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  

4.25%, 05/01/28 (Call 05/01/23)(b)

    8       7,222  

CHS/Community Health Systems Inc.

   

4.75%, 02/15/31 (Call 02/15/26)(b)

    13       10,048  

5.25%, 05/15/30 (Call 05/15/25)(b)

    36       28,934  

6.00%, 01/15/29 (Call 01/15/24)(b)

    9       7,826  

6.13%, 04/01/30 (Call 04/01/25)(b)

    20       13,676  

6.88%, 04/01/28 (Call 04/01/23)(b)

    6       4,069  

6.88%, 04/15/29 (Call 04/15/24)(b)(c)

    23       16,152  

DaVita Inc.

   

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

    21       15,903  

4.63%, 06/01/30 (Call 06/01/25)(b)

    35       28,835  

 

 

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

  21


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  
Health Care - Services (continued)  

Elevance Health Inc.

   

2.25%, 05/15/30 (Call 02/15/30)

  $ 10     $ 8,237  

2.55%, 03/15/31 (Call 12/15/30)

    10       8,284  

2.88%, 09/15/29 (Call 06/15/29)

    40       34,842  

5.50%, 10/15/32 (Call 07/15/32)

    65       66,020  

Encompass Health Corp.

   

4.50%, 02/01/28 (Call 02/01/24)

    5       4,591  

4.63%, 04/01/31 (Call 03/30/26)

    10       8,541  

4.75%, 02/01/30 (Call 02/01/25)

    10       8,908  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    15       11,678  

3.50%, 09/01/30 (Call 03/01/30)

    30       25,793  

3.63%, 03/15/32 (Call 12/15/31)(b)

    5       4,226  

4.13%, 06/15/29 (Call 03/15/29)

    35       31,862  

5.63%, 09/01/28 (Call 03/01/28)

    70       69,182  

5.88%, 02/01/29 (Call 08/01/28)

    35       34,980  

Humana Inc.

   

2.15%, 02/03/32 (Call 11/03/31)

    30       23,132  

3.13%, 08/15/29 (Call 05/15/29)

    30       26,169  

Laboratory Corp. of America Holdings

   

2.70%, 06/01/31 (Call 03/01/31)

    5       4,158  

2.95%, 12/01/29 (Call 09/01/29)

    15       12,866  

Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(b)

    10       6,566  

ModivCare Escrow Issuer Inc., 5.00%, 10/01/29
(Call 10/01/24)(b)

    4       3,416  

Molina Healthcare Inc.

   

3.88%, 11/15/30 (Call 08/17/30)(b)

    10       8,452  

3.88%, 05/15/32 (Call 02/15/32)(b)

    8       6,567  

4.38%, 06/15/28 (Call 06/15/23)(b)

    13       11,812  

Pediatrix Medical Group Inc., 5.38%, 02/15/30
(Call 02/15/25)(b)(c)

    3       2,657  

Providence St Joseph Health Obligated Group,
Series 19A, 2.53%, 10/01/29 (Call 07/01/29)

    5       4,221  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    25       20,980  

4.20%, 06/30/29 (Call 03/30/29)

    5       4,726  

Roche Holdings Inc., 1.93%, 12/13/28 (Call 10/13/28)(b)

    200       171,388  

Syneos Health Inc., 3.63%, 01/15/29
(Call 01/15/24)(b)(c)

    15       12,388  

Tenet Healthcare Corp.

   

4.25%, 06/01/29 (Call 06/01/24)

    20       17,511  

4.38%, 01/15/30 (Call 12/01/24)

    20       17,505  

4.63%, 06/15/28 (Call 06/15/23)

    5       4,538  

6.13%, 10/01/28 (Call 10/01/23)

    30       27,767  

6.13%, 06/15/30 (Call 06/15/25)(b)

    30       28,599  

6.88%, 11/15/31

    3       2,778  

UnitedHealth Group Inc.

   

2.00%, 05/15/30

    10       8,196  

2.88%, 08/15/29

    30       26,436  

3.88%, 12/15/28

    35       33,067  

4.20%, 05/15/32 (Call 02/15/32)

    30       28,216  

5.30%, 02/15/30 (Call 12/15/29)

    30       30,398  

5.35%, 02/15/33 (Call 11/15/32)

    10       10,228  

Universal Health Services Inc., 2.65%, 10/15/30
(Call 07/15/30)

    20       16,117  
   

 

 

 
      1,298,924  
Holding Companies - Diversified — 0.1%  

Ares Capital Corp.

   

2.88%, 06/15/28 (Call 04/15/28)

    5       4,103  

3.20%, 11/15/31 (Call 08/15/31)

    25       19,045  
    
Security
  Par
(000)
    Value  
Holding Companies - Diversified (continued)  

Blackstone Private Credit Fund, 4.00%, 01/15/29
(Call 11/15/28)

  $ 10     $ 8,499  

Blackstone Secured Lending Fund, 2.85%, 09/30/28
(Call 07/30/28)

    15       12,103  

Compass Group Diversified Holdings LLC

   

5.00%, 01/15/32 (Call 01/15/27)(b)

    3       2,387  

5.25%, 04/15/29 (Call 04/15/24)(b)

    17       14,924  

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29 (Call 08/01/28)

    17       14,689  

Owl Rock Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)

    35       28,054  
   

 

 

 
      103,804  
Home Builders — 0.1%  

Ashton Woods USA LLC/Ashton Woods Finance Co.

   

4.63%, 08/01/29 (Call 08/01/24)(b)

    10       8,208  

4.63%, 04/01/30 (Call 04/01/25)(b)

    3       2,415  

Beazer Homes USA Inc., 7.25%, 10/15/29 (Call 10/15/24)

    5       4,485  

Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC

   

4.88%, 02/15/30 (Call 02/15/25)(b)

    10       7,529  

5.00%, 06/15/29 (Call 06/15/24)(b)

    3       2,340  

Century Communities Inc., 3.88%, 08/15/29
(Call 02/15/29)(b)

    5       4,093  

Forestar Group Inc., 5.00%, 03/01/28 (Call 03/01/23)(b)

    2       1,732  

KB Home

   

4.00%, 06/15/31 (Call 12/15/30)

    10       8,171  

4.80%, 11/15/29 (Call 05/15/29)

    2       1,756  

LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)(b)

    3       2,365  

M/I Homes Inc., 3.95%, 02/15/30 (Call 08/15/29)

    5       4,066  

Mattamy Group Corp., 4.63%, 03/01/30 (Call 03/01/25)(b)

    8       6,628  

MDC Holdings Inc., 3.85%, 01/15/30 (Call 07/15/29)

    15       12,512  

Meritage Homes Corp., 3.88%, 04/15/29 (Call 10/15/28)(b)

    5       4,307  

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

    15       12,807  

Shea Homes LP/Shea Homes Funding Corp., 4.75%, 04/01/29 (Call 04/01/24)

    2       1,759  

Taylor Morrison Communities Inc.

   

5.13%, 08/01/30 (Call 02/01/30)(b)

    13       11,469  

5.75%, 01/15/28 (Call 10/15/27)(b)

    3       2,832  

Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)(b)

    6       4,853  

Tri Pointe Homes Inc., 5.70%, 06/15/28 (Call 12/15/27)

    3       2,800  

Winnebago Industries Inc., 6.25%, 07/15/28
(Call 06/30/23)(b)

    2       1,908  
   

 

 

 
      109,035  
Home Furnishings — 0.1%            

Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28)

    45       42,218  

Tempur Sealy International Inc.

   

3.88%, 10/15/31 (Call 10/15/26)(b)

    17       13,710  

4.00%, 04/15/29 (Call 04/15/24)(b)

    8       6,834  

Whirlpool Corp., 4.75%, 02/26/29 (Call 11/26/28)(c)

    20       19,133  
   

 

 

 
      81,895  
Household Products & Wares — 0.1%  

ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)(b)

    5       4,094  

Avery Dennison Corp.

   

2.25%, 02/15/32 (Call 11/15/31)

    25       19,269  

4.88%, 12/06/28 (Call 09/06/28)

    10       9,821  

Central Garden & Pet Co.

   

4.13%, 10/15/30 (Call 10/15/25)

    5       4,165  

4.13%, 04/30/31 (Call 04/30/26)(b)

    5       4,103  

Church & Dwight Co. Inc., 5.60%, 11/15/32 (Call 08/15/32)

    15       15,543  

Clorox Co. (The), 3.90%, 05/15/28 (Call 02/15/28)

    40       37,978  

Kimberly-Clark Corp.

   

3.10%, 03/26/30 (Call 12/26/29)

    20       17,948  

 

 

22  

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  
Household Products & Wares (continued)  

3.20%, 04/25/29 (Call 01/25/29)

  $ 5     $ 4,556  

3.95%, 11/01/28 (Call 08/01/28)

    35       33,589  

Spectrum Brands Inc.

   

3.88%, 03/15/31 (Call 03/15/26)(b)(c)

    9       7,120  

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

    2       1,730  

5.50%, 07/15/30 (Call 07/15/25)(b)

    7       6,188  
   

 

 

 
      166,104  
Housewares — 0.0%  

Newell Brands Inc., 6.63%, 09/15/29 (Call 06/15/29)(c)

    5       4,957  

Scotts Miracle-Gro Co. (The)

   

4.00%, 04/01/31 (Call 04/01/26)

    8       6,432  

4.38%, 02/01/32 (Call 08/01/26)

    4       3,265  

4.50%, 10/15/29 (Call 10/15/24)

    3       2,601  

SWF Escrow Issuer Corp., 6.50%, 10/01/29
(Call 10/01/24)(b)(c)

    10       6,485  
   

 

 

 
      23,740  
Insurance — 0.9%  

Acrisure LLC/Acrisure Finance Inc.

   

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

    10       8,154  

6.00%, 08/01/29 (Call 08/01/24)(b)

    5       4,094  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

   

5.88%, 11/01/29 (Call 11/01/24)(b)

    8       6,707  

6.75%, 04/15/28 (Call 04/15/25)

    25       24,453  

American International Group Inc., 3.40%, 06/30/30
(Call 03/30/30)

    30       26,604  

Americo Life Inc., 3.45%, 04/15/31 (Call 01/15/31)(b)

    35       26,798  

AmFam Holdings Inc., 2.81%, 03/11/31 (Call 12/11/30)(b)

    25       19,247  

AmWINS Group Inc., 4.88%, 06/30/29 (Call 06/30/24)(b)

    10       8,535  

Aon Corp.

   

2.80%, 05/15/30 (Call 02/15/30)

    45       38,452  

4.50%, 12/15/28 (Call 09/15/28)

    10       9,670  

Aon Corp./Aon Global Holdings PLC, 2.05%, 08/23/31 (Call 05/23/31)

    25       19,644  

Ascot Group Ltd., 4.25%, 12/15/30 (Call 12/15/25)(b)

    40       32,009  

Assurant Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    25       18,884  

7.00%, 03/27/48 (Call 03/27/28),
(3 mo. LIBOR US + 4.135%)(a)

    3       2,980  

Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31)

    20       17,003  

AssuredPartners Inc., 5.63%, 01/15/29 (Call 12/15/23)(b)

    5       4,248  

Athene Global Funding

   

1.99%, 08/19/28(b)

    105       85,698  

2.72%, 01/07/29(b)

    10       8,410  

AXA SA, 8.60%, 12/15/30

    15       18,419  

AXIS Specialty Finance LLC, 4.90%, 01/15/40
(Call 01/15/30), (5 year CMT + 3.186%)(a)

    15       12,828  

Berkshire Hathaway Finance Corp.

   

1.85%, 03/12/30 (Call 12/12/29)

    5       4,160  

2.88%, 03/15/32 (Call 12/15/31)

    20       17,228  

Brighthouse Financial Inc., 5.63%, 05/15/30
(Call 02/15/30)

    20       19,657  

BroadStreet Partners Inc., 5.88%, 04/15/29
(Call 04/15/24)(b)

    8       6,897  

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)

    5       3,849  

4.20%, 03/17/32 (Call 12/17/31)

    15       13,121  

Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)

    25       19,396  

CNA Financial Corp., 2.05%, 08/15/30 (Call 05/15/30)

    15       11,901  

CNO Financial Group Inc., 5.25%, 05/30/29
(Call 02/28/29)

    10       9,481  
    
Security
  Par
(000)
    Value  
Insurance (continued)  

Corebridge Financial Inc.

   

3.85%, 04/05/29 (Call 02/05/29)(b)

  $ 15     $ 13,522  

3.90%, 04/05/32 (Call 01/05/32)(b)

    35       30,635  

Doctors Co. An Interinsurance Exchange (The), 4.50%, 01/18/32 (Call 10/18/31)(b)

    10       8,192  

Empower Finance 2020 LP, 1.78%, 03/17/31
(Call 12/17/30)(b)

    10       7,775  

Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)

    10       9,167  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

    55       52,280  

5.59%, 01/11/33 (Call 10/11/32)

    25       24,774  

F&G Global Funding, 2.00%, 09/20/28(b)

    20       16,660  

Fairfax Financial Holdings Ltd.

   

4.85%, 04/17/28 (Call 01/17/28)

    30       28,755  

5.63%, 08/16/32 (Call 05/16/32)(b)

    25       23,743  

Fidelity National Financial Inc., 3.40%, 06/15/30
(Call 03/15/30)

    5       4,303  

First American Financial Corp.

   

2.40%, 08/15/31 (Call 05/15/31)

    15       11,237  

4.00%, 05/15/30 (Call 02/15/30)

    15       13,198  

Global Atlantic Fin Co.

   

3.13%, 06/15/31 (Call 03/15/31)(b)

    20       15,591  

4.40%, 10/15/29 (Call 07/15/29)(b)

    25       21,594  

Globe Life Inc.

   

4.55%, 09/15/28 (Call 06/15/28)

    5       4,909  

4.80%, 06/15/32 (Call 03/15/32)

    15       14,339  

Great-West Lifeco Finance 2018 LP, 4.05%, 05/17/28
(Call 02/17/28)(b)

    15       14,063  

Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29)

    5       4,306  

Hub International Ltd., 5.63%, 12/01/29 (Call 12/01/24)(b)

    5       4,300  

Jackson National Life Global Funding, 3.05%, 06/21/29(b)

    50       42,578  

Jones Deslauriers Insurance Management Inc., 10.50%, 12/15/30 (Call 12/15/25)

    5       5,089  

Kemper Corp., 2.40%, 09/30/30 (Call 06/30/30)

    35       27,218  

Liberty Mutual Group Inc., 4.57%, 02/01/29(b)

    30       28,357  

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)

    35       29,564  

3.40%, 01/15/31 (Call 10/15/30)

    15       12,638  

3.40%, 03/01/32 (Call 12/01/31)

    10       8,297  

Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)

    25       22,435  

Marsh & McLennan Companies Inc.

   

4.38%, 03/15/29 (Call 12/15/28)

    41       39,081  

5.75%, 11/01/32 (Call 08/01/32)

    10       10,386  

MetLife Inc., 4.55%, 03/23/30 (Call 12/23/29)

    110       108,127  

MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23)

    5       4,673  

New York Life Global Funding, 4.55%, 01/28/33

    30       28,850  

Northwestern Mutual Global Funding, 1.70%, 06/01/28(b)

    5       4,239  

Ohio National Financial Services Inc., 6.80%, 01/24/30 (Call 10/24/29)(b)

    10       9,550  

PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)

    5       4,519  

Principal Financial Group Inc., 2.13%, 06/15/30
(Call 03/12/30)

    30       24,460  

Principal Life Global Funding II, 2.50%, 09/16/29(b)

    5       4,243  

Progressive Corp. (The), 3.00%, 03/15/32 (Call 12/15/31)

    25       21,634  

Protective Life Corp.

   

3.40%, 01/15/30 (Call 10/15/29)(b)

    35       30,565  

4.30%, 09/30/28 (Call 06/30/28)(b)

    15       14,020  

 

 

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

  23


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

    
Security
  Par
(000)
    Value  
Insurance (continued)  

Prudential Financial Inc.

   

3.70%, 10/01/50 (Call 07/01/30),
(5 year CMT + 3.035%)(a)

  $ 35     $ 29,588  

6.00%, 09/01/52 (Call 06/01/32),
(5 year CMT + 3.234%)(a)

    35       33,954  

Prudential PLC, 3.13%, 04/14/30

    45       39,605  

Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)

    25       22,895  

Ryan Specialty Group LLC, 4.38%, 02/01/30
(Call 02/01/25)(b)

    8       6,846  

Sagicor Financial Co. Ltd., 5.30%, 05/13/28
(Call 05/13/24)(b)

    5       4,778  

Sammons Financial Group Inc.

   

3.35%, 04/16/31 (Call 01/16/31)(b)

    10       7,801  

4.75%, 04/08/32 (Call 01/08/32)(b)

    15       12,728  

Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)

    10       7,735  

Unum Group, 4.00%, 06/15/29 (Call 03/15/29)

    10       9,135  

Willis North America Inc., 2.95%, 09/15/29
(Call 06/15/29)

    20       17,089  

Wilton RE Ltd., 6.00%, (Call 10/22/30),
(5 year CMT + 5.266%)(a)(b)(e)

    5       4,473  
   

 

 

 
      1,499,020  
Internet — 0.6%  

Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)(b)

    5       3,999  

Alibaba Group Holding Ltd., 2.13%, 02/09/31
(Call 11/09/30)

    20       15,960  

Amazon.com Inc.

   

2.10%, 05/12/31 (Call 02/12/31)

    100       82,180  

3.45%, 04/13/29 (Call 02/13/29)

    75       69,674  

3.60%, 04/13/32 (Call 01/13/32)

    50       45,744  

4.65%, 12/01/29 (Call 10/01/29)

    25       24,642  

4.70%, 12/01/32 (Call 09/01/32)

    25       24,702  

ANGI Group LLC, 3.88%, 08/15/28 (Call 08/15/23)(b)(c)

    10       7,699  

Arches Buyer Inc.

   

4.25%, 06/01/28 (Call 12/01/23)(b)

    12       9,871  

6.13%, 12/01/28 (Call 12/01/23)(b)(c)

    5       4,115  

Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)

    35       33,966  

Cablevision Lightpath LLC, 5.63%, 09/15/28
(Call 09/15/23)(b)

    8       5,953  

Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)(b)

    3       2,753  

eBay Inc., 2.70%, 03/11/30 (Call 12/11/29)

    43       36,531  

Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)(b)

    10       7,276  

Expedia Group Inc.

   

2.95%, 03/15/31 (Call 12/15/30)(c)

    17       13,666  

3.25%, 02/15/30 (Call 11/15/29)

    10       8,436  

Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 03/01/24)(b)

    10       8,403  

ION Trading Technologies Sarl, 5.75%, 05/15/28
(Call 05/15/24)(b)

    5       4,082  

Match Group Holdings II LLC

   

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

    10       7,869  

4.13%, 08/01/30 (Call 05/01/25)(b)

    5       4,155  

4.63%, 06/01/28 (Call 06/01/23)(b)

    5       4,464  

5.63%, 02/15/29 (Call 02/15/24)(b)

    3       2,765  

Meta Platforms Inc., 3.85%, 08/15/32 (Call 05/15/32)

    30       26,930  

Netflix Inc.

   

4.88%, 04/15/28

    17       16,483  

4.88%, 06/15/30 (Call 03/15/30)(b)

    17       16,347  

5.38%, 11/15/29(b)

    7       6,923  

5.88%, 11/15/28

    29       29,383  
    
Security
  Par
(000)
    Value  
Internet (continued)  

6.38%, 05/15/29

  $ 6     $ 6,232  

Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 10.75%, 06/01/28 (Call 06/01/23)(b)

    2       1,858  

NortonLifeLock Inc., 7.13%, 09/30/30 (Call 09/30/25)(b)

    5       4,874  

Prosus NV, 3.06%, 07/13/31 (Call 04/13/31)(d)

    200       153,584  

Rakuten Group Inc., 6.25%, (Call 04/22/31),
(5 year CMT + 4.956%)(a)(b)(e)

    18       11,520  

Tencent Holdings Ltd., 3.98%, 04/11/29 (Call 01/11/29)(d)

    200       183,420  

Uber Technologies Inc.

   

4.50%, 08/15/29 (Call 08/15/24)(b)

    16       14,175  

6.25%, 01/15/28 (Call 12/17/23)(b)

    7       6,888  

Ziff Davis Inc., 4.63%, 10/15/30 (Call 10/15/25)(b)

    5       4,212  
   

 

 

 
      911,734  
Iron & Steel — 0.1%  

Allegheny Technologies Inc., 4.88%, 10/01/29
(Call 10/01/24)

    5       4,490  

ArcelorMittal SA, 6.80%, 11/29/32 (Call 08/29/32)

    20       20,250  

Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)(b)

    5       4,881  

Carpenter Technology Corp.

   

6.38%, 07/15/28 (Call 07/15/23)

    8       7,686  

7.63%, 03/15/30 (Call 03/15/25)

    2       1,997  

Cleveland-Cliffs Inc.

   

4.63%, 03/01/29 (Call 03/01/24)(b)

    8       7,307  

4.88%, 03/01/31 (Call 03/01/26)(b)

    5       4,567  

Commercial Metals Co.

   

3.88%, 02/15/31 (Call 02/15/26)

    5       4,224  

4.13%, 01/15/30 (Call 01/15/25)

    3       2,619  

4.38%, 03/15/32 (Call 03/15/27)

    3       2,585  

Mineral Resources Ltd., 8.50%, 05/01/30 (Call 05/01/25)(b)

    15       15,004  

Nucor Corp., 3.13%, 04/01/32 (Call 01/01/32)

    5       4,263  

Steel Dynamics Inc., 3.45%, 04/15/30 (Call 01/15/30)

    10       8,879  

TMS International Corp./DE, 6.25%, 04/15/29
(Call 04/06/24)(b)

    3       2,353  

U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)(c)

    5       5,002  

Vale Overseas Ltd., 3.75%, 07/08/30 (Call 04/08/30)

    65       56,526  
   

 

 

 
      152,633  
Leisure Time — 0.1%  

Brunswick Corp., 4.40%, 09/15/32 (Call 06/15/32)

    45       38,261  

Carnival Corp.

   

4.00%, 08/01/28 (Call 05/01/28)(b)

    30       25,363  

6.00%, 05/01/29 (Call 11/01/24)(b)

    30       23,374  

10.50%, 06/01/30 (Call 06/01/25)(b)(c)

    12       11,622  

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28
(Call 05/01/25)(b)

    30       32,101  

MajorDrive Holdings IV LLC, 6.38%, 06/01/29
(Call 06/01/24)(b)

    10       7,770  

NCL Corp. Ltd., 7.75%, 02/15/29 (Call 11/15/28)(b)

    5       4,351  

NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(b)

    8       6,665  

Royal Caribbean Cruises Ltd.

   

3.70%, 03/15/28 (Call 12/15/27)

    5       3,995  

5.50%, 04/01/28 (Call 09/29/27)(b)

    21       18,307  

7.25%, 01/15/30 (Call 12/15/25)(b)

    10       10,025  

8.25%, 01/15/29 (Call 04/01/25)(b)

    15       15,558  

9.25%, 01/15/29 (Call 04/01/25)(b)(c)

    10       10,607  

Viking Cruises Ltd., 7.00%, 02/15/29 (Call 02/15/24)(b)

    4       3,441  

Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29
(Call 02/15/24)(b)

    3       2,576  

Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)(b)

    10       8,085  
   

 

 

 
      222,101  

 

 

24  

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  
Lodging — 0.2%  

Boyd Gaming Corp., 4.75%, 06/15/31 (Call 06/15/26)(b)

  $ 17     $ 15,012  

Hilton Domestic Operating Co. Inc.

   

3.63%, 02/15/32 (Call 08/15/26)(b)

    26       21,337  

3.75%, 05/01/29 (Call 05/01/24)(b)

    6       5,222  

4.00%, 05/01/31 (Call 05/01/26)(b)

    18       15,300  

4.88%, 01/15/30 (Call 01/15/25)

    10       9,169  

5.75%, 05/01/28 (Call 05/01/23)(b)

    4       3,893  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc

   

4.88%, 07/01/31 (Call 07/01/26)(b)

    5       4,204  

5.00%, 06/01/29 (Call 06/01/24)(b)

    16       14,076  

Hyatt Hotels Corp., 4.38%, 09/15/28 (Call 06/15/28)

    12       11,340  

Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29)

    10       8,719  

Marriott International Inc./MD

   

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    42       39,638  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

    6       5,635  

Marriott Ownership Resorts Inc., 4.50%, 06/15/29
(Call 06/15/24)(b)

    10       8,384  

Melco Resorts Finance Ltd.

   

5.38%, 12/04/29 (Call 12/04/24)(b)

    15       12,430  

5.75%, 07/21/28 (Call 07/21/23)(b)

    10       8,631  

MGM Resorts International, 4.75%, 10/15/28
(Call 07/15/28)

    6       5,377  

Sands China Ltd.

   

3.35%, 03/08/29 (Call 01/08/29)

    10       8,167  

3.75%, 08/08/31 (Call 05/08/31)

    10       7,874  

4.88%, 06/18/30 (Call 03/18/30)

    15       13,036  

5.90%, 08/08/28 (Call 05/08/28)

    25       23,586  

Station Casinos LLC, 4.63%, 12/01/31 (Call 06/01/31)(b)

    10       8,147  

Studio City Finance Ltd., 5.00%, 01/15/29
(Call 01/15/24)(b)

    17       13,085  

Travel + Leisure Co.

   

4.50%, 12/01/29 (Call 09/01/29)(b)

    7       5,896  

4.63%, 03/01/30 (Call 12/01/29)(b)

    3       2,523  

Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28
(Call 08/15/23)(b)(c)

    5       4,540  

Wynn Macau Ltd.

   

5.13%, 12/15/29 (Call 12/15/24)(b)(c)

    8       6,529  

5.63%, 08/26/28 (Call 08/26/23)(b)

    20       17,054  
   

 

 

 
      298,804  
Machinery — 0.2%  

ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)(b)(c)

    3       2,631  

BWX Technologies Inc.

   

4.13%, 06/30/28 (Call 06/30/23)(b)

    3       2,692  

4.13%, 04/15/29 (Call 04/15/24)(b)

    3       2,618  

Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30)

    20       17,425  

Chart Industries Inc.

   

7.50%, 01/01/30 (Call 01/01/26)(b)

    20       20,306  

9.50%, 01/01/31 (Call 01/01/26)

    10       10,452  

Deere & Co., 3.10%, 04/15/30 (Call 01/15/30)

    30       26,830  

GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(b)

    5       4,082  

John Deere Capital Corp.

   

2.00%, 06/17/31

    20       16,145  

2.45%, 01/09/30

    25       21,517  

4.35%, 09/15/32

    25       24,078  

Mueller Water Products Inc., 4.00%, 06/15/29
(Call 06/15/24)(b)

    5       4,376  

nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)

    10       9,269  

OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)(b)

    5       3,000  

Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)

    35       29,496  

Rockwell Automation Inc., 3.50%, 03/01/29
(Call 12/01/28)

    5       4,635  
    
Security
  Par
(000)
    Value  
Machinery (continued)  

SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)(b)(c)

  $ 10     $ 8,417  

Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)(b)

    5       4,589  

TK Elevator Holdco GmbH, 7.63%, 07/15/28
(Call 07/15/23)(b)(c)

    5       4,588  

Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(b)

    11       9,548  

Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)

    40       38,601  

Xylem Inc./NY, 2.25%, 01/30/31 (Call 10/30/30)

    5       4,036  
   

 

 

 
      269,331  
Manufacturing — 0.1%  

3M Co.

   

2.38%, 08/26/29 (Call 05/26/29)

    15       12,594  

3.63%, 09/14/28 (Call 06/14/28)(c)

    15       13,922  

Amsted Industries Inc., 4.63%, 05/15/30 (Call 05/15/25)(b)

    3       2,637  

Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)

    35       29,212  

Hillenbrand Inc., 3.75%, 03/01/31 (Call 03/01/26)

    3       2,448  

LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)(b)

    7       6,372  

Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)

    60       53,423  

Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)

    5       4,589  

Teledyne Technologies Inc., 2.75%, 04/01/31
(Call 01/01/31)

    25       20,454  

Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)

    25       21,671  
   

 

 

 
      167,322  

Media — 0.8%

 

Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)(b)

    25       20,484  

AMC Networks Inc., 4.25%, 02/15/29 (Call 02/15/24)

    15       11,043  

Audacy Capital Corp., 6.75%, 03/31/29 (Call 03/31/24)(b)

    5       721  

Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)(b)(c)

    7       5,469  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.25%, 02/01/31 (Call 07/01/25)(b)

    72       57,765  

4.50%, 08/15/30 (Call 02/15/25)(b)

    30       24,738  

4.50%, 05/01/32 (Call 05/01/26)

    25       19,790  

4.75%, 03/01/30 (Call 09/01/24)(b)

    37       31,115  

4.75%, 02/01/32 (Call 02/01/27)(b)

    15       12,217  

5.38%, 06/01/29 (Call 06/01/24)(b)

    21       18,738  

6.38%, 09/01/29 (Call 09/01/25)(b)

    15       13,992  

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

    20       19,405  

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    10       8,015  

4.20%, 03/15/28 (Call 12/15/27)

    15       13,778  

5.05%, 03/30/29 (Call 12/30/28)

    55       51,333  

Comcast Corp.

   

3.40%, 04/01/30 (Call 01/01/30)

    25       22,563  

4.15%, 10/15/28 (Call 07/15/28)

    35       33,463  

4.25%, 10/15/30 (Call 07/15/30)

    65       61,768  

4.25%, 01/15/33

    10       9,346  

4.65%, 02/15/33 (Call 11/15/32)

    40       38,611  

5.50%, 11/15/32 (Call 08/15/32)

    30       30,836  

Cox Communications Inc., 1.80%, 10/01/30
(Call 07/01/30)(b)

    10       7,703  

CSC Holdings LLC

   

3.38%, 02/15/31 (Call 02/15/26)(b)

    10       6,859  

4.13%, 12/01/30 (Call 12/01/25)(b)

    10       7,170  

4.50%, 11/15/31 (Call 11/15/26)(b)

    20       14,258  

4.63%, 12/01/30 (Call 12/01/25)(b)

    25       13,459  

5.00%, 11/15/31 (Call 11/15/26)(b)

    3       1,599  

5.75%, 01/15/30 (Call 01/15/25)(b)

    65       37,211  

6.50%, 02/01/29 (Call 02/01/24)(b)

    18       15,261  

7.50%, 04/01/28 (Call 04/01/23)(b)

    5       3,345  

 

 

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

  25


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Media (continued)

   

Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)

  $       35     $     29,933  

4.13%, 05/15/29 (Call 02/15/29)

    35       31,353  

DISH DBS Corp.
5.75%, 12/01/28 (Call 12/01/27)(b)

    33       26,357  

7.38%, 07/01/28 (Call 07/01/23)

    12       8,212  

5.13%, 06/01/29

    20       11,822  

Fox Corp., 4.71%, 01/25/29 (Call 10/25/28)

    70       66,816  

GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)(b)

    5       4,286  

Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(b)

    19       14,108  

Gray Television Inc., 4.75%, 10/15/30
(Call 10/15/25)(b)

    16       11,729  

Grupo Televisa SAB, 8.50%, 03/11/32

    15       17,585  

LCPR Senior Secured Financing DAC,
5.13%, 07/15/29 (Call 07/15/24)(b)

    10       8,406  

Liberty Interactive LLC
8.25%, 02/01/30

    5       2,040  

8.50%, 07/15/29(c)

    2       895  

McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(b)

    16       14,014  

8.00%, 08/01/29 (Call 08/01/24)(b)

    7       5,976  

News Corp.
3.88%, 05/15/29 (Call 05/15/24)(b)

    17       14,570  

5.13%, 02/15/32 (Call 02/15/27)(b)

    10       8,895  

Nexstar Media Inc., 4.75%, 11/01/28 (Call 11/01/23)(b)

    12       10,484  

Paramount Global
3.70%, 06/01/28 (Call 03/01/28)

    55       49,310  

4.20%, 06/01/29 (Call 03/01/29)

    5       4,493  

4.20%, 05/19/32 (Call 02/19/32)

    5       4,117  

4.95%, 01/15/31 (Call 11/15/30)

    50       44,737  

Radiate Holdco LLC/Radiate Finance Inc., 6.50%, 09/15/28 (Call 09/15/23)(b)

    13       6,113  

Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(b)

    5       3,984  

5.38%, 01/15/31 (Call 01/15/26)(b)(c)

    5       3,535  

Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(b)

    15       11,624  

5.50%, 03/01/30 (Call 12/01/24)(b)(c)

    5       3,679  

Sirius XM Radio Inc.

   

3.88%, 09/01/31 (Call 09/01/26)(b)

    21       16,332  

4.00%, 07/15/28 (Call 07/15/24)(b)

    24       20,540  

4.13%, 07/01/30 (Call 07/01/25)(b)

    26       21,227  

5.50%, 07/01/29 (Call 07/01/24)(b)

    15       13,522  

TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/23)

    10       8,897  

5.00%, 09/15/29 (Call 09/15/24)

    13       11,558  

TWDC Enterprises 18 Corp., Series B, 7.00%, 03/01/32

    10       11,296  

Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(b)(c)

    11       9,278  

7.38%, 06/30/30 (Call 06/30/25)(b)

    15       14,232  

UPC Broadband Finco BV, 4.88%, 07/15/31
(Call 07/15/26)(b)

    30       25,324  

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

    5       4,214  

Virgin Media Finance PLC, 5.00%, 07/15/30
(Call 07/15/25)(b)

    20       16,366  

Virgin Media Secured Finance PLC

   

4.50%, 08/15/30 (Call 08/15/25)(b)

    10       8,281  

5.50%, 05/15/29 (Call 05/15/24)(b)

    20       18,094  

Virgin Media Vendor Financing Notes IV DAC, 5.00%,
07/15/28 (Call 07/15/23)(b)

    5       4,355  

VZ Secured Financing BV, 5.00%, 01/15/32
(Call 01/15/27)(b)

    20       16,542  
Security   Par
(000)
    Value  

Media (continued)

   

Walt Disney Co. (The)

   

2.65%, 01/13/31

  $ 45     $ 38,329  

3.80%, 03/22/30

    25       23,237  

Warner Media LLC, 7.63%, 04/15/31(c)

    5       5,229  

Ziggo Bond Co. BV, 5.13%, 02/28/30
(Call 02/15/25)(b)

    9       7,242  

Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(b)

    10       8,475  
   

 

 

 
          1,333,698  
Metal Fabricate & Hardware — 0.0%            

Advanced Drainage Systems Inc., 6.38%, 06/15/30
(Call 07/15/25)(b)

    5       4,791  

Roller Bearing Co of America Inc., 4.38%, 10/15/29
(Call 10/15/24)(b)

    10       8,654  
   

 

 

 
      13,445  
Mining — 0.4%            

BHP Billiton Finance USA Ltd., 4.90%, 02/28/33
(Call 11/28/32)

    10       9,958  

Century Aluminum Co., 7.50%, 04/01/28
(Call 04/01/24)(b)(c)

    2       1,871  

Coeur Mining Inc., 5.13%, 02/15/29
(Call 02/15/24)(b)

    8       6,057  

Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(b)

    5       4,144  

Corp. Nacional del Cobre de Chile,
3.75%, 01/15/31 (Call 10/15/30)(d)

        200       179,304  

FMG Resources August 2006 Pty Ltd., 4.38%, 04/01/31 (Call 01/01/31)(b)

    21       17,754  

FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(b)

    5       4,729  

6.13%, 04/15/32 (Call 01/15/32)(b)

    11       10,384  

Freeport-McMoRan Inc.
4.25%, 03/01/30 (Call 03/01/25)

    20       18,110  

4.63%, 08/01/30 (Call 08/01/25)

    30       27,904  

5.25%, 09/01/29 (Call 09/01/24)

    35       33,799  

Glencore Funding LLC, 2.50%, 09/01/30
(Call 06/01/30)(b)

    85       69,026  

Hudbay Minerals Inc., 6.13%, 04/01/29
(Call 04/01/24)(d)

    10       8,826  

Indonesia Asahan Aluminium Persero PT,
6.53%, 11/15/28(d)

    200       206,768  

Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(b)

    15       11,877  

4.63%, 03/01/28 (Call 03/01/23)(b)

    3       2,580  

Newcastle Coal Infrastructure Group Pty Ltd., 4.70%, 05/12/31 (Call 02/12/31)(b)

    10       8,220  

Newmont Corp.

   

2.60%, 07/15/32 (Call 04/15/32)

    25       19,927  

2.80%, 10/01/29 (Call 07/01/29)

    10       8,509  

Novelis Corp.
3.88%, 08/15/31 (Call 08/15/26)(b)

    10       8,087  

4.75%, 01/30/30 (Call 01/30/25)(b)

    22       19,318  

Rio Tinto Finance USA Ltd., 7.13%, 07/15/28

    20       21,963  

South32 Treasury Ltd., 4.35%, 04/14/32
(Call 01/14/32)(b)

    25       22,034  

Teck Resources Ltd., 3.90%, 07/15/30
(Call 04/15/30)(c)

    10       8,956  
   

 

 

 
      730,105  
Office & Business Equipment — 0.0%            

CDW LLC/CDW Finance Corp.
3.25%, 02/15/29 (Call 08/15/23)

    20       16,946  

3.57%, 12/01/31 (Call 09/01/31)

    10       8,278  

Pitney Bowes Inc., 7.25%, 03/15/29
(Call 03/15/24)(b)

    8       6,295  

Xerox Holdings Corp., 5.50%, 08/15/28
(Call 07/15/28)(b)

    11       9,233  
   

 

 

 
      40,752  
Office Furnishings — 0.0%            

Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)(b)

    5       4,100  

Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)(c)

    4       3,398  
   

 

 

 
      7,498  

 

 

26  

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


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Oil & Gas — 1.5%

   

Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)(b)

  $ 5     $ 4,575  

7.63%, 02/01/29 (Call 02/01/24)(b)

    4       4,045  

Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)

    5       4,433  

4.38%, 10/15/28 (Call 07/15/28)

    5       4,575  

7.75%, 12/15/29

    7       7,278  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(b)(c)

    3       2,610  

8.25%, 12/31/28 (Call 02/01/24)(b)

    2       1,949  

BP Capital Markets America Inc.
2.72%, 01/12/32 (Call 10/12/31)

    20       16,759  

3.63%, 04/06/30 (Call 01/06/30)

    60       54,967  

3.94%, 09/21/28 (Call 06/21/28)

    25       23,792  

4.81%, 02/13/33 (Call 11/13/32)

    10       9,822  

Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)(b)(c)

    10       9,389  

8.00%, 08/01/28 (Call 08/01/24)(b)(c)

    5       4,905  

Chesapeake Energy Corp.
5.88%, 02/01/29 (Call 02/05/24)(b)

    5       4,676  

6.75%, 04/15/29 (Call 04/15/24)(b)

    12       11,622  

Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30)

    30       25,647  

Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29)

    10       9,098  

CNOOC Petroleum North America ULC,
7.88%, 03/15/32

        100           119,149  

CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)(b)

    4       3,626  

7.38%, 01/15/31 (Call 01/15/26)(b)

    4       3,816  

Colgate Energy Partners III LLC, 5.88%, 07/01/29
(Call 07/01/24)(b)

    5       4,492  

Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(b)

    9       7,740  

6.75%, 03/01/29 (Call 03/01/24)(b)

    25       23,004  

ConocoPhillips Co., 6.95%, 04/15/29

    70       76,813  

Continental Resources Inc./OK
2.88%, 04/01/32 (Call 01/01/32)(b)

    10       7,567  

5.75%, 01/15/31 (Call 07/15/30)(b)

    25       23,672  

Coterra Energy Inc., 4.38%, 03/15/29 (Call 12/15/28)

    20       18,461  

CrownRock LP/CrownRock Finance Inc., 5.00%, 05/01/29 (Call 05/01/24)(b)

    13       11,790  

Devon Energy Corp., 4.50%, 01/15/30
(Call 01/15/25)

    60       55,816  

Diamondback Energy Inc.

   

3.13%, 03/24/31 (Call 12/24/30)

    15       12,586  

3.50%, 12/01/29 (Call 09/01/29)

    35       30,928  

Ecopetrol SA
4.63%, 11/02/31 (Call 08/02/31)

    20       14,932  

6.88%, 04/29/30 (Call 01/29/30)

    55       49,046  

8.88%, 01/13/33 (Call 10/13/32)

    40       39,281  

Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)(b)

    10       8,797  

Energean Israel Finance Ltd., 5.88%, 03/30/31
(Call 09/30/30)(b)

    27       23,501  

EQT Corp.
3.63%, 05/15/31 (Call 11/15/30)(b)(c)

    5       4,222  

5.00%, 01/15/29 (Call 07/15/28)

    20       18,752  

7.00%, 02/01/30 (Call 11/01/29)

    55       56,743  

Equinor ASA
2.38%, 05/22/30 (Call 02/22/30)

    55       46,851  

3.63%, 09/10/28 (Call 06/10/28)

    40       37,899  

Exxon Mobil Corp.
2.44%, 08/16/29 (Call 05/16/29)

    15       13,212  
Security   Par
(000)
    Value  

Oil & Gas (continued)

   

3.48%, 03/19/30 (Call 12/19/29)

  $ 60     $ 55,592  

Global Marine Inc., 7.00%, 06/01/28

    2       1,616  

Helmerich & Payne Inc., 2.90%, 09/29/31
(Call 06/29/31)

    10       8,188  

Hess Corp.
7.30%, 08/15/31

    15       16,279  

7.88%, 10/01/29

    15       16,502  

HF Sinclair Corp., 4.50%, 10/01/30 (Call 07/01/30)

    15       13,346  

Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)(b)

    10       9,075  

6.00%, 04/15/30 (Call 04/15/25)(b)

    5       4,539  

6.00%, 02/01/31 (Call 02/01/26)(b)

    15       13,509  

6.25%, 11/01/28 (Call 11/01/23)(b)

    10       9,306  

6.25%, 04/15/32 (Call 04/15/27)(b)

    5       4,529  

Laredo Petroleum Inc.
7.75%, 07/31/29 (Call 07/31/24)(b)

    3       2,591  

10.13%, 01/15/28 (Call 01/15/24)

    3       2,962  

Leviathan Bond Ltd., 6.75%, 06/30/30
(Call 12/30/29)(b)

    35       32,718  

MEG Energy Corp., 5.88%, 02/01/29 (Call 02/01/24)(b)

    5       4,665  

Murphy Oil Corp.
6.38%, 07/15/28 (Call 07/15/24)

    5       4,852  

7.05%, 05/01/29

    5       4,989  

Northern Oil and Gas Inc., 8.13%, 03/01/28
(Call 03/01/24)(b)

    5       4,873  

Occidental Petroleum Corp.
3.50%, 08/15/29 (Call 05/15/29)

    13       11,587  

6.13%, 01/01/31 (Call 07/01/30)

    19       19,133  

6.38%, 09/01/28 (Call 03/01/28)

    5       5,049  

6.63%, 09/01/30 (Call 03/01/30)

    26       26,713  

7.50%, 05/01/31

    11       11,768  

7.88%, 09/15/31

    6       6,512  

8.88%, 07/15/30 (Call 01/15/30)

    8       9,093  

Ovintiv Inc., 8.13%, 09/15/30

    10       10,916  

Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(b)

    6       5,041  

4.63%, 05/01/30 (Call 05/01/25)(b)

    16       13,391  

Patterson-UTI Energy Inc., 5.15%, 11/15/29
(Call 08/15/29)

    3       2,677  

Petrobras Global Finance BV, 5.60%, 01/03/31
(Call 10/03/30)(c)

        260           239,392  

Petroleos Mexicanos
5.95%, 01/28/31 (Call 10/28/30)

    35       26,816  

6.50%, 01/23/29

    15       13,010  

6.70%, 02/16/32 (Call 11/16/31)

    150       119,116  

6.84%, 01/23/30 (Call 10/23/29)

    113       94,387  

8.75%, 06/02/29 (Call 04/02/29)

    10       9,420  

Petronas Capital Ltd., 2.48%, 01/28/32
(Call 10/28/31)(d)

    200       165,550  

Phillips 66
2.15%, 12/15/30 (Call 09/15/30)

    55       43,958  

3.75%, 03/01/28 (Call 12/01/27)(b)

    10       9,235  

Pioneer Natural Resources Co., 1.90%, 08/15/30
(Call 05/15/30)

    55       42,952  

Precision Drilling Corp., 6.88%, 01/15/29
(Call 01/15/25)(b)

    8       7,210  

Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)(b)

    5       4,476  

8.25%, 01/15/29 (Call 01/15/24)

    14       14,422  

Rockcliff Energy II LLC, 5.50%, 10/15/29
(Call 10/15/24)(b)

    10       9,209  

Santos Finance Ltd., 3.65%, 04/29/31
(Call 01/29/31)(b)

    5       4,121  

Saudi Arabian Oil Co., 2.25%, 11/24/30
(Call 08/24/30)(d)

    200       164,404  

Shell International Finance BV, 3.88%, 11/13/28
(Call 08/23/28)

    80       76,421  

SM Energy Co., 6.50%, 07/15/28 (Call 07/15/24)

    3       2,775  

 

 

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

  27


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Oil & Gas (continued)

   

Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)(c)

  $       18     $ 15,485  

5.38%, 02/01/29 (Call 02/01/24)

    5       4,679  

5.38%, 03/15/30 (Call 03/15/25)

    14       12,796  

8.38%, 09/15/28 (Call 09/15/23)

    3       3,137  

Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)

    13       11,407  

4.50%, 04/30/30 (Call 04/30/25)

    11       9,548  

Teine Energy Ltd., 6.88%, 04/15/29
(Call 04/15/24)(b)

    8       7,392  

Tosco Corp., 8.13%, 02/15/30

    30       34,909  

TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)

    35       30,897  

3.45%, 02/19/29 (Call 11/19/28)

    25       23,117  

TotalEnergies Capital SA, 3.88%, 10/11/28

    4       3,841  

Transocean Inc.
7.50%, 04/15/31(c)

    8       6,255  

8.75%, 02/15/30 (Call 02/15/26)(b)

    15       15,262  

Transocean Titan Financing Ltd., 8.38%, 02/01/28
(Call 02/01/25)

    10       10,205  

Valero Energy Corp., 2.80%, 12/01/31
(Call 09/01/31)

    20       16,255  

Vermilion Energy Inc., 6.88%, 05/01/30
(Call 05/01/25)(b)(c)

    8       7,134  

Woodside Finance Ltd., 4.50%, 03/04/29
(Call 12/04/28)(b)

    20       18,809  
   

 

 

 
          2,522,851  
Oil & Gas Services — 0.1%            

Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28 (Call 04/01/23)(b)

    6       5,683  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 3.14%, 11/07/29 (Call 08/07/29)

    5       4,408  

Bristow Group Inc., 6.88%, 03/01/28
(Call 03/01/24)(b)

    3       2,822  

Halliburton Co., 2.92%, 03/01/30 (Call 12/01/29)

    25       21,623  

Schlumberger Holdings Corp.
3.90%, 05/17/28 (Call 02/17/28)(b)

    10       9,401  

4.30%, 05/01/29 (Call 02/01/29)(b)

    20       18,839  

Schlumberger Investment SA, 2.65%, 06/26/30
(Call 03/26/30)

    15       12,907  

Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)(b)

    5       4,908  

8.63%, 04/30/30 (Call 10/30/24)(b)

    20       19,957  
   

 

 

 
      100,548  
Packaging & Containers — 0.2%            

Amcor Flexibles North America Inc.
2.63%, 06/19/30 (Call 03/19/30)

    15       12,422  

2.69%, 05/25/31 (Call 02/25/31)

    20       16,216  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

   

3.25%, 09/01/28 (Call 05/15/24)(b)

    5       4,200  

4.00%, 09/01/29 (Call 05/15/24)(b)

    20       16,024  

Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)(c)

    20       15,997  

3.13%, 09/15/31 (Call 06/15/31)

    12       9,614  

6.88%, 03/15/28 (Call 11/15/24)

    10       10,111  

CCL Industries Inc., 3.05%, 06/01/30
(Call 03/01/30)(b)

    10       8,262  

Clearwater Paper Corp., 4.75%, 08/15/28
(Call 08/15/23)(b)

    12       10,552  

Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(b)

    15       14,355  

8.75%, 04/15/30 (Call 04/15/25)(b)

    15       13,545  

Crown Americas LLC, 5.25%, 04/01/30
(Call 01/01/30)(c)

    9       8,401  

Graham Packaging Co. Inc., 7.13%, 08/15/28
(Call 08/15/23)(b)

    6       5,196  
Security   Par
(000)
    Value  

Packaging & Containers (continued)

   

Graphic Packaging International LLC
3.50%, 03/15/28(b)

  $ 6     $ 5,247  

3.50%, 03/01/29 (Call 09/01/28)(b)

    5       4,319  

3.75%, 02/01/30 (Call 08/01/29)(b)

    4       3,413  

Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28 (Call 09/15/23)(b)

    10       8,691  

LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(b)

    10       8,674  

8.25%, 11/01/29 (Call 11/01/24)(b)

    3       2,431  

OI European Group BV, 4.75%, 02/15/30
(Call 11/15/24)(b)

    3       2,675  

Packaging Corp. of America, 3.00%, 12/15/29
(Call 09/15/29)

    20       17,221  

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28
(Call 10/15/24)(b)

    10       8,617  

Sealed Air Corp., 5.00%, 04/15/29 (Call 04/15/25)(b)

    3       2,760  

Sonoco Products Co., 3.13%, 05/01/30 (Call 02/01/30)

    20       17,213  

TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(b)

    3       2,613  

WRKCo Inc.
4.00%, 03/15/28 (Call 12/15/27)

    10       9,347  

4.90%, 03/15/29 (Call 12/15/28)

    10       9,591  
   

 

 

 
          247,707  
Pharmaceuticals — 0.8%            

180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)(b)

    6       5,251  

AbbVie Inc.
3.20%, 11/21/29 (Call 08/21/29)

          85       75,148  

4.25%, 11/14/28 (Call 08/14/28)

    70       66,955  

AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(b)

    7       5,877  

5.13%, 03/01/30 (Call 03/01/25)(b)

    4       3,450  

6.13%, 08/01/28 (Call 08/01/23)(b)

    3       2,768  

AstraZeneca PLC, 1.38%, 08/06/30 (Call 05/06/30)

    70       55,238  

Bausch Health Companies Inc.
6.25%, 02/15/29 (Call 02/15/24)(b)

    10       4,319  

7.25%, 05/30/29 (Call 05/30/24)(b)

    5       2,215  

14.00%, 10/15/30 (Call 10/15/25)(b)

    10       6,369  

Bausch Health Cos. Inc.
4.88%, 06/01/28 (Call 06/01/24)(b)

    26       16,215  

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

    10       4,313  

5.25%, 02/15/31 (Call 02/15/26)(b)

    15       6,568  

11.00%, 09/30/28(b)

    25       19,661  

Becton Dickinson and Co., 1.96%, 02/11/31
(Call 11/11/30)

    55       43,256  

BellRing Brands Inc., 7.00%, 03/15/30
(Call 03/15/27)(b)

    11       10,886  

Bristol-Myers Squibb Co.
1.45%, 11/13/30 (Call 08/13/30)

    65       51,269  

2.95%, 03/15/32 (Call 12/15/31)

    15       12,948  

3.40%, 07/26/29 (Call 04/26/29)

    17       15,579  

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

    60       50,000  

4.38%, 10/15/28 (Call 07/15/28)

    65       62,414  

5.40%, 03/15/33 (Call 12/15/32)

    10       9,991  

CVS Health Corp.
1.88%, 02/28/31 (Call 11/28/30)

    15       11,646  

2.13%, 09/15/31 (Call 06/15/31)

    35       27,424  

3.25%, 08/15/29 (Call 05/15/29)

    45       39,740  

3.75%, 04/01/30 (Call 01/01/30)

    15       13,556  

4.30%, 03/25/28 (Call 12/25/27)

    60       57,351  

Elanco Animal Health Inc., 6.65%, 08/28/28
(Call 05/28/28)

    6       5,729  

Eli Lilly & Co.
3.38%, 03/15/29 (Call 12/15/28)

    65       60,348  

4.70%, 02/27/33 (Call 11/27/32)

    10       9,945  

GlaxoSmithKline Capital Inc., 3.88%, 05/15/28

    25       23,820  

 

 

28  

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


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

GlaxoSmithKline Capital PLC, 3.38%, 06/01/29
(Call 03/01/29)

  $ 15     $ 13,710  

HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(b)

    10       7,753  

Jazz Securities DAC, 4.38%, 01/15/29
(Call 07/15/24)(b)

    20       17,720  

Johnson & Johnson, 1.30%, 09/01/30
(Call 06/01/30)

    30       24,076  

Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 11.50%, 12/15/28 (Call 06/15/27)(b)

    15       13,447  

Merck & Co. Inc.
1.45%, 06/24/30 (Call 03/24/30)

    15       12,000  

1.90%, 12/10/28 (Call 10/10/28)

    60       51,465  

2.15%, 12/10/31 (Call 09/10/31)

    40       32,593  

3.40%, 03/07/29 (Call 12/07/28)

    30       27,853  

Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)

    25       23,409  

Option Care Health Inc., 4.38%, 10/31/29
(Call 10/31/24)(b)

    5       4,284  

Organon & Co./Organon Foreign Debt Co.-Issuer BV

   

4.13%, 04/30/28 (Call 04/30/24)(b)

    25       22,057  

5.13%, 04/30/31 (Call 04/30/26)(b)

    25       21,308  

Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)(b)

    9       6,908  

6.63%, 04/01/30 (Call 04/01/25)(b)

    10       8,230  

Perrigo Finance Unlimited Co., 4.40%, 06/15/30
(Call 03/15/30)

    10       8,581  

Pfizer Inc.
2.63%, 04/01/30 (Call 01/01/30)

    60       52,381  

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

    50       46,588  

Prestige Brands Inc., 3.75%, 04/01/31
(Call 04/01/26)(b)

    7       5,683  

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

    15       11,890  

Zoetis Inc.
3.90%, 08/20/28 (Call 05/20/28)

    24       22,726  

5.60%, 11/16/32 (Call 08/16/32)

    10       10,348  
   

 

 

 
          1,225,259  
Pipelines — 0.8%            

Antero Midstream Partners LP/Antero Midstream
Finance Corp.

