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OCTOBER 31, 2023 |
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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
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.
Rob Kapito
President, BlackRock, Inc.
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. |
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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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 |
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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 $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was May 8, 2018. The first day of secondary market trading was May 10, 2018.
Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Inflation Hedge Corporate Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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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 $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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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 $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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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 $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was May 27, 2014. The first day of secondary market trading was May 28, 2014.
Index performance through November 30, 2021 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Corporate Bond Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/23) |
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Ending Account Value (10/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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 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)
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 |
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 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)
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 |
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 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)
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 |
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 |
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.
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 |
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 |
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% |
|
21,180,288 | ||||||
|
|
|||||||
Total
Investments in Securities — 140.5% |
|
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 |
Termination |
|
Notional Amount |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
| |||||||||||||||||||||||||||||
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 |
|
Notional Amount |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
|||||||||||||||||||||||||
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 |
|
Notional Amount |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
|||||||||||||||||||||||||
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 |
|
Notional Amount |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
|||||||||||||||||||||||||
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 |
|
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% |
|
1,184,769 | ||||||
|
|
|||||||
Total
Investments in Securities — 143.1% |
|
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 |
Termination |
|
Notional Amount |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
||||||||||||||||||||||||||
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 |
Unrealized Appreciation |
|||||||||||||||||||||||||||
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 |
Unrealized Appreciation |
||||||||||||||||||||||||||
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 |
Unrealized Appreciation |
||||||||||||||||||||||||||||||
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 Subject to |
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 |
|
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% |
|
80,000 | ||||||
|
|
|||||||
Total
Investments in Securities — 97.1% |
|
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 |
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 |
Unrealized Appreciation |
|||||||||||||||||||||||||||
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 |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
|||||||||||||||||||||||||||||
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 |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
| ||||||||||||||||||||||||||||||||||
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 |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
||||||||||||||||||||||||||||||
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 |
Value |
Upfront Premium Paid |
Unrealized Appreciation |
||||||||||||||||||||||||||||||
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 |
|
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% |
|
123,036,134 | ||||||
|
|
|||||||
Total
Investments in Securities — 141.3% |
|
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 |
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% |
|
79,120,322 | ||||||
|
|
|||||||
Total
Investments in Securities — 142.8% |
|
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 |
$ | — | $ | — | $ | — | $ | — | $ | 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 |
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% |
|
19,177,406 | ||||||
|
|
|||||||
Total
Investments in Securities — 118.9% |
|
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 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 |
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% |
180,000 | |||||||
|
|
|||||||
Total
Investments in Securities — 96.1% |
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 (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 |
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 |
(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 |
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 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 |
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 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 |
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
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 |
65 |
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.
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 |
67 |
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%.
68 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 |
69 |
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 | ||||||||
|
|
|
|
70 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 |
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 |
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 |
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 |
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
76 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
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.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
77 |
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
78 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract (continued)
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.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
79 |
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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Board Review and Approval of Investment Advisory Contract (continued)
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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Board Review and Approval of Investment Advisory Contract (continued)
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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Board Review and Approval of Investment Advisory Contract (continued)
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.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
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). |
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 |
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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 |
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 |
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 |
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), |
$ | 1,507 | $ | 864,432 | ||||
3.31%, 04/22/42
(Call 04/22/41), |
2,514 | 1,669,252 | ||||||
3.95%, 01/23/49
(Call 01/23/48), |
1,047 | 729,350 | ||||||
4.08%, 04/23/40
(Call 04/23/39), |
1,182 | 891,066 | ||||||
4.08%, 03/20/51
(Call 03/20/50), |
4,209 | 2,950,919 | ||||||
4.24%, 04/24/38
(Call 04/24/37), |
1,103 | 870,458 | ||||||
4.33%, 03/15/50
(Call 03/15/49), |
1,923 | 1,411,791 | ||||||
4.44%, 01/20/48
(Call 01/20/47), |
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), |
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), |
707 | 433,792 | ||||||
3.81%, 03/10/42
(Call 03/10/41), |
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), |
254 | 148,455 | ||||||
Citigroup Inc. |
||||||||
2.90%, 11/03/42
(Call 11/03/41), |
1,178 | 723,839 | ||||||
3.88%, 01/24/39
(Call 01/24/38), |
260 | 194,574 | ||||||
4.28%, 04/24/48
(Call 04/24/47), |
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), |
1,134 | 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), |
1,301 | 801,501 | ||||||
3.21%, 04/22/42
(Call 04/22/41), |
1,828 | 1,186,346 | ||||||
3.44%, 02/24/43
(Call 02/24/42), |
1,631 | 1,077,419 | ||||||
4.02%, 10/31/38
(Call 10/31/37), |
1,790 | 1,355,203 | ||||||
4.41%, 04/23/39
(Call 04/23/38), |
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), |
1,618 | 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), |
1,406 | 1,219,158 | ||||||
JPMorgan Chase & Co. |
||||||||
2.53%, 11/19/41
(Call 11/19/40), |
1,359 | 812,088 | ||||||
3.11%, 04/22/41
(Call 04/22/40), |
1,276 | 845,762 | ||||||
3.11%, 04/22/51
(Call 04/22/50), |
1,983 | 1,168,045 | ||||||
3.16%, 04/22/42
(Call 04/22/41), |
1,595 | 1,050,713 | ||||||
3.33%, 04/22/52
(Call 04/22/51), |
2,875 | 1,762,708 | ||||||
3.88%, 07/24/38
(Call 07/24/37), |
1,411 | 1,079,599 | ||||||
3.90%, 01/23/49
(Call 01/23/48), |
1,481 | 1,024,253 | ||||||
3.96%, 11/15/48
(Call 11/15/47), |
2,484 | 1,736,470 | ||||||
4.03%, 07/24/48
(Call 07/24/47), |
1,327 | 939,450 | ||||||
4.26%, 02/22/48
(Call 02/22/47), |
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), |
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), |
1,799 | 991,908 | ||||||
3.22%, 04/22/42
(Call 04/22/41), |
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), |
534 | 428,185 | ||||||
5.60%, 03/24/51
(Call 03/24/50), |
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, |
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), |
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), |
1,132 | 700,983 | ||||||
4.88%, 05/15/45 |
2,295 | 1,828,662 | ||||||
6.30%, 09/22/34
(Call 09/22/33), |
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), |
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), |
$ | 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), |
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 |
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, |
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), |
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, |
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 |
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 |
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., |
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 |
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 + |
190 | 171,889 | ||||||
Farmers
Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3-mo.
LIBOR US + |
358 | 295,620 | ||||||
Farmers
Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3-mo.
