LOGO

  AUGUST 31, 2023

 

  

  

 

2023 Semi-Annual Report

(Unaudited)

 

 

 

 

iShares Trust

· iShares 0-3 Month Treasury Bond ETF | SGOV | NYSE Arca

· iShares 1-3 Year Treasury Bond ETF | SHY | NASDAQ

· iShares 3-7 Year Treasury Bond ETF | IEI | NASDAQ

· iShares 7-10 Year Treasury Bond ETF | IEF | NASDAQ

· iShares 10-20 Year Treasury Bond ETF | TLH | NYSE Arca

· iShares 20+ Year Treasury Bond ETF | TLT | NASDAQ

· iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | Cboe BZX

· iShares Short Treasury Bond ETF | SHV | NASDAQ


The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

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

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

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

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2023
     
     6-Month    12-Month
     

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

  14.50%    15.94%
     

U.S. small cap equities

(Russell 2000® Index)

  0.99    4.65   
     

International equities

(MSCI Europe, Australasia, Far East Index)

  4.75   17.92  
     

Emerging market equities

(MSCI Emerging Markets Index)

  3.62    1.25  
     

3-month Treasury bills

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

  2.47    4.25  
     

U.S. Treasury securities

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

  0.11   (4.71)
     

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

  0.95   (1.19)
     

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

  1.04    1.70  
     

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

  4.55    7.19  
 
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     12  

Disclosure of Expenses

     12  

Schedules of Investments

     13  

Financial Statements

  

Statements of Assets and Liabilities

     26  

Statements of Operations

     28  

Statements of Changes in Net Assets

     30  

Financial Highlights

     34  

Notes to Financial Statements

     42  

Board Review and Approval of Investment Advisory Contract

     50  

Supplemental Information

     57  

General Information

     58  

Glossary of Terms Used in this Report

     59  

 

 

 


Fund Summary as of August 31, 2023    iShares® 0-3 Month Treasury Bond ETF

 

Investment Objective

The iShares 0-3 Month Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities less than or equal to three months, as represented by the ICE 0-3 Month US Treasury Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns        Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year    

Since  

Inception  

         1 Year    

Since

Inception

 

Fund NAV

    2.56     4.41     1.49%         4.41     4.96

Fund Market

    2.58       4.44       1.51           4.44       5.01  

Index

    1.98       3.40       1.16             3.40       3.84  

The inception date of the Fund was May 26, 2020. The first day of secondary market trading was May 28, 2020.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Historical index data prior to March 01, 2021 is for the 3pm pricing variant of the ICE 0-3 Month US Treasury Securities Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE 0-3 Month US Treasury Securities 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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $  1,025.60          $  0.25                $  1,000.00           $  1,024.90          $  0.25          0.05

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

 

Maturity  

Percent of 

Total Investments(a)

 

0-1 Year   100.0%

 

FIVE LARGEST HOLDINGS

 

 

Security

 

Percent of 

Total Investments(a)

 

U.S. Treasury Bill, 5.42%, 10/03/23   11.3%
U.S. Treasury Bill, 5.24%, 09/05/23   10.7  
U.S. Treasury Bill, 5.30%, 09/19/23   10.5  
U.S. Treasury Bill, 5.41%, 10/17/23   9.8  
U.S. Treasury Bill, 5.42%, 10/31/23   9.5  

 

 

  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023     iShares® 1-3 Year Treasury Bond ETF

 

Investment Objective

The iShares 1-3 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one and three years, as represented by the ICE U.S. Treasury 1-3 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years         1 Year     5 Years     10 Years  

Fund NAV

    1.69     1.15     0.89     0.69%         1.15     4.53     7.15

Fund Market

    1.73       1.17       0.90       0.70           1.17       4.57       7.19  

Index

    1.76       1.26       1.01       0.82             1.26       5.17       8.50  

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data from February 28, 2020 through April 01, 2016 is for the 3pm pricing variant of the ICE U.S. Treasury 1-3 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 1-3 Year Treasury Bond Index.

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

Expense Example

 

             Actual                    Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
      $  1,000.00          $  1,016.90          $  0.76                $  1,000.00           $  1,024.40          $  0.76          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

 

Maturity  

Percent of 

Total Investments(a)

 

1-2 Years   52.3%
2-3 Years   47.7  

 

FIVE LARGEST HOLDINGS

 

 

Security

 

Percent of 

Total Investments(a)

 

U.S. Treasury Note/Bond, 4.50%, 11/15/25   5.3%
U.S. Treasury Note/Bond, 4.00%, 02/15/26   4.9  
U.S. Treasury Note/Bond, 1.50%, 11/30/24   4.2  
U.S. Treasury Note/Bond, 1.50%, 02/15/25   3.7  
U.S. Treasury Note/Bond, 4.00%, 12/15/25   3.6  

 

 

  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

    5  


Fund Summary as of August 31, 2023     iShares® 3-7 Year Treasury Bond ETF

 

Investment Objective

The iShares 3-7 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between three and seven years, as represented by the ICE U.S. Treasury 3-7 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years         1 Year     5 Years     10 Years  

Fund NAV

    1.38     (0.64 )%      0.57     0.98%         (0.64 )%      2.88     10.25

Fund Market

    1.42       (0.61     0.58       1.00           (0.61     2.94       10.41  

Index

    1.43       (0.56     0.69       1.09             (0.56     3.51       11.48  

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Historical index data prior from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 3-7 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 3-7 Year Treasury Bond Index.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           


Beginning

Account Value
(03/01/23)

 


 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00           $  1,013.80          $  0.76                $  1,000.00           $  1,024.40          $  0.76          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

 

Maturity

 

Percent of 

Total Investments(a)

 

2-3 Years   3.2%
3-4 Years   29.1  
4-5 Years   28.5  
5-6 Years   20.4  
6-7 Years   18.8  

 

FIVE LARGEST HOLDINGS

 

 

Security

 

Percent of 

Total Investments(a)

 

U.S. Treasury Note/Bond, 2.38%, 05/15/27   7.8%
U.S. Treasury Note/Bond, 2.25%, 02/15/27   6.0  
U.S. Treasury Note/Bond, 2.63%, 02/15/29   4.6  
U.S. Treasury Note/Bond, 2.88%, 08/15/28   3.6  
U.S. Treasury Note/Bond, 1.38%, 10/31/28   3.6  

 

 

  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023     iShares® 7-10 Year Treasury Bond ETF

 

