LOGO

  FEBRUARY 28, 2023

 

   2023 Annual Report

 

iShares Trust

 

·  

iShares Core 5-10 Year USD Bond ETF | IMTB | NYSE Arca

 

·  

iShares Core 10+ Year USD Bond ETF | ILTB | NYSE Arca

 


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2023  
     
     6-Month      12-Month   
   

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

    1.26%       (7.69)%  
   

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

    3.63          (6.02)     
   

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

    12.58          (3.14)     
   

Emerging market equities
(MSCI Emerging Markets Index)

    (2.29)         (15.28)     
   

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

    1.74          2.11      
   

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

    (4.81)         (14.06)     
   

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

    (2.13)         (9.72)     
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    0.66          (5.10)     
   

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

    2.52          (5.45)     

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

 

 

 

2  

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


Table of Contents

 

 

     Page  

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     9  

Disclosure of Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     76  

Statements of Operations

     77  

Statements of Changes in Net Assets

     78  

Financial Highlights

     79  

Notes to Financial Statements

     81  

Report of Independent Registered Public Accounting Firm

     89  

Important Tax Information

     90  

Statement Regarding Liquidity Risk Management Program

     91  

Supplemental Information

     92  

Trustee and Officer Information

     93  

General Information

     96  

Glossary of Terms Used in this Report

     97  

 

 

 

 


Market Overview

 

iShares Trust

U.S. Bond Market Overview

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

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

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

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

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

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

 

 

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 February 28, 2023    iShares® Core 5-10 Year USD Bond ETF

 

Investment Objective

The iShares Core 5-10 Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield with remaining effective maturities between five and ten years, as represented by the Bloomberg U.S. Universal 5-10 Year Index (the “Index”) (formerly the Bloomberg Barclays U.S. Universal 5-10 Year Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (9.51 )%      0.45     0.31        (9.51 )%      2.28     1.96

Fund Market

    (9.43     0.47       0.32          (9.43     2.35       2.02  

Index

    (9.63     0.55       0.38                (9.63     2.77       2.43  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

LOGO

The inception date of the Fund was November 1, 2016. The first day of secondary market trading was November 3, 2016.

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

Expense Example

 

    Actual          

Hypothetical 5% Return

          
                                                              
     

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
         

Beginning

Account Value

(09/01/22)

      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
      $      1,000.00          $      980.10          $      0.25             $      1,000.00        $      1,024.50          $      0.25          0.05

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of February 28, 2023  (continued)    iShares® Core 5-10 Year USD Bond ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

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

 

 

Aaa

    45.9%  

Aa

    10.1     

A

    19.2     

Baa

    10.4     

Ba

    3.8     

B

    2.5     

Caa

    0.6     

Ca

    0.1     

Not Rated

    7.4     

 

 

PORTFOLIO COMPOSITION

 

 

 
Investment Type   Percent of   
Total Investments(a)
 

 

 

U.S. Government & Agency Obligations

    74.4%  

Corporate Bonds & Notes

    23.4     

Foreign Government Obligations

    3.1     

Collaterized Mortgage Obligations

    0.9     

Municipal Debt Obligations

    (b)  

TBA Sales Commitments

    (1.8)    

 

 

 

  *

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

 
  (a)

Excludes money market funds.

 
  (b) 

Rounds to less than 0.1%

 

 

 

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 February 28, 2023    iShares® Core 10+ Year USD Bond ETF

 

Investment Objective

The iSharesCore 10+Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high-yield with remaining maturities greater than ten years, as represented by the Bloomberg U.S. Universal 10+ Year Index (the “Index”) (formerly the Bloomberg Barclays U.S. Universal 10+ Year Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

     Average Annual Total Returns           Cumulative Total Returns  
      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

     (19.44 )%       0.20      2.00       (19.44 )%       1.00      21.87

Fund Market

     (19.60      0.19        2.02         (19.60      0.97        22.09  

Index

     (19.46      0.23        2.06               (19.46      1.15        22.64  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

LOGO

Index performance beginning on October 23, 2012 through June 2, 2014 reflects the performance of the Bloomberg Barclays U.S. Long Government/Credit Bond Index. Index performance beginning on June 3, 2014 reflects the performance of the Bloomberg U.S. Universal 10+ Year 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
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
          Beginning
Account Value
(09/01/22)
      

Ending
Account Value
(02/28/23)

 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
      $        1,000.00          $        960.50          $        0.29             $      1,000.00        $      1,024.50          $        0.30        0.06

 

  (a) 

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

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of February 28, 2023  (continued)    iShares® Core 10+ Year USD Bond ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

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

 

 

Aaa

    41.9%  

Aa

    6.6     

A

    19.8     

Baa

    25.6     

Ba

    2.6     

B

    1.3     

Caa

    0.3     

Ca

    0.4     

Not Rated

    1.5     

 

 

PORTFOLIO COMPOSITION

 

 

 
Investment Type  

Percent of   

Total Investments(a)

 

 

 

Corporate Bonds & Notes

    49.6%  

U.S. Government & Agency Obligations

    39.9     

Foreign Government Obligations

    7.9     

Municipal Debt Obligations

    2.6     

 

 
  *

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

 
  (a) 

Excludes money market funds.

 

 

 

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


About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

 

 

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

  9


Schedule of Investments

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Collaterized Mortgage Obligations            
Mortgage-Backed Securities — 0.9%            

Benchmark Mortgage Trust

   

Series 2018-B4, Class A5, 4.12%, 07/15/51
(Call 07/15/28)(a)

  $   200     $ 189,701  

Series 2019-B9, Class A5, 4.02%, 03/15/52
(Call 02/15/29)

    50       46,795  

Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29)

    340       297,328  

Morgan Stanley Capital I Trust

   

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

    110       98,864  

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

    500       407,034  

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

    125       117,472  

Wells Fargo Commercial Mortgage Trust
4.01%, 03/15/51 (Call 03/15/28)(a)

    250       235,562  

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

    30       25,052  
   

 

 

 
      1,417,808  
   

 

 

 

Total Collaterized Mortgage Obligations — 0.9%
(Cost: $1,575,358)

      1,417,808  
   

 

 

 
Corporate Bonds & Notes            
Advertising — 0.1%            

Advantage Sales & Marketing Inc., 6.50%, 11/15/28
(Call 11/15/23)(b)

    11       8,406  

Clear Channel Outdoor Holdings Inc.

   

7.50%, 06/01/29 (Call 06/01/24)(b)

    13       10,518  

7.75%, 04/15/28 (Call 04/15/24)(b)(c)

    17       14,158  

Interpublic Group of Companies Inc. (The), 4.65%, 10/01/28 (Call 07/01/28)

    15       14,402  

Lamar Media Corp.

   

3.63%, 01/15/31 (Call 01/15/26)

    5       4,118  

4.00%, 02/15/30 (Call 02/15/25)

    3       2,597  

4.88%, 01/15/29 (Call 01/15/24)(c)

    3       2,787  

National CineMedia LLC, 5.88%, 04/15/28 (Call 04/15/23)(b)

    3       943  

Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)

    20       16,419  

Outfront Media Capital LLC/Outfront Media Capital Corp.

   

4.25%, 01/15/29 (Call 01/15/24)(b)

    10       8,254  

4.63%, 03/15/30 (Call 03/15/25)(b)

    10       8,200  

Stagwell Global LLC, 5.63%, 08/15/29
(Call 08/15/24)(b)

    13       11,158  
   

 

 

 
   

 

 

 

101,960

 

 

Aerospace & Defense — 0.3%            

Boeing Co. (The)

   

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

    60       52,801  

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

    50       43,812  

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

    50       48,446  

Bombardier Inc.

   

6.00%, 02/15/28 (Call 02/15/24)(b)

    16       15,002  

7.50%, 02/01/29 (Call 02/01/26)(b)

    10       9,838  

General Dynamics Corp., 3.63%, 04/01/30
(Call 01/01/30)

    30       27,955  

Howmet Aerospace Inc.

   

3.00%, 01/15/29 (Call 11/15/28)

    15       12,871  

6.75%, 01/15/28

    2       2,058  

L3Harris Technologies Inc.

   

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

    10       8,605  

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

    60       57,800  
Security   Par
(000)
     Value  
Aerospace & Defense (continued)             

Lockheed Martin Corp.

    

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

  $   10      $ 8,178  

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

    5        4,638  

Northrop Grumman Corp., 4.70%, 03/15/33
(Call 12/15/32)

    50        48,211  

Raytheon Technologies Corp.

    

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

    15        12,088  

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

    75        71,417  

Spirit AeroSystems Inc.

    

4.60%, 06/15/28 (Call 03/15/28)

    7        5,776  

9.38%, 11/30/29 (Call 11/30/25)(b)

    15        15,891  

TransDigm Inc.

    

4.63%, 01/15/29 (Call 01/15/24)

    20        17,189  

4.88%, 05/01/29 (Call 05/01/24)

    10        8,612  

6.75%, 08/15/28 (Call 02/15/25)(b)

    20        19,896  
    

 

 

 
    

 

 

 

491,084

 

 

Agriculture — 0.2%             

Altria Group Inc.

    

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

    25        18,865  

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

    5        4,305  

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

    25        23,984  

Archer-Daniels-Midland Co., 3.25%, 03/27/30
(Call 12/27/29)

    25        22,498  

BAT Capital Corp.

    

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

    20        16,766  

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

    20        17,138  

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

    20        17,862  

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

    20        18,474  

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

    10        10,737  

BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)

    25        23,372  

Cargill Inc.

    

1.70%, 02/02/31 (Call 11/02/30)(b)

    35        27,314  

3.25%, 05/23/29 (Call 02/23/29)(b)

    15        13,531  

4.00%, 06/22/32 (Call 03/22/32)(b)

    25        23,095  

5.13%, 10/11/32 (Call 07/11/32)(b)(c)

    5        5,012  

Darling Ingredients Inc., 6.00%, 06/15/30
(Call 06/15/25)(b)

    10        9,667  

Philip Morris International Inc.

    

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

    5        4,044  

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

    25        22,469  

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

    20        19,576  

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

    20        19,665  

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

    10        10,135  

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

    50        50,562  

Vector Group Ltd., 5.75%, 02/01/29
(Call 02/01/24)(b)

    12        10,400  
    

 

 

 
    

 

 

 

389,471

 

 

Airlines — 0.1%             

Air Canada Pass Through Trust, Series 2017-1, Class AA, 3.30%, 07/15/31(b)

    4        3,352  

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

    11        9,642  

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

    23        20,171  

American Airlines 2021-1 Pass Through Trust, Series B, Class B, 3.95%, 01/11/32

    2        1,656  

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(b)

    37        35,156  

American Airlines Pass Through Trust, Series 2016-2, Class A, 3.65%, 12/15/29

    3        3,027  

Delta Air Lines Inc.

