/01/50 (Call 11/01/49)

    7,746       4,457,751  

3.25%, 02/15/51 (Call 08/15/50)

    4,541       2,661,640  

4.05%, 09/15/25 (Call 06/15/25)

    7,834       7,560,209  

5.20%, 09/15/45 (Call 03/15/45)

    982       817,644  

Bio-Rad Laboratories Inc.

   

3.30%, 03/15/27 (Call 02/15/27)

    1,896       1,729,796  

3.70%, 03/15/32 (Call 12/15/31)

    3,275       2,629,808  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

    3,907       3,301,032  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Biotechnology (continued)

   

1.65%, 10/01/30 (Call 07/01/30)

  $     3,748     $ 2,862,462  

2.60%, 10/01/40 (Call 04/01/40)

    4,156       2,597,716  

2.80%, 10/01/50 (Call 04/01/50)

    6,335       3,570,860  

2.95%, 03/01/27 (Call 12/01/26)

    5,859       5,369,155  

3.50%, 02/01/25 (Call 11/01/24)

    3,191       3,100,835  

3.65%, 03/01/26 (Call 12/01/25)

    8,888       8,484,309  

4.00%, 09/01/36 (Call 03/01/36)

    3,603       2,933,293  

4.15%, 03/01/47 (Call 09/01/46)

    7,610       5,606,663  

4.50%, 02/01/45 (Call 08/01/44)

    5,495       4,295,996  

4.60%, 09/01/35 (Call 03/01/35)

    4,553       3,997,162  

4.75%, 03/01/46 (Call 09/01/45)

    8,853       7,141,922  

4.80%, 04/01/44 (Call 10/01/43)

    4,631       3,801,359  

5.25%, 10/15/33 (Call 07/15/33)

    2,535       2,401,298  

5.55%, 10/15/53 (Call 04/15/53)

    1,830       1,653,360  

5.65%, 12/01/41 (Call 06/01/41)

    3,767       3,479,516  

Illumina Inc.

   

2.55%, 03/23/31 (Call 12/23/30)

    645       491,101  

5.75%, 12/13/27 (Call 11/13/27)

    2,815       2,747,899  

5.80%, 12/12/25 (Call 11/12/25)

    3,210       3,176,858  

Regeneron Pharmaceuticals Inc.

   

1.75%, 09/15/30 (Call 06/15/30)

    5,472       4,120,574  

2.80%, 09/15/50 (Call 03/15/50)

    3,513       1,889,782  

Royalty Pharma PLC

   

1.20%, 09/02/25 (Call 08/02/25)

    2,809       2,562,131  

1.75%, 09/02/27 (Call 07/02/27)

    4,016       3,417,370  

2.15%, 09/02/31 (Call 06/02/31)

    2,599       1,907,744  

2.20%, 09/02/30 (Call 06/02/30)

    3,259       2,484,956  

3.30%, 09/02/40 (Call 03/02/40)

    3,417       2,158,535  

3.35%, 09/02/51 (Call 03/02/51)

    2,820       1,557,745  

3.55%, 09/02/50 (Call 03/02/50)

    4,052       2,362,178  
   

 

 

 
          313,169,659  
Building Materials — 0.1%            

Carrier Global Corp.

   

2.24%, 02/15/25 (Call 01/15/25)

    1,791       1,705,421  

2.49%, 02/15/27 (Call 12/15/26)

    1,743       1,560,020  

2.70%, 02/15/31 (Call 11/15/30)

    3,440       2,715,175  

2.72%, 02/15/30 (Call 11/15/29)

    8,628       7,027,178  

3.38%, 04/05/40 (Call 10/05/39)

    6,510       4,384,902  

3.58%, 04/05/50 (Call 10/05/49)

    7,221       4,535,580  

Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)

    2,130       1,621,840  

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)

    3,452       2,941,345  

4.00%, 06/15/25 (Call 03/15/25)

    1,715       1,654,351  

4.00%, 03/25/32 (Call 12/25/31)

    1,855       1,536,562  

4.50%, 03/25/52 (Call 09/25/51)

    2,201       1,515,938  

Fortune Brands Innovations Inc., 5.88%, 06/01/33 (Call 03/01/33)

    1,854       1,726,587  

Johnson Controls International PLC

   

3.90%, 02/14/26 (Call 11/14/25)

    2,561       2,453,415  

4.50%, 02/15/47 (Call 08/15/46)

    2,112       1,605,642  

4.63%, 07/02/44 (Call 01/02/44)

    2,340       1,809,022  

4.95%, 07/02/64 (Call 01/02/64)(d)

    1,802       1,359,190  

5.13%, 09/14/45 (Call 03/14/45)

    377       310,724  

6.00%, 01/15/36

    629       614,588  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

   

1.75%, 09/15/30 (Call 06/15/30)

    2,755       2,095,108  

2.00%, 09/16/31 (Call 06/16/31)

    2,005       1,494,278  

4.90%, 12/01/32 (Call 09/01/32)

    1,620       1,496,118  

Lafarge SA, 7.13%, 07/15/36

    890       915,904  
Security  

Par

(000)

    Value  

Building Materials (continued)

   

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)

  $     1,760     $ 1,625,916  

1.70%, 08/01/27 (Call 06/01/27)

    1,353       1,159,262  

5.50%, 09/15/28 (Call 08/15/28)

    2,000       1,951,470  

Martin Marietta Materials Inc.

   

2.40%, 07/15/31 (Call 04/15/31)

    1,820       1,394,782  

3.20%, 07/15/51 (Call 01/15/51)

    2,940       1,744,756  

3.45%, 06/01/27 (Call 03/01/27)

    1,453       1,338,451  

3.50%, 12/15/27 (Call 09/15/27)

    4,014       3,664,050  

4.25%, 12/15/47 (Call 06/15/47)

    3,155       2,292,781  

Series CB, 2.50%, 03/15/30 (Call 12/15/29)

    2,816       2,262,238  

Masco Corp.

   

1.50%, 02/15/28 (Call 12/15/27)

    2,577       2,141,207  

2.00%, 10/01/30 (Call 07/01/30)

    2,649       1,986,848  

2.00%, 02/15/31 (Call 11/15/30)

    990       742,211  

3.13%, 02/15/51 (Call 08/15/50)

    1,281       722,478  

3.50%, 11/15/27 (Call 08/15/27)

    1,983       1,792,197  

4.50%, 05/15/47 (Call 11/15/46)

    1,910       1,372,651  

Mohawk Industries Inc.

   

3.63%, 05/15/30 (Call 02/15/30)(b)

    1,700       1,458,485  

5.85%, 09/18/28 (Call 08/18/28)

    1,825       1,794,503  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    2,818       2,623,702  

3.88%, 06/01/30 (Call 03/01/30)

    1,285       1,108,415  

3.95%, 08/15/29 (Call 05/15/29)

    2,603       2,306,760  

4.20%, 12/01/24 (Call 09/01/24)

    2,621       2,577,625  

4.30%, 07/15/47 (Call 01/15/47)

    2,386       1,713,572  

4.40%, 01/30/48 (Call 07/30/47)

    1,829       1,315,672  

7.00%, 12/01/36

    1,335       1,346,456  

Trane Technologies Financing Ltd., 5.25%, 03/03/33 (Call 12/03/32)

    575       538,649  

Trane Technologies Global Holding Co. Ltd.

   

3.75%, 08/21/28 (Call 05/21/28)

    2,388       2,194,119  

4.30%, 02/21/48 (Call 08/21/47)

    1,103       810,449  

5.75%, 06/15/43

    2,312       2,111,990  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

    2,162       2,052,328  

3.55%, 11/01/24 (Call 08/01/24)

    3,175       3,100,960  

3.80%, 03/21/29 (Call 12/21/28)

    3,130       2,855,991  

4.50%, 03/21/49 (Call 09/21/48)

    1,395       1,056,983  

4.65%, 11/01/44 (Call 05/01/44)

    1,263       979,013  

Vulcan Materials Co.

   

3.50%, 06/01/30 (Call 03/01/30)

    3,815       3,257,900  

3.90%, 04/01/27 (Call 01/01/27)

    1,380       1,286,651  

4.50%, 04/01/25 (Call 01/01/25)

    1,687       1,654,864  

4.50%, 06/15/47 (Call 12/15/46)

    3,224       2,469,709  

4.70%, 03/01/48 (Call 09/01/47)

    1,598       1,249,239  

5.80%, 03/01/26 (Call 03/01/24)

    200       198,219  
   

 

 

 
        115,332,440  
Chemicals — 0.4%            

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    3,685       3,414,022  

1.85%, 05/15/27 (Call 03/15/27)

    5,657       4,997,727  

2.05%, 05/15/30 (Call 02/15/30)

    3,412       2,747,649  

2.70%, 05/15/40 (Call 11/15/39)

    2,361       1,530,277  

2.80%, 05/15/50 (Call 11/15/49)

    4,062       2,395,236  

4.80%, 03/03/33 (Call 12/03/32)

    3,065       2,869,408  

Albemarle Corp.

   

4.65%, 06/01/27 (Call 05/01/27)

    2,020       1,907,114  

5.05%, 06/01/32 (Call 03/01/32)(b)

    1,020       890,853  

5.45%, 12/01/44 (Call 06/01/44)

    2,505       2,054,332  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Chemicals (continued)

   

5.65%, 06/01/52 (Call 12/01/51)

  $ 380     $ 294,066  

Cabot Corp.

   

4.00%, 07/01/29 (Call 04/01/29)

    560       501,006  

5.00%, 06/30/32 (Call 03/30/32)

        2,345           2,088,698  

Celanese U.S. Holdings LLC

   

1.40%, 08/05/26 (Call 07/05/26)

    2,254       1,962,720  

6.05%, 03/15/25

    4,045       4,033,095  

6.17%, 07/15/27 (Call 06/15/27)

    8,080       7,885,751  

6.33%, 07/15/29 (Call 05/15/29)

    1,815       1,748,022  

6.35%, 11/15/28 (Call 10/15/28)

    3,580       3,495,232  

6.38%, 07/15/32 (Call 04/15/32)

    3,290       3,091,194  

6.55%, 11/15/30 (Call 09/15/30)

    3,805       3,656,078  

6.70%, 11/15/33 (Call 08/15/33)

    2,125       2,017,467  

CF Industries Inc.

   

4.95%, 06/01/43

    3,220       2,484,995  

5.15%, 03/15/34

    3,296       2,925,314  

5.38%, 03/15/44

    2,492       2,025,261  

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)

    1,171       907,584  

3.60%, 11/15/50 (Call 05/15/50)

    1,956       1,235,191  

4.25%, 10/01/34 (Call 04/01/34)

    2,624       2,211,874  

4.38%, 11/15/42 (Call 05/15/42)

    6,027       4,477,551  

4.63%, 10/01/44 (Call 04/01/44)

    2,155       1,624,991  

4.80%, 11/30/28 (Call 08/30/28)

    1,977       1,889,534  

4.80%, 05/15/49 (Call 11/15/48)

    2,970       2,254,587  

5.25%, 11/15/41 (Call 05/15/41)

    5,081       4,293,824  

5.55%, 11/30/48 (Call 05/30/48)

    3,363       2,845,215  

6.30%, 03/15/33 (Call 12/15/32)(b)

    865       868,214  

6.90%, 05/15/53 (Call 11/15/52)

    1,445       1,444,125  

7.38%, 11/01/29

    3,884       4,115,115  

9.40%, 05/15/39

    1,992       2,447,518  

DuPont de Nemours Inc.

   

4.49%, 11/15/25 (Call 09/15/25)

    9,353       9,115,187  

4.73%, 11/15/28 (Call 08/15/28)

    9,387       8,971,573  

5.32%, 11/15/38 (Call 05/15/38)

    6,040       5,399,064  

5.42%, 11/15/48 (Call 05/15/48)

    7,584       6,578,007  

Eastman Chemical Co.

   

3.80%, 03/15/25 (Call 12/15/24)

    5,084       4,915,408  

4.50%, 12/01/28 (Call 09/01/28)

    933       866,562  

4.65%, 10/15/44 (Call 04/15/44)

    3,233       2,378,795  

4.80%, 09/01/42 (Call 03/01/42)

    2,367       1,820,722  

5.75%, 03/08/33 (Call 12/08/32)

    1,605       1,487,282  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)

    3,825       2,817,652  

1.65%, 02/01/27 (Call 01/01/27)

    1,107       977,607  

2.13%, 02/01/32 (Call 11/01/31)

    2,740       2,086,186  

2.13%, 08/15/50 (Call 02/15/50)

    1,068       525,319  

2.70%, 11/01/26 (Call 08/01/26)

    4,419       4,093,563  

2.70%, 12/15/51 (Call 06/15/51)

    2,295       1,261,755  

2.75%, 08/18/55 (Call 02/18/55)

    5,654       3,013,883  

3.25%, 12/01/27 (Call 09/01/27)

    1,790       1,647,255  

3.95%, 12/01/47 (Call 06/01/47)

    610       444,243  

4.80%, 03/24/30 (Call 12/24/29)

    2,673       2,535,054  

5.25%, 01/15/28 (Call 12/15/27)

    3,070       3,044,963  

5.50%, 12/08/41

    105       95,716  

EIDP Inc.

   

1.70%, 07/15/25 (Call 06/15/25)

    4,845       4,507,575  

2.30%, 07/15/30 (Call 04/15/30)(b)

    3,282       2,620,901  

4.50%, 05/15/26 (Call 04/15/26)

    620       601,972  

4.80%, 05/15/33 (Call 02/15/33)(b)

    300       272,608  
Security  

Par

(000)

    Value  

Chemicals (continued)

   

FMC Corp.

   

3.20%, 10/01/26 (Call 08/01/26)

  $     2,098     $     1,910,001  

3.45%, 10/01/29 (Call 07/01/29)

    2,121       1,756,230  

4.50%, 10/01/49 (Call 04/01/49)

    2,425       1,605,409  

5.15%, 05/18/26 (Call 04/18/26)

    1,895       1,828,922  

5.65%, 05/18/33 (Call 02/18/33)

    1,825       1,607,558  

6.38%, 05/18/53 (Call 11/18/52)

    1,865       1,563,392  

Huntsman International LLC

   

2.95%, 06/15/31 (Call 03/15/31)

    2,310       1,754,600  

4.50%, 05/01/29 (Call 02/01/29)

    3,520       3,148,598  

International Flavors & Fragrances Inc.

   

4.38%, 06/01/47 (Call 12/01/46)

    2,260       1,467,702  

4.45%, 09/26/28 (Call 06/26/28)

    1,405       1,285,235  

5.00%, 09/26/48 (Call 03/26/48)

    2,217       1,605,885  

Linde Inc., 4.80%, 12/05/24

    915       909,269  

Linde Inc./CT

   

1.10%, 08/10/30 (Call 05/10/30)

    4,572       3,486,510  

2.00%, 08/10/50 (Call 02/10/50)(b)

    1,875       906,318  

2.65%, 02/05/25 (Call 11/05/24)

    4,975       4,797,135  

3.20%, 01/30/26 (Call 10/30/25)

    4,179       3,983,496  

3.55%, 11/07/42 (Call 05/07/42)

    2,092       1,495,495  

4.70%, 12/05/25 (Call 11/05/25)

    4,665       4,610,631  

Lubrizol Corp. (The), 6.50%, 10/01/34

    332       362,617  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    4,010       3,053,469  

5.25%, 07/15/43

    674       541,917  

LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)

    465       429,708  

LYB International Finance III LLC

   

1.25%, 10/01/25 (Call 09/01/25)

    3,077       2,808,092  

2.25%, 10/01/30 (Call 07/01/30)(b)

    1,891       1,460,215  

3.38%, 10/01/40 (Call 04/01/40)

    3,438       2,222,793  

3.63%, 04/01/51 (Call 10/01/50)

    4,606       2,775,066  

3.80%, 10/01/60 (Call 04/01/60)

    3,486       2,013,867  

4.20%, 10/15/49 (Call 04/15/49)

    3,428       2,274,620  

4.20%, 05/01/50 (Call 11/01/49)

    4,442       2,946,569  

5.63%, 05/15/33 (Call 02/15/33)

    2,195       2,057,202  

LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)

    3,727       2,596,090  

Mosaic Co. (The)

   

4.05%, 11/15/27 (Call 08/15/27)(b)

    1,160       1,082,735  

4.88%, 11/15/41 (Call 05/15/41)

    1,090       833,708  

5.45%, 11/15/33 (Call 05/15/33)

    1,517       1,386,341  

5.63%, 11/15/43 (Call 05/15/43)

    923       775,380  

NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)

    1,791       1,372,581  

Nutrien Ltd.

   

2.95%, 05/13/30 (Call 02/13/30)

    1,189       978,930  

3.00%, 04/01/25 (Call 01/01/25)

    3,670       3,513,732  

3.95%, 05/13/50 (Call 11/13/49)

    1,625       1,096,121  

4.00%, 12/15/26 (Call 09/15/26)

    2,624       2,484,015  

4.13%, 03/15/35 (Call 09/15/34)

    2,030       1,642,884  

4.20%, 04/01/29 (Call 01/01/29)

    2,995       2,748,385  

4.90%, 03/27/28 (Call 02/27/28)

    1,530       1,466,105  

4.90%, 06/01/43 (Call 12/01/42)

    2,439       1,925,696  

5.00%, 04/01/49 (Call 10/01/48)

    2,664       2,077,039  

5.25%, 01/15/45 (Call 07/15/44)

    1,857       1,524,307  

5.63%, 12/01/40

    1,021       897,783  

5.80%, 03/27/53 (Call 09/27/52)

    1,360       1,189,185  

5.88%, 12/01/36

    1,994       1,849,753  

5.90%, 11/07/24

    1,852       1,848,210  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Chemicals (continued)

   

5.95%, 11/07/25

  $     2,470     $ 2,470,003  

6.13%, 01/15/41 (Call 07/15/40)

    305       281,930  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    4,295       3,853,821  

2.55%, 06/15/30 (Call 03/15/30)

    1,147       926,655  

2.80%, 08/15/29 (Call 05/15/29)

    1,805       1,541,767  

3.75%, 03/15/28 (Call 12/15/27)

    4,521       4,172,460  

Rohm & Haas Co., 7.85%, 07/15/29

    2,314       2,478,415  

RPM International Inc.

   

2.95%, 01/15/32 (Call 10/15/31)

    1,845       1,407,096  

3.75%, 03/15/27 (Call 12/15/26)

    2,915       2,709,690  

4.25%, 01/15/48 (Call 07/15/47)(b)

    1,186       814,567  

4.55%, 03/01/29 (Call 12/01/28)

    1,729       1,591,381  

5.25%, 06/01/45 (Call 12/01/44)

    1,320       1,049,840  

Sherwin-Williams Co. (The)

   

2.20%, 03/15/32 (Call 12/15/31)

    2,932       2,180,170  

2.30%, 05/15/30 (Call 02/15/30)

    2,608       2,078,647  

2.90%, 03/15/52 (Call 09/15/51)

    2,085       1,131,281  

2.95%, 08/15/29 (Call 05/15/29)

    3,602       3,071,078  

3.30%, 05/15/50 (Call 11/15/49)

    2,080       1,245,400  

3.45%, 08/01/25 (Call 05/01/25)

    2,544       2,439,430  

3.45%, 06/01/27 (Call 03/01/27)

    6,645       6,147,057  

3.80%, 08/15/49 (Call 02/15/49)

    2,255       1,495,251  

3.95%, 01/15/26 (Call 10/15/25)

    2,331       2,241,498  

4.00%, 12/15/42 (Call 06/15/42)

    1,090       781,043  

4.25%, 08/08/25

    2,560       2,487,081  

4.50%, 06/01/47 (Call 12/01/46)

    4,893       3,689,641  

4.55%, 08/01/45 (Call 02/01/45)

    872       655,972  

Westlake Corp.

   

2.88%, 08/15/41 (Call 02/15/41)

    1,238       727,277  

3.13%, 08/15/51 (Call 02/15/51)

    2,600       1,399,877  

3.38%, 06/15/30 (Call 03/15/30)

    1,865       1,549,821  

3.38%, 08/15/61 (Call 02/15/61)

    2,389       1,232,308  

3.60%, 08/15/26 (Call 05/15/26)

    4,149       3,887,569  

4.38%, 11/15/47 (Call 05/15/47)

    1,685       1,163,063  

5.00%, 08/15/46 (Call 02/15/46)

    2,810       2,144,582  
   

 

 

 
          324,712,864  
Coal — 0.0%            

Teck Resources Ltd.

   

3.90%, 07/15/30 (Call 04/15/30)

    265       225,742  

5.20%, 03/01/42 (Call 09/01/41)

    1,178       920,086  

5.40%, 02/01/43 (Call 08/01/42)

    473       380,252  

6.00%, 08/15/40 (Call 02/15/40)

    2,130       1,850,352  

6.13%, 10/01/35

    1,794       1,665,543  

6.25%, 07/15/41 (Call 01/15/41)

    1,716       1,524,096  
   

 

 

 
      6,566,071  
Commercial Services — 0.3%            

American University (The), Series 2019, 3.67%, 04/01/49

    1,900       1,325,290  

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

    6,217       4,728,672  

1.70%, 05/15/28 (Call 03/15/28)

    4,240       3,640,810  

3.38%, 09/15/25 (Call 06/15/25)

    5,671       5,468,898  

Block Financial LLC

   

2.50%, 07/15/28 (Call 05/15/28)

    2,978       2,511,895  

3.88%, 08/15/30 (Call 05/15/30)

    2,273       1,928,957  

5.25%, 10/01/25 (Call 07/01/25)

    1,259       1,234,642  

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       1,112,828  
Security  

Par

(000)

    Value  

Commercial Services (continued)

   

California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)

  $     2,713     $       1,470,936  

California Institute of Technology

   

3.65%, 09/01/2119 (Call 03/01/19)

    674       389,948  

4.32%, 08/01/45

    842       669,078  

4.70%, 11/01/2111

    1,669       1,219,316  

Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/21)

    1,253       1,029,353  

Cintas Corp. No. 2

   

3.45%, 05/01/25 (Call 04/01/25)

    1,915       1,853,457  

3.70%, 04/01/27 (Call 01/01/27)

    5,807       5,469,823  

4.00%, 05/01/32 (Call 02/01/32)(b)

    2,465       2,155,991  

Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/21)

    510       293,728  

Duke University

   

Series 2020, 2.68%, 10/01/44

    1,266       804,626  

Series 2020, 2.76%, 10/01/50

    1,338       780,281  

Series 2020, 2.83%, 10/01/55

    2,460       1,394,920  

Emory University

   

Series 2020, 2.14%, 09/01/30 (Call 06/01/30)

    358       287,279  

Series 2020, 2.97%, 09/01/50 (Call 03/01/50)

    1,903       1,127,960  

Equifax Inc.

   

2.35%, 09/15/31 (Call 06/15/31)

    4,345       3,232,113  

2.60%, 12/01/24 (Call 11/01/24)

    4,349       4,189,802  

2.60%, 12/15/25 (Call 11/15/25)

    2,097       1,958,176  

3.10%, 05/15/30 (Call 02/15/30)

    3,541       2,899,369  

5.10%, 12/15/27 (Call 11/15/27)

    2,740       2,639,952  

5.10%, 06/01/28 (Call 05/01/28)

    2,090       1,993,759  

Ford Foundation (The)

   

Series 2020, 2.42%, 06/01/50 (Call 12/01/49)

    1,295       705,010  

Series 2020, 2.82%, 06/01/70 (Call 12/01/69)

    2,902       1,477,034  

George Washington University (The)
4.87%, 09/15/45

    1,555       1,303,174  

Series 2014, 4.30%, 09/15/44

    840       648,825  

Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    3,126       2,354,039  

Georgetown University (The)

   

5.12%, 04/01/53 (Call 10/01/52)

    20       17,378  

Series 20A, 2.94%, 04/01/50

    1,274       740,757  

Series A, 5.22%, 10/01/2118 (Call 04/01/18)

    906       708,405  

Series B, 4.32%, 04/01/49 (Call 10/01/48)

    1,403       1,070,430  

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

    2,952       2,630,824  

1.50%, 11/15/24 (Call 10/15/24)

    944       897,166  

2.15%, 01/15/27 (Call 12/15/26)

    3,932       3,455,343  

2.65%, 02/15/25 (Call 01/15/25)

    2,713       2,586,588  

2.90%, 05/15/30 (Call 02/15/30)

    3,569       2,859,601  

2.90%, 11/15/31 (Call 08/15/31)

    3,369       2,575,514  

3.20%, 08/15/29 (Call 05/15/29)

    5,962       5,008,062  

4.15%, 08/15/49 (Call 02/15/49)

    2,754       1,782,842  

4.45%, 06/01/28 (Call 03/01/28)

    2,170       1,997,077  

4.80%, 04/01/26 (Call 01/01/26)

    4,537       4,380,183  

4.95%, 08/15/27 (Call 07/15/27)

    1,449       1,375,681  

5.30%, 08/15/29 (Call 06/15/29)

    1,940       1,818,833  

5.40%, 08/15/32 (Call 05/15/32)

    3,215       2,913,024  

5.95%, 08/15/52 (Call 02/15/52)

    3,170       2,670,274  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Commercial Services (continued)

   

Howard University, 5.21%, 10/01/52 (Call 10/01/32)

  $ 978     $ 784,384  

Johns Hopkins University

   

4.71%, 07/01/32 (Call 04/01/32)(b)

        1,180           1,116,365  

Series 2013, 4.08%, 07/01/53

    2,248       1,671,007  

Series A, 2.81%, 01/01/60 (Call 07/01/59)(b)

    1,160       636,382  

Leland Stanford Junior University (The)

   

1.29%, 06/01/27 (Call 04/01/27)

    1,280       1,114,063  

2.41%, 06/01/50 (Call 12/01/49)

    1,725       941,728  

3.65%, 05/01/48 (Call 11/01/47)

    2,731       1,973,626  

Massachusetts Institute of Technology

   

3.07%, 04/01/52 (Call 10/01/51)

    1,013       629,547  

3.89%, 07/01/2116

    538       346,516  

3.96%, 07/01/38

    769       636,234  

4.68%, 07/01/2114

    2,428       1,887,373  

5.60%, 07/01/2111

    2,890       2,709,013  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

    2,586       1,617,996  

Series G, 2.29%, 07/01/51 (Call 01/01/51)(b)

    1,524       801,183  

Moody’s Corp.

   

2.00%, 08/19/31 (Call 05/19/31)

    3,342       2,520,511  

2.75%, 08/19/41 (Call 02/19/41)

    2,830       1,750,819  

3.10%, 11/29/61 (Call 05/29/61)

    2,645       1,437,484  

3.25%, 01/15/28 (Call 10/15/27)

    2,939       2,671,031  

3.25%, 05/20/50 (Call 11/20/49)

    1,893       1,144,268  

3.75%, 03/24/25 (Call 02/24/25)

    1,070       1,039,147  

3.75%, 02/25/52 (Call 08/25/51)

    1,340       893,219  

4.25%, 02/01/29 (Call 11/01/28)

    2,886       2,684,908  

4.25%, 08/08/32 (Call 05/08/32)

    2,235       1,970,596  

4.88%, 12/17/48 (Call 06/17/48)

    2,260       1,818,516  

5.25%, 07/15/44

    1,481       1,275,086  

Northeastern University, Series 2020, 2.89%, 10/01/50(b)

    1,541       895,400  

Northwestern University

   

4.64%, 12/01/44

    1,130       974,581  

Series 2017, 3.66%, 12/01/57 (Call 06/01/57)

    1,419       962,883  

Series 2020, 2.64%, 12/01/50 (Call 06/01/50)

    2,619       1,500,924  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

    5,459       5,122,862  

2.30%, 06/01/30 (Call 03/01/30)

    4,664       3,732,865  

2.65%, 10/01/26 (Call 08/01/26)

    5,336       4,915,182  

2.85%, 10/01/29 (Call 07/01/29)

    6,689       5,689,182  

3.25%, 06/01/50 (Call 12/01/49)(b)

    4,162       2,558,119  

3.90%, 06/01/27 (Call 05/01/27)(b)

    710       674,022  

4.40%, 06/01/32 (Call 03/01/32)(b)

    4,045       3,622,680  

5.05%, 06/01/52 (Call 12/01/51)(b)

    3,895       3,286,205  

5.25%, 06/01/62 (Call 12/01/61)(b)

    2,445       2,023,395  

President and Fellows of Harvard College

   

2.52%, 10/15/50 (Call 04/15/50)(b)

    2,294       1,286,596  

3.15%, 07/15/46 (Call 01/15/46)

    1,440       960,785  

3.30%, 07/15/56 (Call 01/15/56)

    1,846       1,173,040  

3.75%, 11/15/52 (Call 05/15/52)

    230       165,203  

4.88%, 10/15/40

    745       664,496  

Quanta Services Inc.

   

0.95%, 10/01/24 (Call 12/01/23)

    2,695       2,567,899  

2.35%, 01/15/32 (Call 10/15/31)

    2,051       1,475,489  

2.90%, 10/01/30 (Call 07/01/30)

    3,446       2,711,641  

3.05%, 10/01/41 (Call 04/01/41)

    2,185       1,308,580  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)

    2,309       1,933,585  
Security  

Par

(000)

    Value  

Commercial Services (continued)

   

4.00%, 03/18/29 (Call 12/18/28)

  $ 6,072     $ 5,591,334  

4.75%, 05/20/32 (Call 02/20/32)

    570       522,630  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

        4,059           2,224,867  

S&P Global Inc.

   

1.25%, 08/15/30 (Call 05/15/30)

    3,708       2,757,166  

2.30%, 08/15/60 (Call 02/15/60)(b)

    3,285       1,522,662  

2.45%, 03/01/27 (Call 02/01/27)

    2,550       2,307,047  

2.50%, 12/01/29 (Call 09/01/29)

    3,887       3,251,799  

2.70%, 03/01/29 (Call 01/01/29)

    4,170       3,611,177  

2.90%, 03/01/32 (Call 12/01/31)

    2,831       2,271,041  

2.95%, 01/22/27 (Call 10/22/26)

    3,586       3,305,511  

3.25%, 12/01/49 (Call 06/01/49)

    4,393       2,736,200  

3.70%, 03/01/52 (Call 09/01/51)

    2,320       1,567,635  

3.90%, 03/01/62 (Call 09/01/61)

    969       652,491  

4.25%, 05/01/29 (Call 02/01/29)

    5,295       4,927,903  

4.75%, 08/01/28 (Call 05/01/28)

    4,870       4,702,978  

5.25%, 09/15/33 (Call 06/15/33)(e)

    535       505,601  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

    2,161       1,346,350  

Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)

    2,054       1,486,538  

Trustees of Boston College, 3.13%, 07/01/52

    1,563       973,298  

Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)

    1,602       1,207,624  

Trustees of Princeton University (The)

   

4.20%, 03/01/52 (Call 09/01/51)

    1,070       838,026  

5.70%, 03/01/39(b)

    2,370       2,353,664  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(b)

    2,242       1,294,671  

Trustees of the University of Pennsylvania (The)

   

3.61%, 02/15/2119 (Call 08/15/18)

    2,233       1,321,549  

4.67%, 09/01/2112

    70       53,811  

Series 2020, 2.40%, 10/01/50 (Call 04/01/50)

    1,183       636,037  

UL Solutions Inc., 6.50%, 10/20/28
(Call 09/20/28)(e)

    1,000       990,956  

University of Chicago (The)

   

3.00%, 10/01/52 (Call 04/01/52)

    885       547,680  

4.00%, 10/01/53 (Call 04/01/53)

    1,889       1,417,013  

Series 20B, 2.76%, 04/01/45 (Call 10/01/44)

    1,327       910,775  

Series C, 2.55%, 04/01/50 (Call 10/01/49)(b)

    1,581       921,139  

University of Miami, 4.06%, 04/01/52

    687       489,147  

University of Notre Dame du Lac

   

Series 2015, 3.44%, 02/15/45

    1,920       1,352,346  

Series 2017, 3.39%, 02/15/48 (Call 08/15/47)

    1,909       1,308,914  

University of Southern California

   

2.81%, 10/01/50 (Call 04/01/50)

    1,435       828,230  

3.03%, 10/01/39

    3,214       2,326,399  

4.98%, 10/01/53 (Call 04/01/53)

    1,155       999,786  

5.25%, 10/01/2111

    748       630,619  

Series 2017, 3.84%, 10/01/47 (Call 04/01/47)

    1,918       1,426,804  

Series 21A, 2.95%, 10/01/51 (Call 04/01/51)

    1,675       997,973  

Series A, 3.23%, 10/01/2120 (Call 04/01/20)

    1,359       700,662  

Verisk Analytics Inc.

   

3.63%, 05/15/50 (Call 11/15/49)

    2,146       1,363,212  

4.00%, 06/15/25 (Call 03/15/25)

    1,618       1,566,958  

4.13%, 03/15/29 (Call 12/15/28)

    2,448       2,242,262  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Commercial Services (continued)

   

5.50%, 06/15/45 (Call 12/15/44)

  $ 1,545     $ 1,308,057  

5.75%, 04/01/33 (Call 01/01/33)

        2,520       2,414,509  

Washington University (The)

   

3.52%, 04/15/54 (Call 10/15/53)

    3,201       2,170,728  

4.35%, 04/15/2122 (Call 10/15/21)

    1,029       722,274  

William Marsh Rice University

   

3.57%, 05/15/45

    985       712,968  

3.77%, 05/15/55

    1,465       1,059,752  

Yale University

   

Series 2020, 0.87%, 04/15/25 (Call 03/15/25)

    2,967       2,776,482  

Series 2020, 1.48%, 04/15/30 (Call 01/15/30)

    1,179       926,575  

Series 2020, 2.40%, 04/15/50 (Call 10/15/49)(b)

    1,078       591,525  
   

 

 

 
          277,737,894  
Computers — 0.6%            

Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)

    2,821       2,216,536  

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)

    5,698       5,245,031  

0.70%, 02/08/26 (Call 01/08/26)

    7,560       6,827,448  

1.13%, 05/11/25 (Call 04/11/25)

    8,421       7,901,723  

1.20%, 02/08/28 (Call 12/08/27)

    6,317       5,359,571  

1.25%, 08/20/30 (Call 05/20/30)

    6,902       5,299,159  

1.40%, 08/05/28 (Call 06/05/28)

    7,495       6,311,127  

1.65%, 05/11/30 (Call 02/11/30)

    7,783       6,208,339  

1.65%, 02/08/31 (Call 11/08/30)

    5,140       3,997,761  

1.70%, 08/05/31 (Call 05/05/31)

    6,170       4,746,188  

2.05%, 09/11/26 (Call 07/11/26)

    8,812       8,075,797  

2.20%, 09/11/29 (Call 06/11/29)

    5,105       4,320,483  

2.38%, 02/08/41 (Call 08/08/40)

    3,290       2,100,103  

2.40%, 08/20/50 (Call 02/20/50)

    2,791       1,553,060  

2.45%, 08/04/26 (Call 05/04/26)

    10,641       9,883,217  

2.50%, 02/09/25

    6,257       6,040,590  

2.55%, 08/20/60 (Call 02/20/60)(b)

    11,082       6,073,955  

2.65%, 05/11/50 (Call 11/11/49)

    8,566       4,956,087  

2.65%, 02/08/51 (Call 08/08/50)

    7,930       4,552,482  

2.70%, 08/05/51 (Call 02/05/51)

    8,464       4,889,430  

2.75%, 01/13/25 (Call 11/13/24)

    2,733       2,650,062  

2.80%, 02/08/61 (Call 08/08/60)

    4,025       2,222,175  

2.85%, 08/05/61 (Call 02/05/61)

    3,495       1,937,888  

2.90%, 09/12/27 (Call 06/12/27)

    7,596       6,987,341  

2.95%, 09/11/49 (Call 03/11/49)

    7,468       4,648,916  

3.00%, 06/20/27 (Call 03/20/27)

    5,840       5,417,790  

3.00%, 11/13/27 (Call 08/13/27)

    7,207       6,627,542  

3.20%, 05/13/25

    9,290       8,999,794  

3.20%, 05/11/27 (Call 02/11/27)

    7,327       6,846,299  

3.25%, 02/23/26 (Call 11/23/25)

    13,233       12,664,031  

3.25%, 08/08/29 (Call 06/08/29)(b)

    6,815       6,149,529  

3.35%, 02/09/27 (Call 11/09/26)

    9,955       9,386,072  

3.35%, 08/08/32 (Call 05/08/32)(b)

    7,010       6,017,379  

3.45%, 02/09/45

    9,261       6,616,240  

3.75%, 09/12/47 (Call 03/12/47)

    4,939       3,610,325  

3.75%, 11/13/47 (Call 05/13/47)

    6,202       4,546,257  

3.85%, 05/04/43

    11,278       8,716,415  

3.85%, 08/04/46 (Call 02/04/46)

    8,449       6,333,421  

3.95%, 08/08/52 (Call 02/08/52)

    7,460       5,527,973  

4.00%, 05/10/28 (Call 04/10/28)

    2,810       2,676,288  

4.10%, 08/08/62 (Call 02/08/62)

    4,955       3,630,028  

4.15%, 05/10/30 (Call 03/10/30)

    2,850       2,679,021  

4.25%, 02/09/47 (Call 08/09/46)

    3,576       2,888,417  
Security  

Par

(000)

    Value  

Computers (continued)

   

4.30%, 05/10/33 (Call 02/10/33)(b)

  $ 3,090     $ 2,856,350  

4.38%, 05/13/45

    7,614       6,241,342  

4.45%, 05/06/44

    2,992       2,527,290  

4.50%, 02/23/36 (Call 08/23/35)(b)

    4,798       4,434,127  

4.65%, 02/23/46 (Call 08/23/45)

        13,799           11,755,690  

4.85%, 05/10/53 (Call 11/10/52)

    3,265       2,834,293  

Booz Allen Hamilton Inc., 5.95%, 08/04/33 (Call 05/04/33)

    285       270,532  

CGI Inc.

   

1.45%, 09/14/26 (Call 08/14/26)

    2,421       2,131,756  

2.30%, 09/14/31 (Call 06/14/31)

    2,743       2,022,573  

Dell Inc.

   

6.50%, 04/15/38

    2,160       2,056,187  

7.10%, 04/15/28

    2,675       2,802,589  

Dell International LLC/EMC Corp.

   

3.38%, 12/15/41 (Call 06/15/41)

    4,150       2,671,435  

3.45%, 12/15/51 (Call 06/15/51)

    4,765       2,835,887  

4.90%, 10/01/26 (Call 08/01/26)

    7,844       7,631,933  

5.25%, 02/01/28 (Call 01/01/28)

    1,240       1,211,470  

5.30%, 10/01/29 (Call 07/01/29)

    6,515       6,210,927  

5.75%, 02/01/33 (Call 11/01/32)(b)

    2,030       1,918,051  

5.85%, 07/15/25 (Call 06/15/25)

    5,175       5,165,035  

6.02%, 06/15/26 (Call 03/15/26)

    5,075       5,078,714  

6.10%, 07/15/27 (Call 05/15/27)

    3,030       3,036,659  

6.20%, 07/15/30 (Call 04/15/30)

    2,463       2,440,506  

8.10%, 07/15/36 (Call 01/15/36)

    3,402       3,688,552  

8.35%, 07/15/46 (Call 01/15/46)

    2,580       2,880,195  

DXC Technology Co.

   

1.80%, 09/15/26 (Call 08/15/26)

    3,355       2,937,582  

2.38%, 09/15/28 (Call 07/15/28)

    2,997       2,419,541  

Fortinet Inc.

   

1.00%, 03/15/26 (Call 02/15/26)

    3,420       3,049,158  

2.20%, 03/15/31 (Call 12/15/30)

    3,269       2,491,800  

Genpact Luxembourg Sarl

   

1.75%, 04/10/26 (Call 03/10/26)

    685       617,239  

3.38%, 12/01/24 (Call 11/01/24)

    2,648       2,553,824  

Hewlett Packard Enterprise Co.

   

1.75%, 04/01/26 (Call 03/01/26)

    1,136       1,030,645  

4.90%, 10/15/25 (Call 07/15/25)

    8,886       8,707,304  

5.25%, 07/01/28 (Call 06/01/28)

    2,030       1,958,540  

6.10%, 04/01/26 (Call 04/01/24)

    540       539,866  

6.20%, 10/15/35 (Call 04/15/35)

    3,230       3,162,755  

6.35%, 10/15/45 (Call 04/15/45)

    5,947       5,445,253  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)

    211       188,667  

2.20%, 06/17/25 (Call 05/17/25)

    6,131       5,787,187  

2.65%, 06/17/31 (Call 03/17/31)

    4,510       3,446,007  

3.00%, 06/17/27 (Call 04/17/27)

    3,794       3,419,033  

4.00%, 04/15/29 (Call 02/15/29)

    4,130       3,734,695  

4.20%, 04/15/32 (Call 01/15/32)

    1,835       1,546,363  

4.75%, 01/15/28 (Call 12/15/27)

    3,200       3,047,931  

5.50%, 01/15/33 (Call 10/15/32)(b)

    4,810       4,411,883  

6.00%, 09/15/41(b)

    4,357       3,951,851  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    5,199       4,536,631  

1.95%, 05/15/30 (Call 02/15/30)

    5,740       4,526,344  

2.20%, 02/09/27 (Call 01/09/27)

    2,885       2,586,057  

2.72%, 02/09/32 (Call 11/09/31)

    2,075       1,659,410  

2.85%, 05/15/40 (Call 11/15/39)

    2,758       1,771,638  

2.95%, 05/15/50 (Call 11/15/49)

    3,239       1,839,010  

3.30%, 05/15/26

    10,274       9,718,218  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Computers (continued)

   

3.30%, 01/27/27

  $ 2,533     $ 2,356,327  

3.43%, 02/09/52 (Call 08/09/51)

    2,580       1,593,024  

3.45%, 02/19/26

    6,161       5,870,685  

3.50%, 05/15/29

        10,065       8,966,236  

4.00%, 07/27/25

    1,015       988,405  

4.00%, 06/20/42

    4,861       3,620,753  

4.15%, 07/27/27 (Call 06/27/27)

    3,408       3,230,230  

4.15%, 05/15/39

    7,464       5,856,907  

4.25%, 05/15/49

    9,570       6,994,359  

4.40%, 07/27/32 (Call 04/27/32)

    3,070       2,752,016  

4.50%, 02/06/26

    3,340       3,259,060  

4.50%, 02/06/28 (Call 01/06/28)

    3,430       3,278,903  

4.70%, 02/19/46

    2,794       2,222,846  

4.75%, 02/06/33 (Call 11/06/32)

    3,110       2,852,682  

4.90%, 07/27/52 (Call 01/27/52)

    1,990       1,595,473  

5.10%, 02/06/53 (Call 08/06/52)

    2,495       2,069,845  

5.60%, 11/30/39

    3,420       3,156,334  

5.88%, 11/29/32(b)

    2,629       2,644,981  

6.22%, 08/01/27

    2,052       2,105,046  

6.50%, 01/15/28

    1,440       1,501,573  

7.00%, 10/30/25

    2,827       2,908,153  

7.13%, 12/01/96(b)

    1,679       1,770,310  

Kyndryl Holdings Inc.

   

2.05%, 10/15/26 (Call 09/15/26)

    3,020       2,631,123  

2.70%, 10/15/28 (Call 08/15/28)

    2,322       1,876,535  

3.15%, 10/15/31 (Call 07/15/31)

    3,245       2,363,797  

4.10%, 10/15/41 (Call 04/15/41)

    855       530,298  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)

    4,138       3,111,171  

3.63%, 05/15/25 (Call 04/15/25)

    1,721       1,653,267  

4.38%, 05/15/30 (Call 02/15/30)

    1,553       1,365,491  

NetApp Inc.

   

1.88%, 06/22/25 (Call 05/22/25)

    4,625       4,325,564  

2.38%, 06/22/27 (Call 04/22/27)

    2,191       1,946,089  

2.70%, 06/22/30 (Call 03/22/30)

    1,899       1,522,722  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    1,911       1,502,142  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    2,009       1,564,298  

3.10%, 02/01/32 (Call 11/01/31)

    2,723       1,918,336  

4.75%, 02/15/26 (Call 11/15/25)

    9,190       8,617,212  
   

 

 

 
          516,646,008  
Cosmetics & Personal Care — 0.2%            

Colgate-Palmolive Co.

   

3.10%, 08/15/25

    1,280       1,233,998  

3.10%, 08/15/27 (Call 07/15/27)

    700       650,000  

3.25%, 08/15/32 (Call 05/15/32)

    2,190       1,844,848  

3.70%, 08/01/47 (Call 02/01/47)(b)

    1,965       1,443,801  

4.00%, 08/15/45

    2,713       2,134,019  

4.60%, 03/01/28 (Call 02/01/28)

    809       791,552  

4.60%, 03/01/33 (Call 12/01/32)(b)

    994       933,084  

4.80%, 03/02/26

    1,429       1,419,597  

Conopco Inc., Series E, 7.25%, 12/15/26

    1,517       1,593,354  

Estee Lauder Companies Inc. (The)

   

1.95%, 03/15/31 (Call 12/15/30)

    3,445       2,640,139  

2.00%, 12/01/24 (Call 11/01/24)

    2,261       2,176,884  

2.38%, 12/01/29 (Call 09/01/29)

    4,028       3,330,354  

2.60%, 04/15/30 (Call 01/15/30)

    2,404       1,983,277  

3.13%, 12/01/49 (Call 06/01/49)

    3,012       1,837,922  

3.15%, 03/15/27 (Call 12/15/26)

    2,997       2,776,470  

4.15%, 03/15/47 (Call 09/15/46)

    1,955       1,452,308  
Security  

Par

(000)

    Value  

Cosmetics & Personal Care (continued)

   

4.38%, 05/15/28 (Call 04/15/28)

  $ 990     $ 945,155  

4.38%, 06/15/45 (Call 12/15/44)

    2,273       1,735,096  

4.65%, 05/15/33 (Call 02/15/33)(b)

    20       18,164  

5.15%, 05/15/53 (Call 11/15/52)

    475       406,729  

6.00%, 05/15/37

    2,117       2,109,800  

GSK Consumer Healthcare Capital U.S. LLC

   

3.38%, 03/24/27 (Call 02/24/27)

    6,445       5,944,221  

3.38%, 03/24/29 (Call 01/24/29)

    5,675       5,015,833  

3.63%, 03/24/32 (Call 12/24/31)

    5,790       4,820,842  

4.00%, 03/24/52 (Call 09/24/51)

    4,220       2,957,928  

GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/25

    8,133       7,818,028  

Kenvue Inc.

   

4.90%, 03/22/33 (Call 12/22/32)

    6,265       5,861,318  

5.00%, 03/22/30 (Call 01/22/30)

    3,710       3,567,098  

5.05%, 03/22/28 (Call 02/22/28)

    3,955       3,875,947  

5.05%, 03/22/53 (Call 09/22/52)

    5,400       4,638,908  

5.10%, 03/22/43 (Call 09/22/42)(b)

    2,935       2,594,571  

5.20%, 03/22/63 (Call 09/22/62)

    2,720       2,310,709  

5.35%, 03/22/26 (Call 02/22/26)

    670       667,314  

5.50%, 03/22/25

    825       823,807  

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

        5,844       5,329,388  

1.00%, 04/23/26

    1,160       1,048,210  

1.20%, 10/29/30

    7,070       5,348,227  

1.90%, 02/01/27

    1,320       1,190,898  

1.95%, 04/23/31

    1,607       1,272,100  

2.30%, 02/01/32

    4,980       3,974,950  

2.45%, 11/03/26

    3,865       3,577,874  

2.70%, 02/02/26

    3,209       3,037,764  

2.80%, 03/25/27

    4,017       3,709,754  

2.85%, 08/11/27

    4,886       4,490,728  

3.00%, 03/25/30

    7,970       6,941,419  

3.50%, 10/25/47

    1,035       731,322  

3.55%, 03/25/40

    1,745       1,343,181  

3.60%, 03/25/50(b)

    1,082       781,192  

3.95%, 01/26/28

    2,775       2,654,765  

4.05%, 01/26/33

    1,235       1,124,104  

4.10%, 01/26/26(b)

    4,382       4,284,339  

5.55%, 03/05/37

    670       666,994  

5.80%, 08/15/34

    305       317,815  

Unilever Capital Corp.

   

1.38%, 09/14/30 (Call 06/14/30)

    2,706       2,056,497  

1.75%, 08/12/31 (Call 05/12/31)

    3,595       2,715,133  

2.00%, 07/28/26

    3,592       3,288,216  

2.13%, 09/06/29 (Call 06/06/29)

    2,439       2,028,955  

2.90%, 05/05/27 (Call 02/05/27)

    5,535       5,086,867  

3.10%, 07/30/25

    1,525       1,466,937  

3.38%, 03/22/25 (Call 01/22/25)

    1,664       1,615,999  

3.50%, 03/22/28 (Call 12/22/27)

    4,279       3,951,506  

4.88%, 09/08/28 (Call 08/08/28)(b)

    1,950       1,903,912  

5.00%, 12/08/33 (Call 09/08/33)

    1,900       1,787,104  

5.90%, 11/15/32

    4,365       4,413,383  

Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)

    1,880       1,062,886  
   

 

 

 
          167,555,494  
Distribution & Wholesale — 0.0%            

LKQ Corp.

   

5.75%, 06/15/28 (Call 05/15/28)

    250       242,400  

6.25%, 06/15/33 (Call 03/15/33)

    315       294,694  

WW Grainger Inc.

   

1.85%, 02/15/25 (Call 01/15/25)

    2,175       2,069,965  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Distribution & Wholesale (continued)

   

3.75%, 05/15/46 (Call 11/15/45)

  $ 1,646     $ 1,159,354  

4.20%, 05/15/47 (Call 11/15/46)

        1,940       1,507,485  

4.60%, 06/15/45 (Call 12/15/44)

    3,525       2,855,044  
   

 

 

 
          8,128,942  
Diversified Financial Services — 0.9%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.75%, 01/30/26 (Call 12/30/25)

    2,613       2,349,647  

2.45%, 10/29/26 (Call 09/29/26)

    9,578       8,519,157  

3.00%, 10/29/28 (Call 08/29/28)

    14,015       11,821,909  

3.30%, 01/30/32 (Call 10/30/31)

    15,100       11,709,879  

3.40%, 10/29/33 (Call 07/29/33)

    6,472       4,866,306  

3.50%, 01/15/25 (Call 11/15/24)

    4,471       4,312,069  

3.65%, 07/21/27 (Call 04/21/27)

    4,485       4,030,230  

3.85%, 10/29/41 (Call 04/29/41)

    3,738       2,509,005  

3.88%, 01/23/28 (Call 10/23/27)

    4,307       3,873,803  

4.45%, 10/01/25 (Call 08/01/25)

    2,620       2,512,725  

4.45%, 04/03/26 (Call 02/03/26)

    3,418       3,267,341  

4.63%, 10/15/27 (Call 08/15/27)

    2,696       2,500,987  

5.75%, 06/06/28 (Call 05/06/28)

    2,275       2,185,140  

6.10%, 01/15/27 (Call 12/15/26)

    1,320       1,299,382  

6.15%, 09/30/30 (Call 07/30/30)

    1,945       1,865,934  

6.50%, 07/15/25 (Call 06/15/25)

    4,587       4,577,776  

Affiliated Managers Group Inc.

   

3.30%, 06/15/30 (Call 03/15/30)

    1,761       1,461,347  

3.50%, 08/01/25

    2,296       2,181,806  

Air Lease Corp.

   

1.88%, 08/15/26 (Call 07/15/26)

    1,805       1,597,161  

2.10%, 09/01/28 (Call 07/01/28)

    2,490       2,041,439  

2.20%, 01/15/27 (Call 12/15/26)

    940       823,775  

2.30%, 02/01/25 (Call 01/01/25)

    4,286       4,068,520  

2.88%, 01/15/26 (Call 12/15/25)

    3,531       3,276,322  

2.88%, 01/15/32 (Call 10/15/31)

    3,188       2,425,712  

3.00%, 02/01/30 (Call 11/01/29)

    2,646       2,145,108  

3.13%, 12/01/30 (Call 09/01/30)

    1,883       1,499,771  

3.25%, 03/01/25 (Call 01/01/25)

    4,168       3,992,035  

3.25%, 10/01/29 (Call 07/01/29)

    2,352       1,977,323  

3.38%, 07/01/25 (Call 06/01/25)

    2,672       2,535,911  

3.63%, 04/01/27 (Call 01/01/27)

    3,283       2,992,736  

3.63%, 12/01/27 (Call 09/01/27)

    3,459       3,094,823  

3.75%, 06/01/26 (Call 04/01/26)

    4,743       4,452,884  

4.63%, 10/01/28 (Call 07/01/28)(b)

    2,634       2,416,822  

5.30%, 02/01/28 (Call 01/01/28)

    2,105       2,015,718  

5.85%, 12/15/27 (Call 11/15/27)

    440       429,344  

Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)

    3,417       3,200,426  

Ally Financial Inc.

   

2.20%, 11/02/28 (Call 09/02/28)

    3,470       2,663,487  

4.63%, 03/30/25

    1,842       1,775,840  

4.75%, 06/09/27 (Call 05/09/27)

    2,435       2,204,648  

5.80%, 05/01/25 (Call 04/01/25)(b)

    2,703       2,645,705  

6.99%, 06/13/29 (Call 06/13/28),
(1-day SOFR + 3.260%)(a)

    1,160       1,108,295  

7.10%, 11/15/27 (Call 10/15/27)(b)

    2,815       2,764,054  

8.00%, 11/01/31

    10,530       10,257,091  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    3,844       3,385,074  

2.25%, 03/04/25 (Call 02/01/25)

    2,610       2,482,728  

2.55%, 03/04/27 (Call 02/01/27)

    5,400       4,833,119  

3.13%, 05/20/26 (Call 04/20/26)

    6,250       5,863,706  

3.30%, 05/03/27 (Call 04/03/27)

    6,335       5,793,331  

3.63%, 12/05/24 (Call 11/04/24)

    3,492       3,403,656  
Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

3.95%, 08/01/25 (Call 07/01/25)

  $ 8,290     $ 8,009,580  

4.05%, 05/03/29 (Call 03/03/29)

        3,320           3,036,725  

4.05%, 12/03/42

    5,155       3,881,866  

4.20%, 11/06/25 (Call 10/06/25)

    2,925       2,831,694  

4.42%, 08/03/33 (Call 08/03/32),
(1-day SOFR + 1.760%)(a)

    4,831       4,218,274  

4.90%, 02/13/26 (Call 01/13/26)

    6,115       5,991,140  

4.99%, 05/01/26 (Call 05/01/25),
(1-day SOFR + 1.000%)(a)

    4,950       4,854,907  

4.99%, 05/26/33 (Call 02/26/32),
(1-day SOFR + 2.255%)(a)

    2,565       2,281,500  

5.04%, 05/01/34 (Call 05/01/33),
(1-day SOFR + 1.835%)(a)

    5,150       4,621,429  

5.28%, 07/27/29 (Call 07/27/28),
(1-day SOFR + 1.280%)(a)

    4,900       4,702,629  

5.39%, 07/28/27 (Call 07/28/26),
(1-day SOFR + 0.970%)(a)

    1,740       1,704,458  

5.63%, 07/28/34 (Call 07/28/33),
(1-day SOFR + 1.930%)(a)

    460       419,155  

5.85%, 11/05/27 (Call 10/05/27)

    5,180       5,184,377  

6.34%, 10/30/26 (Call 10/30/25),
(1-day SOFR + 1.330%)(a)

    2,650       2,657,034  

6.49%, 10/30/31 (Call 10/30/30),
(1-day SOFR + 1.940%)(a)

    2,590       2,593,459  

American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)

    1,107       1,013,332  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)

    2,963       2,753,771  

3.00%, 04/02/25 (Call 03/02/25)

    2,112       2,028,796  

4.50%, 05/13/32 (Call 02/13/32)(b)

    2,290       2,061,943  

5.15%, 05/15/33 (Call 02/15/33)

    2,215       2,046,709  

Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)

    3,065       2,603,595  

BGC Group Inc., 8.00%, 05/25/28 (Call 04/25/28)

    295       287,458  

Blue Owl Credit Income Corp., 7.95%, 06/13/28 (Call 05/13/28)(e)

    110       107,574  

Brookfield Capital Finance LLC, 6.09%, 06/14/33 (Call 03/14/33)

    955       899,865  

Brookfield Finance Inc.

   

2.34%, 01/30/32 (Call 10/30/31)

    3,650       2,654,834  

2.72%, 04/15/31 (Call 01/15/31)

    2,730       2,114,326  

3.50%, 03/30/51 (Call 09/30/50)

    2,402       1,404,597  

3.63%, 02/15/52 (Call 08/15/51)

    1,642       971,933  

3.90%, 01/25/28 (Call 10/25/27)

    4,651       4,239,329  

4.25%, 06/02/26 (Call 03/02/26)

    2,271       2,167,119  

4.35%, 04/15/30 (Call 01/15/30)

    3,279       2,898,740  

4.70%, 09/20/47 (Call 03/20/47)

    3,401       2,498,672  

4.85%, 03/29/29 (Call 12/29/28)

    4,392       4,083,784  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    2,160       1,241,037  

Capital One Financial Corp.

   

1.88%, 11/02/27 (Call 11/02/26),
(1-day SOFR + 0.855%)(a)

    5,070       4,349,068  

2.36%, 07/29/32 (Call 07/29/31),
(1-day SOFR + 1.337%)(a)

    4,018       2,659,392  

2.62%, 11/02/32 (Call 11/02/31),
(1-day SOFR + 1.265%)(a)

    1,995       1,405,064  

2.64%, 03/03/26 (Call 03/03/25),
(1-day SOFR + 1.290%)(a)

    5,065       4,749,954  

3.20%, 02/05/25 (Call 01/05/25)

    4,247       4,059,381  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

3.27%, 03/01/30 (Call 03/01/29),
(1-day SOFR + 1.790%)(a)

  $ 3,550     $ 2,906,155  

3.65%, 05/11/27 (Call 04/11/27)

        4,147           3,739,735  

3.75%, 07/28/26 (Call 06/28/26)

    5,782       5,302,600  

3.75%, 03/09/27 (Call 02/09/27)

    5,939       5,365,420  

3.80%, 01/31/28 (Call 12/31/27)

    5,745       5,064,269  

4.20%, 10/29/25 (Call 09/29/25)

    5,763       5,467,571  

4.25%, 04/30/25 (Call 03/31/25)(b)

    3,279       3,165,746  

4.93%, 05/10/28 (Call 05/10/27),
(1-day SOFR + 2.057%)(a)

    4,320       3,995,867  

4.99%, 07/24/26 (Call 07/24/25),
(1-day SOFR + 2.160%)(a)

    3,575       3,446,543  

5.25%, 07/26/30 (Call 07/26/29),
(1-day SOFR + 2.600%)(a)

    3,065       2,758,779  

5.27%, 05/10/33 (Call 05/10/32),
(1-day SOFR + 2.370%)(a)(b)

    5,195       4,451,862  

5.47%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 2.080%)(a)

    3,420       3,179,888  

5.82%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 2.600%)(a)

    3,190       2,784,686  

6.31%, 06/08/29 (Call 06/08/28),
(1-day SOFR + 2.640%)(a)

    1,640       1,569,400  

6.38%, 06/08/34 (Call 06/08/33),
(1-day SOFR + 2.860%)(a)

    1,715       1,564,529  

7.15%, 10/29/27 (Call 10/29/26),
(1-day SOFR + 2.440%)(a)

    1,750       1,750,318  

7.62%, 10/30/31 (Call 10/30/30),
(1-day SOFR + 3.070%)(a)

    600       599,877  

Cboe Global Markets Inc.

   

1.63%, 12/15/30 (Call 09/15/30)

    3,255       2,453,402  

3.00%, 03/16/32 (Call 12/16/31)(b)

    2,175       1,744,090  

3.65%, 01/12/27 (Call 10/12/26)

    2,694       2,537,902  

Charles Schwab Corp. (The)

   

0.90%, 03/11/26 (Call 02/11/26)

    6,574       5,796,397  

1.15%, 05/13/26 (Call 04/13/26)

    5,593       4,912,620  

1.65%, 03/11/31 (Call 12/11/30)

    3,339       2,380,750  

1.95%, 12/01/31 (Call 09/01/31)

    3,915       2,785,772  

2.00%, 03/20/28 (Call 01/20/28)

    2,852       2,380,847  

2.30%, 05/13/31 (Call 02/13/31)

    3,498       2,612,835  

2.45%, 03/03/27 (Call 02/03/27)

    2,780       2,450,716  

2.75%, 10/01/29 (Call 07/01/29)

    1,969       1,619,383  

2.90%, 03/03/32 (Call 12/03/31)

    4,338       3,314,002  

3.00%, 03/10/25 (Call 12/10/24)

    245       234,811  

3.20%, 03/02/27 (Call 12/02/26)(b)

    3,212       2,905,505  

3.20%, 01/25/28 (Call 10/25/27)

    3,948       3,490,114  

3.25%, 05/22/29 (Call 02/22/29)

    2,545       2,164,443  

3.30%, 04/01/27 (Call 01/01/27)

    4,340       3,940,213  

3.45%, 02/13/26 (Call 11/13/25)(b)

    1,738       1,635,185  

3.63%, 04/01/25 (Call 01/01/25)

    2,249       2,168,341  

3.85%, 05/21/25 (Call 03/21/25)

    3,716       3,592,631  

4.00%, 02/01/29 (Call 11/01/28)

    2,718       2,441,619  

4.20%, 03/24/25 (Call 02/24/25)

    3,509       3,413,212  

4.63%, 03/22/30 (Call 12/22/29)

    2,228       2,033,261  

5.64%, 05/19/29 (Call 05/19/28),
(1-day SOFR + 2.210%)(a)

    1,145       1,102,678  

5.85%, 05/19/34 (Call 05/19/33),
(1-day SOFR + 2.500%)(a)

    1,715       1,572,627  

5.88%, 08/24/26 (Call 07/24/26)

    1,185       1,175,566  

6.14%, 08/24/34 (Call 08/24/33),
(1-day SOFR + 2.010%)(a)

    1,155       1,081,536  
Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

CI Financial Corp.

   

3.20%, 12/17/30 (Call 09/17/30)

  $ 3,938     $ 2,874,097  

4.10%, 06/15/51 (Call 12/15/50)

        3,310           1,762,984  

CME Group Inc.

   

2.65%, 03/15/32 (Call 12/15/31)

    2,991       2,384,933  

3.00%, 03/15/25 (Call 12/15/24)

    8,381       8,110,336  

3.75%, 06/15/28 (Call 03/15/28)

    5,433       5,076,798  

4.15%, 06/15/48 (Call 12/15/47)

    2,093       1,624,675  

5.30%, 09/15/43 (Call 03/15/43)

    3,254       3,018,072  

Credit Suisse USA Inc., 7.13%, 07/15/32

    2,291       2,377,718  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

    1,867       1,790,891  

3.95%, 11/06/24 (Call 08/06/24)

    2,159       2,099,701  

4.10%, 02/09/27 (Call 11/09/26)

    3,130       2,808,306  

4.50%, 01/30/26 (Call 11/30/25)(b)

    2,536       2,397,162  

6.70%, 11/29/32 (Call 08/29/32)

    1,720       1,593,079  

7.96%, 11/02/34 (Call 11/02/33),
(1-day SOFR + 3.370%)(a)

    2,725       2,709,286  

Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)

    3,124       2,887,153  

Franklin Resources Inc.

   

1.60%, 10/30/30 (Call 07/30/30)

    2,377       1,760,754  

2.85%, 03/30/25

    1,566       1,497,042  

2.95%, 08/12/51 (Call 02/12/51)

    1,315       701,081  

Intercontinental Exchange Inc.

   

1.85%, 09/15/32 (Call 06/15/32)

    6,283       4,469,312  

2.10%, 06/15/30 (Call 03/15/30)

    5,206       4,084,186  

2.65%, 09/15/40 (Call 03/15/40)

    3,213       2,011,710  

3.00%, 06/15/50 (Call 12/15/49)

    5,932       3,446,532  

3.00%, 09/15/60 (Call 03/15/60)

    3,071       1,644,165  

3.10%, 09/15/27 (Call 06/15/27)

    4,105       3,735,942  

3.65%, 05/23/25

    2,899       2,803,664  

3.75%, 12/01/25 (Call 09/01/25)

    7,451       7,158,540  

3.75%, 09/21/28 (Call 06/21/28)(b)

    2,965       2,705,690  

4.00%, 09/15/27 (Call 08/15/27)

    3,835       3,585,868  

4.25%, 09/21/48 (Call 03/21/48)

    6,260       4,633,754  

4.35%, 06/15/29 (Call 04/15/29)

    5,874       5,430,857  

4.60%, 03/15/33 (Call 12/15/32)

    6,105       5,453,254  

4.95%, 06/15/52 (Call 12/15/51)

    3,870       3,171,565  

5.20%, 06/15/62 (Call 12/15/61)

    4,255       3,515,135  

Invesco Finance PLC

   

3.75%, 01/15/26

    1,983       1,893,313  

5.38%, 11/30/43

    1,309       1,113,242  

Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)

    1,834       1,790,194  

Jefferies Financial Group Inc.

   

2.63%, 10/15/31 (Call 07/15/31)

    2,965       2,185,891  

4.15%, 01/23/30

    4,515       3,855,142  

4.85%, 01/15/27

    4,053       3,847,876  

5.88%, 07/21/28 (Call 06/21/28)

    2,815       2,713,298  

6.25%, 01/15/36

    2,928       2,781,211  

6.45%, 06/08/27

    1,541       1,529,961  

6.50%, 01/20/43

    1,349       1,245,888  

Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)

    2,880       2,084,764  

Lazard Group LLC

   

3.63%, 03/01/27 (Call 12/01/26)

    1,466       1,323,612  

3.75%, 02/13/25

    3,197       3,089,814  

4.38%, 03/11/29 (Call 12/11/28)

    3,367       3,055,781  

4.50%, 09/19/28 (Call 06/19/28)

    1,348       1,239,102  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

Legg Mason Inc.

   

4.75%, 03/15/26

  $ 1,548     $ 1,508,451  

5.63%, 01/15/44

        2,053             1,803,347  

Mastercard Inc.

   

1.90%, 03/15/31 (Call 12/15/30)

    3,700       2,869,553  

2.00%, 03/03/25 (Call 02/03/25)

    3,863       3,691,578  

2.00%, 11/18/31 (Call 08/18/31)

    3,370       2,572,752  

2.95%, 11/21/26 (Call 08/21/26)

    3,261       3,042,045  

2.95%, 06/01/29 (Call 03/01/29)

    5,474       4,805,870  

2.95%, 03/15/51 (Call 09/15/50)

    4,250       2,595,427  

3.30%, 03/26/27 (Call 01/26/27)

    4,275       3,991,283  

3.35%, 03/26/30 (Call 12/26/29)

    5,955       5,236,306  

3.50%, 02/26/28 (Call 11/26/27)

    2,850       2,645,790  

3.65%, 06/01/49 (Call 12/01/48)

    3,596       2,536,727  

3.80%, 11/21/46 (Call 05/21/46)

    2,187       1,602,856  

3.85%, 03/26/50 (Call 09/26/49)

    3,774       2,755,914  

3.95%, 02/26/48 (Call 08/26/47)

    2,736       2,055,665  

4.85%, 03/09/33 (Call 12/09/32)

    2,351       2,210,194  

4.88%, 03/09/28 (Call 02/09/28)

    3,155       3,103,000  

Nasdaq Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    4,575       3,379,908  

2.50%, 12/21/40 (Call 06/21/40)

    1,575       920,338  

3.25%, 04/28/50 (Call 10/28/49)

    4,308       2,516,534  

3.85%, 06/30/26 (Call 03/30/26)

    4,891       4,663,334  

3.95%, 03/07/52 (Call 09/07/51)

    750       494,316  

5.35%, 06/28/28 (Call 05/28/28)

    3,080       2,999,482  

5.55%, 02/15/34 (Call 11/15/33)

    3,835       3,554,225  

5.65%, 06/28/25

    2,210       2,202,458  

5.95%, 08/15/53 (Call 02/15/53)

    300       267,768  

6.10%, 06/28/63 (Call 12/28/62)

    155       137,095  

Nomura Holdings Inc.

   

1.65%, 07/14/26

    5,610       4,948,620  

1.85%, 07/16/25

    4,495       4,165,001  

2.17%, 07/14/28

    4,472       3,673,224  

2.33%, 01/22/27

    5,658       4,956,842  

2.61%, 07/14/31

    4,420       3,289,700  

2.65%, 01/16/25

    7,488       7,158,789  

2.68%, 07/16/30

    4,020       3,115,186  

2.71%, 01/22/29

    2,390       1,976,583  

3.00%, 01/22/32

    3,780       2,861,150  

3.10%, 01/16/30

    2,610       2,115,764  

5.10%, 07/03/25

    3,433       3,361,593  

5.39%, 07/06/27

    2,835       2,723,586  

5.61%, 07/06/29

    2,355       2,242,138  

5.71%, 01/09/26

    2,911       2,868,600  

5.84%, 01/18/28

    2,475       2,407,460  

6.07%, 07/12/28

    2,800       2,740,112  

6.09%, 07/12/33(b)

    2,280       2,174,616  

6.18%, 01/18/33(b)

    2,220       2,129,230  

ORIX Corp.

   

2.25%, 03/09/31(b)

    2,825       2,181,171  

3.25%, 12/04/24

    3,175       3,079,213  

3.70%, 07/18/27

    3,240       3,002,973  

4.00%, 04/13/32

    2,150       1,846,612  

5.00%, 09/13/27

    1,888       1,833,149  

5.20%, 09/13/32

    2,305       2,156,903  

Radian Group Inc.

   

4.88%, 03/15/27 (Call 09/15/26)

    2,745       2,554,486  

6.63%, 03/15/25 (Call 09/15/24)

    2,315       2,292,038  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)

    2,730       1,750,323  
Security  

Par

(000)

    Value  

Diversified Financial Services (continued)

   

4.65%, 04/01/30 (Call 01/01/30)

  $ 2,022     $ 1,873,363  

4.95%, 07/15/46

        2,939       2,323,849  

Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)

    1,967       1,648,451  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

    1,221       828,999  

3.70%, 08/04/26 (Call 05/04/26)

    3,587       3,180,193  

3.95%, 12/01/27 (Call 09/01/27)

    4,987       4,274,652  

4.50%, 07/23/25 (Call 04/23/25)

    4,702       4,414,947  

4.88%, 06/13/25 (Call 05/13/25)

    1,910       1,810,226  

5.15%, 03/19/29 (Call 12/19/28)

    2,942       2,540,025  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)

    2,769       2,349,803  

1.10%, 02/15/31 (Call 11/15/30)

    5,492       4,068,590  

1.90%, 04/15/27 (Call 02/15/27)

    6,501       5,790,550  

2.00%, 08/15/50 (Call 02/15/50)(b)

    7,148       3,647,139  

2.05%, 04/15/30 (Call 01/15/30)

    8,152       6,595,873  

2.70%, 04/15/40 (Call 10/15/39)

    4,104       2,745,372  

2.75%, 09/15/27 (Call 06/15/27)

    2,989       2,715,400  

3.15%, 12/14/25 (Call 09/14/25)

    16,130       15,395,867  

3.65%, 09/15/47 (Call 03/15/47)

    3,314       2,383,874  

4.15%, 12/14/35 (Call 06/14/35)

    7,714       6,719,358  

4.30%, 12/14/45 (Call 06/14/45)

    13,299       10,615,324  

Voya Financial Inc.

   

3.65%, 06/15/26

    2,762       2,601,245  

4.70%, 01/23/48 (Call 01/23/28),
(3-mo. LIBOR US + 2.084%)(a)

    1,744       1,368,310  

4.80%, 06/15/46

    1,264       913,802  

5.70%, 07/15/43

    2,248       1,887,589  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)

    2,222       1,976,598  

2.75%, 03/15/31 (Call 12/15/30)

    2,260       1,717,394  

2.85%, 01/10/25 (Call 12/10/24)

    3,109       2,981,149  

6.20%, 11/17/36(b)

    2,247       2,114,372  
   

 

 

 
          797,676,133  
Electric — 2.0%            

AEP Texas Inc.

   

3.45%, 05/15/51 (Call 11/15/50)

    930       557,117  

3.80%, 10/01/47 (Call 04/01/47)

    1,736       1,116,454  

3.95%, 06/01/28 (Call 03/01/28)

    2,032       1,861,998  

4.70%, 05/15/32 (Call 02/15/32)

    1,570       1,396,487  

5.25%, 05/15/52 (Call 11/15/51)

    2,350       1,905,078  

5.40%, 06/01/33 (Call 03/01/33)

    990       918,868  

Series G, 4.15%, 05/01/49 (Call 11/01/48)

    1,756       1,204,855  

Series H, 3.45%, 01/15/50 (Call 07/15/49)

    2,447       1,482,317  

Series I, 2.10%, 07/01/30 (Call 04/01/30)

    2,855       2,208,887  

AEP Transmission Co. LLC

   

3.10%, 12/01/26 (Call 09/01/26)

    1,913       1,781,001  

3.15%, 09/15/49 (Call 03/15/49)

    499       299,912  

3.75%, 12/01/47 (Call 06/01/47)

    2,210       1,498,653  

3.80%, 06/15/49 (Call 12/15/48)

    1,876       1,276,055  

4.00%, 12/01/46 (Call 06/01/46)

    1,740       1,251,686  

4.25%, 09/15/48 (Call 03/15/48)

    1,717       1,260,308  

4.50%, 06/15/52 (Call 12/01/51)

    1,040       791,438  

5.40%, 03/15/53 (Call 09/15/52)

    1,555       1,359,832  

Series M, 3.65%, 04/01/50 (Call 10/01/49)

    1,820       1,203,050  

Series N, 2.75%, 08/15/51 (Call 02/15/51)

    1,504       808,738  

AES Corp. (The)

   

1.38%, 01/15/26 (Call 12/15/25)

    3,895       3,459,699  

2.45%, 01/15/31 (Call 10/15/30)

    3,685       2,769,446  

5.45%, 06/01/28 (Call 05/01/28)

    2,650       2,528,478  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

Alabama Power Co.

   

3.00%, 03/15/52 (Call 09/15/51)

  $ 2,660     $ 1,504,389  

3.05%, 03/15/32 (Call 12/15/31)(b)

    390       316,710  

3.13%, 07/15/51 (Call 01/15/51)

        2,575           1,493,535  

3.45%, 10/01/49 (Call 04/01/49)

    2,558       1,610,904  

3.75%, 09/01/27 (Call 08/01/27)

    1,980       1,859,051  

3.75%, 03/01/45 (Call 09/01/44)

    3,058       2,107,642  

3.85%, 12/01/42

    1,437       1,033,361  

3.94%, 09/01/32 (Call 03/01/32)

    2,280       1,962,599  

4.15%, 08/15/44 (Call 02/15/44)

    1,540       1,124,170  

4.30%, 01/02/46 (Call 07/02/45)

    1,442       1,062,230  

6.00%, 03/01/39

    554       526,043  

6.13%, 05/15/38

    1,230       1,198,905  

Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)

    3,634       2,719,222  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

    2,101       1,537,084  

Series B, 3.70%, 12/01/47 (Call 06/01/47)

    1,236       825,767  

Ameren Corp.

   

1.75%, 03/15/28 (Call 01/15/28)

    1,401       1,172,926  

1.95%, 03/15/27 (Call 02/15/27)(b)

    2,025       1,790,875  

3.50%, 01/15/31 (Call 10/15/30)

    2,875       2,408,611  

3.65%, 02/15/26 (Call 11/15/25)

    2,153       2,049,445  

Ameren Illinois Co.

   

1.55%, 11/15/30 (Call 08/15/30)

    1,527       1,142,065  

2.90%, 06/15/51 (Call 12/15/50)

    1,494       841,282  

3.25%, 03/01/25 (Call 12/01/24)

    560       542,619  

3.25%, 03/15/50 (Call 09/15/49)

    1,152       712,932  

3.70%, 12/01/47 (Call 06/01/47)

    2,746       1,879,295  

3.80%, 05/15/28 (Call 02/15/28)

    2,362       2,198,596  

3.85%, 09/01/32 (Call 06/01/32)

    1,875       1,596,360  

4.15%, 03/15/46 (Call 09/15/45)

    1,606       1,176,893  

4.50%, 03/15/49 (Call 09/15/48)

    2,589       2,027,239  

4.95%, 06/01/33 (Call 03/01/33)

    1,980       1,823,291  

5.90%, 12/01/52 (Call 06/01/52)

    1,575       1,494,393  

American Electric Power Co. Inc.

   

2.30%, 03/01/30 (Call 12/01/29)

    1,401       1,100,850  

3.20%, 11/13/27 (Call 08/13/27)

    2,378       2,150,478  

3.25%, 03/01/50 (Call 09/01/49)

    1,097       642,767  

3.88%, 02/15/62 (Call 11/15/26),
(5-year CMT + 2.675%)(a)

    2,800       2,210,481  

5.63%, 03/01/33 (Call 12/01/32)

    1,881       1,765,408  

5.70%, 08/15/25

    190       188,456  

5.75%, 11/01/27 (Call 10/01/27)

    2,535       2,517,955  

5.95%, 11/01/32 (Call 08/01/32)

    1,250       1,208,285  

Series J, 4.30%, 12/01/28 (Call 09/01/28)

    3,030       2,817,101  

Series N, 1.00%, 11/01/25 (Call 10/01/25)

    937       849,922  

Appalachian Power Co.

   

3.40%, 06/01/25 (Call 03/01/25)

    1,311       1,259,032  

4.40%, 05/15/44 (Call 11/15/43)

    1,194       865,927  

4.45%, 06/01/45 (Call 12/01/44)

    1,778       1,313,345  

4.50%, 08/01/32 (Call 05/01/32)

    2,330       2,036,943  

7.00%, 04/01/38

    2,485       2,554,282  

Series AA, 2.70%, 04/01/31 (Call 01/01/31)

    502       395,054  

Series X, 3.30%, 06/01/27 (Call 03/01/27)

    1,924       1,757,869  

Series Y, 4.50%, 03/01/49 (Call 09/01/48)

    2,000       1,448,125  

Series Z, 3.70%, 05/01/50 (Call 11/01/49)

    1,650       1,042,441  

Arizona Public Service Co.

   

2.20%, 12/15/31 (Call 09/15/31)

    1,890       1,397,467  

2.60%, 08/15/29 (Call 05/15/29)

    2,235       1,890,419  

2.65%, 09/15/50 (Call 03/15/50)

    976       497,939  

2.95%, 09/15/27 (Call 06/15/27)

    934       846,601  
Security  

Par

(000)

    Value  

Electric (continued)

   

3.15%, 05/15/25 (Call 02/15/25)

  $ 1,926     $ 1,846,556  

3.35%, 05/15/50 (Call 11/15/49)

        2,262           1,332,562  

3.50%, 12/01/49 (Call 06/01/49)

    1,318       793,024  

3.75%, 05/15/46 (Call 11/15/45)

    1,336       863,177  

4.20%, 08/15/48 (Call 02/15/48)

    1,473       1,009,396  

4.25%, 03/01/49 (Call 09/01/48)

    1,340       923,763  

4.35%, 11/15/45 (Call 05/15/45)

    1,582       1,137,763  

4.50%, 04/01/42 (Call 10/01/41)

    1,755       1,328,918  

5.05%, 09/01/41 (Call 03/01/41)(b)

    1,355       1,098,751  

5.55%, 08/01/33 (Call 05/01/33)

    1,765       1,658,038  

6.35%, 12/15/32 (Call 09/15/32)

    1,555       1,550,772  

Atlantic City Electric Co.

   

2.30%, 03/15/31 (Call 12/15/30)

    1,559       1,209,313  

4.00%, 10/15/28 (Call 07/15/28)

    1,447       1,339,129  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    2,715       2,623,439  

3.20%, 04/15/25 (Call 03/15/25)

    3,705       3,546,751  

3.80%, 06/01/29 (Call 03/01/29)

    4,048       3,557,031  

Avista Corp.

   

4.00%, 04/01/52 (Call 10/01/51)

    1,805       1,201,202  

4.35%, 06/01/48 (Call 12/01/47)

    1,920       1,387,729  

Baltimore Gas & Electric Co.

   

2.25%, 06/15/31 (Call 03/15/31)

    2,725       2,119,694  

2.40%, 08/15/26 (Call 05/15/26)

    978       898,246  

2.90%, 06/15/50 (Call 12/15/49)

    1,705       958,064  

3.20%, 09/15/49 (Call 03/15/49)

    1,900       1,160,062  

3.50%, 08/15/46 (Call 02/15/46)

    2,480       1,600,308  

3.75%, 08/15/47 (Call 02/15/47)

    1,649       1,123,397  

4.25%, 09/15/48 (Call 03/15/48)

    964       703,893  

4.55%, 06/01/52 (Call 12/01/51)

    2,032       1,548,874  

5.40%, 06/01/53 (Call 12/01/52)

    1,370       1,189,723  

6.35%, 10/01/36

    1,070       1,069,901  

Berkshire Hathaway Energy Co.

   

1.65%, 05/15/31 (Call 02/15/31)

    2,866       2,091,026  

2.85%, 05/15/51 (Call 11/15/50)

    5,960       3,279,198  

3.25%, 04/15/28 (Call 01/15/28)

    3,437       3,082,846  

3.50%, 02/01/25 (Call 11/01/24)

    2,257       2,194,288  

3.70%, 07/15/30 (Call 04/15/30)

    4,525       3,939,996  

3.80%, 07/15/48 (Call 01/15/48)

    2,926       1,931,778  

4.05%, 04/15/25 (Call 03/15/25)

    3,439       3,356,491  

4.25%, 10/15/50 (Call 04/15/50)

    3,247       2,274,842  

4.45%, 01/15/49 (Call 07/15/48)

    4,031       2,954,501  

4.50%, 02/01/45 (Call 08/01/44)

    2,584       1,980,336  

4.60%, 05/01/53 (Call 11/01/52)

    3,845       2,850,417  

5.15%, 11/15/43 (Call 05/15/43)

    2,808       2,367,102  

5.95%, 05/15/37

    2,393       2,286,349  

6.13%, 04/01/36

    4,568       4,458,295  

Black Hills Corp.

   

2.50%, 06/15/30 (Call 03/15/30)

    1,457       1,141,642  

3.05%, 10/15/29 (Call 07/15/29)

    2,132       1,761,989  

3.15%, 01/15/27 (Call 07/15/26)

    2,784       2,537,257  

3.88%, 10/15/49 (Call 04/15/49)

    1,874       1,189,593  

3.95%, 01/15/26 (Call 07/15/25)

    2,409       2,296,321  

4.20%, 09/15/46 (Call 03/15/46)(b)

    950       650,026  

4.35%, 05/01/33 (Call 02/01/33)

    835       692,136  

5.95%, 03/15/28 (Call 02/15/28)

    2,570       2,542,250  

6.15%, 05/15/34 (Call 02/15/34)

    40       37,690  

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)

    1,755       1,216,082  

3.60%, 03/01/52 (Call 09/01/51)

    590       387,110  

3.95%, 03/01/48 (Call 09/01/47)

    2,638       1,881,325  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

4.50%, 04/01/44 (Call 10/01/43)

  $ 2,703     $ 2,115,801  

4.95%, 04/01/33 (Call 01/01/33)

    875       808,462  

5.20%, 10/01/28 (Call 09/01/28)

        1,745           1,706,583  

5.30%, 04/01/53 (Call 10/01/52)

    270       238,127  

Series AA, 3.00%, 02/01/27 (Call 11/01/26)

    825       760,448  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

    1,787       1,339,685  

Series AD, 2.90%, 07/01/50 (Call 01/01/50)

    2,350       1,343,197  

Series AE, 2.35%, 04/01/31 (Call 01/01/31)

    1,645       1,295,041  

Series AF, 3.35%, 04/01/51 (Call 10/01/50)

    510       319,242  

Series AG, 3.00%, 03/01/32 (Call 12/01/31)

    655       528,200  

Series ai., 4.45%, 10/01/32 (Call 07/01/32)

    2,435       2,177,221  

Series AJ, 4.85%, 10/01/52 (Call 04/01/52)

    870       712,287  

Series K2, 6.95%, 03/15/33(b)

    275       292,837  

Series Z, 2.40%, 09/01/26 (Call 06/01/26)

    1,868       1,706,492  

CenterPoint Energy Inc.

   

1.45%, 06/01/26 (Call 05/01/26)

    2,360       2,117,207  

2.65%, 06/01/31 (Call 03/01/31)

    1,355       1,056,747  

2.95%, 03/01/30 (Call 12/01/29)(b)

    3,118       2,563,077  

3.70%, 09/01/49 (Call 03/01/49)

    2,455       1,564,309  

5.25%, 08/10/26

    1,100       1,083,517  

Cleco Corporate Holdings LLC

   

3.74%, 05/01/26 (Call 02/01/26)

    2,859       2,675,362  

4.97%, 05/01/46 (Call 11/01/45)

    1,609       1,165,745  

Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36

    1,189       1,094,543  

CMS Energy Corp.

   

3.00%, 05/15/26 (Call 02/15/26)

    689       642,291  

3.45%, 08/15/27 (Call 05/15/27)

    3,138       2,873,265  

3.75%, 12/01/50 (Call 09/01/30),
(5-year CMT + 2.900%)(a)

    965       703,223  

4.75%, 06/01/50 (Call 03/01/30),
(5-year CMT + 4.116%)(a)

    2,557       2,130,846  

4.88%, 03/01/44 (Call 09/01/43)

    1,475       1,205,888  

Commonwealth Edison Co.

   

2.20%, 03/01/30 (Call 12/01/29)

    2,405       1,925,395  

2.55%, 06/15/26 (Call 03/15/26)

    1,615       1,500,639  

3.00%, 03/01/50 (Call 09/01/49)

    1,030       594,434  

3.15%, 03/15/32 (Call 12/15/31)

    595       486,890  

3.65%, 06/15/46 (Call 12/15/45)

    3,214       2,153,608  

3.70%, 08/15/28 (Call 05/15/28)

    3,275       3,006,954  

3.70%, 03/01/45 (Call 09/01/44)

    1,770       1,216,638  

3.80%, 10/01/42 (Call 04/01/42)

    994       712,735  

4.00%, 03/01/48 (Call 09/01/47)

    3,040       2,173,063  

4.00%, 03/01/49 (Call 09/01/48)

    2,036       1,443,719  

4.35%, 11/15/45 (Call 05/15/45)

    2,241       1,690,990  

4.60%, 08/15/43 (Call 02/15/43)

    1,235       985,650  

4.70%, 01/15/44 (Call 07/15/43)

    1,275       1,024,574  

4.90%, 02/01/33 (Call 11/01/32)

    840       779,004  

5.30%, 02/01/53 (Call 08/01/52)

    1,380       1,192,836  

5.90%, 03/15/36

    1,184       1,153,140  

6.45%, 01/15/38

    2,092       2,094,770  

Series 122, 2.95%, 08/15/27 (Call 05/15/27)

    2,237       2,027,749  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    2,860       1,952,683  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

    1,798       1,078,990  

Series 130, 3.13%, 03/15/51 (Call 09/15/50)

    3,130       1,844,933  

Series 131, 2.75%, 09/01/51 (Call 03/01/51)

    1,070       580,866  

Series 133, 3.85%, 03/15/52 (Call 09/15/51)

    995       676,398  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    3,451       2,472,211  

4.30%, 04/15/44 (Call 10/15/43)

    2,300       1,745,186  

4.90%, 07/01/33 (Call 04/01/33)

    1,195       1,100,282  
Security  

Par

(000)

    Value  

Electric (continued)

   

5.25%, 01/15/53 (Call 07/15/52)

  $ 2,380     $ 2,048,064  

Series A, 0.75%, 12/01/25 (Call 11/01/25)

    575       521,617  

Series A, 2.05%, 07/01/31 (Call 04/01/31)

        3,390           2,583,118  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

    2,618       2,416,451  

Series A, 4.15%, 06/01/45 (Call 12/01/44)

    365       274,241  

Consolidated Edison Co. of New York Inc.

   

2.40%, 06/15/31 (Call 03/15/31)

    3,650       2,869,670  

3.20%, 12/01/51 (Call 06/01/51)

    720       421,209  

3.60%, 06/15/61 (Call 12/15/60)

    3,238       1,991,303  

3.70%, 11/15/59 (Call 05/15/59)

    2,458       1,511,314  

3.80%, 05/15/28 (Call 02/15/28)

    3,091       2,861,711  

3.85%, 06/15/46 (Call 12/15/45)

    2,564       1,740,933  

3.95%, 03/01/43 (Call 09/01/42)

    1,751       1,256,480  

4.45%, 03/15/44 (Call 09/15/43)

    2,878       2,195,101  

4.50%, 12/01/45 (Call 06/01/45)

    1,607       1,212,938  

4.50%, 05/15/58 (Call 11/15/57)

    2,819       2,024,742  

4.63%, 12/01/54 (Call 06/01/54)

    2,377       1,770,469  

5.20%, 03/01/33 (Call 12/01/32)(b)

    2,000       1,881,876  

5.70%, 06/15/40

    1,867       1,679,340  

6.15%, 11/15/52 (Call 05/15/52)

    2,950       2,806,630  

Series 05-A, 5.30%, 03/01/35

    1,140       1,036,183  

Series 06-A, 5.85%, 03/15/36

    1,723       1,637,013  

Series 06-B, 6.20%, 06/15/36

    782       763,342  

Series 07-A, 6.30%, 08/15/37

    893       871,525  

Series 08-B, 6.75%, 04/01/38

    1,933       1,989,889  

Series 09-C, 5.50%, 12/01/39

    2,466       2,177,973  

Series 12-A, 4.20%, 03/15/42

    1,618       1,204,143  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    2,152       1,466,480  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    2,604       2,240,989  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

    4,279       2,986,781  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    2,817       1,981,518  

Series B, 3.13%, 11/15/27 (Call 08/15/27)

    783       714,437  

Series C, 3.00%, 12/01/60 (Call 06/01/60)

    1,788       937,889  

Series C, 4.00%, 11/15/57 (Call 05/15/57)

    1,395       934,343  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    2,159       1,502,198  

Series D, 4.00%, 12/01/28 (Call 09/01/28)

    1,837       1,695,591  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

    2,684       2,063,416  

Constellation Energy Generation LLC

   

3.25%, 06/01/25 (Call 05/01/25)

    4,512       4,317,133  

5.60%, 03/01/28 (Call 02/01/28)

    1,830       1,796,224  

5.60%, 06/15/42 (Call 12/15/41)

    2,853       2,449,530  

5.80%, 03/01/33 (Call 12/01/32)

    2,110       2,001,095  

6.13%, 01/15/34 (Call 10/15/33)

    1,515       1,465,039  

6.25%, 10/01/39

    1,062       984,647  

6.50%, 10/01/53 (Call 04/01/53)

    1,360       1,280,609  

Consumers Energy Co.

   

2.50%, 05/01/60 (Call 11/01/59)(b)

    2,175       1,047,528  

2.65%, 08/15/52 (Call 02/15/52)

    287       155,635  

3.10%, 08/15/50 (Call 02/15/50)

    2,707       1,655,336  

3.25%, 08/15/46 (Call 02/15/46)

    1,828       1,163,346  

3.50%, 08/01/51 (Call 02/01/51)

    2,346       1,532,150  

3.60%, 08/15/32 (Call 02/15/32)

    1,130       950,388  

3.75%, 02/15/50 (Call 08/15/49)

    1,421       965,764  

3.80%, 11/15/28 (Call 08/15/28)

    676       622,434  

3.95%, 05/15/43 (Call 11/15/42)

    1,096       809,329  

3.95%, 07/15/47 (Call 01/15/47)

    1,413       1,016,549  

4.05%, 05/15/48 (Call 11/15/47)

    2,302       1,681,069  

4.20%, 09/01/52 (Call 03/01/52)

    1,970       1,444,990  

4.35%, 04/15/49 (Call 10/15/48)

    2,161       1,646,916  

4.63%, 05/15/33 (Call 11/15/32)

    1,880       1,702,352  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

4.65%, 03/01/28 (Call 01/01/28)

  $ 2,765     $ 2,666,924  

4.90%, 02/15/29 (Call 12/15/28)

        2,395           2,313,502  

Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)

    2,310       1,537,006  

Delmarva Power & Light Co., 4.15%, 05/15/45 (Call 11/15/44)

    1,684       1,213,815  

Dominion Energy Inc.

   

3.90%, 10/01/25 (Call 07/01/25)

    2,003       1,931,147  

4.25%, 06/01/28 (Call 03/01/28)

    2,802       2,609,136  

4.35%, 08/15/32 (Call 05/15/32)

    1,520       1,315,107  

4.70%, 12/01/44 (Call 06/01/44)

    1,740       1,317,169  

4.85%, 08/15/52 (Call 02/15/52)

    1,885       1,432,381  

5.38%, 11/15/32 (Call 08/15/32)

    1,960       1,815,185  

7.00%, 06/15/38

    1,770       1,772,328  

Series A, 1.45%, 04/15/26 (Call 03/15/26)

    2,920       2,625,347  

Series A, 3.30%, 03/15/25 (Call 02/15/25)

    1,670       1,611,571  

Series A, 4.60%, 03/15/49 (Call 09/15/48)

    1,185       875,779  

Series B, 3.30%, 04/15/41 (Call 10/15/40)

    1,695       1,105,709  

Series B, 3.60%, 03/15/27 (Call 01/15/27)

    1,435       1,330,688  

Series B, 5.95%, 06/15/35

    2,167       2,045,077  

Series C, 2.25%, 08/15/31 (Call 05/15/31)

    1,873       1,398,865  

Series C, 3.38%, 04/01/30 (Call 01/01/30)

    5,509       4,632,827  

Series C, 4.05%, 09/15/42 (Call 03/15/42)

    1,665       1,169,562  

Series C, 4.90%, 08/01/41 (Call 02/01/41)

    2,310       1,845,032  

Series D, 2.85%, 08/15/26 (Call 05/15/26)

    2,078       1,910,832  

Series E, 6.30%, 03/15/33

    1,415       1,381,229  

Series F, 5.25%, 08/01/33

    2,160       1,966,897  

Dominion Energy South Carolina Inc.

   

4.60%, 06/15/43 (Call 12/15/42)

    1,580       1,250,985  

5.10%, 06/01/65 (Call 12/01/64)

    2,200       1,785,026  

5.30%, 05/15/33

    2,370       2,234,245  

5.45%, 02/01/41 (Call 08/01/40)

    1,595       1,420,950  

6.05%, 01/15/38

    1,855       1,803,180  

6.25%, 10/15/53 (Call 04/15/53)

    540       525,207  

6.63%, 02/01/32(b)

    375       389,179  

Series A, 2.30%, 12/01/31 (Call 09/01/31)

    2,360       1,802,269  

DTE Electric Co.

   

2.25%, 03/01/30 (Call 12/01/29)

    2,537       2,057,406  

2.95%, 03/01/50 (Call 09/01/49)

    1,780       1,028,840  

3.38%, 03/01/25 (Call 12/01/24)

    1,232       1,195,504  

3.70%, 03/15/45 (Call 09/15/44)

    2,560       1,768,364  

3.70%, 06/01/46 (Call 12/01/45)(b)

    1,590       1,093,509  

3.75%, 08/15/47 (Call 02/15/47)

    1,937       1,331,214  

3.95%, 03/01/49 (Call 09/01/48)

    2,484       1,746,352  

4.30%, 07/01/44 (Call 01/01/44)

    1,646       1,260,252  

5.20%, 04/01/33 (Call 01/01/33)

    2,195       2,070,380  

5.40%, 04/01/53 (Call 10/01/52)

    1,955       1,719,636  

Series A, 1.90%, 04/01/28 (Call 02/01/28)

    2,795       2,396,219  

Series A, 3.00%, 03/01/32 (Call 12/01/31)

    2,185       1,760,040  

Series A, 4.00%, 04/01/43 (Call 10/01/42)

    327       239,430  

Series A, 4.05%, 05/15/48 (Call 11/15/47)

    1,956       1,406,287  

Series B, 3.25%, 04/01/51 (Call 10/01/50)

    1,876       1,138,150  

Series B, 3.65%, 03/01/52 (Call 09/01/51)

    1,085       710,544  

Series C, 2.63%, 03/01/31 (Call 12/01/30)

    2,372       1,913,418  

DTE Energy Co.

   

2.85%, 10/01/26 (Call 07/01/26)

    3,845       3,531,376  

2.95%, 03/01/30 (Call 12/01/29)

    1,698       1,394,553  

4.22%, 11/01/24(d)

    3,935       3,857,450  

4.88%, 06/01/28 (Call 05/01/28)

    4,445       4,230,482  

Series C, 3.40%, 06/15/29 (Call 03/15/29)

    2,395       2,077,235  

Series F, 1.05%, 06/01/25 (Call 05/01/25)

    4,360       4,029,270  
Security  

Par

(000)

    Value  

Electric (continued)

   

Duke Energy Carolinas LLC

   

2.45%, 08/15/29 (Call 05/15/29)

  $ 1,979     $ 1,652,093  

2.45%, 02/01/30 (Call 11/01/29)

        2,335           1,912,887  

2.55%, 04/15/31 (Call 01/15/31)

    3,003       2,400,444  

2.85%, 03/15/32 (Call 12/15/31)

    2,830       2,246,012  

2.95%, 12/01/26 (Call 09/01/26)

    4,145       3,851,127  

3.20%, 08/15/49 (Call 02/15/49)

    2,115       1,271,166  

3.45%, 04/15/51 (Call 10/15/50)

    2,470       1,544,771  

3.55%, 03/15/52 (Call 09/15/51)

    1,990       1,263,101  

3.70%, 12/01/47 (Call 06/01/47)

    2,882       1,930,656  

3.75%, 06/01/45 (Call 12/01/44)

    2,384       1,620,814  

3.88%, 03/15/46 (Call 09/15/45)

    2,590       1,781,351  

3.95%, 11/15/28 (Call 08/15/28)

    2,696       2,493,423  

3.95%, 03/15/48 (Call 09/15/47)

    2,120       1,475,104  

4.00%, 09/30/42 (Call 03/30/42)

    1,104       807,167  

4.25%, 12/15/41 (Call 06/15/41)

    1,109       846,848  

4.95%, 01/15/33 (Call 10/15/32)

    1,960       1,809,782  

5.30%, 02/15/40

    2,935       2,600,890  

5.35%, 01/15/53 (Call 07/15/52)

    1,395       1,197,030  

5.40%, 01/15/54 (Call 07/15/53)

    1,689       1,459,118  

6.00%, 01/15/38

    1,062       1,032,208  

6.05%, 04/15/38

    1,785       1,723,365  

6.10%, 06/01/37

    1,910       1,849,423  

6.45%, 10/15/32

    1,280       1,287,559  

Series A, 6.00%, 12/01/28

    1,534       1,558,335  

Duke Energy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    3,758       3,428,772  

2.45%, 06/01/30 (Call 03/01/30)

    2,550       2,030,230  

2.55%, 06/15/31 (Call 03/15/31)

    1,730       1,334,670  

2.65%, 09/01/26 (Call 06/01/26)

    2,409       2,206,921  

3.15%, 08/15/27 (Call 05/15/27)

    3,903       3,532,886  

3.25%, 01/15/82 (Call 01/15/27),
(5-year CMT + 2.321%)(a)

    2,297       1,659,540  

3.30%, 06/15/41 (Call 12/15/40)

    3,578       2,344,265  

3.40%, 06/15/29 (Call 03/15/29)

    2,287       2,003,330  

3.50%, 06/15/51 (Call 12/15/50)

    1,590       967,861  

3.75%, 09/01/46 (Call 03/01/46)

    4,442       2,891,089  

3.95%, 08/15/47 (Call 02/15/47)

    2,490       1,666,265  

4.20%, 06/15/49 (Call 12/15/48)

    2,660       1,837,248  

4.30%, 03/15/28 (Call 02/15/28)

    3,820       3,584,398  

4.50%, 08/15/32 (Call 05/15/32)

    4,390       3,836,897  

4.80%, 12/15/45 (Call 06/15/45)

    2,714       2,105,376  

5.00%, 12/08/25

    1,490       1,465,812  

5.00%, 12/08/27 (Call 11/08/27)

    2,925       2,824,272  

5.00%, 08/15/52 (Call 02/15/52)

    3,835       2,986,346  

5.75%, 09/15/33 (Call 06/15/33)

    3,210       3,048,141  

6.10%, 09/15/53 (Call 03/15/53)

    2,920       2,661,383  

Duke Energy Florida LLC

   

1.75%, 06/15/30 (Call 03/15/30)

    2,360       1,815,856  

2.40%, 12/15/31 (Call 09/15/31)

    2,855       2,198,126  

2.50%, 12/01/29 (Call 09/01/29)

    2,593       2,157,797  

3.00%, 12/15/51 (Call 06/15/51)

    2,752       1,559,034  

3.20%, 01/15/27 (Call 10/15/26)

    3,707       3,449,394  

3.40%, 10/01/46 (Call 04/01/46)

    2,993       1,891,338  

3.80%, 07/15/28 (Call 04/15/28)

    2,690       2,494,442  

3.85%, 11/15/42 (Call 05/15/42)

    2,101       1,493,544  

4.20%, 07/15/48 (Call 01/15/48)

    2,115       1,533,798  

5.65%, 04/01/40

    2,031       1,854,376  

5.95%, 11/15/52 (Call 05/15/52)

    1,035       960,467  

6.35%, 09/15/37

    1,281       1,266,798  

6.40%, 06/15/38

    4,024       4,001,602  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

Duke Energy Florida Project Finance LLC

   

Series 2032, 2.86%, 03/01/35(b)

  $ 630     $ 508,418  

Series 2035, 3.11%, 09/01/38(b)

    790       602,960  

Duke Energy Indiana LLC

   

2.75%, 04/01/50 (Call 10/01/49)

        2,815           1,510,977  

3.75%, 05/15/46 (Call 11/15/45)

    1,484       998,249  

5.40%, 04/01/53 (Call 10/01/52)

    2,110       1,810,262  

6.12%, 10/15/35

    1,119       1,091,678  

6.35%, 08/15/38

    933       921,618  

6.45%, 04/01/39

    2,073       2,067,511  

Series WWW, 4.90%, 07/15/43 (Call 01/15/43)

    1,104       907,303  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

    2,570       1,542,823  

Duke Energy Ohio Inc.

   

2.13%, 06/01/30 (Call 03/01/30)

    1,848       1,444,422  

3.65%, 02/01/29 (Call 11/01/28)

    1,801       1,625,403  

3.70%, 06/15/46 (Call 12/15/45)

    1,767       1,162,545  

4.30%, 02/01/49 (Call 08/01/48)

    1,422       1,031,246  

5.25%, 04/01/33 (Call 01/01/33)

    1,610       1,512,599  

5.65%, 04/01/53 (Call 10/01/52)

    645       572,153  

Duke Energy Progress LLC

   

2.00%, 08/15/31 (Call 05/15/31)

    2,715       2,043,369  

2.50%, 08/15/50 (Call 02/15/50)

    2,290       1,173,894  

2.90%, 08/15/51 (Call 02/15/51)

    1,519       842,516  

3.25%, 08/15/25 (Call 05/15/25)

    2,132       2,051,096  

3.40%, 04/01/32 (Call 01/01/32)

    2,170       1,797,871  

3.45%, 03/15/29 (Call 12/15/28)

    2,552       2,281,986  

3.60%, 09/15/47 (Call 03/15/47)

    2,636       1,728,725  

3.70%, 09/01/28 (Call 06/01/28)

    2,301       2,110,963  

3.70%, 10/15/46 (Call 04/15/46)

    2,444       1,616,964  

4.00%, 04/01/52 (Call 10/01/51)

    1,170       801,736  

4.10%, 05/15/42 (Call 11/15/41)

    970       723,118  

4.10%, 03/15/43 (Call 09/15/42)

    1,619       1,185,632  

4.15%, 12/01/44 (Call 06/01/44)

    2,604       1,901,486  

4.20%, 08/15/45 (Call 02/15/45)

    1,504       1,095,114  

4.38%, 03/30/44 (Call 09/30/43)

    1,767       1,337,832  

5.25%, 03/15/33 (Call 12/15/32)

    1,335       1,257,951  

5.35%, 03/15/53 (Call 09/15/52)

    1,510       1,286,908  

6.30%, 04/01/38

    1,735       1,706,465  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)

    2,568       2,494,490  

4.13%, 03/15/28 (Call 12/15/27)

    2,665       2,422,252  

4.70%, 08/15/25

    1,705       1,655,292  

4.95%, 04/15/25 (Call 03/15/25)

    1,823       1,783,399  

5.25%, 11/15/28 (Call 10/15/28)(b)

    1,535       1,455,937  

5.75%, 06/15/27 (Call 04/15/27)

    3,228       3,173,896  

6.95%, 11/15/29 (Call 09/15/29)

    2,095       2,130,349  

El Paso Electric Co.

   

5.00%, 12/01/44 (Call 06/01/44)(b)

    1,291       1,003,705  

6.00%, 05/15/35

    619       573,470  

Emera U.S. Finance LP

   

2.64%, 06/15/31 (Call 03/15/31)

    1,840       1,390,524  

3.55%, 06/15/26 (Call 03/15/26)

    3,895       3,648,718  

4.75%, 06/15/46 (Call 12/15/45)

    4,481       3,124,299  

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

    3,593       3,352,400  

Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)

    3,742       3,484,047  

Entergy Arkansas LLC

   

2.65%, 06/15/51 (Call 12/15/50)

    1,793       933,271  

3.35%, 06/15/52 (Call 12/15/51)

    1,740       1,045,731  

3.50%, 04/01/26 (Call 01/01/26)

    3,273       3,110,021  
Security  

Par

(000)

    Value  

Electric (continued)

   

4.00%, 06/01/28 (Call 03/01/28)

  $ 375     $ 349,701  

4.20%, 04/01/49 (Call 10/01/48)

    2,594       1,859,571  

5.15%, 01/15/33 (Call 10/15/32)

    1,785       1,660,615  

5.30%, 09/15/33 (Call 06/15/33)

    1,245       1,163,579  

Entergy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

        2,078           1,891,615  

1.90%, 06/15/28 (Call 04/15/28)

    1,920       1,604,567  

2.40%, 06/15/31 (Call 03/05/31)

    2,670       2,028,923  

2.80%, 06/15/30 (Call 03/15/30)

    2,812       2,283,522  

2.95%, 09/01/26 (Call 06/01/26)

    3,347       3,083,848  

3.75%, 06/15/50 (Call 12/15/49)

    2,834       1,782,924  

Entergy Louisiana LLC

   

1.60%, 12/15/30 (Call 09/15/30)

    1,453       1,069,500  

2.35%, 06/15/32 (Call 03/15/32)

    1,540       1,152,656  

2.40%, 10/01/26 (Call 07/01/26)

    2,541       2,316,150  

2.90%, 03/15/51 (Call 09/15/50)

    3,135       1,730,480  

3.05%, 06/01/31 (Call 03/01/31)

    1,545       1,253,836  

3.10%, 06/15/41 (Call 12/15/40)

    276       179,032  

3.12%, 09/01/27 (Call 06/01/27)

    2,165       1,966,766  

3.25%, 04/01/28 (Call 01/01/28)

    2,744       2,461,294  

4.00%, 03/15/33 (Call 12/15/32)

    2,687       2,257,441  

4.20%, 09/01/48 (Call 03/01/48)

    3,516       2,505,310  

4.20%, 04/01/50 (Call 10/01/49)

    2,521       1,792,354  

4.75%, 09/15/52 (Call 03/15/52)

    2,405       1,842,263  

4.95%, 01/15/45 (Call 01/15/25)

    2,610       2,084,949  

5.40%, 11/01/24

    336       334,245  

5.59%, 10/01/24(b)

    102       102,000  

Entergy Mississippi LLC

   

2.85%, 06/01/28 (Call 03/01/28)

    4,023       3,544,177  

3.50%, 06/01/51 (Call 03/01/51)

    845       524,024  

3.85%, 06/01/49 (Call 12/01/48)

    489       328,822  

5.00%, 09/01/33 (Call 06/01/33)

    860       786,763  

Entergy Texas Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    2,020       1,493,407  

3.55%, 09/30/49 (Call 03/30/49)

    2,320       1,466,987  

4.00%, 03/30/29 (Call 12/30/28)

    732       667,237  

4.50%, 03/30/39 (Call 09/30/38)

    175       139,970  

5.00%, 09/15/52 (Call 03/15/52)

    1,680       1,336,732  

5.80%, 09/01/53 (Call 03/01/53)

    1,300       1,164,875  

Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)

    4,005       3,363,436  

Evergy Kansas Central Inc.

   

2.55%, 07/01/26 (Call 04/01/26)

    1,765       1,631,346  

3.10%, 04/01/27 (Call 01/01/27)

    1,975       1,818,549  

3.25%, 09/01/49 (Call 03/01/49)

    1,353       808,062  

3.45%, 04/15/50 (Call 10/15/49)

    1,435       893,129  

4.10%, 04/01/43 (Call 10/01/42)

    1,920       1,388,446  

4.13%, 03/01/42 (Call 09/01/41)

    2,072       1,523,407  

4.25%, 12/01/45 (Call 06/01/45)

    1,374       996,539  

5.70%, 03/15/53 (Call 09/15/52)

    1,215       1,071,752  

Evergy Metro Inc.

   

3.65%, 08/15/25 (Call 05/15/25)

    1,625       1,563,573  

4.20%, 06/15/47 (Call 12/15/46)

    1,210       873,136  

4.20%, 03/15/48 (Call 09/15/47)

    1,104       791,014  

4.95%, 04/15/33 (Call 01/15/33)

    1,510       1,378,229  

5.30%, 10/01/41 (Call 04/01/41)

    1,781       1,561,061  

Series 2019, 4.13%, 04/01/49 (Call 10/01/48)

    1,733       1,203,577  

Series 2020, 2.25%, 06/01/30 (Call 03/01/30)

    1,983       1,571,105  

Eversource Energy

   

2.55%, 03/15/31 (Call 12/15/30)(b)

    1,925       1,492,545  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

2.90%, 03/01/27 (Call 02/01/27)

  $ 2,980     $ 2,702,770  

3.38%, 03/01/32 (Call 12/01/31)

    2,252       1,811,631  

3.45%, 01/15/50 (Call 07/15/49)

    2,560       1,560,148  

4.60%, 07/01/27 (Call 06/01/27)

    3,188       3,035,767  

4.75%, 05/15/26

    1,575       1,531,210  

5.13%, 05/15/33 (Call 02/15/33)

    2,285       2,066,681  

5.45%, 03/01/28 (Call 02/01/28)

    4,640       4,529,757  

Series H, 3.15%, 01/15/25 (Call 10/15/24)

    1,681       1,625,594  

Series M, 3.30%, 01/15/28 (Call 10/15/27)

    1,146       1,032,690  

Series O, 4.25%, 04/01/29 (Call 01/01/29)

    2,212       2,028,773  

Series Q, 0.80%, 08/15/25 (Call 07/15/25)

    2,412       2,201,343  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

    2,581       1,933,513  

Series U, 1.40%, 08/15/26 (Call 07/15/26)(b)

    1,725       1,527,856  

Exelon Corp.

   

2.75%, 03/15/27 (Call 02/15/27)

        2,305           2,083,584  

3.35%, 03/15/32 (Call 12/15/31)

    510       412,823  

3.40%, 04/15/26 (Call 01/15/26)

    4,152       3,935,673  

3.95%, 06/15/25 (Call 03/15/25)

    3,998       3,868,919  

4.05%, 04/15/30 (Call 01/15/30)

    5,535       4,892,220  

4.10%, 03/15/52 (Call 09/15/51)

    1,500       1,019,659  

4.45%, 04/15/46 (Call 10/15/45)

    2,358       1,738,429  

4.70%, 04/15/50 (Call 10/15/49)

    3,232       2,437,005  

4.95%, 06/15/35 (Call 12/15/34)

    1,054       911,955  

5.10%, 06/15/45 (Call 12/15/44)

    2,505       2,038,127  

5.15%, 03/15/28 (Call 02/15/28)

    1,420       1,377,069  

5.30%, 03/15/33 (Call 12/15/32)

    3,005       2,789,106  

5.60%, 03/15/53 (Call 09/15/52)

    2,615       2,245,269  

5.63%, 06/15/35

    2,584       2,403,136  

Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41)

    3,876       3,374,293  

Florida Power & Light Co.

   

2.45%, 02/03/32 (Call 11/03/31)

    3,063       2,388,350  

2.85%, 04/01/25 (Call 03/01/25)

    8,029       7,722,227  

2.88%, 12/04/51 (Call 06/04/51)

    4,772       2,707,431  

3.13%, 12/01/25 (Call 06/01/25)

    3,228       3,078,732  

3.15%, 10/01/49 (Call 04/01/49)

    3,264       1,987,342  

3.70%, 12/01/47 (Call 06/01/47)

    3,107       2,124,280  

3.80%, 12/15/42 (Call 06/15/42)

    1,936       1,424,406  

3.95%, 03/01/48 (Call 09/01/47)

    4,152       2,972,948  

3.99%, 03/01/49 (Call 09/01/48)

    2,700       1,935,852  

4.05%, 06/01/42 (Call 12/01/41)

    2,540       1,930,600  

4.05%, 10/01/44 (Call 04/01/44)

    2,288       1,703,166  

4.13%, 02/01/42 (Call 08/01/41)

    2,353       1,825,598  

4.13%, 06/01/48 (Call 12/01/47)

    2,361       1,732,707  

4.40%, 05/15/28 (Call 03/15/28)

    1,415       1,346,832  

4.45%, 05/15/26 (Call 04/15/26)

    915       894,951  

4.63%, 05/15/30 (Call 03/15/30)

    2,305       2,153,764  

4.80%, 05/15/33 (Call 02/15/33)

    1,125       1,031,100  

4.95%, 06/01/35

    514       466,571  

5.05%, 04/01/28 (Call 03/01/28)

    2,010       1,967,427  

5.10%, 04/01/33 (Call 01/01/33)

    2,880       2,701,337  

5.25%, 02/01/41 (Call 08/01/40)

    2,269       2,033,139  

5.30%, 04/01/53 (Call 10/01/52)

    2,235       1,954,298  

5.63%, 04/01/34

    990       964,031  

5.65%, 02/01/37

    2,475       2,350,556  

5.69%, 03/01/40

    2,483       2,360,117  

5.95%, 02/01/38

    1,863       1,805,111  

5.96%, 04/01/39

    765       743,539  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)

    5,810       5,328,621  
Security  

Par

(000)

    Value  

Electric (continued)

   

Georgia Power Co.

   

3.25%, 04/01/26 (Call 01/01/26)

  $ 295     $ 278,344  

3.25%, 03/30/27 (Call 12/30/26)

    2,210       2,027,835  

4.30%, 03/15/42

    4,463       3,413,281  

4.30%, 03/15/43

    1,967       1,476,679  

4.65%, 05/16/28 (Call 03/16/28)

    4,140       3,954,083  

4.70%, 05/15/32 (Call 02/15/32)(b)

    1,505       1,363,884  

4.95%, 05/17/33 (Call 11/17/32)

    4,470       4,083,648  

5.13%, 05/15/52 (Call 11/15/51)

    3,090       2,564,008  

Series 10-C, 4.75%, 09/01/40

    2,324       1,887,504  

Series A, 3.25%, 03/15/51 (Call 09/15/50)

    915       547,481  

Series B, 2.65%, 09/15/29 (Call 06/15/29)

    3,522       2,958,795  

Series B, 3.70%, 01/30/50 (Call 07/30/49)

    2,168       1,425,888  

Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)

    3,236       2,978,000  

Iberdrola International BV

   

5.81%, 03/15/25

        3,705           3,698,030  

6.75%, 07/15/36

    1,502       1,552,193  

Idaho Power Co.

   

5.50%, 03/15/53 (Call 09/15/52)(b)

    1,070       933,824  

5.80%, 04/01/54 (Call 10/01/53)

    610       553,730  

Series K, 4.20%, 03/01/48 (Call 09/01/47)

    941       686,339  

Indiana Michigan Power Co.

   

3.25%, 05/01/51 (Call 11/01/50)

    2,560       1,525,450  

3.85%, 05/15/28 (Call 02/15/28)

    2,049       1,907,158  

4.25%, 08/15/48 (Call 02/15/48)

    1,705       1,219,905  

5.63%, 04/01/53 (Call 10/01/52)

    1,170       1,038,154  

6.05%, 03/15/37

    265       255,870  

Series K, 4.55%, 03/15/46 (Call 09/15/45)

    2,198       1,689,715  

Series L, 3.75%, 07/01/47 (Call 01/01/47)

    1,088       715,086  

Interstate Power & Light Co.

   

2.30%, 06/01/30 (Call 03/01/30)

    1,102       866,131  

3.10%, 11/30/51 (Call 05/30/51)

    1,455       815,092  

3.25%, 12/01/24 (Call 09/01/24)

    3,215       3,122,362  

3.50%, 09/30/49 (Call 03/30/49)

    1,539       963,492  

3.60%, 04/01/29 (Call 01/01/29)

    1,117       1,000,474  

3.70%, 09/15/46 (Call 03/15/46)

    1,223       790,649  

4.10%, 09/26/28 (Call 06/26/28)

    3,096       2,868,577  

5.70%, 10/15/33 (Call 07/15/33)

    1,170       1,118,562  

6.25%, 07/15/39

    1,010       956,494  

IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)

    2,860       2,468,947  

ITC Holdings Corp.

   

3.25%, 06/30/26 (Call 03/30/26)

    2,080       1,949,593  

3.35%, 11/15/27 (Call 08/15/27)

    1,635       1,483,410  

5.30%, 07/01/43 (Call 01/01/43)

    1,601       1,342,066  

John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42

    361       311,394  

Kentucky Utilities Co.

   

3.30%, 06/01/50 (Call 12/01/49)

    2,200       1,339,585  

4.38%, 10/01/45 (Call 04/01/45)

    2,236       1,653,804  

5.13%, 11/01/40 (Call 05/01/40)

    2,744       2,318,193  

5.45%, 04/15/33 (Call 01/15/33)

    1,100       1,047,746  

Louisville Gas & Electric Co.

   

4.25%, 04/01/49 (Call 10/01/48)

    925       666,895  

5.45%, 04/15/33 (Call 01/15/33)

    1,190       1,135,092  

Series 25, 3.30%, 10/01/25 (Call 07/01/25)

    1,177       1,127,891  

MidAmerican Energy Co.

   

2.70%, 08/01/52 (Call 02/01/52)

    2,645       1,416,770  

3.10%, 05/01/27 (Call 02/01/27)

    2,825       2,591,640  

3.15%, 04/15/50 (Call 10/15/49)

    2,932       1,758,632  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

3.65%, 04/15/29 (Call 01/15/29)

  $ 4,630     $ 4,173,554  

3.65%, 08/01/48 (Call 02/01/48)

    3,333       2,256,134  

3.95%, 08/01/47 (Call 02/01/47)

    2,538       1,806,570  

4.25%, 05/01/46 (Call 11/01/45)

    1,675       1,247,775  

4.25%, 07/15/49 (Call 01/15/49)

    3,859       2,854,543  

4.40%, 10/15/44 (Call 04/15/44)

    1,822       1,407,718  

4.80%, 09/15/43 (Call 03/15/43)

    1,092       895,289  

5.35%, 01/15/34 (Call 10/15/33)

    1,295       1,245,431  

5.75%, 11/01/35

    500       487,489  

5.80%, 10/15/36

    1,834       1,776,355  

5.85%, 09/15/54 (Call 03/15/54)

    565       528,965  

6.75%, 12/30/31

        1,135           1,196,564  

Mississippi Power Co.

   

3.95%, 03/30/28 (Call 12/30/27)

    3,840       3,542,330  

Series 12-A, 4.25%, 03/15/42

    2,356       1,729,126  

Series B, 3.10%, 07/30/51 (Call 01/30/51)

    1,453       806,713  

National Grid PLC

   

5.60%, 06/12/28 (Call 05/12/28)

    260       253,674  

5.81%, 06/12/33 (Call 03/12/33)

    762       718,670  

National Grid USA, 5.80%, 04/01/35

    1,447       1,337,041  

National Rural Utilities Cooperative Finance Corp.

   

1.00%, 06/15/26 (Call 05/15/26)

    2,562       2,275,328  

1.35%, 03/15/31 (Call 12/15/30)

    2,229       1,598,177  

1.65%, 06/15/31 (Call 03/15/31)

    1,615       1,180,426  

1.88%, 02/07/25

    1,421       1,352,219  

2.40%, 03/15/30 (Call 12/15/29)

    2,560       2,060,194  

2.75%, 04/15/32 (Call 01/15/32)

    2,200       1,711,486  

2.85%, 01/27/25 (Call 10/27/24)

    2,002       1,933,628  

3.05%, 04/25/27 (Call 01/25/27)

    2,176       1,996,752  

3.25%, 11/01/25 (Call 08/01/25)

    2,690       2,571,566  

3.40%, 02/07/28 (Call 11/07/27)

    2,630       2,396,422  

3.45%, 06/15/25

    1,520       1,465,817  

3.70%, 03/15/29 (Call 12/15/28)

    970       869,773  

3.90%, 11/01/28 (Call 08/01/28)

    1,503       1,382,110  

4.02%, 11/01/32 (Call 05/01/32)

    1,559       1,332,952  

4.15%, 12/15/32 (Call 09/15/32)

    1,860       1,602,910  

4.30%, 03/15/49 (Call 09/15/48)

    1,839       1,345,167  

4.40%, 11/01/48 (Call 05/01/48)

    1,260       934,295  

4.45%, 03/13/26 (Call 02/13/26)

    1,645       1,602,824  

4.80%, 03/15/28 (Call 02/15/28)

    4,295       4,155,495  

5.05%, 09/15/28 (Call 08/15/28)

    1,624       1,576,490  

5.25%, 04/20/46 (Call 04/20/26),
(3-mo. LIBOR US + 3.630%)(a)

    1,050       988,871  

5.45%, 10/30/25

    2,735       2,731,677  

5.60%, 11/13/26 (Call 10/13/26)

    1,100       1,099,615  

5.80%, 01/15/33 (Call 07/15/32)

    2,200       2,130,445  

7.13%, 09/15/53 (Call 06/15/28),
(5-year CMT + 3.533%)(a)

    340       337,163  

Series C, 8.00%, 03/01/32

    1,238       1,373,135  

Nevada Power Co.

   

5.90%, 05/01/53 (Call 11/01/52)

    885       806,933  

6.00%, 03/15/54 (Call 09/15/53)

    1,995       1,833,362  

Series CC, 3.70%, 05/01/29 (Call 02/01/29)

    2,489       2,222,326  

Series DD, 2.40%, 05/01/30 (Call 02/01/30)

    1,070       859,313  

Series EE, 3.13%, 08/01/50 (Call 02/01/50)

    1,485       850,577  

Series N, 6.65%, 04/01/36

    1,710       1,717,354  

Series R, 6.75%, 07/01/37

    1,575       1,599,006  

NextEra Energy Capital Holdings Inc.

   

1.88%, 01/15/27 (Call 12/15/26)

    5,350       4,702,114  

1.90%, 06/15/28 (Call 04/15/28)

    3,890       3,247,425  
Security  

Par

(000)

    Value  

Electric (continued)

   

2.25%, 06/01/30 (Call 03/01/30)

  $ 4,477     $ 3,488,204  

2.44%, 01/15/32 (Call 10/15/31)

    4,658       3,492,462  

2.75%, 11/01/29 (Call 08/01/29)

    4,585       3,802,805  

3.00%, 01/15/52 (Call 07/15/51)

    2,250       1,234,009  

3.50%, 04/01/29 (Call 01/01/29)

    4,422       3,900,805  

3.55%, 05/01/27 (Call 02/01/27)

    7,187       6,612,027  

3.80%, 03/15/82 (Call 03/15/27),
(5-year CMT + 2.547%)(a)

    980       784,405  

4.45%, 06/20/25

    3,385       3,302,402  

4.63%, 07/15/27 (Call 06/15/27)

    6,515       6,208,305  

4.80%, 12/01/77 (Call 12/01/27),
(3-mo. LIBOR US + 2.409%)(a)

    2,848       2,394,956  

4.90%, 02/28/28 (Call 01/28/28)

    5,465       5,224,285  

5.00%, 02/28/30 (Call 12/28/29)

    4,540       4,243,899  

5.00%, 07/15/32 (Call 04/15/32)

    4,537       4,124,467  

5.05%, 02/28/33 (Call 11/28/32)

    4,570       4,148,865  

5.25%, 02/28/53 (Call 08/28/52)

    4,390       3,565,126  

5.65%, 05/01/79 (Call 05/01/29),
(3-mo. LIBOR US + 3.156%)(a)

    796       702,523  

5.75%, 09/01/25

    580       577,238  

6.05%, 03/01/25

        1,400           1,399,397  

Northern States Power Co./MN

   

2.25%, 04/01/31 (Call 10/01/30)

    2,165       1,699,679  

2.60%, 06/01/51 (Call 12/01/50)

    2,205       1,170,877  

2.90%, 03/01/50 (Call 09/01/49)

    2,559       1,471,751  

3.20%, 04/01/52 (Call 10/01/51)

    1,750       1,047,258  

3.40%, 08/15/42 (Call 02/15/42)

    1,078       735,984  

3.60%, 05/15/46 (Call 11/15/45)

    1,311       874,619  

3.60%, 09/15/47 (Call 03/15/47)

    2,243       1,504,371  

4.00%, 08/15/45 (Call 02/15/45)

    1,307       935,639  

4.13%, 05/15/44 (Call 11/15/43)

    1,370       1,015,901  

4.50%, 06/01/52 (Call 12/01/51)

    1,730       1,328,248  

5.10%, 05/15/53 (Call 11/15/52)

    1,710       1,449,761  

5.35%, 11/01/39

    2,725       2,469,073  

6.20%, 07/01/37

    1,483       1,473,763  

6.25%, 06/01/36

    1,180       1,175,879  

NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)

    415       297,331  

NSTAR Electric Co.

   

1.95%, 08/15/31 (Call 05/15/31)

    876       657,004  

3.10%, 06/01/51 (Call 12/01/50)

    1,140       666,059  

3.20%, 05/15/27 (Call 02/15/27)

    2,486       2,292,145  

3.25%, 05/15/29 (Call 02/15/29)

    2,402       2,126,222  

3.95%, 04/01/30 (Call 01/01/30)

    2,261       2,023,442  

4.40%, 03/01/44 (Call 09/01/43)

    1,860       1,436,405  

4.55%, 06/01/52 (Call 12/01/51)

    2,300       1,755,743  

4.95%, 09/15/52 (Call 03/15/52)

    20       16,280  

5.50%, 03/15/40

    255       229,195  

Oglethorpe Power Corp.

   

3.75%, 08/01/50 (Call 02/01/50)

    1,760       1,111,735  

4.50%, 04/01/47 (Call 10/01/46)

    1,945       1,394,528  

5.05%, 10/01/48 (Call 04/01/48)

    1,900       1,470,556  

5.25%, 09/01/50

    1,217       978,090  

5.38%, 11/01/40

    1,765       1,457,379  

5.95%, 11/01/39

    1,581       1,434,739  

Ohio Edison Co., 6.88%, 07/15/36

    1,095       1,122,995  

Ohio Power Co.

   

4.00%, 06/01/49 (Call 12/01/48)

    2,087       1,448,005  

4.15%, 04/01/48 (Call 10/01/47)

    1,677       1,194,385  

5.00%, 06/01/33 (Call 03/01/33)

    635       579,074  

Series P, 2.60%, 04/01/30 (Call 01/01/30)

    2,088       1,695,902  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

Series Q, 1.63%, 01/15/31 (Call 10/15/30)

  $ 2,571     $ 1,908,906  

Series R, 2.90%, 10/01/51 (Call 04/01/51)

    1,240       693,255  

Oklahoma Gas & Electric Co.

   

3.25%, 04/01/30 (Call 10/01/29)

    2,311       1,952,996  

3.30%, 03/15/30 (Call 09/15/29)

    1,756       1,490,545  

3.80%, 08/15/28 (Call 02/15/28)

    1,317       1,205,023  

3.85%, 08/15/47 (Call 02/15/47)

    1,754       1,177,658  

4.15%, 04/01/47 (Call 10/01/46)

    2,075       1,476,154  

5.40%, 01/15/33 (Call 07/15/32)(b)

    1,770       1,672,857  

5.60%, 04/01/53 (Call 10/01/52)

    820       723,045  

Oncor Electric Delivery Co. LLC

   

0.55%, 10/01/25 (Call 09/01/25)

        3,595           3,264,919  

2.70%, 11/15/51 (Call 05/15/51)

    1,935       1,030,761  

2.75%, 05/15/30 (Call 02/15/30)

    2,487       2,054,141  

2.95%, 04/01/25 (Call 01/01/25)

    1,149       1,106,381  

3.10%, 09/15/49 (Call 03/15/49)

    2,360       1,400,875  

3.70%, 11/15/28 (Call 08/15/28)

    3,638       3,322,714  

3.70%, 05/15/50 (Call 11/15/49)

    2,531       1,686,991  

3.75%, 04/01/45 (Call 10/01/44)

    2,931       2,063,735  

3.80%, 09/30/47 (Call 03/30/47)

    2,532       1,737,755  

3.80%, 06/01/49 (Call 12/01/48)

    2,148       1,441,535  

4.10%, 11/15/48 (Call 05/15/48)

    1,750       1,261,575  

4.15%, 06/01/32 (Call 03/01/32)

    1,600       1,411,737  

4.30%, 05/15/28 (Call 04/15/28)(e)

    420       397,076  

4.55%, 09/15/32 (Call 06/15/32)

    2,740       2,448,263  

4.55%, 12/01/41 (Call 06/01/41)

    1,111       895,560  

4.60%, 06/01/52 (Call 12/01/51)

    350       270,950  

4.95%, 09/15/52 (Call 03/15/52)

    3,580       2,931,205  

5.25%, 09/30/40(b)

    1,247       1,123,121  

5.30%, 06/01/42 (Call 12/01/41)

    1,648       1,494,867  

5.35%, 10/01/52 (Call 04/01/52)

    220       191,947  

5.75%, 03/15/29 (Call 12/15/28)(b)

    1,249       1,257,600  

7.00%, 05/01/32

    969       1,023,789  

7.25%, 01/15/33

    2,107       2,279,216  

7.50%, 09/01/38

    594       658,661  

Pacific Gas and Electric Co.