Investment Objective

The iShares 7-10 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between seven and ten years, as represented by the ICE U.S. Treasury 7-10 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years         1 Year     5 Years     10 Years  

Fund NAV

    0.35     (3.63 )%      0.09     1.21%         (3.63 )%      0.44     12.78

Fund Market

    0.37       (3.64     0.11       1.23           (3.64     0.56       13.06  

Index

    0.40       (3.52     0.21       1.30             (3.52     1.05       13.82  

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 7-10 Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 7-10 Year Treasury Bond Index.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00           $  1,003.50          $  0.76                $  1,000.00           $  1,024.40          $  0.76          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

 

Maturity

 

Percent of 

Total Investments(a)

 

6-7 Years   12.2%
7-8 Years   16.0  
8-9 Years   46.0  
9-10 Years   25.8  

 

FIVE LARGEST HOLDINGS

 

 

Security

 

Percent of 

Total Investments(a)

 

U.S. Treasury Note/Bond, 1.38%, 11/15/31   19.2%
U.S. Treasury Note/Bond, 1.88%, 02/15/32   16.1  
U.S. Treasury Note/Bond, 1.25%, 08/15/31   14.0  
U.S. Treasury Note/Bond, 0.63%, 08/15/30   10.9  
U.S. Treasury Note/Bond, 3.50%, 02/15/33   9.3  

 

 

  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

    7  


Fund Summary as of August 31, 2023     iShares® 10-20 Year Treasury Bond ETF

 

Investment Objective

The iShares 10-20 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between ten and twenty years, as represented by the ICE U.S. Treasury 10-20 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years         1 Year     5 Years     10 Years  

Fund NAV

    (1.54 )%      (7.00 )%      (1.93 )%      0.63%         (7.00 )%      (9.29 )%      6.44

Fund Market

    (1.49     (7.01     (1.90     0.66           (7.01     (9.17     6.76  

Index

    (1.53     (7.19     (1.90     0.68             (7.19     (9.16     7.03  

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data from July 01, 2016 through March 01, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 10-20 Year Bond Index. Historical index data prior to July 01, 2016 is for the Barclays U.S. 10-20 Year Treasury Bond Index.

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

Expense Example

 

             Actual                    Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
      $  1,000.00          $   984.60          $  0.75                $  1,000.00           $  1,024.40          $  0.76          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

 

Maturity

 

Percent of 

Total Investments(a)

 

5-6 Years   0.7%
6-7 Years   0.1  
8-9 Years   2.6  
14-15 Years   1.3  
15-16 Years   0.1  
16-17 Years   18.7  
17-18 Years   38.2  
18-19 Years   23.2  
19-20 Years   15.1  

 

FIVE LARGEST HOLDINGS

 

 

Security

 

Percent of 

Total Investments(a)

 

U.S. Treasury Note/Bond, 2.25%, 05/15/41   11.0%
U.S. Treasury Note/Bond, 1.88%, 02/15/41   10.1  
U.S. Treasury Note/Bond, 1.75%, 08/15/41   8.7  
U.S. Treasury Note/Bond, 1.13%, 08/15/40   7.5  
U.S. Treasury Note/Bond, 1.38%, 11/15/40   7.4  

 

 

  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023     iShares® 20+ Year Treasury Bond ETF

 

Investment Objective

The iShares 20+ Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years, as represented by the ICE U.S. Treasury 20+ Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years         1 Year     5 Years     10 Years  

Fund NAV

    (3.35 )%      (11.01 )%      (2.40 )%      1.42%         (11.01 )%      (11.42 )%      15.17

Fund Market

    (3.48     (10.99     (2.34     1.48           (10.99     (11.17     15.81  

Index

    (3.29     (10.97     (2.31     1.50             (10.97     (11.03     16.06  

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data from April 01, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury 20+ Year Bond Index. Historical index data prior to April 01, 2016 is for the Barclays U.S. 20+ Year Treasury Bond Index.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     


Beginning

Account Value
(03/01/23)

 


 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
      $  1,000.00          $   966.50          $  0.74                $  1,000.00           $  1,024.40          $  0.76          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

 

Maturity

 

Percent of 

Total Investments(a)

 

15-20 Years   5.6%
20-25 Years   32.7  
25-30 Years   61.7  

 

FIVE LARGEST HOLDINGS

 

 

Security

 

Percent of

Total Investments(a)

 

U.S. Treasury Note/Bond, 1.88%, 02/15/51   9.6%
U.S. Treasury Note/Bond, 2.00%, 08/15/51   7.3  
U.S. Treasury Note/Bond, 1.63%, 11/15/50   6.5  
U.S. Treasury Note/Bond, 1.88%, 11/15/51   5.6  
U.S. Treasury Note/Bond, 3.00%, 02/15/49   5.3  

 

 

  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

    9  


Fund Summary as of August 31, 2023     iShares® 25+ Year Treasury STRIPS Bond ETF

 

Investment Objective

The iShares 25+ Year Treasury STRIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of the principal payments of U.S. Treasury bonds (specifically principal “STRIPS”, also known as “Separate Trading of Registered Interest and Principal Securities”) with remaining maturities of at least 25 years, as represented by the ICE BofA Long US Treasury Principal STRIPS Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns           Cumulative Total Returns  
     

6-Month

Total Returns

    1 Year    

Since   

Inception   

       1 Year     Since
Inception
 

Fund NAV

     (6.93 )%      (17.89 )%      (20.28)%          (17.89 )%      (48.67 )% 

Fund Market

     (6.56     (17.91     (20.20)            (17.91     (48.53

Index

     (7.02     (18.34     (20.55)              (18.34     (49.14

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Historical index data prior to March 01, 2021 is for the 3pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA Long US Treasury Principal STRIPS 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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $   930.70          $  0.29               $  1,000.00           $  1,024.80           $  0.31          0.06

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

 

Maturity

 

Percent of 

Total Investments(a)

 

20-25 Years   3.1%
25-30 Years   96.9  

 

FIVE LARGEST HOLDINGS

 

 

Security

 

Percent of 

Total Investments(a)

 

U.S. Treasury STRIPS, 0.00%, 11/15/50   13.8%
U.S. Treasury STRIPS, 0.00%, 02/15/51   13.4  
U.S. Treasury STRIPS, 0.00%, 08/15/49   13.1  
U.S. Treasury STRIPS, 0.00%, 02/15/52   9.0  
U.S. Treasury STRIPS, 0.00%, 08/15/51   6.6  

 

 

  (a) 

Excludes money market funds.

