LOGO

  APRIL 30, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares 0-5 Year TIPS Bond ETF | STIP | NYSE Arca

 

·  

iShares CMBS ETF | CMBS | NYSE Arca

 

·  

iShares GNMA Bond ETF | GNMA | NASDAQ

 

·  

iShares TIPS Bond ETF | TIP | NYSE Arca

 

·  

iShares Treasury Floating Rate Bond ETF | TFLO | NYSE Arca

 

·  

iShares U.S. Treasury Bond ETF | GOVT | Cboe BZX

 


The Markets in Review

Dear Shareholder,

Investors faced an uncertain economic landscape during the 12-month reporting period ended April 30, 2023, amid mixed indicators and rapidly changing market conditions. The U.S. economy returned to modest growth beginning in the third quarter of 2022, although the pace of growth slowed thereafter. Inflation was elevated, reaching a 40-year high as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated as the period continued, while continued strength in consumer spending backstopped the economy.

Equity returns varied substantially, as large-capitalization U.S. stocks gained for the period amid a rebound in big tech stocks, whereas small-capitalization U.S. stocks declined. International equities from developed markets advanced strongly, while emerging market stocks declined, pressured by higher interest rates and volatile commodities prices.

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 bonds posted a positive return 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 eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed 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 late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer 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. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in 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 April 30, 2023  
     
     6-Month       12-Month  
   

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

    8.63%          2.66%     
   

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

    (3.45)           (3.65)      
   

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

    24.19            8.42       
   

Emerging market equities (MSCI Emerging Markets Index)

    16.36            (6.51)      
   

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

    2.09            2.83       
   

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

    7.14            (1.68)      
   

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

    6.91            (0.43)      
   

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

    7.65            2.87       
   

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

    6.21            1.21       
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   P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T


Table of Contents

 

      Page  

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     10  

Disclosure of Expenses

     10  

Schedules of Investments

     11  

Financial Statements

  

Statements of Assets and Liabilities

     30  

Statements of Operations

     32  

Statements of Changes in Net Assets

     34  

Financial Highlights

     37  

Notes to Financial Statements

     43  

Statement Regarding Liquidity Risk Management Program

     51  

Supplemental Information

     52  

General Information

     53  

Glossary of Terms Used in this Report

     54  

 

 

 


Fund Summary as of April 30, 2023    iShares® 0-5 Year TIPS Bond ETF

 

Investment Objective

The iShares 0-5Year TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds with remaining maturities of less than or equal to five years, as represented by the ICE US Treasury 0-5 Year Inflation Linked 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

     2.62      (0.08 )%       3.06      1.59         (0.08 )%       16.25      17.10

Fund Market

     2.64        (0.08      3.06        1.59           (0.08      16.26        17.12  

Index(a)

     2.68        (0.10      3.02        1.61           (0.10      16.03        17.37  

Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L)

     2.69        (0.08      3.02        1.62           (0.08      16.05        17.39  

ICE US Treasury 0-5 Year Inflation Linked Bond Index(b)

     2.73        (0.19      3.04        N/A                 (0.19      16.13        N/A  

 

  (a) 

Index performance through January 31, 2023 reflects the performance of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series L). Index performance beginning on February 1, 2023 reflects the performance of the ICE US Treasury 0-5 Year Inflation Linked Bond Index, which effective as of February 1, 2023, replaced the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Years Index (Series-L) as the underlying index of the fund.

 

 

  (b) 

The inception date of the ICE US Treasury 0-5 Year Inflation Linked Bond Index was February 28, 2017. The cumulative total return for this index for the period February 28, 2017 through April 30, 2023 was 16.73%.

 

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
      

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00        $ 1,026.20        $ 0.15             $ 1,000.00        $ 1,024.60        $ 0.15          0.03

 

  (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    14.2
1-2 Years     23.7  

2-3 Years

    16.8  
3-4 Years     23.6  

4-5 Years

    21.7  

FIVE LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

U.S. Treasury Inflation-Indexed Bonds, 1.63%, 10/15/27

    10.2

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/27

    6.6  

U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/24

    6.5  

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 07/15/24

    6.1  

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 10/15/26

    6.1  

 

  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of April 30, 2023    iShares® CMBS ETF

 

Investment Objective

The iShares CMBS ETF(the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg U.S. CMBS (ERISA Only) 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

     5.24      (1.17 )%       1.41      1.41         (1.17 )%       7.26      15.00

Fund Market

     5.77        (1.29      1.48        1.40           (1.29      7.62        14.87  

Index

     5.43        (0.81      1.71        1.71                 (0.81      8.85        18.53  

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
      

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00        $ 1,052.40        $ 1.27             $ 1,000.00        $ 1,023.60        $ 1.25          0.25

 

  (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.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

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

Aaa

    59.4
Aa     4.0  

A

    0.8  
Baa     0.2  

Ba

    0.1  

Not Rated

    35.5  

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.1

1-5 Years

    14.1  

5-10 Years

    30.9  

10-15 Years

    2.0  

15-20 Years

    0.1  

20-25 Years

    5.9  

25-30 Years

    32.3  

30-35 Years

    9.8  

35-40 Years

    3.9  

More than 40 Years

    0.9  

 

  *

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.

 

 

 

U N D   S U M M A R Y

  5


Fund Summary as of April 30, 2023    iShares® GNMA Bond ETF

 

Investment Objective

The iShares GNMA Bond ETF(the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg U.S. GNMA 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

     6.10      (0.87 )%       0.33      0.64         (0.87 )%       1.65      6.62

Fund Market

     5.83        (1.03      0.29        0.62           (1.03      1.47        6.39  

Index

     6.24        (0.72      0.46        0.86                 (0.72      2.33        8.91  

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
      

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00        $ 1,061.00        $ 0.46             $ 1,000.00        $ 1,024.30        $ 0.45          0.09

 

  (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

5-10 Years

    1.2
10-15 Years     0.4  

15-20 Years

    2.4  
20-25 Years     18.0  

25-30 Years

    75.3  

30-35 Years

    2.7  

FIVE LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Government National Mortgage Association, 2.00%, 12/20/51