   

2.10%, 08/01/27 (Call 06/01/27)

    4,220       3,572,768  

2.50%, 02/01/31 (Call 11/01/30)

    7,318       5,425,504  

2.95%, 03/01/26 (Call 12/01/25)

    3,808       3,494,359  

3.00%, 06/15/28 (Call 04/15/28)

    3,235       2,739,125  

3.15%, 01/01/26

    3,698       3,421,421  

3.25%, 06/01/31 (Call 03/01/31)

    2,895       2,245,073  

3.30%, 03/15/27 (Call 12/15/26)

    1,817       1,628,130  

3.30%, 12/01/27 (Call 09/01/27)

    3,872       3,373,484  

3.30%, 08/01/40 (Call 02/01/40)

    2,062       1,253,405  

3.45%, 07/01/25

    1,847       1,750,708  

3.50%, 06/15/25 (Call 03/15/25)

    1,320       1,256,288  

3.50%, 08/01/50 (Call 02/01/50)

    7,390       4,118,999  

3.75%, 07/01/28

    3,664       3,210,159  

3.75%, 08/15/42 (Call 02/15/42)

    1,513       930,417  

3.95%, 12/01/47 (Call 06/01/47)

    3,438       2,055,458  

4.00%, 12/01/46 (Call 06/01/46)

    2,549       1,533,910  

4.20%, 03/01/29 (Call 01/01/29)

    1,625       1,417,642  

4.20%, 06/01/41 (Call 12/01/40)

    2,137       1,421,144  

4.25%, 03/15/46 (Call 09/15/45)

    2,147       1,354,909  

4.30%, 03/15/45 (Call 09/15/44)

    2,584       1,661,233  

4.40%, 03/01/32 (Call 12/01/31)

    2,035       1,673,778  

4.45%, 04/15/42 (Call 10/15/41)

    2,651       1,792,785  

4.50%, 07/01/40 (Call 01/01/40)

    7,578       5,386,302  

4.55%, 07/01/30 (Call 01/01/30)

    11,474       9,930,591  

4.60%, 06/15/43 (Call 12/15/42)

    2,577       1,760,216  
Security  

Par

(000)

    Value  

Electric (continued)

   

4.65%, 08/01/28 (Call 05/01/28)

  $ 1,430     $ 1,293,927  

4.75%, 02/15/44 (Call 08/15/43)

    2,800       1,951,277  

4.95%, 06/08/25

        2,750           2,684,862  

4.95%, 07/01/50 (Call 01/01/50)

    11,347       7,927,433  

5.25%, 03/01/52 (Call 09/01/51)

    2,440       1,764,717  

5.45%, 06/15/27 (Call 05/15/27)

    2,139       2,042,851  

5.90%, 06/15/32 (Call 03/15/32)

    3,205       2,921,157  

6.10%, 01/15/29 (Call 12/15/28)

    1,185       1,140,140  

6.15%, 01/15/33 (Call 10/15/32)

    2,995       2,761,901  

6.40%, 06/15/33 (Call 03/15/33)

    2,150       2,020,457  

6.70%, 04/01/53 (Call 10/01/52)

    1,745       1,550,502  

6.75%, 01/15/53 (Call 07/15/52)

    4,440       3,938,202  

PacifiCorp

   

2.70%, 09/15/30 (Call 06/15/30)

    1,550       1,238,781  

2.90%, 06/15/52 (Call 12/15/51)

    2,945       1,534,401  

3.30%, 03/15/51 (Call 09/15/50)

    2,494       1,426,900  

3.50%, 06/15/29 (Call 03/15/29)

    1,775       1,552,678  

4.10%, 02/01/42 (Call 08/01/41)

    1,866       1,317,973  

4.13%, 01/15/49 (Call 07/15/48)

    2,010       1,343,935  

4.15%, 02/15/50 (Call 08/15/49)

    2,397       1,606,776  

5.25%, 06/15/35

    904       799,783  

5.35%, 12/01/53 (Call 06/01/53)

    3,720       2,958,643  

5.50%, 05/15/54 (Call 11/15/53)

    2,645       2,155,339  

5.75%, 04/01/37

    1,062       973,670  

6.00%, 01/15/39

    2,538       2,325,476  

6.10%, 08/01/36

    1,165       1,117,226  

6.25%, 10/15/37

    2,556       2,426,868  

6.35%, 07/15/38(b)

    820       797,263  

7.70%, 11/15/31

    365       401,304  

PECO Energy Co.

   

2.80%, 06/15/50 (Call 12/15/49)

    380       209,742  

2.85%, 09/15/51 (Call 03/15/51)

    1,115       614,018  

3.00%, 09/15/49 (Call 03/15/49)

    1,640       956,644  

3.05%, 03/15/51 (Call 09/15/50)

    1,070       621,690  

3.15%, 10/15/25 (Call 07/15/25)

    865       827,140  

3.70%, 09/15/47 (Call 03/15/47)

    1,841       1,264,255  

3.90%, 03/01/48 (Call 09/01/47)

    2,587       1,835,776  

4.15%, 10/01/44 (Call 04/01/44)

    1,165       866,563  

4.38%, 08/15/52 (Call 02/15/52)

    1,650       1,240,590  

4.60%, 05/15/52 (Call 11/15/51)

    1,800       1,400,620  

4.90%, 06/15/33 (Call 03/15/33)

    2,362       2,189,037  

5.95%, 10/01/36

    665       654,713  

PG&E Recovery Funding LLC, 5.05%, 07/15/34

    95       91,511  

Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)

    2,678       2,482,401  

Potomac Electric Power Co.

   

4.15%, 03/15/43 (Call 09/15/42)

    2,299       1,742,104  

6.50%, 11/15/37

    260       263,770  

PPL Capital Funding Inc.

   

3.10%, 05/15/26 (Call 02/15/26)

    3,919       3,664,134  

4.13%, 04/15/30 (Call 01/15/30)

    1,710       1,512,654  

PPL Electric Utilities Corp.

   

3.00%, 10/01/49 (Call 04/01/49)

    1,652       983,235  

3.95%, 06/01/47 (Call 12/01/46)

    823       586,671  

4.13%, 06/15/44 (Call 12/15/43)

    928       684,802  

4.15%, 10/01/45 (Call 04/01/45)

    1,485       1,096,299  

4.15%, 06/15/48 (Call 12/15/47)

    1,600       1,179,011  

4.75%, 07/15/43 (Call 01/15/43)

    1,055       861,296  

5.00%, 05/15/33 (Call 02/15/33)

    3,280       3,040,724  

5.25%, 05/15/53 (Call 11/15/52)

    3,740       3,226,733  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

6.25%, 05/15/39

  $ 1,485     $ 1,474,354  

Progress Energy Inc.

   

6.00%, 12/01/39

    3,172       2,948,483  

7.00%, 10/30/31(b)

    1,795       1,879,288  

7.75%, 03/01/31

        2,629           2,807,909  

Public Service Co. of Colorado

   

1.88%, 06/15/31 (Call 12/15/30)

    610       457,738  

3.60%, 09/15/42 (Call 03/15/42)

    1,363       931,338  

3.70%, 06/15/28 (Call 12/15/27)

    1,975       1,802,751  

3.80%, 06/15/47 (Call 12/15/46)

    1,689       1,134,920  

4.05%, 09/15/49 (Call 03/15/49)

    1,651       1,135,780  

4.10%, 06/01/32 (Call 03/01/32)

    1,235       1,069,511  

4.10%, 06/15/48 (Call 12/15/47)

    1,620       1,128,019  

4.30%, 03/15/44 (Call 09/15/43)

    1,416       1,055,262  

4.50%, 06/01/52 (Call 12/01/51)

    1,700       1,249,168  

5.25%, 04/01/53 (Call 10/01/52)

    2,845       2,378,519  

6.50%, 08/01/38(b)

    110       110,107  

Series 17, 6.25%, 09/01/37

    1,054       1,022,426  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

    1,599       944,925  

Series 35, 1.90%, 01/15/31 (Call 07/15/30)

    2,289       1,734,430  

Series 36, 2.70%, 01/15/51 (Call 07/15/50)(b).

    1,580       828,192  

Public Service Co. of New Hampshire

   

3.60%, 07/01/49 (Call 01/01/49)

    1,550       1,038,701  

5.15%, 01/15/53 (Call 07/15/52)

    1,740       1,484,541  

5.35%, 10/01/33 (Call 07/01/33)

    1,170       1,115,520  

Series V, 2.20%, 06/15/31 (Call 03/15/31)

    230       178,032  

Public Service Co. of Oklahoma

   

5.25%, 01/15/33 (Call 10/15/32)

    2,700       2,490,440  

Series J, 2.20%, 08/15/31 (Call 05/15/31)(b)

    1,095       825,549  

Series K, 3.15%, 08/15/51 (Call 02/15/51)

    520       295,716  

Public Service Electric & Gas Co.

   

0.95%, 03/15/26 (Call 02/15/26)

    1,655       1,491,760  

1.90%, 08/15/31 (Call 05/15/31)

    2,270       1,716,280  

2.05%, 08/01/50 (Call 02/01/50)

    1,700       813,681  

2.25%, 09/15/26 (Call 06/15/26)

    1,439       1,316,072  

2.45%, 01/15/30 (Call 10/15/29)

    3,169       2,604,717  

2.70%, 05/01/50 (Call 11/01/49)

    765       425,913  

3.00%, 05/15/25 (Call 02/15/25)

    513       493,686  

3.00%, 05/15/27 (Call 02/15/27)

    2,154       1,978,044  

3.00%, 03/01/51 (Call 09/01/50)

    210       123,709  

3.10%, 03/15/32 (Call 12/15/31)

    434       355,569  

3.15%, 01/01/50 (Call 07/01/49)

    1,880       1,154,557  

3.20%, 05/15/29 (Call 02/15/29)

    1,559       1,372,923  

3.20%, 08/01/49 (Call 02/01/49)

    1,895       1,171,538  

3.60%, 12/01/47 (Call 06/01/47)

    1,694       1,146,786  

3.65%, 09/01/28 (Call 06/01/28)

    2,163       1,979,283  

3.65%, 09/01/42 (Call 03/01/42)

    1,975       1,417,971  

3.70%, 05/01/28 (Call 02/01/28)

    2,254       2,083,567  

3.80%, 01/01/43 (Call 07/01/42)

    564       410,858  

3.80%, 03/01/46 (Call 09/01/45)

    2,768       1,954,103  

3.85%, 05/01/49 (Call 11/01/48)

    2,392       1,671,631  

3.95%, 05/01/42 (Call 11/01/41)

    450       337,359  

4.05%, 05/01/48 (Call 11/01/47)

    1,891       1,387,532  

4.65%, 03/15/33 (Call 12/15/32)

    1,395       1,271,913  

4.90%, 12/15/32 (Call 09/15/32)

    2,613       2,427,361  

5.13%, 03/15/53 (Call 09/15/52)

    625       537,615  

5.50%, 03/01/40

    247       226,233  

5.80%, 05/01/37

    243       231,554  

Public Service Electric and Gas Co.

   

5.20%, 08/01/33 (Call 05/01/33)

    190       180,318  

5.45%, 08/01/53 (Call 02/01/53)

    20       18,044  
Security  

Par

(000)

    Value  

Electric (continued)

   

Public Service Enterprise Group Inc.

   

0.80%, 08/15/25 (Call 07/15/25)

  $ 1,912     $ 1,749,634  

1.60%, 08/15/30 (Call 05/15/30)

    1,993       1,497,406  

2.45%, 11/15/31 (Call 08/15/31)

    1,025       776,088  

5.85%, 11/15/27 (Call 10/15/27)

    1,360       1,353,437  

5.88%, 10/15/28 (Call 09/15/28)

    1,825       1,806,195  

6.13%, 10/15/33 (Call 07/15/33)

    1,225       1,195,200  

Puget Energy Inc.

   

2.38%, 06/15/28 (Call 04/15/28)

        3,815           3,227,507  

3.65%, 05/15/25 (Call 02/15/25)

    2,558       2,454,990  

4.10%, 06/15/30 (Call 03/15/30)

    1,634       1,397,221  

4.22%, 03/15/32 (Call 12/15/31)

    1,964       1,634,833  

Puget Sound Energy Inc.

   

2.89%, 09/15/51 (Call 03/15/51)

    465       254,164  

3.25%, 09/15/49 (Call 03/15/49)

    3,323       1,991,126  

4.22%, 06/15/48 (Call 12/15/47)

    3,230       2,338,352  

4.30%, 05/20/45 (Call 11/20/44)

    1,522       1,109,518  

5.64%, 04/15/41 (Call 10/15/40)

    60       53,684  

5.76%, 10/01/39

    1,320       1,203,413  

5.80%, 03/15/40

    1,320       1,203,448  

6.27%, 03/15/37

    795       772,612  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)(b)

    3,225       2,984,216  

3.70%, 03/15/52 (Call 09/15/51)

    450       292,794  

4.15%, 05/15/48 (Call 11/15/47)

    2,005       1,449,361  

4.50%, 08/15/40

    483       387,255  

4.95%, 08/15/28 (Call 07/15/28)

    5,185       5,000,060  

5.35%, 04/01/53 (Call 10/01/52)

    3,545       3,037,115  

6.00%, 06/01/39

    940       900,949  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)

    2,515       1,691,216  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

    2,464       1,704,626  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)

    2,136       1,283,523  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    3,619       2,737,521  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    2,470       1,402,463  

Series XXX, 3.00%, 03/15/32 (Call 12/15/31)

    1,445       1,164,206  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    3,734       3,386,033  

3.30%, 04/01/25 (Call 03/01/25)

    2,758       2,652,341  

3.40%, 02/01/28 (Call 11/01/27)

    4,377       3,943,298  

3.70%, 04/01/29 (Call 02/01/29)

    2,385       2,115,878  

3.80%, 02/01/38 (Call 08/01/37)

    3,547       2,645,326  

4.00%, 02/01/48 (Call 08/01/47)

    1,542       1,051,386  

4.13%, 04/01/52 (Call 01/01/27),
(5-year CMT + 2.868%)(a)

    3,675       2,871,274  

5.40%, 08/01/26 (Call 07/01/26)

    2,195       2,162,691  

5.50%, 08/01/33 (Call 05/01/33)

    2,030       1,887,120  

6.00%, 10/15/39

    3,200       2,927,413  

Sierra Pacific Power Co.

   

2.60%, 05/01/26 (Call 02/01/26)

    3,274       3,040,930  

5.90%, 03/15/54 (Call 09/15/53)(e)

    2,200       1,985,529  

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

    2,362       1,861,772  

2.75%, 02/01/32 (Call 11/01/31)

    2,735       2,129,326  

2.85%, 08/01/29 (Call 05/01/29)

    2,453       2,081,883  

3.45%, 02/01/52 (Call 08/01/51)

    2,210       1,322,939  

3.65%, 02/01/50 (Call 08/01/49)

    5,134       3,261,140  

4.00%, 04/01/47 (Call 10/01/46)

    7,189       4,928,979  

4.05%, 03/15/42 (Call 09/15/41)

    2,112       1,510,167  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

4.50%, 09/01/40 (Call 03/01/40)

  $ 1,585     $ 1,228,915  

4.65%, 10/01/43 (Call 04/01/43)

    2,168       1,674,668  

4.90%, 06/01/26 (Call 05/01/26)

    1,365       1,331,048  

5.30%, 03/01/28 (Call 02/01/28)

    565       552,422  

5.50%, 03/15/40

    2,483       2,178,747  

5.63%, 02/01/36

    1,419       1,295,379  

5.65%, 10/01/28 (Call 09/01/28)

    310       306,950  

5.70%, 03/01/53 (Call 09/01/52)

    465       404,379  

5.85%, 11/01/27 (Call 10/01/27)

        2,030           2,029,568  

5.88%, 12/01/53 (Call 06/01/53)

    1,790       1,594,931  

5.95%, 11/01/32 (Call 08/01/32)

    1,185       1,156,946  

6.00%, 01/15/34

    1,449       1,403,366  

6.05%, 03/15/39

    2,625       2,440,370  

6.65%, 04/01/29

    1,305       1,323,147  

Series 04-G, 5.75%, 04/01/35

    1,184       1,119,334  

Series 05-E, 5.35%, 07/15/35

    1,186       1,088,386  

Series 06-E, 5.55%, 01/15/37

    1,710       1,539,979  

Series 08-A, 5.95%, 02/01/38

    2,127       1,977,217  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

    2,464       1,708,817  

Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)

    1,545       1,391,132  

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

    630       350,177  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

    2,343       2,154,204  

Series B, 3.65%, 03/01/28 (Call 12/01/27)

    2,072       1,897,913  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    2,756       2,149,813  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

    1,790       1,163,849  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    4,107       2,849,993  

Series C, 4.20%, 06/01/25

    1,450       1,412,303  

Series D, 4.70%, 06/01/27 (Call 05/01/27)

    2,317       2,225,723  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    3,597       3,453,665  

Series E, 5.45%, 06/01/52 (Call 12/01/51)

    1,799       1,504,245  

Series G, 2.50%, 06/01/31 (Call 03/01/31)

    2,997       2,330,087  

Series H, 3.65%, 06/01/51 (Call 12/01/50)

    1,812       1,135,760  

Southern Co. (The)

   

3.25%, 07/01/26 (Call 04/01/26)

    9,548       8,926,685  

4.25%, 07/01/36 (Call 01/01/36)

    995       803,532  

4.40%, 07/01/46 (Call 01/01/46)

    7,011       5,172,685  

4.85%, 06/15/28 (Call 04/15/28)

    2,290       2,190,190  

5.11%, 08/01/27

    2,180       2,102,837  

5.15%, 10/06/25

    2,430       2,402,124  

5.20%, 06/15/33 (Call 12/15/32)

    2,875       2,642,458  

5.50%, 03/15/29 (Call 01/15/29)

    1,365       1,337,767  

5.70%, 10/15/32 (Call 04/15/32)

    1,590       1,523,382  

5.70%, 03/15/34 (Call 09/15/33)

    1,515       1,441,612  

Series 21-A, 3.75%, 09/15/51 (Call 06/15/26),
(5-year CMT + 2.915%)(a)

    3,875       3,293,361  

Series 21-B, 1.75%, 03/15/28 (Call 01/15/28)

    1,330       1,118,004  

Series A, 3.70%, 04/30/30 (Call 01/30/30)

    4,180       3,624,315  

Series B, 4.00%, 01/15/51 (Call 10/15/25),
(5-year CMT + 3.733%)(a)

    1,545       1,408,506  

Southern Power Co.

   

0.90%, 01/15/26 (Call 12/15/25)

    1,553       1,390,542  

4.15%, 12/01/25 (Call 09/01/25)

    3,511       3,390,006  

5.15%, 09/15/41

    2,498       2,049,738  

5.25%, 07/15/43

    1,515       1,230,369  

Series F, 4.95%, 12/15/46 (Call 06/15/46)

    1,565       1,199,210  

Southwestern Electric Power Co.

   

3.25%, 11/01/51 (Call 05/01/51)

    1,890       1,066,279  

5.30%, 04/01/33 (Call 01/01/33)

    820       754,669  
Security  

Par

(000)

    Value  

Electric (continued)

   

6.20%, 03/15/40

  $ 1,739     $ 1,627,364  

Series J, 3.90%, 04/01/45 (Call 10/01/44)

    680       451,305  

Series K, 2.75%, 10/01/26 (Call 07/01/26)

    1,770       1,619,584  

Series L, 3.85%, 02/01/48 (Call 08/01/47)

    2,283       1,462,283  

Series M, 4.10%, 09/15/28 (Call 06/15/28)

    2,015       1,847,542  

Series N, 1.65%, 03/15/26 (Call 02/15/26)

    2,530       2,290,288  

Southwestern Public Service Co.

   

3.40%, 08/15/46 (Call 02/15/46)

    1,298       789,320  

3.70%, 08/15/47 (Call 02/15/47)

        1,950           1,264,908  

3.75%, 06/15/49 (Call 12/15/48)

    1,428       926,291  

4.50%, 08/15/41 (Call 02/15/41)

    1,941       1,498,124  

Series 6, 4.40%, 11/15/48 (Call 05/15/48)

    1,283       926,147  

Series 8, 3.15%, 05/01/50 (Call 11/01/49)

    2,153       1,244,046  

System Energy Resources Inc., 6.00%, 04/15/28 (Call 03/15/28)

    735       709,401  

Tampa Electric Co.

   

2.40%, 03/15/31 (Call 12/15/30)

    1,924       1,491,821  

3.45%, 03/15/51 (Call 09/15/50)

    445       269,268  

3.63%, 06/15/50 (Call 12/15/49)

    1,436       915,695  

4.10%, 06/15/42 (Call 12/15/41)

    2,728       2,013,450  

4.30%, 06/15/48 (Call 12/15/47)

    1,529       1,105,038  

4.35%, 05/15/44 (Call 11/15/43)

    1,295       957,715  

4.45%, 06/15/49 (Call 12/15/48)

    1,644       1,209,523  

5.00%, 07/15/52 (Call 01/15/52)

    1,235       987,753  

Toledo Edison Co. (The), 6.15%, 05/15/37

    909       877,646  

Tucson Electric Power Co.

   

1.50%, 08/01/30 (Call 05/01/30)

    3,546       2,642,656  

3.05%, 03/15/25 (Call 12/15/24)

    580       559,547  

3.25%, 05/15/32 (Call 02/15/32)(b)

    998       809,993  

3.25%, 05/01/51 (Call 11/01/50)

    1,550       894,257  

4.00%, 06/15/50 (Call 12/15/49)

    1,282       859,167  

4.85%, 12/01/48 (Call 06/01/48)

    1,262       973,981  

5.50%, 04/15/53 (Call 10/15/52)

    1,645       1,405,813  

Union Electric Co.

   

2.15%, 03/15/32 (Call 12/15/31)

    1,995       1,493,573  

2.63%, 03/15/51 (Call 09/15/50)

    1,386       735,335  

2.95%, 06/15/27 (Call 03/15/27)

    2,583       2,357,514  

2.95%, 03/15/30 (Call 12/15/29)

    2,134       1,795,106  

3.25%, 10/01/49 (Call 04/01/49)

    1,766       1,038,633  

3.50%, 03/15/29 (Call 12/15/28)

    2,456       2,195,458  

3.65%, 04/15/45 (Call 10/15/44)

    2,110       1,406,776  

3.90%, 09/15/42 (Call 03/15/42)

    1,050       753,367  

3.90%, 04/01/52 (Call 10/01/51)

    750       517,023  

4.00%, 04/01/48 (Call 10/01/47)

    2,200       1,528,274  

5.30%, 08/01/37

    175       159,780  

5.45%, 03/15/53 (Call 09/15/52)

    2,350       2,051,431  

8.45%, 03/15/39

    523       614,122  

Virginia Electric & Power Co.

   

2.30%, 11/15/31 (Call 08/15/31)

    2,509       1,916,091  

2.40%, 03/30/32 (Call 12/30/31)

    1,105       839,666  

2.45%, 12/15/50 (Call 06/15/50)

    3,327       1,690,922  

2.95%, 11/15/51 (Call 05/15/51)

    3,100       1,729,054  

3.30%, 12/01/49 (Call 06/01/49)

    1,995       1,215,547  

4.00%, 01/15/43 (Call 07/15/42)

    2,120       1,543,809  

4.45%, 02/15/44 (Call 08/15/43)

    2,290       1,729,049  

4.60%, 12/01/48 (Call 06/01/48)

    2,150       1,644,948  

5.00%, 04/01/33 (Call 01/01/33)

    2,820       2,571,881  

5.45%, 04/01/53 (Call 10/01/52)

    2,710       2,322,527  

6.35%, 11/30/37

    1,737       1,690,164  

8.88%, 11/15/38

    2,278       2,747,664  

Series A, 2.88%, 07/15/29 (Call 04/15/29)

    2,042       1,754,814  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

Series A, 3.10%, 05/15/25 (Call 02/15/25)

  $ 2,267     $ 2,174,989  

Series A, 3.15%, 01/15/26 (Call 10/15/25)

    3,782       3,585,335  

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

    3,742       3,477,764  

Series A, 3.80%, 04/01/28 (Call 01/01/28)

    3,585       3,308,195  

Series A, 6.00%, 05/15/37

    2,032       1,941,259  

Series B, 2.95%, 11/15/26 (Call 08/15/26)

    2,395       2,210,068  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

    1,689       1,583,352  

Series B, 3.80%, 09/15/47 (Call 03/15/47)

    2,167       1,450,562  

Series B, 4.20%, 05/15/45 (Call 11/15/44)

    1,312       945,007  

Series B, 6.00%, 01/15/36

    1,579       1,520,177  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

    1,940       1,345,872  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

    2,315       1,751,603  

Series D, 4.65%, 08/15/43 (Call 02/15/43)

    2,315       1,802,704  

Virginia Electric and Power Co.

   

5.30%, 08/15/33 (Call 05/15/33)

        2,265           2,098,512  

5.70%, 08/15/53 (Call 02/15/53)

    2,075       1,836,463  

WEC Energy Group Inc.

   

1.38%, 10/15/27 (Call 08/15/27)

    2,684       2,262,843  

1.80%, 10/15/30 (Call 07/15/30)

    1,767       1,321,464  

2.20%, 12/15/28 (Call 10/15/28)

    647       537,733  

4.75%, 01/09/26 (Call 12/09/25)

    4,615       4,499,824  

4.75%, 01/15/28 (Call 12/15/27)

    2,985       2,851,844  

5.00%, 09/27/25 (Call 08/27/25)

    1,990       1,960,947  

5.15%, 10/01/27 (Call 09/01/27)

    2,985       2,910,532  

5.60%, 09/12/26 (Call 08/12/26)

    1,275       1,267,087  

Wisconsin Electric Power Co.

   

1.70%, 06/15/28 (Call 04/15/28)

    2,075       1,754,614  

2.05%, 12/15/24 (Call 11/15/24)

    1,690       1,621,978  

4.30%, 10/15/48 (Call 04/15/48)

    905       669,383  

4.75%, 09/30/32 (Call 06/30/32)

    1,770       1,629,039  

5.63%, 05/15/33(b)

    450       440,684  

5.70%, 12/01/36

    500       477,642  

Wisconsin Power & Light Co., 4.95%, 04/01/33 (Call 01/01/33)

    840       769,260  

Wisconsin Power and Light Co.

   

1.95%, 09/16/31 (Call 06/16/31)

    2,300       1,706,453  

3.00%, 07/01/29 (Call 04/01/29)

    1,943       1,680,203  

3.05%, 10/15/27 (Call 07/15/27)

    1,260       1,146,545  

3.65%, 04/01/50 (Call 10/01/49)

    1,305       833,160  

3.95%, 09/01/32 (Call 06/01/32)

    2,235       1,922,901  

6.38%, 08/15/37

    290       287,125  

Wisconsin Public Service Corp.

   

2.85%, 12/01/51 (Call 06/01/51)

    1,775       974,631  

3.30%, 09/01/49 (Call 03/01/49)

    1,610       985,677  

3.67%, 12/01/42

    1,370       920,108  

4.75%, 11/01/44 (Call 05/01/44)

    2,013       1,606,312  

5.35%, 11/10/25 (Call 10/10/25)

    1,460       1,454,274  

Xcel Energy Inc.

   

1.75%, 03/15/27 (Call 02/15/27)

    2,750       2,398,022  

2.35%, 11/15/31 (Call 05/15/31)

    1,700       1,268,943  

2.60%, 12/01/29 (Call 06/01/29)

    2,586       2,137,166  

3.30%, 06/01/25 (Call 12/01/24)

    2,834       2,718,172  

3.35%, 12/01/26 (Call 06/01/26)

    3,137       2,910,342  

3.40%, 06/01/30 (Call 12/01/29)(b)

    2,880       2,439,979  

3.50%, 12/01/49 (Call 06/01/49)

    1,975       1,221,751  

4.00%, 06/15/28 (Call 12/15/27)

    3,076       2,843,341  

4.60%, 06/01/32 (Call 12/01/31)

    2,805       2,480,136  

5.45%, 08/15/33 (Call 02/15/33)

    2,575       2,398,907  

6.50%, 07/01/36

    1,019       1,015,395  
   

 

 

 
        1,781,559,190  
Security  

Par

(000)

    Value  

Electrical Components & Equipment — 0.0%

   

Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)

  $ 1,591     $ 1,204,601  

Emerson Electric Co.

   

0.88%, 10/15/26 (Call 09/15/26)

    1,924       1,690,555  

1.80%, 10/15/27 (Call 08/15/27)

    3,116       2,719,346  

1.95%, 10/15/30 (Call 07/15/30)

    1,306       1,025,728  

2.00%, 12/21/28 (Call 10/21/28)

    3,070       2,600,561  

2.20%, 12/21/31 (Call 09/21/31)

    2,856       2,218,166  

2.75%, 10/15/50 (Call 04/15/50)

    3,178       1,784,599  

2.80%, 12/21/51 (Call 06/21/51)

    2,595       1,471,085  

3.15%, 06/01/25 (Call 03/01/25)

        3,155       3,044,640  

5.25%, 11/15/39

    1,645       1,488,053  
   

 

 

 
          19,247,334  
Electronics — 0.2%            

Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)

    2,701       2,309,854  

Allegion U.S. Holding Co. Inc.

   

3.55%, 10/01/27 (Call 07/01/27)

    1,827       1,644,127  

5.41%, 07/01/32 (Call 04/01/32)

    1,510       1,379,592  

Amphenol Corp.

   

2.05%, 03/01/25 (Call 02/01/25)

    1,166       1,111,198  

2.20%, 09/15/31 (Call 06/15/31)

    2,735       2,086,770  

2.80%, 02/15/30 (Call 11/15/29)

    4,662       3,876,234  

4.35%, 06/01/29 (Call 03/01/29)

    1,606       1,498,449  

4.75%, 03/30/26

    320       312,578  

Arrow Electronics Inc.

   

2.95%, 02/15/32 (Call 11/15/31)

    2,995       2,272,157  

3.88%, 01/12/28 (Call 10/12/27)

    1,600       1,446,492  

4.00%, 04/01/25 (Call 01/01/25)

    1,651       1,594,498  

6.13%, 03/01/26 (Call 03/01/24)

    1,900       1,885,389  

Avnet Inc.

   

3.00%, 05/15/31 (Call 02/15/31)

    1,746       1,320,727  

4.63%, 04/15/26 (Call 01/15/26)

    3,111       2,984,824  

5.50%, 06/01/32 (Call 03/01/32)

    1,455       1,298,026  

6.25%, 03/15/28 (Call 02/15/28)

    2,040       2,011,936  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    2,845       2,692,772  

4.75%, 06/15/25 (Call 03/15/25)

    2,987       2,913,044  

4.88%, 06/15/29 (Call 03/15/29)

    3,661       3,352,976  

4.88%, 05/12/30 (Call 02/12/30)

    2,429       2,203,282  

6.00%, 01/15/28 (Call 12/15/27)

    1,720       1,701,924  

Fortive Corp.

   

3.15%, 06/15/26 (Call 03/15/26)

    4,566       4,253,246  

4.30%, 06/15/46 (Call 12/15/45)(b)

    1,410       1,022,587  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)(b)

    2,974       2,595,753  

1.35%, 06/01/25 (Call 05/01/25)

    4,549       4,273,322  

1.75%, 09/01/31 (Call 06/01/31)

    4,705       3,524,914  

1.95%, 06/01/30 (Call 03/01/30)

    3,336       2,649,937  

2.50%, 11/01/26 (Call 08/01/26)

    6,902       6,381,824  

2.70%, 08/15/29 (Call 05/15/29)

    5,050       4,343,189  

2.80%, 06/01/50 (Call 12/01/49)(b)

    3,615       2,247,887  

3.81%, 11/21/47 (Call 05/21/47)

    2,830       2,024,526  

4.25%, 01/15/29 (Call 12/15/28)

    1,595       1,504,684  

4.50%, 01/15/34 (Call 10/15/33)

    1,940       1,743,018  

4.85%, 11/01/24

    1,100       1,091,245  

4.95%, 02/15/28 (Call 01/15/28)(b)

    3,260       3,220,064  

5.00%, 02/15/33 (Call 11/15/32)

    5,035       4,755,059  

5.38%, 03/01/41

    845       779,739  

5.70%, 03/15/36

    2,600       2,541,588  

5.70%, 03/15/37

    2,118       2,066,658  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electronics (continued)

   

Hubbell Inc.

   

2.30%, 03/15/31 (Call 12/15/30)

  $ 660     $ 511,244  

3.15%, 08/15/27 (Call 05/15/27)

    1,022       930,991  

3.35%, 03/01/26 (Call 12/01/25)

    1,955       1,852,239  

3.50%, 02/15/28 (Call 11/15/27)

    2,634       2,418,862  

Jabil Inc.

   

1.70%, 04/15/26 (Call 03/15/26)

    3,075       2,767,214  

3.00%, 01/15/31 (Call 10/15/30)

    3,516       2,783,286  

3.60%, 01/15/30 (Call 10/15/29)

    921       781,366  

3.95%, 01/12/28 (Call 10/12/27)

    2,790       2,541,977  

4.25%, 05/15/27 (Call 04/15/27)(b)

    1,235       1,158,478  

5.45%, 02/01/29 (Call 01/01/29)

    845       812,574  

Keysight Technologies Inc.

   

3.00%, 10/30/29 (Call 07/30/29)

    3,544       2,977,774  

4.60%, 04/06/27 (Call 01/06/27)

    4,408       4,202,709  

Legrand France SA, 8.50%, 02/15/25

    3,187       3,312,133  

TD SYNNEX Corp.

   

1.75%, 08/09/26 (Call 07/09/26)

    3,341       2,923,048  

2.38%, 08/09/28 (Call 06/09/28)

    2,380       1,952,348  

2.65%, 08/09/31 (Call 05/09/31)

    2,861       2,095,769  

Trimble Inc.

   

4.75%, 12/01/24 (Call 09/01/24)

    2,890       2,845,912  

4.90%, 06/15/28 (Call 03/15/28)

    2,869       2,716,124  

6.10%, 03/15/33 (Call 12/15/32)

    290       276,831  

Tyco Electronics Group SA

   

2.50%, 02/04/32 (Call 12/04/31)

    335       262,289  

3.13%, 08/15/27 (Call 05/15/27)

    3,370       3,088,921  

3.70%, 02/15/26 (Call 11/15/25)

    1,944       1,861,103  

4.50%, 02/13/26(b)

    1,825       1,781,689  

7.13%, 10/01/37

    1,266       1,351,324  

Vontier Corp.

   

1.80%, 04/01/26 (Call 03/01/26)

    2,722       2,430,225  

2.40%, 04/01/28 (Call 02/01/28)

    2,901       2,394,550  

2.95%, 04/01/31 (Call 01/01/31)

        2,624       1,970,204  
   

 

 

 
        147,917,273  
Engineering & Construction — 0.0%            

Jacobs Engineering Group Inc.

   

5.90%, 03/01/33 (Call 12/01/32)

    3,705       3,432,391  

6.35%, 08/18/28 (Call 07/18/28)

    4,250       4,226,471  

Ste Transcore Holdings Inc., 4.13%, 05/23/26(f) .

    600       580,421  
   

 

 

 
      8,239,283  
Entertainment — 0.1%            

Warnermedia Holdings Inc.

   

3.64%, 03/15/25

    7,280       7,037,281  

3.76%, 03/15/27 (Call 02/15/27)

    15,315       14,100,858  

3.79%, 03/15/25 (Call 11/13/23)

    890       860,984  

4.05%, 03/15/29 (Call 01/15/29)

    5,535       4,896,368  

4.28%, 03/15/32 (Call 12/15/31)

    18,497       15,331,797  

5.05%, 03/15/42 (Call 09/15/41)

    8,873       6,561,850  

5.14%, 03/15/52 (Call 09/15/51)

    22,900       16,210,688  

5.39%, 03/15/62 (Call 09/15/61)

    8,960       6,275,495  

6.41%, 03/15/26 (Call 03/15/24)

    95       94,781  
   

 

 

 
      71,370,102  
Environmental Control — 0.1%            

Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)(b)

    1,453       1,065,993  

Republic Services Inc.

   

0.88%, 11/15/25 (Call 10/15/25)

    1,605       1,454,550  

1.45%, 02/15/31 (Call 11/15/30)

    3,573       2,625,775  

1.75%, 02/15/32 (Call 11/15/31)

    1,770       1,287,776  
Security  

Par

(000)

    Value  

Environmental Control (continued)

   

2.30%, 03/01/30 (Call 12/01/29)

  $ 3,975     $ 3,221,063  

2.38%, 03/15/33 (Call 12/15/32)(b)

    2,910       2,171,487  

2.90%, 07/01/26 (Call 04/01/26)(b)

    2,014       1,881,629  

3.05%, 03/01/50 (Call 09/01/49)(b)

    2,225       1,339,292  

3.20%, 03/15/25 (Call 12/15/24)

    2,840       2,739,962  

3.38%, 11/15/27 (Call 08/15/27)

    3,025       2,782,875  

3.95%, 05/15/28 (Call 02/15/28)

    3,806       3,547,144  

4.88%, 04/01/29 (Call 03/01/29)

    595       570,778  

5.00%, 04/01/34 (Call 01/01/34)

    1,850       1,696,543  

5.70%, 05/15/41 (Call 11/15/40)

    686       640,071  

6.20%, 03/01/40

    555       541,395  

Veralto Corp.

   

5.35%, 09/18/28 (Call 08/18/28)(e)

    2,450       2,376,162  

5.45%, 09/18/33 (Call 06/18/33)(e)

    1,600       1,493,888  

5.50%, 09/18/26 (Call 08/18/26)(e)

    2,460       2,434,837  

Waste Connections Inc.

   

2.20%, 01/15/32 (Call 10/15/31)

    2,608       1,963,848  

2.60%, 02/01/30 (Call 11/01/29)

    2,912       2,406,422  

2.95%, 01/15/52 (Call 07/15/51)(b)

    2,785       1,588,640  

3.05%, 04/01/50 (Call 10/01/49)

    1,831       1,088,984  

3.20%, 06/01/32 (Call 03/01/32)

    1,930       1,563,683  

3.50%, 05/01/29 (Call 02/01/29)

    2,311       2,069,281  

4.20%, 01/15/33 (Call 10/15/32)

    2,945       2,555,882  

4.25%, 12/01/28 (Call 09/01/28)

    2,607       2,439,791  

Waste Management Inc.

   

0.75%, 11/15/25 (Call 10/15/25)

    1,568       1,428,207  

1.15%, 03/15/28 (Call 01/15/28)

    1,660       1,385,216  

1.50%, 03/15/31 (Call 12/15/30)

    1,538       1,141,998  

2.00%, 06/01/29 (Call 04/01/29)

    1,775       1,464,728  

2.50%, 11/15/50 (Call 05/15/50)

    1,157       615,226  

2.95%, 06/01/41 (Call 12/01/40)

    4,045       2,645,318  

3.13%, 03/01/25 (Call 12/01/24)

    726       702,322  

3.15%, 11/15/27 (Call 08/15/27)

    3,778       3,457,222  

4.10%, 03/01/45 (Call 09/01/44)

    180       135,535  

4.15%, 04/15/32 (Call 01/15/32)

    1,590       1,408,388  

4.15%, 07/15/49 (Call 01/15/49)

    3,102       2,326,468  

4.63%, 02/15/30 (Call 12/15/29)

    2,950       2,771,221  

4.63%, 02/15/33 (Call 11/15/32)

    5,800       5,261,025  

4.88%, 02/15/29 (Call 01/15/29)

    2,770       2,669,087  

4.88%, 02/15/34 (Call 11/15/33)

        3,040       2,787,435  
   

 

 

 
          79,747,147  
Food — 0.4%            

Ahold Finance USA LLC, 6.88%, 05/01/29

    1,566       1,632,353  

Campbell Soup Co.

   

2.38%, 04/24/30 (Call 01/24/30)

    3,263       2,584,168  

3.13%, 04/24/50 (Call 10/24/49)

    1,790       1,019,316  

3.30%, 03/19/25 (Call 12/19/24)

    2,084       2,000,576  

3.95%, 03/15/25 (Call 01/15/25)

    4,257       4,139,944  

4.15%, 03/15/28 (Call 12/15/27)

    4,382       4,082,037  

4.80%, 03/15/48 (Call 09/15/47)

    3,195       2,432,046  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    3,223       2,680,687  

4.60%, 11/01/25 (Call 09/01/25)

    4,141       4,020,903  

4.85%, 11/01/28 (Call 08/01/28)

    3,570       3,354,762  

5.30%, 10/01/26

    2,095       2,057,140  

5.30%, 11/01/38 (Call 05/01/38)

    4,191       3,497,663  

5.40%, 11/01/48 (Call 05/01/48)

    3,583       2,869,718  

7.00%, 10/01/28

    2,629       2,727,968  

8.25%, 09/15/30

    2,420       2,649,185  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Food (continued)

   

Flowers Foods Inc.

   

2.40%, 03/15/31 (Call 12/15/30)

  $ 1,870     $ 1,433,485  

3.50%, 10/01/26 (Call 07/01/26)

    1,727       1,612,035  

General Mills Inc.

   

2.25%, 10/14/31 (Call 07/14/31)

    2,682       2,028,049  

2.88%, 04/15/30 (Call 01/15/30)

    3,264       2,699,452  

3.00%, 02/01/51 (Call 08/01/50)

    2,554       1,461,707  

3.20%, 02/10/27 (Call 11/10/26)

    3,457       3,191,094  

4.00%, 04/17/25 (Call 02/17/25)

    5,537       5,388,823  

4.20%, 04/17/28 (Call 01/17/28)

    6,393       5,993,358  

4.70%, 04/17/48 (Call 10/17/47)(b)

    230       182,841  

4.95%, 03/29/33 (Call 12/29/32)(b)

    3,156       2,867,702  

5.24%, 11/18/25 (Call 11/18/23)

    880       870,871  

5.40%, 06/15/40

    1,037       912,881  

5.50%, 10/17/28 (Call 09/17/28)

    1,625       1,595,663  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)

    3,331       3,097,160  

1.70%, 06/01/30 (Call 03/01/30)

    1,412       1,106,684  

2.05%, 11/15/24 (Call 10/15/24)

    1,280       1,232,347  

2.30%, 08/15/26 (Call 05/15/26)

    4,127       3,822,259  

2.45%, 11/15/29 (Call 08/15/29)

    1,728       1,467,166  

2.65%, 06/01/50 (Call 12/01/49)

    645       363,660  

3.13%, 11/15/49 (Call 05/15/49)

    2,019       1,251,215  

3.20%, 08/21/25 (Call 05/21/25)

    1,078       1,038,866  

3.38%, 08/15/46 (Call 02/15/46)

    775       508,863  

4.25%, 05/04/28 (Call 04/04/28)(b)

    810       777,462  

4.50%, 05/04/33 (Call 02/04/33)

    790       725,996  

Hormel Foods Corp.

   

1.70%, 06/03/28 (Call 04/03/28)

    5,095       4,318,230  

1.80%, 06/11/30 (Call 03/11/30)

    1,407       1,102,046  

3.05%, 06/03/51 (Call 12/03/50)

    3,090       1,837,425  

Ingredion Inc.

   

2.90%, 06/01/30 (Call 03/01/30)

    1,404       1,152,147  

3.20%, 10/01/26 (Call 07/01/26)

    3,210       2,998,553  

3.90%, 06/01/50 (Call 12/01/49)

    2,000       1,263,457  

J M Smucker Co. (The)

   

5.90%, 11/15/28 (Call 10/15/28)

    3,040       3,016,532  

6.20%, 11/15/33 (Call 08/15/33)

    2,900       2,818,363  

6.50%, 11/15/43 (Call 05/15/43)

    1,465       1,388,257  

6.50%, 11/15/53 (Call 05/15/53)

    895       844,004  

JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL

   

6.75%, 03/15/34 (Call 12/15/33)(e)

        4,615           4,317,541  

7.25%, 11/15/53 (Call 05/15/53)(e)

    2,620       2,327,284  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

2.50%, 01/15/27 (Call 12/15/26)

    405       355,376  

3.00%, 02/02/29 (Call 12/02/28)

    475       390,535  

3.00%, 05/15/32 (Call 02/15/32)

    2,341       1,697,758  

3.63%, 01/15/32 (Call 01/15/27)

    745       570,826  

3.75%, 12/01/31 (Call 12/01/26)

    1,155       899,101  

4.38%, 02/02/52 (Call 08/02/51)

    1,660       1,007,030  

5.13%, 02/01/28 (Call 01/01/28)

    6,238       5,849,272  

5.50%, 01/15/30 (Call 01/15/25)

    2,265       2,070,863  

5.75%, 04/01/33 (Call 01/01/33)

    6,365       5,597,696  

6.50%, 12/01/52 (Call 06/01/52)

    6,979       5,683,208  

JM Smucker Co. (The)

   

2.13%, 03/15/32 (Call 12/15/31)

    2,260       1,654,822  

2.38%, 03/15/30 (Call 12/15/29)

    2,475       1,975,315  

2.75%, 09/15/41 (Call 03/15/41)

    1,140       680,027  

3.38%, 12/15/27 (Call 09/15/27)

    3,025       2,760,388  
Security  

Par

(000)

    Value  

Food (continued)

   

3.50%, 03/15/25

  $ 5,575     $ 5,397,658  

3.55%, 03/15/50 (Call 09/15/49)

    1,503       914,989  

4.25%, 03/15/35

        3,577           2,908,760  

4.38%, 03/15/45

    1,886       1,373,740  

Kellogg Co.

   

2.10%, 06/01/30 (Call 03/01/30)

    1,565       1,218,326  

3.25%, 04/01/26

    4,496       4,240,051  

3.40%, 11/15/27 (Call 08/15/27)

    2,377       2,158,231  

4.30%, 05/15/28 (Call 02/15/28)

    3,359       3,135,646  

4.50%, 04/01/46

    1,924       1,470,366  

5.25%, 03/01/33 (Call 12/01/32)

    1,165       1,067,916  

Series B, 7.45%, 04/01/31

    3,552       3,759,732  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40

    1,575       1,430,925  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    7,510       7,015,347  

3.75%, 04/01/30 (Call 01/01/30)

    3,275       2,866,623  

3.88%, 05/15/27 (Call 02/15/27)

    6,325       5,929,481  

4.25%, 03/01/31 (Call 12/01/30)

    1,587       1,408,239  

4.38%, 06/01/46 (Call 12/01/45)

    9,555       6,984,608  

4.63%, 01/30/29 (Call 10/30/28)(b)

    2,440       2,302,794  

4.63%, 10/01/39 (Call 04/01/39)

    1,710       1,376,662  

4.88%, 10/01/49 (Call 04/01/49)

    4,060       3,177,546  

5.00%, 07/15/35 (Call 01/15/35)

    3,660       3,253,255  

5.00%, 06/04/42

    5,116       4,211,078  

5.20%, 07/15/45 (Call 01/15/45)

    6,060       5,006,290  

5.50%, 06/01/50 (Call 12/01/49)

    2,970       2,550,271  

6.50%, 02/09/40

    2,790       2,712,586  

6.75%, 03/15/32

    2,065       2,131,480  

6.88%, 01/26/39

    3,545       3,581,264  

Kroger Co. (The)

   

1.70%, 01/15/31 (Call 10/15/30)(b)

    2,555       1,882,781  

2.20%, 05/01/30 (Call 02/01/30)

    2,498       1,959,370  

2.65%, 10/15/26 (Call 07/15/26)(b)

    3,807       3,489,108  

3.50%, 02/01/26 (Call 11/01/25)

    3,426       3,258,383  

3.70%, 08/01/27 (Call 05/01/27)

    2,985       2,764,123  

3.88%, 10/15/46 (Call 04/15/46)

    1,916       1,270,705  

3.95%, 01/15/50 (Call 07/15/49)

    2,726       1,844,379  

4.45%, 02/01/47 (Call 08/01/46)

    2,696       1,998,575  

4.50%, 01/15/29 (Call 10/15/28)

    3,316       3,112,264  

4.65%, 01/15/48 (Call 07/15/47)

    1,849       1,403,235  

5.00%, 04/15/42 (Call 10/15/41)

    1,436       1,156,214  

5.15%, 08/01/43 (Call 02/01/43)

    1,930       1,565,511  

5.40%, 07/15/40 (Call 01/15/40)

    1,613       1,378,012  

5.40%, 01/15/49 (Call 07/15/48)

    2,207       1,889,136  

6.90%, 04/15/38

    2,545       2,577,115  

7.50%, 04/01/31

    2,153       2,310,842  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    3,390       3,030,939  

1.85%, 02/15/31 (Call 11/15/30)

    2,553       1,892,804  

2.50%, 04/15/30 (Call 01/15/30)

    3,225       2,583,637  

3.40%, 08/15/27 (Call 05/15/27)

    4,370       4,000,320  

4.20%, 08/15/47 (Call 02/15/47)(b)

    1,560       1,116,440  

4.95%, 04/15/33 (Call 01/15/33)

    2,280       2,051,146  

Mondelez International Inc.

   

1.50%, 05/04/25 (Call 04/04/25)

    5,028       4,710,285  

1.50%, 02/04/31 (Call 11/04/30)

    2,986       2,192,885  

1.88%, 10/15/32 (Call 07/15/32)

    2,129       1,531,735  

2.63%, 03/17/27 (Call 02/17/27)

    2,220       2,008,981  

2.63%, 09/04/50 (Call 03/04/50)

    4,030       2,184,762  

2.75%, 04/13/30 (Call 01/13/30)

    2,683       2,207,114  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Food (continued)

   

3.00%, 03/17/32 (Call 12/17/31)

  $ 285     $ 228,235  

4.13%, 05/07/28 (Call 02/07/28)

    865       817,436  

Pilgrim’s Pride Corp.

   

3.50%, 03/01/32 (Call 09/01/26)

    3,070       2,338,510  

4.25%, 04/15/31 (Call 04/15/26)

    3,385       2,791,652  

6.25%, 07/01/33 (Call 04/01/33)

    3,725       3,430,852  

6.88%, 05/15/34 (Call 02/15/34)

    630       597,047  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    3,204       2,579,678  

2.45%, 12/14/31 (Call 09/14/31)

    2,660       2,030,977  

3.15%, 12/14/51 (Call 06/14/51)

    3,685       2,128,624  

3.25%, 07/15/27 (Call 04/15/27)

    3,851       3,506,505  

3.30%, 07/15/26 (Call 04/15/26)

    4,015       3,754,065  

3.30%, 02/15/50 (Call 08/15/49)

    2,239       1,345,742  

3.75%, 10/01/25 (Call 07/01/25)

    4,290       4,110,850  

4.45%, 03/15/48 (Call 09/15/47)

    1,943       1,442,903  

4.50%, 04/01/46 (Call 10/01/45)

    905       672,156  

4.85%, 10/01/45 (Call 04/01/45)

    2,325       1,809,284  

5.38%, 09/21/35

    1,904       1,760,066  

5.95%, 04/01/30 (Call 01/01/30)

    2,673       2,652,594  

6.60%, 04/01/40 (Call 10/01/39)

    950       933,563  

6.60%, 04/01/50 (Call 10/01/49)

    4,637       4,583,076  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)

    6,684       6,155,970  

4.00%, 03/01/26 (Call 01/01/26)

    4,216       4,042,084  

4.35%, 03/01/29 (Call 12/01/28)

    5,359       4,925,993  

4.55%, 06/02/47 (Call 12/02/46)

    2,431       1,736,815  

4.88%, 08/15/34 (Call 02/15/34)(b)

    3,126       2,757,369  

5.10%, 09/28/48 (Call 03/28/48)

    5,775       4,470,432  

5.15%, 08/15/44 (Call 02/15/44)

        2,176       1,727,299  
   

 

 

 
        362,238,603  
Forest Products & Paper — 0.0%            

Celulosa Arauco y Constitucion SA

   

3.88%, 11/02/27 (Call 08/02/27)

    2,848       2,549,722  

5.50%, 11/02/47 (Call 05/02/47)

    1,520       1,142,611  

Georgia-Pacific LLC

   

7.75%, 11/15/29

    2,163       2,335,270  

8.88%, 05/15/31

    2,720       3,176,575  

International Paper Co.

   

4.35%, 08/15/48 (Call 02/15/48)

    1,466       1,077,297  

4.40%, 08/15/47 (Call 02/15/47)

    3,413       2,496,842  

4.80%, 06/15/44 (Call 12/15/43)

    4,220       3,291,835  

5.00%, 09/15/35 (Call 03/15/35)

    1,545       1,402,345  

5.15%, 05/15/46 (Call 11/15/45)

    330       269,239  

6.00%, 11/15/41 (Call 05/15/41)

    2,906       2,678,506  

7.30%, 11/15/39(b)

    25       26,120  

Suzano Austria GmbH

   

2.50%, 09/15/28 (Call 07/15/28)

    2,009       1,666,594  

3.13%, 01/15/32 (Call 10/15/31)

    2,487       1,874,795  

3.75%, 01/15/31 (Call 10/15/30)

    2,516       2,036,459  

5.00%, 01/15/30 (Call 10/15/29)

    4,061       3,645,177  

6.00%, 01/15/29 (Call 10/15/28)

    6,757       6,486,028  

Suzano International Finance BV

   

4.00%, 01/14/25

    660       641,014  

5.50%, 01/17/27

    4,299       4,181,165  
   

 

 

 
      40,977,594  
Gas — 0.2%            

Atmos Energy Corp.

   

1.50%, 01/15/31 (Call 10/15/30)

    2,280       1,683,936  

2.63%, 09/15/29 (Call 06/15/29)(b)

    1,440       1,230,055  
Security  

Par

(000)

    Value  

Gas (continued)

   

2.85%, 02/15/52 (Call 08/15/51)

  $ 798     $ 449,113  

3.00%, 06/15/27 (Call 03/15/27)

    3,045       2,794,345  

3.38%, 09/15/49 (Call 03/15/49)

    2,952       1,860,000  

4.13%, 10/15/44 (Call 04/15/44)

    1,796       1,341,109  

4.13%, 03/15/49 (Call 09/15/48)

    2,844       2,043,990  

4.15%, 01/15/43 (Call 07/15/42)

    2,814       2,160,251  

4.30%, 10/01/48 (Call 04/01/48)

    1,668       1,247,003  

5.45%, 10/15/32 (Call 07/15/32)

    205       197,928  

5.50%, 06/15/41 (Call 12/15/40)

    2,026       1,822,428  

5.75%, 10/15/52 (Call 04/15/52)

    1,705       1,565,235  

5.90%, 11/15/33 (Call 08/15/33)

    1,450       1,428,388  

6.20%, 11/15/53 (Call 05/15/53)

    575       558,193  

CenterPoint Energy Resources Corp.

   

1.75%, 10/01/30 (Call 07/01/30)

    3,255       2,452,857  

4.00%, 04/01/28 (Call 01/01/28)

    2,204       2,063,039  

4.10%, 09/01/47 (Call 03/01/47)

    1,098       770,749  

4.40%, 07/01/32 (Call 04/01/32)

    2,170       1,904,652  

5.25%, 03/01/28 (Call 02/01/28)

    4,250       4,157,265  

5.40%, 03/01/33 (Call 12/01/32)

    2,960       2,764,252  

5.85%, 01/15/41 (Call 07/15/40)(b)

    1,228       1,122,364  

Eastern Energy Gas Holdings LLC

   

3.60%, 12/15/24 (Call 09/15/24)

    541       525,744  

Series A, 2.50%, 11/15/24 (Call 10/15/24)

        5,902           5,688,683  

National Fuel Gas Co.

   

2.95%, 03/01/31 (Call 12/01/30)

    1,635       1,242,395  

3.95%, 09/15/27 (Call 06/15/27)

    719       652,906  

4.75%, 09/01/28 (Call 06/01/28)

    2,023       1,871,356  

5.20%, 07/15/25 (Call 04/15/25)

    1,889       1,856,574  

5.50%, 01/15/26 (Call 12/15/25)

    2,252       2,207,970  

5.50%, 10/01/26

    1,340       1,311,964  

NiSource Inc.

   

0.95%, 08/15/25 (Call 07/15/25)

    5,508       5,033,308  

1.70%, 02/15/31 (Call 11/15/30)

    4,020       2,945,623  

2.95%, 09/01/29 (Call 06/01/29)

    2,824       2,402,824  

3.49%, 05/15/27 (Call 02/15/27)

    3,444       3,168,303  

3.60%, 05/01/30 (Call 02/01/30)

    4,249       3,637,149  

3.95%, 03/30/48 (Call 09/30/47)

    2,686       1,823,302  

4.38%, 05/15/47 (Call 11/15/46)

    3,321       2,413,981  

4.80%, 02/15/44 (Call 08/15/43)

    3,249       2,558,532  

5.00%, 06/15/52 (Call 12/15/51)

    1,750       1,373,061  

5.25%, 03/30/28 (Call 02/29/28)

    1,743       1,693,117  

5.25%, 02/15/43 (Call 08/15/42)

    1,580       1,324,656  

5.40%, 06/30/33 (Call 03/30/33)

    815       758,684  

5.65%, 02/01/45 (Call 08/01/44)

    1,712       1,484,189  

5.95%, 06/15/41 (Call 12/15/40)

    1,675       1,527,894  

ONE Gas Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    597       467,542  

4.25%, 09/01/32 (Call 06/01/32)

    835       735,425  

4.50%, 11/01/48 (Call 05/01/48)

    1,880       1,376,481  

4.66%, 02/01/44 (Call 08/01/43)

    1,548       1,198,994  

Piedmont Natural Gas Co. Inc.

   

2.50%, 03/15/31 (Call 12/15/30)

    2,465       1,901,671  

3.35%, 06/01/50 (Call 12/01/49)

    1,955       1,135,384  

3.50%, 06/01/29 (Call 03/01/29)

    2,274       1,979,696  

3.64%, 11/01/46 (Call 05/01/46)

    1,447       904,894  

4.65%, 08/01/43 (Call 02/01/43)

    865       669,988  

5.05%, 05/15/52 (Call 11/15/51)

    1,728       1,353,806  

5.40%, 06/15/33 (Call 03/15/33)(b)

    1,329       1,235,341  

Southern California Gas Co.

   

2.95%, 04/15/27 (Call 03/15/27)

    4,100       3,738,374  

3.20%, 06/15/25 (Call 03/15/25)

    1,866       1,795,768  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Gas (continued)

   

3.75%, 09/15/42 (Call 03/15/42)

  $ 1,600     $ 1,101,674  

5.13%, 11/15/40(b)

    1,770       1,508,275  

5.20%, 06/01/33 (Call 03/01/33)

    2,315       2,139,906  

5.75%, 06/01/53 (Call 12/01/52)

    2,075       1,836,243  

6.35%, 11/15/52 (Call 05/15/52)

    2,375       2,300,964  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)

    3,337       3,081,058  

Series UU, 4.13%, 06/01/48 (Call 12/01/47)

    1,794       1,256,737  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

    1,945       1,396,233  

Series WW, 3.95%, 02/15/50 (Call 08/15/49) .

    1,007       675,496  

Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    2,813       2,288,746  

Southern Co. Gas Capital Corp.

   

3.25%, 06/15/26 (Call 03/15/26)

    1,780       1,669,669  

3.95%, 10/01/46 (Call 04/01/46)

    2,437       1,604,028  

4.40%, 06/01/43 (Call 12/01/42)

    2,160       1,559,302  

4.40%, 05/30/47 (Call 11/30/46)

    2,088       1,500,334  

5.15%, 09/15/32 (Call 03/15/32)

    1,190       1,093,636  

5.75%, 09/15/33 (Call 03/15/33)

    1,595       1,522,244  

5.88%, 03/15/41 (Call 09/15/40)

    2,140       1,894,339  

Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)

    2,859       2,110,918  

Series 21A, 3.15%, 09/30/51 (Call 03/30/51)

    1,800       1,012,788  

Southwest Gas Corp.

   

2.20%, 06/15/30 (Call 03/15/30)

    1,568       1,216,075  

3.18%, 08/15/51 (Call 02/15/51)

    1,295       701,432  

3.70%, 04/01/28 (Call 01/01/28)

    2,033       1,849,974  

3.80%, 09/29/46 (Call 03/29/46)

    1,381       886,818  

4.05%, 03/15/32 (Call 12/15/31)

    2,772       2,348,221  

4.15%, 06/01/49 (Call 12/01/48)

    1,354       902,039  

5.45%, 03/23/28 (Call 02/23/28)

    1,450       1,415,822  

5.80%, 12/01/27 (Call 11/01/27)

    2,040       2,025,744  

Spire Missouri Inc.

   

3.30%, 06/01/51 (Call 12/01/50)

    350       212,672  

4.80%, 02/15/33 (Call 11/15/32)

    760       696,219  

Washington Gas Light Co.

   

3.65%, 09/15/49 (Call 03/15/49)

    1,960       1,234,705  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

        2,111       1,384,235  
   

 

 

 
        148,039,277  
Hand & Machine Tools — 0.0%            

Kennametal Inc.

   

2.80%, 03/01/31 (Call 12/01/30)

    1,515       1,163,026  

4.63%, 06/15/28 (Call 03/15/28)

    930       868,497  

Regal Rexnord Corp.

   

6.05%, 02/15/26(e)

    4,070       4,002,540  

6.05%, 04/15/28 (Call 03/15/28)(e)

    4,565       4,369,229  

6.30%, 02/15/30 (Call 12/15/29)(e)

    2,110       1,991,279  

6.40%, 04/15/33 (Call 01/15/33)(e)

    2,180       2,002,725  

Snap-on Inc.

   

3.10%, 05/01/50 (Call 11/01/49)

    1,759       1,078,783  

3.25%, 03/01/27 (Call 12/01/26)

    1,875       1,740,625  

4.10%, 03/01/48 (Call 09/01/47)

    995       730,742  

Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)(b)

    2,507       1,965,934  

Stanley Black & Decker Inc.

   

2.30%, 02/24/25 (Call 11/13/23)

    355       338,419  

2.30%, 03/15/30 (Call 12/15/29)

    3,615       2,835,685  

2.75%, 11/15/50 (Call 05/15/50)(b)

    3,115       1,589,868  

3.40%, 03/01/26 (Call 01/01/26)

    3,130       2,952,691  

4.00%, 03/15/60 (Call 03/15/25),
(5-year CMT + 2.657%)(a)

    2,700       2,206,717  

4.25%, 11/15/28 (Call 08/15/28)

    2,151       1,986,817  

4.85%, 11/15/48 (Call 05/15/48)

    2,107       1,609,745  
Security  

Par

(000)

    Value  

Hand & Machine Tools (continued)

   

5.20%, 09/01/40

  $ 1,598     $ 1,345,365  

6.00%, 03/06/28 (Call 02/06/28)(b)

        5,330       5,320,999  
   

 

 

 
          40,099,686  
Health Care - Products — 0.3%            

Abbott Laboratories

   

1.15%, 01/30/28 (Call 11/30/27)

    4,054       3,433,565  

1.40%, 06/30/30 (Call 03/30/30)

    4,038       3,134,593  

2.95%, 03/15/25 (Call 12/15/24)

    4,775       4,619,128  

3.75%, 11/30/26 (Call 08/30/26)

    7,622       7,292,925  

3.88%, 09/15/25 (Call 06/15/25)

    3,584       3,488,085  

4.75%, 11/30/36 (Call 05/30/36)

    6,053       5,527,700  

4.75%, 04/15/43 (Call 10/15/42)

    4,970       4,285,798  

4.90%, 11/30/46 (Call 05/30/46)

    9,397       8,097,598  

5.30%, 05/27/40

    3,535       3,307,375  

6.00%, 04/01/39

    1,200       1,200,900  

6.15%, 11/30/37

    3,380       3,472,189  

Agilent Technologies Inc.

   

2.10%, 06/04/30 (Call 03/04/30)

    1,059       825,723  

2.30%, 03/12/31 (Call 12/12/30)

    4,404       3,409,723  

2.75%, 09/15/29 (Call 06/15/29)

    2,454       2,066,951  

3.05%, 09/22/26 (Call 06/22/26)

    2,831       2,625,372  

Baxter International Inc.

   

1.32%, 11/29/24

    1,466       1,393,525  

1.73%, 04/01/31 (Call 01/01/31)

    2,010       1,459,107  

1.92%, 02/01/27 (Call 01/01/27)

    6,813       5,970,416  

2.27%, 12/01/28 (Call 10/01/28)

    5,995       4,961,164  

2.54%, 02/01/32 (Call 11/01/31)(b)

    2,615       1,959,317  

2.60%, 08/15/26 (Call 05/15/26)

    4,017       3,662,125  

3.13%, 12/01/51 (Call 06/01/51)(b)

    3,065       1,686,467  

3.50%, 08/15/46 (Call 02/15/46)

    1,918       1,148,659  

3.95%, 04/01/30 (Call 01/01/30)

    2,905       2,521,510  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)

    3,937       3,703,443  

2.65%, 06/01/30 (Call 03/01/30)

    2,896       2,381,536  

4.00%, 03/01/28 (Call 12/01/27)

    500       469,066  

4.55%, 03/01/39 (Call 09/01/38)

    2,048       1,690,119  

4.70%, 03/01/49 (Call 09/01/48)

    2,494       1,985,748  

6.50%, 11/15/35

    1,318       1,340,085  

7.38%, 01/15/40

    1,166       1,241,252  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)

    4,063       2,230,677  

2.80%, 12/10/51 (Call 06/10/51)

    3,810       2,141,880  

3.35%, 09/15/25 (Call 06/15/25)

    2,386       2,291,057  

4.38%, 09/15/45 (Call 03/15/45)

    2,098       1,661,085  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

    2,918       2,374,623  

DH Europe Finance II Sarl

   

2.20%, 11/15/24 (Call 10/15/24)

    3,649       3,517,428  

2.60%, 11/15/29 (Call 08/15/29)

    3,396       2,871,966  

3.25%, 11/15/39 (Call 05/15/39)

    3,577       2,552,604  

3.40%, 11/15/49 (Call 05/15/49)

    2,829       1,845,577  

Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)

    2,846       2,662,318  

GE HealthCare Technologies Inc.

   

5.55%, 11/15/24

    5,725       5,700,473  

5.60%, 11/15/25 (Call 10/15/25)

    7,125       7,080,933  

5.65%, 11/15/27 (Call 10/15/27)

    7,805       7,726,114  

5.86%, 03/15/30 (Call 01/15/30)

    3,545       3,463,046  

5.91%, 11/22/32 (Call 08/22/32)

    1,180       1,141,594  

6.38%, 11/22/52 (Call 05/22/52)

    3,998       3,875,917  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Products (continued)

   

HCA Inc.

   

3.13%, 03/15/27 (Call 02/15/27)(b)

  $ 3,620     $ 3,265,629  

3.63%, 03/15/32 (Call 12/15/31)

        5,717       4,591,033  

4.38%, 03/15/42 (Call 09/15/41)

    2,121       1,527,396  

Koninklijke Philips NV

   

5.00%, 03/15/42

    2,467       1,967,007  

6.88%, 03/11/38

    3,195       3,189,955  

Medtronic Global Holdings SCA

   

4.25%, 03/30/28 (Call 02/29/28)

    3,330       3,170,815  

4.50%, 03/30/33 (Call 12/30/32)

    3,095       2,809,892  

Medtronic Inc.

   

4.00%, 04/01/43 (Call 10/01/42)(b)

    30       22,911  

4.38%, 03/15/35

    8,530       7,459,928  

4.63%, 03/15/45

    7,682       6,334,402  

Revvity Inc.

   

1.90%, 09/15/28 (Call 07/15/28)

    2,848       2,336,992  

2.25%, 09/15/31 (Call 06/15/31)

    2,325       1,729,164  

2.55%, 03/15/31 (Call 12/15/30)

    1,100       847,137  

3.30%, 09/15/29 (Call 06/15/29)

    2,506       2,135,873  

3.63%, 03/15/51 (Call 09/15/50)

    1,180       718,027  

Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)

    4,890       3,679,044  

STERIS Irish FinCo UnLtd Co.

   

2.70%, 03/15/31 (Call 12/15/30)

    3,086       2,441,847  

3.75%, 03/15/51 (Call 09/15/50)

    3,135       2,070,989  

Stryker Corp.

   

1.15%, 06/15/25 (Call 05/15/25)

    1,443       1,340,437  

1.95%, 06/15/30 (Call 03/15/30)

    4,148       3,240,879  

2.90%, 06/15/50 (Call 12/15/49)(b)

    2,181       1,272,731  

3.38%, 11/01/25 (Call 08/01/25)

    3,238       3,094,468  

3.50%, 03/15/26 (Call 12/15/25)

    5,684       5,406,367  

3.65%, 03/07/28 (Call 12/07/27)

    3,942       3,636,233  

4.10%, 04/01/43 (Call 10/01/42)

    3,913       2,932,103  

4.38%, 05/15/44 (Call 11/15/43)

    1,613       1,241,455  

4.63%, 03/15/46 (Call 09/15/45)

    2,435       1,963,468  

Thermo Fisher Scientific Inc.

   

1.75%, 10/15/28 (Call 08/15/28)(b)

    3,365       2,813,730  

2.00%, 10/15/31 (Call 07/15/31)

    4,165       3,140,627  

2.60%, 10/01/29 (Call 07/01/29)

    3,749       3,178,060  

2.80%, 10/15/41 (Call 04/15/41)

    1,755       1,116,380  

4.10%, 08/15/47 (Call 02/15/47)

    3,504       2,610,799  

4.80%, 11/21/27 (Call 10/21/27)(b)

    2,273       2,225,647  

4.95%, 08/10/26 (Call 07/10/26)

    3,215       3,183,360  

4.95%, 11/21/32 (Call 08/21/32)

    2,085       1,940,309  

4.98%, 08/10/30 (Call 06/10/30)

    2,655       2,532,027  

5.09%, 08/10/33 (Call 05/10/33)

    3,245       3,035,504  

5.30%, 02/01/44 (Call 08/01/43)

    2,069       1,843,855  

5.40%, 08/10/43 (Call 04/10/43)(b)

    2,890       2,613,322  

Zimmer Biomet Holdings Inc.

   

1.45%, 11/22/24 (Call 11/13/23)

    2,245       2,138,666  

2.60%, 11/24/31 (Call 08/24/31)

    4,005       3,068,533  

3.05%, 01/15/26 (Call 12/15/25)(b)

    2,843       2,672,313  

3.55%, 04/01/25 (Call 01/01/25)

    1,875       1,811,455  

4.45%, 08/15/45 (Call 02/15/45)(b)

    2,599       1,954,510  

5.75%, 11/30/39

    713       635,424  
   

 

 

 
        264,439,159  
Health Care - Services — 0.8%            

AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)

    1,379       782,392  

Adventist Health System, 5.43%, 03/01/32 (Call 12/01/31)

    415       393,322  
Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

Adventist Health System/West

   

2.95%, 03/01/29 (Call 12/01/28)

  $ 1,118     $ 951,690  

3.63%, 03/01/49 (Call 09/01/48)

    1,671       1,056,441  

Advocate Health & Hospitals Corp.

   

3.39%, 10/15/49 (Call 04/15/49)

    1,787       1,146,549  

3.83%, 08/15/28 (Call 05/15/28)

    1,186       1,098,482  

4.27%, 08/15/48 (Call 02/15/48)

    1,586       1,216,402  

Series 2020, 2.21%, 06/15/30 (Call 03/15/30)(b)

    455       362,674  

Series 2020, 3.01%, 06/15/50 (Call 12/15/49)

    1,622       966,095  

Aetna Inc.

   

3.50%, 11/15/24 (Call 08/15/24)

    5,055       4,927,960  

3.88%, 08/15/47 (Call 02/15/47)

    2,020       1,328,638  

4.13%, 11/15/42 (Call 05/15/42)

    3,551       2,536,613  

4.50%, 05/15/42 (Call 11/15/41)

    2,336       1,767,689  

4.75%, 03/15/44 (Call 09/15/43)

    1,879       1,449,587  

6.63%, 06/15/36

    2,951       2,967,834  

6.75%, 12/15/37

        3,148           3,168,593  

AHS Hospital Corp.

   

5.02%, 07/01/45

    860       725,151  

Series 2021, 2.78%, 07/01/51 (Call 01/01/51)

    976       534,322  

Allina Health System

   

2.90%, 11/15/51 (Call 05/15/51)

    1,020       575,594  

Series 2019, 3.89%, 04/15/49

    1,903       1,352,704  

Anthem Inc.

   

4.10%, 05/15/32 (Call 02/15/32)

    2,288       1,983,642  

4.55%, 05/15/52 (Call 11/15/51)

    2,555       1,932,165  

Ascension Health

   

3.95%, 11/15/46

    3,605       2,614,062  

4.85%, 11/15/53(b)

    3,175       2,641,250  

Series B, 2.53%, 11/15/29 (Call 08/15/29)

    2,414       2,029,844  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

    1,471       1,021,318  

Banner Health

   

1.90%, 01/01/31 (Call 07/01/30)

    1,543       1,173,997  

2.34%, 01/01/30 (Call 10/01/29)

    2,412       1,959,169  

2.91%, 01/01/42 (Call 07/01/41)

    350       221,832  

2.91%, 01/01/51 (Call 07/01/50)

    1,577       898,798  

Series 2020, 3.18%, 01/01/50 (Call 07/01/49)(b)

    1,603       992,719  

Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)(b)

    510       256,321  

Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)

    708       442,565  

BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)

    2,559       1,790,816  

Baylor Scott & White Holdings

   

3.97%, 11/15/46 (Call 05/15/46)

    950       690,730  

4.19%, 11/15/45 (Call 05/15/45)

    1,358       1,027,632  

Series 2021, 1.78%, 11/15/30 (Call 05/15/30)

    1,141       868,859  

Series 2021, 2.84%, 11/15/50 (Call 11/15/49)

    5,055       2,885,826  

Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51)

    730       395,938  

Bon Secours Mercy Health Inc.

   

3.46%, 06/01/30 (Call 12/01/29)

    3,086       2,688,341  

Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)

    1,445       1,102,093  

Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)

    1,800       1,066,336  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)

  $ 1,655     $ 981,481  

Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)(b)

    1,260       971,614  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    5,005       4,209,240  

2.50%, 03/01/31 (Call 12/01/30)

    8,225       6,228,724  

2.63%, 08/01/31 (Call 05/01/31)

    3,960       2,985,809  

3.00%, 10/15/30 (Call 07/15/30)

    7,870       6,222,196  

3.38%, 02/15/30 (Call 02/15/25)

    7,350       6,081,572  

4.25%, 12/15/27 (Call 11/16/23)

    4,455       4,100,249  

4.63%, 12/15/29 (Call 12/15/24)

    8,515       7,609,011  

Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)

        2,041           1,073,783  

Children’s Hospital Corp. (The)

   

Series 2017, 4.12%, 01/01/47 (Call 07/01/46)

    1,723       1,289,537  

Series 2020, 2.59%, 02/01/50 (Call 08/01/49)

    515       280,941  

Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44

    1,668       1,316,427  

Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)

    1,628       903,371  

Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)

    1,136       639,294  

CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)

    1,764       1,661,868  

City of Hope

   

Series 2013, 5.62%, 11/15/43

    1,090       948,945  

Series 2018, 4.38%, 08/15/48 (Call 02/15/48)

    1,757       1,265,859  

Cleveland Clinic Foundation (The), 4.86%, 01/01/2114

    1,495       1,151,418  

CommonSpirit Health

   

1.55%, 10/01/25 (Call 07/01/25)

    1,828       1,675,544  

2.78%, 10/01/30 (Call 04/01/30)

    1,872       1,500,600  

3.35%, 10/01/29 (Call 04/01/29)

    3,045       2,611,668  

3.82%, 10/01/49 (Call 04/01/49)

    3,052       2,013,350  

3.91%, 10/01/50 (Call 04/01/50)

    1,304       865,840  

4.19%, 10/01/49 (Call 04/01/49)

    2,966       2,076,198  

4.35%, 11/01/42

    2,968       2,275,101  

6.07%, 11/01/27 (Call 08/01/27)

    1,756       1,750,691  

6.46%, 11/01/52 (Call 05/01/52)(b)

    915       904,578  

Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)

    1,631       927,365  

Corewell Health Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)

    1,928       1,273,700  

Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)

    2,550       1,590,543  

Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)

    1,692       1,163,101  

Dignity Health

   

4.50%, 11/01/42

    1,030       780,627  

5.27%, 11/01/64

    1,100       885,333  

Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)

    2,176       1,582,207  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    3,985       3,609,276  

2.25%, 05/15/30 (Call 02/15/30)

    3,438       2,740,347  

2.38%, 01/15/25 (Call 12/15/24)(b)

    3,605       3,458,809  
Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

2.55%, 03/15/31 (Call 12/15/30)

  $ 4,300     $ 3,401,401  

2.88%, 09/15/29 (Call 06/15/29)

    3,907       3,318,013  

3.13%, 05/15/50 (Call 11/15/49)

    1,801       1,067,327  

3.35%, 12/01/24 (Call 10/01/24)

    5,909       5,752,223  

3.60%, 03/15/51 (Call 09/15/50)

    5,433       3,483,816  

3.65%, 12/01/27 (Call 09/01/27)

    5,948       5,478,639  

3.70%, 09/15/49 (Call 03/15/49)

    4,347       2,855,619  

4.10%, 03/01/28 (Call 12/01/27)

    5,238       4,893,240  

4.38%, 12/01/47 (Call 06/01/47)

    5,636       4,215,125  

4.55%, 03/01/48 (Call 09/01/47)

    4,395       3,360,935  

4.63%, 05/15/42

    1,814       1,454,034  

4.65%, 01/15/43

    4,620       3,689,599  

4.65%, 08/15/44 (Call 02/15/44)

    1,997       1,578,186  

4.75%, 02/15/33 (Call 11/15/32)

    2,190       1,984,059  

4.90%, 02/08/26 (Call 02/08/24)

    1,720       1,687,738  

5.10%, 01/15/44

    4,168       3,481,202  

5.13%, 02/15/53 (Call 08/15/52)

    2,920       2,422,414  

5.35%, 10/15/25 (Call 09/15/25)

    2,755       2,734,029  

5.50%, 10/15/32 (Call 07/15/32)

    3,435       3,286,733  

5.85%, 01/15/36

    1,119       1,065,394  

5.95%, 12/15/34

    1,375       1,338,073  

6.10%, 10/15/52 (Call 04/15/52)

    2,245       2,122,185  

6.38%, 06/15/37

        2,300           2,276,216  

Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)

    205       132,786  

Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)(b)

    667       550,930  

Hackensack Meridian Health Inc.

   

4.21%, 07/01/48 (Call 01/01/48)

    1,546       1,169,217  

4.50%, 07/01/57 (Call 01/01/57)

    1,135       860,570  

Series 2020, 2.68%, 09/01/41 (Call 03/01/41)

    2,001       1,238,686  

Series 2020, 2.88%, 09/01/50 (Call 03/01/50)

    1,952       1,130,992  

Hartford HealthCare Corp., 3.45%, 07/01/54

    2,090       1,333,725  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    4,525       3,362,120  

3.38%, 03/15/29 (Call 01/15/29)

    1,467       1,260,815  

3.50%, 09/01/30 (Call 03/01/30)

    10,870       8,996,653  

3.50%, 07/15/51 (Call 01/15/51)

    5,910       3,419,583  

4.13%, 06/15/29 (Call 03/15/29)

    8,180       7,258,993  

4.50%, 02/15/27 (Call 08/15/26)

    6,103       5,768,846  

4.63%, 03/15/52 (Call 09/15/51)

    5,610       3,910,149  

5.13%, 06/15/39 (Call 12/15/38)

    3,765       3,094,208  

5.20%, 06/01/28 (Call 05/01/28)

    2,195       2,089,585  

5.25%, 04/15/25

    6,236       6,148,941  

5.25%, 06/15/26 (Call 12/15/25)

    7,130       6,960,006  

5.25%, 06/15/49 (Call 12/15/48)

    7,371       5,667,613  

5.38%, 02/01/25

    10,915       10,799,598  

5.38%, 09/01/26 (Call 03/01/26)

    5,138       5,024,497  

5.50%, 06/01/33 (Call 03/01/33)

    3,746       3,418,131  

5.50%, 06/15/47 (Call 12/15/46)

    6,787       5,459,376  

5.63%, 09/01/28 (Call 03/01/28)

    6,587       6,369,079  

5.88%, 02/15/26 (Call 08/15/25)

    7,655       7,587,348  

5.88%, 02/01/29 (Call 08/01/28)

    4,555       4,412,000  

5.90%, 06/01/53 (Call 12/01/52)

    3,580       3,026,543  

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)

    1,697       1,164,686  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    5,175       4,485,280  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

2.15%, 02/03/32 (Call 11/03/31)

  $ 3,240     $ 2,386,655  

3.13%, 08/15/29 (Call 05/15/29)

    2,422       2,095,730  

3.70%, 03/23/29 (Call 02/23/29)

    2,860       2,586,491  

3.95%, 03/15/27 (Call 12/15/26)

    2,619       2,468,564  

3.95%, 08/15/49 (Call 02/15/49)

    1,982       1,360,748  

4.50%, 04/01/25 (Call 03/01/25)

    2,913       2,861,270  

4.63%, 12/01/42 (Call 06/01/42)

    1,670       1,306,284  

4.80%, 03/15/47 (Call 09/15/46)

    2,750       2,165,900  

4.88%, 04/01/30 (Call 01/01/30)

    2,414       2,248,354  

4.95%, 10/01/44 (Call 04/01/44)

    3,491       2,804,590  

5.50%, 03/15/53 (Call 09/15/52)

    450       387,467  

5.70%, 03/13/26 (Call 03/13/24)

    645       640,606  

5.75%, 03/01/28 (Call 02/01/28)

    1,026       1,021,511  

5.88%, 03/01/33 (Call 12/01/32)

        2,775           2,690,041  

IHC Health Services Inc., 4.13%, 05/15/48 (Call 11/15/47)

    355       269,853  

Indiana University Health Inc. Obligated Group
3.97%, 11/01/48 (Call 05/01/48)

    2,415       1,782,712  

Series 2021, 2.85%, 11/01/51 (Call 05/01/51)

    835       474,479  

Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)(b)

    1,189       883,596  

Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)

    2,274       1,484,711  

Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)

    275       178,225  

IQVIA Inc., 5.70%, 05/15/28 (Call 04/15/28)(e)

    725       695,278  

Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46

    2,956       2,119,594  

Kaiser Foundation Hospitals

   

3.15%, 05/01/27 (Call 02/01/27)

    4,088       3,788,889  

4.15%, 05/01/47 (Call 11/01/46)

    6,872       5,173,547  

4.88%, 04/01/42

    2,482       2,114,320  

Series 2019, 3.27%, 11/01/49 (Call 05/01/49)

    4,528       2,824,915  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

    3,502       2,246,402  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)

    3,072       1,798,528  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

    2,685       2,403,518  

2.30%, 12/01/24 (Call 11/01/24)

    2,195       2,108,486  

2.70%, 06/01/31 (Call 03/01/31)

    2,790       2,199,670  

2.95%, 12/01/29 (Call 09/01/29)

    2,322       1,958,390  

3.60%, 02/01/25 (Call 11/01/24)

    4,764       4,626,621  

3.60%, 09/01/27 (Call 06/01/27)

    3,540       3,292,562  

4.70%, 02/01/45 (Call 08/01/44)

    3,928       3,042,965  

Mass General Brigham Inc.

   

Series 2015, 4.12%, 07/01/55

    199       141,972  

Series 2017, 3.77%, 07/01/48 (Call 01/01/48)

    1,264       884,691  

Series 2020, 3.19%, 07/01/49 (Call 01/01/49)

    1,835       1,138,444  

Series 2020, 3.34%, 07/01/60 (Call 01/01/60)

    2,326       1,373,996  

Mayo Clinic

   

3.77%, 11/15/43

    245       184,085  

Series 2016, 4.13%, 11/15/52

    3,636       2,757,586  

Series 2021, 3.20%, 11/15/61 (Call 05/15/61)

    1,831       1,063,553  
Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)

  $ 2,142     $ 1,615,202  

MedStar Health Inc., Series 20A, 3.63%, 08/15/49

    1,777       1,146,083  

Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)

    1,593       1,027,366  

Memorial Sloan-Kettering Cancer Center

   

4.13%, 07/01/52

    1,730       1,262,012  

5.00%, 07/01/42

    690       598,766  

Series 2015, 4.20%, 07/01/55

        2,009           1,457,193  

Series 2020, 2.96%, 01/01/50 (Call 07/01/49)

    781       462,271  

Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)

    1,321       1,229,934  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

    2,276       1,245,861  

MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)

    1,863       1,134,365  

Montefiore Obligated Group

   

4.29%, 09/01/50

    1,216       682,918  

Series 18-C, 5.25%, 11/01/48 (Call 05/01/48)

    1,802       1,216,424  

Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52

    730       494,215  

Mount Sinai Hospitals Group Inc.

   

Series 2017, 3.98%, 07/01/48

    1,308       916,347  

Series 2019, 3.74%, 07/01/49 (Call 01/01/49)

    2,015       1,334,561  

Series 2020, 3.39%, 07/01/50 (Call 07/01/49)

    1,706       1,026,810  

MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)

    1,413       744,781  

Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)

    1,021       820,724  

New York and Presbyterian Hospital (The)

   

2.26%, 08/01/40 (Call 02/01/40)

    1,079       640,269  

2.61%, 08/01/60 (Call 02/01/60)(b)

    1,728       830,972  

4.02%, 08/01/45

    3,024       2,245,867  

4.06%, 08/01/56

    553       390,227  

Series 2019, 3.95%, 08/01/2119 (Call 02/01/19)

    1,835       1,130,725  

Northwell Healthcare Inc.

   

3.81%, 11/01/49 (Call 11/01/48)

    2,510       1,631,864  

3.98%, 11/01/46 (Call 11/01/45)

    2,855       1,987,046  

4.26%, 11/01/47 (Call 11/01/46)

    1,830       1,311,490  

Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)

    400       223,077  

Novant Health Inc.

   

2.64%, 11/01/36 (Call 08/01/36)

    961       667,557  

3.17%, 11/01/51 (Call 05/01/51)

    2,904       1,750,852  

3.32%, 11/01/61 (Call 05/01/61)

    1,386       798,036  

NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)

    1,260       662,657  

OhioHealth Corp.

   

2.30%, 11/15/31 (Call 05/15/31)

    1,794       1,386,887  

2.83%, 11/15/41 (Call 05/15/41)

    1,570       989,118  

Series 2020, 3.04%, 11/15/50 (Call 05/15/50)

    1,631       1,020,080  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

Orlando Health Obligated Group

   

3.33%, 10/01/50 (Call 04/01/50)

  $ 1,543     $ 971,138  

4.09%, 10/01/48 (Call 04/01/48)

    1,512       1,091,541  

PeaceHealth Obligated Group

   

Series 2018, 4.79%, 11/15/48 (Call 05/15/48)

    1,582       1,214,648  

Series 2020, 1.38%, 11/15/25 (Call 08/15/25)

    1,847       1,682,077  

Series 2020, 3.22%, 11/15/50 (Call 05/15/50)

    1,747       976,606  

Piedmont Healthcare Inc.

   

2.04%, 01/01/32 (Call 07/01/31)

    1,007       753,491  

2.86%, 01/01/52 (Call 07/01/51)

    1,566       859,454  

Series 2042, 2.72%, 01/01/42 (Call 07/01/41)

    1,551       947,764  

Presbyterian Healthcare Services,
4.88%, 08/01/52 (Call 02/01/52)

    1,205       1,008,409  

Providence St Joseph Health Obligated Group 5.40%, 10/01/33 (Call 04/01/33)(b)

    1,240       1,162,001  

Series 19A, 2.53%, 10/01/29 (Call 07/01/29)

    3,187       2,617,705  

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)

    2,430       1,218,538  

Series A, 3.93%, 10/01/48 (Call 04/01/48)

    1,870       1,274,986  

Series H, 2.75%, 10/01/26 (Call 07/01/26)

    1,147       1,047,951  

Series I, 3.74%, 10/01/47

    2,133       1,426,500  

Queen’s Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52)

    1,031       847,878  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

        2,581           2,041,685  

2.95%, 06/30/30 (Call 03/30/30)

    3,557       2,919,756  

3.45%, 06/01/26 (Call 03/01/26)

    3,572       3,366,420  

3.50%, 03/30/25 (Call 12/30/24)

    1,488       1,434,276  

4.20%, 06/30/29 (Call 03/30/29)

    2,973       2,733,497  

4.70%, 03/30/45 (Call 09/30/44)(b)

    946       742,053  

6.40%, 11/30/33 (Call 08/30/33)

    720       717,923  

Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)

    960       581,087  

Rush Obligated Group, Series 2020,
3.92%, 11/15/29 (Call 08/15/29)

    673       604,650  

RWJ Barnabas Health Inc.

   

3.48%, 07/01/49 (Call 01/01/49)

    1,099       714,883  

3.95%, 07/01/46 (Call 07/01/45)

    2,233       1,590,380  

Seattle Children’s Hospital, Series 2021,
2.72%, 10/01/50 (Call 10/01/49)

    2,555       1,426,483  

Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)

    1,249       719,848  

Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)

    1,071       587,446  

SSM Health Care Corp.

   

4.89%, 06/01/28 (Call 03/01/28)

    2,165       2,091,304  

Series A, 3.82%, 06/01/27 (Call 03/01/27)

    345       322,998  

Stanford Health Care

   

3.03%, 08/15/51 (Call 02/15/51)

    1,790       1,064,790  

Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

    2,256       1,580,249  

Series 2020, 3.31%, 08/15/30 (Call 05/15/30)

    770       659,793  

Summa Health, 3.51%, 11/15/51 (Call 05/15/51)

    1,595       970,785  

Sutter Health

   

5.55%, 08/15/53 (Call 02/15/53)

    248       225,159  
Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

Series 2018, 3.70%, 08/15/28 (Call 05/15/28)(b)

  $ 2,054     $ 1,878,557  

Series 2018, 4.09%, 08/15/48 (Call 02/15/48)

    2,161       1,568,911  

Series 20A, 1.32%, 08/15/25 (Call 05/15/25)

    1,109       1,014,419  

Series 20A, 2.29%, 08/15/30 (Call 02/15/30)

    1,489       1,174,194  

Series 20A, 3.16%, 08/15/40 (Call 02/15/40)

    857       571,133  

Series 20A, 3.36%, 08/15/50 (Call 02/15/50)

        2,014           1,247,890  

Texas Health Resources

   

2.33%, 11/15/50 (Call 05/15/50)

    2,102       1,051,121  

4.33%, 11/15/55

    829       637,868  

Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)

    1,960       1,867,901  

Trinity Health Corp.

   

4.13%, 12/01/45

    1,166       872,682  

Series 2019, 3.43%, 12/01/48(b)

    1,875       1,264,237  

Series 2021, 2.63%, 12/01/40 (Call 06/01/40)

    1,186       737,535  

UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)

    490       406,211  

UnitedHealth Group Inc.

   

3.70%, 05/15/27 (Call 04/15/27)(b)

    2,690       2,534,516  

1.15%, 05/15/26 (Call 04/15/26)

    3,360       3,033,258  

1.25%, 01/15/26(b)

    2,903       2,652,763  

2.00%, 05/15/30

    4,975       3,952,597  

2.30%, 05/15/31 (Call 02/15/31)

    5,470       4,303,024  

2.75%, 05/15/40 (Call 11/15/39)

    4,371       2,827,049  

2.88%, 08/15/29

    4,079       3,537,374  

2.90%, 05/15/50 (Call 11/15/49)

    5,058       2,917,321  

2.95%, 10/15/27

    3,554       3,233,339  

3.05%, 05/15/41 (Call 11/15/40)

    4,102       2,734,696  

3.10%, 03/15/26

    3,752       3,561,287  

3.13%, 05/15/60 (Call 11/15/59)

    2,179       1,241,114  

3.25%, 05/15/51 (Call 11/15/50)

    5,320       3,269,238  

3.38%, 04/15/27

    2,953       2,759,020  

3.45%, 01/15/27

    3,393       3,189,412  

3.50%, 08/15/39 (Call 02/15/39)

    4,764       3,496,325  

3.70%, 12/15/25(b)

    2,384       2,303,618  

3.70%, 08/15/49 (Call 02/15/49)

    4,667       3,158,477  

3.75%, 07/15/25

    8,669       8,442,441  

3.75%, 10/15/47 (Call 04/15/47)

    3,941       2,719,137  

3.85%, 06/15/28

    4,911       4,581,689  

3.88%, 12/15/28(b)

    3,432       3,186,294  

3.88%, 08/15/59 (Call 02/15/59)

    3,650       2,416,937  

3.95%, 10/15/42 (Call 04/15/42)

    2,825       2,104,486  

4.00%, 05/15/29 (Call 03/15/29)

    3,680       3,406,183  

4.20%, 05/15/32 (Call 02/15/32)

    5,405       4,789,395  

4.20%, 01/15/47 (Call 07/15/46)

    3,124       2,330,163  

4.25%, 01/15/29 (Call 12/15/28)

    5,150       4,841,040  

4.25%, 03/15/43 (Call 09/15/42)

    1,986       1,549,440  

4.25%, 04/15/47 (Call 10/15/46)

    3,144       2,371,332  

4.25%, 06/15/48 (Call 12/15/47)

    5,408       4,047,167  

4.38%, 03/15/42 (Call 09/15/41)

    2,259       1,786,698  

4.45%, 12/15/48 (Call 06/15/48)

    4,251       3,279,898  

4.50%, 04/15/33 (Call 01/15/33)

    5,555       4,998,577  

4.63%, 07/15/35

    3,026       2,689,189  

4.63%, 11/15/41 (Call 05/15/41)

    3,031       2,493,213  

4.75%, 07/15/45

    7,835       6,425,773  

4.75%, 05/15/52 (Call 11/15/51)

    7,260       5,803,904  

4.95%, 05/15/62 (Call 11/15/61)

    4,650       3,746,891  

5.05%, 04/15/53 (Call 10/15/52)

    6,260       5,264,317  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

5.15%, 10/15/25

  $ 1,480     $ 1,474,253  

5.20%, 04/15/63 (Call 10/15/62)

    4,815       4,024,460  

5.25%, 02/15/28 (Call 01/15/28)

    2,715       2,696,159  

5.30%, 02/15/30 (Call 12/15/29)

    4,111       4,034,379  

5.35%, 02/15/33 (Call 11/15/32)

    8,195       7,874,049  

5.70%, 10/15/40 (Call 04/15/40)

    1,839       1,740,482  

5.80%, 03/15/36

    2,670       2,626,601  

5.88%, 02/15/53 (Call 08/15/52)

    6,905       6,531,159  

5.95%, 02/15/41 (Call 08/15/40)

    2,000       1,921,644  

6.05%, 02/15/63 (Call 08/15/62)

    3,015       2,875,591  

6.50%, 06/15/37

    2,763       2,866,896  

6.63%, 11/15/37

    3,308       3,449,052  

6.88%, 02/15/38

        4,816       5,168,521  

Universal Health Services Inc.

   

1.65%, 09/01/26 (Call 08/01/26)

    3,570       3,147,434  

2.65%, 10/15/30 (Call 07/15/30)

    3,373       2,578,998  

2.65%, 01/15/32 (Call 10/15/31)

    2,350       1,723,955  

UPMC

   

5.04%, 05/15/33 (Call 02/15/33)

    95       88,318  

5.38%, 05/15/43 (Call 11/15/42)

    280       245,609  

Series D-1, 3.60%, 04/03/25

    1,005       971,375  

WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)

    885       524,382  

West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)

    833       465,027  

Willis-Knighton Medical Center

   

Series 2018, 4.81%, 09/01/48 (Call 03/01/48)

    1,928       1,490,527  

Series 2021, 3.07%, 03/01/51 (Call 09/01/50)

    1,150       624,950  

Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)

    2,316       1,195,903  
   

 

 

 
          701,571,841  
Holding Companies - Diversified — 0.1%            

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)

    2,380       2,090,331  

2.88%, 06/15/27 (Call 05/15/27)(b)

    1,344       1,163,777  

2.88%, 06/15/28 (Call 04/15/28)

    4,990       4,132,923  

3.20%, 11/15/31 (Call 08/15/31)

    2,780       2,070,539  

3.25%, 07/15/25 (Call 06/15/25)

    4,498       4,218,345  

3.88%, 01/15/26 (Call 12/15/25)

    2,776       2,595,530  

4.25%, 03/01/25 (Call 01/01/25)

    2,793       2,688,301  

7.00%, 01/15/27

    280       279,012  

Bain Capital Specialty Finance Inc.

   

2.55%, 10/13/26 (Call 09/13/26)

    1,925       1,653,180  

2.95%, 03/10/26 (Call 02/10/26)

    1,910       1,700,203  

Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)

    805       704,697  

Blackstone Private Credit Fund

   

2.35%, 11/22/24

    750       713,143  

2.63%, 12/15/26 (Call 11/15/26)

    3,005       2,573,191  

2.70%, 01/15/25 (Call 11/15/24)

    1,940       1,840,615  

3.25%, 03/15/27 (Call 02/15/27)

    6,365       5,485,397  

4.00%, 01/15/29 (Call 11/15/28)

    2,735       2,288,571  

4.70%, 03/24/25

    3,329       3,219,385  

7.05%, 09/29/25

    3,710       3,696,476  

Blackstone Secured Lending Fund

   

2.13%, 02/15/27 (Call 01/15/27)

    1,399       1,180,316  

2.75%, 09/16/26 (Call 08/19/26)

    1,885       1,653,742  

2.85%, 09/30/28 (Call 07/30/28)

    2,740       2,218,067  
Security  

Par

(000)

    Value  

Holding Companies - Diversified (continued)

   

3.63%, 01/15/26 (Call 12/15/25)

  $ 1,832     $ 1,691,843  

Blue Owl Capital Corp.

   

2.63%, 01/15/27 (Call 12/15/26)(b)

    2,827       2,413,016  

2.88%, 06/11/28 (Call 04/11/28)

    3,525       2,873,777  

3.40%, 07/15/26 (Call 06/15/26)

    1,755       1,564,804  

3.75%, 07/22/25 (Call 06/22/25)

    2,726       2,549,481  

4.00%, 03/30/25 (Call 02/28/25)(b)

    1,521       1,446,761  

4.25%, 01/15/26 (Call 12/15/25)

    2,485       2,315,514  

Blue Owl Credit Income Corp.

   

3.13%, 09/23/26 (Call 08/23/26)

    1,800       1,578,683  

4.70%, 02/08/27 (Call 01/08/27)

    1,435       1,296,397  

5.50%, 03/21/25

    430       415,875  

7.75%, 09/16/27 (Call 08/16/27)

    490       482,040  

Blue Owl Technology Finance Corp.,
2.50%, 01/15/27 (Call 12/15/26)

    1,660       1,379,617  

FS KKR Capital Corp.

   

2.63%, 01/15/27 (Call 12/15/26)

    2,425       2,065,306  

3.13%, 10/12/28 (Call 08/12/28)

    3,225       2,592,759  

3.25%, 07/15/27 (Call 06/15/27)

    1,845       1,581,079  

3.40%, 01/15/26 (Call 12/15/25)

    1,565       1,431,349  

4.13%, 02/01/25 (Call 01/01/25)(b)

    1,268       1,221,799  

Goldman Sachs BDC Inc.

   

2.88%, 01/15/26 (Call 12/15/25)

    1,105       1,016,315  

3.75%, 02/10/25 (Call 01/10/25)(b)

    1,616       1,557,467  

Golub Capital BDC Inc.

   

2.05%, 02/15/27 (Call 01/15/27)

    2,898       2,438,847  

2.50%, 08/24/26 (Call 07/24/26)

    1,785       1,562,008  

Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)

    2,515       2,225,081  

Morgan Stanley Direct Lending Fund,
4.50%, 02/11/27 (Call 01/11/27)

    375       343,671  

Oaktree Specialty Lending Corp.

   

2.70%, 01/15/27 (Call 12/15/26)

    2,753       2,352,971  

3.50%, 02/25/25 (Call 01/25/25)

    956       910,439  

Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)

    2,685       2,288,306  

Prospect Capital Corp.

   

3.36%, 11/15/26 (Call 10/15/26)(b)

    2,225       1,908,804  

3.44%, 10/15/28 (Call 08/15/28)(b)

    1,805       1,391,730  

3.71%, 01/22/26 (Call 12/22/25)

    2,249       2,022,868  

Sixth Street Specialty Lending Inc.

   

2.50%, 08/01/26 (Call 07/01/26)

    530       467,174  

3.88%, 11/01/24 (Call 10/01/24)

        1,339       1,299,638  
   

 

 

 
          98,851,160  
Home Builders — 0.0%            

DR Horton Inc.

   

1.30%, 10/15/26 (Call 09/15/26)

    4,050       3,553,791  

1.40%, 10/15/27 (Call 08/15/27)

    1,399       1,178,575  

2.60%, 10/15/25 (Call 09/15/25)

    966       904,992  

Lennar Corp.

   

4.75%, 05/30/25 (Call 02/28/25)

    3,005       2,943,394  

4.75%, 11/29/27 (Call 05/29/27)

    4,103       3,904,216  

5.00%, 06/15/27 (Call 12/15/26)

    2,333       2,251,166  

5.25%, 06/01/26 (Call 12/01/25)

    2,371       2,329,901  

MDC Holdings Inc.

   

2.50%, 01/15/31 (Call 07/15/30)

    2,002       1,466,934  

3.85%, 01/15/30 (Call 07/15/29)

    2,066       1,708,761  

3.97%, 08/06/61 (Call 02/06/61)

    1,490       789,673  

6.00%, 01/15/43 (Call 10/15/42)

    2,892       2,277,236  

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

    1,218       999,650  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Home Builders (continued)

   

PulteGroup Inc.

   

5.00%, 01/15/27 (Call 10/15/26)

  $ 2,475     $ 2,406,009  

5.50%, 03/01/26 (Call 12/01/25)

    1,785       1,764,138  

6.00%, 02/15/35

    1,763       1,641,243  

6.38%, 05/15/33

    1,786       1,737,192  

7.88%, 06/15/32(b)

    469       503,370  

Toll Brothers Finance Corp.

   

3.80%, 11/01/29 (Call 08/01/29)

    2,550       2,197,867  

4.35%, 02/15/28 (Call 11/15/27)

    2,130       1,956,045  

4.88%, 11/15/25 (Call 08/15/25)

    2,957       2,871,031  

4.88%, 03/15/27 (Call 12/15/26)

        2,300       2,190,597  
   

 

 

 
          41,575,781  
Home Furnishings — 0.0%            

Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)

    2,861       2,779,762  

Leggett & Platt Inc.

   

3.50%, 11/15/27 (Call 08/15/27)

    3,327       2,988,849  

3.50%, 11/15/51 (Call 05/15/51)

    2,420       1,449,973  

3.80%, 11/15/24 (Call 08/15/24)

    1,748       1,701,400  

4.40%, 03/15/29 (Call 12/15/28)

    2,617       2,373,408  

Whirlpool Corp.

   

2.40%, 05/15/31 (Call 02/15/31)

    2,010       1,542,230  

3.70%, 05/01/25

    1,986       1,919,243  

4.50%, 06/01/46 (Call 12/01/45)

    2,038       1,480,428  

4.60%, 05/15/50 (Call 11/15/49)(b)

    2,080       1,495,179  

4.70%, 05/14/32 (Call 02/14/32)(b)

    1,849       1,629,352  

4.75%, 02/26/29 (Call 11/26/28)(b)

    4,096       3,829,659  

5.50%, 03/01/33 (Call 12/01/32)

    1,565       1,425,956  
   

 

 

 
      24,615,439  
Household Products & Wares — 0.1%            

Avery Dennison Corp.

   

2.25%, 02/15/32 (Call 11/15/31)

    2,170       1,593,489  

2.65%, 04/30/30 (Call 02/01/30)

    1,567       1,261,729  

4.88%, 12/06/28 (Call 09/06/28)

    3,816       3,639,305  

5.75%, 03/15/33 (Call 12/15/32)

    1,675       1,599,320  

Church & Dwight Co. Inc.

   

2.30%, 12/15/31 (Call 09/15/31)

    1,674       1,301,924  

3.15%, 08/01/27 (Call 05/01/27)

    3,986       3,661,692  

3.95%, 08/01/47 (Call 02/01/47)

    1,825       1,306,546  

5.00%, 06/15/52 (Call 12/15/51)

    2,190       1,837,138  

5.60%, 11/15/32 (Call 08/15/32)

    2,810       2,749,060  

Clorox Co. (The)

   

1.80%, 05/15/30 (Call 02/15/30)

    2,574       1,979,390  

3.10%, 10/01/27 (Call 07/01/27)

    2,453       2,220,530  

3.90%, 05/15/28 (Call 02/15/28)

    2,438       2,245,207  

4.40%, 05/01/29 (Call 03/01/29)

    2,275       2,108,646  

4.60%, 05/01/32 (Call 02/01/32)(b)

    2,924       2,636,264  

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)

    2,451       2,083,123  

2.00%, 11/02/31 (Call 08/02/31)

    2,243       1,721,927  

2.75%, 02/15/26

    1,734       1,632,470  

2.88%, 02/07/50 (Call 08/07/49)

    1,939       1,164,179  

3.05%, 08/15/25

    1,163       1,115,155  

3.10%, 03/26/30 (Call 12/26/29)

    2,268       1,955,802  

3.20%, 04/25/29 (Call 01/25/29)

    1,635       1,463,852  

3.20%, 07/30/46 (Call 01/30/46)

    2,095       1,345,059  

3.90%, 05/04/47 (Call 11/04/46)

    1,557       1,125,132  

3.95%, 11/01/28 (Call 08/01/28)

    2,527       2,379,183  

4.50%, 02/16/33 (Call 11/16/32)

    2,415       2,223,219  

5.30%, 03/01/41

    1,720       1,576,187  
Security  

Par

(000)

    Value  

Household Products & Wares (continued)

   

6.63%, 08/01/37

  $ 4,153     $ 4,437,019  
   

 

 

 
          54,362,547  
Insurance — 0.7%            

ACE Capital Trust II, Series N, 9.70%, 04/01/30(b)

    1,660       1,902,698  

Aegon NV, 5.50%, 04/11/48 (Call 04/11/28),
(6-mo. LIBOR US + 3.540%)(a)

        2,940       2,673,591  

Aflac Inc.

   

1.13%, 03/15/26 (Call 02/15/26)

    2,045       1,836,790  

2.88%, 10/15/26 (Call 07/15/26)

    1,937       1,788,554  

3.60%, 04/01/30 (Call 01/01/30)

    5,193       4,529,629  

4.00%, 10/15/46 (Call 04/15/46)

    1,381       953,641  

4.75%, 01/15/49 (Call 07/15/48)

    2,898       2,305,615  

Alleghany Corp.

   

3.25%, 08/15/51 (Call 02/15/51)

    1,190       728,420  

3.63%, 05/15/30 (Call 02/15/30)

    2,769       2,433,461  

4.90%, 09/15/44 (Call 03/15/44)

    1,805       1,497,347  

Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)

    2,445       2,343,164  

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

    2,590       2,333,939  

1.45%, 12/15/30 (Call 09/15/30)

    1,519       1,103,686  

3.28%, 12/15/26 (Call 09/15/26)

    2,942       2,732,976  

3.85%, 08/10/49 (Call 02/10/49)

    2,543       1,681,933  

4.20%, 12/15/46 (Call 06/15/46)

    3,062       2,148,861  

4.50%, 06/15/43

    1,928       1,459,257  

5.25%, 03/30/33 (Call 12/30/32)

    1,680       1,548,875  

5.35%, 06/01/33(b)

    1,474       1,371,072  

5.55%, 05/09/35

    2,361       2,193,464  

5.95%, 04/01/36

    723       694,893  

6.50%, 05/15/67 (Call 05/15/37),
(3-mo. LIBOR US + 2.120%)(a)

    2,221       1,980,224  

American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)

    2,146       1,988,285  

American Financial Group Inc./OH

   

4.50%, 06/15/47 (Call 12/15/46)

    965       694,316  

5.25%, 04/02/30 (Call 01/02/30)

    442       414,319  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    4,951       4,672,555  

3.40%, 06/30/30 (Call 03/30/30)

    1,665       1,403,289  

3.88%, 01/15/35 (Call 07/15/34)

    440       353,724  

3.90%, 04/01/26 (Call 01/01/26)

    3,819       3,638,641  

4.20%, 04/01/28 (Call 01/01/28)

    1,870       1,735,244  

4.38%, 06/30/50 (Call 12/30/49)

    4,459       3,261,320  

4.50%, 07/16/44 (Call 01/16/44)

    1,530       1,165,721  

4.75%, 04/01/48 (Call 10/01/47)

    4,433       3,471,666  

4.80%, 07/10/45 (Call 01/10/45)

    3,555       2,803,581  

5.13%, 03/27/33 (Call 12/27/32)

    3,075       2,794,705  

6.25%, 05/01/36

    563       545,473  

Series A-9, 5.75%, 04/01/48 (Call 04/01/28),
(3-mo. LIBOR US + 2.868%)(a)

    3,188       2,898,311  

Aon Corp.

   

2.80%, 05/15/30 (Call 02/15/30)

    2,841       2,317,943  

3.75%, 05/02/29 (Call 02/02/29)

    2,597       2,321,496  

4.50%, 12/15/28 (Call 09/15/28)

    1,891       1,768,445  

6.25%, 09/30/40

    1,424       1,368,366  

8.21%, 01/01/27

    261       273,809  

Aon Global Ltd.

   

2.05%, 08/23/31 (Call 05/23/31)

    3,750       2,778,031  

2.60%, 12/02/31 (Call 09/02/31)

    1,460       1,118,072  

2.85%, 05/28/27 (Call 04/28/27)

    2,065       1,866,868  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Insurance (continued)

   

2.90%, 08/23/51 (Call 02/23/51)

  $ 2,565     $ 1,416,593  

3.88%, 12/15/25 (Call 09/15/25)

    1,841       1,763,318  

3.90%, 02/28/52 (Call 08/28/51)

        3,475           2,338,210  

4.60%, 06/14/44 (Call 03/14/44)

    2,392       1,859,621  

4.75%, 05/15/45 (Call 11/15/44)

    2,234       1,775,610  

5.00%, 09/12/32 (Call 06/12/32)

    1,615       1,464,225  

5.35%, 02/28/33 (Call 11/28/32)

    1,735       1,616,630  

Arch Capital Finance LLC

   

4.01%, 12/15/26 (Call 09/15/26)

    3,047       2,874,881  

5.03%, 12/15/46 (Call 06/15/46)

    1,704       1,365,536  

Arch Capital Group Ltd.

   

3.64%, 06/30/50 (Call 12/30/49)

    4,242       2,696,807  

7.35%, 05/01/34

    1,795       1,890,114  

Arch Capital Group U.S. Inc., 5.14%, 11/01/43

    2,380       1,962,059  

Arthur J Gallagher & Co.

   

2.40%, 11/09/31 (Call 08/09/31)

    1,980       1,487,403  

3.05%, 03/09/52 (Call 09/09/51)

    1,770       966,001  

3.50%, 05/20/51 (Call 11/20/50)

    2,217       1,331,974  

5.50%, 03/02/33 (Call 12/02/32)

    1,825       1,698,321  

5.75%, 03/02/53 (Call 09/02/52)

    1,198       1,040,633  

6.50%, 02/15/34 (Call 11/15/33)

    545       540,683  

6.75%, 02/15/54 (Call 08/15/53)

    515       505,810  

Assurant Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    1,515       1,089,742  

3.70%, 02/22/30 (Call 11/22/29)

    2,327       1,927,733  

4.90%, 03/27/28 (Call 12/27/27)

    1,940       1,838,216  

Assured Guaranty U.S. Holdings Inc.

   

3.15%, 06/15/31 (Call 03/15/31)

    2,581       2,089,084  

3.60%, 09/15/51 (Call 03/15/51)

    700       410,922  

6.13%, 09/15/28 (Call 08/15/28)

    40       39,743  

Athene Holding Ltd.

   

3.45%, 05/15/52 (Call 11/15/51)

    1,890       1,064,425  

3.50%, 01/15/31 (Call 10/15/30)

    1,920       1,530,555  

3.95%, 05/25/51 (Call 11/25/50)

    2,785       1,745,995  

4.13%, 01/12/28 (Call 10/12/27)

    4,335       3,919,935  

6.15%, 04/03/30 (Call 01/03/30)

    1,447       1,406,804  

6.65%, 02/01/33 (Call 11/01/32)

    2,180       2,096,805  

AXA SA, 8.60%, 12/15/30

    95       109,286  

AXIS Specialty Finance LLC

   

3.90%, 07/15/29 (Call 04/15/29)

    1,694       1,498,057  

4.90%, 01/15/40 (Call 01/15/30),
(5-year CMT + 3.186%)(a)

    1,501       1,200,293  

AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)

    2,804       2,573,975  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)

    3,761       2,879,537  

1.85%, 03/12/30 (Call 12/12/29)(b)

    2,763       2,214,830  

2.30%, 03/15/27 (Call 02/15/27)

    4,620       4,211,608  

2.50%, 01/15/51 (Call 07/15/50)

    3,755       2,017,066  

2.85%, 10/15/50 (Call 04/15/50)

    6,204       3,557,015  

2.88%, 03/15/32 (Call 12/15/31)

    3,424       2,790,913  

3.85%, 03/15/52 (Call 09/15/51)

    4,610       3,214,987  

4.20%, 08/15/48 (Call 02/15/48)

    8,967       6,866,706  

4.25%, 01/15/49 (Call 07/15/48)

    6,209       4,801,131  

4.30%, 05/15/43

    3,472       2,797,687  

4.40%, 05/15/42

    4,163       3,438,775  

5.75%, 01/15/40

    4,663       4,601,651  

Berkshire Hathaway Inc.

   

3.13%, 03/15/26 (Call 12/15/25)

    11,361       10,828,497  

4.50%, 02/11/43

    4,950       4,148,604  
Security  

Par

(000)

    Value  

Insurance (continued)

   

Brighthouse Financial Inc.

   

3.70%, 06/22/27 (Call 03/22/27)

  $ 145     $ 130,884  

3.85%, 12/22/51 (Call 06/22/51)

    1,290       704,346  

4.70%, 06/22/47 (Call 12/22/46)

    3,577       2,353,989  

5.63%, 05/15/30 (Call 02/15/30)(b)

        2,794           2,557,740  

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)

    3,928       2,942,127  

4.20%, 03/17/32 (Call 12/17/31)

    1,455       1,219,014  

4.50%, 03/15/29 (Call 12/15/28)

    2,015       1,845,197  

4.95%, 03/17/52 (Call 09/17/51)

    2,845       2,111,388  

Chubb Corp. (The)
6.00%, 05/11/37

    3,784       3,747,230  

Series 1, 6.50%, 05/15/38

    255       263,643  

Chubb INA Holdings Inc.

   

1.38%, 09/15/30 (Call 06/15/30)

    1,660       1,244,089  

2.85%, 12/15/51 (Call 06/15/51)

    1,220       710,940  

3.05%, 12/15/61 (Call 06/15/61)

    3,440       1,936,660  

3.15%, 03/15/25

    4,740       4,573,978  

3.35%, 05/03/26 (Call 02/03/26)

    2,182       2,066,148  

4.15%, 03/13/43

    3,450       2,663,524  

4.35%, 11/03/45 (Call 05/03/45)

    5,725       4,469,712  

6.70%, 05/15/36

    305       319,365  

Cincinnati Financial Corp.

   

6.13%, 11/01/34

    1,414       1,350,908  

6.92%, 05/15/28

    899       934,077  

CNA Financial Corp.

   

2.05%, 08/15/30 (Call 05/15/30)

    1,060       809,581  

3.45%, 08/15/27 (Call 05/15/27)

    2,302       2,107,249  

3.90%, 05/01/29 (Call 02/01/29)

    2,346       2,104,516  

4.50%, 03/01/26 (Call 12/01/25)

    2,654       2,566,120  

5.50%, 06/15/33 (Call 03/15/33)

    755       693,154  

CNO Financial Group Inc.

   

5.25%, 05/30/25 (Call 02/28/25)

    2,201       2,150,524  

5.25%, 05/30/29 (Call 02/28/29)

    2,395       2,208,576  

Corebridge Financial Inc.

   

3.50%, 04/04/25 (Call 03/04/25)

    3,650       3,510,469  

3.65%, 04/05/27 (Call 03/05/27)

    4,061       3,717,825  

3.85%, 04/05/29 (Call 02/05/29)

    2,545       2,246,638  

3.90%, 04/05/32 (Call 01/05/32)

    3,920       3,206,580  

4.35%, 04/05/42 (Call 10/05/41)

    1,900       1,376,026  

4.40%, 04/05/52 (Call 10/05/51)

    2,095       1,446,721  

6.05%, 09/15/33 (Call 06/15/33)(e)

    2,660       2,497,350  

6.88%, 12/15/52 (Call 09/15/27),
(5-year CMT + 3.846%)(a)

    630       583,269  

Enstar Finance LLC

   

5.50%, 01/15/42 (Call 01/15/27),
(5-year CMT + 4.006%)(a)

    925       739,342  

5.75%, 09/01/40 (Call 09/01/25),
(5-year CMT + 5.468%)(a)

    10       8,871  

Enstar Group Ltd.

   

3.10%, 09/01/31 (Call 03/01/31)

    1,436       1,061,309  

4.95%, 06/01/29 (Call 03/01/29)

    2,471       2,251,287  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

    5,238       4,796,813  

5.00%, 04/20/48 (Call 10/20/47)

    5,282       4,020,628  

5.59%, 01/11/33 (Call 10/11/32)

    3,555       3,272,887  

7.00%, 04/01/28

    1,009       1,037,234  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)

    3,268       1,835,265  

3.50%, 10/15/50 (Call 04/15/50)

    3,669       2,219,302  

4.87%, 06/01/44

    1,741       1,370,732  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Insurance (continued)

   

F&G Annuities & Life Inc., 7.40%, 01/13/28 (Call 12/13/27)

  $ 2,096     $ 2,068,624  

Fairfax Financial Holdings Ltd.

   

3.38%, 03/03/31 (Call 12/03/30)

    1,837       1,478,803  

4.63%, 04/29/30 (Call 01/29/30)

    1,697       1,507,588  

4.85%, 04/17/28 (Call 01/17/28)

    2,889       2,728,030  

5.63%, 08/16/32 (Call 05/16/32)

    1,165       1,075,338  

Fidelity National Financial Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

        2,824           2,118,300  

3.20%, 09/17/51 (Call 03/17/51)

    2,510       1,311,770  

3.40%, 06/15/30 (Call 03/15/30)

    2,915       2,397,644  

4.50%, 08/15/28 (Call 05/15/28)

    2,472       2,273,146  

First American Financial Corp.

   

2.40%, 08/15/31 (Call 05/15/31)

    2,357       1,701,994  

4.00%, 05/15/30 (Call 02/15/30)

    1,125       936,088  

4.60%, 11/15/24

    2,613       2,569,901  

Globe Life Inc.

   

2.15%, 08/15/30 (Call 05/15/30)

    2,817       2,147,687  

4.55%, 09/15/28 (Call 06/15/28)

    3,015       2,826,514  

4.80%, 06/15/32 (Call 03/15/32)

    460       413,268  

Hanover Insurance Group Inc. (The)

   

2.50%, 09/01/30 (Call 06/01/30)

    2,200       1,646,791  

4.50%, 04/15/26 (Call 01/15/26)

    2,432       2,338,184  

Hartford Financial Services Group Inc. (The)

   

2.80%, 08/19/29 (Call 05/19/29)

    3,130       2,650,618  

2.90%, 09/15/51 (Call 03/15/51)

    2,150       1,182,518  

3.60%, 08/19/49 (Call 02/19/49)

    2,916       1,882,665  

4.30%, 04/15/43

    1,714       1,261,750  

4.40%, 03/15/48 (Call 09/15/47)

    1,863       1,384,745  

5.95%, 10/15/36

    1,205       1,146,263  

6.10%, 10/01/41

    2,034       1,900,370  

Horace Mann Educators Corp., 7.25%, 09/15/28 (Call 08/15/28)

    20       19,958  

Jackson Financial Inc.

   

3.13%, 11/23/31 (Call 08/23/31)

    3,195       2,388,196  

4.00%, 11/23/51 (Call 05/23/51)

    1,210       709,802  

5.17%, 06/08/27 (Call 05/08/27)(b)

    2,270       2,164,359  

5.67%, 06/08/32 (Call 03/08/32)(b)

    830       763,412  

Kemper Corp.

   

2.40%, 09/30/30 (Call 06/30/30)

    1,865       1,354,768  

3.80%, 02/23/32 (Call 11/23/31)

    1,270       967,108  

4.35%, 02/15/25 (Call 11/15/24)

    990       956,250  

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)(b)

    2,036       1,608,034  

3.35%, 03/09/25(b)

    1,478       1,421,066  

3.40%, 01/15/31 (Call 10/15/30)(b)

    2,314       1,808,388  

3.40%, 03/01/32 (Call 12/01/31)

    384       287,971  

3.63%, 12/12/26 (Call 09/15/26)(b)

    1,763       1,604,960  

3.80%, 03/01/28 (Call 12/01/27)(b)

    2,249       2,004,824  

4.35%, 03/01/48 (Call 09/01/47)

    1,838       1,197,621  

4.38%, 06/15/50 (Call 12/15/49)(b)

    1,287       836,481  

6.30%, 10/09/37

    1,160       1,072,284  

7.00%, 06/15/40

    1,963       1,857,591  

Loews Corp.

   

3.20%, 05/15/30 (Call 02/15/30)

    2,760       2,341,319  

3.75%, 04/01/26 (Call 01/01/26)

    4,362       4,170,958  

4.13%, 05/15/43 (Call 11/15/42)

    3,402       2,539,662  

6.00%, 02/01/35

    307       303,106  

Manulife Financial Corp.

   

2.48%, 05/19/27 (Call 03/19/27)

    2,910       2,597,537  

3.70%, 03/16/32 (Call 12/16/31)(b)

    2,590       2,207,474  
Security  

Par

(000)

    Value  

Insurance (continued)

   

4.06%, 02/24/32 (Call 02/24/27), (5-year USD ICE Swap + 1.647%)(a)

  $ 3,363     $ 3,034,557  

4.15%, 03/04/26

    4,681       4,503,943  

5.38%, 03/04/46

    1,528       1,341,826  

Markel Group Inc.

   

3.35%, 09/17/29 (Call 06/17/29)

    1,300       1,130,964  

3.45%, 05/07/52 (Call 11/07/51)(b)

        2,620           1,575,995  

3.50%, 11/01/27 (Call 08/01/27)

    2,107       1,924,545  

4.15%, 09/17/50 (Call 03/17/50)

    2,196       1,492,104  

4.30%, 11/01/47 (Call 05/01/47)

    1,516       1,061,771  

5.00%, 04/05/46

    2,140       1,682,716  

5.00%, 05/20/49 (Call 11/20/48)

    1,845       1,457,870  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)

    3,510       2,758,099  

2.38%, 12/15/31 (Call 09/15/31)

    355       271,732  

2.90%, 12/15/51 (Call 06/15/51)

    755       421,385  

3.50%, 03/10/25 (Call 12/10/24)

    4,419       4,283,227  

3.75%, 03/14/26 (Call 12/14/25)(b)

    4,369       4,178,466  

4.20%, 03/01/48 (Call 09/01/47)

    3,075       2,270,087  

4.35%, 01/30/47 (Call 07/30/46)

    3,067       2,330,955  

4.38%, 03/15/29 (Call 12/15/28)

    6,267       5,864,849  

4.75%, 03/15/39 (Call 09/15/38)

    2,153       1,830,594  

4.90%, 03/15/49 (Call 09/15/48)

    5,336       4,384,266  

5.45%, 03/15/53 (Call 09/15/52)

    1,070       942,246  

5.70%, 09/15/53 (Call 03/15/53)

    4,125       3,787,593  

5.75%, 11/01/32 (Call 08/01/32)

    815       794,888  

5.88%, 08/01/33

    1,295       1,274,767  

6.25%, 11/01/52 (Call 05/01/52)

    795       779,100  

Marsh & McLennan Cos. Inc., 5.40%, 09/15/33 (Call 06/15/33)(b)

    2,175       2,066,990  

Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)

    2,480       2,279,629  

MetLife Inc.

   

3.00%, 03/01/25

    4,033       3,878,165  

3.60%, 11/13/25 (Call 08/13/25)

    2,813       2,700,075  

4.05%, 03/01/45

    4,357       3,139,093  

4.13%, 08/13/42

    3,668       2,738,513  

4.55%, 03/23/30 (Call 12/23/29)

    5,272       4,901,481  

4.60%, 05/13/46 (Call 11/13/45)

    2,389       1,870,217  

4.72%, 12/15/44

    3,031       2,375,615  

4.88%, 11/13/43

    3,275       2,674,810  

5.00%, 07/15/52 (Call 01/15/52)

    2,200       1,775,597  

5.25%, 01/15/54 (Call 07/15/53)

    3,500       2,927,169  

5.38%, 07/15/33 (Call 04/15/33)

    2,705       2,528,964  

5.70%, 06/15/35

    5,878       5,594,035  

5.88%, 02/06/41

    3,447       3,221,944  

6.38%, 06/15/34

    1,646       1,657,449  

6.40%, 12/15/66 (Call 12/15/31)

    3,884       3,644,258  

6.50%, 12/15/32(b)

    2,175       2,225,463  

10.75%, 08/01/69 (Call 08/01/34)

    2,182       2,754,941  

Munich Re America Corp., Series B,
7.45%, 12/15/26

    235       247,032  

Nationwide Financial Services Inc.,
6.75%, 05/15/87

    359       327,121  

Old Republic International Corp.

   

3.85%, 06/11/51 (Call 12/11/50)

    2,144       1,325,781  

3.88%, 08/26/26 (Call 07/26/26)

    3,191       3,003,600  

PartnerRe Finance B LLC

   

3.70%, 07/02/29 (Call 04/02/29)

    2,776       2,451,732  

4.50%, 10/01/50 (Call 04/01/30),
(5-year CMT + 3.815%)(a)

    197       161,699  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Insurance (continued)

   

Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)

  $ 1,348     $ 1,038,013  

Principal Financial Group Inc.

   

2.13%, 06/15/30 (Call 03/15/30)

        3,119           2,426,785  

3.10%, 11/15/26 (Call 08/15/26)

    3,075       2,837,877  

3.40%, 05/15/25 (Call 02/15/25)(b)

    2,849       2,734,453  

3.70%, 05/15/29 (Call 02/15/29)

    1,530       1,356,914  

4.30%, 11/15/46 (Call 05/15/46)

    1,564       1,111,498  

4.35%, 05/15/43(b)

    1,873       1,392,684  

4.63%, 09/15/42

    516       399,636  

5.38%, 03/15/33 (Call 12/15/32)

    855       798,241  

5.50%, 03/15/53 (Call 09/15/52)

    1,560       1,300,541  

6.05%, 10/15/36

    1,940       1,860,412  

Progressive Corp. (The)

   

2.45%, 01/15/27(b)

    2,331       2,112,313  

2.50%, 03/15/27 (Call 02/15/27)

    3,125       2,822,119  

3.00%, 03/15/32 (Call 12/15/31)

    1,360       1,105,804  

3.20%, 03/26/30 (Call 12/26/29)

    3,871       3,300,256  

3.70%, 01/26/45

    717       495,765  

3.70%, 03/15/52 (Call 09/15/51)

    1,490       999,756  

3.95%, 03/26/50 (Call 09/26/49)

    2,084       1,482,113  

4.00%, 03/01/29 (Call 12/01/28)

    1,962       1,824,112  

4.13%, 04/15/47 (Call 10/15/46)

    5,866       4,340,238  

4.20%, 03/15/48 (Call 09/15/47)

    1,925       1,436,104  

4.35%, 04/25/44

    928       710,658  

4.95%, 06/15/33 (Call 03/15/33)(b)

    1,500       1,382,802  

6.25%, 12/01/32

    1,756       1,773,554  

6.63%, 03/01/29

    491       515,110  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

    2,666       2,407,037  

2.10%, 03/10/30 (Call 12/10/29)(b)

    3,735       2,997,730  

3.00%, 03/10/40 (Call 09/10/39)

    2,247       1,492,184  

3.70%, 10/01/50 (Call 07/01/30),
(5-year CMT + 3.035%)(a)

    715       565,297  

3.70%, 03/13/51 (Call 09/13/50)

    5,574       3,640,438  

3.88%, 03/27/28 (Call 12/27/27)

    2,362       2,196,360  

3.91%, 12/07/47 (Call 06/07/47)

    3,456       2,355,554  

3.94%, 12/07/49 (Call 06/07/49)

    4,096       2,775,267  

4.35%, 02/25/50 (Call 08/25/49)

    3,897       2,855,381  

4.42%, 03/27/48 (Call 09/27/47)

    1,643       1,217,883  

4.50%, 09/15/47 (Call 09/15/27),
(3-mo. LIBOR US + 2.380%)(a)

    2,940       2,584,078  

4.60%, 05/15/44

    3,041       2,385,521  

5.13%, 03/01/52 (Call 11/28/31),
(5-year CMT + 3.162%)(a)

    830       703,540  

5.38%, 05/15/45 (Call 05/15/25),
(3-mo. LIBOR US + 3.031%)(a)

    4,062       3,869,105  

5.70%, 12/14/36

    3,944       3,783,186  

5.70%, 09/15/48 (Call 09/15/28),
(3-mo. LIBOR US + 2.665%)(a)

    3,793       3,403,059  

5.75%, 07/15/33

    667       656,604  

6.00%, 09/01/52 (Call 06/01/32),
(5-year CMT + 3.234%)(a)

    606       541,865  

6.63%, 12/01/37

    1,281       1,313,491  

6.63%, 06/21/40

    1,630       1,640,662  

6.75%, 03/01/53 (Call 12/01/32),
(5-year CMT + 2.848%)(a)

    285       268,982  

Prudential Funding Asia PLC

   

3.13%, 04/14/30

    2,826       2,356,774  

3.63%, 03/24/32 (Call 12/24/31)

    2,545       2,097,381  

Reinsurance Group of America Inc.