 

 

 

10  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023     iShares® Short Treasury Bond ETF

 

Investment Objective

The iShares Short Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities of one year or less, as represented by the ICE Short US Treasury Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns   
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years     

Fund NAV

    2.47     4.06     1.56     0.99        4.06     8.02     10.32%     

Fund Market

    2.51       4.08       1.56       0.99          4.08       8.06       10.36     

Index

    2.18       3.62       1.58       1.06                3.62       8.16       11.16     

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE Short US Treasury Securities Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from April 01, 2020 through February 28, 2021 is for the 3pm pricing variant of the ICE Short US Treasury Securities Index. Historical index data from July 01, 2016 through April 30, 2020 is for the ICE U.S. Treasury Short Bond Index. Historical index data prior to July 01, 2016 is for the Bloomberg Barclays U.S. Short Treasury Bond Index.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
      $  1,000.00          $  1,024.70          $   0.76                $  1,000.00           $  1,024.40          $  0.76          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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.

 

Portfolio Information

 

PORTFOLIO COMPOSITION

   
Investment Type    
Percent of
Total Investments
 
(a) 

U. S. Government Obligations

    100.0

FIVE LARGEST HOLDINGS

   
Security    
Percent of
Total Investments
 
(a) 

U.S. Treasury Bill, 5.09%, 10/05/23

    7.6

U.S. Treasury Bill, 5.02%, 11/02/23

    5.7  

U.S. Treasury Bill, 5.49%, 01/04/24

    5.4  

U.S. Treasury Bill, 5.38%, 10/10/23

    5.0  

U.S. Treasury Bill, 5.59%, 02/29/24

    4.8  
(a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

    11  


 

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.

 

 

12  

2 0 2 3  I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 0-3 Month Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
U.S. Government Obligations  
U.S. Government Obligations — 111.2%  

U.S. Treasury Bill

   

5.02%, 11/02/23(a)

  $ 1,034,600     $ 1,025,192,437  

5.09%, 10/05/23(a)

    962,052       957,250,023  

5.16%, 09/07/23(a)

    815,087       814,370,971  

5.18%, 09/12/23(a)(b)

    590,311       589,362,190  

5.22%, 09/14/23(a)

    1,100,580       1,098,496,459  

5.24%, 09/05/23(a)(b)

    1,676,578       1,675,604,816  

5.30%, 09/19/23(a)(b)

    1,639,072       1,634,748,748  

5.35%, 09/28/23(a)

    320,082       318,814,778  

5.38%, 10/10/23(a)

    326,559       324,691,967  

5.40%, 09/26/23(a)

    888,748       885,484,932  

5.40%, 11/24/23(a)

    100,107       98,866,447  

5.41%, 10/12/23(a)

    299,312       297,504,467  

5.41%, 10/17/23(a)

    1,535,213       1,524,835,621  

5.42%, 10/03/23(a)

    1,774,338       1,766,010,247  

5.42%, 10/24/23(a)

    900,969       893,971,804  

5.42%, 10/31/23(a)

     1,500,000       1,486,818,750  

5.49%, 12/12/23(a)

    217,706       214,434,469  
   

 

 

 
      15,606,459,126  
   

 

 

 

Total Long-Term Investments — 111.2%
(Cost: $15,610,197,194)

 

    15,606,459,126  
   

 

 

 
Security  

Shares

(000)

    Value  

 

 
Short-Term Securities  
Money Market Funds — 10.9%  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)(e)

    1,537,168     $ 1,537,167,500  
   

 

 

 

Total Short-Term Securities — 10.9%
(Cost: $1,537,167,500)

 

 

 

1,537,167,500

 

   

 

 

 

Total Investments — 122.1%
(Cost: $17,147,364,694)

 

    17,143,626,626  

Liabilities in Excess of Other Assets — (22.1)%

 

    (3,107,654,332
   

 

 

 

Net Assets — 100.0%

 

  $  14,035,972,294  
   

 

 

 

 

(a) 

Rates are discount rates or a range of discount rates as of period end.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

Affiliates

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

 

 

 

   
  Affiliated Issuer   Value at
02/28/23
    

Purchases

at Cost

    Proceeds
from Sale
     Net Realized
Gain (Loss)
    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/23

    

Shares

Held at

08/31/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

   

 
 

 

   
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 417,620,000      $ 1,119,547,500 (a)    $      $      $      $ 1,537,167,500        1,537,168      $ 16,351,575 (b)    $    
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   

 

(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

          

U.S. Government Obligations

  $      $ 15,606,459,126      $      $ 15,606,459,126  

Short-Term Securities

          

Money Market Funds

    1,537,167,500                      1,537,167,500  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 1,537,167,500      $ 15,606,459,126      $      $ 17,143,626,626  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  13


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 1-3 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Par

(000)

    Value  

 

 
U.S. Government Obligations            
U.S. Government Obligations — 99.1%            

U.S. Treasury Note/Bond

   

0.25%, 05/31/25

  $ 72,385     $ 66,701,647  

0.25%, 06/30/25(a)