    

3.75%, 10/28/29 (Call 07/28/29)

    5        4,297  

 

 

10  

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


Schedule of Investments (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Airlines (continued)            

4.38%, 04/19/28 (Call 01/19/28)

  $  10     $ 9,127  

Delta Air Lines Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(b)

    25       23,658  

United Airlines Inc., 4.63%, 04/15/29 (Call 10/15/25)(b)

    25       22,199  

United Airlines Pass Through Trust, Series 2016-2, Class AA, 2.88%, 04/07/30

    4       3,276  
   

 

 

 
      135,561  
Apparel — 0.0%            

Crocs Inc.

   

4.13%, 08/15/31 (Call 08/15/26)(b)

    8       6,552  

4.25%, 03/15/29 (Call 03/15/24)(b)

    3       2,575  

Hanesbrands Inc., 9.00%, 02/15/31 (Call 02/15/26)

    10       10,115  

Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)(b)

    5       4,222  

Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)(b)

    5       4,094  

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

    10       7,947  

VF Corp., 2.95%, 04/23/30 (Call 01/23/30)

    30       24,776  

Wolverine World Wide Inc., 4.00%, 08/15/29
(Call 08/15/24)(b)

    10       8,061  
   

 

 

 
      68,342  
Auto Manufacturers — 0.4%            

Allison Transmission Inc.

   

3.75%, 01/30/31 (Call 01/30/26)(b)

    12       9,956  

5.88%, 06/01/29 (Call 06/01/24)(b)

    4       3,790  

BMW U.S. Capital LLC

   

3.70%, 04/01/32 (Call 01/01/32)(b)

    10       9,034  

3.75%, 04/12/28 (Call 01/12/28)(b)

    35       33,063  

4.15%, 04/09/30 (Call 01/09/30)(b)

    25       23,710  

Ford Holdings LLC, 9.30%, 03/01/30

    2       2,242  

Ford Motor Co.

   

3.25%, 02/12/32 (Call 11/12/31)

    33       25,050  

6.10%, 08/19/32 (Call 05/19/32)

    25       23,365  

6.38%, 02/01/29(c)

    1       983  

6.63%, 10/01/28

    3       3,015  

7.45%, 07/16/31(c)

    40       41,419  

9.63%, 04/22/30 (Call 01/22/30)

    3       3,452  

Ford Motor Credit Co. LLC

   

2.90%, 02/10/29 (Call 12/10/28)

    10       8,121  

3.63%, 06/17/31 (Call 03/17/31)

    8       6,341  

4.00%, 11/13/30 (Call 08/13/30)

    10       8,339  

5.11%, 05/03/29 (Call 02/03/29)

    10       9,139  

7.35%, 03/06/30 (Call 01/06/30)

    20       20,254  

General Motors Co.

   

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

    60       58,100  

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

    15       14,428  

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

    30       28,524  

General Motors Financial Co. Inc.

   

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

    10       7,682  

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

    10       8,570  

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

    45       44,091  

Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31)

    10       8,677  

Hyundai Capital America

   

2.00%, 06/15/28 (Call 04/15/28)(b)

    10       8,338  

2.10%, 09/15/28 (Call 07/17/28)(b)

    5       4,148  

6.38%, 04/08/30 (Call 01/08/30)(b)(c)

    40       41,450  

Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29
(Call 07/15/24)(b)

    3       2,399  

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

    20       24,744  

Nissan Motor Acceptance Co. LLC, 2.45%, 09/15/28
(Call 07/15/28)(b)

    40       31,999  
Security   Par
(000)
     Value  
Auto Manufacturers (continued)             

Nissan Motor Acceptance Corp., 2.75%, 03/09/28
(Call 01/09/28)(b)

  $ 10      $ 8,280  

PM General Purchaser LLC, 9.50%, 10/01/28
(Call 10/01/23)(b)

    10        9,128  

Toyota Motor Corp., 2.76%, 07/02/29

    14        12,437  

Toyota Motor Credit Corp.

    

3.38%, 04/01/30

    85        77,751  

4.45%, 06/29/29

    10        9,780  

4.70%, 01/12/33

    10        9,806  

Wabash National Corp., 4.50%, 10/15/28
(Call 10/15/24)(b)

    3        2,614  
    

 

 

 
       644,219  
Auto Parts & Equipment — 0.1%             

Adient Global Holdings, 8.25%, 04/15/31

    15        15,000  

American Axle & Manufacturing Inc.

    

5.00%, 10/01/29 (Call 10/01/24)

    12        9,725  

6.88%, 07/01/28 (Call 07/01/23)

    5        4,487  

Dana Inc.

    

4.25%, 09/01/30 (Call 05/01/26)

    5        4,036  

4.50%, 02/15/32 (Call 02/15/27)

    5        3,987  

5.63%, 06/15/28 (Call 06/15/23)

    7        6,339  

Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28
(Call 08/01/23)(b)

    5        4,541  

Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29
(Call 10/15/24)(b)

    8        6,040  

Goodyear Tire & Rubber Co. (The)

    

5.00%, 07/15/29 (Call 04/15/29)(c)

    9        7,831  

5.25%, 04/30/31 (Call 01/30/31)(c)

    5        4,284  

5.25%, 07/15/31 (Call 04/15/31)(c)

    14        11,905  

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

    25        18,954  

Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29
(Call 02/01/24)(b)(c)

    5        3,710  

Titan International Inc., 7.00%, 04/30/28
(Call 04/30/24)

    5        4,738  

Wheel Pros Inc., 6.50%, 05/15/29 (Call 05/15/24)(b)

    3        1,314  
    

 

 

 
       106,891  
Banks — 3.6%             

Banco Santander SA, 2.75%, 12/03/30

    20        15,574  

Bangkok Bank PCL/Hong Kong, 3.73%, 09/25/34
(Call 09/25/29), (5 year CMT + 1.900%)(a)(d)

    200        170,000  

Bank of America Corp.

    

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

    30        23,341  

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

    95        73,691  

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

    40        31,286  

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

    35        26,213  

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

    40        32,922  

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

    60        47,797  

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

    40        33,040  

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

    50        40,553  

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

    10        8,472  

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

    45        36,832  

 

 

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

  11


Schedule of Investments (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

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

  $ 30     $ 26,043  

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

    45       41,185  

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

    30       28,169  

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

    70       65,054  

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

    90       86,583  

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

    50       40,686  

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

    30       23,543  

Bank of New York Mellon Corp. (The)

   

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

    30       23,608  

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

    35       28,555  

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

    10       8,930  

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

    30       26,799  

3.85%, 04/28/28

    15       14,231  

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

    10       9,359  

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

    30       28,820  

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

    20       20,827  

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

    10       8,368  

Bank of Nova Scotia (The)

   

2.45%, 02/02/32

    75       60,409  

4.85%, 02/01/30

    10       9,702  

BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)

    5       4,732  

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

    220       209,273  

BNP Paribas SA, 2.16%, 09/15/29 (Call 09/15/28),
(1 day SOFR + 1.218%)(a)

    200       165,588  

Canadian Imperial Bank of Commerce, 3.60%, 04/07/32
(Call 03/07/32)

    21       18,530  

Citigroup Inc.

   

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

    45       35,498  

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

    35       28,082  

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

    100       81,994  

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

    75       62,472  

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

    30       25,568  

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

    60       49,225  

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

    40       34,790  

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

    55       50,197  

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

    10       9,308  

4.13%, 07/25/28

    25       23,380  

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

    60       55,886  

Citizens Financial Group Inc.

   

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

    35       28,936  

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

    20       15,237  
Security   Par
(000)
     Value  
Banks (continued)             

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

  $     30      $   26,202  

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

    35        32,623  

Commonwealth Bank of Australia, 3.90%, 03/16/28(b)

    50        47,455  

Deutsche Bank AG/New York NY

    

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

    10        7,900  

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

    10        7,630  

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

    5        4,603  

Dresdner Funding Trust I, 8.15%, 06/30/31
(Call 06/30/29)(b)

    10        10,756  

Fifth Third Bancorp.

    

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

    30        28,423  

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

    10        9,592  

First-Citizens Bank & Trust Co., 6.13%, 03/09/28

    34        34,817  

Goldman Sachs Group Inc. (The)

    

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

    40        30,734  

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

    35        27,504  

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

    25        21,025  

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

    55        44,206  

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

    65        51,836  

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

    60        49,455  

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

    25        22,688  

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

    40        36,678  

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

    75        70,247  

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

    270        215,382  

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

    15        11,107  

Huntington Bancshares Inc./OH, 2.55%, 02/04/30
(Call 01/04/30)

    40        33,472  

Intesa Sanpaolo SpA, 4.20%, 06/01/32
(Call 06/01/31), (1 year CMT + 2.600%)(a)(b)

    10        7,586  

JPMorgan Chase & Co.

    

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

    40        30,809  

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

    25        21,078  

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

    60        49,661  

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

    70        55,851  

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

    75        60,739  

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

    25        21,062  

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

    80        67,223  

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

    45        37,074  

4.01%, 04/23/29 (Call 04/23/28),
(3 mo. LIBOR US + 1.120%)(a)

    30        27,888  

 

 

12  

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


Schedule of Investments (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

4.20%, 07/23/29 (Call 07/23/28),
(3 mo. LIBOR US + 1.260%)(a)

  $   35     $   32,791  

4.49%, 03/24/31 (Call 03/24/30),
(3 mo. SOFR + 3.790%)(a)

    25       23,582  

4.57%, 06/14/30 (Call 06/14/29),
(1 day SOFR + 1.750%)(a)

    15       14,241  

4.59%, 04/26/33 (Call 04/26/32),
(1 day SOFR + 1.800%)(a)

    75       69,939  

4.91%, 07/25/33 (Call 07/25/32),
(1 day SOFR + 2.080%)(a)

    45       43,072  

5.72%, 09/14/33 (Call 09/14/32),
(1 day SOFR + 2.580%)(a)

    50       49,515  

KeyCorp, 2.55%, 10/01/29

    65       54,998  

KKR Group Finance Co. XII LLC, 4.85%, 05/17/32
(Call 02/17/32)(b)

    15       14,124  

Kreditanstalt fuer Wiederaufbau, 1.75%, 09/14/29

    10       8,640  

Macquarie Group Ltd.

   

2.69%, 06/23/32 (Call 06/23/31),
(1 day SOFR + 1.440%)(a)(b)

    20       15,926  

4.65%, 03/27/29 (Call 03/27/28),
(3 mo. LIBOR US + 1.727%)(a)(b)(c)

    50       48,309  

5.03%, 01/15/30 (Call 01/15/29),
(3 mo. LIBOR US + 1.750%)(a)(b)

    80       77,881  

Mitsubishi UFJ Financial Group Inc.