   

3.15%, 06/15/30 (Call 03/15/30)

    2,611       2,116,252  
Security  

Par

(000)

    Value  

Insurance (continued)

   

3.90%, 05/15/29 (Call 02/15/29)

  $ 3,153     $ 2,777,738  

3.95%, 09/15/26 (Call 06/15/26)

    2,816       2,660,653  

6.00%, 09/15/33 (Call 06/15/33)

    1,326       1,245,113  

RenaissanceRe Finance Inc.

   

3.45%, 07/01/27 (Call 04/01/27)

    1,943       1,761,548  

3.70%, 04/01/25 (Call 01/01/25)

    445       428,552  

RenaissanceRe Holdings Ltd.

   

3.60%, 04/15/29 (Call 01/15/29)

    2,435       2,123,720  

5.75%, 06/05/33 (Call 03/05/33)

    3,055       2,813,957  

Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)

    330       269,415  

Stewart Information Services Corp.,
3.60%, 11/15/31 (Call 08/15/31)

    3,250       2,313,184  

Transatlantic Holdings Inc., 8.00%, 11/30/39

    1,983       2,250,564  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)

    2,326       1,262,073  

3.05%, 06/08/51 (Call 12/08/50)

    3,294       1,957,880  

3.75%, 05/15/46 (Call 11/15/45)

    1,925       1,332,308  

4.00%, 05/30/47 (Call 11/30/46)

    3,234       2,356,118  

4.05%, 03/07/48 (Call 09/07/47)

    2,120       1,556,811  

4.10%, 03/04/49 (Call 09/04/48)

    2,236       1,641,878  

4.30%, 08/25/45 (Call 02/25/45)

    2,656       2,014,630  

4.60%, 08/01/43

    1,000       819,759  

5.35%, 11/01/40

    2,662       2,425,251  

6.25%, 06/15/37

    3,448       3,493,498  

6.75%, 06/20/36

    1,572       1,660,428  

Travelers Cos. Inc. (The), 5.45%, 05/25/53 (Call 11/25/52)

    1,410       1,264,545  

Travelers Property Casualty Corp.,
6.38%, 03/15/33

    2,183       2,271,912  

Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)

    2,283       2,190,084  

Unum Group

   

4.00%, 06/15/29 (Call 03/15/29)

    2,031       1,809,586  

4.13%, 06/15/51 (Call 12/15/50)

    2,000       1,251,384  

4.50%, 12/15/49 (Call 06/15/49)

    745       491,446  

5.75%, 08/15/42

    2,380       1,974,852  

W R Berkley Corp.

   

3.15%, 09/30/61 (Call 03/30/61)

    1,135       588,388  

3.55%, 03/30/52 (Call 09/30/51)

    913       553,048  

4.00%, 05/12/50 (Call 11/12/49)

    2,526       1,701,047  

4.75%, 08/01/44

    2,128       1,636,909  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

    2,884       2,418,123  

3.88%, 09/15/49 (Call 03/15/49)

    2,590       1,656,850  

4.50%, 09/15/28 (Call 06/15/28)

    2,723       2,532,193  

4.65%, 06/15/27 (Call 05/15/27)

    3,653       3,476,333  

5.05%, 09/15/48 (Call 03/15/48)

    1,925       1,474,870  

5.35%, 05/15/33 (Call 02/15/33)

    1,375       1,253,209  

XLIT Ltd., 5.25%, 12/15/43

    1,705       1,452,895  
   

 

 

 
        652,310,290  
Internet — 0.4%            

Alibaba Group Holding Ltd.

   

2.13%, 02/09/31 (Call 11/09/30)

    3,540       2,714,671  

2.70%, 02/09/41 (Call 08/09/40)

    2,075       1,197,625  

3.15%, 02/09/51 (Call 08/09/50)

    6,845       3,689,922  

3.25%, 02/09/61 (Call 08/09/60)(b)

    3,758       1,918,570  

3.40%, 12/06/27 (Call 09/06/27)

    11,349       10,369,467  

3.60%, 11/28/24 (Call 08/28/24)

      10,174       9,922,276  

4.00%, 12/06/37 (Call 06/06/37)

    4,260       3,189,487  

4.20%, 12/06/47 (Call 06/06/47)

    7,320       4,911,657  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Internet (continued)

   

4.40%, 12/06/57 (Call 06/06/57)

  $ 3,825     $ 2,519,355  

4.50%, 11/28/34 (Call 05/28/34)

    3,427       2,881,403  

Alphabet Inc.

   

0.45%, 08/15/25 (Call 07/15/25)

    3,618       3,331,395  

0.80%, 08/15/27 (Call 06/15/27)

    4,710       4,032,366  

1.10%, 08/15/30 (Call 05/15/30)

    8,084       6,193,915  

1.90%, 08/15/40 (Call 02/15/40)

    5,223       3,120,515  

2.00%, 08/15/26 (Call 05/15/26)

    8,671       7,972,182  

2.05%, 08/15/50 (Call 02/15/50)

    9,923       5,123,742  

2.25%, 08/15/60 (Call 02/15/60)(b)

    4,560       2,276,474  

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    2,960       2,756,107  

1.00%, 05/12/26 (Call 04/12/26)

    10,480       9,426,216  

1.20%, 06/03/27 (Call 04/03/27)

    2,328       2,017,422  

1.50%, 06/03/30 (Call 03/03/30)

    8,605       6,707,809  

1.65%, 05/12/28 (Call 03/12/28)

    10,785       9,207,262  

2.10%, 05/12/31 (Call 02/12/31)

    10,865       8,559,871  

2.50%, 06/03/50 (Call 12/03/49)

    8,076       4,462,191  

2.70%, 06/03/60 (Call 12/03/59)

    7,725       4,107,738  

2.88%, 05/12/41 (Call 11/12/40)

    8,829       5,923,524  

3.00%, 04/13/25

    830       802,955  

3.10%, 05/12/51 (Call 11/12/50)

        11,720       7,276,342  

3.15%, 08/22/27 (Call 05/22/27)

    14,658           13,562,643  

3.25%, 05/12/61 (Call 11/12/60)

    6,660       3,984,286  

3.30%, 04/13/27 (Call 03/13/27)

    6,390       5,987,069  

3.45%, 04/13/29 (Call 02/13/29)

    4,505       4,110,000  

3.60%, 04/13/32 (Call 01/13/32)

    7,280       6,316,909  

3.80%, 12/05/24 (Call 09/05/24)

    6,595       6,479,800  

3.88%, 08/22/37 (Call 02/22/37)

    11,812       9,668,824  

3.95%, 04/13/52 (Call 10/13/51)

    9,320       6,820,660  

4.05%, 08/22/47 (Call 02/22/47)

    12,233       9,326,777  

4.10%, 04/13/62 (Call 10/13/61)

    4,753       3,415,406  

4.25%, 08/22/57 (Call 02/22/57)

    7,771       5,878,277  

4.55%, 12/01/27 (Call 11/01/27)

    2,365       2,300,935  

4.60%, 12/01/25

    4,955       4,894,007  

4.65%, 12/01/29 (Call 10/01/29)

    4,300       4,140,174  

4.70%, 11/29/24

    3,750       3,720,045  

4.70%, 12/01/32 (Call 09/01/32)

    6,175       5,785,478  

4.80%, 12/05/34 (Call 06/05/34)

    5,407       5,057,751  

4.95%, 12/05/44 (Call 06/05/44)

    5,398       4,823,780  

5.20%, 12/03/25 (Call 09/03/25)

    4,205       4,198,709  

Baidu Inc.

   

1.63%, 02/23/27 (Call 01/23/27)

    1,524       1,330,044  

1.72%, 04/09/26 (Call 03/09/26)

    520       472,045  

2.38%, 08/23/31 (Call 05/23/31)

    760       573,601  

3.08%, 04/07/25 (Call 03/07/25)(b)

    545       523,761  

3.43%, 04/07/30 (Call 01/07/30)(b)

    1,425       1,206,243  

3.63%, 07/06/27

    1,964       1,815,619  

4.13%, 06/30/25

    2,421       2,351,233  

4.38%, 03/29/28 (Call 12/29/27)

    2,260       2,125,024  

4.88%, 11/14/28 (Call 08/14/28)

    1,965       1,872,717  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)

    3,814       3,528,602  

3.60%, 06/01/26 (Call 03/01/26)

    4,706       4,480,535  

3.65%, 03/15/25 (Call 12/15/24)

    3,126       3,043,205  

4.63%, 04/13/30 (Call 01/13/30)

    6,834       6,367,076  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    4,720       4,229,001  

1.90%, 03/11/25 (Call 02/11/25)

    4,092       3,877,581  

2.60%, 05/10/31 (Call 02/10/31)

    3,080       2,402,733  

2.70%, 03/11/30 (Call 12/11/29)

    4,081       3,311,342  

Security  

Par

(000)

    Value  

Internet (continued)

   

3.60%, 06/05/27 (Call 03/05/27)

  $ 4,605     $ 4,253,290  

3.65%, 05/10/51 (Call 11/10/50)

    3,285       2,052,712  

4.00%, 07/15/42 (Call 01/15/42)

    4,716       3,315,295  

5.90%, 11/22/25 (Call 10/22/25)

    430       430,154  

5.95%, 11/22/27 (Call 10/22/27)(b)

    1,465       1,465,733  

6.30%, 11/22/32 (Call 08/22/32)(b)

    1,925       1,917,338  

Expedia Group Inc.

   

2.95%, 03/15/31 (Call 12/15/30)(b)

    2,638       2,072,016  

3.25%, 02/15/30 (Call 11/15/29)

    4,764       3,947,127  

3.80%, 02/15/28 (Call 11/15/27)

    2,274       2,058,000  

4.63%, 08/01/27 (Call 05/01/27)

    1,311       1,240,700  

5.00%, 02/15/26 (Call 11/15/25)(b)

    4,102       4,009,820  

JD.com Inc.

   

3.38%, 01/14/30 (Call 10/14/29)(b)

    2,265       1,915,867  

3.88%, 04/29/26(b)

    885       845,256  

4.13%, 01/14/50 (Call 07/14/49)

    1,900       1,240,377  

Meta Platforms Inc.

   

3.50%, 08/15/27 (Call 07/15/27)

        11,690       10,993,933  

3.85%, 08/15/32 (Call 05/15/32)

    10,820       9,396,354  

4.45%, 08/15/52 (Call 02/15/52)

    9,935       7,513,846  

4.60%, 05/15/28 (Call 04/15/28)

    3,855       3,736,697  

4.65%, 08/15/62 (Call 02/15/62)

    5,570       4,202,656  

4.80%, 05/15/30 (Call 03/15/30)

    2,925       2,817,680  

4.95%, 05/15/33 (Call 02/15/33)

    3,555       3,331,918  

5.60%, 05/15/53 (Call 11/15/52)

    7,585       6,856,475  

5.75%, 05/15/63 (Call 11/15/62)

    3,585       3,217,421  

Netflix Inc.

   

4.38%, 11/15/26

    490       471,707  

4.88%, 04/15/28

    1,275       1,227,637  

5.88%, 02/15/25

    525       525,062  

5.88%, 11/15/28

    980       983,187  

6.38%, 05/15/29

    20       20,528  

Tencent Music Entertainment Group

   

1.38%, 09/03/25 (Call 08/03/25)(b)

    1,484       1,362,858  

2.00%, 09/03/30 (Call 06/03/30)

    3,176       2,374,716  

VeriSign Inc.

   

2.70%, 06/15/31 (Call 03/15/31)

    3,750       2,895,617  

4.75%, 07/15/27 (Call 12/01/23)

    3,485       3,317,958  

5.25%, 04/01/25 (Call 01/01/25)

    2,475       2,446,094  

Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)

    3,669       2,838,128  
   

 

 

 
          391,888,508  
Iron & Steel — 0.1%            

ArcelorMittal SA

   

4.25%, 07/16/29

    3,077       2,772,564  

4.55%, 03/11/26

    3,170       3,087,568  

6.55%, 11/29/27 (Call 10/29/27)

    4,020       4,037,287  

6.75%, 03/01/41

    2,215       2,015,910  

6.80%, 11/29/32 (Call 08/29/32)

    2,710       2,593,840  

7.00%, 10/15/39(b)

    2,395       2,274,120  

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    3,482       3,278,130  

2.70%, 06/01/30 (Call 03/01/30)

    3,014       2,491,735  

2.98%, 12/15/55 (Call 06/15/55)

    5,652       3,032,021  

3.13%, 04/01/32 (Call 01/01/32)

    260       209,961  

3.85%, 04/01/52 (Call 09/01/51)

    2,520       1,700,919  

3.95%, 05/23/25

    3,165       3,073,613  

3.95%, 05/01/28 (Call 02/01/28)

    1,393       1,295,131  

4.30%, 05/23/27 (Call 04/23/27)

    3,665       3,497,101  

4.40%, 05/01/48 (Call 11/01/47)(b)

    274       207,067  

5.20%, 08/01/43 (Call 02/01/43)

    1,080       941,248  

6.40%, 12/01/37

    558       558,330  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Iron & Steel (continued)

   

Reliance Steel & Aluminum Co.

   

1.30%, 08/15/25 (Call 07/15/25)

  $ 3,133     $ 2,880,227  

2.15%, 08/15/30 (Call 05/15/30)

    475       363,742  

Steel Dynamics Inc.

   

1.65%, 10/15/27 (Call 08/15/27)

    1,030       871,047  

2.40%, 06/15/25 (Call 05/15/25)

    2,480       2,336,147  

2.80%, 12/15/24 (Call 11/15/24)

    3,033       2,923,555  

3.25%, 01/15/31 (Call 10/15/30)

    2,261       1,867,570  

3.25%, 10/15/50 (Call 04/15/50)

    1,899       1,084,385  

3.45%, 04/15/30 (Call 01/15/30)

    2,214       1,873,554  

5.00%, 12/15/26 (Call 12/01/23)

    3,138       3,042,136  

Vale Overseas Ltd.

   

3.75%, 07/08/30 (Call 04/08/30)

    4,764       4,008,888  

6.13%, 06/12/33 (Call 03/12/33)

    940       880,479  

6.25%, 08/10/26

    660       664,558  

6.88%, 11/21/36

    6,067       5,959,419  

6.88%, 11/10/39

    3,620       3,542,729  

8.25%, 01/17/34(b)

    580       631,868  

Vale SA, 5.63%, 09/11/42(b)

    1,176       1,034,666  
   

 

 

 
          71,031,515  
Leisure Time — 0.0%            

Brunswick Corp.

   

2.40%, 08/18/31 (Call 05/18/31)

    1,614       1,137,805  

4.40%, 09/15/32 (Call 06/15/32)

        2,465       1,938,323  

5.10%, 04/01/52 (Call 10/01/51)(b)

    1,415       933,995  

Harley-Davidson Inc.

   

3.50%, 07/28/25 (Call 04/28/25)

    2,585       2,457,138  

4.63%, 07/28/45 (Call 01/28/45)(b)

    1,524       1,056,113  
   

 

 

 
      7,523,374  
Lodging — 0.1%            

Choice Hotels International Inc.

   

3.70%, 12/01/29 (Call 09/01/29)

    2,496       2,042,154  

3.70%, 01/15/31 (Call 10/15/30)

    1,860       1,460,915  

Hyatt Hotels Corp.

   

4.38%, 09/15/28 (Call 06/15/28)

    2,280       2,088,800  

4.85%, 03/15/26 (Call 12/15/25)

    3,098       3,010,656  

5.38%, 04/23/25 (Call 03/23/25)

    2,503       2,470,852  

5.75%, 01/30/27 (Call 12/30/26)

    1,495       1,477,670  

5.75%, 04/23/30 (Call 01/23/30)

    2,252       2,139,486  

Marriott International Inc./MD

   

3.75%, 03/15/25 (Call 12/15/24)

    1,406       1,363,884  

3.75%, 10/01/25 (Call 07/01/25)

    1,605       1,541,226  

4.90%, 04/15/29 (Call 03/15/29)

    550       515,854  

5.00%, 10/15/27 (Call 09/15/27)

    3,170       3,061,114  

5.45%, 09/15/26 (Call 08/15/26)

    535       528,187  

5.55%, 10/15/28 (Call 09/15/28)

    1,965       1,914,125  

Series AA, 4.65%, 12/01/28 (Call 09/01/28)

    2,269       2,119,862  

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

    3,836       3,822,995  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    5,317       4,791,942  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

    2,409       1,910,978  

Series HH, 2.85%, 04/15/31 (Call 01/15/31)

    656       515,156  

Series II, 2.75%, 10/15/33 (Call 07/15/33)

    3,435       2,515,923  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

    4,108       3,833,989  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

    1,744       1,602,707  

Sands China Ltd.

   

2.55%, 03/08/27 (Call 02/08/27)(b)

    2,190       1,867,168  

3.10%, 03/08/29 (Call 01/08/29)

    2,260       1,814,879  

3.50%, 08/08/31 (Call 05/08/31)

    2,435       1,840,040  

4.30%, 01/08/26 (Call 12/08/25)

    485       450,038  

4.88%, 06/18/30 (Call 03/18/30)

    2,075       1,736,225  

Security  

Par

(000)

    Value  

Lodging (continued)

   

5.38%, 08/08/25 (Call 06/08/25)

  $ 225     $ 217,560  

5.65%, 08/08/28 (Call 05/08/28)

    2,590       2,392,085  
   

 

 

 
          55,046,470  
Machinery — 0.3%            

ABB Finance USA Inc.

   

3.80%, 04/03/28 (Call 01/03/28)

    800       755,193  

4.38%, 05/08/42

    260       210,815  

Caterpillar Financial Services Corp.

   

0.80%, 11/13/25

    1,004       914,330  

0.90%, 03/02/26

    1,165       1,050,427  

1.10%, 09/14/27

    2,056       1,751,296  

1.15%, 09/14/26

    3,190       2,834,007  

1.45%, 05/15/25

    1,200       1,129,341  

1.70%, 01/08/27(b)

    3,290       2,939,380  

2.15%, 11/08/24

    4,576       4,422,084  

2.40%, 08/09/26

    2,384       2,202,770  

3.25%, 12/01/24

        2,870       2,800,303  

3.40%, 05/13/25

    330       319,779  

3.60%, 08/12/27(b)

    3,635       3,406,531  

3.65%, 08/12/25

    3,120       3,022,449  

4.35%, 05/15/26

    4,340       4,230,878  

4.80%, 01/06/26

    500       493,173  

4.90%, 01/17/25

    3,845       3,822,372  

5.15%, 08/11/25

    5,198       5,168,028  

5.40%, 03/10/25

    395       395,534  

Caterpillar Inc.

   

1.90%, 03/12/31 (Call 12/12/30)(b)

    885       697,768  

2.60%, 09/19/29 (Call 06/19/29)(b)

    2,898       2,496,172  

2.60%, 04/09/30 (Call 01/09/30)

    3,945       3,317,628  

3.25%, 09/19/49 (Call 03/19/49)

    4,504       2,959,267  

3.25%, 04/09/50 (Call 10/09/49)

    5,077       3,317,972  

3.80%, 08/15/42

    6,818       5,152,650  

4.30%, 05/15/44 (Call 11/15/43)(b)

    2,122       1,721,454  

4.75%, 05/15/64 (Call 11/15/63)

    2,193       1,757,293  

5.20%, 05/27/41

    1,791       1,643,274  

5.30%, 09/15/35

    605       585,550  

6.05%, 08/15/36

    1,348       1,365,776  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    1,900       1,694,170  

1.88%, 01/15/26 (Call 12/15/25)

    1,800       1,651,814  

3.95%, 05/23/25

    2,075       2,011,622  

4.55%, 04/10/28 (Call 03/10/28)

    2,845       2,672,795  

5.45%, 10/14/25

    1,680       1,666,374  

5.50%, 01/12/29 (Call 12/12/28)

    1,640       1,587,984  

CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)

    3,220       2,967,552  

Deere & Co.

   

2.75%, 04/15/25 (Call 03/15/25)

    3,105       2,986,232  

2.88%, 09/07/49 (Call 03/07/49)

    2,130       1,322,129  

3.10%, 04/15/30 (Call 01/15/30)

    3,546       3,058,490  

3.75%, 04/15/50 (Call 10/15/49)(b)

    3,736       2,766,146  

3.90%, 06/09/42 (Call 12/09/41)

    4,469       3,496,377  

5.38%, 10/16/29

    1,720       1,716,048  

7.13%, 03/03/31

    775       839,906  

Dover Corp.

   

2.95%, 11/04/29 (Call 08/04/29)

    2,110       1,813,448  

3.15%, 11/15/25 (Call 08/15/25)

    2,506       2,383,650  

5.38%, 10/15/35

    142       134,028  

5.38%, 03/01/41 (Call 12/01/40)

    1,950       1,728,613  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Machinery (continued)

   

Flowserve Corp.

   

2.80%, 01/15/32 (Call 10/15/31)

  $ 2,270     $ 1,671,797  

3.50%, 10/01/30 (Call 07/01/30)

    2,308       1,859,451  

IDEX Corp.

   

2.63%, 06/15/31 (Call 03/15/31)

    2,310       1,799,582  

3.00%, 05/01/30 (Call 02/01/30)

    1,489       1,230,599  

John Deere Capital Corp.

   

0.70%, 01/15/26

    3,690       3,326,185  

1.05%, 06/17/26(b)

    2,170       1,939,441  

1.25%, 01/10/25

    2,035       1,936,017  

1.30%, 10/13/26

    2,070       1,848,392  

1.45%, 01/15/31

    3,130       2,346,732  

1.50%, 03/06/28

    1,857       1,570,154  

1.70%, 01/11/27

    2,470       2,195,471  

1.75%, 03/09/27

    2,386       2,112,844  

2.00%, 06/17/31

    3,104       2,387,148  

2.05%, 01/09/25

    3,275       3,146,502  

2.13%, 03/07/25

    685       654,716  

2.25%, 09/14/26

    2,226       2,050,788  

2.35%, 03/08/27(b)

    1,198       1,082,367  

2.45%, 01/09/30

    2,956       2,463,430  

2.65%, 06/10/26

    1,379       1,288,037  

2.80%, 09/08/27

    2,622       2,381,621  

2.80%, 07/18/29

    2,811       2,432,191  

3.05%, 01/06/28

    1,160       1,058,918  

3.35%, 04/18/29

    2,450       2,205,573  

3.40%, 06/06/25

    2,250       2,179,554  

3.40%, 09/11/25

    905       872,743  

3.45%, 03/13/25

    4,298       4,185,478  

3.45%, 03/07/29

    3,129       2,827,462  

3.90%, 06/07/32

    570       497,904  

4.05%, 09/08/25

    2,315       2,260,568  

4.15%, 09/15/27

    3,195       3,056,308  

4.35%, 09/15/32

    2,770       2,503,151  

4.70%, 06/10/30

    2,150       2,024,667  

4.75%, 06/08/26

    2,330       2,293,457  

4.75%, 01/20/28

    1,265       1,228,864  

4.80%, 01/09/26

    1,415       1,396,542  

4.85%, 10/11/29

    1,860       1,802,383  

4.90%, 03/03/28

    110       107,722  

4.95%, 06/06/25

    2,130       2,115,021  

4.95%, 07/14/28

    1,390       1,356,159  

5.05%, 03/03/26

    175       173,766  

5.15%, 03/03/25

    305       304,224  

nVent Finance Sarl

   

2.75%, 11/15/31 (Call 08/15/31)

    1,593       1,186,697  

4.55%, 04/15/28 (Call 01/15/28)

    2,704       2,510,609  

5.65%, 05/15/33 (Call 02/15/33)

    1,455       1,320,692  

Oshkosh Corp.

   

3.10%, 03/01/30 (Call 12/01/29)

    1,071       904,595  

4.60%, 05/15/28 (Call 02/15/28)

    1,688       1,600,789  

Otis Worldwide Corp.

   

2.06%, 04/05/25 (Call 03/05/25)

    5,349           5,069,867  

2.29%, 04/05/27 (Call 02/05/27)

    1,948       1,735,678  

2.57%, 02/15/30 (Call 11/15/29)

        6,656       5,414,628  

3.11%, 02/15/40 (Call 08/15/39)

    4,018       2,734,433  

3.36%, 02/15/50 (Call 08/15/49)

    2,481       1,562,988  

5.25%, 08/16/28 (Call 07/16/28)

    1,435       1,396,151  

Rockwell Automation Inc.

   

1.75%, 08/15/31 (Call 05/15/31)

    1,775       1,338,723  

2.80%, 08/15/61 (Call 02/15/61)

    2,213       1,185,976  

Security  

Par

(000)

    Value  

Machinery (continued)

   

2.88%, 03/01/25 (Call 12/01/24)

  $ 1,417     $ 1,368,470  

3.50%, 03/01/29 (Call 12/01/28)

    2,038       1,859,954  

4.20%, 03/01/49 (Call 09/01/48)

    2,683       2,061,175  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)(b)

    2,694       2,564,568  

3.45%, 11/15/26 (Call 08/15/26)

    4,033       3,741,314  

4.70%, 09/15/28 (Call 06/15/28)

    5,235       4,880,882  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)

    3,137       2,678,482  

2.25%, 01/30/31 (Call 10/30/30)

    2,913       2,252,038  

3.25%, 11/01/26 (Call 08/01/26)

    3,083       2,866,705  

4.38%, 11/01/46 (Call 05/01/46)

    1,185       855,981  
   

 

 

 
      232,646,196  
Machinery - Diversified — 0.0%            

Ingersoll Rand Inc.

   

5.40%, 08/14/28 (Call 07/14/28)

    555       540,796  

5.70%, 08/14/33 (Call 05/14/33)

    290       274,029  

John Deere Capital Corp.

   

5.15%, 09/08/26

    805       800,715  

5.15%, 09/08/33

    695       660,510  

5.30%, 09/08/25

    1,635       1,632,226  

Nordson Corp.

   

5.60%, 09/15/28 (Call 08/15/28)

    700       686,388  

5.80%, 09/15/33 (Call 06/15/33)

    1,005       956,353  
   

 

 

 
          5,551,017  
Manufacturing — 0.1%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

    3,153       2,996,473  

2.25%, 09/19/26 (Call 06/19/26)(b)

    3,270       2,962,449  

2.38%, 08/26/29 (Call 05/26/29)(b)

    4,555       3,718,643  

2.65%, 04/15/25 (Call 03/15/25)(b)

    2,285       2,176,898  

2.88%, 10/15/27 (Call 07/15/27)(b)

    3,918       3,528,152  

3.00%, 08/07/25

    2,008       1,912,904  

3.05%, 04/15/30 (Call 01/15/30)(b)

    1,905       1,608,456  

3.13%, 09/19/46 (Call 03/19/46)(b)

    2,107       1,280,806  

3.25%, 08/26/49 (Call 02/26/49)(b)

    3,808       2,238,251  

3.38%, 03/01/29 (Call 12/01/28)

    3,758       3,303,513  

3.63%, 09/14/28 (Call 06/14/28)

    3,040       2,758,004  

3.63%, 10/15/47 (Call 04/15/47)

    1,961       1,266,841  

3.70%, 04/15/50 (Call 10/15/49)(b)

    2,627       1,739,718  

3.88%, 06/15/44

    1,420       982,288  

4.00%, 09/14/48 (Call 03/14/48)(b)

    4,435       3,111,384  

5.70%, 03/15/37(b)

        1,982       1,905,764  

Carlisle Companies Inc.

   

2.20%, 03/01/32 (Call 12/01/31)

    1,160       849,348  

2.75%, 03/01/30 (Call 12/01/29)

    3,829       3,095,945  

3.50%, 12/01/24 (Call 10/01/24)

    2,062       2,000,100  

3.75%, 12/01/27 (Call 09/01/27)

    1,565       1,434,981  

Eaton Corp.

   

3.10%, 09/15/27 (Call 06/15/27)

    3,092       2,836,412  

3.92%, 09/15/47 (Call 03/15/47)

    2,509       1,813,121  

4.00%, 11/02/32

    3,239       2,828,064  

4.15%, 03/15/33 (Call 12/15/32)

    3,155       2,774,411  

4.15%, 11/02/42

    2,849       2,211,248  

4.35%, 05/18/28 (Call 04/18/28)

    725       691,313  

4.70%, 08/23/52 (Call 02/23/52)

    1,645       1,335,826  

GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)

    4,157       3,733,395  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 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

  $ 430     $ 409,108  

4.42%, 11/15/35

    3,001       2,611,990  

General Electric Co.

   

4.35%, 05/01/50 (Call 11/01/49)(b)

    765       576,077  

4.50%, 03/11/44

    280       223,159  

5.88%, 01/14/38

    915       893,673  

6.75%, 03/15/32

    400       424,291  

6.88%, 01/10/39

    780       834,875  

Illinois Tool Works Inc.

   

2.65%, 11/15/26 (Call 08/15/26)

    6,049       5,581,033  

3.90%, 09/01/42 (Call 03/01/42)

    1,892       1,456,826  

4.88%, 09/15/41 (Call 03/15/41)

    2,130       1,870,087  

Parker-Hannifin Corp.

   

3.25%, 03/01/27 (Call 12/01/26)(b)

    4,196       3,883,875  

3.25%, 06/14/29 (Call 03/14/29)

    3,353       2,945,373  

3.30%, 11/21/24 (Call 08/21/24)

    1,107       1,075,597  

4.00%, 06/14/49 (Call 12/14/48)

    3,486       2,493,769  

4.10%, 03/01/47 (Call 09/01/46)

    2,111       1,542,941  

4.20%, 11/21/34 (Call 05/21/34)

    1,830       1,548,637  

4.25%, 09/15/27 (Call 08/15/27)

    2,610       2,473,765  

4.45%, 11/21/44 (Call 05/21/44)

    2,247       1,737,047  

4.50%, 09/15/29 (Call 07/15/29)

    3,578       3,328,603  

6.25%, 05/15/38

    1,326       1,287,959  

Pentair Finance Sarl

   

4.50%, 07/01/29 (Call 04/01/29)

    2,283       2,065,675  

5.90%, 07/15/32 (Call 04/15/32)

    1,150       1,093,588  

Teledyne Technologies Inc.

   

1.60%, 04/01/26 (Call 03/01/26)

    1,090       984,449  

2.25%, 04/01/28 (Call 02/01/28)

    1,085       926,305  

2.75%, 04/01/31 (Call 01/01/31)

    2,455       1,935,192  

Textron Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

    2,503       1,950,423  

3.00%, 06/01/30 (Call 03/01/30)

    1,420       1,170,189  

3.38%, 03/01/28 (Call 12/01/27)

    1,478       1,329,373  

3.65%, 03/15/27 (Call 12/15/26)

    1,930       1,795,929  

3.88%, 03/01/25 (Call 12/01/24)

    1,230       1,196,139  

3.90%, 09/17/29 (Call 06/17/29)

    1,739       1,546,758  

4.00%, 03/15/26 (Call 12/15/25)

    2,044       1,955,730  
   

 

 

 
          118,243,143  
Media — 0.7%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    5,201       4,213,530  

2.30%, 02/01/32 (Call 11/01/31)

    4,065       2,905,825  

2.80%, 04/01/31 (Call 01/01/31)

    6,519       5,002,661  

3.50%, 06/01/41 (Call 12/01/40)

    5,642       3,398,566  

3.50%, 03/01/42 (Call 09/01/41)

    5,045       2,979,549  

3.70%, 04/01/51 (Call 10/01/50)

    7,629       4,176,316  

3.75%, 02/15/28 (Call 11/15/27)

    4,896       4,371,064  

3.85%, 04/01/61 (Call 10/01/60)

    6,705       3,544,891  

3.90%, 06/01/52 (Call 12/01/51)

    8,960       5,074,792  

3.95%, 06/30/62 (Call 12/30/61)

    4,855       2,597,687  

4.20%, 03/15/28 (Call 12/15/27)

    5,373       4,893,255  

4.40%, 04/01/33 (Call 01/01/33)(b)

    4,030       3,338,690  

4.40%, 12/01/61 (Call 06/01/61)

    4,373       2,544,422  

4.80%, 03/01/50 (Call 09/01/49)

    10,231       6,742,586  

4.91%, 07/23/25 (Call 04/23/25)

        17,787       17,391,623  

5.05%, 03/30/29 (Call 12/30/28)

    5,318       4,920,858  
Security  

Par

(000)

    Value  

Media (continued)

   

5.13%, 07/01/49 (Call 01/01/49)

  $ 4,655     $ 3,219,886  

5.25%, 04/01/53 (Call 10/01/52)(b)

    5,510       3,910,005  

5.38%, 04/01/38 (Call 10/01/37)

    4,403       3,482,951  

5.38%, 05/01/47 (Call 11/01/46)

    9,133       6,594,056  

5.50%, 04/01/63 (Call 10/01/62)

    3,460       2,440,868  

5.75%, 04/01/48 (Call 10/01/47)

    8,976       6,861,015  

6.38%, 10/23/35 (Call 04/23/35)

    8,205       7,419,858  

6.48%, 10/23/45 (Call 04/23/45)

    12,679           10,694,406  

6.83%, 10/23/55 (Call 04/23/55)

    1,728       1,451,740  

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    6,410       4,742,152  

1.95%, 01/15/31 (Call 10/15/30)

    5,331       4,084,626  

2.35%, 01/15/27 (Call 10/15/26)

    4,381       3,957,550  

2.45%, 08/15/52 (Call 02/15/52)

    5,895       2,967,370  

2.65%, 02/01/30 (Call 11/01/29)

    6,253       5,187,782  

2.65%, 08/15/62 (Call 02/15/62)

    4,759       2,316,725  

2.80%, 01/15/51 (Call 07/15/50)

    6,899       3,768,990  

2.89%, 11/01/51 (Call 05/01/51)

    14,420       7,953,261  

2.94%, 11/01/56 (Call 05/01/56)

    15,786       8,360,613  

2.99%, 11/01/63 (Call 05/01/63)

    14,543       7,474,191  

3.15%, 03/01/26 (Call 12/01/25)

    9,959       9,451,259  

3.15%, 02/15/28 (Call 11/15/27)

    6,520       5,907,009  

3.20%, 07/15/36 (Call 01/15/36)

    4,270       3,150,966  

3.25%, 11/01/39 (Call 05/01/39)

    3,252       2,239,935  

3.30%, 02/01/27 (Call 11/01/26)

    4,771       4,437,900  

3.30%, 04/01/27 (Call 02/01/27)

    3,009       2,786,464  

3.38%, 08/15/25 (Call 05/15/25)

    7,005       6,742,644  

3.40%, 04/01/30 (Call 01/01/30)

    6,300       5,451,921  

3.40%, 07/15/46 (Call 01/15/46)

    2,847       1,828,217  

3.45%, 02/01/50 (Call 08/01/49)

    6,705       4,248,314  

3.55%, 05/01/28 (Call 02/01/28)

    3,886       3,560,687  

3.75%, 04/01/40 (Call 10/01/39)

    7,054       5,183,070  

3.90%, 03/01/38 (Call 09/01/37)

    5,219       4,046,687  

3.95%, 10/15/25 (Call 08/15/25)

    6,502       6,307,560  

3.97%, 11/01/47 (Call 05/01/47)

    5,082       3,562,490  

4.00%, 08/15/47 (Call 02/15/47)

    4,217       2,972,284  

4.00%, 03/01/48 (Call 09/01/47)

    4,861       3,428,502  

4.00%, 11/01/49 (Call 05/01/49)

    7,418       5,184,681  

4.05%, 11/01/52 (Call 05/01/52)

    4,219       2,936,437  

4.15%, 10/15/28 (Call 07/15/28)

    9,514       8,888,002  

4.20%, 08/15/34 (Call 02/15/34)

    5,110       4,318,310  

4.25%, 10/15/30 (Call 07/15/30)

    5,564       5,030,073  

4.25%, 01/15/33

    7,721       6,751,057  

4.40%, 08/15/35 (Call 02/15/35)

    4,349       3,697,598  

4.55%, 01/15/29 (Call 12/15/28)

    3,920       3,721,457  

4.60%, 10/15/38 (Call 04/15/38)

    4,305       3,573,304  

4.60%, 08/15/45 (Call 02/15/45)

    3,976       3,109,792  

4.65%, 02/15/33 (Call 11/15/32)

    5,155       4,661,939  

4.65%, 07/15/42

    3,642       2,929,897  

4.70%, 10/15/48 (Call 04/15/48)

    7,633       6,088,844  

4.75%, 03/01/44

    2,684       2,158,793  

4.80%, 05/15/33 (Call 02/15/33)

    3,795       3,461,138  

4.95%, 10/15/58 (Call 04/15/58)

    3,834       3,086,217  

5.25%, 11/07/25

    1,960       1,950,320  

5.35%, 11/15/27 (Call 10/15/27)

    2,860       2,836,428  

5.35%, 05/15/53 (Call 11/15/52)

    4,240       3,647,202  

5.50%, 11/15/32 (Call 08/15/32)

    3,735       3,596,303  

5.50%, 05/15/64 (Call 11/15/63)

    4,395       3,750,325  

5.65%, 06/15/35

        4,431       4,222,938  

6.45%, 03/15/37

    325       326,021  

6.50%, 11/15/35

    4,352       4,442,530  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Media (continued)

   

6.55%, 07/01/39

  $ 1,675     $ 1,676,997  

6.95%, 08/15/37

    1,700       1,774,803  

7.05%, 03/15/33

    2,802       2,979,188  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    1,456       1,401,161  

3.63%, 05/15/30 (Call 02/15/30)

    3,847       3,201,912  

3.90%, 11/15/24 (Call 08/15/24)

    2,158       2,097,660  

3.95%, 06/15/25 (Call 03/15/25)

    2,018       1,944,085  

3.95%, 03/20/28 (Call 12/20/27)

    6,985       6,303,463  

4.00%, 09/15/55 (Call 03/15/55)

    7,323       4,202,869  

4.13%, 05/15/29 (Call 02/15/29)

    2,678       2,358,240  

4.65%, 05/15/50 (Call 11/15/49)

    4,268       2,809,249  

4.88%, 04/01/43

    836       594,259  

4.90%, 03/11/26 (Call 12/11/25)(b)

    3,755       3,654,021  

5.00%, 09/20/37 (Call 03/20/37)

    4,500       3,535,122  

5.20%, 09/20/47 (Call 03/20/47)

    6,705       4,802,405  

5.30%, 05/15/49 (Call 11/15/48)

    4,687       3,379,395  

6.35%, 06/01/40

    1,096       953,144  

FactSet Research Systems Inc.

   

2.90%, 03/01/27 (Call 02/01/27)

    1,540       1,391,743  

3.45%, 03/01/32 (Call 12/01/31)

    1,905       1,539,554  

Fox Corp.

   

3.05%, 04/07/25 (Call 03/07/25)

    4,114       3,947,516  

3.50%, 04/08/30 (Call 01/08/30)

    2,763       2,342,838  

4.71%, 01/25/29 (Call 10/25/28)

    8,027       7,502,762  

5.48%, 01/25/39 (Call 07/25/38)

    4,446       3,677,516  

5.58%, 01/25/49 (Call 07/25/48)

    5,543       4,368,126  

6.50%, 10/13/33 (Call 07/13/33)

    1,610       1,572,527  

Grupo Televisa SAB

   

5.00%, 05/13/45 (Call 11/13/44)

    355       266,979  

5.25%, 05/24/49 (Call 11/24/48)

    120       93,607  

6.13%, 01/31/46 (Call 07/31/45)(b)

    3,683       3,205,976  

6.63%, 01/15/40

    3,006       2,824,679  

8.50%, 03/11/32(b)

    2,090       2,304,955  

NBCUniversal Media LLC

   

4.45%, 01/15/43

    4,113       3,191,841  

5.95%, 04/01/41

    2,791       2,631,733  

6.40%, 04/30/40

    352       348,235  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)

    2,267       1,990,549  

3.38%, 02/15/28 (Call 11/15/27)

    2,544       2,177,090  

3.70%, 06/01/28 (Call 03/01/28)

    2,500       2,154,946  

4.00%, 01/15/26 (Call 10/15/25)

    3,377       3,204,201  

4.20%, 06/01/29 (Call 03/01/29)

    2,010       1,704,499  

4.20%, 05/19/32 (Call 02/19/32)(b)

    4,345       3,353,143  

4.38%, 03/15/43

    3,646       2,183,961  

4.60%, 01/15/45 (Call 07/15/44)

    2,667       1,598,401  

4.75%, 05/15/25 (Call 04/15/25)

    2,789       2,725,839  

4.85%, 07/01/42 (Call 01/01/42)

    2,177       1,390,417  

4.90%, 08/15/44 (Call 02/15/44)

    2,526       1,585,719  

4.95%, 01/15/31 (Call 10/15/30)(b)

    4,725       3,945,384  

4.95%, 05/19/50 (Call 11/19/49)

    3,908       2,473,075  

5.25%, 04/01/44 (Call 10/01/43)

    1,705       1,112,111  

5.50%, 05/15/33

    2,322       1,946,719  

5.85%, 09/01/43 (Call 03/01/43)

    3,224       2,329,866  

5.90%, 10/15/40 (Call 04/15/40)

    1,962       1,451,118  

6.88%, 04/30/36

    3,526       3,031,899  

7.88%, 07/30/30

        3,321           3,269,223  

TCI Communications Inc.

   

7.13%, 02/15/28(b)

    3,107       3,269,267  

7.88%, 02/15/26

    3,478       3,631,591  

Security  

Par

(000)

    Value  

Media (continued)

   

Thomson Reuters Corp.

   

3.35%, 05/15/26 (Call 02/15/26)

  $ 3,338     $ 3,133,928  

5.50%, 08/15/35

    1,572       1,450,084  

5.65%, 11/23/43 (Call 05/23/43)(b)

    1,276       1,086,021  

5.85%, 04/15/40

    2,329       2,089,901  

Time Warner Cable Enterprises LLC, 8.38%, 07/15/33

    3,928       4,090,304  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    5,151       3,383,641  

5.50%, 09/01/41 (Call 03/01/41)

    5,089       3,813,578  

5.88%, 11/15/40 (Call 05/15/40)

    5,493       4,333,532  

6.55%, 05/01/37

    6,572       5,775,015  

6.75%, 06/15/39

    6,216       5,420,054  

7.30%, 07/01/38

    6,161       5,753,117  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26

    4,803       4,366,630  

2.95%, 06/15/27(b)

    4,204       3,879,960  

3.00%, 02/13/26

    5,495       5,185,871  

3.00%, 07/30/46

    2,219       1,333,355  

3.15%, 09/17/25

    3,692       3,534,672  

3.70%, 12/01/42

    2,726       1,950,094  

4.13%, 06/01/44

    3,582       2,687,721  

4.38%, 08/16/41

    1,720       1,353,769  

Series B, 7.00%, 03/01/32

    3,032       3,233,384  

Series E, 4.13%, 12/01/41

    3,168       2,413,451  

Walt Disney Co. (The)

   

1.75%, 01/13/26

    5,892       5,439,851  

2.00%, 09/01/29 (Call 06/01/29)

    9,022       7,393,161  

2.20%, 01/13/28

    2,182       1,920,635  

2.65%, 01/13/31

    8,763       7,109,645  

2.75%, 09/01/49 (Call 03/01/49)

    7,827       4,376,657  

3.35%, 03/24/25

    4,813       4,662,771  

3.38%, 11/15/26 (Call 08/15/26)

    1,784       1,675,039  

3.50%, 05/13/40 (Call 11/13/39)

    6,847       4,920,690  

3.60%, 01/13/51 (Call 07/13/50)

        10,307       6,809,829  

3.70%, 10/15/25 (Call 07/15/25)

    3,817       3,689,762  

3.70%, 03/23/27

    3,516       3,330,605  

3.80%, 03/22/30

    4,339       3,867,158  

3.80%, 05/13/60 (Call 11/13/59)

    3,897       2,540,463  

4.63%, 03/23/40 (Call 09/23/39)

    1,981       1,664,668  

4.70%, 03/23/50 (Call 09/23/49)(b)

    5,555       4,495,233  

4.75%, 09/15/44 (Call 03/15/44)

    2,484       2,027,636  

4.75%, 11/15/46 (Call 05/15/46)

    1,798       1,449,448  

4.95%, 10/15/45 (Call 04/15/45)

    1,766       1,459,347  

5.40%, 10/01/43

    2,892       2,579,267  

6.15%, 03/01/37

    210       207,176  

6.15%, 02/15/41

    1,467       1,430,389  

6.20%, 12/15/34

    4,260       4,317,380  

6.40%, 12/15/35

    4,789       4,871,465  

6.55%, 03/15/33

    1,145       1,187,371  

6.65%, 11/15/37

    4,112       4,276,507  

7.75%, 12/01/45

    1,235       1,430,540  
   

 

 

 
          643,468,228  
Metal Fabricate & Hardware — 0.0%            

Precision Castparts Corp.

   

3.25%, 06/15/25 (Call 03/15/25)

    4,279       4,126,858  

3.90%, 01/15/43 (Call 07/15/42)

    2,900       2,159,664  

4.38%, 06/15/45 (Call 12/15/44)

    1,108       855,771  

Timken Co. (The)

   

4.13%, 04/01/32 (Call 01/01/32)

    1,710       1,426,654  

4.50%, 12/15/28 (Call 09/15/28)

    2,260       2,084,856  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Metal Fabricate & Hardware (continued)

   

Valmont Industries Inc.

   

5.00%, 10/01/44 (Call 04/01/44)

  $ 1,724     $ 1,331,426  

5.25%, 10/01/54 (Call 04/01/54)

    1,354       1,026,638  
   

 

 

 
      13,011,867  
Mining — 0.2%            

AngloGold Ashanti Holdings PLC

   

3.38%, 11/01/28 (Call 09/01/28)

    1,910       1,579,448  

3.75%, 10/01/30 (Call 07/01/30)

    1,188       930,828  

Barrick Gold Corp.

   

5.25%, 04/01/42

    225       194,988  

6.45%, 10/15/35

    1,196       1,183,982  

Barrick North America Finance LLC

   

5.70%, 05/30/41

    3,268       2,997,319  

5.75%, 05/01/43

    3,392       3,120,486  

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39

    3,433       3,212,801  

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42

    2,806       2,192,787  

4.75%, 02/28/28 (Call 01/28/28)

    3,225       3,111,652  

4.88%, 02/27/26

    2,765       2,721,375  

4.90%, 02/28/33 (Call 11/28/32)

    1,445       1,335,746  

5.00%, 09/30/43

    9,778       8,433,269  

5.10%, 09/08/28 (Call 08/08/28)

    4,400       4,290,130  

5.25%, 09/08/26

    4,400       4,360,715  

5.25%, 09/08/30 (Call 07/08/30)

    4,410       4,242,387  

5.25%, 09/08/33 (Call 06/08/33)

    4,580       4,302,400  

5.50%, 09/08/53 (Call 03/08/53)

    690       626,833  

6.42%, 03/01/26

    1,940       1,970,093  

Freeport-McMoRan Inc.

   

4.13%, 03/01/28 (Call 12/01/23)

    2,862       2,599,969  

4.25%, 03/01/30 (Call 03/01/25)

    2,581       2,238,843  

4.38%, 08/01/28 (Call 12/01/23)

    2,936       2,663,770  

4.55%, 11/14/24 (Call 08/14/24)

    3,945       3,873,381  

4.63%, 08/01/30 (Call 08/01/25)(b)

    3,171       2,800,142  

5.00%, 09/01/27 (Call 12/01/23)

    3,253       3,081,434  

5.25%, 09/01/29 (Call 09/01/24)

    3,175       2,990,033  

5.40%, 11/14/34 (Call 05/14/34)

    3,121       2,755,731  

5.45%, 03/15/43 (Call 09/15/42)

        6,740           5,540,679  

Kinross Gold Corp.

   

4.50%, 07/15/27 (Call 04/15/27)

    2,769       2,610,965  

6.25%, 07/15/33 (Call 04/15/33)(e)

    110       104,758  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

    4,258       3,330,655  

2.60%, 07/15/32 (Call 04/15/32)

    3,945       3,017,640  

2.80%, 10/01/29 (Call 07/01/29)

    3,162       2,650,810  

4.88%, 03/15/42 (Call 09/15/41)

    2,613       2,149,922  

5.45%, 06/09/44 (Call 12/09/43)

    3,067       2,643,396  

5.88%, 04/01/35

    2,840       2,738,467  

6.25%, 10/01/39

    2,731       2,635,979  

Rio Tinto Alcan Inc.

   

5.75%, 06/01/35

    1,968       1,865,970  

6.13%, 12/15/33

    3,228       3,220,235  

7.25%, 03/15/31

    2,903       3,102,192  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)

    4,565       2,541,147  

5.20%, 11/02/40

    3,754       3,362,617  

7.13%, 07/15/28

    3,186       3,376,427  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    2,864       2,202,262  

4.75%, 03/22/42 (Call 09/22/41)

    2,425       2,052,872  

5.00%, 03/09/33 (Call 12/09/32)(b)

    2,315       2,168,121  
Security  

Par

(000)

    Value  

Mining (continued)

   

5.13%, 03/09/53 (Call 09/09/52)

  $ 2,880     $ 2,479,947  

Southern Copper Corp.

   

3.88%, 04/23/25

    3,504       3,388,098  

5.25%, 11/08/42

    5,907       4,911,369  

5.88%, 04/23/45

    2,673       2,380,374  

6.75%, 04/16/40

    5,676       5,602,788  

7.50%, 07/27/35

    4,083       4,314,330  

Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)

    1,145       868,231  
   

 

 

 
          149,070,793  
Multi-National — 0.1%            

African Development Bank, 4.38%, 03/14/28

    2,445       2,384,030  

Asian Development Bank

   

3.75%, 04/25/28

    5,850       5,559,716  

3.88%, 06/14/33

    680       618,619  

4.00%, 01/12/33

    13,075       12,048,528  

4.25%, 01/09/26

    2,092       2,054,645  

4.50%, 08/25/28

    5,450       5,336,831  

4.63%, 06/13/25

    20       19,800  

Asian Infrastructure Investment Bank (The)

   

3.75%, 09/14/27

    890       851,834  

4.00%, 01/18/28

    5,285       5,057,809  

4.88%, 09/14/26

    55       54,696  

Corp. Andina de Fomento, 2.25%, 02/08/27

    2,125       1,900,461  

Council Of Europe Development Bank, 3.75%, 05/25/26

    5,265       5,097,235  

European Investment Bank

   

3.63%, 07/15/30

    5,585       5,145,003  

3.88%, 03/15/28

    2,685       2,572,329  

4.50%, 10/16/28(b)

    685       671,982  

Inter-American Development Bank

   

3.50%, 04/12/33

    7,205       6,359,438  

4.00%, 01/12/28

    1,991       1,915,348  

4.50%, 05/15/26(b)

    1,285       1,267,756  

4.50%, 09/13/33

    420       400,491  

International Bank for Reconstruction & Development

   

3.50%, 07/12/28

        12,320       11,565,941  

3.88%, 02/14/30

    9,440       8,843,313  

4.00%, 07/25/30

    1,560       1,466,106  

4.63%, 08/01/28

    645       635,178  

International Finance Corp., 4.50%, 07/13/28

    200       196,291  

Nordic Investment Bank, 5.00%, 10/15/25

    90       89,779  
   

 

 

 
      82,113,159  
Office & Business Equipment — 0.0%            

CDW LLC/CDW Finance Corp.

   

2.67%, 12/01/26 (Call 11/01/26)

    5,230       4,686,053  

3.25%, 02/15/29 (Call 12/01/23)

    3,269       2,774,416  

3.28%, 12/01/28 (Call 10/01/28)

    2,635       2,256,769  

3.57%, 12/01/31 (Call 09/01/31)

    4,760       3,832,489  

4.13%, 05/01/25 (Call 12/01/23)

    3,720       3,592,315  

4.25%, 04/01/28 (Call 12/01/23)

    3,267       2,969,401  

5.50%, 12/01/24 (Call 06/01/24)

    5,588       5,533,964  
   

 

 

 
      25,645,407  
Oil & Gas — 0.9%            

Apache Corp.

   

4.25%, 01/15/30 (Call 10/15/29)

    755       660,723  

4.38%, 10/15/28 (Call 07/15/28)

    290       258,941  

4.75%, 04/15/43 (Call 10/15/42)

    965       679,006  

5.10%, 09/01/40 (Call 03/01/40)

    1,135       882,886  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

5.25%, 02/01/42 (Call 08/01/41)

  $ 100     $ 75,898  

5.35%, 07/01/49 (Call 01/01/49)

    695       504,905  

6.00%, 01/15/37

        1,315           1,164,582  

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)

    3,816       2,955,633  

2.72%, 01/12/32 (Call 10/12/31)

    7,990       6,341,360  

2.77%, 11/10/50 (Call 05/10/50)

    4,985       2,782,608  

2.94%, 06/04/51 (Call 12/04/50)

    8,835       5,094,239  

3.00%, 02/24/50 (Call 08/24/49)

    7,955       4,698,297  

3.00%, 03/17/52 (Call 09/17/51)

    4,590       2,670,528  

3.02%, 01/16/27 (Call 10/16/26)

    3,966       3,662,398  

3.06%, 06/17/41 (Call 12/17/40)

    5,820       3,857,835  

3.12%, 05/04/26 (Call 02/04/26)

    4,514       4,260,890  

3.38%, 02/08/61 (Call 08/08/60)

    7,465       4,451,680  

3.41%, 02/11/26 (Call 12/11/25)

    4,839       4,612,936  

3.54%, 04/06/27 (Call 02/06/27)

    2,459       2,304,075  

3.59%, 04/14/27 (Call 01/14/27)

    2,618       2,454,755  

3.63%, 04/06/30 (Call 01/06/30)

    4,347       3,838,732  

3.80%, 09/21/25 (Call 07/21/25)

    5,179       5,030,395  

3.94%, 09/21/28 (Call 06/21/28)

    4,418       4,104,834  

4.23%, 11/06/28 (Call 08/06/28)

    6,255       5,874,333  

4.81%, 02/13/33 (Call 11/13/32)

    2,845       2,600,084  

4.89%, 09/11/33 (Call 06/11/33)

    2,975       2,724,666  

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

    6,230       5,747,021  

3.72%, 11/28/28 (Call 08/28/28)

    5,832       5,344,373  

Burlington Resources LLC

   

5.95%, 10/15/36

    120       118,700  

7.20%, 08/15/31

    190       204,359  

7.40%, 12/01/31

    275       299,872  

Canadian Natural Resources Ltd.

   

2.05%, 07/15/25 (Call 06/15/25)

    3,526       3,293,416  

2.95%, 07/15/30 (Call 04/15/30)

    2,665       2,172,649  

3.85%, 06/01/27 (Call 03/01/27)

    4,776       4,429,724  

3.90%, 02/01/25 (Call 11/01/24)

    3,060       2,974,374  

4.95%, 06/01/47 (Call 12/01/46)

    3,258       2,554,883  

5.85%, 02/01/35

    1,705       1,569,994  

6.25%, 03/15/38

    3,813       3,563,741  

6.45%, 06/30/33

    1,895       1,846,574  

6.50%, 02/15/37

    2,234       2,126,266  

6.75%, 02/01/39

    1,805       1,745,217  

7.20%, 01/15/32

    1,695       1,749,883  

Cenovus Energy Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    1,606       1,217,206  

3.75%, 02/15/52 (Call 08/15/51)(b)

    4,160       2,606,603  

4.25%, 04/15/27 (Call 01/15/27)(b)

    960       905,267  

5.25%, 06/15/37 (Call 12/15/36)

    970       830,482  

5.40%, 06/15/47 (Call 12/15/46)

    1,264       1,039,375  

6.75%, 11/15/39(b)

    750       725,695  

Chevron Corp.

   

1.55%, 05/11/25 (Call 04/11/25)

    10,263       9,684,872  

2.00%, 05/11/27 (Call 03/11/27)

    4,700       4,204,171  

2.24%, 05/11/30 (Call 02/11/30)

    6,059       4,964,194  

2.95%, 05/16/26 (Call 02/16/26)

    9,117       8,619,114  

3.08%, 05/11/50 (Call 11/11/49)

    4,976       3,123,669  

3.33%, 11/17/25 (Call 08/17/25)

    3,659       3,515,026  

Chevron USA Inc.

   

0.69%, 08/12/25 (Call 07/12/25)

    3,966       3,653,360  

1.02%, 08/12/27 (Call 06/12/27)

    3,844       3,293,766  

2.34%, 08/12/50 (Call 02/12/50)

    4,198       2,224,121  

3.25%, 10/15/29 (Call 07/15/29)

    2,941       2,611,530  
Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

3.85%, 01/15/28 (Call 10/15/27)

  $ 3,421     $ 3,236,936  

3.90%, 11/15/24 (Call 08/15/24)

    3,301       3,243,995  

5.25%, 11/15/43 (Call 05/15/43)

    620       556,622  

6.00%, 03/01/41 (Call 09/01/40)

    665       667,852  

CNOOC Finance 2013 Ltd.

   

2.88%, 09/30/29 (Call 06/30/29)(b)

    1,249       1,083,923  

3.30%, 09/30/49 (Call 03/30/49)

    1,315       806,188  

4.25%, 05/09/43

        3,599           2,745,817  

CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45(b)

    500       372,505  

CNOOC Finance 2015 USA LLC

   

3.50%, 05/05/25

    4,520       4,374,724  

4.38%, 05/02/28

    3,922       3,744,674  

CNOOC Petroleum North America ULC

   

5.88%, 03/10/35

    1,913       1,845,415  

6.40%, 05/15/37

    3,637       3,636,363  

7.50%, 07/30/39

    1,006       1,097,495  

7.88%, 03/15/32

    1,846       2,059,747  

Conoco Funding Co., 7.25%, 10/15/31

    1,589       1,713,160  

ConocoPhillips Co.

   

2.40%, 03/07/25 (Call 11/13/23)

    562       538,400  

3.76%, 03/15/42 (Call 09/15/41)

    11,980       8,693,820  

3.80%, 03/15/52 (Call 09/15/51)

    2,280       1,554,145  

4.03%, 03/15/62 (Call 09/15/61)

    10,382       7,043,892  

4.30%, 11/15/44 (Call 05/15/44)

    1,985       1,526,198  

4.88%, 10/01/47 (Call 04/01/47)

    233       191,918  

5.05%, 09/15/33 (Call 06/15/33)

    2,695       2,511,688  

5.30%, 05/15/53 (Call 11/15/52)

    2,565       2,214,783  

5.55%, 03/15/54 (Call 09/15/53)

    1,785       1,598,126  

5.70%, 09/15/63 (Call 03/15/63)

    1,985       1,789,790  

5.90%, 10/15/32

    1,881       1,893,967  

5.90%, 05/15/38

    492       476,668  

5.95%, 03/15/46 (Call 09/15/45)

    765       720,493  

6.50%, 02/01/39

    589       608,871  

6.95%, 04/15/29

    1,285       1,370,687  

Continental Resources Inc./OK

   

4.38%, 01/15/28 (Call 10/15/27)

    4,630       4,265,551  

4.90%, 06/01/44 (Call 12/01/43)

    3,265       2,308,757  

Coterra Energy Inc.

   

3.90%, 05/15/27 (Call 02/15/27)

    3,588       3,344,785  

4.38%, 03/15/29 (Call 12/15/28)

    2,925       2,677,688  

Devon Energy Corp.

   

4.50%, 01/15/30 (Call 01/15/25)

    3,275       2,915,658  

4.75%, 05/15/42 (Call 11/15/41)

    3,393       2,588,243  

5.00%, 06/15/45 (Call 12/15/44)

    3,252       2,511,985  

5.25%, 10/15/27 (Call 11/13/23)

    3,390       3,278,169  

5.60%, 07/15/41 (Call 01/15/41)

    4,317       3,664,985  

5.85%, 12/15/25 (Call 09/15/25)

    3,695       3,671,124  

5.88%, 06/15/28 (Call 11/13/23)

    2,270       2,237,355  

7.88%, 09/30/31

    1,377       1,472,735  

7.95%, 04/15/32

    1,445       1,564,656  

Diamondback Energy Inc.

   

3.13%, 03/24/31 (Call 12/24/30)

    3,507       2,874,059  

3.25%, 12/01/26 (Call 10/01/26)

    5,811       5,416,255  

3.50%, 12/01/29 (Call 09/01/29)

    2,883       2,523,460  

4.25%, 03/15/52 (Call 09/15/51)

    3,024       2,075,989  

4.40%, 03/24/51 (Call 09/24/50)

    2,690       1,915,538  

6.25%, 03/15/33 (Call 12/15/32)

    3,315       3,271,500  

6.25%, 03/15/53 (Call 09/15/52)

    2,605       2,411,094  

Eni USA Inc., 7.30%, 11/15/27

    910       950,964  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

EOG Resources Inc.

   

3.15%, 04/01/25 (Call 01/01/25)

  $ 1,429     $ 1,377,662  

3.90%, 04/01/35 (Call 10/01/34)

    3,153       2,588,131  

4.15%, 01/15/26 (Call 10/15/25)

    6,042       5,852,304  

4.38%, 04/15/30 (Call 01/15/30)

    3,269       3,029,969  

4.95%, 04/15/50 (Call 10/15/49)

    3,301       2,778,385  

EQT Corp.

   

3.90%, 10/01/27 (Call 07/01/27)

        6,041           5,553,335  

5.00%, 01/15/29 (Call 07/15/28)

    1,795       1,681,062  

5.70%, 04/01/28 (Call 03/01/28)

    2,120       2,061,994  

6.13%, 02/01/25 (Call 01/01/25)

    3,440       3,429,714  

7.00%, 02/01/30 (Call 11/01/29)

    2,845       2,877,703  

Equinor ASA

   

1.75%, 01/22/26 (Call 12/22/25)

    901       831,751  

2.38%, 05/22/30 (Call 02/22/30)

    4,772       3,929,173  

2.88%, 04/06/25 (Call 03/06/25)

    4,088       3,942,684  

3.00%, 04/06/27 (Call 02/06/27)

    2,226       2,055,243  

3.13%, 04/06/30 (Call 01/06/30)(b)

    5,646       4,923,862  

3.25%, 11/10/24

    83       80,935  

3.25%, 11/18/49 (Call 05/18/49)

    3,909       2,483,071  

3.63%, 09/10/28 (Call 06/10/28)

    4,221       3,910,002  

3.63%, 04/06/40 (Call 10/06/39)

    2,099       1,558,235  

3.70%, 04/06/50 (Call 10/06/49)

    3,905       2,707,871  

3.95%, 05/15/43

    3,552       2,687,136  

4.25%, 11/23/41

    2,330       1,853,196  

4.80%, 11/08/43

    3,025       2,544,668  

5.10%, 08/17/40

    3,102       2,781,610  

7.25%, 09/23/27

    1,020       1,077,699  

Exxon Mobil Corp.

   

2.28%, 08/16/26 (Call 06/16/26)

    5,070       4,683,518  

2.44%, 08/16/29 (Call 05/16/29)

    6,381       5,443,090  

2.61%, 10/15/30 (Call 07/15/30)(b)

    6,235       5,176,069  

2.71%, 03/06/25 (Call 12/06/24)

    4,635       4,470,655  

2.99%, 03/19/25 (Call 02/19/25)

    12,323       11,922,342  

3.00%, 08/16/39 (Call 02/16/39)

    5,800       4,035,023  

3.04%, 03/01/26 (Call 12/01/25)(b)

    9,871       9,376,663  

3.10%, 08/16/49 (Call 02/16/49)

    7,066       4,384,465  

3.29%, 03/19/27 (Call 01/19/27)

    3,070       2,883,475  

3.45%, 04/15/51 (Call 10/15/50)

    6,488       4,263,186  

3.48%, 03/19/30 (Call 12/19/29)

    4,644       4,119,897  

3.57%, 03/06/45 (Call 09/06/44)

    3,397       2,382,487  

4.11%, 03/01/46 (Call 09/01/45)

    11,341       8,649,927  

4.23%, 03/19/40 (Call 09/19/39)

    5,711       4,643,771  

4.33%, 03/19/50 (Call 09/19/49)

    9,820       7,618,734  

Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)

    1,210       929,253  

Hess Corp.

   

4.30%, 04/01/27 (Call 01/01/27)

    6,157       5,892,370  

5.60%, 02/15/41

    4,978       4,618,388  

5.80%, 04/01/47 (Call 10/01/46)

    2,029       1,915,346  

6.00%, 01/15/40

    3,138       3,025,726  

7.13%, 03/15/33

    2,382       2,567,119  

7.30%, 08/15/31

    2,589       2,802,255  

7.88%, 10/01/29

    1,162       1,275,885  

HF Sinclair Corp.

   

4.50%, 10/01/30 (Call 07/01/30)

    1,257       1,072,891  

5.88%, 04/01/26 (Call 01/01/26)

    4,101       4,044,488  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    4,883       4,574,179  

5.20%, 06/01/45 (Call 12/01/44)

    2,591       1,999,997  

6.60%, 10/01/37

    3,578       3,415,975  
Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

6.80%, 03/15/32

  $ 2,424     $ 2,443,618  

Marathon Petroleum Corp.

   

3.80%, 04/01/28 (Call 01/01/28)

    2,793       2,549,471  

4.50%, 04/01/48 (Call 10/01/47)(b)

    3,232       2,320,207  

4.70%, 05/01/25 (Call 04/01/25)

    6,095       5,967,377  

4.75%, 09/15/44 (Call 03/15/44)

    3,941       2,985,302  

5.00%, 09/15/54 (Call 03/15/54)

    2,528       1,865,473  

5.13%, 12/15/26 (Call 09/15/26)

    4,479       4,382,575  

6.50%, 03/01/41 (Call 09/01/40)

    2,226       2,111,673  

Occidental Petroleum Corp.

   

4.20%, 03/15/48 (Call 09/15/47)

    540       366,870  

4.40%, 04/15/46 (Call 10/15/45)

    1,557       1,116,531  

5.50%, 12/01/25 (Call 09/01/25)

    450       445,123  

5.55%, 03/15/26 (Call 12/15/25)

    1,230       1,213,276  

5.88%, 09/01/25 (Call 06/01/25)

    400       398,645  

6.13%, 01/01/31 (Call 07/01/30)

    5,090       4,961,943  

6.20%, 03/15/40

    340       316,082  

6.38%, 09/01/28 (Call 03/01/28)

    25       25,168  

6.45%, 09/15/36

    7,320       7,110,204  

6.60%, 03/15/46 (Call 09/15/45)(b)

    1,050       1,009,059  

6.63%, 09/01/30 (Call 03/01/30)

    6,465       6,488,750  

7.50%, 05/01/31

    1,775       1,861,218  

7.88%, 09/15/31

    442       472,735  

7.95%, 06/15/39

    745       795,826  

8.50%, 07/15/27 (Call 01/15/27)

    725       772,548  

8.88%, 07/15/30 (Call 01/15/30)

        3,490           3,875,994  

Ovintiv Inc.

   

5.38%, 01/01/26 (Call 10/01/25)

    3,154       3,099,718  

5.65%, 05/15/25

    2,805       2,789,871  

5.65%, 05/15/28 (Call 04/15/28)

    2,315       2,248,559  

6.25%, 07/15/33 (Call 04/15/33)

    1,865       1,770,124  

6.50%, 08/15/34

    2,629       2,514,551  

6.50%, 02/01/38

    1,965       1,823,091  

6.63%, 08/15/37

    1,990       1,865,501  

7.10%, 07/15/53 (Call 01/15/53)

    1,730       1,646,320  

7.20%, 11/01/31

    1,565       1,577,113  

7.38%, 11/01/31

    1,695       1,743,791  

8.13%, 09/15/30

    1,300       1,391,785  

Patterson-UTI Energy Inc.

   

5.15%, 11/15/29 (Call 08/15/29)

    130       116,065  

7.15%, 10/01/33 (Call 07/01/33)

    30       29,260  

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)

    2,844       2,568,448  

2.15%, 12/15/30 (Call 09/15/30)

    2,935       2,267,415  

3.30%, 03/15/52 (Call 09/15/51)

    4,685       2,759,916  

3.85%, 04/09/25 (Call 03/09/25)

    4,621       4,492,099  

3.90%, 03/15/28 (Call 12/15/27)

    2,406       2,229,981  

4.65%, 11/15/34 (Call 05/15/34)

    4,806       4,179,278  

4.88%, 11/15/44 (Call 05/15/44)

    4,398       3,610,947  

5.30%, 06/30/33 (Call 03/30/33)

    1,730       1,612,599  

5.88%, 05/01/42

    4,814       4,497,089  

Phillips 66 Co.

   

3.15%, 12/15/29 (Call 09/15/29)

    3,251       2,772,862  

3.55%, 10/01/26 (Call 07/01/26)

    2,340       2,197,054  

3.61%, 02/15/25 (Call 11/15/24)

    1,587       1,540,786  

3.75%, 03/01/28 (Call 12/01/27)

    2,741       2,521,016  

4.68%, 02/15/45 (Call 08/15/44)

    3,225       2,472,928  

4.90%, 10/01/46 (Call 04/01/46)

    2,827       2,220,226  

4.95%, 12/01/27 (Call 11/01/27)

    3,100       3,011,729  

Pioneer Natural Resources Co.

   

1.13%, 01/15/26 (Call 12/15/25)(b)

    790       717,109  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

1.90%, 08/15/30 (Call 05/15/30)

  $ 5,865     $ 4,586,341  

2.15%, 01/15/31 (Call 10/15/30)

    1,110       872,527  

5.10%, 03/29/26

        2,625           2,595,933  

Shell International Finance BV

   

2.00%, 11/07/24 (Call 10/07/24)(b)

    6,180       5,963,855  

2.38%, 11/07/29 (Call 08/07/29)

    5,611       4,696,992  

2.50%, 09/12/26

    6,220       5,761,191  

2.75%, 04/06/30 (Call 01/06/30)

    2,613       2,210,288  

2.88%, 05/10/26

    7,852       7,393,575  

2.88%, 11/26/41 (Call 05/26/41)

    2,675       1,735,370  

3.00%, 11/26/51 (Call 05/26/51)

    4,345       2,560,078  

3.13%, 11/07/49 (Call 05/07/49)

    5,198       3,195,371  

3.25%, 05/11/25

    11,751       11,375,322  

3.25%, 04/06/50 (Call 10/06/49)

    7,488       4,728,533  

3.63%, 08/21/42

    2,553       1,846,962  

3.75%, 09/12/46

    5,086       3,558,888  

3.88%, 11/13/28 (Call 08/13/28)

    4,205       3,917,022  

4.00%, 05/10/46

    8,399       6,179,997  

4.13%, 05/11/35

    7,373       6,292,447  

4.38%, 05/11/45

    10,648       8,324,861  

4.55%, 08/12/43

    3,473       2,819,515  

5.50%, 03/25/40

    4,015       3,748,684  

6.38%, 12/15/38

    9,301       9,512,726  

Suncor Energy Inc.

   

3.75%, 03/04/51 (Call 09/04/50)

    1,543       979,533  

4.00%, 11/15/47 (Call 05/15/47)

    3,812       2,556,475  

5.95%, 12/01/34

    1,890       1,771,136  

6.50%, 06/15/38

    3,565       3,425,770  

6.80%, 05/15/38

    4,272       4,202,321  

6.85%, 06/01/39

    3,616       3,528,675  

7.15%, 02/01/32

    1,822       1,881,370  

Tosco Corp., 8.13%, 02/15/30

    2,375       2,622,104  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    6,131       5,911,957  

2.83%, 01/10/30 (Call 10/10/29)

    5,309       4,529,388  

2.99%, 06/29/41 (Call 12/29/40)

    2,858       1,886,652  

3.13%, 05/29/50 (Call 11/29/49)

    8,561       5,235,159  

3.39%, 06/29/60 (Call 12/29/59)

    1,045       634,853  

3.45%, 02/19/29 (Call 11/19/28)

    5,229       4,731,906  

3.46%, 07/12/49 (Call 01/12/49)

    5,425       3,591,201  

TotalEnergies Capital SA, 3.88%, 10/11/28

    4,502       4,179,786  

Valero Energy Corp.

   

2.15%, 09/15/27 (Call 07/15/27)

    1,540       1,346,166  

2.80%, 12/01/31 (Call 09/01/31)

    1,320       1,023,435  

3.40%, 09/15/26 (Call 06/15/26)

    115       107,730  

3.65%, 12/01/51 (Call 06/01/51)

    3,685       2,242,184  

4.00%, 04/01/29 (Call 01/01/29)

    285       260,123  

4.00%, 06/01/52 (Call 12/01/51)

    1,500       974,908  

4.35%, 06/01/28 (Call 03/01/28)(b)

    3,136       2,937,676  

4.90%, 03/15/45(b)

    2,921       2,293,656  

6.63%, 06/15/37

    5,195       5,103,747  

7.50%, 04/15/32

    2,763       2,935,108  
   

 

 

 
      783,063,093  
Oil & Gas Services — 0.1%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

    3,889       3,389,000  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

2.06%, 12/15/26 (Call 11/15/26)

    3,905       3,500,546  

3.14%, 11/07/29 (Call 08/07/29)

    2,081       1,783,134  

3.34%, 12/15/27 (Call 09/15/27)

    6,151       5,604,098  

4.08%, 12/15/47 (Call 06/15/47)

    5,713       4,072,094  
Security  

Par

(000)

    Value  

Oil & Gas Services (continued)

   

4.49%, 05/01/30 (Call 02/01/30)

  $ 2,119     $ 1,949,035  

Halliburton Co.

   

2.92%, 03/01/30 (Call 12/01/29)

        1,683           1,411,891  

3.80%, 11/15/25 (Call 08/15/25)

    2,061       1,995,381  

4.50%, 11/15/41 (Call 05/15/41)

    2,240       1,730,991  

4.75%, 08/01/43 (Call 02/01/43)

    4,615       3,664,111  

4.85%, 11/15/35 (Call 05/15/35)

    4,907       4,316,134  

5.00%, 11/15/45 (Call 05/15/45)

    5,511       4,528,075  

6.70%, 09/15/38

    3,296       3,448,455  

7.45%, 09/15/39

    4,446       4,835,715  

NOV Inc.

   

3.60%, 12/01/29 (Call 09/01/29)

    3,057       2,640,472  

3.95%, 12/01/42 (Call 06/01/42)

    4,836       3,252,302  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

    3,755       3,481,754  

Schlumberger Investment SA

   

2.65%, 06/26/30 (Call 03/26/30)

    3,408       2,822,276  

4.50%, 05/15/28 (Call 04/15/28)

    1,675       1,603,979  

4.85%, 05/15/33 (Call 02/15/33)(b)

    1,630       1,500,826  
   

 

 

 
      61,530,269  
Packaging & Containers — 0.1%            

Amcor Finance USA Inc.

   

3.63%, 04/28/26 (Call 01/28/26)

    2,439       2,298,325  

4.50%, 05/15/28 (Call 02/15/28)(b)

    1,410       1,318,882  

5.63%, 05/26/33 (Call 02/26/33)

    2,055       1,913,651  

Amcor Flexibles North America Inc.

   

2.63%, 06/19/30 (Call 03/19/30)

    2,590       2,043,197  

2.69%, 05/25/31 (Call 02/25/31)

    3,185       2,463,108  

4.00%, 05/17/25 (Call 04/17/25)

    1,860       1,802,528  

AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)

    1,060       863,485  

Berry Global Inc.

   

1.57%, 01/15/26 (Call 12/15/25)

    3,936       3,557,727  

1.65%, 01/15/27 (Call 12/15/26)

    3,080       2,655,438  

5.50%, 04/15/28 (Call 03/15/28)(e)

    641       614,049  

Packaging Corp. of America

   

3.00%, 12/15/29 (Call 09/15/29)

    1,144       965,506  

3.05%, 10/01/51 (Call 04/01/51)

    1,385       781,307  

3.40%, 12/15/27 (Call 09/15/27)

    1,464       1,338,131  

4.05%, 12/15/49 (Call 06/15/49)

    2,387       1,636,081  

Sonoco Products Co.

   

1.80%, 02/01/25 (Call 11/13/23)

    2,417       2,293,632  

2.25%, 02/01/27 (Call 01/01/27)

    2,960       2,608,159  

2.85%, 02/01/32 (Call 11/01/31)

    2,438       1,893,424  

3.13%, 05/01/30 (Call 02/01/30)

    2,420       2,003,962  

5.75%, 11/01/40 (Call 05/01/40)(b)

    135       119,943  

WestRock MWV LLC

   

7.95%, 02/15/31

    1,653       1,787,563  

8.20%, 01/15/30

    531       577,570  

WRKCo Inc.

   

3.00%, 06/15/33 (Call 03/15/33)

    2,475       1,892,066  

3.38%, 09/15/27 (Call 06/15/27)

    1,541       1,395,196  

3.75%, 03/15/25 (Call 01/15/25)

    2,669       2,583,849  

3.90%, 06/01/28 (Call 03/01/28)

    2,676       2,429,767  

4.00%, 03/15/28 (Call 12/15/27)

    3,131       2,873,383  

4.20%, 06/01/32 (Call 03/01/32)

    1,966       1,713,482  

4.65%, 03/15/26 (Call 01/15/26)

    4,182       4,051,350  

4.90%, 03/15/29 (Call 12/15/28)

    3,474       3,285,296  
   

 

 

 
      55,760,057  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pharmaceuticals — 1.3%

   

AbbVie Inc.

   

2.60%, 11/21/24 (Call 10/21/24)

  $ 13,865     $ 13,400,548  

2.95%, 11/21/26 (Call 09/21/26)

    7,952       7,362,563  

3.20%, 05/14/26 (Call 02/14/26)

    8,473       7,986,631  

3.20%, 11/21/29 (Call 08/21/29)

        19,289           16,810,280  

3.60%, 05/14/25 (Call 02/14/25)

    14,524       14,049,590  

3.80%, 03/15/25 (Call 12/15/24)

    11,956       11,640,416  

4.05%, 11/21/39 (Call 05/21/39)

    13,526       10,554,106  

4.25%, 11/14/28 (Call 08/14/28)

    5,111       4,812,618  

4.25%, 11/21/49 (Call 05/21/49)

    19,608       14,704,528  

4.30%, 05/14/36 (Call 11/14/35)

    5,640       4,782,749  

4.40%, 11/06/42

    9,627       7,629,930  

4.45%, 05/14/46 (Call 11/14/45)

    7,688       5,983,254  

4.50%, 05/14/35 (Call 11/14/34)

    7,806       6,821,281  

4.55%, 03/15/35 (Call 09/15/34)

    7,357       6,462,971  

4.63%, 10/01/42 (Call 04/01/42)

    1,973       1,597,038  

4.70%, 05/14/45 (Call 11/14/44)

    9,983       8,100,357  

4.75%, 03/15/45 (Call 09/15/44)

    3,554       2,909,730  

4.85%, 06/15/44 (Call 12/15/43)

    4,153       3,469,455  

4.88%, 11/14/48 (Call 05/14/48)

    6,815       5,631,676  

Astrazeneca Finance LLC

   

1.20%, 05/28/26 (Call 04/28/26)

    5,640       5,071,152  

1.75%, 05/28/28 (Call 03/28/28)

    5,374       4,568,630  

2.25%, 05/28/31 (Call 02/28/31)

    2,287       1,799,797  

4.88%, 03/03/28 (Call 02/03/28)

    4,790       4,675,268  

4.88%, 03/03/33 (Call 12/03/32)

    3,424       3,217,682  

4.90%, 03/03/30 (Call 01/03/30)

    3,690       3,538,905  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)

    5,255       4,698,364  

1.38%, 08/06/30 (Call 05/06/30)

    6,366       4,844,897  

2.13%, 08/06/50 (Call 02/06/50)

    3,529       1,813,683  

3.00%, 05/28/51 (Call 11/28/50)

    3,910       2,409,947  

3.13%, 06/12/27 (Call 03/12/27)

    3,826       3,538,791  

3.38%, 11/16/25

    8,301       7,970,939  

4.00%, 01/17/29 (Call 10/17/28)

    2,940       2,737,515  

4.00%, 09/18/42

    3,469       2,691,599  

4.38%, 11/16/45

    2,589       2,057,617  

4.38%, 08/17/48 (Call 02/17/48)

    2,597       2,058,928  

6.45%, 09/15/37

    10,777       11,200,486  

Becton Dickinson and Co.

   

1.96%, 02/11/31 (Call 11/11/30)

    4,730       3,600,035  

2.82%, 05/20/30 (Call 02/20/30)

    3,237       2,664,811  

3.70%, 06/06/27 (Call 03/06/27)

    6,173       5,747,280  

3.73%, 12/15/24 (Call 09/15/24)

    2,977       2,904,148  

3.79%, 05/20/50 (Call 11/20/49)

    2,067       1,390,790  

4.30%, 08/22/32 (Call 05/22/32)

    2,145       1,882,978  

4.67%, 06/06/47 (Call 12/06/46)

    3,462       2,725,724  

4.69%, 02/13/28 (Call 01/13/28)

    3,890       3,722,376  

4.69%, 12/15/44 (Call 06/15/44)

    5,160       4,120,847  

Bristol-Myers Squibb Co.

   

0.75%, 11/13/25 (Call 10/13/25)

    1,806       1,646,765  

1.13%, 11/13/27 (Call 09/13/27)

    2,261       1,920,522  

1.45%, 11/13/30 (Call 08/13/30)

    2,925       2,204,370  

2.35%, 11/13/40 (Call 05/13/40)

    1,609       966,149  

2.55%, 11/13/50 (Call 05/13/50)

    7,247       3,860,336  

2.95%, 03/15/32 (Call 12/15/31)

    3,215       2,612,606  

3.20%, 06/15/26 (Call 04/15/26)

    8,736       8,275,712  

3.25%, 02/27/27

    505       472,897  

3.25%, 08/01/42

    3,363       2,270,030  

3.40%, 07/26/29 (Call 04/26/29)

    7,547       6,770,803  

3.45%, 11/15/27 (Call 08/15/27)

    2,435       2,262,092  
Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

3.55%, 03/15/42 (Call 09/15/41)

  $ 3,165     $ 2,241,287  

3.70%, 03/15/52 (Call 09/15/51)

    7,440       4,994,860  

3.90%, 02/20/28 (Call 11/20/27)

    10,178       9,561,289  

3.90%, 03/15/62 (Call 09/15/61)

    3,452       2,257,325  

4.13%, 06/15/39 (Call 12/15/38)

    10,981       8,708,468  

4.25%, 10/26/49 (Call 04/26/49)

        13,672           10,178,840  

4.35%, 11/15/47 (Call 05/15/47)

    5,114       3,891,235  

4.50%, 03/01/44 (Call 09/01/43)

    75       59,879  

4.55%, 02/20/48 (Call 08/20/47)

    5,556       4,374,370  

4.63%, 05/15/44 (Call 11/15/43)

    945       766,166  

5.00%, 08/15/45 (Call 02/15/45)

    220       186,977  

5.75%, 02/01/31 (Call 12/01/30)

    3,625       3,607,498  

5.90%, 11/15/33 (Call 08/15/33)

    2,665       2,649,954  

6.25%, 11/15/53 (Call 05/15/53)

    2,255       2,231,719  

6.40%, 11/15/63 (Call 05/15/63)

    2,275       2,261,129  

Cardinal Health Inc.

   

3.41%, 06/15/27 (Call 03/15/27)

    2,615       2,395,887  

3.50%, 11/15/24 (Call 08/15/24)

    2,179       2,121,832  

3.75%, 09/15/25 (Call 06/15/25)

    2,587       2,482,165  

4.37%, 06/15/47 (Call 12/15/46)

    2,029       1,460,628  

4.50%, 11/15/44 (Call 05/15/44)

    1,385       1,008,289  

4.60%, 03/15/43

    1,635       1,246,625  

4.90%, 09/15/45 (Call 03/15/45)

    1,642       1,257,832  

Cencora Inc.

   

2.70%, 03/15/31 (Call 12/15/30)

    3,490       2,763,706  

2.80%, 05/15/30 (Call 02/15/30)(b)

    1,467       1,205,213  

3.25%, 03/01/25 (Call 12/01/24)

    2,167       2,097,845  

3.45%, 12/15/27 (Call 09/15/27)

    4,834       4,452,218  

4.25%, 03/01/45 (Call 09/01/44)(b)

    2,180       1,590,796  

4.30%, 12/15/47 (Call 06/15/47)

    2,150       1,571,533  

Cigna Group (The)

   

1.25%, 03/15/26 (Call 02/15/26)

    3,150       2,833,761  

2.38%, 03/15/31 (Call 12/15/30)

    2,931       2,282,965  

2.40%, 03/15/30 (Call 12/15/29)

    8,040       6,490,189  

3.05%, 10/15/27 (Call 07/15/27)

    2,959       2,674,015  

3.20%, 03/15/40 (Call 09/15/39)

    2,365       1,601,996  

3.25%, 04/15/25 (Call 01/15/25)

    4,664       4,497,048  

3.40%, 03/01/27 (Call 12/01/26)

    5,751       5,330,764  

3.40%, 03/15/50 (Call 09/15/49)

    5,677       3,511,550  

3.40%, 03/15/51 (Call 09/15/50)

    3,430       2,113,585  

3.88%, 10/15/47 (Call 04/15/47)

    4,981       3,391,876  

4.13%, 11/15/25 (Call 09/15/25)

    8,985       8,705,418  

4.38%, 10/15/28 (Call 07/15/28)

    12,253       11,452,393  

4.50%, 02/25/26 (Call 11/27/25)

    5,670       5,501,736  

4.80%, 08/15/38 (Call 02/15/38)

    9,424       7,976,637  

4.80%, 07/15/46 (Call 01/16/46)

    3,844       3,051,052  

4.90%, 12/15/48 (Call 06/15/48)

    10,608       8,474,162  

5.40%, 03/15/33 (Call 12/15/32)

    3,275       3,095,257  

5.69%, 03/15/26 (Call 03/15/24)

    75       74,722  

6.13%, 11/15/41

    2,353       2,253,462  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    9,621       8,115,154  

1.75%, 08/21/30 (Call 05/21/30)

    5,355       4,044,243  

1.88%, 02/28/31 (Call 11/28/30)

    5,650       4,198,686  

2.13%, 09/15/31 (Call 06/15/31)

    4,580       3,408,765  

2.70%, 08/21/40 (Call 02/21/40)

    4,874       2,947,258  

2.88%, 06/01/26 (Call 03/01/26)

    6,825       6,338,552  

3.00%, 08/15/26 (Call 06/15/26)

    4,100       3,800,962  

3.25%, 08/15/29 (Call 05/15/29)

    7,753       6,695,330  

3.63%, 04/01/27 (Call 02/01/27)

    4,453       4,134,095  

3.75%, 04/01/30 (Call 01/01/30)

    3,968       3,450,216  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

3.88%, 07/20/25 (Call 04/20/25)

  $ 11,858     $ 11,470,418  

4.10%, 03/25/25 (Call 01/25/25)

    4,593       4,496,001  

4.13%, 04/01/40 (Call 10/01/39)

    3,836       2,837,379  

4.25%, 04/01/50 (Call 10/01/49)

    3,068       2,125,809  

4.30%, 03/25/28 (Call 12/25/27)

    12,660       11,860,272  

4.78%, 03/25/38 (Call 09/25/37)

    17,230       14,240,464  

4.88%, 07/20/35 (Call 01/20/35)

    3,774       3,257,088  

5.00%, 02/20/26 (Call 01/20/26)

    3,991       3,913,276  

5.00%, 01/30/29 (Call 12/30/28)

    3,930       3,759,105  

5.05%, 03/25/48 (Call 09/25/47)

        28,854           22,716,250  

5.13%, 02/21/30 (Call 12/21/29)

    4,115       3,872,582  

5.13%, 07/20/45 (Call 01/20/45)

    11,889       9,483,226  

5.25%, 01/30/31 (Call 11/30/30)

    2,745       2,583,830  

5.25%, 02/21/33 (Call 11/21/32)

    5,056       4,661,995  

5.30%, 06/01/33 (Call 03/01/33)

    4,941       4,557,082  

5.30%, 12/05/43 (Call 06/05/43)

    2,823       2,338,114  

5.63%, 02/21/53 (Call 08/21/52)

    4,615       3,909,606  

5.88%, 06/01/53 (Call 12/01/52)(b)

    4,755       4,160,564  

6.00%, 06/01/63 (Call 12/01/62)

    1,215       1,050,789  

6.13%, 09/15/39

    2,573       2,398,510  

6.25%, 06/01/27

    1,470       1,490,013  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)

    5,892       3,134,462  

2.50%, 09/15/60 (Call 03/15/60)

    2,540       1,287,234  

2.75%, 06/01/25 (Call 03/01/25)

    4,010       3,850,783  

3.10%, 05/15/27 (Call 02/15/27)

    5,454       5,075,816  

3.38%, 03/15/29 (Call 12/15/28)

    5,725       5,210,980  

3.70%, 03/01/45 (Call 09/01/44)

    75       54,790  

3.95%, 05/15/47 (Call 11/15/46)

    1,458       1,116,778  

3.95%, 03/15/49 (Call 09/15/48)

    555       417,933  

4.15%, 03/15/59 (Call 09/15/58)

    1,265       940,721  

4.70%, 02/27/33 (Call 11/27/32)

    2,835       2,659,056  

4.88%, 02/27/53 (Call 08/27/52)

    2,994       2,591,615  

4.95%, 02/27/63 (Call 08/27/62)

    1,860       1,581,145  

5.00%, 02/27/26 (Call 02/27/24)

    125       124,663  

5.50%, 03/15/27

    390       394,262  

5.55%, 03/15/37

    1,930       1,903,685  

GlaxoSmithKline Capital Inc.

   

3.63%, 05/15/25

    5,262       5,121,188  

3.88%, 05/15/28

    7,788       7,300,209  

4.20%, 03/18/43

    2,784       2,226,334  

5.38%, 04/15/34

    2,536       2,488,222  

6.38%, 05/15/38

    7,783       8,092,834  

GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)

    4,358       3,925,845  

Johnson & Johnson

   

0.55%, 09/01/25 (Call 08/01/25)

    2,697       2,477,058  

0.95%, 09/01/27 (Call 07/01/27)

    2,926       2,502,432  

1.30%, 09/01/30 (Call 06/01/30)(b)

    3,263       2,520,253  

2.10%, 09/01/40 (Call 03/01/40)

    3,846       2,335,531  

2.25%, 09/01/50 (Call 03/01/50)(b)

    3,211       1,726,160  

2.45%, 03/01/26 (Call 12/01/25)

    4,620       4,338,002  

2.45%, 09/01/60 (Call 03/01/60)

    4,023       2,072,181  

2.63%, 01/15/25 (Call 11/15/24)

    4,519       4,381,141  

2.90%, 01/15/28 (Call 10/15/27)

    7,406       6,779,543  

2.95%, 03/03/27 (Call 12/03/26)

    5,275       4,915,012  

3.40%, 01/15/38 (Call 07/15/37)

    4,525       3,515,634  

3.50%, 01/15/48 (Call 07/15/47)

    3,025       2,142,775  

3.55%, 03/01/36 (Call 09/01/35)

    4,551       3,721,287  

3.63%, 03/03/37 (Call 09/03/36)

    6,496       5,267,307  

3.70%, 03/01/46 (Call 09/01/45)

    6,854       5,043,542  
Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

3.75%, 03/03/47 (Call 09/03/46)

  $ 3,751     $ 2,775,629  

4.38%, 12/05/33 (Call 06/05/33)

    3,973       3,695,864  

4.50%, 09/01/40

    2,417       2,084,818  

4.50%, 12/05/43 (Call 06/05/43)

    1,993       1,704,224  

4.85%, 05/15/41

    1,292       1,158,281  

4.95%, 05/15/33(b)

    794       774,277  

5.85%, 07/15/38

    3,703       3,776,156  

5.95%, 08/15/37

    3,684       3,780,241  

6.95%, 09/01/29

    1,343       1,460,075  

McKesson Corp.

   

0.90%, 12/03/25 (Call 11/03/25)

        2,565           2,325,160  

1.30%, 08/15/26 (Call 07/15/26)

    3,182       2,821,698  

3.95%, 02/16/28 (Call 11/16/27)

    2,392       2,253,135  

4.90%, 07/15/28 (Call 06/15/28)

    1,036       1,005,141  

5.10%, 07/15/33 (Call 04/15/33)

    1,150       1,069,167  

5.25%, 02/15/26 (Call 02/15/24)

    1,390       1,374,387  

Mead Johnson Nutrition Co.

   

4.13%, 11/15/25 (Call 08/15/25)

    5,036       4,882,578  

4.60%, 06/01/44 (Call 12/01/43)

    2,798       2,224,709  

5.90%, 11/01/39

    845       795,100  

Merck & Co. Inc.

   

0.75%, 02/24/26 (Call 01/24/26)

    4,642       4,180,965  

1.45%, 06/24/30 (Call 03/24/30)

    2,409       1,850,839  

1.70%, 06/10/27 (Call 05/10/27)

    7,315       6,447,782  

1.90%, 12/10/28 (Call 10/10/28)

    5,249       4,441,594  

2.15%, 12/10/31 (Call 09/10/31)

    8,090       6,234,307  

2.35%, 06/24/40 (Call 12/24/39)

    3,911       2,426,212  

2.45%, 06/24/50 (Call 12/24/49)

    5,315       2,852,702  

2.75%, 02/10/25 (Call 11/10/24)

    11,096       10,733,303  

2.75%, 12/10/51 (Call 06/10/51)

    4,640       2,616,266  

2.90%, 12/10/61 (Call 06/10/61)

    5,646       3,032,859  

3.40%, 03/07/29 (Call 12/07/28)

    7,741       6,998,644  

3.60%, 09/15/42 (Call 03/15/42)

    2,665       1,944,581  

3.70%, 02/10/45 (Call 08/10/44)

    8,039       5,762,755  

3.90%, 03/07/39 (Call 09/07/38)

    4,425       3,514,225  

4.00%, 03/07/49 (Call 09/07/48)

    5,878       4,338,802  

4.05%, 05/17/28 (Call 04/17/28)(b)

    2,235       2,127,694  

4.15%, 05/18/43

    4,302       3,373,353  

4.30%, 05/17/30 (Call 03/17/30)

    3,944       3,653,529  

4.50%, 05/17/33 (Call 02/17/33)

    2,015       1,831,580  

4.90%, 05/17/44 (Call 11/17/43)

    2,080       1,799,280  

5.00%, 05/17/53 (Call 11/17/52)

    5,615       4,795,877  

5.15%, 05/17/63 (Call 11/17/62)

    1,805       1,537,515  

6.50%, 12/01/33

    1,848       1,941,161  

6.55%, 09/15/37

    730       761,890  

Merck Sharp & Dohme Corp.

   

5.75%, 11/15/36

    855       840,691  

5.95%, 12/01/28

    1,489       1,522,903  

Mylan Inc.

   

4.55%, 04/15/28 (Call 01/15/28)

    3,735       3,403,598  

5.20%, 04/15/48 (Call 10/15/47)

    2,660       1,827,177  

5.40%, 11/29/43 (Call 05/29/43)

    1,974       1,449,732  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

    5,240       5,002,579  

2.00%, 02/14/27 (Call 12/14/26)

    6,966       6,269,321  

2.20%, 08/14/30 (Call 05/14/30)

    2,128       1,730,241  

2.75%, 08/14/50 (Call 02/14/50)

    4,728       2,807,580  

3.00%, 11/20/25 (Call 08/20/25)

    6,076       5,792,769  

3.10%, 05/17/27 (Call 02/17/27)

    2,375       2,203,213  

3.70%, 09/21/42

    2,170       1,620,609  

4.00%, 11/20/45 (Call 05/20/45)

    4,631       3,541,127  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

4.40%, 05/06/44

  $ 6,818     $ 5,564,879  

Pfizer Inc.

   

0.80%, 05/28/25 (Call 04/28/25)

    5,242       4,875,263  

1.70%, 05/28/30 (Call 02/28/30)

    4,266       3,359,686  

1.75%, 08/18/31 (Call 05/18/31)

    4,360       3,290,921  

2.55%, 05/28/40 (Call 11/28/39)

    4,510       2,862,275  

2.63%, 04/01/30 (Call 01/01/30)

    5,123       4,278,060  

2.70%, 05/28/50 (Call 11/28/49)

    3,430       1,989,020  

2.75%, 06/03/26

    5,158       4,832,113  

3.00%, 12/15/26

    7,980       7,431,193  

3.45%, 03/15/29 (Call 12/15/28)

    7,163       6,504,649  

3.60%, 09/15/28 (Call 06/15/28)(b)

    3,083       2,849,745  

3.90%, 03/15/39 (Call 09/15/38)

    3,908       3,057,076  

4.00%, 12/15/36

    3,472       2,885,488  

4.00%, 03/15/49 (Call 09/15/48)

    5,807       4,302,011  

4.10%, 09/15/38 (Call 03/15/38)

    3,637       2,934,159  

4.13%, 12/15/46

    3,172       2,400,697  

4.20%, 09/15/48 (Call 03/15/48)

    2,800       2,145,620  

4.30%, 06/15/43

    2,688       2,129,868  

4.40%, 05/15/44

    4,134       3,346,913  

5.60%, 09/15/40

    2,669       2,501,529  

7.20%, 03/15/39

        9,293           10,211,141  

Pfizer Investment Enterprises Pte Ltd.

   

4.45%, 05/19/26 (Call 04/19/26)

    13,075       12,762,484  

4.45%, 05/19/28 (Call 04/19/28)

    13,290       12,697,688  

4.65%, 05/19/30 (Call 03/19/30)

    3,550       3,337,764  

4.75%, 05/19/33 (Call 02/19/33)

    18,821       17,274,273  

5.11%, 05/19/43 (Call 11/19/42)

    3,365       2,953,512  

5.30%, 05/19/53 (Call 11/19/52)

    27,440       24,006,073  

5.34%, 05/19/63 (Call 11/19/62)

    6,520       5,585,486  

Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25

    12,835       12,672,572  

Pharmacia LLC, 6.60%, 12/01/28

    3,939       4,104,823  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

    6,306       5,884,429  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

    11,818       11,002,003  

Takeda Pharmaceutical Co. Ltd.

   

2.05%, 03/31/30 (Call 12/31/29)

    9,778       7,730,071  

3.03%, 07/09/40 (Call 01/09/40)

    5,831       3,834,040  

3.18%, 07/09/50 (Call 01/09/50)

    7,600       4,505,684  

3.38%, 07/09/60 (Call 01/09/60)

    2,976       1,699,918  

5.00%, 11/26/28 (Call 08/26/28)

    7,391       7,134,807  

Utah Acquisition Sub Inc.

   

3.95%, 06/15/26 (Call 03/15/26)

    7,302       6,836,279  

5.25%, 06/15/46 (Call 12/15/45)

    3,637       2,544,335  

Viatris Inc.

   

1.65%, 06/22/25 (Call 05/22/25)

    4,017       3,730,467  

2.30%, 06/22/27 (Call 04/22/27)

    4,023       3,446,310  

2.70%, 06/22/30 (Call 03/22/30)(b)

    5,235       4,022,082  

3.85%, 06/22/40 (Call 12/22/39)

    5,586       3,471,218  

4.00%, 06/22/50 (Call 12/22/49)

    7,336       4,209,786  

Wyeth LLC

   

5.95%, 04/01/37

    11,016       10,849,322  

6.00%, 02/15/36

    2,654       2,634,547  

6.50%, 02/01/34

    3,569       3,682,117  

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    4,165       3,279,707  

3.00%, 09/12/27 (Call 06/12/27)

    4,341       3,941,793  

3.00%, 05/15/50 (Call 11/15/49)

    570       341,958  

3.90%, 08/20/28 (Call 05/20/28)

    2,439       2,265,969  

3.95%, 09/12/47 (Call 03/12/47)

    3,214       2,301,497  
Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

4.45%, 08/20/48 (Call 02/20/48)

  $ 2,159     $ 1,668,782  

4.50%, 11/13/25 (Call 08/13/25)

    4,586       4,473,146  

4.70%, 02/01/43 (Call 08/01/42)

        3,810       3,125,771  

5.40%, 11/14/25 (Call 10/14/25)

    1,275       1,265,658  

5.60%, 11/16/32 (Call 08/16/32)

    905       877,305  
   

 

 

 
          1,193,191,269  
Pipelines — 0.9%            

Boardwalk Pipelines LP

   

3.40%, 02/15/31 (Call 11/15/30)

    1,747       1,425,089  

3.60%, 09/01/32 (Call 06/01/32)

    1,060       840,956  

4.45%, 07/15/27 (Call 04/15/27)

    1,287       1,206,062  

4.80%, 05/03/29 (Call 02/03/29)

    2,451       2,255,735  

4.95%, 12/15/24 (Call 09/15/24)

    1,958       1,928,427  

5.95%, 06/01/26 (Call 03/01/26)

    2,899       2,874,361  

Cheniere Corpus Christi Holdings LLC

   

2.74%, 12/31/39 (Call 07/04/39)

    3,870       2,797,118  

3.70%, 11/15/29 (Call 05/18/29)

    5,478       4,775,010  

5.13%, 06/30/27 (Call 01/01/27)

    3,787       3,654,487  

5.88%, 03/31/25 (Call 10/02/24)

    6,808       6,773,412  

Cheniere Energy Inc., 4.63%, 10/15/28 (Call 11/13/23)

    1,432       1,308,677  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)

    2,492       1,930,359  

4.00%, 03/01/31 (Call 03/01/26)

    2,220       1,858,494  

4.50%, 10/01/29 (Call 10/01/24)

    1,975       1,768,403  

5.95%, 06/30/33 (Call 12/30/32)(e)

    1,701       1,591,555  

Columbia Pipeline Group Inc.

   

4.50%, 06/01/25 (Call 03/01/25)

    5,650       5,512,619  

5.80%, 06/01/45 (Call 12/01/44)

    2,632       2,229,640  

DCP Midstream Operating LP

   

3.25%, 02/15/32 (Call 08/15/31)

    1,215       956,004  

5.13%, 05/15/29 (Call 02/15/29)

    1,215       1,145,918  

5.38%, 07/15/25 (Call 04/15/25)

    1,459       1,441,804  

5.60%, 04/01/44 (Call 10/01/43)

    465       391,909  

5.63%, 07/15/27 (Call 04/15/27)

    610       599,134  

8.13%, 08/16/30

    430       468,413  

Eastern Gas Transmission & Storage Inc.

   

3.00%, 11/15/29 (Call 08/15/29)

    2,907       2,435,681  

4.60%, 12/15/44 (Call 06/15/44)

    2,281       1,691,130  

4.80%, 11/01/43 (Call 05/01/43)

    1,773       1,377,097  

Enbridge Energy Partners LP

   

5.50%, 09/15/40 (Call 03/15/40)

    2,300       1,943,644  

5.88%, 10/15/25 (Call 07/15/25)

    2,757       2,750,656  

7.38%, 10/15/45 (Call 04/15/45)

    3,074       3,148,472  

Series B, 7.50%, 04/15/38

    1,935       1,986,060  

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)

    2,398       2,128,789  

2.50%, 01/15/25 (Call 12/15/24)

    2,712       2,601,284  

2.50%, 02/14/25

    1,504       1,438,317  

2.50%, 08/01/33 (Call 05/01/33)

    5,025       3,628,479  

3.13%, 11/15/29 (Call 08/15/29)

    4,365       3,694,799  

3.40%, 08/01/51 (Call 02/01/51)

    2,690       1,592,535  

3.70%, 07/15/27 (Call 04/15/27)

    3,162       2,918,703  

4.00%, 11/15/49 (Call 05/15/49)

    1,808       1,202,675  

4.25%, 12/01/26 (Call 09/01/26)

    3,716       3,529,522  

4.50%, 06/10/44 (Call 12/10/43)

    1,583       1,154,702  

5.50%, 12/01/46 (Call 06/01/46)

    1,106       923,473  

5.70%, 03/08/33 (Call 12/08/32)

    3,970       3,713,263  

5.97%, 03/08/26 (Call 03/08/24)

    674       669,139  

Energy Transfer LP

   

2.90%, 05/15/25 (Call 04/15/25)(b)

    4,480       4,267,186  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pipelines (continued)

   

3.75%, 05/15/30 (Call 02/15/30)

  $ 4,496     $ 3,844,195  

3.90%, 07/15/26 (Call 04/15/26)

    2,259       2,133,297  

4.00%, 10/01/27 (Call 07/01/27)

    2,730       2,513,245  

4.05%, 03/15/25 (Call 12/15/24)

    4,046       3,933,885  

4.15%, 09/15/29 (Call 06/15/29)

    2,832       2,518,121  

4.20%, 04/15/27 (Call 01/15/27)

    2,367       2,215,355  

4.40%, 03/15/27 (Call 12/15/26)

    3,449       3,249,259  

4.75%, 01/15/26 (Call 10/15/25)

    4,172       4,049,499  

4.90%, 03/15/35 (Call 09/15/34)

    1,385       1,173,345  

4.95%, 05/15/28 (Call 02/15/28)

    1,873       1,771,242  

4.95%, 06/15/28 (Call 03/15/28)

    4,284       4,048,695  

4.95%, 01/15/43 (Call 07/15/42)

    1,885       1,415,832  

5.00%, 05/15/44 (Call 11/15/43)

    1,895       1,423,577  

5.00%, 05/15/50 (Call 11/15/49)

    7,674       5,752,897  

5.15%, 02/01/43 (Call 08/01/42)

    2,341       1,803,609  

5.15%, 03/15/45 (Call 09/15/44)

    1,418       1,098,836  

5.25%, 04/15/29 (Call 01/15/29)

    5,447       5,170,344  

5.30%, 04/01/44 (Call 10/01/43)

    3,144       2,471,028  

5.30%, 04/15/47 (Call 10/15/46)

    3,845       2,978,978  

5.35%, 05/15/45 (Call 11/15/44)

    3,518       2,763,652  

5.40%, 10/01/47 (Call 04/01/47)

    5,953       4,688,505  

5.50%, 06/01/27 (Call 03/01/27)

    3,158       3,078,718  

5.55%, 02/15/28 (Call 01/15/28)

    2,845       2,763,155  

5.75%, 02/15/33 (Call 11/15/32)

    3,975       3,720,878  

5.95%, 12/01/25 (Call 09/01/25)

    1,993       1,982,509  

5.95%, 10/01/43 (Call 04/01/43)

    1,563       1,321,474  

6.00%, 06/15/48 (Call 12/15/47)

    4,145       3,529,660  

6.05%, 12/01/26 (Call 11/01/26)

    2,725       2,721,529  

6.05%, 06/01/41 (Call 12/01/40)

        2,204           1,912,258  

6.10%, 12/01/28 (Call 11/01/28)

    655       647,203  

6.10%, 02/15/42

    1,715       1,505,299  

6.13%, 12/15/45 (Call 06/15/45)

    4,003       3,456,594  

6.25%, 04/15/49 (Call 10/15/48)

    6,784       5,982,853  

6.40%, 12/01/30 (Call 10/01/30)

    1,500       1,482,707  

6.50%, 02/01/42 (Call 08/01/41)

    1,177       1,087,232  

6.55%, 12/01/33 (Call 09/01/33)

    945       931,061  

6.63%, 10/15/36

    2,205       2,123,025  

7.50%, 07/01/38

    2,520       2,573,503  

Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)

    1,694       1,481,674  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    4,431       3,704,087  

3.13%, 07/31/29 (Call 04/30/29)

    5,171       4,488,820  

3.20%, 02/15/52 (Call 08/15/51)

    4,480       2,709,457  

3.30%, 02/15/53 (Call 08/15/52)

    2,500       1,531,408  

3.70%, 02/15/26 (Call 11/15/25)

    4,387       4,194,165  

3.70%, 01/31/51 (Call 07/31/50)

    4,222       2,828,290  

3.75%, 02/15/25 (Call 11/15/24)

    6,193       6,029,545  

3.95%, 02/15/27 (Call 11/15/26)

    4,154       3,929,483  

3.95%, 01/31/60 (Call 07/31/59)

    3,212       2,163,422  

4.15%, 10/16/28 (Call 07/16/28)

    4,796       4,457,767  

4.20%, 01/31/50 (Call 07/31/49)

    5,055       3,705,784  

4.25%, 02/15/48 (Call 08/15/47)

    4,665       3,496,305  

4.45%, 02/15/43 (Call 08/15/42)

    3,781       2,981,218  

4.80%, 02/01/49 (Call 08/01/48)

    5,088       4,112,683  

4.85%, 08/15/42 (Call 02/15/42)

    3,274       2,741,174  

4.85%, 03/15/44 (Call 09/15/43)

    5,237       4,335,431  

4.90%, 05/15/46 (Call 11/15/45)

    3,027       2,491,708  

4.95%, 10/15/54 (Call 04/15/54)

    1,937       1,565,937  

5.05%, 01/10/26

    3,795       3,750,173  

5.10%, 02/15/45 (Call 08/15/44)

    4,774       4,061,723  

5.35%, 01/31/33 (Call 10/31/32)

    4,290       4,087,791  
Security  

Par

(000)

    Value  

Pipelines (continued)

   

5.38%, 02/15/78 (Call 02/15/28), (3-mo. SOFR + 2.832%)(a)

  $ 2,925     $ 2,497,983  

5.70%, 02/15/42

    1,177       1,078,813  

5.95%, 02/01/41

    3,074       2,913,964  

6.13%, 10/15/39

    2,002       1,938,187  

6.45%, 09/01/40

    2,325       2,314,071  

7.55%, 04/15/38

    2,519       2,742,014  

Series D, 6.88%, 03/01/33

    1,120       1,178,995  

Series E, 5.25%, 08/16/77 (Call 08/16/27), (3-mo. SOFR + 3.295%)(a)

        4,181           3,592,031  

Series H, 6.65%, 10/15/34

    1,580       1,637,905  

Kinder Morgan Energy Partners LP

   

4.70%, 11/01/42 (Call 05/01/42)

    2,047       1,520,558  

5.00%, 08/15/42 (Call 02/15/42)

    2,850       2,222,054  

5.00%, 03/01/43 (Call 09/01/42)

    3,135       2,420,635  

5.40%, 09/01/44 (Call 03/01/44)

    2,220       1,787,501  

5.50%, 03/01/44 (Call 09/01/43)

    3,155       2,573,580  

5.63%, 09/01/41

    2,152       1,789,637  

5.80%, 03/15/35

    1,561       1,428,478  

6.38%, 03/01/41

    2,551       2,319,343  

6.50%, 02/01/37

    1,391       1,319,473  

6.50%, 09/01/39

    2,452       2,272,150  

6.55%, 09/15/40

    2,148       1,994,785  

6.95%, 01/15/38

    4,813       4,772,996  

7.30%, 08/15/33

    1,175       1,208,433  

7.40%, 03/15/31

    991       1,024,086  

7.50%, 11/15/40

    1,764       1,777,390  

7.75%, 03/15/32

    1,346       1,411,241  

Kinder Morgan Inc.

   

1.75%, 11/15/26 (Call 10/15/26)

    2,925       2,590,819  

2.00%, 02/15/31 (Call 11/15/30)

    1,135       848,495  

3.25%, 08/01/50 (Call 02/01/50)

    2,242       1,268,621  

3.60%, 02/15/51 (Call 08/15/50)

    1,500       903,545  

4.30%, 06/01/25 (Call 03/01/25)

    7,255       7,061,124  

4.30%, 03/01/28 (Call 12/01/27)

    5,321       4,962,254  

4.80%, 02/01/33 (Call 11/01/32)

    3,650       3,196,634  

5.05%, 02/15/46 (Call 08/15/45)

    3,303       2,521,039  

5.20%, 06/01/33 (Call 03/01/33)

    3,120       2,809,128  

5.20%, 03/01/48 (Call 09/01/47)

    3,123       2,429,126  

5.30%, 12/01/34 (Call 06/01/34)

    3,688       3,262,060  

5.45%, 08/01/52 (Call 02/01/52)

    3,110       2,511,806  

5.55%, 06/01/45 (Call 12/01/44)

    6,720       5,530,700  

7.75%, 01/15/32

    5,159       5,479,784  

7.80%, 08/01/31

    1,565       1,656,603  

Magellan Midstream Partners LP

   

3.25%, 06/01/30 (Call 03/01/30)(b)

    1,807       1,502,616  

3.95%, 03/01/50 (Call 09/01/49)

    3,164       1,997,132  

4.20%, 10/03/47 (Call 04/03/47)

    2,058       1,361,658  

4.25%, 09/15/46 (Call 03/15/46)

    1,998       1,347,907  

4.85%, 02/01/49 (Call 08/01/48)

    2,098       1,553,962  

5.00%, 03/01/26 (Call 12/01/25)

    3,981       3,884,313  

5.15%, 10/15/43 (Call 04/15/43)

    2,406       1,913,587  

MPLX LP

   

1.75%, 03/01/26 (Call 02/01/26)

    6,603       5,989,584  

2.65%, 08/15/30 (Call 05/15/30)

    5,498       4,344,489  

4.00%, 02/15/25 (Call 11/15/24)

    2,190       2,131,958  

4.00%, 03/15/28 (Call 12/15/27)

    4,375       4,008,678  

4.13%, 03/01/27 (Call 12/01/26)

    5,852       5,500,163  

4.25%, 12/01/27 (Call 09/01/27)

    3,877       3,605,789  

4.50%, 04/15/38 (Call 10/15/37)

    7,575       5,909,411  

4.70%, 04/15/48 (Call 10/15/47)

    5,944       4,298,186  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pipelines (continued)

   

4.80%, 02/15/29 (Call 11/15/28)

  $ 3,460     $ 3,237,943  

4.88%, 12/01/24 (Call 09/01/24)

    5,014       4,946,822  

4.88%, 06/01/25 (Call 03/01/25)

    5,542       5,434,704  

4.90%, 04/15/58 (Call 10/15/57)

    1,261       890,718  

4.95%, 09/01/32 (Call 06/01/32)

    3,935       3,496,277  

4.95%, 03/14/52 (Call 09/14/51)

    5,445       4,039,867  

5.00%, 03/01/33 (Call 12/01/32)

    2,425       2,148,380  

5.20%, 03/01/47 (Call 09/01/46)

    3,793       2,940,536  

5.20%, 12/01/47 (Call 06/01/47)

    2,266       1,751,723  

5.50%, 02/15/49 (Call 08/15/48)

    5,871       4,744,675  

5.65%, 03/01/53 (Call 09/01/52)

    1,125       925,475  

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)

        2,254           2,112,403  

ONEOK Inc.

   

2.20%, 09/15/25 (Call 08/15/25)

    1,540       1,435,246  

3.10%, 03/15/30 (Call 12/15/29)

    1,953       1,611,643  

3.40%, 09/01/29 (Call 06/01/29)

    3,163       2,707,686  

4.00%, 07/13/27 (Call 04/13/27)

    2,696       2,507,753  

4.35%, 03/15/29 (Call 12/15/28)

    2,908       2,643,684  

4.45%, 09/01/49 (Call 03/01/49)

    2,778       1,903,224  

4.50%, 03/15/50 (Call 09/15/49)

    1,726       1,193,520  

4.55%, 07/15/28 (Call 04/15/28)

    3,271       3,051,288  

4.90%, 03/15/25 (Call 12/15/24)

    4,050       3,979,336  

4.95%, 07/13/47 (Call 01/06/47)

    2,775       2,075,815  

5.20%, 07/15/48 (Call 01/15/48)

    3,874       2,996,631  

5.55%, 11/01/26 (Call 10/01/26)

    4,155       4,104,865  

5.65%, 11/01/28 (Call 10/01/28)

    3,685       3,596,463  

5.80%, 11/01/30 (Call 09/01/30)

    2,710       2,609,648  

5.85%, 01/15/26 (Call 12/15/25)

    2,316       2,311,447  

6.00%, 06/15/35

    1,009       942,237  

6.05%, 09/01/33 (Call 06/01/33)

    3,865       3,706,241  

6.10%, 11/15/32 (Call 08/15/32)

    675       650,894  

6.35%, 01/15/31 (Call 10/15/30)

    2,380       2,351,760  

6.63%, 09/01/53 (Call 03/01/53)

    1,890       1,766,051  

7.15%, 01/15/51 (Call 07/15/50)

    1,240       1,210,693  

ONEOK Partners LP

   

6.13%, 02/01/41 (Call 08/01/40)

    2,620       2,375,473  

6.20%, 09/15/43 (Call 03/15/43)

    1,322       1,187,101  

6.65%, 10/01/36

    2,613       2,526,275  

6.85%, 10/15/37

    2,275       2,235,201  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)

    3,413       2,899,065  

3.60%, 11/01/24 (Call 08/01/24)

    3,764       3,670,292  

3.80%, 09/15/30 (Call 06/15/30)

    2,714       2,287,335  

4.30%, 01/31/43 (Call 07/31/42)

    1,672       1,127,956  

4.50%, 12/15/26 (Call 09/15/26)

    4,420       4,211,429  

4.65%, 10/15/25 (Call 07/15/25)

    4,988       4,831,983  

4.70%, 06/15/44 (Call 12/15/43)

    2,520       1,768,034  

4.90%, 02/15/45 (Call 08/15/44)

    2,456       1,770,235  

5.15%, 06/01/42 (Call 12/01/41)

    2,119       1,610,644  

6.65%, 01/15/37

    2,967       2,811,961  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

    4,778       4,396,736  

4.50%, 05/15/30 (Call 11/15/29)

    3,147       2,823,989  

5.00%, 03/15/27 (Call 09/15/26)

    8,338       8,028,769  

5.63%, 03/01/25 (Call 12/01/24)

    9,032       8,973,237  

5.88%, 06/30/26 (Call 12/31/25)

    2,767       2,746,147  

5.90%, 09/15/37 (Call 03/15/37)

    2,855       2,746,478  

Spectra Energy Partners LP

   

3.38%, 10/15/26 (Call 07/15/26)

    2,993       2,785,431  
Security  

Par

(000)

    Value  

Pipelines (continued)

   

3.50%, 03/15/25 (Call 12/15/24)

  $ 2,744     $ 2,647,975  

4.50%, 03/15/45 (Call 09/15/44)

    4,042       2,917,685  

5.95%, 09/25/43 (Call 03/25/43)

        1,791           1,567,581  

Targa Resources Corp.

   

4.00%, 01/15/32 (Call 07/15/26)

    3,545       2,925,226  

4.20%, 02/01/33 (Call 11/01/32)

    2,845       2,359,049  

4.88%, 02/01/31 (Call 02/01/26)

    3,715       3,291,152  

4.95%, 04/15/52 (Call 10/15/51)

    2,910       2,128,237  

5.00%, 01/15/28 (Call 12/01/23)

    2,810       2,651,883  

5.20%, 07/01/27 (Call 06/01/27)

    3,275       3,169,186  

5.50%, 03/01/30 (Call 03/01/25)

    4,120       3,803,546  

6.13%, 03/15/33 (Call 12/15/32)

    2,930       2,807,011  

6.25%, 07/01/52 (Call 01/01/52)

    2,077       1,821,362  

6.50%, 07/15/27 (Call 12/01/23)

    4,390       4,339,252  

6.50%, 02/15/53 (Call 08/15/52)

    3,265       2,980,570  

6.88%, 01/15/29 (Call 01/15/24)

    2,730       2,718,998  

TC PipeLines LP

   

3.90%, 05/25/27 (Call 02/25/27)

    4,315       3,998,015  

4.38%, 03/13/25 (Call 12/13/24)

    3,578       3,495,159  

Tennessee Gas Pipeline Co. LLC

   

7.00%, 03/15/27

    2,083       2,130,721  

7.00%, 10/15/28

    1,315       1,347,114  

7.63%, 04/01/37

    280       297,863  

Texas Eastern Transmission LP, 7.00%, 07/15/32

    1,172       1,225,463  

TransCanada PipeLines Ltd.

   

2.50%, 10/12/31 (Call 07/12/31)

    3,354       2,530,353  

4.10%, 04/15/30 (Call 01/15/30)

    1,625       1,426,135  

4.25%, 05/15/28 (Call 02/15/28)

    6,439       5,952,222  

4.63%, 03/01/34 (Call 12/01/33)

    4,814       4,077,616  

4.75%, 05/15/38 (Call 11/15/37)

    1,955       1,555,900  

4.88%, 01/15/26 (Call 10/15/25)

    3,635       3,546,858  

4.88%, 05/15/48 (Call 11/15/47)

    4,220       3,198,157  

5.00%, 10/16/43 (Call 04/16/43)

    2,986       2,364,492  

5.10%, 03/15/49 (Call 09/15/48)(b)

    4,266       3,340,045  

5.60%, 03/31/34

    1,291       1,177,467  

5.85%, 03/15/36

    2,393       2,204,401  

6.10%, 06/01/40

    3,101       2,857,425  

6.20%, 03/09/26 (Call 03/09/24)

    585       583,783  

6.20%, 10/15/37

    4,388       4,094,396  

7.25%, 08/15/38

    2,811       2,895,920  

7.63%, 01/15/39

    3,369       3,564,820  

Transcontinental Gas Pipe Line Co. LLC

   

3.25%, 05/15/30 (Call 02/15/30)

    3,104       2,598,837  

3.95%, 05/15/50 (Call 11/15/49)

    2,264       1,537,272  

4.00%, 03/15/28 (Call 12/15/27)

    1,909       1,755,991  

4.45%, 08/01/42 (Call 02/01/42)

    1,798       1,356,841  

4.60%, 03/15/48 (Call 09/15/47)

    2,475       1,868,858  

5.40%, 08/15/41 (Call 02/15/41)

    2,067       1,760,902  

7.85%, 02/01/26 (Call 11/01/25)

    5,347       5,520,790  

Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)

    2,946       2,772,589  

Western Midstream Operating LP

   

3.10%, 02/01/25 (Call 01/01/25)

    695       667,922  

3.95%, 06/01/25 (Call 03/01/25)

    705       678,132  

4.05%, 02/01/30 (Call 11/01/29)

    3,400       2,944,302  

4.50%, 03/01/28 (Call 12/01/27)

    994       916,280  

4.65%, 07/01/26 (Call 04/01/26)

    385       368,724  

4.75%, 08/15/28 (Call 05/15/28)

    465       432,334  

5.25%, 02/01/50 (Call 08/01/49)

    2,730       2,007,324  

5.30%, 03/01/48 (Call 09/01/47)

    670       500,314  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pipelines (continued)

   

5.45%, 04/01/44 (Call 10/01/43)

  $ 840     $ 644,985  

5.50%, 08/15/48 (Call 02/15/48)

        1,465           1,103,359  

6.15%, 04/01/33 (Call 01/01/33)

    1,945       1,834,219  

6.35%, 01/15/29 (Call 12/15/28)

    535       531,769  

Williams Companies Inc. (The)

   

2.60%, 03/15/31 (Call 12/15/30)

    2,362       1,842,354  

3.50%, 11/15/30 (Call 08/15/30)

    2,924       2,463,430  

3.50%, 10/15/51 (Call 04/15/51)

    2,215       1,341,766  

3.75%, 06/15/27 (Call 03/15/27)

    5,759       5,320,568  

3.90%, 01/15/25 (Call 10/15/24)

    4,865       4,737,248  

4.00%, 09/15/25 (Call 06/15/25)

    3,861       3,713,556  

4.65%, 08/15/32 (Call 05/15/32)

    4,010       3,536,481  

4.85%, 03/01/48 (Call 09/01/47)

    3,296       2,523,005  

4.90%, 01/15/45 (Call 07/15/44)

    2,086       1,611,125  

5.10%, 09/15/45 (Call 03/15/45)

    2,783       2,237,518  

5.30%, 08/15/28 (Call 07/15/28)

    3,975       3,832,260  

5.30%, 08/15/52 (Call 02/15/52)

    2,120       1,723,718  

5.40%, 03/02/26

    1,720       1,699,600  

5.40%, 03/04/44 (Call 09/04/43)

    2,346       1,950,361  

5.65%, 03/15/33 (Call 12/15/32)

    4,225       3,986,602  

5.75%, 06/24/44 (Call 12/24/43)

    2,201       1,917,829  

5.80%, 11/15/43 (Call 05/15/43)

    1,790       1,558,564  

6.30%, 04/15/40

    4,924       4,644,750  

8.75%, 03/15/32

    655       731,327  

Series A, 7.50%, 01/15/31

    1,250       1,307,044  
   

 

 

 
      761,645,072  
Real Estate — 0.0%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)

    1,482       1,442,398  

CBRE Services Inc.

   

2.50%, 04/01/31 (Call 01/01/31)

    2,703       2,034,762  

4.88%, 03/01/26 (Call 12/01/25)

    3,394       3,281,572  

5.95%, 08/15/34 (Call 05/15/34)

    1,465       1,330,678  

Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)

    1,972       1,409,084  
   

 

 

 
      9,498,494  
Real Estate Investment Trusts — 1.0%            

Agree LP

   

2.00%, 06/15/28 (Call 04/15/28)

    2,200       1,802,167  

2.60%, 06/15/33 (Call 03/15/33)

    1,691       1,202,527  

2.90%, 10/01/30 (Call 07/01/30)

    1,304       1,038,656  

4.80%, 10/01/32 (Call 07/01/32)

    575       498,412  

Alexandria Real Estate Equities Inc.

   

1.88%, 02/01/33 (Call 11/01/32)

    3,460       2,357,504  

2.00%, 05/18/32 (Call 02/18/32)

    2,241       1,575,359  

2.75%, 12/15/29 (Call 09/15/29)

    1,411       1,149,323  

2.95%, 03/15/34 (Call 12/15/33)

    2,395       1,746,681  

3.00%, 05/18/51 (Call 11/18/50)

    3,170       1,679,234  

3.38%, 08/15/31 (Call 05/15/31)

    2,155       1,748,665  

3.45%, 04/30/25 (Call 02/28/25)

    2,060       1,981,461  

3.55%, 03/15/52 (Call 09/15/51)

    3,780       2,254,990  

3.80%, 04/15/26 (Call 02/15/26)

    1,841       1,748,345  

3.95%, 01/15/27 (Call 10/15/26)

    566       529,110  

3.95%, 01/15/28 (Call 10/15/27)

    1,817       1,666,483  

4.00%, 02/01/50 (Call 08/01/49)

    2,720       1,771,352  

4.30%, 01/15/26 (Call 10/15/25)

    1,165       1,122,176  

4.50%, 07/30/29 (Call 04/30/29)

    1,896       1,721,344  

4.70%, 07/01/30 (Call 04/01/30)

    1,557       1,393,273  

4.75%, 04/15/35 (Call 01/15/35)

    1,300       1,098,145  

4.85%, 04/15/49 (Call 10/15/48)

    1,098       810,002  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

4.90%, 12/15/30 (Call 09/15/30)

  $ 3,225     $ 2,938,917  

5.15%, 04/15/53 (Call 10/15/52)

    1,940       1,530,385  

American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)

    890       640,096  

American Homes 4 Rent LP

   

2.38%, 07/15/31 (Call 04/15/31)

    520       387,211  

3.38%, 07/15/51 (Call 01/15/51)

        2,105           1,181,353  

3.63%, 04/15/32 (Call 01/15/32)

    155       124,975  

4.25%, 02/15/28 (Call 11/15/27)

    2,720       2,496,801  

4.30%, 04/15/52 (Call 10/15/51)

    410       277,987  

4.90%, 02/15/29 (Call 11/15/28)

    2,346       2,184,735  

American Tower Corp.