    97,963       90,026,651  

0.25%, 07/31/25

    126,764       116,122,390  

0.25%, 08/31/25

    911,052       831,832,821  

0.25%, 10/31/25

    263,104       238,859,558  

0.38%, 07/15/24

    768       735,007  

0.38%, 08/15/24

    2,630       2,507,335  

0.38%, 09/15/24

    175,192       166,452,456  

0.50%, 03/31/25

    140,317       130,703,466  

0.63%, 10/15/24

    690,138       655,334,460  

0.63%, 07/31/26

    352,080       314,850,737  

0.75%, 11/15/24

    620,630       588,313,509  

0.75%, 03/31/26

    296,194       268,819,103  

0.75%, 04/30/26

    393,126       355,533,055  

0.75%, 05/31/26

    693,616       625,554,840  

0.75%, 08/31/26

    441,000       394,815,587  

0.88%, 06/30/26

    251,486       227,329,409  

1.00%, 12/15/24

    849,204       805,051,835  

1.13%, 01/15/25

    719,585       681,385,343  

1.25%, 02/28/25

    160,713       151,591,282  

1.38%, 08/31/26

    170,800       155,828,313  

1.50%, 11/30/24

    1,141,809       1,090,650,793  

1.50%, 02/15/25

    1,000,528       949,954,146  

1.50%, 08/15/26

    398,800       365,540,702  

1.63%, 05/15/26

    296,656       274,337,085  

1.75%, 03/15/25

    8,399       7,988,617  

1.88%, 06/30/26

    175,935       163,626,515  

1.88%, 07/31/26

    160,950       149,299,987  

2.00%, 02/15/25

    678,574       649,098,346  

2.00%, 08/15/25

    155,918       147,597,839  

2.13%, 07/31/24

    124       119,993  

2.13%, 09/30/24

    1       966  

2.13%, 05/15/25

    492,635       469,638,760  

2.13%, 05/31/26

    180,351       169,001,193  

2.25%, 10/31/24

    184,111       177,853,908  

2.25%, 11/15/24

    739,875       713,950,282  

2.25%, 11/15/25

    550,494       521,528,363  

2.25%, 03/31/26

    96,130       90,636,415  

2.38%, 08/15/24

    2,001       1,944,099  

2.50%, 01/31/25

    29,329       28,273,747  

2.50%, 02/28/26

    98,220       93,250,974  

2.63%, 03/31/25

    625       602,338  

2.63%, 04/15/25

    471,871       454,212,893  

2.75%, 02/28/25

    66,490       64,248,946  

2.75%, 05/15/25

    731,202       704,553,598  

2.75%, 06/30/25(a)

    66,789       64,253,394  

2.75%, 08/31/25

    24,725       23,734,452  

2.88%, 04/30/25

    162,093       156,564,989  

2.88%, 05/31/25

    24,749       23,878,629  

2.88%, 06/15/25

    670,745       646,981,098  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)  

2.88%, 07/31/25

  $ 53,884     $ 51,899,421  

3.00%, 07/31/24

    882       862,591  

3.00%, 07/15/25

    136,062       131,416,469  

3.00%, 09/30/25

    278,793       268,730,604  

3.00%, 10/31/25

    190,407       183,415,300  

3.13%, 08/15/25

    277,712       268,675,126  

3.25%, 08/31/24

    2,097       2,053,961  

3.50%, 09/15/25

    224,436       218,597,353  

3.63%, 05/15/26

    445,541       434,542,194  

3.75%, 04/15/26

    472,337       462,133,882  

3.88%, 03/31/25

    234,301       230,063,643  

3.88%, 04/30/25

    221,808       217,779,066  

3.88%, 01/15/26

    856,272       840,082,715  

4.00%, 12/15/25

    946,631       931,322,689  

4.00%, 02/15/26

    1,299,666       1,279,155,351  

4.13%, 01/31/25

    142,702       140,712,371  

4.13%, 06/15/26

    297,402       293,963,784  

4.25%, 09/30/24(a)

    332,301       328,575,297  

4.25%, 05/31/25

    137,629       135,946,073  

4.25%, 10/15/25

    687,902       680,189,972  

4.38%, 10/31/24

    512,548       507,242,329  

4.38%, 08/15/26

    312,300       310,884,891  

4.50%, 11/15/25

    1,374,964       1,366,585,512  

4.63%, 02/28/25

    342,809       340,439,195  

4.63%, 03/15/26

    402,199       401,900,392  

4.75%, 06/30/25

    213,551       212,366,657  

4.75%, 07/15/26

    211,248       210,868,712  

5.00%, 08/31/25

    299,400       300,253,757  

6.75%, 08/15/26

    26,800       28,415,328  
   

 

 

 
      25,850,746,506  
   

 

 

 

Total Long-Term Investments — 99.1%
(Cost: $26,462,040,471)

 

    25,850,746,506  
   

 

 

 
Short-Term Securities  
Money Market Funds — 1.5%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)(d)

    400,918       400,918,168  
   

 

 

 

Total Short-Term Securities — 1.5%
(Cost: $400,918,168)

 

    400,918,168  
   

 

 

 

Total Investments — 100.6%
(Cost: $26,862,958,639)

 

    26,251,664,674  

Liabilities in Excess of Other Assets — (0.6)%

 

    (157,749,307
   

 

 

 

Net Assets — 100.0%

 

  $  26,093,915,367  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

(d) 

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

 

14  

2 0 2 3 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)(continued)

August 31, 2023

   iShares® 1-3 Year Treasury Bond ETF

 

Affiliates

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

 

 

 

   
    Affiliated Issuer   Value at
02/28/23
    

Purchases

at Cost

    Proceeds
from Sale
     Net Realized
Gain (Loss)
    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/23

    

Shares

Held at

08/31/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

   

 

 

   
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 224,923,015      $ 175,995,153 (a)    $      $      $      $ 400,918,168        400,918      $ 1,578,424 (b)    $    
           

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   

 

(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

          

U.S. Government Obligations

  $      $ 25,850,746,506      $      $ 25,850,746,506  

Short-Term Securities

          

Money Market Funds

    400,918,168                      400,918,168  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 400,918,168      $ 25,850,746,506      $      $ 26,251,664,674  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  15


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 3-7 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

 

Security  

Par

(000)

    Value  

 

 
U.S. Government Obligations  
U.S. Government Obligations — 99.1%  

U.S. Treasury Note/Bond

   