    8.6
Government National Mortgage Association, 2.50%, 07/20/51     4.2  

Government National Mortgage Association, 2.00%, 02/20/51

    4.1  
Government National Mortgage Association, 3.00%, 07/20/50     3.3  

Government National Mortgage Association, 2.50%, 08/20/51

    3.1  

 

  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of April 30, 2023    iShares® TIPS Bond ETF

 

The iShares TIPS Bond ETF (the “Fund”) seeks to track the investment results of an index composed of inflation-protected U.S. Treasury bonds, as represented by the ICE US Treasury Inflation Linked 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

     4.13      (4.13 )%       2.78      1.27         (4.13 )%       14.70      13.42

Fund Market

     4.14        (4.08      2.82        1.27           (4.08      14.93        13.47  

Index(a)

     4.24        (4.02      2.97        1.41           (4.02      15.77        15.06  

Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L)

     4.27        (4.00      2.98        1.42           (4.00      15.80        15.09  

ICE US Treasury Inflation Linked Bond Index(b)

     4.37        (4.19      2.99        N/A                 (4.19      15.88        N/A  

 

  (a) 

Index performance through January 31, 2023 reflects the performance of the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series L). Index performance beginning on February 1, 2023 reflects the performance of the ICE US Treasury Inflation Linked Bond Index, which effective as of February 1, 2023, replaced the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index (Series-L) as the underlying index of the fund.

 
  (b) 

The inception date of the ICE US Treasury Inflation Linked Bond Index was June 30, 2016. The cumulative total return for this index for the period June 30, 2016 through April 30, 2023 was 16.61%.

 

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
           

Beginning
Account Value
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a)  
      

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00        $ 1,041.30        $ 0.96             $ 1,000.00        $ 1,023.90        $ 0.95          0.19

 

  (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.6

1-5 Years

    52.5  

5-10 Years

    32.4  

15-20 Years

    3.5  

20-25 Years

    7.1  

25-30 Years

    3.9  

FIVE LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 04/15/25

    4.3

U.S. Treasury Inflation-Indexed Bonds, 0.63%, 01/15/26

    3.9  

U.S. Treasury Inflation-Indexed Bonds, 0.63%, 07/15/32

    3.9  

U.S. Treasury Inflation-Indexed Bonds, 0.13%, 01/15/32

    3.8  

U.S. Treasury Inflation-Indexed Bonds, 1.63%, 10/15/27

    3.7  

 

  (a) 

Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  7


Fund Summary as of April 30, 2023    iShares® Treasury Floating Rate Bond ETF

 

Investment Objective

The iShares Treasury Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg U.S. Treasury Floating Rate 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       
Since
Inception
 
 
              1 Year        5 Years       
Since
Inception
 
 

Fund NAV

     2.24      3.24      1.45      1.01         3.24      7.45      9.70

Fund Market

     2.25        3.15        1.46        1.01           3.15        7.51        9.76  

Index

     2.34        3.41        1.60        1.12                 3.41        8.27        10.85  

The inception date of the Fund was February 3, 2014. The first day of secondary market trading was February 4, 2014.

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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $       1,022.40          $      0.75               $       1,000.00          $       1,024.10          $      0.75          0.15

 

  (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.

 

Portfolio Information

 

MATURITY ALLOCATION

 

Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    40.5

1-2 Years

    59.5  

FIVE LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

U.S. Treasury Floating Rate Note, 5.27%, 10/31/24

    21.5

U.S. Treasury Floating Rate Note, 5.16%, 07/31/23

    18.9  

U.S. Treasury Floating Rate Note, 5.17%, 07/31/24

    16.2  

U.S. Treasury Floating Rate Note, 5.17%, 10/31/23

    12.8  

U.S. Treasury Floating Rate Note, 5.06%, 04/30/24

    11.4  

 

  (a) 

Excludes money market funds.

 

 

 

8  

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


Fund Summary as of April 30, 2023    iShares® U.S. Treasury Bond ETF

 

Investment Objective

The iShares U.S. Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds, as represented by the ICE U.S. Treasury Core 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

     5.84      (0.94 )%       0.92      0.77         (0.94 )%       4.66      7.98

Fund Market

     5.75        (1.02      0.91        0.76           (1.02      4.64        7.91  

Index

     5.78        (0.94      1.01        0.86                 (0.94      5.17        8.99  

On March 1, 2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Index data on and after March 1, 2021 is for the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data from July 1, 2016 through February 28, 2021 is for the 3pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data prior to July 1, 2016 is for the Barclays U.S. 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
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(11/01/22)
 
 
 
      

Ending
Account Value
(04/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $       1,058.40          $      0.26               $       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.

 

Portfolio Information

 

 

MATURITY ALLOCATION

 

 

Maturity    
Percent of
Total Investments
(
 
a) 

1-5 Years

    50.4

5-10 Years

    29.5  

10-15 Years

    1.0  

15-20 Years

    4.2  

More than 20 Years

    14.9  

FIVE LARGEST HOLDINGS

 

 

Security    
Percent of
Total Investments
 
(a) 

U.S. Treasury Note/Bond, 0.25%, 05/15/24

    6.5

U.S. Treasury Note/Bond, 3.13%, 11/15/28

    5.3  

U.S. Treasury Note/Bond, 1.38%, 11/15/31

    5.1  

U.S. Treasury Note/Bond, 2.63%, 02/15/29

    4.2  

U.S. Treasury Note/Bond, 1.88%, 02/15/51

    4.0  

 

  (a)

Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  9


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.