   

3.74%, 03/07/29

    70       64,102  

3.96%, 03/02/28

    50       47,117  

4.05%, 09/11/28

    35       32,803  

Mizuho Financial Group Inc.

   

2.56%, 09/13/31

    20       15,556  

5.67%, 09/13/33 (Call 09/13/32),
(1 year CMT + 2.400%)(a)

    70       70,085  

Morgan Stanley

   

1.79%, 02/13/32 (Call 02/13/31),
(1 day SOFR + 1.034%)(a)

    45       34,223  

1.93%, 04/28/32 (Call 04/28/31),
(1 day SOFR + 1.020%)(a)

    60       45,896  

2.24%, 07/21/32 (Call 07/21/31),
(1 day SOFR + 1.178%)(a)

    50       38,906  

2.48%, 09/16/36 (Call 09/16/31),
(1 day SOFR + 1.360%)(a)

    50       37,278  

2.51%, 10/20/32 (Call 10/20/31),
(1 day SOFR + 1.200%)(a)

    55       43,449  

2.70%, 01/22/31 (Call 01/22/30),
(1 day SOFR + 1.143%)(a)

    35       29,235  

2.94%, 01/21/33 (Call 01/21/32),
(1 day SOFR + 1.290%)(a)

    70       57,346  

3.62%, 04/01/31 (Call 04/01/30),
(1 day SOFR + 3.120%)(a)

    30       26,548  

4.43%, 01/23/30 (Call 01/23/29),
(3 mo. LIBOR US + 1.628%)(a)

    10       9,420  

4.89%, 07/20/33 (Call 07/20/32),
(1 day SOFR + 2.076%)(a)

    25       23,742  

5.12%, 02/01/29 (Call 02/01/28),
(1 day SOFR + 1.730%)(a)

    15       14,736  

6.34%, 10/18/33 (Call 10/18/32),
(1 day SOFR + 2.560%)(a)

    20       21,091  

7.25%, 04/01/32

    50       56,630  

National Australia Bank Ltd., 2.33%, 08/21/30(b)

    20       15,618  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)

    35       28,618  
Security   Par
(000)
     Value  
Banks (continued)             

3.15%, 05/03/29 (Call 02/03/29)

  $ 10      $ 9,089  

6.13%, 11/02/32 (Call 08/02/32)

    15        15,819  

PNC Financial Services Group Inc. (The)

    

2.31%, 04/23/32 (Call 04/23/31),
(1 day SOFR + 0.979%)(a)

    15        12,167  

2.55%, 01/22/30 (Call 10/24/29)

    80        68,098  

3.45%, 04/23/29 (Call 01/23/29)

    50        45,997  

6.04%, 10/28/33 (Call 10/28/32),
(1 day SOFR + 2.140%)(a)

    35        36,384  

Regions Financial Corp., 1.80%, 08/12/28
(Call 06/12/28)

    40        33,559  

Royal Bank of Canada, 2.30%, 11/03/31

    80        64,198  

Societe Generale SA, 3.00%, 01/22/30(b)

    20        16,741  

Standard Chartered PLC, 4.64%, 04/01/31 (Call 04/01/30), (1 year CMT + 3.850%)(a)(b)

    100        94,025  

State Street Corp.

    

2.20%, 03/03/31

    5        4,020  

2.40%, 01/24/30

    10        8,551  

2.62%, 02/07/33 (Call 02/07/32),
(1 day SOFR + 1.002%)(a)

    65        53,380  

3.03%, 11/01/34 (Call 11/01/29),
(1 day SOFR + 1.490%)(a)

    15        12,823  

4.16%, 08/04/33 (Call 08/04/32),
(1 day SOFR + 1.726%)(a)

    20        18,344  

Sumitomo Mitsui Financial Group Inc.

    

2.14%, 09/23/30

    25        19,601  

3.04%, 07/16/29

    40        34,655  

3.94%, 07/19/28

    25        23,366  

4.31%, 10/16/28

    15        14,214  

SVB Financial Group

    

1.80%, 02/02/31 (Call 11/02/30)

    35        25,955  

2.10%, 05/15/28 (Call 03/15/28)(c)

    10        8,401  

4.57%, 04/29/33 (Call 04/29/32),
(1 day SOFR + 1.967%)(a)(c)

    10        9,023  

Toronto-Dominion Bank (The)

    

2.00%, 09/10/31

    35        27,484  

2.45%, 01/12/32

    10        8,103  

3.20%, 03/10/32

    20        17,204  

4.46%, 06/08/32

    30        28,259  

Truist Financial Corp.

    

3.88%, 03/19/29 (Call 02/19/29)

    15        13,928  

4.92%, 07/28/33 (Call 07/28/32),
(1 day SOFR + 2.240%)(a)

    20        18,851  

5.12%, 01/26/34 (Call 01/26/33)

    15        14,597  

6.12%, 10/28/33 (Call 10/28/32),
(1 day SOFR + 2.300%)(a)

    25        26,190  

U.S. Bancorp.

    

1.38%, 07/22/30 (Call 04/22/30)

    50        38,765  

2.49%, 11/03/36 (Call 11/03/31),
(5 year CMT + 0.950%)(a)

    20        15,381  

3.00%, 07/30/29 (Call 04/30/29)

    25        21,963  

4.84%, 02/01/34 (Call 02/01/33)

    50        47,852  

4.97%, 07/22/33 (Call 07/22/32),
(1 day SOFR + 2.110%)(a)

    25        23,839  

5.85%, 10/21/33 (Call 10/21/32),
(1 day SOFR + 2.090%)(a)

    10        10,302  

UBS Group AG

    

2.10%, 02/11/32 (Call 02/11/31),
(1 year CMT + 1.000%)(a)(b)

    20        15,422  

3.13%, 08/13/30 (Call 08/13/29),
(3 mo. LIBOR US + 1.468%)(a)(b)

    200        171,914  

 

 

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

  13


Schedule of Investments (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

UniCredit SpA

   

5.46%, 06/30/35 (Call 06/30/30),
(5 year CMT + 4.750%)(a)(b)

  $ 20     $ 16,932  

7.30%, 04/02/34 (Call 04/02/29),
(5 year USD ICE Swap + 4.914%)(a)(b)

    20       18,835  

Webster Financial Corp., 4.10%, 03/25/29
(Call 12/25/28)

    25       22,995  

Wells Fargo & Co.

   

2.57%, 02/11/31 (Call 02/11/30),
(1 day SOFR + 1.262%)(a)

    35       29,175  

2.88%, 10/30/30 (Call 10/30/29),
(3 mo. SOFR + 1.432%)(a)

    60       51,052  

3.35%, 03/02/33 (Call 03/02/32),
(1 day SOFR + 1.500%)(a)

    75       63,436  

4.15%, 01/24/29 (Call 10/24/28)

    45       42,147  

4.48%, 04/04/31 (Call 04/04/30),
(1 day SOFR + 4.032%)(a)

    15       14,096  

4.90%, 07/25/33 (Call 07/25/32),
(1 day SOFR + 2.100%)(a)

    50       47,713  

Westpac Banking Corp.

   

2.15%, 06/03/31

    55       45,746  

2.67%, 11/15/35 (Call 11/15/30), (5 year CMT + 1.750%)(a)

    35       26,875  

4.11%, 07/24/34 (Call 07/24/29), (5 year CMT + 2.000%)(a)

    51       45,039  

5.41%, 08/10/33 (Call 08/10/32),
(1 year CMT + 2.680%)(a)

    10       9,584  

Wintrust Financial Corp., 4.85%, 06/06/29

    10      

 

9,116

 

 

 

   

 

 

 
   

 

 

 

5,929,216

 

 

Beverages — 0.4%            

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

    35       31,872  

4.00%, 04/13/28 (Call 01/13/28)

    37       35,334  

4.75%, 01/23/29 (Call 10/23/28)

    65       63,944  

Central American Bottling Corp./CBC Bottling Holdco SL/Beliv

   

Holdco SL, 5.25%, 04/27/29 (Call 04/27/26)(d)

    60       55,146  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

    25       20,936  

2.13%, 09/06/29

    75       64,142  

2.25%, 01/05/32

    45       37,149  

3.45%, 03/25/30

    15       13,794  

Constellation Brands Inc.

   

2.88%, 05/01/30 (Call 02/01/30)

    10       8,491  

3.15%, 08/01/29 (Call 05/01/29)

    30       26,323  

4.65%, 11/15/28 (Call 08/15/28)

    25       24,167  

Keurig Dr Pepper Inc.

   

3.20%, 05/01/30 (Call 02/01/30)

    15       13,061  

3.95%, 04/15/29 (Call 02/15/29)

    70       64,737  

4.05%, 04/15/32 (Call 01/15/32)

    10       9,042  

PepsiCo Inc.

   

1.63%, 05/01/30 (Call 02/01/30)

    15       12,177  

1.95%, 10/21/31 (Call 07/21/31)

    30       24,153  

2.63%, 07/29/29 (Call 04/29/29)

    75       66,192  

2.75%, 03/19/30 (Call 12/19/29)

    60       52,896  

4.45%, 02/15/33 (Call 11/15/32)

    10       9,839  

Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)(b)

    6       5,147  

Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)(b)

    11      

 

8,738

 

 

 

   

 

 

 
   

 

 

 

647,280

 

 

Biotechnology — 0.2%            

Amgen Inc.

   

1.65%, 08/15/28 (Call 06/15/28)

    65       54,436  

2.00%, 01/15/32 (Call 10/15/31)

    45       34,820  
Security   Par
(000)
     Value  
Biotechnology (continued)             

2.45%, 02/21/30 (Call 11/21/29)

  $   25      $   20,989  

3.35%, 02/22/32 (Call 11/22/31)

    10        8,661  

5.25%, 03/02/30 (Call 01/02/30)

    45        44,773  

5.25%, 03/02/33 (Call 12/02/32)

    50        49,629  

Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)

    30        24,299  

CSL Finance PLC, 4.25%, 04/27/32 (Call 01/27/32)(b)

    20        18,729  

Emergent BioSolutions Inc., 3.88%, 08/15/28
(Call 08/15/23)(b)(c)

    6        3,552  

Gilead Sciences Inc., 1.65%, 10/01/30
(Call 07/01/30)

    20        15,806  

Grifols Escrow Issuer SA, 4.75%, 10/15/28
(Call 10/15/24)(b)

    10        8,543  

Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30
(Call 06/15/30)

    50        38,924  

Royalty Pharma PLC, 2.15%, 09/02/31
(Call 06/02/31)

    30       

 

22,834

 

 

 

    

 

 

 
    

 

 

 

345,995

 

 

Building Materials — 0.2%             

Boise Cascade Co., 4.88%, 07/01/30
(Call 07/01/25)(b)

    8        7,029  

Builders FirstSource Inc.