LIBOR US + |
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 + |
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, |
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), |
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 |
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 |
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, |
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., |
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 |
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 |
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 |
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% |
|
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% |
|
231,769 | ||||||
|
|
|||||||
Total
Long-Term Investments — 98.2% |
|
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% |
|
188,046,613 | ||||||
|
|
|||||||
Total
Investments — 109.3% |
|
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% |
|
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), |
4,080 | 4,019,114 | ||||||
6.14%, 09/14/28
(Call 09/14/27), |
600 | 585,311 | ||||||
Banco Santander SA |
||||||||
1.72%, 09/14/27
(Call 09/14/26), |
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), |
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), |
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), |
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), |
10,043 | 9,072,777 | ||||||
1.32%, 06/19/26
(Call 06/19/25), |
12,078 | 11,103,042 | ||||||
1.53%, 12/06/25
(Call 12/06/24), |
7,589 | 7,167,423 | ||||||
1.73%, 07/22/27
(Call 07/22/26), |
18,813 | 16,596,929 | ||||||
1.90%, 07/23/31
(Call 07/23/30), |
6,075 | 4,518,491 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
1.92%, 10/24/31
(Call 10/24/30), |
$ | 11,551 | $ | 8,519,445 | ||||
2.02%, 02/13/26
(Call 02/13/25), |
5,929 | 5,590,537 | ||||||
2.09%, 06/14/29
(Call 06/14/28), |
8,900 | 7,339,749 | ||||||
2.30%, 07/21/32
(Call 07/21/31), |
10,895 | 8,040,983 | ||||||
2.48%, 09/21/36
(Call 09/21/31), |
12,105 | 8,628,970 | ||||||
2.50%, 02/13/31
(Call 02/13/30), |
14,360 | 11,324,971 | ||||||
2.55%, 02/04/28
(Call 02/04/27), |
10,055 | 8,886,811 | ||||||
2.57%, 10/20/32
(Call 10/20/31), |
10,665 | 7,994,311 | ||||||
2.59%, 04/29/31
(Call 04/29/30), |
13,014 | 10,263,224 | ||||||
2.68%, 06/19/41
(Call 06/19/40), |
18,942 | 11,535,649 | ||||||
2.69%, 04/22/32
(Call 04/22/31), |
15,244 | 11,690,574 | ||||||
2.83%, 10/24/51
(Call 10/24/50), |
3,784 | 2,091,055 | ||||||
2.88%, 10/22/30
(Call 10/22/29), |
8,128 | 6,646,921 | ||||||
2.97%, 02/04/33
(Call 02/04/32), |
15,675 | 12,007,706 | ||||||
2.97%, 07/21/52
(Call 07/21/51), |
7,805 | 4,480,680 | ||||||
3.19%, 07/23/30
(Call 07/23/29), |
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), |
12,610 | 8,365,491 | ||||||
3.37%, 01/23/26
(Call 01/23/25), |
7,124 | 6,845,503 | ||||||
3.38%, 04/02/26
(Call 04/02/25), |
8,094 | 7,752,971 | ||||||
3.42%, 12/20/28
(Call 12/20/27), |
19,242 | 17,127,384 | ||||||
3.50%, 04/19/26 |
10,611 | 10,011,265 | ||||||
3.56%, 04/23/27
(Call 04/23/26), |
9,017 | 8,419,651 | ||||||
3.59%, 07/21/28
(Call 07/21/27), |
9,016 | 8,159,078 | ||||||
3.71%, 04/24/28
(Call 04/24/27), |
8,929 | 8,153,244 | ||||||
3.82%, 01/20/28
(Call 01/20/27), |
11,128 | 10,265,353 | ||||||
3.85%, 03/08/37
(Call 03/08/32), |
2,665 | 2,109,287 | ||||||
3.88%, 08/01/25 |
2,488 | 2,408,534 | ||||||
3.95%, 01/23/49
(Call 01/23/48), |
4,660 | 3,244,548 | ||||||
3.97%, 03/05/29
(Call 03/05/28), |
10,215 | 9,240,346 | ||||||
3.97%, 02/07/30
(Call 02/07/29), |
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), |
$ | 6,059 | $ | 4,561,873 | ||||
4.08%, 03/20/51
(Call 03/20/50), |
18,878 | 13,242,618 | ||||||
4.24%, 04/24/38
(Call 04/24/37), |
7,418 | 5,852,929 | ||||||
4.25%, 10/22/26 |
9,878 | 9,328,217 | ||||||
4.27%, 07/23/29
(Call 07/23/28), |
12,644 | 11,496,571 | ||||||
4.33%, 03/15/50
(Call 03/15/49), |
10,501 | 7,721,969 | ||||||
4.38%, 04/27/28
(Call 04/27/27), |
5,796 | 5,407,260 | ||||||
4.44%, 01/20/48
(Call 01/20/47), |
7,686 | 5,804,172 | ||||||
4.45%, 03/03/26 |
8,466 | 8,108,065 | ||||||
4.57%, 04/27/33
(Call 04/27/32), |
12,870 | 11,101,330 | ||||||
4.83%, 07/22/26
(Call 07/22/25), |
9,875 | 9,617,689 | ||||||
4.88%, 04/01/44 |
1,908 | 1,569,464 | ||||||
4.95%, 07/22/28
(Call 07/22/27), |
10,280 | 9,770,715 | ||||||
5.00%, 01/21/44 |
7,310 | 6,132,826 | ||||||
5.02%, 07/22/33
(Call 07/22/32), |
16,140 | 14,422,968 | ||||||
5.08%, 01/20/27
(Call 01/20/26), |
11,010 | 10,716,339 | ||||||
5.20%, 04/25/29
(Call 04/25/28), |
11,670 | 11,093,583 | ||||||
5.29%, 04/25/34
(Call 04/25/33), |
17,885 | 16,160,185 | ||||||
5.82%, 09/15/29
(Call 09/15/28), |
5,700 | 5,549,900 | ||||||
5.87%, 09/15/34
(Call 09/15/33), |
7,300 | 6,877,069 | ||||||
5.88%, 02/07/42 |
6,287 | 5,885,969 | ||||||
5.93%, 09/15/27
(Call 09/15/26), |
6,480 | 6,413,019 | ||||||
6.11%, 01/29/37 |
8,337 | 7,922,688 | ||||||
6.20%, 11/10/28
(Call 11/10/27), |
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), |
11,410 | 10,203,862 | ||||||