 

 

10  

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


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® 0-5 Year TIPS Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par
(000)

    Value  

U.S. Government Obligations

 

U.S. Government Obligations — 97.7%  

U.S. Treasury Floating Rate Note, 1.25%, 04/15/28

  $ 566,631     $ 566,099,234  

U.S. Treasury Inflation-Indexed Bonds 0.13%, 07/15/24

    772,512       753,206,333  

0.13%, 10/15/24

    617,681       600,550,174  

0.13%, 04/15/25

    776,594       749,496,796  

0.13%, 10/15/25

    612,664       591,914,839  

0.13%, 04/15/26

    581,477       557,030,719  

0.13%, 07/15/26

    715,078       687,438,155  

0.13%, 10/15/26

    786,203       752,927,722  

0.13%, 04/15/27

    852,411       810,148,361  

0.25%, 01/15/25

    700,879       680,299,828  

0.38%, 07/15/23

    545,479       545,180,935  

0.38%, 07/15/25

    569,902       554,675,231  

0.38%, 01/15/27

    598,019       575,430,007  

0.38%, 07/15/27

    494,377       476,678,214  

0.50%, 04/15/24

    419,215       410,306,645  

0.50%, 01/15/28

    306,177       294,978,681  

0.63%, 04/15/23

    0 (a)       14  

0.63%, 01/15/24

    806,963       795,709,161  

0.63%, 01/15/26

    287,799       280,539,622  

1.63%, 10/15/27

    1,230,229       1,250,004,114  

1.75%, 01/15/28

    22,800       23,259,119  

2.00%, 01/15/26

    81,752       82,586,144  
Security  

Par/

Shares

(000)

     Value  

 

U.S. Government Obligations (continued)

 

2.38%, 01/15/25

  $ 112,729      $ 113,399,727  

2.38%, 01/15/27

    79,025        81,673,130  

3.63%, 04/15/28

    55,801        61,994,794  
    

 

 

 
       12,295,527,699  
    

 

 

 

Total Long-Term Investments — 97.7%
(Cost: $12,876,384,172)

 

     12,295,527,699  
    

 

 

 

Short-Term Securities

 

Money Market Funds — 6.5%  

BlackRock Cash Funds: Treasury, SL
Agency Shares, 4.75%(b)(c)

    821,830        821,830,000  
    

 

 

 

Total Short-Term Securities — 6.5%
(Cost: $821,830,000)

 

     821,830,000  
    

 

 

 

Total Investments — 104.2%
(Cost: $13,698,214,172)

 

     13,117,357,699  

Liabilities in Excess of Other Assets — (4.2)%

 

     (530,095,882
    

 

 

 

Net Assets — 100.0%

 

   $ 12,587,261,817  
    

 

 

 

 

(a) 

Rounds to less than 1,000.

(b)

Affiliate of the Fund.

(c)

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 April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
10/31/22
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
04/30/23
    Shares
Held at
04/30/23
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 29,880,000     $ 791,950,000 (a)    $  —     $     $  —     $ 821,830,000       821,830     $ 4,502,014 (b)    $ 74  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

   $        $ 12,295,527,699        $        $ 12,295,527,699  

Short-Term Securities

                 

Money Market Funds

     821,830,000                            821,830,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     821,830,000        $ 12,295,527,699        $             —        $ 13,117,357,699  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  11


Schedule of Investments (unaudited) 

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Collaterized Mortgage Obligations

 

Mortgage-Backed Securities — 58.6%  

Bank
2.92%, 12/15/52 (Call 12/15/29)

  $  1,000     $ 886,026  

3.30%, 05/15/64 (Call 05/15/31)

    500       330,456  

3.39%, 06/15/60 (Call 07/15/27)

    1,000       936,102  

3.74%, 02/15/52 (Call 02/15/29)

    600       560,308  

3.92%, 04/15/65(a)

    1,500       1,389,008  

4.26%, 05/15/61 (Call 05/15/28)(a)

    1,010       977,144  

5.20%, 02/15/56 (Call 02/15/33)

    1,250       1,274,576  

5.94%, 11/15/55 (Call 11/15/32)(a)

    1,000       1,062,232  

Series 2017, Class A5, 3.44%, 09/15/60
(Call 09/15/27)

    220       206,029  

Series 2017-BNK4, Class AS, 3.78%, 05/15/50
(Call 04/15/27)

    500       463,446  

Series 2017-BNK4, Class ASB, 3.42%, 05/15/50
(Call 04/15/27)

    230       221,763  

Series 2017-BNK4, Class C, 4.37%, 05/15/50
(Call 04/15/27)(a)

    485       400,845  

Series 2017-BNK7, Class B, 3.95%, 09/15/60
(Call 09/15/27)

    550       478,616  

Series 2017-BNK8, Class A3, 3.23%, 11/15/50
(Call 11/15/27)

    683       630,914  

Series 2017-BNK8, Class AS, 3.73%, 11/15/50
(Call 11/15/27)

    1,000       918,828  

Series 2018-BN10, Class C, 4.16%, 02/15/61
(Call 02/15/28)(a)

    800       664,588  

Series 2018-BN14, Class A3, 3.97%, 09/15/60
(Call 09/15/28)

    600       568,379  

Series 2018-BN14, Class AS, 4.48%, 09/15/60
(Call 09/15/28)(a)

    500       467,784  

Series 2018-BN15, Class A3, 4.14%, 11/15/61
(Call 11/15/28)

    499       476,977  

Series 2018-BN15, Class A4, 4.41%, 11/15/61
(Call 11/15/28)(a)

    1,015       987,755  

Series 2019-BN16, Class AS, 4.27%, 02/15/52
(Call 02/15/29)

    262       242,020  

Series 2019-BN19, Class A3, 3.18%, 08/15/61
(Call 07/15/29)

    497       444,200  

Series 2019-BN20, Class A2, 2.76%, 09/15/62
(Call 10/15/29)

    420       369,517  

Series 2019-BN20, Class B, 3.40%, 09/15/62
(Call 10/15/29)(a)

    1,000       806,564  

Series 2019-BN21, Class A4, 2.60%, 10/17/52
(Call 10/15/29)

    1,000       880,006  

Series 2019-BN21, Class A5, 2.85%, 10/17/52
(Call 10/15/29)

    500       439,222  

Series 2019-BN22, Class A3, 2.73%, 11/15/62
(Call 11/15/29)

    1,000       873,155  

Series 2019-BNK16, Class A4, 4.01%, 02/15/52
(Call 02/15/29)

    2,110       2,006,700  

Series 2020-BN25, Class A3, 2.39%, 01/15/63
(Call 02/15/30)

    537       499,637  

Series 2020-BN26, Class B, 2.91%, 03/15/63
(Call 03/15/30)(a)

    250       185,698  

Series 2020-BN28, Class A4, 1.84%, 03/15/63
(Call 10/15/30)

    500       407,113  

Series 2020-BN29, Class C, 3.13%, 11/15/53
(Call 12/15/30)(a)