    

4.25%, 02/01/32 (Call 08/01/26)(b)

    15        12,588  

5.00%, 03/01/30 (Call 03/01/25)(b)

    10        9,019  

6.38%, 06/15/32 (Call 06/15/27)(b)

    10        9,613  

Camelot Return Merger Sub Inc., 8.75%, 08/01/28
(Call 07/22/24)(b)

    10        9,496  

Carrier Global Corp., 2.72%, 02/15/30 (Call 11/15/29)

    15        12,651  

Cornerstone Building Brands Inc., 6.13%, 01/15/29
(Call 09/15/23)(b)

    5        3,629  

CP Atlas Buyer Inc., 7.00%, 12/01/28
(Call 12/01/23)(b)(c)

    5        3,747  

Fortune Brands Home & Security Inc.,
3.25%, 09/15/29 (Call 06/15/29)

    25        21,299  

Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)

    10        9,207  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31
(Call 06/16/31)

    55        43,381  

Louisiana-Pacific Corp., 3.63%, 03/15/29
(Call 03/15/24)(b)

    3        2,505  

Martin Marietta Materials Inc.,
2.40%, 07/15/31 (Call 04/15/31)

    10        7,970  

Masco Corp.

    

2.00%, 10/01/30 (Call 07/01/30)

    15        11,699  

2.00%, 02/15/31 (Call 11/15/30)

    25        19,350  

Masonite International Corp.

    

3.50%, 02/15/30 (Call 08/15/29)(b)

    5        4,084  

5.38%, 02/01/28 (Call 03/31/23)(b)

    5        4,695  

MIWD Holdco II LLC/MIWD Finance Corp.,
5.50%, 02/01/30 (Call 02/01/25)(b)

    5        4,071  

Mohawk Industries Inc., 3.63%, 05/15/30
(Call 02/15/30)(c)

    10        8,727  

New Enterprise Stone & Lime Co. Inc.

    

5.25%, 07/15/28 (Call 07/15/24)(b)

    4        3,664  

9.75%, 07/15/28 (Call 07/15/23)(b)

    2        1,914  

Oscar AcquisitionCo LLC/Oscar Finance Inc.,
9.50%, 04/15/30 (Call 04/15/25)(b)(c)

    7        6,204  

Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)

    25        22,951  

PGT Innovations Inc., 4.38%, 10/01/29
(Call 08/01/24)(b)

    7        5,897  

SRM Escrow Issuer LLC, 6.00%, 11/01/28
(Call 11/01/23)(b)

    18        15,981  

Standard Industries Inc./NJ

    

3.38%, 01/15/31 (Call 07/15/25)(b)

    13        9,967  

4.38%, 07/15/30 (Call 07/15/25)(b)

    27        22,476  

4.75%, 01/15/28 (Call 01/15/24)(b)

    7        6,284  

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(b)

    5        4,601  

Trane Technologies Global Holding Co. Ltd.,
3.75%, 08/21/28 (Call 05/21/28)

    5        4,707  

 

 

14  

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


Schedule of Investments (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Building Materials (continued)            

Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)

  $ 30     $ 27,636  

Victors Merger Corp., 6.38%, 05/15/29 (Call 05/15/24)(b)

    5       3,147  
   

 

 

 
      340,189  
Chemicals — 0.4%            

Air Products and Chemicals Inc.

   

2.05%, 05/15/30 (Call 02/15/30)

    30       25,069  

4.80%, 03/03/33 (Call 12/03/32)

    10       9,974  

Ashland LLC, 3.38%, 09/01/31 (Call 06/01/31)(b)

    10       7,969  

ASP Unifrax Holdings Inc

   

5.25%, 09/30/28 (Call 09/30/24)(b)

    11       8,536  

7.50%, 09/30/29 (Call 09/30/24)(b)

    3       2,047  

Avient Corp., 7.13%, 08/01/30 (Call 08/01/25)(b)

    10       10,019  

Axalta Coating Systems LLC, 3.38%, 02/15/29
(Call 02/15/24)(b)(c)

    5       4,163  

Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)

    5       4,504  

Celanese U.S. Holdings LLC, 6.38%, 07/15/32
(Call 04/15/32)(c)

    35       33,981  

Chemours Co. (The)

   

4.63%, 11/15/29 (Call 11/15/24)(b)

    15       12,189  

5.75%, 11/15/28 (Call 11/15/23)(b)

    6       5,274  

CNAC HK Finbridge Co. Ltd., 3.00%, 09/22/30(d)

    200       165,842  

Consolidated Energy Finance SA, 5.63%, 10/15/28
(Call 10/15/24)(b)

    4       3,421  

CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(b)

    5       4,486  

Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)(b)(c)

    5       4,052  

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)

    20       16,161  

4.80%, 11/30/28 (Call 08/30/28)

    10       9,805  

DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)

    40       39,321  

Eastman Chemical Co., 5.75%, 03/08/33 (Call 12/08/32)

    10       9,930  

Ecolab Inc., 2.13%, 02/01/32 (Call 11/01/31)(c)

    25       19,946  

Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)(b)

    11       9,530  

EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)(b)

    10       7,958  

HB Fuller Co., 4.25%, 10/15/28 (Call 10/15/23)

    2       1,754  

Huntsman International LLC

   

2.95%, 06/15/31 (Call 03/15/31)

    5       3,979  

4.50%, 05/01/29 (Call 02/01/29)

    20       18,231  

Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)(b)

    5       4,475  

Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)(b)

    5       4,288  

International Flavors & Fragrances Inc.

   

2.30%, 11/01/30 (Call 08/01/30)(b)

    25       19,296  

4.45%, 09/26/28 (Call 06/26/28)

    5       4,658  

Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)(b)(c)

    5       3,789  

LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)(b)

    8       6,769  

Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)

    10       9,167  

Minerals Technologies Inc., 5.00%, 07/01/28
(Call 07/01/23)(b)

    3       2,691  

Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)(b)

    5       4,385  

Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)

    10       9,431  

Olin Corp.

   

5.00%, 02/01/30 (Call 02/01/24)(c)

    5       4,557  

5.63%, 08/01/29 (Call 08/01/24)

    10       9,520  

Olympus Water U.S. Holding Corp.

   

4.25%, 10/01/28 (Call 10/01/24)(b)

    5       4,184  

6.25%, 10/01/29 (Call 10/01/24)(b)(c)

    7       5,700  

PPG Industries Inc., 2.80%, 08/15/29 (Call 05/15/29)

    20       17,220  
Security   Par
(000)
    Value  
Chemicals (continued)            

RPM International Inc., 2.95%, 01/15/32 (Call 10/15/31)

  $ 20     $ 15,791  

SCIH Salt Holdings Inc.

   

4.88%, 05/01/28 (Call 05/01/24)(b)

    8       6,934  

6.63%, 05/01/29 (Call 05/01/24)(b)

    10       8,144  

Sherwin-Williams Co. (The)

   

2.20%, 03/15/32 (Call 12/15/31)

    10       7,818  

2.95%, 08/15/29 (Call 05/15/29)

    10       8,668  

SPCM SA, 3.38%, 03/15/30 (Call 03/15/25)(b)

    5       4,180  

Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.13%, 04/01/29 (Call 04/01/24)(b)(c)

    5       3,341  

Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(b)

    13       10,589  

Valvoline Inc.

   

3.63%, 06/15/31 (Call 06/15/26)(b)

    5       4,043  

4.25%, 02/15/30 (Call 02/15/25)(b)

    5       4,885  

Vibrantz Technologies Inc., 9.00%, 02/15/30
(Call 02/15/25)(b)(c)

    11       8,593  

WR Grace Holdings LLC

   

5.63%, 08/15/29 (Call 08/15/24)(b)

    19       15,312  

7.38%, 03/01/31 (Call 03/01/26)

    5       4,964  

Yara International ASA, 4.75%, 06/01/28 (Call 03/01/28)(b)

    21       19,818  

YPF SA, 9.00%, 06/30/29 (Call 12/30/28)(d)

    25       21,692  
   

 

 

 
      693,043  
Coal — 0.0%            

SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)(b)

    5       4,258  

Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)(b)

    3       3,000  
   

 

 

 
      7,258  
Commercial Services — 0.5%            

ADT Security Corp. (The)

   

4.13%, 08/01/29 (Call 08/01/28)(b)

    7       6,021  

4.88%, 07/15/32(b)

    15       12,867  

Adtalem Global Education Inc., 5.50%, 03/01/28
(Call 03/01/24)(b)

    3       2,771  

Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (Call 06/01/24)(b)(c)

    12       9,001  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl 4.63%, 06/01/28 (Call 06/01/24)(b)

    30       24,983  

AMN Healthcare Inc., 4.00%, 04/15/29 (Call 04/15/24)(b)(c)

    5       4,260  

APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)(b)(c)

    5       4,301  

APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)(b)

    11       9,208  

ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)(b)

    5       4,517  

Avis Budget Car Rental LLC/Avis Budget Finance Inc.

   

4.75%, 04/01/28 (Call 04/01/24)(b)(c)

    5       4,451  

5.38%, 03/01/29 (Call 03/01/24)(b)(c)

    7       6,340  

Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)

    15       13,136  

Block Inc., 3.50%, 06/01/31 (Call 03/01/31)

    13       10,507  

Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)(b)

    3       2,410  

CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)(b)(c)

    10       7,703  

Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(b)

    10       8,382  

Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)

    25       19,675  

Garda World Security Corp.

   

6.00%, 06/01/29 (Call 06/01/24)(b)

    5       4,094  

7.75%, 02/15/28 (Call 02/15/25)(b)

    5       4,906  

Gartner Inc.

   

3.63%, 06/15/29 (Call 06/15/24)(b)

    5       4,328  

3.75%, 10/01/30 (Call 10/01/25)(b)

    16       13,605  

4.50%, 07/01/28 (Call 07/01/23)(b)

    6       5,523  

GEO Group, Inc. (The), 10.50%, 06/30/28 (Call 06/30/23)

    10       10,173  

 

 

 

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

  15


Schedule of Investments (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Commercial Services (continued)            

Global Payments Inc.

   

2.90%, 05/15/30 (Call 02/15/30)

  $ 20     $ 16,460  

3.20%, 08/15/29 (Call 05/15/29)

    20       17,007  

4.45%, 06/01/28 (Call 03/01/28)

    60       56,039  

5.40%, 08/15/32 (Call 05/15/32)

    5       4,783  

Grand Canyon University, 5.13%, 10/01/28
(Call 08/01/28)

    3       2,735  

GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)

    35       26,561  

HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)(b)

    5       4,369  

Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)(b)

    18       14,942  

Metis Merger Sub LLC, 6.50%, 05/15/29
(Call 05/15/24)(b)

    10       8,102  

Moody’s Corp.