Series N,
2.65%, 03/11/32 (Call 03/11/31), |
10,815 | 8,288,837 | ||||||
Series N,
3.48%, 03/13/52 (Call 03/13/51), |
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), |
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), |
3,090 | 2,237,109 | ||||||
3.70%, 06/07/25 |
1,840 | 1,773,721 | ||||||
3.80%, 12/15/32
(Call 12/15/27), |
5,101 | 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), |
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), |
2,632 | 2,449,686 | ||||||
4.29%, 06/13/33
(Call 06/13/32), |
2,057 | 1,769,134 | ||||||
4.41%, 07/24/26
(Call 07/24/25), |
2,523 | 2,449,991 | ||||||
4.54%, 02/01/29
(Call 02/01/28), |
3,415 | 3,203,738 | ||||||
4.60%, 07/26/30
(Call 07/26/29), |
2,145 | 1,977,736 | ||||||
4.71%, 02/01/34
(Call 02/01/33), |
3,070 | 2,695,745 | ||||||
4.95%, 04/26/27
(Call 04/26/26), |
4,015 | 3,901,779 | ||||||
4.97%, 04/26/34
(Call 04/26/33), |
3,795 | 3,405,657 | ||||||
5.15%, 05/22/26
(Call 05/22/25), |
1,415 | 1,396,100 | ||||||
5.22%, 11/21/25
(Call 11/21/24), |
3,040 | 3,015,520 | ||||||
5.80%, 10/25/28
(Call 10/25/27), |
2,285 | 2,255,583 | ||||||
5.83%, 10/25/33
(Call 10/25/32), |
5,805 | 5,561,986 | ||||||
6.32%, 10/25/29
(Call 10/25/28), |
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), |
$ | 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), |
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), |
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), |
7,311 | 6,398,555 | ||||||
2.65%, 06/24/31
(Call 06/24/30), |
3,709 | 2,815,291 | ||||||
2.67%, 03/10/32
(Call 03/10/31), |
2,115 | 1,559,195 | ||||||
2.85%, 05/07/26
(Call 05/07/25), |
5,173 | 4,879,506 | ||||||
2.89%, 11/24/32
(Call 11/24/31), |
5,318 | 3,882,730 | ||||||
3.33%, 11/24/42
(Call 11/24/41), |
4,610 | 2,825,564 | ||||||
3.56%, 09/23/35
(Call 09/23/30), |
3,875 | 2,922,412 | ||||||
3.65%, 03/16/25 |
8,723 | 8,391,425 | ||||||
3.81%, 03/10/42
(Call 03/10/41), |
1,753 | 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), |
7,045 | 6,480,639 | ||||||
5.09%, 06/20/30
(Call 06/20/29), |
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), |
4,995 | 4,872,451 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
5.50%, 08/09/28
(Call 08/09/27), |
$ | 6,250 | $ | 5,927,600 | ||||
5.75%, 08/09/33
(Call 08/09/32), |
2,820 | 2,528,866 | ||||||
5.83%, 05/09/27
(Call 05/09/26), |
5,970 | 5,827,963 | ||||||
6.22%, 05/09/34
(Call 05/09/33), |
6,225 | 5,702,321 | ||||||
6.49%, 09/13/29
(Call 09/13/28), |
2,775 | 2,706,551 | ||||||
6.50%, 09/13/27
(Call 09/13/26), |
1,115 | 1,104,341 | ||||||
6.69%, 09/13/34
(Call 09/13/33), |
2,205 | 2,085,702 | ||||||
7.12%, 06/27/34
(Call 06/27/33), |
5,960 | 5,547,223 | ||||||
7.33%, 11/02/26
(Call 11/02/25), |
2,584 | 2,613,500 | ||||||
7.39%, 11/02/28
(Call 11/02/27), |
2,726 | 2,755,187 | ||||||
7.44%, 11/02/33
(Call 11/02/32), |
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), |
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), |
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), |
10,028 | 8,913,795 | ||||||
1.28%, 11/03/25
(Call 11/03/24), |
1,800 | 1,703,349 | ||||||
1.46%, 06/09/27
(Call 06/09/26), |
11,143 | 9,805,896 | ||||||
2.01%, 01/25/26
(Call 01/25/25), |
4,650 | 4,390,251 | ||||||
2.52%, 11/03/32
(Call 11/03/31), |
3,105 | 2,309,787 | ||||||
2.56%, 05/01/32
(Call 05/01/31), |
10,945 | 8,309,225 | ||||||
2.57%, 06/03/31
(Call 06/03/30), |
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), |
$ | 9,067 | $ | 7,228,046 | ||||
2.90%, 11/03/42
(Call 11/03/41), |
3,420 | 2,096,616 | ||||||
2.98%, 11/05/30
(Call 11/05/29), |
6,387 | 5,240,104 | ||||||
3.06%, 01/25/33
(Call 01/25/32), |
10,100 | 7,778,205 | ||||||
3.07%, 02/24/28
(Call 02/24/27), |
6,825 | 6,144,017 | ||||||
3.11%, 04/08/26
(Call 04/08/25), |
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), |
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), |
8,863 | 7,964,918 | ||||||
3.67%, 07/24/28
(Call 07/24/27), |
9,525 | 8,634,783 | ||||||
3.70%, 01/12/26 |
9,007 | 8,570,217 | ||||||
3.79%, 03/17/33
(Call 03/17/32), |
8,560 | 6,954,496 | ||||||
3.88%, 03/26/25 |
5,813 | 5,606,313 | ||||||
3.88%, 01/24/39
(Call 01/24/38), |
3,986 | 2,992,125 | ||||||
3.89%, 01/10/28
(Call 01/10/27), |
10,752 | 9,969,159 | ||||||
3.98%, 03/20/30
(Call 03/20/29), |
9,559 | 8,449,802 | ||||||
4.08%, 04/23/29
(Call 04/23/28), |
7,916 | 7,195,483 | ||||||
4.13%, 07/25/28 |
8,189 | 7,345,190 | ||||||
4.28%, 04/24/48
(Call 04/24/47), |
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), |
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), |
4,310 | 4,080,727 | ||||||
4.75%, 05/18/46 |
8,488 | 6,329,100 | ||||||
4.91%, 05/24/33
(Call 05/24/32), |
3,710 | 3,285,812 | ||||||
5.30%, 05/06/44 |
4,455 | 3,628,029 | ||||||
5.32%, 03/26/41
(Call 03/26/40), |
4,897 | 4,228,134 | ||||||
5.50%, 09/13/25 |
7,268 | 7,166,765 | ||||||
5.61%, 09/29/26
(Call 09/29/25), |
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), |
4,740 | 4,420,617 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