    520       346,937  

Series 2020-BN30, Class ABS, 1.67%, 12/15/53

    240       207,920  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2021-BN32, Class AS, 2.64%, 04/15/54
(Call 04/15/31)

  $  2,075     $ 1,774,711  

Series 2021-BN34, Class A5, 2.44%, 06/15/63
(Call 07/15/31)

    244       201,037  

Series 2021-BN34, Class AS, 2.57%, 06/15/63
(Call 07/15/31)

    500       398,288  

Series 2021-BN35, Class B, 2.53%, 06/15/64
(Call 08/15/31)

    1,000       674,905  

Series 2022-BNK40, Class AS, 3.51%, 03/15/64
(Call 03/15/32)(a)

    1,000       840,202  

Series2017-BNK4, Class A4, 3.63%, 05/15/50
(Call 04/15/27)

    1,000       943,037  

Serise BN23, Class C, 3.62%, 12/15/52
(Call 12/15/29)(a)

    500       356,721  

Bank of America Merrill Lynch Commercial Mortgage Trust

   

Series 2016-UB10, Class A4, 3.17%, 07/15/49
(Call 02/15/31)

    800       753,340  

Series 2016-UB10, Class B, 3.79%, 07/15/49
(Call 02/15/31)

    250       227,124  

Series 2017-BNK3, Class A4, 3.57%, 02/15/50
(Call 02/15/27)

    1,000       944,530  

Barclays Commercial Mortgage Trust

   

Series 2019-C4, Class A5, 2.92%, 08/15/52
(Call 08/15/29)

    1,000       891,679  

Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29)

    1,000       879,930  

Series 2019-C5, Class A2, 3.04%, 11/15/52
(Call 11/15/29)

    678       653,476  

Series 2019-C5, Class A4, 3.06%, 11/15/52
(Call 11/15/29)

    1,000       895,790  

BBCMS Mortgage Trust
2.95%, 02/15/55 (Call 02/15/32)(a)

    1,500       1,292,364  

5.45%, 09/15/55 (Call 09/15/32)(a)

    847       626,094  

6.33%, 04/15/56

    250       252,037  

Series 2017-C1, Class A4, 3.67%, 02/15/50
(Call 02/15/27)

    1,000       946,482  

Series 2018-C2, Class C, 5.13%, 12/15/51
(Call 12/15/28)(a)

    250       202,938  

Series 2020-C6, Class A4, 2.64%, 02/15/53
(Call 02/15/30)

    1,500       1,303,281  

Series 2020-C7, Class AS, 2.44%, 04/15/53
(Call 04/15/30)

    300       248,165  

Series 2020-C8, Class A5, 2.04%, 10/15/53
(Call 10/15/30)

    1,000       829,586  

Series 2021-C11, Class A5, 2.32%, 09/15/54

    1,500       1,238,525  

Series 2021-C12, Class A4, 2.42%, 11/15/54

    1,000       840,274  

Series 2021-C12, Class C, 3.21%, 11/15/54(a)

    500       348,054  

Series 2022-C14, Class AS, 3.35%, 02/15/55
(Call 02/15/32)(a)

    250       211,951  

Series 2022-C15, Class A5, 3.66%, 04/15/55
(Call 04/15/32)(a)

    1,640       1,493,083  

Series 2022-C17, Class A4, 4.17%, 09/15/55
(Call 09/15/32)

    1,000       935,550  

BBCMS Mortgage Trust 2022-C18, 5.71%, 12/15/55
(Call 12/15/32)(a)

    1,000       1,060,038  

BBCMS Trust

   

Series 2021-C10, Class A5, 2.49%, 07/15/54
(Call 07/15/31)

    1,750       1,476,499  

Series 2021-C10, Class AS, 2.68%, 07/15/54
(Call 07/15/31)

    1,000       821,972  

Series 2021-C10, Class B, 2.49%, 07/15/54
(Call 07/15/31)

    1,000       753,751  

Series 2021-C10, Class C, 2.84%, 07/15/54
(Call 07/15/31)

    500       315,955  

Benchmark Mortgage Trust
2.58%, 03/15/54 (Call 03/15/31)

    1,000       839,567  

3.20%, 01/15/55(a)

    500       344,908  

3.46%, 03/15/55 (Call 03/15/32)

    1,000       891,714  

4.59%, 05/15/55 (Call 05/15/32)(a)

    750       714,183  

Series 2018-B1, Class A5, 3.67%, 01/15/51
(Call 01/15/28)(a)

    1,000       940,409  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2018-B1, Class AM, 3.88%, 01/15/51
(Call 01/15/28)(a)

  $ 500     $ 454,987  

Series 2018-B2, Class A4, 3.61%, 02/15/51
(Call 02/15/28)

    1,350       1,264,137  

Series 2018-B2, Class AS, 4.08%, 02/15/51
(Call 02/15/28)(a)

    1,000       921,610  

Series 2018-B2, Class C, 4.44%, 02/15/51
(Call 02/15/28)(a)

    500       403,895  

Series 2018-B3, Class A4, 3.76%, 04/10/51
(Call 04/10/28)

    700       658,627  

Series 2018-B3, Class A5, 4.03%, 04/10/51
(Call 04/10/28)

    1,000       949,374  

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

    1,023       982,661  

Series 2018-B4, Class ASB, 4.06%, 07/15/51
(Call 07/15/28)(a)

    464       450,427  

Series 2018-B4, Class C, 4.70%, 07/15/51
(Call 07/15/28)(a)

    400       326,258  

Series 2018-B5, Class B, 4.57%, 07/15/51
(Call 08/15/28)

    500       435,388  

Series 2018-B7, Class B, 5.01%, 05/15/53
(Call 11/15/28)(a)

    400       353,086  

Series 2018-B8, Class A4, 3.96%, 01/15/52
(Call 12/15/28)

    1,000       952,984  

Series 2018-B8, Class A5, 4.23%, 01/15/52
(Call 12/15/28)

    1,000       957,229  

Series 2018-B8, Class AS, 4.53%, 01/15/52
(Call 12/15/28)(a)

    1,563       1,465,472  

Series 2019-B10, Class A3, 3.46%, 03/15/62
(Call 03/15/29)