   

5.38%, 06/15/29 (Call 06/15/24)(b)

          10       9,023  

5.75%, 01/15/28 (Call 01/15/24)(b)

    5       4,694  

Boardwalk Pipelines LP
3.60%, 09/01/32 (Call 06/01/32)

    25       21,000  

4.80%, 05/03/29 (Call 02/03/29)

    5       4,739  

Buckeye Partners LP, 4.50%, 03/01/28
(Call 12/01/27)(b)

    5       4,384  

Cameron LNG LLC, 2.90%, 07/15/31
(Call 04/15/31)(b)

    20       17,361  

Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)

    25       22,524  

Cheniere Energy Inc., 4.63%, 10/15/28
(Call 10/15/23)

    39       36,137  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)

    10       8,012  

4.00%, 03/01/31 (Call 03/01/26)

    21       18,139  

4.50%, 10/01/29 (Call 10/01/24)

    11       9,972  

CNX Midstream Partners LP, 4.75%, 04/15/30
(Call 04/15/25)(b)(c)

    13       10,675  

CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(b)

    20       17,536  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.

   

6.00%, 02/01/29 (Call 02/01/24)(b)

    7       6,362  

7.38%, 02/01/31 (Call 02/01/26)

    10       9,742  

8.00%, 04/01/29 (Call 04/01/24)(b)

    5       4,976  

DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)

    3       2,489  
Security   Par
(000)
    Value  
Pipelines (continued)            

5.13%, 05/15/29 (Call 02/15/29)

  $       15     $     14,436  

8.13%, 08/16/30

    2       2,218  

Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)(b)

    3       2,681  

DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(b)

    13       11,145  

4.38%, 06/15/31 (Call 06/15/26)(b)

    17       14,245  

El Paso Natural Gas Co. LLC, 3.50%, 02/15/32
(Call 11/15/31)(b)

    30       25,073  

Enbridge Inc., 3.13%, 11/15/29 (Call 08/15/29)

    25       21,785  

Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)

    25       22,187  

4.95%, 06/15/28 (Call 03/15/28)

    50       48,320  

5.25%, 04/15/29 (Call 01/15/29)

    25       24,376  

EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)

    7       6,529  

5.63%, 01/15/28 (Call 07/15/27)(b)

    15       14,375  

6.50%, 09/01/30 (Call 03/01/30)(b)

    10       9,842  

Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)

    65       55,738  

4.15%, 10/16/28 (Call 07/16/28)

    15       14,171  

EQM Midstream Partners LP
4.50%, 01/15/29 (Call 07/15/28)(b)

    17       14,216  

4.75%, 01/15/31 (Call 07/15/30)(b)

    20       16,252  

5.50%, 07/15/28 (Call 04/15/28)

    17       15,170  

7.50%, 06/01/30 (Call 12/01/29)(b)

    5       4,783  

Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28 (Call 02/01/24)

    5       4,798  

8.88%, 04/15/30 (Call 04/15/26)

    10       10,071  

Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29 (Call 01/15/24)

    5       4,667  

Harvest Midstream I LP, 7.50%, 09/01/28
(Call 09/01/23)(b)

    6       5,788  

Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(b)

    15       12,658  

5.50%, 10/15/30 (Call 10/15/25)(b)

    5       4,518  

ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(b)

    14       11,512  

Kinder Morgan Inc.
4.30%, 03/01/28 (Call 12/01/27)

    70       66,799  

4.80%, 02/01/33 (Call 11/01/32)

    10       9,274  

Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(b)

    15       13,868  

Midwest Connector Capital Co. LLC, 4.63%, 04/01/29
(Call 01/01/29)(b)

    5       4,565  

MPLX LP
2.65%, 08/15/30 (Call 05/15/30)

    30       24,629  

4.00%, 03/15/28 (Call 12/15/27)

    50       46,831  

4.80%, 02/15/29 (Call 11/15/28)

    9       8,648  

4.95%, 09/01/32 (Call 06/01/32)

    10       9,407  

NuStar Logistics LP, 6.38%, 10/01/30 (Call 04/01/30)

    10       9,360  

ONEOK Inc.

   

3.40%, 09/01/29 (Call 06/01/29)

    10       8,677  

4.55%, 07/15/28 (Call 04/15/28)

    30       28,499  

6.10%, 11/15/32 (Call 08/15/32)

    25       25,152  

Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)

    5       4,342  

3.80%, 09/15/30 (Call 06/15/30)

    25       21,766  

Rockies Express Pipeline LLC
4.80%, 05/15/30 (Call 02/15/30)(b)

    8       6,927  

4.95%, 07/15/29 (Call 04/15/29)(b)

    6       5,218  

 

 

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

  29


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pipelines (continued)            

Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)

  $ 45     $ 42,267  

4.50%, 05/15/30 (Call 11/15/29)

    15       14,048  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
6.00%, 12/31/30 (Call 12/31/25)(b)

    10       8,625  

6.00%, 09/01/31 (Call 09/01/26)(b)

    5       4,274  

Targa Resources Corp.

   

4.00%, 01/15/32 (Call 07/15/26)

    5       4,251  

4.88%, 02/01/31 (Call 02/01/26)

    25       22,744  

5.50%, 03/01/30 (Call 03/01/25)

    15       14,220  

Tennessee Gas Pipeline Co. LLC
2.90%, 03/01/30 (Call 12/01/29)(b)

    5       4,225  

7.00%, 10/15/28

    15       15,901  

TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)

    15       11,891  

4.10%, 04/15/30 (Call 01/15/30)

    25       22,821  

4.25%, 05/15/28 (Call 02/15/28)

    30       28,367  

Transcontinental Gas Pipe Line Co. LLC
3.25%, 05/15/30 (Call 02/15/30)

    20       17,395  

4.00%, 03/15/28 (Call 12/15/27)

    10       9,423  

Venture Global Calcasieu Pass LLC
6.25%, 01/15/30 (Call 10/15/29)

    20       19,723  

3.88%, 08/15/29 (Call 02/15/29)(b)

    19       16,413  

4.13%, 08/15/31 (Call 02/15/31)(b)

    15       12,868  

Western Midstream Operating LP
4.30%, 02/01/30 (Call 11/01/29)

    15       13,296  

4.75%, 08/15/28 (Call 05/15/28)

    10       9,261  

Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)

    10       8,116  

4.65%, 08/15/32 (Call 05/15/32)

          55       51,242  
   

 

 

 
          1,244,652  
Private Equity — 0.0%            

Apollo Management Holdings LP, 4.87%, 02/15/29 (Call 11/15/28)(b)

    5       4,700  
   

 

 

 
Real Estate — 0.2%            

Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/18/23)(b)

    10       9,412  

Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(b)

    5       4,167  

4.38%, 02/01/31 (Call 02/01/26)(b)

    10       8,144  

5.38%, 08/01/28 (Call 08/01/23)(b)

    8       7,248  

Hunt Cos. Inc., 5.25%, 04/15/29 (Call 04/15/24)(b)

    10       8,062  

Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)

    11       8,898  

4.75%, 02/01/30 (Call 09/01/24)

    5       3,846  

5.00%, 03/01/31 (Call 03/01/26)

    12       9,251  

Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)(b)

    12       8,222  

5.75%, 01/15/29 (Call 01/15/24)(b)

    12       8,636  

Sun Hung Kai Properties Capital Market Ltd., 2.88%, 01/21/30(d)

    200       174,372  
   

 

 

 
      250,258  
Real Estate Investment Trusts — 1.1%            

Agree LP, 4.80%, 10/01/32 (Call 07/01/32)

    15       14,030  

Alexandria Real Estate Equities Inc.
3.38%, 08/15/31 (Call 05/15/31)

    30       26,323  

4.70%, 07/01/30 (Call 04/01/30)

    5       4,825  

American Assets Trust LP, 3.38%, 02/01/31
(Call 11/01/30)

    15       11,859  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

American Homes 4 Rent LP, 3.63%, 04/15/32
(Call 01/15/32)(c)

  $       30     $     25,363  

American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)

    5       3,854  

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

    90       71,149  

2.30%, 09/15/31 (Call 06/15/31)

    20       15,537  

2.70%, 04/15/31 (Call 01/15/31)

    15       12,158  

2.90%, 01/15/30 (Call 10/15/29)

    5       4,230  

3.80%, 08/15/29 (Call 05/15/29)

    5       4,508  

5.65%, 03/15/33 (Call 12/15/32)

    10       9,954  

Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(b)

    6       4,654  

Boston Properties LP
2.55%, 04/01/32 (Call 01/01/32)

    25       19,050  

2.90%, 03/15/30 (Call 12/15/29)

    15       12,332  

3.25%, 01/30/31 (Call 10/30/30)

    25       20,857  

4.50%, 12/01/28 (Call 09/01/28)

    15       13,934  

Brandywine Operating Partnership LP, 4.55%, 10/01/29
(Call 07/01/29)

    20       16,500  

Brixmor Operating Partnership LP
2.50%, 08/16/31 (Call 05/16/31)

    15       11,636  

4.05%, 07/01/30 (Call 04/01/30)

    25       22,129  

Broadstone Net Lease LLC, 2.60%, 09/15/31
(Call 06/15/31)

    10       7,211  

Camden Property Trust, 4.10%, 10/15/28
(Call 07/15/28)

    5       4,748  

Corporate Office Properties LP, 2.00%, 01/15/29
(Call 11/15/28)

    15       11,541  

Crown Castle International Corp.
2.25%, 01/15/31 (Call 10/15/30)

    25       20,004  

2.50%, 07/15/31 (Call 04/15/31)

    25       20,162  

CTR Partnership LP/CareTrust Capital Corp., 3.88%,
06/30/28 (Call 03/30/28)(b)

    3       2,558  

CubeSmart LP, 2.50%, 02/15/32 (Call 11/15/31)

    50       39,042  

Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)

    25       22,100  

Diversified Healthcare Trust, 4.38%, 03/01/31
(Call 09/01/30)

    5       3,502  

EPR Properties, 3.60%, 11/15/31 (Call 08/15/31)

    25       18,895  

Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)

    30       23,973  

3.20%, 11/18/29 (Call 08/18/29)(c)

    15       13,079  

3.90%, 04/15/32 (Call 01/15/32)

    25       22,102  

ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29)

    70       61,192  

Essex Portfolio LP
2.65%, 03/15/32 (Call 12/15/31)

    5       3,966  

3.00%, 01/15/30 (Call 10/15/29)

    5       4,252  

4.00%, 03/01/29 (Call 12/01/28)

    25       22,975  

Extra Space Storage LP, 2.35%, 03/15/32
(Call 12/15/31)

    5       3,827  

GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)

    25       19,841  

4.00%, 01/15/31 (Call 10/15/30)

    30           25,738  

5.30%, 01/15/29 (Call 10/15/28)

    10       9,465  

HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 09/15/30(b)

    3       2,282  

Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)

    15       12,768  

Healthpeak Properties Interim Inc.
2.13%, 12/01/28 (Call 10/01/28)

    10       8,464  

3.00%, 01/15/30 (Call 10/15/29)

    15       12,922  

5.25%, 12/15/32 (Call 09/15/32)

    10       9,811  

Highwoods Realty LP
2.60%, 02/01/31 (Call 11/01/30)

    25       18,589  

3.05%, 02/15/30 (Call 11/15/29)

    15       11,881  

 

 

30  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)            

Host Hotels & Resorts LP

   

Series H, 3.38%, 12/15/29 (Call 09/16/29)

  $         30     $         25,524  

Series I, 3.50%, 09/15/30 (Call 06/15/30)

    5       4,164  

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

    15       11,303  

4.65%, 04/01/29 (Call 01/01/29)

    25       21,185  

Invitation Homes Operating Partnership LP, 2.00%, 08/15/31 (Call 05/15/31)

    30       22,494  

Iron Mountain Inc.

   

4.50%, 02/15/31 (Call 02/15/26)(b)

    13       10,733  

4.88%, 09/15/29 (Call 09/15/24)(b)

    7       6,121  

5.00%, 07/15/28 (Call 07/15/23)(b)

    9       8,155  

5.25%, 03/15/28 (Call 12/27/23)(b)

    6       5,522  

5.25%, 07/15/30 (Call 07/15/25)(b)

    14       12,210  

5.63%, 07/15/32 (Call 07/15/26)(b)

    25       21,611  

Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(b)

    10       8,255  

Kilroy Realty LP, 3.05%, 02/15/30 (Call 11/15/29)

    30       23,875  

Kimco Realty Corp., 3.20%, 04/01/32
(Call 01/01/32)

    25       20,881  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29
(Call 06/15/24)(b)

    10       8,167  

Life Storage LP, 2.40%, 10/15/31 (Call 07/15/31)

    30       23,784  

Mid-America Apartments LP, 3.95%, 03/15/29 (Call 12/15/28)

    50       47,001  

MPT Operating Partnership LP/MPT Finance Corp.

 

3.50%, 03/15/31 (Call 03/15/26)

    15       10,282  

4.63%, 08/01/29 (Call 08/01/24)(c)

    16       11,965  

National Health Investors Inc., 3.00%, 02/01/31
(Call 11/01/30)

    15       11,272  

Necessity Retail REIT Inc./American Finance Operating Partner LP (The), 4.50%, 09/30/28 (Call 06/30/28)(b)

    5       3,946  

Office Properties Income Trust, 3.45%, 10/15/31
(Call 07/15/31)

    10       6,666  

Omega Healthcare Investors Inc., 3.38%, 02/01/31 (Call 11/01/30)

    10       7,901  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

   

4.88%, 05/15/29 (Call 05/15/24)(b)

    11       9,201  

5.88%, 10/01/28 (Call 10/01/23)(b)

    10       8,913  

Phillips Edison Grocery Center Operating Partnership I LP,
2.63%, 11/15/31 (Call 08/15/31)

    10       7,512  

Physicians Realty LP, 2.63%, 11/01/31
(Call 08/01/31)

    5       3,998  

Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)

    15       11,464  

Prologis LP
2.25%, 01/15/32 (Call 10/15/31)

    80       64,140  

4.00%, 09/15/28 (Call 06/15/28)

    5       4,782  

Public Storage

   

1.85%, 05/01/28 (Call 03/01/28)

    20       17,175  

2.30%, 05/01/31 (Call 02/01/31)

    15       12,263  

Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)

    10       8,028  

Realty Income Corp., 5.63%, 10/13/32
(Call 07/13/32)

    35       35,684  

Regency Centers LP

   

2.95%, 09/15/29 (Call 06/15/29)

    5       4,210  

3.70%, 06/15/30 (Call 03/15/30)

    15       13,246  

Rexford Industrial Realty LP, 2.13%, 12/01/30 (Call 09/01/30)

    10       7,907  

RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 02/15/29 (Call 02/15/24)(b)

    5       4,351  

RLJ Lodging Trust LP, 4.00%, 09/15/29
(Call 09/15/24)(b)

    10       8,246  

Sabra Health Care LP, 3.20%, 12/01/31
(Call 09/01/31)

    10       7,417  
Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)  

Safehold Operating Partnership LP, 2.80%, 06/15/31 (Call 03/15/31)

  $         10     $ 7,738  

SBA Communications Corp., 3.13%, 02/01/29
(Call 02/01/24)

    16               13,181  

Scentre Group Trust 1/Scentre Group Trust 2, 4.38%, 05/28/30 (Call 02/28/30)(b)

    60       55,118  

Service Properties Trust

   

4.38%, 02/15/30 (Call 08/15/29)

    8       6,145  

4.95%, 10/01/29 (Call 07/01/29)

    4       3,163  

Simon Property Group LP

   

2.45%, 09/13/29 (Call 06/13/29)

    50       41,936  

2.65%, 02/01/32 (Call 11/01/31)

    15       12,133  

Spirit Realty LP, 3.40%, 01/15/30
(Call 10/15/29)

    30       25,381  

STORE Capital Corp.

   

2.70%, 12/01/31 (Call 09/01/31)

    15       10,896  

4.50%, 03/15/28 (Call 12/15/27)

    5       4,445  

4.63%, 03/15/29 (Call 12/15/28)

    5       4,398  

Sun Communities Operating LP

   

2.30%, 11/01/28 (Call 09/01/28)

    10       8,456  

2.70%, 07/15/31 (Call 04/15/31)

    20       15,956  

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

    10       8,870  

5.70%, 01/15/33 (Call 10/15/32)

    5       4,924  

UDR Inc.

   

3.00%, 08/15/31 (Call 05/15/31)

    25       21,048  

4.40%, 01/26/29 (Call 10/26/28)

    5       4,689  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC,
6.00%, 01/15/30 (Call 01/15/25)(b)

    8       4,984  

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC

 

4.75%, 04/15/28 (Call 04/15/24)(b)

    5       3,964  

6.50%, 02/15/29 (Call 02/15/24)(b)

    15       9,882  

Ventas Realty LP

   

3.00%, 01/15/30 (Call 10/15/29)

    25       21,273  

4.40%, 01/15/29 (Call 10/15/28)

    10       9,307  

VICI Properties LP, 5.13%, 05/15/32
(Call 02/15/32)

    30       27,817  

VICI Properties LP/VICI Note Co. Inc.

   

3.88%, 02/15/29 (Call 11/15/28)(b)

    10       8,714  

4.13%, 08/15/30 (Call 02/15/25)(b)

    10       8,691  

4.63%, 12/01/29 (Call 12/01/24)(b)

    35       31,510  

WEA Finance LLC, 3.50%, 06/15/29
(Call 03/15/29)(b)

    25       20,411  

Welltower OP LLC

   

3.10%, 01/15/30 (Call 10/15/29)

    50       42,719  

3.85%, 06/15/32 (Call 03/15/32)

    15       13,056  

4.13%, 03/15/29 (Call 09/15/28)

    5       4,615  

Weyerhaeuser Co., 4.00%, 04/15/30
(Call 01/15/30)

    35       31,776  

XHR LP, 4.88%, 06/01/29
(Call 06/01/24)(b)

    5       4,258  
   

 

 

 
      1,814,780  
Retail — 0.9%  

1011778 BC ULC/New Red Finance Inc.

   

3.50%, 02/15/29 (Call 02/15/24)(b)

    7       5,979  

4.00%, 10/15/30 (Call 10/15/25)(b)

    41       33,861  

7-Eleven Inc., 1.80%, 02/10/31
(Call 11/10/30)(b)

    15       11,514  

Advance Auto Parts Inc., 3.90%, 04/15/30
(Call 01/15/30)

    10       8,837  

Arko Corp., 5.13%, 11/15/29
(Call 11/15/24)(b)

    5       3,957  

Asbury Automotive Group Inc.

   

4.50%, 03/01/28 (Call 03/01/23)

    3       2,700  

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

    11       9,552  

4.75%, 03/01/30 (Call 03/01/25)

    3       2,596  

5.00%, 02/15/32 (Call 11/15/26)(b)

    10       8,567  

At Home Group Inc.

   

4.88%, 07/15/28 (Call 07/15/23)(b)

    2       1,480  

7.13%, 07/15/29 (Call 07/15/24)(b)(c)

    10       6,224  

 

 

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

  31


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  
Retail (continued)            

AutoNation Inc., 2.40%, 08/01/31 (Call 05/01/31)

  $         25     $         18,708  

AutoZone Inc.

   

4.00%, 04/15/30 (Call 01/15/30)

    25       22,972  

4.75%, 02/01/33 (Call 11/01/32)

    30       28,428  

Bath & Body Works Inc.

   

6.63%, 10/01/30 (Call 10/01/25)(b)

    10       9,478  

7.50%, 06/15/29 (Call 06/15/24)(c)

    15       15,045  

Beacon Roofing Supply Inc., 4.13%, 05/15/29
(Call 05/15/25)(b)(c)

    8       6,850  

Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28)

    15       14,367  

Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)(b)

    3       2,680  

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

    7       5,991  

Carrols Restaurant Group Inc., 5.88%, 07/01/29
(Call 07/01/24)(b)(c)

    3       2,280  

Carvana Co.

   

4.88%, 09/01/29 (Call 09/01/24)(b)

    8       3,814  

5.88%, 10/01/28 (Call 10/01/23)(b)

    5       2,461  

10.25%, 05/01/30 (Call 05/01/27)(b)(c)

    34       21,214  

Costco Wholesale Corp., 1.60%, 04/20/30
(Call 01/20/30)

    50       40,805  

Dick’s Sporting Goods Inc., 3.15%, 01/15/32
(Call 10/15/31)

    15       11,838  

Dollar General Corp., 4.13%, 05/01/28
(Call 02/01/28)

    30       28,546  

Dollar Tree Inc., 4.20%, 05/15/28 (Call 02/15/28)

    44       41,885  

Evergreen Acqco 1 LP/TVI Inc., 9.75%, 04/26/28
(Call 02/15/25)

    10       9,882  

Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, 04/01/29 (Call 04/01/24)(b)

    8       6,531  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.

   

4.63%, 01/15/29 (Call 01/15/25)(b)

    12       10,385  

6.75%, 01/15/30 (Call 01/15/25)(b)

    14       11,601  

FirstCash Inc.

   

4.63%, 09/01/28 (Call 09/01/23)(b)

    13       11,301  

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

    5       4,440  

Foot Locker Inc., 4.00%, 10/01/29
(Call 10/01/24)(b)

    5       4,120  

Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 03/01/24)(b)

    3       2,383  

Gap Inc. (The)

   

3.63%, 10/01/29 (Call 10/01/24)(b)

    10       7,354  

3.88%, 10/01/31 (Call 10/01/26)(b)

    7       5,003  

Genuine Parts Co., 2.75%, 02/01/32
(Call 11/01/31)

    25       20,188  

Group 1 Automotive Inc., 4.00%, 08/15/28
(Call 08/15/23)(b)

    6       5,149  

GYP Holdings III Corp., 4.63%, 05/01/29
(Call 05/01/24)(b)

    8       6,884  

Home Depot Inc. (The)

   

1.38%, 03/15/31 (Call 12/15/30)

    35       26,933  

2.70%, 04/15/30 (Call 01/15/30)

    5       4,337  

2.95%, 06/15/29 (Call 03/15/29)

    55       49,113  

4.50%, 09/15/32 (Call 06/15/32)

    50       48,207  

Ken Garff Automotive LLC, 4.88%, 09/15/28
(Call 09/15/23)(b)

    5       4,325  

Kohl’s Corp., 3.63%, 05/01/31 (Call 02/01/31)

    10       7,146  

LBM Acquisition LLC, 6.25%, 01/15/29
(Call 01/15/24)(b)

    11       7,847  

LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(b)

    13       10,625  

Lithia Motors Inc.

   

3.88%, 06/01/29 (Call 06/01/24)(b)

    15       12,528  

4.38%, 01/15/31 (Call 10/15/25)(b)

    7       5,826  

Lowe’s Companies Inc.

   

2.63%, 04/01/31 (Call 01/01/31)

    25       20,569  

3.65%, 04/05/29 (Call 01/05/29)

    15       13,699  
Security   Par
(000)
    Value  
Retail (continued)            

3.75%, 04/01/32 (Call 01/01/32)

  $         50     $         44,257  

4.50%, 04/15/30 (Call 01/15/30)

    30       28,589  

Macy’s Retail Holdings LLC

   

5.88%, 04/01/29 (Call 04/01/24)(b)

    3       2,727  

5.88%, 03/15/30 (Call 03/15/25)(b)

    13       11,457  

6.13%, 03/15/32 (Call 03/15/27)(b)

    5       4,307  

McDonald’s Corp.

   

2.13%, 03/01/30 (Call 12/01/29)

    15       12,428  

3.80%, 04/01/28 (Call 01/01/28)

    30       28,440  

Michaels Companies Inc. (The)

   

5.25%, 05/01/28 (Call 11/01/23)(b)

    11       9,144  

7.88%, 05/01/29 (Call 04/01/24)(b)

    15       11,361  

Murphy Oil USA Inc.

   

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

    5       4,053  

4.75%, 09/15/29 (Call 09/15/24)

    5       4,468  

Nordstrom Inc.

   

4.25%, 08/01/31 (Call 05/01/31)

    9       6,588  

4.38%, 04/01/30 (Call 01/01/30)

    8       6,302  

6.95%, 03/15/28

    3       2,973  

O’Reilly Automotive Inc., 4.35%, 06/01/28
(Call 03/01/28)

    64       61,638  

Papa John’s International Inc., 3.88%, 09/15/29 (Call 09/15/24)(b)

    8       6,686  

Park River Holdings Inc.

   

5.63%, 02/01/29 (Call 02/01/24)(b)

    3       2,099  

6.75%, 08/01/29 (Call 08/01/24)(b)

    8       5,659  

Patrick Industries Inc., 4.75%, 05/01/29
(Call 05/01/24)(b)

    5       4,249  

Penske Automotive Group Inc., 3.75%, 06/15/29 (Call 06/15/24)

    5       4,199  

PetSmart Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (Call 02/15/24)(b)

    15       14,623  

QVC Inc., 4.38%, 09/01/28 (Call 06/01/28)

    9       5,018  

Sonic Automotive Inc.

   

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

    5       4,126  

4.88%, 11/15/31 (Call 11/15/26)(b)

    15       11,943  

SRS Distribution Inc.

   

4.63%, 07/01/28 (Call 07/01/24)(b)

    5       4,383  

6.00%, 12/01/29 (Call 12/01/24)(b)

    16       13,336  

6.13%, 07/01/29 (Call 07/01/24)(b)

    5       4,208  

Starbucks Corp.

   

2.55%, 11/15/30 (Call 08/15/30)

    35       29,216  

3.50%, 03/01/28 (Call 12/01/27)

    16       14,910  

3.55%, 08/15/29 (Call 05/15/29)

    35       32,015  

4.00%, 11/15/28 (Call 08/15/28)

    20       18,956  

Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(b)

    5       4,163  

Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(b)

    5       4,344  

Target Corp.

   

2.35%, 02/15/30 (Call 11/15/29)

    40       33,937  

3.38%, 04/15/29 (Call 01/15/29)

    10       9,225  

4.40%, 01/15/33 (Call 10/15/32)

    50       47,391  

4.50%, 09/15/32 (Call 06/15/32)

    20       19,207  

TJX Companies Inc. (The), 3.88%, 04/15/30
(Call 01/15/30)

    60       56,419  

Victoria’s Secret & Co., 4.63%, 07/15/29
(Call 07/15/24)(b)

    7       5,706  

Walmart Inc.

   

1.80%, 09/22/31 (Call 06/22/31)

    25       20,169  

3.25%, 07/08/29 (Call 04/08/29)

    30       27,713  

4.15%, 09/09/32 (Call 06/09/32)

    10       9,636  

White Cap Buyer LLC, 6.88%, 10/15/28
(Call 10/15/23)(b)(c)

    5       4,537  

 

 

32  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Retail (continued)            

Yum! Brands Inc.

   

3.63%, 03/15/31 (Call 12/15/30)

  $         13     $ 10,896  

4.63%, 01/31/32 (Call 10/01/26)

    13       11,486  

4.75%, 01/15/30 (Call 10/15/29)(b)

    16       14,621  

5.38%, 04/01/32 (Call 04/01/27)

    12       11,130  
   

 

 

 
          1,393,943  
Semiconductors — 0.5%  

Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32)

    10       9,264  

Analog Devices Inc., 2.10%, 10/01/31
(Call 07/01/31)

    15       12,116  

Broadcom Inc.

   

2.45%, 02/15/31 (Call 11/15/30)(b)

    75       59,408  

2.60%, 02/15/33 (Call 11/15/32)(b)

    25       18,884  

4.30%, 11/15/32 (Call 08/15/32)

    50       44,332  

5.00%, 04/15/30 (Call 01/15/30)

    25       24,016  

Entegris Escrow Corp.

   

4.75%, 04/15/29 (Call 01/15/29)(b)

    5       4,547  

5.95%, 06/15/30 (Call 06/15/25)(b)

    14       13,056  

Entegris Inc.

   

3.63%, 05/01/29 (Call 05/01/24)(b)

    8       6,628  

4.38%, 04/15/28 (Call 04/15/23)(b)

    3       2,659  

Intel Corp.

   

2.00%, 08/12/31 (Call 05/12/31)

    35       27,466  

3.90%, 03/25/30 (Call 12/25/29)

    45       41,518  

4.15%, 08/05/32 (Call 05/05/32)

    10       9,197  

5.13%, 02/10/30 (Call 12/10/29)

    15       14,816  

5.20%, 02/10/33 (Call 11/10/32)

    35       34,340  

KLA Corp., 4.65%, 07/15/32 (Call 04/15/32)

    30       29,288  

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

    15       12,209  

4.00%, 03/15/29 (Call 12/15/28)

    70       66,438  

Marvell Technology Inc., 2.95%, 04/15/31
(Call 01/15/31)

    45       36,169  

Micron Technology Inc.

   

2.70%, 04/15/32 (Call 01/15/32)

    50       37,912  

5.33%, 02/06/29 (Call 11/06/28)

    10       9,765  

NVIDIA Corp.

   

1.55%, 06/15/28 (Call 04/15/28)

    35       29,742  

2.00%, 06/15/31 (Call 03/15/31)

    10       8,079  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.65%, 02/15/32 (Call 11/15/31)

    15       11,781  

3.40%, 05/01/30 (Call 02/01/30)

    15       12,995  

4.30%, 06/18/29 (Call 03/18/29)

    25       23,082  

5.00%, 01/15/33 (Call 10/15/32)

    10       9,401  

ON Semiconductor Corp., 3.88%, 09/01/28
(Call 09/01/23)(b)

    5       4,394  

Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)

    35       31,194  

QUALCOMM Inc., 2.15%, 05/20/30
(Call 02/20/30)

    45       37,657  

Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(b)

    8       6,642  

Texas Instruments Inc.

   

1.75%, 05/04/30 (Call 02/04/30)

    10       8,178  

2.25%, 09/04/29 (Call 06/04/29)

    75       64,298  
   

 

 

 
      761,471  
Shipbuilding — 0.0%  

Huntington Ingalls Industries Inc., 4.20%, 05/01/30 (Call 02/01/30)

    10       9,131  
   

 

 

 
Software — 0.5%  

Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)

    10       8,546  

Autodesk Inc.

   

2.40%, 12/15/31 (Call 09/15/31)

    15       12,000  

2.85%, 01/15/30 (Call 10/15/29)

    5       4,286  
Security   Par
(000)
    Value  
Software (continued)            

Black Knight InfoServ LLC, 3.63%, 09/01/28
(Call 09/01/23)(b)

  $ 7     $ 6,122  

Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)

            30               25,320  

Castle U.S. Holding Crop., 9.50%, 02/15/28
(Call 02/15/24)(b)

    3       1,179  

Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(b)

    6       5,867  

Clarivate Science Holdings Corp.

   

3.88%, 07/01/28 (Call 06/30/24)(b)

    7       6,043  

4.88%, 07/01/29 (Call 06/30/24)(b)

    12       10,363  

Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)(b)

    9       7,857  

Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)(b)

    5       4,169  

Elastic NV, 4.13%, 07/15/29
(Call 07/15/24)(b)

    7       5,771  

Fair Isaac Corp., 4.00%, 06/15/28
(Call 12/15/23)(b)

    7       6,356  

Fidelity National Information Services Inc.

   

2.25%, 03/01/31 (Call 12/01/30)

    35       27,518  

5.10%, 07/15/32 (Call 04/15/32)

    10       9,564  

Fiserv Inc.

   

2.65%, 06/01/30 (Call 03/01/30)

    10       8,373  

3.50%, 07/01/29 (Call 04/01/29)

    45       40,186  

5.60%, 03/02/33 (Call 12/01/32)

    10       9,987  

Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28
(Call 05/01/24)(b)

    5       4,074  

MicroStrategy Inc., 6.13%, 06/15/28
(Call 06/15/24)(b)(c)

    5       4,158  

Minerva Merger Sub Inc., 6.50%, 02/15/30
(Call 02/15/25)(b)

    32       25,446  

MSCI Inc.

   

3.63%, 09/01/30 (Call 03/01/25)(b)

    16       13,601  

3.63%, 11/01/31 (Call 11/01/26)(b)

    5       4,178  

3.88%, 02/15/31 (Call 06/01/25)(b)

    12       10,331  

4.00%, 11/15/29 (Call 11/15/24)(b)

    7       6,191  

Open Text Corp., 3.88%, 12/01/29
(Call 12/01/24)(b)

    15       12,101  

Open Text Holdings Inc.

   

4.13%, 02/15/30 (Call 02/15/25)(b)

    9       7,403  

4.13%, 12/01/31 (Call 12/01/26)(b)

    10       7,958  

Oracle Corp.

   

2.88%, 03/25/31 (Call 12/25/30)

    85       70,417  

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

    40       34,145  

4.90%, 02/06/33 (Call 11/06/32)

    25       23,604  

6.15%, 11/09/29 (Call 09/09/29)

    20       20,700  

6.25%, 11/09/32 (Call 08/09/32)

    35       36,435  

Picard Midco Inc., 6.50%, 03/31/29
(Call 09/30/25)(b)

    55       47,664  

Playtika Holding Corp., 4.25%, 03/15/29
(Call 03/15/24)(b)

    15       12,290  

Rackspace Technology Global Inc., 5.38%, 12/01/28 (Call 12/01/23)(b)

    5       1,992  

ROBLOX Corp., 3.88%, 05/01/30
(Call 11/01/24)(b)

    16       13,153  

Rocket Software Inc., 6.50%, 02/15/29
(Call 02/15/24)(b)

    5       4,073  

Roper Technologies Inc.

   

1.75%, 02/15/31 (Call 11/15/30)

    10       7,706  

4.20%, 09/15/28 (Call 06/15/28)

    15       14,318  

RRD Parent Inc., 10.00%, 10/15/31(b)

    7       12,471  

salesforce.com Inc., 3.70%, 04/11/28
(Call 01/11/28)

    45       42,872  

ServiceNow Inc., 1.40%, 09/01/30
(Call 06/01/30)

    25       19,061  

Take-Two Interactive Software Inc., 4.00%, 04/14/32 (Call 01/14/32)

    35       31,171  

Twilio Inc.

   

3.63%, 03/15/29 (Call 03/15/24)

    8       6,746  

3.88%, 03/15/31 (Call 03/15/26)

    9       7,376  

 

 

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

  33


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)            

VMware Inc.

   

2.20%, 08/15/31 (Call 05/15/31)

  $         25     $ 18,960  

4.70%, 05/15/30 (Call 02/15/30)

    5       4,690  

Workday Inc., 3.80%, 04/01/32 (Call 01/01/32)

    15               13,191  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(b)(c)

    5       4,170  
   

 

 

 
      742,153  
Telecommunications — 1.0%  

Altice France SA, 5.50%, 10/15/29
(Call 10/15/24)(b)

    25       19,511  

Altice France SA/France

   

5.13%, 01/15/29 (Call 09/15/23)(b)

    5       3,877  

5.13%, 07/15/29 (Call 04/15/24)(b)

    40       30,996  

AT&T Inc.

   

2.75%, 06/01/31 (Call 03/01/31)

    60       49,582  

4.30%, 02/15/30 (Call 11/15/29)

    20       18,768  

4.35%, 03/01/29 (Call 12/01/28)

    80       75,842  

British Telecommunications PLC

   

4.88%, 11/23/81 (Call 08/23/31),
(5 year CMT + 3.493%)(a)(b)

    5       4,083  

9.63%, 12/15/30

    35       42,301  

Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)(b)

    5       4,259  

CommScope Inc.

   

4.75%, 09/01/29 (Call 09/01/24)(b)

    19       15,490  

7.13%, 07/01/28 (Call 07/01/23)(b)(c)

    10       7,877  

Consolidated Communications Inc.

   

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

    8       5,337  

6.50%, 10/01/28 (Call 10/01/23)(b)

    11       7,928  

Deutsche Telekom International Finance BV

   

8.75%, 06/15/30

    35       41,504  

9.25%, 06/01/32

    25       31,663  

Empresa Nacional de Telecomunicaciones SA, 3.05%, 09/14/32 (Call 06/14/32)(d)

    150       116,113  

Frontier Communications Holdings LLC

   

5.00%, 05/01/28 (Call 05/01/24)(b)

    20       17,552  

5.88%, 11/01/29 (Call 11/01/24)

    20       15,929  

6.00%, 01/15/30 (Call 10/15/24)(b)

    12       9,577  

6.75%, 05/01/29 (Call 05/01/24)(b)

    7       5,864  

8.75%, 05/15/30 (Call 05/15/25)(b)

    14       14,159  

Iliad Holding SASU, 7.00%, 10/15/28
(Call 10/15/24)(b)

    12       11,081  

Intelsat Jackson Holdings SA, 6.50%, 03/15/30
(Call 03/15/25)(b)

    37       32,222  

Level 3 Financing Inc.

   

3.63%, 01/15/29 (Call 01/15/24)(b)

    16       10,269  

3.75%, 07/15/29 (Call 01/15/24)(b)

    7       4,403  

3.88%, 11/15/29 (Call 08/15/29)(b)

    20       15,164  

4.25%, 07/01/28 (Call 07/01/23)(b)

    14       9,549  

Lumen Technologies Inc.

   

4.50%, 01/15/29 (Call 01/15/24)(b)

    17       8,985  

5.38%, 06/15/29 (Call 06/15/24)(b)

    6       3,253  

Maxar Technologies Inc., 7.54%, 12/31/27
(Call 06/25/24)(b)

    2       2,068  

Motorola Solutions Inc., 2.75%, 05/24/31
(Call 02/24/31)

    30       23,850  

Orange SA, 9.00%, 03/01/31

    45       55,042  

Rogers Communications Inc., 3.80%, 03/15/32
(Call 12/15/31)(b)

    25       21,840  

Singapore Telecommunications Ltd., 7.38%, 12/01/31(b)

    100       117,056  

Sprint Capital Corp.

   

6.88%, 11/15/28

    28       29,355  

8.75%, 03/15/32

    39       46,411  

Telefonica Europe BV, 8.25%, 09/15/30

    25       28,344  

TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)

    10       8,492  
Security   Par
(000)
    Value  
Telecommunications (continued)            

T-Mobile USA Inc.

   

2.40%, 03/15/29 (Call 01/15/29)

  $         25     $         21,145  

2.55%, 02/15/31 (Call 11/15/30)

    55       44,849  

2.63%, 02/15/29 (Call 02/15/24)

    27       23,006  

2.88%, 02/15/31 (Call 02/15/26)

    12       9,965  

3.38%, 04/15/29 (Call 04/15/24)

    32       28,311  

3.50%, 04/15/31 (Call 04/15/26)

    90       77,962  

3.88%, 04/15/30 (Call 01/15/30)

    65       58,956  

Verizon Communications Inc.

   

1.75%, 01/20/31 (Call 10/20/30)

    45       34,715  

2.10%, 03/22/28 (Call 01/22/28)

    35       30,228  

2.36%, 03/15/32 (Call 12/15/31)

    75       58,925  

2.55%, 03/21/31 (Call 12/21/30)

    65       53,100  

3.15%, 03/22/30 (Call 12/22/29)

    5       4,376  

4.02%, 12/03/29 (Call 09/03/29)

    100       92,350  

4.33%, 09/21/28

    50       47,871  

ViaSat Inc., 6.50%, 07/15/28 (Call 06/17/23)(b)

    5       3,698  

Viavi Solutions Inc., 3.75%, 10/01/29
(Call 10/01/24)(b)

    5       4,175  

Vmed O2 UK Financing I PLC

   

4.25%, 01/31/31 (Call 01/31/26)(b)

    10       8,048  

4.75%, 07/15/31 (Call 07/15/26)(b)

    20       16,493  

Vodafone Group PLC

   

4.13%, 06/04/81 (Call 04/04/31),
(5 year CMT + 2.767%)(a)

    12       9,523  

6.25%, 11/30/32

    25       26,465  

7.00%, 04/04/79 (Call 01/04/29),
(5 year USD Swap + 4.873%)(a)

    25       24,771  

Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28
(Call 08/15/23)(b)

    17       13,885  

Zayo Group Holdings Inc., 6.13%, 03/01/28
(Call 03/01/23)(b)

    11       6,946  
   

 

 

 
      1,665,359  
Toys, Games & Hobbies — 0.0%  

Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)

    15       13,225  

Mattel Inc., 3.75%, 04/01/29 (Call 04/01/24)(b)

    10       8,652  
   

 

 

 
      21,877  
Transportation — 0.2%  

AP Moller - Maersk A/S, 4.50%, 06/20/29
(Call 03/20/29)(b)

    10       9,537  

Canadian Pacific Railway Co.