   

1.30%, 09/15/25 (Call 08/15/25)

    2,785       2,545,415  

1.45%, 09/15/26 (Call 08/15/26)

    2,552       2,239,325  

1.50%, 01/31/28 (Call 11/30/27)

    2,548       2,096,506  

1.60%, 04/15/26 (Call 03/15/26)

    3,061       2,741,569  

1.88%, 10/15/30 (Call 07/15/30)

    3,491       2,580,346  

2.10%, 06/15/30 (Call 03/15/30)

    1,982       1,509,749  

2.30%, 09/15/31 (Call 06/15/31)

    3,305       2,435,919  

2.40%, 03/15/25 (Call 02/15/25)

    1,582       1,502,371  

2.70%, 04/15/31 (Call 01/15/31)

    3,187       2,463,956  

2.75%, 01/15/27 (Call 11/15/26)

    3,123       2,805,767  

2.90%, 01/15/30 (Call 10/15/29)

    2,980       2,431,527  

2.95%, 01/15/25 (Call 12/15/24)

    3,055       2,940,328  

2.95%, 01/15/51 (Call 07/15/50)(b)

    4,090       2,177,119  

3.10%, 06/15/50 (Call 12/15/49)

    3,960       2,185,047  

3.13%, 01/15/27 (Call 10/15/26)

    1,893       1,719,068  

3.38%, 10/15/26 (Call 07/15/26)

    4,407       4,079,418  

3.55%, 07/15/27 (Call 04/15/27)

    2,461       2,240,564  

3.60%, 01/15/28 (Call 10/15/27)

    3,146       2,830,898  

3.65%, 03/15/27 (Call 02/15/27)

    2,640       2,430,637  

3.70%, 10/15/49 (Call 04/15/49)

    2,346       1,451,380  

3.80%, 08/15/29 (Call 05/15/29)

    5,886       5,151,021  

3.95%, 03/15/29 (Call 12/15/28)

    2,933       2,612,516  

4.00%, 06/01/25 (Call 03/01/25)

    3,851       3,721,397  

4.05%, 03/15/32 (Call 12/15/31)

    2,450       2,055,631  

4.40%, 02/15/26 (Call 11/15/25)

    2,054       1,977,548  

5.25%, 07/15/28 (Call 06/15/28)

    2,020       1,927,858  

5.50%, 03/15/28 (Call 02/15/28)

    2,520       2,441,544  

5.55%, 07/15/33 (Call 04/15/33)

    2,141       1,971,619  

5.65%, 03/15/33 (Call 12/15/32)

    3,375       3,140,364  

5.80%, 11/15/28 (Call 10/15/28)

    4,245       4,146,050  

5.90%, 11/15/33 (Call 08/15/33)

    4,055       3,829,372  

AvalonBay Communities Inc.

   

1.90%, 12/01/28 (Call 10/01/28)

    1,865       1,556,771  

2.05%, 01/15/32 (Call 10/15/31)

    2,915       2,197,892  

2.30%, 03/01/30 (Call 12/01/29)

    3,038       2,435,222  

2.45%, 01/15/31 (Call 10/17/30)

    2,444       1,929,155  

2.90%, 10/15/26 (Call 07/15/26)

    1,692       1,566,931  

2.95%, 05/11/26 (Call 02/11/26)

    2,845       2,657,938  

3.20%, 01/15/28 (Call 10/15/27)

    1,923       1,741,295  

3.30%, 06/01/29 (Call 03/01/29)

    1,848       1,615,418  

3.35%, 05/15/27 (Call 02/15/27)

    1,007       928,156  

3.45%, 06/01/25 (Call 03/03/25)(b)

    2,502       2,410,522  

3.50%, 11/15/24 (Call 08/15/24)

    1,030       1,005,792  

3.50%, 11/15/25 (Call 08/15/25)

    1,440       1,373,910  

3.90%, 10/15/46 (Call 04/15/46)

    1,065       721,478  

4.15%, 07/01/47 (Call 01/01/47)

    980       702,987  

4.35%, 04/15/48 (Call 10/18/47)

    1,325       951,855  

5.00%, 02/15/33 (Call 11/15/32)

    1,535       1,425,747  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

Boston Properties LP

   

2.45%, 10/01/33 (Call 07/01/33)

  $ 4,590     $ 2,983,122  

2.55%, 04/01/32 (Call 01/01/32)

    4,325       2,995,983  

2.75%, 10/01/26 (Call 07/01/26)

    4,361       3,855,499  

2.90%, 03/15/30 (Call 12/15/29)

    3,662       2,799,518  

3.20%, 01/15/25 (Call 10/15/24)

        4,837           4,628,718  

3.25%, 01/30/31 (Call 10/30/30)

    2,977       2,257,219  

3.40%, 06/21/29 (Call 03/21/29)

    2,090       1,692,334  

3.65%, 02/01/26 (Call 11/03/25)

    4,303       3,999,342  

4.50%, 12/01/28 (Call 09/01/28)

    4,217       3,707,219  

6.50%, 01/15/34 (Call 10/15/33)

    1,040       949,961  

6.75%, 12/01/27 (Call 11/01/27)

    715       703,197  

Brixmor Operating Partnership LP

   

2.25%, 04/01/28 (Call 02/01/28)

    668       557,685  

2.50%, 08/16/31 (Call 05/16/31)

    2,425       1,783,366  

3.85%, 02/01/25 (Call 11/01/24)

    2,084       2,007,381  

3.90%, 03/15/27 (Call 12/15/26)

    956       874,734  

4.05%, 07/01/30 (Call 04/01/30)

    3,512       2,992,470  

4.13%, 06/15/26 (Call 03/15/26)

    2,303       2,165,460  

4.13%, 05/15/29 (Call 02/15/29)

    2,144       1,878,227  

Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)

    2,572       1,778,756  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)

    3,230       2,668,843  

3.15%, 07/01/29 (Call 04/01/29)(b)

    2,632       2,285,701  

3.35%, 11/01/49 (Call 05/01/49)(b)

    1,980       1,235,899  

4.10%, 10/15/28 (Call 07/15/28)

    1,542       1,421,661  

5.85%, 11/03/26 (Call 10/03/26)

    990       989,970  

Corporate Office Properties LP

   

2.00%, 01/15/29 (Call 11/15/28)

    1,659       1,258,715  

2.25%, 03/15/26 (Call 02/15/26)

    610       551,247  

2.75%, 04/15/31 (Call 01/15/31)

    1,925       1,409,572  

2.90%, 12/01/33 (Call 09/01/33)

    1,835       1,247,277  

Crown Castle Inc.

   

2.90%, 04/01/41 (Call 10/01/40)

    5,035       3,033,854  

3.25%, 01/15/51 (Call 07/15/50)

    3,450       1,952,508  

4.75%, 05/15/47 (Call 11/15/46)

    1,408       1,041,963  

4.80%, 09/01/28 (Call 08/01/28)

    2,535       2,370,088  

5.00%, 01/11/28 (Call 12/11/27)

    2,435       2,310,625  

5.10%, 05/01/33 (Call 02/01/33)

    2,515       2,233,702  

Crown Castle International Corp.

   

1.05%, 07/15/26 (Call 06/15/26)

    4,470       3,907,429  

1.35%, 07/15/25 (Call 06/15/25)

    2,765       2,549,427  

2.10%, 04/01/31 (Call 01/01/31)

    4,500       3,329,159  

2.25%, 01/15/31 (Call 10/15/30)

    3,582       2,700,030  

2.50%, 07/15/31 (Call 04/15/31)

    900       679,696  

2.90%, 03/15/27 (Call 02/15/27)

    2,805       2,512,891  

3.10%, 11/15/29 (Call 08/15/29)

    1,628       1,350,049  

3.30%, 07/01/30 (Call 04/01/30)

    3,530       2,899,331  

3.65%, 09/01/27 (Call 06/01/27)

    4,965       4,511,838  

3.70%, 06/15/26 (Call 03/15/26)

    3,564       3,348,258  

3.80%, 02/15/28 (Call 11/15/27)

    4,771       4,301,629  

4.00%, 03/01/27 (Call 12/01/26)

    2,620       2,439,009  

4.00%, 11/15/49 (Call 05/15/49)

    1,483       962,761  

4.15%, 07/01/50 (Call 01/01/50)

    1,983       1,322,906  

4.30%, 02/15/29 (Call 11/15/28)

    3,215       2,912,855  

4.45%, 02/15/26 (Call 11/15/25)

    4,225       4,068,936  

5.20%, 02/15/49 (Call 08/15/48)

    1,603       1,262,438  

CubeSmart LP

   

2.00%, 02/15/31 (Call 11/15/30)

    1,545       1,141,424  

2.25%, 12/15/28 (Call 10/15/28)

    2,632       2,174,376  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

2.50%, 02/15/32 (Call 11/15/31)

  $ 2,655     $ 1,968,282  

3.00%, 02/15/30 (Call 11/15/29)

    1,010       825,664  

3.13%, 09/01/26 (Call 06/01/26)

    1,932       1,778,120  

4.00%, 11/15/25 (Call 08/15/25)

    1,381       1,322,473  

4.38%, 02/15/29 (Call 11/15/28)

    1,686       1,534,292  

Digital Realty Trust LP

   

3.60%, 07/01/29 (Call 04/01/29)

        4,144           3,594,781  

3.70%, 08/15/27 (Call 05/15/27)

    4,930       4,504,366  

4.45%, 07/15/28 (Call 04/15/28)

    2,485       2,298,787  

5.55%, 01/15/28 (Call 12/15/27)

    2,935       2,844,603  

EPR Properties

   

3.60%, 11/15/31 (Call 08/15/31)

    35       25,200  

3.75%, 08/15/29 (Call 05/15/29)

    1,500       1,184,053  

4.50%, 04/01/25 (Call 01/01/25)

    1,000       965,548  

4.50%, 06/01/27 (Call 03/01/27)

    1,500       1,322,175  

4.75%, 12/15/26 (Call 09/15/26)

    1,500       1,367,580  

4.95%, 04/15/28 (Call 01/15/28)

    1,000       871,113  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    2,554       2,326,413  

1.25%, 07/15/25 (Call 06/15/25)

    2,678       2,470,418  

1.45%, 05/15/26 (Call 04/15/26)

    3,277       2,927,650  

1.55%, 03/15/28 (Call 01/15/28)

    2,073       1,719,223  

1.80%, 07/15/27 (Call 05/15/27)

    2,753       2,357,815  

2.00%, 05/15/28 (Call 03/15/28)

    2,193       1,831,251  

2.15%, 07/15/30 (Call 04/15/30)

    1,940       1,488,608  

2.50%, 05/15/31 (Call 02/15/31)

    815       622,054  

2.63%, 11/18/24 (Call 10/18/24)

    4,875       4,707,284  

2.90%, 11/18/26 (Call 09/18/26)

    3,033       2,765,442  

2.95%, 09/15/51 (Call 03/15/51)

    1,935       1,040,661  

3.00%, 07/15/50 (Call 01/15/50)

    2,089       1,140,264  

3.20%, 11/18/29 (Call 08/18/29)

    5,347       4,517,806  

3.40%, 02/15/52 (Call 08/15/51)

    2,055       1,216,133  

3.90%, 04/15/32 (Call 01/15/32)

    2,310       1,922,075  

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)

    795       588,427  

2.50%, 02/15/30 (Call 11/15/29)

    2,498       2,029,026  

2.85%, 11/01/26 (Call 08/01/26)

    866       795,875  

3.00%, 07/01/29 (Call 04/01/29)

    2,603       2,237,620  

3.25%, 08/01/27 (Call 05/01/27)

    1,399       1,272,387  

3.38%, 06/01/25 (Call 03/01/25)

    623       598,457  

3.50%, 03/01/28 (Call 12/01/27)

    2,768       2,510,043  

4.00%, 08/01/47 (Call 02/01/47)

    1,036       697,487  

4.15%, 12/01/28 (Call 09/01/28)

    1,725       1,594,849  

4.50%, 07/01/44 (Call 01/01/44)

    1,435       1,077,498  

4.50%, 06/01/45 (Call 12/01/44)

    1,620       1,184,389  

Essex Portfolio LP

   

1.65%, 01/15/31 (Call 10/15/30)

    1,560       1,125,539  

1.70%, 03/01/28 (Call 01/01/28)

    840       696,934  

2.55%, 06/15/31 (Call 03/15/31)

    1,120       853,437  

2.65%, 03/15/32 (Call 12/15/31)

    3,123       2,361,818  

2.65%, 09/01/50 (Call 03/01/50)(b)

    780       386,353  

3.00%, 01/15/30 (Call 10/15/29)

    2,670       2,179,331  

3.38%, 04/15/26 (Call 01/15/26)

    1,874       1,764,323  

3.50%, 04/01/25 (Call 01/01/25)

    2,151       2,068,935  

3.63%, 05/01/27 (Call 02/01/27)

    1,860       1,706,679  

4.00%, 03/01/29 (Call 12/01/28)

    1,656       1,484,259  

4.50%, 03/15/48 (Call 09/15/47)

    1,750       1,258,530  

Extra Space Storage LP

   

2.20%, 10/15/30 (Call 07/15/30)

    1,991       1,511,259  

2.35%, 03/15/32 (Call 12/15/31)

    1,790       1,311,221  

2.40%, 10/15/31 (Call 07/15/31)

    2,610       1,946,396  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

2.55%, 06/01/31 (Call 03/01/31)

  $ 1,815     $ 1,379,331  

3.50%, 07/01/26 (Call 04/01/26)

    1,719       1,600,029  

3.88%, 12/15/27 (Call 09/15/27)

    931       846,502  

3.90%, 04/01/29 (Call 02/01/29)

    300       265,911  

4.00%, 06/15/29 (Call 03/15/29)

        2,523           2,241,669  

5.50%, 07/01/30 (Call 05/01/30)

    585       553,659  

5.70%, 04/01/28 (Call 03/01/28)

    890       867,314  

Federal Realty Investment Trust

   

1.25%, 02/15/26 (Call 01/15/26)

    1,299       1,166,881  

3.20%, 06/15/29 (Call 03/15/29)

    1,783       1,512,751  

3.25%, 07/15/27 (Call 04/15/27)

    2,034       1,837,221  

3.50%, 06/01/30 (Call 03/01/30)

    521       436,267  

4.50%, 12/01/44 (Call 06/01/44)

    1,406       990,535  

Federal Realty OP LP, 5.38%, 05/01/28 (Call 04/01/28)

    1,645       1,584,263  

GLP Capital LP/GLP Financing II Inc.

   

3.25%, 01/15/32 (Call 10/15/31)

    3,475       2,629,012  

4.00%, 01/15/30 (Call 10/15/29)

    2,938       2,451,177  

4.00%, 01/15/31 (Call 10/15/30)

    2,852       2,316,221  

5.25%, 06/01/25 (Call 03/01/25)

    4,035       3,934,861  

5.30%, 01/15/29 (Call 10/15/28)

    3,315       3,026,914  

5.38%, 04/15/26 (Call 01/15/26)

    4,833       4,635,486  

5.75%, 06/01/28 (Call 03/03/28)

    2,544       2,391,666  

Healthcare Realty Holdings LP

   

2.00%, 03/15/31 (Call 12/15/30)

    2,013       1,468,135  

3.50%, 08/01/26 (Call 05/01/26)

    2,757       2,552,377  

3.75%, 07/01/27 (Call 04/01/27)(b)

    2,793       2,551,866  

Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)

    1,890       1,539,414  

Healthpeak Properties Inc.

   

1.35%, 02/01/27 (Call 01/01/27)(b)

    1,495       1,286,292  

2.13%, 12/01/28 (Call 10/01/28)

    2,665       2,198,410  

2.88%, 01/15/31 (Call 10/15/30)

    1,878       1,480,325  

3.00%, 01/15/30 (Call 10/15/29)

    3,269       2,687,815  

3.25%, 07/15/26 (Call 05/15/26)

    2,562       2,396,140  

3.40%, 02/01/25 (Call 11/01/24)

    443       428,014  

3.50%, 07/15/29 (Call 04/15/29)

    1,966       1,700,369  

4.00%, 06/01/25 (Call 03/01/25)

    2,611       2,527,451  

6.75%, 02/01/41 (Call 08/01/40)

    1,338       1,278,916  

Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)

    3,345       3,027,964  

Highwoods Realty LP

   

2.60%, 02/01/31 (Call 11/01/30)(b)

    841       589,445  

3.05%, 02/15/30 (Call 11/15/29)

    1,926       1,440,208  

3.88%, 03/01/27 (Call 12/01/26)

    1,530       1,362,821  

4.13%, 03/15/28 (Call 12/15/27)

    1,558       1,341,489  

4.20%, 04/15/29 (Call 01/15/29)

    1,660       1,393,431  

Host Hotels & Resorts LP

   

Series E, 4.00%, 06/15/25 (Call 03/15/25)

    2,509       2,406,858  

Series F, 4.50%, 02/01/26 (Call 11/01/25)

    421       402,663  

Series H, 3.38%, 12/15/29 (Call 09/15/29)

    2,589       2,130,665  

Series I, 3.50%, 09/15/30 (Call 06/15/30)

    650       525,322  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

    1,710       1,276,759  

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

    1,729       1,110,625  

3.95%, 11/01/27 (Call 08/01/27)

    2,251       1,737,273  

4.65%, 04/01/29 (Call 01/01/29)(b)

    2,006       1,434,984  

5.95%, 02/15/28 (Call 01/15/28)(b)

    130       102,563  

Invitation Homes Operating Partnership LP

   

2.00%, 08/15/31 (Call 05/15/31)

    1,173       845,806  

2.30%, 11/15/28 (Call 09/15/28)

    2,020       1,669,214  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

2.70%, 01/15/34 (Call 10/15/33)

  $ 1,965     $ 1,395,758  

4.15%, 04/15/32 (Call 01/15/32)

    1,850       1,544,269  

5.45%, 08/15/30 (Call 06/15/30)

    1,685       1,571,372  

5.50%, 08/15/33 (Call 05/15/33)

    3,460       3,137,912  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)

        2,413           1,595,650  

2.65%, 11/15/33 (Call 08/15/33)

    2,225       1,453,335  

3.05%, 02/15/30 (Call 11/15/29)

    2,082       1,601,904  

3.45%, 12/15/24 (Call 09/15/24)

    2,607       2,507,750  

4.25%, 08/15/29 (Call 05/15/29)

    1,773       1,481,919  

4.38%, 10/01/25 (Call 07/01/25)

    1,861       1,776,903  

4.75%, 12/15/28 (Call 09/15/28)

    1,909       1,677,838  

Kimco Realty Corp.

   

1.90%, 03/01/28 (Call 01/01/28)

    823       683,641  

2.25%, 12/01/31 (Call 09/01/31)

    1,146       838,125  

2.70%, 10/01/30 (Call 07/01/30)

    935       735,895  

2.80%, 10/01/26 (Call 07/01/26)

    2,485       2,269,196  

3.20%, 04/01/32 (Call 01/01/32)

    41       32,057  

3.30%, 02/01/25 (Call 12/01/24)

    1,932       1,861,583  

3.70%, 10/01/49 (Call 04/01/49)

    817       507,691  

3.80%, 04/01/27 (Call 01/01/27)

    2,389       2,196,095  

4.13%, 12/01/46 (Call 06/01/46)

    891       590,151  

4.25%, 04/01/45 (Call 10/01/44)

    1,777       1,238,376  

4.45%, 09/01/47 (Call 03/01/47)

    2,570       1,817,889  

4.60%, 02/01/33 (Call 11/01/32)

    1,905       1,645,638  

Kimco Realty OP LLC, 6.40%, 03/01/34 (Call 12/01/33)

    900       882,833  

Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)(b)

    2,067       1,882,403  

Kite Realty Group Trust

   

4.00%, 03/15/25 (Call 12/15/24)

    1,121       1,071,506  

4.75%, 09/15/30 (Call 06/15/30)

    2,365       2,055,332  

LXP Industrial Trust

   

2.38%, 10/01/31 (Call 07/01/31)

    615       439,647  

2.70%, 09/15/30 (Call 06/15/30)

    808       613,699  

Mid-America Apartments LP

   

1.10%, 09/15/26 (Call 08/15/26)

    2,035       1,788,970  

1.70%, 02/15/31 (Call 11/15/30)

    2,531       1,883,322  

2.75%, 03/15/30 (Call 12/15/29)

    1,155       948,538  

2.88%, 09/15/51 (Call 03/15/51)

    1,210       661,577  

3.60%, 06/01/27 (Call 03/01/27)

    2,960       2,750,685  

3.95%, 03/15/29 (Call 12/15/28)

    2,350       2,139,548  

4.00%, 11/15/25 (Call 08/15/25)

    3,152       3,038,546  

4.20%, 06/15/28 (Call 03/15/28)

    1,423       1,326,018  

National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)

    2,608       1,879,092  

NNN REIT Inc.

   

2.50%, 04/15/30 (Call 01/15/30)

    2,162       1,717,270  

3.00%, 04/15/52 (Call 10/15/51)

    775       413,661  

3.10%, 04/15/50 (Call 10/15/49)

    2,117       1,160,267  

3.50%, 10/15/27 (Call 07/15/27)

    920       834,681  

3.50%, 04/15/51 (Call 10/15/50)

    2,447       1,463,315  

3.60%, 12/15/26 (Call 09/15/26)

    2,107       1,954,341  

4.00%, 11/15/25 (Call 08/15/25)

    2,320       2,224,984  

4.30%, 10/15/28 (Call 07/15/28)

    1,120       1,021,654  

4.80%, 10/15/48 (Call 04/15/48)

    695       513,559  

5.60%, 10/15/33 (Call 07/15/33)

    1,670       1,537,806  

Oaktree Specialty Lending Corp., 7.10%, 02/15/29 (Call 01/15/29)

    2,585       2,466,308  

Omega Healthcare Investors Inc.

   

3.25%, 04/15/33 (Call 01/15/33)

    3,433       2,443,471  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

3.38%, 02/01/31 (Call 11/01/30)

  $ 2,449     $ 1,883,069  

3.63%, 10/01/29 (Call 07/01/29)

    2,507       2,038,013  

4.50%, 01/15/25 (Call 10/15/24)

    2,420       2,347,902  

4.50%, 04/01/27 (Call 01/01/27)

    1,620       1,491,366  

4.75%, 01/15/28 (Call 10/15/27)

    2,252       2,055,921  

5.25%, 01/15/26 (Call 10/15/25)

        3,595           3,467,057  

Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)

    2,555       1,837,485  

Physicians Realty LP

   

2.63%, 11/01/31 (Call 08/01/31)

    3,083       2,268,597  

3.95%, 01/15/28 (Call 10/15/27)

    2,553       2,291,976  

4.30%, 03/15/27 (Call 12/15/26)

    396       368,079  

Piedmont Operating Partnership LP

   

2.75%, 04/01/32 (Call 01/01/32)

    550       351,759  

3.15%, 08/15/30 (Call 05/15/30)

    1,988       1,381,905  

9.25%, 07/20/28 (Call 06/20/28)

    540       537,835  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)

    3,028       2,215,455  

1.63%, 03/15/31 (Call 12/15/30)

    1,604       1,181,065  

1.75%, 07/01/30 (Call 04/01/30)

    1,702       1,298,809  

1.75%, 02/01/31 (Call 11/01/30)

    2,100       1,570,825  

2.13%, 04/15/27 (Call 02/15/27)

    1,816       1,610,486  

2.13%, 10/15/50 (Call 04/15/50)(b)

    1,987       930,968  

2.25%, 04/15/30 (Call 01/15/30)

    2,982       2,382,412  

2.25%, 01/15/32 (Call 10/15/31)

    2,207       1,661,347  

2.88%, 11/15/29 (Call 08/15/29)

    1,800       1,517,076  

3.00%, 04/15/50 (Call 10/15/49)

    3,283       1,892,188  

3.05%, 03/01/50 (Call 09/01/49)

    1,676       976,010  

3.25%, 06/30/26 (Call 03/30/26)

    884       831,343  

3.25%, 10/01/26 (Call 07/01/26)

    1,720       1,608,802  

3.38%, 12/15/27 (Call 09/15/27)

    2,720       2,477,381  

3.88%, 09/15/28 (Call 06/15/28)

    2,142       1,965,228  

4.00%, 09/15/28 (Call 06/15/28)

    1,431       1,317,441  

4.38%, 02/01/29 (Call 11/01/28)

    1,546       1,435,417  

4.38%, 09/15/48 (Call 03/15/48)

    494       361,445  

4.63%, 01/15/33 (Call 10/15/32)

    2,760       2,473,027  

4.75%, 06/15/33 (Call 03/15/33)

    1,680       1,504,511  

4.88%, 06/15/28 (Call 05/15/28)

    2,155       2,072,705  

5.13%, 01/15/34 (Call 10/15/33)

    2,110       1,932,231  

5.25%, 06/15/53 (Call 12/15/52)

    2,295       1,931,345  

Public Storage Operating Co.

   

0.88%, 02/15/26 (Call 01/15/26)

    2,363       2,119,781  

1.50%, 11/09/26 (Call 10/09/26)

    2,839       2,529,226  

1.85%, 05/01/28 (Call 03/01/28)

    2,660       2,253,696  

1.95%, 11/09/28 (Call 09/09/28)

    2,500       2,092,794  

2.25%, 11/09/31 (Call 08/09/31)

    2,315       1,768,263  

2.30%, 05/01/31 (Call 02/01/31)

    2,570       1,996,976  

3.09%, 09/15/27 (Call 06/15/27)

    2,280       2,087,282  

3.39%, 05/01/29 (Call 02/01/29)

    2,566       2,278,554  

5.10%, 08/01/33 (Call 05/01/33)

    520       481,928  

5.13%, 01/15/29 (Call 12/15/28)

    1,375       1,339,052  

5.35%, 08/01/53 (Call 02/01/53)

    860       740,092  

Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)

    2,712       2,076,747  

Realty Income Corp.

   

0.75%, 03/15/26 (Call 02/15/26)

    1,513       1,338,323  

1.80%, 03/15/33 (Call 12/15/32)

    1,698       1,157,218  

2.20%, 06/15/28 (Call 04/15/28)

    1,440       1,213,344  

2.85%, 12/15/32 (Call 09/15/32)

    666       504,508  

3.00%, 01/15/27 (Call 10/15/26)

    2,489       2,269,537  

3.10%, 12/15/29 (Call 09/15/29)

    1,619       1,365,351  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

3.25%, 06/15/29 (Call 03/15/29)

  $ 1,112     $ 971,483  

3.25%, 01/15/31 (Call 10/15/30)

    4,119       3,380,517  

3.40%, 01/15/28 (Call 11/15/27)(b)

    2,185       1,967,533  

3.65%, 01/15/28 (Call 10/15/27)

    2,499       2,274,219  

3.88%, 04/15/25 (Call 02/15/25)

    3,097       3,002,184  

3.95%, 08/15/27 (Call 05/15/27)

    3,201       2,969,078  

4.13%, 10/15/26 (Call 07/15/26)

    2,621       2,493,275  

4.63%, 11/01/25 (Call 09/01/25)

    2,196       2,139,826  

4.65%, 03/15/47 (Call 09/15/46)

    2,673       2,096,914  

4.70%, 12/15/28 (Call 11/15/28)

    1,960       1,843,284  

4.85%, 03/15/30 (Call 01/15/30)

    805       743,544  

4.88%, 06/01/26 (Call 03/01/26)

    2,364       2,302,321  

4.90%, 07/15/33 (Call 04/15/33)

    3,015       2,679,927  

5.05%, 01/13/26 (Call 01/13/24)

    1,245       1,221,978  

5.63%, 10/13/32 (Call 07/13/32)

        2,420           2,285,506  

Regency Centers LP

   

2.95%, 09/15/29 (Call 06/15/29)

    1,600       1,334,549  

3.60%, 02/01/27 (Call 11/01/26)

    526       489,353  

3.70%, 06/15/30 (Call 03/15/30)

    813       690,741  

4.13%, 03/15/28 (Call 12/15/27)

    1,531       1,402,672  

4.40%, 02/01/47 (Call 08/01/46)

    1,833       1,284,670  

4.65%, 03/15/49 (Call 09/15/48)

    1,291       932,317  

Retail Opportunity Investments Partnership LP, 6.75%, 10/15/28 (Call 09/15/28)

    105       101,963  

Rexford Industrial Realty LP

   

2.13%, 12/01/30 (Call 09/01/30)

    2,078       1,548,231  

2.15%, 09/01/31 (Call 06/01/31)

    2,075       1,502,595  

5.00%, 06/15/28 (Call 05/15/28)

    1,160       1,098,939  

Sabra Health Care LP

   

3.20%, 12/01/31 (Call 09/01/31)

    4,102       3,021,149  

3.90%, 10/15/29 (Call 07/15/29)

    2,258       1,863,644  

5.13%, 08/15/26 (Call 05/15/26)

    2,666       2,528,070  

Safehold GL Holdings LLC

   

2.80%, 06/15/31 (Call 03/15/31)

    2,595       1,911,527  

2.85%, 01/15/32 (Call 08/15/31)(b)

    785       569,886  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)

    3,219       2,790,909  

1.75%, 02/01/28 (Call 11/01/27)

    2,155       1,809,418  

2.20%, 02/01/31 (Call 11/01/30)

    1,964       1,482,207  

2.25%, 01/15/32 (Call 10/15/31)

    3,720       2,726,689  

2.45%, 09/13/29 (Call 06/13/29)

    5,708       4,656,935  

2.65%, 07/15/30 (Call 04/15/30)

    1,858       1,497,986  

2.65%, 02/01/32 (Call 12/01/31)

    2,215       1,684,742  

3.25%, 11/30/26 (Call 08/30/26)

    3,328       3,076,091  

3.25%, 09/13/49 (Call 03/13/49)

    4,718       2,734,021  

3.30%, 01/15/26 (Call 10/15/25)

    3,967       3,752,398  

3.38%, 06/15/27 (Call 03/15/27)

    1,652       1,511,012  

3.38%, 12/01/27 (Call 09/01/27)

    4,038       3,658,341  

3.50%, 09/01/25 (Call 06/01/25)

    4,906       4,700,561  

3.80%, 07/15/50 (Call 01/15/50)

    2,590       1,645,976  

4.25%, 10/01/44 (Call 04/01/44)

    1,430       1,003,251  

4.25%, 11/30/46 (Call 05/30/46)

    2,037       1,411,731  

4.75%, 03/15/42 (Call 09/15/41)

    2,406       1,854,169  

5.50%, 03/08/33 (Call 12/08/32)

    3,205       2,980,356  

5.85%, 03/08/53 (Call 09/03/52)

    2,335       2,029,121  

6.75%, 02/01/40 (Call 11/01/39)

    2,298       2,254,565  

SITE Centers Corp.

   

3.63%, 02/01/25 (Call 11/01/24)

    2,547       2,449,180  

4.25%, 02/01/26 (Call 11/01/25)

    2,134       2,012,264  

4.70%, 06/01/27 (Call 03/01/27)

    2,349       2,175,075  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

Sixth Street Specialty Lending Inc., 6.95%, 08/14/28 (Call 07/14/28)

  $ 255     $ 247,903  

Spirit Realty LP

   

2.10%, 03/15/28 (Call 01/15/28)

    1,116       930,114  

2.70%, 02/15/32 (Call 11/15/31)

    805       597,268  

3.20%, 01/15/27 (Call 11/15/26)

    2,377       2,146,696  

3.20%, 02/15/31 (Call 11/15/30)

    800       632,297  

3.40%, 01/15/30 (Call 10/15/29)

    2,010       1,671,386  

4.00%, 07/15/29 (Call 04/15/29)

    2,322       2,024,938  

4.45%, 09/15/26 (Call 06/15/26)

        2,016           1,920,236  

STORE Capital Corp.

   

2.70%, 12/01/31 (Call 09/01/31)

    2,230       1,491,385  

2.75%, 11/18/30 (Call 08/18/30)(b)

    1,089       765,165  

4.50%, 03/15/28 (Call 12/15/27)

    1,762       1,523,075  

4.63%, 03/15/29 (Call 12/15/28)

    2,081       1,755,202  

Sun Communities Operating LP

   

2.30%, 11/01/28 (Call 09/01/28)

    893       732,443  

2.70%, 07/15/31 (Call 04/15/31)

    3,272       2,445,140  

4.20%, 04/15/32 (Call 01/15/32)

    1,690       1,394,711  

5.70%, 01/15/33 (Call 10/15/32)

    2,375       2,168,921  

Tanger Properties LP

   

2.75%, 09/01/31 (Call 06/01/31)

    1,575       1,113,170  

3.13%, 09/01/26 (Call 06/01/26)

    1,508       1,362,316  

3.88%, 07/15/27 (Call 04/15/27)(b)

    1,770       1,557,006  

UDR Inc.

   

1.90%, 03/15/33 (Call 12/15/32)

    1,845       1,256,277  

2.10%, 08/01/32 (Call 05/01/32)

    1,395       983,631  

2.10%, 06/15/33 (Call 03/15/33)

    970       667,862  

2.95%, 09/01/26 (Call 06/01/26)

    965       891,100  

3.00%, 08/15/31 (Call 05/15/31)

    2,313       1,831,037  

3.10%, 11/01/34 (Call 08/01/34)

    1,058       777,026  

3.20%, 01/15/30 (Call 10/15/29)

    2,493       2,095,844  

3.50%, 07/01/27 (Call 04/01/27)

    1,368       1,253,620  

3.50%, 01/15/28 (Call 10/15/27)

    1,050       943,850  

4.40%, 01/26/29 (Call 10/26/28)

    1,570       1,431,703  

Ventas Realty LP

   

2.50%, 09/01/31 (Call 06/01/31)

    2,460       1,848,288  

2.65%, 01/15/25 (Call 12/15/24)

    2,561       2,449,320  

3.00%, 01/15/30 (Call 10/15/29)

    2,070       1,690,120  

3.25%, 10/15/26 (Call 07/15/26)

    974       893,534  

3.50%, 02/01/25 (Call 11/01/24)

    2,753       2,653,145  

3.85%, 04/01/27 (Call 01/01/27)

    1,420       1,311,294  

4.00%, 03/01/28 (Call 12/01/27)

    1,418       1,290,845  

4.13%, 01/15/26 (Call 10/15/25)

    3,619       3,459,824  

4.38%, 02/01/45 (Call 08/01/44)

    458       312,952  

4.40%, 01/15/29 (Call 10/15/28)

    1,534       1,400,819  

4.75%, 11/15/30 (Call 08/15/30)

    1,115       996,852  

4.88%, 04/15/49 (Call 10/15/48)

    1,642       1,197,727  

5.70%, 09/30/43 (Call 03/30/43)

    1,585       1,307,021  

VICI Properties LP

   

4.38%, 05/15/25(b)

    2,850       2,759,643  

4.75%, 02/15/28 (Call 01/15/28)

    4,920       4,530,626  

4.95%, 02/15/30 (Call 12/15/29)

    4,615       4,112,843  

5.13%, 05/15/32 (Call 02/15/32)

    6,365       5,495,686  

5.63%, 05/15/52 (Call 11/15/51)

    3,553       2,782,215  

Vornado Realty LP

   

2.15%, 06/01/26 (Call 05/01/26)

    1,537       1,294,815  

3.40%, 06/01/31 (Call 03/01/31)

    1,110       768,656  

3.50%, 01/15/25 (Call 11/15/24)

    2,303       2,186,927  

Welltower Inc.

   

2.75%, 01/15/32 (Call 10/15/31)

    2,205       1,682,488  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

3.85%, 06/15/32 (Call 03/15/32)

  $ 1,760     $ 1,461,218  

4.00%, 06/01/25 (Call 03/01/25)

    5,948       5,751,643  

6.50%, 03/15/41 (Call 09/15/40)

        2,417           2,295,579  

Welltower OP LLC

   

2.05%, 01/15/29 (Call 11/15/28)

    2,283       1,859,387  

2.70%, 02/15/27 (Call 12/15/26)(b)

    2,769       2,501,652  

2.75%, 01/15/31 (Call 10/15/30)

    1,501       1,178,370  

2.80%, 06/01/31 (Call 03/01/31)

    4,435       3,471,617  

3.10%, 01/15/30 (Call 10/15/29)

    3,030       2,514,892  

4.13%, 03/15/29 (Call 12/15/28)

    2,421       2,184,334  

4.25%, 04/01/26 (Call 01/01/26)

    4,097       3,925,145  

4.25%, 04/15/28 (Call 01/15/28)

    3,073       2,833,664  

4.95%, 09/01/48 (Call 03/01/48)

    425       329,516  

Weyerhaeuser Co.

   

3.38%, 03/09/33 (Call 12/09/32)

    720       571,192  

4.00%, 11/15/29 (Call 08/15/29)

    2,954       2,618,521  

4.00%, 04/15/30 (Call 01/15/30)

    3,450       3,017,179  

4.00%, 03/09/52 (Call 09/09/51)

    664       452,947  

4.75%, 05/15/26(b)

    2,740       2,667,374  

6.95%, 10/01/27

    2,109       2,180,558  

7.38%, 03/15/32

    2,938       3,098,400  

WP Carey Inc.

   

2.25%, 04/01/33 (Call 01/01/33)

    1,310       913,450  

2.40%, 02/01/31 (Call 11/01/30)

    1,923       1,460,488  

2.45%, 02/01/32 (Call 11/01/31)

    2,050       1,507,329  

3.85%, 07/15/29 (Call 04/15/29)

    2,266       1,977,103  

4.00%, 02/01/25 (Call 11/01/24)

    2,918       2,838,969  

4.25%, 10/01/26 (Call 07/01/26)

    1,435       1,366,915  
   

 

 

 
          858,437,745  
Retail — 0.7%            

AutoNation Inc.

   

1.95%, 08/01/28 (Call 06/01/28)

    1,007       810,709  

2.40%, 08/01/31 (Call 05/01/31)

    2,770       1,972,836  

3.50%, 11/15/24 (Call 09/15/24)

    2,459       2,380,711  

3.80%, 11/15/27 (Call 08/15/27)

    1,887       1,685,645  

3.85%, 03/01/32 (Call 12/01/31)

    2,065       1,619,094  

4.50%, 10/01/25 (Call 07/01/25)

    2,029       1,958,575  

4.75%, 06/01/30 (Call 03/01/30)

    2,788       2,440,172  

AutoZone Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    656       480,550  

3.13%, 04/21/26 (Call 01/21/26)

    3,373       3,158,571  

3.25%, 04/15/25 (Call 01/15/25)

    3,493       3,363,120  

3.63%, 04/15/25 (Call 03/15/25)

    965       934,190  

3.75%, 06/01/27 (Call 03/01/27)(b)

    2,564       2,396,223  

3.75%, 04/18/29 (Call 01/18/29)

    2,930       2,613,625  

4.00%, 04/15/30 (Call 01/15/30)

    2,445       2,153,886  

4.50%, 02/01/28 (Call 01/01/28)

    3,280       3,100,623  

4.75%, 08/01/32 (Call 05/01/32)

    2,680       2,379,378  

4.75%, 02/01/33 (Call 11/01/32)

    3,280       2,898,288  

5.05%, 07/15/26

    1,310       1,288,386  

5.20%, 08/01/33 (Call 05/01/33)

    1,205       1,093,537  

6.25%, 11/01/28 (Call 10/01/28)

    1,375       1,388,985  

6.55%, 11/01/33 (Call 08/01/33)

    1,375       1,378,764  

Best Buy Co. Inc.

   

1.95%, 10/01/30 (Call 07/01/30)

    3,644       2,775,788  

4.45%, 10/01/28 (Call 07/01/28)(b)

    3,399       3,176,438  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    5,366       4,668,366  

1.60%, 04/20/30 (Call 01/20/30)

    6,679       5,280,530  

1.75%, 04/20/32 (Call 01/20/32)

    4,750       3,556,187  

3.00%, 05/18/27 (Call 02/18/27)

    5,697       5,277,364  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Retail (continued)

   

Darden Restaurants Inc.

   

3.85%, 05/01/27 (Call 02/01/27)(b)

  $ 3,729     $ 3,458,758  

4.55%, 02/15/48 (Call 08/15/47)

        2,005           1,463,017  

6.30%, 10/10/33 (Call 07/10/33)

    900       873,485  

Dick’s Sporting Goods Inc.

   

3.15%, 01/15/32 (Call 10/15/31)(b)

    3,060       2,308,710  

4.10%, 01/15/52 (Call 07/15/51)

    3,635       2,125,688  

Dollar General Corp.

   

3.50%, 04/03/30 (Call 01/03/30)

    1,928       1,627,831  

3.88%, 04/15/27 (Call 01/15/27)

    3,216       2,999,134  

4.13%, 05/01/28 (Call 02/01/28)

    2,467       2,277,366  

4.13%, 04/03/50 (Call 10/03/49)

    3,120       2,029,757  

4.15%, 11/01/25 (Call 08/01/25)

    2,277       2,194,040  

4.63%, 11/01/27 (Call 10/01/27)

    2,632       2,499,110  

5.00%, 11/01/32 (Call 08/01/32)(b)

    3,345       2,978,614  

5.20%, 07/05/28 (Call 06/05/28)(b)

    1,345       1,291,911  

5.45%, 07/05/33 (Call 04/05/33)(b)

    1,510       1,378,804  

5.50%, 11/01/52 (Call 05/01/52)(b)

    1,171       936,676  

Dollar Tree Inc.

   

2.65%, 12/01/31 (Call 09/01/31)

    3,795       2,881,821  

3.38%, 12/01/51 (Call 06/01/51)

    2,845       1,618,598  

4.00%, 05/15/25 (Call 03/15/25)

    4,760       4,609,286  

4.20%, 05/15/28 (Call 02/15/28)

    5,828       5,368,496  

Genuine Parts Co.

   

1.75%, 02/01/25 (Call 11/13/23)

    2,280       2,154,524  

1.88%, 11/01/30 (Call 08/01/30)

    3,490       2,577,205  

2.75%, 02/01/32 (Call 11/01/31)(b)

    800       601,584  

6.50%, 11/01/28 (Call 10/01/28)

    1,375       1,373,956  

6.88%, 11/01/33 (Call 08/01/33)

    1,375       1,369,445  

Home Depot Inc. (The)

   

0.90%, 03/15/28 (Call 01/15/28)

    3,697       3,065,928  

1.38%, 03/15/31 (Call 12/15/30)

    6,960       5,146,252  

1.50%, 09/15/28 (Call 07/15/28)

    1,990       1,654,697  

1.88%, 09/15/31 (Call 06/15/31)

    2,400       1,812,534  

2.13%, 09/15/26 (Call 06/15/26)

    4,255       3,894,941  

2.38%, 03/15/51 (Call 09/15/50)

    5,435       2,772,986  

2.50%, 04/15/27 (Call 02/15/27)

    4,569       4,147,155  

2.70%, 04/15/25 (Call 03/15/25)(b)

    1,955       1,881,069  

2.70%, 04/15/30 (Call 01/15/30)

    6,816       5,706,917  

2.75%, 09/15/51 (Call 03/15/51)

    2,490       1,387,509  

2.80%, 09/14/27 (Call 06/14/27)

    4,304       3,914,848  

2.88%, 04/15/27 (Call 03/15/27)

    2,790       2,562,637  

2.95%, 06/15/29 (Call 03/15/29)

    3,711       3,254,199  

3.00%, 04/01/26 (Call 01/01/26)

    5,742       5,429,370  

3.13%, 12/15/49 (Call 06/15/49)

    5,424       3,300,027  

3.25%, 04/15/32 (Call 01/15/32)

    5,985       4,986,762  

3.30%, 04/15/40 (Call 10/15/39)

    3,617       2,557,950  

3.35%, 09/15/25 (Call 06/15/25)

    2,825       2,723,257  

3.35%, 04/15/50 (Call 10/15/49)

    5,656       3,599,290  

3.50%, 09/15/56 (Call 03/15/56)

    3,425       2,171,428  

3.63%, 04/15/52 (Call 10/15/51)

    6,065       4,042,175  

3.90%, 12/06/28 (Call 09/06/28)

    4,463       4,156,978  

3.90%, 06/15/47 (Call 12/15/46)

    4,750       3,400,801  

4.00%, 09/15/25 (Call 08/15/25)

    1,430       1,394,736  

4.20%, 04/01/43 (Call 10/01/42)

    4,814       3,731,953  

4.25%, 04/01/46 (Call 10/01/45)

    6,310       4,797,268  

4.40%, 03/15/45 (Call 09/15/44)

    3,447       2,698,757  

4.50%, 09/15/32 (Call 06/15/32)(b)

    1,590       1,459,387  

4.50%, 12/06/48 (Call 06/06/48)

    6,103       4,806,960  

4.88%, 02/15/44 (Call 08/15/43)

    4,080       3,432,511  

4.95%, 09/15/52 (Call 03/15/52)(b)

    1,640       1,380,027  
Security  

Par

(000)

    Value  

Retail (continued)

   

5.40%, 09/15/40 (Call 03/15/40)

  $ 2,663     $ 2,438,976  

5.88%, 12/16/36

        11,153           11,044,997  

5.95%, 04/01/41 (Call 10/01/40)

    4,030       3,905,899  

Lowe’s Companies Inc.

   

1.30%, 04/15/28 (Call 02/15/28)

    5,637       4,657,830  

1.70%, 09/15/28 (Call 07/15/28)

    3,838       3,176,240  

1.70%, 10/15/30 (Call 07/15/30)

    4,788       3,595,671  

2.50%, 04/15/26 (Call 01/15/26)

    3,787       3,517,812  

2.63%, 04/01/31 (Call 01/01/31)

    5,957       4,703,844  

2.80%, 09/15/41 (Call 03/15/41)

    4,176       2,534,488  

3.00%, 10/15/50 (Call 04/15/50)

    4,798       2,638,975  

3.10%, 05/03/27 (Call 02/03/27)

    5,476       5,016,872  

3.35%, 04/01/27 (Call 03/01/27)

    2,753       2,548,229  

3.38%, 09/15/25 (Call 06/15/25)

    4,987       4,768,511  

3.50%, 04/01/51 (Call 10/01/50)

    4,382       2,666,057  

3.65%, 04/05/29 (Call 01/05/29)

    5,073       4,550,978  

3.70%, 04/15/46 (Call 10/15/45)

    7,651       5,032,410  

3.75%, 04/01/32 (Call 01/01/32)

    5,790       4,853,385  

4.00%, 04/15/25 (Call 03/15/25)

    3,817       3,720,117  

4.05%, 05/03/47 (Call 11/03/46)

    5,864       4,041,699  

4.25%, 04/01/52 (Call 10/01/51)

    4,500       3,115,998  

4.38%, 09/15/45 (Call 03/15/45)

    2,265       1,654,024  

4.40%, 09/08/25

    2,415       2,361,150  

4.45%, 04/01/62 (Call 10/01/61)

    2,865       1,956,093  

4.50%, 04/15/30 (Call 01/15/30)

    5,109       4,672,950  

4.55%, 04/05/49 (Call 10/05/48)

    1,858       1,367,326  

4.65%, 04/15/42 (Call 10/15/41)

    2,380       1,880,899  

4.80%, 04/01/26 (Call 03/01/26)

    2,605       2,550,362  

5.00%, 04/15/33 (Call 01/15/33)(b)

    3,840       3,496,502  

5.00%, 04/15/40 (Call 10/15/39)

    2,471       2,061,179  

5.13%, 04/15/50 (Call 10/15/49)

    515       414,014  

5.15%, 07/01/33 (Call 04/01/33)

    3,695       3,379,779  

5.50%, 10/15/35

    593       556,236  

5.63%, 04/15/53 (Call 10/15/52)(b)

    4,550       3,926,716  

5.75%, 07/01/53 (Call 01/01/53)

    1,205       1,054,179  

5.80%, 09/15/62 (Call 03/15/62)

    3,445       2,915,881  

5.85%, 04/01/63 (Call 10/01/62)

    3,590       3,065,657  

6.50%, 03/15/29

    810       840,020  

McDonald’s Corp.

   

1.45%, 09/01/25 (Call 08/01/25)

    2,000       1,856,066  

2.13%, 03/01/30 (Call 12/01/29)

    3,090       2,483,424  

2.63%, 09/01/29 (Call 06/01/29)

    5,053       4,300,603  

3.30%, 07/01/25 (Call 06/01/25)

    5,406       5,207,002  

3.38%, 05/26/25 (Call 02/26/25)

    2,600       2,513,129  

3.50%, 03/01/27 (Call 12/01/26)

    4,199       3,924,259  

3.50%, 07/01/27 (Call 05/01/27)

    4,758       4,416,048  

3.60%, 07/01/30 (Call 04/01/30)

    2,865       2,510,563  

3.63%, 05/01/43

    1,931       1,347,719  

3.63%, 09/01/49 (Call 03/01/49)

    6,467       4,285,624  

3.70%, 01/30/26 (Call 10/30/25)

    5,465       5,254,699  

3.70%, 02/15/42

    2,926       2,091,283  

3.80%, 04/01/28 (Call 01/01/28)

    4,856       4,510,832  

4.20%, 04/01/50 (Call 10/01/49)

    3,241       2,360,688  

4.45%, 03/01/47 (Call 09/01/46)

    4,280       3,284,682  

4.45%, 09/01/48 (Call 03/01/48)

    3,170       2,427,308  

4.60%, 09/09/32 (Call 06/09/32)(b)

    395       362,421  

4.60%, 05/26/45 (Call 11/26/44)

    2,704       2,132,965  

4.70%, 12/09/35 (Call 06/09/35)

    4,661       4,091,894  

4.80%, 08/14/28 (Call 07/14/28)

    1,860       1,795,376  

4.88%, 07/15/40

    1,597       1,345,954  

4.88%, 12/09/45 (Call 06/09/45)

    6,520       5,359,015  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Retail (continued)

   

4.95%, 08/14/33 (Call 05/14/33)

  $ 2,810     $ 2,606,175  

5.15%, 09/09/52 (Call 03/09/52)

    455       383,439  

5.45%, 08/14/53 (Call 02/14/53)

    3,050       2,685,254  

5.70%, 02/01/39(b)

    2,199       2,070,789  

6.30%, 10/15/37

    3,228       3,259,805  

6.30%, 03/01/38

        2,653           2,670,864  

O’Reilly Automotive Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    1,285       951,662  

3.55%, 03/15/26 (Call 12/15/25)

    3,088       2,932,466  

3.60%, 09/01/27 (Call 06/01/27)

    2,731       2,534,714  

3.90%, 06/01/29 (Call 03/01/29)

    2,487       2,253,033  

4.20%, 04/01/30 (Call 01/01/30)

    2,961       2,650,947  

4.35%, 06/01/28 (Call 03/01/28)

    1,950       1,840,897  

4.70%, 06/15/32 (Call 03/15/32)

    4,130       3,696,358  

Ross Stores Inc.

   

0.88%, 04/15/26 (Call 03/15/26)

    3,765       3,334,456  

1.88%, 04/15/31 (Call 01/15/31)

    1,785       1,326,200  

4.60%, 04/15/25 (Call 03/15/25)

    3,019       2,962,273  

Starbucks Corp.

   

2.00%, 03/12/27 (Call 01/12/27)

    3,756       3,336,156  

2.25%, 03/12/30 (Call 12/12/29)

    3,750       3,025,792  

2.45%, 06/15/26 (Call 03/15/26)

    1,961       1,808,043  

2.55%, 11/15/30 (Call 08/15/30)

    4,861       3,922,231  

3.00%, 02/14/32 (Call 11/14/31)(b)

    3,945       3,183,609  

3.35%, 03/12/50 (Call 09/12/49)

    3,435       2,118,210  

3.50%, 03/01/28 (Call 12/01/27)

    2,656       2,439,628  

3.50%, 11/15/50 (Call 05/15/50)

    3,255       2,083,780  

3.55%, 08/15/29 (Call 05/15/29)

    3,720       3,328,571  

3.75%, 12/01/47 (Call 06/01/47)

    3,299       2,221,129  

3.80%, 08/15/25 (Call 06/15/25)

    4,201       4,064,349  

4.00%, 11/15/28 (Call 08/15/28)(b)

    3,990       3,709,350  

4.30%, 06/15/45 (Call 12/15/44)

    2,801       2,099,391  

4.45%, 08/15/49 (Call 02/15/49)

    2,119       1,597,281  

4.50%, 11/15/48 (Call 05/15/48)

    5,060       3,838,304  

4.75%, 02/15/26 (Call 01/15/26)

    2,065       2,028,235  

4.80%, 02/15/33 (Call 11/15/32)(b)

    2,125       1,944,592  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)

    4,075       3,668,691  

2.25%, 04/15/25 (Call 03/15/25)

    8,293       7,921,581  

2.35%, 02/15/30 (Call 11/15/29)

    3,101       2,545,721  

2.50%, 04/15/26

    5,016       4,711,723  

2.65%, 09/15/30 (Call 06/15/30)

    2,604       2,140,261  

2.95%, 01/15/52 (Call 07/15/51)

    4,620       2,659,735  

3.38%, 04/15/29 (Call 01/15/29)

    4,953       4,469,945  

3.63%, 04/15/46

    3,288       2,294,181  

3.90%, 11/15/47 (Call 05/15/47)

    3,062       2,193,374  

4.00%, 07/01/42

    2,356       1,823,616  

4.40%, 01/15/33 (Call 10/15/32)(b)

    2,650       2,385,637  

4.50%, 09/15/32 (Call 06/15/32)(b)

    4,385       3,976,815  

4.80%, 01/15/53 (Call 07/15/52)

    4,986       4,056,611  

6.35%, 11/01/32(b)

    141       146,478  

6.50%, 10/15/37

    1,178       1,206,279  

7.00%, 01/15/38

    940       1,018,668  

TJX Companies Inc. (The)

   

1.15%, 05/15/28 (Call 03/15/28)

    976       807,666  

1.60%, 05/15/31 (Call 02/15/31)(b)

    375       281,885  

2.25%, 09/15/26 (Call 06/15/26)

    7,335       6,735,505  

3.88%, 04/15/30 (Call 01/15/30)

    3,380       3,040,657  

4.50%, 04/15/50 (Call 10/15/49)(b)

    2,665       2,105,506  
Security  

Par

(000)

    Value  

Retail (continued)

   

Tractor Supply Co.

   

1.75%, 11/01/30 (Call 08/01/30)

  $ 2,885     $ 2,137,668  

5.25%, 05/15/33 (Call 02/15/33)

    1,030       942,209  

Walgreens Boots Alliance Inc.

   

3.20%, 04/15/30 (Call 01/15/30)(b)

        2,000           1,557,030  

3.45%, 06/01/26 (Call 03/01/26)

    2,252       2,051,698  

4.10%, 04/15/50 (Call 10/15/49)(b)

    1,850       1,077,314  

4.50%, 11/18/34 (Call 05/18/34)

    25       20,215  

Walmart Inc.

   

1.05%, 09/17/26 (Call 08/17/26)

    6,600       5,881,423  

1.50%, 09/22/28 (Call 07/22/28)

    4,778       4,022,228  

1.80%, 09/22/31 (Call 06/22/31)

    7,817       6,007,360  

2.38%, 09/24/29 (Call 06/24/29)

    1,247       1,067,816  

2.50%, 09/22/41 (Call 03/22/41)

    5,516       3,484,900  

2.65%, 12/15/24 (Call 10/15/24)

    635       616,357  

2.65%, 09/22/51 (Call 03/22/51)

    6,140       3,523,971  

2.95%, 09/24/49 (Call 03/24/49)

    888       552,044  

3.05%, 07/08/26 (Call 05/08/26)

    910       861,663  

3.25%, 07/08/29 (Call 04/08/29)

    2,193       1,976,257  

3.55%, 06/26/25 (Call 04/26/25)

    735       714,069  

3.63%, 12/15/47 (Call 06/15/47)

    795       564,003  

3.70%, 06/26/28 (Call 03/26/28)

    4,307       4,047,559  

3.90%, 09/09/25

    4,470       4,365,323  

3.90%, 04/15/28 (Call 03/15/28)

    2,800       2,653,826  

3.95%, 09/09/27 (Call 08/09/27)

    3,085       2,953,371  

3.95%, 06/28/38 (Call 12/28/37)

    1,700       1,398,197  

4.00%, 04/15/26 (Call 03/15/26)

    2,240       2,179,782  

4.00%, 04/15/30 (Call 02/15/30)

    3,875       3,575,315  

4.00%, 04/11/43 (Call 10/11/42)

    185       144,216  

4.05%, 06/29/48 (Call 12/29/47)

    3,095       2,386,678  

4.10%, 04/15/33 (Call 01/15/33)

    3,705       3,316,562  

4.15%, 09/09/32 (Call 06/09/32)(b)

    4,050       3,688,845  

4.50%, 09/09/52 (Call 03/09/52)

    2,845       2,308,204  

4.50%, 04/15/53 (Call 10/15/52)

    8,790       7,126,098  

5.00%, 10/25/40

    230       211,387  

5.25%, 09/01/35

    1,780       1,741,572  

5.63%, 04/01/40

    1,466       1,419,642  

5.63%, 04/15/41(b)

    85       82,605  

5.88%, 04/05/27(b)

    330       338,459  

6.20%, 04/15/38

    1,034       1,079,256  

6.50%, 08/15/37

    5,625       6,042,347  

7.55%, 02/15/30(b)

    2,250       2,532,279  
   

 

 

 
          644,791,441  
Semiconductors — 0.6%            

Advanced Micro Devices Inc.

   

3.92%, 06/01/32 (Call 03/01/32)

    3,325       2,910,335  

4.39%, 06/01/52 (Call 12/01/51)

    2,560       1,972,574  

Analog Devices Inc.

   

1.70%, 10/01/28 (Call 08/01/28)

    2,990       2,505,402  

2.10%, 10/01/31 (Call 07/01/31)

    2,845       2,193,384  

2.80%, 10/01/41 (Call 04/01/41)

    2,705       1,716,892  

2.95%, 04/01/25 (Call 03/01/25)

    1,881       1,811,807  

2.95%, 10/01/51 (Call 04/01/51)

    3,740       2,187,143  

3.45%, 06/15/27 (Call 03/15/27)

    2,117       1,962,741  

3.50%, 12/05/26 (Call 09/05/26)

    5,223       4,937,893  

5.30%, 12/15/45 (Call 06/15/45)(b)

    200       173,838  

Applied Materials Inc.

   

1.75%, 06/01/30 (Call 03/01/30)

    5,195       4,088,323  

2.75%, 06/01/50 (Call 12/01/49)(b)

    3,101       1,838,324  

3.30%, 04/01/27 (Call 01/01/27)

    5,795       5,399,579  

3.90%, 10/01/25 (Call 07/01/25)

    3,481       3,381,458  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Semiconductors (continued)

   

4.35%, 04/01/47 (Call 10/01/46)

  $ 4,187     $ 3,347,182  

5.10%, 10/01/35 (Call 04/01/35)

    1,994       1,886,166  

5.85%, 06/15/41

    2,439       2,369,343  

Broadcom Corp./Broadcom Cayman Finance Ltd.

   

3.13%, 01/15/25 (Call 11/15/24)

    877       845,881  

3.50%, 01/15/28 (Call 10/15/27)

    4,244       3,821,157  

3.88%, 01/15/27 (Call 10/15/26)

    15,142       14,146,697  

Broadcom Inc.

   

1.95%, 02/15/28 (Call 12/15/27)(e)

    210       177,262  

2.45%, 02/15/31 (Call 11/15/30)(e)

    10,620       8,147,383  

2.60%, 02/15/33 (Call 11/15/32)(e)

    5,020       3,639,760  

3.14%, 11/15/35 (Call 08/15/35)(e)

    4,205       2,964,473  

3.15%, 11/15/25 (Call 10/15/25)

    4,043       3,828,799  

3.19%, 11/15/36 (Call 08/15/36)(e)

    1,900       1,315,191  

3.42%, 04/15/33 (Call 01/15/33)(e)

    14,791       11,496,903  

3.46%, 09/15/26 (Call 07/15/26)

    1,575       1,476,716  

3.47%, 04/15/34 (Call 01/15/34)(e)

    12,710       9,675,218  

3.50%, 02/15/41 (Call 08/15/40)(e)

    10,175       6,760,233  

3.75%, 02/15/51 (Call 08/15/50)(e)

    5,496       3,512,137  

4.00%, 04/15/29 (Call 02/15/29)(e)

    4,110       3,669,610  

4.11%, 09/15/28 (Call 06/15/28)

    490       449,132  

4.15%, 11/15/30 (Call 08/15/30)

    4,695       4,085,288  

4.15%, 04/15/32 (Call 01/15/32)(e)

    4,485       3,792,252  

4.30%, 11/15/32 (Call 08/15/32)

    8,069       6,864,755  

4.75%, 04/15/29 (Call 01/15/29)

    745       692,594  

4.93%, 05/15/37 (Call 02/15/37)(e)

        19,590           16,282,730  

5.00%, 04/15/30 (Call 01/15/30)

    790       737,725  

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

    4,573       3,826,117  

2.00%, 08/12/31 (Call 05/12/31)

    5,105       3,908,981  

2.45%, 11/15/29 (Call 08/15/29)

    8,107       6,806,241  

2.60%, 05/19/26 (Call 02/19/26)

    4,611       4,315,357  

2.80%, 08/12/41 (Call 02/12/41)

    3,125       1,957,048  

3.05%, 08/12/51 (Call 02/12/51)

    2,520       1,442,678  

3.10%, 02/15/60 (Call 08/15/59)

    4,330       2,336,988  

3.15%, 05/11/27 (Call 02/11/27)

    3,548       3,270,188  

3.20%, 08/12/61 (Call 02/12/61)

    2,120       1,158,594  

3.25%, 11/15/49 (Call 05/15/49)

    10,618       6,406,121  

3.40%, 03/25/25 (Call 02/25/25)

    5,912       5,734,670  

3.70%, 07/29/25 (Call 04/29/25)

    8,658       8,384,525  

3.73%, 12/08/47 (Call 06/08/47)

    7,070       4,758,022  

3.75%, 03/25/27 (Call 01/25/27)

    4,860       4,583,130  

3.75%, 08/05/27 (Call 07/05/27)

    4,255       3,994,568  

3.90%, 03/25/30 (Call 12/25/29)

    6,209       5,579,992  

4.00%, 08/05/29 (Call 06/05/29)

    3,220       2,963,559  

4.00%, 12/15/32

    3,396       2,955,541  

4.10%, 05/19/46 (Call 11/19/45)

    4,802       3,499,268  

4.10%, 05/11/47 (Call 11/11/46)

    5,178       3,733,800  

4.15%, 08/05/32 (Call 05/05/32)

    3,095       2,740,712  

4.25%, 12/15/42

    4,532       3,458,312  

4.60%, 03/25/40 (Call 09/25/39)

    5,234       4,387,105  

4.75%, 03/25/50 (Call 09/25/49)

    7,279       5,712,397  

4.80%, 10/01/41

    1,165       967,000  

4.88%, 02/10/26

    5,945       5,862,783  

4.88%, 02/10/28 (Call 01/10/28)

    5,821       5,658,012  

4.90%, 07/29/45 (Call 01/29/45)

    2,096       1,805,428  

4.90%, 08/05/52 (Call 02/05/52)

    3,780       3,011,530  

4.95%, 03/25/60 (Call 09/25/59)

    3,739       2,986,939  

5.05%, 08/05/62 (Call 02/05/62)

    3,280       2,586,641  

5.13%, 02/10/30 (Call 12/10/29)

    5,255       5,085,321  
Security  

Par

(000)

    Value  

Semiconductors (continued)

   

5.20%, 02/10/33 (Call 11/10/32)

  $ 7,895     $ 7,452,165  

5.63%, 02/10/43 (Call 08/10/42)

    4,090       3,741,884  

5.70%, 02/10/53 (Call 08/10/52)

    6,520       5,832,340  

5.90%, 02/10/63 (Call 08/10/62)

    5,035       4,553,091  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

        2,943           1,854,723  

4.10%, 03/15/29 (Call 12/15/28)

    4,793       4,467,119  

4.65%, 11/01/24 (Call 08/01/24)

    1,906       1,883,041  

4.65%, 07/15/32 (Call 04/15/32)

    2,205       2,043,602  

4.95%, 07/15/52 (Call 01/15/52)

    4,575       3,830,964  

5.00%, 03/15/49 (Call 09/15/48)

    1,769       1,479,167  

5.25%, 07/15/62 (Call 01/15/62)

    3,660       3,104,435  

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

    3,965       3,120,394  

2.88%, 06/15/50 (Call 12/15/49)

    3,159       1,833,190  

3.13%, 06/15/60 (Call 12/15/59)

    2,991       1,675,442  

3.75%, 03/15/26 (Call 01/15/26)

    4,400       4,221,970  

3.80%, 03/15/25 (Call 12/15/24)

    2,832       2,762,754  

4.00%, 03/15/29 (Call 12/15/28)

    4,266       3,956,327  

4.88%, 03/15/49 (Call 09/15/48)

    3,125       2,583,180  

Marvell Technology Inc.

   

1.65%, 04/15/26 (Call 03/15/26)

    3,315       2,994,795  

2.45%, 04/15/28 (Call 02/15/28)

    3,362       2,870,937  

2.95%, 04/15/31 (Call 01/15/31)

    3,110       2,454,316  

4.88%, 06/22/28 (Call 03/22/28)

    475       446,950  

5.75%, 02/15/29 (Call 01/15/29)

    580       563,372  

5.95%, 09/15/33 (Call 06/15/33)

    905       859,514  

Microchip Technology Inc., 4.25%, 09/01/25 (Call 12/01/23)

    5,665       5,462,250  

Micron Technology Inc.

   

2.70%, 04/15/32 (Call 01/15/32)

    4,397       3,264,008  

3.37%, 11/01/41 (Call 05/01/41)

    1,790       1,128,998  

3.48%, 11/01/51 (Call 05/01/51)(b)

    2,470       1,444,906  

4.19%, 02/15/27 (Call 12/15/26)

    3,959       3,703,503  

4.66%, 02/15/30 (Call 11/15/29)

    3,672       3,288,996  

4.98%, 02/06/26 (Call 12/06/25)

    3,016       2,940,308  

5.33%, 02/06/29 (Call 11/06/28)

    3,029       2,877,548  

5.38%, 04/15/28 (Call 03/15/28)

    2,745       2,632,733  

5.88%, 02/09/33 (Call 11/09/32)

    2,520       2,342,053  

5.88%, 09/15/33 (Call 06/15/33)

    3,725       3,438,674  

6.75%, 11/01/29 (Call 09/01/29)

    4,570       4,588,190  

NVIDIA Corp.

   

1.55%, 06/15/28 (Call 04/15/28)

    7,000       5,920,257  

2.00%, 06/15/31 (Call 03/15/31)

    4,038       3,147,394  

2.85%, 04/01/30 (Call 01/01/30)

    5,412       4,624,242  

3.20%, 09/16/26 (Call 06/16/26)

    4,307       4,064,486  

3.50%, 04/01/40 (Call 10/01/39)

    4,058       3,037,962  

3.50%, 04/01/50 (Call 10/01/49)

    7,837       5,359,300  

3.70%, 04/01/60 (Call 10/01/59)

    2,710       1,828,467  

NXP BV/NXP Funding LLC

   

5.35%, 03/01/26 (Call 01/01/26)

    2,170       2,134,879  

5.55%, 12/01/28 (Call 09/01/28)

    2,507       2,423,593  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)

    4,089       3,121,146  

2.65%, 02/15/32 (Call 11/15/31)

    4,136       3,119,748  

2.70%, 05/01/25 (Call 04/01/25)

    2,514       2,390,661  

3.13%, 02/15/42 (Call 08/15/41)

    1,905       1,180,173  

3.15%, 05/01/27 (Call 03/01/27)

    3,435       3,109,697  

3.25%, 05/11/41 (Call 11/11/40)

    3,835       2,455,597  

3.25%, 11/30/51 (Call 05/30/51)

    2,035       1,153,737  

3.40%, 05/01/30 (Call 02/01/30)

    3,948       3,304,191  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Semiconductors (continued)

   

3.88%, 06/18/26 (Call 04/18/26)

  $ 3,710     $ 3,508,218  

4.30%, 06/18/29 (Call 03/18/29)

    4,514       4,069,975  

4.40%, 06/01/27 (Call 05/01/27)

    980       923,849  

5.00%, 01/15/33 (Call 10/15/32)

    4,040       3,601,367  

Qorvo Inc.

   

1.75%, 12/15/24 (Call 11/13/23)(e)

    2,935       2,776,285  

4.38%, 10/15/29 (Call 10/15/24)

    4,245       3,690,917  

QUALCOMM Inc.

   

1.30%, 05/20/28 (Call 02/20/28)

    4,425       3,692,674  

1.65%, 05/20/32 (Call 02/20/32)

    5,048       3,681,398  

2.15%, 05/20/30 (Call 02/20/30)

    6,095       4,929,741  

3.25%, 05/20/27 (Call 02/20/27)

    9,042       8,410,717  

3.25%, 05/20/50 (Call 11/20/49)(b)

    3,904       2,496,599  

3.45%, 05/20/25 (Call 02/20/25)

    916       887,440  

4.25%, 05/20/32 (Call 02/20/32)

    1,591       1,436,596  

4.30%, 05/20/47 (Call 11/20/46)

    6,795       5,190,512  

4.50%, 05/20/52 (Call 11/20/51)

    4,530       3,482,216  

4.65%, 05/20/35 (Call 11/20/34)

    5,327       4,854,409  

4.80%, 05/20/45 (Call 11/20/44)

    3,231       2,722,144  

5.40%, 05/20/33 (Call 02/20/33)(b)

    3,535       3,447,956  

6.00%, 05/20/53 (Call 11/20/52)

    4,090       3,936,193  

Skyworks Solutions Inc.

   

1.80%, 06/01/26 (Call 05/01/26)

    2,860       2,553,303  

3.00%, 06/01/31 (Call 03/01/31)

    2,970       2,276,070  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    810       724,770  

1.38%, 03/12/25 (Call 02/12/25)

    4,308       4,078,613  

1.75%, 05/04/30 (Call 02/04/30)

    4,480       3,565,172  

1.90%, 09/15/31 (Call 06/15/31)

    2,675       2,058,986  

2.25%, 09/04/29 (Call 06/04/29)

    3,258       2,738,181  

2.70%, 09/15/51 (Call 03/15/51)

    2,300       1,298,925  

2.90%, 11/03/27 (Call 08/03/27)

    3,056       2,781,619  

3.65%, 08/16/32 (Call 05/16/32)

    3,140       2,687,263  

3.88%, 03/15/39 (Call 09/15/38)

    2,968       2,356,842  

4.10%, 08/16/52 (Call 02/16/52)

    1,301       956,474  

4.15%, 05/15/48 (Call 11/15/47)

    5,716       4,324,879  

4.60%, 02/15/28 (Call 01/15/28)

    2,575       2,501,488  

4.70%, 11/18/24

    1,775       1,759,736  

4.90%, 03/14/33 (Call 12/14/32)

    2,180       2,050,578  

5.00%, 03/14/53 (Call 09/14/52)

    2,370       2,018,742  

5.05%, 05/18/63 (Call 11/18/62)

    2,070       1,726,916  

TSMC Arizona Corp.

   

1.75%, 10/25/26 (Call 09/25/26)

    6,755       6,066,446  

2.50%, 10/25/31 (Call 07/25/31)

    5,255       4,155,112  

3.13%, 10/25/41 (Call 04/25/41)

    5,245       3,632,706  

3.25%, 10/25/51 (Call 04/25/51)

    4,380       2,801,819  

3.88%, 04/22/27 (Call 03/22/27)

    1,055       999,668  

4.13%, 04/22/29 (Call 02/22/29)(b)

    855       798,917  

4.25%, 04/22/32 (Call 01/22/32)(b)

    1,485       1,340,988  

4.50%, 04/22/52 (Call 10/22/51)(b)

        1,425       1,168,790  

Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)

    4,216       3,434,640  
   

 

 

 
          573,612,066  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc.

   

2.04%, 08/16/28 (Call 06/16/28)

    2,764       2,301,104  

3.48%, 12/01/27 (Call 09/01/27)

    2,911       2,635,276  

3.84%, 05/01/25 (Call 04/01/25)

    2,500       2,419,159  

4.20%, 05/01/30 (Call 02/01/30)

    1,625       1,436,817  
   

 

 

 
      8,792,356  
Security  

Par

(000)

    Value  

Software — 0.7%

   

Activision Blizzard Inc.

   

1.35%, 09/15/30 (Call 06/15/30)

  $ 3,165     $ 2,433,612  

2.50%, 09/15/50 (Call 03/15/50)

    4,853       2,716,890  

3.40%, 09/15/26 (Call 06/15/26)

    4,630       4,372,730  

3.40%, 06/15/27 (Call 03/15/27)

    2,475       2,305,628  

4.50%, 06/15/47 (Call 12/15/46)

    2,143       1,795,399  

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    3,878       3,712,042  

2.15%, 02/01/27 (Call 12/01/26)

    4,476       4,046,758  

2.30%, 02/01/30 (Call 11/01/29)

    6,441       5,356,278  

3.25%, 02/01/25 (Call 11/01/24)

    3,473       3,381,602  

Autodesk Inc.

   

2.40%, 12/15/31 (Call 09/15/31)

    4,425       3,400,270  

2.85%, 01/15/30 (Call 10/15/29)

    2,662       2,220,530  

3.50%, 06/15/27 (Call 03/15/27)

    3,905       3,611,029  

4.38%, 06/15/25 (Call 03/15/25)(b)

    3,227       3,153,699  

Broadridge Financial Solutions Inc.

   

2.60%, 05/01/31 (Call 02/01/31)

    4,786       3,709,585  

2.90%, 12/01/29 (Call 09/01/29)

    4,193       3,488,130  

3.40%, 06/27/26 (Call 03/27/26)

    3,129       2,926,477  

Concentrix Corp.

   

6.60%, 08/02/28 (Call 07/02/28)

    2,220       2,127,152  

6.65%, 08/02/26 (Call 07/02/26)

    2,730       2,712,119  

6.85%, 08/02/33 (Call 05/02/33)

    2,050       1,852,564  

Electronic Arts Inc.

   

1.85%, 02/15/31 (Call 11/15/30)

    3,387       2,575,662  

2.95%, 02/15/51 (Call 08/15/50)

    2,815       1,614,711  

4.80%, 03/01/26 (Call 12/01/25)(b)

    3,002       2,945,429  

Fidelity National Information Services Inc.

   

1.15%, 03/01/26 (Call 02/01/26)

    6,228       5,575,689  

1.65%, 03/01/28 (Call 01/01/28)

    3,699       3,095,615  

2.25%, 03/01/31 (Call 12/01/30)

    6,455       4,919,823  

3.10%, 03/01/41 (Call 09/01/40)

    2,915       1,837,297  

3.75%, 05/21/29 (Call 02/21/29)

    60       53,844  

4.50%, 07/15/25

    1,605       1,568,032  

4.50%, 08/15/46 (Call 02/15/46)

    1,212       861,460  

4.70%, 07/15/27 (Call 06/15/27)

    2,675       2,557,828  

5.10%, 07/15/32 (Call 04/15/32)(b)

    2,270       2,088,652  

5.63%, 07/15/52 (Call 01/15/52)

    2,075       1,763,056  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)

    2,475       2,186,085  

2.65%, 06/01/30 (Call 03/01/30)

    5,179       4,175,611  

3.20%, 07/01/26 (Call 05/01/26)

    8,374       7,822,437  

3.50%, 07/01/29 (Call 04/01/29)

    8,995       7,889,282  

3.85%, 06/01/25 (Call 03/01/25)

    4,660       4,516,444  

4.20%, 10/01/28 (Call 07/01/28)

    3,732       3,443,044  

4.40%, 07/01/49 (Call 01/01/49)

    7,840       5,682,610  

5.38%, 08/21/28 (Call 07/21/28)

    2,310       2,258,650  

5.45%, 03/02/28 (Call 02/02/28)

    3,100       3,037,348  

5.60%, 03/02/33 (Call 12/02/32)

    1,440       1,354,859  

5.63%, 08/21/33 (Call 05/21/33)

        2,460           2,306,293  

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)

    4,135       3,824,116  

1.35%, 07/15/27 (Call 05/15/27)

    4,089       3,523,789  

1.65%, 07/15/30 (Call 04/15/30)

    4,152       3,205,951  

5.13%, 09/15/28 (Call 08/15/28)

    3,370       3,315,227  

5.20%, 09/15/33 (Call 06/15/33)

    3,290       3,129,748  

5.25%, 09/15/26 (Call 08/15/26)

    2,330       2,322,674  

5.50%, 09/15/53 (Call 03/15/53)

    1,115       1,012,692  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)

    15,250       14,175,776  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Software (continued)

   

2.53%, 06/01/50 (Call 12/01/49)

  $ 31,220     $ 17,830,969  

2.68%, 06/01/60 (Call 12/01/59)

    14,683       8,105,446  

2.70%, 02/12/25 (Call 11/12/24)

    7,250       7,014,269  

2.92%, 03/17/52 (Call 09/17/51)

    29,681       18,312,295  

3.04%, 03/17/62 (Call 09/17/61)

    8,889       5,296,097  

3.13%, 11/03/25 (Call 08/03/25)

    6,706       6,438,083  

3.30%, 02/06/27 (Call 11/06/26)

    14,410       13,615,552  

3.45%, 08/08/36 (Call 02/08/36)

    6,706       5,477,682  

3.50%, 02/12/35 (Call 08/12/34)

    11,651       9,911,865  

3.50%, 11/15/42

    2,620       1,962,927  

3.70%, 08/08/46 (Call 02/08/46)

    2,390       1,778,618  

3.75%, 02/12/45 (Call 08/12/44)(b)

    1,295       995,255  

3.95%, 08/08/56 (Call 02/08/56)

    820       613,102  

4.00%, 02/12/55 (Call 08/12/54)

    585       443,265  

4.10%, 02/06/37 (Call 08/06/36)

    3,075       2,668,290  

4.20%, 11/03/35 (Call 05/03/35)

    930       836,658  

4.25%, 02/06/47 (Call 08/06/46)

    1,677       1,369,458  

4.45%, 11/03/45 (Call 05/03/45)

    1,486       1,270,900  

4.50%, 10/01/40

        2,325           2,043,572  

4.50%, 02/06/57 (Call 08/06/56)

    800       660,052  

5.20%, 06/01/39(b)

    530       509,791  

5.30%, 02/08/41

    1,795       1,756,271  

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)

    7,760       7,035,300  

2.30%, 03/25/28 (Call 01/25/28)

    9,295       7,984,732  

2.50%, 04/01/25 (Call 03/01/25)

    10,119       9,654,452  

2.65%, 07/15/26 (Call 04/15/26)

    13,490           12,413,201  

2.80%, 04/01/27 (Call 02/01/27)

    8,572       7,753,267  

2.88%, 03/25/31 (Call 12/25/30)

    10,121       8,116,238  

2.95%, 11/15/24 (Call 09/15/24)

    4,597       4,458,675  

2.95%, 05/15/25 (Call 02/15/25)

    8,324       7,964,420  

2.95%, 04/01/30 (Call 01/01/30)

    12,665       10,495,108  

3.25%, 11/15/27 (Call 08/15/27)

    8,652       7,829,775  

3.25%, 05/15/30 (Call 02/15/30)(b)

    1,434       1,206,359  

3.60%, 04/01/40 (Call 10/01/39)

    12,500       8,576,404  

3.60%, 04/01/50 (Call 10/01/49)

    17,168       10,507,705  

3.65%, 03/25/41 (Call 09/25/40)

    7,563       5,143,023  

3.80%, 11/15/37 (Call 05/15/37)

    6,588       4,848,790  

3.85%, 07/15/36 (Call 01/15/36)

    4,592       3,497,162  

3.85%, 04/01/60 (Call 10/01/59)

    12,293       7,358,941  

3.90%, 05/15/35 (Call 11/15/34)

    4,780       3,756,417  

3.95%, 03/25/51 (Call 09/25/50)

    11,385       7,389,712  

4.00%, 07/15/46 (Call 01/15/46)

    10,879       7,296,268  

4.00%, 11/15/47 (Call 05/15/47)

    7,858       5,229,650  

4.10%, 03/25/61 (Call 09/25/60)

    6,005       3,766,060  

4.13%, 05/15/45 (Call 11/15/44)

    8,064       5,594,705  

4.30%, 07/08/34 (Call 01/08/34)

    6,499       5,412,946  

4.38%, 05/15/55 (Call 11/15/54)

    5,189       3,523,781  

4.50%, 05/06/28 (Call 04/06/28)

    2,100       1,987,896  

4.50%, 07/08/44 (Call 01/08/44)

    3,288       2,426,777  

4.65%, 05/06/30 (Call 03/06/30)

    1,765       1,616,810  

4.90%, 02/06/33 (Call 11/06/32)

    4,275       3,835,838  

5.38%, 07/15/40

    8,134       6,919,738  

5.55%, 02/06/53 (Call 08/06/52)

    6,570       5,461,765  

5.80%, 11/10/25

    1,905       1,904,299  

6.13%, 07/08/39

    4,538       4,233,799  

6.15%, 11/09/29 (Call 09/09/29)

    4,230       4,240,829  

6.25%, 11/09/32 (Call 08/09/32)

    7,122       7,050,964  

6.50%, 04/15/38

    6,010       5,859,031  

6.90%, 11/09/52 (Call 05/09/52)

    8,575       8,444,286  
Security  

Par

(000)

    Value  

Software (continued)

   

Roper Technologies Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

  $ 2,827     $ 2,588,994  

1.40%, 09/15/27 (Call 07/15/27)

    3,131       2,649,849  

1.75%, 02/15/31 (Call 11/15/30)

    2,968       2,193,186  

2.00%, 06/30/30 (Call 03/30/30)

    3,099       2,399,133  

2.95%, 09/15/29 (Call 06/15/29)

    3,668       3,122,275  

3.80%, 12/15/26 (Call 09/15/26)(b)

    2,982       2,817,457  

3.85%, 12/15/25 (Call 09/15/25)

    2,326       2,237,462  

4.20%, 09/15/28 (Call 06/15/28)

    3,019       2,801,505  

salesforce.com Inc.

   

1.50%, 07/15/28 (Call 05/15/28)

    3,050       2,567,031  

1.95%, 07/15/31 (Call 04/15/31)

    5,032       3,882,468  

2.70%, 07/15/41 (Call 01/15/41)

    3,000       1,929,718  

2.90%, 07/15/51 (Call 01/15/51)

    4,970       2,921,200  

3.05%, 07/15/61 (Call 01/15/61)

    3,710       2,065,888  

3.70%, 04/11/28 (Call 01/11/28)

        10,036       9,394,367  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

    7,809       5,880,519  

Take-Two Interactive Software Inc.

   

3.55%, 04/14/25

    3,300       3,187,908  

3.70%, 04/14/27 (Call 03/14/27)

    2,905       2,701,353  

4.00%, 04/14/32 (Call 01/14/32)

    2,453       2,098,396  

4.95%, 03/28/28 (Call 02/28/28)

    2,985       2,867,651  

5.00%, 03/28/26

    4,115       4,029,166  

VMware Inc.

   

1.40%, 08/15/26 (Call 07/15/26)

    3,137       2,762,783  

1.80%, 08/15/28 (Call 06/15/28)

    1,954       1,612,517  

2.20%, 08/15/31 (Call 05/15/31)

    1,573       1,162,838  

3.90%, 08/21/27 (Call 05/21/27)

    4,291       3,977,135  

4.50%, 05/15/25 (Call 04/15/25)

    3,221       3,145,819  

4.65%, 05/15/27 (Call 03/15/27)

    5,076       4,862,437  

4.70%, 05/15/30 (Call 02/15/30)

    2,655       2,403,316  

Workday Inc.

   

3.50%, 04/01/27 (Call 03/01/27)

    3,240       3,006,364  

3.70%, 04/01/29 (Call 02/01/29)

    2,173       1,939,265  

3.80%, 04/01/32 (Call 01/01/32)

    3,400       2,826,315  
   

 

 

 
          591,702,083  
Telecommunications — 1.1%            

America Movil SAB de CV

   

2.88%, 05/07/30 (Call 02/07/30)

    4,225       3,480,281  

3.63%, 04/22/29 (Call 01/22/29)

    4,471       3,981,838  

4.38%, 07/16/42

    5,355       4,105,880  

4.38%, 04/22/49 (Call 10/22/48)(b)

    4,571       3,409,923  

4.70%, 07/21/32 (Call 04/21/32)

    3,025       2,718,032  

6.13%, 11/15/37

    4,010       3,877,644  

6.13%, 03/30/40

    5,096       4,831,937  

6.38%, 03/01/35

    4,351       4,379,958  

AT&T Inc.

   

1.65%, 02/01/28 (Call 12/01/27)

    12,046       10,074,897  

1.70%, 03/25/26 (Call 11/13/23)

    6,411       5,819,432  

2.25%, 02/01/32 (Call 11/01/31)

    9,826       7,258,762  

2.30%, 06/01/27 (Call 04/01/27)

    5,377       4,751,061  

2.55%, 12/01/33 (Call 09/01/33)

    20,698       14,853,150  

2.75%, 06/01/31 (Call 03/01/31)

    11,231       8,832,712  

2.95%, 07/15/26 (Call 04/15/26)

    2,491       2,312,851  

3.10%, 02/01/43 (Call 08/01/42)(b)

    1,220       769,819  

3.30%, 02/01/52 (Call 08/01/51)(b)

    2,310       1,342,746  

3.50%, 06/01/41 (Call 12/01/40)

    11,155       7,455,293  

3.50%, 09/15/53 (Call 03/15/53)

    30,586       18,011,404  

3.50%, 02/01/61 (Call 08/01/60)

    590       333,167  

3.55%, 09/15/55 (Call 03/15/55)

    29,858       17,375,363  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Telecommunications (continued)

   

3.65%, 06/01/51 (Call 12/01/50)

  $ 10,011     $ 6,148,371  

3.65%, 09/15/59 (Call 03/15/59)

    26,012       15,040,125  

3.80%, 02/15/27 (Call 11/15/26)

    2,444       2,282,532  

3.80%, 12/01/57 (Call 06/01/57)

        23,826           14,337,980  

3.85%, 06/01/60 (Call 12/01/59)

    7,685       4,626,737  

3.88%, 01/15/26 (Call 10/15/25)

    1,859       1,783,011  

4.10%, 02/15/28 (Call 11/15/27)

    1,410       1,304,547  

4.25%, 03/01/27 (Call 12/01/26)

    2,714       2,573,542  

4.30%, 02/15/30 (Call 11/15/29)

    11,182       10,020,799  

4.30%, 12/15/42 (Call 06/15/42)

    2,478       1,831,964  

4.35%, 03/01/29 (Call 12/01/28)

    12,564       11,564,673  

4.35%, 06/15/45 (Call 12/15/44)

    3,050       2,181,494  

4.50%, 05/15/35 (Call 11/15/34)

    12,066       10,049,967  

4.50%, 03/09/48 (Call 09/09/47)

    4,740       3,436,849  

4.55%, 03/09/49 (Call 09/09/48)

    3,539       2,551,183  

4.65%, 06/01/44 (Call 12/01/43)

    2,184       1,647,544  

4.75%, 05/15/46 (Call 11/15/45)

    3,451       2,604,679  

4.80%, 06/15/44 (Call 12/15/43)

    730       558,194  

4.85%, 03/01/39 (Call 09/01/38)

    11,747       9,572,117  

4.85%, 07/15/45 (Call 01/15/45)

    594       454,781  

4.90%, 08/15/37 (Call 02/14/37)

    4,573       3,836,837  

5.15%, 03/15/42

    610       506,377  

5.15%, 11/15/46 (Call 05/15/46)

    1,551       1,236,261  

5.15%, 02/15/50 (Call 08/14/49)

    1,317       1,049,084  

5.25%, 03/01/37 (Call 09/01/36)

    2,050       1,790,275  

5.35%, 09/01/40

    633       539,432  

5.40%, 02/15/34 (Call 11/15/33)

    8,045       7,392,273  

5.45%, 03/01/47 (Call 09/01/46)

    1,497       1,260,448  

5.54%, 02/20/26 (Call 02/20/24)

    905       897,287  

5.55%, 08/15/41

    262       228,131  

5.65%, 02/15/47 (Call 08/15/46)

    462       406,678  

5.70%, 03/01/57 (Call 09/01/56)

    686       581,893  

6.00%, 08/15/40 (Call 05/15/40)

    1,694       1,554,781  

6.30%, 01/15/38

    755       724,375  

6.38%, 03/01/41

    729       692,674  

6.55%, 02/15/39

    660       639,932  

Bell Telephone Co. of Canada or Bell Canada (The)

   

3.65%, 08/15/52 (Call 02/15/52)

    2,590       1,637,242  

4.30%, 07/29/49 (Call 01/29/49)

    2,495       1,779,925  

4.46%, 04/01/48 (Call 10/01/47)

    4,541       3,356,568  

5.10%, 05/11/33 (Call 02/11/33)

    3,845       3,501,400  

Series US-4, 3.65%, 03/17/51 (Call 09/17/50)

    2,269       1,446,477  

Series US-5, 2.15%, 02/15/32 (Call 11/15/31)(b)

    2,255       1,680,661  

Series US-6, 3.20%, 02/15/52 (Call 08/15/51)

    1,215       705,180  

British Telecommunications PLC

   

5.13%, 12/04/28 (Call 09/04/28)

    4,033       3,828,877  

9.63%, 12/15/30

    8,161       9,406,880  

Cisco Systems Inc.

   

2.50%, 09/20/26 (Call 06/20/26)

    3,597       3,339,645  

2.95%, 02/28/26

    2,555       2,424,595  

3.50%, 06/15/25

    2,898       2,810,456  

5.50%, 01/15/40

    7,456       7,073,378  

5.90%, 02/15/39

    8,610       8,566,131  

Corning Inc.

   

3.90%, 11/15/49 (Call 05/15/49)

    1,948       1,318,617  

4.38%, 11/15/57 (Call 05/15/57)

    3,017       2,156,292  

4.70%, 03/15/37

    1,257       1,078,405  
Security  

Par

(000)

    Value  

Telecommunications (continued)

   

4.75%, 03/15/42

  $ 1,330     $ 1,082,671  

5.35%, 11/15/48 (Call 05/15/48)

    2,064       1,756,945  

5.45%, 11/15/79 (Call 05/19/79)

    4,143       3,262,534  

5.75%, 08/15/40

    2,087       1,900,294  

5.85%, 11/15/68 (Call 05/15/68)

        1,257           1,064,006  

Deutsche Telekom International Finance BV

   

8.75%, 06/15/30

    12,155       13,616,779  

9.25%, 06/01/32

    3,097       3,689,959  

Juniper Networks Inc.

   

1.20%, 12/10/25 (Call 11/10/25)

    580       523,484  

2.00%, 12/10/30 (Call 09/10/30)

    2,741       2,012,167  

3.75%, 08/15/29 (Call 05/15/29)

    2,711       2,376,838  

5.95%, 03/15/41

    1,649       1,434,990  

Koninklijke KPN NV, 8.38%, 10/01/30

    1,282       1,403,414  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)

    2,281       1,742,619  

2.75%, 05/24/31 (Call 02/24/31)

    4,120       3,193,692  

4.60%, 02/23/28 (Call 11/23/27)(b)

    3,860       3,648,550  

4.60%, 05/23/29 (Call 02/23/29)

    3,231       3,008,872  

5.50%, 09/01/44

    1,228       1,028,947  

5.60%, 06/01/32 (Call 03/01/32)

    3,180       2,969,528  

Nokia OYJ

   

4.38%, 06/12/27

    2,473       2,286,743  

6.63%, 05/15/39

    1,040       905,282  

Orange SA

   

5.38%, 01/13/42

    3,928       3,407,938  

5.50%, 02/06/44 (Call 08/06/43)

    2,394       2,106,987  

9.00%, 03/01/31

    9,265       10,615,142  

Rogers Communications Inc.

   

2.90%, 11/15/26 (Call 08/15/26)

    4,367       3,980,492  

2.95%, 03/15/25

    4,375       4,183,073  

3.20%, 03/15/27 (Call 02/15/27)

    2,760       2,506,527  

3.63%, 12/15/25 (Call 09/15/25)

    3,708       3,521,080  

3.70%, 11/15/49 (Call 05/15/49)

    4,013       2,439,456  

3.80%, 03/15/32 (Call 12/15/31)

    3,370       2,732,487  

4.30%, 02/15/48 (Call 08/15/47)

    3,107       2,085,827  

4.35%, 05/01/49 (Call 11/01/48)

    4,973       3,376,868  

4.50%, 03/15/42 (Call 09/15/41)

    3,035       2,243,954  

4.50%, 03/15/43 (Call 09/15/42)

    2,263       1,638,041  

4.55%, 03/15/52 (Call 09/15/51)

    4,775       3,305,193  

5.00%, 03/15/44 (Call 09/15/43)

    4,033       3,102,095  

5.45%, 10/01/43 (Call 04/01/43)

    2,868       2,350,366  

7.50%, 08/15/38

    1,751       1,750,817  

Sprint Capital Corp.

   

6.88%, 11/15/28

    1,090       1,115,112  

8.75%, 03/15/32

    5,825       6,549,881  

Sprint LLC

   

7.63%, 02/15/25 (Call 11/15/24)

    280       283,848  

7.63%, 03/01/26 (Call 11/01/25)

    480       493,038  

Telefonica Emisiones SA

   

4.10%, 03/08/27

    6,099       5,708,203  

4.67%, 03/06/38

    3,836       2,983,280  

4.90%, 03/06/48

    4,583       3,299,582  

5.21%, 03/08/47

    8,935       6,807,922  

5.52%, 03/01/49 (Call 09/01/48)

    4,577       3,630,531  

7.05%, 06/20/36

    9,405       9,410,342  

Telefonica Europe BV, 8.25%, 09/15/30

    5,578       6,065,124  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    3,475       3,152,205  

3.40%, 05/13/32 (Call 02/13/32)

    4,395       3,486,135  

3.70%, 09/15/27 (Call 06/15/27)

    2,763       2,558,669  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Telecommunications (continued)

   

4.30%, 06/15/49 (Call 12/15/48)

  $ 1,792     $ 1,255,098  

4.60%, 11/16/48 (Call 05/16/48)

    2,767       2,038,954  

T-Mobile USA Inc.

   

1.50%, 02/15/26 (Call 01/15/26)

    1,861       1,687,534  

2.05%, 02/15/28 (Call 12/15/27)

    7,435       6,336,513  

2.25%, 02/15/26 (Call 11/13/23)

    7,586       6,982,744  

2.25%, 11/15/31 (Call 08/15/31)

    4,744       3,521,440  

2.40%, 03/15/29 (Call 01/15/29)

    1,143       951,150  

2.55%, 02/15/31 (Call 11/15/30)

        10,184           7,932,322  

2.63%, 04/15/26 (Call 11/13/23)

    6,007       5,554,459  

2.63%, 02/15/29 (Call 02/15/24)

    8,195       6,879,032  

2.70%, 03/15/32 (Call 12/15/31)

    3,680       2,804,865  

2.88%, 02/15/31 (Call 02/15/26)

    6,090       4,857,627  

3.00%, 02/15/41 (Call 08/15/40)

    9,931       6,264,138  

3.30%, 02/15/51 (Call 08/15/50)

    10,879       6,384,199  

3.38%, 04/15/29 (Call 04/15/24)

    4,765       4,147,562  

3.40%, 10/15/52 (Call 04/15/52)

    9,565       5,664,695  

3.50%, 04/15/25 (Call 03/15/25)

    11,481       11,092,467  

3.50%, 04/15/31 (Call 04/15/26)

    7,275       6,039,193  

3.60%, 11/15/60 (Call 05/15/60)

    7,708       4,469,351  

3.75%, 04/15/27 (Call 02/15/27)

    13,242       12,310,856  

3.88%, 04/15/30 (Call 01/15/30)

    25,272       21,996,774  

4.38%, 04/15/40 (Call 10/15/39)

    7,840       6,061,347  

4.50%, 04/15/50 (Call 10/15/49)

    11,247       8,202,179  

4.75%, 02/01/28 (Call 11/13/23)

    6,820       6,492,138  

4.80%, 07/15/28 (Call 06/15/28)

    4,050       3,854,325  

4.95%, 03/15/28 (Call 02/15/28)

    4,035       3,878,154  

5.05%, 07/15/33 (Call 04/15/33)

    11,220       10,136,838  

5.20%, 01/15/33 (Call 10/15/32)

    1,555       1,427,391  

5.38%, 04/15/27 (Call 11/13/23)

    4,905       4,824,670  

5.65%, 01/15/53 (Call 07/15/52)

    6,700       5,781,526  

5.75%, 01/15/34 (Call 10/15/33)

    3,495       3,314,597  

5.75%, 01/15/54 (Call 07/15/53)

    5,870       5,155,377  

5.80%, 09/15/62 (Call 03/15/62)

    1,215       1,045,760  

6.00%, 06/15/54 (Call 12/15/53)

    1,080       977,633  

Verizon Communications Inc.

   

0.85%, 11/20/25 (Call 10/20/25)

    6,441       5,831,914  

1.45%, 03/20/26 (Call 02/20/26)

    6,765       6,117,492  

1.50%, 09/18/30 (Call 06/18/30)

    3,237       2,418,395  

1.68%, 10/30/30 (Call 07/30/30)

    3,418       2,548,834  

1.75%, 01/20/31 (Call 10/20/30)

    9,190       6,795,707  

2.10%, 03/22/28 (Call 01/22/28)

    11,990       10,228,705  

2.36%, 03/15/32 (Call 12/15/31)

    19,332       14,434,033  

2.55%, 03/21/31 (Call 12/21/30)

    11,291       8,815,677  

2.63%, 08/15/26

    8,644       7,953,118  

2.65%, 11/20/40 (Call 05/20/40)

    12,928       7,815,244  

2.85%, 09/03/41 (Call 03/03/41)

    4,272       2,637,436  

2.88%, 11/20/50 (Call 05/20/50)

    11,839       6,464,911  

2.99%, 10/30/56 (Call 04/30/56)

    15,249       8,015,231  

3.00%, 03/22/27 (Call 01/22/27)

    4,390       4,006,980  

3.00%, 11/20/60 (Call 05/20/60)

    9,056       4,637,889  

3.15%, 03/22/30 (Call 12/22/29)

    7,309       6,129,988  

3.38%, 02/15/25

    8,018       7,773,123  

3.40%, 03/22/41 (Call 09/22/40)

    11,135       7,503,736  

3.50%, 11/01/24 (Call 08/01/24)

    4,149       4,055,751  

3.55%, 03/22/51 (Call 09/22/50)

    17,973       11,291,083  

3.70%, 03/22/61 (Call 09/22/60)

    9,195       5,620,048  

3.85%, 11/01/42 (Call 05/01/42)

    4,701       3,330,504  

3.88%, 02/08/29 (Call 11/08/28)

    5,182       4,702,143  

3.88%, 03/01/52 (Call 09/01/51)

    5,415       3,611,074  

4.00%, 03/22/50 (Call 09/22/49)

    5,027       3,414,518  
Security  

Par

(000)

    Value  

Telecommunications (continued)

   

4.02%, 12/03/29 (Call 09/03/29)

  $ 12,354     $ 11,031,491  

4.13%, 03/16/27

    9,613       9,105,451  

4.13%, 08/15/46

    3,487       2,503,020  

4.33%, 09/21/28

    16,511       15,374,087  

4.40%, 11/01/34 (Call 05/01/34)

    7,119       6,019,307  

4.50%, 08/10/33

    10,642       9,222,063  

4.52%, 09/15/48

    1,170       875,561  

4.67%, 03/15/55

    850       637,517  

4.75%, 11/01/41

    2,013       1,674,585  

4.81%, 03/15/39

    5,727       4,744,953  

4.86%, 08/21/46

    9,284       7,380,048  

5.01%, 04/15/49(b)

    2,015       1,673,364  

5.01%, 08/21/54

    570       454,692  

5.05%, 05/09/33 (Call 02/09/33)

    2,245       2,053,998  

5.25%, 03/16/37

    5,912       5,317,206  

5.50%, 03/16/47

    3,116       2,764,563  

5.85%, 09/15/35

    877       840,511  

6.40%, 09/15/33

    420       423,813  

6.55%, 09/15/43

    4,008       3,988,606  

7.75%, 12/01/30

        2,444           2,652,655  

Vodafone Group PLC

   

4.13%, 05/30/25

    7,819       7,619,743  

4.25%, 09/17/50

    6,824       4,650,645  

4.38%, 05/30/28

    2,870       2,726,404  

4.38%, 02/19/43

    7,592       5,599,855  

4.88%, 06/19/49

    4,338       3,279,322  

5.00%, 05/30/38(b)

    1,063       920,374  

5.13%, 06/19/59

    1,251       938,751  

5.25%, 05/30/48

    785       633,867  

5.63%, 02/10/53 (Call 08/10/52)

    3,755       3,156,069  

5.75%, 02/10/63 (Call 08/10/62)

    1,365       1,136,920  

6.15%, 02/27/37

    6,850       6,516,566  

6.25%, 11/30/32

    2,593       2,566,104  

7.88%, 02/15/30

    3,420       3,675,210  
   

 

 

 
          956,426,998  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    3,358       3,251,691  

3.50%, 09/15/27 (Call 06/15/27)(b)

    2,564       2,335,596  

3.55%, 11/19/26 (Call 09/19/26)

    3,209       2,951,870  

3.90%, 11/19/29 (Call 08/19/29)

    3,709       3,181,143  

5.10%, 05/15/44 (Call 11/15/43)

    1,316       1,015,326  

6.35%, 03/15/40

    1,994       1,815,907  

Mattel Inc., 5.45%, 11/01/41 (Call 05/01/41)

    700       543,227  
   

 

 

 
      15,094,760  
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       1,201,744  

Burlington Northern Santa Fe LLC

   

2.88%, 06/15/52 (Call 12/15/51)

    2,149       1,221,966  

3.00%, 04/01/25 (Call 01/01/25)

    4,350       4,210,911  

3.05%, 02/15/51 (Call 08/15/50)

    2,647       1,568,961  

3.25%, 06/15/27 (Call 03/15/27)

    4,938       4,590,685  

3.30%, 09/15/51 (Call 03/15/51)

    3,800       2,368,167  

3.55%, 02/15/50 (Call 08/15/49)

    3,341       2,222,908  

3.65%, 09/01/25 (Call 06/01/25)

    2,319       2,246,555  

3.90%, 08/01/46 (Call 02/01/46)

    3,098       2,192,705  

4.05%, 06/15/48 (Call 12/15/47)

    2,944       2,133,002  

4.13%, 06/15/47 (Call 12/15/46)

    3,115       2,296,387  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Transportation (continued)

   

4.15%, 04/01/45 (Call 10/01/44)

  $ 4,068     $ 3,042,169  

4.15%, 12/15/48 (Call 06/15/48)

    3,150       2,311,464  

4.38%, 09/01/42 (Call 03/01/42)

    1,537       1,210,477  

4.40%, 03/15/42 (Call 09/15/41)

    2,802       2,222,867  

4.45%, 03/15/43 (Call 09/15/42)

    3,420       2,705,891  

4.45%, 01/15/53 (Call 07/15/52)

    1,465       1,132,522  

4.55%, 09/01/44 (Call 03/01/44)

    3,278       2,609,956  

4.70%, 09/01/45 (Call 03/01/45)

    2,479       1,999,430  

4.90%, 04/01/44 (Call 10/01/43)

    2,814       2,361,030  

4.95%, 09/15/41 (Call 03/15/41)

    1,493       1,282,956  

5.05%, 03/01/41 (Call 09/01/40)

    1,710       1,489,061  

5.15%, 09/01/43 (Call 03/01/43)

    2,935       2,545,963  

5.20%, 04/15/54 (Call 10/15/53)

    4,670       4,033,370  

5.40%, 06/01/41 (Call 12/01/40)

    1,892       1,713,529  

5.75%, 05/01/40 (Call 11/01/39)

    3,226       3,076,994  

6.15%, 05/01/37

    1,617       1,624,534  

6.20%, 08/15/36

    1,075       1,085,427  

7.00%, 12/15/25

    1,774       1,831,870  

Canadian National Railway Co.

   

2.45%, 05/01/50 (Call 11/01/49)

    2,967       1,569,483  

2.75%, 03/01/26 (Call 12/01/25)

    4,878       4,580,342  

2.95%, 11/21/24 (Call 08/21/24)

    2,998       2,908,598  

3.20%, 08/02/46 (Call 02/02/46)

    2,534       1,611,396  

3.65%, 02/03/48 (Call 08/03/47)

    2,559       1,769,398  

3.85%, 08/05/32 (Call 05/05/32)

    3,000       2,595,273  

4.40%, 08/05/52 (Call 02/05/52)

    2,310       1,782,686  

4.45%, 01/20/49 (Call 07/20/48)

    2,657       2,063,481  

5.85%, 11/01/33 (Call 08/01/33)

    585       582,655  

6.13%, 11/01/53 (Call 05/01/53)

    230       229,743  

6.20%, 06/01/36

    1,198       1,210,695  

6.25%, 08/01/34

    1,805       1,828,228  

6.38%, 11/15/37

    1,942       1,971,583  

6.90%, 07/15/28

    1,765       1,864,121  

Canadian Pacific Railway Co.

   

1.35%, 12/02/24 (Call 12/01/23)

    6,546       6,230,796  

1.75%, 12/02/26 (Call 11/02/26)

    1,815       1,614,756  

2.05%, 03/05/30 (Call 12/05/29)

        2,911       2,310,488  

2.45%, 12/02/31 (Call 09/02/31)

    3,035       2,652,263  

2.88%, 11/15/29 (Call 08/15/29)

    2,224       1,875,829  

2.90%, 02/01/25 (Call 11/01/24)

    4,903       4,727,572  

3.00%, 12/02/41 (Call 06/02/41)

    4,182       3,353,207  

3.10%, 12/02/51 (Call 06/02/51)

    5,147       3,020,792  

3.50%, 05/01/50 (Call 11/01/49)

    1,711       1,093,357  

4.00%, 06/01/28 (Call 03/01/28)

    3,255       3,024,597  

4.20%, 11/15/69 (Call 05/15/69)

    1,320       893,216  

4.30%, 05/15/43 (Call 11/15/42)

    1,826       1,382,523  

4.70%, 05/01/48 (Call 11/01/47)

    2,330       1,821,087  

4.80%, 09/15/35 (Call 03/15/35)

    2,498       2,200,862  

4.80%, 08/01/45 (Call 02/01/45)

    2,587       2,069,232  

4.95%, 08/15/45 (Call 02/15/45)

    2,247       1,837,748  

5.95%, 05/15/37

    1,223       1,173,964  

6.13%, 09/15/2115 (Call 03/15/15)

    2,904       2,610,705  

7.13%, 10/15/31

    3,640       3,843,497  

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)

    4,180           3,865,969  

CSX Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    2,408       1,966,159  

2.50%, 05/15/51 (Call 11/15/50)(b)

    1,016       528,156  

2.60%, 11/01/26 (Call 08/01/26)

    4,078       3,735,287  

3.25%, 06/01/27 (Call 03/01/27)

    5,731       5,278,916  

3.35%, 11/01/25 (Call 08/01/25)

    5,819       5,568,937  
Security  

Par

(000)

    Value  

Transportation (continued)

   

3.35%, 09/15/49 (Call 03/15/49)

  $ 2,399     $ 1,495,932  

3.80%, 03/01/28 (Call 12/01/27)

    3,091       2,872,657  

3.80%, 11/01/46 (Call 05/01/46)

    1,994       1,374,875  

3.80%, 04/15/50 (Call 10/15/49)

    2,111       1,431,174  

3.95%, 05/01/50 (Call 11/01/49)

    2,351       1,644,222  

4.10%, 11/15/32 (Call 08/15/32)

    2,675       2,340,301  

4.10%, 03/15/44 (Call 09/15/43)

    3,928       2,918,950  

4.25%, 03/15/29 (Call 12/15/28)

    4,710       4,393,713  

4.25%, 11/01/66 (Call 05/01/66)

    2,203       1,525,891  

4.30%, 03/01/48 (Call 09/01/47)

    2,700       2,013,431  

4.40%, 03/01/43 (Call 09/01/42)

    1,785       1,383,070  

4.50%, 03/15/49 (Call 09/15/48)

    1,521       1,164,525  

4.50%, 11/15/52 (Call 05/15/52)

    2,785       2,127,121  

4.50%, 08/01/54 (Call 02/01/54)

    1,384       1,047,776  

4.65%, 03/01/68 (Call 09/01/67)

    1,670       1,236,602  

4.75%, 05/30/42 (Call 11/30/41)

    3,050       2,497,358  

4.75%, 11/15/48 (Call 05/15/48)

    2,406       1,913,251  

5.20%, 11/15/33 (Call 08/15/33)

    2,420       2,270,765  

5.50%, 04/15/41 (Call 10/15/40)

    1,514       1,369,532  

6.00%, 10/01/36

    1,497       1,473,282  

6.15%, 05/01/37

    1,515       1,510,156  

6.22%, 04/30/40

    3,018       2,969,321  

FedEx Corp.

   

2.40%, 05/15/31 (Call 02/15/31)(b)

    3,770       2,943,846  

3.10%, 08/05/29 (Call 05/05/29)

    4,604       3,980,361  

3.25%, 04/01/26 (Call 01/01/26)

    6,212       5,871,075  

3.25%, 05/15/41 (Call 11/15/40)

    2,285       1,503,103  

3.40%, 02/15/28 (Call 11/15/27)

    3,377       3,074,328  

3.88%, 08/01/42

    1,215       869,090  

3.90%, 02/01/35

    2,300       1,849,214  

4.05%, 02/15/48 (Call 08/15/47)

    2,385       1,657,415  

4.10%, 04/15/43

    2,405       1,727,061  

4.10%, 02/01/45

    1,775       1,256,913  

4.20%, 10/17/28 (Call 07/17/28)(b)

    704       656,674  

4.25%, 05/15/30 (Call 02/15/30)

    830       751,009  

4.40%, 01/15/47 (Call 07/15/46)

    4,050       2,973,191  

4.55%, 04/01/46 (Call 10/01/45)

    4,765       3,589,613  

4.75%, 11/15/45 (Call 05/15/45)

    5,407       4,196,329  

4.90%, 01/15/34

    2,374       2,154,321  

4.95%, 10/17/48 (Call 04/17/48)

    1,836       1,459,217  

5.10%, 01/15/44

    3,157       2,598,150  

5.25%, 05/15/50 (Call 11/15/49)(b)

    4,676       3,882,454  

FedEx Corp. Pass Through Trust, Series 2020-1, Class AA, 1.88%, 08/20/35

        3,332           2,583,823  

GXO Logistics Inc.

   

1.65%, 07/15/26 (Call 06/15/26)

    3,474       3,057,328  

2.65%, 07/15/31 (Call 04/15/31)

    3,152       2,354,566  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

    4,379       4,203,005  

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)

    2,957       2,722,171  

Norfolk Southern Corp.

   

2.30%, 05/15/31 (Call 02/15/31)

    2,675       2,094,909  

2.55%, 11/01/29 (Call 08/01/29)

    2,421       2,008,371  

2.90%, 06/15/26 (Call 03/15/26)

    3,583       3,345,921  

2.90%, 08/25/51 (Call 02/25/51)

    2,508       1,392,672  

3.00%, 03/15/32 (Call 12/15/31)

    3,095       2,484,449  

3.05%, 05/15/50 (Call 11/15/49)

    3,087       1,788,896  

3.15%, 06/01/27 (Call 03/01/27)

    1,649       1,512,592  

3.16%, 05/15/55 (Call 11/15/54)

    3,301       1,874,974  

3.40%, 11/01/49 (Call 05/01/49)

    1,574       979,305  

3.65%, 08/01/25 (Call 06/01/25)

    2,810       2,707,864  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Transportation (continued)

   

3.70%, 03/15/53 (Call 09/15/52)

  $ 1,696     $ 1,096,123  

3.80%, 08/01/28 (Call 05/01/28)(b)

    2,746       2,520,303  

3.94%, 11/01/47 (Call 05/01/47)

    3,064       2,139,474  

3.95%, 10/01/42 (Call 04/01/42)

    1,372       1,001,945  

4.05%, 08/15/52 (Call 02/15/52)

    2,964       2,055,820  

4.10%, 05/15/49 (Call 11/15/48)

    1,555       1,107,127  

4.10%, 05/15/2121 (Call 11/15/20)

    2,265       1,366,085  

4.15%, 02/28/48 (Call 08/28/47)

    2,865       2,058,358  

4.45%, 03/01/33 (Call 12/01/32)(b)

    2,284       2,026,282  

4.45%, 06/15/45 (Call 12/15/44)

    2,102       1,592,350  

4.55%, 06/01/53 (Call 12/01/52)

    2,885       2,176,685  

4.65%, 01/15/46 (Call 07/15/45)

    2,209       1,718,588  

4.84%, 10/01/41

    2,407       1,983,482  

5.05%, 08/01/30 (Call 06/01/30)

    2,870       2,713,029  

5.10%, 08/01/2118 (Call 02/01/18)

    665       490,498  

5.35%, 08/01/54 (Call 02/01/54)

        2,240           1,914,032  

7.80%, 05/15/27

    842       902,771  

Ryder System Inc.

   

1.75%, 09/01/26 (Call 08/01/26)

    2,345       2,102,305  

2.85%, 03/01/27 (Call 02/01/27)

    1,676       1,515,108  

2.90%, 12/01/26 (Call 10/01/26)

    2,600       2,368,640  

3.35%, 09/01/25 (Call 08/01/25)

    1,915       1,829,278  

4.30%, 06/15/27 (Call 05/15/27)

    1,910       1,800,276  

4.63%, 06/01/25 (Call 05/01/25)

    2,690       2,630,452  

5.25%, 06/01/28 (Call 05/01/28)

    2,025       1,948,404  

5.65%, 03/01/28 (Call 02/01/28)

    2,400       2,346,806  

6.30%, 12/01/28 (Call 11/01/28)

    1,450       1,444,695  

6.60%, 12/01/33 (Call 09/01/33)

    1,215       1,212,145  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)

    2,623       2,354,958  

2.38%, 05/20/31 (Call 02/20/31)

    3,400       2,685,931  

2.40%, 02/05/30 (Call 11/05/29)

    3,530       2,900,267  

2.75%, 03/01/26 (Call 12/01/25)

    4,457       4,176,778  

2.80%, 02/14/32 (Call 12/15/31)

    5,842       4,675,852  

2.89%, 04/06/36 (Call 01/06/36)

    2,950       2,156,277  

2.95%, 03/10/52 (Call 09/10/51)

    2,735       1,578,956  

2.97%, 09/16/62 (Call 03/16/62)

    2,950       1,554,615  

3.00%, 04/15/27 (Call 01/15/27)

    3,435       3,157,893  

3.20%, 05/20/41 (Call 11/20/40)

    4,885       3,328,054  

3.25%, 01/15/25 (Call 10/15/24)

    3,629       3,526,464  

3.25%, 08/15/25 (Call 05/15/25)

    2,320       2,229,927  

3.25%, 02/05/50 (Call 08/05/49)

    6,401       4,025,371  

3.35%, 08/15/46 (Call 02/15/46)

    2,011       1,263,655  

3.38%, 02/01/35 (Call 08/01/34)

    2,016       1,576,552  

3.38%, 02/14/42 (Call 08/14/41)

    2,735       1,905,467  

3.50%, 02/14/53 (Call 08/14/52)

    4,225       2,732,892  

3.55%, 08/15/39 (Call 02/15/39)

    2,875       2,110,009  

3.55%, 05/20/61 (Call 11/20/60)

    2,299       1,398,614  

3.60%, 09/15/37 (Call 03/15/37)

    2,341       1,798,524  

3.70%, 03/01/29 (Call 12/01/28)

    3,988       3,657,740  

3.75%, 07/15/25 (Call 05/15/25)

    3,345       3,245,245  

3.75%, 02/05/70 (Call 08/05/69)

    2,730       1,699,784  

3.80%, 10/01/51 (Call 04/01/51)

    3,318       2,289,943  

3.80%, 04/06/71 (Call 10/06/70)

    2,325       1,452,020  

3.84%, 03/20/60 (Call 09/20/59)

    5,096       3,350,453  

3.85%, 02/14/72 (Call 08/14/71)

    1,835       1,164,960  

3.88%, 02/01/55 (Call 08/01/54)

    1,520       1,026,601  

3.95%, 09/10/28 (Call 06/10/28)

    5,269       4,929,105  

3.95%, 08/15/59 (Call 02/15/59)

    2,280       1,526,386  

4.00%, 04/15/47 (Call 10/15/46)

    2,704       1,931,163  

4.05%, 11/15/45 (Call 05/15/45)

    2,046       1,467,258  
Security  

Par

(000)

    Value  

Transportation (continued)

   

4.05%, 03/01/46 (Call 09/01/45)

  $     2,620     $ 1,882,445  

4.10%, 09/15/67 (Call 03/15/67)

    1,826       1,232,801  

4.30%, 03/01/49 (Call 09/01/48)

    3,149       2,365,180  

4.50%, 01/20/33 (Call 10/20/32)

    5,420       4,901,600  

4.50%, 09/10/48 (Call 03/10/48)

    2,298       1,783,213  

4.75%, 02/21/26 (Call 01/21/26)

    6,205       6,112,079  

4.95%, 09/09/52 (Call 03/09/52)

    135       113,787  

4.96%, 05/15/53 (Call 11/15/52)

    2,510       2,114,087  

5.15%, 01/20/63 (Call 07/20/62)

    1,123       928,109  

6.63%, 02/01/29

    1,815       1,913,840  

United Parcel Service Inc.

   

2.40%, 11/15/26 (Call 08/15/26)

    2,467       2,269,408  

2.50%, 09/01/29 (Call 06/01/29)

    2,465       2,091,907  

2.80%, 11/15/24 (Call 09/15/24)

    3,532       3,432,715  

3.05%, 11/15/27 (Call 08/15/27)

    5,891       5,381,330  

3.40%, 03/15/29 (Call 12/15/28)

    4,026       3,644,229  

3.40%, 11/15/46 (Call 05/15/46)

    1,181       788,323  

3.40%, 09/01/49 (Call 03/01/49)(b)

    2,986       1,998,423  

3.63%, 10/01/42

    1,300       949,512  

3.75%, 11/15/47 (Call 05/15/47)

    3,587       2,545,743  

3.90%, 04/01/25 (Call 03/01/25)

    6,218       6,072,177  

4.25%, 03/15/49 (Call 09/15/48)

    3,863       2,928,809  

4.45%, 04/01/30 (Call 01/01/30)

    1,742       1,634,018  

4.88%, 03/03/33 (Call 12/03/32)

    2,815       2,630,507  

4.88%, 11/15/40 (Call 05/15/40)

    2,678       2,342,915  

5.05%, 03/03/53 (Call 09/03/52)

    2,920       2,505,264  

5.20%, 04/01/40 (Call 10/01/39)

    1,814       1,646,443  

5.30%, 04/01/50 (Call 10/01/49)

    4,807       4,298,660  

6.20%, 01/15/38

    6,282       6,438,989  
   

 

 

 
      488,744,501  
Trucking & Leasing — 0.0%            

GATX Corp.

   

1.90%, 06/01/31 (Call 03/01/31)

    2,071       1,490,428  

3.10%, 06/01/51 (Call 12/01/50)

    1,775       963,912  

3.25%, 03/30/25 (Call 12/30/24)

    1,175       1,126,700  

3.25%, 09/15/26 (Call 06/15/26)

    2,486       2,305,456  

3.50%, 03/15/28 (Call 12/15/27)

    1,933       1,726,042  

3.50%, 06/01/32 (Call 03/01/32)

    1,213       958,304  

3.85%, 03/30/27 (Call 12/30/26)

    2,408       2,221,821  

4.00%, 06/30/30 (Call 03/30/30)

    2,095       1,798,105  

4.55%, 11/07/28 (Call 08/07/28)

    2,528       2,332,544  

4.70%, 04/01/29 (Call 01/01/29)

    1,772       1,633,652  

4.90%, 03/15/33 (Call 12/15/32)

    1,745       1,541,157  

5.20%, 03/15/44 (Call 09/15/43)

    1,587       1,255,826  

5.45%, 09/15/33 (Call 06/15/33)

    2,405       2,185,089  

6.05%, 03/15/34 (Call 12/15/33)

    1,650       1,558,128  

6.90%, 05/01/34 (Call 02/01/34)

    1,100       1,098,141  
   

 

 

 
      24,195,305  
Venture Capital — 0.0%            

Hercules Capital Inc.

   

2.63%, 09/16/26 (Call 08/16/26)

    1,334       1,155,950  

3.38%, 01/20/27 (Call 12/20/26)

    1,542       1,341,442  
   

 

 

 
          2,497,392  
Water — 0.1%            

American Water Capital Corp.

   

2.30%, 06/01/31 (Call 03/01/31)

    2,460       1,913,102  

2.80%, 05/01/30 (Call 02/01/30)

    2,699       2,241,419  

2.95%, 09/01/27 (Call 06/01/27)

    2,140       1,936,690  

3.25%, 06/01/51 (Call 12/01/50)

    2,885       1,778,360  

3.40%, 03/01/25 (Call 12/01/24)

    5,590       5,411,933  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Water (continued)

   

3.45%, 06/01/29 (Call 03/01/29)

  $ 3,736     $ 3,313,406  

3.45%, 05/01/50 (Call 11/01/49)

    2,774       1,774,301  

3.75%, 09/01/28 (Call 06/01/28)

    2,292       2,103,489  

3.75%, 09/01/47 (Call 03/01/47)

    3,447       2,363,960  

4.00%, 12/01/46 (Call 06/01/46)

    1,595       1,131,959  

4.15%, 06/01/49 (Call 12/01/48)(b)

    2,871       2,081,751  

4.20%, 09/01/48 (Call 03/01/48)

    1,532       1,125,219  

4.30%, 12/01/42 (Call 06/01/42)

    1,119       870,114  

4.30%, 09/01/45 (Call 03/01/45)

    1,916       1,437,800  

4.45%, 06/01/32 (Call 03/01/32)(b)

    2,915       2,625,685  

6.59%, 10/15/37

    930       962,620  

Essential Utilities Inc.