    800       735,443  

Series 2019-B10, Class AM, 3.98%, 03/15/62
(Call 03/15/29)

    600       540,179  

Series 2019-B11, Class AS, 3.78%, 05/15/52
(Call 06/15/29)

    500       444,125  

Series 2019-B11, Class B, 3.96%, 05/15/52
(Call 06/15/29)(a)

    500       401,305  

Series 2019-B13, Class C, 3.84%, 08/15/57
(Call 10/15/29)(a)

    500       385,132  

Series 2019-B14, Class A5, 3.05%, 12/15/62
(Call 11/15/29)

    500       442,882  

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

    1,000       940,389  

Series 2019-B9, Class C, 4.97%, 03/15/52
(Call 02/15/29)(a)

    250       203,270  

Series 2020-B16, Class A5, 2.73%, 02/15/53
(Call 02/15/30)

    990       860,051  

Series 2020-B16, Class AM, 2.94%, 02/15/53
(Call 02/15/30)(a)

    1,000       834,479  

Series 2020-B17, Class C, 3.37%, 03/15/53
(Call 03/15/30)(a)

    250       178,971  

Series 2020-B18 AM, Class AM, 2.34%, 07/15/53
(Call 08/15/30)

    430       338,970  

Series 2020-B19, Class B, 2.35%, 09/15/53
(Call 10/15/30)

    450       313,181  

Series 2020-B20, Class B, 2.53%, 10/15/53
(Call 10/15/30)

    500       360,978  

Series 2020-B21, Class A5, 2.25%, 12/17/53
(Call 12/15/30)

    500       397,035  

Series 2020-B22, Class A5, 1.97%, 01/15/54
(Call 01/15/31)

    1,000       806,030  

Series 2020-IG1, Class A3, 2.69%, 09/15/43
(Call 01/15/30).

    1,750       1,512,625  

Series 2021-B23, Class AS, 2.27%, 02/15/54
(Call 02/15/31)

    500       391,980  

Series 2021-B24, Class A4, 2.26%, 03/15/54
(Call 03/15/31)

    1,000       836,475  

Series 2021-B25, Class A5, 2.58%, 04/15/54
(Call 04/15/31)

    1,000       829,248  

Series 2021-B25, Class ASB, 2.27%, 04/15/54
(Call 04/15/31)

    650       566,727  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2021-B26, Class A5, 2.61%, 06/15/54
(Call 06/15/31)

  $  1,500     $ 1,260,859  

Series 2021-B26, Class AM, 2.83%, 06/15/54
(Call 06/15/31)

    500       401,071  

Series 2021-B27, Class A2, 2.02%, 07/15/54
(Call 07/15/31)

    1,000       900,635  

Series 2021-B27, Class A5, 2.39%, 07/15/54
(Call 07/15/31)

    1,000       822,484  

Series 2021-B27, Class AS, 2.51%, 07/15/54
(Call 07/15/31)

    500       394,419  

Series 2021-B29, Class A5, 2.39%, 09/15/54
(Call 10/15/31)

    830       685,549  

Series 2022-B32, Class A5, 3.00%, 01/15/55(a)

    1,000       855,675  

Series 2022-B34, Class A5, 3.79%, 04/15/55
(Call 04/15/32)(a)

    1,500       1,348,427  

Series 2023-B38, Class A2, 5.63%, 04/15/56

    2,000       2,029,079  

Serise 2020-B17, Class A2, 2.21%, 03/15/53
(Call 03/15/30)

    1,000       920,893  

Serise 2020-B17, Class A5, 2.29%, 03/15/53
(Call 03/15/30)

    1,000       836,778  

BMO Mortgage Trust, 5.31%, 09/15/54 (Call 10/15/32)

    1,000       1,024,440  

Cantor Commercial Real Estate Lending, 3.01%,
01/15/53 (Call 12/15/29)

    1,000       880,980  

CCUBS Commercial Mortgage Trust, Series 2017-C1,

   

Class A4, 3.54%, 11/15/50 (Call 12/15/27)(a)

    1,510       1,410,091  

CD Mortgage Trust

   

Series 2017-CD3, Class A4, 3.63%, 02/10/50
(Call 02/10/27)

    230       215,334  

Series 2017-CD3, Class AS, 3.83%, 02/10/50
(Call 02/10/27)

    750       657,231  

Series 2017-CD3, Class C, 4.70%, 02/10/50
(Call 02/10/27)(a)

    300       229,290  

Series 2017-CD4, Class A4, 3.51%, 05/10/50
(Call 05/10/27)(a)

    1,000       940,053  

Series 2017-CD5, Class A4, 3.43%, 08/15/50
(Call 07/15/27)

    750       699,802  

Series 2017-CD6, Class C, 4.37%, 11/13/50
(Call 11/13/27)(a)

    500       412,743  

Series 2018-CD7, Class ASB, 4.21%, 08/15/51
(Call 08/15/28)

    550       534,777  

Series 2019-CD8, Class A4, 2.91%, 08/15/57
(Call 08/15/29)

    1,000       874,954  

CFCRE Commercial Mortgage Trust

   

Series 2016-C3, Class A3, 3.87%, 01/10/48
(Call 01/10/26)

    500       474,713  

Series 2016-C4, Class A4, 3.28%, 05/10/58
(Call 05/10/26)

    1,650       1,538,680  

Series 2017-C8, Class ASB, 3.37%, 06/15/50
(Call 05/15/27)

    795       765,983  

Series 2017-C8, Class B, 4.20%, 06/15/50
(Call 05/15/27)(a)

    750       650,935  

Citigroup Commercial Mortgage Trust

   

Series 2014-GC19, Class A4, 4.02%, 03/11/47
(Call 03/10/24)

    500       494,082  

Series 2014-GC23, Class A4, 3.62%, 07/10/47
(Call 07/10/24)

    750       726,150  

Series 2014-GC23, Class AS, 3.86%, 07/10/47
(Call 07/10/24)

    250       243,559  

Series 2014-GC23, Class C, 4.58%, 07/10/47
(Call 07/10/24)(a)

    250       230,701  

Series 2014-GC25, Class B, 4.35%, 10/10/47
(Call 10/10/24)(a)

    100       91,174  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2015-GC29, Class C, 4.28%, 04/10/48
(Call 04/10/25)(a)