0.50%, 05/31/27

  $ 3,713     $ 3,216,040  

0.50%, 08/31/27

    80,736       69,369,541  

0.50%, 10/31/27

    302,398       258,372,761  

0.63%, 12/31/27

    211,465       180,778,135  

0.63%, 05/15/30

    104,811       83,149,012  

0.63%, 08/15/30

    200,000       157,585,938  

0.75%, 08/31/26

    416,918       373,255,612  

0.75%, 01/31/28

    163,276       140,040,888  

0.88%, 09/30/26

    181,174       162,582,433  

1.00%, 07/31/28

    477,281       408,448,473  

1.13%, 10/31/26

    124,783       112,489,565  

1.13%, 02/29/28

    151,749       132,110,372  

1.13%, 08/31/28

    494,244       424,799,030  

1.25%, 11/30/26

    90,378       81,625,981  

1.25%, 12/31/26

    67,246       60,647,125  

1.25%, 03/31/28

    294,589       257,454,675  

1.25%, 04/30/28

    170,247       148,474,180  

1.25%, 05/31/28

    152,334       132,607,937  

1.25%, 06/30/28

    63,063       54,790,560  

1.25%, 09/30/28

    517,945       446,990,925  

1.38%, 08/31/26

    384       350,340  

1.38%, 10/31/28

    548,207       475,206,050  

1.50%, 08/15/26

    65,201       59,763,705  

1.50%, 01/31/27

    101,642       92,196,078  

1.50%, 11/30/28

    49,009       42,689,171  

1.63%, 09/30/26

    69,595       63,915,664  

1.75%, 12/31/26

    101,642       93,168,819  

1.75%, 01/31/29

    7,624       6,704,111  

1.75%, 11/15/29

    101,714       88,451,796  

2.00%, 11/15/26

    3,646       3,375,028  

2.25%, 02/15/27

    865,435       804,753,502  

2.25%, 08/15/27

    463,078       427,569,507  

2.25%, 11/15/27

    120,883       111,160,602  

2.38%, 05/15/27

     1,128,817        1,050,505,321  

2.38%, 03/31/29

    68,627       62,238,610  

2.38%, 05/15/29

    426,501       386,317,152  

2.50%, 03/31/27

    155,039       145,276,294  

2.63%, 05/31/27

    172,791       162,194,147  

2.63%, 02/15/29

    662,270       609,702,135  

2.63%, 07/31/29

    65,158       59,675,932  

2.75%, 04/30/27

    245,879       232,077,026  

2.75%, 07/31/27

    230,076       216,585,621  

2.75%, 02/15/28

    354,640       332,253,350  

2.88%, 05/15/28

    267,462       251,362,418  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)            

2.88%, 08/15/28

  $  518,320     $ 485,965,960  

2.88%, 04/30/29

    25,449       23,686,086  

3.13%, 11/15/28

    408,460       386,744,419  

3.13%, 08/31/29

    149,002       140,242,501  

3.25%, 06/30/27

    122,962       118,043,712  

3.25%, 06/30/29

    59,682       56,600,174  

3.50%, 04/30/28

    108,570       104,964,944  

3.50%, 01/31/30

    216,389       207,572,838  

3.50%, 04/30/30

    82,684       79,273,093  

3.63%, 03/31/30

    176,401       170,392,341  

3.75%, 05/31/30

    366,843       356,940,715  

3.75%, 06/30/30

    159,349       155,042,084  

3.88%, 09/30/29

    164,626       161,327,442  

3.88%, 11/30/29

    129,255       126,665,243  

3.88%, 12/31/29

    224,247       219,735,389  

4.00%, 02/29/28

    224,158       221,399,410  

4.00%, 10/31/29

    33,113       32,668,943  

4.00%, 02/28/30

    291,401       287,690,386  

4.00%, 07/31/30

    162,626       160,694,619  

4.13%, 10/31/27

    91,587       90,731,751  

4.13%, 08/31/30

    230,000       229,029,687  

4.38%, 08/31/28

    60,000       60,370,313  

5.50%, 08/15/28

    13,507       14,226,564  

U.S. Treasury STRIPS, 0.00%, 02/15/29(a)(b)

    35,888       28,475,751  
   

 

 

 
      13,384,765,927  
   

 

 

 

Total Long-Term Investments — 99.1%
(Cost: $14,316,756,812)

 

    13,384,765,927  
   

 

 

 
Short-Term Securities  
Money Market Funds — 0.8%  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.31%(c)(d)

    104,230       104,230,000  
   

 

 

 

Total Short-Term Securities — 0.8%
(Cost: $104,230,000)

 

    104,230,000  
   

 

 

 

Total Investments — 99.9%
(Cost: $14,420,986,812)

 

    13,488,995,927  

Other Assets Less Liabilities — 0.1%

      10,436,910  
   

 

 

 

Net Assets — 100.0%

    $  13,499,432,837  
   

 

 

 

 

(a) 

Rates are discount rates or a range of discount rates as of period end.

(b) 

Zero-coupon bond.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer   

Value at

02/28/23

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/23

    

Shares

Held at

08/31/23

(000)

     Income     

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 63,280,000      $ 40,950,000 (a)     $      $      $      $ 104,230,000        104,230      $ 729,380 (b)     $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

 

16  

2 0 2 3 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)(continued)

August 31, 2023

   iShares® 3-7 Year Treasury Bond ETF

 

Affiliates (continued)

 

(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

           

U.S. Government Obligations

   $      $ 13,384,765,927      $      $ 13,384,765,927  

Short-Term Securities

           

Money Market Funds

     104,230,000                      104,230,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 104,230,000      $ 13,384,765,927      $      $ 13,488,995,927  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 7-10 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
U.S. Government Obligations  
U.S. Government Obligations — 99.1%  

U.S. Treasury Note/Bond

   

0.63%, 05/15/30

  $ 376,203     $ 298,449,481  

0.63%, 08/15/30

    3,910,716       3,081,368,930  

0.88%, 11/15/30

    277,749       222,329,555  

1.25%, 08/15/31

    4,895,686       3,953,266,768  

1.38%, 11/15/31

    6,683,997       5,416,909,860  

1.63%, 05/15/31

    389,725       326,440,192  

1.88%, 02/15/32

     5,394,403       4,534,038,020  

2.75%, 08/15/32

    882,091       791,780,045  

2.88%, 05/15/32

    2,463,180       2,238,510,855  

3.38%, 05/15/33

    2,232,807       2,103,373,781  

3.50%, 02/15/33

    2,767,125       2,635,253,913  

3.88%, 08/15/33

    1,000,000       982,187,500  

4.00%, 07/31/30

    59,748       59,038,789  

4.13%, 11/15/32

    1,571,344       1,570,607,632  
   

 

 

 
      28,213,555,321  
   

 

 

 

Total Long-Term Investments — 99.1%
(Cost: $30,536,478,503)

 

     28,213,555,321  
   

 

 

 
Security  

Shares

(000)

    Value  

 

 
Short-Term Securities  
Money Market Funds — 0.5%        

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.31%(a)(b)

    149,080     $ 149,080,000  
   

 

 

 

Total Short-Term Securities — 0.5%
(Cost: $149,080,000)

 

    149,080,000  
   

 

 

 

Total Investments — 99.6%
(Cost: $30,685,558,503)

 

    28,362,635,321  

Other Assets Less Liabilities — 0.4%

      105,473,626  
   

 

 

 

Net Assets — 100.0%

    $  28,468,108,947  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

02/28/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/23

   

Shares

Held at

08/31/23

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 294,890,000     $     $ (145,810,000 )(a)    $     $     $ 149,080,000       149,080     $ 3,997,263 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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

           

U.S. Government Obligations

   $      $ 28,213,555,321      $      $ 28,213,555,321  

Short-Term Securities

           