   

2.40%, 05/01/31 (Call 02/01/31)

    2,924       2,237,194  

2.70%, 04/15/30 (Call 01/15/30)

    2,461       1,989,682  

3.35%, 04/15/50 (Call 10/15/49)

    2,649       1,557,041  

3.57%, 05/01/29 (Call 02/01/29)

    2,795       2,487,025  

4.28%, 05/01/49 (Call 11/01/48)

    2,865       1,999,011  

5.30%, 05/01/52 (Call 11/01/51)

    2,180       1,760,202  

United Utilities PLC, 6.88%, 08/15/28

    996       1,030,858  
   

 

 

 
      46,132,821  
   

 

 

 

Total Corporate Bonds & Notes — 25.4%
(Cost: $26,971,515,953)

 

        22,587,915,303  
   

 

 

 

Foreign Government Obligations(g)

 

Canada — 0.2%

   

Canada Government International Bond

   

0.75%, 05/19/26

    3,690       3,314,872  

1.63%, 01/22/25

        13,120       12,541,731  

2.88%, 04/28/25

    5,035       4,859,645  

Canada Government International Bonds, 3.75%, 04/26/28

    50       47,611  

Export Development Canada

   

3.00%, 05/25/27

    75       70,260  

3.88%, 02/14/28

    300       286,867  

Hydro-Quebec

   

Series HH, 8.50%, 12/01/29

    1,000       1,144,868  

Series HK, 9.38%, 04/15/30

    1,405       1,682,635  

Province of Alberta Canada

   

1.00%, 05/20/25

    4,269       3,987,218  

1.30%, 07/22/30

    5,517       4,285,090  

1.88%, 11/13/24

    4,269       4,106,542  

3.30%, 03/15/28

    8,425       7,812,145  

Province of British Columbia Canada

   

0.90%, 07/20/26

    1,085       969,733  

1.30%, 01/29/31(b)

    3,875       2,976,926  

2.25%, 06/02/26

    7,255       6,745,648  

4.20%, 07/06/33

    155       141,205  

6.50%, 01/15/26(b)

    188       192,541  

7.25%, 09/01/36

    388       450,600  

Province of Manitoba Canada

   

1.50%, 10/25/28

    300       252,503  

2.13%, 06/22/26

    115       106,341  

Province of New Brunswick Canada, 3.63%, 02/24/28

    1,946       1,819,666  

Province of Ontario Canada

   

0.63%, 01/21/26

    4,292       3,881,708  

1.05%, 04/14/26

    885       801,530  

1.05%, 05/21/27(b)

    685       596,836  

1.13%, 10/07/30

    8,542       6,530,661  
Security  

Par

(000)

    Value  

Canada (continued)

   

1.60%, 02/25/31

  $ 7,165     $ 5,600,661  

1.80%, 10/14/31

    5,195       4,051,863  

2.00%, 10/02/29(b)

    5,270       4,455,032  

2.13%, 01/21/32

    460       364,446  

2.30%, 06/15/26(b)

    8,485       7,893,408  

2.50%, 04/27/26

    15,314       14,360,412  

3.10%, 05/19/27

    6,335       5,934,044  

Province of Quebec Canada

   

0.60%, 07/23/25

    3,121       2,879,378  

1.35%, 05/28/30

    5,493       4,320,923  

1.90%, 04/21/31

    2,235       1,781,790  

2.50%, 04/20/26

    7,036       6,604,462  

2.75%, 04/12/27(b)

    5,787       5,365,406  

3.63%, 04/13/28

    7,455       7,016,677  

Series PD, 7.50%, 09/15/29

    5,122       5,723,428  

Series QX, 1.50%, 02/11/25

    7,430       7,061,190  
   

 

 

 
          153,018,502  
Chile — 0.1%            

Chile Government International Bond

   

2.45%, 01/31/31 (Call 10/31/30)(b)

    9,172       7,374,341  

2.55%, 01/27/32 (Call 10/27/31)(b)

    8,701       6,830,301  

2.55%, 07/27/33 (Call 04/27/33)

    6,483       4,845,706  

2.75%, 01/31/27 (Call 12/31/26)

    2,199       2,009,354  

3.10%, 05/07/41 (Call 11/07/40)

    9,891       6,429,954  

3.10%, 01/22/61 (Call 07/22/60)

    8,195       4,385,858  

3.13%, 01/21/26

    3,680       3,498,097  

3.24%, 02/06/28 (Call 11/06/27)

    9,690       8,824,968  

3.25%, 09/21/71 (Call 03/21/71)

    5,198       2,760,913  

3.50%, 01/31/34 (Call 10/31/33)

    4,968       3,980,623  

3.50%, 01/25/50 (Call 07/25/49)

        10,445       6,573,760  

3.63%, 10/30/42

    200       137,924  

3.86%, 06/21/47(b)

    3,538       2,448,407  

4.00%, 01/31/52 (Call 07/31/51)(b)

    3,378       2,322,494  

4.34%, 03/07/42 (Call 09/07/41)

    3,741       2,888,697  

4.95%, 01/05/36 (Call 10/05/35)

    5,574       4,942,262  

5.33%, 01/05/54 (Call 07/05/53)

    2,577       2,171,059  
   

 

 

 
      72,424,718  
Finland — 0.0%            

Finland Government International Bond, 6.95%, 02/15/26

    462       476,054  
   

 

 

 

Hong Kong — 0.0%

   

Hong Kong Government International Bond, 1.75%, 11/24/31(f)

    4,100       3,182,021  
   

 

 

 

Hungary — 0.0%

   

Hungary Government International Bond, 7.63%, 03/29/41

    4,672       4,767,618  
   

 

 

 

Indonesia — 0.1%

   

Indonesia Government International Bond

   

1.85%, 03/12/31

    495       377,980  

2.15%, 07/28/31 (Call 04/28/31)

    8,110       6,263,247  

2.85%, 02/14/30

    6,196       5,244,461  

3.05%, 03/12/51(b)

    2,445       1,480,362  

3.20%, 09/23/61 (Call 03/23/61)

    825       465,511  

3.35%, 03/12/71

    3,330       1,904,702  

3.40%, 09/18/29

    2,825       2,498,098  

3.50%, 01/11/28

    3,387       3,115,013  

3.50%, 02/14/50(b)

    3,886       2,515,183  

3.55%, 03/31/32 (Call 12/31/31)

    1,555       1,314,411  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Indonesia (continued)

   

3.70%, 10/30/49(b)

  $ 4,546     $ 3,051,894  

3.85%, 10/15/30

    9,950       8,840,677  

4.10%, 04/24/28

    4,885       4,592,809  

4.15%, 09/20/27 (Call 06/20/27)

    5,335       5,061,042  

4.20%, 10/15/50(b)

    6,555       4,792,560  

4.30%, 03/31/52 (Call 09/30/51)

    2,390       1,767,714  

4.35%, 01/11/48

    6,895       5,224,005  

4.45%, 04/15/70

    3,975       2,899,194  

4.55%, 01/11/28 (Call 12/11/27)

    1,035       993,571  

4.65%, 09/20/32 (Call 06/20/32)

    5,965       5,450,841  

4.75%, 02/11/29

    4,123       3,953,901  

4.85%, 01/11/33 (Call 10/11/32)(b)

    1,845       1,721,404  

5.35%, 02/11/49

    4,510       3,974,327  

5.45%, 09/20/52 (Call 03/20/52)

    2,015       1,774,977  

5.65%, 01/11/53 (Call 07/11/52)

    3,385       3,088,961  
   

 

 

 
      82,366,845  
Israel — 0.1%            

Israel Government AID Bond, 5.50%, 12/04/23

    25,000           24,996,045  

Israel Government International Bond

   

2.75%, 07/03/30(b)

    10,550       8,671,276  

2.88%, 03/16/26

    3,635       3,366,937  

3.25%, 01/17/28(b)

    3,845       3,442,148  

3.88%, 07/03/50

    8,490       5,588,101  

4.13%, 01/17/48

    2,530       1,754,677  

4.50%, 01/17/33

    7,220       6,336,071  

4.50%, 01/30/43

    5,463       4,233,955  

4.50%, 04/03/2120(b)

    3,193       2,095,868  

State of Israel

   

2.50%, 01/15/30

    2,905       2,364,708  

3.38%, 01/15/50

    6,333       3,815,967  
   

 

 

 
      66,665,753  
Italy — 0.0%            

Republic of Italy Government International Bond

   

1.25%, 02/17/26

        11,810       10,654,709  

2.88%, 10/17/29

    7,480       6,341,659  

3.88%, 05/06/51

    9,085       5,639,204  

4.00%, 10/17/49

    7,895       5,147,799  

5.38%, 06/15/33

    7,437       6,918,207  
   

 

 

 
      34,701,578  
Japan — 0.1%            

Japan Bank for International Cooperation

   

0.63%, 07/15/25

    2,823       2,600,104  

1.25%, 01/21/31

    7,185       5,411,829  

1.88%, 07/21/26

    6,215       5,668,653  

1.88%, 04/15/31

    19,608       15,364,961  

2.00%, 10/17/29

    4,397       3,660,894  

2.13%, 02/10/25(b)

    1,195       1,142,687  

2.13%, 02/16/29

    5,545       4,729,238  

2.25%, 11/04/26

    6,965       6,375,693  

2.38%, 04/20/26

    5,730       5,334,352  

2.50%, 05/28/25

    3,001       2,862,603  

2.75%, 01/21/26(b)

    5,345       5,046,857  

2.75%, 11/16/27

    5,950       5,425,712  

2.88%, 04/14/25

    380       365,412  

2.88%, 06/01/27

    5,968       5,509,505  

2.88%, 07/21/27

    5,037       4,643,367  

3.25%, 07/20/28

    2,080       1,905,375  

3.50%, 10/31/28(b)

    3,800       3,504,011  

4.25%, 01/26/26

    200       195,166  

4.38%, 10/05/27

    400       388,917  
Security  

Par

(000)

    Value  

Japan (continued)

   

Japan International Cooperation Agency

   

1.00%, 07/22/30(b)

  $ 3,206     $ 2,408,095  

2.13%, 10/20/26

    1,684       1,533,511  

2.75%, 04/27/27(b)

    1,845       1,696,195  

3.25%, 05/25/27

    3,275       3,056,683  

3.38%, 06/12/28

    1,780       1,636,959  
   

 

 

 
      90,466,779  
Mexico — 0.2%            

Mexico Government International Bond

   

2.66%, 05/24/31 (Call 02/24/31)

    6,852       5,321,441  

3.25%, 04/16/30 (Call 01/16/30)

    10,280       8,643,074  

3.50%, 02/12/34 (Call 11/12/33)

    9,243       7,040,426  

3.75%, 01/11/28

    8,345       7,692,255  

3.77%, 05/24/61 (Call 11/24/60)

    9,591       5,379,890  

3.90%, 04/27/25 (Call 03/27/25)

    1,975       1,928,491  

4.13%, 01/21/26

    9,386       9,137,258  

4.15%, 03/28/27

    9,325       8,938,570  

4.28%, 08/14/41 (Call 02/14/41)

    10,646       7,579,359  

4.35%, 01/15/47(b)

    2,932       1,985,771  

4.40%, 02/12/52 (Call 08/12/51)

    3,577       2,360,678  

4.50%, 04/22/29

    11,510       10,645,954  

4.50%, 01/31/50 (Call 07/31/49)

    7,741       5,315,061  

4.60%, 01/23/46

    8,439       5,974,659  

4.60%, 02/10/48

    7,086       4,944,151  

4.75%, 04/27/32 (Call 01/27/32)

    14,612       12,926,349  

4.75%, 03/08/44

    14,217       10,472,689  

4.88%, 05/19/33 (Call 02/19/33)

    4,718       4,136,356  

5.00%, 04/27/51 (Call 10/27/50)(b)

    8,184       6,015,815  

5.40%, 02/09/28 (Call 01/09/28)

    2,335       2,290,646  

5.55%, 01/21/45(b)

    10,685       8,863,071  

5.75%, 10/12/2110

    9,840       7,475,176  

6.05%, 01/11/40

    10,453       9,348,013  

6.34%, 05/04/53 (Call 11/04/52)

    12,116       10,511,814  

6.35%, 02/09/35 (Call 11/09/34)

    7,275       6,944,449  

6.75%, 09/27/34

    10,337       10,248,716  

7.50%, 04/08/33

    4,662       4,909,595  

8.30%, 08/15/31

    4,986       5,620,220  

11.50%, 05/15/26(b)

    713       823,025  
   

 

 

 
          193,472,972  
Panama — 0.1%            

Panama Government International Bond

   

2.25%, 09/29/32 (Call 06/29/32)

        10,855       7,348,618  

3.16%, 01/23/30 (Call 10/23/29)

    5,718       4,596,362  

3.30%, 01/19/33 (Call 10/19/32)

    7,180       5,279,930  

3.75%, 03/16/25 (Call 12/16/24)

    5,186       4,999,429  

3.87%, 07/23/60 (Call 01/23/60)

    10,718       5,644,134  

3.88%, 03/17/28 (Call 12/17/27)

    4,902       4,395,372  

4.30%, 04/29/53

    5,844       3,489,536  

4.50%, 05/15/47 (Call 11/15/46)

    3,706       2,387,894  

4.50%, 04/16/50 (Call 10/16/49)

    8,839       5,504,913  

4.50%, 04/01/56 (Call 10/01/55)

    8,920       5,409,210  

4.50%, 01/19/63 (Call 07/19/62)

    5,425       3,195,169  

6.40%, 02/14/35 (Call 11/14/34)

    7,380       6,719,639  

6.70%, 01/26/36

    6,806       6,354,256  

6.85%, 03/28/54 (Call 09/28/53)

    3,765       3,229,788  

7.13%, 01/29/26

    4,832       4,881,225  

8.88%, 09/30/27

    4,574       4,903,950  

9.38%, 04/01/29

    3,707       4,097,870  
   

 

 

 
      82,437,295  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Peru — 0.1%

   

Peruvian Government International Bond

   

1.86%, 12/01/32 (Call 09/01/32)

  $ 4,320     $ 3,040,758  

2.39%, 01/23/26 (Call 12/23/25)(b)

    3,071       2,851,000  

2.78%, 01/23/31 (Call 10/23/30)

    13,449       10,769,662  

2.78%, 12/01/60 (Call 06/01/60)

    7,203       3,616,352  

2.84%, 06/20/30

    2,557       2,112,209  

3.00%, 01/15/34 (Call 10/15/33)

    6,325       4,781,685  

3.23%, 07/28/2121 (Call 01/28/21)

    3,548       1,790,742  

3.30%, 03/11/41 (Call 09/11/40)

    5,256       3,481,538  

3.55%, 03/10/51 (Call 09/10/50)(b)

    6,058       3,808,376  

3.60%, 01/15/72 (Call 07/15/71)

    3,335       1,889,100  

4.13%, 08/25/27(b)

    3,158       3,004,076  

5.63%, 11/18/50

    7,670       6,764,098  

6.55%, 03/14/37

    4,881       4,916,556  

7.35%, 07/21/25(b)

    4,254       4,350,861  

8.75%, 11/21/33

    8,730       10,173,859  
   

 

 

 
      67,350,872  
Philippines — 0.1%            

Bangko Sentral ng Pilipinas Bond, 8.60%, 06/15/27

    210       237,126  

Philippine Government International Bond

   

1.65%, 06/10/31

        7,011       5,237,659  

1.95%, 01/06/32

    1,190       889,261  

2.46%, 05/05/30

    5,980       4,902,226  

2.65%, 12/10/45

    4,135       2,397,294  

2.95%, 05/05/45

    5,592       3,426,999  

3.00%, 02/01/28

    8,576       7,740,634  

3.20%, 07/06/46

    8,173       5,092,500  

3.23%, 03/29/27

    675       625,218  

3.56%, 09/29/32

    668       562,237  

3.70%, 03/01/41

    7,709       5,539,969  

3.70%, 02/02/42

    7,714       5,514,655  

3.75%, 01/14/29

    6,796       6,233,332  

3.95%, 01/20/40

    7,770       5,927,627  

4.20%, 03/29/47

    4,175       3,094,591  

4.63%, 07/17/28

    760       731,937  

5.00%, 07/17/33

    7,585       7,104,822  

5.00%, 01/13/37

    5,700       5,183,181  

5.17%, 10/13/27

    2,834       2,793,077  

5.50%, 03/30/26

    5,141       5,141,100  

5.50%, 01/17/48

    4,950       4,394,285  

5.61%, 04/13/33

    785       766,937  

5.95%, 10/13/47

    860       811,222  

6.38%, 01/15/32

    4,502       4,649,479  

6.38%, 10/23/34

    7,686       7,896,418  

7.75%, 01/14/31

    6,418       7,135,303  

9.50%, 02/02/30

    3,344       3,963,205  

10.63%, 03/16/25

    6,366       6,796,913  
   

 

 

 
          114,789,207  
Poland — 0.0%            

Republic of Poland Government International Bond

   

3.25%, 04/06/26

    7,420       7,038,939  

4.88%, 10/04/33 (Call 07/04/33)

    7,635       7,052,287  

5.50%, 11/16/27 (Call 08/16/27)

    1,151       1,156,376  

5.50%, 04/04/53 (Call 10/04/52)

    8,105       7,101,059  

5.75%, 11/16/32 (Call 08/16/32)

    4,955       4,904,595  
   

 

 

 
      27,253,256  
Security  

Par

(000)

    Value  

South Korea — 0.1%

   

Export-Import Bank of Korea

   

0.75%, 09/21/25

  $ 965     $ 882,979  

1.13%, 12/29/26

    1,385       1,208,899  

1.25%, 01/18/25

    3,900       3,703,723  

1.25%, 09/21/30

    2,955       2,208,250  

1.38%, 02/09/31

    1,470       1,092,442  

1.63%, 01/18/27

    1,730       1,532,379  

1.88%, 02/12/25

    105       100,282  

2.13%, 01/18/32(b)

    1,555       1,189,905  

2.38%, 04/21/27

    1,700       1,531,600  

2.50%, 06/29/41(b)

    3,788       2,410,920  

2.63%, 05/26/26

    4,137       3,853,139  

2.88%, 01/21/25

    5,615       5,436,350  

3.25%, 11/10/25(b)

    4,450       4,254,485  

3.25%, 08/12/26

    3,795       3,570,632  

4.25%, 09/15/27

    320       305,562  

4.50%, 09/15/32

    2,290       2,092,494  

5.00%, 01/11/28

    690       676,383  

5.13%, 09/18/28

    90       88,397  

5.13%, 01/11/33

    3,670       3,506,519  

5.13%, 09/18/33

    535       507,775  

5.38%, 09/18/25

    110       109,841  

Korea Development Bank (The)

   

0.80%, 04/27/26

    1,420       1,264,199  

1.38%, 04/25/27

        2,160       1,877,942  

1.75%, 02/18/25

    200       190,406  

4.00%, 09/08/25

    770       748,557  

4.25%, 09/08/32

    5,830       5,218,905  

4.38%, 02/15/28

    480       458,807  

4.38%, 02/15/33

    6,995       6,296,472  

Korea International Bond

   

1.00%, 09/16/30

    1,775       1,345,157  

1.75%, 10/15/31

    2,745       2,125,601  

2.50%, 06/19/29

    3,725       3,247,202  

2.75%, 01/19/27

    3,775       3,502,091  

3.50%, 09/20/28

    1,745       1,618,358  

3.88%, 09/20/48

    933       701,171  

4.13%, 06/10/44

    1,421       1,147,183  

5.63%, 11/03/25(b)

    200       200,048  
   

 

 

 
          70,205,055  
Supranational — 0.7%            

African Development Bank

   

0.88%, 03/23/26

    5,255       4,757,857  

0.88%, 07/22/26

    6,303       5,638,350  

3.38%, 07/07/25

    505       489,773  

4.38%, 11/03/27

    2,740       2,686,650  

Asian Development Bank

   

0.38%, 09/03/25

    3,930       3,600,939  

0.50%, 02/04/26

    6,425       5,797,248  

0.63%, 04/29/25

    14,940       13,937,067  

0.75%, 10/08/30

    1,259       944,734  

1.00%, 04/14/26

    10,405       9,434,823  

1.25%, 06/09/28

    1,420       1,203,587  

1.50%, 01/20/27

    5,295       4,754,677  

1.50%, 03/04/31

    1,654       1,298,950  

1.75%, 08/14/26

    2,360       2,161,638  

1.75%, 09/19/29

    9,160       7,682,414  

1.88%, 03/15/29

    1,180       1,009,359  

1.88%, 01/24/30

    8,126       6,757,936  

2.00%, 01/22/25

    6,027       5,778,785  

2.00%, 04/24/26

    7,105       6,598,490  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Supranational (continued)

   

2.13%, 03/19/25(b)

  $ 520     $ 497,548  

2.38%, 08/10/27

    1,340       1,225,942  

2.50%, 11/02/27

    6,342       5,792,671  

2.63%, 01/12/27

    5,774       5,378,757  

2.75%, 01/19/28

    7,350       6,726,071  

2.88%, 05/06/25

    2,425       2,339,312  

3.13%, 08/20/27

    2,300       2,160,543  

3.13%, 09/26/28

    1,024       942,570  

3.13%, 04/27/32

    825       714,489  

3.88%, 09/28/32

    2,550       2,330,212  

5.82%, 06/16/28

    5,545       5,708,327  

6.22%, 08/15/27

    900       932,324  

6.38%, 10/01/28

    615       642,506  

Asian Infrastructure Investment Bank (The)

   

0.50%, 05/28/25

    9,685       8,971,398  

0.50%, 01/27/26

    2,955       2,660,834  

3.38%, 06/29/25

    1,765       1,708,185  

Council of Europe Development Bank

   

0.88%, 09/22/26

    100       88,869  

3.00%, 06/16/25

    545       525,143  

3.63%, 01/26/28

    70       66,329  

European Bank for Reconstruction & Development

   

0.50%, 05/19/25

    9,290       8,622,033  

0.50%, 11/25/25

    940       855,553  

0.50%, 01/28/26

    393       354,653  

1.50%, 02/13/25

    1,230       1,170,413  

4.38%, 03/09/28

    150       146,451  

European Investment Bank

   

0.38%, 12/15/25

    3,070       2,781,151  

0.38%, 03/26/26

    3,771       3,376,963  

0.63%, 07/25/25

    12,462       11,525,353  

0.63%, 10/21/27

    972       824,390  

0.75%, 10/26/26

    7,455       6,596,240  

0.75%, 09/23/30

    1,065       805,921  

0.88%, 05/17/30

    5,285       4,081,695  

1.25%, 02/14/31

    12,374       9,611,421  

1.38%, 03/15/27

    17,480       15,575,373  

1.63%, 03/14/25

    18,658       17,743,436  

1.63%, 10/09/29

    4,370       3,644,172  

1.63%, 05/13/31

    145       114,997  

1.75%, 03/15/29

    7,415       6,316,039  

1.88%, 02/10/25

    11,743       11,241,536  

2.13%, 04/13/26

    6,260       5,840,593  

2.38%, 05/24/27

    4,016       3,687,188  

2.75%, 08/15/25

    2,075       1,989,889  

3.25%, 11/15/27

    980       922,245  

3.75%, 02/14/33

        11,820       10,710,051  

4.88%, 02/15/36

    7,321       7,133,192  

Inter-American Development Bank

   

0.63%, 07/15/25

    2,470       2,285,530  

0.63%, 09/16/27(b)

    1,425       1,213,214  

0.88%, 04/03/25

    10,430       9,788,622  

0.88%, 04/20/26

    14,575       13,173,288  

1.13%, 07/20/28

    10,190       8,552,591  

1.13%, 01/13/31

    15,635       11,987,265  

1.50%, 01/13/27

    280       251,506  

1.75%, 03/14/25

    14,224       13,546,000  

2.00%, 06/02/26

    7,383       6,833,522  

2.00%, 07/23/26

    4,648       4,289,032  

2.13%, 01/15/25

    12,511           12,030,850  
Security  

Par

(000)

    Value  

Supranational (continued)

   

2.25%, 06/18/29

  $ 8,149     $ 7,072,142  

2.38%, 07/07/27

    5,214       4,773,275  

3.13%, 09/18/28

    9,125       8,394,534  

3.20%, 08/07/42

    4,390       3,197,940  

3.50%, 09/14/29

    1,435       1,330,916  

3.88%, 10/28/41

    5,920       4,796,087  

4.38%, 01/24/44

    3,335       2,852,159  

7.00%, 06/15/25(b)

    10       10,224  

Inter-American Investment Corp., 4.13%, 02/15/28

    155       148,879  

International Bank for Reconstruction & Development

   

0.38%, 07/28/25

    16,405       15,090,332  

0.50%, 10/28/25

    22,256       20,321,328  

0.63%, 04/22/25

    31,115       29,058,260  

0.65%, 02/10/26 (Call 11/10/23)

    39       34,770  

0.75%, 03/11/25

    13,832       12,997,353  

0.75%, 11/24/27

    8,070       6,851,750  

0.75%, 08/26/30

    6,448       4,860,108  

0.88%, 07/15/26

    9,285       8,320,445  

0.88%, 05/14/30

    11,620       8,931,491  

1.13%, 09/13/28

    19,087       15,940,948  

1.25%, 02/10/31

    14,225       10,991,086  

1.38%, 04/20/28

    18,915       16,204,315  

1.63%, 01/15/25

    12,324       11,780,013  

1.63%, 11/03/31(b)

    21,034       16,427,072  

1.75%, 10/23/29

    12,877       10,762,526  

1.88%, 10/27/26

    6,275       5,738,415  

2.13%, 03/03/25

    6,489       6,216,703  

2.50%, 11/25/24

    16,574       16,059,884  

2.50%, 07/29/25

    18,884       18,033,748  

2.50%, 11/22/27

    16,375       14,958,071  

2.50%, 03/29/32

    1,741       1,442,076  

3.13%, 11/20/25

    2,796       2,686,789  

3.13%, 06/15/27

    8,735       8,217,332  

3.63%, 09/21/29

    5,910       5,521,413  

4.75%, 02/15/35(b)

    722       690,339  

International Finance Corp.

   

0.38%, 07/16/25

    1,332       1,227,473  

0.75%, 10/08/26

    1,450       1,284,616  

0.75%, 08/27/30

    940       709,298  

2.13%, 04/07/26

    983       916,766  

3.63%, 09/15/25

    605       588,317  

Nordic Investment Bank

   

0.38%, 09/11/25

    830       759,862  

2.63%, 04/04/25

        1,282       1,233,455  

3.38%, 09/08/27

    225       213,255  

4.38%, 03/14/28

    250       244,031  
   

 

 

 
      661,457,471  
Sweden — 0.0%            

Svensk Exportkredit AB

   

0.50%, 08/26/25

    5,395       4,944,272  

0.63%, 05/14/25

    6,870       6,379,569  

2.25%, 03/22/27

    2,238       2,041,109  

4.13%, 06/14/28

    950       911,577  

4.38%, 02/13/26

    2,725       2,670,297  

4.63%, 11/28/25

    2,195       2,165,711  

4.88%, 10/04/30

    135       131,731  
   

 

 

 
          19,244,266  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Uruguay — 0.1%

   

Uruguay Government International Bond

   

4.13%, 11/20/45

  $ 2,957     $ 2,339,932  

4.38%, 10/27/27

    14,625       14,450,547  

4.38%, 01/23/31 (Call 10/23/30)

    14,561       13,749,884  

4.98%, 04/20/55

    8,936       7,454,598  

5.10%, 06/18/50

    12,617       10,885,322  

5.75%, 10/28/34 (Call 07/28/34)

    3,845       3,849,768  

7.63%, 03/21/36(b)

    5,471       6,187,781  
   

 

 

 
      58,917,832  
   

 

 

 

Total Foreign Government Obligations — 2.0%
(Cost: $2,109,932,311)

 

        1,803,198,094  
   

 

 

 

Municipal Debt Obligations

 

Alabama — 0.0%

   

Alabama Federal Aid Highway Finance Authority, 2.65%, 09/01/37 (Call 09/01/31)

    1,150       821,947  
   

 

 

 

Arizona — 0.0%

   

Salt River Project Agricultural Improvement & Power District RB BAB, 4.84%, 01/01/41

    1,875       1,632,079  
   

 

 

 

California — 0.2%

   

Bay Area Toll Authority RB, 3.13%, 04/01/55 (Call 04/01/31)

    470       280,939  

Bay Area Toll Authority RB BAB

   

Series F-2, 6.26%, 04/01/49

        4,735       4,883,577  

Series S-1, 7.04%, 04/01/50

    4,300       4,874,488  

Series S-3, 6.91%, 10/01/50

    3,105       3,435,407  

California Earthquake Authority, 5.60%, 07/01/27

    1,100       1,088,332  

California Health Facilities Financing Authority

   

4.19%, 06/01/37 (Call 06/01/31)

    325       273,283  

4.35%, 06/01/41 (Call 06/01/31)

    1,905       1,550,080  

California State University RB Class B, 2.72%, 11/01/52

    910       518,720  

2.94%, 11/01/52 (Call 11/01/31)

    1,000       588,714  

Class B, 2.98%, 11/01/51 (Call 05/01/51)

    3,315       2,003,285  

5.18%, 11/01/53 (Call 11/01/33)

    2,535       2,191,305  

Series E, 2.90%, 11/01/51 (Call 11/01/30)

    1,895       1,188,580  

City of Los Angeles Department of Airports Customer Facility Charge Revenue RB, 4.24%, 05/15/48 (Call 05/15/32) (AGM)

    455       348,813  

City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, Series B, 6.00%, 11/01/40

    2,500       2,473,721  

East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40

    4,480       4,447,886  

Foothill-Eastern Transportation Corridor Agency RB

   

3.92%, 01/15/53 (Call 01/15/30)

    1,025       694,699  

Series A, 4.09%, 01/15/49 (Call 01/15/30)

    2,040       1,451,832  

Golden State Tobacco Securitization Corp. RB

   

Class B, 2.75%, 06/01/34 (Call 06/01/31)

    1,270       971,314  

Class B, 3.00%, 06/01/46

    680       599,838  

3.12%, 06/01/38 (Call 06/01/31) (SAP)

    1,000       696,761  

Class B, 3.29%, 06/01/42 (Call 06/01/31)

    2,790       1,858,946  

3.49%, 06/01/36 (Call 12/01/31)

    230       165,712  

3.71%, 06/01/41 (Call 12/01/31)

    830       556,608  

3.85%, 06/01/50 (Call 12/01/31)

    1,190       1,083,370  
Security  

Par

(000)

    Value  

California (continued)

   

4.21%, 06/01/50 (Call 12/01/31)

  $ 1,535     $ 999,911  

Los Angeles Community College District/CA GO

   

1.81%, 08/01/30

    5,000       4,030,670  

2.11%, 08/01/32 (Call 08/01/30)(b)

    3,000       2,311,054  

Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49

    1,100       1,199,659  

Los Angeles County Metropolitan Transportation Authority RB BAB, Series A, 5.74%, 06/01/39

    2,315       2,248,105  

Los Angeles County Public Works Financing Authority RB BAB, 7.62%, 08/01/40

    1,150       1,295,257  

Los Angeles Department of Water & Power, RB

   

Series A, 5.72%, 07/01/39

    2,100       2,040,536  

Series A, 6.60%, 07/01/50

    385       410,904  

Series D, 6.57%, 07/01/45

    2,970       3,107,563  

Los Angeles Unified School District/CA GO BAB

   

5.75%, 07/01/34

    4,760       4,706,261  

5.76%, 07/01/29

    2,170       2,161,843  

Series RY, 6.76%, 07/01/34(b)

    5,025       5,302,157  

Regents of the University of California Medical Center Pooled Revenue RB

   

3.01%, 05/15/50 (Call 11/15/49)

    1,400       827,761  

Class A, 3.71%, 05/15/20 (Call 11/15/19)

    2,600       1,521,830  

4.13%, 05/15/32 (Call 02/15/32)

    1,550       1,379,150  

4.56%, 05/15/53

    895       708,145  

Series N, Class A, 3.26%, 05/15/60 (Call 11/15/59)(b)

        1,835           1,060,038  

Regents of the University of California Medical Center Pooled Revenue RB BAB

   

Series H, Class H, 6.55%, 05/15/48

    2,575       2,692,601  

Series F, 6.58%, 05/15/49

    3,015       3,168,734  

San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48

    1,905       1,865,350  

San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49

    2,350       2,400,289  

San Joaquin Hills Transportation Corridor Agency RB, 3.49%, 01/15/50 (Call 01/15/32) .

    1,600       1,047,851  

State of California, 5.20%, 03/01/43 (Call 03/01/33)

    1,790       1,573,121  

State of California GO

   

1.70%, 02/01/28

    140       121,222  

2.50%, 10/01/29

    6,000       5,090,881  

3.38%, 04/01/25

    3,000       2,916,223  

3.50%, 04/01/28

    910       847,326  

4.50%, 04/01/33 (Call 04/01/28)(b)

    2,750       2,490,464  

4.60%, 04/01/38 (Call 04/01/28)

    2,170       1,888,710  

5.13%, 03/01/38 (Call 03/01/33)

    1,000       909,920  

5.75%, 10/01/31

    1,400       1,401,664  

Series A, 3.05%, 04/01/29

    1,110       989,231  

State of California GO BAB

   

7.30%, 10/01/39

    5,220       5,727,326  

7.35%, 11/01/39(b)

    3,130       3,437,345  

7.50%, 04/01/34(b)

    8,325       9,288,356  

7.55%, 04/01/39

    12,470       14,087,667  

7.60%, 11/01/40

    7,575       8,628,020  

7.63%, 03/01/40

    4,350       4,932,678  

University of California RB

   

Series AD, 4.86%, 05/15/12

    3,285       2,535,679  

Series AQ, 4.77%, 05/15/15(b)

    835       628,194  

Series AX, 3.06%, 07/01/25 (Call 04/01/25)

    2,925       2,802,157  

Series BD, 3.35%, 07/01/29(b)

    4,730       4,184,192  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

California (continued)

   

Series BG, 0.88%, 05/15/25 (Call 04/15/25)

  $ 950     $ 883,397  

Series BG, 1.32%, 05/15/27 (Call 03/15/27)

    775       672,894  

Series BG, 1.61%, 05/15/30 (Call 02/15/30)

    2,990       2,315,498  

Series BG, 3.07%, 05/15/51 (Call 05/15/31)

    3,110       1,813,559  

University of California RB BAB, 5.95%, 05/15/45

    3,255       3,171,659  
   

 

 

 
          168,049,262  
Colorado — 0.0%            

Regional Transportation District Sales Tax Revenue RB BAB, Series B, 5.84%, 11/01/50

    700       686,937  
   

 

 

 

Connecticut — 0.0%

   

State of Connecticut GO, Series A, 5.85%, 03/15/32(b)

    4,015       4,020,515  
   

 

 

 

District of Columbia — 0.0%

   

District of Columbia RB BAB, Series E, 5.59%, 12/01/34

    700       689,119  

District of Columbia Water & Sewer Authority RB

   

3.21%, 10/01/48 (Call 10/01/29)

    1,000       667,437  

4.81%, 10/01/14

    1,690       1,343,953  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB BAB, 7.46%, 10/01/46

    1,300       1,452,890  
   

 

 

 
      4,153,399  
Florida — 0.0%            

County of Broward FL Airport System Revenue RB, 3.48%, 10/01/43 (Call 10/01/29)

    250       186,817  

County of Miami-Dade FL Aviation Revenue RB, Series C, 4.28%, 10/01/41 (Call 10/01/28)

    985       797,127  

County of Miami-Dade FL Transit System RB, Series B, 2.60%, 07/01/42 (Call 07/01/30)

        1,300       840,856  

County of Miami-Dade FL Water & Sewer System Revenue RB, 3.49%, 10/01/42 (Call 10/01/29)

    1,265       931,835  

State Board of Administration Finance Corp. RB

   

1.26%, 07/01/25(b)

    4,385       4,085,438  

1.71%, 07/01/27

    3,250       2,818,194  

2.15%, 07/01/30(b)

    4,902       3,889,475  
   

 

 

 
      13,549,742  
Georgia — 0.0%            

City of Atlanta GA Water & Wastewater Revenue RB, 2.26%, 11/01/35 (Call 11/01/30)

    1,330       975,484  

Municipal Electric Authority of Georgia RB BAB

   

Project J, Series 2010-A, 6.64%, 04/01/57

    3,789       3,852,129  

Project M, Series 2010-A, 6.66%, 04/01/57

    3,316       3,371,683  

Project P, Series 2010-A, 7.06%, 04/01/57

    313       299,066  
   

 

 

 
      8,498,362  
Idaho — 0.0%            

Idaho Energy Resources Authority RB, 2.86%, 09/01/46

    580       359,844  
   

 

 

 

Illinois — 0.1%

   

Chicago O’Hare International Airport RB

   

Series C, 4.47%, 01/01/49(b)

    1,050       841,356  

Series C, 4.57%, 01/01/54(b)

    2,450       1,958,197  

Chicago O’Hare International Airport RB BAB, Series B, 6.40%, 01/01/40

    500       528,461  
Security  

Par

(000)

    Value  

Illinois (continued)

   

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB

   

Series A, 6.90%, 12/01/40

  $ 4,430     $ 4,618,013  

Series B, 6.90%, 12/01/40(b)

    3,750       3,909,619  

Illinois State Toll Highway Authority RB BAB, Series A, 6.18%, 01/01/34

    1,820       1,835,610  

Sales Tax Securitization Corp. RB

   

3.24%, 01/01/42

    5,125       3,642,647  

3.82%, 01/01/48

    135       97,169  

State of Illinois GO, 5.10%, 06/01/33(b)

    30,923       28,707,237  

State of Illinois GO BAB, Series 5, 7.35%, 07/01/35

    3,343       3,413,719  
   

 

 

 
      49,552,028  
Indiana — 0.0%            

Indiana Finance Authority RB, 3.05%, 01/01/51 .

    645       423,131  
   

 

 

 

Kansas — 0.0%

   

Kansas Development Finance Authority RB, 2.77%, 05/01/51

    605       372,315  

State of Kansas Department of Transportation RB BAB, 4.60%, 09/01/35

    500       457,224  
   

 

 

 
      829,539  
Louisiana — 0.0%            

Louisiana Local Government Environmental Facilities & Community Development Auth

   

5.05%, 12/01/34

    1,705       1,627,565  

5.08%, 06/01/31

    1,660       1,634,254  

5.20%, 12/01/39

    3,975       3,725,011  

Louisiana Local Government Environmental Facilities & Community Development Authority RB

   

3.62%, 02/01/29

    1,390       1,338,628  

4.15%, 02/01/33

    2,280       2,112,694  

4.28%, 02/01/36

    1,560       1,386,408  

4.48%, 08/01/39

    1,710       1,492,313  

State of Louisiana Gasoline & Fuels Tax Revenue RB, 2.95%, 05/01/41

        1,185       798,313  
   

 

 

 
          14,115,186  
Maryland — 0.0%            

Maryland Health & Higher Educational Facilities Authority, Class D, 3.05%, 07/01/40 (Call 01/01/40)

    2,500       1,664,622  

Maryland State Transportation Authority RB BAB, 5.89%, 07/01/43

    1,500       1,449,143  
   

 

 

 
      3,113,765  
Massachusetts — 0.0%            

Commonwealth of Massachusetts GO, 4.91%, 05/01/29

    1,950       1,890,673  

Commonwealth of Massachusetts GOL

   

2.51%, 07/01/41 (Call 07/01/30)

    540       352,025  

2.90%, 09/01/49

    2,675       1,650,687  

Series D, 2.66%, 09/01/39

    1,950       1,419,613  

Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39

    3,700       3,549,638  

Commonwealth of Massachusetts RB, 3.77%, 07/15/29

    2,900       2,686,862  

Commonwealth of Massachusetts Transportation Fund Revenue RB BAB, Series A, 5.73%, 06/01/40

    1,435       1,390,094  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Massachusetts (continued)

   

Massachusetts School Building Authority RB 3.40%, 10/15/40 (Call 10/15/29)

  $ 1,755     $ 1,316,571  

Series B, 1.75%, 08/15/30

    2,050       1,648,692  

Massachusetts School Building Authority RB BAB, Series B, 5.72%, 08/15/39

    1,060       1,028,596  

Massachusetts Water Resources Authority RB, 2.82%, 08/01/41 (Call 08/01/31)

    925       655,980  
   

 

 

 
          17,589,431  
Michigan — 0.0%            

Great Lakes Water Authority Sewage Disposal System Revenue RB, 3.06%, 07/01/39

        1,685       1,196,358  

Great Lakes Water Authority Water Supply System Revenue RB, 3.47%, 07/01/41 (Call 07/01/30)

    575       428,575  

Michigan Finance Authority RB

   

3.08%, 12/01/34

    2,110       1,652,986  

3.38%, 12/01/40

    845       610,875  

Michigan State Building Authority RB, 2.71%, 10/15/40 (Call 10/15/30)

    1,250       837,867  

Michigan State University RB, 4.17%, 08/15/22 (Call 02/15/22)

    2,675       1,782,591  

Michigan Strategic Fund RB, 3.23%, 09/01/47 (Call 09/01/31)

    460       310,336  

University of Michigan RB

   

3.50%, 04/01/52 (Call 10/01/51)(b)

    1,089       741,571  

3.60%, 04/01/47

    1,800       1,378,786  

4.45%, 04/01/22 (Call 10/01/21)

    4,080       2,960,632  

Series B, 2.44%, 04/01/40 (Call 10/01/39)

    2,862       1,850,281  
   

 

 

 
      13,750,858  
Minnesota — 0.0%            

University of Minnesota RB, 4.05%, 04/01/52 (Call 10/01/51)(b)

    1,924       1,434,148  
   

 

 

 

Mississippi — 0.0%

   

State of Mississippi GO BAB, Series F, 5.25%, 11/01/34

    1,000       982,051  
   

 

 

 

Missouri — 0.0%

   

Health & Educational Facilities Authority of the State of Missouri RB, Series A, 3.65%, 08/15/57 (Call 02/15/57)

    4,730       3,156,560  
   

 

 

 

Nebraska — 0.0%

   

University of Nebraska Facilities Corp. RB (The), Series A, Class A, 3.04%, 10/01/49

    2,000       1,301,495  
   

 

 

 

Nevada — 0.0%

   

County of Clark Department of Aviation RB BAB, Series C, 6.82%, 07/01/45

    850       919,465  
   

 

 

 

New Jersey — 0.1%

   

New Jersey Economic Development Authority RB, Series A, 7.43%, 02/15/29 (NPFGC)

    5,874       6,125,981  

New Jersey State Turnpike Authority RB BAB, Series F, 7.41%, 01/01/40(b)

    6,979       7,836,837  

New Jersey Transportation Trust Fund Authority RB BAB

   

Series B, 6.56%, 12/15/40

    2,650       2,702,432  

Series C, 5.75%, 12/15/28

    2,900       2,892,018  

New Jersey Turnpike Authority RB BAB, Series A, 7.10%, 01/01/41

    4,730       5,157,683  
Security  

Par

(000)

    Value  

New Jersey (continued)

   

Rutgers The State University of New Jersey RB 3.27%, 05/01/43

  $ 1,000     $ 715,208  

Series P, 3.92%, 05/01/19 (Call 11/01/18)(b)

    1,475       895,221  

Rutgers The State University of New Jersey RB BAB, Class H, 5.67%, 05/01/40

    900       877,843  
   

 

 

 
          27,203,223  
New York — 0.1%            

City of New York NY, 5.26%, 10/01/52

    500       452,292  

City of New York NY GO BAB

   

Series A-2, 5.21%, 10/01/31

    2,000       1,949,738  

Series C-1, 5.52%, 10/01/37

    3,000       2,873,400  

Series F1, 6.27%, 12/01/37

    2,755       2,809,089  

Metropolitan Transportation Authority RB, Series C2, 5.18%, 11/15/49

        3,880       3,248,092  

Metropolitan Transportation Authority RB BAB 7.34%, 11/15/39

    3,265       3,645,180  

Series 2010-A, 6.67%, 11/15/39

    50       50,083  

Series A, 5.87%, 11/15/39

    160       150,775  

Series B, 6.65%, 11/15/39

    220       216,754  

Series E, 6.81%, 11/15/40

    1,630       1,634,053  

New York City Municipal Water Finance Authority RB

   

5.44%, 06/15/43(b)

    1,385       1,279,439  

5.72%, 06/15/42(b)

    3,145       3,005,841  

5.88%, 06/15/44

    3,200       3,107,211  

6.01%, 06/15/42(b)

    1,860       1,836,214  

New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB

   

5.51%, 08/01/37

    2,235       2,140,528  

5.57%, 11/01/38

    2,100       2,027,069  

Series C-2, 5.77%, 08/01/36

    1,815       1,799,727  

New York State Dormitory Authority RB BAB

   

Series D, 5.60%, 03/15/40

    2,325       2,241,898  

Series F, 5.63%, 03/15/39

    2,725       2,647,865  

New York State Thruway Authority RB Class M, 2.90%, 01/01/35

    2,000       1,586,168  

Series M, 3.50%, 01/01/42 (Call 01/01/30)

    1,005       756,135  

New York State Urban Development Corp. RB, Series B, 3.90%, 03/15/33 (Call 09/15/28)

    290       254,794  

New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39

    6,015       5,934,712  

Port Authority of New York & New Jersey RB

   

3.14%, 02/15/51 (Call 08/15/31)

    1,145       730,531  

3.29%, 08/01/69(b)

    1,300       749,424  

4.03%, 09/01/48

    1,440       1,067,730  

5.07%, 07/15/53(b)

    2,820       2,472,731  

Series 164, 5.65%, 11/01/40

    2,255       2,148,559  

Series 165, 5.65%, 11/01/40(b)

    1,795       1,710,585  

Series 168, 4.93%, 10/01/51

    2,500       2,132,259  

Series 174, 4.46%, 10/01/62

    6,585       5,018,333  

Series 181, 4.96%, 08/01/46(b)

    2,000       1,707,048  

Series 182, 5.31%, 08/01/46 (Call 08/01/24)

    1,000       893,666  

Series 192, 4.81%, 10/15/65

    4,235       3,463,212  

Series 225, 3.18%, 07/15/60 (Call 07/15/31)

    675       383,238  
   

 

 

 
      68,124,373  
North Carolina — 0.0%            

Charlotte-Mecklenburg Hospital Authority (The) RB, 3.20%, 01/15/51 (Call 01/15/50)

    1,100       687,470  
   

 

 

 

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Ohio — 0.0%

   

American Municipal Power Inc. RB BAB 5.94%, 02/15/47

  $ 1,300     $ 1,251,231  

Series B, 8.08%, 02/15/50

    4,075       4,931,073  

JobsOhio Beverage System RB

   

2.83%, 01/01/38

    1,950       1,413,780  

4.43%, 01/01/33

    310       294,826  

Series B, 4.53%, 01/01/35

    2,400       2,196,224  

Ohio State University (The) RB, Series A, 4.80%, 06/01/11

    350       272,311  

Ohio State University (The) RB BAB, Series C, 4.91%, 06/01/40(b)

    1,905       1,674,763  

Ohio Turnpike & Infrastructure Commission RB, Series A, Class A, 3.22%, 02/15/48 (Call 02/15/30)(b)

    1,775       1,138,478  
   

 

 

 
      13,172,686  
Oklahoma — 0.0%            

Oklahoma Development Finance Authority RB

   

4.38%, 11/01/45

    715       610,632  

4.62%, 06/01/44

    1,655       1,434,745  

4.71%, 05/01/52

    520       441,460  

5.09%, 02/01/52

    680       587,893  
   

 

 

 
      3,074,730  
Oregon — 0.0%            

Oregon School Boards Association RB

   

Series B, 5.55%, 06/30/28 (NPFGC)

    50       49,838  

Series B, 5.68%, 06/30/28 (NPFGC)

    1,000       1,000,422  

Oregon State University RB, 3.42%, 03/01/60 (Call 03/01/30) (BAM)

    1,100       691,590  

State of Oregon Department of Transportation RB BAB, Series 2010-A, 5.83%, 11/15/34

    2,085       2,100,864  

State of Oregon GO, 5.89%, 06/01/27

    8,020       8,090,512  
   

 

 

 
      11,933,226  
Pennsylvania — 0.0%            

City of Philadelphia PA Water & Wastewater Revenue RB, 2.93%, 07/01/45 (Call 07/01/31)

    1,030       668,862  

Commonwealth Financing Authority RB

   

Class A, 2.99%, 06/01/42(b)

    1,130       751,095  

Series A, 4.14%, 06/01/38

    50       41,356  

Pennsylvania State University (The) RB 2.79%, 09/01/43

    1,750       1,169,002  

2.84%, 09/01/50

    975       583,605  

Pennsylvania Turnpike Commission RB BAB, Series B, 5.51%, 12/01/45

    1,000       920,242  

University of Pittsburgh-of the Commonwealth System of Higher Education RB, 3.56%, 09/15/19 (Call 03/15/19)

        2,000       1,152,210  
   

 

 

 
          5,286,372  
South Carolina — 0.0%            

South Carolina Public Service Authority, Series C, 6.45%, 01/01/50

    1,000       973,573  
   

 

 

 

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       954,386  
   

 

 

 
Security  

Par

(000)

    Value  

Texas — 0.1%

   

City of San Antonio Texas Electric & Gas Systems Revenue RB BAB

   

5.81%, 02/01/41

  $ 1,875     $ 1,796,376  

Series C, 5.99%, 02/01/39

    1,000       987,680  

Dallas Area Rapid Transit RB, 2.61%, 12/01/48 (Call 12/01/31)(b)

    2,895       1,751,916  

Dallas Area Rapid Transit RB BAB 5.02%, 12/01/48(b)

    3,250       2,881,562  

Series B, 6.00%, 12/01/44

    400       404,829  

Dallas Convention Center Hotel Development Corp. RB BAB, 7.09%, 01/01/42

    700       726,736  

Dallas County Hospital District GOL BAB, Series C, 5.62%, 08/15/44

    1,250       1,193,382  

Dallas Fort Worth International Airport RB

   

2.84%, 11/01/46 (Call 11/01/31)

    220       141,964  

Class A, 2.99%, 11/01/38

    1,200       904,071  

4.09%, 11/01/51

    1,245       922,020  

4.51%, 11/01/51 (Call 11/01/32)

    3,305       2,637,170  

Series A, Class A, 3.14%, 11/01/45

    1,405       944,570  

Series C, Class C, 2.92%, 11/01/50(b)

    2,670       1,679,399  

Series C, Class C, 3.09%, 11/01/40 (Call 11/01/30)

    340       237,080  

Dallas Independent School District GO BAB, Series C, 6.45%, 02/15/35 (Call 12/01/23) (PSF)

    400       398,897  

Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30)

    4,805       2,938,614  

North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49

    4,120       4,477,926  

Permanent University Fund - Texas A&M University System RB, Series B, 3.66%, 07/01/47 (Call 07/01/27)

    2,000       1,500,719  

Permanent University Fund - University of Texas System RB, Series A, 3.38%, 07/01/47 (Call 01/01/47)

    2,125       1,481,175  

State of Texas GO BAB

   

5.52%, 04/01/39(b)

    5,300       5,082,751  

Series A, 4.63%, 04/01/33

    1,255       1,183,938  

Series A, 4.68%, 04/01/40

    2,250       2,024,159  

Texas Natural Gas Securitization Finance Corp.

   

5.10%, 04/01/35

    6,495       6,294,278  

5.17%, 04/01/41

    6,200       5,746,262  

Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49

    3,350       2,391,428  

Texas Transportation Commission GO, 2.47%, 10/01/44 (Call 10/01/30)

    2,505       1,509,792  

Texas Transportation Commission State Highway Fund RB

   

4.00%, 10/01/33

    2,775       2,460,542  

First Class, 5.18%, 04/01/30

    5,115       5,043,212  

University of Texas System (The) RB, Series B, 2.44%, 08/15/49 (Call 02/15/49)

    765       427,948  

University of Texas System (The) RB BAB, Series C, 4.79%, 08/15/46

        2,400       2,150,589  
   

 

 

 
          62,320,985  
Virginia — 0.0%            

University of Virginia RB

   

2.26%, 09/01/50 (Call 03/01/50)(b)

    2,790       1,444,478  

2.58%, 11/01/51 (Call 05/01/51)(b)

    1,000       555,994  

Series A, 3.23%, 09/01/19 (Call 03/01/19)

    790       424,207  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Virginia (continued)

   

Series C, 4.18%, 09/01/17 (Call 03/01/17)

  $ 840     $ 581,878  
   

 

 

 
      3,006,557  
Washington — 0.0%            

Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB BAB, 5.49%, 11/01/39

    1,200       1,132,444  

State of Washington GO BAB, Series F, 5.14%, 08/01/40

    2,165       1,979,067  
   

 

 

 
      3,111,511  
Wisconsin — 0.0%            

State of Wisconsin RB

   

Series A, 5.70%, 05/01/26

    190       189,763  

Series C, 3.15%, 05/01/27

    2,580       2,396,685  
   

 

 

 
      2,586,448  
   

 

 

 

Total Municipal Debt Obligations — 0.6%
(Cost: $631,776,315)

      511,375,284  
   

 

 

 

U.S. Government & Agency Obligations

 

Mortgage-Backed Securities — 27.0%

   

Federal Home Loan Mortgage Corp.

   

2.00%, 10/01/37

    9,805       8,301,242  

2.00%, 02/01/52

    21,500       15,856,992  

2.00%, 06/01/52

    48,056       35,306,250  

2.50%, 10/01/27

    78       73,884  

2.50%, 02/01/28

    1,005       954,034  

2.50%, 01/01/30

    8,595       8,033,871  

2.50%, 03/01/31

    83       76,384  

2.50%, 08/01/31

    2,738       2,524,369  

2.50%, 10/01/31

    6,171       5,655,727  

2.50%, 11/01/31

    36       33,067  

2.50%, 12/01/31

    9,205       8,424,346  

2.50%, 02/01/32

    11,387       10,440,874  

2.50%, 08/01/32

    133       121,085  

2.50%, 01/01/33

    9,993       9,121,396  

2.50%, 02/01/33

    26       23,416  

2.50%, 04/01/33

    1,183       1,042,016  

2.50%, 03/01/37

    11,169       9,740,961  

2.50%, 03/01/51

    10,132       7,837,966  

2.50%, 10/01/51

    21,865       16,855,928  

2.50%, 04/01/53

    142,922       109,728,616  

3.00%, 11/01/26

    163       158,521  

3.00%, 01/01/27

    76       73,143  

3.00%, 02/01/27

    186       180,237  

3.00%, 04/01/27

    127       122,022  

3.00%, 05/01/27

    1,094       1,052,215  

3.00%, 06/01/27

    1,011       972,264  

3.00%, 07/01/27

    46       44,212  

3.00%, 08/01/27

    141       135,732  

3.00%, 09/01/27

    615       589,388  

3.00%, 11/01/27

    257       246,456  

3.00%, 12/01/27

    113       107,648  

3.00%, 01/01/28

    29       27,520  

3.00%, 11/01/28

    117       111,481  

3.00%, 01/01/29

    165       157,290  

3.00%, 03/01/29

    502       477,514  

3.00%, 05/01/29

    19,835       18,970,108  

3.00%, 05/01/30

    3,308       3,117,789  

3.00%, 06/01/30

    1,814       1,721,173  

3.00%, 07/01/30

    3,864       3,640,112  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

3.00%, 12/01/30

  $ 9,421     $ 8,845,648  

3.00%, 02/01/31

    2,900       2,717,272  

3.00%, 05/01/31

    6,075       5,682,162  

3.00%, 06/01/31

    4,466       4,175,836  

3.00%, 08/01/31

    37       34,246  

3.00%, 12/01/31

    25       23,294  

3.00%, 02/01/32

    83       77,213  

3.00%, 07/01/32

    6,875       6,401,128  

3.00%, 09/01/32

    9       8,369  

3.00%, 02/01/33

    16       14,230  

3.00%, 05/01/33

    1,600       1,446,896  

3.00%, 07/01/37

    662       592,939  

3.00%, 06/01/42

    445       373,886  

3.00%, 10/01/42

    184       154,524  

3.00%, 01/01/43

    478       400,960  

3.00%, 02/01/43

    11,796       9,907,443  

3.00%, 12/01/44

    33       27,564  

3.00%, 04/01/45

    281       231,430  

3.00%, 08/01/45

    177       146,087  

3.00%, 12/01/45

    14       11,206  

3.00%, 01/01/46

    981       809,495  

3.00%, 02/01/46

    117       96,813  

3.00%, 07/01/46

    2,278       1,878,139  

3.00%, 08/01/46

    40,856       33,684,871  

3.00%, 09/01/46

    16,283       13,564,069  

3.00%, 10/01/46

    31,818       26,238,840  

3.00%, 11/01/46

    24,025       19,807,832  

3.00%, 12/01/46

    54,726       45,120,687  

3.00%, 01/01/47

    12,815       10,565,773  

3.00%, 02/01/47

    27,422       22,608,275  

3.00%, 03/01/47

    137       113,327  

3.00%, 04/01/47

    355       292,821  

3.00%, 05/01/47

    21,559       17,780,056  

3.00%, 06/01/47

    22,098       18,218,888  

3.00%, 08/01/47

    2,836       2,338,073  

3.00%, 09/01/47

    632       521,627  

3.00%, 10/01/47

    7,162       5,904,602  

3.00%, 11/01/47

    13       10,996  

3.00%, 01/01/48

    14       11,708  

3.00%, 11/01/48

    1,076       877,975  

3.00%, 03/01/49

    183       148,785  

3.00%, 05/01/49

    222       181,886  

3.00%, 06/01/49

    167       135,989  

3.00%, 10/01/50

    25,673       20,781,462  

3.00%, 12/01/50

    8,172       6,614,711  

3.00%, 07/01/51

    24,337       19,708,364  

3.00%, 02/01/52

    70,845       57,483,055  

3.00%, 03/01/52

    6,370       5,127,809  

3.00%, 05/01/52

    4,468       3,594,961  

3.50%, 11/01/25

    434       423,539  

3.50%, 03/01/26

    491       480,696  

3.50%, 06/01/26

    111       107,912  

3.50%, 03/01/32

    613       571,114  

3.50%, 05/01/32

    1,668       1,574,593  

3.50%, 09/01/32

    1,466       1,384,982  

3.50%, 06/01/33

    100       93,188  

3.50%, 07/01/33

    5,430       5,051,829  

3.50%, 11/01/33

    16       14,642  

3.50%, 06/01/34

    4,707       4,344,143  

3.50%, 03/01/38

    3,394       3,081,239  

3.50%, 06/01/38

    903       815,083  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 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%, 09/01/38

  $ 598     $ 539,416  

3.50%, 02/01/42

    52       45,486  

3.50%, 05/01/42

    5       4,762  

3.50%, 09/01/42

    8       7,127  

3.50%, 10/01/42

    6,948       6,038,241  

3.50%, 11/01/42

    533       463,415  

3.50%, 01/01/43

    10       8,554  

3.50%, 04/01/43

    3,772       3,265,660  

3.50%, 06/01/43

    747       646,729  

3.50%, 07/01/43

    1,250       1,082,447  

3.50%, 08/01/43

    4,505       3,900,515  

3.50%, 10/01/43

    1,006       870,831  

3.50%, 01/01/44

    11,648       10,114,659  

3.50%, 02/01/44

    6,151       5,326,321  

3.50%, 09/01/44

    4,820       4,164,294  

3.50%, 10/01/44

    6,894       5,932,298  

3.50%, 11/01/44

    85       73,275  

3.50%, 12/01/45

    8,967       7,663,655  

3.50%, 01/01/46

    218       186,994  

3.50%, 03/01/46

    24,758       21,298,357  

3.50%, 05/01/46

    3,239       2,779,941  

3.50%, 06/01/46

    95       80,823  

3.50%, 07/01/46

    4,359       3,733,881  

3.50%, 08/01/46

    2,987       2,556,891  

3.50%, 09/01/46

    4,738       4,065,270  

3.50%, 10/01/46

    1,230       1,050,434  

3.50%, 11/01/46

    634       541,072  

3.50%, 12/01/46

    3,600       3,078,933  

3.50%, 01/01/47

    1,875       1,599,914  

3.50%, 02/01/47

    4,895       4,181,935  

3.50%, 03/01/47

    3,174       2,709,855  

3.50%, 04/01/47

    7,008       5,977,774  

3.50%, 05/01/47

    1,465       1,255,344  

3.50%, 07/01/47

    6,104       5,205,186  

3.50%, 08/01/47

    17,495       15,060,270  

3.50%, 09/01/47

    23,051       19,696,116  

3.50%, 12/01/47

    3,957       3,373,729  

3.50%, 01/01/48

    18,189       15,652,086  

3.50%, 02/01/48

    19,123       16,269,628  

3.50%, 03/01/48

    7,991       6,797,862  

3.50%, 04/01/48

    1,826       1,570,192  

3.50%, 05/01/48

    8,903       7,560,549  

3.50%, 04/01/49

    1,236       1,055,349  

3.50%, 05/01/49

    3,670       3,119,767  

3.50%, 06/01/49

    1,713       1,462,448  

3.50%, 05/01/51

    6,499       5,498,852  

4.00%, 05/01/25

    43       42,030  

4.00%, 10/01/25

    279       273,578  

4.00%, 02/01/26

    191       187,150  

4.00%, 05/01/26

    328       321,607  

4.00%, 12/01/32

    1,156       1,102,512  

4.00%, 05/01/33

    1,855       1,756,467  

4.00%, 09/01/41

    2,667       2,407,699  

4.00%, 02/01/42

    2,194       1,980,476  

4.00%, 03/01/42

    477       429,837  

4.00%, 06/01/42

    3,186       2,875,383  

4.00%, 08/01/42

    1,368       1,231,711  

4.00%, 07/01/44

    3,575       3,193,105  

4.00%, 01/01/45

    943       839,692  

4.00%, 02/01/45

    1,287       1,148,962  

4.00%, 06/01/45

    2,011       1,784,635  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

4.00%, 08/01/45

  $ 3,391     $ 3,008,432  

4.00%, 09/01/45

    5,609       4,975,680  

4.00%, 01/01/46

    1,451       1,287,154  

4.00%, 02/01/46

    147       129,880  

4.00%, 03/01/46

    325       287,167  

4.00%, 05/01/46

    3,321       2,938,588  

4.00%, 06/01/46

    87       76,477  

4.00%, 07/01/46

    2,812       2,503,181  

4.00%, 08/01/46

    87       77,379  

4.00%, 10/01/46

    2,676       2,374,273  

4.00%, 11/01/46

    7,623       6,746,337  

4.00%, 02/01/47

    3,160       2,796,709  

4.00%, 08/01/47

    232       204,788  

4.00%, 10/01/47

    709       626,931  

4.00%, 11/01/47

    1,304       1,152,857  

4.00%, 01/01/48

    5,209       4,602,646  

4.00%, 02/01/48

    7,684       6,799,829  

4.00%, 04/01/48

    161       141,346  

4.00%, 06/01/48

    14,197       12,574,658  

4.00%, 07/01/48

    13,142       11,591,099  

4.00%, 08/01/48

    1,706       1,505,054  

4.00%, 09/01/48

    3,365       2,967,799  

4.00%, 10/01/48

    1,807       1,596,158  

4.00%, 12/01/48

    8,988       7,928,366  

4.00%, 01/01/49

    1,446       1,275,265  

4.03%, 11/01/40(a)

    11       10,941  

4.15%, 11/01/40(a)

    114       113,346  

4.15%, 01/01/42(a)

    44       43,544  

4.50%, 07/01/24

    22       22,548  

4.50%, 08/01/24

    6       5,553  

4.50%, 09/01/24

    20       20,239  

4.50%, 10/01/24

    19       19,148  

4.50%, 08/01/30

    980       943,462  

4.50%, 03/01/39

    934       876,858  

4.50%, 05/01/39

    1,092       1,025,931  

4.50%, 10/01/39

    656       615,587  

4.50%, 01/01/40

    199       187,316  

4.50%, 02/01/41

    1,400       1,303,567  

4.50%, 04/01/41

    42       38,999  

4.50%, 05/01/41

    3,408       3,173,790  

4.50%, 05/01/42

    3,491       3,250,396  

4.50%, 01/01/45

    2,525       2,331,288  

4.50%, 11/01/45

    169       155,603  

4.50%, 12/01/45

    132       122,207  

4.50%, 01/01/46

    3,895       3,596,733  

4.50%, 03/01/46

    189       173,772  

4.50%, 04/01/46

    551       503,352  

4.50%, 05/01/46

    354       323,842  

4.50%, 07/01/46

    107       97,336  

4.50%, 08/01/46

    294       268,947  

4.50%, 09/01/46

    2,389       2,205,990  

4.50%, 05/01/47

    2,076       1,896,696  

4.50%, 06/01/47

    1,165       1,063,573  

4.50%, 11/01/47

    133       119,785  

4.50%, 05/01/48

    6,665       6,079,217  

4.50%, 06/01/48

    5,315       4,832,490  

4.50%, 07/01/48

    3,780       3,435,733  

4.50%, 09/01/48

    179       163,615  

4.50%, 10/01/48

    7,094       6,476,096  

4.50%, 11/01/48

    32       29,380  

4.50%, 12/01/48

    6,589       6,009,562  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 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%, 01/01/49

  $ 1,474     $ 1,344,277  

4.50%, 05/01/49

    13       12,099  

4.50%, 06/01/52

    33,462       29,919,308  

4.50%, 08/01/53

    6,086       5,445,536  

4.53%, 11/01/40(a)

    289       288,975  

4.89%, 12/01/38(a)

    483       479,998  

4.94%, 05/01/42(a)

    314       313,534  

5.00%, 08/01/25

    224       221,301  

5.00%, 04/01/33

    2,495       2,450,479  

5.00%, 06/01/33

    307       301,356  

5.00%, 12/01/33

    628       616,342  

5.00%, 07/01/35

    1,150       1,125,136  

5.00%, 01/01/36

    548       535,813  

5.00%, 01/01/37

    64       63,012  

5.00%, 02/01/37

    65       63,136  

5.00%, 02/01/38

    342       333,965  

5.00%, 03/01/38

    2,373       2,298,922  

5.00%, 12/01/38

    289       280,944  

5.00%, 03/01/40

    77       73,849  

5.00%, 08/01/40

    327       313,780  

5.00%, 09/01/40

    1,445       1,387,864  

5.00%, 08/01/41

    411       394,424  

5.00%, 09/01/47

    333       313,375  

5.00%, 03/01/48

    233       219,479  

5.00%, 04/01/48

    4,319       4,059,793  

5.00%, 05/01/48

    1,357       1,275,758  

5.00%, 07/01/48

    822       773,018  

5.00%, 10/01/48

    638       599,834  

5.00%, 11/01/48

    881       828,796  

5.00%, 04/01/49

    404       380,899  

5.00%, 06/01/49

    866       813,124  

5.00%, 03/01/53

    26,565       24,531,190  

5.00%, 05/01/53

    16,204       14,954,336  

5.00%, 06/01/53

    99,531       91,916,962  

5.00%, 07/01/53

    26,826       24,780,281  

5.42%, 08/01/41(a)

    161       160,235  

5.50%, 02/01/34

    1,083       1,081,823  

5.50%, 05/01/35

    878       876,934  

5.50%, 06/01/35

    487       486,662  

5.50%, 05/01/36

    600       596,052  

5.50%, 07/01/36

    1,046       1,039,180  

5.50%, 03/01/38

    953       944,148  

5.50%, 04/01/38

    217       214,756  

5.50%, 01/01/39

    507       506,851  

5.50%, 11/01/39

    527       523,140  

5.50%, 04/01/53

    19,627       18,696,924  

5.50%, 05/01/53

    19,081       18,176,345  

5.50%, 06/01/53

    18,510       17,596,134  

5.50%, 08/01/53

    3,229       3,065,318  

5.99%, 11/01/41(a)

    155       154,201  

6.00%, 10/01/36

    576       584,210  

6.00%, 02/01/37

    482       490,872  

6.00%, 11/01/37

    1,677       1,710,109  

6.00%, 09/01/38

    25       25,113  

6.00%, 01/01/53

    12,946       12,658,582  

6.00%, 05/01/53

    3,415       3,338,822  

6.00%, 07/01/53

    38,508       37,707,765  

6.00%, 08/01/53

    150,730       147,565,666  

6.13%, 09/01/41(a)

    212       209,635  

6.50%, 09/01/53

    14,996       15,021,004  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

Federal National Mortgage Association

   

2.00%, 03/01/37

  $ 2,499     $ 2,124,231  

2.50%, 09/01/50

    8,513       6,592,467  

2.50%, 01/01/52

    38,313       29,592,146  

2.50%, 02/01/52

    35,125       27,078,457  

2.50%, 07/01/52

    13,683       10,521,467  

3.00%, 02/01/47

    8,821       7,391,966  

3.00%, 03/01/47

    6,906       5,583,851  

3.00%, 07/01/50

    12,992       10,520,066  

3.00%, 09/01/50

    9,660       7,820,454  

3.00%, 11/01/50

    8,782       7,110,546  

3.00%, 01/01/51

    9,624       7,789,015  

3.00%, 06/01/51

    18,296       14,822,791  

3.00%, 01/01/52

    37,125       29,847,349  

3.00%, 02/01/52

    7,644       6,187,765  

3.00%, 03/01/52

    21,131       17,100,466  

3.50%, 07/01/38

    38,455       35,145,950  

3.50%, 11/01/51

    5,732       4,864,518  

3.50%, 04/01/52

    116,144       98,265,750  

4.00%, 02/01/47

    9,565       8,605,878  

4.00%, 11/01/49

    40,420       35,410,377  

4.00%, 01/01/50

    20,298       17,874,804  

4.00%, 06/01/52

    2,334       2,023,575  

4.00%, 12/01/52

    3,482       3,032,227  

4.00%, 01/01/57

    6,443       5,683,389  

4.00%, 02/01/57

    7,192       6,344,811  

4.26%, 02/01/42(a)

    68       66,886  

4.43%, 04/01/44(a)

    207       204,515  

4.50%, 07/01/53

    2,340       2,091,061  

4.50%, 08/01/53

    17,630       15,775,959  

5.00%, 04/01/53

    8,177       7,540,522  

5.00%, 07/01/53

    19,774       18,285,466  

5.50%, 06/01/53

    3,169       3,018,664  

5.50%, 07/01/53

    47,299       44,990,659  

5.77%, 10/01/41(a)

    311       311,314  

6.00%, 08/01/41(a)

    201       201,550  

6.00%, 04/01/53

    2,574       2,517,223  

6.00%, 06/01/53

    13,524       13,220,965  

6.00%, 07/01/53

    70,128       68,464,531  

6.00%, 08/01/53

    24,430       23,993,604  

6.00%, 09/01/53

    40,385       39,550,475  

6.50%, 07/01/53

    8,092       8,105,939  

6.50%, 10/01/53

    53,526       53,553,730  

Series 2015-M10, Class A2, 3.09%, 04/25/27(a)

    3,014       2,817,360  

Series 2016-M6, Class A2, 2.49%, 05/25/26

    8,126       7,572,245  

Series 2017, Class A2, 2.96%, 09/25/27(a)

    1,712       1,581,391  

Series 2017-M4, Class A2, 2.55%, 12/25/26(a)

    20,308       18,705,358  

Series 2017-M7, Class A2, 2.96%, 02/25/27(a)

    14,386       13,377,800  

Series 2017-M8, Class A2, 3.06%, 05/25/27(a)

    8,305       7,716,559  

Series 2018-M10, Class A2, 3.36%, 07/25/28(a)

    3,000       2,767,331  

Series 2018-M12, Class A2, 3.63%, 08/25/30(a)

    12,300       10,946,180  

Series 2018-M13, Class A2, 3.74%, 09/25/30(a)

    7,836       7,046,645  

Series 2018-M2, Class A2, 2.91%, 01/25/28(a)

    8,543       7,804,698  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

Series 2019-M2, Class A2, 3.62%, 11/25/28(a)

  $ 5,170     $ 4,796,867  

Series 2019-M22, Class A2, 2.52%, 08/25/29

    22,331       19,167,126  

Series 2021-M13, Class A2, 1.60%, 04/25/31(a)

    17,050       12,904,779  

Series 2021-M17, Class A2, 1.71%, 07/25/31(a)

    20,500       15,566,785  

Series 2022-M1, Class A2, 1.67%, 10/25/31(a)

    29,670       22,201,434  

Freddie Mac Multifamily Structured Pass Through Certificates

   

2.92%, 06/25/32 (Call 07/25/32)

        25,000           20,401,009  

Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)

    5,000       4,837,627  

Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)(a)

    21,168       20,443,924  

Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26)

    19,250       18,503,713  

Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26)

    15,000       14,287,127  

Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)(a)

    14,300       13,449,345  

Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)(a)

    20,000       18,877,588  

Series K066, Class A2, 3.12%, 06/25/27 (Call 07/25/27)

    18,250       16,928,853  

Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27)

    7,948       7,599,607  

Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)(a)

    3,150       2,913,102  

Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27)

    10,000       9,292,117  

Series K074, Class A2, 3.60%, 01/25/28 (Call 07/25/28)

    10,000       9,334,293  

Series K076, Class A2, 3.90%, 04/25/28 (Call 05/25/28)

    8,000       7,533,680  

Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)(a)

    19,091       17,897,714  

Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)(a)

    20,000       18,814,921  

Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29)

    10,000       9,148,103  

Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29)

    10,000       8,582,133  

Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30)

    31,000       26,326,846  

Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30)

    4,775       3,864,582  

Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)

    2,000       1,577,755  

Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30)

    13,200       10,350,267  

Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30)

    5,000       3,865,897  

Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30)

    15,000       11,498,342  

Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31)

    17,440       13,835,324  

Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)(a)

    4,670       3,639,647  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)

  $ 20,000     $ 17,133,457  

Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)

    10,960       9,236,600  

Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34)

    16,190       12,803,977  

Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)

    15,500       11,798,020  

Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24)

    365       362,887  

Series K733, Class A2, 3.75%, 08/25/25 (Call 01/25/26)

    14,917       14,461,312  

Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26)

    5,700       5,438,570  

Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)

    25,490           22,082,720  

Government National Mortgage Association

   

1.50%, 10/20/51

    4,416       3,247,170  

2.00%, 07/20/50

    5,268       4,090,880  

2.00%, 08/20/50

    72,452       56,246,201  

2.00%, 09/20/50

    2,023       1,569,636  

2.00%, 10/20/50

    7,697       5,971,456  

2.00%, 11/20/50

    42,172       32,640,626  

2.00%, 12/20/50

    76,417       59,248,654  

2.00%, 02/20/51

    172,155       133,175,416  

2.00%, 06/20/51

    6,984       5,404,177  

2.00%, 08/20/51

        125,982       97,311,021  

2.00%, 10/20/51

    88,765       68,495,242  

2.00%, 11/20/51

    64,481       49,746,691  

2.00%, 12/20/51

    230,361       177,699,296  

2.00%, 01/20/52

    80,935       62,418,418  

2.00%, 03/20/52

    196,193       151,251,901  

2.00%, 04/20/52

    46,799       36,078,757  

2.00%, 06/20/52

    37,045       28,559,118  

2.00%, 11/20/53(h)

    48,543       37,421,723  

2.50%, 02/15/28

    58       54,056  

2.50%, 10/20/31

    69       63,538  

2.50%, 05/20/45

    3,027       2,444,733  

2.50%, 11/20/46

    426       344,162  

2.50%, 12/20/46

    13,165       10,632,449  

2.50%, 01/20/47

    6,029       4,869,394  

2.50%, 06/20/50

    15,542       12,433,033  

2.50%, 08/20/50

    17,255       13,587,264  

2.50%, 09/20/50

    36,469       28,709,416  

2.50%, 01/20/51

    80,562       64,326,783  

2.50%, 02/20/51

    136,057       108,466,630  

2.50%, 05/20/51

    277,207       220,865,350  

2.50%, 06/20/51

    8,572       6,828,419  

2.50%, 07/20/51

    230,397       183,498,350  

2.50%, 08/20/51

    141,606       112,759,040  

2.50%, 09/20/51

    4,647       3,699,633  

2.50%, 10/20/51

    4,201       3,344,118  

2.50%, 11/20/51

    34,418       27,390,673  

2.50%, 12/20/51

    97,607       77,677,916  

2.50%, 01/20/52

    3,434       2,732,395  

2.50%, 03/20/52

    107,900       85,854,577  

2.50%, 04/20/52

    39,903       31,745,679  

2.50%, 05/20/52

    27,365       21,770,623  

2.50%, 07/20/52

    8,994       7,155,564  

2.50%, 08/20/52

    17,940       14,272,069  

2.50%, 11/20/53(h)

    56,422       44,930,824  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 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%, 08/20/42

  $ 4,701     $ 3,967,453  

3.00%, 09/15/42

    9       7,693  

3.00%, 10/15/42

    29       24,193  

3.00%, 03/15/43

    161       134,401  

3.00%, 06/15/43

    29       24,095  

3.00%, 07/15/43

    65       54,551  

3.00%, 09/20/43

    5,390       4,548,149  

3.00%, 11/15/43

    493       415,048  

3.00%, 01/15/44

    4,533       3,819,411  

3.00%, 08/20/44

    14,128       11,922,194  

3.00%, 10/15/44

    109       90,654  

3.00%, 03/20/45

    4,516       3,790,685  

3.00%, 05/20/45

    18,564       15,582,457  

3.00%, 06/20/45

    6,073       5,097,977  

3.00%, 07/20/45

    12,212       10,250,701  

3.00%, 10/20/45

    4,166       3,496,561  

3.00%, 11/20/45

    2,647       2,222,154  

3.00%, 12/20/45

    4,855       4,075,573  

3.00%, 02/20/46

        14,513           12,182,358  

3.00%, 04/20/46

    6,630       5,562,801  

3.00%, 05/20/46

    10,958       9,194,105  

3.00%, 06/20/46

    13,104       10,994,013  

3.00%, 07/20/46

    18,334       15,382,362  

3.00%, 08/20/46

    32,111       26,941,479  

3.00%, 09/20/46

    24,184       20,290,147  

3.00%, 11/20/46

    6,519       5,469,580  

3.00%, 12/15/46

    7,718       6,439,834  

3.00%, 12/20/46

    37,669       31,603,963  

3.00%, 01/20/47

    1,977       1,658,460  

3.00%, 02/15/47

    11,437       9,535,001  

3.00%, 02/20/47

    12,026       10,090,197  

3.00%, 03/20/47

    11,044       9,265,844  

3.00%, 04/20/47

    243       203,817  

3.00%, 06/20/47

    5,293       4,436,072  

3.00%, 09/20/47

    315       263,780  

3.00%, 10/20/47

    6,445       5,401,897  

3.00%, 11/20/47

    118       98,815  

3.00%, 02/20/48

    5,101       4,230,554  

3.00%, 03/20/48

    18       15,175  

3.00%, 07/20/49

    7,497       6,253,129  

3.00%, 09/20/49

    26,833       22,351,397  

3.00%, 10/15/49

    9,678       8,037,357  

3.00%, 10/20/49

    14,211       11,833,227  

3.00%, 11/20/49

    159       131,937  

3.00%, 12/20/49

    84,382       70,218,502  

3.00%, 01/20/50

    44,951       37,393,199  

3.00%, 02/20/50

    56,406       46,907,181  

3.00%, 07/20/50

    29,106       24,173,661  

3.00%, 02/20/51

    1,821       1,509,189  

3.00%, 06/20/51

    680       562,263  

3.00%, 08/20/51

    74,610       61,627,948  

3.00%, 09/20/51

    24,608       20,318,679  

3.00%, 10/20/51

    28,488       23,513,766  

3.00%, 11/20/51

    48,431       39,959,127  

3.00%, 12/20/51

    43,475       35,856,137  

3.00%, 02/20/52

    22,360       18,447,274  

3.00%, 03/20/52

    35,779       29,216,284  

3.00%, 05/20/52

    9,280       7,643,474  

3.00%, 07/20/52

    27,456       22,614,115  

3.00%, 08/20/52

    13,678       11,265,511  

3.00%, 09/20/52

    18,603       15,322,042  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

3.00%, 11/20/52

  $ 2,565     $ 2,114,215  

3.00%, 11/20/53(h)

    68,732       56,640,146  

3.50%, 11/20/40

    58       50,907  

3.50%, 12/20/40

    43       37,673  

3.50%, 05/20/41

    83       72,486  

3.50%, 09/15/41

    150       131,018  

3.50%, 10/15/41

    202       176,951  

3.50%, 12/15/41

    1,475       1,288,814  

3.50%, 04/15/42

    100       87,232  

3.50%, 08/20/42

    8,312       7,269,289  

3.50%, 09/15/42

    345       299,769  

3.50%, 09/20/42

    9,967       8,746,210  

3.50%, 10/15/42

    270       233,162  

3.50%, 10/20/42

    26,641       23,313,922  

3.50%, 11/15/42

    359       313,619  

3.50%, 11/20/42

    23,306       20,382,331  

3.50%, 12/15/42

    617       538,584  

3.50%, 12/20/42

    8,229       7,196,928  

3.50%, 02/15/43

    340       297,360  

3.50%, 02/20/43

    161       139,976  

3.50%, 03/15/43

    424       368,892  

3.50%, 03/20/43

    711       619,083  

3.50%, 04/15/43

    24       20,305  

3.50%, 04/20/43

    179       156,292  

3.50%, 05/15/43

    687       598,938  

3.50%, 06/15/43

    9,716       8,486,343  

3.50%, 08/20/43

    129       112,459  

3.50%, 09/20/43

    63       55,226  

3.50%, 10/20/43

    174       151,661  

3.50%, 01/15/44

    147       126,902  

3.50%, 01/20/44

    5,306       4,636,706  

3.50%, 02/20/44

    1,727       1,509,573  

3.50%, 03/20/44

    164       143,267  

3.50%, 07/20/44

    29       25,412  

3.50%, 08/15/44

    26       22,603  

3.50%, 08/20/44

    5,644       4,918,136  

3.50%, 09/15/44

    68       59,339  

3.50%, 09/20/44

    10,124       8,822,690  

3.50%, 10/15/44

    145       126,148  

3.50%, 10/20/44

    1,531       1,328,073  

3.50%, 11/20/44

    14       11,674  

3.50%, 12/20/44

    953       830,299  

3.50%, 01/15/45

    57       49,664  

3.50%, 01/20/45

    143       124,301  

3.50%, 03/15/45

    113       98,105  

3.50%, 04/20/45

    9,741       8,482,285  

3.50%, 05/20/45

    3,642       3,144,081  

3.50%, 06/15/45

    41       35,871  

3.50%, 06/20/45

    5,505       4,793,726  

3.50%, 07/20/45

    206       178,439  

3.50%, 08/20/45

    453       391,916  

3.50%, 09/20/45

    14,260       12,361,197  

3.50%, 10/20/45

    1,387       1,207,703  

3.50%, 11/20/45

    10,101       8,795,521  

3.50%, 12/20/45

    5,640       4,911,455  

3.50%, 03/20/46

    20,741       18,060,444  

3.50%, 04/20/46

    9,114       7,904,024  

3.50%, 06/20/46

    40,275       34,928,680  

3.50%, 07/20/46

    306       264,532  

3.50%, 08/15/46

    47       40,358  

3.50%, 11/20/46

    412       356,886  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 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%, 12/20/46

  $ 11,692     $ 10,140,009  

3.50%, 01/15/47

    46       39,908  

3.50%, 01/20/47

    2,750       2,384,636  

3.50%, 02/20/47

    47,269       40,994,502  

3.50%, 03/20/47

    17,459       15,077,586  

3.50%, 04/20/47

    15,577       13,434,318  

3.50%, 06/20/47

    3,466       2,993,236  

3.50%, 07/20/47

    436       376,019  

3.50%, 08/20/47

    23,131       19,972,251  

3.50%, 09/15/47

    49       42,279  

3.50%, 09/20/47

        32,951           28,457,610  

3.50%, 10/20/47

    13,598       11,791,058  

3.50%, 11/15/47

    21       17,933  

3.50%, 11/20/47

    19,762       17,067,270  

3.50%, 12/15/47

    5       4,599  

3.50%, 12/20/47

    9,640       8,360,274  

3.50%, 01/20/48

    9,562       8,258,135  

3.50%, 02/20/48

    3,237       2,795,511  

3.50%, 04/20/48

    31,751       27,354,895  

3.50%, 05/15/48

    328       282,384  

3.50%, 05/20/48

    21,775       18,805,217  

3.50%, 08/20/48

    4,190       3,617,846  

3.50%, 09/20/48

    1,940       1,675,774  

3.50%, 11/20/48

    3,378       2,916,210  

3.50%, 01/20/49

    2,058       1,777,284  

3.50%, 06/20/49

    679       585,450  

3.50%, 09/20/49

    5,412       4,666,757  

3.50%, 10/20/49

    6,952       5,994,112  

3.50%, 01/20/50

    27,498       23,702,869  

3.50%, 03/20/50

    7,752       6,682,473  

3.50%, 08/20/50

    6,286       5,406,678  

3.50%, 10/20/51

    2,549       2,174,424  

3.50%, 01/20/52

    10,091       8,607,042  

3.50%, 02/20/52

    18,629       15,904,136  

3.50%, 08/20/52

    8,541       7,278,059  

3.50%, 12/20/52

    10,810       9,211,505  

3.50%, 01/20/53

    40,102       34,172,970  

3.50%, 05/20/53

    26,518       22,854,914  

3.50%, 11/20/53(h)

    96,851       82,540,556  

4.00%, 06/15/39

    6       5,080  

4.00%, 09/20/40

    2,168       1,966,680  

4.00%, 01/15/41

    1       1,223  

4.00%, 01/20/41

    705       639,591  

4.00%, 02/15/41

    1,700       1,534,935  

4.00%, 05/20/41

    14       12,426  

4.00%, 07/15/41

    811       731,990  

4.00%, 09/15/41

    18       15,921  

4.00%, 09/20/41

    935       844,281  

4.00%, 10/15/41

    313       282,320  

4.00%, 11/15/41

    199       179,544  

4.00%, 12/15/41

    716       645,776  

4.00%, 12/20/41

    3,139       2,834,627  

4.00%, 01/15/42

    65       58,757  

4.00%, 01/20/42

    1,368       1,235,666  

4.00%, 02/15/42

    326       293,938  

4.00%, 03/15/42

    1,727       1,555,637  

4.00%, 04/15/42

    492       443,622  

4.00%, 09/20/42

    678       608,909  

4.00%, 08/15/43

    14       12,310  

4.00%, 10/20/43

    3,371       3,039,572  

4.00%, 03/15/44

    74       65,188  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

4.00%, 04/15/44

  $ 30     $ 26,550  

4.00%, 06/15/44

    106       94,419  

4.00%, 08/15/44

    9       8,209  

4.00%, 08/20/44

    240       215,195  

4.00%, 09/15/44

    2       1,813  

4.00%, 10/15/44

    10       8,841  

4.00%, 10/20/44

    4,487       4,028,340  

4.00%, 12/20/44

    297       266,909  

4.00%, 01/20/45

    7,087       6,362,490  

4.00%, 08/20/45

    3,947       3,535,060  

4.00%, 09/20/45

    4,603       4,122,417  

4.00%, 10/20/45

    548       490,916  

4.00%, 01/20/46

    2,093       1,874,202  

4.00%, 03/20/46

        10,275       9,202,577  

4.00%, 07/20/46

    2,201       1,964,920  

4.00%, 08/20/46

    28       24,822  

4.00%, 09/20/46

    503       448,569  

4.00%, 11/20/46

    2,657       2,371,553  

4.00%, 12/15/46

    4,047       3,614,001  

4.00%, 04/20/47

    16,629       14,819,302  

4.00%, 06/20/47

    6,731       5,998,924  

4.00%, 07/20/47

    29,358       26,162,993  

4.00%, 08/20/47

    1,417       1,262,858  

4.00%, 11/20/47

    17,985           16,027,873  

4.00%, 12/20/47

    46       41,004  

4.00%, 01/20/48

    142       126,440  

4.00%, 03/15/48

    39       34,830  

4.00%, 03/20/48

    20,581       18,341,396  

4.00%, 04/20/48

    11,130       9,906,698  

4.00%, 05/15/48

    1,749       1,561,056  

4.00%, 05/20/48

    11,821       10,528,296  

4.00%, 08/20/48

    18,313       16,314,148  

4.00%, 09/20/48

    6,630       5,906,643  

4.00%, 10/20/48

    560       499,118  

4.00%, 11/20/48

    15,571       13,868,526  

4.00%, 02/20/49

    6,902       6,148,745  

4.00%, 03/20/49

    279       248,959  

4.00%, 05/20/49

    665       590,562  

4.00%, 06/15/49

    699       623,876  

4.00%, 06/20/49

    1,728       1,534,087  

4.00%, 09/15/49

    1,821       1,625,196  

4.00%, 01/20/50

    70,278       62,446,295  

4.00%, 02/20/50

    28,512       25,334,290  

4.00%, 07/20/50

    5,119       4,560,012  

4.00%, 07/20/52

    9,050       7,950,811  

4.00%, 09/20/52

    83,574       73,419,871  

4.00%, 12/20/52

    17,057       14,985,009  

4.00%, 11/20/53(h)

    63,256       55,598,565  

4.50%, 04/15/39

    285       265,102  

4.50%, 08/15/39

    1,416       1,316,803  

4.50%, 11/20/39

    731       679,403  

4.50%, 01/20/40

    198       184,433  

4.50%, 06/15/40

    1,355       1,260,459  

4.50%, 07/15/40

    644       598,951  

4.50%, 08/15/40

    1,024       952,512  

4.50%, 08/20/40

    1,224       1,137,762  

4.50%, 09/15/40

    1,180       1,097,119  

4.50%, 10/20/40

    2,996       2,785,015  

4.50%, 06/20/41

    2,620       2,435,845  

4.50%, 07/20/41

    13,712       12,746,970  

4.50%, 09/20/41

    1,804       1,677,179  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 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%, 12/20/41

  $ 372     $ 345,600  

4.50%, 11/20/45

    3,068       2,833,254  

4.50%, 02/15/46

    4       3,669  

4.50%, 08/20/46

    3,839       3,552,224  

4.50%, 09/20/46

    618       572,371  

4.50%, 10/20/46

    2,778       2,570,942  

4.50%, 11/20/46

    1,062       982,488  

4.50%, 12/20/46

    447       413,325  

4.50%, 02/20/47

    448       413,157  

4.50%, 04/20/47

    539       497,069  

4.50%, 05/20/47

    509       468,954  

4.50%, 06/20/47

    1,175       1,082,601  

4.50%, 07/20/47

    2,631       2,424,779  

4.50%, 10/20/47

    836       770,017  

4.50%, 04/20/48

    2,005       1,840,786  

4.50%, 05/20/48

    5,039       4,626,682  

4.50%, 06/20/48

    5,519       5,051,215  

4.50%, 07/20/48

    7,195       6,584,819  

4.50%, 08/20/48

    11,581       10,598,828  

4.50%, 09/20/48

    579       530,236  

4.50%, 10/20/48

    601       549,585  

4.50%, 11/20/48

    165       151,338  

4.50%, 12/20/48

    5,945       5,441,320  

4.50%, 01/20/49

    142       130,330  

4.50%, 02/20/49

    1,291       1,175,079  

4.50%, 03/20/49

    2,494       2,282,463  

4.50%, 05/20/49

    535       489,286  

4.50%, 06/20/49

    7,965       7,289,043  

4.50%, 07/20/49

    5,939       5,435,413  

4.50%, 08/20/49

    2,356       2,155,859  

4.50%, 07/20/52

    4,746       4,289,733  

4.50%, 08/20/52

        105,534       95,379,559  

4.50%, 04/20/53

    76,549       69,104,524  

4.50%, 05/20/53

    38,740       34,972,559  

4.50%, 11/20/53(h)

    83,561           75,605,633  

5.00%, 12/15/36

    404       394,790  

5.00%, 01/15/39

    1,221       1,180,624  

5.00%, 07/15/39

    2,201       2,126,280  

5.00%, 05/15/40

    795       768,353  

5.00%, 07/20/40

    4,093       3,949,869  

5.00%, 08/20/40

    1,525       1,471,990  

5.00%, 05/15/47

    1,038       997,239  

5.00%, 06/15/47

    158       151,294  

5.00%, 11/15/47

    355       341,427  

5.00%, 12/15/47

    258       247,473  

5.00%, 01/15/48

    339       324,750  

5.00%, 02/15/48

    484       464,100  

5.00%, 03/20/48

    1,125       1,066,137  

5.00%, 04/20/48

    3,792       3,593,301  

5.00%, 05/20/48

    4,112       3,888,416  

5.00%, 10/20/48

    83       78,393  

5.00%, 11/20/48

    1,473       1,391,756  

5.00%, 12/20/48

    2,727       2,576,346  

5.00%, 01/20/49

    4,503       4,254,926  

5.00%, 04/20/49

    10,726       10,135,126  

5.00%, 05/20/49

    1,243       1,174,801  

5.00%, 06/20/49

    10,055       9,500,646  

5.00%, 07/20/52

    4,983       4,640,637  

5.00%, 09/20/52

    6,240       5,811,615  

5.00%, 12/20/52

    43,106       40,146,023  

5.00%, 01/20/53

    45,944       42,788,536  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

5.00%, 02/20/53

  $ 8,143     $ 7,583,396  

5.00%, 04/20/53

    32,808       30,516,379  

5.00%, 05/20/53

    38,845       36,132,351  

5.00%, 07/20/53

    31,285       29,100,400  

5.00%, 11/20/53(h)

    85,755       79,788,998  

5.50%, 03/15/36

    606       603,914  

5.50%, 06/20/38

    661       659,925  

5.50%, 03/20/39

    1,007       1,005,816  

5.50%, 12/15/39

    239       237,664  

5.50%, 01/15/40

    2,331       2,314,174  

5.50%, 04/20/48

    229       223,027  

5.50%, 12/20/52

    61,447       58,768,260  

5.50%, 01/20/53

    26,486       25,331,203  

5.50%, 03/20/53

    43,267       41,373,483  

5.50%, 04/20/53

        111,024           106,165,646  

5.50%, 06/20/53

    24,313       23,249,536  

5.50%, 07/20/53

    23,335       22,389,990  

5.50%, 09/20/53

    39,461       37,734,046  

5.50%, 10/20/53

    50,000       47,812,030  

5.50%, 11/20/53(h)

    32,774       31,340,137  

6.00%, 03/15/37

    1,937       1,961,988  

6.00%, 09/20/38

    737       753,574  

6.00%, 11/15/39

    325       329,520  

6.00%, 09/20/53

    31,297       30,663,184  

6.00%, 10/20/53

    47,040       46,087,875  

6.00%, 11/20/53(h)

    81,650       79,990,491  

6.50%, 10/20/38

    1,095       1,139,623  

6.50%, 11/20/53(h)

    80,000       79,815,261  

Uniform Mortgage-Backed Securities

   

1.50%, 03/01/36

    17,672       14,528,631  

1.50%, 04/01/36

    312       256,531  

1.50%, 07/01/36

    3,202       2,632,782  

1.50%, 10/01/36

    12,777       10,504,155  

1.50%, 01/01/37

    1,638       1,346,635  

1.50%, 02/01/37

    154,357       126,901,861  

1.50%, 03/01/37

    158,610       130,316,894  

1.50%, 04/01/37

    24,482       20,114,795  

1.50%, 08/01/37

    12,681       10,425,816  

1.50%, 11/15/38(h)

    96,063       79,011,971  

1.50%, 11/01/50

    89,026       61,941,212  

1.50%, 01/01/51

    24,862       17,288,382  

1.50%, 04/01/51

    9,034       6,274,631  

1.50%, 05/01/51

    100,937       70,099,068  

1.50%, 06/01/51

    47,616       33,063,250  

1.50%, 07/01/51

    137,745       95,654,096  

1.50%, 11/01/51

    89,549       62,131,616  

1.50%, 04/01/52

    9,293       6,450,530  

1.50%, 11/13/53(h)

    19,975       13,873,262  

2.00%, 10/01/35

    30,350       25,831,441  

2.00%, 11/01/35

    14,422       12,290,923  

2.00%, 12/01/35

    67,694       57,492,853  

2.00%, 02/01/36

    345,162       293,388,556  

2.00%, 03/01/36

    68,631       58,258,082  

2.00%, 04/01/36

    510       432,767  

2.00%, 05/01/36

    54,753       46,539,383  

2.00%, 06/01/36

    31,728       26,886,209  

2.00%, 08/01/36

    25,581       21,696,333  

2.00%, 09/01/36

    21,097       17,876,176  

2.00%, 10/01/36

    6,685       5,670,827  

2.00%, 11/01/36

    45,665       38,775,640  

2.00%, 12/01/36

    86,622       73,486,372  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 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%, 01/01/37

  $ 126,808     $ 107,667,370  

2.00%, 02/01/37

    63,928       54,168,269  

2.00%, 03/01/37

    7,376       6,269,291  

2.00%, 04/01/37

    140,258       118,783,430  

2.00%, 05/01/37

    62,980       53,320,718  

2.00%, 06/01/37

    92,723       78,546,443  

2.00%, 08/01/37

    5,211       4,411,844  

2.00%, 11/15/38(h)

    94,639       80,132,669  

2.00%, 07/01/50

    58,920       43,732,775  

2.00%, 09/01/50

    65,819       48,842,079  

2.00%, 10/01/50

    159,248       118,160,381  

2.00%, 11/01/50

    2,515       1,861,342  

2.00%, 12/01/50

    233,310       173,951,281  

2.00%, 01/01/51

    100,055       74,753,647  

2.00%, 02/01/51

    448,131       331,234,815  

2.00%, 03/01/51

    470,978       348,623,674  

2.00%, 04/01/51

    486,344       359,973,817  

2.00%, 05/01/51

    109,702       81,392,752  

2.00%, 06/01/51

    256,589       190,000,517  

2.00%, 07/01/51

    259,017       191,838,124  

2.00%, 08/01/51

    81,571       60,246,784  

2.00%, 09/01/51

    36,212       26,695,682  

2.00%, 10/01/51

    688,190       508,251,885  

2.00%, 11/01/51

    384,905       284,407,338  

2.00%, 12/01/51

    402,549       296,891,450  

2.00%, 01/01/52

    232,008       170,832,212  

2.00%, 02/01/52

    523,087       384,741,375  

2.00%, 03/01/52

        317,342           233,375,093  

2.00%, 04/01/52

    25,695       18,879,050  

2.00%, 05/01/52

    16,407       12,054,266  

2.00%, 06/01/52

    14,649       10,778,876  

2.00%, 11/13/53(h)

    44,506       32,677,071  

2.50%, 05/01/27

    811       775,110  

2.50%, 10/01/27

    881       837,850  

2.50%, 01/01/28

    107       101,569  

2.50%, 03/01/28

    166       156,736  

2.50%, 06/01/28

    28       26,265  

2.50%, 09/01/28

    80       75,350  

2.50%, 12/01/28

    34       32,314  

2.50%, 09/01/29

    60       55,932  

2.50%, 12/01/29

    1,442       1,368,280  

2.50%, 02/01/30

    1,025       953,919  

2.50%, 03/01/30

    3,326       3,091,083  

2.50%, 04/01/30

    204       190,387  

2.50%, 06/01/30

    534       494,456  

2.50%, 07/01/30

    1,078       997,247  

2.50%, 08/01/30

    2,905       2,687,104  

2.50%, 09/01/30

    1,113       1,029,222  

2.50%, 12/01/30

    2,167       1,997,123  

2.50%, 01/01/31

    1,441       1,333,629  

2.50%, 04/01/31

    817       752,869  

2.50%, 05/01/31

    22       20,167  

2.50%, 09/01/31

    4,293       3,927,575  

2.50%, 10/01/31

    38,786       35,818,534  

2.50%, 12/01/31

    7,314       6,712,258  

2.50%, 01/01/32

    14,216       13,038,351  

2.50%, 02/01/32

    16,716       15,357,716  

2.50%, 03/01/32

    6,590       6,016,410  

2.50%, 04/01/32

    39,645       36,438,360  

2.50%, 05/01/32

    25,613       23,496,167  

2.50%, 06/01/32

    711       654,521  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

2.50%, 07/01/32

  $ 11,115     $ 10,233,653  

2.50%, 09/01/32

    4,201       3,869,352  

2.50%, 10/01/32

    832       758,102  

2.50%, 11/01/32

    677       609,756  

2.50%, 12/01/32

    7,519       6,834,494  

2.50%, 01/01/33

    22,256       20,693,773  

2.50%, 03/01/33

    112       98,241  

2.50%, 07/01/33

    109       95,557  

2.50%, 08/01/34

    544       501,969  

2.50%, 10/01/34

    227       199,169  

2.50%, 11/01/34

    22,355       19,639,740  

2.50%, 07/01/35

    12,279       10,777,947  

2.50%, 09/01/35

    23,840       20,919,766  

2.50%, 10/01/35

    76,564       67,182,723  

2.50%, 03/01/36

    22,352       19,599,113  

2.50%, 04/01/36

    1,427       1,246,714  

2.50%, 05/01/36

    19,085       16,673,979  

2.50%, 07/01/36

    32,763       28,630,992  

2.50%, 08/01/36

    9,439       8,247,855  

2.50%, 10/01/36

    1,258       1,104,022  

2.50%, 03/01/37

    3,224       2,814,089  

2.50%, 04/01/37

    26,697       23,301,236  

2.50%, 05/01/37

    65,853       57,431,504  

2.50%, 06/01/37

    15,976       13,932,526  

2.50%, 11/15/38(h)

        116,677           101,650,138  

2.50%, 05/01/43

    212       169,909  

2.50%, 02/01/47

    728       574,311  

2.50%, 04/01/47

    9,245       7,290,713  

2.50%, 12/01/47

    180       141,871  

2.50%, 05/01/50

    80,573       62,473,959  

2.50%, 07/01/50

    43,681       34,137,678  

2.50%, 08/01/50

    47,085       36,636,108  

2.50%, 09/01/50

    143,019       111,290,554  

2.50%, 10/01/50

    183,881       142,482,593  

2.50%, 11/01/50

    211,077       163,547,136  

2.50%, 12/01/50

    62,240       48,027,702  

2.50%, 01/01/51

    137,651       105,959,317  

2.50%, 02/01/51

    59,104       45,689,449  

2.50%, 03/01/51

    63,355       48,654,092  

2.50%, 04/01/51

    36,824       28,376,258  

2.50%, 05/01/51

    38,915       30,088,321  

2.50%, 06/01/51

    7,119       5,488,274  

2.50%, 07/01/51

    243,420       187,688,239  

2.50%, 08/01/51

    278,352       215,278,827  

2.50%, 09/01/51

    147,816       114,018,850  

2.50%, 10/01/51

    99,637       76,994,367  

2.50%, 11/01/51

    98,314       76,061,026  

2.50%, 12/01/51

    396,358       306,583,752  

2.50%, 01/01/52

    438,896       337,719,107  

2.50%, 02/01/52

    186,719       144,165,618  

2.50%, 03/01/52

    249,767       192,032,099  

2.50%, 04/01/52

    232,766       178,930,986  

2.50%, 05/01/52

    115,328       88,553,787  

2.50%, 06/01/52

    13,505       10,368,595  

2.50%, 07/01/52

    89,992       69,129,362  

2.50%, 08/01/52

    11,228       8,620,057  

2.50%, 11/13/53(h)

    110,701       84,911,510  

3.00%, 11/01/25

    58       56,306  

3.00%, 10/01/26

    46       44,171  

3.00%, 01/01/27

    1,167       1,128,727  

3.00%, 02/01/27

    14       13,217  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 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%, 10/01/27

  $ 1,666     $ 1,595,254  

3.00%, 11/01/27

    1,059       1,013,584  

3.00%, 12/01/27

    71       67,778  

3.00%, 03/01/29

    122       115,849  

3.00%, 07/01/29

    183       173,981  

3.00%, 09/01/29

    94       89,074  

3.00%, 10/01/29

    26       24,760  

3.00%, 01/01/30

    70       66,238  

3.00%, 03/01/30

    33,707       32,300,641  

3.00%, 04/01/30

    3,117       2,936,197  

3.00%, 06/01/30

    589       562,933  

3.00%, 07/01/30

    2,400       2,254,790  

3.00%, 08/01/30

    8,989       8,436,559  

3.00%, 09/01/30

    11,979       11,259,007  

3.00%, 10/01/30

    5,419       5,081,818  

3.00%, 11/01/30

    1,281       1,201,385  

3.00%, 12/01/30

    3,594       3,368,071  

3.00%, 01/01/31

        12,410       11,705,410  

3.00%, 02/01/31

    8,835       8,304,860  

3.00%, 03/01/31

    5,889       5,516,306  

3.00%, 04/01/31

    891       834,940  

3.00%, 05/01/31

    291       273,225  

3.00%, 06/01/31

    5,174       4,840,122  

3.00%, 07/01/31

    1,349       1,255,493  

3.00%, 09/01/31

    4,837       4,525,340  

3.00%, 10/01/31

    1,017       950,355  

3.00%, 12/01/31

    9,009       8,587,660  

3.00%, 01/01/32

    8,721       8,144,390  

3.00%, 02/01/32

    16,208       15,155,813  

3.00%, 03/01/32

    2,256       2,103,723  

3.00%, 04/01/32

    167       156,439  

3.00%, 05/01/32

    3,241       2,998,630  

3.00%, 06/01/32

    5,291       4,958,180  

3.00%, 08/01/32

    3,264       3,043,392  

3.00%, 09/01/32

    906       846,491  

3.00%, 11/01/32

    5,259       4,894,651  

3.00%, 12/01/32

    10,516       9,758,930  

3.00%, 02/01/33

    5,735       5,331,919  

3.00%, 05/01/33

    469       423,339  

3.00%, 09/01/33

    401       363,562  

3.00%, 10/01/33

    4,869       4,416,798  

3.00%, 07/01/34

    3,730       3,380,753  

3.00%, 08/01/34

    375       339,563  

3.00%, 09/01/34

    5,676       5,142,375  

3.00%, 11/01/34

    3,743       3,391,499  

3.00%, 12/01/34

    13,192       11,953,152  

3.00%, 03/01/35

    3,645       3,303,151  

3.00%, 04/01/35

    21,822       19,715,158  

3.00%, 06/01/35

    506       457,446  

3.00%, 07/01/35

    2,980       2,700,348  

3.00%, 10/01/35

    8,958       8,089,867  

3.00%, 12/01/35

    5,967       5,387,344  

3.00%, 07/01/37

    14,543       13,035,810  

3.00%, 11/15/38(h)

    147,245           131,634,848  

3.00%, 08/01/42

    220       184,654  

3.00%, 09/01/42

    80       66,980  

3.00%, 10/01/42

    3,356       2,814,620  

3.00%, 11/01/42

    2,607       2,185,961  

3.00%, 12/01/42

    13,447       11,274,635  

3.00%, 01/01/43

    6,762       5,670,668  

3.00%, 02/01/43

    227       190,303  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

3.00%, 03/01/43

  $ 9,691     $ 8,119,612  

3.00%, 04/01/43

    10,522       8,814,351  

3.00%, 05/01/43

    4,438       3,719,384  

3.00%, 06/01/43

    2,172       1,819,424  

3.00%, 07/01/43

    1,567       1,313,590  

3.00%, 08/01/43

    2,606       2,182,439  

3.00%, 09/01/43

    6,280       5,260,784  

3.00%, 01/01/44

    8,729       7,311,908  

3.00%, 10/01/44

    27,527       23,058,129  

3.00%, 12/01/44

    6       5,154  

3.00%, 01/01/45

    2,797       2,342,891  

3.00%, 02/01/45

    250       207,042  

3.00%, 03/01/45

    11,901       9,969,601  

3.00%, 04/01/45

    98       80,788  

3.00%, 05/01/45

        11,613       9,689,143  

3.00%, 06/01/45

    57       46,609  

3.00%, 08/01/45

    131       108,192  

3.00%, 09/01/45

    878       723,028  

3.00%, 11/01/45

    1,952       1,608,982  

3.00%, 12/01/45

    206       169,915  

3.00%, 01/01/46

    511       421,700  

3.00%, 04/01/46

    2,981       2,455,817  

3.00%, 06/01/46

    58       48,031  

3.00%, 07/01/46

    72,092       59,394,744  

3.00%, 08/01/46

    12,742       10,489,754  

3.00%, 10/01/46

    3,970       3,264,493  

3.00%, 11/01/46

    48,942       40,299,658  

3.00%, 12/01/46

    108,926       89,671,121  

3.00%, 01/01/47

    40,562       33,396,355  

3.00%, 02/01/47

    66,309       54,583,655  

3.00%, 03/01/47

    36,076       29,697,038  

3.00%, 05/01/47

    1,367       1,122,469  

3.00%, 07/01/47

    16,596       13,660,681  

3.00%, 08/01/47

    5,090       4,190,169  

3.00%, 12/01/47

    26,495       21,775,703  

3.00%, 03/01/48

    4,069       3,341,912  

3.00%, 04/01/48

    167       135,489  

3.00%, 09/01/48

    408       336,259  

3.00%, 11/01/48

    46,360       38,110,977  

3.00%, 02/01/49

    21,433       17,657,982  

3.00%, 09/01/49

    9,894       8,085,525  

3.00%, 11/01/49

    15,582       12,649,512  

3.00%, 12/01/49

    30,014       24,395,159  

3.00%, 02/01/50

    8,007       6,490,044  

3.00%, 03/01/50

    19,654       15,939,946  

3.00%, 04/01/50

    31,235       25,303,946  

3.00%, 05/01/50

    8,999       7,261,009  

3.00%, 06/01/50

    54,105       43,831,319  

3.00%, 07/01/50

    63,650       51,543,220  

3.00%, 08/01/50

    67,295       54,578,343  

3.00%, 09/01/50

    200       161,551  

3.00%, 10/01/50

    115,188           92,844,576  

3.00%, 11/01/50

    10,312       8,348,283  

3.00%, 12/01/50

    580       469,717  

3.00%, 01/01/51

    18,818       15,236,561  

3.00%, 05/01/51

    69,883       56,820,566  

3.00%, 06/01/51

    47,037       37,774,840  

3.00%, 07/01/51

    20,119       16,266,037  

3.00%, 08/01/51

    62,456       50,380,249  

3.00%, 11/01/51

    18,972       15,225,281  

3.00%, 01/01/52

    43,607       35,127,097  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 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%, 02/01/52

  $ 18,615     $ 14,936,288  

3.00%, 03/01/52

    113,492       91,105,050  

3.00%, 04/01/52

    185,303       149,245,706  

3.00%, 05/01/52

    58,020       46,620,291  

3.00%, 11/13/53(h)

        89,377       71,502,720  

3.50%, 10/01/25

    100       98,089  

3.50%, 01/01/27

    162       156,704  

3.50%, 11/01/28

    98       94,249  

3.50%, 01/01/29

    195       188,019  

3.50%, 11/01/29

    89       85,565  

3.50%, 12/01/29

    741       709,145  

3.50%, 07/01/30

    4,674       4,475,741  

3.50%, 10/01/30

    1,246       1,191,711  

3.50%, 11/01/30

    296       281,439  

3.50%, 03/01/31

    1,891       1,793,058  

3.50%, 06/01/31

    6,015       5,738,893  

3.50%, 01/01/32

    7,343       6,933,574  

3.50%, 02/01/32

    927       862,763  

3.50%, 05/01/32

    3,637       3,428,371  

3.50%, 06/01/32

    3,383       3,190,004  

3.50%, 07/01/32

    1,268       1,189,345  

3.50%, 08/01/32

    883       832,492  

3.50%, 09/01/32

    1,994       1,895,039  

3.50%, 10/01/32

    849       800,688  

3.50%, 11/01/32

    980       924,025  

3.50%, 12/01/32

    115       107,897  

3.50%, 02/01/33

    503       467,361  

3.50%, 03/01/33

    4,346       4,097,270  

3.50%, 04/01/33

    5,289       4,984,329  

3.50%, 05/01/33

    3,836       3,563,795  

3.50%, 06/01/33

    4,476       4,158,034  

3.50%, 10/01/33

    607       563,814  

3.50%, 01/01/34

    1,515       1,431,139  

3.50%, 02/01/34

    21,884           20,329,343  

3.50%, 03/01/34

    527       485,885  

3.50%, 04/01/34

    1,302       1,222,691  

3.50%, 05/01/34

    1,821       1,679,744  

3.50%, 07/01/34

    5,461       5,268,275  

3.50%, 08/01/34

    5,301       4,885,144  

3.50%, 01/01/35

    3,699       3,410,033  

3.50%, 05/01/35

    307       289,176  

3.50%, 08/01/38

    882       794,295  

3.50%, 09/01/38

    1,519       1,368,893  

3.50%, 11/15/38(h)

    52,090       47,552,929  

3.50%, 11/01/40

    239       207,613  

3.50%, 02/01/41

    265       230,127  

3.50%, 02/01/42

    7,483       6,488,358  

3.50%, 03/01/42

    54       47,113  

3.50%, 04/01/42

    25       21,356  

3.50%, 05/01/42

    2,622       2,274,720  

3.50%, 08/01/42

    441       382,372  

3.50%, 11/01/42

    9,383       8,142,655  

3.50%, 12/01/42

    3,281       2,847,890  

3.50%, 01/01/43

    85       73,425  

3.50%, 02/01/43

    513       445,093  

3.50%, 04/01/43

    86       74,695  

3.50%, 05/01/43

    124       106,911  

3.50%, 06/01/43

    3,331       2,879,487  

3.50%, 08/01/43

    98       84,632  

3.50%, 10/01/43

    3,670       3,184,902  

3.50%, 09/01/44

    218       187,898  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

3.50%, 10/01/44

  $ 4,413     $ 3,814,937  

3.50%, 01/01/45

    102       87,602  

3.50%, 02/01/45

    5,363       4,636,966  

3.50%, 03/01/45

    20,842       17,926,530  

3.50%, 05/01/45

    22,763       19,599,579  

3.50%, 06/01/45

    93       79,415  

3.50%, 07/01/45

    9,384       8,078,347  

3.50%, 08/01/45

    3,662       3,152,770  

3.50%, 10/01/45

    1,859       1,612,476  

3.50%, 11/01/45

    265       226,309  

3.50%, 12/01/45

    34,926       29,918,336  

3.50%, 01/01/46

    15,615       13,483,216  

3.50%, 02/01/46

    15,907       13,592,708  

3.50%, 03/01/46

    19,563       16,794,044  

3.50%, 04/01/46

    2,705       2,307,000  

3.50%, 05/01/46

    16,325       14,001,913  

3.50%, 06/01/46

    3,064       2,611,371  

3.50%, 07/01/46

    26,056       22,368,144  

3.50%, 08/01/46

    8,347       7,121,040  

3.50%, 09/01/46

    6,682       5,700,628  

3.50%, 10/01/46

    9,393       8,033,133  

3.50%, 11/01/46

    13,278       11,366,333  

3.50%, 12/01/46

    58,009       49,816,340  

3.50%, 01/01/47

    30,334       26,014,615  

3.50%, 02/01/47

    12,815       10,945,393  

3.50%, 04/01/47

    11,960       10,239,356  

3.50%, 05/01/47

    13,531       11,608,569  

3.50%, 06/01/47

    9,106       7,786,722  

3.50%, 07/01/47

    60,231       51,388,829  

3.50%, 08/01/47

    14,461       12,346,036  

3.50%, 09/01/47

    15,626       13,302,948  

3.50%, 10/01/47

    11,853       10,156,064  

3.50%, 11/01/47

    16,779       14,370,138  

3.50%, 12/01/47

    16,294       13,873,894  

3.50%, 01/01/48

    35,544       30,320,941  

3.50%, 02/01/48

    75,880       64,726,590  

3.50%, 03/01/48

    2,401       2,036,632  

3.50%, 04/01/48

    11,046       9,415,482  

3.50%, 05/01/48

    29,916       25,382,683  

3.50%, 06/01/48

    3,264       2,765,861  

3.50%, 07/01/48

    2,542       2,166,000  

3.50%, 11/01/48

    38,009       32,217,686  

3.50%, 02/01/49

    105       88,857  

3.50%, 03/01/49

    1,442       1,223,627  

3.50%, 04/01/49

    2,428       2,060,176  

3.50%, 05/01/49

    1,558       1,315,657  

3.50%, 06/01/49

    82,108       69,905,069  

3.50%, 07/01/49

    13,183       11,155,366  

3.50%, 09/01/49

    17,887       15,133,331  

3.50%, 04/01/50

    45,796       38,933,530  

3.50%, 05/01/50

    10,215       8,569,452  

3.50%, 06/01/50

    5,239       4,393,280  

3.50%, 07/01/50

    22,698       19,025,249  

3.50%, 02/01/51

    28,950       24,482,624  

3.50%, 05/01/51

    684       580,700  

3.50%, 07/01/51

    4,056       3,389,200  

3.50%, 05/01/52

        113,717       94,779,161  

3.50%, 06/01/52

    67,194       56,281,170  

3.50%, 07/01/52

    26,758       22,457,964  

3.50%, 11/13/53(h)

    134,136           111,685,690  

4.00%, 10/01/25

    403       394,958  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 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%, 11/01/25

  $ 18     $ 17,574  

4.00%, 03/01/26

    185       181,417  

4.00%, 06/01/26

    269       264,205  

4.00%, 09/01/26

    97       95,269  

4.00%, 12/01/30

    1,000       958,423  

4.00%, 01/01/31

    366       350,260  

4.00%, 02/01/31

    261       250,061  

4.00%, 10/01/31

    1,120       1,071,796  

4.00%, 02/01/32

    1,495       1,430,269  

4.00%, 07/01/32

    2,962       2,904,816  

4.00%, 05/01/33

    4,468       4,223,188  

4.00%, 06/01/33

    762       720,320  

4.00%, 07/01/33

    1,327       1,254,480  

4.00%, 12/01/33

    6,050       5,925,811  

4.00%, 06/01/38

    2,763       2,554,866  

4.00%, 11/15/38(h)

    92,665           86,382,940  

4.00%, 12/01/40

    21       18,828  

4.00%, 12/01/41

    1,073       967,677  

4.00%, 03/01/42

    2,391       2,149,478  

4.00%, 06/01/42

    1,750       1,577,615  

4.00%, 07/01/42

    63       56,683  

4.00%, 09/01/43

    110       98,019  

4.00%, 10/01/43

    81       72,020  

4.00%, 04/01/44

    39       34,844  

4.00%, 05/01/44

    2,561       2,283,290  

4.00%, 06/01/44

    4,221       3,805,177  

4.00%, 10/01/44

    1,227       1,095,496  

4.00%, 12/01/44

    8,609       7,655,395  

4.00%, 01/01/45

    11,840       10,609,812  

4.00%, 02/01/45

        36,659       32,807,272  

4.00%, 03/01/45

    5,777       5,138,832  

4.00%, 05/01/45

    10,473       9,325,497  

4.00%, 06/01/45

    5,782       5,161,745  

4.00%, 07/01/45

    416       368,867  

4.00%, 08/01/45

    348       307,910  

4.00%, 09/01/45

    769       682,800  

4.00%, 11/01/45

    135       119,762  

4.00%, 12/01/45

    878       779,997  

4.00%, 01/01/46

    748       662,818  

4.00%, 02/01/46

    1,228       1,085,842  

4.00%, 03/01/46

    1,572       1,390,682  

4.00%, 04/01/46

    2,449       2,165,663  

4.00%, 05/01/46

    7,020       6,222,566  

4.00%, 06/01/46

    18,582       16,563,281  

4.00%, 07/01/46

    21,842       19,354,013  

4.00%, 08/01/46

    3,767       3,330,845  

4.00%, 09/01/46

    140       123,793  

4.00%, 10/01/46

    4,007       3,581,671  

4.00%, 11/01/46

    1,388       1,237,000  

4.00%, 02/01/47

    2,895       2,564,801  

4.00%, 03/01/47

    2,143       1,889,373  

4.00%, 04/01/47

    6,306       5,569,364  

4.00%, 05/01/47

    5,633       4,979,612  

4.00%, 06/01/47

    11,271       9,971,568  

4.00%, 07/01/47

    17,420       15,382,783  

4.00%, 08/01/47

    14,848       13,121,495  

4.00%, 09/01/47

    15,305       13,525,922  

4.00%, 10/01/47

    13,455       11,928,248  

4.00%, 11/01/47

    6,463       5,702,887  

4.00%, 12/01/47

    10,162       8,971,045  

4.00%, 01/01/48

    2,022       1,785,090  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

4.00%, 02/01/48

  $ 21,262     $ 18,765,972  

4.00%, 04/01/48

    22,630       19,931,337  

4.00%, 05/01/48

    1,845       1,624,323  

4.00%, 07/01/48

    2,891       2,545,412  

4.00%, 09/01/48

    11,247       9,903,557  

4.00%, 10/01/48

    7,985       7,044,044  

4.00%, 11/01/48

    23,857       21,009,455  

4.00%, 01/01/49

    3,092       2,723,945  

4.00%, 02/01/49

    3,354       2,950,243  

4.00%, 03/01/49

    38,117       33,560,965  

4.00%, 04/01/49

    11,540       10,175,574  

4.00%, 05/01/49

    8,514       7,507,530  

4.00%, 06/01/49

    32,709       28,834,095  

4.00%, 07/01/49

    58,266       51,336,781  

4.00%, 08/01/49

    965       852,494  

4.00%, 10/01/49

    1,715       1,501,684  

4.00%, 11/01/49

    2,706       2,387,680  

4.00%, 12/01/49

    3,642       3,201,925  

4.00%, 02/01/50

    594       522,271  

4.00%, 05/01/50

    10,520       9,249,012  

4.00%, 03/01/51

    8,099       7,120,769  

4.00%, 05/01/51

    20,694       18,223,017  

4.00%, 04/01/52

    16,756       14,515,104  

4.00%, 05/01/52

    36,056       31,264,230  

4.00%, 06/01/52

    47,777       41,336,827  

4.00%, 07/01/52

    82,847       71,789,654  

4.00%, 08/01/52

    184,622       159,715,213  

4.00%, 09/01/52

    21,729       18,783,143  

4.00%, 10/01/52

    27,813       24,219,890  

4.00%, 11/01/52

    4,442       3,851,717  

4.00%, 02/01/53

    31,715       27,713,914  

4.00%, 11/13/53(h)

        120,740           104,289,175  

4.50%, 10/01/24

    49       48,957  

4.50%, 02/01/25

    27       27,135  

4.50%, 04/01/25

    45       43,972  

4.50%, 06/01/25

    221       217,326  

4.50%, 08/01/31

    987       951,546  

4.50%, 08/01/34

    266       252,409  

4.50%, 11/15/38(h)

    4,200       3,983,109  

4.50%, 09/01/40

    2,639       2,454,038  

4.50%, 12/01/40

    1,535       1,426,905  

4.50%, 01/01/41

    3,109       2,890,964  

4.50%, 05/01/41

    2,041       1,896,788  

4.50%, 06/01/41

    11,662       11,198,483  

4.50%, 08/01/41

    4,144       3,848,506  

4.50%, 09/01/41

    1,357       1,259,996  

4.50%, 01/01/42

    1,410       1,309,162  

4.50%, 09/01/42

    1,287       1,191,031  

4.50%, 08/01/43

    2,186       2,014,068  

4.50%, 12/01/43

    73       67,752  

4.50%, 03/01/44

    13       12,025  

4.50%, 04/01/44

    3,845       3,544,352  

4.50%, 06/01/44

    738       685,811  

4.50%, 12/01/44

    267       245,762  

4.50%, 02/01/45

    1,491       1,374,532  

4.50%, 08/01/45

    2,041       1,882,534  

4.50%, 10/01/45

    376       346,882  

4.50%, 11/01/45

    186       171,085  

4.50%, 12/01/45

    604       555,952  

4.50%, 01/01/46

    73       67,187  

4.50%, 02/01/46

    7,675       7,135,114  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 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%, 03/01/46

  $ 1,329     $ 1,234,179  

4.50%, 04/01/46

    259       238,298  

4.50%, 05/01/46

    113       103,511  

4.50%, 06/01/46

    4       3,895  

4.50%, 07/01/46

    27       24,682  

4.50%, 08/01/46

    1,874       1,719,673  

4.50%, 09/01/46

    699       641,247  

4.50%, 10/01/46

    916       837,841  

4.50%, 01/01/47

    404       368,476  

4.50%, 02/01/47

    148       134,650  

4.50%, 03/01/47

    1,725       1,573,370  

4.50%, 04/01/47

    5,158       4,704,820  

4.50%, 06/01/47

    2,790       2,544,232  

4.50%, 07/01/47

    22       19,635  

4.50%, 08/01/47

    226       206,344  

4.50%, 10/01/47

    6,603       6,024,989  

4.50%, 01/01/48

    9,647       8,797,123  

4.50%, 02/01/48

    996       909,748  

4.50%, 03/01/48

    5,448       4,954,908  

4.50%, 04/01/48

    2,547       2,319,800  

4.50%, 05/01/48

    5,376       4,907,101  

4.50%, 06/01/48

    3,442       3,136,596  

4.50%, 07/01/48

    2,020       1,839,264  

4.50%, 08/01/48

    9,640       8,781,387  

4.50%, 09/01/48

    272       247,296  

4.50%, 10/01/48

    12,644       11,516,973  

4.50%, 11/01/48

    4,710       4,289,345  

4.50%, 12/01/48

    17,766       16,183,184  

4.50%, 01/01/49

    5,569       5,072,373  

4.50%, 02/01/49

    6,913       6,296,233  

4.50%, 03/01/49

    807       733,750  

4.50%, 04/01/49

    12,499       11,384,747  

4.50%, 05/01/49

    10,680       9,705,556  

4.50%, 07/01/49

    799       724,426  

4.50%, 08/01/49

    174       157,851  

4.50%, 09/01/50

    37,478       34,135,129  

4.50%, 05/01/52

    10,389       9,374,320  

4.50%, 06/01/52

    47,649       42,576,294  

4.50%, 07/01/52

    2,403       2,148,460  

4.50%, 08/01/52

    5,603       5,008,871  

4.50%, 09/01/52

    73,768       66,085,206  

4.50%, 10/01/52

    102,745       92,172,377  

4.50%, 11/01/52

    28,535       25,497,519  

4.50%, 12/01/52

    132,806       118,942,210  

4.50%, 04/01/53

    17,770       15,884,738  

4.50%, 11/13/53(h)

        154,945           138,346,495  

5.00%, 12/01/23

    0       1  

5.00%, 09/01/33

    84       82,850  

5.00%, 11/01/33

    2,468       2,419,800  

5.00%, 06/01/35

    121       118,625  

5.00%, 10/01/35

    44       43,344  

5.00%, 12/01/36

    36       34,702  

5.00%, 11/15/38(h)

    975       940,465  

5.00%, 05/01/39

    27       26,374  

5.00%, 06/01/39

    501       491,023  

5.00%, 12/01/39

    77       73,786  

5.00%, 01/01/40

    2       1,715  

5.00%, 03/01/40

    1,370       1,314,583  

5.00%, 04/01/40

    216       207,135  

5.00%, 05/01/40

    13       12,693  

5.00%, 06/01/40

    123       116,821  
Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

   

5.00%, 07/01/40

  $ 778     $ 746,624  

5.00%, 08/01/40

    1,116       1,079,308  

5.00%, 09/01/40

    9       8,972  

5.00%, 10/01/40

    34       32,269  

5.00%, 04/01/41

    550       529,097  

5.00%, 05/01/41

    2,228       2,137,099  

5.00%, 06/01/41

    575       550,548  

5.00%, 08/01/41

    1,023       979,221  

5.00%, 10/01/41

    2,680       2,565,604  

5.00%, 01/01/42

    13,915       13,350,485  

5.00%, 05/01/42

    5,017       4,813,629  

5.00%, 09/01/47

    435       408,623  

5.00%, 02/01/48

    1,549       1,454,179  

5.00%, 03/01/48

    1,357       1,274,152  

5.00%, 04/01/48

    2,236       2,098,676  

5.00%, 05/01/48

    1,851       1,732,877  

5.00%, 07/01/48

    2,305       2,163,243  

5.00%, 09/01/48

    1,641       1,540,425  

5.00%, 01/01/49

    128       119,911  

5.00%, 04/01/49

    6,633       6,224,551  

5.00%, 05/01/49

    28       26,673  

5.00%, 06/01/49

    253       237,585  

5.00%, 09/01/49

    65       61,151  

5.00%, 10/01/49

    179       167,630  

5.00%, 08/01/52

    15,200       14,061,115  

5.00%, 09/01/52

    26,014       24,068,934  

5.00%, 10/01/52

    31,935       29,489,050  

5.00%, 11/01/52

    32,138       29,712,714  

5.00%, 12/01/52

    25,267       23,380,077  

5.00%, 01/01/53

    46,342       42,779,662  

5.00%, 02/01/53

    52,229       48,173,088  

5.00%, 03/01/53

    28,753       26,617,971  

5.00%, 04/01/53

    88,247       81,380,851  

5.00%, 05/01/53

    63,224       58,305,038  

5.00%, 06/01/53

    54,430       50,193,113  

5.00%, 11/13/53(h)

        109,620       101,056,052  

5.50%, 05/01/33

    912       909,726  

5.50%, 11/01/33

    1,875       1,870,556  

5.50%, 09/01/34

    2,785       2,782,010  

5.50%, 09/01/36

    206       205,171  

5.50%, 03/01/38

    170       168,335  

5.50%, 06/01/38

    4,639       4,599,904  

5.50%, 11/01/38

    352       348,471  

5.50%, 07/01/40

    1,185       1,176,011  

5.50%, 09/01/41

    29,383       29,305,203  

5.50%, 01/01/47

    2,335       2,330,501  

5.50%, 12/01/48

    217       212,738  

5.50%, 09/01/52

    13,388       12,804,045  

5.50%, 11/01/52

    14,771       14,042,187  

5.50%, 12/01/52

    63,134       60,139,916  

5.50%, 01/01/53

    83,223       79,245,575  

5.50%, 02/01/53

    60,039       57,077,525  

5.50%, 03/01/53

    68,339       64,977,602  

5.50%, 04/01/53

    37,541       35,630,525  

5.50%, 05/01/53

    68,351       64,868,148  

5.50%, 06/01/53

    17,122       16,286,717  

5.50%, 11/13/53(h)

    32,030           30,378,453  

6.00%, 03/01/34

    1,537       1,556,535  

6.00%, 05/01/34

    132       133,611  

6.00%, 08/01/34

    257       259,784  

6.00%, 11/01/34

    83       84,305  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Mortgage-Backed Securities (continued)

 

6.00%, 09/01/36

  $ 348     $ 353,710  

6.00%, 08/01/37

    835       849,657  

6.00%, 03/01/38

    288       293,356  

6.00%, 05/01/38

    140       142,110  

6.00%, 09/01/38

    115       116,595  

6.00%, 06/01/39

    2,193       2,216,671  

6.00%, 10/01/39

    147       149,368  

6.00%, 07/01/41

    1,223       1,243,397  

6.00%, 02/01/49

    5,947       6,045,713  

6.00%, 11/13/53(h)

    145,650       141,722,504  

6.50%, 08/01/36

    21       21,291  

6.50%, 09/01/36

    163       168,402  

6.50%, 10/01/36

    23       23,348  

6.50%, 12/01/36

    33       34,405  

6.50%, 07/01/37

    39       40,859  

6.50%, 08/01/37

    1,831       1,895,546  

6.50%, 10/01/37

    70       72,881  

6.50%, 11/01/37

    18       18,623  

6.50%, 12/01/37

    561       579,335  

6.50%, 06/01/38

    15       15,890  

6.50%, 10/01/39

    492       509,539  

6.50%, 05/01/40

    16       16,123  

6.50%, 11/13/53(h)

        143,000       142,127,943  

7.00%, 04/01/37

    634       669,109  
   

 

 

 
          24,022,019,665  
U.S. Government Agency Obligations — 0.4%  

Federal Home Loan Banks

   

0.50%, 04/14/25

    7,000       6,532,817  

1.50%, 08/15/24

    1,000       969,041  

2.13%, 12/14/29

    70       58,837  

2.50%, 12/08/23

    1,000       996,862  

2.75%, 12/13/24

    250       242,890  

2.88%, 09/13/24(b)

    1,000       977,443  

3.13%, 06/13/25

    980       947,394  

3.25%, 11/16/28

    25,470       23,592,671  

5.50%, 07/15/36

    7,900       8,069,083  

Federal Home Loan Mortgage Corp.