  $ 250     $ 232,858  

Series 2015-GC31, Class A4, 3.76%, 06/10/48
(Call 06/10/25)

    750       722,356  

Series 2015-GC35, Class AAB, 3.61%, 11/10/48
(Call 11/10/25)

    270       262,692  

Series 2015-P1, Class A5, 3.72%, 09/15/48
(Call 05/15/26)

    356       342,063  

Series 2016-C1, Class A4, 3.21%, 05/10/49
(Call 06/10/26)

    874       822,571  

Series 2016-GC36, Class A4, 3.35%, 02/10/49
(Call 02/10/26)

    1,000       953,685  

Series 2016-P3, Class A4, 3.33%, 04/15/49
(Call 04/15/26)

    75       70,981  

Series 2017-C4, Class A3, 3.21%, 10/12/50
(Call 11/12/27)

    1,000       934,483  

Series 2017-P8, Class A3, 3.20%, 09/15/50
(Call 09/15/27)

    885       819,599  

Series 2017-P8, Class AS, 3.79%, 09/15/50
(Call 09/15/27)(a)

    750       680,759  

Series 2018-B2, Class A4, 4.01%, 03/10/51
(Call 03/10/28)

    600       571,088  

Series 2018-C5, Class A4, 4.23%, 06/10/51
(Call 06/10/28)(a)

    1,000       962,650  

Series 2018-C6, Class A4, 4.41%, 11/10/51
(Call 11/10/28)

    1,199       1,160,386  

Series 2019-C7, Class A4, 3.10%, 12/15/72
(Call 12/15/29)

    1,000       889,745  

Series 2019-GC41, Class AS, 3.02%, 08/10/56
(Call 08/10/29)

    750       642,692  

Series 2019-GC43, Class A2, 2.98%, 11/10/52
(Call 11/10/29)

    863       825,702  

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

    750       658,874  

Series 2020-GC46, Class A5, 2.72%, 02/15/53
(Call 02/15/30)

    1,000       865,976  

Series 2020-GC46, Class AS, 2.92%, 02/15/53
(Call 02/15/30)(a)

    500       414,913  

Series 2020-GC46, Class B, 3.15%, 02/15/53
(Call 02/15/30)(a)

    234       173,675  

Commission Mortgage Trust

   

Series 2014-CR14, Class C, 4.73%, 02/10/47
(Call 01/10/24)(a)

    200       175,357  

Series 2014-CR16, Class ASB, 3.65%, 04/10/47
(Call 04/10/24)

    26       26,169  

Series 2014-CR17, Class B, 4.38%, 05/10/47
(Call 05/10/24)

    292       269,137  

Series 2014-CR18, Class AM, 4.10%, 07/15/47
(Call 07/15/24)

    300       288,803  

Series 2014-CR19, Class A5, 3.80%, 08/10/47
(Call 08/10/24)

    438       427,469  

Series 2014-CR19, Class B, 4.70%, 08/10/47
(Call 08/10/24)(a)

    850       789,872  

Series 2014-CR20, Class AM, 3.94%, 11/10/47
(Call 01/10/29)

    250       240,287  

Series 2014-LC17, Class A5, 3.92%, 10/10/47
(Call 12/10/24)

    675       655,888  

Series 2014-UBS2, Class AM, 4.20%, 03/10/47
(Call 03/10/24)

    425       413,977  

Series 2014-UBS3, Class C, 4.89%, 06/10/47
(Call 06/10/24)(a)

    150       140,111  

Series 2014-UBS4, Class A4, 3.42%, 08/10/47
(Call 07/10/29)

    250       243,577  

Series 2014-UBS4, Class A5, 3.69%, 08/10/47
(Call 07/10/29)

    500       484,201  

Series 2014-UBS4, Class AM, 3.97%, 08/10/47
(Call 07/10/29)

    500       476,785  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2014-UBS4, Class B, 4.35%, 08/10/47
(Call 07/10/29)

  $ 250     $ 235,490  

Series 2014-UBS5, Class A4, 3.84%, 09/10/47
(Call 09/10/24)

    730       706,728  

Series 2014-UBS6, Class A5, 3.64%, 12/10/47
(Call 10/10/28)

    500       482,500  

Series 2015-CR22, Class A5, 3.31%, 03/10/48
(Call 03/10/25)

    500       479,454  

Series 2015-CR22, Class AM, 3.60%, 03/10/48
(Call 03/10/25)(a)

    200       189,232  

Series 2015-CR22, Class C, 4.20%, 03/10/48
(Call 03/10/25)(a)

    300       266,714  

Series 2015-CR23, Class A4, 3.50%, 05/10/48
(Call 05/10/25)

    500       480,497  

Series 2015-CR24, Class A4, 3.43%, 08/10/48
(Call 06/10/26)

    925       887,973  

Series 2015-CR24, Class B, 4.49%, 08/10/48
(Call 06/10/26)(a)

    750       690,309  

Series 2015-CR24, Class D, 3.46%, 08/10/48
(Call 06/10/26)(a)

    200       158,562  

Series 2015-CR25, Class A4, 3.76%, 08/10/48
(Call 08/10/25)

    750       721,803  

Series 2015-CR25, Class B, 4.67%, 08/10/48
(Call 08/10/25)(a)

    300       273,090  

Series 2015-DC1, Class A5, 3.35%, 02/10/48
(Call 02/10/25)

    750       720,279  

Series 2015-DC1, Class C, 4.44%, 02/10/48
(Call 02/10/25)(a)

    250       211,764  

Series 2015-LC21, Class A4, 3.71%, 07/10/48
(Call 01/10/26)

    500       481,595  

Series 2015-LC23, Class A4, 3.77%, 10/10/48
(Call 11/10/25)

    1,000       960,983  

Series 2016-CR28, Class C, 4.76%, 02/10/49
(Call 01/10/26)(a)

    604       536,890  

Series 2016-DC2, Class A4, 3.50%, 02/10/49
(Call 02/10/26)

    337       322,649  

Series 2016-DC2, Class AM, 4.24%, 02/10/49
(Call 02/10/26)

    750       707,510  

Series 2016-DC2, Class C, 4.81%, 02/10/49
(Call 02/10/26)(a)