Money Market Funds

     149,080,000                      149,080,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 149,080,000      $ 28,213,555,321      $      $ 28,362,635,321  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

18  

2 0 2 3 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 10-20 Year Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

 

Security  

Par

(000)

    Value  

 

 
U.S. Government Obligations  
U.S. Government Obligations — 97.8%  

U.S. Treasury Note/Bond

   

0.63%, 08/15/30

  $ 5,113     $ 4,028,842  

1.13%, 05/15/40

    181,768       112,575,455  

1.13%, 08/15/40

    890,161       546,510,355  

1.38%, 11/15/31

    181,310       146,938,764  

1.38%, 11/15/40

    847,061       540,762,357  

1.75%, 08/15/41

    946,584       636,023,233  

1.88%, 02/15/32

    2,387       2,006,544  

1.88%, 02/15/41

     1,064,387        738,668,022  

2.00%, 11/15/41

    667,514       467,076,925  

2.25%, 05/15/41

    1,095,117       806,921,122  

2.38%, 02/15/42

    283,917       211,218,572  

2.75%, 08/15/32

    23,137       20,767,720  

2.75%, 08/15/42

    634,796       499,157,945  

2.75%, 11/15/42

    66,518       52,153,956  

2.88%, 04/30/29

    133       123,509  

2.88%, 05/15/32

    22,940       20,847,894  

2.88%, 05/15/43

    97,149       77,381,296  

3.00%, 05/15/42

    1,612       1,322,445  

3.13%, 08/31/29

    51,872       48,822,494  

3.13%, 11/15/41

    1,612       1,360,105  

3.13%, 02/15/42

    77,135       64,817,169  

3.13%, 02/15/43

    63,654       52,872,272  

3.25%, 05/15/42

    91,922       78,496,275  

3.38%, 08/15/42

    436,120       378,453,526  

3.50%, 02/15/39

    1,612       1,481,902  

3.63%, 08/15/43

    64,300       57,470,637  

3.75%, 08/15/41

    1,612       1,493,426  

3.88%, 08/15/40

    418,336       397,108,715  

3.88%, 02/15/43

    154,009       143,300,003  

3.88%, 05/15/43

    147,166       136,887,747  

4.00%, 11/15/42

    430,408       408,366,592  

4.25%, 05/15/39

    1,612       1,616,734  

4.25%, 11/15/40

    1,612       1,605,587  

4.38%, 02/15/38

    1,612       1,650,490  

4.38%, 11/15/39

    197,598       200,299,435  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)  

4.38%, 05/15/40

  $ 1,612     $ 1,631,723  

4.38%, 05/15/41

    1,612       1,624,480  

4.38%, 08/15/43

    170,700       170,246,578  

4.50%, 02/15/36

    1,612       1,684,623  

4.50%, 05/15/38

    93,565       96,876,220  

4.50%, 08/15/39

    1,612       1,661,700  

4.63%, 02/15/40

    110,292       115,195,137  

4.75%, 02/15/37

    1,612       1,721,401  

4.75%, 02/15/41

    1,612       1,703,264  

5.00%, 05/15/37

    1,612       1,762,399  

U.S. Treasury STRIPS

   

0.00%, 11/15/40(a)(b)

    5,117       2,422,442  

0.00%, 02/15/41(a)(b)

     150,839       70,435,023  

0.00%, 05/15/41(a)(b)

    3,203       1,479,131  
   

 

 

 
      7,329,032,186  
   

 

 

 

Total Long-Term Investments — 97.8%
(Cost: $7,911,518,173)

 

    7,329,032,186  
   

 

 

 
Short-Term Securities  
Money Market Funds — 2.1%        

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.31%(c)(d)

    155,680       155,680,000  
   

 

 

 

Total Short-Term Securities — 2.1%
(Cost: $155,680,000)

 

    155,680,000  
   

 

 

 

Total Investments — 99.9%
(Cost: $8,067,198,173)

 

    7,484,712,186  

Other Assets Less Liabilities — 0.1%

      6,910,736  
   

 

 

 

Net Assets — 100.0%

    $  7,491,622,922  
   

 

 

 

 

(a)

Rates are discount rates or a range of discount rates as of period end.

(b) 

Zero-coupon bond.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

                   
Affiliated Issuer   

Value at

02/28/23

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/23

    

Shares

Held at

08/31/23

(000)

     Income     

Capital Gain

Distributions from

Underlying Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 140,170,000      $ 15,510,000 (a)     $      $      $      $ 155,680,000        155,680      $ 2,274,984 (b)     $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(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.

 

 

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

  19


Schedule of Investments (unaudited)(continued)

August 31, 2023

   iShares® 10-20 Year Treasury Bond ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Assets

           

Investments

           

Long-Term Investments

           

U.S. Government Obligations

   $      $ 7,329,032,186      $      $ 7,329,032,186  

Short-Term Securities

           

Money Market Funds

     155,680,000                      155,680,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  155,680,000      $ 7,329,032,186      $      —      $ 7,484,712,186  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

20  

2 0 2 3 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 20+ Year Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
U.S. Government Obligations            
U.S. Government Obligations — 99.0%        

U.S. Treasury Note/Bond

   

1.25%, 05/15/50

  $ 593,258     $ 310,093,174  

1.38%, 08/15/50

     1,627,758       879,816,128  

1.63%, 11/15/50

    4,546,584       2,629,914,856  

1.88%, 02/15/51

    6,255,622       3,859,181,289  

1.88%, 11/15/51

    3,653,989       2,245,205,187  

2.00%, 02/15/50

    2,856,834       1,829,377,852  

2.00%, 08/15/51

    4,654,773        2,955,235,616  

2.25%, 08/15/49

    1,990,780       1,354,274,691  

2.25%, 02/15/52

    661,591       446,315,629  

2.38%, 11/15/49

    486       339,598  

2.50%, 02/15/45

    148,225       108,847,092  

2.50%, 02/15/46

    2,351,750       1,709,796,106  

2.50%, 05/15/46

    2,268,709       1,647,383,896  

2.75%, 11/15/42

    23,463       18,396,537  

2.75%, 08/15/47

    2,244       1,700,946  

2.75%, 11/15/47

    914,789       692,666,493  

2.88%, 05/15/43

    1,042,716       830,547,656  

2.88%, 08/15/45

    1,128,420       882,944,574  

2.88%, 11/15/46

    842,064       655,000,796  

2.88%, 05/15/49

    123       95,029  

2.88%, 05/15/52

    299,965       232,859,393  

3.00%, 11/15/44

    153,143       123,190,302  

3.00%, 02/15/47

    757,783       602,407,647  

3.00%, 02/15/48

    2,438,090       1,935,328,931  

3.00%, 08/15/48

    1,704,409       1,352,541,994  

3.00%, 02/15/49

    2,686,343       2,132,390,082  

3.00%, 08/15/52

    680,777       542,521,082  

3.13%, 02/15/43

    388,062       322,334,331  

3.13%, 08/15/44

    2,238,685       1,842,017,590  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)  