   

4.25%, 02/01/29 (Call 11/01/28)

    5       4,755  

4.25%, 08/08/32 (Call 05/08/32)

    15       13,882  

MPH Acquisition Holdings LLC

   

5.50%, 09/01/28 (Call 09/01/24)(b)

    15       11,334  

5.75%, 11/01/28 (Call 11/01/23)(b)(c)

    17       11,053  

Neptune Bidco U.S. Inc., 9.29%, 04/15/29
(Call 10/15/25)(b)

    50       47,303  

NESCO Holdings II Inc., 5.50%, 04/15/29
(Call 04/15/24)(b)

    12       10,695  

PayPal Holdings Inc.

   

2.30%, 06/01/30 (Call 03/01/30)

    20       16,479  

2.85%, 10/01/29 (Call 07/01/29)

    20       17,360  

4.40%, 06/01/32 (Call 03/01/32)

    10       9,412  

Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)(b)(c)

    3       2,392  

PECF USS Intermediate Holding III Corp.,
8.00%, 11/15/29 (Call 11/15/24)(b)

    9       6,376  

PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)(b)

    5       4,250  

Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)

    25       20,701  

RELX Capital Inc., 3.00%, 05/22/30 (Call 02/22/30)

    35       30,143  

Rent-A-Center Inc./TX, 6.38%, 02/15/29
(Call 02/15/24)(b)(c)

    5       4,267  

S&P Global Inc.

   

2.50%, 12/01/29 (Call 09/01/29)

    25       21,484  

2.90%, 03/01/32

    10       8,559  

4.75%, 08/01/28

    20       19,837  

Service Corp. International/U.S.

   

3.38%, 08/15/30 (Call 08/15/25)

    10       8,123  

4.00%, 05/15/31 (Call 05/15/26)

    10       8,445  

5.13%, 06/01/29 (Call 06/01/24)(c)

    15       14,039  

Signal Parent Inc., 6.13%, 04/01/29 (Call 04/01/24)(b)

    3       1,325  

Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29
(Call 06/01/24)(b)

    5       4,202  

TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)(b)

    5       4,190  

Triton Container International Ltd., 3.15%, 06/15/31
(Call 03/15/31)(b)

    10       7,835  

United Rentals North America Inc.

   

3.75%, 01/15/32 (Call 07/15/26)

    6       5,039  

3.88%, 02/15/31 (Call 08/15/25)

    18       15,494  

4.00%, 07/15/30 (Call 07/15/25)

    5       4,408  

5.25%, 01/15/30 (Call 01/15/25)

    5       4,738  

6.00%, 12/15/29 (Call 12/15/25)(b)

    50       50,011  

Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)

    10       9,210  

Williams Scotsman International Inc., 4.63%, 08/15/28
(Call 08/15/23)(b)

    5       4,518  

WW International Inc., 4.50%, 04/15/29
(Call 04/15/24)(b)(c)

    5       2,570  

ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(b)(c)

    5       4,199  
   

 

 

 
      752,788  

Computers — 0.4%

   

Ahead DB Holdings LLC, 6.63%, 05/01/28
(Call 05/01/24)(b)

    3       2,532  

Apple Inc.

   

1.40%, 08/05/28 (Call 06/05/28)

    25       21,128  
Security   Par
(000)
    Value  
Computers (continued)            

1.65%, 05/11/30 (Call 02/11/30)

  $ 25     $ 20,420  

1.70%, 08/05/31 (Call 05/05/31)

    40       31,794  

2.20%, 09/11/29 (Call 06/11/29)

    20       17,191  

3.25%, 08/08/29 (Call 06/08/29)

    5       4,597  

3.35%, 08/08/32 (Call 05/08/32)(c)

    80       72,134  

Booz Allen Hamilton Inc.

   

3.88%, 09/01/28 (Call 09/01/23)(b)

    15       13,309  

4.00%, 07/01/29 (Call 07/01/24)(b)

    20       17,540  

Condor Merger Sub Inc., 7.38%, 02/15/30
(Call 02/15/25)(b)(c)

    25       19,781  

Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)(b)

    9       7,340  

Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)

    6       5,055  

Dell Inc., 7.10%, 04/15/28

    15       15,975  

Dell International LLC/EMC Corp., 6.20%, 07/15/30
(Call 04/15/30)

    25       25,366  

HP Inc.

   

2.65%, 06/17/31 (Call 03/17/31)

    5       3,924  

3.40%, 06/17/30 (Call 03/17/30)

    50       42,668  

4.20%, 04/15/32 (Call 01/15/32)

    20       17,201  

5.50%, 01/15/33 (Call 10/15/32)

    15       14,160  

International Business Machines Corp., 1.95%, 05/15/30 (Call 02/15/30)

    100       80,551  

KBR Inc., 4.75%, 09/30/28 (Call 09/21/23)(b)

    2       1,801  

Kyndryl Holdings Inc., 3.15%, 10/15/31 (Call 07/15/31)

    20       14,922  

Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30)

    10       7,812  

Lenovo Group Ltd., 3.42%, 11/02/30 (Call 08/02/30)(d)

    200       163,654  

NCR Corp.

   

5.00%, 10/01/28 (Call 08/20/23)(b)

    7       6,065  

5.13%, 04/15/29 (Call 04/15/24)(b)

    20       17,079  

5.25%, 10/01/30 (Call 10/01/25)(b)

    3       2,510  

6.13%, 09/01/29 (Call 09/01/24)(b)

    10       9,722  

NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)

    25       20,855  

Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)(b)

    8       7,319  

Seagate HDD Cayman

   

4.09%, 06/01/29 (Call 03/01/29)

    5       4,302  

4.13%, 01/15/31 (Call 10/15/30)

    5       4,149  

9.63%, 12/01/32 (Call 12/01/27)

    13       14,044  

Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)(b)

    8       6,670  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    10       7,863  

3.10%, 02/01/32 (Call 11/01/31)

    10       7,201  
   

 

 

 
      728,634  
Cosmetics & Personal Care — 0.1%            

Colgate-Palmolive Co., 4.60%, 03/01/33 (Call 12/01/32)

    4       3,996  

Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29
(Call 01/15/25)(b)

    5       4,517  

Edgewell Personal Care Co.

   

4.13%, 04/01/29 (Call 04/01/24)(b)

    10       8,501  

5.50%, 06/01/28 (Call 06/01/23)(b)

    5       4,672  

Estee Lauder Companies Inc. (The), 2.38%, 12/01/29
(Call 09/01/29)

    5       4,280  

Procter & Gamble Co. (The)

   

2.30%, 02/01/32

    50       42,182  

3.00%, 03/25/30

    35       31,670  

Unilever Capital Corp., 1.75%, 08/12/31 (Call 05/12/31)

    100       79,170  
   

 

 

 
      178,988  

 

 

16  

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


Schedule of Investments (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Distribution & Wholesale — 0.0%            

American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29 (Call 11/15/24)(b)

  $ 5     $ 4,127  

H&E Equipment Services Inc., 3.88%, 12/15/28
(Call 12/15/23)(b)

    13       11,195  

Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)(b)

    7       5,748  
   

 

 

 
      21,070  
Diversified Financial Services — 1.1%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, 10/29/28 (Call 08/29/28)

    150       127,821  

AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)(b)

    5       4,682  

Air Lease Corp., 2.10%, 09/01/28 (Call 07/01/28)

    70       57,852  

Ally Financial Inc.

   

6.70%, 02/14/33 (Call 11/16/32)

    5       4,737  

8.00%, 11/01/31

    55       59,526  
American Express Co.            

4.05%, 05/03/29 (Call 03/03/29)

    10       9,478  

4.42%, 08/03/33 (Call 08/03/32),
(1 day SOFR + 1.760%)(a)

    15       14,032  

4.99%, 05/26/33 (Call 05/26/32),
(1 day SOFR + 2.255%)(a)

    25       23,934  

Ares Finance Co. II LLC, 3.25%, 06/15/30
(Call 03/15/30)(b)

    10       8,353  

Aretec Escrow Issuer Inc., 7.50%, 04/01/29
(Call 04/01/24)(b)

    3       2,622  

Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)(b)

    3       2,554  

Blackstone Holdings Finance Co. LLC

   

1.63%, 08/05/28 (Call 06/05/28)(b)

    10       8,222  

2.00%, 01/30/32 (Call 10/30/31)(b)

    10       7,466  

2.50%, 01/10/30 (Call 10/10/29)(b)

    70       57,186  

2.55%, 03/30/32 (Call 12/30/31)(b)

    5       3,947  

Blue Owl Finance LLC, 4.38%, 02/15/32 (Call 11/15/31)(b)

    20       16,492  

Brookfield Finance Inc.

   

4.35%, 04/15/30 (Call 01/15/30)

    25       23,032  

4.85%, 03/29/29 (Call 12/29/28)

    25       24,055  

Burford Capital Global Finance LLC

   

6.25%, 04/15/28 (Call 04/15/24)(b)

    5       4,389  

6.88%, 04/15/30 (Call 04/15/25)(b)

    5       4,307  

Capital One Financial Corp.

   

2.36%, 07/29/32 (Call 07/29/31),
(1 day SOFR + 1.337%)(a)

    55       40,334  

2.62%, 11/02/32 (Call 11/02/31),
(1 day SOFR + 1.265%)(a)

    5       3,883  

3.27%, 03/01/30 (Call 03/01/29),
(1 day SOFR + 1.790%)(a)

    35       30,254  

5.47%, 02/01/29 (Call 02/01/28),
(1 day SOFR + 2.080%)(a)

    15       14,717  

5.82%, 02/01/34 (Call 02/01/33),
(1 day SOFR + 2.600%)(a)

    25       24,276  

Charles Schwab Corp. (The)

   

1.95%, 12/01/31 (Call 09/01/31)

    40       31,347  

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

    50       42,307  

3.25%, 05/22/29 (Call 02/22/29)

    10       9,068  

4.00%, 02/01/29 (Call 11/01/28)

    5       4,725  

CI Financial Corp., 3.20%, 12/17/30 (Call 09/17/30)

    30       22,705  

CME Group Inc., 3.75%, 06/15/28 (Call 03/15/28)

    10       9,544  

Cobra AcquisitionCo LLC, 6.38%, 11/01/29
(Call 11/01/24)(b)

    8       5,098  

Coinbase Global Inc.

   

3.38%, 10/01/28 (Call 10/01/24)(b)

    17       11,137  

3.63%, 10/01/31 (Call 10/01/26)(b)

    8       4,801  

Credit Suisse USA Inc., 7.13%, 07/15/32

    200       204,918  

Curo Group Holdings Corp., 7.50%, 08/01/28
(Call 08/01/24)(b)

    13       5,471  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

Discover Financial Services, 6.70%, 11/29/32
(Call 08/29/32)

  $ 30     $ 30,998  

GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)(b)

    3       1,905  

Hightower Holding LLC, 6.75%, 04/15/29 (Call 04/13/24)(b)

    3       2,554  

Intercontinental Exchange Inc.