   

2.45%, 12/02/31 (Call 09/02/31)

    25       20,807  

7.13%, 10/15/31

    15       16,802  

Carriage Purchaser Inc., 7.88%, 10/15/29
(Call 10/15/24)(b)

    3       2,242  

CH Robinson Worldwide Inc., 4.20%, 04/15/28
(Call 01/15/28)

    5       4,760  

CSX Corp., 3.80%, 03/01/28 (Call 12/01/27)

    40       37,998  

Danaos Corp., 8.50%, 03/01/28
(Call 03/01/24)(b)

    5       4,892  

FedEx Corp.

   

3.10%, 08/05/29 (Call 05/05/29)

    25       22,044  

4.25%, 05/15/30 (Call 02/15/30)

    10       9,383  

First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)(b)

    8       6,839  

Kansas City Southern, 2.88%, 11/15/29
(Call 08/15/29)

    10       8,653  

Norfolk Southern Corp.

   

2.30%, 05/15/31 (Call 02/15/31)

    10       8,097  

2.55%, 11/01/29 (Call 08/01/29)

    10       8,459  

3.00%, 03/15/32 (Call 12/15/31)

    20       16,882  

3.80%, 08/01/28 (Call 05/01/28)

    20       18,694  

4.45%, 03/01/33 (Call 12/01/32)

    30       28,189  

Rand Parent LLC, 8.50%, 02/15/30
(Call 02/15/26)

    15       14,394  

Ryder System Inc., 5.65%, 03/01/28
(Call 02/01/28)

    10       10,005  

 

 

34  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Transportation (continued)            

Seaspan Corp., 5.50%, 08/01/29
(Call 08/01/24)(b)

  $         15     $ 11,368  

Union Pacific Corp.

   

2.40%, 02/05/30 (Call 11/05/29)

    60               51,007  

2.80%, 02/14/32 (Call 11/14/31)

    15       12,661  

3.95%, 09/10/28 (Call 06/10/28)

    20       19,131  

United Parcel Service Inc.

   

4.45%, 04/01/30 (Call 01/01/30)

    20       19,551  

4.88%, 03/03/33 (Call 12/03/32)

    10       9,931  
   

 

 

 
      372,326  
Trucking & Leasing — 0.0%  

Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28
(Call 05/01/24)(b)

    12       10,766  

GATX Corp., 4.00%, 06/30/30
(Call 03/30/30)

    25       22,487  
   

 

 

 
      33,253  
Water — 0.0%  

American Water Capital Corp.

   

2.30%, 06/01/31 (Call 03/01/31)

    15       12,230  

2.80%, 05/01/30 (Call 02/01/30)

    15       12,970  

3.45%, 06/01/29 (Call 03/01/29)

    5       4,542  

3.75%, 09/01/28 (Call 06/01/28)

    5       4,669  

4.45%, 06/01/32 (Call 03/01/32)

    15       14,274  
   

 

 

 
      48,685  
   

 

 

 

Total Corporate Bonds & Notes — 23.1%
(Cost: $40,397,295)

      37,678,742  
   

 

 

 

Foreign Government Obligations(f)

 

Argentina — 0.1%  

Argentina Bonar Bonds

   

0.50%, 07/09/30(g)

    155       42,837  

1.00%, 07/09/29

    30       8,321  

Argentine Republic Government International Bond

 

0.50%, 07/09/30 (Call 03/31/23)(g)

    176       57,024  

1.00%, 07/09/29 (Call 03/31/23)

    90       27,944  
   

 

 

 
      136,126  
Bahrain — 0.1%  

CBB International Sukuk Programme Co. WLL, 3.88%, 05/18/29(d)

    200       179,124  
   

 

 

 
Brazil — 0.1%  

Brazilian Government International Bond, 3.75%, 09/12/31(c)

    200       168,350  
   

 

 

 
Canada — 0.1%  

Province of Alberta Canada,
3.30%, 03/15/28

    65       61,502  

Province of Manitoba Canada,
1.50%, 10/25/28

    15       12,789  

Province of Ontario Canada

   

2.00%, 10/02/29

    50       43,140  

2.13%, 01/21/32

    50       41,939  

Province of Quebec Canada

   

1.35%, 05/28/30

    35       28,518  

Series PD, 7.50%, 09/15/29

    10       11,645  
   

 

 

 
      199,533  
Colombia — 0.1%  

Colombia Government International Bond, 3.00%, 01/30/30 (Call 10/30/29)

    200       151,200  
   

 

 

 
Dominican Republic — 0.1%  

Dominican Republic International Bond, 5.50%, 02/22/29 (Call 12/22/28)(d)

    150       139,472  
   

 

 

 
Security   Par
(000)
    Value  
Ecuador — 0.0%            

Ecuador Government International Bond

   

0.00%, 07/31/30(d)(h)

  $         15     $ 4,685  

5.50%, 07/31/30(d)(g)

    45               22,065  
   

 

 

 
      26,750  
Egypt — 0.1%  

Egypt Government International Bond, 5.88%, 02/16/31(d)

    200       133,744  
   

 

 

 
El Salvador — 0.0%  

El Salvador Government International Bond, 8.63%, 02/28/29(d)

    8       4,021  
   

 

 

 
Hong Kong — 0.1%  

Airport Authority, 1.63%, 02/04/31
(Call 11/04/30)(b)

    200       159,468  
   

 

 

 
Hungary — 0.1%  

Hungary Government International Bond, 2.13%, 09/22/31(d)

    200       153,736  
   

 

 

 
Indonesia — 0.1%  

Indonesia Government International Bond, 4.75%, 02/11/29

    200       198,464  
   

 

 

 
Italy — 0.0%  

Republic of Italy Government International Bond, 2.88%, 10/17/29

    25       21,117  
   

 

 

 
Japan — 0.1%  

Japan Bank for International Cooperation, 1.88%, 04/15/31

    200       162,894  
   

 

 

 
Lebanon — 0.0%  

Lebanon Government International Bond 0.00%, 05/25/29(d)(h)(i)(j)

    2       140  

0.00%, 02/26/30(d)(h)(i)(j)

    6       418  

0.00%, 03/23/32(d)(h)(i)(j)

    16       1,118  
   

 

 

 
      1,676  
Mexico — 0.2%  

Mexico Government International Bond

   

4.75%, 04/27/32 (Call 01/27/32)

    200       186,930  

8.30%, 08/15/31

    50       58,176  
   

 

 

 
      245,106  
Nigeria — 0.1%  

Nigeria Government International Bond, 6.13%, 09/28/28(d)

    200       158,572  
   

 

 

 
Oman — 0.1%  

Oman Government International Bond, 6.00%, 08/01/29(d)

    200       200,368  
   

 

 

 
Panama — 0.1%  

Panama Government International Bond
2.25%, 09/29/32 (Call 06/29/32)

    200       148,926  

9.38%, 04/01/29

    40       47,962  
   

 

 

 
      196,888  
Peru — 0.1%  

Peruvian Government International Bond

   

1.86%, 12/01/32 (Call 09/01/32)

    10       7,275  

2.78%, 01/23/31 (Call 10/23/30)

    105       86,678  

2.84%, 06/20/30

    53       44,835  
   

 

 

 
      138,788  
Philippines — 0.1%  

Philippine Government International Bond

   

6.38%, 01/15/32

    100       108,163  

9.50%, 02/02/30

    50       62,519  
   

 

 

 
      170,682  

 

 

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

  35


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Poland — 0.0%            

Republic of Poland Government International Bond, 5.75%, 11/16/32 (Call 08/16/32)

  $ 21     $ 22,018  
   

 

 

 
Qatar — 0.1%            

Qatar Government International Bond, 9.75%, 06/15/30(b)(c)

    150       197,148  
   

 

 

 
Romania — 0.1%            

Romanian Government International Bond

   

3.00%, 02/14/31(d)

    20       16,196  

3.63%, 03/27/32(d)

    42       34,647  
   

 

 

 
      50,843  
Saudi Arabia — 0.2%            

Saudi Government International Bond

   

2.75%, 02/03/32(d)

    200       172,298  

4.38%, 04/16/29(d)

    200       195,240  
   

 

 

 
      367,538  
South Korea — 0.1%            

Export-Import Bank of Korea, 1.25%, 09/21/30

    200       156,002  
   

 

 

 
Supranational — 0.4%            

Asian Development Bank

   

0.75%, 10/08/30(c)

    50       38,930  

1.75%, 09/19/29

    5       4,299  

1.88%, 03/15/29

    25       21,792  

1.88%, 01/24/30

    15       12,922  

3.13%, 04/27/32

    25       23,149  

European Investment Bank, 0.75%, 09/23/30

    30       23,558  

Inter-American Development Bank

   

1.13%, 07/20/28

    15       12,738  

1.13%, 01/13/31

    50       39,861  

2.25%, 06/18/29

    65       57,707  

3.13%, 09/18/28

    110       103,638  

3.50%, 09/14/29

    10       9,591  

International Bank for Reconstruction & Development

   

0.88%, 05/14/30

    5       3,976  

1.13%, 09/13/28

    15       12,686  

1.25%, 02/10/31

    55       44,372  

1.63%, 11/03/31

    95       78,259  

1.75%, 10/23/29

    75       64,366  

3.63%, 09/21/29

    30       29,000  

International Finance Corp., 0.75%, 08/27/30

    55       42,991  
   

 

 

 
      623,835  
Turkey — 0.2%            

Turkey Government International Bond, 11.88%, 01/15/30

    200       229,246  
   

 

 

 
Ukraine — 0.0%            

Ukraine Government International Bond, 7.75%, 09/01/29(d)(i)(j)

    100       18,706  
   

 

 

 
United Arab Emirates — 0.2%            

Abu Dhabi Government International Bond, 3.13%, 04/16/30(d)

    200       183,506  

Sharjah Sukuk Program Ltd., 3.23%, 10/23/29(d)

    200       176,456  
   

 

 

 
      359,962  
Uruguay — 0.0%            

Uruguay Government International Bond, 4.38%, 01/23/31 (Call 10/23/30)

    50       48,700  
   

 

 

 

Total Foreign Government Obligations — 3.1% (Cost: $5,371,999)

      5,020,077  
   

 

 

 
Security   Par
(000)
    Value  
Municipal Debt Obligations            

California — 0.0%

   

State of California GO, 2.50%, 10/01/29

  $ 50     $ 43,789  

University of California RB, Series BG, 1.32%, 05/15/27 (Call 03/15/27)

    10       8,711  
   

 

 

 
      52,500  
   

 

 

 

Total Municipal Debt Obligations — 0.0%
(Cost: $61,917)

      52,500  
   

 

 

 
U.S. Government & Agency Obligations            
Mortgage-Backed Securities — 52.4%            

Federal Home Loan Mortgage Corp.

   

2.00%, 02/01/37

    130       115,777  

2.50%, 01/01/33

    9       8,108  

3.00%, 03/01/46

    116       104,542  

3.00%, 07/01/46

    8       7,600  

3.00%, 08/01/46

    52       46,980  

3.00%, 09/01/46

    37       33,305  

3.00%, 10/01/46

    20       18,075  

3.00%, 12/01/46

    181       163,163  

3.00%, 01/01/47

    30       26,915  

3.00%, 02/01/47

    98       88,407  

3.00%, 06/01/47

    83       75,098  

3.00%, 08/01/47

    12       10,497  

3.00%, 09/01/47

    23       20,900  

3.00%, 10/01/47

    20       18,125  

3.50%, 06/01/34

    8       7,218  

3.50%, 03/01/38

    51       48,042  

3.50%, 10/01/42

    42       38,964  

3.50%, 10/01/44

    18       16,816  

3.50%, 03/01/46

    98       91,346  

3.50%, 12/01/46

    12       10,997  

3.50%, 01/01/47

    19       17,743  

3.50%, 04/01/47

    29       26,651  

3.50%, 07/01/47

    28       26,221  

3.50%, 08/01/47

    4       4,033  

3.50%, 09/01/47

    66       60,576  

3.50%, 12/01/47

    4       3,325  

3.50%, 02/01/48

    65       60,075  

3.50%, 03/01/48

    28       26,424  

3.50%, 05/01/48

    18       16,715  

3.50%, 04/01/49

    50       46,566  

3.50%, 05/01/49

    10       9,659  

3.50%, 06/01/49

    15       13,875  

3.50%, 04/01/52

    125       114,853  

4.00%, 09/01/45

    11       11,001  

4.00%, 02/01/46

    96       92,457  

4.00%, 10/01/46

    5       5,218  

4.00%, 10/01/47

    2       2,344  

4.00%, 01/01/48

    20       18,915  

4.00%, 02/01/48

    9       8,823  

4.00%, 06/01/48

    23       22,178  

4.00%, 12/01/48

    14       13,118  

4.00%, 01/01/49

    3       3,370  

4.00%, 04/01/52

    75       70,398  

4.00%, 07/01/52

    991       929,919  

4.00%, 10/01/52

    498       470,728  

4.50%, 10/01/48

    23       22,860  

4.50%, 01/01/49

    10       9,504  

 

 

36  

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  
Mortgage-Backed Securities (continued)            

4.50%, 10/01/52

  $ 196     $ 189,377  

4.50%, 12/01/52

    225       219,307  

5.00%, 12/01/41

    180       182,177  

5.00%, 08/01/52

    49       48,713  

5.00%, 09/01/52

    148       147,131  

5.00%, 10/01/52

    49       48,356  

5.00%, 11/01/52

    49       48,034  

5.50%, 11/01/52

    100       101,745  

5.50%, 12/01/52

    249       251,289  

5.50%, 01/01/53

    75       75,974  

Federal National Mortgage Association

   

2.00%, 04/01/37

    66       58,812  

2.00%, 04/01/52

    3,010       2,450,694  

2.50%, 01/01/52

    995       844,029  

3.00%, 02/01/47

    30       26,814  

3.00%, 02/01/50

    996       886,392  

3.50%, 11/01/51

    285       265,415  

3.50%, 07/01/52

    998       908,463  

4.00%, 02/01/47

    27       26,062  

4.00%, 08/01/52

    125       117,230  

4.00%, 02/01/57

    22       20,932  

4.50%, 09/01/52

    641       617,470  

4.50%, 10/01/52

    98       95,787  

4.50%, 12/01/52

    346       333,935  

5.00%, 10/01/52

    50       49,476  

5.00%, 11/01/52

    123       122,542  

5.00%, 12/01/52

    149       148,051  

5.00%, 01/01/53

    100       98,253  

5.50%, 09/01/52

    75       76,511  

5.50%, 12/01/52

    50       50,661  

5.50%, 01/01/53

    225       228,301  

Series 2018-M12, Class A2, 3.63%, 08/25/30(a)

    280       265,369  

Series 2021-M17, Class A2, 1.71%, 07/25/31(a)

    250       201,018  

Freddie Mac Multifamily Structured Pass Through Certificates 2.45%, 04/25/32 (Call 05/25/32)

    400       339,069  

Series K056, Class A2, 2.53%, 05/25/26
(Call 06/25/26)

    35       32,682  

Series K066, Class A2, 3.12%, 06/25/27
(Call 07/25/27)

    100       94,116  

Series K078, Class A2, 3.85%, 06/25/28
(Call 10/25/28)

    175       169,225  

Series K090, Class A2, 3.42%, 02/25/29
(Call 10/25/29)

    100       94,106  

Series K-1512, Class A2, 2.99%, 05/25/31
(Call 10/25/34)

    70       62,738  

Government National Mortgage Association

   

2.00%, 08/20/50

    167       140,904  

2.00%, 12/20/50

    371       313,062  

2.00%, 10/20/51

    500       420,651  

2.00%, 12/20/51

    1,201       1,008,782  

2.00%, 04/20/52

    543       454,925  

2.00%, 03/21/53(k)

    2,625       2,200,027  

2.50%, 12/20/46

    39       34,404  

2.50%, 01/20/47

    19       16,337  

2.50%, 08/20/50

    146       127,969  

2.50%, 09/20/50

    216       188,486  

2.50%, 01/20/51

    213       185,598  

2.50%, 02/20/51

    101       88,127  

2.50%, 05/20/51

    328       285,410  

2.50%, 07/20/51

    954       825,122  

2.50%, 08/20/51

    624       540,840  

2.50%, 11/20/51

    1,014       877,995  

2.50%, 12/20/51

    322       279,153  

2.50%, 02/20/52

    702       607,906  

2.50%, 03/21/53(k)

    575       497,195  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

3.00%, 03/20/45

  $ 34     $ 31,166  

3.00%, 05/20/45

    76       68,889  

3.00%, 07/20/45

    65       58,769  

3.00%, 10/20/45

    7       6,348  

3.00%, 11/20/45

    221       200,822  

3.00%, 12/20/45

    20       18,416  

3.00%, 01/20/46

    11       9,625  

3.00%, 02/20/46

    24       22,198  

3.00%, 03/20/46

    60       54,284  

3.00%, 05/20/46

    29       26,711  

3.00%, 06/20/46

    21       19,124  

3.00%, 07/20/46

    18       16,072  

3.00%, 08/20/46

    95       86,178  

3.00%, 09/20/46

    57       51,488  

3.00%, 11/20/46

    29       26,442  

3.00%, 12/20/46

    87       78,793  

3.00%, 02/20/47

    19       17,073  

3.00%, 06/20/47

    28       25,276  

3.00%, 11/20/47

    113       102,149  

3.00%, 02/20/48

    19       17,142  

3.00%, 04/20/49

    361       327,910  

3.00%, 09/20/49

    15       13,816  

3.00%, 01/20/50

    109       98,633  

3.00%, 02/20/50

    119       107,034  

3.00%, 08/20/50

    118       106,313  

3.00%, 10/20/51

    10       9,244  

3.00%, 11/20/51

    200       178,778  

3.00%, 02/20/52

    28       24,987  

3.00%, 09/20/52

    347       310,247  

3.00%, 03/21/53(k)

    1,625       1,450,471  

3.50%, 09/20/42

    219       206,033  

3.50%, 10/20/42

    9       8,513  

3.50%, 12/20/42

    90       84,827  

3.50%, 04/20/43

    65       61,441  

3.50%, 11/20/45

    42       39,190  

3.50%, 12/20/45

    4       3,812  

3.50%, 03/20/46

    47       44,192  

3.50%, 04/20/46

    22       20,360  

3.50%, 06/20/46

    77       71,615  

3.50%, 12/20/46

    20       18,405  

3.50%, 01/20/47

    5       4,869  

3.50%, 02/20/47

    13       12,264  

3.50%, 03/20/47

    6       5,524  

3.50%, 09/20/47

    18       17,167  

3.50%, 11/20/47

    29       27,432  

3.50%, 12/15/47

    61       57,358  

3.50%, 02/20/48

    17       15,988  

3.50%, 04/20/48

    57       52,512  

3.50%, 08/20/48

    37       34,866  

3.50%, 01/20/49

    16       14,734  

3.50%, 03/20/49

    202       188,877  

3.50%, 09/20/49

    42       38,656  

3.50%, 12/20/49

    23       21,715  

3.50%, 03/20/50

    41       37,827  

3.50%, 05/20/50

    52       48,123  

3.50%, 02/20/52

    719       663,592  

3.50%, 03/21/53(k)

    1,044       959,297  

4.00%, 04/20/47

    79       75,827  

4.00%, 06/20/47

    54       51,518  

4.00%, 07/20/47

    142       136,555  

 

 

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

  37


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

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

4.00%, 11/20/47

  $ 29     $ 27,635  

4.00%, 03/20/48

    37       35,332  

4.00%, 04/20/48

    17       16,620  

4.00%, 05/15/48

    7       7,173  

4.00%, 05/20/48

    44       42,209  

4.00%, 08/20/48

    47       45,323  

4.00%, 09/20/48

    19       18,271  

4.00%, 11/20/48

    103       98,961  

4.00%, 02/20/50

    66       63,400  

4.00%, 12/20/52

    100       94,075  

4.00%, 03/21/53(k)

    1,175       1,110,054  

4.50%, 07/20/41

    49       48,582  

4.50%, 10/20/46

    43       42,486  

4.50%, 06/20/47

    5       4,568  

4.50%, 04/20/48

    12       11,333  

4.50%, 06/20/48

    5       5,362  

4.50%, 08/20/48

    44       43,199  

4.50%, 10/20/48

    84       82,729  

4.50%, 12/20/48

    16       15,238  

4.50%, 03/20/49

    8       7,626  

4.50%, 06/20/49

    77       75,682  

4.50%, 07/20/49

    20       19,969  

4.50%, 08/20/49

    5       4,743  

4.50%, 07/20/52

    698       675,814  

4.50%, 08/20/52

    175       169,821  

4.50%, 03/21/53(k)

    723       700,999  

5.00%, 04/20/48

    13       13,267  

5.00%, 05/20/48

    24       24,533  

5.00%, 11/20/48

    4       4,408  

5.00%, 12/20/48

    27       26,875  

5.00%, 01/20/49

    37       36,652  

5.00%, 05/20/49

    3       3,373  

5.00%, 06/20/49

    113       113,000  

5.00%, 07/20/52

    30       29,471  

5.00%, 12/20/52

    796       786,328  

5.00%, 01/20/53

    200       197,235  

5.00%, 03/21/53(k)

    771       761,724  

5.50%, 12/20/52

    119       118,959  

5.50%, 01/20/53

    427       428,762  

5.50%, 03/21/53(k)

    253       253,880  

Uniform Mortgage-Backed Securities

   

1.50%, 03/01/36

    5       4,388  

1.50%, 02/01/37

    114       98,321  

1.50%, 03/01/37

    77       66,345  

1.50%, 04/01/37

    9       7,776  

1.50%, 11/01/50

    188       145,796  

1.50%, 01/01/51

    428       331,444  

1.50%, 07/01/51

    139       107,405  

1.50%, 11/01/51

    180       139,343  

2.00%, 12/01/35

    36       31,809  

2.00%, 02/01/36

    199       176,923  

2.00%, 03/01/36

    20       18,124  

2.00%, 08/01/36

    22       19,403  

2.00%, 09/01/36

    104       92,646  

2.00%, 11/01/36

    23       20,431  

2.00%, 01/01/37

    23       20,512  

2.00%, 02/01/37

    71       62,774  

2.00%, 03/16/38(k)

    786       697,453  

2.00%, 05/01/50

    235       195,775  

2.00%, 07/01/50

    239       196,471  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

2.00%, 09/01/50

  $ 389     $ 319,682  

2.00%, 10/01/50

    307       251,856  

2.00%, 01/01/51

    253       208,180  

2.00%, 02/01/51

    1,029       842,170  

2.00%, 03/01/51

    753       616,983  

2.00%, 04/01/51

    1,172       958,698  

2.00%, 05/01/51

    88       72,115  

2.00%, 06/01/51

    249       203,724  

2.00%, 08/01/51

    221       180,537  

2.00%, 10/01/51

    2,613       2,136,176  

2.00%, 11/01/51

    230       188,366  

2.00%, 12/01/51

    518       421,970  

2.00%, 01/01/52

    934       763,428  

2.00%, 02/01/52

    1,385       1,127,839  

2.00%, 03/01/52

    47       38,623  

2.00%, 03/13/53(k)

    5,342       4,350,357  

2.50%, 04/01/32

    28       26,121  

2.50%, 07/01/35

    31       28,083  

2.50%, 10/01/35

    63       58,158  

2.50%, 05/01/36

    36       32,488  

2.50%, 07/01/36

    94       86,415  

2.50%, 03/16/38(k)

    350       319,156  

2.50%, 04/01/47

    34       29,417  

2.50%, 06/01/50

    53       45,414  

2.50%, 07/01/50

    71       61,334  

2.50%, 08/01/50

    109       93,145  

2.50%, 09/01/50

    603       515,898  

2.50%, 10/01/50

    445       380,351  

2.50%, 11/01/50

    1,257       1,072,909  

2.50%, 12/01/50

    48       40,990  

2.50%, 01/01/51

    75       64,036  

2.50%, 02/01/51

    74       62,722  

2.50%, 04/01/51

    47       39,559  

2.50%, 07/01/51

    90       76,968  

2.50%, 08/01/51

    45       38,210  

2.50%, 11/01/51

    120       101,907  

2.50%, 12/01/51

    2,210       1,875,704  

2.50%, 01/01/52

    1,849       1,567,999  

2.50%, 03/01/52

    70       59,451  

2.50%, 04/01/52

    1,947       1,650,964  

2.50%, 05/01/52

    1,488       1,260,073  

2.50%, 07/01/52

    596       505,437  

2.50%, 08/01/52

    1,190       1,008,441  

2.50%, 03/13/53(k)

    5,017       4,249,360  

3.00%, 03/01/30

    54       51,073  

3.00%, 01/01/31

    29       27,102  

3.00%, 02/01/31

    8       7,764  

3.00%, 02/01/32

    9       8,188  

3.00%, 06/01/32

    8       7,280  

3.00%, 11/01/32

    9       8,946  

3.00%, 12/01/32

    7       6,861  

3.00%, 01/01/33

    7       6,853  

3.00%, 02/01/33

    9       8,424  

3.00%, 09/01/34

    60       56,393  

3.00%, 12/01/34

    50       46,997  

3.00%, 04/01/35

    286       267,269  

3.00%, 03/16/38(k)

    25       23,310  

3.00%, 11/01/42

    5       4,381  

3.00%, 09/01/43

    6       5,798  

3.00%, 01/01/44

    9       8,442  

 

 

38  

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  
Mortgage-Backed Securities (continued)            

3.00%, 10/01/44

  $ 108     $ 97,861  

3.00%, 03/01/45

    56       50,812  

3.00%, 05/01/45

    26       23,992  

3.00%, 07/01/46

    285       255,966  

3.00%, 08/01/46

    24       21,330  

3.00%, 11/01/46

    202       182,310  

3.00%, 12/01/46

    140       125,750  

3.00%, 01/01/47

    62       55,265  

3.00%, 02/01/47

    192       172,327  

3.00%, 03/01/47

    106       95,120  

3.00%, 07/01/47

    53       47,962  

3.00%, 08/01/47

    8       6,961  

3.00%, 12/01/47

    42       37,519  

3.00%, 03/01/48

    17       15,170  

3.00%, 11/01/48

    62       56,192  

3.00%, 02/01/49

    910       818,450  

3.00%, 09/01/49

    110       98,520  

3.00%, 11/01/49

    8       7,397  

3.00%, 12/01/49

    15       13,230  

3.00%, 02/01/50

    38       33,873  

3.00%, 05/01/51

    351       314,077  

3.00%, 08/01/51

    129       113,875  

3.00%, 11/01/51

    109       96,381  

3.00%, 04/01/52

    701       617,840  

3.00%, 05/01/52

    477       419,959  

3.00%, 03/13/53(k)

    5,750       5,056,968  

3.50%, 03/01/33

    10       9,335  

3.50%, 04/01/33

    14       12,983  

3.50%, 05/01/33

    9       8,598  

3.50%, 02/01/34

    24       23,119  

3.50%, 07/01/34

    12       11,768  

3.50%, 08/01/34

    9       8,207  

3.50%, 03/16/38(k)

    100       95,312  

3.50%, 02/01/45

    11       10,443  

3.50%, 01/01/46

    18       16,415  

3.50%, 03/01/46

    50       46,353  

3.50%, 07/01/46

    8       7,640  

3.50%, 08/01/46

    260       242,211  

3.50%, 10/01/46

    57       52,486  

3.50%, 12/01/46

    57       53,328  

3.50%, 01/01/47

    69       64,967  

3.50%, 02/01/47

    22       19,982  

3.50%, 05/01/47

    16       15,131  

3.50%, 08/01/47

    12       11,226  

3.50%, 11/01/47

    11       9,884  

3.50%, 01/01/48

    117       108,300  

3.50%, 02/01/48

    145       134,022  

3.50%, 03/01/48

    5       4,599  

3.50%, 04/01/48

    40       37,551  

3.50%, 05/01/48

    13       12,388  

3.50%, 06/01/48

    30       27,827  

3.50%, 11/01/48

    11       10,415  

3.50%, 01/01/49

    55       50,720  

3.50%, 04/01/49

    10       9,562  

3.50%, 06/01/49

    96       88,829  

3.50%, 07/01/49

    41       37,669  

3.50%, 06/01/50

    916       841,244  

3.50%, 02/01/51

    457       420,792  

3.50%, 03/13/53(k)

    2,125       1,934,248  

4.00%, 07/01/32

    6       5,943  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

4.00%, 05/01/33

  $ 6     $ 5,746  

4.00%, 06/01/33

    5       5,399  

4.00%, 07/01/33

    4       3,605  

4.00%, 12/01/33

    14       13,792  

4.00%, 03/16/38(k)

    44       42,900  

4.00%, 06/01/38

    5       5,248  

4.00%, 01/01/45

    42       40,240  

4.00%, 03/01/45

    7       6,509  

4.00%, 06/01/45

    19       17,997  

4.00%, 06/01/46

    80       77,746  

4.00%, 07/01/46

    176       168,239  

4.00%, 10/01/46

    9       8,336  

4.00%, 02/01/47

    5       4,971  

4.00%, 08/01/47

    3       3,311  

4.00%, 09/01/47

    38       36,554  

4.00%, 10/01/47

    54       52,375  

4.00%, 01/01/48

    44       42,472  

4.00%, 09/01/48

    207       197,298  

4.00%, 10/01/48

    20       18,744  

4.00%, 11/01/48

    25       23,490  

4.00%, 12/01/48

    13       12,138  

4.00%, 01/01/49

    10       9,756  

4.00%, 02/01/49

    6       5,512  

4.00%, 03/01/49

    27       25,871  

4.00%, 04/01/49

    45       43,012  

4.00%, 05/01/49

    27       25,677  

4.00%, 06/01/49

    58       55,407  

4.00%, 07/01/49

    135       129,028  

4.00%, 12/01/49

    21       19,637  

4.00%, 02/01/50

    5       4,437  

4.00%, 04/01/50

    205       195,285  

4.00%, 05/01/50

    22       21,255  

4.00%, 03/01/51

    215       204,324  

4.00%, 05/01/52

    101       94,938  

4.00%, 03/13/53(k)

    1,771       1,662,250  

4.50%, 01/01/44

    108       105,901  

4.50%, 02/01/46

    16       16,164  

4.50%, 04/01/47

    7       7,026  

4.50%, 10/01/47

    15       15,716  

4.50%, 03/01/48

    12       12,309  

4.50%, 06/01/48

    10       10,061  

4.50%, 07/01/48

    2       2,080  

4.50%, 08/01/48

    27       26,465  

4.50%, 10/01/48

    35       34,258  

4.50%, 11/01/48

    44       43,273  

4.50%, 12/01/48

    57       55,209  

4.50%, 01/01/49

    20       19,273  

4.50%, 02/01/49

    60       58,348  

4.50%, 04/01/49

    78       76,797  

4.50%, 05/01/49

    29       28,237  

4.50%, 09/01/50

    219       214,231  

4.50%, 06/01/52

    205       197,797  

4.50%, 03/13/53(k)

    774       745,701  

5.00%, 03/01/48

    5       4,838  

5.00%, 04/01/48

    15       15,475  

5.00%, 05/01/48

    10       10,155  

5.00%, 07/01/48

    13       12,689  

5.00%, 01/01/49

    9       9,007  

5.00%, 04/01/49

    16       15,948  

5.00%, 03/13/53(k)

    100       98,297  

 

 

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

  39


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 5-10 Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

 

Security

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

5.50%, 01/01/47

  $ 14     $ 14,086  

5.50%, 03/13/53(k)

    849       847,541  

6.00%, 02/01/49

    30       31,756  
   

 

 

 
      85,301,106  
U.S. Government Agency Obligations — 0.0%  

Federal Home Loan Banks, 3.00%, 03/10/28

    60       56,215  

Tennessee Valley Authority, Series A, 2.88%, 02/01/27

    25       23,537  
   

 

 

 
      79,752  
U.S. Government Obligations — 21.3%            

U.S. Treasury Note/Bond

   

0.63%, 05/15/30

    200       158,156  

0.63%, 08/15/30

    500       393,203  

0.88%, 11/15/30

    700       559,453  

1.00%, 07/31/28

    660       559,762  

1.13%, 08/31/28

    700       596,641  

1.13%, 02/15/31

    750       610,312  

1.25%, 03/31/28

    900       780,258  

1.25%, 04/30/28

    770       666,050  

1.25%, 05/31/28

    544       469,753  

1.25%, 06/30/28

    570       491,180  

1.25%, 09/30/28

    910       779,401  

1.25%, 08/15/31

    1,980       1,605,347  

1.38%, 10/31/28

    1,000       861,094  

1.38%, 12/31/28

    500       429,570  

1.38%, 11/15/31

    1,300       1,058,281  

1.50%, 11/30/28

    700       606,211  

1.50%, 02/15/30

    200       169,813  

1.63%, 08/15/29

    475       410,541  

1.63%, 05/15/31

    1,100       924,859  

1.75%, 01/31/29

    830       726,834  

1.75%, 11/15/29

    50       43,500  

1.88%, 02/28/29

    320       282,250  

1.88%, 02/15/32

    1,170       991,392  

2.38%, 03/31/29

    870       788,505  

2.38%, 05/15/29

    700       633,391  

2.63%, 02/15/29

    910       837,627  

2.63%, 07/31/29

    700       641,867  

2.75%, 05/31/29

    500       462,539  

2.75%, 08/15/32

    1,490       1,354,503  

2.88%, 05/15/28

    950       891,887  

2.88%, 08/15/28

    1,090       1,021,364  

2.88%, 04/30/29

    700       652,531  

2.88%, 05/15/32

    1,820       1,674,400  

3.13%, 11/15/28

    1,226       1,161,922  

3.13%, 08/31/29

    700       660,953  

3.25%, 06/30/29

    700       666,203  

3.50%, 01/31/30

    400       386,313  

3.50%, 02/15/33

    500       483,594  

3.88%, 09/30/29

    1,270       1,252,934  

3.88%, 11/30/29

    400       394,875  

3.88%, 12/31/29

    1,200       1,185,375  

4.00%, 10/31/29

    1,430       1,421,509  

4.00%, 02/28/30

    200       199,219  

4.13%, 11/15/32

    1,650       1,676,812  

5.25%, 11/15/28

    200       210,906  

5.25%, 02/15/29

    550       580,121  

5.38%, 02/15/31

    300       327,563  

6.13%, 08/15/29

    500       556,055  
Security   Par/
Shares
(000)
    Value  
U.S. Government Obligations (continued)            

6.25%, 05/15/30

  $ 300     $ 340,641  
   

 

 

 
      34,637,470  
   

 

 

 

Total U.S. Government & Agency Obligations — 73.7%

   

(Cost: $128,484,371)

      120,018,328  
   

 

 

 

Total Long-Term Investments — 100.8%
(Cost: $175,890,940)

      164,187,455  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 18.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(l)(m)

    28,315       28,331,527  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(l)(m)(n)

    1,361       1,361,336  
   

 

 

 

Total Short-Term Securities — 18.3%
(Cost: $29,675,915)

      29,692,863  
   

 

 

 

Total Investments Before TBA Sales Commitments —119.1%

   

(Cost: $205,566,855)

 

    193,880,318  
   

 

 

 

TBA Sales Commitments(k)

   
Mortgage-Backed Securities — (1.8)%            

Uniform Mortgage-Backed Securities

   

2.50%, 03/13/53

    (1,475     (1,249,314

3.00%, 03/13/53

    (1,300     (1,143,314

4.00%, 03/13/53

    (200     (187,719

4.50%, 03/13/53

    (225     (216,773

5.00%, 03/13/53

    (100     (98,297
   

 

 

 

Total TBA Sales Commitments — (1.8)%
(Proceeds: $(2,898,891))

 

    (2,895,417
   

 

 

 

Total Investments, Net of TBA Sales Commitments —117.3%

   

(Cost: $202,667,964)

 

    190,984,901  

Liabilities in Excess of Other Assets — (17.3)%

 

    (28,141,103
   

 

 

 

Net Assets — 100.0%

    $   162,843,798  
   

 

 

 

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

All or a portion of this security is on loan.

(d) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e) 

Perpetual security with no stated maturity date.

(f) 

U.S. dollar denominated security issued by foreign domiciled entity.

(g) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(h) 

Zero-coupon bond.

(i) 

Issuer filed for bankruptcy and/or is in default.

(j) 

Non-income producing security.

(k) 

Represents or includes a TBA transaction.

(l) 

Affiliate of the Fund.

(m) 

Annualized 7-day yield as of period end.

(n) 

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

 

 

40  

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer    Value at
02/28/22
     Purchases
at Cost
     Proceeds
from Sale
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/23
     Shares
Held at
02/28/23
(000)
     Income      Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 5,859,959      $ 22,455,014 (a)     $      $ 831      $ 15,723      $ 28,331,527        28,315      $ 450,455      $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     348,175        1,013,161 (a)                             1,361,336        1,361        14,296 (b)         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ 831      $ 15,723      $ 29,692,863         $ 464,751      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a)   

Represents net amount purchased (sold).

(b)   

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

 

Assets

                 

Investments

 

Long-Term Investments

                 

Collaterized Mortgage Obligations

   $        $ 1,417,808        $        $ 1,417,808  

Corporate Bonds & Notes

              37,678,742                   37,678,742  

Foreign Government Obligations

              5,020,077                   5,020,077  

Municipal Debt Obligations

              52,500                   52,500  

U.S. Government & Agency Obligations

              120,018,328                   120,018,328  

Short-Term Securities

 

Money Market Funds

     29,692,863                            29,692,863  

Liabilities

 

Investments

                 

TBA Sales Commitments

              (2,895,417                 (2,895,417
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   29,692,863        $ 161,292,038        $             —        $ 190,984,901  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  41


Schedule of Investments

February 28, 2023

 

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

 

Advertising — 0.0%

   

Interpublic Group of Companies Inc. (The), 5.40%, 10/01/48 (Call 04/01/48)

  $ 49     $ 46,335  
   

 

 

 

Aerospace & Defense — 1.1%

   

BAE Systems Holdings Inc., 4.75%, 10/07/44(a)

    85       76,138  

BAE Systems PLC

   

3.00%, 09/15/50 (Call 03/15/50)(a)

    50       33,143  

5.80%, 10/11/41(a)

    50       50,611  

Boeing Co. (The)

   

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

    42       27,871  

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

    30       22,626  

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

    105       71,784  

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

    110       76,172  

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

    60       42,497  

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

    5       3,369  

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

    45       32,028  

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

    95       68,281  

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

    5       3,459  

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

    110       105,343  

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

    310       295,588  

5.88%, 02/15/40

    40       38,938  

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

    165       155,239  

6.63%, 02/15/38

    70       72,981  

6.88%, 03/15/39

    150       160,541  

Bombardier Inc., 7.45%, 05/01/34(a)

    35       35,555  

General Dynamics Corp.

   

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

    31       25,609  

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

    35       31,743  

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

    55       49,037  

Howmet Aerospace Inc., 5.95%, 02/01/37

    40       39,510  

L3Harris Technologies Inc.

   

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

    80       76,006  

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

    15       13,888  

6.15%, 12/15/40

    60       62,849  

Lockheed Martin Corp.

   

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

    30       20,687  

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

    35       30,905  

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

    155       127,937  

4.07%, 12/15/42

    70       61,129  

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

    57       48,990  

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

    35       30,028  

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

    40       34,675  

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

    106       101,089  

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

    67       63,227  

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

    40       43,323  

5.72%, 06/01/40

    35       37,173  

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

    55       60,875  

Series B, 6.15%, 09/01/36

    125       136,208  

Northrop Grumman Corp.

   

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

    35       27,799  

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

    173           142,993  

4.75%, 06/01/43

    88       80,528  

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

    60       56,544  

5.05%, 11/15/40

    35       33,559  

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

    10       9,703  

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

    40       39,455  

Raytheon Technologies Corp.

   

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

        120       82,895  

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

    65       45,733  
Security   Par
(000)
    Value  

Aerospace & Defense (continued)

   

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

  $ 80     $ 62,953  

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

    40       33,128  

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

    144       120,060  

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

    60       52,079  

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

    65       58,726  

4.50%, 06/01/42

    235       211,227  

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

    105       95,409  

4.70%, 12/15/41

    55       50,456  

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

    80       73,204  

4.88%, 10/15/40

    36       33,657  

6.05%, 06/01/36

    65       68,355  

6.13%, 07/15/38

    5       5,320  
   

 

 

 
   

 

 

 

3,850,835

 

 

Agriculture — 0.7%

   

Altria Group Inc.

   

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

    55       36,843  

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

    135       85,640  

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

    103       68,873  

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

    70       46,218  

4.25%, 08/09/42

    73       54,613  

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

    45       31,904  

4.50%, 05/02/43

    90       68,324  

5.38%, 01/31/44

    125       108,854  

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

    156       143,523  

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

    135       120,809  

Archer-Daniels-Midland Co.

   

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

    55       45,231  

4.02%, 04/16/43

    45       38,434  

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

    70       63,959  

4.54%, 03/26/42

    2       1,832  

BAT Capital Corp.

   

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

    10       6,839  

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

    60       39,540  

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

    110       85,348  

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

    180       129,110  

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

    60       44,488  

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

    5       3,975  

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

    30       25,206  

Cargill Inc.

   

3.13%, 05/25/51 (Call 11/25/50)(a)

    110       77,064  

3.88%, 05/23/49 (Call 11/23/48)(a)

    25       20,073  

4.76%, 11/23/45(a)

    55       50,206  

Philip Morris International Inc.

   

3.88%, 08/21/42

    69       52,497  

4.13%, 03/04/43

    125       98,666  

4.25%, 11/10/44

    106       84,472  

4.38%, 11/15/41

    47       38,913  

4.50%, 03/20/42

    125       104,269  

4.88%, 11/15/43

    20       17,433  

6.38%, 05/16/38

    30       31,650  

Reynolds American Inc.

   

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

    70       63,666  

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

    180       154,676  

6.15%, 09/15/43

    10       9,146  

7.25%, 06/15/37

        146       153,939  
   

 

 

 
   

 

 

 

    2,206,233

 

 

Airlines — 0.0%

   

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

    15       11,997  
   

 

 

 

 

 

42  

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


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Apparel — 0.1%

   

NIKE Inc.

   

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

  $ 55     $ 42,357  

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

    75       58,354  

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

    95       77,851  

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

    60       51,449  
   

 

 

 
   

 

 

 

230,011

 

 

Auto Manufacturers — 0.3%

   

Cummins Inc.

   

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

    15       9,463  

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

    86       82,252  

Ford Motor Co.

   

4.75%, 01/15/43

    140       102,686  

5.29%, 12/08/46 (Call 06/08/46)

    90       70,368  

7.40%, 11/01/46

    25       24,864  

General Motors Co.

   

5.00%, 04/01/35

    68       60,374  

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

    55       47,516  

5.20%, 04/01/45

    35       28,867  

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

    82       68,286  

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

    65       58,498  

6.25%, 10/02/43

    88       82,820  

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

    83       82,980  

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

    100       98,596  
   

 

 

 
   

 

 

 

817,570

 

 

Auto Parts & Equipment — 0.1%

   

Aptiv PLC

   

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

    15       9,033  

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

    25       18,900  

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

    90       78,208  

Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52
(Call 11/01/51)

    80       58,542  

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

    31       24,103  

Goodyear Tire & Rubber Co. (The), 5.63%, 04/30/33
(Call 01/30/33)

    30       25,490  

Lear Corp.

   

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

    15       9,369  

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

    20       16,890  
   

 

 

 
   

 

 

 

240,535

 

 

Banks — 3.8%

   

Bank of America Corp.

   

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

    319       219,016  

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

    125       79,984  

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

    85       55,542  

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

    75       59,639  

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

    188       157,651  

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

    450       361,818  

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

    221       191,211  

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

    166       139,228  

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

    225       194,184  

5.00%, 01/21/44

    147       139,394  

5.88%, 02/07/42

    115       119,996  

6.11%, 01/29/37

        100       102,804  

7.75%, 05/14/38

    225           265,061  

Series L, 4.75%, 04/21/45

    45       40,881  
Security   Par
(000)
    Value  
Banks (continued)            

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

  $ 60     $ 44,051  

Barclays PLC

   

4.95%, 01/10/47

    215       192,238  

5.25%, 08/17/45

    100       93,024  

Citigroup Inc.

   

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

    145       100,977  

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

    95       78,131  

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

    55       46,670  

4.65%, 07/30/45

    142       125,707  

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

    110       98,448  

4.75%, 05/18/46

    145       124,881  

5.30%, 05/06/44

    25       23,515  

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

    117       113,802  

6.13%, 08/25/36

    175       177,777  

6.68%, 09/13/43(c)

    100       110,111  

8.13%, 07/15/39

    141       179,043  

Commonwealth Bank of Australia

   

3.74%, 09/12/39(a)

    200       152,636  

3.90%, 07/12/47(a)(c)

    100       85,021  

Cooperatieve Rabobank UA

   

5.25%, 05/24/41

    50       52,096  

5.25%, 08/04/45(c)

    250       236,997  

Fifth Third Bancorp., 8.25%, 03/01/38

    102       127,108  

Goldman Sachs Group Inc. (The)

   

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

    130       90,432  

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

    150       108,783  

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

    85       63,299  

4.02%, 10/31/38 (Call 10/31/37),

   

(3 mo. LIBOR US + 1.373%)(b)

    228       189,055  

4.41%, 04/23/39 (Call 04/23/38),

   

(3 mo. LIBOR US + 1.430%)(b)

    161       139,542  

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

    127       113,426  

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

    211       189,326  

5.15%, 05/22/45

    225           208,021  

6.25%, 02/01/41

    161       172,301  

6.45%, 05/01/36

    35       36,394  

6.75%, 10/01/37

    328       349,271  

HSBC Holdings PLC

   

5.25%, 03/14/44

    300       272,673  

6.50%, 09/15/37

    200       203,404  

6.80%, 06/01/38

    100       102,399  

Intesa Sanpaolo SpA, 4.95%, 06/01/42
(Call 06/01/41), (1 year CMT + 2.750%)(a)(b)

    55       36,811  

JPMorgan Chase & Co.

   

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

        202       135,136  

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

    170       125,569  

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

    161       109,902  

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

    25       18,451  

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

    240       170,297  

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

    187       155,765  

3.90%, 01/23/49 (Call 01/23/48),
(3 mo. LIBOR US + 1.220%)(b)

    20       15,887  

3.96%, 11/15/48 (Call 11/15/47),
(3 mo. LIBOR US + 1.380%)(b)

    240       192,811  

4.03%, 07/24/48 (Call 07/24/47),
(3 mo. LIBOR US + 1.460%)(b)

    105       85,549  

 

 

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

  43


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

4.26%, 02/22/48 (Call 02/22/47),
(3 mo. LIBOR US + 1.580%)(b)

  $   145     $ 122,515  

4.85%, 02/01/44

    25       23,418  

4.95%, 06/01/45

    190       174,488  

5.40%, 01/06/42

    35       34,776  

5.50%, 10/15/40

    96       97,038  

5.60%, 07/15/41

    189       192,351  

5.63%, 08/16/43

    120       119,249  

6.40%, 05/15/38

    183       200,720  

Kreditanstalt fuer Wiederaufbau

   

0.00%, 04/18/36(d)

    165       95,314  

0.00%, 06/29/37(d)

    175       96,201  

Lloyds Banking Group PLC, 5.30%, 12/01/45

    200       180,080  

Mitsubishi UFJ Financial Group Inc.