3.13%, 05/15/48

  $  1,339,718     $ 1,088,102,213  

3.38%, 05/15/44

    123,008       105,479,360  

3.38%, 11/15/48

    1,294,077       1,099,763,335  

3.63%, 08/15/43

    968,786       865,890,149  

3.63%, 02/15/44

    120,917       107,861,475  

3.63%, 02/15/53

    1,139,130       1,026,285,115  

3.63%, 05/15/53

    1,562,481       1,409,162,462  

3.75%, 11/15/43

    324,128       294,842,166  

4.00%, 11/15/42

    244,021       231,524,265  

4.00%, 11/15/52

    1,464,458       1,413,029,964  

4.13%, 08/15/53

    439,232       433,330,215  
   

 

 

 
      40,217,995,216  
   

 

 

 

Total Long-Term Investments — 99.0%
(Cost: $48,290,836,812)

 

    40,217,995,216  
   

 

 

 
Short-Term Securities  
Money Market Funds — 1.4%  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(a)(b)

    576,390       576,390,000  
   

 

 

 

Total Short-Term Securities — 1.4%
(Cost: $576,390,000)

 

    576,390,000  
   

 

 

 

Total Investments — 100.4%
(Cost: $48,867,226,812)

 

    40,794,385,216  

Liabilities in Excess of Other Assets — (0.4)%

 

    (162,650,735
   

 

 

 

Net Assets — 100.0%

 

  $  40,631,734,481  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

02/28/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/23

   

Shares

Held at

08/31/23

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 456,920,000       $119,470,000 (a)    $     $     $     $ 576,390,000       576,390     $ 7,307,393 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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.

 

 

 

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

  21


Schedule of Investments (unaudited)(continued)

August 31, 2023

   iShares® 20+ Year Treasury Bond ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                           

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Assets

                 

Investments

                 

Long-Term Investments

                 

U.S. Government Obligations

   $        $ 40,217,995,216        $        $ 40,217,995,216  

Short-Term Securities

                 

Money Market Funds

     576,390,000                            576,390,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 576,390,000        $ 40,217,995,216        $        $ 40,794,385,216  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

22  

2 0 2 3 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 25+ Year Treasury STRIPS Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
U.S. Government Obligations            
U.S. Government Obligations — 99.6%            

U.S. Treasury STRIPS

   

0.00%, 08/15/47(a)(b)

  $ 72     $ 25,476  

0.00%, 11/15/47(a)(b)

    2,697       948,309  

0.00%, 05/15/48(a)(b)

    56       19,363  

0.00%, 08/15/48(a)(b)

    8,881       3,054,176  

0.00%, 11/15/48(a)(b)

    5,556       1,895,769  

0.00%, 02/15/49(a)(b)

    20,314       6,891,779  

0.00%, 05/15/49(a)(b)

    3,566       1,202,471  

0.00%, 08/15/49(a)(b)

    51,141       17,182,549  

0.00%, 11/15/49(a)(b)

    4,807       1,605,677  

0.00%, 02/15/50(a)(b)

    15,321       5,069,056  

0.00%, 05/15/50(a)(b)

    5,572       1,830,164  

0.00%, 08/15/50(a)(b)

    25,132       8,188,396  

0.00%, 11/15/50(a)(b)

    56,330       18,208,714  

0.00%, 02/15/51(a)(b)

    55,029        17,666,001  

0.00%, 05/15/51(a)(b)

    6,549       2,085,542  

0.00%, 08/15/51(a)(b)

    27,259       8,614,166  

0.00%, 11/15/51(a)(b)

    21,264       6,678,685  

0.00%, 02/15/52(a)(b)

    37,642       11,770,986  

0.00%, 05/15/52(a)(b)

    10,570       3,292,023  

0.00%, 08/15/52(a)(b)

    17,432       5,389,770  

0.00%, 11/15/52(a)(b)

    9,284       2,893,703  

0.00%, 02/15/53(a)(b)

    16,688       5,105,342  
Security  

Par/

Shares

(000)

    Value  
U.S. Government Obligations (continued)            

0.00%, 05/15/53(a)(b)

  $  6,512     $ 1,987,036  
   

 

 

 
      131,605,153  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $177,290,029)

 

    131,605,153  
   

 

 

 

Short-Term Securities

 

 
Money Market Funds — 0.1%        

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)

    120       120,000  
   

 

 

 

Total Short-Term Securities — 0.1%
(Cost: $120,000)

 

    120,000  
   

 

 

 

Total Investments — 99.7%
(Cost: $177,410,029)

 

    131,725,153  

Other Assets Less Liabilities — 0.3%

 

    391,342  
   

 

 

 

Net Assets — 100.0%

 

  $  132,116,495  
   

 

 

 

 

(a) 

Rates are discount rates or a range of discount rates as of period end.

(b) 

Zero-coupon bond.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

02/28/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/23

   

Shares

Held at

08/31/23
(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 20,000       $100,000 (a)    $     $     $     $ 120,000       120     $ 3,355 (b)    $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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

                 

U.S. Government Obligations

   $        $ 131,605,153        $        $ 131,605,153  

Short-Term Securities

                 

Money Market Funds

     120,000                            120,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 120,000        $ 131,605,153        $        $ 131,725,153  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  23


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® Short Treasury Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
U.S. Government Obligations  
U.S. Government Obligations — 99.6%  

U.S. Treasury Bill

   

4.78%, 03/21/24(a)(b)

  $ 655,529     $ 636,636,414  

4.84%, 04/18/24(a)(b)

    652,126       630,456,103  

4.96%, 12/28/23(a)(b)

    489,654       481,167,684  

5.02%, 11/02/23(a)

    1,166,616       1,156,007,179  

5.04%, 01/25/24(a)(b)

    784,306       767,499,076  

5.09%, 10/05/23(a)

    1,550,994       1,543,252,981  

5.11%, 10/19/23(a)