    250       219,540  

Series 2017-COR2, Class C, 4.74%, 09/10/50
(Call 09/10/27)(a)

    750       600,287  

Series 2018-COR3, Class A3, 4.23%, 05/10/51
(Call 05/10/28)

    750       720,524  

Series 2018-COR3, Class B, 4.66%, 05/10/51
(Call 05/10/28)(a)

    500       429,176  

Series 2018-COR3, Class C, 4.71%, 05/10/51
(Call 05/10/28)(a)

    500       413,677  

Series 2019-GC44, Class A5, 2.95%, 08/15/57
(Call 11/15/29)

    1,000       883,971  

CSAIL Commercial Mortgage Trust

   

Series 2015-C1, Class A4, 3.51%, 04/15/50
(Call 03/15/25)

    500       479,270  

Series 2015-C1, Class AS, 3.79%, 04/15/50
(Call 03/15/25)(a)

    435       411,481  

Series 2015-C2, Class A4, 3.50%, 06/15/57
(Call 05/15/25)

    500       479,994  

Series 2015-C3, Class A4, 3.72%, 08/15/48
(Call 08/15/25)

    1,900       1,826,639  

Series 2015-C4, Class A4, 3.81%, 11/15/48
(Call 11/15/25)

    1,464       1,407,907  

Series 2015-C4, Class D, 3.71%, 11/15/48
(Call 11/15/25)(a)

    250       204,625  

Series 2016-C5, Class C, 4.80%, 11/15/48
(Call 11/15/25)(a)

    750       672,632  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2016-C6, Class C, 5.08%, 01/15/49
(Call 05/15/26)(a)

  $ 350     $ 311,335  

Series 2016-C7, Class A4, 3.21%, 11/15/49
(Call 11/15/26)

    193       183,397  

Series 2016-C7, Class A5, 3.50%, 11/15/49
(Call 11/15/26)

    115       106,898  

Series 2016-C7, Class AS, 3.96%, 11/15/49
(Call 11/15/26)(a)

    1,000       913,513  

Series 2017-CX9, Class A5, 3.45%, 09/15/50
(Call 09/15/27)

    1,000       934,277  

Series 2018-CX11, Class A5, 4.03%, 04/15/51
(Call 04/15/28)(a)

    1,000       952,160  

Series 2019-C15, Class A2, 3.45%, 03/15/52
(Call 02/15/29)

    1,001       973,779  

Series 2019-C15, Class A3, 3.78%, 03/15/52
(Call 02/15/29)

    1,400       1,314,544  

Series 2019-C15, Class B, 4.48%, 03/15/52
(Call 02/15/29)

    1,000       831,536  

Series 2019-C17, Class A5, 3.02%, 09/15/52
(Call 09/15/29)

    2,000       1,775,376  

Series 2019-C18, Class ASB, 2.87%, 12/15/52
(Call 12/15/29)

    500       460,490  

Series 2020-C19, Class A3, 2.56%, 03/15/53
(Call 03/15/30)

    1,500       1,283,038  

DBGS Mortgage Trust, Series 2018-C1, Class A4,
4.47%, 10/15/51 (Call 10/15/28)

    1,400       1,338,082  

DBJPM Mortgage Trust

   

Series 2016-C1, Class A4, 3.28%, 05/10/49
(Call 04/10/26)

    1,000       945,305  

Series 2016-C1, Class ASB, 3.04%, 05/10/49
(Call 04/10/26)

    328       316,087  

Series 2016-C1, Class C, 3.47%, 05/10/49
(Call 04/10/26)(a)

    468       386,600  

Series 2017-C6, Class A3, 3.27%, 06/10/50
(Call 06/10/27)

    560       545,162  

Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates,
4.35%, 01/25/33

    4,000       4,043,755  

Federal National Mortgage Association
1.76%, 11/25/31(a)

    969       857,180  

2.00%, 12/25/31(a)

    1,000       835,896  

2.35%, 02/25/31

    1,000       891,616  

Series 2016-M1, Class A2, 2.94%, 01/25/26(a)

    595       574,570  

Series 2016-M10, Class AV2, 3.00%, 11/25/45

    500       418,274  

Series 2016-M12, Class AV2, 2.31%, 10/25/23

    90       89,571  

Series 2016-M5, Class A2, 2.47%, 04/25/26

    2,000       1,902,640  

Series 2017-M1, Class A2, 2.50%, 10/25/26(a)

    760       718,317  

Series 2017-M14, Class A2, 2.96%, 11/25/27(a)

    1,708       1,623,023  

Series 2017-M15, Class ATS2, 3.20%, 11/25/27(a)

    427       411,282  

Series 2018-M14, Class A2, 3.70%, 08/25/28(a)

    409       398,495  

Series 2019-M12, Class A2, 2.89%, 06/25/29(a)

    1,175       1,095,009  

Series 2019-M25, Class A2, 2.33%, 11/25/29(a)

    1,690       1,518,582  

Series 2020-M1, Class A1, 2.15%, 10/25/29

    1,455       1,372,362  

Series 2020-M1, Class A2, 2.44%, 10/25/29

    2,530       2,281,371  

Series 2020-M14, Class A2, 1.78%, 05/25/30

    1,000       853,174  

Series 2020-M20, Class A2, 1.44%, 10/25/29

    250       211,768  

Series 2020-M5, Class A3, 2.19%, 01/25/30

    1,000       880,626  

Series 2020-M8, Class A2, 1.82%, 02/25/30

    100       86,788  

Series 2021-M19, Class A2, 1.80%, 10/25/31(a)

    2,000       1,652,078  

Series 2021-M4, Class A2, 1.51%, 02/25/31(a)

    2,500       2,045,903  

Series 2022-M3, Class A2, 1.76%, 11/25/31(a)

    2,000       1,639,995  

Series 2022-M4, Class A2, 2.29%, 05/25/30(a)

    1,800       1,594,397  

Series2019-M6, Class A2, 3.45%, 01/01/29

    477       463,431  

Freddie Mac Multifamily Structured Pass Through Certificates
2.05%, 11/25/28 (Call 12/25/28)(a)

    1,000       895,409  

3.53%, 08/25/32 (Call 09/25/32)