   

4.15%, 03/07/39

    96       83,803  

4.29%, 07/26/38

    95       85,208  

Morgan Stanley

   

2.80%, 01/25/52 (Call 07/25/51), (1 day SOFR + 1.430%)(b)

    120       77,278  

3.22%, 04/22/42 (Call 04/22/41), (1 day SOFR + 1.485%)(b)

    115       85,663  

3.97%, 07/22/38 (Call 07/22/37),

   

(3 mo. LIBOR US + 1.455%)(b)

    200       168,840  

4.30%, 01/27/45

    301       258,851  

4.38%, 01/22/47

    150       130,561  

4.46%, 04/22/39 (Call 04/22/38),
(3 mo. LIBOR US + 0.408%)(b)

    82       72,857  

5.60%, 03/24/51 (Call 03/24/50), (1 day SOFR + 4.480%)(b)

    121       125,081  

6.38%, 07/24/42

    112       123,282  

Regions Financial Corp., 7.38%, 12/10/37

    10       11,463  

Societe Generale SA, 3.63%, 03/01/41(a)

    200       135,038  

Standard Chartered PLC, 5.70%, 03/26/44(a)

    200       189,840  

Sumitomo Mitsui Financial Group Inc., 2.93%, 09/17/41

    50       34,718  

UBS Group AG, 3.18%, 02/11/43 (Call 02/11/42),
(1 year CMT + 1.100%)(a)(b)

    200       144,342  

Wachovia Corp., 5.50%, 08/01/35

    75       73,946  

Wells Fargo & Co.

   

3.07%, 04/30/41 (Call 04/30/40), (1 day SOFR + 2.530%)(b)

    320       232,749  

3.90%, 05/01/45

    170       134,902  

4.40%, 06/14/46

    105       85,862  

4.61%, 04/25/53 (Call 04/25/52), (1 day SOFR + 2.130%)(b)

    195       169,018  

4.65%, 11/04/44

    95       81,191  

4.75%, 12/07/46

    135       115,679  

4.90%, 11/17/45

    163       144,059  

5.01%, 04/04/51 (Call 04/04/50), (1 day SOFR + 4.502%)(b)

    440       405,218  

5.38%, 11/02/43

    121       114,474  

5.61%, 01/15/44

    205       199,721  

5.95%, 12/01/86

    15       15,492  

Wells Fargo Bank NA, 6.60%, 01/15/38

    250       271,860  

Westpac Banking Corp.

   

2.96%, 11/16/40

    60       40,732  

3.13%, 11/18/41

    90       61,718  

4.42%, 07/24/39

    115       97,063  
   

 

 

 
   

 

 

 

12,879,805

 

 

Beverages — 1.4%

   

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

    423       396,892  

4.90%, 02/01/46 (Call 08/01/45)

    460       422,298  

Anheuser-Busch InBev Finance Inc.

   

4.00%, 01/17/43

    15       12,399  

4.63%, 02/01/44

    100       89,297  
Security   Par
(000)
    Value  
Beverages (continued)            

4.70%, 02/01/36 (Call 08/01/35)

  $   255     $   239,822  

4.90%, 02/01/46 (Call 08/01/45)

    40       36,547  

Anheuser-Busch InBev Worldwide Inc.
4.35%, 06/01/40 (Call 12/01/39)

    30       26,314  

4.38%, 04/15/38 (Call 10/15/37)

    85       75,855  

4.44%, 10/06/48 (Call 04/06/48)

    96       82,595  

4.50%, 06/01/50 (Call 12/01/49)

    100       88,051  

4.60%, 04/15/48 (Call 10/15/47)

    323       284,345  

4.75%, 04/15/58 (Call 10/15/57)

    110       98,226  

4.95%, 01/15/42

    65       60,691  

5.45%, 01/23/39 (Call 07/23/38)

    130       129,737  

5.55%, 01/23/49 (Call 07/23/48)

    385       387,999  

5.80%, 01/23/59 (Call 07/23/58)

    110       113,487  

8.20%, 01/15/39

    25       31,200  

Brown-Forman Corp.

   

4.00%, 04/15/38 (Call 10/15/37)

    75       65,909  

4.50%, 07/15/45 (Call 01/15/45)

    47       42,374  

Coca-Cola Co. (The)

   

2.50%, 06/01/40

    116       84,246  

2.50%, 03/15/51

    150       98,172  

2.60%, 06/01/50

    125       83,654  

2.75%, 06/01/60

    65       42,778  

2.88%, 05/05/41

    100       76,205  

3.00%, 03/05/51

    105       76,510  

Constellation Brands Inc.

   

3.75%, 05/01/50 (Call 11/01/49)

    95       70,743  

4.10%, 02/15/48 (Call 08/15/47)

    45       35,331  

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

    40       37,253  

Diageo Capital PLC

   

3.88%, 04/29/43 (Call 10/29/42)

    70       58,489  

5.88%, 09/30/36

    45       47,381  

Diageo Investment Corp.

   

4.25%, 05/11/42

    42       38,029  

7.45%, 04/15/35

    50       59,526  

Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49)

    160       121,651  

Heineken NV

   

4.00%, 10/01/42(a)

    15       12,131  

4.35%, 03/29/47 (Call 09/29/46)(a)

    90       75,290  

Keurig Dr Pepper Inc.

   

3.35%, 03/15/51 (Call 09/15/50)

    30       20,588  

3.80%, 05/01/50 (Call 11/01/49)

    65       48,678  

4.42%, 12/15/46 (Call 06/15/46)

    30       24,931  

4.50%, 11/15/45 (Call 05/15/45)

    40       34,094  

4.50%, 04/15/52 (Call 10/15/51)

    90       75,316  

Molson Coors Beverage Co.

   

4.20%, 07/15/46 (Call 01/15/46)

    134       104,574  

5.00%, 05/01/42

    85       76,052  

PepsiCo Inc.

   

2.63%, 10/21/41 (Call 04/21/41)

    55       40,347  

2.75%, 10/21/51 (Call 04/21/51)

    50       34,694  

2.88%, 10/15/49 (Call 04/15/49)

    200       143,854  

3.38%, 07/29/49 (Call 01/29/49)

    47       37,256  

3.45%, 10/06/46 (Call 04/06/46)

    84       67,785  

3.50%, 03/19/40 (Call 09/19/39)

    30       24,824  

3.63%, 03/19/50 (Call 09/19/49)

    119       98,075  

3.88%, 03/19/60 (Call 09/19/59)

    150       126,355  

4.00%, 03/05/42

    5       4,435  

4.25%, 10/22/44 (Call 04/22/44)

    5       4,456  

 

 

44  

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


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Beverages (continued)            

4.45%, 04/14/46 (Call 10/14/45)

  $ 5     $ 4,729  
   

 

 

 
   

 

 

 

4,672,470

 

 

Biotechnology — 0.9%

   

Amgen Inc.

   

2.77%, 09/01/53 (Call 03/01/53)

        172       103,793  

2.80%, 08/15/41 (Call 02/15/41)

    200       137,550  

3.00%, 01/15/52 (Call 07/15/51)

    110       70,394  

3.15%, 02/21/40 (Call 08/21/39)

    165       121,282  

3.38%, 02/21/50 (Call 08/21/49)

    200       139,442  

4.20%, 02/22/52 (Call 08/22/51)

    35       28,171  

4.40%, 05/01/45 (Call 11/01/44)

    210       175,633  

4.40%, 02/22/62 (Call 08/22/61)

    25       20,067  

4.56%, 06/15/48 (Call 12/15/47)

    110       94,530  

4.66%, 06/15/51 (Call 12/15/50)

    205       177,007  

4.88%, 03/01/53 (Call 09/01/52)

    50       44,492  

4.95%, 10/01/41

    71       64,801  

5.15%, 11/15/41 (Call 05/15/41)

    106       98,152  

5.60%, 03/02/43 (Call 09/02/42)

    150       148,185  

5.65%, 03/02/53 (Call 09/02/52)

    275       272,737  

5.75%, 03/02/63 (Call 09/02/62)

    95       93,687  

6.38%, 06/01/37

    37       39,608  

6.40%, 02/01/39

    60       63,840  

Biogen Inc.

   

3.15%, 05/01/50 (Call 11/01/49)

    105       69,566  

3.25%, 02/15/51 (Call 08/15/50)

    114       76,753  

CSL Finance PLC

   

4.75%, 04/27/52 (Call 10/27/51)(a)

    35       31,726  

4.95%, 04/27/62 (Call 10/27/61)(a)

    5       4,641  

Gilead Sciences Inc.

   

4.00%, 09/01/36 (Call 03/01/36)

    150       132,183  

4.15%, 03/01/47 (Call 09/01/46)

    165       138,093  

4.50%, 02/01/45 (Call 08/01/44)

    105       92,294  

4.60%, 09/01/35 (Call 03/01/35)

    95       90,186  

4.75%, 03/01/46 (Call 09/01/45)

    188       170,078  

4.80%, 04/01/44 (Call 10/01/43)

    160       147,294  

5.65%, 12/01/41 (Call 06/01/41)

    10       10,258  

Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)

    75       47,002  

Royalty Pharma PLC

   

3.30%, 09/02/40 (Call 03/02/40)

    25       17,440  

3.35%, 09/02/51 (Call 03/02/51)

    40       24,867  

3.55%, 09/02/50 (Call 03/02/50)

    120       78,065  
   

 

 

 
   

 

 

 

    3,023,817

 

 

Building Materials — 0.2%            

Carrier Global Corp.

   

3.38%, 04/05/40 (Call 10/05/39)

    95       71,209  

3.58%, 04/05/50 (Call 10/05/49)

    135       97,320  

CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)(a)

    20       18,088  

Fortune Brands Home & Security Inc., 4.50%, 03/25/52 (Call 09/25/51)

    45       33,770  

Johnson Controls International PLC

   

4.50%, 02/15/47 (Call 08/15/46)

    130       110,590  

4.63%, 07/02/44 (Call 01/02/44)

    30       26,339  

4.95%, 07/02/64 (Call 01/02/64)(e)

    43       37,429  

Lafarge SA, 7.13%, 07/15/36

    25       26,882  

Martin Marietta Materials Inc.

   

3.20%, 07/15/51 (Call 01/15/51)

    20       13,536  

4.25%, 12/15/47 (Call 06/15/47)

    80       66,002  
Security   Par
(000)
    Value  
Building Materials (continued)            

Masco Corp.

   

3.13%, 02/15/51 (Call 08/15/50)

  $ 30     $ 19,170  

4.50%, 05/15/47 (Call 11/15/46)

    82       66,583  

Owens Corning

   

4.30%, 07/15/47 (Call 01/15/47)

    32       25,535  

4.40%, 01/30/48 (Call 07/30/47)

    25       20,212  

7.00%, 12/01/36

    20       21,806  

Trane Technologies Global Holding Co. Ltd.

   

4.30%, 02/21/48 (Call 08/21/47)

    25       20,468  

5.75%, 06/15/43

    40       40,367  

Trane Technologies Luxembourg Finance SA, 4.65%, 11/01/44 (Call 05/01/44)

    15       12,822  

Vulcan Materials Co.

   

4.50%, 06/15/47 (Call 12/15/46)

    40       34,235  

4.70%, 03/01/48 (Call 09/01/47)

    30       26,362  
   

 

 

 
   

 

 

 

788,725

 

 

Chemicals — 0.9%            

Air Products and Chemicals Inc.

   

2.70%, 05/15/40 (Call 11/15/39)

    40       29,563  

2.80%, 05/15/50 (Call 11/15/49)

    65       44,946  

Albemarle Corp., 5.45%, 12/01/44 (Call 06/01/44)

    45       41,554  

Ashland LLC, 6.88%, 05/15/43 (Call 02/15/43)(c)

    20       19,938  

Braskem America Finance Co., 7.13%, 07/22/41
(Call 01/22/41)(c)(f)

        200       188,554  

CF Industries Inc.

   

4.95%, 06/01/43

    32       26,787  

5.38%, 03/15/44

    110       97,082  

Dow Chemical Co. (The)

   

3.60%, 11/15/50 (Call 05/15/50)

    25       18,036  

4.38%, 11/15/42 (Call 05/15/42)

    77       64,841  

4.63%, 10/01/44 (Call 04/01/44)

    85       73,141  

4.80%, 05/15/49 (Call 11/15/48)

    45       38,413  

5.25%, 11/15/41 (Call 05/15/41)

    91       85,571  

5.55%, 11/30/48 (Call 05/30/48)

    50       47,563  

6.90%, 05/15/53 (Call 11/15/52)

    65       72,616  

9.40%, 05/15/39

    38       50,373  

DuPont de Nemours Inc.

   

5.32%, 11/15/38 (Call 05/15/38)

    101       98,086  

5.42%, 11/15/48 (Call 05/15/48)

    135       129,469  

Eastman Chemical Co.

   

4.65%, 10/15/44 (Call 04/15/44)

    74       61,648  

4.80%, 09/01/42 (Call 03/01/42)

    50       43,334  

Ecolab Inc.

   

2.70%, 12/15/51 (Call 06/15/51)

    50       31,747  

2.75%, 08/18/55 (Call 02/18/55)

    92       56,533  

FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)

    40       32,401  

ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(a)(f)

    90       89,048  

International Flavors & Fragrances Inc.

   

3.27%, 11/15/40 (Call 05/15/40)(a)

    95       65,203  

4.38%, 06/01/47 (Call 12/01/46)

    75       56,807  

5.00%, 09/26/48 (Call 03/26/48)

    90       74,644  

Linde Inc./CT, 3.55%, 11/07/42 (Call 05/07/42)

    65       52,382  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    53       44,852  

5.25%, 07/15/43

    43       38,234  

LYB International Finance III LLC

   

3.38%, 10/01/40 (Call 04/01/40)

    75       53,818  

3.63%, 04/01/51 (Call 04/01/50)

    91       62,370  

3.80%, 10/01/60 (Call 04/01/60)

    30       19,998  

4.20%, 10/15/49 (Call 04/15/49)

    35       26,379  

 

 

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

  45


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Chemicals (continued)            

4.20%, 05/01/50 (Call 11/01/49)

  $       130     $ 98,071  

LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)

    66       52,778  

Methanex Corp., 5.65%, 12/01/44 (Call 06/01/44)

    20       16,347  

Mosaic Co. (The)
4.88%, 11/15/41 (Call 05/15/41)

    30       26,270  

5.63%, 11/15/43 (Call 05/15/43)

    70       66,402  

Nutrien Ltd.
3.95%, 05/13/50 (Call 11/13/49)

    30       22,878  

4.13%, 03/15/35 (Call 09/15/34)

    70       60,575  

4.90%, 06/01/43 (Call 12/01/42)

    40       35,739  

5.00%, 04/01/49 (Call 10/01/48)

    25       22,498  

5.25%, 01/15/45 (Call 07/15/44)

    70       64,658  

5.63%, 12/01/40

    41       39,744  

5.88%, 12/01/36

    25       25,133  

6.13%, 01/15/41 (Call 07/15/40)

    25       25,533  

Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(c)(f)

    200       177,084  

RPM International Inc.
4.25%, 01/15/48 (Call 07/15/47)

    30       22,690  

5.25%, 06/01/45 (Call 12/01/44)

    70       61,132  

Sherwin-Williams Co. (The)
2.90%, 03/15/52 (Call 09/15/51)

    55       33,846  

3.30%, 05/15/50 (Call 11/15/49)

    30       20,456  

3.80%, 08/15/49 (Call 02/15/49)

    30       22,438  

4.00%, 12/15/42 (Call 06/15/42)

    40       31,789  

4.50%, 06/01/47 (Call 12/01/46)

    105       88,164  

4.55%, 08/01/45 (Call 02/01/45)

    10       8,419  

Westlake Corp.
3.13%, 08/15/51 (Call 02/15/51)

    25       15,467  

4.38%, 11/15/47 (Call 05/15/47)

    50       39,129  

5.00%, 08/15/46 (Call 02/15/46)

    131       110,436  
   

 

 

 
          3,123,607  
Commercial Services — 0.9%            

California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)

    80       51,842  

California Institute of Technology
3.65%, 09/01/2119 (Call 03/01/2119)

    15       10,226  

4.32%, 08/01/45

    75       66,910  

4.70%, 11/01/2111

    30       26,403  

Case Western Reserve University, 5.41%,
06/01/2122 (Call 12/01/2121)

    5       4,830  

DP World Ltd./United Arab Emirates, 6.85%, 07/02/37(a)

    200       222,330  

Duke University

   

Series 2020, 2.68%, 10/01/44

    30       22,284  

Series 2020, 2.76%, 10/01/50

    40       27,890  

Series 2020, 2.83%, 10/01/55

    25       17,113  

Emory University, Series 2020, 2.97%, 09/01/50
(Call 03/01/50)

    45       32,367  

ERAC USA Finance LLC
4.20%, 11/01/46 (Call 05/01/46)(a)

    70       57,380  

4.50%, 02/15/45 (Call 08/15/44)(a)

    15       12,850  

5.63%, 03/15/42(a)

    10       9,843  

7.00%, 10/15/37(a)

    155       174,724  

Ford Foundation (The)

   

Series 2020, 2.42%, 06/01/50 (Call 12/01/49)

    35       22,682  

Series 2020, 2.82%, 06/01/70 (Call 12/01/69)

    45       27,411  

George Washington University (The)
4.87%, 09/15/45

    90       85,096  

Series 2014, 4.30%, 09/15/44

    45       39,406  

Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    25       21,547  
Security  

Par

(000)

    Value  
Commercial Services (continued)            

Georgetown University (The)

   

Series 20A, 2.94%, 04/01/50

  $       45     $     29,860  

Series B, 4.32%, 04/01/49 (Call 10/01/48)

    96       82,140  

Global Payments Inc.
4.15%, 08/15/49 (Call 02/15/49)

    55       39,786  

5.95%, 08/15/52 (Call 02/15/52)

    30       27,684  

Howard University, 5.21%, 10/01/52 (Call 10/01/32)

    5       4,093  

Johns Hopkins University

   

Series 2013, 4.08%, 07/01/53

    25       21,709  

Series A, 2.81%, 01/01/60 (Call 07/01/59)

    55       35,599  

Leland Stanford Junior University (The)
2.41%, 06/01/50 (Call 12/01/49)

    20       13,251  

3.65%, 05/01/48 (Call 11/01/47)

    100       84,587  

Massachusetts Institute of Technology
3.89%, 07/01/2116

    25       18,834  

3.96%, 07/01/38

    25       22,964  

4.68%, 07/01/2114

    30       27,199  

5.60%, 07/01/2111

    30       32,421  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

    25       18,597  

Series G, 2.29%, 07/01/51 (Call 01/01/51)

    45       28,539  

Moody’s Corp.
3.10%, 11/29/61 (Call 05/29/61)

    70       43,541  

3.25%, 05/20/50 (Call 11/20/49)

    45       31,324  

4.88%, 12/17/48 (Call 06/17/48)

    25       22,615  

5.25%, 07/15/44

    51       48,736  

Northeastern University, Series 2020, 2.89%, 10/01/50

    30       20,519  

Northwestern University
4.64%, 12/01/44

    15       14,457  

Series 2017, 3.66%, 12/01/57 (Call 06/01/57)

    35       28,470  

Series 2020, 2.64%, 12/01/50 (Call 06/01/50)

    50       34,554  

PayPal Holdings Inc.
3.25%, 06/01/50 (Call 12/01/49)

    74       51,204  

5.05%, 06/01/52 (Call 12/01/51)

    55       50,185  

5.25%, 06/01/62 (Call 12/01/61)

    30       27,451  

President and Fellows of Harvard College
2.52%, 10/15/50 (Call 04/15/50)

    70       47,256  

3.15%, 07/15/46 (Call 01/15/46)

    45       34,924  

4.88%, 10/15/40

    65       65,743  

Quanta Services Inc., 3.05%, 10/01/41
(Call 04/01/41)

    5       3,345  

Rockefeller Foundation (The), Series 2020,
2.49%, 10/01/50 (Call 04/01/50)

    15       9,795  

S&P Global Inc.
2.30%, 08/15/60 (Call 02/15/60)

    60       33,145  

3.25%, 12/01/49 (Call 06/01/49)

    86       63,048  

3.70%, 03/01/52

    25       19,786  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

    10       7,412  

Trustees of Boston University, Series CC,
4.06%, 10/01/48 (Call 04/01/48)

    90       79,303  

Trustees of Princeton University (The)
5.70%, 03/01/39

    50       55,082  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)

    55       37,601  

Trustees of the University of Pennsylvania (The)
3.61%, 02/15/2119 (Call 08/15/2118)

    15       10,439  

4.67%, 09/01/2112

    15       13,221  

University of Chicago (The)
3.00%, 10/01/52 (Call 04/01/52)

    20       14,609  

4.00%, 10/01/53 (Call 04/01/53)

    150       130,557  

Series 20B, 2.76%, 04/01/45 (Call 10/01/44)

    5       3,849  

Series C, 2.55%, 04/01/50 (Call 10/01/49)

    10       6,969  

 

 

46  

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


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Commercial Services (continued)            

University of Notre Dame du Lac

   

Series 2015, 3.44%, 02/15/45

  $ 70     $ 56,920  

Series 2017, 3.39%, 02/15/48 (Call 08/15/47)

    56       44,974  

University of Southern California
2.81%, 10/01/50 (Call 04/01/50)

    30       20,574  

3.03%, 10/01/39

    35       28,075  

5.25%, 10/01/2111

    50       50,096  

Series 2017, 3.84%, 10/01/47 (Call 04/01/47)

    70       60,026  

Verisk Analytics Inc.
3.63%, 05/15/50 (Call 11/15/49)

    25       17,362  

5.50%, 06/15/45 (Call 12/15/44)

    55       51,356  

William Marsh Rice University, 3.57%, 05/15/45

    115       96,318  

Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)

    38       24,818  
   

 

 

 
          2,880,056  
Computers — 1.0%            

Apple Inc.
2.38%, 02/08/41 (Call 08/08/40)

    70       49,449  

2.40%, 08/20/50 (Call 02/20/50)

    90       57,055  

2.55%, 08/20/60 (Call 02/20/60)

    95       59,169  

2.65%, 05/11/50 (Call 11/11/49)

    128       86,020  

2.65%, 02/08/51 (Call 08/08/50)

    220       146,632  

2.70%, 08/05/51 (Call 02/05/51)

    135       90,365  

2.80%, 02/08/61 (Call 02/08/60)

    215       137,162  

2.85%, 08/05/61 (Call 02/05/61)

    105       68,289  

2.95%, 09/11/49 (Call 03/11/49)

        290       208,124  

3.45%, 02/09/45

    140       112,991  

3.75%, 09/12/47 (Call 03/12/47)

    100       83,266  

3.85%, 05/04/43

    160       137,496  

3.85%, 08/04/46 (Call 02/04/46)

    130       109,767  

3.95%, 08/08/52 (Call 02/08/52)

    40       34,075  

4.10%, 08/08/62 (Call 02/08/62)

    45       38,060  

4.25%, 02/09/47 (Call 08/09/46)

    80       73,149  

4.38%, 05/13/45

    141       129,621  

4.45%, 05/06/44

    50       47,575  

4.50%, 02/23/36 (Call 08/23/35)

    150       147,045  

4.65%, 02/23/46 (Call 08/23/45)

    240       228,540  

Dell Inc., 6.50%, 04/15/38

    120       120,583  

Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)(a)

    65       43,082  

3.45%, 12/15/51 (Call 06/15/51)(a)

    75       45,800  

8.10%, 07/15/36 (Call 01/15/36)

    69       77,353  

8.35%, 07/15/46 (Call 01/15/46)

    48       54,694  

Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)

    58       59,572  

6.35%, 10/15/45 (Call 04/15/45)

    130       127,865  

HP Inc., 6.00%, 09/15/41(c)

    97       94,762  

International Business Machines Corp. 4.00%, 06/20/42

    165       134,742  

4.15%, 05/15/39

    100       84,765  

4.25%, 05/15/49

    110       90,837  

4.70%, 02/19/46

    230       200,503  

5.60%, 11/30/39

    135       135,216  

Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)

    5       3,354  

Seagate HDD Cayman, 5.75%, 12/01/34 (Call 06/01/34)

    35       31,210  
   

 

 

 
      3,348,188  
Cosmetics & Personal Care — 0.1%            

Avon Products Inc., 8.45%, 03/15/43

    15       15,112  
Security   Par
(000)
    Value  
Cosmetics & Personal Care (continued)            

Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)

  $ 35     $ 30,751  

4.00%, 08/15/45

    65       59,451  

Estee Lauder Companies Inc. (The)
3.13%, 12/01/49 (Call 06/01/49)

    56       40,823  

4.15%, 03/15/47 (Call 09/15/46)

    15       13,080  

4.38%, 06/15/45 (Call 12/15/44)

    20       17,949  

6.00%, 05/15/37

    35       37,767  

Procter & Gamble Co. (The)
3.55%, 03/25/40

    55       47,180  

3.60%, 03/25/50

    55       46,440  

5.55%, 03/05/37

    75       81,754  
   

 

 

 
      390,307  
Distribution & Wholesale — 0.0%            

WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)

    30       23,890  

4.20%, 05/15/47 (Call 11/15/46)

    30       25,793  

4.60%, 06/15/45 (Call 12/15/44)

    55       50,521  
   

 

 

 
          100,204  
Diversified Financial Services — 0.8%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.85%, 10/29/41 (Call 04/29/41)

    150       109,263  

American Express Co., 4.05%, 12/03/42

        132       116,581  

Blackstone Holdings Finance Co. LLC 2.80%, 09/30/50 (Call 03/30/50)(a)

    25       14,725  

2.85%, 08/05/51 (Call 02/05/51)(a)

    45       26,577  

3.20%, 01/30/52 (Call 07/30/51)(a)

    15       9,645  

3.50%, 09/10/49 (Call 03/10/49)(a)

    115       78,887  

4.00%, 10/02/47 (Call 04/02/47)(a)(c)

    60       45,849  

4.45%, 07/15/45(a)

    55       44,977  

5.00%, 06/15/44(a)

    40       35,060  

Brookfield Finance Inc.
3.63%, 02/15/52 (Call 08/15/51)

    5       3,408  

4.70%, 09/20/47 (Call 03/20/47)

    98       83,338  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    55       37,002  

CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)

    65       39,019  

CME Group Inc., 5.30%, 09/15/43 (Call 03/15/43)

    122       124,522  

Intercontinental Exchange Inc.
3.00%, 06/15/50 (Call 12/15/49)

    157       106,757  

3.00%, 09/15/60 (Call 03/15/60)

    95       60,099  

4.25%, 09/21/48 (Call 03/21/48)

    130       112,046  

4.95%, 06/15/52 (Call 12/15/51)

    135       127,640  

5.20%, 06/15/62 (Call 01/15/62)

    35       34,439  

Invesco Finance PLC, 5.38%, 11/30/43

    45       42,765  

Jefferies Financial Group Inc., 6.25%, 01/15/36

    100       103,596  

KKR Group Finance Co. II LLC, 5.50%, 02/01/43
(Call 08/01/42)(a)(c)

    75       69,724  

Legg Mason Inc., 5.63%, 01/15/44

    45       44,579  

Mastercard Inc.
2.95%, 03/15/51 (Call 09/15/50)

    20       14,317  

3.65%, 06/01/49 (Call 12/01/48)

    55       45,015  

3.80%, 11/21/46 (Call 05/21/46)

    50       41,595  

3.85%, 03/26/50 (Call 09/26/49)

    100       83,891  

3.95%, 02/26/48 (Call 08/26/47)

    50       43,067  

Nasdaq Inc.
2.50%, 12/21/40 (Call 06/21/40)

    5       3,247  

3.25%, 04/28/50 (Call 10/28/49)

    100       67,799  

Navient Corp., 5.63%, 08/01/33

    45       34,029  

 

 

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

  47


Schedule of Investments   (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

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

Neuberger Berman Group LLC/Neuberger
Berman Finance Corp., 4.88%,
04/15/45 (Call 10/15/44)(a)

  $       105     $ 86,921  

Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)

    25       18,720  

4.95%, 07/15/46

    75       68,427  

Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer Inc.,
4.00%, 10/15/33 (Call 10/15/27)(a)

    60       44,399  

Visa Inc.
2.00%, 08/15/50 (Call 02/15/50)

    95       56,014  

2.70%, 04/15/40 (Call 10/15/39)

    137       102,650  

3.65%, 09/15/47 (Call 03/15/47)

    60       49,631  

4.15%, 12/14/35 (Call 06/14/35)

    170       159,846  

4.30%, 12/14/45 (Call 06/14/45)

    232       209,573  

Western Union Co. (The), 6.20%, 11/17/36

    66       65,098  
   

 

 

 
          2,664,737  
Electric — 5.8%            

Abu Dhabi National Energy Co. PJSC, 4.00%, 10/03/49(f)

    200       167,772  

Adani Transmission Ltd., 4.25%, 05/21/36(f)

    169       118,079  

AEP Texas Inc.
3.80%, 10/01/47 (Call 04/01/47)

    10       7,426  

5.25%, 05/15/52 (Call 11/15/51)

    10       9,495  

Series H, 3.45%, 01/15/50 (Call 07/15/49)

    5       3,581  

AEP Transmission Co. LLC
3.15%, 09/15/49 (Call 03/15/49)

    5       3,496  

3.75%, 12/01/47 (Call 06/01/47)

    35       27,733  

3.80%, 06/15/49 (Call 12/15/48)

    65       51,685  

4.00%, 12/01/46 (Call 06/01/46)

    15       12,105  

4.50%, 06/15/52 (Call 12/15/51)

    30       26,643  

Series M, 3.65%, 04/01/50 (Call 10/01/49)

    100       77,028  

Alabama Power Co.
3.00%, 03/15/52 (Call 09/15/51)

    25       16,518  

3.13%, 07/15/51 (Call 01/15/51)

    40       27,156  

3.45%, 10/01/49 (Call 04/01/49)

    65       47,384  

4.15%, 08/15/44 (Call 02/15/44)

    50       41,505  

6.00%, 03/01/39

    110       114,599  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

    47       39,405  

Series B, 3.70%, 12/01/47 (Call 06/01/47)

    75       57,613  

Ameren Illinois Co.
2.90%, 06/15/51 (Call 12/15/50)

    30       19,906  

3.25%, 03/15/50 (Call 09/15/49)

    5       3,619  

3.70%, 12/01/47 (Call 06/01/47)

    40       31,690  

4.15%, 03/15/46 (Call 09/15/45)

    40       33,054  

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

    25       22,597  

5.90%, 12/01/52 (Call 06/01/52)

    25       27,100  

American Electric Power Co. Inc.,
3.25%, 03/01/50 (Call 09/01/49)

    55       36,947  

American Transmission Systems Inc.,
5.00%, 09/01/44 (Call 03/01/44)(a)

    5       4,594  

Appalachian Power Co.
4.45%, 06/01/45 (Call 12/01/44)

    5       4,179  

7.00%, 04/01/38

    51       57,121  

Series Y, 4.50%, 03/01/49 (Call 09/01/48)

    40       33,428  

Arizona Public Service Co.
3.35%, 05/15/50 (Call 11/15/49)

    25       16,994  

3.50%, 12/01/49 (Call 06/01/49)

    30       20,784  

3.75%, 05/15/46 (Call 11/15/45)

    75       55,122  

4.20%, 08/15/48 (Call 02/15/48)

    30       23,520  

4.35%, 11/15/45 (Call 05/15/45)

    25       20,049  

4.50%, 04/01/42 (Call 10/01/41)

    16       13,438  

5.05%, 09/01/41 (Call 03/01/41)

    30       27,189  
Security   Par
(000)
    Value  
Electric (continued)            

Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)

  $ 80     $ 68,390  

Baltimore Gas & Electric Co.
2.90%, 06/15/50 (Call 12/15/49)

    5       3,337  

3.20%, 09/15/49 (Call 03/15/49)

    25       17,758  

3.50%, 08/15/46 (Call 02/15/46)

    25       18,819  

3.75%, 08/15/47 (Call 02/15/47)

    45       35,203  

4.25%, 09/15/48 (Call 03/15/48)

    10       8,420  

4.55%, 06/01/52 (Call 12/01/51)

    30       26,557  

Basin Electric Power Cooperative, 4.75%, 04/26/47
(Call 10/26/46)(a)

    30       25,076  

Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)

    30       19,503  

3.80%, 07/15/48 (Call 01/15/48)

    80       61,748  

4.25%, 10/15/50 (Call 04/15/50)

    60       49,724  

4.45%, 01/15/49 (Call 07/15/48)

    68       58,598  

4.50%, 02/01/45 (Call 08/01/44)

    123       106,920  

4.60%, 05/01/53 (Call 11/01/52)

    20       17,546  

5.15%, 11/15/43 (Call 05/15/43)

    35       33,156  

6.13%, 04/01/36

    81       86,111  

Black Hills Corp.
3.88%, 10/15/49 (Call 04/15/49)

    5       3,651  

4.20%, 09/15/46 (Call 03/15/46)

    30       22,961  

CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)

    55       43,793  

3.95%, 03/01/48 (Call 09/01/47)

    30       24,745  

4.50%, 04/01/44 (Call 10/01/43)

    160       142,746  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

    40       34,819  

Series AD, 2.90%, 07/01/50 (Call 01/01/50)

    15       10,149  

CenterPoint Energy Inc., 3.70%, 09/01/49
(Call 03/01/49)

    10       7,565  

Cleco Corporate Holdings LLC, 4.97%, 05/01/46
(Call 11/01/45)

    40       33,695  

Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36

    83       83,222  

CMS Energy Corp., 4.88%, 03/01/44 (Call 09/01/43)

    35       31,426  

Comision Federal de Electricidad, 4.68%, 02/09/51
(Call 08/09/50)(f)

        200       133,212  

Commonwealth Edison Co.
3.00%, 03/01/50 (Call 09/01/49)

    50       34,214  

3.65%, 06/15/46 (Call 12/15/45)

    55       42,039  

3.70%, 03/01/45 (Call 09/01/44)

    15       11,667  

4.00%, 03/01/49 (Call 09/01/48)

    40       32,393  

4.35%, 11/15/45 (Call 05/15/45)

    60       51,312  

4.70%, 01/15/44 (Call 07/15/43)

    45       41,044  

6.45%, 01/15/38

    30       33,474  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    40       31,156  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

    250           175,905  

Series 133, 3.85%, 03/15/52 (Call 09/15/51)

    35       27,650  

Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)

    15       12,546  

4.30%, 04/15/44 (Call 10/15/43)

    25       21,568  

5.25%, 01/15/53 (Call 07/15/52)

    50       49,919  

Series A, 4.15%, 06/01/45 (Call 12/01/44)

    15       12,613  

Consolidated Edison Co. of New York Inc.
3.60%, 06/15/61 (Call 12/15/60)

    50       35,968  

3.70%, 11/15/59 (Call 05/15/59)

    20       14,406  

3.85%, 06/15/46 (Call 12/15/45)

    50       38,899  

3.95%, 03/01/43 (Call 09/01/42)

    140       113,292  

4.45%, 03/15/44 (Call 09/15/43)

    70       59,686  

4.50%, 12/01/45 (Call 06/01/45)

    155       132,618  

4.50%, 05/15/58 (Call 11/15/57)

    45       37,386  

4.63%, 12/01/54 (Call 06/01/54)

    55       46,892  

 

 

48  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

6.15%, 11/15/52 (Call 05/15/52)

  $ 30     $ 32,095  

Series 06-A, 5.85%, 03/15/36

    100       102,303  

Series 08-B, 6.75%, 04/01/38

    35       38,824  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    90       69,828  

Series C, 4.00%, 11/15/57 (Call 05/15/57)

    55       42,273  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    35       28,333  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

    55       48,213  

Constellation Energy Generation LLC
5.60%, 06/15/42 (Call 12/15/41)

    50       48,024  

6.25%, 10/01/39

    53       54,559  

Consumers Energy Co.
3.10%, 08/15/50 (Call 02/15/50)

    81       56,413  

3.50%, 08/01/51 (Call 02/01/51)

    25       18,908  

4.05%, 05/15/48 (Call 11/15/47)

    65       54,181  

4.20%, 09/01/52 (Call 03/01/52)

    35       29,687  

4.35%, 04/15/49 (Call 10/15/48)

    60       52,566  

Dayton Power & Light Co. (The), 3.95%, 06/15/49
(Call 12/15/48)

    35       27,516  

Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)

    15       12,881  

7.00%, 06/15/38

    35       38,395  

Series A, 4.60%, 03/15/49 (Call 09/15/48)

    40       34,025  

Series B, 5.95%, 06/15/35

    30       30,836  

Series C, 4.05%, 09/15/42 (Call 03/15/42)

    45       34,866  

Series C, 4.90%, 08/01/41 (Call 02/01/41)

    50       44,093  

Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 12/15/42)

    60       53,455  

5.10%, 06/01/65 (Call 12/01/64)

    35       33,735  

5.45%, 02/01/41 (Call 08/01/40)

    25       24,684  

6.05%, 01/15/38

    66       70,596  

DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)

    30       20,479  

3.70%, 03/15/45 (Call 09/15/44)

    55       43,771  

3.70%, 06/01/46 (Call 12/01/45)

    5       3,854  

3.75%, 08/15/47 (Call 02/15/47)

    135       105,889  

4.30%, 07/01/44 (Call 01/01/44)

    30       25,966  

5.40%, 04/01/53 (Call 10/01/52)

    20       20,145  

Series A, 4.00%, 04/01/43 (Call 10/01/42)

    25       20,969  

Series A, 4.05%, 05/15/48 (Call 11/15/47)

    40       33,203  

Series B, 3.65%, 03/01/52 (Call 09/01/51)

    10       7,705  

Duke Energy Carolinas LLC
3.55%, 03/15/52 (Call 09/15/51)

    35       26,120  

3.70%, 12/01/47 (Call 06/01/47)

    40       30,572  

3.75%, 06/01/45 (Call 12/01/44)

    75       58,525  

3.88%, 03/15/46 (Call 09/15/45)

    80       62,574  

3.95%, 03/15/48 (Call 09/15/47)

    45       36,034  

4.25%, 12/15/41 (Call 06/15/41)

    40       34,453  

5.30%, 02/15/40

    25       24,485  

5.35%, 01/15/53 (Call 07/15/52)

    50       49,400  

6.00%, 01/15/38

    30       31,676  

6.05%, 04/15/38

    35       37,131  

Duke Energy Corp.
3.50%, 06/15/51 (Call 12/15/50)

    15       10,491  

3.75%, 09/01/46 (Call 03/01/46)

    100       73,526  

3.95%, 08/15/47 (Call 02/15/47)

    75       56,724  

4.20%, 06/15/49 (Call 12/15/48)

    40       31,591  

4.80%, 12/15/45 (Call 06/15/45)

    45       39,515  

5.00%, 08/15/52 (Call 02/15/52)

    70       62,153  

Duke Energy Florida LLC
3.00%, 12/15/51 (Call 06/15/51)

    45       30,392  
Security   Par
(000)
    Value  
Electric (continued)            

3.40%, 10/01/46 (Call 04/01/46)

  $ 50     $ 35,794  

3.85%, 11/15/42 (Call 05/15/42)

    50       40,213  

5.65%, 04/01/40

    30       30,221  

5.95%, 11/15/52 (Call 05/15/52)

    25       26,666  

6.35%, 09/15/37

    25       26,942  

6.40%, 06/15/38

    10       11,056  

Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)

    25       15,675  

3.75%, 05/15/46 (Call 11/15/45)

    40       30,577  

6.12%, 10/15/35

    35       36,443  

6.35%, 08/15/38

    35       38,220  

6.45%, 04/01/39

    30       32,312  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

    120       84,578  

Duke Energy Ohio Inc., 4.30%, 02/01/49 (Call 08/01/48)

    5       4,077  

Duke Energy Progress LLC
2.90%, 08/15/51 (Call 02/15/51)

    50       32,677  

3.60%, 09/15/47 (Call 03/15/47)

    140       105,399  

3.70%, 10/15/46 (Call 04/15/46)

    125       94,482  

4.10%, 05/15/42 (Call 11/15/41)

    50       41,763  

4.10%, 03/15/43 (Call 09/15/42)

    50       41,696  

4.15%, 12/01/44 (Call 06/01/44)

    40       33,203  

4.20%, 08/15/45 (Call 02/15/45)

    130       108,205  

4.38%, 03/30/44 (Call 09/30/43)

    30       25,689  

6.30%, 04/01/38

    50       53,687  

E.ON International Finance BV, 6.65%, 04/30/38(a)

    55       58,617  

El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)

    10       9,069  

6.00%, 05/15/35

    26       25,955  

Electricite de France SA
4.75%, 10/13/35 (Call 04/13/35)(a)(c)

    95       84,470  

4.88%, 01/22/44(a)

    90       76,573  

4.95%, 10/13/45 (Call 04/13/45)(a)

    145       121,155  

5.00%, 09/21/48 (Call 03/21/48)(a)

    90       76,137  

5.25%, 10/13/55 (Call 04/13/55)(a)

    25       20,821  

5.60%, 01/27/40(a)

    35       32,805  

6.00%, 01/22/2114(a)

    65       59,555  

6.95%, 01/26/39(a)

    110       117,292  

Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)

    75       58,834  

Enel Finance America LLC, 2.88%, 07/12/41 (Call 01/12/41)(a) .

    200       125,006  

Enel Finance International NV
4.75%, 05/25/47(a)(c)

    85       69,838  

6.80%, 09/15/37(a)

    170       173,254  

Entergy Arkansas LLC
2.65%, 06/15/51 (Call 12/15/50)

    35       21,771  

3.35%, 06/15/52 (Call 12/15/51)

    10       7,070  

4.20%, 04/01/49 (Call 10/01/48)

    40       33,298  

Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)

    15       10,977  

Entergy Louisiana LLC
2.90%, 03/15/51 (Call 09/15/50)

    35       22,817  

3.10%, 06/15/41 (Call 12/15/40)

    50       37,448  

4.20%, 09/01/48 (Call 03/01/48)

    130       109,321  

4.20%, 04/01/50 (Call 10/01/49)

    75       61,927  

4.95%, 01/15/45 (Call 01/15/25)

    90       83,890  

Entergy Mississippi LLC, 3.85%, 06/01/49 (Call 12/01/48)

    24       18,455  

Entergy Texas Inc.
3.55%, 09/30/49 (Call 03/30/49)

    50       36,206  

4.50%, 03/30/39 (Call 09/30/38)

    35       30,864  

5.00%, 09/15/52 (Call 03/15/52)

    10       9,389  

Evergy Kansas Central Inc.
3.25%, 09/01/49 (Call 03/01/49)

    25       17,622  

 

 

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

  49


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

3.45%, 04/15/50 (Call 10/15/49)

  $ 10     $ 7,319  

4.10%, 04/01/43 (Call 10/01/42)

    140       116,859  

4.13%, 03/01/42 (Call 09/01/41)

    56       46,762  

4.25%, 12/01/45 (Call 06/01/45)

    5       4,136  

Evergy Metro Inc.

   

4.20%, 06/15/47 (Call 12/15/46)

    55       45,239  

5.30%, 10/01/41 (Call 04/01/41)

    40       38,858  

Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)

    35       25,185  

Exelon Corp.

   

4.10%, 03/15/52 (Call 09/15/51)

    35       27,779  

4.45%, 04/15/46 (Call 10/15/45)

    50       41,593  

4.70%, 04/15/50 (Call 10/15/49)

    60       52,117  

5.10%, 06/15/45 (Call 12/15/44)

    65       59,781  

5.60%, 03/15/53 (Call 09/15/52)

    50       48,864  

5.63%, 06/15/35

    55       55,327  

Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41)

    10       9,689  

FirstEnergy Corp.

   

Series C, 3.40%, 03/01/50 (Call 09/01/49)

    60       40,510  

Series C, 5.10%, 07/15/47 (Call 01/15/47)

    50       44,495  

FirstEnergy Transmission LLC

   

4.55%, 04/01/49 (Call 10/01/48)(a)

    75       61,642  

5.45%, 07/15/44 (Call 01/15/44)(a)

    45       42,292  

Florida Power & Light Co.

   

2.88%, 12/04/51 (Call 06/04/51)

    80       53,346  

3.70%, 12/01/47 (Call 06/01/47)

    40       31,536  

3.95%, 03/01/48 (Call 09/01/47)

    105       85,949  

3.99%, 03/01/49 (Call 09/01/48)

    30       24,794  

4.05%, 06/01/42 (Call 12/01/41)

    60       50,968  

4.05%, 10/01/44 (Call 04/01/44)

    35       29,392  

4.13%, 02/01/42 (Call 08/01/41)

    95       80,632  

4.13%, 06/01/48 (Call 12/01/47)

    45       37,938  

5.25%, 02/01/41 (Call 08/01/40)

    60       59,395  

5.30%, 04/01/53 (Call 10/01/52)

    35       34,826  

5.65%, 02/01/37

    50       51,227  

5.69%, 03/01/40

    45       46,908  

5.95%, 02/01/38

    30       31,611  

5.96%, 04/01/39

    25       26,644  

Georgia Power Co.

   

4.30%, 03/15/42

    110       92,576  

5.13%, 05/15/52 (Call 11/15/51)

    25       23,353  

Series 10-C, 4.75%, 09/01/40

    50       44,817  

Series A, 3.25%, 03/15/51 (Call 09/15/50)

    10       6,768  

Series B, 3.70%, 01/30/50 (Call 07/30/49)

    105       77,620  

Great River Energy

   

6.25%, 07/01/38(a)

    82       85,065  

7.23%, 07/01/38

    8       8,974  

Iberdrola International BV, 6.75%, 07/15/36

    60       65,365  

Idaho Power Co., Series K, 4.20%, 03/01/48 (Call 09/01/47)

    5       4,171  

Indiana Michigan Power Co.

   

4.25%, 08/15/48 (Call 02/15/48)

    10       8,217  

Series K, 4.55%, 03/15/46 (Call 09/15/45)

    71       60,600  

Indianapolis Power & Light Co., 4.05%, 05/01/46
(Call 11/01/45)(a)

    41       33,319  

Infraestructura Energetica Nova SAB de CV, 4.75%, 01/15/51
(Call 07/15/50)(f)

    200       150,432  

Interstate Power & Light Co.

   

3.10%, 11/30/51 (Call 05/30/51)

    40       26,526  

6.25%, 07/15/39

    40       41,779  

ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)

    30       28,151  
Security  

Par

(000)

     Value  
Electric (continued)             

John Sevier Combined Cycle Generation LLC,
4.63%, 01/15/42

  $ 8      $ 7,839  

Kentucky Utilities Co.

    

3.30%, 06/01/50 (Call 12/01/49)

    35        24,775  

4.38%, 10/01/45 (Call 04/01/45)

    100        84,317  

5.13%, 11/01/40 (Call 05/01/40)

    100        95,713  

Massachusetts Electric Co.

    

4.00%, 08/15/46 (Call 02/15/46)(a)

    5        3,683  

5.90%, 11/15/39(a)

    30        30,476  

MidAmerican Energy Co.