   

6.25%, 07/15/32(b)

    73,453       79,289,768  

6.75%, 03/15/31

    21,820       23,990,061  

Federal National Mortgage Association

   

0.38%, 08/25/25

    24,991       22,946,256  

0.63%, 04/22/25

    5,000       4,675,201  

0.88%, 08/05/30

    17,530       13,289,439  

1.63%, 01/07/25

    13,020       12,464,944  

1.75%, 07/02/24(b)

    1,550       1,512,313  

1.88%, 09/24/26

    1,285       1,177,966  

2.50%, 02/05/24(b)

    200       198,401  

2.63%, 09/06/24

    39,730       38,807,624  

5.63%, 07/15/37

    795       819,060  

6.25%, 05/15/29

    580       614,917  

6.63%, 11/15/30

    8,180       8,878,685  

7.13%, 01/15/30

    10,000       11,042,258  

7.25%, 05/15/30

    17,396       19,401,195  

Tennessee Valley Authority

   

1.50%, 09/15/31

    1,000       753,993  

3.50%, 12/15/42

    525       384,891  

4.63%, 09/15/60

    1,000       811,824  

4.88%, 01/15/48

    8,035       6,991,641  

5.25%, 09/15/39

    458       431,235  

5.50%, 06/15/38

    10,000       9,765,777  

5.88%, 04/01/36

    95       98,476  
Security  

Par

(000)

    Value  

U.S. Government Agency Obligations (continued)

 

6.15%, 01/15/38

  $ 3,553     $ 3,705,587  

7.13%, 05/01/30

    3,556       3,910,032  

Series B, 4.70%, 07/15/33

    1,500       1,425,832  

Series E, 6.75%, 11/01/25

    7,000       7,193,939  
   

 

 

 
      316,968,353  
U.S. Government Obligations — 42.1%            

U.S. Treasury Note/Bond

   

0.25%, 05/31/25

    106,410       98,466,659  

0.25%, 06/30/25

    4,100       3,781,609  

0.25%, 07/31/25

    184,800       169,806,657  

0.25%, 08/31/25

    210,050       192,327,031  

0.25%, 09/30/25

    116,300       106,164,636  

0.25%, 10/31/25

    194,300       176,668,792  

0.38%, 09/15/24

    5,000       4,783,789  

0.38%, 04/30/25

    44,000       40,945,781  

0.38%, 11/30/25

    457,800       415,954,219  

0.38%, 12/31/25

    210,900       191,111,649  

0.38%, 01/31/26

    648,200       584,899,219  

0.38%, 07/31/27

    119,700       101,427,047  

0.38%, 09/30/27

    5,000       4,207,031  

0.50%, 03/31/25

    20,000       18,710,156  

0.50%, 02/28/26

    204,700       184,677,781  

0.50%, 04/30/27

    93,800       80,726,625  

0.50%, 05/31/27

    108,400       92,961,469  

0.50%, 06/30/27

    136,900       117,017,415  

0.50%, 08/31/27

    155,023       131,563,237  

0.50%, 10/31/27

    202,200       170,400,892  

0.63%, 10/15/24

    12,820       12,247,106  

0.63%, 07/31/26

    76,400       68,079,563  

0.63%, 03/31/27

    75,600       65,594,813  

0.63%, 11/30/27

    197,000       166,357,267  

0.63%, 12/31/27

    187,400       157,752,735  

0.63%, 05/15/30

    270,400       206,095,500  

0.63%, 08/15/30

        396,000           299,165,625  

0.75%, 11/15/24

    113,750       108,409,083  

0.75%, 03/31/26

    20,500       18,568,516  

0.75%, 04/30/26

    94,000       84,820,313  

0.75%, 05/31/26

    71,500       64,294,141  

0.75%, 08/31/26

    244,200       217,586,017  

0.75%, 01/31/28

    496,300       418,675,578  

0.88%, 06/30/26

    170,000       153,132,812  

0.88%, 09/30/26

    190,610       170,178,991  

0.88%, 11/15/30

    163,800       125,230,219  

1.00%, 12/15/24

    165,200       157,359,453  

1.00%, 07/31/28

    200,000       167,484,376  

1.13%, 01/15/25

    157,460       149,783,825  

1.13%, 02/28/25

    83,700       79,230,551  

1.13%, 10/31/26

    171,100       153,348,375  

1.13%, 02/28/27

    40,300       35,722,172  

1.13%, 02/29/28

    132,340       113,212,734  

1.13%, 08/31/28

    273,600       229,909,500  

1.13%, 02/15/31

    257,200       199,209,437  

1.13%, 05/15/40

    156,500       85,243,594  

1.13%, 08/15/40

    58,000       31,310,938  

1.25%, 11/30/26

    164,900       147,920,453  

1.25%, 12/31/26

    191,230       171,210,609  

1.25%, 03/31/28

    216,000       185,287,500  

1.25%, 04/30/28

    169,100       144,686,187  

1.25%, 05/31/28

    229,110       195,387,872  

1.25%, 06/30/28

    212,175       180,431,632  

1.25%, 09/30/28

    317,000       267,245,861  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

U.S. Government Obligations (continued)

   

1.25%, 08/15/31

  $ 318,900     $ 244,257,469  

1.25%, 05/15/50

    205,900       90,499,484  

1.38%, 08/31/26

    42,500       38,562,109  

1.38%, 10/31/28

    185,000       156,512,892  

1.38%, 12/31/28

    196,730       165,499,112  

1.38%, 11/15/31

    400,250       307,191,875  

1.38%, 11/15/40

    284,800       160,467,000  

1.38%, 08/15/50

    18,100       8,232,672  

1.50%, 10/31/24

    105,100       101,093,062  

1.50%, 11/30/24

    290,100       278,201,369  

1.50%, 02/15/25

    152,720       145,489,662  

1.50%, 08/15/26

    382,000       348,246,721  

1.50%, 01/31/27

    325,280       292,574,114  

1.50%, 11/30/28

    284,200       241,392,375  

1.50%, 02/15/30

    83,185       68,010,237  

1.63%, 02/15/26

    207,890       192,785,492  

1.63%, 05/15/26

    270,000       248,674,220  

1.63%, 09/30/26

    44,500       40,602,774  

1.63%, 10/31/26

    76,300       69,421,078  

1.63%, 11/30/26

    51,200       46,484,000  

1.63%, 08/15/29

    54,000       45,279,844  

1.63%, 05/15/31

    340,910       271,449,587  

1.63%, 11/15/50

    229,500       112,311,562  

1.75%, 12/31/24

    140,400       134,685,282  

1.75%, 03/15/25

    101,700       96,980,484  

1.75%, 12/31/26

    91,870       83,522,750  

1.75%, 01/31/29

    170,700       146,121,868  

1.75%, 08/15/41

    271,420       161,113,216  

1.88%, 06/30/26

    80,000       74,000,000  

1.88%, 07/31/26

    49,900       46,021,055  

1.88%, 02/28/27

    178,100       161,806,634  

1.88%, 02/28/29

    159,200       136,874,688  

1.88%, 02/15/32

    422,760       335,962,087  

1.88%, 02/15/41

    130,200       80,256,094  

1.88%, 02/15/51

    575,700       302,152,547  

1.88%, 11/15/51

    233,450       121,758,766  

2.00%, 02/15/25

    180,068       172,654,264  

2.00%, 08/15/25

    184,515       174,691,017  

2.00%, 11/15/26

    181,000       166,336,173  

2.00%, 11/15/41

    103,260       63,908,259  

2.00%, 02/15/50

    102,000       55,813,125  

2.00%, 08/15/51

    466,600       252,182,719  

2.13%, 11/30/24

    76,050       73,426,869  

2.13%, 05/15/25

    206,000       196,665,625  

2.13%, 05/31/26

    105,300       98,159,344  

2.25%, 10/31/24

    20,000       19,382,813  

2.25%, 11/15/24

    214,966       208,071,974  

2.25%, 12/31/24

    75,300       72,652,734  

2.25%, 11/15/25

    167,829       158,768,857  

2.25%, 03/31/26

    88,500       83,065,547  

2.25%, 02/15/27

    161,206       148,447,965  

2.25%, 08/15/27

    146,750       133,496,641  

2.25%, 11/15/27

    153,750       139,083,692  

2.25%, 05/15/41

    276,900       181,499,297  

2.25%, 08/15/46

    118,960       71,245,888  

2.25%, 08/15/49

    106,500       62,152,734  

2.25%, 02/15/52

    252,900       145,575,562  

2.38%, 04/30/26

    124,400       116,916,562  

2.38%, 05/15/27

    190,870       175,421,459  

2.38%, 03/31/29

        244,200           215,048,625  

2.38%, 05/15/29

    191,600       168,398,437  
Security  

Par

(000)

    Value  

U.S. Government Obligations (continued)

   

2.38%, 02/15/42

  $ 141,000     $ 93,104,062  

2.38%, 11/15/49

    229,400       137,747,531  

2.38%, 05/15/51

    136,000       81,005,000  

2.50%, 01/31/25

    35,340       34,136,231  

2.50%, 02/28/26

    92,350       87,335,684  

2.50%, 03/31/27

    109,200       101,155,032  

2.50%, 02/15/45

    50,824       32,781,480  

2.50%, 02/15/46

    152,800       97,147,375  

2.50%, 05/15/46

    123,517       78,259,599  

2.63%, 03/31/25

    5,000       4,820,117  

2.63%, 04/15/25

    97,100       93,549,781  

2.63%, 12/31/25

    86,500       82,262,852  

2.63%, 01/31/26

    86,000       81,652,969  

2.63%, 05/31/27

    132,700       122,944,477  

2.63%, 02/15/29

    211,491       189,367,060  

2.63%, 07/31/29

    145,500       128,960,743  

2.75%, 02/28/25

    90,500       87,534,004  

2.75%, 05/15/25

    158,200       152,446,711  

2.75%, 06/30/25

    141,900       136,467,891  

2.75%, 08/31/25

    140,808       134,961,167  

2.75%, 04/30/27

    169,300       157,819,344  

2.75%, 07/31/27

    119,500       110,845,587  

2.75%, 02/15/28

    222,702       204,659,659  

2.75%, 05/31/29

    285,900       256,014,516  

2.75%, 08/15/32

    404,850       342,477,797  

2.75%, 08/15/42

    106,523       74,532,812  

2.75%, 11/15/42

    128,580       89,584,097  

2.75%, 08/15/47

    219,000       144,232,031  

2.75%, 11/15/47

    158,550       104,271,398  

2.88%, 04/30/25

    48,000       46,376,250  

2.88%, 05/31/25

    116,800       112,730,250  

2.88%, 06/15/25

    277,400       267,474,281  

2.88%, 07/31/25

    183,900       176,939,098  

2.88%, 11/30/25

    110,400       105,682,126  

2.88%, 05/15/28

    252,994       232,714,950  

2.88%, 08/15/28

    219,930       201,321,861  

2.88%, 04/30/29

    176,320       159,197,676  

2.88%, 05/15/32

    489,500       420,052,187  

2.88%, 05/15/43

    121,184       85,699,810  

2.88%, 08/15/45

    153,125       105,416,992  

2.88%, 11/15/46

    54,000       36,711,563  

2.88%, 05/15/49

    42,000       28,172,813  

2.88%, 05/15/52

    205,000       136,773,437  

3.00%, 07/15/25

    161,030       155,375,079  

3.00%, 09/30/25

    101,200       97,345,703  

3.00%, 10/31/25

    106,600       102,406,789  

3.00%, 05/15/42

    43,150       31,593,891  

3.00%, 11/15/44

    99,727       70,790,588  

3.00%, 05/15/45

    121,400       85,776,687  

3.00%, 11/15/45(b)

    65,100       45,753,094  

3.00%, 02/15/47

    116,190       80,697,586  

3.00%, 05/15/47

    152,118       105,484,326  

3.00%, 02/15/48

    154,550       106,615,352  

3.00%, 08/15/48

    160,190       110,280,803  

3.00%, 02/15/49

    32,400       22,280,063  

3.00%, 08/15/52

    203,680       139,711,750  

3.13%, 08/15/25

    142,420       137,541,003  

3.13%, 08/31/27

    9,200       8,642,250  

3.13%, 11/15/28

    207,515       191,351,528  

3.13%, 08/31/29

        208,900           190,001,078  

3.13%, 11/15/41

    53,900       40,526,063  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

U.S. Government Obligations (continued)

 

3.13%, 02/15/42

  $ 71,800     $ 53,850,000  

3.13%, 02/15/43

    76,200       56,340,375  

3.13%, 08/15/44

    60,519       44,037,029  

3.13%, 05/15/48

    149,460       105,556,125  

3.25%, 06/30/29

    175,480       161,126,285  

3.25%, 05/15/42

    155,200       118,170,250  

3.38%, 05/15/33

    341,935       302,398,766  

3.38%, 08/15/42

    46,000       35,592,500  

3.38%, 05/15/44

    84,200       64,044,625  

3.38%, 11/15/48

    106,450       78,739,734  

3.50%, 09/15/25

    136,970       133,042,814  

3.50%, 01/31/28

    150,803       143,015,440  

3.50%, 04/30/28

    163,870       155,061,987  

3.50%, 01/31/30

    175,000       161,669,923  

3.50%, 04/30/30

    195,600       180,242,345  

3.50%, 02/15/33

    358,799       321,237,230  

3.50%, 02/15/39

    24,000       19,845,000  

3.63%, 05/15/26

    331,122       320,722,700  

3.63%, 03/31/28

    117,412       111,761,547  

3.63%, 05/31/28

    148,400       141,119,125  

3.63%, 03/31/30

    198,200       184,093,735  

3.63%, 08/15/43

    73,600       58,684,500  

3.63%, 02/15/44

    83,950       66,622,195  

3.63%, 02/15/53

    226,550       176,532,008  

3.63%, 05/15/53

    222,565       173,461,597  

3.75%, 04/15/26

    345,000       335,323,830  

3.75%, 05/31/30

    173,000       161,646,875  

3.75%, 06/30/30

    203,097       189,641,824  

3.75%, 08/15/41

    52,000       43,021,875  

3.75%, 11/15/43

    36,600       29,697,469  

3.88%, 03/31/25

    119,300       117,058,465  

3.88%, 04/30/25

    153,247       150,277,839  

3.88%, 01/15/26

        281,900           275,204,875  

3.88%, 11/30/27

    80,000       77,081,250  

3.88%, 12/31/27

    69,907       67,334,641  

3.88%, 09/30/29

    233,630       221,145,397  

3.88%, 11/30/29

    192,418       181,865,075  

3.88%, 12/31/29

    168,800       159,423,688  

3.88%, 08/15/33

    385,482       354,824,135  

3.88%, 08/15/40

    80,516       68,388,278  

3.88%, 02/15/43

    140,491       116,805,095  

3.88%, 05/15/43

    130,220       108,123,294  

4.00%, 12/15/25

    145,873       142,830,181  

4.00%, 02/15/26

    325,360       318,293,587  

4.00%, 02/29/28

    165,256       159,833,537  

4.00%, 06/30/28

    145,756       140,700,089  

4.00%, 10/31/29

    165,150       157,279,570  

4.00%, 02/28/30

    202,432       192,278,770  

4.00%, 07/31/30

    165,690       156,965,386  

4.00%, 11/15/42

    126,823       107,482,492  

4.00%, 11/15/52

    210,294       175,759,782  

4.13%, 01/31/25

    144,438       142,350,420  

4.13%, 06/15/26

    331,572       324,940,560  

4.13%, 09/30/27

    267,000       259,949,531  

4.13%, 10/31/27

    53,302       51,861,180  

4.13%, 07/31/28

    143,800       139,497,235  

4.13%, 08/31/30

    156,359       149,151,827  

4.13%, 11/15/32

    358,963       338,210,452  

4.13%, 08/15/53

    243,733       208,505,965  

4.25%, 09/30/24

    161,500       159,765,136  

4.25%, 12/31/24

    186,000       183,602,345  
Security  

Par

(000)

    Value  

U.S. Government Obligations (continued)

 

4.25%, 05/31/25

  $ 139,146     $ 137,140,341  

4.25%, 10/15/25

    145,620       143,339,000  

4.25%, 05/15/39

    17,340       15,652,059  

4.25%, 11/15/40

    28,889       25,706,696  

4.38%, 10/31/24

    187,905       185,937,870  

4.38%, 08/15/26

    199,900       197,026,437  

4.38%, 08/31/28

    166,500       163,313,087  

4.38%, 02/15/38

    32,000       29,805,000  

4.38%, 11/15/39

    50,933       46,420,655  

4.38%, 05/15/40

    32,403       29,415,848  

4.38%, 05/15/41

    15,949       14,386,496  

4.38%, 08/15/43

    120,384       107,329,860  

4.50%, 11/30/24

    96,800       95,835,781  

4.50%, 11/15/25

    145,161       143,573,302  

4.50%, 07/15/26

    387,273       383,006,948  

4.50%, 02/15/36(b)

    27,685       26,664,116  

4.50%, 05/15/38

    47,000       44,194,688  

4.50%, 08/15/39

    50,207       46,559,148  

4.63%, 02/28/25

    154,300       152,955,902  

4.63%, 06/30/25

    116,370       115,379,037  

4.63%, 03/15/26

    322,180       319,562,287  

4.63%, 09/15/26

    157,133       155,966,779  

4.63%, 10/15/26

    163,436       162,210,230  

4.63%, 09/30/28

    116,638       115,562,743  

4.63%, 09/30/30

    154,749       152,137,611  

4.63%, 02/15/40

    45,950       43,078,125  

4.75%, 07/31/25

    7,400       7,351,727  

4.75%, 02/15/37

    21,977       21,551,196  

4.75%, 02/15/41

    91,158       86,244,014  

4.88%, 10/31/28

    100,000       100,215,800  

4.88%, 10/31/30

        111,592       111,382,765  

5.00%, 09/30/25

    121,710       121,486,548  

5.00%, 10/31/25

    14,394       14,376,570  

5.00%, 05/15/37

    53,658       53,741,841  

5.25%, 11/15/28

    29,377       29,831,425  

5.25%, 02/15/29

    60,090       60,892,765  

5.50%, 08/15/28

    77,000       78,997,188  

6.00%, 02/15/26

    9,468       9,631,471  

6.13%, 08/15/29

    14,600       15,458,891  

6.25%, 05/15/30

    5,000       5,362,500  

6.50%, 11/15/26

    26,950       28,082,742  

6.63%, 02/15/27

    28,800       30,222,000  

6.75%, 08/15/26

    14,400       15,018,750  

6.88%, 08/15/25

    6,265       6,427,988  
   

 

 

 
          37,485,375,351  
   

 

 

 

Total U.S. Government & Agency
Obligations — 69.5%
(Cost: $71,968,482,215)

 

    61,824,363,369  
   

 

 

 

Total Long-Term Investments — 98.9%
(Cost: $103,181,633,815)

 

    88,080,014,391  
   

 

 

 
     Shares         

Short-Term Securities

   

Money Market Funds — 3.3%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(i)(j)

    2,498,436,995       2,499,436,370  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Money Market Funds (continued)

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(i)(j)(k)

    420,182,626     $ 420,182,626  
   

 

 

 

Total Short-Term Securities — 3.3%
(Cost: $2,918,265,568)

 

    2,919,618,996  
   

 

 

 

Total Investments Before TBA Sales Commitments — 102.2%
(Cost: $106,099,899,383)

 

        90,999,633,387  
   

 

 

 
   

Par

(000)

       

 

 

TBA Sales Commitments(h)

   

Mortgage-Backed Securities — (0.1)%

 

 

Government National Mortgage Association, 3.50%, 11/20/53

  $ (19,350     (16,490,836

Uniform Mortgage-Backed Securities

   

2.00%, 11/13/53

    (32,600     (23,935,531

2.50%, 11/13/53

    (63,125     (48,418,848

3.00%, 11/13/53

    (34,250     (27,400,340
   

 

 

 

Total TBA Sales Commitments — (0.1)%
(Proceeds: $(116,952,500))

 

    (116,245,555
   

 

 

 

Total Investments, Net of TBA Sales Commitments — 102.1%
(Cost: $105,982,946,883)

 

    90,883,387,832  

Liabilities in Excess of Other Assets — (2.1)%

 

    (1,883,991,023
   

 

 

 
Net Assets — 100.0%         $  88,999,396,809  
   

 

 

 
(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) 

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.

(e) 

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.

(f) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(g) 

U.S. dollar denominated security issued by foreign domiciled entity.

(h) 

Represents or includes a TBA transaction.

(i) 

Affiliate of the Fund.

(j) 

Annualized 7-day yield as of period end.

(k) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Asset-Backed Securities

   $                 —      $       410,215,669      $                 —      $       410,215,669  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® Core U.S. Aggregate Bond ETF

    

 

Fair Value Hierarchy as of Period End (continued)

 

 

 
    Level 1      Level 2     Level 3      Total  

 

 

Long-Term Investments (continued)

         

Collaterized Mortgage Obligations

  $      $ 942,946,672     $      $ 942,946,672  

Corporate Bonds & Notes

           22,587,915,303              22,587,915,303  

Foreign Government Obligations

           1,803,198,094              1,803,198,094  

Municipal Debt Obligations

           511,375,284              511,375,284  

U.S. Government & Agency Obligations

           61,824,363,369              61,824,363,369  

Short-Term Securities

         

Money Market Funds

    2,919,618,996                     2,919,618,996  

Liabilities

         

Investments

         

TBA Sales Commitments

           (116,245,555            (116,245,555
 

 

 

    

 

 

   

 

 

    

 

 

 
  $     2,919,618,996      $ 87,963,768,836     $                     —      $ 90,883,387,832  
 

 

 

    

 

 

   

 

 

    

 

 

 

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) 

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 1.0%            

Clear Channel Outdoor Holdings Inc.

   

5.13%, 08/15/27 (Call 12/01/23)(a)(b)

  $ 15,779     $ 14,011,358  

7.50%, 06/01/29 (Call 06/01/24)(a)(b)

    13,299       9,675,022  

7.75%, 04/15/28 (Call 04/15/24)(a)(b)

    12,118       9,236,945  

9.00%, 09/15/28 (Call 09/15/25)(b)

    9,117       8,873,576  

Lamar Media Corp.

   

3.63%, 01/15/31 (Call 01/15/26)(b)

    6,631       5,337,955  

3.75%, 02/15/28 (Call 11/16/23)(b)

    7,200       6,407,100  

4.00%, 02/15/30 (Call 02/15/25)(b)

    6,481       5,483,574  

4.88%, 01/15/29 (Call 01/15/24)(b)

    5,117       4,690,946  

Outfront Media Capital LLC/Outfront Media Capital Corp.

   

4.25%, 01/15/29 (Call 01/15/24)(a)(b)

    5,995       4,886,685  

4.63%, 03/15/30 (Call 03/15/25)(a)(b)

    6,060       4,871,331  

5.00%, 08/15/27 (Call 11/13/23)(a)(b)

    7,689       6,823,987  

6.25%, 06/15/25 (Call 12/01/23)(a)

    4,802       4,738,614  

Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)(b)

    13,520       11,174,145  

Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 11/13/23)(a)(b)

    13,012       10,130,200  
   

 

 

 
      106,341,438  
Aerospace & Defense — 2.6%            

Bombardier Inc.

   

6.00%, 02/15/28 (Call 02/15/24)(a)

    8,816       7,819,547  

7.13%, 06/15/26 (Call 12/01/23)(a)

    14,861       14,292,983  

7.50%, 02/01/29 (Call 02/01/26)(a)(b)

    8,581       7,948,151  

7.88%, 04/15/27 (Call 12/01/23)(a)(b)

    23,410       22,501,123  

Rolls-Royce PLC

   

3.63%, 10/14/25 (Call 07/14/25)(a)

    12,077       11,402,701  

5.75%, 10/15/27 (Call 07/15/27)(a)

    12,036       11,414,642  

Spirit AeroSystems Inc.

   

4.60%, 06/15/28 (Call 03/15/28)(b)

    8,769       6,936,551  

7.50%, 04/15/25 (Call 12/01/23)(a)

    15,108       15,070,230  

9.38%, 11/30/29 (Call 11/30/25)(a)(b)

    11,126       11,428,627  

TransDigm Inc.

   

4.63%, 01/15/29 (Call 01/15/24)(b)

    15,376       13,259,054  

4.88%, 05/01/29 (Call 05/01/24)(b)

    8,893       7,710,676  

5.50%, 11/15/27 (Call 12/01/23)(b)

    32,483       30,235,176  

6.25%, 03/15/26 (Call 12/01/23)(a)

        54,653       53,404,179  

6.75%, 08/15/28 (Call 02/15/25)(a)

    26,269       25,448,094  

6.88%, 12/15/30 (Call 08/18/26)(a)(b)

    18,252       17,635,995  

7.50%, 03/15/27 (Call 12/01/23)

    6,090       6,081,888  

Triumph Group Inc.

   

7.75%, 08/15/25 (Call 12/01/23)(b)

    6,050       5,747,500  

9.00%, 03/15/28 (Call 03/15/25)(a)(b)

    14,806       14,340,073  
   

 

 

 
          282,677,190  
Agriculture — 0.3%            

Darling Ingredients Inc.

   

5.25%, 04/15/27 (Call 11/13/23)(a)(b)

    6,145       5,842,254  

6.00%, 06/15/30 (Call 06/15/25)(a)(b)

    12,281       11,562,807  

Vector Group Ltd.

   

5.75%, 02/01/29 (Call 02/01/24)(a)

    10,705       9,084,798  

10.50%, 11/01/26 (Call 12/01/23)(a)(b)

    6,731       6,725,009  
   

 

 

 
      33,214,868  
Airlines — 2.1%            

Air Canada, 3.88%, 08/15/26
(Call 02/15/26)(a)(b)

    15,119       13,758,290  

American Airlines Group Inc.,
3.75%, 03/01/25(a)(b)

    6,240       5,826,654  
Security  

Par 

(000)

    Value  
Airlines (continued)            

American Airlines Inc.

   

7.25%, 02/15/28 (Call 02/15/25)(a)(b)

  $ 9,234     $ 8,599,162  

11.75%, 07/15/25(a)

    28,919       30,636,066  

American Airlines Inc./AAdvantage Loyalty IP Ltd.

 

5.50%, 04/20/26(a)

    34,666       33,693,069  

5.75%, 04/20/29(a)

    37,548       33,777,041  

Delta Air Lines Inc.

   

2.90%, 10/28/24 (Call 09/28/24)(b)

    3,348       3,218,265  

3.75%, 10/28/29 (Call 07/28/29)(b)

    7,562       6,418,248  

4.38%, 04/19/28 (Call 01/19/28)(b)

    5,890       5,387,544  

7.38%, 01/15/26 (Call 12/15/25)

    10,599       10,704,460  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
5.75%, 01/20/26 (Call 01/20/24)(a)

    14,298       10,530,785  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 11/14/23)(a)(b)

    13,533       9,980,827  

United Airlines Inc.

   

4.38%, 04/15/26 (Call 10/15/25)(a)(b)

        25,020       23,195,624  

4.63%, 04/15/29 (Call 10/15/28)(a)

    24,780       20,926,710  

VistaJet Malta Finance PLC/Vista Management Holding Inc.

   

6.38%, 02/01/30 (Call 02/01/25)(a)(b)

    11,893       7,971,878  

7.88%, 05/01/27 (Call 05/01/24)(a)(b)

    6,391       4,921,070  

9.50%, 06/01/28 (Call 06/01/25)(a)(b)

    6,221       4,759,065  
   

 

 

 
          234,304,758  
Apparel — 0.2%            

Hanesbrands Inc.

   

4.88%, 05/15/26 (Call 02/15/26)(a)(b)

    10,999       10,105,331  

9.00%, 02/15/31 (Call 02/15/26)(a)(b)

    7,662       7,125,660  
   

 

 

 
      17,230,991  
Auto Manufacturers — 3.4%            

Allison Transmission Inc.

   

3.75%, 01/30/31 (Call 01/30/26)(a)(b)

    12,443       9,860,331  

4.75%, 10/01/27 (Call 11/13/23)(a)

    4,512       4,117,200  

5.88%, 06/01/29 (Call 06/01/24)(a)(b)

    6,523       6,040,486  

Aston Martin Capital Holdings Ltd.,
10.50%, 11/30/25 (Call 11/01/24)(a)

    14,071       13,912,701  

Ford Motor Co.

   

3.25%, 02/12/32 (Call 11/12/31)

    23,978       18,077,973  

4.35%, 12/08/26 (Call 09/08/26)(b)

    14,926       14,066,262  

6.10%, 08/19/32 (Call 05/19/32)(b)

    16,885       15,618,625  

9.63%, 04/22/30 (Call 01/22/30)

    4,109       4,581,021  

Ford Motor Credit Co. LLC

   

2.30%, 02/10/25 (Call 01/10/25)

    11,506       10,870,639  

2.70%, 08/10/26 (Call 07/10/26)(b)

    15,097       13,539,141  

2.90%, 02/16/28 (Call 12/16/27)

    7,356       6,262,531  

2.90%, 02/10/29 (Call 12/10/28)(b)

    7,055       5,776,987  

3.38%, 11/13/25 (Call 10/13/25)(b)

    21,035       19,636,173  

3.63%, 06/17/31 (Call 03/17/31)

    9,509       7,507,665  

3.82%, 11/02/27 (Call 08/02/27)

    7,403       6,607,918  

4.00%, 11/13/30 (Call 08/13/30)(b)

    16,238       13,377,676  

4.06%, 11/01/24 (Call 10/01/24)

    14,222       13,845,117  

4.13%, 08/04/25

    13,853       13,215,762  

4.13%, 08/17/27 (Call 06/17/27)

    12,334       11,209,756  

4.27%, 01/09/27 (Call 11/09/26)

    8,750       8,094,625  

4.39%, 01/08/26

    12,384       11,752,416  

4.54%, 08/01/26 (Call 06/01/26)

    7,286       6,844,286  

4.69%, 06/09/25 (Call 04/09/25)

    5,496       5,311,884  

4.95%, 05/28/27 (Call 04/28/27)(b)

    14,763       13,864,795  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Auto Manufacturers (continued)            

5.11%, 05/03/29 (Call 02/03/29)

  $ 14,738     $ 13,350,712  

5.13%, 06/16/25 (Call 05/16/25)

    16,862       16,401,499  

6.80%, 05/12/28 (Call 04/12/28)(b)

    14,084       14,048,790  

6.95%, 03/06/26 (Call 02/06/26)

    12,422       12,454,297  

6.95%, 06/10/26 (Call 05/10/26)(b)

    8,966       8,989,510  

7.20%, 06/10/30 (Call 04/10/30)(b)

    8,371       8,365,474  

7.35%, 11/04/27 (Call 10/04/27)

    14,844       15,020,273  

7.35%, 03/06/30 (Call 01/06/30)(b)

    11,261       11,317,305  

Jaguar Land Rover Automotive PLC

   

4.50%, 10/01/27 (Call 07/01/27)(a)(b)

    6,013       5,222,215  

5.50%, 07/15/29 (Call 07/15/24)(a)

    5,000       4,299,475  

5.88%, 01/15/28 (Call 01/15/24)(a)(b)

    5,965       5,372,228  

7.75%, 10/15/25 (Call 12/01/23)(a)

    9,051       9,042,348  
   

 

 

 
          377,876,096  
Auto Parts & Equipment — 1.8%            

Adient Global Holdings Ltd.

   

4.88%, 08/15/26 (Call 12/01/23)(a)(b)

    10,053       9,360,348  

7.00%, 04/15/28 (Call 04/15/25)(a)(b)

    5,981       5,878,438  

8.25%, 04/15/31 (Call 04/15/26)(a)(b)

    6,336       6,163,266  

American Axle & Manufacturing Inc.

   

5.00%, 10/01/29 (Call 10/01/24)(b)

    7,500       5,921,036  

6.50%, 04/01/27 (Call 12/01/23)(b)

    5,811       5,474,233  

6.88%, 07/01/28 (Call 11/13/23)(b)

    5,241       4,650,894  

Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/23)(a)

    5,421       5,375,464  

Clarios Global LP/Clarios U.S. Finance Co.

   

6.25%, 05/15/26 (Call 12/04/23)(a)(b)

    11,037       10,771,869  

6.75%, 05/15/28 (Call 05/15/25)(a)(b)

    9,267       8,995,719  

8.50%, 05/15/27 (Call 12/04/23)(a)(b)

        24,306       23,920,750  

Dana Inc.

   

4.25%, 09/01/30 (Call 05/01/26)(b)

    4,773       3,777,734  

5.38%, 11/15/27 (Call 11/13/23)(b)

    5,245       4,821,099  

5.63%, 06/15/28 (Call 11/13/23)(b)

    4,975       4,508,594  

Goodyear Tire & Rubber Co. (The)

   

4.88%, 03/15/27 (Call 12/15/26)(b)

    8,925       8,215,730  

5.00%, 05/31/26 (Call 12/01/23)(b)

    11,203       10,592,677  

5.00%, 07/15/29 (Call 04/15/29)(b)

    10,366       8,911,028  

5.25%, 04/30/31 (Call 01/30/31)(b)

    6,529       5,379,488  

5.25%, 07/15/31 (Call 04/15/31)(b)

    7,289       5,935,942  

5.63%, 04/30/33 (Call 01/30/33)

    5,515       4,423,030  

9.50%, 05/31/25 (Call 11/16/23)

    10,116       10,229,805  

Tenneco Inc., 8.00%, 11/17/28 (Call 11/17/24)(a)

    23,807       19,105,118  

ZF North America Capital Inc.

   

4.75%, 04/29/25(a)

    13,601       13,105,450  

6.88%, 04/14/28 (Call 03/14/28)(a)

    7,390       7,158,915  

7.13%, 04/14/30 (Call 02/14/30)(a)(b)

    7,340       7,120,534  
   

 

 

 
      199,797,161  
Banks — 0.8%            

Freedom Mortgage Corp.

   

6.63%, 01/15/27 (Call 01/15/24)(b)

    6,527       5,645,855  

7.63%, 05/01/26 (Call 12/01/23)(a)

    6,040       5,550,257  

12.00%, 10/01/28 (Call 10/01/25)(a)

    10,121       10,142,254  

12.25%, 10/01/30 (Call 10/01/26)(a)

    5,920       5,901,520  

Intesa Sanpaolo SpA

   

4.20%, 06/01/32 (Call 06/01/31),
(1-year CMT + 2.600%)(a)(b)(c)

    9,432       6,704,404  

5.71%, 01/15/26(a)

    18,594       17,616,984  
Security  

Par 

(000)

    Value  
Banks (continued)            

UniCredit SpA

   

5.46%, 06/30/35 (Call 06/30/30),
(5-year CMT + 4.750%)(a)(b)(c)

  $ 18,441     $ 15,134,497  

5.86%, 06/19/32 (Call 06/19/27),
(5-year USD ICE Swap + 3.703%)(a)(c)

    12,479       11,282,752  

7.30%, 04/02/34 (Call 04/02/29),
(5-year USD ICE Swap + 4.914%)(a)(b)(c)

    15,450       14,313,198  
   

 

 

 
      92,291,721  
Building Materials — 1.2%            

Builders FirstSource Inc.

   

4.25%, 02/01/32 (Call 08/01/26)(a)(b)

    15,916       12,673,115  

5.00%, 03/01/30 (Call 03/01/25)(a)(b)

    6,728       5,867,462  

6.38%, 06/15/32 (Call 06/15/27)(a)(b)

    8,419       7,704,106  

Camelot Return Merger Sub Inc.,
8.75%, 08/01/28 (Call 08/01/24)(a)(b)

    8,764       8,157,093  

Emerald Debt Merger Sub LLC, 6.63%, 12/15/30 (Call 06/15/26)(a)

    28,343       26,940,021  

SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 12/01/23)(a)(b)

    13,927       12,864,370  

Standard Industries Inc./NJ

   

3.38%, 01/15/31 (Call 07/15/25)(a)

    13,282       10,045,681  

4.38%, 07/15/30 (Call 07/15/25)(a)(b)

    19,326       15,792,434  

4.75%, 01/15/28 (Call 12/01/23)(a)(b)

    11,959       10,706,375  

5.00%, 02/15/27 (Call 12/01/23)(a)

    10,614       9,810,159  

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 11/13/23)(a)(b)

    8,854       8,023,938  
   

 

 

 
          128,584,754  
Chemicals — 1.9%            

ASP Unifrax Holdings Inc.

   

5.25%, 09/30/28 (Call 09/30/24)(a)

    9,876       6,658,540  

7.50%, 09/30/29 (Call 09/30/24)(a)(b)

    4,422       2,314,917  

Avient Corp.

   

5.75%, 05/15/25 (Call 12/01/23)(a)(b)

    7,856       7,701,237  

7.13%, 08/01/30 (Call 08/01/25)(a)(b)

    9,106       8,741,535  

Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b)

    8,251       6,800,887  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 12/04/23)(a)(b)

    5,993       5,518,834  

Chemours Co. (The)

   

4.63%, 11/15/29 (Call 11/15/24)(a)

    7,488       5,790,096  

5.38%, 05/15/27 (Call 02/15/27)(b)

    6,071       5,485,482  

5.75%, 11/15/28 (Call 11/15/23)(a)(b)

    9,674       8,185,337  

Methanex Corp.

   

5.13%, 10/15/27 (Call 04/15/27)(b)

    7,950       7,240,105  

5.25%, 12/15/29 (Call 09/15/29)

    8,727       7,711,439  

NOVA Chemicals Corp.

   

4.25%, 05/15/29 (Call 05/15/24)(a)(b)

    7,092       5,247,292  

5.00%, 05/01/25 (Call 01/31/25)(a)

    6,185       5,831,778  

5.25%, 06/01/27 (Call 03/03/27)(a)(b)

    13,217       11,196,914  

Olin Corp.

   

5.00%, 02/01/30 (Call 02/01/24)(b)

    6,424       5,501,064  

5.13%, 09/15/27 (Call 12/01/23)(b)

    6,515       5,989,650  

5.63%, 08/01/29 (Call 08/01/24)(b)

    8,177       7,479,461  

Olympus Water U.S. Holding Corp.

   

4.25%, 10/01/28 (Call 10/01/24)(a)(b)

    10,491       8,353,459  

6.25%, 10/01/29 (Call 10/01/24)(a)(b)

    4,999       3,749,250  

9.75%, 11/15/28 (Call 06/01/25)(a)(b)

        21,883       21,350,657  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Chemicals (continued)            

SCIH Salt Holdings Inc.

   

4.88%, 05/01/28 (Call 05/01/24)(a)(b)

  $ 13,704     $ 11,885,597  

6.63%, 05/01/29 (Call 05/01/24)(a)(b)

    8,448       7,075,200  

Tronox Inc., 4.63%, 03/15/29
(Call 03/15/24)(a)(b)

    13,249       10,400,465  

Valvoline Inc.

   

3.63%, 06/15/31 (Call 06/15/26)(a)

    6,885       5,232,600  

4.25%, 02/15/30 (Call 02/15/25)(a)(b)

    6,368       6,254,087  

WR Grace Holdings LLC

   

4.88%, 06/15/27 (Call 12/01/23)(a)(b)

    9,318       8,342,405  

5.63%, 08/15/29 (Call 08/15/24)(a)(b)

    14,466       11,211,150  
   

 

 

 
          207,249,438  
Commercial Services — 4.3%            

ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)(a)(b)

    12,178       10,449,738  

Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 12/01/23)(a)

    6,222       5,755,350  

Albion Financing 2 Sarl, 8.75%, 04/15/27 (Call 12/01/23)(a)(b)

    5,500       5,011,325  

Allied Universal Holdco LLC/Allied Universal Finance Corp.

   

6.00%, 06/01/29 (Call 06/01/24)(a)(b)

    12,085       8,749,540  

6.63%, 07/15/26 (Call 12/01/23)(a)

        23,928       22,336,788  

9.75%, 07/15/27 (Call 12/01/23)(a)(b)

    12,535       10,913,974  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl

   

4.63%, 06/01/28 (Call 06/01/24)(a)

    14,816       12,171,344  

4.63%, 06/01/28 (Call 06/01/24)(a)(b)

    8,977       7,307,727  

APX Group Inc.

   

5.75%, 07/15/29 (Call 07/15/24)(a)(b)

    9,338       7,744,844  

6.75%, 02/15/27 (Call 12/01/23)(a)(b)

    7,382       7,107,390  

Avis Budget Car Rental LLC/Avis Budget Finance Inc.

   

4.75%, 04/01/28 (Call 04/01/24)(a)(b)

    6,437       5,528,954  

5.38%, 03/01/29 (Call 03/01/24)(a)(b)

    7,151       6,115,428  

5.75%, 07/15/27 (Call 11/13/23)(a)(b)

    4,719       4,330,390  

Block Inc.

   

2.75%, 06/01/26 (Call 05/01/26)(b)

    12,324       11,095,887  

3.50%, 06/01/31 (Call 03/01/31)(b)

    12,630       9,733,983  

Brink’s Co. (The)

   

4.63%, 10/15/27 (Call 12/01/23)(a)

    6,732       6,083,203  

5.50%, 07/15/25 (Call 12/01/23)(a)

    4,618       4,490,593  

Garda World Security Corp.

   

4.63%, 02/15/27 (Call 12/01/23)(a)(b)

    7,417       6,607,620  

6.00%, 06/01/29 (Call 06/01/24)(a)

    5,997       4,603,195  

7.75%, 02/15/28 (Call 02/15/25)(a)(b)

    5,154       4,934,955  

9.50%, 11/01/27 (Call 12/01/23)(a)

    7,409       6,688,345  

Gartner Inc.

   

3.63%, 06/15/29 (Call 06/15/24)(a)

    6,288       5,308,330  

3.75%, 10/01/30 (Call 10/01/25)(a)

    9,408       7,820,400  

4.50%, 07/01/28 (Call 12/01/23)(a)

    8,997       8,097,390  

Grand Canyon University

   

4.13%, 10/01/24

    1,074       1,021,965  

5.13%, 10/01/28 (Call 08/01/28)(b)

    872       771,546  

GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31 (Call 01/15/27)(a)

    17,968       17,745,871  

Herc Holdings Inc., 5.50%, 07/15/27 (Call 12/01/23)(a)(b)

    14,532       13,678,245  

Hertz Corp. (The)

   

4.63%, 12/01/26 (Call 12/01/23)(a)(b)

    6,173       5,187,840  

5.00%, 12/01/29 (Call 12/01/24)(a)(b)

    12,815       9,226,800  
Security  

Par 

(000)

    Value  
Commercial Services (continued)            

MPH Acquisition Holdings LLC

   

5.50%, 09/01/28 (Call 09/01/24)(a)(b)

  $ 12,977     $ 10,863,371  

5.75%, 11/01/28 (Call 12/01/23)(a)(b)

    11,817       8,808,628  

Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)(a)

    32,599       28,783,287  

Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/23)(a)

    6,331       6,228,385  

Prime Security Services Borrower LLC/Prime Finance Inc.

   

3.38%, 08/31/27 (Call 08/31/26)(a)(b)

    12,426       10,928,667  

5.75%, 04/15/26(a)

    16,613       16,114,610  

6.25%, 01/15/28 (Call 12/01/23)(a)(b)

    16,000       14,848,640  

Sabre GLBL Inc., 11.25%, 12/15/27 (Call 06/15/25)(a)(b)

    6,597       5,845,767  

Sabre Global Inc., 8.63%, 06/01/27 (Call 03/01/25)(a)(b)

    10,530       8,682,775  

Service Corp. International/U.S.

   

3.38%, 08/15/30 (Call 08/15/25)(b)

    10,229       8,153,536  

4.00%, 05/15/31 (Call 05/15/26)(b)

    9,670       7,820,951  

4.63%, 12/15/27 (Call 12/01/23)(b)

    6,805       6,289,909  

5.13%, 06/01/29 (Call 06/01/24)(b)

    8,793       8,054,938  

Sotheby’s, 7.38%, 10/15/27 (Call 11/13/23)(a)(b)

    9,605       8,579,666  

United Rentals North America Inc.

   

3.75%, 01/15/32 (Call 07/15/26)(b)

    8,966       7,155,508  

3.88%, 11/15/27 (Call 11/13/23)

    9,116       8,361,286  

3.88%, 02/15/31 (Call 08/15/25)(b)

    14,128       11,643,238  

4.00%, 07/15/30 (Call 07/15/25)(b)

    9,346       7,871,668  

4.88%, 01/15/28 (Call 11/13/23)(b)

        20,767       19,287,351  

5.25%, 01/15/30 (Call 01/15/25)(b)

    9,171       8,387,262  

5.50%, 05/15/27 (Call 12/01/23)

    5,719       5,516,553  

Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/23)(a)

    13,792       13,720,236  

Williams Scotsman Inc., 7.38%, 10/01/31 (Call 10/01/26)(a)(b)

    6,086       5,984,066  

Williams Scotsman International Inc.,
4.63%, 08/15/28 (Call 12/01/23)(a)(b)

    6,282       5,574,772  
   

 

 

 
          480,124,030  
Computers — 1.4%            

Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b)

    24,980       19,984,000  

NCR Atleos Escrow Corp., 9.50%, 04/01/29 (Call 10/01/26)(a)

    16,477       16,151,250  

NCR Corp.

   

5.00%, 10/01/28 (Call 12/01/23)(a)

    7,861       6,789,939  

5.13%, 04/15/29 (Call 04/15/24)(a)(b)

    14,864       12,822,058  

5.25%, 10/01/30 (Call 10/01/25)(a)

    5,397       4,473,674  

Presidio Holdings Inc.

   

4.88%, 02/01/27 (Call 12/01/23)(a)(b)

    5,805       5,300,570  

8.25%, 02/01/28 (Call 12/01/23)(a)

    6,193       5,874,189  

Seagate HDD Cayman

   

4.09%, 06/01/29 (Call 03/01/29)(b)

    6,021       5,150,965  

4.75%, 01/01/25

    6,161       6,013,735  

4.88%, 06/01/27 (Call 03/01/27)(b)

    6,113       5,730,937  

8.25%, 12/15/29 (Call 07/15/26)(a)(b)

    6,041       6,148,266  

8.50%, 07/15/31 (Call 07/15/26)(a)(b)

    6,155       6,270,406  

9.63%, 12/01/32 (Call 12/01/27)(a)

    9,306       9,933,660  

Vericast Corp., 11.00%, 09/15/26
(Call 12/01/23)(a)

    15,525       16,417,034  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Computers (continued)            

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

  $ 3     $ 2,338  

4.75%, 02/15/26 (Call 11/15/25)(b)

    28,617       26,831,540  
   

 

 

 
          153,894,561  
Cosmetics & Personal Care — 0.4%            

Coty Inc.

   

5.00%, 04/15/26 (Call 12/01/23)(a)(b)

    11,083       10,601,813  

6.50%, 04/15/26 (Call 12/01/23)(a)(b)

    5,890       5,801,650  

Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC

   

4.75%, 01/15/29 (Call 01/15/25)(a)(b)

    5,808       5,142,113  

6.63%, 07/15/30 (Call 07/16/26)(a)

    9,519       9,099,759  

Edgewell Personal Care Co.

   

4.13%, 04/01/29 (Call 04/01/24)(a)

    6,168       5,164,961  

5.50%, 06/01/28 (Call 12/01/23)(a)(b)

    9,352       8,533,232  
   

 

 

 
      44,343,528  
Distribution & Wholesale — 0.4%            

American Builders & Contractors Supply Co. Inc.

 

3.88%, 11/15/29 (Call 11/15/24)(a)(b)

    4,856       4,030,480  

4.00%, 01/15/28 (Call 12/01/23)(a)

    8,442       7,569,857  

H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)(b)

    15,580       13,205,514  

Ritchie Bros Holdings Inc.

   

6.75%, 03/15/28 (Call 03/15/25)(a)

    6,289       6,176,366  

7.75%, 03/15/31 (Call 03/15/26)(a)(b)

    9,964       10,001,365  

Wesco Aircraft Holdings Inc.

   

8.50%, 11/15/24 (Call 12/01/23)(a)

    9,458       359,404  

9.00%, 11/15/26 (Call 12/01/23)(a)(b)

    13,501       1,080,080  
   

 

 

 
      42,423,066  
Diversified Financial Services — 3.7%            

AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24), (5-year CMT +
4.535%)(b)(c)

    2,456       2,290,220  

AG Issuer LLC, 6.25%, 03/01/28 (Call 12/01/23)(a)

    6,075       5,611,374  

AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a)

    6,469       6,473,205  

Ally Financial Inc.

   

5.75%, 11/20/25 (Call 10/21/25)(b)

        12,820       12,261,665  

6.70%, 02/14/33 (Call 11/16/32)(b)

    6,035       5,081,387  

Aretec Escrow Issuer 2 Inc., 10.00%, 08/15/30 (Call 08/15/26)(a)

    2,745       2,782,744  

Burford Capital Global Finance LLC

   

6.25%, 04/15/28 (Call 04/15/24)(a)(b)

    4,877       4,448,140  

9.25%, 07/01/31 (Call 07/01/26)(a)(b)

    4,649       4,588,563  

Coinbase Global Inc.

   

3.38%, 10/01/28 (Call 10/01/24)(a)(b)

    12,445       9,084,850  

3.63%, 10/01/31 (Call 10/01/26)(a)(b)

    9,233       6,275,670  

Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a)(b)

    7,992       3,036,960  

GGAM Finance Ltd.

   

8.00%, 06/15/28 (Call 12/15/27)(a)(b)

    7,091       6,991,736  

7.75%, 05/15/26 (Call 11/15/25)(a)(b)

    5,002       4,949,279  

Home Point Capital Inc., 5.00%, 02/01/26 (Call 12/01/23)(a)

    5,988       5,553,870  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)

    11,734       9,308,582  

LD Holdings Group LLC

   

6.13%, 04/01/28 (Call 04/01/24)(a)(b)

    6,550       3,669,911  

6.50%, 11/01/25 (Call 12/01/23)(a)(b)

    6,784       5,481,811  
Security  

Par 

(000)

    Value  
Diversified Financial Services (continued)            

Macquarie Airfinance Holdings Ltd.

   

8.13%, 03/30/29 (Call 09/30/25)(a)(b)

  $ 5,894     $ 5,787,672  

8.38%, 05/01/28 (Call 05/01/25)(a)

    6,163       6,141,183  

Midcap Financial Issuer Trust

   

5.63%, 01/15/30 (Call 01/15/25)(a)(b)

    5,213       4,036,523  

6.50%, 05/01/28 (Call 05/01/24)(a)

    12,451       10,610,742  

Nationstar Mortgage Holdings Inc.

   

5.13%, 12/15/30 (Call 12/15/25)(a)(b)

    8,521       6,946,745  

5.50%, 08/15/28 (Call 12/01/23)(a)(b)

    10,378       9,192,962  

5.75%, 11/15/31 (Call 11/15/26)(a)(b)

    6,841       5,664,160  

6.00%, 01/15/27 (Call 12/01/23)(a)(b)

    7,531       7,005,175  

Navient Corp.

   

4.88%, 03/15/28 (Call 06/15/27)

    6,056       5,005,284  

5.00%, 03/15/27 (Call 09/15/26)(b)

    8,716       7,616,331  

5.50%, 03/15/29 (Call 06/15/28)

    8,914       7,209,755  

5.88%, 10/25/24(b)

    919       898,731  

6.75%, 06/25/25

    5,797       5,652,779  

6.75%, 06/15/26

    5,904       5,596,734  

9.38%, 07/25/30 (Call 10/25/29)(b)

    5,960       5,591,672  

11.50%, 03/15/31 (Call 03/15/27)

    4,855       4,845,775  

NFP Corp.

   

4.88%, 08/15/28 (Call 12/01/23)(a)(b)

    6,642       5,835,163  

6.88%, 08/15/28 (Call 12/01/23)(a)

        25,967       22,192,567  

OneMain Finance Corp.

   

3.50%, 01/15/27 (Call 01/15/24)(b)

    9,236       7,804,420  

3.88%, 09/15/28 (Call 09/15/24)

    7,696       6,105,947  

4.00%, 09/15/30 (Call 09/15/25)(b)

    9,986       7,347,699  

5.38%, 11/15/29 (Call 05/15/29)(b)

    9,250       7,621,229  

6.63%, 01/15/28 (Call 07/15/27)(b)

    9,905       9,050,694  

6.88%, 03/15/25(b)

    15,962       15,742,076  

7.13%, 03/15/26

    20,084       19,502,050  

9.00%, 01/15/29 (Call 07/15/25)(b)

    6,511       6,348,225  

PennyMac Financial Services Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(a)

    7,476       6,110,615  

5.38%, 10/15/25 (Call 12/01/23)(a)

    7,519       7,135,055  

5.75%, 09/15/31 (Call 09/15/26)(a)(b)

    6,478       5,305,482  

PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)(a)(b)

    5,297       4,356,782  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.

   

2.88%, 10/15/26 (Call 12/01/23)(a)

    14,133       12,300,101  

3.63%, 03/01/29 (Call 03/01/24)(a)(b)

    8,995       7,314,926  

3.88%, 03/01/31 (Call 03/01/26)(a)(b)

    15,303       11,847,073  

4.00%, 10/15/33 (Call 10/15/27)(a)(b)

    10,269       7,544,121  

SLM Corp.

   

3.13%, 11/02/26 (Call 10/02/26)(b)

    6,167       5,391,500  

4.20%, 10/29/25 (Call 09/29/25)(b)

    5,906       5,504,885  

Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)

    9,115       7,745,724  

United Wholesale Mortgage LLC

   

5.50%, 11/15/25 (Call 12/01/23)(a)

    9,674       9,208,215  

5.50%, 04/15/29 (Call 04/15/24)(a)

    8,354       6,933,820  

5.75%, 06/15/27 (Call 06/15/24)(a)

    6,615       6,019,187  
   

 

 

 
          405,959,746  
Electric — 2.8%            

Calpine Corp.

   

3.75%, 03/01/31 (Call 03/01/26)(a)(b)

    11,044       8,923,552  

4.50%, 02/15/28 (Call 12/01/23)(a)

    15,202       13,754,009  

4.63%, 02/01/29 (Call 02/01/24)(a)(b)

    7,988       6,742,511  

5.00%, 02/01/31 (Call 02/01/26)(a)(b)

    10,174       8,212,962  

5.13%, 03/15/28 (Call 12/01/23)(a)(b)

    17,283       15,467,594  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Electric (continued)            

5.25%, 06/01/26 (Call 12/01/23)(a)

  $ 4,948     $ 4,757,502  

Clearway Energy Operating LLC

   

3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    11,378       8,874,271  

4.75%, 03/15/28 (Call 11/13/23)(a)

    10,441       9,318,592  

DPL Inc.

   

4.13%, 07/01/25 (Call 04/01/25)(b)

    5,606       5,286,458  

4.35%, 04/15/29 (Call 01/15/29)(b)

    4,774       3,914,936  

Edison International, 8.13%, 06/15/53 (Call 03/15/28), (5-year CMT + 3.864%)(c)

    6,530       6,298,054  

Electricite de France SA, 9.13%, (Call 03/15/33), (5-year CMT +
5.411%)(a)(c)(d)

    18,503       18,934,507  

Emera Inc., Series 16-A, 6.75%, 06/15/76
(Call 06/15/26), (3-mo. LIBOR US + 5.440%)(b)(c)

    14,068       13,205,857  

FirstEnergy Corp.

   

2.65%, 03/01/30 (Call 12/01/29)(b)

    7,373       5,935,887  

Series B, 2.25%, 09/01/30 (Call 06/01/30)

    5,407       4,153,202  

Series B, 4.15%, 07/15/27
(Call 04/15/27)(b)

    18,815       17,424,854  

NextEra Energy Operating Partners LP

   

3.88%, 10/15/26 (Call 07/15/26)(a)(b)

    6,007       5,460,663  

4.25%, 09/15/24 (Call 07/15/24)(a)

    218       207,709  

4.50%, 09/15/27 (Call 06/15/27)(a)(b)

    6,642       5,942,930  

NRG Energy Inc.

   

3.38%, 02/15/29 (Call 02/15/24)(a)

    6,063       4,932,398  

3.63%, 02/15/31 (Call 02/15/26)(a)(b)

    12,564       9,481,297  

3.88%, 02/15/32 (Call 02/15/27)(a)

    13,579       10,117,713  

5.25%, 06/15/29 (Call 06/15/24)(a)

    9,199       8,161,813  

5.75%, 01/15/28 (Call 11/16/23)(b)

    10,363       9,712,540  

PG&E Corp.

   

5.00%, 07/01/28 (Call 11/13/23)(b)

    12,360       11,198,900  

5.25%, 07/01/30 (Call 07/01/25)(b)

    12,474       10,960,488  

Talen Energy Supply LLC, 8.63%, 06/01/30 (Call 06/01/26)(a)(b)

    14,658       14,935,476  

Vistra Operations Co. LLC

   

4.38%, 05/01/29 (Call 05/01/24)(a)

    15,838       13,446,719  

5.00%, 07/31/27 (Call 11/13/23)(a)

    15,991       14,697,728  

5.50%, 09/01/26 (Call 11/13/23)(a)

    12,140       11,542,050  

5.63%, 02/15/27 (Call 11/13/23)(a)

    16,415       15,450,619  

7.75%, 10/15/31 (Call 10/15/26)(a)

        13,570       13,095,050  
   

 

 

 
          310,548,841  
Electrical Components & Equipment — 0.4%  

Energizer Holdings Inc.

   

4.38%, 03/31/29 (Call 12/01/23)(a)(b)

    9,290       7,640,421  

4.75%, 06/15/28 (Call 12/01/23)(a)

    7,510       6,434,193  

WESCO Distribution Inc.

   

7.13%, 06/15/25 (Call 12/01/23)(a)

    18,834       18,841,063  

7.25%, 06/15/28 (Call 12/01/23)(a)(b)

    16,284       16,195,387  
   

 

 

 
      49,111,064  
Electronics — 0.6%            

Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)(b)

    24,504       21,339,063  

Sensata Technologies BV

   

4.00%, 04/15/29 (Call 04/15/24)(a)(b)

    12,071       10,260,350  

5.00%, 10/01/25(a)

    7,927       7,704,119  

5.63%, 11/01/24(a)

    4,491       4,448,308  

5.88%, 09/01/30 (Call 09/01/25)(a)(b)

    5,946       5,415,603  
Security  

Par 

(000)

    Value  
Electronics (continued)            

Sensata Technologies Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)(b)

  $ 9,244     $ 7,392,450  

4.38%, 02/15/30 (Call 11/15/29)(a)

    5,358       4,531,305  
   

 

 

 
          61,091,198  
Energy - Alternate Sources — 0.1%            

TerraForm Power Operating LLC

   

4.75%, 01/15/30 (Call 01/15/25)(a)

    8,426       7,119,970  

5.00%, 01/31/28 (Call 07/31/27)(a)(b)

    8,495       7,741,302  
   

 

 

 
      14,861,272  
Engineering & Construction — 0.1%            

Brand Industrial Services Inc.,
10.38%, 08/01/30 (Call 08/01/26)(a)(b)

    16,740       16,658,044  
   

 

 

 
Entertainment — 3.4%            

AMC Entertainment Holdings Inc.,
7.50%, 02/15/29 (Call 02/15/25)(a)(b)

    11,657       8,101,615  

Caesars Entertainment Inc.

   

4.63%, 10/15/29 (Call 10/15/24)(a)(b)

    14,697       12,086,445  

6.25%, 07/01/25 (Call 11/13/23)(a)

    41,121       40,452,784  

7.00%, 02/15/30 (Call 02/15/26)(a)(b)

        25,069       24,151,740  

8.13%, 07/01/27 (Call 12/01/23)(a)(b)

    22,566       22,413,679  

Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/13/23)(a)

    12,436       12,242,378  

CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a)

    14,854       13,236,994  

Cedar Fair LP, 5.25%, 07/15/29
(Call 07/15/24)(b)

    6,352       5,457,750  

Cedar Fair LP/Canada’s Wonderland
Co./Magnum Management Corp./Millennium Op

   

5.38%, 04/15/27 (Call 12/01/23)(b)

    6,047       5,594,987  

5.50%, 05/01/25 (Call 12/01/23)(a)

    12,427       12,190,026  

Churchill Downs Inc.

   

4.75%, 01/15/28 (Call 12/01/23)(a)

    8,247       7,414,300  

5.50%, 04/01/27 (Call 12/01/23)(a)

    7,291       6,846,476  

6.75%, 05/01/31 (Call 05/01/26)(a)

    7,259       6,754,079  

Cinemark USA Inc.

   

5.25%, 07/15/28 (Call 07/15/24)(a)(b)

    9,306       8,090,853  

5.88%, 03/15/26 (Call 12/01/23)(a)(b)

    4,788       4,560,969  

International Game Technology PLC

   

4.13%, 04/15/26 (Call 12/01/23)(a)(b)

    9,569       9,018,782  

5.25%, 01/15/29 (Call 01/15/24)(a)

    9,345       8,503,950  

6.25%, 01/15/27 (Call 07/15/26)(a)

    9,278       9,046,862  

6.50%, 02/15/25 (Call 08/15/24)(a)

    6,164       6,102,668  

Light & Wonder International Inc.

   

7.00%, 05/15/28 (Call 12/01/23)(a)

    8,402       8,205,771  

7.25%, 11/15/29 (Call 11/15/24)(a)(b)

    6,770       6,554,228  

7.50%, 09/01/31 (Call 09/01/26)(a)

    6,525       6,377,992  

Live Nation Entertainment Inc.

   

3.75%, 01/15/28 (Call 01/15/24)(a)(b)

    6,416       5,619,010  

4.75%, 10/15/27 (Call 12/01/23)(a)(b)

    11,751       10,740,003  

4.88%, 11/01/24 (Call 12/01/23)(a)(b)

    6,595       6,438,896  

6.50%, 05/15/27 (Call 12/01/23)(a)

    14,801       14,398,117  

Mohegan Gaming & Entertainment

   

7.88%, 10/15/24 (Call 11/16/23)(a)

    1,643       1,592,478  

8.00%, 02/01/26 (Call 12/01/23)(a)(b)

    14,438       13,264,912  

Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a)(b)

    5,581       5,534,957  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Entertainment (continued)            

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.

   

5.63%, 09/01/29 (Call 09/01/24)(a)(b)

  $ 8,915     $ 6,246,741  

5.88%, 09/01/31 (Call 09/01/26)(a)(b)

    8,502       5,717,595  

Resorts World Las Vegas LLC/RWLV Capital
Inc.

 

4.63%, 04/16/29 (Call 01/16/29)(a)(b)

    12,230       9,356,561  

8.45%, 07/27/30 (Call 05/27/30)(a)

    4,911       4,541,856  

Six Flags Entertainment Corp.

   

5.50%, 04/15/27 (Call 12/01/23)(a)(b)

    5,921       5,366,202  

7.25%, 05/15/31 (Call 05/15/26)(a)(b)

    9,356       8,607,520  

Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/23)(a)

    28       27,825  

WMG Acquisition Corp.

   

3.00%, 02/15/31 (Call 02/15/26)(a)(b)

        10,129       7,864,010  

3.75%, 12/01/29 (Call 12/01/24)(a)(b)

    6,350       5,330,063  

3.88%, 07/15/30 (Call 07/15/25)(a)

    6,176       5,130,712  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

   

5.13%, 10/01/29 (Call 07/01/29)(a)(b)

    9,175       7,799,668  

7.13%, 02/15/31 (Call 11/15/30)(a)(b)

    7,514       6,977,876  
   

 

 

 
          373,960,330  
Environmental Control — 0.8%            

Clean Harbors Inc.

   

4.88%, 07/15/27 (Call 12/01/23)(a)

    6,921       6,454,989  

6.38%, 02/01/31 (Call 02/01/26)(a)

    6,660       6,322,976  

Covanta Holding Corp.

   

4.88%, 12/01/29 (Call 12/01/24)(a)(b)

    9,920       7,737,600  

5.00%, 09/01/30 (Call 09/01/25)(b)

    5,285       4,119,499  

GFL Environmental Inc.

   

3.50%, 09/01/28 (Call 03/01/28)(a)(b)

    8,914       7,626,259  

3.75%, 08/01/25 (Call 12/01/23)(a)

    9,346       8,846,740  

4.00%, 08/01/28 (Call 11/14/23)(a)(b)

    9,369       8,063,802  

4.25%, 06/01/25 (Call 12/01/23)(a)

    6,025       5,789,242  

4.38%, 08/15/29 (Call 08/15/24)(a)

    6,678       5,701,029  

4.75%, 06/15/29 (Call 06/15/24)(a)(b)

    8,734       7,641,487  

5.13%, 12/15/26 (Call 12/01/23)(a)(b)

    5,786       5,485,099  

Madison IAQ LLC

   

4.13%, 06/30/28 (Call 06/30/24)(a)(b)

    8,881       7,415,635  

5.88%, 06/30/29 (Call 06/30/24)(a)

    12,561       9,734,775  
   

 

 

 
      90,939,132  
Food — 2.3%            

Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC

   

3.25%, 03/15/26 (Call 12/01/23)(a)

    9,407       8,719,113  

3.50%, 03/15/29 (Call 12/01/23)(a)(b)

    17,010       14,493,200  

4.63%, 01/15/27 (Call 12/01/23)(a)(b)

    16,610       15,584,548  

4.88%, 02/15/30 (Call 02/15/25)(a)(b)

    12,896       11,528,637  

5.88%, 02/15/28 (Call 12/01/23)(a)

    9,397       8,974,135  

6.50%, 02/15/28 (Call 02/15/25)(a)(b)

    9,844       9,665,804  

7.50%, 03/15/26 (Call 12/01/23)(a)(b)

    6,527       6,633,064  

B&G Foods Inc.

   

5.25%, 04/01/25 (Call 12/01/23)(b)

    2,428       2,330,880  

5.25%, 09/15/27 (Call 12/01/23)(b)

    6,678       5,498,017  

8.00%, 09/15/28 (Call 09/15/25)(b)

    6,741       6,569,812  

Lamb Weston Holdings Inc.

   

4.13%, 01/31/30 (Call 01/31/25)(a)(b)

    11,889       10,097,823  

4.38%, 01/31/32 (Call 01/31/27)(a)(b)

    7,999       6,613,333  

4.88%, 05/15/28 (Call 11/15/27)(a)(b)

    5,979       5,508,154  
Security  

Par 

(000)

    Value  
Food (continued)            

Performance Food Group Inc.

   

4.25%, 08/01/29 (Call 08/01/24)(a)(b)

  $ 12,160     $ 10,278,916  

5.50%, 10/15/27 (Call 12/01/23)(a)

    13,037       12,184,163  

Pilgrim’s Pride Corp.

   

3.50%, 03/01/32 (Call 09/01/26)

    11,376       8,666,237  

4.25%, 04/15/31 (Call 04/15/26)

    12,078       9,948,286  

6.25%, 07/01/33 (Call 04/01/33)(b)

    12,282       11,298,663  

6.88%, 05/15/34 (Call 02/15/34)

    2,109       1,995,135  

Post Holdings Inc.

   

4.50%, 09/15/31 (Call 09/15/26)(a)(b)

    14,009       11,346,123  

4.63%, 04/15/30 (Call 04/15/25)(a)(b)

    18,092       15,173,006  

5.50%, 12/15/29 (Call 12/15/24)(a)(b)

    15,010       13,265,088  

5.63%, 01/15/28 (Call 11/16/23)(a)(b)

    11,031       10,249,821  

5.75%, 03/01/27 (Call 11/16/23)(a)(b)

    5,908       5,621,979  

U.S. Foods Inc.

   

4.63%, 06/01/30 (Call 06/01/25)(a)(b)

    6,482       5,534,008  

4.75%, 02/15/29 (Call 02/15/24)(a)

        10,969       9,652,720  

6.88%, 09/15/28 (Call 09/15/25)

    6,404       6,283,925  

7.25%, 01/15/32 (Call 09/15/26)(a)(b)

    5,929       5,825,767  
   

 

 

 
          249,540,357  
Food Service — 0.3%            

Aramark Services Inc.

   

5.00%, 04/01/25 (Call 12/01/23)(a)(b)

    7,075       6,906,969  

5.00%, 02/01/28 (Call 12/01/23)(a)(b)

    14,163       12,994,552  

TKC Holdings Inc.

   

6.88%, 05/15/28 (Call 05/15/24)(a)(b)

    5,181       4,468,729  

10.50%, 05/15/29 (Call 05/15/24)(a)(b)

    8,651       6,947,575  
   

 

 

 
      31,317,825  
Forest Products & Paper — 0.1%            

Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b)

    10,661       8,362,169  
   

 

 

 
Gas — 0.3%            

AmeriGas Partners LP/AmeriGas Finance Corp.

   

5.50%, 05/20/25 (Call 02/20/25)

    8,438       8,082,887  

5.75%, 05/20/27 (Call 02/20/27)(b)

    6,697       6,159,284  

5.88%, 08/20/26 (Call 05/20/26)(b)

    8,105       7,600,464  

9.38%, 06/01/28 (Call 06/01/25)(a)(b)

    6,787       6,729,812  
   

 

 

 
      28,572,447  
Health Care - Products — 1.3%            

Avantor Funding Inc.

   

3.88%, 11/01/29 (Call 11/01/24)(a)(b)

    9,247       7,740,664  

4.63%, 07/15/28 (Call 12/01/23)(a)(b)

    19,508       17,386,505  

Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (Call 10/01/25)(a)

    16,813       16,695,590  

Hologic Inc.

   

3.25%, 02/15/29 (Call 12/01/23)(a)

    10,717       8,943,980  

4.63%, 02/01/28 (Call 12/01/23)(a)(b)

    4,722       4,300,561  

Mozart Debt Merger Sub Inc.

   

3.88%, 04/01/29 (Call 10/01/24)(a)

    54,865       46,292,344  

5.25%, 10/01/29 (Call 10/01/24)(a)(b)

    31,133       26,463,050  

Teleflex Inc.

   

4.25%, 06/01/28 (Call 12/01/23)(a)

    5,873       5,199,088  

4.63%, 11/15/27 (Call 11/16/23)(b)

    5,858       5,373,250  
   

 

 

 
      138,395,032  
Health Care - Services — 4.6%            

Catalent Pharma Solutions Inc.

   

3.13%, 02/15/29 (Call 02/15/24)(a)(b)

    6,471       5,078,252  

3.50%, 04/01/30 (Call 04/01/25)(a)(b)

    7,429       5,831,765  

5.00%, 07/15/27 (Call 12/01/23)(a)

    6,077       5,416,126  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Health Care - Services (continued)            

Charles River Laboratories International Inc.

   

3.75%, 03/15/29 (Call 03/15/24)(a)(b)

  $ 6,001     $ 5,081,610  

4.00%, 03/15/31 (Call 03/15/26)(a)(b)

    5,751       4,701,788  

4.25%, 05/01/28 (Call 11/16/23)(a)

    6,015       5,359,064  

CHS/Community Health Systems Inc.

   

4.75%, 02/15/31 (Call 02/15/26)(a)(b)

    12,967       8,768,934  

5.25%, 05/15/30 (Call 05/15/25)(a)(b)

    19,076       13,543,960  

5.63%, 03/15/27 (Call 12/15/23)(a)(b)

    24,102       19,404,400  

6.00%, 01/15/29 (Call 01/15/24)(a)(b)

    10,812       8,190,090  

6.13%, 04/01/30 (Call 04/01/25)(a)(b)

    14,463       5,604,413  

6.88%, 04/01/28 (Call 11/16/23)(a)

    8,657       3,744,153  

6.88%, 04/15/29 (Call 04/15/24)(a)(b)

    16,223       6,651,430  

8.00%, 03/15/26 (Call 12/01/23)(a)(b)

        26,332           24,019,084  

8.00%, 12/15/27 (Call 11/16/23)(a)(b)

    8,659       7,360,150  

DaVita Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)

    19,011       13,672,160  

4.63%, 06/01/30 (Call 06/01/25)(a)(b)

    34,199       26,803,466  

Encompass Health Corp.

   

4.50%, 02/01/28 (Call 12/01/23)

    9,653       8,702,469  

4.63%, 04/01/31 (Call 04/01/26)

    4,668       3,886,110  

4.75%, 02/01/30 (Call 02/01/25)

    9,986       8,652,314  

Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/28 (Call 05/15/25)(a)(b)

    8,288       7,955,485  

IQVIA Inc.

   

5.00%, 10/15/26 (Call 12/01/23)(a)

    12,820       12,255,920  

5.00%, 05/15/27 (Call 12/01/23)(a)

    13,984       13,175,865  

6.50%, 05/15/30 (Call 05/15/26)(a)(b)

    6,254       6,068,788  

Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 12/01/23)(a)(b)

    7,445       6,151,431  

Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)

    6,219       3,770,269  

LifePoint Health Inc.

   

9.88%, 08/15/30 (Call 08/15/26)

    10,085       9,127,390  

11.00%, 10/15/30 (Call 10/15/26)(a)(b)

    11,993       11,289,011  

ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b)

    6,495       4,731,932  

ModivCare Inc., 5.88%, 11/15/25 (Call 12/01/23)(a)(b)

    6,488       6,160,960  

Molina Healthcare Inc.

   

3.88%, 11/15/30 (Call 08/17/30)(a)(b)

    7,870       6,420,756  

3.88%, 05/15/32 (Call 02/15/32)(a)(b)

    8,840       6,979,291  

4.38%, 06/15/28 (Call 12/01/23)(a)(b)

    9,812       8,774,381  

Radiology Partners Inc., 9.25%, 02/01/28 (Call 12/01/23)(a)

    8,333       3,170,112  

RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/23)(a)(b)

    17,922       16,712,265  

RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/01/23)(a)(b)

    9,336       6,651,900  

Select Medical Corp., 6.25%, 08/15/26 (Call 12/01/23)(a)(b)

    15,097       14,710,139  

Star Parent Inc., 9.00%, 10/01/30 (Call 10/01/26)(a)(b)

    12,308       12,208,305  

Tenet Healthcare Corp.

   

4.25%, 06/01/29 (Call 06/01/24)(b)

    16,946       14,486,864  

4.38%, 01/15/30 (Call 12/01/24)(b)

    18,190       15,393,287  

4.63%, 06/15/28 (Call 11/16/23)

    7,312       6,510,378  

4.88%, 01/01/26 (Call 11/16/23)

    26,107       25,052,538  

5.13%, 11/01/27 (Call 11/16/23)

    18,624       17,207,179  

6.13%, 10/01/28 (Call 12/01/23)(b)

    30,929       28,647,986  

6.13%, 06/15/30 (Call 06/15/25)(b)

    24,648       22,866,361  
Security  

Par 

(000)

    Value  
Health Care - Services (continued)            

6.25%, 02/01/27 (Call 11/16/23)(b)

  $ 18,458     $ 17,754,353  

6.75%, 05/15/31 (Call 05/15/26)(a)(b)

    16,826       15,963,667  
   

 

 

 
          510,668,551  
Holding Companies - Diversified — 0.5%            

Compass Group Diversified Holdings LLC,

   

5.25%, 04/15/29 (Call 04/15/24)(a)(b)

    12,083       10,346,733  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

   

4.38%, 02/01/29 (Call 08/01/28)(b)

    9,335       7,234,236  

5.25%, 05/15/27 (Call 11/15/26)

    18,093       15,514,748  

6.25%, 05/15/26 (Call 12/01/23)(b)

        15,709       14,336,426  

6.38%, 12/15/25 (Call 12/01/23)(b)

    9,250       8,683,664  
   

 

 

 
      56,115,807  
Home Builders — 0.5%            

Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)(b)

    4,912       3,837,500  

Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC

   

4.88%, 02/15/30 (Call 02/15/25)(a)(b)

    6,123       4,670,403  

6.25%, 09/15/27 (Call 12/01/23)(a)

    7,080       6,187,551  

Century Communities Inc.

   

3.88%, 08/15/29 (Call 02/15/29)(a)

    6,533       5,275,398  

6.75%, 06/01/27 (Call 12/01/23)(b)

    6,536       6,313,792  

Mattamy Group Corp.

   

4.63%, 03/01/30 (Call 03/01/25)(a)(b)

    7,550       6,167,563  

5.25%, 12/15/27 (Call 12/01/23)(a)

    5,890       5,288,558  

Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)

    993       973,140  

Taylor Morrison Communities Inc.

   

5.13%, 08/01/30 (Call 02/01/30)(a)(b)

    5,999       5,027,162  

5.75%, 01/15/28 (Call 10/15/27)(a)

    4,915       4,479,490  

5.88%, 06/15/27 (Call 03/15/27)(a)

    5,885       5,517,188  
   

 

 

 
      53,737,745  
Home Furnishings — 0.1%            

Tempur Sealy International Inc.

   

3.88%, 10/15/31 (Call 10/15/26)(a)

    10,096       7,559,380  

4.00%, 04/15/29 (Call 04/15/24)(a)

    9,670       7,924,600  
   

 

 

 
      15,483,980  
Household Products & Wares — 0.2%            

Central Garden & Pet Co.

   

4.13%, 10/15/30 (Call 10/15/25)(b)

    6,354       5,178,510  

4.13%, 04/30/31 (Call 04/30/26)(a)

    4,755       3,780,225  

Kronos Acquisition Holdings Inc./KIK Custom Products Inc.

   

5.00%, 12/31/26 (Call 12/01/23)(a)

    5,765       5,217,325  

7.00%, 12/31/27 (Call 12/31/23)(a)(b)

    5,927       5,052,767  

Spectrum Brands Inc., 3.88%, 03/15/31 (Call 03/15/26)(a)(b)

    5,987       4,797,084  
   

 

 

 
      24,025,911  
Housewares — 0.5%            

Newell Brands Inc.

   

4.88%, 06/01/25 (Call 05/01/25)(b)

    6,312       6,029,313  

5.20%, 04/01/26 (Call 01/01/26)(b)

    25,149       23,712,813  

6.38%, 09/15/27 (Call 06/15/27)(b)

    6,043       5,657,517  

6.63%, 09/15/29 (Call 06/15/29)(b)

    5,926       5,451,920  

Scotts Miracle-Gro Co. (The)

   

4.00%, 04/01/31 (Call 04/01/26)(b)

    5,398       4,014,223  

4.38%, 02/01/32 (Call 08/01/26)(b)

    4,810       3,525,249  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Housewares (continued)            

4.50%, 10/15/29 (Call 10/15/24)(b)

  $ 5,055     $ 3,993,333  
   

 

 

 
      52,384,368  
Insurance — 1.5%            

Acrisure LLC/Acrisure Finance Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(a)(b)

    8,388       6,888,645  

6.00%, 08/01/29 (Call 08/01/24)(a)

    6,038       4,850,094  

7.00%, 11/15/25 (Call 12/01/23)(a)(b)

    11,893       11,539,778  

10.13%, 08/01/26 (Call 12/01/23)(a)(b)

    5,294       5,323,439  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

   

4.25%, 10/15/27 (Call 12/01/23)(a)

    9,041       7,956,080  

5.88%, 11/01/29 (Call 11/01/24)(a)

    5,731       4,810,172  

6.75%, 10/15/27 (Call 12/01/23)(a)(b)

    16,893       15,396,562  

6.75%, 04/15/28 (Call 04/15/25)(a)

    15,173       14,414,350  

AssuredPartners Inc.

   

5.63%, 01/15/29 (Call 12/15/23)(a)

    6,499       5,511,704  

7.00%, 08/15/25 (Call 12/01/23)(a)(b)

    5,868       5,761,003  

Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26), (5-year CMT +
3.796%)(a)(b)(c)

    9,265       6,472,529  

GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/23)(a)(b)

    5,831       5,674,639  

Hub International Ltd.

   

5.63%, 12/01/29 (Call 12/01/24)(a)(b)

    6,955       5,997,905  

7.00%, 05/01/26 (Call 11/13/23)(a)(b)

    19,580       18,979,873  

HUB International Ltd., 7.25%, 06/15/30 (Call 06/15/26)(a)

        26,915       26,242,125  

Jones Deslauriers Insurance Management Inc.,

 

8.50%, 03/15/30 (Call 03/15/26)(a)

    9,083       8,948,458  

Liberty Mutual Group Inc.

   

4.13%, 12/15/51 (Call 09/15/26),
(5-year CMT + 3.315%)(a)(b)(c)

    5,997       4,761,779  

4.30%, 02/01/61 (Call 02/01/26)(a)

    9,675       5,067,385  
   

 

 

 
          164,596,520  
Internet — 1.7%            

Arches Buyer Inc.

   

4.25%, 06/01/28 (Call 12/01/23)(a)(b)

    12,191       10,103,291  

6.13%, 12/01/28 (Call 12/01/23)(a)(b)

    6,567       5,304,297  

EquipmentShare.com Inc., 9.00%, 05/15/28 (Call 05/15/25)(a)(b)

    12,661       11,944,071  

Gen Digital Inc., 5.00%, 04/15/25 (Call 11/13/23)(a)

    13,045       12,674,954  

Go Daddy Operating Co. LLC/GD Finance Co. Inc.

   

3.50%, 03/01/29 (Call 03/01/24)(a)

    9,906       8,291,817  

5.25%, 12/01/27 (Call 12/01/23)(a)(b)

    7,099       6,663,618  

Match Group Holdings II LLC

   

3.63%, 10/01/31 (Call 10/01/26)(a)(b)

    6,373       4,895,681  

4.13%, 08/01/30 (Call 05/01/25)(a)(b)

    5,817       4,745,581  

4.63%, 06/01/28 (Call 12/01/23)(a)(b)

    6,308       5,639,478  

5.00%, 12/15/27 (Call 12/01/23)(a)(b)

    5,398       4,981,598  

Newfold Digital Holdings Group Inc.

   

6.00%, 02/15/29 (Call 02/15/24)(a)

    107       70,611  

11.75%, 10/15/28 (Call 10/15/25)(a)

    3,710       3,747,471  

NortonLifeLock Inc.

   

6.75%, 09/30/27 (Call 09/30/24)(a)

    11,238       10,957,050  

7.13%, 09/30/30 (Call 09/30/25)(a)(b)

    7,508       7,308,354  

Rakuten Group Inc.

   

5.13%, (Call 04/22/26), (5-year CMT + 4.578%)(a)(b)(c)(d)

    9,207       6,721,110  
Security  

Par 

(000)

    Value  
Internet (continued)            

6.25%, (Call 04/22/31), (5-year CMT + 4.956%)(a)(b)(c)(d)

  $ 12,724     $ 8,021,340  

10.25%, 11/30/24 (Call 11/28/23)(a)(b)

    11,736       11,882,700  

Uber Technologies Inc.

   

4.50%, 08/15/29 (Call 08/15/24)(a)(b)

    18,701       16,503,633  

6.25%, 01/15/28 (Call 11/13/23)(a)(b)

    6,267       6,039,428  

7.50%, 05/15/25 (Call 12/01/23)(a)

    12,038       12,077,455  

7.50%, 09/15/27 (Call 11/21/23)(a)

    14,987       15,024,468  

8.00%, 11/01/26 (Call 12/01/23)(a)

    17,489       17,612,298  
   

 

 

 
          191,210,304  
Iron & Steel — 0.6%            

ATI Inc., 7.25%, 08/15/30 (Call 08/15/26)

    5,201       4,996,536  

Cleveland-Cliffs Inc.

   

5.88%, 06/01/27 (Call 12/01/23)(b)

    6,532       6,223,167  

6.75%, 03/15/26 (Call 12/01/23)(a)

    9,924       9,851,843  

6.75%, 04/15/30 (Call 04/15/26)(a)(b)

    9,246       8,552,550  

Mineral Resources Ltd.

   

8.00%, 11/01/27 (Call 11/01/24)(a)

    8,265       7,986,387  

8.13%, 05/01/27 (Call 12/01/23)(a)(b)

    8,727       8,490,067  

8.50%, 05/01/30 (Call 05/01/25)(a)

    7,978       7,672,593  

9.25%, 10/01/28 (Call 10/01/25)(a)

    12,385       12,385,000  
   

 

 

 
      66,158,143  
Leisure Time — 1.2%            

Carnival Holdings Bermuda Ltd.,
10.38%, 05/01/28 (Call 05/01/25)(a)(b)

        25,280       26,954,800  

Life Time Inc.

   

5.75%, 01/15/26 (Call 12/01/23)(a)(b)

    11,307       10,958,642  

8.00%, 04/15/26 (Call 12/01/23)(a)(b)

    5,868       5,721,300  

NCL Corp. Ltd.

   

3.63%, 12/15/24 (Call 11/14/23)(a)

    7,122       6,739,193  

5.88%, 03/15/26 (Call 12/15/25)(a)(b)

    17,729       15,911,777  

5.88%, 02/15/27 (Call 02/15/24)(a)

    12,301       11,331,637  

7.75%, 02/15/29 (Call 11/15/28)(a)(b)

    7,694       6,714,554  

8.13%, 01/15/29 (Call 01/15/26)(a)

    8,625       8,430,937  

8.38%, 02/01/28 (Call 02/01/25)(a)(b)

    7,712       7,624,276  

NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b)

    7,079       5,929,087  

Viking Cruises Ltd.

   

5.88%, 09/15/27 (Call 12/01/23)(a)

    10,391       9,361,252  

7.00%, 02/15/29 (Call 02/15/24)(a)(b)

    5,986       5,417,330  

9.13%, 07/15/31 (Call 07/15/26)(a)

    9,065       8,906,362  

VOC Escrow Ltd., 5.00%, 02/15/28 (Call 12/01/23)(a)(b)

    8,281       7,426,864  
   

 

 

 
      137,428,011  
Lodging — 3.1%            

Boyd Gaming Corp.

   

4.75%, 12/01/27 (Call 11/13/23)(b)

    12,516       11,425,356  

4.75%, 06/15/31 (Call 06/15/26)(a)(b)

    10,862       9,014,645  

Hilton Domestic Operating Co. Inc.

   

3.63%, 02/15/32 (Call 08/15/26)(a)

    18,322       14,479,510  

3.75%, 05/01/29 (Call 05/01/24)(a)(b)

    9,722       8,375,795  

4.00%, 05/01/31 (Call 05/01/26)(a)(b)

    13,800       11,441,192  

4.88%, 01/15/30 (Call 01/15/25)(b)

    11,717       10,538,465  

5.38%, 05/01/25 (Call 11/13/23)(a)

    6,278       6,179,396  

5.75%, 05/01/28 (Call 12/01/23)(a)

    6,273       6,010,202  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc

   

4.88%, 07/01/31 (Call 07/01/26)(a)

    6,104       4,821,550  

5.00%, 06/01/29 (Call 06/01/24)(a)(b)

    10,010       8,429,359  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Lodging (continued)            

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.,
4.88%, 04/01/27 (Call 11/16/23)(b)

  $ 6,632     $ 6,260,314  

Las Vegas Sands Corp.

   

2.90%, 06/25/25 (Call 05/25/25)

    6,056       5,715,350  

3.50%, 08/18/26 (Call 06/18/26)

    12,057       11,067,361  

3.90%, 08/08/29 (Call 05/08/29)(b)

    9,115       7,875,816  

Melco Resorts Finance Ltd.

   

4.88%, 06/06/25 (Call 12/01/23)(a)(b)

    12,234       11,516,858  

5.25%, 04/26/26 (Call 12/01/23)(a)(b)

    5,879       5,377,420  

5.38%, 12/04/29 (Call 12/04/24)(a)(b)

    14,079       11,213,560  

5.63%, 07/17/27 (Call 12/01/23)(a)(b)

    6,907       6,032,078  

5.75%, 07/21/28 (Call 12/01/23)(a)(b)

    10,508       8,880,769  

MGM China Holdings Ltd.

   

4.75%, 02/01/27 (Call 02/01/24)(a)(b)

    8,486       7,451,406  

5.25%, 06/18/25 (Call 11/14/23)(a)(b)

    5,957       5,669,690  

5.88%, 05/15/26 (Call 11/14/23)(a)(b)

    9,183       8,594,140  

MGM Resorts International

   

4.63%, 09/01/26 (Call 06/01/26)(b)

    5,241       4,874,130  

4.75%, 10/15/28 (Call 07/15/28)(b)

    9,157       7,998,914  

5.50%, 04/15/27 (Call 01/15/27)

    8,819       8,223,717  

5.75%, 06/15/25 (Call 03/15/25)

    8,145       7,965,987  

6.75%, 05/01/25 (Call 12/01/23)

    9,580       9,527,597  

Station Casinos LLC

   

4.50%, 02/15/28 (Call 12/01/23)(a)(b)

    8,233       7,089,774  

4.63%, 12/01/31 (Call 06/01/31)(a)(b)

    6,096       4,800,071  

Studio City Finance Ltd.

   

5.00%, 01/15/29 (Call 01/15/24)(a)(b)

    13,847       10,011,381  

6.00%, 07/15/25 (Call 12/01/23)(a)(b)

    6,307       5,942,245  

6.50%, 01/15/28 (Call 12/01/23)(a)(b)

    6,205       5,123,003  

Travel + Leisure Co.

   

4.50%, 12/01/29 (Call 09/01/29)(a)(b)

    8,261       6,804,173  

6.00%, 04/01/27 (Call 01/01/27)

    4,830       4,510,013  

6.63%, 07/31/26 (Call 04/30/26)(a)

    7,700       7,468,230  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.

   

5.25%, 05/15/27 (Call 02/15/27)(a)(b)

    11,069       10,254,322  

5.50%, 03/01/25 (Call 12/01/24)(a)(b)

        16,839       16,532,530  

Wynn Macau Ltd.

   

5.13%, 12/15/29 (Call 12/15/24)(a)(b)

    11,693       9,173,714  

5.50%, 01/15/26 (Call 12/01/23)(a)(b)

    12,699       11,761,392  

5.50%, 10/01/27 (Call 12/01/23)(a)(b)

    8,920       7,771,505  

5.63%, 08/26/28 (Call 11/14/23)(a)

    16,508       13,819,766  
   

 

 

 
          346,022,696  
Machinery — 0.5%            

Chart Industries Inc.

   

7.50%, 01/01/30 (Call 01/01/26)(a)(b)

    18,502       18,178,215  

9.50%, 01/01/31 (Call 01/01/26)(a)(b)

    6,251       6,438,530  

Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/23)(a)

    7,731       7,235,918  

TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 12/01/23)(a)(b)

    4,467       4,047,914  

TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 12/01/23)(a)

    19,155       17,454,994  
   

 

 

 
      53,355,571  
Manufacturing — 0.2%            

FXI Holdings Inc.

   

12.25%, 11/15/26 (Call 11/16/23)(a)

    6,021       4,958,294  

12.25%, 11/15/26 (Call 12/01/23)(a)(b)

    9,290       7,754,827  
Security  

Par 

(000)

    Value  
Manufacturing (continued)            

Hillenbrand Inc., 5.75%, 06/15/25 (Call 11/13/23)

  $ 4,717     $ 4,635,042  
   

 

 

 
      17,348,163  
Media — 10.0%            

Altice Financing SA

   

5.00%, 01/15/28 (Call 12/01/23)(a)(b)

    15,072       12,171,469  

5.75%, 08/15/29 (Call 08/15/24)(a)

    25,506       19,703,385  

AMC Networks Inc.

   

4.25%, 02/15/29 (Call 02/15/24)

    11,854       7,301,793  

4.75%, 08/01/25 (Call 12/01/23)(b)

    9,578       8,692,035  

Audacy Capital Corp.

   

6.50%, 05/01/27 (Call 11/16/23)(a)

    4,001       51,263  

6.75%, 03/31/29 (Call 03/31/24)(a)

    5,123       103,243  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.25%, 02/01/31 (Call 07/01/25)(a)(b)

        37,346           29,013,174  

4.25%, 01/15/34 (Call 01/15/28)(a)(b)

    25,094       18,067,680  

4.50%, 08/15/30 (Call 02/15/25)(a)(b)

    34,320       27,456,000  

4.50%, 05/01/32 (Call 05/01/26)

    34,957       26,694,913  

4.50%, 06/01/33 (Call 06/01/27)(a)(b)

    22,158       16,535,407  

4.75%, 03/01/30 (Call 09/01/24)(a)

    35,776       29,543,821  

4.75%, 02/01/32 (Call 02/01/27)(a)(b)

    14,306       11,209,645  

5.00%, 02/01/28 (Call 11/16/23)(a)(b)

    30,418       27,224,110  

5.13%, 05/01/27 (Call 12/01/23)(a)

    39,806       36,666,584  

5.38%, 06/01/29 (Call 06/01/24)(a)

    17,578       15,387,430  

5.50%, 05/01/26 (Call 12/01/23)(a)

    9,100       8,722,350  

6.38%, 09/01/29 (Call 09/01/25)(a)(b)

    17,882       16,376,783  

7.38%, 03/01/31 (Call 03/01/26)(a)(b)

    13,602       12,853,890  

CSC Holdings LLC

   

3.38%, 02/15/31 (Call 02/15/26)(a)

    11,746       7,479,266  

4.13%, 12/01/30 (Call 12/01/25)(a)

    13,636       9,091,803  

4.50%, 11/15/31 (Call 11/15/26)(a)

    17,375       11,445,781  

4.63%, 12/01/30 (Call 12/01/25)(a)(b)

    28,487       14,288,225  

5.00%, 11/15/31 (Call 11/15/26)(a)(b)

    5,813       2,964,630  

5.38%, 02/01/28 (Call 12/01/23)(a)

    12,120       9,650,550  

5.50%, 04/15/27 (Call 12/01/23)(a)(b)

    16,285       13,602,046  

5.75%, 01/15/30 (Call 01/15/25)(a)(b)

    27,987       14,588,224  

6.50%, 02/01/29 (Call 02/01/24)(a)

    21,263       16,810,245  

7.50%, 04/01/28 (Call 11/13/23)(a)(b)

    13,207       8,452,480  

11.25%, 05/15/28 (Call 05/15/25)(a)(b)

    11,777       11,217,592  

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27
(Call 12/01/23)(a)(b)

    45,711       39,997,125  

DISH DBS Corp.

   

5.25%, 12/01/26 (Call 06/01/26)(a)

    34,419       27,803,668  

5.75%, 12/01/28 (Call 12/01/27)(a)

    31,087       22,254,251  

5.88%, 11/15/24

    23,273       21,352,977  

7.38%, 07/01/28 (Call 11/13/23)(b)

    12,358       6,922,334  

7.75%, 07/01/26

    24,497       16,405,396  

5.13%, 06/01/29(b)

    18,831       9,697,965  

DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)(a)

    43,492       42,939,652  

Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(b)

    15,450       9,739,680  

Gray Television Inc.

   

4.75%, 10/15/30 (Call 10/15/25)(a)(b)

    9,186       5,880,234  

5.88%, 07/15/26 (Call 12/01/23)(a)(b)

    8,409       7,477,816  

7.00%, 05/15/27 (Call 11/13/23)(a)(b)

    9,105       7,670,963  

iHeartCommunications Inc.

   

4.75%, 01/15/28 (Call 12/01/23)(a)(b)

    6,115       4,326,363  

5.25%, 08/15/27 (Call 11/16/23)(a)(b)

    8,447       6,187,428  

6.38%, 05/01/26 (Call 11/16/23)(b)

    9,702       7,907,521  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Media (continued)            

8.38%, 05/01/27 (Call 11/16/23)(b)

  $ 12,565     $ 7,694,724  

LCPR Senior Secured Financing DAC

   

5.13%, 07/15/29 (Call 07/15/24)(a)

    10,343       8,170,636  

6.75%, 10/15/27 (Call 12/01/23)(a)

    14,225       12,873,625  

McGraw-Hill Education Inc.

   

5.75%, 08/01/28 (Call 08/01/24)(a)(b)

    11,154       9,405,611  

8.00%, 08/01/29 (Call 08/01/24)(a)(b)

    8,559       7,042,345  

News Corp.

   

3.88%, 05/15/29 (Call 05/15/24)(a)

    12,188       10,432,684  

5.13%, 02/15/32 (Call 02/15/27)(a)(b)

    6,138       5,288,194  

Nexstar Media Inc.

   

4.75%, 11/01/28 (Call 11/13/23)(a)(b)

    12,030       10,090,042  

5.63%, 07/15/27 (Call 11/13/23)(a)(b)

    21,350       19,216,281  

Paramount Global

   

6.25%, 02/28/57 (Call 02/28/27),
(3-mo. LIBOR US + 3.899%)(c)

    7,653       5,519,879  

6.38%, 03/30/62 (Call 03/30/27),
(5-year CMT + 3.999%)(b)(c)

    12,259       8,983,395  

Radiate Holdco LLC/Radiate Finance Inc.

   

4.50%, 09/15/26 (Call 12/01/23)(a)

    10,998       8,406,248  

6.50%, 09/15/28 (Call 12/01/23)(a)

    11,394       5,640,030  

Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(a)(b)

    6,198       4,707,778  

Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/23)(a)(b)

    6,042       4,516,395  

Sinclair Television Group Inc.

   

4.13%, 12/01/30 (Call 12/01/25)(a)

    9,643       5,983,867  

5.50%, 03/01/30 (Call 12/01/24)(a)(b)

    5,910       3,139,688  

Sirius XM Radio Inc.

   

3.13%, 09/01/26 (Call 12/01/23)(a)(b)

    12,347       11,072,419  

3.88%, 09/01/31 (Call 09/01/26)(a)(b)

    18,735       14,098,087  

4.00%, 07/15/28 (Call 07/15/24)(a)(b)

        24,622           20,928,700  

4.13%, 07/01/30 (Call 07/01/25)(a)(b)

    18,665       14,815,344  

5.00%, 08/01/27 (Call 12/01/23)(a)(b)

    18,510       16,974,873  

5.50%, 07/01/29 (Call 07/01/24)(a)(b)

    15,349       13,603,051  

TEGNA Inc.

   

4.63%, 03/15/28 (Call 12/01/23)(b)

    12,230       10,548,375  

4.75%, 03/15/26 (Call 12/01/23)(a)

    7,027       6,592,204  

5.00%, 09/15/29 (Call 09/15/24)(b)

    13,605       11,394,187  

Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 11/13/23)(a)

    12,000       10,543,126  

Univision Communications Inc.

   

4.50%, 05/01/29 (Call 05/01/24)(a)(b)

    12,758       10,169,529  

5.13%, 02/15/25 (Call 11/13/23)(a)

    18,260       17,807,590  

6.63%, 06/01/27 (Call 11/13/23)(a)

    19,048       17,339,394  

7.38%, 06/30/30 (Call 06/30/25)(a)(b)

    11,199       9,862,586  

8.00%, 08/15/28 (Call 08/15/25)(a)(b)

    5,984       5,670,159  

UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)

    15,425       12,247,026  

UPC Holding BV, 5.50%, 01/15/28 (Call 11/13/23)(a)(b)

    5,375       4,706,484  

Videotron Ltd.

   

3.63%, 06/15/29 (Call 06/15/24)(a)(b)

    6,176       5,195,560  

5.13%, 04/15/27 (Call 12/01/23)(a)

    7,111       6,624,341  

Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b)

    11,062       8,699,267  

Virgin Media Secured Finance PLC

   

4.50%, 08/15/30 (Call 08/15/25)(a)(b)

    11,118       9,153,116  

5.50%, 05/15/29 (Call 05/15/24)(a)

    17,692       15,691,330  

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 12/01/23)(a)

    6,039       5,133,150  
Security  

Par 

(000)

    Value  
Media (continued)            

VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a)

  $ 19,147     $ 14,504,651  

Ziggo Bond Co. BV

   

5.13%, 02/28/30 (Call 02/15/25)(a)

    5,874       4,258,566  

6.00%, 01/15/27 (Call 12/01/23)(a)(b)

    7,384       6,755,801  

Ziggo BV, 4.88%, 01/15/30
(Call 10/15/24)(a)(b)

        12,347       9,851,116  
   

 

 

 
          1,111,280,644  
Mining — 0.8%            

Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a)(b)

    5,947       4,876,540  

FMG Resources August 2006 Pty Ltd.

   

4.38%, 04/01/31 (Call 01/01/31)(a)(b)

    18,045       14,555,398  

4.50%, 09/15/27 (Call 06/15/27)(a)

    7,335       6,589,012  

FMG Resources August Pty. Ltd.

   

5.88%, 04/15/30 (Call 01/15/30)(a)(b)

    8,665       7,755,175  

6.13%, 04/15/32 (Call 01/15/32)(a)(b)

    9,694       8,554,955  

Kaiser Aluminum Corp.

   

4.50%, 06/01/31 (Call 06/01/26)(a)(b)

    6,768       4,999,860  

4.63%, 03/01/28 (Call 12/01/23)(a)

    5,942       4,954,143  

Novelis Corp.

   

3.25%, 11/15/26 (Call 12/01/23)(a)

    9,239       8,234,259  

3.88%, 08/15/31 (Call 08/15/26)(a)(b)

    9,294       7,242,277  

4.75%, 01/30/30 (Call 01/30/25)(a)(b)

    19,925       16,936,250  
   

 

 

 
      84,697,869  
Office & Business Equipment — 0.1%            

Xerox Holdings Corp.

   

5.00%, 08/15/25 (Call 07/15/25)(a)(b)

    9,252       8,525,378  

5.50%, 08/15/28 (Call 07/15/28)(a)

    8,902       6,876,795  
   

 

 

 
      15,402,173  
Oil & Gas — 6.2%            

Antero Resources Corp.

   

5.38%, 03/01/30 (Call 03/01/25)(a)(b)

    7,466       6,812,725  

7.63%, 02/01/29 (Call 02/01/24)(a)

    5,309       5,383,772  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.

   

5.88%, 06/30/29 (Call 09/01/24)(a)(b)

    4,918       4,367,184  

7.00%, 11/01/26 (Call 12/01/23)(a)(b)

    6,966       6,734,132  

8.25%, 12/31/28 (Call 02/01/24)(a)(b)

    6,155       6,095,297  

Baytex Energy Corp.

   

8.50%, 04/30/30 (Call 04/30/26)(a)

    9,716       9,618,840  

8.75%, 04/01/27 (Call 12/01/23)(a)(b)

    6,009       6,054,068  

Callon Petroleum Co.

   

7.50%, 06/15/30 (Call 06/15/25)(a)(b)

    7,150       6,925,490  

8.00%, 08/01/28 (Call 08/01/24)(a)(b)

    8,312       8,187,320  

Calumet Specialty Products Partners LP/Calumet Finance Corp.,
11.00%, 04/15/25 (Call 12/01/23)(a)

    5,823       5,858,593  

Chesapeake Energy Corp.

   

5.50%, 02/01/26 (Call 12/01/23)(a)

    6,474       6,286,125  

5.88%, 02/01/29 (Call 02/05/24)(a)

    5,914       5,571,272  

6.75%, 04/15/29 (Call 04/15/24)(a)(b)

    11,711       11,456,790  

CITGO Petroleum Corp.

   

6.38%, 06/15/26 (Call 12/01/23)(a)

    7,576       7,433,789  

7.00%, 06/15/25 (Call 12/01/23)(a)(b)

    13,624       13,365,416  

8.38%, 01/15/29 (Call 10/15/25)(a)

    13,745       13,607,550  

Civitas Resources Inc.

   

5.00%, 10/15/26 (Call 12/01/23)(a)

    4,720       4,411,651  

8.38%, 07/01/28 (Call 07/01/25)(a)

    17,250       17,357,812  

8.63%, 11/01/30 (Call 11/01/26)(a)

    6,060       6,167,444  

8.75%, 07/01/31 (Call 07/01/26)(a)

    17,274       17,446,740  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Oil & Gas (continued)            

CNX Resources Corp.

   

6.00%, 01/15/29 (Call 01/15/24)(a)(b)

  $ 6,506     $ 5,969,255  

7.38%, 01/15/31 (Call 01/15/26)(a)(b)

    5,920       5,653,600  

Colgate Energy Partners III LLC,
5.88%, 07/01/29 (Call 07/01/24)(a)(b)

    8,814       8,197,020  

Comstock Resources Inc.

   

5.88%, 01/15/30 (Call 01/15/25)(a)(b)

    11,645       9,956,475  

6.75%, 03/01/29 (Call 03/01/24)(a)

    15,447       14,037,461  

Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a)

    10,637       10,753,563  

CrownRock LP/CrownRock Finance Inc.

   

5.00%, 05/01/29 (Call 05/01/24)(a)(b)

    4,812       4,519,671  

5.63%, 10/15/25 (Call 12/01/23)(a)(b)

        14,271           14,074,438  

CVR Energy Inc.

   

5.25%, 02/15/25 (Call 11/16/23)(a)

    7,576       7,407,207  

5.75%, 02/15/28 (Call 11/16/23)(a)

    4,796       4,302,572  

Earthstone Energy Holdings LLC

   

8.00%, 04/15/27 (Call 04/15/24)(a)

    6,501       6,597,354  

9.88%, 07/15/31 (Call 07/15/26)(a)(b)

    5,885       6,348,771  

Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 12/01/23)(a)(b)

    12,428       11,923,423  

Energian Israel Finance Ltd.

   

4.88%, 03/30/26 (Call 12/30/25)(a)

    7,729       6,805,435  

5.38%, 03/30/28 (Call 09/30/27)(a)

    7,883       6,449,537  

5.88%, 03/30/31 (Call 09/30/30)(a)

    7,715       6,176,443  

8.50%, 09/30/33(a)(e)

    9,277       8,103,729  

Hilcorp Energy I LP/Hilcorp Finance Co.

   

5.75%, 02/01/29 (Call 02/01/24)(a)

    6,739       6,026,688  

6.00%, 04/15/30 (Call 04/15/25)(a)

    5,873       5,209,809  

6.00%, 02/01/31 (Call 02/01/26)(a)

    7,843       6,873,824  

6.25%, 11/01/28 (Call 12/01/23)(a)

    7,333       6,854,302  

6.25%, 04/15/32 (Call 05/15/27)(a)

    6,106       5,327,485  

Independence Energy Finance LLC,
7.25%, 05/01/26 (Call 12/01/23)(a)

    8,810       8,501,650  

Laredo Petroleum Inc.

   

9.50%, 01/15/25 (Call 12/01/23)

    6,179       6,209,895  

10.13%, 01/15/28 (Call 12/01/23)

    8,429       8,444,804  

Leviathan Bond Ltd.

   

6.13%, 06/30/25 (Call 03/30/25)(a)

    7,282       6,762,450  

6.50%, 06/30/27 (Call 12/30/26)(a)

    7,179       6,321,199  

6.75%, 06/30/30 (Call 12/30/29)(a)

    6,896       5,856,113  

Matador Resources Co.

   

5.88%, 09/15/26 (Call 11/16/23)(b)

    8,672       8,356,953  

6.88%, 04/15/28 (Call 04/15/25)(a)(b)

    6,067       5,932,009  

MEG Energy Corp.

   

5.88%, 02/01/29 (Call 02/01/24)(a)

    7,301       6,816,879  

7.13%, 02/01/27 (Call 12/01/23)(a)(b)

    5,914       5,965,748  

Moss Creek Resources Holdings Inc.

   

7.50%, 01/15/26 (Call 12/01/23)(a)

    8,663       8,293,275  

10.50%, 05/15/27 (Call 12/01/23)(a)

    6,349       6,277,574  

Murphy Oil Corp.

   

5.88%, 12/01/27 (Call 11/16/23)

    6,851       6,584,325  

6.38%, 07/15/28 (Call 07/15/24)

    5,282       5,103,336  

Nabors Industries Inc.

   

5.75%, 02/01/25 (Call 11/01/24)(b)

    6,017       5,845,838  

7.38%, 05/15/27 (Call 05/15/24)(a)

    8,543       7,986,765  

Nabors Industries Ltd., 7.25%, 01/15/26 (Call 12/01/23)(a)

    7,166       6,697,224  
Security  

Par 

(000)

    Value  
Oil & Gas (continued)            

Northern Oil and Gas Inc.

   

8.13%, 03/01/28 (Call 03/01/24)(a)

  $ 8,772     $ 8,640,683  

8.75%, 06/15/31 (Call 06/15/26)(a)(b)

    6,453       6,428,350  

Parkland Corp.

   

4.50%, 10/01/29 (Call 10/01/24)(a)(b)

    9,850       8,471,985  

4.63%, 05/01/30 (Call 05/01/25)(a)(b)

    10,008       8,531,820  

5.88%, 07/15/27 (Call 12/01/23)(a)

    5,943       5,690,423  

PBF Holding Co. LLC/PBF Finance Corp.

   

6.00%, 02/15/28 (Call 12/01/23)

    9,942       9,170,732  

7.88%, 09/15/30 (Call 09/15/26)(a)(b)

    6,162       5,965,793  

Permian Resources Operating LLC,
7.00%, 01/15/32 (Call 01/15/27)(a)(b)

    5,988       5,810,925  

Puma International Financing SA

   

5.00%, 01/24/26 (Call 11/13/23)(a)

    800       719,514  

5.13%, 10/06/24 (Call 11/13/23)(a)

    650       636,613  

Range Resources Corp.

   

4.75%, 02/15/30 (Call 02/15/25)(a)(b)

    6,109       5,414,101  

4.88%, 05/15/25 (Call 02/15/25)

    8,332       8,102,870  

8.25%, 01/15/29 (Call 01/15/24)(b)

    6,888       7,051,600  

SM Energy Co.

   

6.50%, 07/15/28 (Call 07/15/24)(b)

    4,737       4,553,779  

6.63%, 01/15/27 (Call 12/01/23)(b)

    4,930       4,805,483  

6.75%, 09/15/26 (Call 12/01/23)

    5,486       5,388,404  

Southwestern Energy Co.

   

4.75%, 02/01/32 (Call 02/01/27)(b)

    14,015       12,051,148  

5.38%, 02/01/29 (Call 02/01/24)(b)

    8,076       7,464,426  

5.38%, 03/15/30 (Call 03/15/25)(b)

    15,012       13,773,510  

Sunoco LP/Sunoco Finance Corp.

   

4.50%, 05/15/29 (Call 05/15/24)

    9,714       8,401,736  

4.50%, 04/30/30 (Call 04/30/25)(b)

    9,923       8,489,126  

5.88%, 03/15/28 (Call 12/01/23)

    5,139       4,858,649  

6.00%, 04/15/27 (Call 12/01/23)(b)

    7,129       6,855,514  

7.00%, 09/15/28 (Call 09/15/25)(a)

    5,780       5,637,957  

Transocean Inc.

   

7.50%, 01/15/26 (Call 11/14/23)(a)

    7,319       7,010,577  

8.00%, 02/01/27 (Call 11/13/23)(a)

    7,854       7,372,079  

8.75%, 02/15/30 (Call 02/15/26)(a)

    13,157       13,111,918  

11.50%, 01/30/27 (Call 11/13/23)(a)

    8,569       8,917,158  

Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/23)(a)

    4,613       4,520,250  

Transocean Titan Financing Ltd.,
8.38%, 02/01/28 (Call 02/01/25)(a)

    6,239       6,246,175  

Valaris Ltd., 8.38%, 04/30/30 (Call 04/30/26)(a)

        13,736       13,478,450  

Vital Energy Inc., 9.75%, 10/15/30 (Call 10/15/26)

    6,140       6,008,758  
   

 

 

 
          682,246,615  
Oil & Gas Services — 0.5%            

Archrock Partners LP/Archrock Partners Finance Corp.

   

6.25%, 04/01/28 (Call 12/01/23)(a)

    9,911       9,204,841  

6.88%, 04/01/27 (Call 12/01/23)(a)

    5,853       5,641,570  

USA Compression Partners LP/USA Compression Finance Corp.

   

6.88%, 04/01/26 (Call 12/01/23)

    8,626       8,352,211  

6.88%, 09/01/27 (Call 12/01/23)

    9,570       9,139,350  

Weatherford International Ltd.

   

6.50%, 09/15/28 (Call 09/15/24)(a)(b)

    305       307,288  

8.63%, 04/30/30 (Call 10/30/24)(a)(b)

    19,717       19,938,816  
   

 

 

 
      52,584,076  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Packaging & Containers — 3.0%            

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

   

3.25%, 09/01/28 (Call 05/15/24)(a)(b)

  $ 7,057     $ 5,742,634  

4.00%, 09/01/29 (Call 05/15/24)(a)(b)

    12,067       9,050,250  

6.00%, 06/15/27 (Call 06/15/24)(a)(b)

    7,247       6,857,474  

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

   

4.13%, 08/15/26 (Call 11/13/23)(a)

    14,785       13,047,762  

5.25%, 04/30/25 (Call 12/04/23)(a)

    8,169       7,832,029  

5.25%, 08/15/27 (Call 12/01/23)(a)(b)

    21,273       15,476,108  

Ball Corp.

   

2.88%, 08/15/30 (Call 05/15/30)(b)

        15,860           12,485,785  

3.13%, 09/15/31 (Call 06/15/31)(b)

    10,243       7,955,738  

4.88%, 03/15/26 (Call 12/15/25)

    9,528       9,147,631  

5.25%, 07/01/25(b)

    12,340       12,150,581  

6.00%, 06/15/29 (Call 05/15/26)(b)

    11,847       11,370,158  

6.88%, 03/15/28 (Call 11/15/24)(b)

    9,057       9,049,641  

Berry Global Inc., 5.63%, 07/15/27 (Call 12/01/23)(a)(b)

    6,314       6,023,998  

Clydesdale Acquisition Holdings Inc.

   

6.63%, 04/15/29 (Call 04/15/25)(a)(b)

    6,062       5,501,540  

8.75%, 04/15/30 (Call 04/15/25)(a)(b)

    12,953       10,323,541  

Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(b)

    6,182       5,586,983  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)

    4,642       4,370,249  

Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/23)

    10,485       10,056,208  

Graphic Packaging International LLC

   

3.50%, 03/15/28(a)(b)

    5,525       4,801,350  

3.75%, 02/01/30 (Call 08/01/29)(a)

    4,771       3,913,651  

LABL Inc.

   

5.88%, 11/01/28 (Call 11/01/24)(a)(b)

    6,147       5,238,381  

6.75%, 07/15/26 (Call 11/13/23)(a)

    8,702       8,012,910  

8.25%, 11/01/29 (Call 11/01/24)(a)

    5,498       4,082,265  

10.50%, 07/15/27 (Call 11/13/23)(a)(b)

    8,296       7,155,300  

Mauser Packaging Solutions Holding Co.

   

7.88%, 08/15/26 (Call 08/15/24)(a)(b)

    34,025       31,855,906  

9.25%, 04/15/27 (Call 10/15/24)(a)(b)

    16,600       13,779,778  

OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a)(b)

    4,391       3,727,827  

Owens-Brockway Glass Container Inc.

   

6.63%, 05/13/27 (Call 12/01/23)(a)(b)

    7,260       6,897,000  

7.25%, 05/15/31 (Call 05/15/26)(a)(b)

    8,132       7,430,615  

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc.

   

4.00%, 10/15/27 (Call 12/01/23)(a)(b)

    12,467       10,979,562  

4.38%, 10/15/28 (Call 10/15/24)(a)(b)

    6,058       5,172,018  

Sealed Air Corp.

   

4.00%, 12/01/27 (Call 09/01/27)(a)(b)

    5,077       4,478,687  

5.00%, 04/15/29 (Call 04/15/25)(a)(b)

    5,172       4,597,554  

5.13%, 12/01/24 (Call 09/01/24)(a)(b)

    5,626       5,520,649  

5.50%, 09/15/25 (Call 06/15/25)(a)

    4,745       4,603,874  

Sealed Air Corp./Sealed Air Corp. US,
6.13%, 02/01/28 (Call 02/01/25)(a)(b)

    9,466       9,004,532  

Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/23)

    7,059       6,272,804  
Security  

Par 

(000)

    Value  
Packaging & Containers (continued)            

Trivium Packaging Finance BV

   

5.50%, 08/15/26 (Call 12/01/23)(a)(b)

  $ 12,656     $ 11,480,258  

8.50%, 08/15/27 (Call 11/13/23)(a)

    8,376       6,993,960  
   

 

 

 
      328,027,191  
Pharmaceuticals — 2.7%            

AdaptHealth LLC

   

4.63%, 08/01/29 (Call 02/01/24)(a)(b)

    6,013       4,494,718  

5.13%, 03/01/30 (Call 03/01/25)(a)(b)

    7,274       5,510,055  

Bausch Health Americas Inc.

   

8.50%, 01/31/27 (Call 12/01/23)(a)(b)

    7,462       3,388,408  

9.25%, 04/01/26 (Call 12/01/23)(a)(b)

    8,477       7,466,012  

Bausch Health Companies Inc.

   

4.88%, 06/01/28 (Call 06/01/24)(a)(b)

    19,495       9,694,279  

5.00%, 01/30/28 (Call 11/16/23)(a)(b)

    5,397       1,984,400  

5.00%, 02/15/29 (Call 02/15/24)(a)(b)

    5,296       1,853,600  

5.25%, 01/30/30 (Call 01/30/25)(a)(b)

    8,808       3,049,770  

5.25%, 02/15/31 (Call 02/15/26)(a)(b)

    5,318       1,861,300  

5.50%, 11/01/25 (Call 12/01/23)(a)(b)

    20,663       17,821,837  

5.75%, 08/15/27 (Call 11/16/23)(a)(b)

    6,505       3,382,600  

6.13%, 02/01/27 (Call 02/01/24)(a)(b)

    12,304       6,828,720  

6.25%, 02/15/29 (Call 02/15/24)(a)(b)

    9,420       3,438,300  

9.00%, 12/15/25 (Call 12/01/23)(a)(b)

    11,631       10,188,770  

11.00%, 09/30/28(a)

    22,050       13,382,776  

14.00%, 10/15/30 (Call 10/15/25)(a)

    3       1,616  

Herbalife Nutrition Ltd./HLF Financing Inc.,
7.88%, 09/01/25 (Call 12/01/23)(a)

    7,490       7,018,055  

HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b)

    7,293       4,982,012  

Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)(b)

    18,883       16,381,002  

Organon & Co./Organon Foreign Debt Co.-Issuer BV

   

4.13%, 04/30/28 (Call 04/30/24)(a)

    26,367       22,775,166  

5.13%, 04/30/31 (Call 04/30/26)(a)(b)

    24,544       19,198,889  

Owens & Minor Inc.

   

4.50%, 03/31/29 (Call 03/31/24)(a)(b)

    5,995       4,834,539  

6.63%, 04/01/30 (Call 04/01/25)(a)(b)

    7,063       6,188,488  

Perrigo Finance Unlimited Co.

   

3.90%, 12/15/24 (Call 09/15/24)

    9,064       8,780,750  

4.38%, 03/15/26 (Call 12/15/25)

    8,459       7,937,106  

4.65%, 06/15/30 (Call 03/15/30)

    9,176       7,660,285  

Prestige Brands Inc.

   

3.75%, 04/01/31 (Call 04/01/26)(a)(b)

    7,158       5,663,768  

5.13%, 01/15/28 (Call 12/01/23)(a)(b)

    4,659       4,295,458  

Teva Pharmaceutical Finance Netherlands III BV

 

3.15%, 10/01/26

        41,678       36,756,245  

4.75%, 05/09/27 (Call 02/09/27)(b)

    12,433       11,269,047  

5.13%, 05/09/29 (Call 02/09/29)(b)

    12,211       10,696,897  

6.75%, 03/01/28 (Call 12/01/27)(b)

    16,023       15,321,994  

7.13%, 01/31/25 (Call 10/31/24)(b)

    4,611       4,569,038  

7.88%, 09/15/29 (Call 06/15/29)

    7,651       7,549,027  

8.13%, 09/15/31 (Call 06/15/31)

    6,327       6,247,913  
   

 

 

 
          302,472,840  
Pipelines — 5.2%            

Antero Midstream Partners LP/Antero Midstream Finance Corp.

   

5.38%, 06/15/29 (Call 06/15/24)(a)

    9,452       8,600,139  

5.75%, 03/01/27 (Call 11/16/23)(a)

    7,628       7,278,956  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Pipelines (continued)            

5.75%, 01/15/28 (Call 11/16/23)(a)

  $ 8,185     $ 7,673,438  

7.88%, 05/15/26 (Call 11/16/23)(a)

    6,694       6,742,357  

Buckeye Partners LP

   

3.95%, 12/01/26 (Call 09/01/26)

    6,653       6,040,392  

4.13%, 03/01/25 (Call 02/01/25)(a)

    6,392       6,087,102  

4.13%, 12/01/27 (Call 09/01/27)

    4,807       4,165,770  

4.50%, 03/01/28 (Call 12/01/27)(a)(b)

    5,965       5,202,971  

CQP Holdco LP/BIP-V Chinook Holdco LLC,
5.50%, 06/15/31 (Call 06/15/26)(a)(b)

    17,246       15,001,174  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.

   

5.63%, 05/01/27 (Call 11/16/23)(a)(b)

    7,513       7,226,604  

5.75%, 04/01/25 (Call 12/01/23)

    5,514       5,445,075  

6.00%, 02/01/29 (Call 02/01/24)(a)(b)

    8,543       8,222,638  

7.38%, 02/01/31 (Call 02/01/26)(a)(b)

    7,631       7,710,172  

8.00%, 04/01/29 (Call 04/01/24)(a)(b)

    5,191       5,308,317  

DT Midstream Inc.

   

4.13%, 06/15/29 (Call 06/15/24)(a)

    14,053       12,064,500  

4.38%, 06/15/31 (Call 06/15/26)(a)

    12,396       10,288,680  

EnLink Midstream LLC

   

5.38%, 06/01/29 (Call 03/01/29)(b)

    5,968       5,462,212  

5.63%, 01/15/28 (Call 07/15/27)(a)(b)

    5,903       5,573,244  

6.50%, 09/01/30 (Call 03/01/30)(a)

    12,063       11,573,966  

EnLink Midstream Partners LP

   

4.15%, 06/01/25 (Call 03/01/25)

    4,876       4,670,233  

4.85%, 07/15/26 (Call 04/15/26)

    6,167       5,854,025  

EQM Midstream Partners LP

   

4.13%, 12/01/26 (Call 09/01/26)

    5,869       5,434,635  

4.50%, 01/15/29 (Call 07/15/28)(a)(b)

    9,713       8,528,111  

4.75%, 01/15/31 (Call 07/15/30)(a)(b)

    13,400       11,296,495  

5.50%, 07/15/28 (Call 04/15/28)(b)

    10,395       9,681,279  

6.00%, 07/01/25 (Call 04/01/25)(a)

    4,781       4,669,244  

6.50%, 07/01/27 (Call 01/01/27)(a)

    11,008       10,704,996  

7.50%, 06/01/27 (Call 06/01/24)(a)

    6,291       6,238,156  

7.50%, 06/01/30 (Call 12/01/29)(a)(b)

    5,916       5,822,330  

Genesis Energy LP/Genesis Energy Finance Corp.

 

6.50%, 10/01/25 (Call 12/01/23)

    6,328       6,187,749  

7.75%, 02/01/28 (Call 12/01/23)

    8,148       7,659,120  

8.00%, 01/15/27 (Call 01/15/24)

    12,232       11,742,720  

8.88%, 04/15/30 (Call 04/15/26)

    6,483       6,249,792  

Hess Midstream Operations LP

   

4.25%, 02/15/30 (Call 02/15/25)(a)(b)

    9,450       8,113,899  

5.13%, 06/15/28 (Call 12/01/23)(a)(b)

    7,115       6,588,861  

5.50%, 10/15/30 (Call 10/15/25)(a)

    4,660       4,242,200  

5.63%, 02/15/26 (Call 12/01/23)(a)(b)

    9,664       9,387,871  

ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a)

    14,930       12,485,212  

Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)(b)

    12,239       11,287,078  

New Fortress Energy Inc.

   

6.50%, 09/30/26 (Call 12/01/23)(a)

    18,519       16,574,505  

6.75%, 09/15/25 (Call 11/21/23)(a)(b)

    15,241       14,136,027  

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26
(Call 12/01/23)(a)

        24,891           24,299,839  

NuStar Logistics LP

   

5.63%, 04/28/27 (Call 01/28/27)

    7,015       6,630,403  

5.75%, 10/01/25 (Call 07/01/25)(b)

    6,931       6,712,967  

6.00%, 06/01/26 (Call 03/01/26)

    6,329       6,120,459  

6.38%, 10/01/30 (Call 04/01/30)(b)

    7,105       6,580,367  
Security  

Par 

(000)

    Value  
Pipelines (continued)            

Rockies Express Pipeline LLC

   

3.60%, 05/15/25 (Call 04/15/25)(a)(b)

  $ 5,207     $ 4,927,124  

4.95%, 07/15/29 (Call 04/15/29)(a)(b)

    7,063       6,216,358  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/26
(Call 12/01/23)(a)(f)

    9,599       9,215,040  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

   

5.50%, 01/15/28 (Call 12/01/23)(a)

    9,197       8,093,360  

6.00%, 03/01/27 (Call 12/01/23)(a)

    5,325       4,881,562  

6.00%, 12/31/30 (Call 12/31/25)(a)(b)

    8,901       7,516,076  

6.00%, 09/01/31 (Call 09/01/26)(a)

    5,997       5,052,473  

7.50%, 10/01/25 (Call 12/01/23)(a)

    7,500       7,394,438  

Venture Global Calcasieu Pass LLC

   

3.88%, 11/01/33 (Call 05/01/33)(a)

    15,459       11,677,535  

6.25%, 01/15/30 (Call 10/15/29)(a)(b)

    11,935       11,225,106  

3.88%, 08/15/29 (Call 02/15/29)(a)

    15,095       12,566,587  

4.13%, 08/15/31 (Call 02/15/31)(a)

    15,468       12,462,053  

Venture Global LNG Inc.

   

8.13%, 06/01/28 (Call 06/01/25)(a)(b)

        27,513       26,673,853  

8.38%, 06/01/31 (Call 06/01/26)(a)(b)

    27,324       25,957,800  

9.50%, 02/01/29 (Call 11/01/28)(a)

    21,649       21,946,674  

9.88%, 02/01/32 (Call 02/01/27)(a)

    18,275       18,539,987  
   

 

 

 
          577,912,306  
Real Estate — 0.6%            

Anywhere Real Estate Group LLC/Anywhere
Co.-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)(a)(b)

    7,576       6,064,432  

Cushman & Wakefield U.S. Borrower LLC

   

6.75%, 05/15/28 (Call 12/01/23)(a)(b)

    7,784       7,111,657  

8.88%, 09/01/31 (Call 09/01/26)(a)(b)

    4,978       4,722,878  

Howard Hughes Corp. (The)

   

4.13%, 02/01/29 (Call 02/01/24)(a)

    7,387       5,946,946  

4.38%, 02/01/31 (Call 02/01/26)(a)(b)

    7,763       5,940,913  

5.38%, 08/01/28 (Call 12/01/23)(a)

    8,755       7,705,494  

Kennedy-Wilson Inc.

   

4.75%, 03/01/29 (Call 03/01/24)(b)

    6,993       5,298,696  

4.75%, 02/01/30 (Call 09/01/24)

    7,328       5,349,440  

5.00%, 03/01/31 (Call 03/01/26)(b)

    7,167       5,142,323  

Realogy Group LLC/Realogy Co-Issuer Corp.

   

5.25%, 04/15/30 (Call 04/15/25)(a)(b)

    5,725       3,528,031  

5.75%, 01/15/29 (Call 01/15/24)(a)(b)

    7,169       4,444,780  
   

 

 

 
      61,255,590  
Real Estate Investment Trusts — 3.6%            

Brandywine Operating Partnership LP,
3.95%, 11/15/27 (Call 08/15/27)(b)

    4,995       4,148,142  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

   

4.50%, 04/01/27 (Call 12/01/23)(a)

    9,473       7,879,612  

5.75%, 05/15/26 (Call 11/13/23)(a)(b)

    11,320       10,353,908  

Diversified Healthcare Trust

   

4.38%, 03/01/31 (Call 09/01/30)

    5,803       3,988,257  

4.75%, 02/15/28 (Call 08/15/27)(b)

    5,902       4,299,843  

9.75%, 06/15/25 (Call 11/16/23)

    6,058       5,876,260  

HAT Holdings I LLC/HAT Holdings II LLC

   

3.38%, 06/15/26 (Call 03/15/26)(a)(b)

    12,207       10,711,642  

6.00%, 04/15/25 (Call 12/01/23)(a)(b)

    4,862       4,717,453  

Iron Mountain Inc.

   

4.50%, 02/15/31 (Call 02/15/26)(a)

    13,802       11,264,502  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Real Estate Investment Trusts (continued)            

4.88%, 09/15/27 (Call 11/13/23)(a)(b)

  $ 12,261     $ 11,205,818  

4.88%, 09/15/29 (Call 09/15/24)(a)(b)

    12,194       10,624,023  

5.00%, 07/15/28 (Call 11/13/23)(a)

    6,270       5,611,650  

5.25%, 03/15/28 (Call 11/13/23)(a)

    9,882       9,041,042  

5.25%, 07/15/30 (Call 07/15/25)(a)(b)

    16,285       14,142,708  

5.63%, 07/15/32 (Call 07/15/26)(a)(b)

    6,887       5,873,509  

7.00%, 02/15/29 (Call 08/15/25)(a)(b)

    12,323       11,937,906  

Iron Mountain Information Management Services Inc., 5.00%, 07/15/32
(Call 07/15/27)(a)

    9,406       7,698,153  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.

   

4.25%, 02/01/27 (Call 12/01/23)(a)

    8,151       7,124,993  

4.75%, 06/15/29 (Call 06/15/24)(a)

    8,050       6,490,313  

MPT Operating Partnership LP/MPT Finance Corp.

 

3.50%, 03/15/31 (Call 03/15/26)

        15,770       9,540,850  

4.63%, 08/01/29 (Call 08/01/24)(b)

    10,904       7,552,297  

5.00%, 10/15/27 (Call 12/01/23)(b)

    16,491       12,753,727  

5.25%, 08/01/26 (Call 12/01/23)(b)

    6,384       5,490,240  

Office Properties Income Trust

   

3.45%, 10/15/31 (Call 07/15/31)(b)

    4,829       2,384,319  

4.50%, 02/01/25 (Call 11/01/24)

    7,333       6,323,026  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

   

4.88%, 05/15/29 (Call 05/15/24)(a)

    8,957       7,502,116  

5.88%, 10/01/28 (Call 12/01/23)(a)(b)

    9,101       8,175,519  

7.50%, 06/01/25 (Call 12/01/23)(a)

    7,609       7,542,117  

RHP Hotel Properties LP/RHP Finance Corp.

   

4.50%, 02/15/29 (Call 02/15/24)(a)

    7,780       6,619,613  

4.75%, 10/15/27 (Call 12/01/23)

    8,283       7,527,176  

7.25%, 07/15/28 (Call 07/15/25)

    5,203       5,058,374  

RLJ Lodging Trust LP

   

3.75%, 07/01/26 (Call 12/01/23)(a)

    5,877       5,300,922  

4.00%, 09/15/29 (Call 09/15/24)(a)(b)

    5,851       4,768,565  

SBA Communications Corp.

   

3.13%, 02/01/29 (Call 02/01/24)(b)

    18,203       15,034,313  

3.88%, 02/15/27 (Call 11/13/23)

    18,169           16,511,079  

Service Properties Trust

   

3.95%, 01/15/28 (Call 07/15/27)(b)

    4,659       3,476,779  

4.35%, 10/01/24 (Call 09/01/24)

    2,203       2,112,126  

4.38%, 02/15/30 (Call 08/15/29)(b)

    4,685       3,235,555  

4.75%, 10/01/26 (Call 08/01/26)

    5,838       4,946,732  

4.95%, 02/15/27 (Call 08/15/26)(b)

    4,932       4,112,055  

4.95%, 10/01/29 (Call 07/01/29)

    5,221       3,760,425  

5.50%, 12/15/27 (Call 09/15/27)

    5,351       4,520,641  

7.50%, 09/15/25 (Call 06/15/25)(b)

    9,630       9,356,347  

Starwood Property Trust Inc.

   

3.63%, 07/15/26 (Call 01/15/26)(a)(b)

    4,369       3,845,200  

3.75%, 12/31/24 (Call 09/30/24)(a)

    4,467       4,219,301  

4.38%, 01/15/27 (Call 07/15/26)(a)(b)

    6,143       5,276,069  

4.75%, 03/15/25 (Call 09/15/24)(b)

    5,896       5,651,434  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30
(Call 01/15/25)(a)(b)

    7,859       4,854,897  

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC

   

4.75%, 04/15/28 (Call 04/15/24)(a)(b)

    6,406       5,112,789  

6.50%, 02/15/29 (Call 02/15/24)(a)(b)

    13,040       8,418,885  

10.50%, 02/15/28 (Call 09/15/25)(a)

    32,473       31,263,949  
Security  

Par 

(000)

    Value  
Real Estate Investment Trusts (continued)            

XHR LP

   

4.88%, 06/01/29 (Call 06/01/24)(a)(b)

  $ 5,919     $ 5,019,475  

6.38%, 08/15/25 (Call 11/13/23)(a)

    5,741       5,575,946  
   

 

 

 
          395,832,592  
Retail — 4.3%            

1011778 BC ULC/New Red Finance Inc.

   

3.50%, 02/15/29 (Call 02/15/24)(a)(b)

    9,417       8,059,069  

3.88%, 01/15/28 (Call 12/01/23)(a)

        19,484       17,397,384  

4.00%, 10/15/30 (Call 10/15/25)(a)

    35,516       29,102,283  

4.38%, 01/15/28 (Call 12/01/23)(a)

    9,273       8,322,517  

5.75%, 04/15/25 (Call 12/01/23)(a)(b)

    5,667       5,616,286  

Asbury Automotive Group Inc.

   

4.50%, 03/01/28 (Call 11/13/23)

    4,853       4,293,304  

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    9,888       8,349,773  

4.75%, 03/01/30 (Call 03/01/25)(b)

    5,516       4,652,746  

5.00%, 02/15/32 (Call 11/15/26)(a)(b)

    7,342       5,955,904  

Bath & Body Works Inc.

   

5.25%, 02/01/28

    6,721       6,165,733  

6.63%, 10/01/30 (Call 10/01/25)(a)(b)

    11,815       10,958,058  

7.50%, 06/15/29 (Call 06/15/24)(b)

    6,027       5,896,038  

Beacon Roofing Supply Inc., 6.50%, 08/01/30
(Call 08/01/26)(a)(b)

    7,093       6,766,722  

eG Global Finance PLC

   

6.75%, 02/07/25 (Call 11/13/23)(a)

    8,382       8,259,990  

8.50%, 10/30/25 (Call 12/01/23)(a)

    7,456       7,330,532  

Ferrellgas LP/Ferrellgas Finance Corp.

   

5.38%, 04/01/26 (Call 12/01/23)(a)

    7,701       7,212,372  

5.88%, 04/01/29 (Call 04/01/24)(a)

    10,057       8,885,359  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.

   

4.63%, 01/15/29 (Call 01/15/25)(a)

    12,719       10,699,859  

6.75%, 01/15/30 (Call 01/15/25)(a)(b)

    15,514       12,370,563  

FirstCash Inc.