6.27%, 11/17/33
(Call 11/17/32), |
$ | 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), |
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), |
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), |
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), |
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), |
7,339 | 6,620,777 | ||||||
2.31%, 11/16/27
(Call 11/16/26), |
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), |
$ | 5,230 | $ | 4,526,126 | ||||
3.04%, 05/28/32
(Call 05/28/31), |
2,214 | 1,648,015 | ||||||
3.55%, 09/18/31
(Call 09/18/30), |
8,177 | 6,416,276 | ||||||
3.73%, 01/14/32
(Call 10/14/30), |
1,720 | 1,247,761 | ||||||
3.74%, 01/07/33
(Call 10/07/31), |
4,885 | 3,425,403 | ||||||
3.96%, 11/26/25
(Call 11/26/24), |
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), |
3,270 | 2,749,178 | ||||||
5.37%, 09/09/27 |
1,419 | 1,373,137 | ||||||
5.88%, 07/08/31
(Call 04/08/30), |
370 | 316,338 | ||||||
6.12%, 07/14/26
(Call 07/14/25), |
2,955 | 2,908,679 | ||||||
6.72%, 01/18/29
(Call 01/18/28), |
3,805 | 3,731,445 | ||||||
7.08%, 02/10/34
(Call 11/10/32), |
2,545 | 2,238,181 | ||||||
7.15%, 07/13/27
(Call 07/13/26), |
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), |
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), |
2,443 | 2,207,823 | ||||||
4.34%, 04/25/33
(Call 04/25/32), |
886 | 721,977 | ||||||
4.77%, 07/28/30
(Call 07/28/29), |
3,255 | 2,883,679 | ||||||
6.34%, 07/27/29
(Call 07/27/28), |
420 | 406,883 | ||||||
6.36%, 10/27/28
(Call 10/27/27), |
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), |
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), |
4,466 | 4,142,184 | ||||||
1.09%, 12/09/26
(Call 12/09/25), |
3,992 | 3,562,134 | ||||||
1.43%, 03/09/27
(Call 03/09/26), |
11,835 | 10,506,392 | ||||||
1.54%, 09/10/27
(Call 09/10/26), |
14,923 | 12,974,742 | ||||||
1.95%, 10/21/27
(Call 10/21/26), |
15,275 | 13,395,310 | ||||||
1.99%, 01/27/32
(Call 01/27/31), |
10,485 | 7,696,502 | ||||||
2.38%, 07/21/32
(Call 07/21/31), |
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), |
14,490 | 11,039,493 | ||||||
2.64%, 02/24/28
(Call 02/24/27), |
10,040 | 8,894,694 | ||||||
2.65%, 10/21/32
(Call 10/21/31), |
11,025 | 8,291,283 | ||||||
2.91%, 07/21/42
(Call 07/21/41), |
7,755 | 4,780,119 | ||||||
3.10%, 02/24/33
(Call 02/24/32), |
13,360 | 10,380,607 | ||||||
3.21%, 04/22/42
(Call 04/22/41), |
10,473 | 6,807,831 | ||||||
3.44%, 02/24/43
(Call 02/24/42), |
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), |
5,235 | 4,791,047 | ||||||
3.69%, 06/05/28
(Call 06/05/27), |
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), |
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), |
8,651 | 6,551,086 | ||||||
4.22%, 05/01/29
(Call 05/01/28), |
10,666 | 9,728,234 | ||||||
4.25%, 10/21/25 |
7,829 | 7,507,679 | ||||||
4.39%, 06/15/27
(Call 06/15/26), |
3,386 | 3,233,699 | ||||||
4.41%, 04/23/39
(Call 04/23/38), |
5,063 | 4,010,124 | ||||||
4.48%, 08/23/28
(Call 08/23/27), |
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), |
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), |
5,240 | 5,236,984 | ||||||
6.56%, 10/24/34
(Call 10/24/33), |
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), |
5,815 | 5,121,384 | ||||||
1.65%, 04/18/26
(Call 04/18/25), |
9,268 | 8,620,325 | ||||||
2.01%, 09/22/28
(Call 09/22/27), |
2,550 | 2,141,176 | ||||||
2.10%, 06/04/26
(Call 06/04/25), |
5,865 | 5,462,124 | ||||||
2.21%, 08/17/29
(Call 08/17/28), |
3,670 | 2,982,320 | ||||||
2.25%, 11/22/27
(Call 11/22/26), |
8,190 | 7,180,309 | ||||||
2.36%, 08/18/31
(Call 08/18/30), |
6,268 | 4,721,173 | ||||||
2.63%, 11/07/25
(Call 11/07/24), |
9,733 | 9,332,062 | ||||||
2.80%, 05/24/32
(Call 05/24/31), |
10,220 | 7,686,199 | ||||||
2.85%, 06/04/31
(Call 06/04/30), |
4,058 | 3,185,338 | ||||||
2.87%, 11/22/32
(Call 11/22/31), |
7,385 | 5,508,197 | ||||||
3.00%, 03/10/26
(Call 03/10/25), |
5,365 | 5,115,139 | ||||||
3.90%, 05/25/26 |
10,624 | 10,027,875 | ||||||
3.97%, 05/22/30
(Call 05/22/29), |
12,145 | 10,490,917 | ||||||
4.04%, 03/13/28
(Call 03/13/27), |
10,161 | 9,333,624 | ||||||
4.18%, 12/09/25
(Call 12/09/24), |
4,180 | 4,069,368 | ||||||
4.25%, 08/18/25 |
7,176 | 6,877,675 | ||||||
4.29%, 09/12/26
(Call 09/12/25), |
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), |
16,547 | 15,077,817 | ||||||
4.76%, 06/09/28
(Call 06/09/27), |
11,430 | 10,700,687 | ||||||
4.76%, 03/29/33
(Call 03/29/32), |
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), |
$ | 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), |
8,075 | 7,250,163 | ||||||
5.89%, 08/14/27
(Call 08/14/26), |
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), |
6,100 | 5,971,464 | ||||||
6.25%, 03/09/34
(Call 03/09/33), |
10,090 | 9,573,708 | ||||||
6.33%, 03/09/44
(Call 03/09/43), |
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), |
4,325 | 4,032,657 | ||||||
6.80%, 06/01/38 |
6,442 | 6,001,194 | ||||||
7.34%, 11/03/26
(Call 11/03/25), |
8,225 | 8,366,951 | ||||||
7.39%, 11/03/28