    

3.15%, 04/15/50 (Call 10/15/49)

    5        3,572  

3.65%, 08/01/48 (Call 02/01/48)

    65        50,524  

3.95%, 08/01/47 (Call 02/01/47)

    110        91,117  

4.25%, 05/01/46 (Call 11/01/45)

    5        4,218  

4.25%, 07/15/49 (Call 01/15/49)

    90        77,732  

4.80%, 09/15/43 (Call 03/15/43)

    25        23,211  

5.75%, 11/01/35

    25        25,984  

5.80%, 10/15/36

    25        26,260  

Minejesa Capital BV, 5.63%, 08/10/37(f)

    200        160,228  

Mississippi Power Co., Series B,
3.10%, 07/30/51 (Call 01/30/51)

    50        32,666  

Monongahela Power Co., 5.40%, 12/15/43
(Call 06/15/43)(a)

    30        29,222  

National Grid USA, 5.80%, 04/01/35

    50        48,512  

National Rural Utilities Cooperative Finance Corp.

    

4.30%, 03/15/49 (Call 09/15/48)

    35        29,730  

4.40%, 11/01/48 (Call 05/01/48)

    30        25,555  

Nevada Power Co., Series R, 6.75%, 07/01/37

    40        44,502  

New England Power Co.

    

2.81%, 10/06/50 (Call 04/06/50)(a)

    10        6,382  

3.80%, 12/05/47 (Call 06/05/47)(a)

    94        72,435  

NextEra Energy Capital Holdings Inc.

    

3.00%, 01/15/52 (Call 07/15/51)

    30        19,622  

5.25%, 02/28/53 (Call 08/28/52)

    50        47,368  

Niagara Mohawk Power Corp.

    

3.03%, 06/27/50 (Call 12/27/49)(a)

    45        29,612  

4.12%, 11/28/42(a)

    25        19,722  

5.78%, 09/16/52 (Call 03/16/52)(a)

    15        15,219  

Northern States Power Co./MN

    

2.90%, 03/01/50 (Call 09/01/49)

    15        10,185  

3.40%, 08/15/42 (Call 02/15/42)

    41        32,162  

3.60%, 05/15/46 (Call 11/15/45)

    70        53,822  

4.00%, 08/15/45 (Call 02/15/45)

    15        12,381  

4.13%, 05/15/44 (Call 11/15/43)

    240        204,454  

4.50%, 06/01/52 (Call 12/01/51)

    10        9,015  

5.35%, 11/01/39

    30        30,114  

NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)

    25        20,730  

NSTAR Electric Co.

    

4.40%, 03/01/44 (Call 09/01/43)

    45        39,336  

4.55%, 06/01/52 (Call 12/01/51)

    5        4,515  

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

    15        14,320  

5.50%, 03/15/40

    10        10,131  

Oglethorpe Power Corp.

    

4.50%, 04/01/47 (Call 10/01/46)(a)

    20        16,315  

5.38%, 11/01/40

    150        138,388  

5.95%, 11/01/39

    47        46,760  

Ohio Edison Co., 6.88%, 07/15/36

    35        38,307  

Ohio Power Co.

    

4.00%, 06/01/49 (Call 12/01/48)

    180        144,261  

4.15%, 04/01/48 (Call 10/01/47)

    60        49,744  

 

 

50  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Electric (continued)

   

Oklahoma Gas & Electric Co.

   

3.85%, 08/15/47 (Call 02/15/47)

  $ 15     $ 11,433  

4.15%, 04/01/47 (Call 10/01/46)

    35       27,993  

Oncor Electric Delivery Co. LLC

   

3.10%, 09/15/49 (Call 03/15/49)

      100       70,220  

3.70%, 05/15/50 (Call 11/15/49)

    25       19,716  

3.75%, 04/01/45 (Call 10/01/44)

    90       72,662  

3.80%, 09/30/47 (Call 03/30/47)

    50       40,560  

3.80%, 06/01/49 (Call 12/01/48)

    40       32,248  

4.55%, 12/01/41 (Call 06/01/41)

    50       45,862  

4.60%, 06/01/52 (Call 12/01/51)

    30       27,236  

5.30%, 06/01/42 (Call 12/01/41)

    40       40,130  

7.50%, 09/01/38

    35       42,440  

Pacific Gas and Electric Co.

   

3.30%, 08/01/40 (Call 02/01/40)

    30       20,312  

3.50%, 08/01/50 (Call 02/01/50)

    110       69,252  

3.75%, 08/15/42 (Call 02/15/42)

    45       31,142  

4.00%, 12/01/46 (Call 06/01/46)

    5       3,411  

4.20%, 06/01/41 (Call 12/01/40)

    25       18,847  

4.25%, 03/15/46 (Call 09/15/45)

    5       3,545  

4.30%, 03/15/45 (Call 09/15/44)

    35       25,340  

4.50%, 07/01/40 (Call 01/01/40)

    105       82,215  

4.75%, 02/15/44 (Call 08/15/43)

    55       43,069  

4.95%, 07/01/50 (Call 01/01/50)

    165       130,353  

5.25%, 03/01/52 (Call 09/01/51)

    50       41,172  

6.75%, 01/15/53 (Call 07/15/52)

    250       248,592  

PacifiCorp.

   

3.30%, 03/15/51 (Call 09/15/50)

    80       57,065  

4.10%, 02/01/42 (Call 08/01/41)

    40       34,048  

4.13%, 01/15/49 (Call 07/15/48)

    50       41,384  

5.35%, 12/01/53 (Call 06/01/53)

    80       78,930  

5.75%, 04/01/37

    75       76,727  

6.00%, 01/15/39

    80       83,329  

6.10%, 08/01/36

    35       36,763  

6.25%, 10/15/37

    110       118,405  

6.35%, 07/15/38

    25       27,221  

PECO Energy Co.

   

3.00%, 09/15/49 (Call 03/15/49)

    40       27,443  

3.70%, 09/15/47 (Call 03/15/47)

    85       66,784  

4.15%, 10/01/44 (Call 04/01/44)

    20       16,820  

4.60%, 05/15/52 (Call 11/15/51)

    10       9,039  

5.95%, 10/01/36

    110       114,810  

Perusahaan Listrik Negara PT, 4.88%, 07/17/49(f)

    200       161,920  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.15%, 05/21/48(f)

    200           192,150  

PG&E Wildfire Recovery Funding LLC, Series A-5, 5.10%, 06/01/54

    425       432,221  

Potomac Electric Power Co.

   

4.15%, 03/15/43 (Call 09/15/42)

    60       51,448  

6.50%, 11/15/37

    45       49,600  

PPL Electric Utilities Corp.

   

4.13%, 06/15/44 (Call 12/15/43)

    40       33,614  

4.75%, 07/15/43 (Call 01/15/43)

    50       45,754  

5.25%, 05/15/53 (Call 11/15/52)

    50       49,318  

6.25%, 05/15/39

    10       10,816  

Progress Energy Inc., 6.00%, 12/01/39

    25       25,147  

Public Service Co. of Colorado

   

3.60%, 09/15/42 (Call 03/15/42)

    25       19,819  

4.05%, 09/15/49 (Call 03/15/49)

    30       24,505  

4.10%, 06/15/48 (Call 12/15/47)

    30       24,982  
Security  

Par

(000)

    Value  

Electric (continued)

   

4.30%, 03/15/44 (Call 09/15/43)

  $ 25     $ 21,734  

4.50%, 06/01/52 (Call 12/01/51)

    10       8,923  

6.50%, 08/01/38

    30       33,175  

Series 17, 6.25%, 09/01/37

    51       55,645  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

    30       21,545  

Public Service Co. of New Hampshire

   

3.60%, 07/01/49 (Call 01/01/49)

    35       27,117  

5.15%, 01/15/53 (Call 07/15/52)

    35       34,574  

Public Service Electric & Gas Co.

   

2.70%, 05/01/50 (Call 11/01/49)

    25       16,456  

3.20%, 08/01/49 (Call 02/01/49)

    35       25,532  

3.60%, 12/01/47 (Call 06/01/47)

    50       38,750  

3.80%, 03/01/46 (Call 09/01/45)

    60       47,848  

3.85%, 05/01/49 (Call 11/01/48)

    40       32,538  

3.95%, 05/01/42 (Call 11/01/41)

    75       62,821  

5.80%, 05/01/37

    30       31,208  

Puget Sound Energy Inc.

   

3.25%, 09/15/49 (Call 03/15/49)

    25       17,689  

4.22%, 06/15/48 (Call 12/15/47)

    53       44,433  

4.30%, 05/20/45 (Call 11/20/44)

    30       24,612  

5.64%, 04/15/41 (Call 10/15/40)

    36       36,220  

5.76%, 10/01/39

    35       35,203  

6.27%, 03/15/37

    45       47,418  

San Diego Gas & Electric Co.

   

3.70%, 03/15/52 (Call 09/15/51)

    25       19,365  

4.15%, 05/15/48 (Call 11/15/47)

    65       54,470  

4.50%, 08/15/40

    65       58,542  

6.00%, 06/01/39

    30       31,251  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)

    15       11,640  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)

    25       17,841  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    10       6,632  

Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(f)

      200       195,756  

Sempra Energy

   

3.80%, 02/01/38 (Call 08/01/37)

    60       49,291  

4.00%, 02/01/48 (Call 08/01/47)

    66       51,162  

Southern California Edison Co.

   

3.65%, 02/01/50 (Call 08/01/49)

    85       62,551  

4.00%, 04/01/47 (Call 10/01/46)

    70       54,799  

4.05%, 03/15/42 (Call 09/15/41)

    81       65,272  

4.50%, 09/01/40 (Call 03/01/40)

    10       8,584  

6.05%, 03/15/39

    60       61,646  

Series 05-E, 5.35%, 07/15/35

    60       58,868  

Series 06-E, 5.55%, 01/15/37

    25       24,588  

Series 08-A, 5.95%, 02/01/38

    71       72,820  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

    215           168,351  

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

    25       16,060  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    55       48,989  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

    70       50,751  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    10       7,954  

Series E, 5.45%, 06/01/52 (Call 12/01/51)

    10       9,681  

Series H, 3.65%, 06/01/51 (Call 12/01/50)

    30       22,165  

Southern Co. (The)

   

4.25%, 07/01/36 (Call 01/01/36)

    65       56,531  

4.40%, 07/01/46 (Call 01/01/46)

    100       82,013  

Southern Power Co.

   

5.15%, 09/15/41

    55       50,025  

Series F, 4.95%, 12/15/46 (Call 06/15/46)

    5       4,298  

Southwestern Electric Power Co.

   

3.25%, 11/01/51 (Call 05/01/51)

    30       20,079  

6.20%, 03/15/40

    30       30,857  

 

 

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

  51


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Electric (continued)

   

Series J, 3.90%, 04/01/45 (Call 10/01/44)

  $ 180     $ 137,950  

Series L, 3.85%, 02/01/48 (Call 08/01/47)

    10       7,502  

Southwestern Public Service Co.

   

3.40%, 08/15/46 (Call 02/15/46)

    70       50,239  

3.70%, 08/15/47 (Call 02/15/47)

    35       26,533  

3.75%, 06/15/49 (Call 12/15/48)

    15       11,425  

Series 8, 3.15%, 05/01/50 (Call 11/01/49)

    60       41,852  

State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(f)

    200       198,494  

Tampa Electric Co.

   

3.45%, 03/15/51 (Call 09/15/50)

    5       3,578  

3.63%, 06/15/50 (Call 12/15/49)

    50       36,994  

4.30%, 06/15/48 (Call 12/15/47)

    43       35,569  

4.35%, 05/15/44 (Call 11/15/43)

    29       24,317  

4.45%, 06/15/49 (Call 12/15/48)

    5       4,180  

Toledo Edison Co. (The), 6.15%, 05/15/37

    26       27,145  

TransAlta Corp., 6.50%, 03/15/40

    20       18,398  

Tri-State Generation & Transmission Association Inc., 6.00%, 06/15/40(a)

    25       23,344  

Tucson Electric Power Co.

   

3.25%, 05/01/51 (Call 11/01/50)

    20       13,449  

4.00%, 06/15/50 (Call 12/15/49)

    45       34,986  

4.85%, 12/01/48 (Call 06/01/48)

    50       43,894  

5.50%, 04/15/53 (Call 10/15/52)

    20       19,749  

Union Electric Co.

   

3.25%, 10/01/49 (Call 04/01/49)

    30       21,247  

3.65%, 04/15/45 (Call 10/15/44)

    15       11,483  

3.90%, 09/15/42 (Call 03/15/42)

    50       40,848  

4.00%, 04/01/48 (Call 10/01/47)

    60       48,228  

5.30%, 08/01/37

    35       34,174  

5.45%, 03/15/53 (Call 09/15/52)

    50       50,043  

8.45%, 03/15/39

    26       33,574  

Virginia Electric & Power Co.

   

2.45%, 12/15/50 (Call 06/15/50)

    30       17,800  

2.95%, 11/15/51 (Call 05/15/51)

    50       32,898  

4.00%, 01/15/43 (Call 07/15/42)

    70       57,487  

4.45%, 02/15/44 (Call 08/15/43)

      165           141,837  

4.60%, 12/01/48 (Call 06/01/48)

    5       4,334  

8.88%, 11/15/38

    30       40,230  

Series B, 3.80%, 09/15/47 (Call 03/15/47)

    100       77,481  

Series B, 4.20%, 05/15/45 (Call 11/15/44)

    100       81,613  

Series B, 6.00%, 01/15/36

    50       52,203  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

    80       62,983  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

    20       17,574  

Wisconsin Electric Power Co.

   

4.30%, 10/15/48 (Call 04/15/48)

    20       17,004  

5.70%, 12/01/36

    30       30,459  

Wisconsin Power and Light Co., 6.38%, 08/15/37

    120       127,817  

Wisconsin Public Service Corp.

   

2.85%, 12/01/51 (Call 06/01/51)

    25       16,493  

3.30%, 09/01/49 (Call 03/01/49)

    35       25,442  

3.67%, 12/01/42

    20       15,387  

4.75%, 11/01/44 (Call 05/01/44)

    40       35,660  

Xcel Energy Inc.

   

3.50%, 12/01/49 (Call 06/01/49)

    25       18,134  

6.50%, 07/01/36

    35       37,693  
   

 

 

 
      19,464,985  
Electrical Components & Equipment — 0.0%            

Emerson Electric Co.

   

2.75%, 10/15/50 (Call 04/15/50)

    90       57,895  

2.80%, 12/21/51 (Call 06/21/51)

    65       41,694  
Security  

Par

(000)

    Value  

Electrical Components & Equipment (continued)

   

5.25%, 11/15/39

  $ 15     $ 15,016  
   

 

 

 
      114,605  
Electronics — 0.1%            

Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)

    50       39,220  

Honeywell International Inc.

   

2.80%, 06/01/50 (Call 12/01/49)

    75       54,061  

3.81%, 11/21/47 (Call 05/21/47)

    25       20,866  

5.38%, 03/01/41

    25       25,796  

5.70%, 03/15/36

    25       26,429  

5.70%, 03/15/37

    66       69,494  
   

 

 

 
      235,866  
Energy - Alternate Sources — 0.0%            

Topaz Solar Farms LLC, 5.75%, 09/30/39(a)

    48       44,900  
   

 

 

 
Engineering & Construction — 0.1%            

Aeropuerto Internacional de Tocumen SA, 4.00%, 08/11/41 (Call 08/11/40)(f)

    200       162,298  

Bioceanico Sovereign Certificate Ltd.,
0.00% 06/05/34(c)(d)(f)

    137       94,169  

Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)(a)

    40       28,896  

Mexico City Airport Trust, 5.50%, 10/31/46 (Call 04/30/46)(f)

      200       149,468  
   

 

 

 
          434,831  
Entertainment — 0.2%            

Magallanes Inc.

   

5.05%, 03/15/42 (Call 09/15/41)(a)

    280       226,654  

5.14%, 03/15/52 (Call 09/15/51)(a)

    315       247,536  

5.39%, 03/15/62 (Call 09/15/61)(a)

    170       132,223  
   

 

 

 
      606,413  
Environmental Control — 0.1%            

Republic Services Inc.

   

3.05%, 03/01/50 (Call 09/01/49)

    65       45,464  

6.20%, 03/01/40

    25       26,762  

Waste Connections Inc., 2.95%, 01/15/52 (Call 07/15/51)

    120       78,845  

Waste Management Inc.

   

2.95%, 06/01/41 (Call 12/01/40)

    60       44,282  

4.15%, 07/15/49 (Call 01/15/49)

    45       39,276  
   

 

 

 
      234,629  
Food — 1.0%            

Campbell Soup Co.

   

3.13%, 04/24/50 (Call 10/24/49)

    35       23,628  

4.80%, 03/15/48 (Call 09/15/47)

    50       44,517  

Conagra Brands Inc.

   

5.30%, 11/01/38 (Call 05/01/38)

    73       67,953  

5.40%, 11/01/48 (Call 05/01/48)

    70       63,781  

General Mills Inc.

   

3.00%, 02/01/51 (Call 08/01/50)

    90       63,256  

4.70%, 04/17/48 (Call 10/17/47)

    5       4,604  

Grupo Bimbo SAB de CV, 4.70%, 11/10/47 (Call 05/10/47)(f)

    200       172,976  

Hershey Co. (The)

   

2.65%, 06/01/50 (Call 12/01/49)

    20       13,438  

3.13%, 11/15/49 (Call 05/15/49)

    51       37,866  

3.38%, 08/15/46 (Call 02/15/46)

    5       3,760  

Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)

    60       41,769  

Ingredion Inc., 3.90%, 06/01/50 (Call 12/01/49)

    15       11,116  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

4.38%, 02/02/52 (Call 08/02/51)(a)

    95       67,945  

6.50%, 12/01/52 (Call 06/01/52)(a)

    105       99,600  

JM Smucker Co. (The)

   

4.25%, 03/15/35

    84       75,737  

4.38%, 03/15/45

    36       30,565  

 

 

52  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Food (continued)

   

Kellogg Co., 4.50%, 04/01/46

  $ 45     $ 39,091  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40

    47       47,108  

Kraft Heinz Foods Co.

   

4.38%, 06/01/46 (Call 12/01/45)

    105       85,885  

4.63%, 10/01/39 (Call 04/01/39)

    26       22,807  

4.88%, 10/01/49 (Call 04/01/49)

    95       83,339  

5.00%, 07/15/35 (Call 01/15/35)

    80       76,761  

5.00%, 06/04/42

    140       127,242  

5.20%, 07/15/45 (Call 01/15/45)

    145       133,949  

5.50%, 06/01/50 (Call 12/01/49)

    90       86,065  

6.50%, 02/09/40

    30       31,627  

6.88%, 01/26/39

    55       59,952  

7.13%, 08/01/39(a)

    55       60,611  

Kroger Co. (The)

   

3.88%, 10/15/46 (Call 04/15/46)

    30       22,822  

3.95%, 01/15/50 (Call 07/15/49)

    70       54,160  

4.45%, 02/01/47 (Call 08/01/46)

    35       29,254  

4.65%, 01/15/48 (Call 07/15/47)

    55       47,215  

5.00%, 04/15/42 (Call 10/15/41)

    15       13,566  

5.15%, 08/01/43 (Call 02/01/43)

    30       27,552  

5.40%, 07/15/40 (Call 01/15/40)

    15       14,298  

5.40%, 01/15/49 (Call 07/15/48)

    25       23,770  

6.90%, 04/15/38

    36       39,029  

Mars Inc.

   

3.88%, 04/01/39 (Call 10/01/38)(a)

    90       76,370  

3.95%, 04/01/44 (Call 10/01/43)(a)

    45       37,054  

3.95%, 04/01/49 (Call 10/01/48)(a)

    125       103,530  

4.13%, 04/01/54 (Call 10/01/53)(a)

    48       39,853  

4.20%, 04/01/59 (Call 10/01/58)(a)

    40       32,564  

McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)

    76       62,501  

Mondelez International Inc., 2.63%, 09/04/50 (Call 03/04/50)

    75       47,359  

Nestle Holdings Inc., 3.90%, 09/24/38
(Call 03/24/38)(a)

    380       335,741  

Sysco Corp.

   

3.15%, 12/14/51 (Call 06/14/51)

    5       3,278  

4.45%, 03/15/48 (Call 09/15/47)

    40       33,059  

4.50%, 04/01/46 (Call 10/01/45)

    15       12,513  

4.85%, 10/01/45 (Call 04/01/45)

    53       46,263  

6.60%, 04/01/50 (Call 10/01/49)

    154       168,973  

Tesco PLC, 6.15%, 11/15/37(a)

      100       97,638  

Tyson Foods Inc.

   

4.55%, 06/02/47 (Call 12/02/46)

    55       45,941  

5.10%, 09/28/48 (Call 03/28/48)

    110       99,260  

5.15%, 08/15/44 (Call 02/15/44)

    40       36,383  
   

 

 

 
          3,226,894  
Forest Products & Paper — 0.1%            

Celulosa Arauco y Constitucion SA, 5.50%, 04/30/49 (Call 10/30/48)(f)

    200       171,990  

International Paper Co.

   

4.35%, 08/15/48 (Call 02/15/48)

    42       35,249  

4.40%, 08/15/47 (Call 02/15/47)

    49       41,644  

4.80%, 06/15/44 (Call 12/15/43)

    48       42,722  

5.00%, 09/15/35 (Call 03/15/35)

    25       23,677  

6.00%, 11/15/41 (Call 05/15/41)

    45       45,493  
   

 

 

 
      360,775  
Gas — 0.5%            

APA Infrastructure Ltd., 5.00%, 03/23/35 (Call 12/23/34)(a)

    10       9,234  

Atmos Energy Corp.

   

3.38%, 09/15/49 (Call 03/15/49)

    35       25,853  

4.13%, 10/15/44 (Call 04/15/44)

    40       33,611  
Security  

Par

(000)

    Value  
Gas (continued)            

4.13%, 03/15/49 (Call 09/15/48)

  $ 65     $ 54,188  

4.15%, 01/15/43 (Call 07/15/42)

    30       25,682  

4.30%, 10/01/48 (Call 04/01/48)

    90       77,428  

5.50%, 06/15/41 (Call 12/15/40)

    40       39,828  

5.75%, 10/15/52 (Call 04/15/52)

    10       10,483  

Boston Gas Co., 4.49%, 02/15/42(a)

    30       25,093  

Brooklyn Union Gas Co. (The)

   

4.27%, 03/15/48 (Call 09/15/47)(a)

    53       40,631  

4.49%, 03/04/49 (Call 09/04/48)(a)

    25       19,715  

4.50%, 03/10/46 (Call 09/10/45)(a)

    50       39,636  

CenterPoint Energy Resources Corp.

   

4.10%, 09/01/47 (Call 03/01/47)

    61       49,897  

5.85%, 01/15/41 (Call 07/15/40)

    10       10,228  

Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)(a)

    205           184,438  

East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)(a)

    25       16,031  

KeySpan Gas East Corp., 5.82%, 04/01/41(a)

    60       58,253  

Nakilat Inc., 6.07%, 12/31/33(a)

    89       92,990  

NiSource Inc.

   

3.95%, 03/30/48 (Call 09/30/47)

    5       3,908  

4.38%, 05/15/47 (Call 11/15/46)

    95       79,445  

4.80%, 02/15/44 (Call 08/15/43)

      125       111,272  

5.00%, 06/15/52 (Call 12/15/51)

    10       9,136  

5.25%, 02/15/43 (Call 08/15/42)

    5       4,780  

5.65%, 02/01/45 (Call 08/01/44)

    65       63,836  

ONE Gas Inc.

   

4.50%, 11/01/48 (Call 05/01/48)

    10       8,531  

4.66%, 02/01/44 (Call 08/01/43)

    110       98,335  

Piedmont Natural Gas Co. Inc.

   

3.35%, 06/01/50 (Call 12/01/49)

    25       17,009  

3.64%, 11/01/46 (Call 05/01/46)

    35       24,924  

5.05%, 05/15/52 (Call 11/15/51)

    20       18,252  

Southern California Gas Co.

   

3.75%, 09/15/42 (Call 03/15/42)

    80       62,603  

5.13%, 11/15/40

    5       4,683  

6.35%, 11/15/52 (Call 05/15/52)

    50       54,714  

Series WW, 3.95%, 02/15/50 (Call 08/15/49)

    35       26,831  

Southern Co. Gas Capital Corp.

   

3.95%, 10/01/46 (Call 04/01/46)

    10       7,486  

4.40%, 06/01/43 (Call 12/01/42)

    34       27,822  

4.40%, 05/30/47 (Call 11/30/46)

    120       97,174  

5.88%, 03/15/41 (Call 09/15/40)

    51       51,537  

Southwest Gas Corp.

   

3.18%, 08/15/51 (Call 02/15/51)

    30       19,204  

3.80%, 09/29/46 (Call 03/29/46)

    20       14,383  

Washington Gas Light Co.

   

3.65%, 09/15/49 (Call 03/15/49)

    22       16,470  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

    115       88,206  
   

 

 

 
          1,723,760  
Hand & Machine Tools — 0.1%            

Snap-on Inc.

   

3.10%, 05/01/50 (Call 11/01/49)

    20       14,692  

4.10%, 03/01/48 (Call 09/01/47)

    40       34,462  

Stanley Black & Decker Inc.

   

2.75%, 11/15/50 (Call 05/15/50)

    41       24,594  

4.85%, 11/15/48 (Call 05/15/48)

    50       43,019  

5.20%, 09/01/40

    40       37,470  
   

 

 

 
      154,237  

 

 

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

  53


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Products — 0.5%

   

Abbott Laboratories

   

4.75%, 11/30/36 (Call 05/30/36)

  $ 159     $ 158,075  

4.75%, 04/15/43 (Call 10/15/42)

    40       38,612  

4.90%, 11/30/46 (Call 05/30/46)

    195       191,792  

5.30%, 05/27/40

    40       41,202  

6.00%, 04/01/39

    15       16,622  

6.15%, 11/30/37

    58       64,676  

Baxter International Inc.

   

3.13%, 12/01/51 (Call 06/01/51)

    75       45,474  

3.50%, 08/15/46 (Call 02/15/46)

    100       69,407  

Boston Scientific Corp.

   

4.70%, 03/01/49 (Call 09/01/48)

    39       35,323  

6.75%, 11/15/35

    15       16,478  

7.38%, 01/15/40

    55       64,491  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)

    50       31,873  

2.80%, 12/10/51 (Call 06/10/51)

    15       9,910  

4.38%, 09/15/45 (Call 03/15/45)

    20       17,669  

DH Europe Finance II Sarl

   

3.25%, 11/15/39 (Call 05/15/39)

    95       75,743  

3.40%, 11/15/49 (Call 05/15/49)

    162       122,347  

GE Healthcare Holding LLC, 6.38%, 11/22/52

   

(Call 05/22/52)(a)

      100       107,964  

Koninklijke Philips NV

   

5.00%, 03/15/42

    45       40,847  

6.88%, 03/11/38

    30       33,079  

Medtronic Inc.

   

4.38%, 03/15/35

    160       151,517  

4.63%, 03/15/45

    100       93,324  

Stryker Corp.

   

2.90%, 06/15/50 (Call 12/15/49)

    25       16,849  

4.10%, 04/01/43 (Call 10/01/42)

    70       58,310  

4.38%, 05/15/44 (Call 11/15/43)

    35       29,916  

4.63%, 03/15/46 (Call 09/15/45)

    65       57,626  

Thermo Fisher Scientific Inc.

   

4.10%, 08/15/47 (Call 02/15/47)

    81       70,813  

5.30%, 02/01/44 (Call 08/01/43)

    60       60,634  

Zimmer Biomet Holdings Inc., 4.45%, 08/15/45 (Call 02/15/45)

    50       40,836  
   

 

 

 
          1,761,409  
Health Care - Services — 2.3%            

AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)

    30       20,001  

Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)

    35       25,384  

Advocate Health & Hospitals Corp.

   

3.39%, 10/15/49 (Call 04/15/49)

    32       23,576  

4.27%, 08/15/48 (Call 02/15/48)

    31       26,885  

Series 2020, 3.01%, 06/15/50 (Call 12/15/49)

    25       17,160  

Aetna Inc.

   

3.88%, 08/15/47 (Call 02/15/47)

    30       22,551  

4.13%, 11/15/42 (Call 05/15/42)

    60       48,953  

4.50%, 05/15/42 (Call 11/15/41)

    25       21,589  

4.75%, 03/15/44 (Call 09/15/43)

    45       39,384  

6.63%, 06/15/36

    71       76,364  

6.75%, 12/15/37

    45       47,978  

AHS Hospital Corp.

   

5.02%, 07/01/45

    30       29,395  

Series 2021, 2.78%, 07/01/51 (Call 01/01/51)

    50       32,278  

Allina Health System

   

2.90%, 11/15/51 (Call 05/15/51)

    5       3,271  
Security   Par
(000)
    Value  

Health Care - Services (continued)

   

Series 2019, 3.89%, 04/15/49

  $ 45     $ 36,579  

Anthem Inc., 4.55%, 05/15/52 (Call 11/15/51)

    20       17,365  

Ascension Health

   

3.95%, 11/15/46

    90       76,104  

4.85%, 11/15/53

    77       75,791  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

    15       11,705  

Banner Health

   

2.91%, 01/01/42 (Call 07/01/41)

    25       18,471  

2.91%, 01/01/51 (Call 07/01/50)

    40       26,815  

Series 2020, 3.18%, 01/01/50 (Call 07/01/49)

    35       25,076  

Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)

    5       3,059  

Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)

    55       40,157  

BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)

    50       40,828  

Baylor Scott & White Holdings

   

4.19%, 11/15/45 (Call 05/15/45)

    70       60,762  

Series 2021, 2.84%, 11/15/50 (Call 11/15/49)

      100       67,528  

BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)

    35       26,414  

Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)

    10       6,990  

Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)

    10       7,081  

Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)

    60       37,222  

Children’s Hospital Corp. (The)

   

Series 2017, 4.12%, 01/01/47 (Call 07/01/46)

    30       26,157  

Series 2020, 2.59%, 02/01/50 (Call 08/01/49)

    80       51,119  

Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44

    25       22,389  

Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)

    10       6,543  

City of Hope

   

Series 2013, 5.62%, 11/15/43

    25       24,639  

Series 2018, 4.38%, 08/15/48 (Call 02/15/48)(c)

    65       54,755  

Cleveland Clinic Foundation (The), 4.86%, 01/01/2114

    47       41,942  

CommonSpirit Health

   

3.82%, 10/01/49 (Call 04/01/49)

    77       58,324  

3.91%, 10/01/50 (Call 04/01/50)

    35       26,649  

4.19%, 10/01/49 (Call 04/01/49)

    91       72,397  

4.35%, 11/01/42

    90       75,882  

6.46%, 11/01/52 (Call 05/01/52)

    5       5,583  

Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)

    50       36,302  

Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)

    50       41,295  

Dignity Health, 4.50%, 11/01/42

    10       8,597  

Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)

    45       38,036  

Elevance Health Inc.

   

3.60%, 03/15/51 (Call 09/15/50)

    10       7,461  

3.70%, 09/15/49 (Call 03/15/49)

    75       56,518  

4.38%, 12/01/47 (Call 06/01/47)

    118       99,695  

4.55%, 03/01/48 (Call 09/01/47)

    20       17,247  

4.63%, 05/15/42

    95       85,730  

4.65%, 01/15/43

    145       129,945  

4.65%, 08/15/44 (Call 02/15/44)

    80       70,333  

5.10%, 01/15/44

    141           132,326  

 

 

54  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Health Care - Services (continued)

   

5.13%, 02/15/53 (Call 08/15/52)

  $ 30     $ 28,427  

6.10%, 10/15/52 (Call 04/15/52)

    45       48,213  

6.38%, 06/15/37

    25       26,636  

Hackensack Meridian Health Inc.

   

4.21%, 07/01/48 (Call 01/01/48)

    45       38,761  

4.50%, 07/01/57 (Call 01/01/57)

    55       48,975  

Series 2020, 2.68%, 09/01/41 (Call 03/01/41)

    15       10,631  

Series 2020, 2.88%, 09/01/50 (Call 03/01/50)

    53       35,472  

HCA Inc.

   

3.50%, 07/15/51 (Call 01/15/51)

    120       78,266  

4.63%, 03/15/52 (Call 09/15/51)(a)

    60       47,197  

5.13%, 06/15/39 (Call 12/15/38)

    130       115,583  

5.25%, 06/15/49 (Call 12/15/48)

      170       146,775  

5.50%, 06/15/47 (Call 12/15/46)

    115       103,468  

Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)(a)

    55       38,630  

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)

    5       4,030  

Humana Inc.

   

3.95%, 08/15/49 (Call 02/15/49)

    30       23,509  

4.63%, 12/01/42 (Call 06/01/42)

    51       44,441  

4.80%, 03/15/47 (Call 09/14/46)

    30       26,473  

4.95%, 10/01/44 (Call 04/01/44)

    25       22,423  

IHC Health Services Inc., 4.13%, 05/15/48 (Call 11/15/47)

    80       67,698  

Indiana University Health Inc. Obligated Group

   

3.97%, 11/01/48 (Call 05/01/48)

    60       50,045  

Series 2021, 2.85%, 11/01/51 (Call 05/01/51)

    35       23,524  

Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)

    5       4,213  

Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)

    75       55,748  

Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)

    40       30,024  

Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46

    30       24,921  

Kaiser Foundation Hospitals

   

4.15%, 05/01/47 (Call 11/01/46)

    79       69,346  

4.88%, 04/01/42

    140           136,972  

Series 2019, 3.27%, 11/01/49 (Call 05/12/49)

    90       66,801  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)

    5       3,479  

Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)

    68       58,166  

Mass General Brigham Inc.

   

Series 2015, 4.12%, 07/01/55

    40       33,443  

Series 2017, 3.77%, 07/01/48 (Call 01/01/48)

    35       28,413  

Series 2020, 3.19%, 07/01/49 (Call 01/01/49)

    80       56,972  

Series 2020, 3.34%, 07/01/60 (Call 01/01/60)

    45       31,483  

Mayo Clinic

   

3.77%, 11/15/43

    55       46,027  

Series 2013, 4.00%, 11/15/47

    50       42,110  

Series 2016, 4.13%, 11/15/52

    30       25,802  

Series 2021, 3.20%, 11/15/61 (Call 05/15/61)

    15       10,156  

McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)

    75       65,420  

MedStar Health Inc., Series 20A, 3.63%, 08/15/49

    40       29,270  

Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)

    45       33,782  

Memorial Sloan-Kettering Cancer Center

   

4.13%, 07/01/52

    70       60,183  

5.00%, 07/01/42

    60       59,592  

Series 2020, 2.96%, 01/01/50 (Call 07/01/49)

    55       37,958  
Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

  $ 15     $ 9,682  

MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)

    60       42,386  

Montefiore Obligated Group

   

4.29%, 09/01/50

    55       34,124  

Series 18-C, 5.25%, 11/01/48 (Call 05/01/48)

    40       29,261  

Mount Sinai Hospitals Group Inc.

   

Series 2017, 3.98%, 07/01/48

    80       64,524  

Series 2019, 3.74%, 07/01/49 (Call 01/01/49)

    30       23,537  

New York and Presbyterian Hospital (The)

   

2.61%, 08/01/60 (Call 02/01/60)

    10       5,862  

4.02%, 08/01/45

    80       67,987  

Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)

    15       10,783  

Northwell Healthcare Inc.

   

3.81%, 11/01/49 (Call 11/01/48)

    55       41,601  

3.98%, 11/01/46 (Call 11/01/45)

    95       73,825  

4.26%, 11/01/47 (Call 11/01/46)

    55       45,262  

Novant Health Inc., 3.17%, 11/01/51 (Call 05/01/51)

    55       38,757  

NYU Langone Hospitals

   

4.37%, 07/01/47 (Call 01/01/47)

    55       47,951  

4.78%, 07/01/44

    45       41,580  

OhioHealth Corp., Series 2020, 3.04%, 11/15/50 (Call 05/15/50)

    45       32,658  

Orlando Health Obligated Group

   

3.33%, 10/01/50 (Call 04/01/50)

    10       7,160  

4.09%, 10/01/48 (Call 04/01/48)

    55       45,495  

PeaceHealth Obligated Group

   

Series 2018, 4.79%, 11/15/48 (Call 05/15/48)

    25       22,567  

Series 2020, 3.22%, 11/15/50 (Call 05/15/50)

    5       3,402  

Piedmont Healthcare Inc., 2.86%, 01/01/52 (Call 07/01/51)

    15       9,751  

Providence St. Joseph Health Obligated Group

   

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)

    30       17,882  

Series A, 3.93%, 10/01/48 (Call 04/01/48)

    64       49,914  

Series I, 3.74%, 10/01/47

    5       3,870  

Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)

    30       25,859  

Roche Holdings Inc.

   

2.61%, 12/13/51 (Call 06/13/51)(a)

      200           131,468  

7.00%, 03/01/39(a)

    30       35,714  

RWJ Barnabas Health Inc.

   

3.48%, 07/01/49 (Call 01/01/49)

    30       22,843  

3.95%, 07/01/46 (Call 07/01/45)

    40       32,984  

Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)

    50       32,430  

Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)

    5       3,387  

Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)

    25       15,639  

Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

    113       92,445  

Sutter Health, Series 2018, 4.09%, 08/15/48 (Call 02/15/48)

    81       66,840  

Texas Health Resources

   

2.33%, 11/15/50 (Call 05/15/50)

    10       5,882  

4.33%, 11/15/55

    40       34,587  

Toledo Hospital (The)

   

5.75%, 11/15/38 (Call 11/15/28)

    60       57,814  

6.02%, 11/15/48(c)

    40       25,808  

Trinity Health Corp.

   

4.13%, 12/01/45

    55       47,561  

Series 2019, 3.43%, 12/01/48

    45       35,046  

Series 2021, 2.63%, 12/01/40 (Call 06/01/40)

    15       10,636  

 

 

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

  55


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Health Care - Services (continued)

   

UnitedHealth Group Inc.

   

2.75%, 05/15/40 (Call 11/15/39)

  $ 50     $ 36,342  

2.90%, 05/15/50 (Call 11/15/49)

    75       50,803  

3.05%, 05/15/41 (Call 11/15/40)

    110       82,512  

3.25%, 05/15/51 (Call 11/15/50)

    110       78,684  

3.70%, 08/15/49 (Call 02/15/49)

    105       82,547  

3.75%, 10/15/47 (Call 04/15/47)

    147       117,328  

3.88%, 08/15/59 (Call 02/15/59)

    60       46,921  

3.95%, 10/15/42 (Call 04/15/42)

    125       107,085  

4.20%, 01/15/47 (Call 07/15/46)

    90       77,925  

4.25%, 03/15/43 (Call 09/15/42)

    58       51,027  

4.25%, 04/15/47 (Call 10/15/46)

    145       125,393  

4.25%, 06/15/48 (Call 12/15/47)

    90       77,992  

4.38%, 03/15/42 (Call 09/15/41)

    115       102,923  

4.45%, 12/15/48 (Call 06/15/48)

    50       44,467  

4.63%, 07/15/35

    130       124,572  

4.63%, 11/15/41 (Call 05/15/41)

    50       46,264  

4.75%, 07/15/45

      152       142,454  

4.75%, 05/15/52 (Call 11/15/51)

    150       137,683  

4.95%, 05/15/62 (Call 11/15/61)

    100       94,114  

5.80%, 03/15/36

    40       41,899  

5.88%, 02/15/53 (Call 08/15/52)

    85       91,713  

5.95%, 02/15/41 (Call 08/15/40)

    35       37,142  

6.05%, 02/15/63 (Call 08/15/62)

    65       71,083  

6.50%, 06/15/37

    90       100,067  

6.63%, 11/15/37

    60       67,115  

6.88%, 02/15/38

    15       17,387  

Willis-Knighton Medical Center

   

Series 2018, 4.81%, 09/01/48 (Call 03/01/48)

    59       53,784  

Series 2021, 3.07%, 03/01/51 (Call 09/01/50)

    40       25,842  
   

 

 

 
          7,821,870  
Holding Companies - Diversified — 0.2%            

JAB Holdings BV, 3.75%, 05/28/51 (Call 11/28/50)(a)

    5       3,205  

MDGH GMTN RSC Ltd.

   

3.70%, 11/07/49 (Call 05/07/49)(f)

    200       158,370  

3.95%, 05/21/50 (Call 11/21/49)(f)

    200       166,380  

PTT Treasury Center Co. Ltd., 4.50%, 10/25/42

    200       164,924  

Temasek Financial I Ltd., 2.50%, 10/06/70 (Call 04/06/70)(a)

    250       152,347  
   

 

 

 
      645,226  
Home Builders — 0.0%            

MDC Holdings Inc.

   

3.97%, 08/06/61 (Call 02/06/61)

    20       11,440  

6.00%, 01/15/43 (Call 10/15/42)

    85       71,590  

PulteGroup Inc., 6.00%, 02/15/35

    55       53,987  
   

 

 

 
      137,017  
Home Furnishings — 0.0%            

Leggett & Platt Inc., 3.50%, 11/15/51 (Call 05/15/51)

    25       17,694  

Whirlpool Corp.

   

4.50%, 06/01/46 (Call 12/01/45)

    86       67,685  

4.60%, 05/15/50 (Call 11/15/49)

    20       16,204  
   

 

 

 
      101,583  
Household Products & Wares — 0.1%            

Church & Dwight Co. Inc.

   

3.95%, 08/01/47 (Call 02/01/47)

    80       64,343  

5.00%, 06/15/52 (Call 12/15/51)

    15       14,251  

Kimberly-Clark Corp.

   

3.20%, 07/30/46 (Call 01/30/46)

    75       55,471  

3.90%, 05/04/47 (Call 11/04/46)

    40       33,342  

5.30%, 03/01/41

    30       30,525  
Security  

Par

(000)

    Value  
Household Products & Wares (continued)            

6.63%, 08/01/37

  $ 25     $ 29,394  

SC Johnson & Son Inc., 4.80%, 09/01/40(a)

    50       45,580  
   

 

 

 
      272,906  
Housewares — 0.0%            

Newell Brands Inc.

   

5.63%, 04/01/36 (Call 10/01/35)

    30       25,587  

5.75%, 04/01/46 (Call 10/01/45)

    45       36,100  
   

 

 

 
      61,687  
Insurance — 2.4%            

Aflac Inc., 4.75%, 01/15/49 (Call 07/15/48)

    70       64,350  

AIA Group Ltd.

   

3.20%, 09/16/40 (Call 03/16/40)(a)

    210       159,266  

4.50%, 03/16/46 (Call 09/16/45)(a)

    105       93,346  

Alleghany Corp., 4.90%, 09/15/44 (Call 03/15/44)

    15       14,064  

Allstate Corp. (The)

   

3.85%, 08/10/49 (Call 02/10/49)

    10       7,980  

4.20%, 12/15/46 (Call 06/15/46)

    40       33,239  

4.50%, 06/15/43

    90       80,092  

5.55%, 05/09/35

    50       51,313  

5.95%, 04/01/36

    10       10,600  

6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)(b)

    85       82,459  

American Financial Group Inc./OH, 4.50%, 06/15/47

   

(Call 12/15/46)

    45       37,267  

American International Group Inc.

   

4.38%, 06/30/50 (Call 12/30/49)

      100       84,120  

4.50%, 07/16/44 (Call 01/16/44)

    150           130,591  

4.75%, 04/01/48 (Call 10/01/47)

    65       57,855  

4.80%, 07/10/45 (Call 01/10/45)

    40       35,619  

AmFam Holdings Inc., 3.83%, 03/11/51
(Call 09/11/50)(a)

    22       14,570  

Aon Corp., 6.25%, 09/30/40

    30       31,051  

Aon Corp./Aon Global Holdings PLC

   

2.90%, 08/23/51 (Call 02/23/51)

    25       16,149  

3.90%, 02/28/52 (Call 08/28/51)

    50       38,458  

Aon Global Ltd.

   

4.60%, 06/14/44 (Call 03/14/44)

    40       34,898  

4.75%, 05/15/45 (Call 11/15/44)

    44       39,024  

Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)

    40       35,504  

Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)

    70       50,356  

Arch Capital Group U.S. Inc., 5.14%, 11/01/43

    40       36,594  

Arthur J Gallagher & Co.

   

3.05%, 03/09/52 (Call 09/09/51)

    50       32,371  

5.75%, 03/02/53 (Call 09/02/52)

    12       11,918  

Athene Holding Ltd.

   

3.45%, 05/15/52 (Call 11/15/51)

    15       9,544  

3.95%, 05/25/51 (Call 11/25/50)

    35       24,557  

Berkshire Hathaway Finance Corp.

   

2.50%, 01/15/51 (Call 07/15/50)

    50       31,284  

2.85%, 10/15/50 (Call 04/15/50)

    70       47,239  

3.85%, 03/15/52 (Call 09/15/51)

    120       96,790  

4.20%, 08/15/48 (Call 02/15/48)

    133       117,470  

4.25%, 01/15/49 (Call 07/15/48)

    206       183,278  

4.30%, 05/15/43

    45       40,500  

4.40%, 05/15/42

    85       78,194  

5.75%, 01/15/40

    53       57,047  

Berkshire Hathaway Inc., 4.50%, 02/11/43

    97       89,682  

Brighthouse Financial Inc.

   

3.85%, 12/22/51 (Call 06/22/51)

    5       3,289  

4.70%, 06/22/47 (Call 12/22/46)

    54       41,641  

 

 

56  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security

  Par
(000)
    Value  

Insurance (continued)

   

Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51)

  $ 25     $ 21,038  

Chubb Corp. (The)

   

6.00%, 05/11/37

    16       17,148  

Series 1, 6.50%, 05/15/38

    20       22,518  

Chubb INA Holdings Inc.

   

2.85%, 12/15/51 (Call 06/15/51)

    25       16,947  

3.05%, 12/15/61 (Call 06/15/61)

    100       65,334  

4.15%, 03/13/43

    25       21,735  

4.35%, 11/03/45 (Call 05/03/45)

      115           102,824  

6.70%, 05/15/36

    25       27,765  

Corebridge Financial Inc.

   

4.35%, 04/05/42 (Call 10/05/41)(a)

    30       24,769  

4.40%, 04/05/52 (Call 10/05/51)(a)

    50       39,703  

Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(a)

    25       16,104  

Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)

    80       70,673  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)

    50       32,386  

3.50%, 10/15/50 (Call 04/15/50)

    35       24,517  

4.87%, 06/01/44

    15       13,427  

Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3 mo. LIBOR US + 3.744%)(a)(b)

    50       48,995  

Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3 mo. LIBOR US + 3.454%)(a)(b)

    60       54,782  

Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3 mo. LIBOR US + 1.374%)(a)(b)

    60       46,872  

Genworth Holdings Inc., 6.50%, 06/15/34

    25       22,743  

Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a)

    85       72,516  

Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(a)

    25       19,990  

Guardian Life Insurance Co. of America (The)

   

3.70%, 01/22/70 (Call 07/22/69)(a)

    25       17,309  

4.85%, 01/24/77(a)

    40       33,748  

4.88%, 06/19/64(a)

    55       49,154  

Hartford Financial Services Group Inc. (The)

   

2.90%, 09/15/51 (Call 03/15/51)

    15       9,725  

4.30%, 04/15/43

    25       20,740  

4.40%, 03/15/48 (Call 09/15/47)

    75       63,750  

5.95%, 10/15/36

    40       41,136  

6.10%, 10/01/41

    40       41,008  

High Street Funding Trust II, 4.68%, 02/15/48 (Call 11/15/47)(a)

    110       90,594  

Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)

    30       20,105  

Liberty Mutual Group Inc.