   

4.63%, 09/01/28 (Call 12/01/23)(a)

    5,915       5,190,659  

5.63%, 01/01/30 (Call 01/01/25)(a)(b)

    6,427       5,687,895  

Gap Inc. (The)

   

3.63%, 10/01/29 (Call 10/01/24)(a)(b)

    9,091       6,954,615  

3.88%, 10/01/31 (Call 10/01/26)(a)(b)

    9,402       6,733,007  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/23)(a)

    9,082       8,589,983  

Kohl’s Corp., 4.63%, 05/01/31
(Call 02/01/31)(b).

    6,018       4,091,638  

LBM Acquisition LLC,
6.25%, 01/15/29 (Call 01/15/24)(a)

    9,930       7,844,700  

LCM Investments Holdings II LLC

   

4.88%, 05/01/29 (Call 05/01/24)(a)(b)

    12,494       10,435,680  

8.25%, 08/01/31 (Call 08/01/26)(a)(b)

    5,989       5,716,481  

Lithia Motors Inc.

   

3.88%, 06/01/29 (Call 06/01/24)(a)(b)

    9,385       7,762,333  

4.38%, 01/15/31 (Call 10/15/25)(a)

    6,702       5,428,620  

4.63%, 12/15/27 (Call 12/01/23)(a)(b)

    4,590       4,132,047  

Macy’s Retail Holdings LLC

   

5.88%, 04/01/29 (Call 04/01/24)(a)(b)

    6,095       5,373,352  

5.88%, 03/15/30 (Call 03/15/25)(a)(b)

    5,096       4,310,897  

6.13%, 03/15/32 (Call 03/15/27)(a)(b)

    4,986       4,123,821  

Michaels Companies Inc. (The)

   

5.25%, 05/01/28 (Call 11/13/23)(a)(b)

    10,450       7,523,627  

7.88%, 05/01/29 (Call 05/01/24)(a)

    16,150       9,011,700  

Murphy Oil USA Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)

    5,923       4,737,393  

4.75%, 09/15/29 (Call 09/15/24)

    6,004       5,324,601  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Retail (continued)            

NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 12/01/23)(a)

  $ 13,627     $ 12,738,274  

Nordstrom Inc.

   

4.25%, 08/01/31 (Call 05/01/31)(b)

    5,025       3,681,214  

4.38%, 04/01/30 (Call 01/01/30)(b)

    6,134       4,753,237  

Penske Automotive Group Inc.

   

3.50%, 09/01/25 (Call 11/13/23)(b)

    6,748       6,427,470  

3.75%, 06/15/29 (Call 06/15/24)(b)

    5,927       4,900,740  

PetSmart Inc./PetSmart Finance Corp.

   

4.75%, 02/15/28 (Call 02/15/24)(a)

    15,084       13,347,939  

7.75%, 02/15/29 (Call 02/15/24)(a)(b)

    14,218       13,098,332  

QVC Inc.

   

4.38%, 09/01/28 (Call 06/01/28)(b)

    5,624       2,812,000  

4.45%, 02/15/25 (Call 11/15/24)(b)

    7,052       6,069,022  

4.75%, 02/15/27 (Call 11/15/26)(b)

    7,247       4,112,672  

Rite Aid Corp., 8.00%, 11/15/26 (Call 12/01/23)(a)(b)

    9,061       6,371,016  

Sonic Automotive Inc.

   

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    7,876       6,556,770  

4.88%, 11/15/31 (Call 11/15/26)(a)(b)

    6,391       5,088,834  

SRS Distribution Inc.

   

4.63%, 07/01/28 (Call 07/01/24)(a)

    8,045       7,035,170  

6.00%, 12/01/29 (Call 12/01/24)(a)(b)

    10,677       8,888,602  

6.13%, 07/01/29 (Call 07/01/24)(a)

    5,604       4,693,350  

Staples Inc.

   

7.50%, 04/15/26 (Call 12/01/23)(a)

    24,815       20,224,225  

10.75%, 04/15/27 (Call 12/01/23)(a)(b)

    12,392       6,916,802  

Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31
(Call 06/01/26)(a)

    7,417       6,172,761  

Yum! Brands Inc.

   

3.63%, 03/15/31 (Call 12/15/30)(b)

    12,547       10,181,200  

4.63%, 01/31/32 (Call 10/01/26)(b)

    13,902       11,834,471  

4.75%, 01/15/30 (Call 10/15/29)(a)(b)

    9,792       8,725,162  

5.38%, 04/01/32 (Call 04/01/27)(b)

        12,125       10,854,906  
   

 

 

 
          480,751,710  
Semiconductors — 0.3%            

Entegris Escrow Corp.

   

4.75%, 04/15/29 (Call 01/15/29)(a)

    19,390       17,415,128  

5.95%, 06/15/30 (Call 06/15/25)(a)(b)

    11,203       10,250,745  

Entegris Inc.

   

3.63%, 05/01/29 (Call 05/01/24)(a)(b)

    4,995       4,192,054  

4.38%, 04/15/28 (Call 11/13/23)(a)(b)

    4,696       4,183,502  
   

 

 

 
      36,041,429  
Software — 2.4%            

Central Parent Inc./CDK Global Inc.,
7.25%, 06/15/29 (Call 06/15/25)(a)

    9,083       8,719,680  

Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29 (Call 06/15/25)(a)(b)

    8,816       8,776,328  

Clarivate Science Holdings Corp.

   

3.88%, 07/01/28 (Call 06/30/24)(a)

    11,484       9,925,047  

4.88%, 07/01/29 (Call 06/30/24)(a)(b)

    11,222       9,462,250  

Cloud Software Group Inc.

   

6.50%, 03/31/29 (Call 09/30/25)(a)(b)

    50,066       43,970,129  

9.00%, 09/30/29 (Call 09/30/25)(a)(b)

    47,236       40,273,853  

Fair Isaac Corp.

   

4.00%, 06/15/28 (Call 11/16/23)(a)(b)

    11,129       9,898,319  

5.25%, 05/15/26 (Call 02/15/26)(a)

    4,598       4,424,701  
Security  

Par 

(000)

    Value  
Software (continued)            

Minerva Merger Sub Inc., 6.50%, 02/15/30
(Call 02/15/25)(a)(b)

  $ 28,931     $ 23,542,601  

Open Text Corp.

   

3.88%, 02/15/28 (Call 12/01/23)(a)

    10,534       9,119,811  

3.88%, 12/01/29 (Call 12/01/24)(a)(b)

    10,181       8,344,348  

Open Text Holdings Inc.

   

4.13%, 02/15/30 (Call 02/15/25)(a)(b)

    10,385       8,600,511  

4.13%, 12/01/31 (Call 12/01/26)(a)(b)

    8,157       6,437,912  

PTC Inc.

   

3.63%, 02/15/25 (Call 12/01/23)(a)

    5,645       5,431,976  

4.00%, 02/15/28 (Call 12/01/23)(a)

    6,103       5,429,687  

Rackspace Technology Global Inc.

   

3.50%, 02/15/28 (Call 02/15/24)(a)(b)

    6,426       2,835,098  

5.38%, 12/01/28 (Call 12/01/23)(a)

    5,423       1,579,371  

ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)(b)

    12,257       9,945,452  

SS&C Technologies Inc., 5.50%, 09/30/27
(Call 12/01/23)(a)(b)

    24,775       23,257,531  

Twilio Inc.

   

3.63%, 03/15/29 (Call 03/15/24)(b)

    6,452       5,363,225  

3.88%, 03/15/31 (Call 03/15/26)(b)

    6,019       4,814,974  

Veritas U.S. Inc./Veritas Bermuda Ltd.,
7.50%, 09/01/25 (Call 12/01/23)(a)

        21,599       17,657,183  
   

 

 

 
          267,809,987  
Telecommunications — 4.9%            

Altice France Holding SA

   

6.00%, 02/15/28 (Call 12/01/23)(a)(b)

    12,660       5,443,800  

10.50%, 05/15/27 (Call 11/13/23)(a)

    19,850       10,768,625  

Altice France SA/France

   

5.13%, 01/15/29 (Call 12/01/23)(a)

    5,613       3,850,986  

5.13%, 07/15/29 (Call 04/15/24)(a)

    31,249       21,396,815  

5.50%, 01/15/28 (Call 12/01/23)(a)

    13,501       10,024,493  

5.50%, 10/15/29 (Call 10/15/24)(a)

    25,140       17,212,993  

8.13%, 02/01/27 (Call 11/13/23)(a)

    21,787       18,324,229  

British Telecommunications PLC

   

4.25%, 11/23/81 (Call 11/23/26),
(5-year CMT + 2.985%)(a)(c)

    6,120       5,345,589  

4.88%, 11/23/81 (Call 08/23/31),
(5-year CMT + 3.493%)(a)(b)(c)

    6,405       5,162,221  

C&W Senior Financing DAC,
6.88%, 09/15/27 (Call 11/13/23)(a)(b)

    15,569       13,269,459  

CommScope Inc.

   

4.75%, 09/01/29 (Call 09/01/24)(a)(b)

    14,694       10,047,022  

6.00%, 03/01/26 (Call 12/01/23)(a)(b)

    18,468       15,513,120  

7.13%, 07/01/28 (Call 12/01/23)(a)(b)

    8,212       2,923,472  

8.25%, 03/01/27 (Call 12/01/23)(a)(b)

    12,032       4,922,592  

CommScope Technologies LLC

   

5.00%, 03/15/27 (Call 11/13/23)(a)(b)

    8,630       3,149,950  

6.00%, 06/15/25 (Call 11/13/23)(a)(b)

    16,080       9,648,000  

Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 11/13/23)(a)(b)

    25,673       23,900,279  

Consolidated Communications Inc.

   

5.00%, 10/01/28 (Call 11/13/23)(a)(b)

    4,757       3,567,750  

6.50%, 10/01/28 (Call 11/13/23)(a)(b)

    9,313       7,380,553  

Frontier Communications Holdings LLC

   

5.00%, 05/01/28 (Call 05/01/24)(a)

    18,334       15,813,075  

5.88%, 10/15/27 (Call 12/01/23)(a)(b)

    14,289       13,020,851  

5.88%, 11/01/29 (Call 11/01/24)(b)

    8,672       6,514,840  

6.00%, 01/15/30 (Call 10/15/24)(a)(b)

    11,957       8,997,643  

6.75%, 05/01/29 (Call 05/01/24)(a)(b)

    12,165       9,625,556  

8.63%, 03/15/31 (Call 03/15/26)(a)

    9,371       8,797,026  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

 

 

Telecommunications (continued)

   

8.75%, 05/15/30 (Call 05/15/25)(a)(b)

  $ 14,280     $ 13,583,850  

Hughes Satellite Systems Corp.

   

5.25%, 08/01/26

    9,202       8,273,058  

6.63%, 08/01/26(b)

    9,102       7,699,109  

Iliad Holding SASU

   

6.50%, 10/15/26 (Call 11/13/23)(a)

    14,729       13,753,204  

7.00%, 10/15/28 (Call 10/15/24)(a)

    10,450       9,457,996  

Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)(b)

    37,310           32,832,800  

Level 3 Financing Inc.

   

3.40%, 03/01/27 (Call 01/01/27)(a)

    8,793       8,122,534  

3.63%, 01/15/29 (Call 01/15/24)(a)

        10,393       5,361,055  

3.75%, 07/15/29 (Call 01/15/24)(a)

    11,994       6,109,531  

3.88%, 11/15/29 (Call 08/15/29)(a)

    9,277       8,186,953  

4.25%, 07/01/28 (Call 12/01/23)(a)

    15,456       8,732,640  

4.63%, 09/15/27 (Call 12/01/23)(a)

    12,864       8,668,728  

10.50%, 05/15/30 (Call 05/15/26)(a)

    11,847       11,816,198  

Lumen Technologies Inc.

   

4.00%, 02/15/27 (Call 12/01/23)(a)

    15,900       10,724,550  

4.50%, 01/15/29 (Call 01/15/24)(a)

    5,172       1,505,133  

5.13%, 12/15/26 (Call 12/01/23)(a)

    5,205       2,503,750  

Rogers Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + 3.590%)(a)(b)(c)

    9,413       8,283,440  

Viasat Inc., 7.50%, 05/30/31
(Call 05/30/26)(a)

    8,546       5,583,102  

ViaSat Inc.

   

5.63%, 09/15/25 (Call 11/13/23)(a)

    8,536       7,929,859  

5.63%, 04/15/27 (Call 11/13/23)(a)(b)

    7,506       6,556,866  

6.50%, 07/15/28 (Call 12/01/23)(a)(b)

    4,966       3,520,397  

Vmed O2 UK Financing I PLC

   

4.25%, 01/31/31 (Call 01/31/26)(a)

    15,814       12,528,641  

4.75%, 07/15/31 (Call 07/15/26)(a)

    17,517       14,101,185  

Vodafone Group PLC

   

3.25%, 06/04/81 (Call 06/04/26), (5-year CMT + 2.447%)(b)(c)

    6,393       5,625,385  

4.13%, 06/04/81 (Call 03/04/31), (5-year CMT + 2.767%)(b)(c)

    11,930       9,039,361  

7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)(c)

    24,521       23,641,187  

Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 12/01/23)(a)(b)

    17,659       13,760,776  

Zayo Group Holdings Inc.

   

4.00%, 03/01/27 (Call 12/01/23)(a)(b)

    18,270       13,748,175  

6.13%, 03/01/28 (Call 12/01/23)(a)(b)

    13,470       8,890,200  
   

 

 

 
          545,160,602  
Transportation — 0.0%            

XPO Inc., 7.13%, 06/01/31
(Call 06/01/26)(a)(b)

    5,512       5,367,310  
   

 

 

 

Trucking & Leasing — 0.3%

   

AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. SOFR + 4.562%)(a)(c)

    6,233       6,113,638  

Fortress Transportation and Infrastructure Investors LLC

   

5.50%, 05/01/28 (Call 05/01/24)(a)

    11,942       10,860,503  
Security  

Par 

(000)

    Value  

 

 

Trucking & Leasing (continued)

   

6.50%, 10/01/25
(Call 12/01/23)(a)(b)

      $ 7,282     $ 7,190,125  

9.75%, 08/01/27 (Call 11/13/23)(a)

    4,570       4,697,722  
   

 

 

 
      28,861,988  
   

 

 

 

Total Corporate Bonds & Notes — 98.1%
(Cost: $12,641,366,588)

 

    10,843,911,749  
   

 

 

 

Fixed Rate Loan Interests

   

Diversified Financial Services — 0.0%

 

Curo Group Holdings Corp., Term Loan, (6.00% Cash + 12.00% PIK), 18.00%, 08/02/27(g)

    2,739       2,560,997  
   

 

 

 

Total Fixed Rate Loan Interests — 0.0%
(Cost: $2,681,402)

 

    2,560,997  
   

 

 

 

Total Long-Term Investments — 98.1%
(Cost: $12,644,047,990)

 

    10,846,472,746  
   

 

 

 
    Shares        

 

 

Short-Term Securities

   

Money Market Funds — 18.9%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(h)(i)(j)

    2,025,491,152       2,026,301,348  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(h)(i)

    64,260,000       64,260,000  
   

 

 

 

Total Short-Term Securities — 18.9%
(Cost: $2,089,313,135)

 

    2,090,561,348  
   

 

 

 

Total Investments — 117.0%
(Cost: $14,733,361,125)

 

    12,937,034,094  

Liabilities in Excess of Other Assets — (17.0)%

 

    (1,875,236,088
   

 

 

 

Net Assets — 100.0%

    $   11,061,798,006  
   

 

 

 

 

(a) 

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.

 
(b) 

All or a portion of this security is on loan.

 
(c) 

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.

 
(d) 

Perpetual security with no stated maturity date.

 
(e) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

 
(f) 

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.

 
(g) 

Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

 
(h) 

Affiliate of the Fund.

 
(i) 

Annualized 7-day yield as of period end.

 
(j) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

   iShares® iBoxx $ High Yield Corporate Bond ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                           

 

 
     Level 1      Level 2      Level 3        Total  

 

 

Assets

             

Investments

             

Long-Term Investments

             

Corporate Bonds & Notes

   $      $ 10,843,911,749      $        $ 10,843,911,749  

Fixed Rate Loan Interests

            2,560,997                 2,560,997  

Short-Term Securities

             

Money Market Funds

     2,090,561,348                        2,090,561,348  
  

 

 

    

 

 

    

 

 

      

 

 

 
   $   2,090,561,348      $ 10,846,472,746      $        $ 12,937,034,094  
  

 

 

    

 

 

    

 

 

      

 

 

 

 

 

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

      


Schedule of Investments (unaudited)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Corporate Bonds & Notes

   

Advertising — 0.0%

   

Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)(a)

  $ 1,531     $ 1,176,390  
   

 

 

 

Aerospace & Defense — 2.2%

   

Boeing Co. (The)

   

2.70%, 02/01/27 (Call 12/01/26)(a)

    6,524       5,876,152  

2.95%, 02/01/30 (Call 11/01/29)

    7,013       5,793,725  

3.20%, 03/01/29 (Call 12/01/28)

    8,987       7,769,007  

3.25%, 02/01/28 (Call 12/01/27)

        10,072       8,997,383  

3.25%, 02/01/35 (Call 11/01/34)

    7,985       5,907,523  

3.60%, 05/01/34 (Call 02/01/34)

    9,176       7,186,203  

3.63%, 02/01/31 (Call 11/01/30)(a)

    12,934       10,935,619  

3.75%, 02/01/50 (Call 08/01/49)(a)

    16,577           10,558,659  

3.90%, 05/01/49 (Call 11/01/48)(a)

    10,141       6,615,631  

3.95%, 08/01/59 (Call 02/01/59)(a)

    4,558       2,801,495  

5.04%, 05/01/27 (Call 03/01/27)

    17,664       17,108,888  

5.15%, 05/01/30 (Call 02/01/30)

    41,436       38,835,029  

5.71%, 05/01/40 (Call 11/01/39)

    26,801       23,713,699  

5.81%, 05/01/50 (Call 11/01/49)

    51,573       44,361,816  

5.93%, 05/01/60 (Call 11/01/59)

    31,316       26,365,169  

General Dynamics Corp.

   

3.50%, 04/01/27 (Call 02/01/27)(a)

    5,859       5,497,732  

3.63%, 04/01/30 (Call 01/01/30)

    10,959       9,759,734  

3.75%, 05/15/28 (Call 02/15/28)(a)

    9,836       9,157,611  

4.25%, 04/01/40 (Call 10/01/39)

    3,323       2,693,722  

4.25%, 04/01/50 (Call 10/01/49)

    3,167       2,468,429  

L3Harris Technologies Inc.

   

4.40%, 06/15/28 (Call 03/15/28)

    8,658       8,088,300  

4.40%, 06/15/28 (Call 03/15/28)(a)

    9,509       8,883,304  

5.40%, 07/31/33 (Call 04/30/33)

    12,493       11,682,858  

Lockheed Martin Corp.

   

2.80%, 06/15/50 (Call 12/15/49)

    7,455       4,352,999  

3.80%, 03/01/45 (Call 09/01/44)(a)

    9,754       7,102,876  

3.90%, 06/15/32 (Call 03/15/32)(a)

    6,260       5,479,491  

4.07%, 12/15/42(a)

    15,731       12,199,579  

4.09%, 09/15/52 (Call 03/15/52)(a)

    14,637       10,785,759  

4.15%, 06/15/53 (Call 12/15/52)(a)

    8,045       5,985,659  

4.70%, 05/15/46 (Call 11/15/45)

    11,599       9,561,014  

4.75%, 02/15/34 (Call 11/15/33)(a)

    11,181       10,316,060  

5.10%, 11/15/27 (Call 10/15/27)

    6,356       6,288,061  

5.25%, 01/15/33 (Call 10/15/32)(a)

    8,977       8,637,409  

5.70%, 11/15/54 (Call 05/15/54)(a)

    7,655       7,177,926  

5.90%, 11/15/63 (Call 05/15/63)(a)

    5,206       4,975,027  

Northrop Grumman Corp.

   

3.20%, 02/01/27 (Call 11/01/26)(a)

    4,762       4,411,352  

3.25%, 01/15/28 (Call 10/15/27)(a)

    19,254       17,585,443  

4.03%, 10/15/47 (Call 04/15/47)

    19,702       14,311,763  

4.40%, 05/01/30 (Call 02/01/30)(a)

    8,198       7,540,672  

4.70%, 03/15/33 (Call 12/15/32)(a)

    8,273       7,538,694  

4.75%, 06/01/43

    12,905       10,570,773  

4.95%, 03/15/53 (Call 09/15/52)

    8,333       6,893,726  

5.25%, 05/01/50 (Call 11/01/49)(a)

    8,236       7,183,156  

RTX Corp.

   

1.90%, 09/01/31 (Call 06/01/31)

    10,436       7,676,595  

2.25%, 07/01/30 (Call 04/01/30)

    8,275       6,518,888  

2.38%, 03/15/32 (Call 12/15/31)(a)

    7,590       5,699,518  

2.82%, 09/01/51 (Call 03/01/51)

    10,960       5,876,896  

3.03%, 03/15/52 (Call 09/15/51)(a)

    11,260       6,313,892  

3.13%, 05/04/27 (Call 02/04/27)

    11,060       10,076,989  

3.13%, 07/01/50 (Call 01/01/50)(a)

    10,328       5,988,874  
Security  

Par 

(000)

    Value  

Aerospace & Defense (continued)

   

3.50%, 03/15/27 (Call 12/15/26)

  $ 9,406     $ 8,701,455  

3.75%, 11/01/46 (Call 05/01/46)

    10,827       7,177,663  

4.13%, 11/16/28 (Call 08/16/28)

    28,333       26,045,326  

4.15%, 05/15/45 (Call 11/16/44)

    8,414       6,033,966  

4.35%, 04/15/47 (Call 10/15/46)

    9,870       7,254,056  

4.45%, 11/16/38 (Call 05/16/38)

    7,748       6,201,822  

4.50%, 06/01/42

    32,581       25,334,748  

4.63%, 11/16/48 (Call 05/16/48)(a)

    16,241       12,460,157  

5.15%, 02/27/33 (Call 11/27/32)

    9,602       8,860,832  

5.38%, 02/27/53 (Call 08/27/52)(a)

    11,618       9,858,916  
   

 

 

 
          616,035,720  
Agriculture — 1.7%            

Altria Group Inc.

   

2.45%, 02/04/32 (Call 11/04/31)

        15,226       11,130,250  

3.40%, 05/06/30 (Call 02/06/30)

    6,188       5,171,472  

3.40%, 02/04/41 (Call 08/04/40)(a)

    14,164       8,689,919  

3.70%, 02/04/51 (Call 08/04/50)(a)

    11,567       6,745,399  

3.88%, 09/16/46 (Call 03/16/46)(a)

    13,494       8,351,435  

4.00%, 02/04/61 (Call 08/04/60)(a)

    8,947       5,398,093  

4.25%, 08/09/42

    10,355       7,099,720  

4.80%, 02/14/29 (Call 11/14/28)(a)

    14,108       13,218,640  

5.38%, 01/31/44(a)

    15,971       13,635,502  

5.80%, 02/14/39 (Call 08/14/38)(a)

    17,258       15,307,297  

5.95%, 02/14/49 (Call 08/14/48)(a)

    22,001       18,612,025  

Archer-Daniels-Midland Co.

   

2.70%, 09/15/51 (Call 03/15/51)

    2,507       1,402,233  

2.90%, 03/01/32 (Call 12/01/31)

    6,526       5,296,868  

3.25%, 03/27/30 (Call 12/27/29)

    8,515       7,381,904  

BAT Capital Corp.

   

2.26%, 03/25/28 (Call 01/25/28)

    13,331       11,175,519  

2.73%, 03/25/31 (Call 12/25/30)

    10,698       8,057,023  

3.56%, 08/15/27 (Call 05/15/27)

    15,403       13,968,950  

3.73%, 09/25/40 (Call 03/25/40)(a)

    7,043       4,443,824  

3.98%, 09/25/50 (Call 03/25/50)(a)

    9,343       5,476,072  

4.39%, 08/15/37 (Call 02/15/37)

    21,341       15,522,863  

4.54%, 08/15/47 (Call 02/15/47)

    23,832       15,326,760  

4.70%, 04/02/27 (Call 02/02/27)

    6,926       6,595,187  

4.74%, 03/16/32 (Call 12/16/31)(a)

    7,181       6,167,556  

4.76%, 09/06/49 (Call 03/06/49)

    9,462       6,266,868  

4.91%, 04/02/30 (Call 01/02/30)(a)

    9,154       8,252,814  

6.34%, 08/02/30 (Call 06/02/30)(a)

    8,409       8,163,523  

6.42%, 08/02/33 (Call 05/02/33)(a)

    11,542       10,871,658  

7.08%, 08/02/43 (Call 02/02/43)

    7,155       6,530,643  

7.08%, 08/02/53 (Call 02/02/53)

    9,269       8,272,140  

BAT International Finance PLC

   

4.45%, 03/16/28 (Call 02/16/28)

    8,431       7,771,671  

5.93%, 02/02/29 (Call 01/02/29)

    6,690       6,496,607  

Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)(a)

    7,910       6,264,108  

Philip Morris International Inc.

   

1.75%, 11/01/30 (Call 08/01/30)(a)

    7,540       5,645,667  

2.10%, 05/01/30 (Call 02/01/30)

    5,067       3,975,492  

3.38%, 08/15/29 (Call 05/15/29)

    7,723       6,725,646  

3.88%, 08/21/42

    11,905       8,354,783  

4.13%, 03/04/43(a)

    12,984       9,306,952  

4.25%, 11/10/44

    3,820       2,757,247  

4.38%, 11/15/41

    12,681       9,531,696  

4.88%, 02/15/28 (Call 01/15/28)

    11,898       11,429,555  

4.88%, 11/15/43

    2,316       1,842,854  

5.13%, 11/17/27 (Call 10/17/27)

    12,192       11,889,169  

5.13%, 02/15/30 (Call 12/15/29)

    20,313       19,229,856  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Agriculture (continued)

   

5.38%, 02/15/33 (Call 11/15/32)

  $ 19,706     $ 18,207,674  

5.63%, 11/17/29 (Call 09/17/29)

    10,823       10,599,364  

5.63%, 09/07/33 (Call 06/07/33)

    9,030       8,478,879  

5.75%, 11/17/32 (Call 08/17/32)

    12,081       11,543,381  

6.38%, 05/16/38(a)

    19,301       19,117,370  

Reynolds American Inc.

   

5.70%, 08/15/35 (Call 02/15/35)

    6,251       5,365,416  

5.85%, 08/15/45 (Call 02/15/45)(a)

    21,057       16,512,162  
   

 

 

 
          463,577,706  
Airlines — 0.1%            

Southwest Airlines Co., 5.13%, 06/15/27 (Call 04/15/27)(a)

    18,962       18,293,555  
   

 

 

 

Apparel — 0.1%

   

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)

    1,540       1,417,128  

2.75%, 03/27/27 (Call 01/27/27)(a)

    5,676       5,229,478  

2.85%, 03/27/30 (Call 12/27/29)

        17,229       14,738,193  

3.25%, 03/27/40 (Call 09/27/39)(a)

    2,840       2,045,312  

3.38%, 03/27/50 (Call 09/27/49)(a)

    8,140       5,476,001  

3.88%, 11/01/45 (Call 05/01/45)(a)

    5,398       4,031,067  

VF Corp., 2.95%, 04/23/30 (Call 01/23/30)(a)

    8,799       6,914,629  
   

 

 

 
          39,851,808  
Auto Manufacturers — 1.4%            

American Honda Finance Corp.

   

2.00%, 03/24/28

    1,848       1,585,251  

5.13%, 07/07/28

    4,674       4,553,482  

Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)

    6,956       5,312,169  

General Motors Co.

   

4.20%, 10/01/27 (Call 07/01/27)(a)

    12,720       11,782,371  

5.00%, 10/01/28 (Call 07/01/28)(a)

    8,580       8,087,676  

5.00%, 04/01/35(a)

    1,788       1,488,854  

5.15%, 04/01/38 (Call 10/01/37)

    3,929       3,167,069  

5.20%, 04/01/45(a)

    12,780       9,480,962  

5.40%, 10/15/29 (Call 08/15/29)(a)

    17,261       16,138,453  

5.40%, 04/01/48 (Call 10/01/47)

    6,181       4,639,634  

5.60%, 10/15/32 (Call 07/15/32)(a)

    19,218       17,565,300  

5.95%, 04/01/49 (Call 10/01/48)(a)

    9,124       7,380,271  

6.25%, 10/02/43

    14,144       12,114,180  

6.60%, 04/01/36 (Call 10/01/35)

    6,508       6,107,366  

6.75%, 04/01/46 (Call 10/01/45)

    6,571       5,881,404  

6.80%, 10/01/27 (Call 08/01/27)

    15,122       15,356,338  

General Motors Financial Co. Inc.

   

2.35%, 02/26/27 (Call 01/26/27)

    8,878       7,803,726  

2.35%, 01/08/31 (Call 10/08/30)(a)

    4,552       3,389,622  

2.40%, 04/10/28 (Call 02/10/28)

    12,924       10,896,725  

2.40%, 10/15/28 (Call 08/15/28)

    10,640       8,776,585  

2.70%, 08/20/27 (Call 06/20/27)

    13,691       11,950,273  

2.70%, 06/10/31 (Call 03/10/31)(a)

    5,283       3,973,157  

3.10%, 01/12/32 (Call 10/12/31)(a)

    5,951       4,528,069  

3.60%, 06/21/30 (Call 03/21/30)

    8,320       6,863,824  

4.30%, 04/06/29 (Call 02/06/29)(a)

    8,243       7,317,385  

4.35%, 01/17/27 (Call 10/17/26)(a)

    8,148       7,647,638  

5.00%, 04/09/27 (Call 03/09/27)

    11,694       11,164,701  

5.80%, 06/23/28 (Call 05/23/28)(a)

    13,580       13,158,485  

5.85%, 04/06/30 (Call 02/06/30)(a)

    7,335       6,962,799  

6.00%, 01/09/28 (Call 12/09/27)

    14,311       14,042,517  

6.40%, 01/09/33 (Call 10/09/32)(a)

    6,216       5,965,856  

Honda Motor Co. Ltd.

   

2.53%, 03/10/27 (Call 02/10/27)(a)

    14,612       13,214,814  

2.97%, 03/10/32 (Call 12/10/31)(a)

    13,529       11,148,997  
Security  

Par 

(000)

    Value  

Auto Manufacturers (continued)

   

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

  $ 20,578     $ 23,793,691  

Toyota Motor Credit Corp.

   

1.90%, 01/13/27(a)

    3,336       2,975,208  

1.90%, 04/06/28(a)

    8,001       6,898,684  

2.15%, 02/13/30

    16,364       13,301,908  

3.05%, 03/22/27

    14,300       13,174,829  

3.20%, 01/11/27(a)

    2,446       2,270,177  

3.38%, 04/01/30

    5,660       4,928,476  

4.45%, 06/29/29(a)

    5,558       5,262,389  

4.55%, 09/20/27(a)

    10,526       10,168,794  

4.63%, 01/12/28(a)

    10,710       10,371,436  

5.25%, 09/11/28

    9,796       9,637,305  
   

 

 

 
          382,228,850  
Auto Parts & Equipment — 0.1%            

Aptiv PLC

   

3.10%, 12/01/51 (Call 06/01/51)

    9,314       5,023,145  

3.25%, 03/01/32 (Call 12/01/31)(a)

    5,017       4,024,813  

4.15%, 05/01/52 (Call 11/01/51)(a)

        10,457       6,866,014  
   

 

 

 
      15,913,972  
Banks — 23.6%            

Banco Bilbao Vizcaya Argentaria SA, 6.14%, 09/14/28 (Call 09/14/27),
(1-year CMT + 2.700%)(a)(b)

    2,790       2,722,580  

Banco Santander SA

   

2.75%, 12/03/30

    6,001       4,374,560  

2.96%, 03/25/31(a)

    2,040       1,575,740  

3.31%, 06/27/29

    1,849       1,577,612  

3.49%, 05/28/30

    3,197       2,616,321  

3.80%, 02/23/28(a)

    15,532       13,817,722  

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

    19,338       17,701,640  

4.25%, 04/11/27

    10,239       9,482,097  

4.38%, 04/12/28(a)

    18,082       16,429,311  

5.29%, 08/18/27

    19,800       18,920,583  

5.59%, 08/08/28(a)

    18,895       18,195,721  

6.61%, 11/07/28

    7,800       7,800,000  

6.92%, 08/08/33

    15,695       14,586,498  

6.94%, 11/07/33

    7,800       7,800,000  

Bank of America Corp.

   

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

    20,419       15,202,985  

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

    18,371       13,548,477  

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

    26,324       21,723,428  

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

    27,816       20,527,493  

2.50%, 02/13/31 (Call 02/13/30),
(3-mo. SOFR + 1.252%)(a)(b)

    25,306       19,946,614  

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

    16,449       14,540,148  

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

    23,295       17,467,609  

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

    21,330       16,820,836  

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

    37,985       23,187,328  

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

    33,563       25,753,158  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Banks (continued)

   

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

  $ 7,693     $ 4,256,629  

2.88%, 10/22/30 (Call 10/22/29),
(3-mo. SOFR + 1.452%)(b)

    15,976       13,077,121  

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

    28,406       21,764,103  

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

    16,061       9,220,016  

3.19%, 07/23/30 (Call 07/23/29),
(3-mo. SOFR + 1.442%)(b)

        18,763       15,751,996  

3.25%, 10/21/27 (Call 10/21/26)

    19,417       17,556,170  

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

    26,422       17,476,407  

3.42%, 12/20/28 (Call 12/20/27),
(3-mo. SOFR + 1.302%)(b)

    44,916       39,992,479  

3.59%, 07/21/28 (Call 07/21/27),
(3-mo. SOFR + 1.632%)(b)

    14,563           13,179,442  

3.71%, 04/24/28 (Call 04/24/27),
(3-mo. SOFR + 1.774%)(b)

    14,723       13,454,569  

3.82%, 01/20/28 (Call 01/20/27),
(3-mo. SOFR + 1.837%)(b)

    18,163       16,744,037  

3.95%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.452%)(a)(b)

    10,122       7,065,493  

3.97%, 03/05/29 (Call 03/05/28),
(3-mo. SOFR + 1.332%)(b)

    19,783       17,902,135  

3.97%, 02/07/30 (Call 02/07/29),
(3-mo. SOFR + 1.472%)(b)

    22,110       19,559,063  

4.08%, 04/23/40 (Call 04/23/39),
(3-mo. SOFR + 1.582%)(b)

    12,904       9,732,304  

4.08%, 03/20/51 (Call 03/20/50),
(3-mo. SOFR + 3.412%)(a)(b)

    42,048       29,483,225  

4.24%, 04/24/38 (Call 04/24/37),
(3-mo. SOFR + 2.076%)(b)

    8,078       6,374,000  

4.27%, 07/23/29 (Call 07/23/28),
(3-mo. SOFR + 1.572%)(a)(b)

    23,045       20,965,885  

4.33%, 03/15/50 (Call 03/15/49),
(3-mo. SOFR + 1.782%)(b)

    22,790       16,725,962  

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

    17,935       16,741,306  

4.44%, 01/20/48 (Call 01/20/47),
(3-mo. SOFR + 2.252%)(b)

    16,351       12,368,192  

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

    28,804       24,845,688  

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

    22,436       21,327,547  

5.00%, 01/21/44(a)

    15,929       13,368,076  

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

    36,334       32,507,746  

5.20%, 04/25/29 (Call 04/25/28),
(1-day SOFR + 1.630%)(b)

    26,002       24,690,079  

5.29%, 04/25/34 (Call 04/25/33),
(1-day SOFR + 1.910%)(b)

    34,281       31,013,774  

5.82%, 09/15/29 (Call 09/15/28),
(1-day SOFR + 1.570%)(b)

    21,325       20,763,860  

5.87%, 09/15/34 (Call 09/15/33),
(1-day SOFR + 1.840%)(b)

    27,427       25,817,318  

5.88%, 02/07/42

    14,516       13,584,912  

6.11%, 01/29/37(a)

    17,904       16,970,360  

6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)(b)

    14,692       14,586,332  

7.75%, 05/14/38

    14,656       15,666,923  
Security  

Par 

(000)

    Value  

Banks (continued)

   

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

  $ 14,533     $ 13,356,227  

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

    15,239       11,675,270  

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

    8,657       5,463,978  

Bank of America NA, 6.00%, 10/15/36(a)

    11,233       10,830,977  

Bank of Montreal

   

2.65%, 03/08/27(a)

    3,324       2,973,362  

5.20%, 02/01/28 (Call 01/01/28)

    4,676       4,505,932  

5.72%, 09/25/28 (Call 08/25/28)

    18,705       18,336,328  

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

    3,988       3,793,544  

Bank of New York Mellon Corp. (The)

   

2.05%, 01/26/27 (Call 12/26/26)(a)

    1,955       1,730,727  

3.25%, 05/16/27 (Call 02/16/27)(a)

    2,626       2,406,768  

3.30%, 08/23/29 (Call 05/23/29)

    2,050       1,744,574  

3.40%, 01/29/28 (Call 10/29/27)

    2,266       2,059,090  

3.85%, 04/28/28(a)

    2,713       2,515,244  

6.32%, 10/25/29 (Call 10/25/28),
(1-day SOFR + 1.598%)(b)

    6,725       6,776,793  

6.47%, 10/25/34 (Call 10/25/33),
(1-day SOFR + 1.845%)(b)

    6,725       6,751,308  

Bank of Nova Scotia (The)

   

1.95%, 02/02/27

    1,565       1,380,582  

2.45%, 02/02/32

    1,528       1,145,290  

4.85%, 02/01/30(a)

    17,050       15,694,315  

5.25%, 06/12/28

        16,953           16,230,026  

Barclays PLC

   

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

    18,839       16,475,566  

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

    3,678       2,795,965  

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

    7,743       5,695,892  

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

    11,260       8,206,011  

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

    6,430       3,947,544  

4.34%, 01/10/28 (Call 01/10/27)(a)

    13,124       11,982,758  

4.84%, 05/09/28 (Call 05/07/27)(a)

    18,997       17,068,546  

4.95%, 01/10/47(a)

    14,151       10,849,168  

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

    19,230       17,686,377  

5.25%, 08/17/45(a)

    14,922       11,983,093  

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

    23,144       21,947,633  

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

    9,025       8,106,067  

6.22%, 05/09/34 (Call 05/09/33),
(1-day SOFR + 2.980%)(a)(b)

    19,184       17,554,072  

6.49%, 09/13/29 (Call 09/13/28),
(1-day SOFR + 2.220%)(b)

    11,785       11,500,173  

6.50%, 09/13/27 (Call 09/13/26),
(1-day SOFR + 1.880%)(b)

    2,400       2,378,134  

6.69%, 09/13/34 (Call 09/13/33),
(1-day SOFR + 2.620%)(b)

    14,504       13,769,516  

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

    16,809       16,982,161  

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

    18,519       18,440,094  

Canadian Imperial Bank of Commerce

   

3.45%, 04/07/27 (Call 03/07/27)

    5,366       4,911,408  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Banks (continued)

   

3.60%, 04/07/32 (Call 03/07/32)(a)

  $ 3,115     $ 2,560,891  

5.00%, 04/28/28 (Call 03/28/28)

    8,703       8,270,475  

6.09%, 10/03/33 (Call 07/03/33)

    7,741       7,456,459  

Citibank NA, 5.80%, 09/29/28 (Call 08/29/28)

    16,575       16,363,526  

Citigroup Inc.

   

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

        15,561           11,572,443  

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

    26,871       20,392,512  

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

    37,553       29,394,645  

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

    20,875       16,631,620  

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

    8,443       5,178,269  

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

    27,917       22,918,698  

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

    28,758       22,135,127  

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

    21,051       18,941,873  

3.52%, 10/27/28 (Call 10/27/27),
(3-mo. SOFR + 1.412%)(b)

    16,689       15,002,501  

3.67%, 07/24/28 (Call 07/24/27),
(3-mo. SOFR + 1.652%)(b)

    19,639       17,832,878  

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

    26,856       21,808,877  

3.88%, 01/24/39 (Call 01/24/38),
(3-mo. SOFR + 1.430%)(b)

    3,680       2,752,868  

3.89%, 01/10/28 (Call 01/10/27),
(3-mo. SOFR + 1.825%)(b)

    22,598       20,955,121  

3.98%, 03/20/30 (Call 03/20/29),
(3-mo. SOFR + 1.600%)(a)(b)

    30,346       26,852,857  

4.08%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.454%)(b)

    14,652       13,312,356  

4.13%, 07/25/28

    18,423       16,519,475  

4.28%, 04/24/48 (Call 04/24/47),
(3-mo. SOFR + 2.101%)(a)(b)

    6,885       5,046,434  

4.30%, 11/20/26

    2,368       2,227,009  

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

    41,074       36,290,226  

4.45%, 09/29/27

    32,115       29,660,900  

4.65%, 07/30/45(a)

    7,567       5,816,431  

4.65%, 07/23/48 (Call 06/23/48)(a)

    21,610       16,559,404  

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

    10,150       9,606,220  

4.75%, 05/18/46

    17,748       13,230,041  

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

    22,285       19,782,421  

5.30%, 05/06/44(a)

    6,568       5,352,561  

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

    10,185       8,815,609  

5.88%, 01/30/42

    12,734       11,704,493  

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

    25,170       24,457,032  

6.63%, 06/15/32

    13,955       13,825,185  

6.68%, 09/13/43

    10,379       9,911,084  

8.13%, 07/15/39

    20,891       23,556,923  

Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27),
(1-day SOFR + 2.000%)(b)

    3,202       2,840,079  
Security  

Par 

(000)

    Value  

Banks (continued)

   

Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)(a)

  $ 2,179     $ 1,681,494  

Cooperatieve Rabobank UA

   

5.25%, 05/24/41(a)

    26,749       24,421,845  

5.25%, 08/04/45(a)

    4,908       4,048,839  

5.75%, 12/01/43

    7,291       6,445,718  

Credit Suisse AG/New York NY

   

5.00%, 07/09/27(a)

    5,384       5,139,943  

7.50%, 02/15/28

    17,179       17,781,468  

Deutsche Bank AG/New York NY 2.31%, 11/16/27 (Call 11/16/26),
(1-day SOFR + 1.219%)(b)

    22,203       19,206,217  

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

    17,727       15,328,388  

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

    1,886       1,404,834  

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

    7,634       5,999,874  

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

    18,848           18,509,377  

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

        11,369       9,991,715  

Fifth Third Bancorp.

   

2.55%, 05/05/27 (Call 04/05/27)

    3,586       3,097,757  

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

    4,513       4,002,625  

6.34%, 07/27/29 (Call 07/27/28),
(1-day SOFR + 2.340%)(b)

    8,990       8,715,556  

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

    6,208       6,040,805  

8.25%, 03/01/38

    10,380       10,540,319  

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

    10,852       10,436,451  

Goldman Sachs Group Inc. (The)

   

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

    25,597       18,788,454  

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

    38,195       28,379,000  

2.60%, 02/07/30 (Call 11/07/29)

    12,959       10,399,403  

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

    35,588       27,148,509  

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

    31,145       27,594,747  

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

    29,111       21,898,773  

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

    13,462       8,293,097  

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

    38,860       30,222,467  

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

    19,864       12,868,074  

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

    18,061       11,923,533  

3.50%, 11/16/26 (Call 11/16/25)

    200       185,436  

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

    31,694       29,023,942  

3.69%, 06/05/28 (Call 06/05/27),
(3-mo. SOFR + 1.772%)(b)

    23,739       21,660,252  

3.80%, 03/15/30 (Call 12/15/29)(a)

    17,189       14,844,938  

3.81%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.420%)(b)

    25,697       23,082,937  

3.85%, 01/26/27 (Call 01/26/26)

    12,236       11,413,398  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Banks (continued)

   

4.02%, 10/31/38 (Call 10/31/37),
(3-mo. SOFR + 1.635%)(b)

  $ 14,849     $ 11,255,759  

4.22%, 05/01/29 (Call 05/01/28),
(3-mo. SOFR + 1.563%)(b)

    33,729       30,764,342  

4.41%, 04/23/39 (Call 04/23/38),
(3-mo. SOFR + 1.692%)(b)

    7,798       6,186,395  

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

    25,312       23,696,770  

4.75%, 10/21/45 (Call 04/21/45)(a)

    14,076       11,265,827  

4.80%, 07/08/44 (Call 01/08/44)

    12,584       9,954,652  

5.15%, 05/22/45(a)

    15,356       12,475,652  

5.95%, 01/15/27

    3,663       3,612,226  

6.13%, 02/15/33(a)

    16,166       16,146,633  

6.25%, 02/01/41(a)

        29,647           28,670,369  

6.48%, 10/24/29 (Call 10/24/28),
(1-day SOFR + 1.770%)(b)

    14,686       14,686,160  

6.56%, 10/24/34 (Call 10/24/33),
(1-day SOFR + 1.950%)(a)(b)

    5,639       5,608,423  

6.75%, 10/01/37

    58,216       57,057,513  

HSBC Holdings PLC

   

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

    18,346       15,405,720  

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

    19,884       16,174,564  

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

    24,141       21,172,852  

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

    13,785       10,378,352  

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

    27,899       21,002,560  

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

    15,529       12,196,307  

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

    16,845       12,574,664  

3.97%, 05/22/30 (Call 05/22/29),
(3-mo. SOFR + 1.872%)(b)

    29,064       25,123,195  

4.04%, 03/13/28 (Call 03/13/27),
(3-mo. SOFR + 1.808%)(b)

    24,010       22,057,118  

4.58%, 06/19/29 (Call 06/19/28),
(3-mo. SOFR + 1.796%)(b)

    27,897       25,409,458  

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

    21,819       20,419,695  

4.95%, 03/31/30

    19,597       18,031,627  

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

    21,395       20,414,634  

5.25%, 03/14/44(a)

    8,596       6,897,301  

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

    22,401       20,131,850  

6.10%, 01/14/42(a)

    11,912       11,397,753  

6.16%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 1.970%)(b)

    20,476       20,048,971  

6.25%, 03/09/34 (Call 03/09/33),
(1-day SOFR + 2.390%)(a)(b)

    20,405       19,377,808  

6.33%, 03/09/44 (Call 03/09/43),
(1-day SOFR + 2.650%)(b)

    25,062       23,186,768  

6.50%, 05/02/36(a)

    17,056       16,003,594  

6.50%, 09/15/37

    20,064       18,851,518  

6.80%, 06/01/38(a)

    8,566       8,156,206  

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

    20,794       21,331,741  
Security  

Par 

(000)

    Value  

Banks (continued)

   

Huntington Bancshares Inc.

   

2.55%, 02/04/30 (Call 11/04/29)

  $ 3,336     $ 2,571,890  

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

    4,971       4,541,473  

6.21%, 08/21/29 (Call 08/21/28),
(1-day SOFR + 2.020%)(b)

        11,691           11,220,900  

Huntington National Bank (The)

   

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

    5,486       5,043,507  

5.65%, 01/10/30 (Call 11/10/29)

    4,980       4,565,616  

ING Groep NV

   

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

    1,941       1,487,821  

3.95%, 03/29/27

    19,762       18,287,792  

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

    20,589       18,942,415  

4.05%, 04/09/29(a)

    8,200       7,328,174  

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

    3,199       2,677,538  

4.55%, 10/02/28(a)

    11,803       10,897,145  

6.11%, 09/11/34 (Call 09/11/33),
(1-day SOFR + 2.090%)(b)

    12,816       12,014,367  

JPMorgan Chase & Co.

   

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

    13,303       9,837,070  

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

    27,285       20,279,996  

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

    17,614       14,653,025  

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

    13,893       12,067,935  

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

    24,007       19,109,176  

2.53%, 11/19/41 (Call 11/19/40),
(3-mo. SOFR + 1.510%)(b)

    14,250       8,553,936  

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

    26,759       20,280,170  

2.58%, 04/22/32 (Call 04/22/31),
(3-mo. SOFR + 1.250%)(b)

    33,639       25,969,486  

2.74%, 10/15/30 (Call 10/15/29),
(3-mo. SOFR + 1.510%)(b)

    33,517       27,541,884  

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

    14,337       12,907,697  

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

    32,917       25,655,635  

3.11%, 04/22/41 (Call 04/22/40),
(3-mo. SOFR + 2.460%)(b)

    13,065       8,707,841  

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

    19,975       11,782,246  

3.16%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.460%)(b)

    18,430       12,130,097  

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

    30,852       18,912,745  

3.51%, 01/23/29 (Call 01/23/28),
(3-mo. SOFR + 1.207%)(b)

    19,693       17,663,538  

3.54%, 05/01/28 (Call 05/01/27),
(3-mo. SOFR + 1.642%)(b)

    22,184       20,287,712  

3.63%, 12/01/27 (Call 12/01/26)(a)

    10,132       9,260,086  

3.70%, 05/06/30 (Call 05/06/29),
(3-mo. SOFR + 1.422%)(b)

    24,016       21,105,789  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Banks (continued)

   

3.78%, 02/01/28 (Call 02/01/27),
(3-mo. SOFR + 1.599%)(b)

  $ 23,807     $ 22,093,658  

3.88%, 07/24/38 (Call 07/24/37),
(3-mo. SOFR + 1.622%)(a)(b)

    14,503       11,080,752  

3.90%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.482%)(b)

    16,871       11,681,212  

3.96%, 11/15/48 (Call 11/15/47),
(3-mo. SOFR + 1.642%)(b)

    30,377       21,249,939  

4.01%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.382%)(b)

    21,671       19,723,549  

4.03%, 07/24/48 (Call 07/24/47),
(3-mo. SOFR + 1.722%)(b)

    14,174       10,065,621  

4.13%, 12/15/26

    2,163       2,043,138  

4.20%, 07/23/29 (Call 07/23/28),
(3-mo. SOFR + 1.522%)(b)

    21,703       19,896,115  

4.25%, 10/01/27(a)

    15,011       14,157,593  

4.26%, 02/22/48 (Call 02/22/47),
(3-mo. SOFR + 1.842%)(b)

    17,852       13,216,873  

4.32%, 04/26/28 (Call 04/26/27),
(1-day SOFR + 1.560%)(b)

    26,149       24,560,621  

4.45%, 12/05/29 (Call 12/05/28),

(3-mo. SOFR + 1.592%)(a)(b)

    22,909       21,070,667  

4.49%, 03/24/31 (Call 03/24/30),
(3-mo. SOFR + 3.790%)(a)(b)

    26,568       23,955,723  

4.57%, 06/14/30 (Call 06/14/29),
(1-day SOFR + 1.750%)(a)(b)

    20,806       19,110,267  

4.59%, 04/26/33 (Call 04/26/32),
(1-day SOFR + 1.800%)(b)

    18,243       16,020,351  

4.85%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.990%)(b)

    30,914       29,548,606  

4.85%, 02/01/44(a)

    9,457       7,899,191  

4.91%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.080%)(b)

    38,696       34,776,649  

4.95%, 06/01/45

    15,397       12,592,558  

5.30%, 07/24/29 (Call 07/24/28),
(1-day SOFR + 1.450%)(b)

    22,211       21,384,764  

5.35%, 06/01/34 (Call 06/01/33),
(1-day SOFR + 1.845%)(a)(b)

    40,526       37,484,272  

5.40%, 01/06/42

    13,034       11,699,613  

5.50%, 10/15/40

        13,221           12,007,587  

5.60%, 07/15/41

    17,282       15,885,129  

5.63%, 08/16/43(a)

    12,926       11,657,892  

6.09%, 10/23/29 (Call 10/23/28),
(1-day SOFR + 1.570%)(b)

    20,112       19,973,491  

6.25%, 10/23/34 (Call 10/23/33),
(1-day SOFR + 1.810%)(b)

    15,309       15,108,605  

6.40%, 05/15/38

    24,322       24,603,804  

KeyBank NA, 5.00%, 01/26/33
(Call 10/26/32)(a)

    5,269       4,244,157  

KeyBank NA/Cleveland OH

   

4.90%, 08/08/32

    4,103       3,048,536  

5.85%, 11/15/27 (Call 10/16/27)(a)

    10,800       9,950,580  

KeyCorp

   

2.25%, 04/06/27(a)

    8,600       7,131,395  

2.55%, 10/01/29

    4,349       3,253,109  

4.10%, 04/30/28

    7,830       6,679,849  

4.79%, 06/01/33 (Call 06/01/32),
(1-day SOFR + 2.060%)(b)

    4,434       3,499,965  

Lloyds Banking Group PLC

   

3.57%, 11/07/28 (Call 11/07/27),
(3-mo. LIBOR US + 1.205%)(b)

    19,291       17,113,694  
Security  

Par 

(000)

    Value  

Banks (continued)

   

3.75%, 01/11/27(a)

  $ 3,726     $ 3,426,305  

3.75%, 03/18/28 (Call 03/18/27),
(1-year CMT + 1.800%)(a)(b)

    12,251       11,160,306  

4.34%, 01/09/48(a)

    14,776       9,621,666  

4.38%, 03/22/28

    15,555       14,279,394  

4.55%, 08/16/28(a)

    17,102       15,725,732  

4.98%, 08/11/33 (Call 08/11/32),
(1-year CMT + 2.300%)(a)(b)

    5,013       4,351,966  

5.30%, 12/01/45(a)

    5,470       4,283,242  

5.87%, 03/06/29 (Call 03/06/28),
(1-year CMT + 1.700%)(a)(b)

    12,702       12,292,174  

M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33),
(1-day SOFR + 1.850%)(b)

    5,238       4,376,765  

Manufacturers & Traders Trust Co., 4.70%, 01/27/28 (Call 12/27/27)

        14,335           12,999,020  

Mitsubishi UFJ Financial Group Inc.

   

2.05%, 07/17/30(a)

    11,308       8,648,650  

2.31%, 07/20/32 (Call 07/20/31),
(1-year CMT + 0.950%)(b)

    13,883       10,349,860  

2.34%, 01/19/28 (Call 01/19/27),
(1-year CMT + 0.830%)(b)

    19,885       17,577,040  

2.49%, 10/13/32 (Call 10/13/31),
(1-year CMT + 0.970%)(b)

    3,827       2,882,418  

2.56%, 02/25/30(a)

    10,147       8,138,815  

2.85%, 01/19/33 (Call 01/19/32),
(1-year CMT + 1.100%)(b)

    5,288       4,063,273  

3.20%, 07/18/29

    15,436       13,159,763  

3.29%, 07/25/27(a)

    15,074       13,742,289  

3.68%, 02/22/27(a)

    6,876       6,408,862  

3.74%, 03/07/29

    12,579       11,286,067  

3.75%, 07/18/39(a)

    8,313       6,207,350  

3.96%, 03/02/28(a)

    16,308       15,108,235  

4.05%, 09/11/28(a)

    12,762       11,742,162  

4.08%, 04/19/28 (Call 04/19/27),
(1-year CMT + 1.300%)(b)

    16,495       15,361,751  

5.02%, 07/20/28 (Call 07/20/27),
(1-year CMT + 1.950%)(b)

    14,698       14,083,460  

5.13%, 07/20/33 (Call 07/20/32),
(1-year CMT + 2.125%)(b)

    11,601       10,609,958  

5.35%, 09/13/28 (Call 09/13/27),
(1-year CMT + 1.900%)(b)

    16,792       16,250,920  

5.41%, 04/19/34 (Call 04/19/33),
(1-year CMT + 1.970%)(a)(b)

    6,050       5,624,666  

5.42%, 02/22/29 (Call 02/22/28),
(1-year CMT + 1.380%)(a)(b)

    15,654       15,162,070  

5.44%, 02/22/34 (Call 02/22/33),
(1-year CMT + 1.630%)(a)(b)

    8,260       7,698,640  

5.47%, 09/13/33 (Call 09/13/32),
(1-year CMT + 2.125%)(a)(b)

    3,527       3,300,880  

Mizuho Financial Group Inc.

   

1.98%, 09/08/31 (Call 09/08/30),
(3-mo. SOFR + 1.532%)(b)

    4,289       3,185,571  

2.20%, 07/10/31 (Call 07/10/30),
(3-mo. SOFR + 1.772%)(b)

    9,646       7,327,667  

2.56%, 09/13/31(a)

    5,529       4,068,174  

3.15%, 07/16/30 (Call 07/16/29),

(3-mo. SOFR + 1.392%)(b)

    7,578       6,355,473  

3.17%, 09/11/27(a)

    10,584       9,511,018  

4.02%, 03/05/28(a)

    18,226       16,766,764  

4.25%, 09/11/29 (Call 09/11/28),
(3-mo. SOFR + 1.532%)(b)

    12,525       11,393,349  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Banks (continued)

   

5.41%, 09/13/28 (Call 09/13/27),
(1-year CMT + 2.050%)(b)

  $ 14,125     $ 13,686,886  

5.67%, 05/27/29 (Call 05/27/28),
(1-year CMT + 1.500%)(b)

    16,241       15,803,947  

5.67%, 09/13/33 (Call 09/13/32),
(1-year CMT + 2.400%)(b)

    2,101       1,961,979  

5.75%, 05/27/34 (Call 05/27/33),
(1-year CMT + 1.800%)(b)

    2,834       2,651,662  

5.75%, 07/06/34 (Call 07/06/33),
(1-year CMT + 1.900%)(b)

    7,130       6,633,248  

5.78%, 07/06/29 (Call 07/06/28),
(1-year CMT + 1.650%)(b)

        20,473           19,991,315  

Morgan Stanley

   

1.79%, 02/13/32 (Call 02/13/31),
(1-day SOFR + 1.034%)(b)

    32,476       23,516,226  

1.93%, 04/28/32 (Call 04/28/31),
(1-day SOFR + 1.020%)(b)

    29,626       21,456,506  

2.24%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.178%)(b)

    37,133       27,364,555  

2.48%, 01/21/28 (Call 01/21/27),
(1-day SOFR + 1.000%)(b)

    18,342       16,249,229  

2.51%, 10/20/32 (Call 10/20/31),
(1-day SOFR + 1.200%)(a)(b)

    29,455       22,029,286  

2.70%, 01/22/31 (Call 01/22/30),
(1-day SOFR + 1.143%)(b)

    31,700       25,461,868  

2.80%, 01/25/52 (Call 01/25/51),
(1-day SOFR + 1.430%)(a)(b)

    18,964       10,493,460  

2.94%, 01/21/33 (Call 01/21/32),
(1-day SOFR + 1.290%)(b)

    28,684       22,018,868  

3.22%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.485%)(b)

    12,765       8,435,734  

3.59%, 07/22/28 (Call 07/22/27)(b)

    24,649       22,351,873  

3.62%, 04/01/31 (Call 04/01/30),
(1-day SOFR + 3.120%)(b)

    27,768       23,513,104  

3.63%, 01/20/27(a)

    8,909       8,281,872  

3.77%, 01/24/29 (Call 01/24/28),
(3-mo. SOFR + 1.402%)(b)

    26,285       23,703,645  

3.95%, 04/23/27

    15,339       14,117,387  

3.97%, 07/22/38 (Call 07/22/37)(b)

    11,587       8,740,316  

4.21%, 04/20/28 (Call 04/20/27),
(1-day SOFR + 1.610%)(b)

    22,015       20,534,458  

4.30%, 01/27/45

    18,457       13,847,327  

4.38%, 01/22/47

    19,745       14,715,064  

4.43%, 01/23/30 (Call 01/23/29),
(3-mo. SOFR + 1.890%)(b)

    30,292       27,589,784  

4.46%, 04/22/39 (Call 04/22/38),
(3-mo. SOFR + 1.693%)(b)

    2,762       2,214,556  

4.89%, 07/20/33 (Call 07/20/32),
(1-day SOFR + 2.076%)(b)

    23,565       20,881,274  

5.12%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.730%)(b)

    21,531       20,492,090  

5.16%, 04/20/29 (Call 04/20/28),
(1-day SOFR + 1.590%)(b)

    24,266       23,090,247  

5.25%, 04/21/34 (Call 04/21/33),
(1-day SOFR + 1.870%)(b)

    34,345       30,948,152  

5.42%, 07/21/34 (Call 07/21/33),
(1-day SOFR + 1.880%)(b)

    17,278       15,752,226  

5.45%, 07/20/29 (Call 07/20/28),
(1-day SOFR + 1.630%)(a)(b)

    15,918       15,290,579  

5.60%, 03/24/51 (Call 03/24/50),
(1-day SOFR + 4.840%)(b)

    19,779       17,634,802  
Security  

Par 

(000)

    Value  

Banks (continued)

   

6.30%, 10/18/28 (Call 10/18/27),
(1-day SOFR + 2.240%)(b)

  $ 17,791     $ 17,755,064  

6.34%, 10/18/33 (Call 10/18/32),
(1-day SOFR + 2.560%)(b)

    32,403       31,769,000  

6.38%, 07/24/42(a)

    24,937       24,734,267  

6.41%, 11/01/29 (Call 11/01/28),
(1-day SOFR + 1.830%)(b)

    6,565       6,560,045  

6.63%, 11/01/34 (Call 11/01/33),
(1-day SOFR + 2.050%)(b)

    11,105       11,088,344  

7.25%, 04/01/32(a)

        14,928           15,930,166  

National Australia Bank Ltd./New York

   

3.91%, 06/09/27

    5,410       5,078,848  

4.90%, 06/13/28(a)

    4,386       4,223,925  

4.94%, 01/12/28

    4,285       4,147,067  

NatWest Group PLC

   

3.07%, 05/22/28 (Call 05/22/27),
(1-year CMT + 2.550%)(a)(b)

    13,846       12,244,335  

4.45%, 05/08/30 (Call 05/08/29),
(3-mo. LIBOR US + 1.871%)(b)

    10,311       9,145,466  

4.89%, 05/18/29 (Call 05/18/28),
(3-mo. LIBOR US + 1.754%)(b)

    22,701       20,991,515  

5.08%, 01/27/30 (Call 01/27/29),
(3-mo. LIBOR US + 1.905%)(b)

    14,773       13,571,140  

5.52%, 09/30/28 (Call 09/30/27),
(1-year CMT + 2.270%)(b)

    12,044       11,519,007  

5.81%, 09/13/29 (Call 09/13/28),
(1-year CMT + 1.950%)(a)(b)

    18,130       17,392,317  

6.02%, 03/02/34 (Call 03/02/33),
(1-year CMT + 2.100%)(a)(b)

    2,111       1,965,488  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)(a)

    5,208       4,036,462  

4.00%, 05/10/27 (Call 04/10/27)(a)

    12,574       11,814,256  

6.13%, 11/02/32 (Call 08/02/32)(a)

    6,139       5,913,795  

PNC Bank NA

   

2.70%, 10/22/29

    9,319       7,417,876  

3.10%, 10/25/27 (Call 09/25/27)

    5,556       4,945,573  

4.05%, 07/26/28

    12,342       10,997,891  

PNC Financial Services Group Inc. (The)

   

2.31%, 04/23/32 (Call 04/23/31),
(1-day SOFR + 0.979%)(a)(b)

    2,003       1,499,713  

2.55%, 01/22/30 (Call 10/24/29)

    21,218       16,818,866  

3.15%, 05/19/27 (Call 04/19/27)(a)

    9,261       8,365,000  

3.45%, 04/23/29 (Call 01/23/29)

    16,956       14,644,404  

5.07%, 01/24/34 (Call 01/24/33),
(1-day SOFR + 1.933%)(a)(b)

    7,018       6,180,868  

5.35%, 12/02/28 (Call 12/02/27),
(1-day SOFR + 1.620%)(a)(b)

    10,937       10,448,209  

5.58%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 1.841%)(a)(b)

    24,889       23,821,165  

5.94%, 08/18/34 (Call 08/18/33),
(1-day SOFR + 1.946%)(b)

    11,214       10,444,542  

6.04%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.140%)(b)

    8,794       8,271,505  

6.88%, 10/20/34 (Call 10/20/33),
(1-day SOFR + 2.284%)(b)

    6,377       6,368,864  

Royal Bank of Canada

   

1.40%, 11/02/26

    1,142       1,001,419  

2.30%, 11/03/31

    11,241       8,452,636  

3.63%, 05/04/27(a)

    13,709       12,696,523  

3.88%, 05/04/32

    5,976       5,021,648  

4.24%, 08/03/27

    12,785       12,012,477  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Banks (continued)

   

4.90%, 01/12/28(a)

  $ 10,791     $ 10,363,659  

5.00%, 02/01/33

    14,129       12,774,056  

5.00%, 05/02/33(a)

    7,296       6,594,344  

5.20%, 08/01/28(a)

    14,650       14,142,127  

6.00%, 11/01/27

        16,516           16,519,931  

Santander Holdings USA Inc.

   

2.49%, 01/06/28 (Call 01/06/27),
(1-day SOFR + 1.249%)(b)

    7,999       6,879,246  

4.40%, 07/13/27 (Call 04/14/27)(a)

    8,393       7,712,900  

6.50%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 2.356%)(b)

    8,491       8,202,684  

Santander UK Group Holdings PLC

   

2.47%, 01/11/28 (Call 01/11/27),
(1-day SOFR + 1.220%)(b)

    11,844       10,229,544  

3.82%, 11/03/28 (Call 11/03/27),
(3-mo. LIBOR US + 1.400%)(b)

    3,000       2,650,478  

6.53%, 01/10/29 (Call 01/10/28),
(1-day SOFR + 2.600%)(b)

    9,569       9,346,985  

State Street Corp.

   

2.20%, 03/03/31(a)

    3,293       2,460,462  

2.40%, 01/24/30(a)

    2,323       1,894,599  

Sumitomo Mitsui Financial Group Inc.

   

1.90%, 09/17/28

    20,239       16,544,854  

2.13%, 07/08/30

    17,152       13,147,852  

2.14%, 09/23/30(a)

    4,141       3,145,085  

2.22%, 09/17/31(a)

    1,376       1,021,701  

2.75%, 01/15/30(a)

    14,786       12,011,892  

2.93%, 09/17/41(a)

    1,560       978,130  

3.04%, 07/16/29

    26,375       22,256,908  

3.35%, 10/18/27(a)

    7,623       6,877,278  

3.36%, 07/12/27(a)

    13,132       11,943,231  

3.45%, 01/11/27(a)

    2,242       2,069,290  

3.54%, 01/17/28

    7,319       6,600,883  

3.94%, 07/19/28

    7,984       7,259,717  

5.52%, 01/13/28

    20,327       19,796,124  

5.71%, 01/13/30

    15,409       14,840,616  

5.72%, 09/14/28

    15,800       15,458,425  

5.77%, 01/13/33

    11,067       10,514,343  

5.80%, 07/13/28(a)

    8,915       8,758,239  

5.81%, 09/14/33

    16,375       15,503,879  

6.18%, 07/13/43(a)

    8,280       7,749,110  

Toronto-Dominion Bank (The)

   

1.95%, 01/12/27(a)

    3,281       2,898,845  

2.00%, 09/10/31

    1,663       1,227,297  

2.80%, 03/10/27

    11,784       10,618,407  

3.20%, 03/10/32

    8,370       6,656,431  

4.11%, 06/08/27

    11,451       10,739,145  

4.46%, 06/08/32

    13,812       12,055,390  

4.69%, 09/15/27

    18,445       17,555,001  

5.16%, 01/10/28

    21,044       20,280,644  

5.52%, 07/17/28(a)

    17,535       17,083,451  

Truist Bank, 2.25%, 03/11/30 (Call 12/11/29)(a)

    15,892       11,737,634  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    9,289       7,664,024  

1.89%, 06/07/29 (Call 06/07/28),
(1-day SOFR + 0.862%)(a)(b)

    17,888       14,341,196  

1.95%, 06/05/30 (Call 03/05/30)(a)

    9,671       7,217,205  

4.12%, 06/06/28 (Call 06/06/27),
(1-day SOFR + 1.368%)(a)(b)

    11,746       10,683,842  

4.87%, 01/26/29 (Call 01/26/28),
(1-day SOFR + 1.435%)(a)(b)

    21,060       19,437,512  
Security  

Par 

(000)

    Value  

Banks (continued)

   

5.12%, 01/26/34 (Call 01/26/33),
(1-day SOFR + 1.852%)(a)(b)

  $ 7,785     $ 6,694,659  

5.87%, 06/08/34 (Call 06/08/33),
(1-day SOFR + 2.361%)(b)

    10,120       9,217,580  

6.12%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.300%)(b)

    2,283       2,114,596  

7.16%, 10/30/29 (Call 10/30/28),
(1-day SOFR + 2.446%)(b)

    2,330       2,359,719  

U.S. Bancorp.

   

1.38%, 07/22/30 (Call 04/22/30)(a)

    9,405       6,677,338  

2.22%, 01/27/28 (Call 01/27/27),
(1-day SOFR + 0.730%)(b)

        11,462       9,978,880  

2.68%, 01/27/33 (Call 01/27/32),
(1-day SOFR + 1.020%)(a)(b)

    3,953       2,902,487  

3.00%, 07/30/29 (Call 04/30/29)(a)

    6,135       5,025,978  

3.90%, 04/26/28 (Call 03/24/28)(a)

    13,447       12,218,576  

4.55%, 07/22/28 (Call 07/22/27),
(1-day SOFR + 1.660%)(a)(b)

    19,928       18,484,549  

4.65%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.230%)(a)(b)

    19,579       18,081,152  

4.84%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 1.600%)(a)(b)

    14,393       12,312,393  

5.78%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 2.020%)(b)

    21,515       20,679,581  

5.84%, 06/12/34 (Call 06/10/33),
(1-day SOFR + 2.260%)(b)

    12,561       11,583,302  

5.85%, 10/21/33 (Call 10/21/32),
(1-day SOFR + 2.090%)(b)

    10,442       9,615,887  

Series X, 3.15%, 04/27/27 (Call 03/27/27)(a)

    13,298           12,000,756  

UBS AG

   

4.50%, 06/26/48

    2,500       2,021,970  

5.65%, 09/11/28

    20,362       19,940,578  

UBS Group AG, 4.88%, 05/15/45

    18,662       14,806,569  

Wachovia Corp., 5.50%, 08/01/35

    13,188       11,739,423  

Wells Fargo & Co.

   

2.39%, 06/02/28 (Call 06/02/27),
(1-day SOFR + 2.100%)(b)

    23,470       20,442,485  

2.57%, 02/11/31 (Call 02/11/30),
(3-mo. SOFR + 1.262%)(b)

    25,926       20,546,181  

2.88%, 10/30/30 (Call 10/30/29),
(3-mo. SOFR + 1.432%)(b)

    30,413       24,863,513  

3.07%, 04/30/41 (Call 04/30/40),
(1-day SOFR + 2.530%)(b)

    34,411       22,027,266  

3.35%, 03/02/33 (Call 03/02/32),
(1-day SOFR + 1.500%)(a)(b)

    34,423       27,080,402  

3.53%, 03/24/28 (Call 03/24/27),
(1-day SOFR + 1.510%)(b)

    28,281       25,785,219  

3.58%, 05/22/28 (Call 05/22/27),
(3-mo. SOFR + 1.572%)(b)

    21,510       19,582,407  

3.90%, 05/01/45(a)

    19,868       13,810,287  

4.15%, 01/24/29 (Call 10/24/28)

    21,556       19,586,605  

4.30%, 07/22/27(a)

    18,226       16,995,816  

4.40%, 06/14/46

    17,968       12,562,237  

4.48%, 04/04/31 (Call 04/04/30),
(3-mo. SOFR + 4.032%)(b)

    20,882       18,551,698  

4.61%, 04/25/53 (Call 04/25/52),
(1-day SOFR + 2.130%)(b)

    32,142       23,673,203  

4.65%, 11/04/44

    17,739       13,102,277  

4.75%, 12/07/46

    17,951       13,197,861  

4.81%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.980%)(a)(b)

    21,265       20,104,125  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Banks (continued)

   

4.90%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.100%)(b)

  $ 36,895     $ 32,473,005  

4.90%, 11/17/45

    18,251       13,932,173  

5.01%, 04/04/51 (Call 04/04/50),
(3-mo. SOFR + 4.502%)(b)

    51,128       40,584,599  

5.38%, 11/02/43

    18,046       14,820,815  

5.39%, 04/24/34 (Call 04/24/33),
(1-day SOFR + 2.020%)(b)

    33,355       30,177,239  

5.56%, 07/25/34 (Call 07/25/33),
(1-day SOFR + 1.990%)(b)

    37,486       34,299,544  

5.57%, 07/25/29 (Call 07/25/28),
(1-day SOFR + 1.740%)(b)

    33,160       31,964,184  

5.61%, 01/15/44

    21,457       18,115,933  

6.30%, 10/23/29 (Call 10/23/28),
(1-day SOFR + 1.790%)(b)

    15,048       14,902,260  

6.49%, 10/23/34 (Call 10/23/33),
(1-day SOFR + 2.060%)(b)

    16,661       16,355,737  

Wells Fargo Bank NA

   

5.85%, 02/01/37(a)

        11,102       10,236,004  

6.60%, 01/15/38(a)

    13,621       13,323,686  

Westpac Banking Corp.

   

1.95%, 11/20/28

    19,737       16,488,217  

2.15%, 06/03/31

    10,154       7,883,489  

2.65%, 01/16/30

    8,524       7,143,455  

2.96%, 11/16/40(a)

    8,275       4,821,808  

3.13%, 11/18/41

    7,027       4,119,263  

3.35%, 03/08/27(a)

    6,188       5,735,702  

3.40%, 01/25/28(a)

    15,874       14,561,339  

4.04%, 08/26/27(a)

    11,126       10,565,374  

4.42%, 07/24/39

    6,772       4,963,317  

5.46%, 11/18/27

    13,968       13,865,105  
   

 

 

 
          6,598,856,360  
Beverages — 2.7%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

    42,376       37,340,595  

4.90%, 02/01/46 (Call 08/01/45)

    87,578       72,978,415  

Anheuser-Busch InBev Finance Inc.

   

4.63%, 02/01/44

    9,835       7,982,955  

4.90%, 02/01/46 (Call 08/01/45)(a)

    15,040       12,507,971  

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)(a)

    15,421       13,556,775  

4.00%, 04/13/28 (Call 01/13/28)

    16,818       15,809,423  

4.35%, 06/01/40 (Call 12/01/39)

    10,867       8,776,748  

4.38%, 04/15/38 (Call 10/15/37)

    7,711       6,384,857  

4.44%, 10/06/48 (Call 04/06/48)

    18,180       14,057,021  

4.50%, 06/01/50 (Call 12/01/49)

    17,344       13,891,259  

4.60%, 04/15/48 (Call 10/15/47)

    23,748       19,264,437  

4.75%, 01/23/29 (Call 10/23/28)

    37,072       35,728,399  

4.75%, 04/15/58 (Call 10/15/57)

    8,021       6,439,240  

4.90%, 01/23/31 (Call 10/23/30)(a)

    5,628       5,384,256  

4.95%, 01/15/42

    14,551       12,528,164  

5.45%, 01/23/39 (Call 07/23/38)

    19,771       18,173,472  

5.55%, 01/23/49 (Call 07/23/48)

    37,219       33,747,156  

5.80%, 01/23/59 (Call 07/23/58)

    17,917       16,507,176  

8.20%, 01/15/39

    12,273       14,358,602  

Coca-Cola Co. (The)

   

1.00%, 03/15/28(a)

    16,951       14,231,417  

1.38%, 03/15/31(a)

    11,284       8,463,776  

1.45%, 06/01/27(a)

    12,777       11,220,589  
Security  

Par 

(000)

    Value  

Beverages (continued)

   

1.50%, 03/05/28(a)

  $ 8,747     $ 7,500,810  

1.65%, 06/01/30

    19,776       15,723,182  

2.00%, 03/05/31

    6,804       5,354,826  

2.13%, 09/06/29

    13,284       11,190,806  

2.25%, 01/05/32(a)

    19,457       15,405,946  

2.50%, 06/01/40

    3,747       2,420,906  

2.50%, 03/15/51(a)

    13,366       7,370,951  

2.60%, 06/01/50(a)

    10,116       5,755,357  

2.75%, 06/01/60(a)

    8,380       4,688,591  

2.88%, 05/05/41

    2,114       1,423,727  

3.00%, 03/05/51(a)

    12,069       7,506,015  

3.38%, 03/25/27(a)

        10,022       9,459,341  

3.45%, 03/25/30

    12,094       10,771,109  

Constellation Brands Inc.

   

2.25%, 08/01/31 (Call 05/01/31)

    9,460       7,190,632  

3.15%, 08/01/29 (Call 05/01/29)

    6,243       5,394,028  

4.90%, 05/01/33 (Call 02/01/33)(a)

    7,856       7,093,655  

Diageo Capital PLC

   

2.00%, 04/29/30 (Call 01/29/30)

    7,719       6,139,485  

2.13%, 04/29/32 (Call 01/29/32)

    7,075       5,328,763  

2.38%, 10/24/29 (Call 07/24/29)

    10,555       8,804,607  

5.30%, 10/24/27 (Call 09/24/27)

    3,512       3,483,273  

5.50%, 01/24/33 (Call 10/24/32)

    7,055       6,874,458  

5.63%, 10/05/33 (Call 07/05/33)(a)

    7,675       7,526,814  

Keurig Dr Pepper Inc.

   

3.20%, 05/01/30 (Call 02/01/30)(a)

    6,552       5,524,566  

3.80%, 05/01/50 (Call 11/01/49)(a)

    5,998       3,974,687  

3.95%, 04/15/29 (Call 02/15/29)(a)

    18,531       16,859,921  

4.05%, 04/15/32 (Call 01/15/32)(a)

    11,916       10,258,656  

4.50%, 04/15/52 (Call 10/15/51)(a)

    9,501       7,033,126  

4.60%, 05/25/28 (Call 02/25/28)(a)

    11,241       10,702,300  

Molson Coors Beverage Co.

   

4.20%, 07/15/46 (Call 01/15/46)(a)

    9,337       6,627,922  

5.00%, 05/01/42

    17,737       14,579,667  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)(a)

    11,245       8,452,164  

1.63%, 05/01/30 (Call 02/01/30)

    13,362       10,512,452  

1.95%, 10/21/31 (Call 07/21/31)

    15,126       11,618,486  

2.63%, 07/29/29 (Call 04/29/29)

    11,167       9,659,721  

2.63%, 10/21/41 (Call 04/21/41)

    5,599       3,585,378  

2.75%, 03/19/30 (Call 12/19/29)

    15,858       13,512,762  

2.75%, 10/21/51 (Call 04/21/51)(a)

    9,229       5,332,530  

2.88%, 10/15/49 (Call 04/15/49)

    7,562       4,588,076  

3.00%, 10/15/27 (Call 07/15/27)(a)

    19,476       17,958,720  

3.45%, 10/06/46 (Call 04/06/46)(a)

    5,547       3,847,304  

3.60%, 02/18/28 (Call 01/18/28)

    3,078       2,884,021  

3.63%, 03/19/50 (Call 09/19/49)(a)

    7,288       5,092,763  

3.90%, 07/18/32 (Call 04/18/32)(a)

    14,308       12,693,664  

4.45%, 02/15/33 (Call 11/15/32)(a)

    4,994       4,664,549  

4.45%, 04/14/46 (Call 10/14/45)

    6,319       5,161,411  
   

 

 

 
          756,864,831  
Biotechnology — 2.0%            

Amgen Inc.

   

1.65%, 08/15/28 (Call 06/15/28)

    11,111       9,225,252  

2.00%, 01/15/32 (Call 10/15/31)(a)

    10,800       7,987,064  

2.20%, 02/21/27 (Call 12/21/26)

    8,970       8,040,238  

2.30%, 02/25/31 (Call 11/25/30)(a)

    12,807       10,012,939  

2.45%, 02/21/30 (Call 11/21/29)

    9,764       7,970,223  

2.77%, 09/01/53 (Call 03/01/53)

    9,176       4,792,412  

2.80%, 08/15/41 (Call 02/15/41)

    10,885       6,725,305  

3.00%, 02/22/29 (Call 12/22/28)

    6,567       5,769,654  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Biotechnology (continued)

   

3.00%, 01/15/52 (Call 07/15/51)(a)

  $ 13,474     $ 7,633,272  

3.15%, 02/21/40 (Call 08/21/39)

    18,662       12,464,673  

3.20%, 11/02/27 (Call 08/02/27)

    7,297       6,657,001  

3.35%, 02/22/32 (Call 11/22/31)

    9,638       7,920,556  

3.38%, 02/21/50 (Call 08/21/49)(a)

        21,145       13,021,247  

4.05%, 08/18/29 (Call 06/18/29)(a)

    11,003       10,043,455  

4.20%, 03/01/33 (Call 12/01/32)

    5,937       5,115,505  

4.20%, 02/22/52 (Call 08/22/51)

    9,595       6,734,335  

4.40%, 05/01/45 (Call 11/01/44)

    20,773       15,612,332  

4.40%, 02/22/62 (Call 08/22/61)

    9,300       6,442,520  

4.56%, 06/15/48 (Call 12/15/47)

    13,356       10,093,374  

4.66%, 06/15/51 (Call 12/15/50)

    32,336       24,608,145  

4.88%, 03/01/53 (Call 09/01/52)

    11,002       8,598,714  

5.15%, 03/02/28 (Call 02/02/28)(a)

    33,523       32,707,610  

5.25%, 03/02/30 (Call 01/02/30)

    25,839       24,829,470  

5.25%, 03/02/33 (Call 12/02/32)

    37,779       35,224,501  

5.60%, 03/02/43 (Call 09/02/42)

    25,278       22,565,956  

5.65%, 03/02/53 (Call 09/02/52)

    37,987       33,479,398  

5.75%, 03/02/63 (Call 09/02/62)

    26,255       22,697,350  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    17,514       13,751,303  

3.15%, 05/01/50 (Call 11/01/49)

    13,442       7,757,748  

5.20%, 09/15/45 (Call 03/15/45)

    7,353       6,116,805  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

    5,718       4,828,479  

1.65%, 10/01/30 (Call 07/01/30)(a)

    7,206       5,499,485  

2.60%, 10/01/40 (Call 04/01/40)(a)

    10,107       6,321,266  

2.80%, 10/01/50 (Call 04/01/50)(a)

    13,014       7,350,700  

2.95%, 03/01/27 (Call 12/01/26)

    7,199       6,601,478  

4.00%, 09/01/36 (Call 03/01/36)(a)

    1,997       1,628,865  

4.15%, 03/01/47 (Call 09/01/46)(a)

    16,644       12,291,957  

4.50%, 02/01/45 (Call 08/01/44)

    16,040       12,550,644  

4.60%, 09/01/35 (Call 03/01/35)

    2,746       2,408,885  

4.75%, 03/01/46 (Call 09/01/45)

    19,938       16,116,811  

4.80%, 04/01/44 (Call 10/01/43)

    15,291       12,583,814  

5.25%, 10/15/33 (Call 07/15/33)

    11,821       11,204,319  

5.55%, 10/15/53 (Call 04/15/53)

    13,701       12,385,988  

5.65%, 12/01/41 (Call 06/01/41)

    13,989       12,945,973  

Regeneron Pharmaceuticals Inc.

   

1.75%, 09/15/30 (Call 06/15/30)

    13,382       10,091,262  

2.80%, 09/15/50 (Call 03/15/50)

    5,186       2,793,404  

Royalty Pharma PLC

   

1.75%, 09/02/27 (Call 07/02/27)(a)

    10,621       9,043,725  

2.20%, 09/02/30 (Call 06/02/30)(a)

    11,660       8,909,158  

3.30%, 09/02/40 (Call 03/02/40)(a)

    6,680       4,227,747  

3.55%, 09/02/50 (Call 03/02/50)(a)

    8,619       5,018,601  
   

 

 

 
          559,400,918  
Building Materials — 0.3%            

Carrier Global Corp.

   

2.49%, 02/15/27 (Call 12/15/26)

    7,622       6,819,808  

2.70%, 02/15/31 (Call 11/15/30)

    7,483       5,912,947  

2.72%, 02/15/30 (Call 11/15/29)

    23,877       19,461,154  

3.38%, 04/05/40 (Call 10/05/39)(a)

    11,777       7,953,010  

3.58%, 04/05/50 (Call 10/05/49)

    15,272       9,593,408  

Martin Marietta Materials Inc.

   

2.40%, 07/15/31 (Call 04/15/31)

    7,236       5,549,100  

3.20%, 07/15/51 (Call 01/15/51)(a)

    3,482       2,064,054  

Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a)

    9,201       8,395,575  
Security  

Par 

(000)

    Value  

Building Materials (continued)

   

Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)

  $ 7,610     $ 6,492,209  
   

 

 

 
      72,241,265  

Chemicals — 1.1%

   

Air Products and Chemicals Inc.

   

2.05%, 05/15/30 (Call 02/15/30)(a)

    11,390       9,169,538  

2.70%, 05/15/40 (Call 11/15/39)(a)

    3,890       2,525,096  

2.80%, 05/15/50 (Call 11/15/49)(a)

    8,185       4,807,576  

Celanese U.S. Holdings LLC

   

6.17%, 07/15/27 (Call 06/15/27)

        18,729       18,276,801  

6.33%, 07/15/29 (Call 05/15/29)

    4,872       4,697,136  

6.35%, 11/15/28 (Call 10/15/28)(a)

    11,373       11,101,300  

6.38%, 07/15/32 (Call 04/15/32)(a)

    6,244       5,868,684  

6.55%, 11/15/30 (Call 09/15/30)

    13,875       13,361,145  

6.70%, 11/15/33 (Call 08/15/33)(a)

    9,338       8,875,312  

CF Industries Inc.

   

4.95%, 06/01/43

    10,723       8,277,808  

5.15%, 03/15/34

    10,418       9,245,797  

5.38%, 03/15/44

    1,594       1,296,638  

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)(a)

    8,031       6,229,062  

3.60%, 11/15/50 (Call 05/15/50)(a)

    3,755       2,365,605  

4.38%, 11/15/42 (Call 05/15/42)

    18,642       13,863,416  

5.25%, 11/15/41 (Call 05/15/41)(a)

    11,679       9,816,995  

5.55%, 11/30/48 (Call 05/30/48)

    3,816       3,223,800  

6.90%, 05/15/53 (Call 11/15/52)(a)

    6,208       6,205,661  

7.38%, 11/01/29

    12,661       13,427,072  

DuPont de Nemours Inc.

   

4.73%, 11/15/28 (Call 08/15/28)(a)

    24,950       23,854,598  

5.32%, 11/15/38 (Call 05/15/38)

    11,012       9,853,633  

5.42%, 11/15/48 (Call 05/15/48)(a)

    19,242       16,696,759  

Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)(a)

    7,502       5,482,447  

Ecolab Inc.

   

2.70%, 11/01/26 (Call 08/01/26)

    624       578,645  

2.70%, 12/15/51 (Call 06/15/51)(a)

    4,766       2,615,686  

International Flavors & Fragrances Inc.,
5.00%, 09/26/48 (Call 03/26/48)(a)

    1,972       1,418,680  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    7,236       5,514,167  

5.25%, 07/15/43

    7,808       6,288,661  

LYB International Finance III LLC

   

3.38%, 10/01/40 (Call 04/01/40)

    5,921       3,838,069  

3.63%, 04/01/51 (Call 10/01/50)(a)

    8,680       5,227,699  

4.20%, 10/15/49 (Call 04/15/49)

    7,946       5,269,094  

4.20%, 05/01/50 (Call 11/01/49)

    8,560       5,683,389  

LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)

    12,521       8,750,521  

Nutrien Ltd.

   

4.20%, 04/01/29 (Call 01/01/29)(a)

    10,735       9,865,345  

4.90%, 03/27/28 (Call 02/27/28)(a)

    10,235       9,799,132  

5.00%, 04/01/49 (Call 10/01/48)

    3,866       3,018,670  

5.80%, 03/27/53 (Call 09/27/52)(a)

    5,428       4,746,133  

Sherwin-Williams Co. (The)

   

2.95%, 08/15/29 (Call 05/15/29)(a)

    11,565       9,859,130  

3.45%, 06/01/27 (Call 03/01/27)

    16,254       15,051,069  

4.50%, 06/01/47 (Call 12/01/46)(a)

    9,518       7,172,912  
   

 

 

 
          313,218,881  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Commercial Services — 0.8%

   

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

  $ 10,557     $ 8,033,015  

1.70%, 05/15/28 (Call 03/15/28)

    2,498       2,143,618  

Equifax Inc.

   

2.35%, 09/15/31 (Call 06/15/31)

        12,810       9,509,133  

5.10%, 12/15/27 (Call 11/15/27)

    830       799,249  

Global Payments Inc.

   

2.15%, 01/15/27 (Call 12/15/26)

    1,813       1,593,126  

2.90%, 05/15/30 (Call 02/15/30)(a)

    15,056       12,069,090  

2.90%, 11/15/31 (Call 08/15/31)(a)

    10,106       7,729,644  

3.20%, 08/15/29 (Call 05/15/29)

    19,711       16,543,521  

4.15%, 08/15/49 (Call 02/15/49)(a)

    2,658       1,733,669  

5.40%, 08/15/32 (Call 05/15/32)(a)

    12,558           11,366,118  

5.95%, 08/15/52 (Call 02/15/52)(a)

    6,817       5,744,583  

Massachusetts Institute of Technology, 5.60%, 07/01/2111(a)

    9,950       9,272,154  

PayPal Holdings Inc.

   

2.30%, 06/01/30 (Call 03/01/30)(a)

    14,358       11,495,883  

2.85%, 10/01/29 (Call 07/01/29)(a)

    21,733       18,518,824  

3.25%, 06/01/50 (Call 12/01/49)(a)

    4,344       2,672,460  

4.40%, 06/01/32 (Call 03/01/32)(a)

    12,060       10,798,927  

5.05%, 06/01/52 (Call 12/01/51)(a)

    5,204       4,395,689  

Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)

    18,501       14,569,506  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)(a)

    8,013       6,697,656  

4.00%, 03/18/29 (Call 12/18/28)(a)

    9,300       8,561,994  

S&P Global Inc.

   

2.45%, 03/01/27 (Call 02/01/27)(a)

    7,725       6,996,079  

2.70%, 03/01/29 (Call 01/01/29)(a)

    17,040       14,776,735  

2.90%, 03/01/32 (Call 12/01/31)(a)

    10,679       8,563,602  

3.70%, 03/01/52 (Call 09/01/51)

    2,698       1,820,803  

4.25%, 05/01/29 (Call 02/01/29)(a)

    13,669       12,729,802  

5.25%, 09/15/33 (Call 06/15/33)(a)(c)

    11,238       10,588,382  
   

 

 

 
          219,723,262  
Computers — 2.6%            

Apple Inc.

   

1.25%, 08/20/30 (Call 05/20/30)

    10,759       8,271,052  

1.40%, 08/05/28 (Call 06/05/28)

    19,861       16,717,945  

1.65%, 05/11/30 (Call 02/11/30)

    17,589       14,035,107  

1.65%, 02/08/31 (Call 11/08/30)

    24,801       19,308,965  

1.70%, 08/05/31 (Call 05/05/31)(a)

    10,183       7,846,317  

2.20%, 09/11/29 (Call 06/11/29)

    17,473       14,803,262  

2.38%, 02/08/41 (Call 08/08/40)

    16,981       10,849,076  

2.40%, 08/20/50 (Call 02/20/50)(a)

    14,926       8,297,899  

2.55%, 08/20/60 (Call 02/20/60)(a)

    19,433       10,576,325  

2.65%, 05/11/50 (Call 11/11/49)

    23,474       13,596,993  

2.65%, 02/08/51 (Call 08/08/50)

    28,761       16,526,091  

2.70%, 08/05/51 (Call 02/05/51)(a)

    19,578       11,308,306  

2.80%, 02/08/61 (Call 08/08/60)

    14,486       8,010,170  

2.85%, 08/05/61 (Call 02/05/61)

    9,884       5,495,647  

2.90%, 09/12/27 (Call 06/12/27)(a)

    16,612       15,283,804  

2.95%, 09/11/49 (Call 03/11/49)

    15,421       9,594,664  

3.00%, 06/20/27 (Call 03/20/27)(a)

    9,827       9,115,549  

3.00%, 11/13/27 (Call 08/13/27)(a)

    12,578       11,565,988  

3.20%, 05/11/27 (Call 02/11/27)(a)

    16,395       15,327,226  

3.25%, 08/08/29 (Call 06/08/29)(a)

    8,951       8,071,843  

3.35%, 02/09/27 (Call 11/09/26)

    5,996       5,654,780  

3.35%, 08/08/32 (Call 05/08/32)

    13,551       11,647,685  

3.45%, 02/09/45

    17,617       12,626,763  

3.75%, 09/12/47 (Call 03/12/47)

    11,366       8,372,883  
Security  

Par 

(000)

    Value  

Computers (continued)

   

3.75%, 11/13/47 (Call 05/13/47)

  $ 13,599     $ 9,943,432  

3.85%, 05/04/43

    30,813       23,856,888  

3.85%, 08/04/46 (Call 02/04/46)

    18,314       13,750,102  

3.95%, 08/08/52 (Call 02/08/52)(a)

    18,022       13,389,533  

4.00%, 05/10/28 (Call 04/10/28)(a)

    12,066       11,491,411  

4.10%, 08/08/62 (Call 02/08/62)

    9,661       7,087,288  

4.25%, 02/09/47 (Call 08/09/46)(a)

    11,682       9,428,286  

4.30%, 05/10/33 (Call 02/10/33)(a)

    6,015       5,565,553  

4.38%, 05/13/45

        20,794       17,080,483  

4.45%, 05/06/44(a)

    11,939       10,079,869  

4.50%, 02/23/36 (Call 08/23/35)(a)

    5,020       4,642,346  

4.65%, 02/23/46 (Call 08/23/45)

    35,892       30,622,599  

4.85%, 05/10/53 (Call 11/10/52)

    12,973           11,272,410  

Dell International LLC/EMC Corp.

   

3.38%, 12/15/41 (Call 06/15/41)

    10,448       6,715,524  

3.45%, 12/15/51 (Call 06/15/51)(a)

    11,755       6,993,417  

5.25%, 02/01/28 (Call 01/01/28)(a)

    14,849       14,506,713  

5.30%, 10/01/29 (Call 07/01/29)(a)

    23,338       22,271,246  

5.75%, 02/01/33 (Call 11/01/32)(a)

    12,756       12,058,533  

6.20%, 07/15/30 (Call 04/15/30)(a)

    12,611       12,504,428  

8.10%, 07/15/36 (Call 01/15/36)

    5,448       5,906,835  

8.35%, 07/15/46 (Call 01/15/46)

    5,327       5,957,747  

Hewlett Packard Enterprise Co.

   

6.20%, 10/15/35 (Call 04/15/35)(a)

    2,061       2,001,743  

6.35%, 10/15/45 (Call 04/15/45)(a)

    13,027       11,944,271  

HP Inc.

   

2.65%, 06/17/31 (Call 03/17/31)(a)

    8,565       6,551,788  

3.00%, 06/17/27 (Call 04/17/27)

    2,347       2,114,648  

4.00%, 04/15/29 (Call 02/15/29)(a)

    10,710       9,677,901  

4.75%, 01/15/28 (Call 12/15/27)

    3,714       3,538,684  

5.50%, 01/15/33 (Call 10/15/32)(a)

    11,164       10,252,600  

6.00%, 09/15/41(a)

    16,917       15,339,217  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)(a)

    6,790       5,928,232  

1.95%, 05/15/30 (Call 02/15/30)(a)

    14,811       11,682,361  

2.95%, 05/15/50 (Call 11/15/49)(a)

    6,171       3,502,417  

3.50%, 05/15/29(a)

    30,285       27,003,590  

4.00%, 06/20/42(a)

    14,802       11,016,122  

4.15%, 07/27/27 (Call 06/27/27)(a)

    1,958       1,857,154  

4.15%, 05/15/39

    16,019       12,559,130  

4.25%, 05/15/49

    25,867       18,926,279  

4.40%, 07/27/32 (Call 04/27/32)

    5,943       5,335,734  

4.50%, 02/06/28 (Call 01/06/28)(a)

    4,480       4,284,363  

4.75%, 02/06/33 (Call 11/06/32)(a)

    7,619       6,993,444  

4.90%, 07/27/52 (Call 01/27/52)(a)

    7,389       5,933,841  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)(a)

    10,887       8,194,331  

4.38%, 05/15/30 (Call 02/15/30)

    6,314       5,560,249  

5.75%, 03/15/33 (Call 12/15/32)

    1,502       1,397,541  
   

 

 

 
          719,624,623  
Cosmetics & Personal Care — 0.7%            

GSK Consumer Healthcare Capital U.S. LLC

   

3.38%, 03/24/27 (Call 02/24/27)(a)

    14,336       13,226,379  

3.38%, 03/24/29 (Call 01/24/29)

    11,084       9,797,971  

3.63%, 03/24/32 (Call 12/24/31)

    22,016       18,340,728  

4.00%, 03/24/52 (Call 09/24/51)(a)

    3,518       2,463,056  

Kenvue Inc.

   

4.90%, 03/22/33 (Call 12/22/32)(a)

    12,783       11,956,942  

5.00%, 03/22/30 (Call 01/22/30)(a)

    11,325       10,939,196  

5.05%, 03/22/28 (Call 02/22/28)

    12,767       12,523,758  

5.05%, 03/22/53 (Call 09/22/52)(a)

    19,547       16,708,465  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Cosmetics & Personal Care (continued)

   

5.10%, 03/22/43 (Call 09/22/42)(a)

  $ 4,985     $ 4,410,345  

5.20%, 03/22/63 (Call 09/22/62)

    9,050       7,685,730  

Procter & Gamble Co. (The)

   

1.20%, 10/29/30

    10,706       8,118,739  

1.90%, 02/01/27(a)

    5,486       4,959,135  

1.95%, 04/23/31(a)

    7,617       6,046,588  

2.30%, 02/01/32(a)

    6,946       5,562,699  

2.45%, 11/03/26

    1,200       1,110,408  

2.85%, 08/11/27(a)

    8,283       7,617,533  

3.00%, 03/25/30

    11,787       10,263,544  

4.05%, 01/26/33(a)

    8,023       7,296,394  

Unilever Capital Corp.

   

1.75%, 08/12/31 (Call 05/12/31)

    1,756       1,330,654  

2.13%, 09/06/29 (Call 06/06/29)(a)

    6,229       5,184,656  

2.90%, 05/05/27 (Call 02/05/27)

    5,314       4,883,419  

3.50%, 03/22/28 (Call 12/22/27)(a)

    9,600       8,872,596  

5.00%, 12/08/33 (Call 09/08/33)

    10,174       9,580,237  

5.90%, 11/15/32(a)

        15,415       15,588,561  
   

 

 

 
          204,467,733  
Diversified Financial Services — 2.7%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

3.00%, 10/29/28 (Call 08/29/28)

    29,190       24,586,763  

3.30%, 01/30/32 (Call 10/30/31)

    29,148       22,596,264  

3.40%, 10/29/33 (Call 07/29/33)

    21,440       16,022,193  

3.65%, 07/21/27 (Call 04/21/27)

    12,150       10,913,515  

3.85%, 10/29/41 (Call 04/29/41)(a)

    17,421       11,665,119  

5.75%, 06/06/28 (Call 05/06/28)(a)

    12,178       11,696,553  

6.10%, 01/15/27 (Call 12/15/26)

    3,305       3,252,022  

6.15%, 09/30/30 (Call 07/30/30)

    6,544       6,258,616  

Air Lease Corp.

   

2.20%, 01/15/27 (Call 12/15/26)

    1,485       1,303,386  

2.88%, 01/15/32 (Call 10/15/31)(a)

    5,155       3,925,251  

3.13%, 12/01/30 (Call 09/01/30)

    5,214       4,156,992  

Ally Financial Inc.

   

2.20%, 11/02/28 (Call 09/02/28)(a)

    1,262       968,938  

4.75%, 06/09/27 (Call 05/09/27)(a)

    3,837       3,478,010  

7.10%, 11/15/27 (Call 10/15/27)(a)

    970       950,668  

8.00%, 11/01/31(a)

    24,729       24,125,259  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    1,227       1,080,446  

2.55%, 03/04/27 (Call 02/01/27)

    5,344       4,785,475  

3.30%, 05/03/27 (Call 04/03/27)(a)

    10,952       10,021,781  

4.05%, 05/03/29 (Call 03/03/29)(a)

    5,487       5,018,736  

4.05%, 12/03/42

    20,925       15,769,197  

5.85%, 11/05/27 (Call 10/05/27)

    7,525       7,540,555  

6.49%, 10/30/31 (Call 10/30/30), (1-day SOFR + 1.940%)(a)(b)

    6,135       6,145,568  

Ameriprise Financial Inc., 5.15%, 05/15/33 (Call 02/15/33)

    4,292       3,967,128  

Brookfield Finance Inc.

   

3.50%, 03/30/51 (Call 09/30/50)(a)

    7,134       4,149,575  

3.90%, 01/25/28 (Call 10/25/27)(a)

    13,555       12,355,388  

4.35%, 04/15/30 (Call 01/15/30)

    8,876       7,849,532  

4.70%, 09/20/47 (Call 03/20/47)(a)

    9,318       6,863,911  

4.85%, 03/29/29 (Call 12/29/28)

    13,920       12,951,367  

Capital One Financial Corp.

   

3.65%, 05/11/27 (Call 04/11/27)

    4,898       4,417,096  

3.75%, 03/09/27 (Call 02/09/27)(a)

    4,059       3,662,255  

3.80%, 01/31/28 (Call 12/31/27)

    10,383       9,152,120  
Security  

Par 

(000)

    Value  

Diversified Financial Services (continued)

   

7.62%, 10/30/31 (Call 10/30/30), (1-day SOFR + 3.070%)(b)

  $ 1,430     $ 1,430,147  

Charles Schwab Corp. (The)

   

1.65%, 03/11/31 (Call 12/11/30)(a)

    6,270       4,470,484  

1.95%, 12/01/31 (Call 09/01/31)(a)

    5,925       4,208,718  

2.00%, 03/20/28 (Call 01/20/28)(a)

    13,787       11,497,357  

2.30%, 05/13/31 (Call 02/13/31)

    5,374       4,005,312  

2.45%, 03/03/27 (Call 02/03/27)(a)

    12,965       11,430,569  

2.90%, 03/03/32 (Call 12/03/31)(a)

    6,592       5,037,232  

CME Group Inc.

   

2.65%, 03/15/32 (Call 12/15/31)

    1,608       1,278,968  

5.30%, 09/15/43 (Call 03/15/43)(a)

    10,298       9,530,512  

Discover Financial Services

   

4.10%, 02/09/27 (Call 11/09/26)

    3,982       3,570,683  

6.70%, 11/29/32 (Call 08/29/32)

    4,469       4,140,957  

7.96%, 11/02/34 (Call 11/02/33), (1-day SOFR + 3.370%)(b)

    6,525       6,518,801  

Intercontinental Exchange Inc.

   

1.85%, 09/15/32 (Call 06/15/32)

        10,908       7,759,432  

2.10%, 06/15/30 (Call 03/15/30)(a)

    13,879           10,891,384  

2.65%, 09/15/40 (Call 03/15/40)(a)

    6,625       4,148,067  

3.00%, 06/15/50 (Call 12/15/49)(a)

    14,538       8,509,735  

3.00%, 09/15/60 (Call 03/15/60)(a)

    14,838       7,917,727  

4.00%, 09/15/27 (Call 08/15/27)(a)

    17,937       16,777,653  

4.25%, 09/21/48 (Call 03/21/48)(a)

    10,881       8,048,671  

4.35%, 06/15/29 (Call 04/15/29)

    15,295       14,123,464  

4.60%, 03/15/33 (Call 12/15/32)(a)

    11,799       10,548,514  

4.95%, 06/15/52 (Call 12/15/51)(a)

    16,466       13,471,543  

5.20%, 06/15/62 (Call 12/15/61)(a)

    10,659       8,825,392  

Jefferies Financial Group Inc.

   

2.63%, 10/15/31 (Call 07/15/31)(a)

    6,353       4,682,573  

4.15%, 01/23/30

    15,069       12,879,928  

4.85%, 01/15/27(a)

    1,908       1,810,758  

5.88%, 07/21/28 (Call 06/21/28)

    15,895       15,323,713  

Mastercard Inc.

   

2.00%, 11/18/31 (Call 08/18/31)

    9,125       6,951,143  

2.95%, 11/21/26 (Call 08/21/26)

    2,857       2,662,909  

2.95%, 06/01/29 (Call 03/01/29)

    14,752       12,951,039  

3.30%, 03/26/27 (Call 01/26/27)(a)

    8,266       7,716,509  

3.35%, 03/26/30 (Call 12/26/29)(a)

    17,917       15,739,579  

3.65%, 06/01/49 (Call 12/01/48)

    1,592       1,125,697  

3.85%, 03/26/50 (Call 09/26/49)

    6,465       4,716,509  

4.85%, 03/09/33 (Call 12/09/32)

    7,189       6,764,760  

4.88%, 03/09/28 (Call 02/09/28)(a)

    10,294       10,128,313  

Nasdaq Inc.

   

5.35%, 06/28/28 (Call 05/28/28)

    11,625       11,319,108  

5.55%, 02/15/34 (Call 11/15/33)

    14,305       13,319,969  

5.95%, 08/15/53 (Call 02/15/53)(a)

    8,026       7,164,097  

6.10%, 06/28/63 (Call 12/28/62)(a)

    7,682       6,773,217  

Nomura Holdings Inc.

   

2.17%, 07/14/28

    14,441       11,876,384  

2.33%, 01/22/27

    4,962       4,344,417  

2.61%, 07/14/31

    5,319       3,957,923  

2.68%, 07/16/30

    11,130       8,583,926  

3.00%, 01/22/32

    12,495       9,443,065  

3.10%, 01/16/30(a)

    16,009       13,039,098  

6.07%, 07/12/28

    10,781       10,556,328  

6.18%, 01/18/33(a)

    3,230       3,097,959  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)

    7,273       4,652,883  

4.95%, 07/15/46

    8,475       6,708,909  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Diversified Financial Services (continued)

   

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

  $ 3,300     $ 2,232,603  

3.95%, 12/01/27 (Call 09/01/27)(a)

    7,154       6,130,776  

Visa Inc.

   

1.10%, 02/15/31 (Call 11/15/30)(a)

    11,106       8,207,822  

1.90%, 04/15/27 (Call 02/15/27)(a)

    12,521       11,149,243  

2.00%, 08/15/50 (Call 02/15/50)(a)

    11,894       6,076,360  

2.05%, 04/15/30 (Call 01/15/30)

        20,381       16,457,276  

2.70%, 04/15/40 (Call 10/15/39)

    5,887       3,922,166  

2.75%, 09/15/27 (Call 06/15/27)

    7,604       6,906,943  

3.65%, 09/15/47 (Call 03/15/47)

    7,438       5,359,355  

4.15%, 12/14/35 (Call 06/14/35)

    9,958       8,676,612  

4.30%, 12/14/45 (Call 06/14/45)

    31,594       25,284,498  
   

 

 

 
          758,465,368  
Electric — 3.4%            

AES Corp. (The)

   

2.45%, 01/15/31 (Call 10/15/30)(a)

    16,741       12,575,903  

5.45%, 06/01/28 (Call 05/01/28)(a)

    13,028       12,424,981  

Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)

    660       553,579  

American Electric Power Co. Inc.,
5.63%, 03/01/33 (Call 12/01/32)

    5,483       5,141,278  

Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)

    12,223       10,741,189  

Berkshire Hathaway Energy Co.

   

2.85%, 05/15/51 (Call 11/15/50)

    12,792       7,025,091  

3.70%, 07/15/30 (Call 04/15/30)

    3,519       3,063,731  

3.80%, 07/15/48 (Call 01/15/48)

    6,366       4,202,572  

4.25%, 10/15/50 (Call 04/15/50)

    7,529       5,294,830  

4.45%, 01/15/49 (Call 07/15/48)

    7,101       5,193,342  

4.50%, 02/01/45 (Call 08/01/44)

    6,114       4,680,878  

4.60%, 05/01/53 (Call 11/01/52)(a)

    8,771       6,488,847  

5.15%, 11/15/43 (Call 05/15/43)

    5,484       4,620,136  

6.13%, 04/01/36

    19,785       19,273,091  

Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)(a)

    5,495       3,917,109  

Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a)

    3,682       2,635,747  

Consolidated Edison Co. of New York Inc.

   

2.40%, 06/15/31 (Call 03/15/31)(a)

    2,113       1,660,394  

3.60%, 06/15/61 (Call 12/15/60)(a)

    15,462       9,408,094  

4.45%, 03/15/44 (Call 09/15/43)

    618       470,021  

4.63%, 12/01/54 (Call 06/01/54)

    2,040       1,520,358  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)

    13,518       9,342,367  

Constellation Energy Generation LLC

   

5.60%, 03/01/28 (Call 02/01/28)

    2,551       2,504,409  

5.60%, 06/15/42 (Call 12/15/41)(a)

    10,817       9,303,387  

6.25%, 10/01/39

    9,658       8,955,165  

6.50%, 10/01/53 (Call 04/01/53)

    4,387       4,124,008  

Dominion Energy Inc.

   

5.38%, 11/15/32 (Call 08/15/32)(a)

    4,257       3,942,589  

Series C, 2.25%, 08/15/31 (Call 05/15/31)

    19,766       14,746,503  

Series C, 3.38%, 04/01/30
(Call 01/01/30)(a)

    13,697       11,519,030  

DTE Energy Co., 4.88%, 06/01/28 (Call 05/01/28)(a)

    3,361       3,197,945  

Duke Energy Carolinas LLC

   

3.20%, 08/15/49 (Call 02/15/49)(a)

    6,638       3,964,030  

4.95%, 01/15/33 (Call 10/15/32)

    8,771       8,102,313  

5.30%, 02/15/40

    8,210       7,282,072  

5.35%, 01/15/53 (Call 07/15/52)

    8,428       7,235,023  

Duke Energy Corp.

   

2.45%, 06/01/30 (Call 03/01/30)(a)

    3,020       2,402,230  
Security  

Par 

(000)

    Value  

Electric (continued)

   

2.55%, 06/15/31 (Call 03/15/31)

  $ 6,931     $ 5,354,713  

3.15%, 08/15/27 (Call 05/15/27)

    3,334       3,018,630  

3.30%, 06/15/41 (Call 12/15/40)(a)

    7,136       4,657,071  

3.50%, 06/15/51 (Call 12/15/50)(a)

    7,030       4,268,369  

3.75%, 09/01/46 (Call 03/01/46)

    14,073       9,175,524  

4.30%, 03/15/28 (Call 02/15/28)(a)

    6,716       6,305,229  

4.50%, 08/15/32 (Call 05/15/32)

    8,168       7,134,635  

5.00%, 08/15/52 (Call 02/15/52)(a)

    10,691       8,306,338  

6.10%, 09/15/53 (Call 03/15/53)

    9,596       8,741,612  

Duke Energy Florida LLC, 6.40%, 06/15/38

    12,845       12,746,189  

Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)(a)

    9,869       6,884,330  

Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)(a)

    6,114       4,373,803  

Eversource Energy

   

5.13%, 05/15/33 (Call 02/15/33)

    2,635       2,381,106  

5.45%, 03/01/28 (Call 02/01/28)(a)

        16,793           16,394,455  

Exelon Corp.

   

4.05%, 04/15/30 (Call 01/15/30)

    10,380       9,172,090  

4.45%, 04/15/46 (Call 10/15/45)(a)

    4,889       3,598,535  

4.70%, 04/15/50 (Call 10/15/49)

    6,534       4,923,596  

5.15%, 03/15/28 (Call 02/15/28)(a)

    12,353       11,981,101  

5.30%, 03/15/33 (Call 12/15/32)

    2,843       2,635,871  

Florida Power & Light Co.

   

2.45%, 02/03/32 (Call 11/03/31)

    12,022       9,378,592  

2.88%, 12/04/51 (Call 06/04/51)(a)

    10,321       5,838,171  

3.15%, 10/01/49 (Call 04/01/49)(a)

    8,766       5,337,291  

3.95%, 03/01/48 (Call 09/01/47)(a)

    9,205       6,570,662  

4.40%, 05/15/28 (Call 03/15/28)

    9,492       9,037,253  

4.80%, 05/15/33 (Call 02/15/33)(a)

    6,144       5,633,220  

5.05%, 04/01/28 (Call 03/01/28)(a)

    11,875       11,618,137  

5.10%, 04/01/33 (Call 01/01/33)

    5,102       4,779,427  

5.30%, 04/01/53 (Call 10/01/52)(a)

    7,109       6,199,458  

Georgia Power Co.

   

4.30%, 03/15/42(a)

    14,644       11,194,339  

4.65%, 05/16/28 (Call 03/16/28)(a)

    4,992       4,754,771  

4.95%, 05/17/33 (Call 11/17/32)(a)

    7,581       6,911,267  

5.13%, 05/15/52 (Call 11/15/51)(a)

    4,848       4,028,026  

Series A, 3.25%, 03/15/51 (Call 09/15/50)(a)

    4,281       2,553,485  

MidAmerican Energy Co.

   

3.65%, 04/15/29 (Call 01/15/29)

    13,447       12,129,129  

4.25%, 07/15/49 (Call 01/15/49)

    12,240       9,058,132  

5.85%, 09/15/54 (Call 03/15/54)(a)

    9,507       8,917,504  

National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)

    6,457       6,087,268  

NextEra Energy Capital Holdings Inc.

   

1.88%, 01/15/27 (Call 12/15/26)(a)

    8,445       7,414,404  

1.90%, 06/15/28 (Call 04/15/28)

    22,358       18,667,305  

2.25%, 06/01/30 (Call 03/01/30)

    17,457       13,607,824  

2.44%, 01/15/32 (Call 10/15/31)(a)

    8,014       6,011,237  

2.75%, 11/01/29 (Call 08/01/29)

    7,771       6,432,277  

3.55%, 05/01/27 (Call 02/01/27)

    10,737       9,873,072  

4.63%, 07/15/27 (Call 06/15/27)

    13,467       12,839,291  

4.90%, 02/28/28 (Call 01/28/28)(a)

    13,273       12,687,973  

5.00%, 07/15/32 (Call 04/15/32)(a)

    8,101       7,374,534  

5.05%, 02/28/33 (Call 11/28/32)(a)

    7,835       7,117,345  

5.25%, 02/28/53 (Call 08/28/52)

    10,935       8,822,485  

Northern States Power Co./MN,
5.10%, 05/15/53 (Call 11/15/52)

    6,132       5,188,898  

Pacific Gas and Electric Co.

   

2.10%, 08/01/27 (Call 06/01/27)(a)

    6,069       5,131,499  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Electric (continued)

   

2.50%, 02/01/31 (Call 11/01/30)

  $ 16,682     $ 12,365,376  

3.00%, 06/15/28 (Call 04/15/28)

    4,011       3,395,344  

3.25%, 06/01/31 (Call 03/01/31)(a)

    8,292       6,414,056  

3.30%, 12/01/27 (Call 09/01/27)

    8,663       7,542,503  

3.30%, 08/01/40 (Call 02/01/40)(a)

    8,325       5,050,293  

3.50%, 08/01/50 (Call 02/01/50)(a)

        16,357       9,110,223  

3.75%, 07/01/28

    8,153       7,149,568  

3.95%, 12/01/47 (Call 06/01/47)(a)

    8,786       5,251,764  

4.50%, 07/01/40 (Call 01/01/40)

    18,420           13,085,842  

4.55%, 07/01/30 (Call 01/01/30)(a)

    25,883       22,407,625  

4.95%, 07/01/50 (Call 01/01/50)

    26,146       18,258,978  

6.10%, 01/15/29 (Call 12/15/28)

    4,714       4,536,709  

6.15%, 01/15/33 (Call 10/15/32)

    5,888       5,411,066  

6.40%, 06/15/33 (Call 03/15/33)

    9,431       8,859,737  

6.70%, 04/01/53 (Call 10/01/52)(a)

    7,175       6,351,960  

6.75%, 01/15/53 (Call 07/15/52)

    12,012       10,632,276  

PacifiCorp

   

2.90%, 06/15/52 (Call 12/15/51)(a)

    11,724       6,114,818  

5.35%, 12/01/53 (Call 06/01/53)

    10,443       8,307,520  

5.50%, 05/15/54 (Call 11/15/53)

    10,556       8,601,139  

PPL Electric Utilities Corp., 5.25%, 05/15/53 (Call 11/15/52)(a)

    6,886       5,935,808  

Public Service Co. of Colorado

   

1.88%, 06/15/31 (Call 12/15/30)

    5,297       3,972,632  

5.25%, 04/01/53 (Call 10/01/52)

    8,167       6,829,489  

Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)(a)

    2,169       1,640,854  

San Diego Gas & Electric Co.

   

5.35%, 04/01/53 (Call 10/01/52)

    7,288       6,227,307  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    2,739       2,068,319  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a)

    5,743       3,257,709  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    2,919       2,646,867  

3.40%, 02/01/28 (Call 11/01/27)

    7,556       6,809,743  

3.80%, 02/01/38 (Call 08/01/37)

    13,307       9,935,400  

4.00%, 02/01/48 (Call 08/01/47)

    1,738       1,184,800  

6.00%, 10/15/39

    11,314       10,301,276  

Southern California Edison Co.

   

3.65%, 02/01/50 (Call 08/01/49)

    12,160       7,726,561  

4.00%, 04/01/47 (Call 10/01/46)

    15,714       10,771,802  

4.65%, 10/01/43 (Call 04/01/43)

    7,807       6,037,429  

5.30%, 03/01/28 (Call 02/01/28)

    925       904,495  

5.85%, 11/01/27 (Call 10/01/27)(a)

    5,615       5,607,396  

5.95%, 11/01/32 (Call 08/01/32)(a)

    2,887       2,816,299  

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

    6,411       3,564,485  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    11,584       8,059,120  

Southern Co. (The)

   

4.40%, 07/01/46 (Call 01/01/46)(a)

    15,588       11,496,661  

4.85%, 06/15/28 (Call 04/15/28)

    4,715       4,508,126  

5.20%, 06/15/33 (Call 12/15/32)(a)

    3,340       3,071,449  

Series A, 3.70%, 04/30/30 (Call 01/30/30)

    4,814       4,170,519  

Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)(b)

    15,974       14,529,311  

Virginia Electric & Power Co.

   

2.45%, 12/15/50 (Call 06/15/50)(a)

    7,019       3,558,795  

2.95%, 11/15/51 (Call 05/15/51)(a)

    6,685       3,726,763  

5.00%, 04/01/33 (Call 01/01/33)

    4,091       3,728,105  

5.45%, 04/01/53 (Call 10/01/52)

    7,009       5,990,060  

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

    3,450       3,206,298  
Security  

Par 

(000)

    Value  
Electric (continued)            

Xcel Energy Inc., 5.45%, 08/15/33 (Call 02/15/33)

  $ 3,004     $ 2,790,362  
   

 

 

 
      936,680,752  
Electrical Components & Equipment — 0.1%  

Emerson Electric Co.

   

2.00%, 12/21/28 (Call 10/21/28)(a)

        10,598       8,977,728  

2.20%, 12/21/31 (Call 09/21/31)(a)

    8,485       6,580,146  

2.80%, 12/21/51 (Call 06/21/51)(a)

    1,976       1,118,338  
   

 

 

 
      16,676,212  
Electronics — 0.3%            

Amphenol Corp.

   

2.20%, 09/15/31 (Call 06/15/31)

    5,146       3,930,781  

2.80%, 02/15/30 (Call 11/15/29)

    10,605       8,817,755  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)(a)

    9,801       8,556,514  

1.75%, 09/01/31 (Call 06/01/31)(a)

    12,124       9,086,238  

1.95%, 06/01/30 (Call 03/01/30)(a)

    7,283       5,787,414  

2.50%, 11/01/26 (Call 08/01/26)(a)

    1,503       1,389,413  

2.70%, 08/15/29 (Call 05/15/29)(a)

    8,217       7,068,790  

2.80%, 06/01/50 (Call 12/01/49)(a)

    1,704       1,053,686  

4.25%, 01/15/29 (Call 12/15/28)(a)

    8,488       8,014,575  

4.50%, 01/15/34 (Call 10/15/33)

    12,041       10,828,494  

5.00%, 02/15/33 (Call 11/15/32)(a)

    10,556       9,969,871  
   

 

 

 
      74,503,531  
Entertainment — 0.5%            

Warnermedia Holdings Inc.

   

3.76%, 03/15/27 (Call 02/15/27)(a)

    28,567       26,301,428  

4.05%, 03/15/29 (Call 01/15/29)

    7,983       7,068,634  

4.28%, 03/15/32 (Call 12/15/31)(a)

    37,999       31,484,896  

5.05%, 03/15/42 (Call 09/15/41)

    35,528       26,373,564  

5.14%, 03/15/52 (Call 09/15/51)(a)

    63,248       44,714,755  

5.39%, 03/15/62 (Call 09/15/61)(a)

    23,915       16,756,820  
   

 

 

 
          152,700,097  
Environmental Control — 0.3%            

Republic Services Inc.

   

1.75%, 02/15/32 (Call 11/15/31)(a)

    5,471       3,983,109  

3.95%, 05/15/28 (Call 02/15/28)

    6,800       6,339,541  

5.00%, 04/01/34 (Call 01/01/34)

    9,382       8,611,710  

Waste Connections Inc.

   

2.95%, 01/15/52 (Call 07/15/51)(a)

    4,003       2,285,989  

4.20%, 01/15/33 (Call 10/15/32)

    6,575       5,709,412  

Waste Management Inc.

   

1.50%, 03/15/31 (Call 12/15/30)(a)

    8,434       6,262,103  

3.15%, 11/15/27 (Call 08/15/27)(a)

    7,506       6,860,440  

4.15%, 04/15/32 (Call 01/15/32)(a)

    8,182       7,242,435  

4.63%, 02/15/30 (Call 12/15/29)

    5,570       5,257,609  

4.88%, 02/15/29 (Call 01/15/29)

    8,741       8,420,363  

4.88%, 02/15/34 (Call 11/15/33)

    12,357       11,322,069  
   

 

 

 
      72,294,780  
Food — 1.2%            

Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)(a)

    4,328       4,033,058  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    12,611       10,494,008  

4.85%, 11/01/28 (Call 08/01/28)

    14,049       13,203,881  

5.30%, 11/01/38 (Call 05/01/38)

    7,485       6,264,514  

5.40%, 11/01/48 (Call 05/01/48)

    9,538       7,638,206  

General Mills Inc.

   

2.88%, 04/15/30 (Call 01/15/30)

    4,730       3,917,266  

3.20%, 02/10/27 (Call 11/10/26)(a)

    1,278       1,179,546  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Food (continued)

   

4.20%, 04/17/28 (Call 01/17/28)

  $ 14,764     $ 13,856,280  

4.95%, 03/29/33 (Call 12/29/32)(a)

    12,055       10,969,212  

Hormel Foods Corp.

   

1.70%, 06/03/28 (Call 04/03/28)

    2,970       2,520,431  

1.80%, 06/11/30 (Call 03/11/30)(a)

    6,640       5,194,089  

J M Smucker Co. (The)

   

5.90%, 11/15/28 (Call 10/15/28)

    6,750       6,691,276  

6.20%, 11/15/33 (Call 08/15/33)(a)

    6,750       6,564,717  

6.50%, 11/15/43 (Call 05/15/43)

    3,590       3,406,250  

6.50%, 11/15/53 (Call 05/15/53)(a)

    4,649       4,390,984  

JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL

   

6.75%, 03/15/34 (Call 12/15/33)(a)(c)

        10,629       9,963,845  

7.25%, 11/15/53 (Call 05/15/53)(c)

    11,084       9,899,161  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

3.00%, 05/15/32 (Call 02/15/32)

    1,484       1,077,040  

3.63%, 01/15/32 (Call 01/15/27)(a)

    8,883       6,821,618  

4.38%, 02/02/52 (Call 08/02/51)

    6,194       3,763,917  

5.13%, 02/01/28 (Call 01/01/28)

    3,229       3,023,036  

5.50%, 01/15/30 (Call 01/15/25)(a)

    6,472       5,910,425  

5.75%, 04/01/33 (Call 01/01/33)

    13,064       11,553,279  

6.50%, 12/01/52 (Call 06/01/52)

    11,655       9,571,469  

Kraft Heinz Foods Co.

   

3.88%, 05/15/27 (Call 02/15/27)(a)

    8,356       7,838,179  

4.38%, 06/01/46 (Call 12/01/45)

    27,504       20,196,124  

4.88%, 10/01/49 (Call 04/01/49)(a)

    13,251       10,411,619  

5.00%, 06/04/42

    19,143       15,788,693  

5.20%, 07/15/45 (Call 01/15/45)

    16,632       13,801,418  

5.50%, 06/01/50 (Call 12/01/49)(a)

    6,594       5,680,215  

6.88%, 01/26/39

    8,649       8,740,189  

Kroger Co. (The)

   

3.95%, 01/15/50 (Call 07/15/49)(a)

    5,134       3,477,097  

4.45%, 02/01/47 (Call 08/01/46)(a)

    6,878       5,103,917  

McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)

    3,104       2,847,096  

Mondelez International Inc.

   

2.63%, 03/17/27 (Call 02/17/27)

    4,976       4,502,627  

2.63%, 09/04/50 (Call 03/04/50)

    2,276       1,221,249  

2.75%, 04/13/30 (Call 01/13/30)(a)

    6,237       5,135,627  

3.00%, 03/17/32 (Call 12/17/31)(a)

    6,963       5,582,722  

Sysco Corp.

   

3.15%, 12/14/51 (Call 06/14/51)(a)

    3,486       2,016,239  

3.25%, 07/15/27 (Call 04/15/27)(a)

    8,389       7,636,997  

5.95%, 04/01/30 (Call 01/01/30)(a)

    13,292       13,194,643  

6.60%, 04/01/50 (Call 10/01/49)(a)

    9,957       9,793,230  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)(a)

    16,346       15,046,549  

4.35%, 03/01/29 (Call 12/01/28)(a)

    12,548       11,547,970  

4.55%, 06/02/47 (Call 12/02/46)

    5,547       3,962,126  

5.10%, 09/28/48 (Call 03/28/48)

    14,065       10,880,180  
   

 

 

 
          346,312,214  
Gas — 0.2%            

Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)(a)

    4,419       3,288,322  

CenterPoint Energy Resources Corp., 5.25%, 03/01/28 (Call 02/01/28)

    3,321       3,249,619  

NiSource Inc.

   

1.70%, 02/15/31 (Call 11/15/30)

    11,965       8,762,749  

2.95%, 09/01/29 (Call 06/01/29)(a)

    12,696       10,803,198  

3.49%, 05/15/27 (Call 02/15/27)

    9,154       8,427,818  
Security  

Par 

(000)

    Value  

Gas (continued)

   

3.60%, 05/01/30 (Call 02/01/30)(a)

  $ 11,629     $ 9,952,506  

3.95%, 03/30/48 (Call 09/30/47)

    5,508       3,716,328  

4.38%, 05/15/47 (Call 11/15/46)

    5,143       3,743,681  

4.80%, 02/15/44 (Call 08/15/43)(a)

    9,964       7,819,137  

5.25%, 03/30/28 (Call 02/29/28)

    5,258       5,103,696  
   

 

 

 
          64,867,054  
Hand & Machine Tools — 0.1%            

Regal Rexnord Corp.

   

6.05%, 04/15/28 (Call 03/15/28)(c)

    12,375       11,842,875  

6.30%, 02/15/30 (Call 12/15/29)(c)

    11,401       10,746,864  

6.40%, 04/15/33 (Call 01/15/33)(a)(c)

    10,955       10,071,808  

Stanley Black & Decker Inc.

   

2.30%, 03/15/30 (Call 12/15/29)

    9,705       7,625,948  

2.75%, 11/15/50 (Call 05/15/50)(a)

    1,952       993,702  
   

 

 

 
      41,281,197  
Health Care - Products — 1.0%            

Abbott Laboratories

   

3.75%, 11/30/26 (Call 08/30/26)

    3,208       3,071,507  

4.75%, 11/30/36 (Call 05/30/36)

    10,283       9,393,626  

4.90%, 11/30/46 (Call 05/30/46)

        25,484       21,931,000  

Baxter International Inc.

   

1.92%, 02/01/27 (Call 01/01/27)(a)

    7,389       6,477,908  

2.27%, 12/01/28 (Call 10/01/28)(a)

    13,821       11,441,241  

2.54%, 02/01/32 (Call 11/01/31)(a)

    14,711       11,031,136  

3.13%, 12/01/51 (Call 06/01/51)(a)

    8,251       4,539,979  

Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)(a)

    9,804       8,062,158  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)(a)

    7,724       4,240,298  

2.80%, 12/10/51 (Call 06/10/51)(a)

    7,630       4,296,782  

DH Europe Finance II Sarl

   

2.60%, 11/15/29 (Call 08/15/29)

    10,984       9,296,383  

3.25%, 11/15/39 (Call 05/15/39)(a)

    7,245       5,176,154  

3.40%, 11/15/49 (Call 05/15/49)(a)

    6,167       4,028,454  

GE HealthCare Technologies Inc.

   

5.65%, 11/15/27 (Call 10/15/27)

    22,384       22,170,893  

5.86%, 03/15/30 (Call 01/15/30)

    15,564       15,209,286  

5.91%, 11/22/32 (Call 08/22/32)(a)

    16,909       16,369,040  

6.38%, 11/22/52 (Call 05/22/52)

    8,285       8,025,164  

HCA Inc.

   

3.13%, 03/15/27 (Call 02/15/27)

    6,217       5,604,553  

3.63%, 03/15/32 (Call 12/15/31)

    17,477       14,035,981  

Medtronic Global Holdings SCA

   

4.25%, 03/30/28 (Call 02/29/28)(a)

    11,888       11,323,509  

4.50%, 03/30/33 (Call 12/30/32)(a)

    12,810       11,620,846  

Medtronic Inc.