   

2.10%, 06/15/30 (Call 03/15/30)

    15       12,180  

4.35%, 06/15/29 (Call 04/15/29)

    20       19,367  

Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29
(Call 11/15/24)(b)

    10       8,771  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(b)

    10       8,470  

Jefferies Financial Group Inc., 4.15%, 01/23/30

    15       13,580  

Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)

    10       7,718  

Jefferies Group LLC/Jefferies Group Capital Finance Inc.,

   

2.63%, 10/15/31 (Call 07/15/31)

    40       31,280  

Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)

    55       51,606  

LD Holdings Group LLC, 6.13%, 04/01/28 (Call 04/01/24)(b)

    5       2,961  

LPL Holdings Inc.

   

4.00%, 03/15/29 (Call 03/15/24)(b)

    10       8,814  

4.38%, 05/15/31 (Call 05/15/26)(b)

    3       2,602  

Mastercard Inc.

   

2.95%, 06/01/29 (Call 03/01/29)

    10       8,997  

3.35%, 03/26/30 (Call 12/26/29)

    40       36,694  

Midcap Financial Issuer Trust

   

5.63%, 01/15/30 (Call 01/15/25)(b)

    3       2,361  

6.50%, 05/01/28 (Call 05/01/24)(b)

    13       11,200  

Morgan Stanley, 5.95%, 01/19/38 (Call 01/19/33)

    25       24,367  

Nationstar Mortgage Holdings Inc.

   

5.13%, 12/15/30 (Call 12/15/25)(b)

    5       3,867  

5.50%, 08/15/28 (Call 08/15/23)(b)

    6       5,103  

5.75%, 11/15/31 (Call 11/15/26)(b)

    14       10,971  

Navient Corp.

   

4.88%, 03/15/28 (Call 06/15/27)

    5       4,253  

5.50%, 03/15/29 (Call 06/15/28)

    10       8,479  

NFP Corp.

   

4.88%, 08/15/28 (Call 08/15/23)(b)

    5       4,390  

6.88%, 08/15/28 (Call 08/15/23)(b)

    25       21,287  

7.50%, 10/01/30 (Call 10/01/25)(b)

    10       9,539  

Nomura Holdings Inc., 5.61%, 07/06/29

    100       98,556  

Nuveen LLC, 4.00%, 11/01/28 (Call 08/01/28)(b)

    20       18,848  

OneMain Finance Corp.

   

3.88%, 09/15/28 (Call 09/15/24)

    10       7,997  

4.00%, 09/15/30 (Call 09/15/25)

    21       16,035  

5.38%, 11/15/29 (Call 05/15/29)

    10       8,424  

ORIX Corp., 5.20%, 09/13/32

    25       24,823  

PennyMac Financial Services Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(b)

    5       3,925  

5.75%, 09/15/31 (Call 09/15/26)(b)

    10       7,967  

Power Finance Corp. Ltd., 3.90%, 09/16/29(d)

    200       173,942  

PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)(b)

    8       6,813  

Raymond James Financial Inc., 4.65%, 04/01/30
(Call 01/01/30)

    25       24,011  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.

   

3.63%, 03/01/29 (Call 03/09/23)(b)

    10       8,062  

3.88%, 03/01/31 (Call 03/01/26)(b)

    20       15,521  

Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)

    30       26,513  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

    10       7,526  

5.15%, 03/19/29 (Call 12/19/28)

    40       37,584  

7.25%, 02/02/33 (Call 11/02/32)

    10       9,603  

 

 

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

  17


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  
Diversified Financial Services (continued)  

United Wholesale Mortgage LLC, 5.50%, 04/15/29
(Call 03/30/24)(b)

  $ 7     $ 5,796  

Visa Inc., 2.05%, 04/15/30 (Call 01/15/30)

    35       29,613  

VistaJet Malta Finance PLC/XO Management Holding Inc., 6.38%, 02/01/30 (Call 02/01/25)(b)(c)

    13       11,429  

Western Union Co. (The), 2.75%, 03/15/31
(Call 12/15/30)

    15       11,657  
   

 

 

 
      1,838,231  
Electric — 1.3%  

AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)

    10       7,946  

Alliant Energy Finance LLC

   

3.60%, 03/01/32 (Call 12/01/31)(b)

    25       21,487  

4.25%, 06/15/28 (Call 03/15/28)(b)

    10       9,316  

Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)

    25       21,963  

Ameren Illinois Co., 3.80%, 05/15/28 (Call 02/15/28)

    5       4,745  

American Electric Power Co. Inc.

   

5.63%, 03/01/33 (Call 12/01/32)

    8       7,991  

5.95%, 11/01/32 (Call 08/01/32)

    20       20,560  

Appalachian Power Co., 4.50%, 08/01/32
(Call 05/01/32)

    25       23,327  

Arizona Public Service Co., 2.20%, 12/15/31
(Call 09/15/31)

    25       19,216  

Berkshire Hathaway Energy Co., 3.70%, 07/15/30
(Call 04/15/30)

    50       45,973  

Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)

    20       17,019  

Calpine Corp.

   

3.75%, 03/01/31 (Call 03/01/26)(b)

    12       9,737  

4.63%, 02/01/29 (Call 02/01/24)(b)

    5       4,215  

5.00%, 02/01/31 (Call 02/01/26)(b)

    16       13,160  

5.13%, 03/15/28 (Call 03/15/23)(b)

    25       22,173  

CenterPoint Energy Inc., 2.65%, 06/01/31
(Call 03/01/31)

    25       20,532  

Clearway Energy Operating LLC

   

3.75%, 02/15/31 (Call 02/15/26)(b)

    10       8,133  

3.75%, 01/15/32 (Call 01/15/27)(b)

    5       3,980  

4.75%, 03/15/28 (Call 03/15/23)(b)

    11       10,105  

Cleveland Electric Illuminating Co. (The), 4.55%, 11/15/30 (Call 08/15/30)(b)

    10       9,454  

Commonwealth Edison Co., 3.70%, 08/15/28
(Call 05/15/28)

    5       4,699  

Connecticut Light & Power Co. (The), Series A, 2.05%, 07/01/31 (Call 04/01/31)

    15       12,111  

Consolidated Edison Co. of New York Inc.

   

5.20%, 03/01/33 (Call 12/01/32)

    10       10,017  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    25       22,339  

Consumers Energy Co.

   

3.60%, 08/15/32 (Call 02/15/32)

    15       13,448  

3.80%, 11/15/28 (Call 08/15/28)

    10       9,430  

4.63%, 05/15/33 (Call 11/15/32)

    30       29,156  

Dominion Energy Inc.

   

4.25%, 06/01/28 (Call 03/01/28)

    25       23,819  

Series C, 3.38%, 04/01/30 (Call 01/01/30)

    40       35,056  

DPL Inc., 4.35%, 04/15/29 (Call 01/15/29)

    13       11,341  

DTE Electric Co.

   

2.25%, 03/01/30 (Call 12/01/29)

    5       4,202  

5.20%, 04/01/33 (Call 01/01/33)

    10       10,013  

DTE Energy Co., Series C, 3.40%, 06/15/29
(Call 03/15/29)

    12       10,656  

Duke Energy Carolinas LLC

   

2.45%, 08/15/29 (Call 05/15/29)

    15       12,766  

Series A, 6.00%, 12/01/28

    10       10,497  

Duke Energy Corp.

   

2.45%, 06/01/30 (Call 03/01/30)

    15       12,321  

2.55%, 06/15/31 (Call 03/15/31)

    25       20,152  

4.50%, 08/15/32 (Call 05/15/32)

    10       9,262  

Duke Energy Florida LLC, 2.50%, 12/01/29
(Call 09/01/29)

    35       29,801  
    
Security
  Par
(000)
    Value  
Electric (continued)  

Duke Energy Progress LLC

   

3.40%, 04/01/32 (Call 01/01/32)

  $ 25     $     21,966  

3.45%, 03/15/29 (Call 12/15/28)

    11       10,043  

3.70%, 09/01/28 (Call 06/01/28)

    70       65,707  

Duquesne Light Holdings Inc., 2.78%, 01/07/32
(Call 10/07/31)(b)

    10       7,868  

Edison International

   

4.13%, 03/15/28 (Call 12/15/27)

    20       18,637  

6.95%, 11/15/29 (Call 09/15/29)

    10       10,486  

Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)

    55       52,846  

EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA, 5.38%, 12/30/30 (Call 12/30/25)(b)

    5       3,243  

Entergy Arkansas LLC, 5.15%, 01/15/33 (Call 10/15/32)

    10       9,948  

Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)

    25       21,140  

Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)

    20       17,958  

Entergy Texas Inc., 1.75%, 03/15/31 (Call 12/15/30)

    75       58,553  

Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)

    15       12,846  

Eversource Energy, Series O, 4.25%, 04/01/29
(Call 01/01/29)

    10       9,399  

Exelon Corp.

   

3.35%, 03/15/32 (Call 12/15/31)

    20       17,075  

4.05%, 04/15/30 (Call 01/15/30)

    40       36,692  

FirstEnergy Corp.

   

Series B, 2.25%, 09/01/30 (Call 06/01/30)

    15       11,985  

Series C, 7.38%, 11/15/31

    10       11,239  

FirstEnergy Transmission LLC, 2.87%, 09/15/28
(Call 07/15/28)(b)

    5       4,378  

Florida Power & Light Co., 5.10%, 04/01/33
(Call 01/03/33)

    10       9,984  

Georgia Power Co.

   

4.70%, 05/15/32 (Call 02/15/32)

    18       17,115  

Series B, 2.65%, 09/15/29 (Call 06/15/29)

    15       12,724  

Indiana Michigan Power Co., 3.85%, 05/15/28
(Call 02/15/28)

    5       4,737  

Interstate Power & Light Co., 4.10%, 09/26/28
(Call 06/26/28)

    25       23,928  

IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)

    10       9,009  

ITC Holdings Corp., 2.95%, 05/14/30 (Call 04/14/30)(b)

    10       8,538  

Jersey Central Power & Light Co., 2.75%, 03/01/32
(Call 12/01/31)(b)

    10       8,172  

Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)(b)

    8       6,804  

Liberty Utilities Finance GP 1, 2.05%, 09/15/30
(Call 06/15/30)(b)

    25       19,259  

Metropolitan Edison Co., 4.30%, 01/15/29
(Call 10/15/28)(b)

    10       9,337  

MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29)

    25       23,162  

Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 02/15/28)(b)

    6       5,667  

National Rural Utilities Cooperative Finance Corp.