   

3.95%, 10/15/50 (Call 04/15/50)(a)

    125       90,890  

3.95%, 05/15/60 (Call 11/15/59)(a)

    60       41,826  

4.30%, 02/01/61 (Call 02/03/26)(a)

    50       30,624  

5.50%, 06/15/52 (Call 12/15/51)(a)

    25       23,321  

7.80%, 03/07/87(a)

    30       32,870  

Lincoln National Corp.

   

4.35%, 03/01/48 (Call 09/01/47)

    40       31,076  

4.38%, 06/15/50 (Call 12/15/49)(c)

    35       26,805  

7.00%, 06/15/40

    80       86,463  

Loews Corp., 4.13%, 05/15/43 (Call 11/15/42)

    65       54,057  

Manulife Financial Corp., 5.38%, 03/04/46

    35       35,433  

Markel Corp.

   

3.45%, 05/07/52 (Call 11/07/51)

    5       3,433  

4.15%, 09/17/50 (Call 03/17/50)

    26       20,183  

4.30%, 11/01/47 (Call 05/01/47)

    35       27,737  

5.00%, 04/05/46

    50       43,984  
Security   Par
(000)
    Value  

Insurance (continued)

   

5.00%, 05/20/49 (Call 11/20/48)

  $ 60     $ 53,774  

Marsh & McLennan Companies Inc.

   

4.20%, 03/01/48 (Call 09/01/47)

    85       71,135  

4.35%, 01/30/47 (Call 07/30/46)

    50       42,661  

4.75%, 03/15/39 (Call 09/15/38)

    75       69,682  

4.90%, 03/15/49 (Call 09/15/48)

    50       46,089  

6.25%, 11/01/52 (Call 05/01/52)

    25       27,741  

Massachusetts Mutual Life Insurance Co.

   

3.38%, 04/15/50(a)

    30       21,738  

3.73%, 10/15/70(a)

    71       48,595  

4.90%, 04/01/77(a)

    50       43,139  

5.67%, 12/01/52 (Call 06/01/52)(a)

    100       101,365  

MetLife Inc.

   

4.05%, 03/01/45

    40       33,485  

4.13%, 08/13/42

    71       60,569  

4.60%, 05/13/46 (Call 11/13/45)

    30       26,803  

4.72%, 12/15/44

    55       50,066  

4.88%, 11/13/43

    81       75,568  

5.00%, 07/15/52 (Call 01/15/52)

    30       28,682  

5.25%, 01/15/54 (Call 07/15/53)

    150       146,815  

5.70%, 06/15/35

    51       53,463  

6.40%, 12/15/66 (Call 12/15/31)

      200           200,556  

10.75%, 08/01/69 (Call 08/01/34)

    31       41,779  

Nationwide Financial Services Inc.

   

3.90%, 11/30/49 (Call 05/30/49)(a)

    60       44,409  

5.30%, 11/18/44(a)

    40       35,164  

Nationwide Mutual Insurance Co.

   

4.35%, 04/30/50 (Call 10/30/49)(a)

    275       213,595  

9.38%, 08/15/39(a)

    15       20,031  

New York Life Insurance Co.

   

3.75%, 05/15/50 (Call 11/15/49)(a)

    55       42,950  

4.45%, 05/15/69 (Call 11/15/68)(a)

    30       25,408  

6.75%, 11/15/39(a)

    180       203,366  

Northwestern Mutual Life Insurance Co. (The)

   

3.45%, 03/30/51 (Call 09/30/50)(a)

    25       18,099  

3.63%, 09/30/59 (Call 03/30/59)(a)

    175       123,210  

3.85%, 09/30/47 (Call 03/30/47)(a)

    115       90,634  

Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)

    10       7,155  

Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47), (3 mo. LIBOR US + 2.796%)(a)(b)

    175       138,455  

Pacific LifeCorp.

   

3.35%, 09/15/50 (Call 03/15/50)(a)

    25       17,668  

5.40%, 09/15/52 (Call 03/15/52)(a)

    25       24,450  

Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(a)

    45       30,039  

Principal Financial Group Inc.

   

4.30%, 11/15/46 (Call 05/15/46)

    10       8,230  

4.35%, 05/15/43

    46       37,620  

4.63%, 09/15/42

    40       33,929  

Progressive Corp. (The)

   

3.70%, 03/15/52 (Call 09/15/51)

    15       11,871  

3.95%, 03/26/50 (Call 09/26/49)

    25       20,359  

4.13%, 04/15/47 (Call 10/15/46)

    62       52,889  

4.20%, 03/15/48 (Call 09/15/47)

    50       42,861  

4.35%, 04/25/44

    45       39,059  

Provident Financing Trust I, 7.41%, 03/15/38

    15       15,622  

Prudential Financial Inc.

   

3.00%, 03/10/40 (Call 09/10/39)

    50       37,323  

3.70%, 03/13/51 (Call 09/13/50)

    105       80,164  

3.91%, 12/07/47 (Call 06/07/47)

    40       31,591  

 

 

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

  57


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Insurance (continued)

   

3.94%, 12/07/49 (Call 06/07/49)

  $ 60     $ 47,526  

4.35%, 02/25/50 (Call 08/25/49)

    50       42,445  

4.42%, 03/27/48 (Call 09/27/47)

    10       8,643  

4.60%, 05/15/44

    53       48,201  

5.70%, 12/14/36

    52       54,067  

6.63%, 12/01/37

    30       33,167  

6.63%, 06/21/40

    50       54,822  

Securian Financial Group Inc., 4.80%, 04/15/48(a)

    35       28,841  

Selective Insurance Group Inc., 5.38%, 03/01/49
(Call 09/01/48)

    15       13,519  

Teachers Insurance & Annuity Association of America

   

3.30%, 05/15/50 (Call 11/15/49)(a)

      130       93,366  

4.27%, 05/15/47 (Call 11/15/46)(a)

    175       148,038  

4.90%, 09/15/44(a)

    80       73,927  

6.85%, 12/16/39(a)

    52       57,384  

Transatlantic Holdings Inc., 8.00%, 11/30/39

    40       50,322  

Travelers Companies Inc. (The)

   

3.05%, 06/08/51 (Call 12/08/50)

    50       34,879  

3.75%, 05/15/46 (Call 11/15/45)

    35       27,573  

4.00%, 05/30/47 (Call 11/30/46)

    30       25,066  

4.05%, 03/07/48 (Call 09/07/47)

    10       8,390  

4.10%, 03/04/49 (Call 09/04/48)

    30       25,316  

4.30%, 08/25/45 (Call 02/25/45)

    30       26,142  

4.60%, 08/01/43

    30       27,420  

5.35%, 11/01/40

    10       10,164  

6.25%, 06/15/37

    50       55,486  

6.75%, 06/20/36

    161       183,051  

Unum Group

   

4.13%, 06/15/51 (Call 12/15/50)

    5       3,584  

4.50%, 12/15/49 (Call 06/15/49)

    45       33,798  

5.75%, 08/15/42

    60       55,175  

Voya Financial Inc.

   

4.80%, 06/15/46

    15       12,541  

5.70%, 07/15/43

    115       110,403  

W R Berkley Corp.

   

3.55%, 03/30/52 (Call 09/30/51)

    15       10,680  

4.75%, 08/01/44

    45       40,217  

Western & Southern Life Insurance Co. (The)

   

3.75%, 04/28/61 (Call 10/28/60)(a)

    10       6,892  

5.15%, 01/15/49 (Call 07/15/48)(a)(c)

    25       22,773  

Willis North America Inc.

   

3.88%, 09/15/49 (Call 03/15/49)

    35       25,540  

5.05%, 09/15/48 (Call 03/15/48)

    30       26,008  

XLIT Ltd.

   

5.25%, 12/15/43

    100       98,442  

5.50%, 03/31/45

    40       39,120  
   

 

 

 
          8,175,110  
Internet — 0.9%            

Alibaba Group Holding Ltd.

   

2.70%, 02/09/41 (Call 08/09/40)

    200       131,502  

3.15%, 02/09/51 (Call 08/09/50)

    200       128,418  

4.00%, 12/06/37 (Call 06/06/37)

    50       41,332  

4.20%, 12/06/47 (Call 06/06/47)

    205       160,570  

Alphabet Inc.

   

1.90%, 08/15/40 (Call 02/15/40)

    65       43,246  

2.05%, 08/15/50 (Call 02/15/50)

    390       235,439  

2.25%, 08/15/60 (Call 02/15/60)

    20       11,593  

Amazon.com Inc.

   

2.50%, 06/03/50 (Call 12/03/49)

    100       64,038  

2.70%, 06/03/60 (Call 12/03/59)

    113       69,417  
Security   Par
(000)
    Value  

Internet (continued)

   

2.88%, 05/12/41 (Call 11/12/40)

  $ 100     $ 74,455  

3.10%, 05/12/51 (Call 11/12/50)

    240       171,830  

3.25%, 05/12/61 (Call 11/12/60)

    85       58,777  

3.88%, 08/22/37 (Call 02/22/37)

    223       196,996  

3.95%, 04/13/52 (Call 10/13/51)

    115       96,566  

4.05%, 08/22/47 (Call 02/22/47)

    122       105,258  

4.10%, 04/13/62 (Call 10/13/61)

    115       95,136  

4.25%, 08/22/57 (Call 02/22/57)

    245       211,359  

4.95%, 12/05/44 (Call 06/05/44)

    200       196,056  

eBay Inc.

   

3.65%, 05/10/51 (Call 11/10/50)

    45       32,276  

4.00%, 07/15/42 (Call 01/15/42)

    76       60,232  

Meta Platforms Inc.

   

4.45%, 08/15/52 (Call 02/15/52)

    225       186,392  

4.65%, 08/15/62 (Call 02/15/62)

    100       83,164  

Prosus NV, 4.03%, 08/03/50 (Call 02/03/50)(f)

    200       126,492  

Tencent Holdings Ltd.

   

3.24%, 06/03/50 (Call 12/03/49)(c)(f)

    200       128,742  

3.29%, 06/03/60 (Call 12/03/59)(f)

    200       121,874  

4.53%, 04/11/49 (Call 10/11/48)(c)(f)

      200       163,904  
   

 

 

 
          2,995,064  
Iron & Steel — 0.2%            

ArcelorMittal SA

   

6.75%, 03/01/41

    25       24,718  

7.00%, 10/15/39

    36       37,031  

Cliffs Natural Resources Inc., 6.25%, 10/01/40(c)

    20       17,415  

Nucor Corp.

   

2.98%, 12/15/55 (Call 06/15/55)

    94       61,216  

6.40%, 12/01/37

    75       82,102  

Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)

    25       16,788  

U.S. Steel Corp., 6.65%, 06/01/37

    20       18,757  

Vale Overseas Ltd.

   

6.88%, 11/21/36

    132       135,361  

6.88%, 11/10/39

    80       81,817  

Vale SA, 5.63%, 09/11/42

    125       120,864  
   

 

 

 
      596,069  
Leisure Time — 0.0%            

Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51)

    50       36,339  

Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)

    30       23,230  
   

 

 

 
      59,569  
Machinery — 0.3%            

ABB Finance USA Inc., 4.38%, 05/08/42

    10       8,852  

Caterpillar Inc.

   

3.25%, 09/19/49 (Call 03/19/49)

    135       103,010  

3.25%, 04/09/50 (Call 10/09/49)

    55       42,084  

3.80%, 08/15/42

    80       68,003  

4.30%, 05/15/44 (Call 11/15/43)(c)

    70       64,493  

4.75%, 05/15/64 (Call 11/15/63)

    45       42,410  

5.20%, 05/27/41

    61       62,269  

6.05%, 08/15/36

    25       27,296  

Crane Holdings Co., 4.20%, 03/15/48 (Call 09/15/47)

    50       36,644  

Deere & Co.

   

2.88%, 09/07/49 (Call 03/07/49)

    165       119,467  

3.75%, 04/15/50 (Call 10/15/49)(c)

    55       46,742  

3.90%, 06/09/42 (Call 12/09/41)

    44       38,789  

Dover Corp.

   

5.38%, 10/15/35

    40       39,838  

5.38%, 03/01/41 (Call 12/01/40)

    20       19,577  

 

 

58  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Machinery (continued)

   

Otis Worldwide Corp.

   

3.11%, 02/15/40 (Call 08/15/39)

  $ 40     $ 29,834  

3.36%, 02/15/50 (Call 08/15/49)

    70       49,652  

Rockwell Automation Inc., 4.20%, 03/01/49 (Call 09/01/48)

    30       26,397  

Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)

    20       16,622  
   

 

 

 
      841,979  
Manufacturing — 0.3%            

3M Co.

   

3.13%, 09/19/46 (Call 03/19/46)(c)

    60       41,341  

3.25%, 08/26/49 (Call 02/26/49)(c)

    10       6,971  

3.63%, 10/15/47 (Call 04/15/47)

    98       73,745  

3.70%, 04/15/50 (Call 10/15/49)(c)

    35       27,049  

3.88%, 06/15/44

    55       43,728  

4.00%, 09/14/48 (Call 03/14/48)(c)

    75       60,151  

5.70%, 03/15/37

    87       88,310  

Eaton Corp.

   

3.92%, 09/15/47 (Call 02/15/47)

    15       12,251  

4.15%, 11/02/42

    75       63,901  

4.70%, 08/23/52 (Call 02/23/52)

    50       45,442  

General Electric Co.

   

4.50%, 03/11/44

    30       25,988  

5.88%, 01/14/38

    30       31,129  

6.88%, 01/10/39

    100       112,861  

Illinois Tool Works Inc.

   

3.90%, 09/01/42 (Call 03/01/42)

    30       25,904  

4.88%, 09/15/41 (Call 03/15/41)

    51       50,035  

Parker-Hannifin Corp.

   

4.00%, 06/14/49 (Call 12/14/48)

    40       32,265  

4.10%, 03/01/47 (Call 09/01/46)

    20       16,610  

4.45%, 11/21/44 (Call 05/21/44)

    85       74,631  

6.25%, 05/15/38

    10       10,519  

Siemens Financieringsmaatschappij NV, 4.20%, 03/16/47(a)

      250       225,005  
   

 

 

 
          1,067,836  
Media — 2.3%            

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.25%, 01/15/34 (Call 01/15/28)(a)

    140       104,811  

4.50%, 06/01/33 (Call 06/01/27)(a)

    115       89,522  

Charter Communications Operating LLC/Charter Communications Operating Capital

   

3.50%, 06/01/41 (Call 12/01/40)

    130       84,833  

3.50%, 03/01/42 (Call 09/01/41)

    85       54,862  

3.70%, 04/01/51 (Call 10/01/50)

    145       88,533  

3.85%, 04/01/61 (Call 10/01/60)

    175       102,783  

3.90%, 06/01/52 (Call 12/01/51)

    130       81,925  

3.95%, 06/30/62 (Call 12/30/61)

    80       47,658  

4.40%, 12/01/61 (Call 06/01/61)

    50       32,353  

4.80%, 03/01/50 (Call 09/01/49)

    225       163,870  

5.13%, 07/01/49 (Call 01/01/49)

    125       95,829  

5.25%, 04/01/53 (Call 10/01/52)

    80       62,406  

5.38%, 04/01/38 (Call 10/01/37)

    70       58,556  

5.38%, 05/01/47 (Call 11/01/46)

    140       111,084  

5.50%, 04/01/63 (Call 10/01/62)

    45       34,835  

5.75%, 04/01/48 (Call 10/01/47)

    188       156,454  

6.38%, 10/23/35 (Call 04/23/35)

    160       153,208  

6.48%, 10/23/45 (Call 04/23/45)

    226       204,449  

6.83%, 10/23/55 (Call 04/23/55)

    70       65,260  

Comcast Corp.

   

2.45%, 08/15/52 (Call 02/15/52)(c)

    65       38,570  

2.65%, 08/15/62 (Call 02/15/62)

    280       160,602  
Security   Par
(000)
    Value  

Media (continued)

   

2.80%, 01/15/51 (Call 07/15/50)

  $ 92     $ 58,788  

2.89%, 11/01/51 (Call 05/01/51)

    252       163,059  

2.94%, 11/01/56 (Call 05/01/56)

    264       165,787  

2.99%, 11/01/63 (Call 05/01/63)

    189       115,558  

3.20%, 07/15/36 (Call 01/15/36)

    55       44,269  

3.25%, 11/01/39 (Call 05/01/39)

    76       59,165  

3.40%, 07/15/46 (Call 01/15/46)

    85       62,509  

3.45%, 02/01/50 (Call 08/01/49)

    145       105,933  

3.75%, 04/01/40 (Call 10/01/39)

    45       37,065  

3.90%, 03/01/38 (Call 09/01/37)

    110       94,359  

3.97%, 11/01/47 (Call 05/01/47)

    109       87,876  

4.00%, 08/15/47 (Call 02/15/47)

    75       60,595  

4.00%, 03/01/48 (Call 09/01/47)

    75       60,646  

4.00%, 11/01/49 (Call 05/01/49)

    151       121,726  

4.05%, 11/01/52 (Call 05/01/52)

      224       180,042  

4.40%, 08/15/35 (Call 02/25/35)

    85       78,382  

4.60%, 10/15/38 (Call 04/15/38)

    54       49,787  

4.60%, 08/15/45 (Call 02/15/45)

    70       61,746  

4.65%, 07/15/42

    100       92,414  

4.70%, 10/15/48 (Call 04/15/48)

    60       54,400  

4.75%, 03/01/44

    150       136,950  

4.95%, 10/15/58 (Call 04/15/58)

    35       32,452  

5.65%, 06/15/35

    45       46,520  

6.50%, 11/15/35

    130       143,763  

6.55%, 07/01/39

    10       11,085  

Cox Communications Inc.

   

3.60%, 06/15/51 (Call 12/15/50)(a)

    20       14,123  

4.50%, 06/30/43 (Call 12/30/42)(a)

    121       99,149  

4.70%, 12/15/42(a)

    75       63,038  

8.38%, 03/01/39(a)

    55       66,195  

Discovery Communications LLC

   

4.00%, 09/15/55 (Call 03/15/55)

    106       68,283  

4.65%, 05/15/50 (Call 11/15/49)

    260       189,972  

4.88%, 04/01/43

    25       19,721  

5.00%, 09/20/37 (Call 03/20/37)

    55       46,923  

5.20%, 09/20/47 (Call 03/20/47)

    60       47,897  

5.30%, 05/15/49 (Call 11/15/48)

    136       108,954  

Fox Corp.

   

5.48%, 01/25/39 (Call 07/25/38)

    80       73,381  

5.58%, 01/25/49 (Call 07/25/48)

    105       95,658  

Grupo Televisa SAB

   

5.00%, 05/13/45 (Call 11/13/44)

    15       13,068  

6.63%, 01/15/40

    155       160,364  

Historic TW Inc., 8.30%, 01/15/36

    10       11,407  

NBCUniversal Media LLC, 5.95%, 04/01/41

    130           136,617  

Paramount Global

   

4.38%, 03/15/43

    80       55,513  

4.60%, 01/15/45 (Call 07/15/44)

    85       60,742  

4.85%, 07/01/42 (Call 01/01/42)

    44       32,948  

4.90%, 08/15/44 (Call 02/15/44)

    120       88,244  

4.95%, 05/19/50 (Call 11/19/49)

    65       48,136  

5.25%, 04/01/44 (Call 10/01/43)

    35       26,922  

5.85%, 09/01/43 (Call 03/01/43)

    25       20,999  

6.88%, 04/30/36

    104       103,154  

Sky Group Finance Ltd., 6.50%, 10/15/35(a)

    20       21,377  

Thomson Reuters Corp.

   

5.65%, 11/23/43 (Call 05/23/43)

    15       14,048  

5.85%, 04/15/40

    95       92,453  

Time Warner Cable LLC

4.50%, 09/15/42 (Call 03/15/42)

    79       58,860  

 

 

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

  59


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Media (continued)

   

5.50%, 09/01/41 (Call 03/01/41)

  $ 125     $ 105,436  

5.88%, 11/15/40 (Call 05/15/40)

    100       88,043  

6.55%, 05/01/37

    85       80,953  

6.75%, 06/15/39

    155       148,902  

7.30%, 07/01/38

    115       115,090  

TWDC Enterprises 18 Corp.

   

3.00%, 07/30/46

    45       31,612  

3.70%, 12/01/42

    45       36,575  

4.13%, 06/01/44

    75       64,472  

4.38%, 08/16/41

    50       44,508  

Series E, 4.13%, 12/01/41

    40       34,716  

Walt Disney Co. (The)

   

2.75%, 09/01/49 (Call 03/01/49)

    115       76,338  

3.50%, 05/13/40 (Call 11/13/39)

    95       76,901  

3.60%, 01/13/51 (Call 07/13/50)

    135       104,676  

4.63%, 03/23/40 (Call 09/23/39)

    50       46,784  

4.70%, 03/23/50 (Call 09/23/49)

    105       98,253  

4.75%, 09/15/44 (Call 03/15/44)

    130       120,679  

4.75%, 11/15/46 (Call 05/15/46)

    15       13,950  

4.95%, 10/15/45 (Call 04/15/45)

    50       47,394  

5.40%, 10/01/43

    245       246,614  

6.15%, 03/01/37

    26       27,805  

6.15%, 02/15/41

    10       10,884  

6.40%, 12/15/35

    51       56,156  

6.65%, 11/15/37

    100       113,326  

7.75%, 12/01/45

    10       12,734  
   

 

 

 
          7,758,226  
Metal Fabricate & Hardware — 0.1%            

Precision Castparts Corp.

   

3.90%, 01/15/43 (Call 07/15/42)

    40       33,860  

4.38%, 06/15/45 (Call 12/15/44)

    20       17,890  

Valmont Industries Inc., 5.00%, 10/01/44 (Call 04/01/44)

    115       100,057  
   

 

 

 
      151,807  
Mining — 0.7%            

AngloGold Ashanti Holdings PLC, 6.50%, 04/15/40

    30       28,766  

Barrick Gold Corp., 6.45%, 10/15/35

    30       31,545  

Barrick North America Finance LLC

   

5.70%, 05/30/41

    64       63,906  

5.75%, 05/01/43

    49       49,394  

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39

    50       51,511  

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42

    185       161,551  

5.00%, 09/30/43

    115       111,813  

Corp. Nacional del Cobre de Chile

   

3.70%, 01/30/50 (Call 07/30/49)(f)

    200       145,778  

4.25%, 07/17/42(a)

    200       164,632  

4.50%, 08/01/47 (Call 02/01/47)(f)

    200       166,184  

5.63%, 09/21/35(a)

    100       102,274  

Freeport-McMoRan Inc., 5.45%, 03/15/43 (Call 09/15/42)

      160       144,829  

Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(f)

    200       155,356  

Glencore Finance Canada Ltd.

   

5.55%, 10/25/42(a)

    45       41,710  

6.00%, 11/15/41(a)

    25       24,504  

6.90%, 11/15/37(a)

    79       85,536  

Newcrest Finance Pty Ltd.

   

4.20%, 05/13/50 (Call 11/13/49)(a)

    40       30,516  

5.75%, 11/15/41(a)

    20       18,987  

Newmont Corp.

   

4.88%, 03/15/42 (Call 09/15/41)

    45       41,073  
Security  

Par

(000)

    Value  

Mining (continued)

   

5.88%, 04/01/35

  $ 55     $ 55,688  

6.25%, 10/01/39

    40       41,756  

Rio Tinto Alcan Inc., 5.75%, 06/01/35

    25       25,637  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)

    75       49,516  

5.20%, 11/02/40

    20       19,918  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    55       47,774  

4.75%, 03/22/42 (Call 09/22/41)

    50       47,090  

Southern Copper Corp.

   

5.25%, 11/08/42

    130       122,710  

5.88%, 04/23/45

    73       73,779  

6.75%, 04/16/40

    55       60,323  

7.50%, 07/27/35

    140       159,107  

Teck Resources Ltd.

   

5.20%, 03/01/42 (Call 09/01/41)

    25       22,237  

5.40%, 02/01/43 (Call 08/01/42)

    25       22,757  

6.00%, 08/15/40 (Call 02/15/40)

    30       29,267  

6.13%, 10/01/35

    85       85,275  

6.25%, 07/15/41 (Call 01/15/41)

    16       16,096  
   

 

 

 
          2,498,795  
Office & Business Equipment — 0.0%            

Xerox Corp.

   

4.80%, 03/01/35

    15       9,767  

6.75%, 12/15/39

    25       18,860  
   

 

 

 
      28,627  
Oil & Gas — 3.4%            

Apache Corp.

   

4.25%, 01/15/44 (Call 07/15/43)

    20       14,476  

4.75%, 04/15/43 (Call 10/15/42)

    30       23,020  

5.10%, 09/01/40 (Call 03/01/40)

    90       74,104  

5.25%, 02/01/42 (Call 08/01/41)

    30       24,361  

5.35%, 07/01/49 (Call 01/01/49)

    25       19,834  

6.00%, 01/15/37

    30       27,710  

7.38%, 08/15/47

    10       9,799  

BP Capital Markets America Inc.

   

2.77%, 11/10/50 (Call 05/10/50)

    75       48,320  

2.94%, 06/04/51 (Call 12/04/50)

    230       152,826  

3.00%, 02/24/50 (Call 08/24/49)

    130       88,379  

3.00%, 03/17/52 (Call 09/17/51)

    5       3,353  

3.06%, 06/17/41 (Call 12/17/40)

    55       40,725  

3.38%, 02/08/61 (Call 08/08/60)

    205       141,593  

Canadian Natural Resources Ltd.

   

4.95%, 06/01/47 (Call 12/01/46)

    75       65,279  

6.25%, 03/15/38

    80       80,560  

6.75%, 02/01/39

    35       36,504  

Cenovus Energy Inc.

   

5.25%, 06/15/37 (Call 12/15/36)

    150       137,061  

5.40%, 06/15/47 (Call 12/15/46)

    60       54,023  

6.75%, 11/15/39

    29       30,284  

6.80%, 09/15/37

    25       25,733  

Chevron Corp., 3.08%, 05/11/50 (Call 11/11/49)

    105       75,741  

Chevron USA Inc., 2.34%, 08/12/50 (Call 02/12/50)

    100       62,362  

CNOOC Finance 2014 ULC, 4.88%, 04/30/44

      200       184,436  

CNOOC Petroleum North America ULC

   

5.88%, 03/10/35

    100       102,379  

7.50%, 07/30/39

    100       119,763  

ConocoPhillips Co.

   

3.76%, 03/15/42 (Call 09/15/41)

    30       24,616  

 

 

60  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

3.80%, 03/15/52 (Call 09/15/51)

  $ 25     $ 19,830  

4.03%, 03/15/62 (Call 09/15/61)

    191       151,352  

4.30%, 11/15/44 (Call 05/15/44)

        142       123,250  

5.95%, 03/15/46 (Call 09/15/45)

    10       10,631  

6.50%, 02/01/39

    85       95,968  

Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)

    40       29,985  

Devon Energy Corp.

   

4.75%, 05/15/42 (Call 11/15/41)

    74       61,497  

5.00%, 06/15/45 (Call 12/15/44)

    95       80,603  

5.60%, 07/15/41 (Call 01/15/41)

    95       87,596  

Diamondback Energy Inc.

   

4.25%, 03/15/52 (Call 09/15/51)

    115       86,456  

4.40%, 03/24/51 (Call 09/24/50)

    40       30,973  

6.25%, 03/15/53 (Call 09/15/52)

    25       24,633  

Ecopetrol SA

   

5.88%, 05/28/45

    80       52,850  

5.88%, 11/02/51 (Call 05/02/51)

    130       83,457  

7.38%, 09/18/43

    50       40,783  

Eni SpA, 5.70%, 10/01/40(a)

    25       22,697  

EOG Resources Inc., 3.90%, 04/01/35 (Call 10/01/34)

    155           136,922  

Equinor ASA

   

3.25%, 11/18/49 (Call 05/18/49)

    15       11,082  

3.70%, 04/06/50 (Call 10/06/49)

    90       72,270  

3.95%, 05/15/43

    62       52,420  

4.25%, 11/23/41

    50       44,569  

4.80%, 11/08/43

    70       66,559  

5.10%, 08/17/40

    5       4,970  

Exxon Mobil Corp.

   

3.00%, 08/16/39 (Call 02/16/39)

    30       23,044  

3.45%, 04/15/51 (Call 10/15/50)(c)

    240       183,007  

3.57%, 03/06/45 (Call 09/06/44)

    116       91,914  

4.11%, 03/01/46 (Call 09/01/45)

    180       154,033  

4.23%, 03/19/40 (Call 09/19/39)

    95       85,375  

4.33%, 03/19/50 (Call 09/19/49)

    245       217,469  

Hess Corp.

   

5.60%, 02/15/41

    65       60,859  

5.80%, 04/01/47 (Call 10/01/46)(c)

    75       71,188  

6.00%, 01/15/40

    50       49,142  

KazMunayGas National Co. JSC, 6.38%, 10/24/48(f)

    250       211,740  

Marathon Oil Corp.

   

5.20%, 06/01/45 (Call 12/01/44)

    50       42,116  

6.60%, 10/01/37

    61       60,767  

Marathon Petroleum Corp.

   

4.75%, 09/15/44 (Call 03/15/44)

    35       29,211  

5.00%, 09/15/54 (Call 03/15/54)

    70       59,020  

6.50%, 03/01/41 (Call 09/01/40)

    83       85,785  

Motiva Enterprises LLC, 6.85%, 01/15/40(a)

    50       52,474  

Murphy Oil Corp., 6.13%, 12/01/42 (Call 06/01/42)

    25       19,790  

Occidental Petroleum Corp.

   

4.30%, 08/15/39 (Call 02/15/39)(c)

    25       19,659  

4.40%, 04/15/46 (Call 10/15/45)

    55       42,292  

4.40%, 08/15/49 (Call 02/15/49)

    25       19,329  

4.50%, 07/15/44 (Call 01/15/44)

    40       31,532  

4.63%, 06/15/45 (Call 12/15/44)

    20       15,800  

6.20%, 03/15/40

    49       48,037  

6.45%, 09/15/36

    115       115,327  

6.60%, 03/15/46 (Call 09/15/45)

    70       71,235  

7.95%, 06/15/39

    20       22,024  
Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

Ovintiv Inc.

   

6.50%, 02/01/38

  $ 40     $ 39,328  

6.63%, 08/15/37

    25       24,767  

Pertamina Persero PT

   

4.18%, 01/21/50 (Call 07/21/49)(f)

    400       312,084  

5.63%, 05/20/43(f)

    200       187,636  

Petrobras Global Finance BV

   

6.75%, 01/27/41

        115       105,456  

6.85%, 06/05/2115(c)

    120       100,216  

6.88%, 01/20/40(c)

    40       37,356  

6.90%, 03/19/49

    50       44,190  

7.25%, 03/17/44

    110       104,323  

Petroleos del Peru SA, 5.63%, 06/19/47(f)

    200           132,812  

Petroleos Mexicanos

   

5.50%, 06/27/44

    50       29,703  

5.63%, 01/23/46

    100       59,207  

6.35%, 02/12/48(c)

    100       62,264  

6.38%, 01/23/45

    85       53,927  

6.50%, 06/02/41

    155       104,222  

6.63%, 06/15/35

    150       110,413  

6.75%, 09/21/47

    340       220,456  

6.95%, 01/28/60 (Call 07/28/59)

    210       135,047  

7.69%, 01/23/50 (Call 07/23/49)

    550       388,674  

Petronas Capital Ltd.

   

4.50%, 03/18/45(f)

    200       183,188  

4.55%, 04/21/50 (Call 10/21/49)(f)

    300       274,263  

Phillips 66

   

3.30%, 03/15/52 (Call 09/15/51)

    55       37,876  

4.68%, 02/15/45 (Call 08/15/44)(a)

    115       100,615  

4.88%, 11/15/44 (Call 05/15/44)

    125       113,922  

4.90%, 10/01/46 (Call 04/01/46)(a)

    35       30,925  

5.88%, 05/01/42

    60       62,234  

Qatar Petroleum

   

3.13%, 07/12/41 (Call 01/12/41)(f)

    400       304,540  

3.30%, 07/12/51 (Call 01/12/51)(f)

    200       146,420  

Saudi Arabian Oil Co.

   

3.25%, 11/24/50 (Call 05/24/50)(f)

    200       137,238  

3.50%, 11/24/70 (Call 05/24/70)(f)

    200       131,938  

4.25%, 04/16/39(f)

    200       175,852  

4.38%, 04/16/49(f)

    200       168,726  

Shell International Finance BV

   

2.88%, 11/26/41 (Call 05/26/41)

    25       18,361  

3.00%, 11/26/51 (Call 05/26/51)

    50       34,545  

3.13%, 11/07/49 (Call 05/07/49)

    151       108,154  

3.25%, 04/06/50 (Call 10/06/49)

    150       110,308  

3.63%, 08/21/42

    50       40,660  

3.75%, 09/12/46

    65       51,703  

4.00%, 05/10/46

    155       128,571  

4.13%, 05/11/35

    177       162,882  

4.38%, 05/11/45

    185       163,601  

5.50%, 03/25/40

    95       97,698  

6.38%, 12/15/38

    186       206,261  

Sinopec Group Overseas Development 2015 Ltd.,
4.10%, 04/28/45(f)

    200       173,366  

Sinopec Group Overseas Development 2017 Ltd.,
4.25%, 04/12/47(f)

    300       264,363  

Suncor Energy Inc.

   

3.75%, 03/04/51 (Call 09/04/50)

    50       36,746  

4.00%, 11/15/47 (Call 05/15/47)

    49       38,235  

6.50%, 06/15/38

    100       102,661  

 

 

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

  61


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Oil & Gas (continued)

   

6.80%, 05/15/38

  $ 60     $ 63,974  

6.85%, 06/01/39

    40       42,805  

Thaioil Treasury Center Co. Ltd.,
3.50%, 10/17/49(f)

        200       122,134  

TotalEnergies Capital International SA

   

2.99%, 06/29/41 (Call 12/29/40)

    90       66,947  

3.13%, 05/29/50 (Call 11/29/49)

    161       114,857  

3.39%, 06/29/60 (Call 12/29/59)

    15       10,735  

3.46%, 07/12/49 (Call 01/12/49)

    100       76,507  

Transocean Inc.

   

6.80%, 03/15/38

    45       30,887  

9.35%, 12/15/41

    10       8,021  

Valero Energy Corp.

   

3.65%, 12/01/51 (Call 06/01/51)

    25       17,764  

4.90%, 03/15/45(c)

    135       121,003  

6.63%, 06/15/37

    100       106,301  

YPF SA, 7.00%, 12/15/47 (Call 06/15/47)(f)

    70       46,351  
   

 

 

 
          11,626,982  
Oil & Gas Services — 0.2%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

    70       66,004  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.,

   

4.08%, 12/15/47 (Call 06/15/47)

    98       77,365  

Halliburton Co.

   

4.50%, 11/15/41 (Call 05/15/41)

    50       41,877  

4.75%, 08/01/43 (Call 02/01/43)

    83       71,292  

4.85%, 11/15/35 (Call 05/15/35)

    86       80,173  

5.00%, 11/15/45 (Call 05/15/45)

    100       88,218  

6.70%, 09/15/38

    58       62,192  

7.45%, 09/15/39

    50       56,805  

NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)

    84       60,889  
   

 

 

 
      604,815  
Packaging & Containers — 0.0%            

Packaging Corp. of America, 4.05%, 12/15/49 (Call 06/15/49)

    60       47,300  

Sealed Air Corp., 6.88%, 07/15/33(a)

    30       30,646  

Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)

    20       20,018  
   

 

 

 
      97,964  
Pharmaceuticals — 3.0%            

AbbVie Inc.

   

4.05%, 11/21/39 (Call 05/21/39)

    400       338,164  

4.25%, 11/21/49 (Call 05/21/49)

    290       241,344  

4.30%, 05/14/36 (Call 11/14/35)

    95       85,335  

4.40%, 11/06/42

    190       164,798  

4.45%, 05/14/46 (Call 11/14/45)

    126       107,870  

4.50%, 05/14/35 (Call 11/14/34)

    245       227,218  

4.55%, 03/15/35 (Call 09/15/34)

    199       185,020  

4.70%, 05/14/45 (Call 11/14/44)

    200       177,188  

4.75%, 03/15/45 (Call 09/15/44)

    70       62,687  

4.85%, 06/15/44 (Call 12/15/43)

    60       54,500  

4.88%, 11/14/48 (Call 05/14/48)

    25       22,897  

AmerisourceBergen Corp.

   

4.25%, 03/01/45 (Call 09/01/44)

    35       29,152  

4.30%, 12/15/47 (Call 06/15/47)

    75       62,978  

AstraZeneca PLC

   

2.13%, 08/06/50 (Call 02/06/50)

    15       8,945  

4.00%, 09/18/42

    76       66,378  

4.38%, 11/16/45

    93       84,307  

4.38%, 08/17/48 (Call 02/17/48)

    54       48,844  

6.45%, 09/15/37

    235       264,998  

Bayer U.S. Finance II LLC

   

3.95%, 04/15/45 (Call 10/15/44)(a)

    148       108,120  
Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

4.40%, 07/15/44 (Call 01/15/44)(a)

  $ 95     $ 76,021  

4.70%, 07/15/64 (Call 01/15/64)(a)

    81       64,244  

5.50%, 07/30/35(a)

    15       14,476  

Becton Dickinson and Co.

   

4.67%, 06/06/47 (Call 12/06/46)

    118           103,714  

4.69%, 12/15/44 (Call 06/15/44)

    48       42,567  

Bristol-Myers Squibb Co.

   

2.35%, 11/13/40 (Call 05/13/40)

    80       54,626  

2.55%, 11/13/50 (Call 05/13/50)

    65       41,106  

3.25%, 08/01/42

    130       99,819  

3.55%, 03/15/42 (Call 09/15/41)

    5       4,058  

3.70%, 03/15/52 (Call 09/15/51)

    65       51,292  

3.90%, 03/15/62 (Call 09/15/61)

    5       3,915  

4.13%, 06/15/39 (Call 12/15/38)

        150       133,978  

4.25%, 10/26/49 (Call 04/26/49)

    240       207,209  

4.35%, 11/15/47 (Call 05/15/47)

    140       123,256  

4.55%, 02/20/48 (Call 08/20/47)

    55       49,990  

4.63%, 05/15/44 (Call 11/15/43)

    230       212,810  

Cardinal Health Inc.

   

4.37%, 06/15/47 (Call 12/15/46)

    51       40,970  

4.50%, 11/15/44 (Call 05/15/44)

    50       41,475  

4.60%, 03/15/43

    40       33,808  

4.90%, 09/15/45 (Call 03/15/45)

    20       17,317  

Cigna Group (The)

   

3.20%, 03/15/40 (Call 09/15/39)

    80       59,680  

3.40%, 03/15/50 (Call 09/15/49)

    100       70,352  

3.40%, 03/15/51 (Call 09/15/50)

    105       73,868  

3.88%, 10/15/47 (Call 04/15/47)

    155       118,513  

4.80%, 08/15/38 (Call 02/15/38)

    84       77,204  

4.80%, 07/15/46 (Call 01/16/46)

    85       74,831  

4.90%, 12/15/48 (Call 06/15/48)

    100       89,990  

6.13%, 11/15/41

    131       140,212  

CVS Health Corp.

   

2.70%, 08/21/40 (Call 02/21/40)

    80       54,110  

4.13%, 04/01/40 (Call 10/01/39)

    25       20,480  

4.25%, 04/01/50 (Call 10/01/49)

    70       55,873  

4.78%, 03/25/38 (Call 09/25/37)

    307       278,658  

4.88%, 07/20/35 (Call 01/20/35)

    240       225,595  

5.05%, 03/25/48 (Call 09/25/47)

    466       417,741  

5.13%, 07/20/45 (Call 01/20/45)

    141       127,038  

5.30%, 12/05/43 (Call 06/05/43)

    137       127,657  

5.63%, 02/21/53 (Call 08/21/52)

    40       38,711  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)

    120       75,432  

2.50%, 09/15/60 (Call 03/15/60)

    110       66,680  

3.95%, 03/15/49 (Call 09/15/48)

    20       17,704  

4.15%, 03/15/59 (Call 09/15/58)

    75       65,402  

4.88%, 02/27/53 (Call 08/27/52)

    30       29,916  

5.55%, 03/15/37

    55       58,247  

GlaxoSmithKline Capital Inc.

   

4.20%, 03/18/43

    38       32,969  

6.38%, 05/15/38

    107       120,929  

Johnson & Johnson

   

2.10%, 09/01/40 (Call 03/01/40)

    125       85,740  

2.45%, 09/01/60 (Call 03/01/60)

    25       15,303  

3.40%, 01/15/38 (Call 07/15/37)

    101       85,896  

3.50%, 01/15/48 (Call 07/15/47)

    43       35,395  

3.55%, 03/01/36 (Call 09/01/35)

    130       115,019  

3.63%, 03/03/37 (Call 09/03/36)

    92       81,309  

3.70%, 03/01/46 (Call 09/01/45)

    125       105,145  

 

 

62  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pharmaceuticals (continued)

   

3.75%, 03/03/47 (Call 09/03/46)

  $ 70     $ 59,450  

4.50%, 09/01/40

    60       57,667  

4.50%, 12/05/43 (Call 06/05/43)

    85       82,381  

5.85%, 07/15/38

        130       144,309  

Mead Johnson Nutrition Co.

   

4.60%, 06/01/44 (Call 12/01/43)

    45       40,408  

5.90%, 11/01/39

    20       20,930  

Merck & Co. Inc.

   

2.35%, 06/24/40 (Call 12/24/39)

    25       17,359  

2.45%, 06/24/50 (Call 12/24/49)

    200       127,228  

2.75%, 12/10/51 (Call 06/10/51)

    130       86,759  

2.90%, 12/10/61 (Call 06/10/61)

    110       70,549  

3.60%, 09/15/42 (Call 03/15/42)

    61       49,680  

3.70%, 02/10/45 (Call 08/10/44)

    175       143,890  

4.00%, 03/07/49 (Call 09/07/48)

    50       42,699  

4.15%, 05/18/43

    180       160,601  

Mylan Inc.

   

5.20%, 04/15/48 (Call 10/15/47)

    50       38,145  

5.40%, 11/29/43 (Call 05/29/43)

    50       40,338  

Novartis Capital Corp.

   

2.75%, 08/14/50 (Call 02/14/50)

    70       48,577  

3.70%, 09/21/42

    40       33,801  

4.00%, 11/20/45 (Call 05/20/45)

    130       113,477  

4.40%, 05/06/44

    122       113,077  

Perrigo Finance Unlimited Co., 4.90%, 12/15/44 (Call 06/15/44)

    25       17,521  

Pfizer Inc.

   

2.55%, 05/28/40 (Call 11/28/39)

    35       25,214  

2.70%, 05/28/50 (Call 11/28/49)

    75       51,241  

3.90%, 03/15/39 (Call 09/15/38)

    45       39,319  

4.00%, 12/15/36

    115       105,105  

4.00%, 03/15/49 (Call 09/15/48)

    75       64,829  

4.10%, 09/15/38 (Call 03/15/38)

    80       72,135  

4.13%, 12/15/46

    107       93,689  

4.20%, 09/15/48 (Call 03/15/48)

    95       84,566  

4.30%, 06/15/43

    50       45,451  

4.40%, 05/15/44

    130       120,004  

5.60%, 09/15/40

    30       31,292  

7.20%, 03/15/39

    130       158,363  

Takeda Pharmaceutical Co. Ltd.

   

3.03%, 07/09/40 (Call 01/09/40)

    200       146,962  

3.38%, 07/09/60 (Call 01/09/60)

    40       26,752  

Teva Pharmaceutical Finance Co. LLC,
6.15%, 02/01/36

    65       58,415  

Teva Pharmaceutical Finance Netherlands III BV,
4.10%, 10/01/46

    100       65,216  

Utah Acquisition Sub Inc.,
5.25%, 06/15/46 (Call 12/15/45)

    85       66,295  

Viatris Inc.

   

3.85%, 06/22/40 (Call 12/22/39)

    105       71,658  

4.00%, 06/22/50 (Call 12/22/49)

    125       80,576  

Wyeth LLC

   

5.95%, 04/01/37

    90       96,610  

6.00%, 02/15/36

    25       26,733  

Zoetis Inc.

   

3.00%, 05/15/50 (Call 11/15/49)

    30       20,446  

3.95%, 09/12/47 (Call 03/12/47)

    55       44,687  

4.45%, 08/20/48 (Call 02/20/48)

    25       21,685  

4.70%, 02/01/43 (Call 08/01/42)

    80       72,028  
   

 

 

 
          9,997,110  
Pipelines — 2.3%            

Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(f)

    200       182,270  
Security  

Par

(000)

    Value  

Pipelines (continued)

   

Buckeye Partners LP

   

5.60%, 10/15/44 (Call 04/15/44)

  $ 20     $ 14,543  

5.85%, 11/15/43 (Call 05/15/43)

    40       29,958  

6.75%, 08/15/33

    10       8,831  

Cameron LNG LLC

   

3.40%, 01/15/38 (Call 07/15/37)(a)

    40       33,645  

3.70%, 01/15/39 (Call 07/15/38)(a)

    15       12,269  

Cheniere Corpus Christi Holdings LLC,
2.74%, 12/31/39 (Call 07/04/39)

    60       47,385  

Colonial Pipeline Co., 4.20%, 04/15/43
(Call 10/15/42)(a)

    5       4,023  

Columbia Pipeline Group Inc., 5.80%, 06/01/45
(Call 12/01/44).

    40       39,554  

DCP Midstream Operating LP

   

5.60%, 04/01/44 (Call 10/01/43)

    30       28,038  

6.45%, 11/03/36(a)

    35       35,506  

6.75%, 09/15/37(a)

    35       36,654  

Eastern Gas Transmission and Storage Inc.

   

4.60%, 12/15/44 (Call 06/15/44)

    20       16,702  

4.80%, 11/01/43 (Call 05/01/43)

    40       34,840  

EIG Pearl Holdings Sarl, 3.55%, 08/31/36(f)

        200           167,330  

Enbridge Energy Partners LP

   

5.50%, 09/15/40 (Call 03/15/40)

    21       19,852  

7.38%, 10/15/45 (Call 04/15/45)

    45       50,945  

Series B, 7.50%, 04/15/38

    5       5,601  

Enbridge Inc.