   

4.38%, 03/15/35(a)

    12,962       11,345,999  

4.63%, 03/15/45

    11,222       9,250,097  

Stryker Corp.

   

1.95%, 06/15/30 (Call 03/15/30)(a)

    10,361       8,106,635  

4.63%, 03/15/46 (Call 09/15/45)

    3,642       2,926,220  

Thermo Fisher Scientific Inc.

   

2.00%, 10/15/31 (Call 07/15/31)(a)

    5,979       4,511,578  

2.60%, 10/01/29 (Call 07/01/29)(a)

    5,578       4,730,399  

2.80%, 10/15/41 (Call 04/15/41)

    5,452       3,474,086  

4.10%, 08/15/47 (Call 02/15/47)

    2,377       1,773,989  

4.98%, 08/10/30 (Call 06/10/30)

    12,731       12,148,081  

5.09%, 08/10/33 (Call 05/10/33)(a)

    18,396       17,219,751  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Health Care - Products (continued)

   

Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)(a)

  $ 7,504     $ 5,753,438  
   

 

 

 
      288,586,171  
Health Care - Services — 3.0%            

Aetna Inc.

   

3.88%, 08/15/47 (Call 02/15/47)(a)

    6,437       4,230,971  

6.63%, 06/15/36(a)

    14,663       14,713,920  

Ascension Health

   

3.95%, 11/15/46

    2,654       1,946,172  

Series B, 2.53%, 11/15/29 (Call 08/15/29)

    5,886       4,972,290  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

        21,525           18,102,686  

2.50%, 03/01/31 (Call 12/01/30)

    17,849       13,472,864  

2.63%, 08/01/31 (Call 05/01/31)

    9,899       7,430,492  

3.00%, 10/15/30 (Call 07/15/30)

    19,285       15,251,311  

3.38%, 02/15/30 (Call 02/15/25)

    17,371       14,330,472  

4.25%, 12/15/27 (Call 11/16/23)(a)

    19,637       18,071,931  

4.63%, 12/15/29 (Call 12/15/24)(a)

    30,485       27,268,259  

CommonSpirit Health

   

3.35%, 10/01/29 (Call 04/01/29)

    6,383       5,486,143  

4.19%, 10/01/49 (Call 04/01/49)

    1,560       1,090,615  

Elevance Health Inc.

   

2.25%, 05/15/30 (Call 02/15/30)

    7,768       6,191,683  

2.55%, 03/15/31 (Call 12/15/30)

    6,464       5,113,350  

2.88%, 09/15/29 (Call 06/15/29)

    7,041       5,981,016  

3.13%, 05/15/50 (Call 11/15/49)

    8,315       4,918,168  

3.60%, 03/15/51 (Call 09/15/50)(a)

    11,837       7,597,951  

3.65%, 12/01/27 (Call 09/01/27)

    13,534       12,470,758  

3.70%, 09/15/49 (Call 03/15/49)

    8,117       5,340,801  

4.10%, 03/01/28 (Call 12/01/27)(a)

    10,897       10,172,595  

4.38%, 12/01/47 (Call 06/01/47)(a)

    12,313       9,204,937  

4.55%, 03/01/48 (Call 09/01/47)

    7,887       6,002,670  

4.63%, 05/15/42

    9,014       7,208,717  

4.65%, 01/15/43

    10,272       8,187,947  

4.65%, 08/15/44 (Call 02/15/44)

    8,239       6,503,652  

4.75%, 02/15/33 (Call 11/15/32)(a)

    6,676       6,055,670  

5.13%, 02/15/53 (Call 08/15/52)

    10,100       8,374,483  

6.10%, 10/15/52 (Call 04/15/52)

    6,034       5,701,710  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    7,263       5,400,652  

3.50%, 09/01/30 (Call 03/01/30)

    24,246       20,084,814  

3.50%, 07/15/51 (Call 01/15/51)(a)

    14,554       8,413,829  

4.13%, 06/15/29 (Call 03/15/29)

    17,913       15,905,940  

4.50%, 02/15/27 (Call 08/15/26)

    9,105       8,614,839  

4.63%, 03/15/52 (Call 09/15/51)(a)

    20,147       14,126,271  

5.13%, 06/15/39 (Call 12/15/38)

    9,437       7,769,036  

5.20%, 06/01/28 (Call 05/01/28)

    8,058       7,674,789  

5.25%, 06/15/49 (Call 12/15/48)

    18,296       14,061,343  

5.50%, 06/01/33 (Call 03/01/33)(a)

    12,852       11,739,177  

5.50%, 06/15/47 (Call 12/15/46)

    14,174       11,431,912  

5.63%, 09/01/28 (Call 03/01/28)(a)

    12,571       12,162,914  

5.88%, 02/01/29 (Call 08/01/28)

    7,628       7,391,685  

5.90%, 06/01/53 (Call 12/01/52)(a)

    9,867       8,381,918  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    4,399       3,816,125  

2.15%, 02/03/32 (Call 11/03/31)(a)

    5,644       4,164,120  

3.70%, 03/23/29 (Call 02/23/29)(a)

    15,333       13,866,734  

4.95%, 10/01/44 (Call 04/01/44)(a)

    3,844       3,099,903  

5.50%, 03/15/53 (Call 09/15/52)

    8,395       7,231,238  

5.88%, 03/01/33 (Call 12/01/32)

    6,127       5,940,219  
Security  

Par 

(000)

    Value  

Health Care - Services (continued)

   

Kaiser Foundation Hospitals

   

4.15%, 05/01/47 (Call 11/01/46)(a)

  $ 5,804     $ 4,357,323  

Series 2019, 3.27%, 11/01/49 (Call 05/01/49)(a)

    2,061       1,294,270  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

    16,413       10,523,819  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(a)

    4,196       2,465,057  

Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)(a)

    5,392       4,176,632  

Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/51
(Call 04/01/51)(a)

    1,404       709,328  

Quest Diagnostics Inc.

   

2.95%, 06/30/30 (Call 03/30/30)

    7,466       6,127,204  

6.40%, 11/30/33 (Call 08/30/33)

    1,715       1,713,570  

UnitedHealth Group Inc.

   

2.00%, 05/15/30

    10,543       8,380,732  

2.30%, 05/15/31 (Call 02/15/31)

    12,636       9,947,313  

2.75%, 05/15/40 (Call 11/15/39)(a)

    10,542       6,814,921  

2.88%, 08/15/29

    8,477       7,348,485  

2.90%, 05/15/50 (Call 11/15/49)

    12,736       7,358,295  

2.95%, 10/15/27

    6,812       6,197,854  

3.05%, 05/15/41 (Call 11/15/40)

    14,658       9,764,491  

3.13%, 05/15/60 (Call 11/15/59)(a)

    8,389       4,756,785  

3.25%, 05/15/51 (Call 11/15/50)

    19,244       11,838,308  

3.45%, 01/15/27(a)

    4,159       3,908,436  

3.50%, 08/15/39 (Call 02/15/39)

    12,672       9,308,425  

3.70%, 08/15/49 (Call 02/15/49)

    11,029       7,477,450  

3.75%, 10/15/47 (Call 04/15/47)(a)

    10,309       7,119,545  

3.85%, 06/15/28(a)

    11,633       10,869,439  

3.88%, 12/15/28

    6,853       6,369,139  

3.88%, 08/15/59 (Call 02/15/59)

    11,564       7,619,042  

4.00%, 05/15/29 (Call 03/15/29)(a)

    7,970       7,376,405  

4.20%, 05/15/32 (Call 02/15/32)(a)

    12,662       11,222,366  

4.20%, 01/15/47 (Call 07/15/46)

    7,661       5,721,567  

4.25%, 01/15/29 (Call 12/15/28)(a)

    11,237       10,564,371  

4.25%, 03/15/43 (Call 09/15/42)

    8,671       6,778,785  

4.25%, 06/15/48 (Call 12/15/47)

    11,781       8,820,994  

4.45%, 12/15/48 (Call 06/15/48)

    9,053       7,004,723  

4.50%, 04/15/33 (Call 01/15/33)

    13,241       11,920,210  

4.63%, 07/15/35(a)

    4,162       3,701,079  

4.75%, 07/15/45

    18,897       15,517,277  

4.75%, 05/15/52 (Call 11/15/51)

    17,359       13,902,089  

4.95%, 05/15/62 (Call 11/15/61)

    7,951       6,399,763  

5.05%, 04/15/53 (Call 10/15/52)

    18,212       15,300,542  

5.20%, 04/15/63 (Call 10/15/62)

    15,982       13,378,291  

5.25%, 02/15/28 (Call 01/15/28)(a)

    9,087       9,027,990  

5.30%, 02/15/30 (Call 12/15/29)

    10,388       10,201,502  

5.35%, 02/15/33 (Call 11/15/32)(a)

    17,082       16,426,405  

5.80%, 03/15/36(a)

    9,509       9,358,538  

5.88%, 02/15/53 (Call 08/15/52)

        18,234       17,252,387  

6.05%, 02/15/63 (Call 08/15/62)

    13,305       12,669,134  

6.88%, 02/15/38(a)

    9,912       10,632,323  

Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)

    6,715       5,137,769  
   

 

 

 
          837,432,065  
Holding Companies - Diversified — 0.1%            

Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28)

    8,688       7,183,348  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Holding Companies - Diversified (continued)  

Blackstone Private Credit Fund

   

2.63%, 12/15/26 (Call 11/15/26)

  $ 3,889     $ 3,327,471  

3.25%, 03/15/27 (Call 02/15/27)

    6,131       5,296,307  

Blue Owl Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)

    4,170       3,397,087  

FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)(a)

    6,521       5,245,807  
   

 

 

 
      24,450,020  
Household Products & Wares — 0.0%            

Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)

    6,877       5,931,304  
   

 

 

 
Insurance — 1.8%            

Allstate Corp. (The), 5.25%, 03/30/33 (Call 12/30/32)(a)

    4,117       3,801,879  

American International Group Inc.

   

4.38%, 06/30/50 (Call 12/30/49)(a)

    8,791       6,428,887  

4.75%, 04/01/48 (Call 10/01/47)

    8,531       6,666,522  

4.80%, 07/10/45 (Call 01/10/45)

    5,380       4,247,398  

5.13%, 03/27/33 (Call 12/27/32)(a)

    6,833       6,215,682  

Aon Corp.

   

2.80%, 05/15/30 (Call 02/15/30)

        13,502           11,025,236  

3.75%, 05/02/29 (Call 02/02/29)

    13,090       11,712,372  

Aon Global Ltd.

   

3.90%, 02/28/52 (Call 08/28/51)(a)

    5,774       3,882,751  

5.35%, 02/28/33 (Call 11/28/32)

    3,672       3,423,250  

Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)

    5,162       3,281,774  

Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a)

    9,165       8,289,623  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)(a)

    3,191       2,442,779  

2.30%, 03/15/27 (Call 02/15/27)(a)

    4,141       3,767,067  

2.50%, 01/15/51 (Call 07/15/50)

    7,571       4,026,013  

2.85%, 10/15/50 (Call 04/15/50)

    16,813       9,606,923  

2.88%, 03/15/32 (Call 12/15/31)(a)

    4,877       3,977,626  

3.85%, 03/15/52 (Call 09/15/51)(a)

    24,566       17,135,576  

4.20%, 08/15/48 (Call 02/15/48)

    22,886       17,525,486  

4.25%, 01/15/49 (Call 07/15/48)(a)

    20,570       15,875,772  

5.75%, 01/15/40(a)

    8,627       8,514,330  

Berkshire Hathaway Inc., 4.50%, 02/11/43(a)

    12,948       10,866,467  

Brighthouse Financial Inc.

   

3.70%, 06/22/27 (Call 03/22/27)(a)

    4,201       3,793,927  

4.70%, 06/22/47 (Call 12/22/46)(a)

    1,942       1,273,435  

Chubb Corp. (The), 6.00%, 05/11/37(a)

    12,460       12,307,432  

Chubb INA Holdings Inc.

   

1.38%, 09/15/30 (Call 06/15/30)(a)

    7,019       5,267,969  

3.05%, 12/15/61 (Call 06/15/61)(a)

    7,303       4,106,249  

4.35%, 11/03/45 (Call 05/03/45)

    9,820       7,672,086  

Corebridge Financial Inc.

   

3.65%, 04/05/27 (Call 03/05/27)(a)

    12,958       11,857,354  

3.85%, 04/05/29 (Call 02/05/29)

    12,492       11,032,046  

3.90%, 04/05/32 (Call 01/05/32)(a)

    11,035       9,025,203  

4.40%, 04/05/52 (Call 10/05/51)(a)

    8,026       5,492,982  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)(a)

    16,402       15,015,573  

5.00%, 04/20/48 (Call 10/20/47)

    12,778       9,727,940  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)(a)

    8,758       4,912,837  

3.50%, 10/15/50 (Call 04/15/50)

    6,039       3,648,951  
Security  

Par 

(000)

    Value  
Insurance (continued)            

Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)

  $ 3,683     $ 3,396,689  

Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)(a)

    4,293       2,775,882  

Manulife Financial Corp.

   

3.70%, 03/16/32 (Call 12/16/31)(a)

    10,178       8,672,702  

5.38%, 03/04/46

    5,177       4,546,252  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)(a)

    4,207       3,304,693  

4.38%, 03/15/29 (Call 12/15/28)

    11,725       10,968,198  

4.90%, 03/15/49 (Call 09/15/48)

    5,162       4,250,301  

5.70%, 09/15/53 (Call 03/15/53)

    14,020       12,880,146  

MetLife Inc.

   

4.05%, 03/01/45

    7,450       5,356,154  

4.13%, 08/13/42(a)

    11,116       8,272,328  

4.55%, 03/23/30 (Call 12/23/29)(a)

    10,172       9,463,877  

4.60%, 05/13/46 (Call 11/13/45)

    3,940       3,074,475  

4.88%, 11/13/43(a)

    4,807       3,933,116  

5.00%, 07/15/52 (Call 01/15/52)

    8,894       7,179,141  

5.25%, 01/15/54 (Call 07/15/53)(a)

    9,493       7,947,466  

5.38%, 07/15/33 (Call 04/15/33)

    6,693       6,259,953  

5.70%, 06/15/35(a)

        13,788       13,096,318  

5.88%, 02/06/41

    9,895       9,233,268  

6.38%, 06/15/34

    11,823       11,913,803  

Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)(a)

    4,219       3,123,043  

Prudential Financial Inc.

   

3.70%, 03/13/51 (Call 09/13/50)(a)

    12,562       8,146,799  

3.91%, 12/07/47 (Call 06/07/47)

    8,596       5,861,756  

3.94%, 12/07/49 (Call 06/07/49)

    8,868       6,007,072  

4.35%, 02/25/50 (Call 08/25/49)

    8,454       6,194,814  

4.60%, 05/15/44

    5,870       4,589,913  

5.70%, 12/14/36

    15,146       14,556,874  

Travelers Companies Inc. (The)

   

3.05%, 06/08/51 (Call 12/08/50)(a)

    3,090       1,844,204  

5.35%, 11/01/40(a)

    9,610       8,752,304  

6.25%, 06/15/37(a)

    13,536       13,757,324  

Travelers Cos. Inc. (The), 5.45%, 05/25/53 (Call 11/25/52)(a)

    4,981       4,467,101  

Willis North America Inc.

   

4.65%, 06/15/27 (Call 05/15/27)

    5,893       5,609,553  

5.35%, 05/15/33 (Call 02/15/33)

    2,969       2,706,452  
   

 

 

 
          489,989,368  
Internet — 2.4%            

Alphabet Inc.

   

0.80%, 08/15/27 (Call 06/15/27)(a)

    6,682       5,719,088  

1.10%, 08/15/30 (Call 05/15/30)(a)

    21,743       16,673,637  

1.90%, 08/15/40 (Call 02/15/40)(a)

    1,815       1,086,507  

2.05%, 08/15/50 (Call 02/15/50)(a)

    14,095       7,287,112  

2.25%, 08/15/60 (Call 02/15/60)(a)

    17,970       9,057,865  

Amazon.com Inc.

   

1.20%, 06/03/27 (Call 04/03/27)

    12,960       11,233,046  

1.50%, 06/03/30 (Call 03/03/30)

    17,116       13,353,023  

1.65%, 05/12/28 (Call 03/12/28)

    21,716       18,537,247  

2.10%, 05/12/31 (Call 02/12/31)

    24,231       19,109,398  

2.50%, 06/03/50 (Call 12/03/49)(a)

    25,963       14,350,591  

2.70%, 06/03/60 (Call 12/03/59)(a)

    17,866       9,581,738  

2.88%, 05/12/41 (Call 11/12/40)(a)

    21,845       14,711,686  

3.10%, 05/12/51 (Call 11/12/50)

    31,980       19,884,624  

3.15%, 08/22/27 (Call 05/22/27)

    32,710       30,270,482  

3.25%, 05/12/61 (Call 11/12/60)(a)

    16,175       9,673,800  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Internet (continued)            

3.30%, 04/13/27 (Call 03/13/27)

  $ 19,541     $ 18,305,065  

3.45%, 04/13/29 (Call 02/13/29)

        10,446           9,537,319  

3.60%, 04/13/32 (Call 01/13/32)(a)

    20,343       17,671,816  

3.88%, 08/22/37 (Call 02/22/37)

    17,150       14,061,132  

3.95%, 04/13/52 (Call 10/13/51)(a)

    24,266       17,741,152  

4.05%, 08/22/47 (Call 02/22/47)

    33,903       25,858,842  

4.10%, 04/13/62 (Call 10/13/61)

    11,600       8,337,152  

4.25%, 08/22/57 (Call 02/22/57)

    20,176       15,253,754  

4.55%, 12/01/27 (Call 11/01/27)

    20,199       19,648,989  

4.65%, 12/01/29 (Call 10/01/29)

    17,305       16,598,632  

4.70%, 12/01/32 (Call 09/01/32)

    18,413       17,254,414  

4.80%, 12/05/34 (Call 06/05/34)(a)

    4,512       4,216,311  

4.95%, 12/05/44 (Call 06/05/44)(a)

    16,281       14,496,689  

Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)

    14,502       13,503,984  

eBay Inc.

   

2.60%, 05/10/31 (Call 02/10/31)(a)

    4,160       3,245,810  

2.70%, 03/11/30 (Call 12/11/29)

    13,345       10,838,837  

3.60%, 06/05/27 (Call 03/05/27)(a)

    4,164       3,847,946  

3.65%, 05/10/51 (Call 11/10/50)

    1,819       1,138,794  

4.00%, 07/15/42 (Call 01/15/42)(a)

    16,207       11,367,212  

Expedia Group Inc.

   

3.25%, 02/15/30 (Call 11/15/29)(a)

    14,278       11,826,366  

3.80%, 02/15/28 (Call 11/15/27)(a)

    7,342       6,648,038  

4.63%, 08/01/27 (Call 05/01/27)

    4,925       4,657,007  

Meta Platforms Inc.

   

3.50%, 08/15/27 (Call 07/15/27)

    27,677       26,028,361  

3.85%, 08/15/32 (Call 05/15/32)

    35,338       30,737,770  

4.45%, 08/15/52 (Call 02/15/52)

    30,430       23,027,321  

4.60%, 05/15/28 (Call 04/15/28)(a)

    15,697       15,216,132  

4.65%, 08/15/62 (Call 02/15/62)

    5,864       4,411,759  

4.80%, 05/15/30 (Call 03/15/30)(a)

    14,321       13,803,223  

4.95%, 05/15/33 (Call 02/15/33)(a)

    20,331       19,059,560  

5.60%, 05/15/53 (Call 11/15/52)(a)

    26,336       23,836,305  

5.75%, 05/15/63 (Call 11/15/62)

    19,118       17,158,850  

Netflix Inc.

   

4.88%, 04/15/28(a)

    8,049       7,756,625  

5.88%, 11/15/28(a)

    13,411       13,448,283  

6.38%, 05/15/29

    3,553       3,649,997  
   

 

 

 
          664,719,291  
Iron & Steel — 0.1%            

ArcelorMittal SA

   

6.55%, 11/29/27 (Call 10/29/27)(a)

    14,212       14,280,928  

6.80%, 11/29/32 (Call 08/29/32)

    10,217       9,809,853  
   

 

 

 
      24,090,781  
Lodging — 0.2%            

Marriott International Inc./MD

   

4.90%, 04/15/29 (Call 03/15/29)

    11,983       11,242,698  

5.00%, 10/15/27 (Call 09/15/27)

    10,090       9,727,291  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    9,857       8,909,819  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

    9,774       7,765,554  

Series HH, 2.85%, 04/15/31 (Call 01/15/31)

    8,698       6,829,170  

Sands China Ltd., 5.65%, 08/08/28 (Call 05/08/28)(a)

    10,896       10,076,076  
   

 

 

 
      54,550,608  
Machinery — 0.5%            

Caterpillar Financial Services Corp.,
1.10%, 09/14/27(a)

    5,939       5,061,061  

Caterpillar Inc.

   

2.60%, 04/09/30 (Call 01/09/30)(a)

    9,305       7,819,970  
Security  

Par 

(000)

    Value  
Machinery (continued)            

3.25%, 09/19/49 (Call 03/19/49)(a)

  $ 1,897     $ 1,239,129  

3.25%, 04/09/50 (Call 10/09/49)(a)

    4,235       2,764,319  

3.80%, 08/15/42

    26,137       19,746,616  

5.20%, 05/27/41(a)

    11,043       10,129,090  

Deere & Co.

   

3.75%, 04/15/50 (Call 10/15/49)(a)

    1,712       1,267,163  

3.90%, 06/09/42 (Call 12/09/41)(a)

    20,528       16,074,711  

John Deere Capital Corp.

   

4.15%, 09/15/27(a)

    7,058       6,753,623  

4.70%, 06/10/30

        13,268           12,517,001  

4.75%, 01/20/28

    12,668       12,305,795  

4.95%, 07/14/28

    12,833       12,524,741  

Otis Worldwide Corp.

   

2.57%, 02/15/30 (Call 11/15/29)(a)

    14,593       11,878,574  

3.11%, 02/15/40 (Call 08/15/39)(a)

    2,950       2,007,195  

5.25%, 08/16/28 (Call 07/16/28)

    11,631       11,317,496  

Westinghouse Air Brake Technologies Corp.

   

3.45%, 11/15/26 (Call 08/15/26)

    1,269       1,176,801  

4.70%, 09/15/28 (Call 06/15/28)(a)

    17,030       15,889,823  
   

 

 

 
      150,473,108  
Machinery - Diversified — 0.0%            

John Deere Capital Corp., 5.15%, 09/08/33

    12,237       11,640,484  
   

 

 

 
Manufacturing — 0.5%            

3M Co.

   

2.38%, 08/26/29 (Call 05/26/29)(a)

    10,743       8,772,357  

2.88%, 10/15/27 (Call 07/15/27)(a)

    6,217       5,602,920  

3.25%, 08/26/49 (Call 02/26/49)(a)

    9,964       5,842,310  

3.38%, 03/01/29 (Call 12/01/28)(a)

    10,590       9,311,328  

4.00%, 09/14/48 (Call 03/14/48)(a)

    11,336       7,944,480  

Eaton Corp.

   

4.15%, 03/15/33 (Call 12/15/32)(a)

    12,183       10,722,777  

4.15%, 11/02/42(a)

    3,935       3,057,070  

GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35(a)

    4,089       3,560,322  

General Electric Co.

   

5.88%, 01/14/38(a)

    13,803       13,476,301  

6.75%, 03/15/32(a)

    14,407       15,296,314  

Illinois Tool Works Inc.

   

2.65%, 11/15/26 (Call 08/15/26)(a)

    3,373       3,112,113  

3.90%, 09/01/42 (Call 03/01/42)

    12,573       9,657,144  

Parker-Hannifin Corp.

   

3.25%, 06/14/29 (Call 03/14/29)

    11,911       10,464,478  

4.00%, 06/14/49 (Call 12/14/48)(a)

    3,329       2,390,821  

4.25%, 09/15/27 (Call 08/15/27)(a)

    11,232       10,654,572  

4.50%, 09/15/29 (Call 07/15/29)

    11,270       10,480,813  

Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)

    8,961       7,061,765  
   

 

 

 
          137,407,885  
Media — 3.8%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    5,289       4,284,082  

2.30%, 02/01/32 (Call 11/01/31)

    2,256       1,610,975  

2.80%, 04/01/31 (Call 01/01/31)(a)

    7,797       5,969,438  

3.50%, 06/01/41 (Call 12/01/40)(a)

    15,278       9,199,822  

3.50%, 03/01/42 (Call 09/01/41)

    14,454       8,548,042  

3.70%, 04/01/51 (Call 10/01/50)

    20,800       11,415,000  

3.75%, 02/15/28 (Call 11/15/27)

    4,317       3,852,411  

3.85%, 04/01/61 (Call 10/01/60)(a)

    14,182       7,501,721  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Media (continued)            

3.90%, 06/01/52 (Call 12/01/51)

  $     23,378     $     13,210,253  

3.95%, 06/30/62 (Call 12/30/61)

    12,143       6,502,501  

4.20%, 03/15/28 (Call 12/15/27)(a)

    6,665       6,068,162  

4.40%, 04/01/33 (Call 01/01/33)(a)

    2,722       2,252,928  

4.40%, 12/01/61 (Call 06/01/61)

    12,842       7,480,988  

4.80%, 03/01/50 (Call 09/01/49)

    26,982       17,825,451  

5.05%, 03/30/29 (Call 12/30/28)

    5,009       4,643,132  

5.13%, 07/01/49 (Call 01/01/49)

    12,905       8,952,121  

5.25%, 04/01/53 (Call 10/01/52)(a)

    14,841       10,517,596  

5.38%, 04/01/38 (Call 10/01/37)

    4,430       3,498,965  

5.38%, 05/01/47 (Call 11/01/46)

    23,530       17,073,832  

5.50%, 04/01/63 (Call 10/01/62)

    9,635       6,772,703  

5.75%, 04/01/48 (Call 10/01/47)(a)

    23,527       17,896,518  

6.38%, 10/23/35 (Call 04/23/35)(a)

    15,483       14,023,362  

6.48%, 10/23/45 (Call 04/23/45)(a)

    31,363       26,342,458  

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    7,648       5,660,582  

1.95%, 01/15/31 (Call 10/15/30)(a)

    6,022       4,618,983  

2.35%, 01/15/27 (Call 10/15/26)

    5,927       5,356,861  

2.45%, 08/15/52 (Call 02/15/52)(a)

    16,634       8,424,938  

2.65%, 02/01/30 (Call 11/01/29)

    7,804       6,482,406  

2.65%, 08/15/62 (Call 02/15/62)(a)

    3,187       1,558,042  

2.80%, 01/15/51 (Call 07/15/50)

    18,714       10,284,533  

2.89%, 11/01/51 (Call 05/01/51)

    47,887       26,469,846  

2.94%, 11/01/56 (Call 05/01/56)(a)

    50,949       27,102,718  

2.99%, 11/01/63 (Call 05/01/63)

    31,984       16,539,006  

3.15%, 02/15/28 (Call 11/15/27)

    14,341       12,997,977  

3.20%, 07/15/36 (Call 01/15/36)

    2,189       1,614,048  

3.25%, 11/01/39 (Call 05/01/39)

    14,704       10,166,681  

3.30%, 02/01/27 (Call 11/01/26)(a)

    7,035       6,540,921  

3.30%, 04/01/27 (Call 02/01/27)

    6,022       5,574,761  

3.40%, 04/01/30 (Call 01/01/30)

    7,828       6,776,159  

3.40%, 07/15/46 (Call 01/15/46)

    15,445       9,904,681  

3.45%, 02/01/50 (Call 08/01/49)(a)

    18,511       11,721,139  

3.55%, 05/01/28 (Call 02/01/28)

    9,027       8,277,912  

3.75%, 04/01/40 (Call 10/01/39)(a)

    17,170       12,627,292  

3.90%, 03/01/38 (Call 09/01/37)

    6,841       5,304,185  

3.97%, 11/01/47 (Call 05/01/47)

    19,822       13,916,154  

4.00%, 08/15/47 (Call 02/15/47)(a)

    10,397       7,327,113  

4.00%, 03/01/48 (Call 09/01/47)(a)

    11,465       8,089,034  

4.00%, 11/01/49 (Call 05/01/49)(a)

    18,770       13,118,000  

4.05%, 11/01/52 (Call 05/01/52)

    11,827       8,218,515  

4.15%, 10/15/28 (Call 07/15/28)

    36,950       34,465,866  

4.20%, 08/15/34 (Call 02/15/34)

    3,719       3,147,593  

4.25%, 10/15/30 (Call 07/15/30)

    7,308       6,613,767  

4.25%, 01/15/33

    26,242       22,979,673  

4.40%, 08/15/35 (Call 02/15/35)

    3,211       2,738,471  

4.55%, 01/15/29 (Call 12/15/28)(a)

    3,014       2,858,879  

4.60%, 10/15/38 (Call 04/15/38)

    10,037       8,351,866  

4.60%, 08/15/45 (Call 02/15/45)

    9,196       7,200,495  

4.65%, 02/15/33 (Call 11/15/32)(a)

    19,858       17,987,607  

4.70%, 10/15/48 (Call 04/15/48)(a)

    20,227       16,120,887  

4.80%, 05/15/33 (Call 02/15/33)(a)

    4,022       3,672,599  

4.95%, 10/15/58 (Call 04/15/58)(a)

    4,346       3,503,161  

5.35%, 11/15/27 (Call 10/15/27)

    5,556       5,493,228  

5.35%, 05/15/53 (Call 11/15/52)

    16,639       14,342,976  

5.50%, 11/15/32 (Call 08/15/32)(a)

    3,377       3,253,521  

5.50%, 05/15/64 (Call 11/15/63)

    11,484       9,770,444  

5.65%, 06/15/35

    13,530       12,895,741  

7.05%, 03/15/33

    14,008       14,885,729  
Security  

Par 

(000)

    Value  
Media (continued)            

Discovery Communications LLC

   

3.63%, 05/15/30 (Call 02/15/30)

  $ 2,422     $ 2,015,721  

3.95%, 03/20/28 (Call 12/20/27)(a)

    9,231       8,337,927  

4.00%, 09/15/55 (Call 03/15/55)

    16,258       9,296,196  

4.13%, 05/15/29 (Call 02/15/29)

    1,332       1,171,781  

4.65%, 05/15/50 (Call 11/15/49)

    5,255       3,449,734  

5.20%, 09/20/47 (Call 03/20/47)(a)

    8,096       5,757,627  

5.30%, 05/15/49 (Call 11/15/48)(a)

    3,142       2,281,860  

Fox Corp.

   

4.71%, 01/25/29 (Call 10/25/28)(a)

        25,746           24,027,094  

5.48%, 01/25/39 (Call 07/25/38)

    9,845       8,125,840  

5.58%, 01/25/49 (Call 07/25/48)(a)

    17,981       14,163,902  

6.50%, 10/13/33 (Call 07/13/33)

    5,259       5,138,836  

Paramount Global

   

4.20%, 05/19/32 (Call 02/19/32)(a)

    6,298       4,864,860  

4.38%, 03/15/43

    16,260       9,746,917  

4.95%, 01/15/31 (Call 10/15/30)(a)

    8,665       7,236,704  

4.95%, 05/19/50 (Call 11/19/49)

    2,231       1,408,057  

5.85%, 09/01/43 (Call 03/01/43)

    11,511       8,370,566  

6.88%, 04/30/36

    11,678       10,069,695  

7.88%, 07/30/30(a)

    9,232       9,117,101  

Time Warner Cable Enterprises LLC,
8.38%, 07/15/33

    8,735       9,117,669  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    13,337       8,767,961  

5.50%, 09/01/41 (Call 03/01/41)

    9,500       7,117,030  

5.88%, 11/15/40 (Call 05/15/40)

    10,323       8,159,000  

6.55%, 05/01/37

    14,975       13,105,683  

6.75%, 06/15/39

    13,905       12,146,674  

7.30%, 07/01/38(a)

    14,821       13,798,600  

TWDC Enterprises 18 Corp.

   

2.95%, 06/15/27(a)

    11,375       10,498,089  

4.13%, 06/01/44(a)

    7,792       5,848,416  

Walt Disney Co. (The)

   

2.00%, 09/01/29 (Call 06/01/29)

    19,946       16,379,109  

2.20%, 01/13/28(a)

    14,915       13,111,159  

2.65%, 01/13/31(a)

    24,970       20,217,854  

2.75%, 09/01/49 (Call 03/01/49)(a)

    17,206       9,667,924  

3.50%, 05/13/40 (Call 11/13/39)(a)

    14,990       10,780,193  

3.60%, 01/13/51 (Call 07/13/50)(a)

    24,695       16,333,695  

3.80%, 03/22/30(a)

    15,944       14,232,222  

3.80%, 05/13/60 (Call 11/13/59)(a)

    13,454       8,752,582  

4.63%, 03/23/40 (Call 09/23/39)

    5,551       4,662,754  

4.70%, 03/23/50 (Call 09/23/49)(a)

    14,718       11,935,992  

6.20%, 12/15/34

    12,957       13,138,333  

6.40%, 12/15/35

    11,723       11,947,987  

6.65%, 11/15/37(a)

    16,657       17,306,341  
   

 

 

 
          1,052,003,136  
Mining — 0.8%            

Barrick North America Finance LLC

   

5.70%, 05/30/41(a)

    10,389       9,510,100  

5.75%, 05/01/43

    8,632       7,900,550  

Barrick PD Australia Finance Pty Ltd.,
5.95%, 10/15/39

    10,533       9,865,569  

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42(a)

    10,624       8,328,755  

4.75%, 02/28/28 (Call 01/28/28)(a)

    10,875       10,499,969  

4.90%, 02/28/33 (Call 11/28/32)(a)

    3,512       3,246,910  

5.00%, 09/30/43

    19,523       16,883,936  

5.25%, 09/08/30 (Call 07/08/30)

    14,990       14,417,625  

5.25%, 09/08/33 (Call 06/08/33)

    16,669       15,667,442  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Mining (continued)            

5.50%, 09/08/53 (Call 03/08/53)

  $ 9,905     $ 9,024,463  

Freeport-McMoRan Inc.

   

4.63%, 08/01/30 (Call 08/01/25)(a)

    9,928       8,740,006  

5.40%, 11/14/34 (Call 05/14/34)(a)

    8,046       7,124,813  

5.45%, 03/15/43 (Call 09/15/42)

    18,517       15,149,798  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

        11,306       8,847,390  

2.60%, 07/15/32 (Call 04/15/32)(a)

    9,634       7,370,362  

4.88%, 03/15/42 (Call 09/15/41)(a)

    13,736       11,251,794  

6.25%, 10/01/39

    10,100       9,744,922  

Rio Tinto Alcan Inc., 6.13%, 12/15/33

    10,518       10,523,233  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)

    6,275       3,490,959  

5.20%, 11/02/40(a)

    12,545       11,234,519  

7.13%, 07/15/28

    11,643       12,336,414  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)(a)

    8,840       6,812,501  

5.13%, 03/09/53 (Call 09/09/52)

    8,370       7,216,371  
   

 

 

 
          225,188,401  
Office & Business Equipment — 0.0%            

CDW LLC/CDW Finance Corp.

   

2.67%, 12/01/26 (Call 11/01/26)

    2,579       2,312,002  

3.57%, 12/01/31 (Call 09/01/31)

    9,049       7,263,249  
   

 

 

 
      9,575,251  
Oil & Gas — 3.9%            

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)

    7,925       6,153,746  

2.72%, 01/12/32 (Call 10/12/31)(a)

    16,893       13,413,098  

2.77%, 11/10/50 (Call 05/10/50)(a)

    13,687       7,615,410  

2.94%, 06/04/51 (Call 12/04/50)(a)

    20,714       11,930,984  

3.00%, 02/24/50 (Call 08/24/49)(a)

    17,667       10,428,009  

3.00%, 03/17/52 (Call 09/17/51)(a)

    14,004       8,127,450  

3.02%, 01/16/27 (Call 10/16/26)

    3,599       3,325,505  

3.06%, 06/17/41 (Call 12/17/40)(a)

    13,138       8,709,845  

3.38%, 02/08/61 (Call 08/08/60)(a)

    19,605       11,574,855  

3.63%, 04/06/30 (Call 01/06/30)

    9,631       8,509,875  

3.94%, 09/21/28 (Call 06/21/28)

    10,969       10,190,840  

4.23%, 11/06/28 (Call 08/06/28)(a)

    17,376       16,322,974  

4.81%, 02/13/33 (Call 11/13/32)(a)

    18,935       17,311,757  

4.89%, 09/11/33 (Call 06/11/33)(a)

    13,531       12,387,572  

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

    14,957       13,794,473  

3.72%, 11/28/28 (Call 08/28/28)(a)

    5,688       5,208,873  

Canadian Natural Resources Ltd.

   

3.85%, 06/01/27 (Call 03/01/27)

    14,461       13,420,525  

4.95%, 06/01/47 (Call 12/01/46)

    4,976       3,901,591  

6.25%, 03/15/38

    16,727       15,643,060  

Cenovus Energy Inc.

   

3.75%, 02/15/52 (Call 08/15/51)(a)

    8,334       5,239,604  

6.75%, 11/15/39(a)

    6,279       6,079,054  

Chevron Corp.

   

2.00%, 05/11/27 (Call 03/11/27)(a)

    9,964       8,903,232  

2.24%, 05/11/30 (Call 02/11/30)

    12,278       10,058,901  

3.08%, 05/11/50 (Call 11/11/49)(a)

    4,834       3,023,370  

Chevron USA Inc.

   

1.02%, 08/12/27 (Call 06/12/27)(a)

    7,642       6,543,320  

2.34%, 08/12/50 (Call 02/12/50)(a)

    1,455       771,213  

ConocoPhillips Co.

   

3.76%, 03/15/42 (Call 09/15/41)

    6,162       4,478,527  

3.80%, 03/15/52 (Call 09/15/51)(a)

    10,874       7,396,901  
Security  

Par 

(000)

    Value  
Oil & Gas (continued)            

4.03%, 03/15/62 (Call 09/15/61)(a)

  $     16,226     $     10,925,516  

4.30%, 11/15/44 (Call 05/15/44)(a)

    6,990       5,387,466  

5.05%, 09/15/33 (Call 06/15/33)(a)

    14,738       13,734,849  

5.30%, 05/15/53 (Call 11/15/52)(a)

    10,819       9,405,502  

5.55%, 03/15/54 (Call 09/15/53)

    9,429       8,409,936  

6.50%, 02/01/39(a)

    16,797       17,307,709  

6.95%, 04/15/29

    15,002       16,013,784  

Continental Resources Inc./OK,
4.38%, 01/15/28 (Call 10/15/27)

    10,342       9,525,322  

Devon Energy Corp.

   

4.75%, 05/15/42 (Call 11/15/41)

    12,080       9,211,834  

5.00%, 06/15/45 (Call 12/15/44)(a)

    2,401       1,851,510  

5.60%, 07/15/41 (Call 01/15/41)

    16,683       14,162,195  

Diamondback Energy Inc.

   

3.13%, 03/24/31 (Call 12/24/30)(a)

    12,005       9,841,803  

3.25%, 12/01/26 (Call 10/01/26)

    1,992       1,856,603  

3.50%, 12/01/29 (Call 09/01/29)(a)

    12,784       11,189,794  

4.25%, 03/15/52 (Call 09/15/51)(a)

    5,106       3,507,238  

6.25%, 03/15/33 (Call 12/15/32)(a)

    12,037       11,886,600  

EOG Resources Inc.

   

4.38%, 04/15/30 (Call 01/15/30)(a)

    5,690       5,263,317  

4.95%, 04/15/50 (Call 10/15/49)(a)

    2,875       2,414,723  

EQT Corp.

   

3.90%, 10/01/27 (Call 07/01/27)

    11,805       10,860,614  

7.00%, 02/01/30 (Call 11/01/29)(a)

    7,169       7,254,480  

Equinor ASA

   

2.38%, 05/22/30 (Call 02/22/30)

    1,355       1,113,614  

3.13%, 04/06/30 (Call 01/06/30)(a)

    6,789       5,916,000  

3.25%, 11/18/49 (Call 05/18/49)

    2,633       1,659,167  

3.63%, 09/10/28 (Call 06/10/28)(a)

    2,431       2,253,520  

3.70%, 04/06/50 (Call 10/06/49)

    5,058       3,490,386  

3.95%, 05/15/43(a)

    6,720       5,088,401  

4.80%, 11/08/43

    1,960       1,643,140  

5.10%, 08/17/40(a)

    6,745       5,962,660  

Exxon Mobil Corp.

   

2.44%, 08/16/29 (Call 05/16/29)

    10,099       8,610,985  

2.61%, 10/15/30 (Call 07/15/30)

    15,539       12,901,893  

3.00%, 08/16/39 (Call 02/16/39)

    6,916       4,807,396  

3.10%, 08/16/49 (Call 02/16/49)

    13,284       8,260,824  

3.29%, 03/19/27 (Call 01/19/27)(a)

    9,496       8,921,546  

3.45%, 04/15/51 (Call 10/15/50)(a)

    26,084       17,131,640  

3.48%, 03/19/30 (Call 12/19/29)

    15,477       13,712,048  

3.57%, 03/06/45 (Call 09/06/44)(a)

    9,253       6,446,468  

4.11%, 03/01/46 (Call 09/01/45)

    22,295       17,006,755  

4.23%, 03/19/40 (Call 09/19/39)

    17,276       14,019,419  

4.33%, 03/19/50 (Call 09/19/49)

    24,120       18,670,416  

Hess Corp.

   

4.30%, 04/01/27 (Call 01/01/27)

    9,108       8,716,365  

5.60%, 02/15/41(a)

    15,206       14,135,563  

6.00%, 01/15/40

    10,922       10,567,283  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    10,612       9,947,599  

6.60%, 10/01/37(a)

    13,063       12,478,470  

Marathon Petroleum Corp.

   

4.75%, 09/15/44 (Call 03/15/44)

    1,797       1,358,438  

6.50%, 03/01/41 (Call 09/01/40)

    17,696       16,811,253  

Occidental Petroleum Corp.

   

6.13%, 01/01/31 (Call 07/01/30)(a)

    11,515       11,244,600  

6.45%, 09/15/36

    11,807       11,460,636  

6.60%, 03/15/46 (Call 09/15/45)(a)

    10,010       9,592,133  

6.63%, 09/01/30 (Call 03/01/30)(a)

    17,258       17,325,615  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Oil & Gas (continued)            

7.50%, 05/01/31(a)

  $ 8,931     $ 9,319,771  

8.88%, 07/15/30 (Call 01/15/30)

    8,201       9,106,882  

Ovintiv Inc., 6.50%, 08/15/34(a)

    6,747       6,454,171  

Phillips 66

   

2.15%, 12/15/30 (Call 09/15/30)(a)

    9,722       7,498,413  

3.30%, 03/15/52 (Call 09/15/51)(a)

    3,352       1,968,914  

3.90%, 03/15/28 (Call 12/15/27)

    8,028       7,443,271  

4.65%, 11/15/34 (Call 05/15/34)

    6,018       5,231,943  

4.88%, 11/15/44 (Call 05/15/44)

    10,141       8,291,094  

5.88%, 05/01/42(a)

    20,556       19,169,773  

Phillips 66 Co., 4.95%, 12/01/27 (Call 11/01/27)(a)

    12,351       11,998,188  

Pioneer Natural Resources Co.

   

1.90%, 08/15/30 (Call 05/15/30)

    7,495       5,863,123  

2.15%, 01/15/31 (Call 10/15/30)(a)

    5,462       4,292,772  

Shell International Finance BV

   

2.38%, 11/07/29 (Call 08/07/29)

    15,443       12,917,934  

2.75%, 04/06/30 (Call 01/06/30)(a)

    11,996       10,145,128  

3.00%, 11/26/51 (Call 05/26/51)

    8,692       5,109,018  

3.13%, 11/07/49 (Call 05/07/49)(a)

    12,346       7,585,121  

3.25%, 04/06/50 (Call 10/06/49)(a)

    17,683       11,151,878  

3.75%, 09/12/46

    11,736       8,202,306  

3.88%, 11/13/28 (Call 08/13/28)

    11,075       10,316,472  

4.00%, 05/10/46

    20,856       15,308,978  

4.13%, 05/11/35

    7,225       6,160,648  

4.38%, 05/11/45

    26,032       20,297,091  

4.55%, 08/12/43(a)

    14,226       11,499,224  

5.50%, 03/25/40

    11,699       10,882,912  

6.38%, 12/15/38(a)

        28,236           28,872,778  

Suncor Energy Inc.

   

3.75%, 03/04/51 (Call 09/04/50)(a)

    4,928       3,119,063  

4.00%, 11/15/47 (Call 05/15/47)

    2,562       1,718,247  

6.50%, 06/15/38

    14,142       13,553,592  

6.80%, 05/15/38(a)

    14,413       14,190,548  

6.85%, 06/01/39(a)

    10,195       9,912,065  

TotalEnergies Capital International SA

   

2.83%, 01/10/30 (Call 10/10/29)(a)

    9,831       8,380,724  

2.99%, 06/29/41 (Call 12/29/40)(a)

    2,322       1,532,080  

3.13%, 05/29/50 (Call 11/29/49)(a)

    21,985       13,491,128  

3.39%, 06/29/60 (Call 12/29/59)(a)

    8,125       4,889,683  

3.45%, 02/19/29 (Call 11/19/28)(a)

    9,365       8,475,991  

3.46%, 07/12/49 (Call 01/12/49)(a)

    6,429       4,250,209  

TotalEnergies Capital SA, 3.88%, 10/11/28

    9,341       8,670,301  

Valero Energy Corp.

   

3.65%, 12/01/51 (Call 06/01/51)

    5,842       3,546,943  

6.63%, 06/15/37(a)

    18,646       18,282,578  

7.50%, 04/15/32(a)

    11,397       12,079,807  
   

 

 

 
        1,092,910,354  
Oil & Gas Services — 0.3%            

Baker Hughes Holdings LLC,
5.13%, 09/15/40(a)

    16,444       14,316,472  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

3.34%, 12/15/27 (Call 09/15/27)(a)

    10,725       9,768,289  

4.08%, 12/15/47 (Call 06/15/47)

    4,165       2,963,341  

Halliburton Co.

   

2.92%, 03/01/30 (Call 12/01/29)(a)

    7,328       6,155,537  

4.75%, 08/01/43 (Call 02/01/43)(a)

    11,893       9,449,796  

4.85%, 11/15/35 (Call 05/15/35)

    4,404       3,876,796  

5.00%, 11/15/45 (Call 05/15/45)

    10,197       8,382,828  

6.70%, 09/15/38

    13,030       13,448,142  
Security  

Par 

(000)

    Value  
Oil & Gas Services (continued)            

7.45%, 09/15/39(a)

  $     13,538     $     14,705,138  

Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)(a)

    8,962       7,417,037  
   

 

 

 
      90,483,376  
Packaging & Containers — 0.0%            

Amcor Flexibles North America Inc.,
2.69%, 05/25/31 (Call 02/25/31)

    5,828       4,499,769  

WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)(a)

    10,163       9,610,864  
   

 

 

 
      14,110,633  
Pharmaceuticals — 7.4%            

AbbVie Inc.

   

2.95%, 11/21/26 (Call 09/21/26)(a)

    9,936       9,202,131  

3.20%, 11/21/29 (Call 08/21/29)

    48,382       42,171,803  

4.05%, 11/21/39 (Call 05/21/39)(a)

    39,163       30,619,921  

4.25%, 11/14/28 (Call 08/14/28)(a)

    14,309       13,467,244  

4.25%, 11/21/49 (Call 05/21/49)

    55,346       41,534,627  

4.30%, 05/14/36 (Call 11/14/35)

    1,352       1,153,199  

4.40%, 11/06/42

    27,103       21,537,486  

4.45%, 05/14/46 (Call 11/14/45)

    21,816       16,998,242  

4.50%, 05/14/35 (Call 11/14/34)

    17,650       15,434,399  

4.55%, 03/15/35 (Call 09/15/34)(a)

    10,681       9,396,479  

4.70%, 05/14/45 (Call 11/14/44)

    27,840       22,633,475  

4.75%, 03/15/45 (Call 09/15/44)

    9,769       8,015,494  

4.85%, 06/15/44 (Call 12/15/43)

    12,541       10,498,599  

4.88%, 11/14/48 (Call 05/14/48)

    19,269       15,939,402  

Astrazeneca Finance LLC

   

1.75%, 05/28/28 (Call 03/28/28)

    10,301       8,765,226  

2.25%, 05/28/31 (Call 02/28/31)

    6,624       5,217,253  

4.88%, 03/03/28 (Call 02/03/28)

    9,266       9,047,873  

AstraZeneca PLC

   

1.38%, 08/06/30 (Call 05/06/30)

    11,464       8,745,322  

3.00%, 05/28/51 (Call 11/28/50)

    1,400       862,846  

3.13%, 06/12/27 (Call 03/12/27)(a)

    5,590       5,170,773  

4.00%, 01/17/29 (Call 10/17/28)

    8,255       7,684,191  

4.00%, 09/18/42(a)

    15,436       11,918,389  

4.38%, 11/16/45(a)

    1,100       874,650  

4.38%, 08/17/48 (Call 02/17/48)

    2,203       1,743,636  

6.45%, 09/15/37(a)

    31,764       33,075,875  

Becton Dickinson and Co.

   

1.96%, 02/11/31 (Call 11/11/30)(a)

    15,373       11,698,996  

2.82%, 05/20/30 (Call 02/20/30)(a)

    10,241       8,435,901  

3.70%, 06/06/27 (Call 03/06/27)(a)

    24,061       22,401,149  

4.67%, 06/06/47 (Call 12/06/46)

    12,095       9,475,736  

4.69%, 02/13/28 (Call 01/13/28)

    11,611       11,115,110  

4.69%, 12/15/44 (Call 06/15/44)

    5,884       4,678,468  

Bristol-Myers Squibb Co.

   

1.13%, 11/13/27 (Call 09/13/27)(a)

    6,302       5,355,014  

1.45%, 11/13/30 (Call 08/13/30)

    9,933       7,492,785  

2.35%, 11/13/40 (Call 05/13/40)

    8,406       5,058,071  

2.55%, 11/13/50 (Call 05/13/50)(a)

    14,321       7,618,990  

2.95%, 03/15/32 (Call 12/15/31)(a)

    15,093       12,262,379  

3.40%, 07/26/29 (Call 04/26/29)

    19,134       17,172,908  

3.55%, 03/15/42 (Call 09/15/41)(a)

    12,082       8,568,745  

3.70%, 03/15/52 (Call 09/15/51)(a)

    19,292       12,963,392  

3.90%, 02/20/28 (Call 11/20/27)

    11,534       10,848,945  

3.90%, 03/15/62 (Call 09/15/61)(a)

    8,367       5,483,902  

4.13%, 06/15/39 (Call 12/15/38)

    18,971       15,072,651  

4.25%, 10/26/49 (Call 04/26/49)

    34,450       25,636,767  

4.35%, 11/15/47 (Call 05/15/47)(a)

    12,771       9,716,672  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Pharmaceuticals (continued)            

4.55%, 02/20/48 (Call 08/20/47)

  $     11,700     $ 9,211,394  

5.75%, 02/01/31 (Call 12/01/30)

    8,700       8,694,913  

5.90%, 11/15/33 (Call 08/15/33)

    6,395       6,380,958  

6.25%, 11/15/53 (Call 05/15/53)

    5,410       5,381,174  

6.40%, 11/15/63 (Call 05/15/63)

    5,460       5,654,920  

Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a)

    5,242       4,804,030  

Cencora Inc.

   

2.70%, 03/15/31 (Call 12/15/30)(a)

    10,689       8,464,114  

3.45%, 12/15/27 (Call 09/15/27)(a)

    3,713       3,420,605  

Cigna Group (The)

   

2.38%, 03/15/31 (Call 12/15/30)

    16,396       12,782,122  

2.40%, 03/15/30 (Call 12/15/29)

    13,971           11,275,924  

3.20%, 03/15/40 (Call 09/15/39)

    6,148       4,158,270  

3.40%, 03/01/27 (Call 12/01/26)(a)

    8,409       7,796,141  

3.40%, 03/15/50 (Call 09/15/49)(a)

    11,543       7,128,780  

3.40%, 03/15/51 (Call 09/15/50)

    14,350       8,834,358  

3.88%, 10/15/47 (Call 04/15/47)

    8,735       5,953,420  

4.38%, 10/15/28 (Call 07/15/28)

    38,451       35,924,346  

4.80%, 08/15/38 (Call 02/15/38)(a)

    16,625       14,091,549  

4.80%, 07/15/46 (Call 01/16/46)

    10,686       8,470,266  

4.90%, 12/15/48 (Call 06/15/48)

    25,114       20,094,892  

5.40%, 03/15/33 (Call 12/15/32)

    8,344       7,884,060  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    16,863       14,227,116  

1.75%, 08/21/30 (Call 05/21/30)(a)

    9,986       7,548,924  

1.88%, 02/28/31 (Call 11/28/30)(a)

    12,043       8,963,800  

2.13%, 09/15/31 (Call 06/15/31)(a)

    12,863       9,584,136  

2.70%, 08/21/40 (Call 02/21/40)(a)

    12,807       7,762,248  

3.25%, 08/15/29 (Call 05/15/29)

    14,866       12,836,049  

3.63%, 04/01/27 (Call 02/01/27)(a)

    5,153       4,785,790  

3.75%, 04/01/30 (Call 01/01/30)

    12,619       10,965,414  

4.13%, 04/01/40 (Call 10/01/39)

    11,000       8,157,249  

4.25%, 04/01/50 (Call 10/01/49)

    8,008       5,550,301  

4.30%, 03/25/28 (Call 12/25/27)

    43,404       40,669,196  

4.78%, 03/25/38 (Call 09/25/37)

    39,483       32,641,117  

5.00%, 01/30/29 (Call 12/30/28)

    8,266       7,917,177  

5.05%, 03/25/48 (Call 09/25/47)(a)

    73,594       57,792,824  

5.13%, 02/21/30 (Call 12/21/29)

    11,598       10,987,520  

5.13%, 07/20/45 (Call 01/20/45)

    33,215       26,533,859  

5.25%, 01/30/31 (Call 11/30/30)(a)

    7,268       6,838,328  

5.25%, 02/21/33 (Call 11/21/32)(a)

    16,205       14,953,120  

5.30%, 06/01/33 (Call 03/01/33)(a)

    12,669       11,702,305  

5.30%, 12/05/43 (Call 06/05/43)

    8,640       7,173,456  

5.63%, 02/21/53 (Call 08/21/52)

    13,327       11,283,660  

5.88%, 06/01/53 (Call 12/01/52)(a)

    12,844       11,223,464  

6.00%, 06/01/63 (Call 12/01/62)

    6,092       5,265,863  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)(a)

    6,278       3,286,976  

2.50%, 09/15/60 (Call 03/15/60)

    6,475       3,249,008  

3.38%, 03/15/29 (Call 12/15/28)

    12,772       11,617,549  

3.95%, 03/15/49 (Call 09/15/48)

    5,476       4,137,230  

4.70%, 02/27/33 (Call 11/27/32)

    12,692       11,912,365  

4.88%, 02/27/53 (Call 08/27/52)(a)

    9,875       8,573,973  

4.95%, 02/27/63 (Call 08/27/62)

    10,240       8,714,803  

GlaxoSmithKline Capital Inc.

   

3.88%, 05/15/28(a)

    12,142       11,378,579  

6.38%, 05/15/38

    32,027       33,313,803  

GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a)

    5,464       4,921,236  
Security  

Par 

(000)

    Value  
Pharmaceuticals (continued)            

Johnson & Johnson

   

0.95%, 09/01/27 (Call 07/01/27)

  $     19,503     $     16,696,963  

1.30%, 09/01/30 (Call 06/01/30)(a)

    18,931       14,620,105  

2.10%, 09/01/40 (Call 03/01/40)(a)

    6,136       3,728,763  

2.25%, 09/01/50 (Call 03/01/50)(a)

    5,163       2,772,087  

2.45%, 09/01/60 (Call 03/01/60)(a)

    9,826       5,040,520  

2.90%, 01/15/28 (Call 10/15/27)(a)

    14,818       13,562,335  

2.95%, 03/03/27 (Call 12/03/26)

    9,651       8,996,578  

3.40%, 01/15/38 (Call 07/15/37)

    5,037       3,906,974  

3.50%, 01/15/48 (Call 07/15/47)(a)

    6,157       4,363,578  

3.55%, 03/01/36 (Call 09/01/35)

    8,397       6,873,913  

3.63%, 03/03/37 (Call 09/03/36)

    11,803       9,581,503  

3.70%, 03/01/46 (Call 09/01/45)

    17,434       12,867,097  

3.75%, 03/03/47 (Call 09/03/46)(a)

    6,453       4,774,090  

4.38%, 12/05/33 (Call 06/05/33)

    5,152       4,796,158  

5.95%, 08/15/37

    10,995       11,215,574  

Merck & Co. Inc.

   

1.45%, 06/24/30 (Call 03/24/30)

    10,770       8,268,088  

1.70%, 06/10/27 (Call 05/10/27)

    9,629       8,487,913  

1.90%, 12/10/28 (Call 10/10/28)(a)

    8,945       7,568,037  

2.15%, 12/10/31 (Call 09/10/31)(a)

    16,501       12,726,124  

2.35%, 06/24/40 (Call 12/24/39)

    10,910       6,776,222  

2.45%, 06/24/50 (Call 12/24/49)(a)

    13,079       6,996,603  

2.75%, 12/10/51 (Call 06/10/51)

    18,859       10,659,150  

2.90%, 12/10/61 (Call 06/10/61)(a)

    12,653       6,751,467  

3.40%, 03/07/29 (Call 12/07/28)

    15,059       13,606,409  

3.70%, 02/10/45 (Call 08/10/44)

    20,627       14,763,825  

3.90%, 03/07/39 (Call 09/07/38)(a)

    11,054       8,781,953  

4.00%, 03/07/49 (Call 09/07/48)

    15,308       11,325,091  

4.15%, 05/18/43

    13,625       10,711,170  

4.30%, 05/17/30 (Call 03/17/30)(a)

    6,199       5,753,867  

4.50%, 05/17/33 (Call 02/17/33)

    13,812       12,550,586  

4.90%, 05/17/44 (Call 11/17/43)

    8,860       7,657,795  

5.00%, 05/17/53 (Call 11/17/52)(a)

    15,291       13,092,962  

5.15%, 05/17/63 (Call 11/17/62)(a)

    8,337       7,106,328  

Mylan Inc.

   

4.55%, 04/15/28 (Call 01/15/28)(a)

    11,182       10,173,668  

5.20%, 04/15/48 (Call 10/15/47)

    5,205       3,585,851  

Novartis Capital Corp.

   

2.00%, 02/14/27 (Call 12/14/26)

    9,011       8,108,761  

2.20%, 08/14/30 (Call 05/14/30)(a)

    16,269       13,232,759  

2.75%, 08/14/50 (Call 02/14/50)(a)

    5,761       3,416,311  

3.10%, 05/17/27 (Call 02/17/27)

    15,576       14,471,286  

4.00%, 11/20/45 (Call 05/20/45)

    5,044       3,853,295  

4.40%, 05/06/44

    12,070       9,823,762  

Pfizer Inc.

   

1.70%, 05/28/30 (Call 02/28/30)(a)

    12,378       9,746,797  

1.75%, 08/18/31 (Call 05/18/31)

    6,473       4,883,763  

2.55%, 05/28/40 (Call 11/28/39)

    13,121       8,340,570  

2.63%, 04/01/30 (Call 01/01/30)(a)

    13,769       11,515,406  

2.70%, 05/28/50 (Call 11/28/49)(a)

    14,894       8,604,270  

3.00%, 12/15/26(a)

    6,272       5,846,542  

3.45%, 03/15/29 (Call 12/15/28)(a)

    17,651       16,039,919  

3.60%, 09/15/28 (Call 06/15/28)(a)

    9,677       8,943,337  

3.90%, 03/15/39 (Call 09/15/38)(a)

    9,871       7,725,337  

4.00%, 12/15/36

    1,937       1,608,936  

4.00%, 03/15/49 (Call 09/15/48)

    14,352       10,633,951  

4.13%, 12/15/46

    12,755       9,756,973  

4.20%, 09/15/48 (Call 03/15/48)(a)

    12,532       9,608,352  

4.30%, 06/15/43

    7,629       6,066,101  

4.40%, 05/15/44(a)

    13,270       10,739,554  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Pharmaceuticals (continued)            

7.20%, 03/15/39

  $ 20,919     $ 23,029,625  

Pfizer Investment Enterprises Pte Ltd.

   

4.45%, 05/19/28 (Call 04/19/28)

    36,223       34,637,929  

4.65%, 05/19/30 (Call 03/19/30)

    6,638       6,243,640  

4.75%, 05/19/33 (Call 02/19/33)

    46,385       42,602,595  

5.11%, 05/19/43 (Call 11/19/42)(a)

    23,904       20,993,717  

5.30%, 05/19/53 (Call 11/19/52)

    69,581       60,932,840  

5.34%, 05/19/63 (Call 11/19/62)

    26,474       22,663,703  

Takeda Pharmaceutical Co. Ltd.

   

2.05%, 03/31/30 (Call 12/31/29)

    28,013       22,136,833  

3.03%, 07/09/40 (Call 01/09/40)(a)

    8,181       5,385,949  

3.18%, 07/09/50 (Call 01/09/50)

    18,938       11,221,943  

3.38%, 07/09/60 (Call 01/09/60)

    7,587       4,339,614  

5.00%, 11/26/28 (Call 08/26/28)

    17,090       16,503,705  

Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45)(a)

    7,720       5,415,252  

Viatris Inc.

   

2.30%, 06/22/27 (Call 04/22/27)

    10,374       8,898,688  

2.70%, 06/22/30 (Call 03/22/30)(a)

    11,797       9,059,654  

3.85%, 06/22/40 (Call 12/22/39)

    13,895       8,657,207  

4.00%, 06/22/50 (Call 12/22/49)(a)

    18,546       10,642,023  

Wyeth LLC

   

5.95%, 04/01/37

        20,869       20,570,728  

6.50%, 02/01/34

    9,886       10,253,811  

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    5,373       4,234,184  

3.00%, 09/12/27 (Call 06/12/27)(a)

    1,986       1,805,115  

4.70%, 02/01/43 (Call 08/01/42)

    9,337       7,668,047  

5.60%, 11/16/32 (Call 08/16/32)

    7,530       7,313,575  
   

 

 

 
          2,054,955,496  
Pipelines — 3.7%            

Cheniere Corpus Christi Holdings LLC

   

3.70%, 11/15/29 (Call 05/18/29)(a)

    12,051       10,502,802  

5.13%, 06/30/27 (Call 01/01/27)

    15,428       14,891,649  

Cheniere Energy Inc., 4.63%, 10/15/28 (Call 11/13/23)

    15,138       13,834,921  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)(a)

    11,867       9,209,264  

4.00%, 03/01/31 (Call 03/01/26)

    11,812       9,878,376  

4.50%, 10/01/29 (Call 10/01/24)(a)

    14,481       12,965,708  

5.95%, 06/30/33 (Call 12/30/32)(c)

    13,740       12,812,550  

Enbridge Inc.

   

2.50%, 08/01/33 (Call 05/01/33)(a)

    6,886       4,963,195  

3.13%, 11/15/29 (Call 08/15/29)

    6,274       5,317,344  

3.40%, 08/01/51 (Call 02/01/51)(a)

    1,364       805,243  

4.25%, 12/01/26 (Call 09/01/26)(a)

    2,628       2,496,543  

5.50%, 12/01/46 (Call 06/01/46)

    1,885       1,568,535  

5.70%, 03/08/33 (Call 12/08/32)(a)

    20,084       18,763,276  

Energy Transfer LP

   

3.75%, 05/15/30 (Call 02/15/30)

    12,324       10,531,715  

4.00%, 10/01/27 (Call 07/01/27)

    6,505       5,990,180  

4.95%, 05/15/28 (Call 02/15/28)

    6,165       5,832,822  

4.95%, 06/15/28 (Call 03/15/28)

    9,691       9,159,970  

5.00%, 05/15/50 (Call 11/15/49)(a)

    19,428       14,566,708  

5.15%, 03/15/45 (Call 09/15/44)(a)

    9,270       7,163,558  

5.25%, 04/15/29 (Call 01/15/29)

    13,718       13,020,438  

5.30%, 04/15/47 (Call 10/15/46)

    9,500       7,367,326  

5.35%, 05/15/45 (Call 11/15/44)

    8,064       6,338,249  

5.40%, 10/01/47 (Call 04/01/47)

    14,219       11,178,770  

5.50%, 06/01/27 (Call 03/01/27)

    8,295       8,088,220  

5.55%, 02/15/28 (Call 01/15/28)

    8,844       8,584,086  
Security  

Par 

(000)

    Value  
Pipelines (continued)            

5.75%, 02/15/33 (Call 11/15/32)(a)

  $     10,658     $ 9,973,497  

6.00%, 06/15/48 (Call 12/15/47)

    9,534       8,100,722  

6.13%, 12/15/45 (Call 06/15/45)

    10,121       8,742,364  

6.25%, 04/15/49 (Call 10/15/48)(a)

    15,835       13,938,555  

6.40%, 12/01/30 (Call 10/01/30)

    4,316       4,265,374  

6.50%, 02/01/42 (Call 08/01/41)(a)

    10,504       9,663,832  

6.55%, 12/01/33 (Call 09/01/33)

    3,013       2,968,991  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    10,059       8,402,412  

3.13%, 07/31/29 (Call 04/30/29)

    9,641       8,371,681  

3.20%, 02/15/52 (Call 08/15/51)

    11,359       6,852,659  

3.30%, 02/15/53 (Call 08/15/52)(a)

    10,623       6,495,209  

3.70%, 01/31/51 (Call 07/31/50)(a)

    10,967       7,334,543  

3.95%, 01/31/60 (Call 07/31/59)(a)

    9,875       6,566,664  

4.15%, 10/16/28 (Call 07/16/28)(a)

    9,939       9,236,240  

4.20%, 01/31/50 (Call 07/31/49)

    12,392       9,026,365  

4.25%, 02/15/48 (Call 08/15/47)

    12,307       9,201,679  

4.45%, 02/15/43 (Call 08/15/42)

    9,947       7,826,303  

4.80%, 02/01/49 (Call 08/01/48)

    11,573       9,324,222  

4.85%, 08/15/42 (Call 02/15/42)

    6,652       5,569,964  

4.85%, 03/15/44 (Call 09/15/43)(a)

    12,224       10,107,918  

4.90%, 05/15/46 (Call 11/15/45)

    10,135       8,339,407  

5.10%, 02/15/45 (Call 08/15/44)(a)

    12,150       10,318,299  

5.35%, 01/31/33 (Call 10/31/32)

    7,976       7,598,736  

5.95%, 02/01/41

    8,948       8,485,472  

Kinder Morgan Energy Partners LP

   

5.50%, 03/01/44 (Call 09/01/43)

    6,477       5,273,748  

6.95%, 01/15/38(a)

    17,617           17,543,639  

Kinder Morgan Inc.

   

2.00%, 02/15/31 (Call 11/15/30)(a)

    3,651       2,724,461  

3.60%, 02/15/51 (Call 08/15/50)

    11,088       6,674,785  

4.30%, 03/01/28 (Call 12/01/27)

    11,454       10,651,265  

4.80%, 02/01/33 (Call 11/01/32)

    3,943       3,448,286  

5.05%, 02/15/46 (Call 08/15/45)

    7,991       6,095,295  

5.20%, 06/01/33 (Call 03/01/33)(a)

    10,505       9,458,285  

5.20%, 03/01/48 (Call 09/01/47)(a)

    7,231       5,608,392  

5.30%, 12/01/34 (Call 06/01/34)

    2,888       2,550,164  

5.45%, 08/01/52 (Call 02/01/52)(a)

    6,984       5,627,531  

5.55%, 06/01/45 (Call 12/01/44)

    15,673       12,905,692  

7.75%, 01/15/32

    15,193       16,121,932  

Magellan Midstream Partners LP,
3.95%, 03/01/50 (Call 09/01/49)(a)

    4,962       3,133,772  

MPLX LP

   

2.65%, 08/15/30 (Call 05/15/30)

    12,924       10,215,436  

4.00%, 03/15/28 (Call 12/15/27)

    15,480       14,182,932  

4.13%, 03/01/27 (Call 12/01/26)

    13,571       12,751,834  

4.50%, 04/15/38 (Call 10/15/37)

    11,077       8,621,396  

4.70%, 04/15/48 (Call 10/15/47)

    13,992       10,111,033  

4.80%, 02/15/29 (Call 11/15/28)(a)

    5,945       5,562,256  

4.95%, 09/01/32 (Call 06/01/32)

    8,187       7,267,981  

4.95%, 03/14/52 (Call 09/14/51)

    13,371       9,890,693  

5.00%, 03/01/33 (Call 12/01/32)

    9,549       8,452,598  

5.20%, 03/01/47 (Call 09/01/46)(a)

    9,469       7,308,616  

5.50%, 02/15/49 (Call 08/15/48)

    13,405       10,797,470  

ONEOK Inc.

   

3.10%, 03/15/30 (Call 12/15/29)

    4,889       4,033,040  

3.40%, 09/01/29 (Call 06/01/29)

    4,603       3,948,979  

4.55%, 07/15/28 (Call 04/15/28)(a)

    2,015       1,879,438  

5.20%, 07/15/48 (Call 01/15/48)(a)

    5,628       4,340,807  

5.65%, 11/01/28 (Call 10/01/28)(a)

    10,101       9,856,320  

6.05%, 09/01/33 (Call 06/01/33)(a)

    13,665       13,099,911  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Pipelines (continued)            

6.10%, 11/15/32 (Call 08/15/32)

  $ 4,080     $ 3,934,186  

6.63%, 09/01/53 (Call 03/01/53)

        16,991       15,873,572  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)

    7,540       6,404,781  

3.80%, 09/15/30 (Call 06/15/30)

    6,578       5,540,000  

4.50%, 12/15/26 (Call 09/15/26)(a)

    3,592       3,423,068  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

    14,831       13,653,390  

4.50%, 05/15/30 (Call 11/15/29)(a)

    17,528       15,702,227  

5.00%, 03/15/27 (Call 09/15/26)

    12,707       12,233,535  

Targa Resources Corp.

   

4.00%, 01/15/32 (Call 07/15/26)

    11,649       9,562,746  

4.20%, 02/01/33 (Call 11/01/32)

    9,935       8,254,724  

4.88%, 02/01/31 (Call 02/01/26)

    10,830       9,555,095  

4.95%, 04/15/52 (Call 10/15/51)

    8,557       6,269,251  

5.20%, 07/01/27 (Call 06/01/27)

    10,241       9,911,618  

5.50%, 03/01/30 (Call 03/01/25)

    8,726       8,047,344  

6.13%, 03/15/33 (Call 12/15/32)(a)

    10,431       10,000,856  

6.50%, 07/15/27 (Call 12/01/23)(a)

    9,373       9,264,273  

6.50%, 02/15/53 (Call 08/15/52)(a)

    7,920       7,259,802  

TransCanada PipeLines Ltd.

   

2.50%, 10/12/31 (Call 07/12/31)(a)

    5,504       4,150,390  

4.10%, 04/15/30 (Call 01/15/30)

    9,130       8,006,528  

4.25%, 05/15/28 (Call 02/15/28)(a)

    18,775       17,351,373  

4.63%, 03/01/34 (Call 12/01/33)(a)

    4,564       3,857,404  

4.88%, 05/15/48 (Call 11/15/47)(a)

    5,045       3,821,526  

5.10%, 03/15/49 (Call 09/15/48)(a)

    4,913       3,839,258  

6.10%, 06/01/40

    13,091       12,030,670  

6.20%, 10/15/37(a)

    17,919       16,725,215  

7.63%, 01/15/39(a)

    15,707       16,608,568  

Western Midstream Operating LP

   

4.05%, 02/01/30 (Call 11/01/29)(a)

    16,937       14,638,348  

5.25%, 02/01/50 (Call 08/01/49)

    8,380       6,155,924  

6.15%, 04/01/33 (Call 01/01/33)(a)

    10,441       9,842,954  

Williams Companies Inc. (The)

   

2.60%, 03/15/31 (Call 12/15/30)

    13,866       10,802,001  

3.50%, 11/15/30 (Call 08/15/30)

    9,131       7,695,358  

3.75%, 06/15/27 (Call 03/15/27)(a)

    19,445       17,970,235  

4.65%, 08/15/32 (Call 05/15/32)(a)

    9,175       8,090,065  

4.85%, 03/01/48 (Call 09/01/47)

    5,808       4,449,755  

5.10%, 09/15/45 (Call 03/15/45)(a)

    6,594       5,293,577  

5.30%, 08/15/28 (Call 07/15/28)

    6,323       6,097,249  

5.30%, 08/15/52 (Call 02/15/52)(a)

    4,064       3,304,013  

5.65%, 03/15/33 (Call 12/15/32)(a)

    6,241       5,891,230  

6.30%, 04/15/40

    15,988       15,022,018  
   

 

 

 
          1,029,214,670  
Real Estate — 0.0%            

CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)

    8,585       7,771,512  
   

 

 

 
Real Estate Investment Trusts — 2.1%            

Alexandria Real Estate Equities Inc.

   

1.88%, 02/01/33 (Call 11/01/32)(a)

    5,184       3,534,238  

2.00%, 05/18/32 (Call 02/18/32)

    16,774       11,791,166  

2.95%, 03/15/34 (Call 12/15/33)

    15,706       11,455,730  

3.00%, 05/18/51 (Call 11/18/50)(a)

    4,689       2,490,557  

3.38%, 08/15/31 (Call 05/15/31)

    3,141       2,543,780  

3.55%, 03/15/52 (Call 09/15/51)

    11,259       6,714,658  

American Tower Corp.

   

1.88%, 10/15/30 (Call 07/15/30)

    6,812       5,039,681  
Security  

Par 

(000)

    Value  
Real Estate Investment Trusts (continued)            

2.10%, 06/15/30 (Call 03/15/30)

  $ 8,434     $ 6,428,526  

2.75%, 01/15/27 (Call 11/15/26)

    4,410       3,951,494  

2.90%, 01/15/30 (Call 10/15/29)

    6,744       5,498,335  

2.95%, 01/15/51 (Call 07/15/50)(a)

    6,402       3,417,763  

3.10%, 06/15/50 (Call 12/15/49)

    5,427       2,990,469  

3.55%, 07/15/27 (Call 04/15/27)(a)

    12,766       11,615,317  

3.80%, 08/15/29 (Call 05/15/29)

    18,942       16,578,826  

5.55%, 07/15/33 (Call 04/15/33)

    9,063       8,366,719  

5.65%, 03/15/33 (Call 12/15/32)(a)

    12,304       11,440,850  

5.80%, 11/15/28 (Call 10/15/28)

        13,139           12,838,242  

5.90%, 11/15/33 (Call 08/15/33)

    12,031       11,396,627  

Boston Properties LP

   

2.45%, 10/01/33 (Call 07/01/33)(a)

    12,342       8,030,236  

2.55%, 04/01/32 (Call 01/01/32)

    12,413       8,594,404  

3.25%, 01/30/31 (Call 10/30/30)

    6,850       5,196,912  

3.40%, 06/21/29 (Call 03/21/29)

    11,839       9,591,476  

4.50%, 12/01/28 (Call 09/01/28)

    12,532       11,029,249  

6.50%, 01/15/34 (Call 10/15/33)(a)

    7,574       6,918,763  

6.75%, 12/01/27 (Call 11/01/27)(a)

    9,030       8,892,381  

Brixmor Operating Partnership LP

   

4.05%, 07/01/30 (Call 04/01/30)(a)

    8,398       7,162,012  

4.13%, 05/15/29 (Call 02/15/29)

    6,359       5,568,942  

Crown Castle Inc.

   

2.90%, 04/01/41 (Call 10/01/40)(a)

    11,124       6,716,049  

3.25%, 01/15/51 (Call 07/15/50)(a)

    5,765       3,260,628  

5.00%, 01/11/28 (Call 12/11/27)

    18,355       17,423,475  

5.10%, 05/01/33 (Call 02/01/33)

    6,108       5,429,859  

Crown Castle International Corp.

   

2.10%, 04/01/31 (Call 01/01/31)(a)

    8,930       6,622,881  

2.25%, 01/15/31 (Call 10/15/30)(a)

    10,991       8,293,096  

2.50%, 07/15/31 (Call 04/15/31)

    6,761       5,110,075  

2.90%, 03/15/27 (Call 02/15/27)

    13,164       11,806,494  

3.30%, 07/01/30 (Call 04/01/30)

    8,413       6,918,684  

3.65%, 09/01/27 (Call 06/01/27)

    12,776       11,610,954  

3.80%, 02/15/28 (Call 11/15/27)

    16,979       15,311,557  

Digital Realty Trust LP

   

3.60%, 07/01/29 (Call 04/01/29)(a)

    9,056       7,854,106  

3.70%, 08/15/27 (Call 05/15/27)

    7,224       6,601,834  

5.55%, 01/15/28 (Call 12/15/27)

    9,349       9,067,230  

Equinix Inc.

   

2.15%, 07/15/30 (Call 04/15/30)

    6,709       5,149,862  

2.50%, 05/15/31 (Call 02/15/31)

    16,066       12,258,229  

3.20%, 11/18/29 (Call 08/18/29)(a)

    16,791       14,194,902  

3.90%, 04/15/32 (Call 01/15/32)

    15,816       13,162,066  

ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)(a)

    6,064       4,558,791  

GLP Capital LP/GLP Financing II Inc.

   

3.25%, 01/15/32 (Call 10/15/31)(a)

    3,145       2,375,242  

5.30%, 01/15/29 (Call 10/15/28)

    9,838       8,973,926  

Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)(a)

    8,907       6,491,012  

Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)

    7,714       6,348,526  

Healthpeak Properties Interim Inc.,
5.25%, 12/15/32 (Call 09/15/32)(a)

    8,140       7,372,025  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)(a)

    15,054       11,001,007  

2.25%, 04/15/30 (Call 01/15/30)

    9,969       7,962,350  

4.75%, 06/15/33 (Call 03/15/33)(a)

    3,434       3,073,537  

4.88%, 06/15/28 (Call 05/15/28)

    6,919       6,644,008  

5.13%, 01/15/34 (Call 10/15/33)

    5,579       5,111,509  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Real Estate Investment Trusts (continued)            

5.25%, 06/15/53 (Call 12/15/52)(a)

  $ 8,191     $ 6,888,499  

Realty Income Corp.

   

3.25%, 01/15/31 (Call 10/15/30)

    9,572       7,857,999  

5.63%, 10/13/32 (Call 07/13/32)(a)

    7,015       6,628,928  

Simon Property Group LP

   

1.75%, 02/01/28 (Call 11/01/27)(a)

    8,703       7,302,880  

2.45%, 09/13/29 (Call 06/13/29)(a)

    15,093       12,327,922  

2.65%, 07/15/30 (Call 04/15/30)

    7,559       6,100,677  

3.25%, 11/30/26 (Call 08/30/26)

    2,457       2,272,151  

3.25%, 09/13/49 (Call 03/13/49)(a)

    10,981       6,353,848  

3.38%, 06/15/27 (Call 03/15/27)

    5,912       5,406,220  

3.38%, 12/01/27 (Call 09/01/27)(a)

    7,738       7,002,522  

3.80%, 07/15/50 (Call 01/15/50)(a)

    5,879       3,733,884  

Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)

    7,184       6,571,324  

VICI Properties LP

   

4.75%, 02/15/28 (Call 01/15/28)

    13,224       12,187,639  

4.95%, 02/15/30 (Call 12/15/29)(a)

    14,205       12,640,872  

5.13%, 05/15/32 (Call 02/15/32)(a)

    12,166       10,495,945  

5.63%, 05/15/52 (Call 11/15/51)

    5,042       3,916,770  

Welltower OP LLC

   

2.80%, 06/01/31 (Call 03/01/31)

    8,208       6,425,164  

3.10%, 01/15/30 (Call 10/15/29)

    7,426       6,170,577  

4.25%, 04/15/28 (Call 01/15/28)(a)

    6,154       5,679,321  

Weyerhaeuser Co.

   

4.00%, 11/15/29 (Call 08/15/29)

    7,221       6,401,871  

4.00%, 04/15/30 (Call 01/15/30)

    8,282       7,232,139  
   

 

 

 
          595,378,419  
Retail — 3.2%            

AutoZone Inc.

   

4.00%, 04/15/30 (Call 01/15/30)(a)

    8,961       7,893,587  

4.75%, 08/01/32 (Call 05/01/32)(a)

    6,234       5,532,814  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    8,893       7,741,878  

1.60%, 04/20/30 (Call 01/20/30)(a)

    18,144       14,344,683  

1.75%, 04/20/32 (Call 01/20/32)(a)

    1,984       1,484,389  

3.00%, 05/18/27 (Call 02/18/27)(a)

    6,246       5,786,968  

Dollar General Corp.

   

3.50%, 04/03/30 (Call 01/03/30)

    11,788       9,958,150  

5.45%, 07/05/33 (Call 04/05/33)(a)

    5,894       5,380,045  

Dollar Tree Inc.

   

2.65%, 12/01/31 (Call 09/01/31)

    2,494       1,891,452  

4.20%, 05/15/28 (Call 02/15/28)

    8,871       8,169,071  

Home Depot Inc. (The)

   

1.38%, 03/15/31 (Call 12/15/30)(a)

    9,904       7,320,082  

1.50%, 09/15/28 (Call 07/15/28)(a)

    8,406       6,991,748  

1.88%, 09/15/31 (Call 06/15/31)(a)

    8,998       6,800,921  

2.38%, 03/15/51 (Call 09/15/50)

    14,528       7,432,808  

2.50%, 04/15/27 (Call 02/15/27)

    4,048       3,674,152  

2.70%, 04/15/30 (Call 01/15/30)(a)

    14,002       11,725,112  

2.75%, 09/15/51 (Call 03/15/51)(a)

    11,847       6,613,896  

2.80%, 09/14/27 (Call 06/14/27)

    6,850       6,232,704  

2.88%, 04/15/27 (Call 03/15/27)(a)

    4,340       3,988,348  

2.95%, 06/15/29 (Call 03/15/29)(a)

        14,364           12,601,016  

3.13%, 12/15/49 (Call 06/15/49)(a)

    13,603       8,275,528  

3.25%, 04/15/32 (Call 01/15/32)(a)

    10,362       8,634,053  

3.30%, 04/15/40 (Call 10/15/39)

    13,658       9,670,062  

3.35%, 04/15/50 (Call 10/15/49)

    14,659       9,328,417  

3.50%, 09/15/56 (Call 03/15/56)(a)

    1,962       1,240,095  

3.63%, 04/15/52 (Call 10/15/51)(a)

    15,502       10,340,363  

3.90%, 12/06/28 (Call 09/06/28)(a)

    9,540       8,871,843  
Security  

Par 

(000)

    Value  
Retail (continued)            

3.90%, 06/15/47 (Call 12/15/46)(a)

  $     12,984     $ 9,282,776  

4.20%, 04/01/43 (Call 10/01/42)

    8,567       6,642,805  

4.25%, 04/01/46 (Call 10/01/45)

    14,232       10,828,504  

4.40%, 03/15/45 (Call 09/15/44)

    11,385       8,929,015  

4.50%, 09/15/32 (Call 06/15/32)(a)

    10,125       9,292,377  

4.50%, 12/06/48 (Call 06/06/48)

    15,115       11,920,076  

4.88%, 02/15/44 (Call 08/15/43)

    10,872       9,145,683  

4.95%, 09/15/52 (Call 03/15/52)(a)

    10,016       8,435,648  

5.88%, 12/16/36(a)

    25,587       25,349,998  

5.95%, 04/01/41 (Call 10/01/40)

    11,536       11,178,303  

Lowe’s Companies Inc.

   

1.30%, 04/15/28 (Call 02/15/28)(a)

    8,766       7,246,868  

1.70%, 09/15/28 (Call 07/15/28)(a)

    9,552       7,902,698  

1.70%, 10/15/30 (Call 07/15/30)(a)

    10,568       7,944,949  

2.63%, 04/01/31 (Call 01/01/31)

    8,868       7,006,020  

2.80%, 09/15/41 (Call 03/15/41)

    13,369       8,127,392  

3.00%, 10/15/50 (Call 04/15/50)

    18,770           10,318,094  

3.10%, 05/03/27 (Call 02/03/27)(a)

    13,709       12,567,664  

3.35%, 04/01/27 (Call 03/01/27)(a)

    7,541       6,985,117  

3.65%, 04/05/29 (Call 01/05/29)

    14,101       12,650,894  

3.70%, 04/15/46 (Call 10/15/45)

    15,414       10,141,718  

3.75%, 04/01/32 (Call 01/01/32)

    14,257       11,960,089  

4.05%, 05/03/47 (Call 11/03/46)

    16,948       11,695,905  

4.25%, 04/01/52 (Call 10/01/51)

    16,534       11,460,251  

4.45%, 04/01/62 (Call 10/01/61)

    7,846       5,358,709  

4.50%, 04/15/30 (Call 01/15/30)

    11,395       10,439,215  

5.00%, 04/15/33 (Call 01/15/33)(a)

    7,909       7,207,558  

5.15%, 07/01/33 (Call 04/01/33)(a)

    10,826       9,912,050  

5.63%, 04/15/53 (Call 10/15/52)(a)

    15,511       13,367,949  

5.80%, 09/15/62 (Call 03/15/62)

    5,663       4,798,570  

McDonald’s Corp.

   

2.13%, 03/01/30 (Call 12/01/29)

    5,499       4,422,444  

2.63%, 09/01/29 (Call 06/01/29)(a)

    9,926       8,463,308  

3.50%, 03/01/27 (Call 12/01/26)

    4,653       4,347,445  

3.50%, 07/01/27 (Call 05/01/27)(a)

    7,348       6,824,414  

3.60%, 07/01/30 (Call 04/01/30)(a)

    9,171       8,038,252  

3.63%, 09/01/49 (Call 03/01/49)

    16,840       11,130,940  

3.80%, 04/01/28 (Call 01/01/28)(a)

    6,907       6,415,002  

4.20%, 04/01/50 (Call 10/01/49)(a)

    8,119       5,922,291  

4.45%, 03/01/47 (Call 09/01/46)

    10,606       8,148,641  

4.45%, 09/01/48 (Call 03/01/48)

    7,682       5,882,761  

4.60%, 09/09/32 (Call 06/09/32)

    1,387       1,272,037  

4.70%, 12/09/35 (Call 06/09/35)

    1,880       1,652,858  

4.88%, 12/09/45 (Call 06/09/45)

    16,645       13,697,688  

5.15%, 09/09/52 (Call 03/09/52)(a)

    7,871       6,637,028  

5.45%, 08/14/53 (Call 02/14/53)

    8,069       7,110,469  

6.30%, 10/15/37

    12,285       12,348,511  

6.30%, 03/01/38

    11,572       11,652,894  

O’Reilly Automotive Inc.

   

3.60%, 09/01/27 (Call 06/01/27)(a)

    1,763       1,635,084  

4.70%, 06/15/32 (Call 03/15/32)(a)

    3,936       3,524,741  

Starbucks Corp.

   

2.25%, 03/12/30 (Call 12/12/29)(a)

    7,803       6,296,521  

2.55%, 11/15/30 (Call 08/15/30)

    11,757       9,462,418  

3.00%, 02/14/32 (Call 11/14/31)

    7,964       6,427,242  

3.50%, 11/15/50 (Call 05/15/50)

    11,406       7,310,905  

3.55%, 08/15/29 (Call 05/15/29)(a)

    10,822       9,682,608  

4.00%, 11/15/28 (Call 08/15/28)(a)

    9,794       9,111,342  

4.45%, 08/15/49 (Call 02/15/49)

    7,093       5,332,867  

4.50%, 11/15/48 (Call 05/15/48)(a)

    7,631       5,806,432  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  
Retail (continued)            

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)(a)

  $ 2,218     $ 1,997,046  

2.35%, 02/15/30 (Call 11/15/29)(a)

    10,347       8,497,571  

2.95%, 01/15/52 (Call 07/15/51)(a)

    4,907       2,829,856  

3.38%, 04/15/29 (Call 01/15/29)(a)

    13,216       11,939,978  

4.00%, 07/01/42(a)

    15,486       12,006,000  

4.50%, 09/15/32 (Call 06/15/32)(a)

    7,034       6,384,314  

4.80%, 01/15/53 (Call 07/15/52)(a)

    7,200       5,848,271  

Walgreens Boots Alliance Inc.

   

4.10%, 04/15/50 (Call 10/15/49)(a)

    1,689       981,583  

4.80%, 11/18/44 (Call 05/18/44)(a)

    2,722       1,812,048  

Walmart Inc.

   

1.50%, 09/22/28 (Call 07/22/28)(a)

    13,064       10,971,913  

1.80%, 09/22/31 (Call 06/22/31)(a)

    27,009       20,781,913  

2.50%, 09/22/41 (Call 03/22/41)

    10,365       6,551,777  

2.65%, 09/22/51 (Call 03/22/51)(a)

    13,811       7,946,468  

3.70%, 06/26/28 (Call 03/26/28)(a)

    15,383       14,474,232  

3.90%, 04/15/28 (Call 03/15/28)(a)

    7,268       6,892,530  

3.95%, 09/09/27 (Call 08/09/27)(a)

        11,233       10,758,233  

4.05%, 06/29/48 (Call 12/29/47)

    14,193       10,942,766  

4.10%, 04/15/33 (Call 01/15/33)(a)

    7,171       6,421,374  

4.15%, 09/09/32 (Call 06/09/32)(a)

    4,920       4,485,926  

4.50%, 09/09/52 (Call 03/09/52)

    9,963       8,091,636  

4.50%, 04/15/53 (Call 10/15/52)

    14,350       11,657,363  

5.25%, 09/01/35(a)

    19,328       18,873,933  

6.20%, 04/15/38

    9,623       10,042,042  

6.50%, 08/15/37(a)

    7,301       7,830,098  
   

 

 

 
          883,597,094  
Semiconductors — 3.4%            

Analog Devices Inc.

   

1.70%, 10/01/28 (Call 08/01/28)

    17,662       14,786,858  

2.10%, 10/01/31 (Call 07/01/31)(a)

    10,428       8,038,034  

2.80%, 10/01/41 (Call 04/01/41)(a)

    3,378       2,149,547  

2.95%, 10/01/51 (Call 04/01/51)(a)

    7,144       4,188,353  

3.50%, 12/05/26 (Call 09/05/26)

    1,210       1,142,870  

Applied Materials Inc.

   

1.75%, 06/01/30 (Call 03/01/30)(a)

    9,306       7,321,177  

2.75%, 06/01/50 (Call 12/01/49)(a)

    2,418       1,430,796  

3.30%, 04/01/27 (Call 01/01/27)(a)

    3,873       3,611,425  

4.35%, 04/01/47 (Call 10/01/46)

    5,374       4,296,597  

Broadcom Corp./Broadcom Cayman Finance Ltd.

   

3.50%, 01/15/28 (Call 10/15/27)

    8,181       7,358,427  

3.88%, 01/15/27 (Call 10/15/26)

    6,932       6,481,961  

Broadcom Inc.

   

1.95%, 02/15/28 (Call 12/15/27)(a)(c)

    9,484       8,011,915  

2.45%, 02/15/31 (Call 11/15/30)(a)(c)

    26,033       19,988,200  

2.60%, 02/15/33 (Call 11/15/32)(c)

    16,967       12,319,001  

3.14%, 11/15/35 (Call 08/15/35)(c)

    30,855       21,781,887  

3.19%, 11/15/36 (Call 08/15/36)(c)

    26,273       18,180,167  

3.42%, 04/15/33 (Call 01/15/33)(c)

    20,448       15,914,102  

3.47%, 04/15/34 (Call 01/15/34)(c)

    30,048       22,886,116  

3.50%, 02/15/41 (Call 08/15/40)(c)

    27,481       18,277,630  

3.75%, 02/15/51 (Call 08/15/50)(a)(c)

    14,226       9,061,840  

4.00%, 04/15/29 (Call 02/15/29)(c)

    8,197       7,322,235  

4.11%, 09/15/28 (Call 06/15/28)(a)

    8,742       8,028,986  

4.15%, 11/15/30 (Call 08/15/30)

    17,322       15,066,955  

4.15%, 04/15/32 (Call 01/15/32)(c)

    12,290       10,406,227  

4.30%, 11/15/32 (Call 08/15/32)(a)

    18,626       15,839,554  

4.75%, 04/15/29 (Call 01/15/29)

    17,058       15,865,793  

4.93%, 05/15/37 (Call 02/15/37)(c)

    22,898       19,065,637  
Security  

Par 

(000)

    Value  

Semiconductors (continued)

   

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

  $ 5,305     $ 4,432,572  

2.00%, 08/12/31 (Call 05/12/31)(a)

        10,575       8,127,577  

2.45%, 11/15/29 (Call 08/15/29)

    15,266           12,824,736  

2.80%, 08/12/41 (Call 02/12/41)(a)

    7,774       4,851,434  

3.05%, 08/12/51 (Call 02/12/51)

    12,242       6,994,851  

3.10%, 02/15/60 (Call 08/15/59)

    9,109       4,897,541  

3.15%, 05/11/27 (Call 02/11/27)(a)

    4,990       4,601,065  

3.20%, 08/12/61 (Call 02/12/61)

    6,001       3,284,517  

3.25%, 11/15/49 (Call 05/15/49)

    19,149       11,548,482  

3.73%, 12/08/47 (Call 06/08/47)

    17,871       12,027,410  

3.75%, 03/25/27 (Call 01/25/27)

    4,931       4,653,422  

3.75%, 08/05/27 (Call 07/05/27)(a)

    7,720       7,241,738  

3.90%, 03/25/30 (Call 12/25/29)

    13,291       11,943,355  

4.00%, 08/05/29 (Call 06/05/29)

    9,060       8,347,417  

4.00%, 12/15/32(a)

    7,516       6,558,843  

4.10%, 05/19/46 (Call 11/19/45)

    11,044       8,043,150  

4.10%, 05/11/47 (Call 11/11/46)

    9,864       7,115,292  

4.15%, 08/05/32 (Call 05/05/32)(a)

    11,235       9,963,074  

4.60%, 03/25/40 (Call 09/25/39)(a)

    6,117       5,099,887  

4.75%, 03/25/50 (Call 09/25/49)

    20,940       16,453,243  

4.80%, 10/01/41

    8,102       6,712,804  

4.88%, 02/10/28 (Call 01/10/28)

    13,150       12,817,293  

4.90%, 07/29/45 (Call 01/29/45)(a)

    8,311       7,105,248  

4.90%, 08/05/52 (Call 02/05/52)

    16,594       13,237,892  

4.95%, 03/25/60 (Call 09/25/59)(a)

    8,911       7,163,928  

5.05%, 08/05/62 (Call 02/05/62)

    8,469       6,692,820  

5.13%, 02/10/30 (Call 12/10/29)

    11,142       10,787,040  

5.20%, 02/10/33 (Call 11/10/32)(a)

    18,156       17,140,847  

5.63%, 02/10/43 (Call 08/10/42)(a)

    9,820       8,995,674  

5.70%, 02/10/53 (Call 08/10/52)(a)

    18,221       16,274,252  

5.90%, 02/10/63 (Call 08/10/62)

    11,180       10,120,298  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)(a)

    9,203       5,843,678  

4.10%, 03/15/29 (Call 12/15/28)(a)

    13,799       12,860,346  

4.65%, 07/15/32 (Call 04/15/32)(a)

    11,190       10,373,938  

4.95%, 07/15/52 (Call 01/15/52)

    11,126       9,320,114  

5.25%, 07/15/62 (Call 01/15/62)(a)

    6,991       5,928,335  

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

    5,419       4,268,639  

2.88%, 06/15/50 (Call 12/15/49)(a)

    3,962       2,297,795  

4.00%, 03/15/29 (Call 12/15/28)(a)

    18,470       17,138,352  

4.88%, 03/15/49 (Call 09/15/48)

    2,967       2,456,018  

Marvell Technology Inc.

   

2.45%, 04/15/28 (Call 02/15/28)(a)

    1,630       1,394,252  

2.95%, 04/15/31 (Call 01/15/31)

    7,555       5,966,807  

Micron Technology Inc.

   

2.70%, 04/15/32 (Call 01/15/32)

    19,010       14,104,819  

4.19%, 02/15/27 (Call 12/15/26)(a)

    2,095       1,959,855  

4.66%, 02/15/30 (Call 11/15/29)(a)

    9,908       8,872,178  

5.88%, 02/09/33 (Call 11/09/32)

    2,903       2,698,885  

5.88%, 09/15/33 (Call 06/15/33)

    4,905       4,531,796  

6.75%, 11/01/29 (Call 09/01/29)

    15,112       15,169,918  

NVIDIA Corp.

   

1.55%, 06/15/28 (Call 04/15/28)

    13,388       11,323,743  

2.00%, 06/15/31 (Call 03/15/31)(a)

    14,541       11,358,062  

2.85%, 04/01/30 (Call 01/01/30)(a)

    16,998       14,527,796  

3.50%, 04/01/40 (Call 10/01/39)

    3,353       2,514,597  

3.50%, 04/01/50 (Call 10/01/49)(a)

    13,059       8,951,016  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)

    14,027       10,713,236  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Semiconductors (continued)

   

2.65%, 02/15/32 (Call 11/15/31)

  $ 12,603     $ 9,514,140  

3.25%, 05/11/41 (Call 11/11/40)

    4,267       2,733,156  

3.40%, 05/01/30 (Call 02/01/30)

    12,823       10,760,241  

4.30%, 06/18/29 (Call 03/18/29)

    11,963       10,793,096  

5.00%, 01/15/33 (Call 10/15/32)

    12,867       11,475,612  

Qorvo Inc., 4.38%, 10/15/29
(Call 10/15/24)(a)

    9,304       8,107,785  

QUALCOMM Inc.

   

1.30%, 05/20/28 (Call 02/20/28)(a)

    4,901       4,090,088  

1.65%, 05/20/32 (Call 02/20/32)(a)

    13,349       9,746,595  

2.15%, 05/20/30 (Call 02/20/30)(a)

    12,198       9,877,291  

3.25%, 05/20/27 (Call 02/20/27)(a)

    15,225       14,164,545  

3.25%, 05/20/50 (Call 11/20/49)(a)

    9,179       5,881,041  

4.30%, 05/20/47 (Call 11/20/46)(a)

        15,425       11,777,427  

4.50%, 05/20/52 (Call 11/20/51)

    11,934       9,185,338  

4.65%, 05/20/35 (Call 11/20/34)(a)

    2,740       2,497,511  

4.80%, 05/20/45 (Call 11/20/44)

    15,451       12,982,752  

6.00%, 05/20/53 (Call 11/20/52)(a)

    12,390       11,914,047  

Texas Instruments Inc.

   

1.75%, 05/04/30 (Call 02/04/30)

    9,235       7,352,085  

2.25%, 09/04/29 (Call 06/04/29)

    13,132       11,045,605  

3.88%, 03/15/39 (Call 09/15/38)(a)

    2,124       1,689,874  

4.15%, 05/15/48 (Call 11/15/47)

    12,275       9,285,259  

4.90%, 03/14/33 (Call 12/14/32)

    13,641       12,835,097  

5.05%, 05/18/63 (Call 11/18/62)

    11,094       9,250,377  
   

 

 

 
          956,413,129  
Software — 3.3%            

Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)

    4,483       2,513,587  

Adobe Inc.

   

2.15%, 02/01/27 (Call 12/01/26)

    1,709       1,545,241  

2.30%, 02/01/30 (Call 11/01/29)

    13,591       11,278,915  

Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)

    9,449       7,266,017  

Broadridge Financial Solutions Inc.

   

2.60%, 05/01/31 (Call 02/01/31)

    8,941       6,938,820  

2.90%, 12/01/29 (Call 09/01/29)

    9,247       7,695,936  

Fidelity National Information Services Inc.

   

1.65%, 03/01/28 (Call 01/01/28)(a)

    2,834       2,372,886  

2.25%, 03/01/31 (Call 12/01/30)(a)

    11,838       9,024,253  

3.10%, 03/01/41 (Call 09/01/40)

    4,993       3,153,141  

5.10%, 07/15/32 (Call 04/15/32)(a)

    7,722       7,116,706  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)

    8,321       7,351,953  

2.65%, 06/01/30 (Call 03/01/30)(a)

    9,726       7,837,739  

3.50%, 07/01/29 (Call 04/01/29)

    28,955       25,399,613  

4.20%, 10/01/28 (Call 07/01/28)

    12,185       11,279,135  

4.40%, 07/01/49 (Call 01/01/49)(a)

    17,328       12,567,291  

5.45%, 03/02/28 (Call 02/02/28)

    8,859       8,687,255  

5.60%, 03/02/33 (Call 12/02/32)

    10,152       9,564,340  

5.63%, 08/21/33 (Call 05/21/33)

    12,573       11,790,063  

Intuit Inc.

   

5.13%, 09/15/28 (Call 08/15/28)

    10,802       10,624,778  

5.20%, 09/15/33 (Call 06/15/33)(a)

    11,805       11,240,353  

5.50%, 09/15/53 (Call 03/15/53)

    13,813       12,531,132  

Microsoft Corp.

   

2.53%, 06/01/50 (Call 12/01/49)(a)

    60,892       34,864,701  

2.68%, 06/01/60 (Call 12/01/59)(a)

    32,528       17,959,672  

2.92%, 03/17/52 (Call 09/17/51)

    57,135       35,294,592  

3.04%, 03/17/62 (Call 09/17/61)

    16,110       9,528,682  

3.30%, 02/06/27 (Call 11/06/26)

    6,974       6,584,847  

3.45%, 08/08/36 (Call 02/08/36)

    14,650       11,976,193  

3.50%, 02/12/35 (Call 08/12/34)(a)

    10,397       8,853,194  
Security  

Par 

(000)

    Value  

Software (continued)

   

3.70%, 08/08/46 (Call 02/08/46)(a)

  $ 20,892     $ 15,546,916  

4.10%, 02/06/37 (Call 08/06/36)

    6,453       5,610,517  

4.25%, 02/06/47 (Call 08/06/46)(a)

    14,461       11,786,014  

4.45%, 11/03/45 (Call 05/03/45)

    15,274       13,086,417  

4.50%, 02/06/57 (Call 08/06/56)

    6,643       5,482,993  

Oracle Corp.

   

2.30%, 03/25/28 (Call 01/25/28)(a)

    14,650       12,580,789  

2.80%, 04/01/27 (Call 02/01/27)

    15,176       13,730,639  

2.88%, 03/25/31 (Call 12/25/30)(a)

    27,728       22,230,913  

2.95%, 04/01/30 (Call 01/01/30)

    30,083       24,935,997  

3.25%, 11/15/27 (Call 08/15/27)

    20,067       18,181,932  

3.60%, 04/01/40 (Call 10/01/39)

    28,228       19,412,099  

3.60%, 04/01/50 (Call 10/01/49)(a)

    40,804       24,959,415  

3.65%, 03/25/41 (Call 09/25/40)(a)

    20,321       13,852,308  

3.80%, 11/15/37 (Call 05/15/37)(a)

    16,949       12,491,298  

3.85%, 07/15/36 (Call 01/15/36)

    11,019       8,412,428  

3.85%, 04/01/60 (Call 10/01/59)

    31,666       18,946,436  

3.90%, 05/15/35 (Call 11/15/34)(a)

    13,113       10,325,560  

3.95%, 03/25/51 (Call 09/25/50)

    29,511       19,173,099  

4.00%, 07/15/46 (Call 01/15/46)

    27,022       18,195,512  

4.00%, 11/15/47 (Call 05/15/47)

    21,091       14,068,340  

4.10%, 03/25/61 (Call 09/25/60)(a)

    13,434       8,434,202  

4.13%, 05/15/45 (Call 11/15/44)

    18,543       12,897,979  

4.30%, 07/08/34 (Call 01/08/34)

    16,832       14,039,132  

4.38%, 05/15/55 (Call 11/15/54)

    11,963       8,118,856  

4.50%, 05/06/28 (Call 04/06/28)(a)

    2,869       2,713,806  

4.50%, 07/08/44 (Call 01/08/44)

    9,873       7,292,459  

4.65%, 05/06/30 (Call 03/06/30)

    7,800       7,185,479  

4.90%, 02/06/33 (Call 11/06/32)(a)

    15,059       13,529,668  

5.38%, 07/15/40(a)

    19,344       16,470,994  

5.55%, 02/06/53 (Call 08/06/52)

    21,697       18,035,475  

6.13%, 07/08/39

    11,665       10,856,367  

6.15%, 11/09/29 (Call 09/09/29)(a)

    11,554       11,603,671  

6.25%, 11/09/32 (Call 08/09/32)(a)

    21,716       21,524,230  

6.50%, 04/15/38(a)

    11,652       11,342,090  

6.90%, 11/09/52 (Call 05/09/52)

        22,705           22,330,529  

Roper Technologies Inc.

   

1.75%, 02/15/31 (Call 11/15/30)

    10,006       7,395,053  

4.20%, 09/15/28 (Call 06/15/28)(a)

    7,074       6,562,896  

salesforce.com Inc.

   

1.50%, 07/15/28 (Call 05/15/28)(a)

    13,295       11,164,888  

1.95%, 07/15/31 (Call 04/15/31)(a)

    17,511       13,527,452  

2.70%, 07/15/41 (Call 01/15/41)(a)

    7,504       4,841,652  

2.90%, 07/15/51 (Call 01/15/51)(a)

    13,948       8,204,592  

3.05%, 07/15/61 (Call 01/15/61)(a)

    10,916       6,096,923  

3.70%, 04/11/28 (Call 01/11/28)(a)

    18,783       17,601,916  

VMware Inc.

   

1.80%, 08/15/28 (Call 06/15/28)

    1,925       1,587,306  

2.20%, 08/15/31 (Call 05/15/31)

    14,727       10,887,481  

3.90%, 08/21/27 (Call 05/21/27)

    7,273       6,736,255  

4.70%, 05/15/30 (Call 02/15/30)

    8,990       8,146,675  

Workday Inc.

   

3.50%, 04/01/27 (Call 03/01/27)

    2,082       1,932,475  

3.70%, 04/01/29 (Call 02/01/29)

    9,499       8,486,335  

3.80%, 04/01/32 (Call 01/01/32)(a)

    11,938       9,937,090  
   

 

 

 
          925,334,583  
Telecommunications — 6.5%            

AT&T Inc.

   

1.65%, 02/01/28 (Call 12/01/27)

    16,481       13,780,684  

2.25%, 02/01/32 (Call 11/01/31)

    15,425       11,389,817  

2.30%, 06/01/27 (Call 04/01/27)

    15,587       13,770,440  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Telecommunications (continued)

   

2.55%, 12/01/33 (Call 09/01/33)

  $ 34,800     $ 24,994,895  

2.75%, 06/01/31 (Call 03/01/31)

    19,668       15,475,182  

3.30%, 02/01/52 (Call 08/01/51)(a)

    9,043       5,267,020  

3.50%, 06/01/41 (Call 12/01/40)(a)

    22,596       15,137,069  

3.50%, 09/15/53 (Call 03/15/53)(a)

    68,875       40,577,238  

3.55%, 09/15/55 (Call 03/15/55)

    68,469       39,883,446  

3.65%, 06/01/51 (Call 12/01/50)(a)

    28,465       17,522,314  

3.65%, 09/15/59 (Call 03/15/59)

    58,544       33,891,801  

3.80%, 02/15/27 (Call 11/15/26)

    1,981       1,851,274  

3.80%, 12/01/57 (Call 06/01/57)(a)

    55,033       33,206,780  

3.85%, 06/01/60 (Call 12/01/59)(a)

    14,729       8,852,346  

4.10%, 02/15/28 (Call 11/15/27)

    8,493       7,859,873  

4.25%, 03/01/27 (Call 12/01/26)

    6,317       5,990,855  

4.30%, 02/15/30 (Call 11/15/29)

    22,583       20,272,956  

4.30%, 12/15/42 (Call 06/15/42)(a)

    12,046       8,937,583  

4.35%, 03/01/29 (Call 12/01/28)(a)

    20,508       18,881,293  

4.35%, 06/15/45 (Call 12/15/44)

    10,745       7,708,139  

4.50%, 05/15/35 (Call 11/15/34)

    22,693       18,901,728  

4.50%, 03/09/48 (Call 09/09/47)(a)

    16,623       12,043,556  

4.55%, 03/09/49 (Call 09/09/48)(a)

    8,034       5,804,483  

4.75%, 05/15/46 (Call 11/15/45)

        16,969       12,830,359  

4.85%, 03/01/39 (Call 09/01/38)

    8,883       7,251,523  

5.25%, 03/01/37 (Call 09/01/36)

    11,348       9,917,674  

5.40%, 02/15/34 (Call 11/15/33)(a)

    24,484           22,513,591  

5.65%, 02/15/47 (Call 08/15/46)(a)

    7,584       6,647,048  

Bell Telephone Co. of Canada or Bell Canada (The)

   

3.65%, 08/15/52 (Call 02/15/52)(a)

    5,373       3,391,158  

4.46%, 04/01/48 (Call 10/01/47)(a)

    8,793       6,497,111  

5.10%, 05/11/33 (Call 02/11/33)(a)

    14,041       12,797,696  

British Telecommunications PLC, 9.63%, 12/15/30

    32,751       37,730,898  

Cisco Systems Inc.

   

5.50%, 01/15/40

    23,649       22,456,743  

5.90%, 02/15/39(a)

    24,416       24,255,650  

Corning Inc.

   

4.38%, 11/15/57 (Call 05/15/57)(a)

    6,731       4,783,420  

5.45%, 11/15/79 (Call 05/19/79)

    10,075       7,888,145  

Deutsche Telekom International Finance BV, 8.75%, 06/15/30

    40,003       44,807,740  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)(a)

    7,813       5,967,764  

2.75%, 05/24/31 (Call 02/24/31)

    7,535       5,848,180  

4.60%, 05/23/29 (Call 02/23/29)

    9,659       8,996,096  

Orange SA

   

5.38%, 01/13/42

    14,482       12,584,621  

5.50%, 02/06/44 (Call 08/06/43)(a)

    2,567       2,262,496  

9.00%, 03/01/31

    29,683       34,000,953  

Rogers Communications Inc.

   

3.20%, 03/15/27 (Call 02/15/27)(a)

    11,941       10,852,616  

3.70%, 11/15/49 (Call 05/15/49)(a)

    7,939       4,822,336  

3.80%, 03/15/32 (Call 12/15/31)

    22,316       18,106,528  

4.30%, 02/15/48 (Call 08/15/47)(a)

    8,122       5,454,451  

4.35%, 05/01/49 (Call 11/01/48)(a)

    13,126       8,918,294  

4.50%, 03/15/42 (Call 09/15/41)(a)

    5,634       4,170,036  

4.55%, 03/15/52 (Call 09/15/51)(a)

    17,356       11,988,317  

5.00%, 03/15/44 (Call 09/15/43)(a)

    8,190       6,317,990  

Sprint Capital Corp.

   

6.88%, 11/15/28

    25,889       26,490,647  

8.75%, 03/15/32

    21,977       24,755,719  
Security  

Par 

(000)

    Value  

Telecommunications (continued)

   

Telefonica Emisiones SA

   

4.10%, 03/08/27(a)

  $ 5,859     $ 5,483,262  

4.67%, 03/06/38

    6,068       4,722,024  

4.90%, 03/06/48

    11,534       8,329,592  

5.21%, 03/08/47

    22,247       16,861,724  

5.52%, 03/01/49 (Call 09/01/48)

    9,827       7,756,998  

7.05%, 06/20/36(a)

        25,335       25,220,341  

Telefonica Europe BV, 8.25%, 09/15/30

    19,369           21,045,993  

TELUS Corp.

   

3.40%, 05/13/32 (Call 02/13/32)

    4,591       3,641,117  

4.60%, 11/16/48 (Call 05/16/48)

    5,165       3,818,569  

T-Mobile USA Inc.

   

2.05%, 02/15/28 (Call 12/15/27)

    21,247       18,120,757  

2.25%, 11/15/31 (Call 08/15/31)

    6,027       4,485,801  

2.55%, 02/15/31 (Call 11/15/30)

    18,545       14,490,501  

2.63%, 02/15/29 (Call 02/15/24)

    9,585       8,045,841  

2.70%, 03/15/32 (Call 12/15/31)

    6,309       4,818,554  

2.88%, 02/15/31 (Call 02/15/26)

    5,728       4,562,936  

3.00%, 02/15/41 (Call 08/15/40)

    25,562       16,162,940  

3.30%, 02/15/51 (Call 08/15/50)(a)

    28,944       16,988,360  

3.38%, 04/15/29 (Call 04/15/24)

    22,813       19,863,051  

3.40%, 10/15/52 (Call 04/15/52)

    25,808       15,210,603  

3.50%, 04/15/31 (Call 04/15/26)

    18,515       15,350,379  

3.60%, 11/15/60 (Call 05/15/60)

    15,195       8,838,248  

3.75%, 04/15/27 (Call 02/15/27)

    35,457       32,963,940  

3.88%, 04/15/30 (Call 01/15/30)

    62,098       54,094,766  

4.38%, 04/15/40 (Call 10/15/39)

    19,425       15,022,058  

4.50%, 04/15/50 (Call 10/15/49)(a)

    29,584       21,585,835  

4.75%, 02/01/28 (Call 11/13/23)(a)

    19,771       18,821,371  

4.80%, 07/15/28 (Call 06/15/28)(a)

    12,474       11,856,157  

4.95%, 03/15/28 (Call 02/15/28)(a)

    12,724       12,239,338  

5.05%, 07/15/33 (Call 04/15/33)(a)

    20,192       18,273,639  

5.20%, 01/15/33 (Call 10/15/32)

    8,905       8,186,492  

5.65%, 01/15/53 (Call 07/15/52)

    17,402       15,068,914  

5.75%, 01/15/34 (Call 10/15/33)

    13,150       12,485,024  

5.75%, 01/15/54 (Call 07/15/53)

    5,919       5,217,480  

5.80%, 09/15/62 (Call 03/15/62)

    6,773       5,855,717  

6.00%, 06/15/54 (Call 12/15/53)

    13,737       12,497,236  

Verizon Communications Inc.

   

1.50%, 09/18/30 (Call 06/18/30)

    16,123       12,034,683  

1.68%, 10/30/30 (Call 07/30/30)

    8,712       6,487,306  

1.75%, 01/20/31 (Call 10/20/30)

    16,845       12,454,903  

2.10%, 03/22/28 (Call 01/22/28)

    21,398       18,259,082  

2.36%, 03/15/32 (Call 12/15/31)

    39,816       29,757,037  

2.55%, 03/21/31 (Call 12/21/30)(a)

    30,454       23,802,929  

2.65%, 11/20/40 (Call 05/20/40)(a)

    29,294       17,696,848  

2.85%, 09/03/41 (Call 03/03/41)(a)

    15,533       9,561,782  

2.88%, 11/20/50 (Call 05/20/50)(a)

    26,130       14,295,864  

2.99%, 10/30/56 (Call 04/30/56)

    32,445       17,071,170  

3.00%, 03/22/27 (Call 01/22/27)

    1,914       1,745,872  

3.00%, 11/20/60 (Call 05/20/60)

    14,494       7,421,282  

3.15%, 03/22/30 (Call 12/22/29)

    6,521       5,472,515  

3.40%, 03/22/41 (Call 09/22/40)(a)

    35,306       23,856,469  

3.55%, 03/22/51 (Call 09/22/50)(a)

    40,525       25,486,448  

3.70%, 03/22/61 (Call 09/22/60)(a)

    26,937       16,414,953  

3.88%, 02/08/29 (Call 11/08/28)

    17,390       15,791,838  

3.88%, 03/01/52 (Call 09/01/51)(a)

    17,532       11,701,190  

4.00%, 03/22/50 (Call 09/22/49)

    12,699       8,623,111  

4.02%, 12/03/29 (Call 09/03/29)

    32,403       28,939,223  

4.13%, 03/16/27

    22,621       21,427,478  

4.13%, 08/15/46(a)

    9,336       6,675,858  

 

 

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

      


Schedule of Investments (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par 

(000)

    Value  

Telecommunications (continued)

   

4.27%, 01/15/36

  $ 2,397     $ 1,977,462  

4.33%, 09/21/28(a)

    32,865       30,612,624  

4.40%, 11/01/34 (Call 05/01/34)(a)

    12,096       10,259,931  

4.50%, 08/10/33(a)

    17,766       15,385,733  

4.52%, 09/15/48

    12,409       9,289,207  

4.81%, 03/15/39

    11,394       9,429,068  

4.86%, 08/21/46(a)

    22,200       17,644,078  

5.01%, 08/21/54(a)

    1,927       1,528,178  

5.05%, 05/09/33 (Call 02/09/33)(a)

    15,617       14,299,868  

5.25%, 03/16/37

    5,691       5,114,820  

6.55%, 09/15/43

        11,937       11,835,065  

Vodafone Group PLC

   

4.25%, 09/17/50(a)

    9,815       6,689,780  

4.38%, 05/30/28(a)

    3,498       3,321,962  

4.38%, 02/19/43

    22,590       16,598,059  

4.88%, 06/19/49(a)

    14,306       10,843,485  

5.25%, 05/30/48(a)

    7,271       5,908,038  

6.15%, 02/27/37

    21,970       20,904,141  
   

 

 

 
          1,811,911,470  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)

    7,928       6,800,582  
   

 

 

 

Transportation — 1.7%

   

Burlington Northern Santa Fe LLC

   

3.30%, 09/15/51 (Call 03/15/51)(a)

    8,207       5,111,755  

3.55%, 02/15/50 (Call 08/15/49)

    7,181       4,784,543  

3.90%, 08/01/46 (Call 02/01/46)

    5,632       4,011,497  

4.05%, 06/15/48 (Call 12/15/47)

    5,987       4,350,017  

4.13%, 06/15/47 (Call 12/15/46)

    6,239       4,604,741  

4.15%, 04/01/45 (Call 10/01/44)

    7,871       5,913,334  

4.15%, 12/15/48 (Call 06/15/48)

    6,264       4,606,983  

4.45%, 03/15/43 (Call 09/15/42)

    10,936       8,656,208  

4.45%, 01/15/53 (Call 07/15/52)

    8,874       6,856,303  

4.55%, 09/01/44 (Call 03/01/44)

    7,315       5,846,833  

4.90%, 04/01/44 (Call 10/01/43)

    8,595       7,225,360  

5.20%, 04/15/54 (Call 10/15/53)

    16,766       14,496,499  

5.75%, 05/01/40 (Call 11/01/39)

    8,335       7,931,470  

Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)

    5,596       4,844,506  

Canadian Pacific Railway Co.

   

1.75%, 12/02/26 (Call 11/02/26)

    3,193       2,840,963  

2.45%, 12/02/31 (Call 09/02/31)(a)

    14,412       12,659,223  

3.00%, 12/02/41 (Call 06/02/41)(a)

    8,843       7,104,877  

3.10%, 12/02/51 (Call 06/02/51)(a)

    20,646       12,122,840  

6.13%, 09/15/2115 (Call 03/15/2115)

    6,539       5,886,463  

CSX Corp.

   

3.25%, 06/01/27 (Call 03/01/27)

    11,727       10,799,437  

3.80%, 03/01/28 (Call 12/01/27)(a)

    5,127       4,762,411  

3.80%, 11/01/46 (Call 05/01/46)

    4,917       3,405,082  

4.10%, 11/15/32 (Call 08/15/32)(a)

    8,006       6,999,417  

4.10%, 03/15/44 (Call 09/15/43)

    9,306       6,921,049  

4.25%, 03/15/29 (Call 12/15/28)

    12,607       11,772,830  

4.30%, 03/01/48 (Call 09/01/47)

    5,976       4,457,446  

4.50%, 11/15/52 (Call 05/15/52)

    7,554       5,775,164  

FedEx Corp.

   

2.40%, 05/15/31 (Call 02/15/31)(a)

    6,880       5,373,371  

3.10%, 08/05/29 (Call 05/05/29)(a)

    13,966       12,086,260  

3.25%, 05/15/41 (Call 11/15/40)(a)

    6,044       3,988,107  

4.05%, 02/15/48 (Call 08/15/47)(a)

    8,800       6,111,292  

4.25%, 05/15/30 (Call 02/15/30)(a)

    5,374       4,864,294  

4.40%, 01/15/47 (Call 07/15/46)

    6,042       4,438,058  
Security  

Par 

(000)

    Value  

Transportation (continued)

   

4.55%, 04/01/46 (Call 10/01/45)

  $ 10,270     $ 7,720,367  

4.75%, 11/15/45 (Call 05/15/45)

    10,678       8,292,458  

4.95%, 10/17/48 (Call 04/17/48)

    7,047       5,620,128  

5.10%, 01/15/44

    6,399       5,253,028  

5.25%, 05/15/50 (Call 11/15/49)(a)

    11,610       9,642,179  

Norfolk Southern Corp.

   

3.05%, 05/15/50 (Call 11/15/49)

    5,152       2,989,867  

3.16%, 05/15/55 (Call 11/15/54)(a)

    3,651       2,074,812  

4.55%, 06/01/53 (Call 12/01/52)(a)

    5,140       3,884,579  

5.35%, 08/01/54 (Call 02/01/54)

    13,047       11,134,452  

Union Pacific Corp.

   

2.38%, 05/20/31 (Call 02/20/31)

    9,400       7,408,904  

2.40%, 02/05/30 (Call 11/05/29)

    7,968       6,544,492  

2.80%, 02/14/32 (Call 12/15/31)(a)

    8,312       6,665,106  

2.95%, 03/10/52 (Call 09/10/51)(a)

    7,609       4,397,233  

2.97%, 09/16/62 (Call 03/16/62)

    9,860       5,197,420  

3.20%, 05/20/41 (Call 11/20/40)(a)

    9,772       6,671,670  

3.25%, 02/05/50 (Call 08/05/49)(a)

    15,878       9,980,420  

3.50%, 02/14/53 (Call 08/14/52)(a)

    11,965       7,742,281  

3.70%, 03/01/29 (Call 12/01/28)

    6,593       6,048,061  

3.75%, 02/05/70 (Call 08/05/69)(a)

    4,552       2,836,174  

3.80%, 10/01/51 (Call 04/01/51)

        10,152       7,009,995  

3.80%, 04/06/71 (Call 10/06/70)(a)

    9,570       5,991,175  

3.84%, 03/20/60 (Call 09/20/59)

    17,788       11,703,286  

3.95%, 09/10/28 (Call 06/10/28)(a)

    10,170       9,515,185  

4.50%, 01/20/33 (Call 10/20/32)(a)

    8,156       7,381,268  

United Parcel Service Inc.

   

3.05%, 11/15/27 (Call 08/15/27)

    11,981           10,943,189  

3.40%, 03/15/29 (Call 12/15/28)

    7,037       6,368,074  

3.75%, 11/15/47 (Call 05/15/47)

    9,621       6,808,745  

4.25%, 03/15/49 (Call 09/15/48)(a)

    5,108       3,890,510  

4.45%, 04/01/30 (Call 01/01/30)(a)

    7,469       7,006,139  

4.88%, 03/03/33 (Call 12/03/32)(a)

    6,353       5,943,889  

5.05%, 03/03/53 (Call 09/03/52)(a)

    10,438       8,947,129  

5.30%, 04/01/50 (Call 10/01/49)(a)

    9,526       8,520,012  

6.20%, 01/15/38(a)

    19,004       19,477,912  
   

 

 

 
      461,218,772  
Water — 0.1%            

American Water Capital Corp.

   

3.75%, 09/01/47 (Call 03/01/47)

    7,928       5,428,994  

4.45%, 06/01/32 (Call 03/01/32)(a)

    11,304       10,172,447  

6.59%, 10/15/37

    8,862       9,162,646  
   

 

 

 
      24,764,087  
   

 

 

 

Total Long-Term Investments — 98.0%
(Cost: $34,016,919,850)

 

        27,376,159,129  
   

 

 

 
     Shares         

Short-Term Securities

   

Money Market Funds — 7.5%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)

    1,976,919,764       1,977,710,532  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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 (unaudited) (continued)

October 31, 2023

  

iShares® iBoxx $ Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

 

 

Money Market Funds (continued)

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(d)(e)

    122,550,000     $ 122,550,000  
   

 

 

 

Total Short-Term Securities — 7.5%
(Cost: $2,099,056,322)

 

    2,100,260,532  
   

 

 

 

Total Investments — 105.5%
(Cost: $36,115,976,172)

 

    29,476,419,661  

Liabilities in Excess of Other Assets — (5.5)%

 

    (1,537,254,934
   

 

 

 

Net Assets — 100.0%

    $  27,939,164,727  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

 
(b) 

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.

 
(c) 

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.

 
(d) 

Affiliate of the Fund.

 
(e) 

Annualized 7-day yield as of period end.

 
(f) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

    

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                           

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Assets

                 

Investments

                 

Long-Term Investments

                 

Corporate Bonds & Notes

   $        $ 27,376,159,129        $        $ 27,376,159,129  

Short-Term Securities

                 

Money Market Funds

     2,100,260,532                            2,100,260,532  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $  2,100,260,532        $ 27,376,159,129        $        $ 29,476,419,661  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

 

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

      


Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2023

 

   

iShares

10+ Year
Investment

Grade

Corporate

Bond ETF

   

iShares

Core

U.S. Aggregate
Bond ETF

   

iShares

iBoxx $ High

Yield Corporate
Bond ETF

   

iShares

iBoxx $

Investment

Grade

Corporate

Bond ETF

 

 

 

ASSETS

       

Investments, at value — unaffiliated(a)(b)

  $ 1,662,045,362     $ 88,080,014,391     $ 10,846,472,746     $ 27,376,159,129  

Investments, at value — affiliated(c)

    188,046,613       2,919,618,996       2,090,561,348       2,100,260,532  

Cash pledged as collateral for TBA commitments

          19,247,000              

Foreign currency, at value(d)

          69       32,810        

Receivables:

       

Investments sold

    1,751,031       608,430,050       3,539,078       246,371,123  

Securities lending income — affiliated

    67,175       422,478       1,254,180       665,820  

TBA sales commitments

          116,952,500              

Capital shares sold

    26,255       7,344,841       302,123       5,885,464  

Dividends — unaffiliated

          13,241,025              

Dividends — affiliated

    23,143       452       248,311       693,176  

Interest — unaffiliated

    25,407,153       657,282,643       190,353,153       343,014,316  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    1,877,366,732       92,422,554,445       13,132,763,749       30,073,049,560  
 

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES

       

Bank overdraft

    40,375       1,248,655       892,495       332,293  

Cash received as collateral for TBA commitments

          290,000              

Collateral on securities loaned, at value

    183,243,600       420,082,626       2,024,771,709       1,976,400,725  

TBA sales commitments, at value(e)

          116,245,555              

Payables:

       

Investments purchased

    2,081,757       2,883,157,784       37,725,332       152,820,411  

Capital shares redeemed

    10,782       70,281       2,498,852       979,335  

Investment advisory fees

    58,489       2,062,735       5,077,355       3,352,069  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    185,435,003       3,423,157,636       2,070,965,743       2,133,884,833  
 

 

 

   

 

 

   

 

 

   

 

 

 

Commitments and contingent liabilities

       

NET ASSETS

  $ 1,691,931,729     $ 88,999,396,809     $ 11,061,798,006     $ 27,939,164,727  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS CONSIST OF

       

Paid-in capital

  $ 2,398,117,921     $ 105,505,414,439     $ 15,002,457,696     $ 37,029,938,431  

Accumulated loss

    (706,186,192     (16,506,017,630     (3,940,659,690     (9,090,773,704
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

  $ 1,691,931,729     $ 88,999,396,809     $ 11,061,798,006     $ 27,939,164,727  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETVALUE

       

Shares outstanding

    37,600,000       964,100,000       152,700,000       281,700,000  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value

  $ 45.00     $ 92.31     $ 72.44     $ 99.18  
 

 

 

   

 

 

   

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited       Unlimited       Unlimited  
 

 

 

   

 

 

   

 

 

   

 

 

 

Par value

    None       None       None       None  
 

 

 

   

 

 

   

 

 

   

 

 

 

(a) Investments, at cost — unaffiliated

  $ 2,277,518,824     $ 103,181,633,815     $ 12,644,047,990     $ 34,016,919,850  

(b) Securities loaned, at value

  $ 175,778,485     $ 402,369,571     $ 1,947,241,666     $ 1,902,717,417  

(c)  Investments, at cost — affiliated

  $ 187,963,288     $ 2,918,265,568     $ 2,089,313,135     $ 2,099,056,322  

(d) Foreign currency, at cost

  $     $ 71     $ 32,590     $  

(e) Proceeds from TBA sales commitments

  $     $ 116,952,500     $     $  

 

 

      

2 0 2 3   I S H A R E S   S E M I - 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


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
JSC    Joint Stock Company
LIBOR    London Interbank Offered Rate
NPFGC    National Public Finance Guarantee Corp.
PIK    Payment-in-kind
PJSC    Public Joint Stock Company
PSF    Permanent School Fund
RB    Revenue Bond
REIT    Real Estate Investment Trust
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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This report is intended for the Funds’ 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 BlackRock Index Services, LLC, 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-1010-1023

 

 

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