   

2.40%, 03/15/30 (Call 12/15/29)

    10       8,402  

2.75%, 04/15/32 (Call 01/15/32)

    10       8,257  

3.90%, 11/01/28 (Call 08/01/28)

    15       14,120  

Series C, 8.00%, 03/01/32

    10       11,834  

New York State Electric & Gas Corp., 2.15%, 10/01/31
(Call 07/01/31)(b)

    20       15,621  

NextEra Energy Capital Holdings Inc.

   

2.25%, 06/01/30 (Call 03/01/30)

    25       20,249  

2.44%, 01/15/32 (Call 10/15/31)

    5       3,958  

2.75%, 11/01/29 (Call 08/01/29)

    65       55,321  

5.00%, 07/15/32 (Call 04/15/32)

    55       52,963  

Niagara Mohawk Power Corp., 4.28%, 12/15/28
(Call 09/15/28)(b)

    20       18,393  

 

 

18  

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


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  
Electric (continued)  

NRG Energy Inc.

   

3.38%, 02/15/29 (Call 02/15/24)(b)

  $ 4     $ 3,260  

3.63%, 02/15/31 (Call 02/15/26)(b)

    22       17,076  

3.88%, 02/15/32 (Call 02/15/27)(b)

    13       10,077  

4.45%, 06/15/29 (Call 03/15/29)(b)

    10       8,900  

5.25%, 06/15/29 (Call 06/15/24)(b)

    10       8,896  

NSTAR Electric Co., 3.25%, 05/15/29 (Call 02/15/29)

    10       9,042  

Ohio Power Co., Series Q, 1.63%, 01/15/31
(Call 10/15/30)

    5       3,856  

Oklahoma Gas & Electric Co., 3.80%, 08/15/28
(Call 02/15/28)

    5       4,676  

Oncor Electric Delivery Co. LLC

   

2.75%, 05/15/30 (Call 02/15/30)

    35       30,362  

3.70%, 11/15/28 (Call 08/15/28)

    15       14,087  

4.55%, 09/15/32 (Call 06/15/32)

    20       19,352  

Pacific Gas and Electric Co.

   

2.50%, 02/01/31 (Call 11/01/30)

    15       11,682  

4.55%, 07/01/30 (Call 01/01/30)

    125       112,869  

5.90%, 06/15/32 (Call 03/15/32)

    5       4,830  

6.15%, 01/15/33 (Call 10/15/32)

    5       4,942  

Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28 (Call 08/15/23)(b)

    5       4,462  

PG&E Corp.

   

5.00%, 07/01/28 (Call 07/01/23)

    7       6,387  

5.25%, 07/01/30 (Call 06/15/25)

    18       16,150  

Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)(b)

    10       8,669  

Progress Energy Inc., 7.75%, 03/01/31

    20       22,560  

Public Service Co. of Colorado

   

1.88%, 06/15/31 (Call 12/15/30)

    25       19,778  

3.70%, 06/15/28 (Call 12/15/27)

    25       23,619  

Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31 (Call 03/15/31)

    10       8,182  

Public Service Electric & Gas Co.

   

1.90%, 08/15/31 (Call 05/15/31)

    20       15,912  

3.20%, 05/15/29 (Call 02/15/29)

    6       5,403  

3.70%, 05/01/28 (Call 02/01/28)

    15       14,151  

Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)

    30       23,997  

Sempra Energy, 3.70%, 04/01/29 (Call 02/01/29)

    5       4,544  

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

    5       4,114  

5.95%, 11/01/32 (Call 08/01/32)

    20       20,832  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

    10       9,433  

Southern Co. (The)

   

5.70%, 10/15/32 (Call 04/15/32)

    10       10,157  

Series A, 3.70%, 04/30/30 (Call 01/30/30)

    45       40,572  

Southwestern Electric Power Co., Series M, 4.10%, 09/15/28 (Call 06/15/28)

    50       47,246  

TransAlta Corp., 7.75%, 11/15/29 (Call 11/15/25)

    10       10,257  

Union Electric Co., 2.15%, 03/15/32 (Call 12/15/31)

    10       7,903  

Virginia Electric & Power Co.

   

2.30%, 11/15/31 (Call 08/15/31)

    55       44,301  

2.40%, 03/30/32 (Call 12/30/31)

    25       20,189  

Vistra Operations Co. LLC

   

4.30%, 07/15/29 (Call 04/15/29)(b)

    10       9,002  

4.38%, 05/01/29 (Call 05/01/24)(b)

    19       16,430  

Wisconsin Electric Power Co., 1.70%, 06/15/28
(Call 04/15/28)

    15       12,748  
   

 

 

 
      2,052,586  
    
Security
  Par
(000)
    Value  
Electrical Components & Equipment — 0.0%  

Emerson Electric Co.

   

2.00%, 12/21/28 (Call 10/21/28)

  $ 20     $ 17,085  

2.20%, 12/21/31 (Call 09/21/31)

    25       20,027  

Energizer Holdings Inc.

   

4.38%, 03/31/29 (Call 09/30/23)(b)

    12       10,169  

4.75%, 06/15/28 (Call 07/01/23)(b)

    15       13,090  

WESCO Distribution Inc., 7.25%, 06/15/28
(Call 06/15/23)(b)

    20       20,321  
   

 

 

 
      80,692  
Electronics — 0.2%  

Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)

    25       20,336  

Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32
(Call 04/01/32)

    10       9,763  

Amphenol Corp.

   

2.20%, 09/15/31 (Call 06/15/31)

    10       7,956  

4.35%, 06/01/29 (Call 03/01/29)

    5       4,853  

Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(b)

    3       2,611  

Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)

    25       23,560  

Honeywell International Inc.

   

1.75%, 09/01/31 (Call 06/01/31)

    45       35,627  

5.00%, 02/15/33 (Call 11/15/32)

    10       10,121  

II-VI Inc., 5.00%, 12/15/29 (Call 12/15/24)(b)

    12       10,507  

Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(b)

    30       25,480  

Jabil Inc., 3.60%, 01/15/30 (Call 10/15/29)

    5       4,395  

Keysight Technologies Inc., 3.00%, 10/30/29
(Call 07/30/29)

    25       21,578  

Sensata Technologies BV, 4.00%, 04/15/29
(Call 03/18/24)(b)

    17       15,001  

Sensata Technologies Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(b)

    16       13,417  

4.38%, 02/15/30 (Call 11/15/29)(b)

    10       8,876  

TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31)

    5       3,880  

Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)

    25       23,977  

TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)(b)

    10       8,299  

Vontier Corp.

   

2.40%, 04/01/28 (Call 02/01/28)

    10       8,198  

2.95%, 04/01/31 (Call 01/01/31)

    32       24,434  
   

 

 

 
      282,869  
Energy - Alternate Sources — 0.0%  

TerraForm Power Operating LLC, 4.75%, 01/15/30
(Call 01/15/25)(b)

    12       10,389  
   

 

 

 
Engineering & Construction — 0.0%  

Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(b)

    8       6,994  

Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(b)

    10       8,771  

Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)(c)

    15       13,562  

Global Infrastructure Solutions Inc.

   

5.63%, 06/01/29 (Call 06/01/24)(b)

    3       2,512  

7.50%, 04/15/32 (Call 04/15/27)(b)

    7       6,083  

Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29
(Call 06/01/24)(b)

    3       2,351  

MasTec Inc., 4.50%, 08/15/28 (Call 08/15/23)(b)

    15       13,682  

Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)(b)

    5       4,676  

TopBuild Corp.

   

3.63%, 03/15/29 (Call 03/15/24)(b)

    3       2,506  

4.13%, 02/15/32 (Call 10/15/26)(b)

    5       4,117  

VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)(b)

    3       2,655  

Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)(b)

    5       4,254  
   

 

 

 
      72,163  

 

 

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

  19


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  
Entertainment — 0.2%  

AMC Entertainment Holdings Inc., 7.50%, 02/15/29
(Call 02/15/25)(b)

  $ 12     $ 7,176  

Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)(b)

    5       4,452  

Caesars Entertainment Inc.

   

4.63%, 10/15/29 (Call 10/15/24)(b)

    15       12,834  

7.00%, 02/15/30 (Call 02/15/26)(b)

    25       25,177  

CDI Escrow Issuer Inc., 5.75%, 04/01/30
(Call 04/01/25)(b)

    12       11,143  

Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)

    5       4,576  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 10/01/23)

    3       2,906  

Cinemark USA Inc., 5.25%, 07/15/28 (Call 07/15/24)(b)

    10       8,369  

Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)(b)

    3       2,642  

International Game Technology PLC, 5.25%, 01/15/29 (Call 01/15/24)(b)

    5       4,640  

Jacobs Entertainment Inc., 6.75%, 02/15/29
(Call 02/15/25)(b)

    14       12,736  

Lions Gate Capital Holdings LLC, 5.50%, 04/15/29
(Call 03/23/24)(b)

    13       9,283  

Magallanes Inc.

   

4.05%, 03/15/29 (Call 01/15/29)(b)

    65       58,090  

4.28%, 03/15/32 (Call 12/15/31)(b)

    35       30,224  

Midwest Gaming Borrower LLC, 4.88%, 05/01/29
(Call 05/01/24)(b)

    6       5,147  

Penn National Gaming Inc., 4.13%, 07/01/29
(Call 07/01/24)(b)(c)

    3       2,439  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.

   

5.63%, 09/01/29 (Call 09/01/24)(b)

    10       7,350  

5.88%, 09/01/31 (Call 09/01/26)(b)

    11       7,881  

Scientific Games Holdings LP/Scientific Games U.S. FinCo Inc., 6.63%, 03/01/30 (Call 03/01/25)(b)

    16       14,087  

Scientific Games International Inc.

   

7.00%, 05/15/28 (Call 05/15/23)(b)

    10       9,777  

7.25%, 11/15/29 (Call 11/15/24)(b)

    10       9,862  

SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)(b)(c)

    16       14,280  

WMG Acquisition Corp.

   

3.00%, 02/15/31 (Call 02/15/26)(b)

    11       8,697  

3.75%, 12/01/29 (Call 12/01/24)(b)

    4       3,387  

3.88%, 07/15/30 (Call 07/15/25)(b)

    7       5,935  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

   

5.13%, 10/01/29 (Call 07/01/29)(b)

    15       13,408  

7.13%, 02/15/31 (Call 11/15/30)(b)(c)

    10       9,963  
   

 

 

 
      306,461  
Environmental Control — 0.1%  

Clean Harbors Inc., 6.38%, 02/01/31 (Call 02/01/26)(b)

    10       9,967  

Covanta Holding Corp.

   

4.88%, 12/01/29 (Call 12/01/24)(b)

    11       9,295  

5.00%, 09/01/30 (Call 09/01/25)

    3       2,494  

GFL Environmental Inc.