   

3.40%, 08/01/51 (Call 02/01/51)

    35       24,024  

4.00%, 11/15/49 (Call 05/15/49)

    25       19,381  

4.50%, 06/10/44 (Call 12/10/43)

    105       87,924  

5.50%, 12/01/46 (Call 05/29/46)

    53       50,196  

Energy Transfer LP

   

4.90%, 03/15/35 (Call 09/15/34)

    45       40,360  

4.95%, 01/15/43 (Call 07/15/42)

    35       28,516  

5.00%, 05/15/44 (Call 11/15/43)

    25       20,621  

5.00%, 05/15/50 (Call 11/15/49)

    180       147,800  

5.15%, 02/01/43 (Call 08/01/42)

    15       12,611  

5.15%, 03/15/45 (Call 09/15/44)

    55       46,063  

5.30%, 04/01/44 (Call 10/01/43)

    41       35,194  

5.30%, 04/15/47 (Call 10/15/46)

    60       50,954  

5.35%, 05/15/45 (Call 11/15/44)

    55       46,920  

5.40%, 10/01/47 (Call 04/01/47)

    84       72,267  

5.95%, 10/01/43 (Call 04/01/43)

    45       41,806  

6.00%, 06/15/48 (Call 12/15/47)

    70       64,409  

6.05%, 06/01/41 (Call 12/01/40)

    10       9,590  

6.10%, 02/15/42

    40       37,579  

6.13%, 12/15/45 (Call 06/15/45)

    130       121,566  

6.25%, 04/15/49 (Call 10/15/48)

    100       95,055  

6.50%, 02/01/42 (Call 08/01/41)

    65       64,669  

6.63%, 10/15/36

    30       30,426  

7.50%, 07/01/38

    30       32,527  

EnLink Midstream Partners LP

   

5.05%, 04/01/45 (Call 10/01/44)

    29       22,272  

5.45%, 06/01/47 (Call 12/01/46)

    50       39,569  

5.60%, 04/01/44 (Call 10/01/43)

    15       12,314  

Enterprise Products Operating LLC

   

3.20%, 02/15/52 (Call 08/15/51)

    45       29,992  

3.30%, 02/15/53 (Call 08/15/52)

    5       3,395  

4.20%, 01/31/50 (Call 07/31/49)

    105       84,231  

4.25%, 02/15/48 (Call 08/15/47)

    120       97,434  

4.45%, 02/15/43 (Call 08/15/42)

    89       76,018  

4.80%, 02/01/49 (Call 08/01/48)

    55       48,162  

4.85%, 08/15/42 (Call 02/15/42)

    68       60,973  

 

 

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

  63


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Pipelines (continued)

   

4.85%, 03/15/44 (Call 09/15/43)

  $ 60     $ 53,381  

4.90%, 05/15/46 (Call 11/15/45)

    80       70,254  

4.95%, 10/15/54 (Call 04/15/54)

    15       13,109  

5.10%, 02/15/45 (Call 08/15/44)

    89       81,426  

5.70%, 02/15/42

    70       68,930  

5.95%, 02/01/41

    82       83,031  

6.13%, 10/15/39

    65       67,948  

6.45%, 09/01/40

    60       63,668  

7.55%, 04/15/38

    131           147,971  

EQM Midstream Partners LP, 6.50%, 07/15/48
(Call 01/15/48) .

    40       29,820  

Flex Intermediate Holdco LLC, 4.32%, 12/30/39
(Call 06/30/39)(a)

    35       25,897  

Galaxy Pipeline Assets Bidco Ltd.

   

2.16%, 03/31/34(f)

    185       156,330  

2.94%, 09/30/40(f)

        193       152,615  

3.25%, 09/30/40(f)

    200       153,044  

Greensaif Pipelines Bidco Sarl, 6.13%, 02/23/38

    200       200,648  

Kinder Morgan Energy Partners LP

   

4.70%, 11/01/42 (Call 05/01/42)

    55       45,725  

5.00%, 08/15/42 (Call 02/15/42)

    60       51,272  

5.00%, 03/01/43 (Call 09/01/42)

    60       50,733  

5.40%, 09/01/44 (Call 03/01/44)

    85       76,151  

5.50%, 03/01/44 (Call 09/01/43)

    55       49,507  

6.38%, 03/01/41

    45       44,887  

6.50%, 02/01/37

    5       5,050  

6.50%, 09/01/39

    50       50,932  

6.55%, 09/15/40

    140       140,136  

6.95%, 01/15/38

    43       45,856  

7.50%, 11/15/40

    5       5,493  

Kinder Morgan Inc.

   

3.25%, 08/01/50 (Call 02/01/50)

    75       47,452  

3.60%, 02/15/51 (Call 08/15/50)

    30       20,291  

5.05%, 02/15/46 (Call 08/15/45)

    5       4,220  

5.20%, 03/01/48 (Call 09/01/47)

    75       65,119  

5.45%, 08/01/52 (Call 02/01/52)

    70       62,420  

5.55%, 06/01/45 (Call 12/01/44)

    55       49,838  

Magellan Midstream Partners LP

   

3.95%, 03/01/50 (Call 09/01/49)

    30       22,057  

4.20%, 10/03/47 (Call 04/03/47)

    30       22,930  

4.25%, 09/15/46 (Call 03/15/46)

    55       42,301  

4.85%, 02/01/49 (Call 08/01/48)

    30       25,401  

5.15%, 10/15/43 (Call 04/15/43)

    70       61,566  

MPLX LP

   

4.50%, 04/15/38 (Call 10/15/37)

    120       102,523  

4.70%, 04/15/48 (Call 10/15/47)

    115       92,592  

4.90%, 04/15/58 (Call 10/15/57)

    75       60,049  

4.95%, 03/14/52 (Call 09/14/51)

    75       62,392  

5.20%, 03/01/47 (Call 09/01/46)

    125       108,237  

5.20%, 12/01/47 (Call 06/01/47)

    40       34,421  

5.50%, 02/15/49 (Call 08/15/48)

    72       64,466  

NGPL PipeCo LLC, 7.77%, 12/15/37(a)

    35       37,774  

Northern Natural Gas Co.

   

3.40%, 10/16/51 (Call 04/16/51)(a)

    50       34,811  

4.30%, 01/15/49 (Call 07/15/48)(a)

    100       81,005  

ONEOK Inc.

   

4.45%, 09/01/49 (Call 03/01/49)

    60       45,094  

4.50%, 03/15/50 (Call 09/15/49)

    10       7,620  

4.95%, 07/13/47 (Call 01/06/47)

    55       45,108  

5.20%, 07/15/48 (Call 01/15/48)

    70       59,475  

7.15%, 01/15/51 (Call 07/15/50)

    15       15,716  
Security  

Par

(000)

    Value  

Pipelines (continued)

   

ONEOK Partners LP

   

6.13%, 02/01/41 (Call 08/01/40)

  $ 50     $ 48,275  

6.20%, 09/15/43 (Call 03/15/43)

    25       24,161  

6.65%, 10/01/36

    75       76,019  

6.85%, 10/15/37

    40       41,442  

Plains All American Pipeline LP/PAA Finance Corp.

   

4.70%, 06/15/44 (Call 12/15/43)

    50       38,639  

4.90%, 02/15/45 (Call 08/15/44)

    70       55,228  

5.15%, 06/01/42 (Call 12/01/41)

    45       36,965  

Rockies Express Pipeline LLC

   

6.88%, 04/15/40(a)

    35       28,821  

7.50%, 07/15/38(a)

    20       18,117  

Sabal Trail Transmission LLC

   

4.68%, 05/01/38 (Call 11/01/37)(a)

    55       50,521  

4.83%, 05/01/48 (Call 11/01/47)(a)

    20       17,870  

Sabine Pass Liquefaction LLC, 5.90%, 09/15/37
(Call 03/15/37)(a)

    75       74,902  

Southern Natural Gas Co. LLC, 4.80%, 03/15/47
(Call 09/15/46)(a)

    45       37,353  

Spectra Energy Partners LP

   

4.50%, 03/15/45 (Call 09/15/44)

    55       45,525  

5.95%, 09/25/43 (Call 03/25/43)

    35       34,504  

Targa Resources Corp.

   

4.95%, 04/15/52 (Call 10/15/51)

    30       24,045  

6.25%, 07/01/52 (Call 01/01/52)

    85       80,957  

6.50%, 02/15/53 (Call 08/15/52)

    25       24,600  

Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37

    50       54,903  

Texas Eastern Transmission LP, 4.15%, 01/15/48
(Call 07/15/47)(a)

    39       31,347  

TransCanada PipeLines Ltd.

   

4.75%, 05/15/38 (Call 11/15/37)

    45       40,194  

4.88%, 05/15/48 (Call 11/15/47)

        115       100,911  

5.00%, 10/16/43 (Call 04/16/43)

    80       71,554  

5.10%, 03/15/49 (Call 09/15/48)

    46       41,839  

5.85%, 03/15/36

    5       4,956  

6.10%, 06/01/40

    70       70,843  

6.20%, 10/15/37

    95       97,893  

7.25%, 08/15/38

    45       49,873  

7.63%, 01/15/39

    84       97,235  

Transcontinental Gas Pipe Line Co. LLC

   

3.95%, 05/15/50 (Call 11/15/49)

    40       30,980  

4.60%, 03/15/48 (Call 09/15/47)

    60       51,328  

Venture Global Calcasieu Pass LLC, 3.88%, 11/01/33 (Call 05/01/33)(a)

    85       69,329  

Western Midstream Operating LP

   

5.30%, 03/01/48 (Call 09/01/47)

    46       37,962  

5.45%, 04/01/44 (Call 10/01/43)

    40       33,596  

5.50%, 08/15/48 (Call 02/15/48)

    20       16,729  

5.50%, 02/01/50 (Call 08/01/49)

    70       57,145  

Williams Companies Inc. (The)

   

4.85%, 03/01/48 (Call 09/01/47)

    75       64,336  

4.90%, 01/15/45 (Call 07/15/44)

    50       42,586  

5.10%, 09/15/45 (Call 03/15/45)

    90       79,113  

5.30%, 08/15/52 (Call 02/15/52)

    15       13,555  

5.40%, 03/04/44 (Call 09/04/43)

    60       55,317  

5.75%, 06/24/44 (Call 12/24/43)

    105       100,005  

5.80%, 11/15/43 (Call 05/15/43)

    15       14,468  

6.30%, 04/15/40

    50       51,242  
   

 

 

 
          7,768,639  

 

 

64  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Private Equity — 0.1%

   

Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)

  $ 35     $ 31,503  

Carlyle Finance LLC, 5.65%, 09/15/48
(Call 03/15/48)(a)

    25       23,152  

Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a)

    50       45,946  

KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(a)

    70       61,774  

KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(a)

    100       69,768  

KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50
(Call 02/25/50)(a)

    50       33,786  
   

 

 

 
          265,929  
Real Estate Investment Trusts — 0.6%            

Alexandria Real Estate Equities Inc.

   

3.00%, 05/18/51 (Call 11/18/50)

    95       61,065  

3.55%, 03/15/52 (Call 09/15/51)

    65       46,516  

4.00%, 02/01/50 (Call 08/01/49)

    100       77,411  

American Homes 4 Rent LP, 4.30%, 04/15/52 (Call 10/15/51)

    30       23,038  

American Tower Corp.

   

2.95%, 01/15/51 (Call 07/15/50)

    30       18,118  

3.10%, 06/15/50 (Call 12/15/49)

    115       71,552  

3.70%, 10/15/49 (Call 04/15/49)

    75       52,333  

AvalonBay Communities Inc.

   

3.90%, 10/15/46 (Call 04/15/46)

    20       15,618  

4.15%, 07/01/47 (Call 01/01/47)

    70       57,181  

4.35%, 04/15/48 (Call 10/15/47)

    35       29,489  

Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)

    25       17,967  

Crown Castle Inc.

   

2.90%, 04/01/41 (Call 10/01/40)

    10       6,798  

3.25%, 01/15/51 (Call 07/15/50)

        161       105,634  

4.75%, 05/15/47 (Call 11/15/46)

    26       21,975  

Crown Castle International Corp.

   

4.00%, 11/15/49 (Call 05/15/49)

    60       45,578  

5.20%, 02/15/49 (Call 08/15/48)

    55       50,232  

Equinix Inc.

   

2.95%, 09/15/51 (Call 03/15/51)

    55       34,264  

3.00%, 07/15/50 (Call 01/15/50)

    80       51,116  

ERP Operating LP

   

4.00%, 08/01/47 (Call 02/01/47)

    20       16,020  

4.50%, 07/01/44 (Call 01/01/44)

    35       30,913  

4.50%, 06/01/45 (Call 12/01/44)

    80       68,427  

Essex Portfolio LP

   

2.65%, 09/01/50 (Call 03/01/50)

    10       5,829  

4.50%, 03/15/48 (Call 09/15/47)

    65       53,865  

Federal Realty Investment Trust, 4.50%, 12/01/44 (Call 06/01/44)

    55       44,047  

Healthpeak Properties Interim Inc., 6.75%, 02/01/41 (Call 08/01/40)

    15       15,780  

Kimco Realty Corp.

   

3.70%, 10/01/49 (Call 04/01/49)

    10       7,065  

4.13%, 12/01/46 (Call 06/01/46)

    55       41,100  

4.25%, 04/01/45 (Call 10/01/44)

    25       19,250  

4.45%, 09/01/47 (Call 03/01/47)

    50       40,234  

National Retail Properties Inc.

   

3.10%, 04/15/50 (Call 10/15/49)

    80       51,059  

4.80%, 10/15/48 (Call 04/25/48)

    15       12,758  

Prologis LP

   

2.13%, 10/15/50 (Call 04/15/50)

    40       22,551  

3.00%, 04/15/50 (Call 10/15/49)

    50       34,047  

3.05%, 03/01/50 (Call 09/01/49)

    25       17,263  

Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46)

    55       50,014  
Security  

Par

(000)

    Value  

Real Estate Investment Trusts (continued)

   

Regency Centers LP

   

4.40%, 02/01/47 (Call 08/01/46)

  $ 80     $ 64,088  

4.65%, 03/15/49 (Call 09/15/48)

    20       16,543  

Simon Property Group LP

   

3.25%, 09/13/49 (Call 03/13/49)

    25       17,225  

3.80%, 07/15/50 (Call 01/15/50)

    65       48,846  

4.25%, 10/01/44 (Call 04/01/44)

    40       32,508  

4.25%, 11/30/46 (Call 05/30/46)

    35       28,490  

4.75%, 03/15/42 (Call 09/15/41)

    25       22,003  

6.75%, 02/01/40 (Call 11/01/39)

    31       34,529  

Trust Fibra Uno, 6.95%, 01/30/44 (Call 07/30/43)(f)

        200       175,054  

Ventas Realty LP

   

4.38%, 02/01/45 (Call 08/01/44)

    20       15,972  

4.88%, 04/15/49 (Call 10/15/48)

    60       51,200  

5.70%, 09/30/43 (Call 03/30/43)

    50       47,128  

VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51)

    55       48,913  

WEA Finance LLC, 4.63%, 09/20/48
(Call 03/20/48)(a)

    100       68,854  

Welltower OP LLC, 6.50%, 03/15/41 (Call 09/15/40)

    40       41,214  

Weyerhaeuser Co., 4.00%, 03/09/52 (Call 09/09/51)

    40       31,239  
   

 

 

 
          2,059,913  
Retail — 1.5%            

7-Eleven Inc.

   

2.50%, 02/10/41 (Call 09/10/40)(a)

    75       49,095  

2.80%, 02/10/51 (Call 08/10/50)(a)

    100       61,977  

Alimentation Couche-Tard Inc., 4.50%, 07/26/47 (Call 01/26/47)(a)

    100       79,851  

Bath & Body Works Inc.

   

6.75%, 07/01/36

    60       51,857  

6.88%, 11/01/35

    65       57,255  

6.95%, 03/01/33

    15       13,074  

7.60%, 07/15/37

    10       8,478  

Bed Bath & Beyond Inc.

   

4.92%, 08/01/34 (Call 02/01/34)

    15       1,801  

5.17%, 08/01/44 (Call 02/01/44)

    35       4,056  

CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)

    200       147,754  

Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)

    30       24,648  

Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51)

    60       39,722  

Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49)

    50       39,635  

Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51)

    10       6,675  

Home Depot Inc. (The)

   

2.75%, 09/15/51 (Call 03/15/51)

    25       16,280  

3.13%, 12/15/49 (Call 06/15/49)

    80       56,557  

3.30%, 04/15/40 (Call 10/15/39)

    60       47,808  

3.35%, 04/15/50 (Call 10/15/49)

    80       59,335  

3.50%, 09/15/56 (Call 03/15/56)

    65       48,741  

3.63%, 04/15/52 (Call 10/15/51)

    90       69,208  

3.90%, 06/15/47 (Call 12/15/46)

    127       104,863  

4.20%, 04/01/43 (Call 10/01/42)

    135       118,147  

4.25%, 04/01/46 (Call 10/01/45)

    85       73,612  

4.40%, 03/15/45 (Call 09/15/44)

    93       82,460  

4.50%, 12/06/48 (Call 06/06/48)

    105       94,419  

4.88%, 02/15/44 (Call 08/15/43)

    114       109,316  

5.40%, 09/15/40 (Call 03/15/40)

    96       97,308  

5.88%, 12/16/36

    203       217,009  

5.95%, 04/01/41 (Call 10/01/40)

    97       104,014  

Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)(c)

    30       19,338  

Lowe’s Companies Inc.

   

2.80%, 09/15/41 (Call 03/15/41)

    115       77,848  

3.00%, 10/15/50 (Call 04/15/50)

    75       47,665  

 

 

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

  65


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Retail (continued)

   

3.50%, 04/01/51 (Call 10/01/50)

  $ 10     $ 7,027  

3.70%, 04/15/46 (Call 10/15/45)

    73       53,951  

4.05%, 05/03/47 (Call 11/03/46)

    95       74,177  

4.25%, 04/01/52 (Call 10/01/51)

    65       51,160  

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

    53       43,325  

4.45%, 04/01/62 (Call 10/01/61)

    80       62,463  

4.65%, 04/15/42 (Call 10/15/41)

    165       143,332  

5.13%, 04/15/50 (Call 10/15/49)

    90       81,789  

5.50%, 10/15/35

    95       94,549  

5.63%, 04/15/53 (Call 10/15/52)

    45       43,206  

5.80%, 09/15/62 (Call 03/15/62)

        100       96,606  

Macy’s Retail Holdings LLC

   

4.30%, 02/15/43 (Call 08/15/42)

    20       12,312  

4.50%, 12/15/34 (Call 06/15/34)

    27       19,591  

5.13%, 01/15/42 (Call 07/15/41)

    15       10,193  

6.38%, 03/15/37(c)

    15       12,053  

6.70%, 07/15/34(a)

    15       12,326  

Marks & Spencer PLC, 7.13%, 12/01/37(a)

    25       22,672  

McDonald’s Corp.

   

3.63%, 05/01/43

    35       27,282  

3.63%, 09/01/49 (Call 03/01/49)

    40       30,144  

3.70%, 02/15/42

    25       19,818  

4.20%, 04/01/50 (Call 10/01/49)

    35       29,082  

4.45%, 03/01/47 (Call 09/01/46)

    110       95,180  

4.45%, 09/01/48 (Call 03/01/48)

    75       65,312  

4.60%, 05/26/45 (Call 11/26/44)

    20       17,761  

4.70%, 12/09/35 (Call 06/09/35)

    64       60,467  

4.88%, 07/15/40

    35       32,848  

4.88%, 12/09/45 (Call 06/09/45)

    132       119,993  

5.70%, 02/01/39

    100       102,695  

6.30%, 10/15/37

    60       65,213  

6.30%, 03/01/38

    85       91,674  

Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)(c)

    70       45,461  

QVC Inc.

   

5.45%, 08/15/34 (Call 02/15/34)

    30       15,147  

5.95%, 03/15/43

    20       9,641  

Starbucks Corp.

   

3.35%, 03/12/50 (Call 09/12/49)

    10       7,125  

3.50%, 11/15/50 (Call 05/15/50)

    80       58,188  

3.75%, 12/01/47 (Call 06/01/47)

    80       61,258  

4.30%, 06/15/45 (Call 12/10/44)

    30       25,272  

4.45%, 08/15/49 (Call 02/15/49)

    60       51,100  

4.50%, 11/15/48 (Call 05/15/48)

    30       25,834  

Target Corp.

   

2.95%, 01/15/52 (Call 07/15/51)

    60       40,875  

3.63%, 04/15/46

    39       30,933  

3.90%, 11/15/47 (Call 05/15/47)

    70       57,431  

4.00%, 07/01/42

    75       65,878  

4.80%, 01/15/53 (Call 07/15/52)

    55       51,339  

7.00%, 01/15/38

    100           116,725  

TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49)

    40       36,328  

Walgreens Boots Alliance Inc.

   

4.10%, 04/15/50 (Call 10/15/49)

    121       87,651  

4.80%, 11/18/44 (Call 05/18/44)

    60       49,558  

Walmart Inc.

   

2.50%, 09/22/41 (Call 03/22/41)

    10       7,143  

2.65%, 09/22/51 (Call 03/22/51)

    180       121,970  

4.00%, 04/11/43 (Call 10/11/42)

    150       131,793  

4.05%, 06/29/48 (Call 12/29/47)

    254       223,754  

4.30%, 04/22/44 (Call 10/22/43)

    30       27,649  
Security  

Par

(000)

    Value  

Retail (continued)

   

4.50%, 09/09/52 (Call 03/09/52)

  $ 40     $ 37,713  

5.25%, 09/01/35

    15       15,754  

5.63%, 04/15/41

    5       5,381  

Yum! Brands Inc.

   

5.35%, 11/01/43 (Call 05/01/43)

    20       16,734  

6.88%, 11/15/37

    20       20,888  
   

 

 

 
          5,072,530  
Semiconductors — 1.2%            

Advanced Micro Devices Inc., 4.39%, 06/01/52
(Call 12/01/51)

    55       48,880  

Analog Devices Inc.

   

2.80%, 10/01/41 (Call 04/01/41)

        100       72,130  

2.95%, 10/01/51 (Call 04/01/51)

    90       61,739  

Applied Materials Inc.

   

2.75%, 06/01/50 (Call 12/01/49)

    60       40,794  

4.35%, 04/01/47 (Call 10/01/46)

    87       77,968  

5.10%, 10/01/35 (Call 04/01/35)

    77       77,477  

5.85%, 06/15/41

    50       53,409  

Broadcom Inc.

   

3.14%, 11/15/35 (Call 08/15/35)(a)

    295       217,651  

3.19%, 11/15/36 (Call 08/15/36)(a)

    275       199,196  

3.50%, 02/15/41 (Call 08/15/40)(a)

    230       164,673  

3.75%, 02/15/51 (Call 08/15/50)(a)

    250       174,322  

4.93%, 05/15/37 (Call 02/15/37)(a)

    150       130,424  

Intel Corp.

   

2.80%, 08/12/41 (Call 02/12/41)

    10       6,807  

3.05%, 08/12/51 (Call 02/12/51)

    100       64,324  

3.10%, 02/15/60 (Call 08/15/59)

    100       61,129  

3.20%, 08/12/61 (Call 02/12/61)

    10       6,210  

3.25%, 11/15/49 (Call 05/15/49)

    140       93,650  

3.73%, 12/08/47 (Call 06/08/47)

    160       118,536  

4.10%, 05/19/46 (Call 11/19/45)

    111       89,016  

4.10%, 05/11/47 (Call 11/11/46)

    65       52,017  

4.25%, 12/15/42

    30       25,110  

4.60%, 03/25/40 (Call 09/25/39)

    30       26,735  

4.75%, 03/25/50 (Call 09/25/49)

    95       82,302  

4.80%, 10/01/41

    150       135,853  

4.90%, 07/29/45 (Call 01/29/45)

    10       9,262  

4.90%, 08/05/52 (Call 02/05/52)

    140       124,019  

4.95%, 03/25/60 (Call 09/25/59)

    50       43,862  

5.05%, 08/05/62 (Call 02/05/62)

    70       61,228  

5.63%, 02/10/43 (Call 08/10/42)

    10       9,762  

5.70%, 02/10/53 (Call 08/10/52)

    180       175,943  

5.90%, 02/10/63 (Call 08/10/62)

    30       29,526  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

    60       43,492  

4.95%, 07/15/52 (Call 01/15/52)

    20       18,875  

5.00%, 03/15/49 (Call 09/15/48)

    155       145,264  

Lam Research Corp.

   

2.88%, 06/15/50 (Call 12/15/49)

    60       39,992  

4.88%, 03/15/49 (Call 09/15/48)

    95       89,238  

Micron Technology Inc.

   

3.37%, 11/01/41 (Call 05/01/41)

    50       33,389  

3.48%, 11/01/51 (Call 05/01/51)

    55       34,277  

NVIDIA Corp.

   

3.50%, 04/01/40 (Call 10/01/39)

    116       95,404  

3.50%, 04/01/50 (Call 10/01/49)

    170       131,759  

3.70%, 04/01/60 (Call 10/01/59)

    10       7,594  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

3.13%, 02/15/42 (Call 08/15/41)

    30       20,214  

3.25%, 05/11/41 (Call 11/11/40)

    100       69,365  

 

 

66  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Semiconductors (continued)

   

3.25%, 11/30/51 (Call 05/30/51)

  $ 30     $ 18,955  

QUALCOMM Inc.

   

3.25%, 05/20/50 (Call 11/20/49)

    75       55,249  

4.30%, 05/20/47 (Call 11/20/46)

    127       110,941  

4.50%, 05/20/52 (Call 11/20/51)

    65       57,751  

4.65%, 05/20/35 (Call 11/20/34)

    67       65,015  

4.80%, 05/20/45 (Call 11/20/44)

    115       109,249  

6.00%, 05/20/53 (Call 11/20/52)

    60       64,684  

Texas Instruments Inc.

   

3.88%, 03/15/39 (Call 09/15/38)

    65       57,428  

4.15%, 05/15/48 (Call 11/15/47)

    160       141,819  

TSMC Arizona Corp., 3.25%, 10/25/51
(Call 04/25/51)

        200       150,058  
   

 

 

 
          4,093,966  
Software — 1.3%            

Activision Blizzard Inc.

   

2.50%, 09/15/50 (Call 03/15/50)

    45       28,074  

4.50%, 06/15/47 (Call 12/15/46)

    90       79,474  

Electronic Arts Inc., 2.95%, 02/15/51
(Call 08/15/50)

    65       41,404  

Fidelity National Information Services Inc.

   

3.10%, 03/01/41 (Call 09/01/40)

    10       6,894  

4.50%, 08/15/46 (Call 02/15/46)

    30       23,760  

5.63%, 07/15/52 (Call 01/15/52)

    40       37,377  

Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)

    150       120,895  

Microsoft Corp.

   

2.53%, 06/01/50 (Call 12/01/49)

    499       333,197  

2.68%, 06/01/60 (Call 12/01/59)

    249       161,110  

2.92%, 03/17/52 (Call 09/17/51)

    345       248,838  

3.04%, 03/17/62 (Call 09/17/61)

    197       137,955  

3.45%, 08/08/36 (Call 02/08/36)

    82       71,703  

3.50%, 11/15/42

    50       42,320  

3.70%, 08/08/46 (Call 02/08/46)

    70       59,892  

4.10%, 02/06/37 (Call 08/06/36)

    200       187,552  

4.20%, 11/03/35 (Call 05/03/35)

    65       62,239  

4.25%, 02/06/47 (Call 08/06/46)

    30       27,836  

4.45%, 11/03/45 (Call 05/03/45)

    30       28,434  

4.50%, 10/01/40

    50       48,884  

4.50%, 02/06/57 (Call 08/06/56)

    135       130,629  

5.20%, 06/01/39

    20       21,180  

5.30%, 02/08/41

    15       16,085  

Oracle Corp.

   

3.60%, 04/01/40 (Call 10/01/39)

    265       195,700  

3.60%, 04/01/50 (Call 10/01/49)

    241       163,427  

3.65%, 03/25/41 (Call 09/25/40)

    170       125,239  

3.80%, 11/15/37 (Call 05/15/37)

    113       89,320  

3.85%, 07/15/36 (Call 01/15/36)

    100       81,425  

3.85%, 04/01/60 (Call 10/01/59)

    230       152,888  

3.90%, 05/15/35 (Call 11/15/34)

    185       153,581  

3.95%, 03/25/51 (Call 09/25/50)

    135       96,873  

4.00%, 07/15/46 (Call 01/15/46)

    189       138,297  

4.00%, 11/15/47 (Call 05/15/47)

    176       128,895  

4.10%, 03/25/61 (Call 09/25/60)

    50       34,811  

4.13%, 05/15/45 (Call 11/15/44)

    160       120,720  

4.38%, 05/15/55 (Call 11/15/54)

    105       79,678  

4.50%, 07/08/44 (Call 01/08/44)

    126       102,507  

5.38%, 07/15/40

    89       81,711  

5.55%, 02/06/53 (Call 08/06/52)

    130       118,893  

6.13%, 07/08/39

    154       153,844  

6.50%, 04/15/38

    91       94,796  

6.90%, 11/09/52 (Call 05/09/52)

    200       215,584  
Security  

Par

(000)

    Value  

Software (continued)

   

salesforce.com Inc.

   

2.70%, 07/15/41 (Call 01/15/41)

  $ 30     $ 21,201  

2.90%, 07/15/51 (Call 01/15/51)

        245       164,758  

3.05%, 07/15/61 (Call 01/15/61)

    15       9,619  
   

 

 

 
          4,439,499  
Telecommunications — 2.8%            

America Movil SAB de CV

   

6.13%, 03/30/40

    129       135,918  

6.38%, 03/01/35

    131       141,911  

AT&T Inc.

   

3.10%, 02/01/43 (Call 08/01/42)(c)

    200       139,572  

3.30%, 02/01/52 (Call 08/01/51)

    10       6,836  

3.50%, 06/01/41 (Call 12/01/40)

    195       146,318  

3.50%, 09/15/53 (Call 03/15/53)

    465       319,236  

3.55%, 09/15/55 (Call 03/15/55)

    520       352,570  

3.65%, 06/01/51 (Call 12/01/50)

    200       142,902  

3.65%, 09/15/59 (Call 03/15/59)

    416       281,661  

3.80%, 12/01/57 (Call 06/01/57)

    385       270,251  

3.85%, 06/01/60 (Call 12/01/59)

    130       90,861  

4.35%, 06/15/45 (Call 12/15/44)

    35       28,467  

4.50%, 05/15/35 (Call 11/15/34)

    180       161,795  

4.55%, 03/09/49 (Call 09/09/48)

    130       107,636  

4.65%, 06/01/44 (Call 12/01/43)

    105       89,545  

4.75%, 05/15/46 (Call 11/15/45)

    195       167,526  

4.85%, 03/01/39 (Call 09/01/38)

    90       80,841  

4.90%, 08/15/37 (Call 02/14/37)

    240       220,306  

5.15%, 03/15/42

    150       137,470  

5.15%, 11/15/46 (Call 05/15/46)

    15       13,653  

5.15%, 02/15/50 (Call 08/14/49)

    150       136,882  

5.70%, 03/01/57 (Call 09/01/56)

    5       4,866  

6.00%, 08/15/40 (Call 05/15/40)

    5       5,075  

6.38%, 03/01/41

    150       157,111  

Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50
(Call 02/19/50)(f)

    200       139,594  

Bell Telephone Co. of Canada or Bell Canada (The)

   

3.65%, 08/15/52 (Call 02/15/52)

    55       40,405  

4.30%, 07/29/49 (Call 01/29/49)

    25       20,551  

4.46%, 04/01/48 (Call 10/01/47)

    60       50,973  

Series US-6, 3.20%, 02/15/52 (Call 08/15/51)

    40       26,895  

Cisco Systems Inc.

   

5.50%, 01/15/40

    150       157,806  

5.90%, 02/15/39

    134       146,717  

Corning Inc.

   

4.38%, 11/15/57 (Call 05/15/57)

    75       60,162  

4.70%, 03/15/37

    25       22,841  

4.75%, 03/15/42

    60       54,818  

5.35%, 11/15/48 (Call 05/15/48)

    25       23,938  

5.45%, 11/15/79 (Call 05/15/79)

    55       48,558  

5.75%, 08/15/40

    51       51,663  

5.85%, 11/15/68 (Call 05/15/68)

    11       10,420  

Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)

    150       112,019  

Embarq Corp., 8.00%, 06/01/36

    102       44,333  

Juniper Networks Inc., 5.95%, 03/15/41

    36       35,147  

Lumen Technologies Inc.

   

Series P, 7.60%, 09/15/39

    38       18,813  

Series U, 7.65%, 03/15/42(c)

    30       14,957  

Motorola Solutions Inc., 5.50%, 09/01/44

    36       32,941  

Nokia OYJ, 6.63%, 05/15/39

    35       34,147  

Orange SA

   

5.38%, 01/13/42

    5       4,942  

5.50%, 02/06/44 (Call 08/06/43)

    55       55,415  

 

 

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

  67


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Telecommunications (continued)

   

Rogers Communications Inc.

   

3.70%, 11/15/49 (Call 05/15/49)

  $ 91     $ 64,193  

4.30%, 02/15/48 (Call 08/15/47)

    95       72,912  

4.35%, 05/01/49 (Call 11/01/48)

        163       127,060  

4.50%, 03/15/42 (Call 09/15/41)(a)

    55       45,115  

4.50%, 03/15/43 (Call 09/15/42)

    60       48,879  

4.55%, 03/15/52 (Call 09/15/51)(a)

    45       35,957  

5.00%, 03/15/44 (Call 09/15/43)

    90       78,084  

7.50%, 08/15/38

    15       16,785  

SES Global Americas Holdings Inc.,
5.30%, 03/25/44(a)

    79       59,505  

Telecom Italia Capital SA

   

6.00%, 09/30/34

    70       58,558  

6.38%, 11/15/33

    70       60,999  

7.20%, 07/18/36

    75       66,040  

7.72%, 06/04/38

    63       57,328  

Telefonica Emisiones SA

   

4.90%, 03/06/48

    155           122,923  

5.21%, 03/08/47

    150       125,453  

5.52%, 03/01/49 (Call 09/01/48)

    150       130,119  

7.05%, 06/20/36

    15       15,806  

TELUS Corp., 4.30%, 06/15/49 (Call 12/15/48)

    60       49,885  

T-Mobile USA Inc.

   

3.00%, 02/15/41 (Call 08/15/40)

    135       94,175  

3.30%, 02/15/51 (Call 08/15/50)

    210       140,484  

3.40%, 10/15/52 (Call 04/15/52)

    145       98,439  

3.60%, 11/15/60 (Call 05/15/60)

    165       110,019  

4.38%, 04/15/40 (Call 10/15/39)

    145       123,253  

4.50%, 04/15/50 (Call 10/15/49)

    160       132,894  

5.65%, 01/15/53 (Call 07/15/52)

    185       181,457  

5.80%, 09/15/62 (Call 03/15/62)

    70       68,483  

U.S. Cellular Corp., 6.70%, 12/15/33

    40       36,852  

Verizon Communications Inc.

   

2.65%, 11/20/40 (Call 05/20/40)

    30       20,281  

2.85%, 09/03/41 (Call 03/03/41)

    40       27,696  

2.88%, 11/20/50 (Call 05/20/50)

    60       37,815  

2.99%, 10/30/56 (Call 04/30/56)

    258       157,692  

3.00%, 11/20/60 (Call 05/20/60)

    210       126,351  

3.40%, 03/22/41 (Call 09/22/40)

    35       26,396  

3.55%, 03/22/51 (Call 09/22/50)

    350       252,703  

3.70%, 03/22/61 (Call 09/22/60)

    50       35,171  

3.85%, 11/01/42 (Call 05/01/42)

    140       111,362  

3.88%, 03/01/52 (Call 09/01/51)

    70       53,477  

4.00%, 03/22/50 (Call 09/22/49)

    145       113,951  

4.13%, 08/15/46

    130       105,916  

4.27%, 01/15/36

    120       105,776  

4.67%, 03/15/55

    150       129,604  

4.75%, 11/01/41

    162       147,806  

4.81%, 03/15/39

    295       270,297  

4.86%, 08/21/46

    290       261,452  

5.50%, 03/16/47

    100       97,187  

6.55%, 09/15/43

    155       168,407  

Vodafone Group PLC

   

4.25%, 09/17/50

    130       101,999  

4.38%, 02/19/43

    128       104,696  

4.88%, 06/19/49

    110       95,268  

5.13%, 06/19/59

    30       26,411  

5.13%, 06/04/81 (Call 12/04/50),
(5 year CMT + 3.073%)(b)

    65       48,600  

5.63%, 02/10/53 (Call 08/10/52)

    50       48,054  

5.75%, 02/10/63 (Call 08/10/62)

    50       47,494  
Security  

Par

(000)

    Value  

Telecommunications (continued)

   

6.15%, 02/27/37

  $ 110     $ 113,796  
   

 

 

 
          9,604,579  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc.

   

5.10%, 05/15/44 (Call 11/15/43)(c)

    25       21,075  

6.35%, 03/15/40

    40       39,130  

Mattel Inc.

   

5.45%, 11/01/41 (Call 05/01/41)

    20       16,793  

6.20%, 10/01/40

    20       17,874  
   

 

 

 
      94,872  
Transportation — 1.7%            

Burlington Northern Santa Fe LLC

   

3.05%, 02/15/51 (Call 08/15/50)

    10       6,904  

3.55%, 02/15/50 (Call 08/15/49)

    50       38,353  

3.90%, 08/01/46 (Call 02/01/46)

    88       71,203  

4.05%, 06/15/48 (Call 12/15/47)

    45       37,630  

4.13%, 06/15/47 (Call 12/15/46)

    40       33,891  

4.15%, 04/01/45 (Call 10/01/44)

    45       38,450  

4.15%, 12/15/48 (Call 06/15/48)

    61       51,599  

4.38%, 09/01/42 (Call 03/01/42)

    55       48,992  

4.45%, 03/15/43 (Call 09/15/42)

    59       52,583  

4.55%, 09/01/44 (Call 03/01/44)

    120       108,559  

4.70%, 09/01/45 (Call 03/01/45)

    20       18,436  

4.90%, 04/01/44 (Call 10/01/43)

    109       102,428  

4.95%, 09/15/41 (Call 03/15/41)

    55       52,510  

5.05%, 03/01/41 (Call 09/01/40)

    30       29,113  

5.15%, 09/01/43 (Call 03/01/43)

        110       107,857  

5.40%, 06/01/41 (Call 12/01/40)

    40       40,065  

5.75%, 05/01/40 (Call 11/01/39)

    70       72,979  

6.15%, 05/01/37

    40       43,830  

6.20%, 08/15/36

    50       54,168  

Canadian National Railway Co.

   

2.45%, 05/01/50 (Call 11/01/49)

    90       55,362  

3.20%, 08/02/46 (Call 02/02/46)

    40       29,231  

3.65%, 02/03/48 (Call 08/03/47)

    35       27,973  

4.40%, 08/05/52 (Call 02/05/52)

    50       44,520  

4.45%, 01/20/49 (Call 07/20/48)

    25       22,453  

6.20%, 06/01/36

    35       37,758  

6.38%, 11/15/37

    18       19,396  

Canadian Pacific Railway Co.

   

3.00%, 12/02/41 (Call 06/02/41)

    20       15,143  

3.10%, 12/02/51 (Call 06/02/51)

    60       40,954  

4.80%, 09/15/35 (Call 03/15/35)

    35       32,655  

4.80%, 08/01/45 (Call 02/01/45)

    30       27,322  

5.95%, 05/15/37

    131       134,306  

6.13%, 09/15/2115 (Call 03/15/2115)

    53       54,055  

CSX Corp.

   

3.35%, 09/15/49 (Call 03/15/49)

    45       32,408  

3.80%, 11/01/46 (Call 05/01/46)

    28       21,906  

3.80%, 04/15/50 (Call 10/15/49)

    35       27,039  

3.95%, 05/01/50 (Call 11/01/49)

    41       32,738  

4.10%, 03/15/44 (Call 09/15/43)

    148       124,668  

4.25%, 11/01/66 (Call 05/01/66)

    15       11,898  

4.30%, 03/01/48 (Call 09/01/47)

    95       80,836  

4.40%, 03/01/43 (Call 09/01/42)

    11       9,507  

4.50%, 03/15/49 (Call 09/15/48)

    20       17,482  

4.50%, 11/15/52 (Call 05/15/52)

    65       56,404  

4.50%, 08/01/54 (Call 02/01/54)

    80       68,330  

4.65%, 03/01/68 (Call 09/01/67)

    20       16,975  

 

 

68  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Transportation (continued)

   

4.75%, 05/30/42 (Call 11/30/41)

  $ 35     $ 31,827  

5.50%, 04/15/41 (Call 10/15/40)

    85       84,775  

6.00%, 10/01/36

    40       41,630  

6.15%, 05/01/37

    30       31,637  

6.22%, 04/30/40

    60       64,251  

Empresa de Transporte de Pasajeros Metro SA,
5.00%, 01/25/47 (Call 07/25/46)(f)

        200           179,678  

FedEx Corp.

   

4.05%, 02/15/48 (Call 08/15/47)

    95       72,808  

4.10%, 04/15/43

    40       31,460  

4.10%, 02/01/45

    175       136,843  

4.40%, 01/15/47 (Call 07/15/46)

    82       66,942  

4.55%, 04/01/46 (Call 10/01/45)

    61       50,456  

4.75%, 11/15/45 (Call 05/15/45)

    123       105,031  

4.95%, 10/17/48 (Call 04/17/48)

    55       48,604  

5.10%, 01/15/44

    68       61,496  

5.25%, 05/15/50 (Call 11/15/49)

    40       37,092  

Indian Railway Finance Corp. Ltd.,
3.95%, 02/13/50(f)

    200       148,294  

Kansas City Southern

   

3.50%, 05/01/50 (Call 11/01/49)

    25       18,183  

4.20%, 11/15/69 (Call 05/15/69)

    26       19,939  

4.30%, 05/15/43 (Call 11/15/42)

    45       37,432  

4.70%, 05/01/48 (Call 11/01/47)

    55       48,182  

4.95%, 08/15/45 (Call 02/15/45)

    50       45,353  

Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(f)

    93       88,261  

Norfolk Southern Corp.

   

2.90%, 08/25/51 (Call 02/25/51)

    45       28,811  

3.05%, 05/15/50 (Call 11/15/49)

    75       49,807  

3.16%, 05/15/55 (Call 11/15/54)

    103       67,715  

3.40%, 11/01/49 (Call 05/01/49)

    110       77,974  

3.70%, 03/15/53 (Call 09/15/52)

    10       7,431  

3.94%, 11/01/47 (Call 05/01/47)

    94       74,241  

3.95%, 10/01/42 (Call 04/01/42)

    71       58,222  

4.05%, 08/15/52 (Call 02/15/52)

    80       63,681  

4.10%, 05/15/49 (Call 11/15/48)

    65       52,419  

4.10%, 05/15/2121 (Call 11/15/2120)

    15       10,244  

4.15%, 02/28/48 (Call 08/28/47)

    10       8,140  

4.55%, 06/01/53 (Call 12/01/52)

    15       12,959  

4.65%, 01/15/46 (Call 07/15/45)

    50       44,020  

4.84%, 10/01/41

    40       36,514  

Polar Tankers Inc., 5.95%, 05/10/37(a)

    59       59,461  

Union Pacific Corp.

   

2.89%, 04/06/36 (Call 01/06/36)

    10       7,855  

2.97%, 09/16/62 (Call 03/16/62)

    25       15,716  

3.20%, 05/20/41 (Call 11/20/40)

    80       61,663  

3.25%, 02/05/50 (Call 08/05/49)

    200       144,530  

3.50%, 02/14/53 (Call 08/14/52)

    65       48,642  

3.55%, 08/15/39 (Call 02/15/39)

    50       41,071  

3.55%, 05/20/61 (Call 11/20/60)

    45       32,234  

3.60%, 09/15/37 (Call 03/15/37)

    171       144,180  

3.75%, 02/05/70 (Call 08/05/69)

    65       47,020  

3.80%, 10/01/51 (Call 04/01/51)

    94       74,762  

3.80%, 04/06/71 (Call 10/06/70)

    50       36,437  

3.84%, 03/20/60 (Call 09/20/59)

    112       85,589  

3.85%, 02/14/72 (Call 08/14/71)

    5       3,704  

3.88%, 02/01/55 (Call 08/01/54)

    55       43,261  

4.00%, 04/15/47 (Call 10/15/46)

    55       45,080  

4.05%, 11/15/45 (Call 05/15/45)

    55       45,731  

4.05%, 03/01/46 (Call 09/01/45)

    50       41,158  

4.10%, 09/15/67 (Call 03/15/67)

    55       43,072  
Security  

Par

(000)

    Value  

Transportation (continued)

   

4.30%, 03/01/49 (Call 09/01/48)

  $ 65     $ 55,832  

4.50%, 09/10/48 (Call 03/10/48)

    10       8,741  

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

    15       14,478  

5.15%, 01/20/63 (Call 07/20/62)

    25       24,024  

United Parcel Service Inc.

   

3.40%, 11/15/46 (Call 05/15/46)

    60       45,528  

3.63%, 10/01/42

    45       37,075  

3.75%, 11/15/47 (Call 05/15/47)

    77       63,164  

4.25%, 03/15/49 (Call 09/15/48)

    25       22,086  

4.88%, 11/15/40 (Call 05/15/40)

    55       53,368  

5.05%, 03/03/53 (Call 09/03/52)

    30       29,645  

5.20%, 04/01/40 (Call 10/01/39)

    10       10,083  

5.30%, 04/01/50 (Call 10/01/49)

    95       97,771  

6.20%, 01/15/38

        175       193,659  

XPO CNW Inc., 6.70%, 05/01/34

    25       22,767  
   

 

 

 
          5,792,608  
Trucking & Leasing — 0.0%            

GATX Corp.

   

3.10%, 06/01/51 (Call 12/01/50)

    35       22,099  

5.20%, 03/15/44 (Call 09/15/43)

    45       40,435  
   

 

 

 
      62,534  
Water — 0.1%            

American Water Capital Corp.

   

3.25%, 06/01/51 (Call 12/01/50)

    10       7,099  

3.45%, 05/01/50 (Call 11/01/49)

    40       29,438  

3.75%, 09/01/47 (Call 03/01/47)

    60       46,782  

4.00%, 12/01/46 (Call 06/01/46)

    5       3,968  

4.15%, 06/01/49 (Call 12/01/48)

    5       4,100  

4.20%, 09/01/48 (Call 03/01/48)

    50       41,774  

4.30%, 12/01/42 (Call 06/01/42)

    45       39,215  

4.30%, 09/01/45 (Call 03/01/45)

    75       63,925  

6.59%, 10/15/37

    45       49,125  

Essential Utilities Inc.