(Call 11/03/27), |
8,630 | 8,852,736 | ||||||
8.11%, 11/03/33
(Call 11/03/32), |
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), |
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), |
2,360 | 2,154,824 | ||||||
5.02%, 05/17/33
(Call 05/17/32), |
1,439 | 1,232,809 | ||||||
6.21%, 08/21/29
(Call 08/21/28), |
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), |
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), |
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), |
4,166 | 3,719,951 | ||||||
2.73%, 04/01/32
(Call 04/01/31), |
2,648 | 2,025,620 | ||||||
3.87%, 03/28/26
(Call 03/28/25), |
1,015 | 978,239 | ||||||
3.95%, 03/29/27 |
6,580 | 6,090,102 | ||||||
4.02%, 03/28/28
(Call 03/28/27), |
2,478 | 2,280,497 | ||||||
4.05%, 04/09/29 |
4,700 | 4,200,288 | ||||||
4.25%, 03/28/33
(Call 03/28/32), |
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), |
$ | 1,735 | $ | 1,718,999 | ||||
6.11%, 09/11/34
(Call 09/11/33), |
980 | 917,838 | ||||||
JPMorgan Chase & Co. |
||||||||
1.04%, 02/04/27
(Call 02/04/26), |
4,611 | 4,098,104 | ||||||
1.05%, 11/19/26
(Call 11/19/25), |
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), |
8,503 | 7,405,212 | ||||||
1.56%, 12/10/25
(Call 12/10/24), |
11,390 | 10,781,901 | ||||||
1.58%, 04/22/27
(Call 04/22/26), |
6,961 | 6,207,703 | ||||||
1.76%, 11/19/31
(Call 11/19/30), |
2,800 | 2,068,901 | ||||||
1.95%, 02/04/32
(Call 02/04/31), |
6,170 | 4,583,127 | ||||||
2.01%, 03/13/26
(Call 03/13/25), |
9,795 | 9,240,466 | ||||||
2.07%, 06/01/29
(Call 06/01/28), |
9,151 | 7,603,207 | ||||||
2.08%, 04/22/26
(Call 04/22/25), |
14,373 | 13,506,388 | ||||||
2.18%, 06/01/28
(Call 06/01/27), |
7,760 | 6,743,643 | ||||||
2.52%, 04/22/31
(Call 04/22/30), |
13,716 | 10,915,579 | ||||||
2.53%, 11/19/41
(Call 11/19/40), |
3,745 | 2,239,264 | ||||||
2.55%, 11/08/32
(Call 11/08/31), |
8,570 | 6,494,092 | ||||||
2.58%, 04/22/32
(Call 04/22/31), |
8,049 | 6,213,537 | ||||||
2.60%, 02/24/26
(Call 02/24/25), |
3,133 | 2,985,602 | ||||||
2.74%, 10/15/30
(Call 10/15/29), |
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), |
4,189 | 3,770,499 | ||||||
2.96%, 05/13/31
(Call 05/13/30), |
5,141 | 4,155,281 | ||||||
2.96%, 01/25/33
(Call 01/25/32), |
11,420 | 8,898,265 | ||||||
3.11%, 04/22/41
(Call 04/22/40), |
7,928 | 5,264,242 | ||||||
3.11%, 04/22/51
(Call 04/22/50), |
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), |
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), |
11,260 | 6,905,369 | ||||||
3.51%, 01/23/29
(Call 01/23/28), |
10,273 | 9,209,256 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.54%, 05/01/28
(Call 05/01/27), |
$ | 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), |
10,791 | 9,462,795 | ||||||
3.78%, 02/01/28
(Call 02/01/27), |
12,536 | 11,622,138 | ||||||
3.88%, 07/24/38
(Call 07/24/37), |
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), |
8,468 | 5,856,237 | ||||||
3.96%, 01/29/27
(Call 01/29/26), |
9,193 | 8,760,228 | ||||||
3.96%, 11/15/48
(Call 11/15/47), |
11,705 | 8,182,691 | ||||||
4.01%, 04/23/29
(Call 04/23/28), |
6,949 | 6,327,712 | ||||||
4.03%, 07/24/48
(Call 07/24/47), |
7,491 | 5,310,848 | ||||||
4.08%, 04/26/26
(Call 04/26/25), |
11,365 | 11,014,725 | ||||||
4.13%, 12/15/26 |
10,411 | 9,829,564 | ||||||
4.20%, 07/23/29
(Call 07/23/28), |
10,247 | 9,391,936 | ||||||
4.25%, 10/01/27 |
4,328 | 4,080,181 | ||||||
4.26%, 02/22/48
(Call 02/22/47), |
9,354 | 6,910,372 | ||||||
4.32%, 04/26/28
(Call 04/26/27), |
12,238 | 11,494,378 | ||||||
4.45%, 12/05/29
(Call 12/05/28), |
10,396 | 9,559,007 | ||||||
4.49%, 03/24/31
(Call 03/24/30), |
12,370 | 11,157,288 | ||||||
4.57%, 06/14/30
(Call 06/14/29), |
9,051 | 8,309,165 | ||||||
4.59%, 04/26/33
(Call 04/26/32), |
8,180 | 7,190,142 | ||||||
4.85%, 07/25/28
(Call 07/25/27), |
7,720 | 7,375,177 | ||||||
4.85%, 02/01/44 |
5,589 | 4,659,662 | ||||||
4.91%, 07/25/33
(Call 07/25/32), |
17,020 | 15,298,737 | ||||||
4.95%, 06/01/45 |
5,231 | 4,303,244 | ||||||
5.30%, 07/24/29
(Call 07/24/28), |
10,900 | 10,492,269 | ||||||
5.35%, 06/01/34
(Call 06/01/33), |
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), |
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), |
14,220 | 13,338,490 | ||||||
6.07%, 10/22/27
(Call 10/22/26), |
7,175 | 7,165,663 | ||||||
6.09%, 10/23/29
(Call 10/23/28), |
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), |
$ | 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), |
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), |
2,750 | 2,435,160 | ||||||
2.44%, 02/05/26
(Call 02/05/25), |
4,602 | 4,362,811 | ||||||
3.37%, 12/14/46
(Call 09/14/41), |
3,587 | 2,090,429 | ||||||
3.51%, 03/18/26
(Call 03/18/25), |
5,050 | 4,841,283 | ||||||
3.57%, 11/07/28
(Call 11/07/27), |
5,637 | 5,003,948 | ||||||
3.75%, 01/11/27 |
6,404 | 5,888,370 | ||||||
3.75%, 03/18/28
(Call 03/18/27), |
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), |
3,308 | 3,206,052 | ||||||
4.98%, 08/11/33
(Call 08/11/32), |
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), |