    520,939       517,260,003  

5.16%, 09/07/23(a)

    514,442       513,989,427  

5.18%, 09/12/23(b)

    219,308       218,955,291  

5.22%, 09/14/23(a)

    726,137       724,762,328  

5.22%, 11/16/23(a)

    396,536       392,117,630  

5.22%, 06/13/24(a)

    205,805       197,391,136  

5.24%, 09/05/23(b)

    731,619       731,194,456  

5.25%, 11/30/23(a)

    833,832       822,757,319  

5.30%, 09/19/23(a)(b)

    833,302       831,104,166  

5.30%, 02/22/24(a)

    770,332       750,639,384  

5.38%, 10/10/23(a)

    1,030,691        1,024,797,942  

5.39%, 12/14/23(a)(b)

    670,968       660,798,039  

5.40%, 10/26/23(a)

    750,415       744,344,260  

5.40%, 11/24/23

    207,224       204,655,206  

5.41%, 10/12/23(a)

    249,062       247,557,925  

5.41%, 10/17/23(a)

    298,261       296,245,121  

5.42%, 10/03/23(a)

    709,154       705,825,408  

5.42%, 10/31/23(a)

    250,000       247,803,125  

5.42%, 07/11/24(a)

    398,495       380,694,754  

5.49%, 01/04/24(a)

    1,118,606       1,098,069,589  

5.50%, 01/11/24(a)

    249,062       244,233,311  

5.50%, 02/01/24(a)

    819,536       801,172,032  

5.52%, 01/02/24(a)

    200,151       196,619,852  

5.53%, 02/15/24(a)

    851,610       830,721,599  
Security  

Par/

Shares

(000)

    Value  

 

 
U.S. Government Obligations (continued)  

5.59%, 02/29/24(a)

  $  1,000,000     $ 973,453,330  

U.S. Treasury Note/Bond

   

0.13%, 10/15/23

    26,060       25,892,854  

0.13%, 02/15/24

    170,852       166,828,025  

0.25%, 09/30/23

    68,119       67,840,580  

0.75%, 12/31/23

    4,460       4,391,206  

1.50%, 02/29/24

    192,052       188,391,107  

2.13%, 02/29/24

    219,429       215,905,742  

2.88%, 09/30/23

    100,813       100,604,473  
   

 

 

 
      20,342,036,057  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $20,357,090,032)

 

    20,342,036,057  
   

 

 

 
Short-Term Securities        
Money Market Funds — 16.7%        

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)(e)

    3,407,761       3,407,761,000  
   

 

 

 

Total Short-Term Securities — 16.7%
(Cost: $3,407,761,000)

 

    3,407,761,000  
   

 

 

 

Total Investments — 116.3%
(Cost: $23,764,851,032)

 

    23,749,797,057  

Liabilities in Excess of Other Assets — (16.3)%

 

    (3,332,637,409
   

 

 

 

Net Assets — 100.0%

    $  20,417,159,648  
   

 

 

 

 

(a) 

Rates are discount rates or a range of discount rates as of period end.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

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

 

 

 

   
  Affiliated Issuer  

Value at

02/28/23

   

Purchases
at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized
Appreciation
(Depreciation)

   

Value at

08/31/23

   

Shares

Held at

08/31/23

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

   

 
 

 

   
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 4,407,803,970     $     $ (1,000,042,970 )(a)    $     $     $ 3,407,761,000       3,407,761     $ 33,931,352 (b)    $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

(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.

 

 

 

24  

2 0 2 3 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)(continued)

August 31, 2023

   iShares® Short Treasury Bond ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                                           

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Assets

           

Investments

           

Long-Term Investments

           

U.S. Government Obligations

   $      $ 20,342,036,057      $      $ 20,342,036,057  

Short-Term Securities

           

Money Market Funds

     3,407,761,000                      3,407,761,000  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 3,407,761,000      $ 20,342,036,057      $      —      $ 23,749,797,057  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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

  25


Statements of Assets and Liabilities (unaudited)

August 31, 2023

 

   

iShares

0-3 Month Treasury

Bond ETF

      

iShares

1-3 Year Treasury

Bond ETF

      

iShares

3-7 Year Treasury

Bond ETF

      

iShares

7-10 Year Treasury

Bond ETF

 

 

 

ASSETS

                

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

  $ 15,606,459,126        $ 25,850,746,506        $ 13,384,765,927        $ 28,213,555,321  

Investments, at value — affiliated(c)

    1,537,167,500          400,918,168          104,230,000          149,080,000  

Cash

    15,932          11,258          10,235          5,972  

Receivables:

                

Investments sold

             1,575,770,143          398,545,299          1,506,861,069  

Securities lending income — affiliated

    44,334          19,384                   7,171  

Capital shares sold

    13,447,543          7,490,816          4,979,672          107,969  

Dividends — affiliated

    1,330,238          202,372          305,943          674,718  

Interest — unaffiliated

    19,632          154,850,966          59,803,912          109,250,327  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total assets

    17,158,484,305          27,990,009,613          13,952,640,988          29,979,542,547  
 

 

 

      

 

 

      

 

 

      

 

 

 

LIABILITIES

                

Collateral on securities loaned, at value

    1,418,707,500          328,578,167                    

Payables:

                

Investments purchased

    1,698,553,945          1,564,128,117          451,431,802          1,507,516,064  

Capital shares redeemed

    4,501,451          98,720          90,860          294,777  

Investment advisory fees

    749,115          3,289,242          1,685,489          3,622,759  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total liabilities

    3,122,512,011          1,896,094,246          453,208,151          1,511,433,600  
 

 

 

      

 

 

      

 

 

      

 

 

 

Commitments and contingent liabilities

                

NET ASSETS

  $ 14,035,972,294        $ 26,093,915,367        $ 13,499,432,837        $ 28,468,108,947  
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETS CONSIST OF

                

Paid-in capital

  $ 13,979,873,698        $ 27,445,655,639        $ 14,945,371,955        $ 33,131,616,223  

Accumulated earnings (loss)

    56,098,596          (1,351,740,272        (1,445,939,118        (4,663,507,276
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETS

  $ 14,035,972,294        $ 26,093,915,367        $ 13,499,432,837        $ 28,468,108,947  
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETVALUE

                

Shares outstanding

    139,500,000          321,400,000          117,600,000          300,500,000  
 

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value

  $ 100.62        $ 81.19        $ 114.79        $ 94.74