   

3.35%, 04/15/50 (Call 10/15/49)

    55       38,363  

4.28%, 05/01/49 (Call 11/01/48)

    55       44,631  
   

 

 

 
      368,420  
   

 

 

 

Total Corporate Bonds & Notes — 48.8%
(Cost: $203,230,858)

      164,802,467  
   

 

 

 

Foreign Government Obligations(g)

   
Angola — 0.0%            

Angolan Government International Bond, 9.38%, 05/08/48(f)

    200       170,620  
   

 

 

 
Argentina — 0.5%            

Argentina Bonar Bonds

   

1.50%, 07/09/35(e)

    1,385       380,810  

3.50%, 07/09/41(e)

    59       16,031  

3.88%, 01/09/38(e)

    305       94,981  

Argentine Republic Government International Bond

   

1.50%, 07/09/35 (Call 03/31/23)(e)

    1,410       401,216  

1.50%, 07/09/46 (Call 03/31/23)(e)

    310       90,117  

3.50%, 07/09/41 (Call 03/31/23)(c)(e)

    757       237,971  

3.88%, 01/09/38 (Call 03/31/23)(e)

    890       311,749  

Provincia de Buenos Aires/Government Bonds,
5.25%, 09/01/37(e)(f)

    320       122,643  
   

 

 

 
      1,655,518  

 

 

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

  69


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Bahrain — 0.1%

   

Bahrain Government International Bond

   

5.63%, 05/18/34(f)

  $ 200     $ 174,778  

6.00%, 09/19/44(f)

    200       159,416  
   

 

 

 
      334,194  
Bermuda — 0.0%            

Bermuda Government International Bond,
3.38%, 08/20/50 (Call 02/20/50)(f)

    10       6,963  
   

 

 

 
Brazil — 0.3%            

Brazilian Government International Bond

   

4.75%, 01/14/50 (Call 07/14/49)

        400       288,292  

5.00%, 01/27/45(c)

    200       153,772  

5.63%, 01/07/41

    200       172,452  

5.63%, 02/21/47

    200       163,880  

7.13%, 01/20/37

    25       26,449  

8.25%, 01/20/34

    200       226,118  
   

 

 

 
          1,030,963  
Canada — 0.0%            

Province of British Columbia Canada, 7.25%, 09/01/36

    75       95,375  
   

 

 

 
Chile — 0.3%            

Chile Government International Bond

   

2.55%, 07/27/33 (Call 04/27/33)

    200       157,310  

3.10%, 05/07/41 (Call 11/07/40)

    200       145,716  

3.10%, 01/22/61 (Call 07/22/60)

    200       124,498  

3.25%, 09/21/71 (Call 03/21/71)

    200       123,350  

3.50%, 01/25/50 (Call 07/25/49)

    200       144,618  

4.00%, 01/31/52 (Call 07/31/51)

    200       156,230  

4.34%, 03/07/42 (Call 09/07/41)

    200       171,194  
   

 

 

 
      1,022,916  
China — 0.1%            

China Government International Bond, 2.75%, 12/03/39(f)

    200       160,040  

Export-Import Bank of China (The), 4.00%, 11/28/47(f)

    200       175,898  
   

 

 

 
      335,938  
Colombia — 0.3%            

Colombia Government International Bond

   

3.88%, 02/15/61 (Call 08/15/60)

    200       109,104  

4.13%, 02/22/42 (Call 08/22/41)

    200       123,034  

4.13%, 05/15/51 (Call 11/15/50)

    200       117,248  

5.00%, 06/15/45 (Call 12/15/44)

    200       132,024  

5.63%, 02/26/44 (Call 08/26/43)

    200       144,766  

6.13%, 01/18/41

    200       156,942  

7.38%, 09/18/37

    150       139,294  

7.50%, 02/02/34 (Call 11/02/33)

    200       190,082  
   

 

 

 
      1,112,494  
Costa Rica — 0.1%            

Costa Rica Government International Bond, 7.00%, 04/04/44(f) .

    200       191,768  
   

 

 

 
Dominican Republic — 0.2%            

Dominican Republic International Bond

   

5.88%, 01/30/60(f)

    300       225,468  

6.40%, 06/05/49(f)

    150       125,071  

6.85%, 01/27/45(f)

    150       134,253  

7.45%, 04/30/44(f)

    100       96,240  
   

 

 

 
      581,032  
Security  

Par

(000)

    Value  

Ecuador — 0.1%

   

Ecuador Government International Bond

   

1.50%, 07/31/40(e)(f)

  $ 200     $ 62,692  

2.50%, 07/31/35(e)(f)

    560       199,298  
   

 

 

 
      261,990  
Egypt — 0.1%            

Egypt Government International Bond

   

6.88%, 04/30/40(f)

        200       120,518  

8.50%, 01/31/47(f)

    200       128,008  

8.75%, 09/30/51(f)

    200       129,188  

8.88%, 05/29/50(f)

    200       129,270  
   

 

 

 
      506,984  
El Salvador — 0.0%            

El Salvador Government International Bond

   

7.12%, 01/20/50 (Call 07/20/49)(f)

    200       90,418  

7.65%, 06/15/35(f)

    40       18,561  
   

 

 

 
      108,979  
Ghana — 0.0%            

Ghana Government International Bond

   

8.75%, 03/11/61(f)(h)(i)

    200       72,534  

8.88%, 05/07/42(f)(h)(i)

    200       72,990  
   

 

 

 
      145,524  
Guatemala — 0.0%            

Guatemala Government Bond, 3.70%, 10/07/33 (Call 07/07/33)(f)

    200       164,646  
   

 

 

 
Hong Kong — 0.0%            

Airport Authority Hong Kong, 3.25%, 01/12/52 (Call 07/12/51)(a)

    200       150,552  
   

 

 

 
Hungary — 0.1%            

Hungary Government International Bond

   

3.13%, 09/21/51(f)

    200       122,476  

7.63%, 03/29/41

    200       224,880  
   

 

 

 
      347,356  
Indonesia — 0.6%            

Indonesia Government International Bond

   

3.05%, 03/12/51

    200       144,678  

3.20%, 09/23/61 (Call 03/23/61)

    200       135,238  

3.70%, 10/30/49

    200       158,024  

4.20%, 10/15/50

    200       168,344  

4.35%, 01/11/48

    200       175,760  

4.45%, 04/15/70

    200       167,780  

4.63%, 04/15/43(f)

    200       183,848  

5.13%, 01/15/45(f)

    200       195,126  

5.25%, 01/17/42(f)

    200       197,558  

6.63%, 02/17/37(f)

    200       225,120  

8.50%, 10/12/35(f)

    130       165,100  

Perusahaan Penerbit SBSN Indonesia III, 3.80%, 06/23/50(f)

    200       156,774  
   

 

 

 
          2,073,350  
Israel — 0.2%            

Israel Government AID Bond, 5.50%, 09/18/33

    40       43,369  

Israel Government International Bond

   

3.88%, 07/03/50

    200       161,188  

4.13%, 01/17/48

    200       169,752  

State of Israel, 3.80%, 05/13/60(f)

    400       302,008  
   

 

 

 
      676,317  
Italy — 0.1%            

Republic of Italy Government International Bond,
4.00%, 10/17/49

    335       245,676  
   

 

 

 

 

 

70  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Jamaica — 0.1%

   

Jamaica Government International Bond, 7.88%, 07/28/45

  $     200     $ 234,386  
   

 

 

 

Kazakhstan — 0.1%

   

Kazakhstan Government International Bond, 4.88%, 10/14/44(f)

    200       180,828  
   

 

 

 

Kenya — 0.0%

   

Republic of Kenya Government International Bond, 6.30%, 01/23/34(f)

    200       151,148  
   

 

 

 

Lebanon — 0.0%

   

Lebanon Government International Bond, 0.00% 03/23/37(d)(f)(h)(i)

    50       3,527  
   

 

 

 

Mexico — 0.8%

   

Mexico Government International Bond 3.50%, 02/12/34 (Call 11/12/33)

    400       326,408  

3.75%, 04/19/71 (Call 10/19/70)

    200       130,150  

3.77%, 05/24/61 (Call 11/24/60)

    400       264,516  

4.28%, 08/14/41 (Call 02/14/41)

    500       400,625  

4.35%, 01/15/47

    200       154,610  

4.50%, 01/31/50 (Call 07/31/49)

    200       157,830  

4.60%, 01/23/46

    200       160,824  

4.60%, 02/10/48

    200       160,104  

4.75%, 03/08/44

    210       174,829  

5.00%, 04/27/51 (Call 10/27/50)

    200       168,448  

5.55%, 01/21/45

    150       138,642  

6.05%, 01/11/40

    50       49,868  

6.75%, 09/27/34

    160       170,997  

7.50%, 04/08/33

    125       139,586  
   

 

 

 
          2,597,437  
Morocco — 0.0%            

Morocco Government International Bond, 4.00%, 12/15/50(f)

    200       128,622  
   

 

 

 
Nigeria — 0.1%            

Nigeria Government International Bond

   

7.63%, 11/28/47(f)

    200       134,278  

7.70%, 02/23/38(f)

    200       140,578  
   

 

 

 
      274,856  
Oman — 0.1%            

Oman Government International Bond

   

6.50%, 03/08/47(f)

    200       186,660  

7.00%, 01/25/51(f)

    200       198,492  
   

 

 

 
      385,152  
Panama — 0.3%            

Panama Government International Bond 3.87%, 07/23/60 (Call 01/23/60)

    200       128,050  

4.30%, 04/29/53

    200       145,118  

4.50%, 05/15/47 (Call 11/15/46)

    200       154,256  

4.50%, 04/16/50 (Call 10/16/49)

    200       150,452  

4.50%, 01/19/63 (Call 07/19/62)

    200       142,924  

6.70%, 01/26/36

    125       132,389  
   

 

 

 
      853,189  
Paraguay — 0.1%            

Paraguay Government International Bond, 6.10%, 08/11/44(f)

    200       189,082  
   

 

 

 

Peru — 0.3%

   

Peruvian Government International Bond 2.78%, 12/01/60 (Call 06/01/60)

    90       52,201  

3.00%, 01/15/34 (Call 10/15/33)

    185       145,839  

3.23%, 07/28/2121 (Call 01/28/2121)

    70       40,891  
Security   Par
(000)
    Value  

Peru (continued)

   

3.30%, 03/11/41 (Call 09/11/40)

  $     200     $ 146,162  

3.55%, 03/10/51 (Call 09/10/50)

    100       71,399  

3.60%, 01/15/72 (Call 07/15/71)

    75       48,762  

5.63%, 11/18/50

    100       98,407  

6.55%, 03/14/37(c)

    115       122,695  

8.75%, 11/21/33

    130       161,074  
   

 

 

 
      887,430  
Philippines — 0.3%            

Philippine Government International Bond

   

2.65%, 12/10/45

    200       134,456  

2.95%, 05/05/45

    200       142,326  

3.20%, 07/06/46

    200       144,058  

3.70%, 03/01/41

    200       162,240  

3.70%, 02/02/42

    200       161,284  

3.95%, 01/20/40

    300       252,759  

6.38%, 10/23/34

    100       109,059  
   

 

 

 
          1,106,182  
Qatar — 0.4%            

Qatar Government International Bond

   

4.40%, 04/16/50(f)

    400       360,220  

4.82%, 03/14/49(f)

    400       381,944  

5.10%, 04/23/48(f)

    500       495,720  
   

 

 

 
      1,237,884  
Romania — 0.1%            

Romanian Government International Bond

   

4.00%, 02/14/51(f)

    100       70,023  

5.13%, 06/15/48(f)

    100       83,259  

6.00%, 05/25/34(f)

    30       29,226  

6.13%, 01/22/44(f)

    100       94,263  

7.63%, 01/17/53

    100       108,502  
   

 

 

 
      385,273  
Saudi Arabia — 0.6%            

Saudi Government International Bond

   

3.45%, 02/02/61(f)

    200       138,678  

3.75%, 01/21/55(f)

    200       151,122  

4.50%, 10/26/46(f)

    200       173,120  

4.50%, 04/22/60(f)

    200       171,524  

4.63%, 10/04/47(f)

    200       175,884  

4.88%, 07/18/33(a)

    200       197,184  

5.00%, 04/17/49(f)

    400       368,900  

5.00%, 01/18/53(a)

    400       367,816  

5.25%, 01/16/50(f)

    200       191,894  
   

 

 

 
      1,936,122  
Senegal — 0.0%            

Senegal Government International Bond, 6.25%, 05/23/33(f)

    200       166,266  
   

 

 

 
South Africa — 0.2%            

Republic of South Africa Government International Bond 5.00%, 10/12/46(c)

    200       137,858  

5.65%, 09/27/47

    200       146,400  

5.75%, 09/30/49

    200       146,418  

6.25%, 03/08/41

    175       148,048  
   

 

 

 
      578,724  
South Korea — 0.1%            

Korea International Bond, 3.88%, 09/20/48

    200       176,754  
   

 

 

 

Supranational — 0.1%

   

European Investment Bank, 4.88%, 02/15/36

    85       90,451  

 

 

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

  71


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Supranational (continued)

   

Inter-American Development Bank 3.20%, 08/07/42

  $ 65     $ 54,601  

3.88%, 10/28/41

    75       69,974  

4.38%, 01/24/44

    85       84,295  

International Bank for Reconstruction & Development, 4.75%, 02/15/35

    85       88,658  
   

 

 

 
      387,979  
Turkey — 0.3%            

Turkey Government International Bond

   

4.88%, 04/16/43

        200       127,150  

5.75%, 05/11/47

    200       134,712  

6.00%, 01/14/41

    300       214,464  

6.63%, 02/17/45

    200       150,386  

6.75%, 05/30/40

    100       77,381  

6.88%, 03/17/36

    160       130,115  

7.25%, 03/05/38

    100       87,029  

8.00%, 02/14/34

    195       187,945  
   

 

 

 
          1,109,182  
Ukraine — 0.0%            

Ukraine Government International Bond

   

7.25%, 03/15/35(f)(h)(i)

    200       33,975  

7.38%, 09/25/34(f)(h)(i)

    200       34,300  
   

 

 

 
      68,275  
United Arab Emirates — 0.4%            

Abu Dhabi Government International Bond

   

3.00%, 09/15/51(f)

    200       141,204  

3.13%, 09/30/49(f)

    400       289,736  

3.88%, 04/16/50(f)

    200       165,616  

4.13%, 10/11/47(f)

    200       173,946  

Emirate of Dubai Government International Bonds, 3.90%, 09/09/50(f)

    200       143,988  

Finance Department Government of Sharjah, 4.00%, 07/28/50(f)

    200       128,608  

UAE International Government Bond, 3.25%, 10/19/61(f)

    200       145,424  
   

 

 

 
      1,188,522  
Uruguay — 0.2%            

Uruguay Government International Bond

   

4.13%, 11/20/45

    60       54,060  

4.98%, 04/20/55

    175       168,112  

5.10%, 06/18/50

    260       255,603  

5.75%, 10/28/34 (Call 07/28/34)

    50       53,780  

7.63%, 03/21/36

    125       155,428  
   

 

 

 
      686,983  
   

 

 

 

Total Foreign Government Obligations — 7.7%
(Cost: $32,038,391)

      26,132,958  
   

 

 

 

Municipal Debt Obligations

   
Arizona — 0.0%            

Salt River Project Agricultural Improvement & Power District RB BAB, 4.84%, 01/01/41

    150       148,214  
   

 

 

 

California — 0.9%

   

Bay Area Toll Authority RB BAB

   

Series S-1, 7.04%, 04/01/50

    50       64,916  

Series S-3, 6.91%, 10/01/50

    170       220,295  

California State University RB, Class B, 2.72%, 11/01/52

    200       136,209  

City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, 6.95%, 11/01/50

    100       124,442  
Security   Par
(000)
    Value  

California (continued)

   

East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40

  $ 50     $ 54,741  

Foothill-Eastern Transportation Corridor Agency RB, Series A, 4.09%, 01/15/49 (Call 01/15/30)

    100       79,023  

Los Angeles County Metropolitan Transportation Authority RB BAB, Series A, 5.74%, 06/01/39

    100       106,824  

Los Angeles County Public Works Financing Authority RB BAB, 7.62%, 08/01/40

    50       62,624  

Los Angeles Department of Water & Power, RB, Series A, 5.72%, 07/01/39

    200       215,131  

Los Angeles Unified School District/CA GO BAB, 5.75%, 07/01/34

    150       158,142  

Regents of the University of California Medical Center Pooled Revenue RB, Series N, Class A, 3.26%, 05/15/60 (Call 11/15/59)(c)

    65       45,001  

Regents of the University of California Medical Center Pooled Revenue RB BAB, Series F, 6.58%, 05/15/49

    150       173,696  

San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48

    100       112,479  

San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49

    50       56,389  

State of California GO, 4.60%, 04/01/38 (Call 04/01/28)

    100       95,759  

State of California GO BAB

   

7.30%, 10/01/39

    100       122,567  

7.55%, 04/01/39

        500       635,606  

7.60%, 11/01/40

    145       186,773  

University of California RB

   

Series AQ, 4.77%, 05/15/2115

    150       130,960  

Series BG, 3.07%, 05/15/51 (Call 05/15/31)

    200       138,081  

University of California RB BAB, 5.77%, 05/15/43

    50       53,737  
   

 

 

 
          2,973,395  
Colorado — 0.0%            

Regional Transportation District Sales Tax Revenue RB BAB, Series B, 5.84%, 11/01/50

    20       22,724  
   

 

 

 
District of Columbia — 0.0%            

District of Columbia Water & Sewer Authority RB, 4.81%, 10/01/2114

    50       45,229  
   

 

 

 
Georgia — 0.1%            

Municipal Electric Authority of Georgia RB BAB

   

Project J, Series 2010-A, 6.64%, 04/01/57

    92       101,518  

Project M, Series 2010-A, 6.66%, 04/01/57

    48       52,744  
   

 

 

 
      154,262  
Illinois — 0.3%            

Chicago O’Hare International Airport RB, Series C, 4.57%, 01/01/54(c)

    250       233,287  

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB, Series B, 6.90%, 12/01/40

    200       227,570  

Metropolitan Water Reclamation District of Greater Chicago GOL BAB, 5.72%, 12/01/38

    55       58,959  

State of Illinois GO, 5.10%, 06/01/33

    575       565,312  
   

 

 

 
      1,085,128  
Maryland — 0.0%            

Maryland Health & Higher Educational Facilities Authority, Class D, 3.05%, 07/01/40 (Call 01/01/40)

    50       36,803  

Maryland State Transportation Authority RB BAB, 5.89%, 07/01/43

    50       53,951  
   

 

 

 
      90,754  

 

 

72  

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


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Massachusetts — 0.1%

   

Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39

  $     100     $     105,310  

Commonwealth of Massachusetts Transportation Fund Revenue RB BAB, Series A, 5.73%, 06/01/40

    25       26,469  

Massachusetts School Building Authority RB BAB, Series B, 5.72%, 08/15/39

    50       53,553  
   

 

 

 
      185,332  
Michigan — 0.1%            

Great Lakes Water Authority Sewage Disposal System Revenue RB, 3.06%, 07/01/39

    100       79,649  

Michigan State University RB, 4.17%, 08/15/2122 (Call 02/15/2122)

    100       78,568  

University of Michigan RB, Series B, 2.44%, 04/01/40 (Call 10/01/39)

    200       145,968  
   

 

 

 
      304,185  
Missouri — 0.0%            

Health & Educational Facilities Authority of the State of Missouri RB, Series A, 3.23%, 05/15/50 (Call 11/15/49)

    100       75,454  
   

 

 

 

New Jersey — 0.1%

   

New Jersey State Turnpike Authority RB BAB, Series F, 7.41%, 01/01/40

    150       188,366  

New Jersey Transportation Trust Fund Authority RB BAB, Series B, 6.56%, 12/15/40

    50       55,267  

New Jersey Turnpike Authority RB BAB, Series A, 7.10%, 01/01/41

    100       122,499  
   

 

 

 
      366,132  
New York — 0.4%            

City of New York NY GO BAB, Series C-1, 5.52%, 10/01/37

    100       103,949  

Metropolitan Transportation Authority RB BAB

   

7.34%, 11/15/39

    150       184,152  

Series E, 6.81%, 11/15/40

    100       108,922  

New York City Municipal Water Finance Authority RB, 5.44%, 06/15/43

    200       213,203  

New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB

   

5.51%, 08/01/37

    50       51,929  

5.57%, 11/01/38

    50       51,962  

New York State Dormitory Authority RB, Series F, 3.11%, 02/15/39

    100       81,124  

New York State Dormitory Authority RB BAB, Series F, 5.63%, 03/15/39

    100       104,648  

New York State Thruway Authority RB, Series M, 3.50%, 01/01/42 (Call 01/01/30)

    75       61,512  

New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39

    55       56,846  

Port Authority of New York & New Jersey RB

   

3.29%, 08/01/69

    150       103,660  

Series 168, 4.93%, 10/01/51

    80       79,973  

Series 174, 4.46%, 10/01/62

    100       91,306  

Series 181, 4.96%, 08/01/46

    50       50,152  

Series 225, 3.18%, 07/15/60 (Call 07/15/31)

    70       48,431  
   

 

 

 
      1,391,769  
Ohio — 0.1%            

American Municipal Power Inc. RB BAB, Series B, 8.08%, 02/15/50

    50       68,244  

Ohio State University (The) RB, Series A, 4.80%, 06/01/2111

    75       68,403  

Ohio State University (The) RB BAB, Series C, 4.91%, 06/01/40

    100       100,055  
Security   Par
(000)
    Value  

Ohio (continued)

   

Ohio Water Development Authority Water Pollution Control Loan Fund RB, Series B-2, 4.88%, 12/01/34

  $ 25     $ 24,914  
   

 

 

 
          261,616  
Oklahoma — 0.0%            

Oklahoma Development Finance Authority RB

   

4.62%, 06/01/44

    85       81,276  

4.71%, 05/01/52

    25       23,594  
   

 

 

 
      104,870  
Oregon — 0.0%            

State of Oregon Department of Transportation RB BAB, Series 2010-A, 5.83%, 11/15/34

    100       106,772  
   

 

 

 

Tennessee — 0.0%

   

Metropolitan Government of Nashville & Davidson County Convention Center Authority RB BAB, Series B, 6.73%, 07/01/43

    40       45,270  
   

 

 

 

Texas — 0.3%

   

City of San Antonio Texas Electric & Gas Systems Revenue RB BAB, 5.81%, 02/01/41

    50       54,643  

Dallas Area Rapid Transit RB, 2.61%, 12/01/48 (Call 12/01/31)

    100       68,654  

Dallas Area Rapid Transit RB BAB, Series B, 6.00%, 12/01/44

    100       111,825  

Dallas County Hospital District GOL BAB, Series C, 5.62%, 08/15/44

    30       32,684  

Dallas Fort Worth International Airport RB

   

4.51%, 11/01/51 (Call 11/01/32)

    45       42,540  

Series C, Class C, 2.92%, 11/01/50(c)

    100       72,844  

Dallas Independent School District GO BAB, Series C, 6.45%, 02/15/35 (Call 03/31/23) (PSF)

    40       40,115  

Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30)

    150       112,723  

North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49

    50       62,130  

State of Texas GO BAB, Series A, 4.68%, 04/01/40

    100       98,596  

Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49

    100       78,851  

Texas Transportation Commission GO, 2.47%, 10/01/44 (Call 10/01/30)

    50       35,512  

University of Texas System (The) RB BAB, Series C, 4.79%, 08/15/46

    150       150,464  
   

 

 

 
      961,581  
Virginia — 0.1%            

University of Virginia RB

   

2.26%, 09/01/50 (Call 03/01/50)

        240       149,301  

Series C, 4.18%, 09/01/2117 (Call 03/01/2117)

    45       36,020  
   

 

 

 
      185,321  
Washington — 0.0%            

State of Washington GO BAB, Series F, 5.14%, 08/01/40

    50       51,386  
   

 

 

 

Total Municipal Debt Obligations — 2.5%
(Cost: $9,728,726)

      8,559,394  
   

 

 

 

U.S. Government & Agency Obligations

   

Mortgage-Backed Securities — 0.2%

   

Federal National Mortgage Association, Series 2019-M4, Class A2, 3.61%, 02/25/31

    294       277,121  

Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)

    500       420,302  
   

 

 

 
      697,423  

 

 

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

  73


Schedule of Investments  (continued)

February 28, 2023

  

iShares® Core 10+ Year USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par

(000)

    Value  

U.S. Government Agency Obligations — 0.5%

   

Federal Home Loan Banks, 5.50%, 07/15/36

  $ 290     $ 323,707  

Federal Home Loan Mortgage Corp., 6.25%, 07/15/32

    375       434,741  

Tennessee Valley Authority

   

3.50%, 12/15/42

    50       41,331  

4.65%, 06/15/35

    75       74,774  

5.25%, 09/15/39

    65       67,660  

5.38%, 04/01/56

    500       541,530  

5.88%, 04/01/36

    200       222,566  

Series B, 4.70%, 07/15/33

    40       40,391  
   

 

 

 
          1,746,700  
U.S. Government Obligations — 38.6%            

U.S. Treasury Note/Bond

   

1.13%, 05/15/40

    2,680       1,696,356  

1.13%, 08/15/40

    7,730       4,867,484  

1.25%, 05/15/50

    3,600       1,998,000  

1.38%, 11/15/31

    2,925       2,381,133  

1.38%, 11/15/40

    6,800       4,467,812  

1.38%, 08/15/50

    3,890       2,231,887  

1.63%, 11/15/50

    4,670       2,864,023  

1.75%, 08/15/41

    4,450       3,084,406  

1.88%, 02/15/41

    3,910       2,794,428  

1.88%, 02/15/51

    6,100       3,986,922  

1.88%, 11/15/51

    4,240       2,759,975  

2.00%, 11/15/41

    3,800       2,744,906  

2.00%, 02/15/50

    3,050       2,063,039  

2.00%, 08/15/51

    4,400       2,959,687  

2.25%, 05/15/41

    3,350       2,545,477  

2.25%, 08/15/46

    1,922       1,387,444  

2.25%, 08/15/49

    2,700       1,937,250  

2.25%, 02/15/52

    4,950       3,535,383  

2.38%, 02/15/42

    3,790       2,915,339  

2.38%, 11/15/49

    2,160       1,594,013  

2.38%, 05/15/51

    4,400       3,232,625  

2.50%, 02/15/45

    1,930       1,474,641  

2.50%, 02/15/46

    895       680,480  

2.50%, 05/15/46

    1,750       1,330,273  

2.75%, 08/15/42

    1,450       1,181,070  

2.75%, 11/15/42

    2,355       1,913,438  

2.75%, 08/15/47

    3,400       2,704,594  

2.75%, 11/15/47

    3,800       3,023,375  

2.88%, 05/15/43

      2,150       1,778,117  

2.88%, 08/15/45

    500       407,891  

2.88%, 11/15/46

    850       693,016  

2.88%, 05/15/49

    2,600       2,126,313  

2.88%, 05/15/52

    5,300       4,346,000  

3.00%, 05/15/42

    1,000       850,625  

3.00%, 11/15/45

    500       416,953  

3.00%, 02/15/47

    1,300       1,082,656  

3.00%, 05/15/47

    2,300       1,916,547  

3.00%, 02/15/48

    2,550       2,126,859  

3.00%, 08/15/48

    2,640       2,204,400  

3.00%, 02/15/49

    2,755       2,306,021  

3.00%, 08/15/52

    5,650       4,756,594  

3.13%, 11/15/41

    600       523,969  

3.13%, 02/15/42

    800       695,750  

3.13%, 02/15/43

    500       430,859  

3.13%, 08/15/44

    1,050       898,242  

3.13%, 05/15/48

    3,035       2,593,028  
Security   Par/
Shares
(000)
    Value  

U.S. Government Obligations (continued)

   

3.25%, 05/15/42

  $ 3,690     $ 3,262,767  

3.38%, 08/15/42

    2,240       2,017,050  

3.38%, 05/15/44

    1,450       1,293,445  

3.38%, 11/15/48

      2,500       2,238,281  

3.50%, 02/15/33

    500       483,594  

3.50%, 02/15/39

    1,060       998,222  

3.63%, 08/15/43

    1,450       1,349,859  

3.63%, 02/15/53

    400       381,063  

3.75%, 11/15/43

    2,300       2,178,531  

3.88%, 08/15/40

    650       637,203  

4.00%, 11/15/42

    4,100       4,043,625  

4.00%, 11/15/52

    6,340       6,456,894  

4.38%, 11/15/39

    630       658,350  

4.38%, 05/15/40

    895       933,038  

4.50%, 02/15/36

    400       426,813  

4.63%, 02/15/40

    1,000       1,075,781  

4.75%, 02/15/37

    200       218,594  

5.00%, 05/15/37

    1,050       1,173,375  
   

 

 

 
          130,335,785  
   

 

 

 

Total U.S. Government & Agency Obligations —  39.3%
(Cost:  $166,456,618)

 

    132,779,908  
   

 

 

 

Total Long-Term Investments — 98.3% (Cost: $411,454,593)

      332,274,727  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 1.9%

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(j)(k)(l)

    6,400       6,400,248  
   

 

 

 

Total Short-Term Securities — 1.9%
(Cost: $6,400,248)

      6,400,248  
   

 

 

 

Total Investments — 100.2%
(Cost: $417,854,841)

      338,674,975  

Liabilities in Excess of Other Assets — (0.2)%

      (646,065
   

 

 

 

Net Assets — 100.0%

    $  338,028,910  
   

 

 

 

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

All or a portion of this security is on loan.

(d) 

Zero-coupon bond.

(e) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(f) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(g) 

U.S. dollar denominated security issued by foreign domiciled entity.

(h) 

Issuer filed for bankruptcy and/or is in default.

(i)

Non-income producing security.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

(l)

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

 

 

74  

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Schedule of Investments  (continued)

February 28, 2023

   iShares® Core 10+ Year USD Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

02/28/22

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

    Value at
02/28/23
   

Shares

Held at

02/28/23

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 2,513,107     $ 3,887,141 (a)    $     $     $     $ 6,400,248       6,400     $ 81,423 (b)    $ 2  
       

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
     Level 1      Level 2      Level 3      Total  

Assets

          

Investments

          

Long-Term Investments

          

Corporate Bonds & Notes

  $      $ 164,802,467      $               —      $ 164,802,467  

Foreign Government Obligations

           26,132,958               26,132,958  

Municipal Debt Obligations

           8,559,394               8,559,394  

U.S. Government & Agency Obligations

           132,779,908               132,779,908  

Short-Term Securities

          

Money Market Funds

    6,400,248                      6,400,248  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $    6,400,248      $ 332,274,727      $      $ 338,674,975  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  75


Statements of Assets and Liabilities

February 28, 2023

 

   

iShares

Core 5-10

Year USD

Bond ETF

   

iShares

Core 10+

Year USD

Bond ETF

 

 

 

ASSETS

   

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

  $ 164,187,455     $ 332,274,727  

Investments, at value — affiliated(c)

    29,692,863       6,400,248  

Cash

    347       5,912  

Foreign currency, at value(d)

    14       45  

Receivables:

   

Investments sold

    1,782,549       1,473,712  

Securities lending income — affiliated

    1,868       3,648  

TBA sales commitments

    2,898,891        

Capital shares sold

    175,271       11,785  

Dividends — affiliated

    106,413       8,528  

Interest — unaffiliated

    901,850       3,757,457  
 

 

 

   

 

 

 

Total assets

    199,747,521       343,936,062  
 

 

 

   

 

 

 

LIABILITIES

   

Collateral on securities loaned, at value

    1,261,336       3,278,248  

TBA sales commitments, at value(e)

    2,895,417        

Payables:

   

Investments purchased

    32,741,499       2,613,126  

Investment advisory fees

    5,471       15,778  
 

 

 

   

 

 

 

Total liabilities

    36,903,723       5,907,152  
 

 

 

   

 

 

 

NET ASSETS

  $ 162,843,798     $ 338,028,910  
 

 

 

   

 

 

 

NET ASSETS CONSIST OF

   

Paid-in capital

  $ 176,970,812     $ 421,139,514  

Accumulated loss

    (14,127,014     (83,110,604
 

 

 

   

 

 

 

NET ASSETS

  $ 162,843,798     $ 338,028,910  
 

 

 

   

 

 

 

NET ASSET VALUE

   

Shares outstanding

    3,800,000       6,550,000  
 

 

 

   

 

 

 

Net asset value

  $ 42.85     $ 51.61  
 

 

 

   

 

 

 

Shares authorized

    Unlimited       Unlimited  
 

 

 

   

 

 

 

Par value

    None       None  
 

 

 

   

 

 

 

(a) Investments, at cost — unaffiliated

  $ 175,890,940     $ 411,454,593  

(b) Securities loaned, at value

  $ 1,215,461     $ 3,150,872  

(c)  Investments, at cost — affiliated

  $ 29,675,915     $ 6,400,248  

(d) Foreign currency, at cost

  $ 14     $ 41  

(e) Proceeds from TBA sales commitments

  $ 2,898,891     $  

See notes to financial statements.

 

76  

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


Statements of Operations

Year Ended February 28, 2023

 

    

iShares

Core 5-10

Year USD

Bond ETF

   

iShares

Core 10+

Year USD

Bond ETF

 

INVESTMENT INCOME

   

Dividends — affiliated

  $ 452,713     $ 43,159  

Interest — unaffiliated

    3,324,156       11,404,880  

Securities lending income — affiliated — net

    12,038       38,264  

Other income — unaffiliated

    2,007       5,381  
 

 

 

   

 

 

 

Total investment income

    3,790,914       11,491,684  
 

 

 

   

 

 

 

EXPENSES

   

Investment advisory

    71,448       168,231  
 

 

 

   

 

 

 

Total expenses

    71,448       168,231  

Less:

   

Investment advisory fees waived

    (13,740      
 

 

 

   

 

 

 

Total expenses after fees waived

    57,708       168,231  
 

 

 

   

 

 

 

Net investment income

    3,733,206       11,323,453  
 

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

   

Net realized gain (loss) from:

   

Investments — unaffiliated

    (2,683,971     (4,760,687

Investments — affiliated

    831        

Capital gain distributions from underlying funds — affiliated

          2  

In-kind redemptions — unaffiliated(a)

    (2,531,230     (6,251,483
 

 

 

   

 

 

 
    (5,214,370     (11,012,168
 

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

   

Investments — unaffiliated

    (8,965,708     (64,254,681

Investments — affiliated

    15,723        

Foreign currency translations

          4  
 

 

 

   

 

 

 
    (8,949,985     (64,254,677
 

 

 

   

 

 

 

Net realized and unrealized loss

    (14,164,355     (75,266,845
 

 

 

   

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (10,431,149   $ (63,943,392
 

 

 

   

 

 

 

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

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

  77


 

Statements of Changes in Net Assets

 

   

iShares

Core 5-10 Year USD Bond ETF

    

iShares

Core 10+ Year USD Bond ETF

 
 

 

 

    

 

 

 
   

Year Ended

02/28/23

    

Year Ended

02/28/22

    

Year Ended

02/28/23

    

Year Ended

02/28/22

 

 

 

INCREASE (DECREASE) IN NET ASSETS

          

OPERATIONS

          

Net investment income

  $ 3,733,206      $ 2,281,094      $ 11,323,453      $ 11,822,169  

Net realized gain (loss)

    (5,214,370      257,345        (11,012,168      6,015,342  

Net change in unrealized appreciation (depreciation)

    (8,949,985      (6,306,707      (64,254,677      (26,852,701
 

 

 

    

 

 

    

 

 

    

 

 

 

Net decrease in net assets resulting from operations

    (10,431,149      (3,768,268      (63,943,392      (9,015,190
 

 

 

    

 

 

    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

          

Decrease in net assets resulting from distributions to shareholders

    (3,367,572      (3,107,440      (10,987,132      (12,100,359
 

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS

          

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

    69,377,536        (9,588,966      106,430,125        (112,783,475
 

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

          

Total increase (decrease) in net assets

    55,578,815        (16,464,674      31,499,601        (133,899,024

Beginning of year

    107,264,983        123,729,657        306,529,309        440,428,333  
 

 

 

    

 

 

    

 

 

    

 

 

 

End of year

  $ 162,843,798      $ 107,264,983      $ 338,028,910      $ 306,529,309  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) 

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

See notes to financial statements.

 

78  

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


Financial Highlights

(For a share outstanding throughout each period)

 

          iShares Core 5-10 Year USD Bond ETF  
          Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
          02/28/23                02/28/22           02/28/21           02/29/20           02/28/19  

 

 

Net asset value, beginning of year

               $ 48.76       $ 51.55                  $ 51.67                  $ 48.49                  $ 48.16  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      1.39         0.91         1.09         1.49         1.54  

Net realized and unrealized gain (loss)(b)

      (6.00       (2.46       0.15         3.15         0.25  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (4.61       (1.55       1.24         4.64         1.79  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (1.30       (0.86       (1.36       (1.46       (1.46

From net realized gain

              (0.38                        
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (1.30       (1.24       (1.36       (1.46       (1.46
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 42.85       $ 48.76       $ 51.55       $ 51.67       $ 48.49  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

      (9.51 )%        (3.07 )%        2.39       9.72       3.81
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.06       0.06       0.06       0.06       0.06
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total expenses after fees waived

      0.05       0.05       0.05       0.05       0.04
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      3.14       1.79       2.09       2.97       3.22
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 162,844       $ 107,265       $ 123,730       $ 118,852       $ 58,187  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)(g)

      335       279       384       377       481
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

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

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

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

(f) 

Portfolio turnover rate excludes in-kind transactions.

(g) 

Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

 

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

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

          iShares Core 10+ Year USD Bond ETF  
   

 

 

 
          Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
          02/28/23           02/28/22           02/28/21           02/29/20           02/28/19  

 

 

Net asset value, beginning of year

             $ 66.64                $ 71.04                $ 73.73                $ 59.94                $ 61.20  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income(a)

      2.21         2.17         2.24         2.37         2.39  

Net realized and unrealized gain (loss)(b)

      (15.04       (4.38       (2.40       13.77         (1.21
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      (12.83       (2.21       (0.16       16.14         1.18  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Distributions(c)

                   

From net investment income

      (2.20       (2.19       (2.23       (2.35       (2.44

From net realized gain

                      (0.30                
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total distributions

      (2.20       (2.19       (2.53       (2.35       (2.44
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net asset value, end of year

    $ 51.61       $ 66.64       $ 71.04       $ 73.73       $ 59.94  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Total Return(d)

                   

Based on net asset value

      (19.44 )%        (3.23 )%        (0.36 )%        27.44       2.04
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(e)

                   

Total expenses

      0.06       0.06       0.06       0.06       0.06
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Net investment income

      4.04       3.05       3.00       3.54       4.01
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Supplemental Data

                   

Net assets, end of year (000)

    $ 338,029       $ 306,529       $ 440,428       $ 357,608       $ 227,785  
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(f)

      10       15       17       9       10
   

 

 

     

 

 

     

 

 

     

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

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

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

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

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

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Notes to Financial Statements  

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF   Diversification  
Classification  
 

Core 5-10 Year USD Bond

    Diversified    

Core 10+ Year USD Bond

    Diversified    

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

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

  81


Notes to Financial Statements  (continued)

 

   

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

 

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Notes to Financial Statements  (continued)

 

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

 

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

  83


Notes to Financial Statements  (continued)

 

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

iShares ETF and Counterparty

   

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

Core 5-10 Year USD Bond

        

Barclays Bank PLC

  $ 84,828      $ (84,828   $     $  

BMO Capital Markets Corp.

    14,608        (14,608            

BNP Paribas SA

    84,544        (84,544            

Citigroup Global Markets, Inc.

    51,115        (51,115            

Credit Suisse Securities (USA) LLC

    648        (648            

Goldman Sachs & Co. LLC

    209,347        (209,347            

J.P. Morgan Securities LLC

    653,725        (653,725            

Jefferies LLC

    14,317        (14,317            

Morgan Stanley

    25,633        (25,633            

Nomura Securities International, Inc.

    3,365        (3,365            

RBC Capital Markets LLC

    29,920        (29,920            

Scotia Capital (USA), Inc.

    12,010        (12,010            

State Street Bank & Trust Co.

    20,458        (20,458            

Toronto-Dominion Bank

    10,943        (10,943            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 1,215,461      $ (1,215,461   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

Core 10+ Year USD Bond

        

Barclays Bank PLC

  $ 167,213      $ (167,213   $     $  

BNP Paribas SA

    509,214        (509,214            

Citigroup Global Markets, Inc.

    146,522        (146,522            

Deutsche Bank Securities, Inc.

    234,628        (234,628            

Goldman Sachs & Co. LLC

    169,898        (169,898            

J.P. Morgan Securities LLC

    953,374        (953,374            

Jefferies LLC

    158,514        (158,514            

Morgan Stanley

    433,257        (433,257            

Nomura Securities International, Inc.

    28,898        (28,898            

State Street Bank & Trust Co.

    24        (24            

UBS AG

    152,234        (152,234            

Wells Fargo Securities LLC

    197,096        (197,096            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 3,150,872      $ (3,150,872   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

Core 5-10 Year USD Bond

    0.06

Core 10+ Year USD Bond

    0.06  

 

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Notes to Financial Statements  (continued)

 

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Core 5-10 Year USD Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended February 28, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts Waived    

Core 5-10 Year USD Bond

  $ 13,740    

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts    

Core 5-10 Year USD Bond

  $ 3,231    

Core 10+ Year USD Bond

    9,606    

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

       
iShares ETF   Purchases      Sales     

Net Realized  

Gain (Loss)  

 

Core 5-10 Year USD Bond

  $ 98,451      $      $ —    

Core 10+ Year USD Bond

    161,439        56,808        (34,509)    

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

 

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  85


Notes to Financial Statements  (continued)

 

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the year ended February 28, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

 

     
    U.S. Government Securities      Other Securities  
 

 

 

    

 

 

 
iShares ETF   Purchases      Sales      Purchases      Sales    

Core 5-10 Year USD Bond

  $   420,797,168      $   383,382,783      $   7,022,444      $   9,247,062    

Core 10+ Year USD Bond

    13,718,807        6,569,767        13,981,405        20,162,721    

For the year ended February 28, 2023, in-kind transactions were as follows:

 

     
iShares ETF   

In-kind

Purchases

    

In-kind  

Sales  

 

Core 5-10 Year USD Bond

   $   58,705,350      $   24,853,199    

Core 10+ Year USD Bond

     153,502,568        48,904,073    

 

7.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 28, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

 

     
iShares ETF   Paid-in Capital    

Accumulated  

Earnings (Loss)  

 

Core 5-10 Year USD Bond

  $ (2,554,237   $ 2,554,237    

Core 10+ Year USD Bond

    (6,251,508     6,251,508    

The tax character of distributions paid was as follows:

 

     
iShares ETF  

Year Ended

02/28/23

    

Year Ended

02/28/22

 

Core 5-10 Year USD Bond

    

Ordinary income

  $ 3,367,572      $ 2,160,025  

Long-term capital gains

           947,415  
 

 

 

    

 

 

 
  $ 3,367,572      $ 3,107,440  
 

 

 

    

 

 

 

Core 10+ Year USD Bond

    

Ordinary income

  $ 10,987,132      $ 12,100,359  
 

 

 

    

 

 

 

As of February 28, 2023, the tax components of accumulated net earnings (losses) were as follows:

 

         
iShares ETF  

Undistributed

Ordinary Income

    

Non-expiring

Capital Loss

Carryforwards(a)

    Net Unrealized
Gains (Losses)(b)
    Total    

Core 5-10 Year USD Bond

  $ 538,358      $ (2,955,780   $ (11,709,592   $ (14,127,014 )   

Core 10+ Year USD Bond

    1,234,967        (5,098,934     (79,246,637     (83,110,604 )   

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default and TBA transactions.

 

 

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Notes to Financial Statements  (continued)

 

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost     

Gross Unrealized

Appreciation

    

Gross Unrealized

Depreciation

   

Net Unrealized

Appreciation

(Depreciation)

 

Core 5-10 Year USD Bond

  $ 205,690,031      $ 286,617      $ (12,092,856   $ (11,806,239

Core 10+ Year USD Bond

    417,921,616        270,316        (79,516,957     (79,246,641

 

8.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

 

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Notes to Financial Statements  (continued)

 

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

     Year Ended
02/28/23
     Year Ended
02/28/22
 
iShares ETF   Shares      Amount      Shares      Amount  

Core 5-10 Year USD Bond

          

Shares sold

    2,700,000      $ 118,398,576        300,000      $ 15,414,777  

Shares redeemed

    (1,100,000      (49,021,040      (500,000      (25,003,743
 

 

 

    

 

 

    

 

 

    

 

 

 
    1,600,000      $ 69,377,536        (200,000    $ (9,588,966
 

 

 

    

 

 

    

 

 

    

 

 

 

Core 10+ Year USD Bond

          

Shares sold

    2,800,000      $ 156,142,351        450,000      $ 31,525,828  

Shares redeemed

    (850,000      (49,712,226      (2,050,000      (144,309,303
 

 

 

    

 

 

    

 

 

    

 

 

 
    1,950,000      $ 106,430,125        (1,600,000    $ (112,783,475
 

 

 

    

 

 

    

 

 

    

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

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Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 28, 2023, the related statements of operations for the year ended February 28, 2023, the statements of changes in net assets for each of the two years in the period ended February 28, 2023, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2023 and each of the financial highlights for each of the five years in the period ended February 28, 2023 in conformity with accounting principles generally accepted in the United States of America.

 

iShares Core 5-10 Year USD Bond ETF

iShares Core 10+ Year USD Bond ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 20, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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  89


Important Tax Information (unaudited)

 

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 28, 2023:

 

   
iShares ETF   Federal Obligation  
Interest  
 

Core 5-10 Year USD Bond

  $ 588,089    

Core 10+ Year USD Bond

    2,786,581    

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 28, 2023:

 

   
iShares ETF   Interest Dividends    

Core 5-10 Year USD Bond

  $ 3,722,437    

Core 10+ Year USD Bond

    11,292,499    

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 28, 2023:

 

   
iShares ETF  

Interest-Related  

Dividends  

 

Core 5-10 Year USD Bond

  $ 3,217,023    

Core 10+ Year USD Bond

    8,508,389    

 

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Statement Regarding Liquidity Risk Management Program (unaudited)

 

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core 5-10 Year USD Bond ETF and iShares Core 10+ Year USD Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

 

  a)

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

 

  b)

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

 

  c)

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

 

  d)

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

 

  e)

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

 

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Supplemental Information (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2023

 

     
   

Total Cumulative Distributions

for the Fiscal Year

      

% Breakdown of the Total Cumulative

Distributions for the Fiscal Year

 
 

 

 

      

 

 

 
iShares ETF   Net
Investment
Income
     Net Realized
Capital Gains
     Return of
Capital
     Total Per
Share
       Net
Investment
Income
    Net Realized
Capital Gains
    Return of
Capital
    Total Per
Share
 

Core 5-10 Year USD Bond

  $ 1.297010      $      $      $ 1.297010          100             100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

 

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Trustee and Officer Information (unaudited)

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 377 funds as of February 28, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

Interested Trustees
       
 Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee
Robert S. Kapito(a) (66)    Trustee (since 2009).    President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).    Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)    Trustee (since 2019).    Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).    Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

 

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

 

 

Independent Trustees
       
 Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee
John E. Kerrigan (67)    Trustee (since 2005); Independent Board Chair (since 2022).   

Chief Investment Officer, Santa Clara University (since 2002).

   Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (67)    Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).    Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (68)    Trustee (since 2017); Audit Committee Chair (since 2019).    Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

 

 

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Trustee and Officer Information (unaudited) (continued)

 

Independent Trustees (continued)
       
 Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Cecilia H.

Herbert (73)

   Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).    Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

Drew E.

Lawton (63)

   Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

John E.

Martinez (61)

   Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).    Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V.

Rajan (58)

   Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).    Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
     
 Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

Armando

Senra (51)

   President (since 2019).    Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent

Walker (48)

   Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles

Park (55)

   Chief Compliance Officer (since 2006).    Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa

Rolland (42)

   Secretary (since 2022).    Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)    Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer

Hsui (46)

   Executive Vice President (since 2022).   

Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

 

 

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Trustee and Officer Information (unaudited) (continued)

 

Officers (continued)
     
 Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

James

Mauro (52)

   Executive Vice President (since 2022).   

Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

 

 

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General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviation
BAB    Build America Bond
CMT    Constant Maturity Treasury
GO    General Obligation
GOL    General Obligation Limited
LIBOR    London Interbank Offered Rate
PJSC    Public Joint Stock Company
PSF    Permanent School Fund
RB    Revenue Bond
SCA    Svenska Celluosa Aktiebolaget
SOFR    Secured Overnight Financing Rate
TBA    To-Be-Announced

 

 

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-203-0223

 

 

 

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