2,285 | 2,209,829 | ||||||
5.99%, 08/07/27
(Call 08/07/26), |
6,840 | 6,738,211 | ||||||
7.95%, 11/15/33
(Call 08/15/32), |
4,270 | 4,328,254 | ||||||
M&T Bank Corp. |
||||||||
4.55%, 08/16/28
(Call 08/16/27), |
2,145 | 1,951,437 | ||||||
5.05%, 01/27/34
(Call 01/27/33), |
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), |
3,945 | 3,481,328 | ||||||
1.64%, 10/13/27
(Call 10/13/26), |
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), |
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), |
$ | 6,040 | $ | 5,341,459 | ||||
2.49%, 10/13/32
(Call 10/13/31), |
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), |
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), |
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), |
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), |
2,755 | 2,385,635 | ||||||
5.02%, 07/20/28
(Call 07/20/27), |
5,515 | 5,284,330 | ||||||
5.13%, 07/20/33
(Call 07/20/32), |
5,825 | 5,320,802 | ||||||
5.24%, 04/19/29
(Call 04/19/28), |
2,275 | 2,186,101 | ||||||
5.35%, 09/13/28
(Call 09/13/27), |
4,040 | 3,909,335 | ||||||
5.41%, 04/19/34
(Call 04/19/33), |
2,935 | 2,726,159 | ||||||
5.42%, 02/22/29
(Call 02/22/28), |
3,935 | 3,808,698 | ||||||
5.44%, 02/22/34
(Call 02/22/33), |
2,660 | 2,476,239 | ||||||
5.47%, 09/13/33
(Call 09/13/32), |
3,120 | 2,914,487 | ||||||
5.48%, 02/22/31
(Call 02/22/30), |
3,390 | 3,223,459 | ||||||
5.54%, 04/17/26
(Call 04/17/25), |
1,695 | 1,677,764 | ||||||
5.72%, 02/20/26
(Call 02/20/25), |
5,375 | 5,340,817 | ||||||
Mizuho Financial Group Inc. |
||||||||
1.23%, 05/22/27
(Call 05/22/26), |
3,718 | 3,277,640 | ||||||
1.55%, 07/09/27
(Call 07/09/26), |
3,543 | 3,127,460 | ||||||
1.98%, 09/08/31
(Call 09/08/30), |
2,610 | 1,937,540 | ||||||
2.17%, 05/22/32
(Call 05/22/31), |
2,113 | 1,549,802 | ||||||
2.20%, 07/10/31
(Call 07/10/30), |
3,995 | 3,034,665 | ||||||
2.23%, 05/25/26
(Call 05/25/25), |
3,044 | 2,856,086 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
2.26%, 07/09/32
(Call 07/09/31), |
$ | 2,390 | $ | 1,757,618 | ||||
2.56%, 09/13/31 |
3,730 | 2,743,753 | ||||||
2.59%, 05/25/31
(Call 05/25/30), |
2,058 | 1,613,788 | ||||||
2.65%, 05/22/26
(Call 05/22/25), |
5,120 | 4,833,785 | ||||||
2.84%, 09/13/26 |
2,637 | 2,412,309 | ||||||
2.87%, 09/13/30
(Call 09/13/29), |
2,225 | 1,829,738 | ||||||
3.15%, 07/16/30
(Call 07/16/29), |
3,043 | 2,555,163 | ||||||
3.17%, 09/11/27 |
4,518 | 4,054,969 | ||||||
3.26%, 05/22/30
(Call 05/22/29), |
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), |
3,980 | 3,620,714 | ||||||
5.41%, 09/13/28
(Call 09/13/27), |
2,730 | 2,645,839 | ||||||
5.67%, 05/27/29
(Call 05/27/28), |
2,930 | 2,849,560 | ||||||
5.67%, 09/13/33
(Call 09/13/32), |
2,805 | 2,614,293 | ||||||
5.74%, 05/27/31
(Call 05/27/30), |
2,760 | 2,628,399 | ||||||
5.75%, 05/27/34
(Call 05/27/33), |
3,240 | 3,027,181 | ||||||
5.75%, 07/06/34
(Call 07/06/33), |
4,185 | 3,890,350 | ||||||
5.78%, 07/06/29
(Call 07/06/28), |
4,920 | 4,804,567 | ||||||
Morgan Stanley |
||||||||
0.99%, 12/10/26
(Call 12/10/25), |
10,889 | 9,689,050 | ||||||
1.51%, 07/20/27
(Call 07/20/26), |
10,894 | 9,562,452 | ||||||
1.59%, 05/04/27
(Call 05/04/26), |
5,158 | 4,580,852 | ||||||
1.79%, 02/13/32
(Call 02/13/31), |
7,475 | 5,408,804 | ||||||
1.93%, 04/28/32
(Call 04/28/31), |
14,145 | 10,253,879 | ||||||
2.19%, 04/28/26
(Call 04/28/25), |
12,599 | 11,849,610 | ||||||
2.24%, 07/21/32
(Call 07/21/31), |
9,967 | 7,354,069 | ||||||
2.48%, 01/21/28
(Call 01/21/27), |
9,240 | 8,187,861 | ||||||
2.48%, 09/16/36
(Call 09/16/31), |
14,073 | 9,977,372 | ||||||
2.51%, 10/20/32
(Call 10/20/31), |
10,028 | 7,500,852 | ||||||
2.63%, 02/18/26
(Call 02/18/25), |
8,766 | 8,346,176 | ||||||
2.70%, 01/22/31
(Call 01/22/30), |
14,177 | 11,396,527 | ||||||
2.80%, 01/25/52
(Call 01/25/51), |
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), |
$ | 7,023 | $ | 5,388,059 | ||||
3.13%, 07/27/26 |
11,632 | 10,763,106 | ||||||
3.22%, 04/22/42
(Call 04/22/41), |
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), |
5,424 | 4,594,287 | ||||||
3.63%, 01/20/27 |
11,085 | 10,296,649 | ||||||
3.77%, 01/24/29
(Call 01/24/28), |
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), |
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), |
11,293 | 10,280,749 | ||||||
4.46%, 04/22/39
(Call 04/22/38), |
5,642 | 4,518,021 | ||||||
4.68%, 07/17/26
(Call 07/17/25), |
7,285 | 7,077,430 | ||||||
4.89%, 07/20/33
(Call 07/20/32), |
7,095 | 6,280,436 | ||||||
5.00%, 11/24/25 |
9,161 | 8,950,914 | ||||||
5.05%, 01/28/27
(Call 01/28/26), |
4,150 | 4,050,921 | ||||||
5.12%, 02/01/29
(Call 02/01/28), |
6,225 | 5,928,510 | ||||||
5.16%, 04/20/29
(Call 04/20/28), |
10,570 | 10,049,141 | ||||||
5.25%, 04/21/34
(Call 04/21/33), |
10,570 | 9,523,003 | ||||||
5.30%, 04/20/37
(Call 04/20/32), |
5,430 | 4,715,010 | ||||||
5.42%, 07/21/34
(Call 07/21/33), |
3,905 | 3,563,898 | ||||||
5.45%, 07/20/29
(Call 07/20/28), |
3,720 | 3,576,653 | ||||||
5.60%, 03/24/51
(Call 03/24/50), |
7,795 | 6,966,453 | ||||||
5.95%, 01/19/38