   

3.50%, 09/01/28 (Call 03/01/28)(b)

    5       4,367  

4.00%, 08/01/28 (Call 08/01/23)(b)

    15       13,143  

4.38%, 08/15/29 (Call 08/15/24)(b)

    15       12,984  

4.75%, 06/15/29 (Call 06/15/24)(b)

    5       4,448  

Madison IAQ LLC

   

4.13%, 06/30/28 (Call 06/30/24)(b)

    5       4,274  

5.88%, 06/30/29 (Call 06/30/24)(b)

    13       10,367  

Republic Services Inc.

   

1.75%, 02/15/32 (Call 11/15/31)

    25       19,175  

3.95%, 05/15/28 (Call 02/15/28)

    20       18,941  
    
Security
  Par
(000)
    Value  
Environmental Control (continued)  

Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)(b)

  $ 4     $ 3,439  

Waste Connections Inc.

   

2.20%, 01/15/32 (Call 10/15/31)

    10       7,906  

3.50%, 05/01/29 (Call 02/01/29)

    9       8,135  

4.25%, 12/01/28 (Call 09/01/28)

    15       14,341  

Waste Management Inc.

   

2.00%, 06/01/29 (Call 04/01/29)

    25       20,858  

4.15%, 04/15/32 (Call 01/15/32)

    25       23,411  
   

 

 

 
      187,545  
Food — 0.4%  

Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC

   

3.50%, 03/15/29 (Call 09/15/23)(b)

    25       21,211  

4.88%, 02/15/30 (Call 02/15/25)(b)

    10       9,005  

5.88%, 02/15/28 (Call 08/15/23)(b)

    15       14,508  

C&S Group Enterprises LLC, 5.00%, 12/15/28
(Call 12/15/23)(b)

    3       2,310  

Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)

    25       23,853  

Chobani LLC/Chobani Finance Corp. Inc., 4.63%, 11/15/28 (Call 11/15/23)(b)

    5       4,362  

Conagra Brands Inc., 4.85%, 11/01/28 (Call 08/01/28)

    45       43,616  

General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)

    30       25,974  

Hershey Co. (The), 2.45%, 11/15/29 (Call 08/15/29)

    5       4,338  

Ingles Markets Inc., 4.00%, 06/15/31 (Call 06/15/26)(b)

    8       6,705  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

3.00%, 02/02/29 (Call 12/02/28)(b)

    15       12,526  

3.75%, 12/01/31 (Call 12/01/26)(b)

    10       8,019  

5.50%, 01/15/30 (Call 01/15/25)(b)

    50       47,058  

JM Smucker Co. (The), 2.13%, 03/15/32 (Call 12/15/31)

    15       11,797  

Kellogg Co., 4.30%, 05/15/28 (Call 02/15/28)

    10       9,715  

Kraft Heinz Foods Co.

   

4.25%, 03/01/31 (Call 12/01/30)

    15       14,027  

4.63%, 01/30/29 (Call 10/30/28)

    2       1,952  

Kroger Co. (The)

   

2.20%, 05/01/30 (Call 02/01/30)

    15       12,142  

4.50%, 01/15/29 (Call 10/15/28)

    5       4,815  

7.50%, 04/01/31

    10       11,285  

Lamb Weston Holdings Inc.

   

4.13%, 01/31/30 (Call 01/31/25)(b)

    17       14,978  

4.38%, 01/31/32 (Call 01/31/27)(b)

    7       6,153  

4.88%, 05/15/28 (Call 11/15/27)(b)

    4       3,776  

Mars Inc.

   

1.63%, 07/16/32 (Call 04/16/32)(b)

    10       7,543  

3.20%, 04/01/30 (Call 01/01/30)(b)

    5       4,477  

McCormick & Co. Inc./MD, 2.50%, 04/15/30
(Call 01/15/30)

    15       12,468  

Mondelez International Inc., 3.00%, 03/17/32
(Call 12/17/31)

    25       21,139  

Nestle Holdings Inc., 3.63%, 09/24/28 (Call 06/24/28)(b)

    150       142,294  

Performance Food Group Inc., 4.25%, 08/01/29
(Call 08/01/24)(b)

    16       13,965  

Pilgrim’s Pride Corp.

   

3.50%, 03/01/32 (Call 09/01/26)

    10       7,792  

4.25%, 04/15/31 (Call 04/15/26)

    10       8,350  

Post Holdings Inc.

   

4.50%, 09/15/31 (Call 09/15/26)(b)

    15       12,670  

4.63%, 04/15/30 (Call 04/15/25)(b)

    27       23,417  

5.50%, 12/15/29 (Call 12/15/24)(b)

    19       17,429  

Safeway Inc., 7.25%, 02/01/31

    3       2,978  

SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28 (Call 10/09/23)(b)

    3       2,839  

 

 

20  

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


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  
Food (continued)  

Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)(b)

  $ 11     $ 8,972  

Smithfield Foods Inc.

   

2.63%, 09/13/31 (Call 06/13/31)(b)

    10       7,333  

3.00%, 10/15/30 (Call 07/15/30)(b)

    5       3,886  

5.20%, 04/01/29 (Call 01/01/29)(b)

    25       22,921  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    30       24,970  

5.95%, 04/01/30 (Call 01/01/30)

    10       10,360  

TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23)

    5       4,290  

Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)

    35       33,212  

U.S. Foods Inc.

   

4.63%, 06/01/30 (Call 06/01/25)(b)

    5       4,383  

4.75%, 02/15/29 (Call 02/15/24)(b)

    11       9,924  

United Natural Foods Inc., 6.75%, 10/15/28
(Call 10/15/23)(b)(c)

    5       4,749  
   

 

 

 
      726,486  
Food Service — 0.0%  

TKC Holdings Inc.

   

6.88%, 05/15/28 (Call 05/15/24)(b)

    3       2,453  

10.50%, 05/15/29 (Call 05/15/24)(b)

    10       6,127  
   

 

 

 
      8,580  
Forest Products & Paper — 0.1%  

Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)(b)

    5       4,502  

Georgia-Pacific LLC, 2.30%, 04/30/30 (Call 01/30/30)(b)

    15       12,529  

Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)(b)

    10       6,586  

Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)

    12       9,846  

Suzano Austria GmbH

   

3.13%, 01/15/32 (Call 10/15/31)

    40       31,615  

3.75%, 01/15/31 (Call 10/15/30)

    30       25,399  

Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)(b)

    5       4,973  
   

 

 

 
      95,450  
Gas — 0.1%  

Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30)

    45       34,906  

Boston Gas Co.

   

3.00%, 08/01/29 (Call 05/01/29)(b)

    25       21,565  

3.76%, 03/16/32 (Call 12/16/31)(b)

    10       8,754  

CenterPoint Energy Resources Corp., 4.00%, 04/01/28 (Call 01/01/28)

    10       9,515  

NiSource Inc.

   

1.70%, 02/15/31 (Call 11/15/30)

    30       22,866  

3.60%, 05/01/30 (Call 02/01/30)

    10       8,932  

Southwest Gas Corp.

   

2.20%, 06/15/30 (Call 03/15/30)

    5       3,984  

4.05%, 03/15/32 (Call 12/15/31)

    35       31,252  
   

 

 

 
      141,774  
Hand & Machine Tools — 0.0%  

Regal Rexnord Corp.

   

6.05%, 04/15/28 (Call 03/15/28)

    25       24,435  

6.30%, 02/15/30 (Call 12/15/29)(b)

    5       4,900  

Stanley Black & Decker Inc.

   

2.30%, 03/15/30 (Call 12/15/29)

    15       12,186  

3.00%, 05/15/32 (Call 02/15/32)(c)

    25       20,380  
   

 

 

 
      61,901  
Health Care - Products — 0.2%  

Avantor Funding Inc.

   

3.88%, 11/01/29 (Call 11/01/24)(b)

    8       6,920  

4.63%, 07/15/28 (Call 07/15/23)(b)

    21       19,313  
    
Security
  Par
(000)
    Value  
Health Care - Products (continued)  

Baxter International Inc.

   

2.27%, 12/01/28 (Call 10/01/28)

  $ 33     $ 27,631  

3.95%, 04/01/30 (Call 01/01/30)

    15       13,475  

Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)

    15       12,819  

DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)

    5       4,315  

Edwards Lifesciences Corp., 4.30%, 06/15/28
(Call 03/15/28)

    25       23,974  

Embecta Corp.

   

5.00%, 02/15/30 (Call 02/15/27)(b)(c)

    5       4,240  

6.75%, 02/15/30 (Call 02/15/27)(b)

    2       1,805  

Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)(b)

    5       5,284  

Hologic Inc.

   

3.25%, 02/15/29 (Call 09/28/23)(b)

    12       10,326  

4.63%, 02/01/28 (Call 02/01/24)(b)

    3       2,803  

Mozart Debt Merger Sub Inc.

   

3.88%, 04/01/29 (Call 10/01/24)(b)

    57       47,531  

5.25%, 10/01/29 (Call 10/01/24)(b)

    33       27,097  

PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)

    30       25,918  

Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)

    15       11,796  

Stryker Corp.

   

1.95%, 06/15/30 (Call 03/15/30)

    5       4,065  

3.65%, 03/07/28 (Call 12/07/27)

    20       18,838  

Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(b)

    7       6,342  

Thermo Fisher Scientific Inc.

   

2.00%, 10/15/31 (Call 07/15/31)

    80       63,907  

2.60%, 10/01/29 (Call 07/01/29)

    5       4,329  
   

 

 

 
      342,728  
Health Care - Services — 0.8%            

Acadia Healthcare Co. Inc.

   

5.00%, 04/15/29 (Call 10/15/23)(b)

    4       3,643  

5.50%, 07/01/28 (Call 07/01/23)(b)

    5       4,693  

AHP Health Partners Inc., 5.75%, 07/15/29
(Call 07/15/24)(b)

    3       2,512  

Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)(b)

    3       2,100  

Banner Health, 2.34%, 01/01/30 (Call 10/01/29)

    30       25,347  

Bon Secours Mercy Health Inc., 3.46%, 06/01/30
(Call 12/01/29)

    15       13,350  

Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)(b)(c)

    4       2,475  

Catalent Pharma Solutions Inc.

   

3.13%, 02/15/29 (Call 02/15/24)(b)(c)

    6       5,180  

3.50%, 04/01/30 (Call 04/01/25)(b)(c)

    5       4,339  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    36       30,250  

2.50%, 03/01/31 (Call 12/01/30)

    41       31,997  

2.63%, 08/01/31 (Call 05/01/31)

    28       21,890  

3.00%, 10/15/30 (Call 07/15/30)

    26       21,249  

3.38%, 02/15/30 (Call 02/15/25)

    44       37,259  

4.63%, 12/15/29 (Call 12/15/24)

    70       64,202  

Charles River Laboratories International Inc.

   

3.75%, 03/15/29 (Call 03/15/24)(b)

    4       3,475  

4.00%, 03/15/31 (Call 03/15/26)(b)(c)

    5       4,300