(Call 01/19/33), |
5,290 | 4,813,322 | ||||||
6.14%, 10/16/26
(Call 10/16/25), |
800 | 797,904 | ||||||
6.25%, 08/09/26 |
5,671 | 5,677,343 | ||||||
6.30%, 10/18/28
(Call 10/18/27), |
6,033 | 6,023,044 | ||||||
6.34%, 10/18/33
(Call 10/18/32), |
12,255 | 12,013,560 | ||||||
6.38%, 07/24/42 |
8,198 | 8,118,978 | ||||||
6.41%, 11/01/29
(Call 11/01/28), |
2,740 | 2,737,932 | ||||||
6.63%, 11/01/34
(Call 11/01/33), |
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), |
5,180 | 4,554,768 | ||||||
3.03%, 11/28/35
(Call 08/28/30), |
5,103 | 3,741,122 | ||||||
3.07%, 05/22/28
(Call 05/22/27), |
3,782 | 3,345,612 | ||||||
3.75%, 11/01/29
(Call 11/01/24), |
2,937 | 2,803,987 | ||||||
4.45%, 05/08/30
(Call 05/08/29), |
2,574 | 2,281,668 | ||||||
4.80%, 04/05/26 |
6,403 | 6,167,424 | ||||||
4.89%, 05/18/29
(Call 05/18/28), |
6,525 | 6,035,286 | ||||||
5.08%, 01/27/30
(Call 01/27/29), |
8,045 | 7,384,161 | ||||||
5.52%, 09/30/28
(Call 09/30/27), |
3,050 | 2,916,162 | ||||||
5.81%, 09/13/29
(Call 09/13/28), |
3,590 | 3,438,803 | ||||||
5.85%, 03/02/27
(Call 03/02/26), |
2,145 | 2,108,571 | ||||||
6.02%, 03/02/34
(Call 03/02/33), |
1,480 | 1,377,593 | ||||||
7.47%, 11/10/26
(Call 11/10/25), |
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), |
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), |
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), |
1,042 | 868,663 | ||||||
4.76%, 01/26/27
(Call 01/26/26), |
5,065 | 4,872,760 | ||||||
5.07%, 01/24/34
(Call 01/24/33), |
7,425 | 6,528,412 | ||||||
5.35%, 12/02/28
(Call 12/02/27), |
3,830 | 3,660,685 | ||||||
5.58%, 06/12/29
(Call 06/12/28), |
3,610 | 3,456,047 | ||||||
5.81%, 06/12/26
(Call 06/12/25), |
3,190 | 3,147,755 | ||||||
5.94%, 08/18/34
(Call 08/18/33), |
4,165 | 3,880,106 | ||||||
6.04%, 10/28/33
(Call 10/28/32), |
4,160 | 3,917,029 | ||||||
6.62%, 10/20/27
(Call 10/20/26), |
3,650 | 3,659,317 | ||||||
6.88%, 10/20/34
(Call 10/20/33), |
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), |
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), |
2,015 | 1,969,893 | ||||||
6.50%, 03/09/29
(Call 03/09/28), |
3,255 | 3,148,046 | ||||||
6.57%, 06/12/29
(Call 06/12/28), |
1,395 | 1,345,804 | ||||||
Santander UK Group Holdings PLC |
||||||||
1.53%, 08/21/26
(Call 08/21/25), |
4,122 | 3,731,140 | ||||||
1.67%, 06/14/27
(Call 06/14/26), |
5,202 | 4,533,389 | ||||||
2.47%, 01/11/28
(Call 01/11/27), |
3,273 | 2,829,044 | ||||||
2.90%, 03/15/32
(Call 03/15/31), |
970 | 736,041 | ||||||
3.82%, 11/03/28
(Call 11/03/27), |
4,651 | 4,093,270 | ||||||
6.53%, 01/10/29
(Call 01/10/28), |
3,630 | 3,550,802 | ||||||
6.83%, 11/21/26
(Call 11/21/25), |
2,190 | 2,187,101 | ||||||
State Street Corp. |
||||||||
1.68%, 11/18/27
(Call 11/18/26), |
1,130 | 1,002,211 | ||||||
1.75%, 02/06/26
(Call 02/06/25), |
1,725 | 1,629,862 | ||||||
2.20%, 02/07/28
(Call 02/07/27), |
1,845 | 1,630,227 | ||||||
2.20%, 03/03/31 |
2,880 | 2,155,318 | ||||||
2.35%, 11/01/25
(Call 11/01/24), |
3,734 | 3,585,393 | ||||||
2.40%, 01/24/30 |
3,288 | 2,678,902 | ||||||
2.62%, 02/07/33
(Call 02/07/32), |
2,975 | 2,254,061 | ||||||
2.65%, 05/19/26 |
3,551 | 3,303,772 | ||||||
2.90%, 03/30/26
(Call 03/30/25), |
2,419 | 2,306,466 | ||||||
3.03%, 11/01/34
(Call 11/01/29), |
2,455 | 2,029,363 | ||||||
3.15%, 03/30/31
(Call 03/30/30), |
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), |
1,748 | 1,614,429 | ||||||
4.16%, 08/04/33
(Call 08/04/32), |
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), |
$ | 1,835 | $ | 1,604,035 | ||||
4.82%, 01/26/34
(Call 01/26/33), |
2,125 | 1,881,495 | ||||||
4.86%, 01/26/26
(Call 01/26/25), |
1,245 | 1,223,623 | ||||||
5.10%, 05/18/26
(Call 05/18/25), |
1,745 | 1,719,488 | ||||||
5.16%, 05/18/34
(Call 05/18/33), |
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), |
1,955 | 1,942,791 | ||||||
5.82%, 11/04/28
(Call 11/04/27), |
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), |
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), |
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), |
3,166 | 2,770,626 | ||||||
1.89%, 06/07/29
(Call 06/07/28), |
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), |
3,295 | 3,000,225 | ||||||
4.26%, 07/28/26
(Call 07/28/25), |
4,196 | 4,018,291 | ||||||
4.87%, 01/26/29
(Call 01/26/28), |
3,800 | 3,507,965 | ||||||
4.92%, 07/28/33
(Call 07/28/32), |
5,250 | 4,295,526 | ||||||
5.12%, 01/26/34
(Call 01/26/33), |
2,355 | 2,022,787 | ||||||
5.87%, 06/08/34
(Call 06/08/33), |
2,805 | 2,552,779 | ||||||
5.90%, 10/28/26
(Call 10/28/25), |
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), |
$ | 2,630 | $ | 2,574,412 | ||||
6.12%, 10/28/33
(Call 10/28/32), |
4,688 | 4,340,244 | ||||||
7.16%, 10/30/29
(Call 10/30/28), |
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), |
3,790 | 3,299,751 | ||||||
2.49%, 11/03/36
(Call 11/03/31), |
6,655 | 4,553,104 | ||||||
2.68%, 01/27/33
(Call 01/27/32), |
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), |
6,510 | 6,040,454 | ||||||
4.65%, 02/01/29
(Call 02/01/28), |
4,615 | 4,258,300 | ||||||
4.84%, 02/01/34
(Call 02/01/33), |
4,745 | 4,055,108 | ||||||
4.97%, 07/22/33
(Call 07/22/32), |
6,425 | 5,390,293 | ||||||
5.73%, 10/21/26
(Call 10/21/25), |
5,200 | 5,122,323 | ||||||
5.78%, 06/12/29
(Call 06/12/28), |
2,215 | 2,130,209 | ||||||
5.84%, 06/12/34
(Call 06/10/33), |
2,330 | 2,148,826 | ||||||
5.85%, 10/21/33
(Call 10/21/32), |
4,985 | 4,580,222 | ||||||
6.79%, 10/26/27
(Call 10/26/26), |
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), |
12,218 | 11,558,199 | ||||||
2.19%, 04/30/26
(Call 04/30/25), |
9,076 | 8,537,943 | ||||||
2.39%, 06/02/28
(Call 06/02/27), |
9,661 | 8,420,839 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
2.57%, 02/11/31
(Call 02/11/30), |
$ | 11,398 | $ | 9,033,744 | ||||
2.88%, 10/30/30
(Call 10/30/29), |
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), |
14,200 | 9,073,349 | ||||||
3.20%, 06/17/27
(Call 06/17/26), |
9,748 | 9,001,602 | ||||||
3.35%, 03/02/33
(Call 03/02/32), |
10,055 | 7,917,477 | ||||||
3.53%, 03/24/28
(Call 03/24/27), |
12,135 | 11,067,694 | ||||||
3.55%, 09/29/25 |
10,790 | 10,302,610 | ||||||
3.58%, 05/22/28
(Call 05/22/27), |
14,114 | 12,847,612 | ||||||
3.90%, 05/01/45 |
8,641 | 6,001,618 | ||||||
3.91%, 04/25/26
(Call 04/25/25), |
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), |
7,402 | 6,575,108 | ||||||
4.54%, 08/15/26
(Call 08/15/25), |
4,090 | 3,963,782 | ||||||
4.61%, 04/25/53
(Call 04/25/52), |
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), |
8,855 | 8,376,032 | ||||||
4.90%, 07/25/33
(Call 07/25/32), |
14,715 | 12,930,771 | ||||||
4.90%, 11/17/45 |
8,183 | 6,228,667 | ||||||
5.01%, 04/04/51
(Call 04/04/50), |
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), |
10,770 | 9,750,522 | ||||||
5.56%, 07/25/34
(Call 07/25/33), |
13,044 | 11,947,700 | ||||||
5.57%, 07/25/29
(Call 07/25/28), |
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), |
6,730 | 6,674,102 | ||||||
6.49%, 10/23/34
(Call 10/23/33), |
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), |
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), |
6,733 | 6,372,489 | ||||||
2.96%, 11/16/40 |
3,606 | 2,101,859 | ||||||
3.02%, 11/18/36
(Call 11/18/31), |
5,715 | 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), |
4,733 | 4,024,679 | ||||||
4.32%, 11/23/31
(Call 11/23/26), |
5,918 | 5,464,415 | ||||||
4.42%, 07/24/39 |
3,861 | 2,830,374 | ||||||
5.41%, 08/10/33
(Call 08/10/32), |
1,525 | 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 |
||||||||
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) |
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 |
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), |
1,160 | 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), |
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), |
4,950 | 4,854,907 | ||||||
4.99%, 05/26/33
(Call 02/26/32), |
2,565 | 2,281,500 | ||||||
5.04%, 05/01/34
(Call 05/01/33), |
5,150 | 4,621,429 | ||||||
5.28%, 07/27/29
(Call 07/27/28), |
4,900 | 4,702,629 | ||||||
5.39%, 07/28/27
(Call 07/28/26), |
1,740 | 1,704,458 | ||||||
5.63%, 07/28/34
(Call 07/28/33), |
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), |
2,650 | 2,657,034 | ||||||
6.49%, 10/30/31
(Call 10/30/30), |
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), |
5,070 | 4,349,068 | ||||||
2.36%, 07/29/32
(Call 07/29/31), |
4,018 | 2,659,392 | ||||||
2.62%, 11/02/32
(Call 11/02/31), |
1,995 | 1,405,064 | ||||||
2.64%, 03/03/26
(Call 03/03/25), |
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), |
$ | 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), |
4,320 | 3,995,867 | ||||||
4.99%, 07/24/26
(Call 07/24/25), |
3,575 | 3,446,543 | ||||||
5.25%, 07/26/30
(Call 07/26/29), |
3,065 | 2,758,779 | ||||||
5.27%, 05/10/33
(Call 05/10/32), |
5,195 | 4,451,862 | ||||||
5.47%, 02/01/29
(Call 02/01/28), |
3,420 | 3,179,888 | ||||||
5.82%, 02/01/34
(Call 02/01/33), |
3,190 | 2,784,686 | ||||||
6.31%, 06/08/29
(Call 06/08/28), |
1,640 | 1,569,400 | ||||||
6.38%, 06/08/34
(Call 06/08/33), |
1,715 | 1,564,529 | ||||||
7.15%, 10/29/27
(Call 10/29/26), |
1,750 | 1,750,318 | ||||||
7.62%, 10/30/31
(Call 10/30/30), |
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), |
1,145 | 1,102,678 | ||||||
5.85%, 05/19/34
(Call 05/19/33), |
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), |
1,155 | 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), |
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), |
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), |
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), |
965 | 703,223 | ||||||
4.75%, 06/01/50
(Call 03/01/30), |
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), |
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), |
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), |
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), |
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), |
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), |
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 |