    1,000       948,374  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

3.80%, 10/25/32 (Call 11/25/32)(a)

  $  1,000     $ 968,218  

GS Mortgage Securities Trust

   

Series 2013-GC16, Class AS, 4.65%, 11/10/46
(Call 11/10/23)

    150       148,126  

Series 2013-GC16, Class C, 5.48%, 11/10/46
(Call 11/10/23)(a)

    100       96,441  

Series 2014-GC18, Class AS, 4.38%, 01/10/47
(Call 01/10/24)

    650       633,505  

Series 2014-GC20, Class B, 4.53%, 04/10/47
(Call 04/10/24)(a)

    250       239,954  

Series 2014-GC22, Class AS, 4.11%, 06/10/47
(Call 06/10/24)

    250       242,409  

Series 2014-GC24, Class AAB, 3.65%, 09/10/47
(Call 09/10/24)

    149       147,041  

Series 2014-GC26, Class A5, 3.63%, 11/10/47
(Call 12/10/24)

    1,485       1,429,015  

Series 2015-GC30, Class AAB, 3.12%, 05/10/50
(Call 05/10/25)

    161       157,272  

Series 2015-GC30, Class AS, 3.78%, 05/10/50
(Call 05/10/25)(a)

    500       473,010  

Series 2015-GC32, Class A3, 3.50%, 07/10/48
(Call 07/10/25)

    543       521,142  

Series 2015-GC32, Class C, 4.56%, 07/10/48
(Call 07/10/25)(a)

    804       716,726  

Series 2015-GC34, Class A4, 3.51%, 10/10/48
(Call 10/10/25)

    1,500       1,425,183  

Series 2015-GS1, Class A3, 3.73%, 11/10/48
(Call 11/10/25)

    1,500       1,437,686  

Series 2016-GS2, Class A4, 3.05%, 05/10/49
(Call 05/10/26)

    1,170       1,098,673  

Series 2016-GS3, Class A3, 2.59%, 10/10/49
(Call 10/10/26)

    1,291       1,192,802  

Series 2016-GS3, Class A4, 2.85%, 10/10/49
(Call 10/10/26)

    780       721,891  

Series 2016-GS4, Class A4, 3.44%, 11/10/49
(Call 11/10/26)(a)

    39       36,730  

Series 2017-GS6, Class B, 3.87%, 05/10/50
(Call 05/10/27)

    1,000       861,572  

Series 2017-GS7, Class A3, 3.17%, 08/10/50
(Call 08/10/27)

    1,000       920,085  

Series 2017-GS7, Class B, 3.88%, 08/10/50
(Call 08/10/27)

    500       440,731  

Series 2018-GS9, Class A4, 3.99%, 03/10/51
(Call 03/10/28)(a)

    1,000       951,306  

Series 2019-GC38, Class A4, 3.97%, 02/10/52
(Call 02/10/29)

    750       708,020  

Series 2019-GC40, Class A4, 3.16%, 07/10/52
(Call 07/10/29)

    1,131       1,017,096  

Series 2019-GSA1, Class C, 3.93%, 11/10/52
(Call 11/10/29)(a)

    500       388,344  

Series 2020-GC45, Class A4, 2.66%, 02/13/53
(Call 01/13/30)

    775       671,413  

JP Morgan Chase Commercial Mortgage Securities Trust

   

Series 2015-JP1, Class A4, 3.65%, 01/15/49
(Call 12/15/25)

    1,000       958,466  

Series 2015-JP1, Class AS, 4.12%, 01/15/49
(Call 12/15/25)(a)

    750       703,082  

Series 2016-JP3, Class AS, 3.14%, 08/15/49
(Call 09/15/26)

    1,000       887,153  

Series 2016-JP3, Class B, 3.40%, 08/15/49
(Call 09/15/26)(a)

    108       91,575  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

JPMBB Commercial Mortgage Securities Trust

   

Series 2013-C14, Class B, 4.70%, 08/15/46
(Call 08/15/23)(a)

  $ 500     $ 480,872  

Series 2013-C15, Class C, 5.34%, 11/15/45
(Call 10/15/23)(a)

    110       106,946  

Series 2013-C17, Class C, 5.05%, 01/15/47
(Call 01/15/24)(a)

    100       96,298  

Series 2014-C18, Class B, 4.89%, 02/15/47
(Call 01/15/29)(a)

    225       204,157  

Series 2014-C19, Class C, 4.80%, 04/15/47
(Call 01/15/25)(a)

    200       187,816  

Series 2014-C21, Class ASB, 3.43%, 08/15/47
(Call 07/15/24)

    82       80,887  

Series 2014-C22, Class A4, 3.80%, 09/15/47
(Call 03/15/26)

    1,006       976,051  

Series 2014-C22, Class C, 4.70%, 09/15/47
(Call 03/15/26)(a)

    200       176,515  

Series 2014-C23, Class A5, 3.93%, 09/15/47
(Call 02/15/26)

    1,144       1,111,882  

Series 2014-C25, Class AS, 4.07%, 11/15/47
(Call 11/15/24)

    232       222,318  

Series 2014-C25, Class B, 4.35%, 11/15/47
(Call 11/15/24)(a)

    185       164,935  

Series 2015-C27, Class AS, 3.63%, 02/15/48
(Call 09/15/26)

    500       468,055  

Series 2015-C28, Class A3, 2.91%, 10/15/48
(Call 04/15/25)

    666       635,907  

Series 2015-C29, Class ASB, 3.30%, 05/15/48
(Call 03/15/26)

    191       186,386  

Series 2015-C29, Class B, 4.12%, 05/15/48
(Call 03/15/26)(a)

    250       229,390  

Series 2015-C30, Class AS, 4.23%, 07/15/48
(Call 07/15/25)(a)

    635       597,895  

Series 2015-C31, Class A3, 3.80%, 08/15/48
(Call 08/15/25)

    946       912,728  

Series 2015-C33, Class A4, 3.77%, 12/15/48
(Call 11/15/25)

    1,000       966,011  

Series 2016-C1, Class A5, 3.58%, 03/17/49
(Call 02/15/26)

    822       783,458  

Series 2016-C1, Class B, 4.89%, 03/17/49
(Call 02/15/26)(a)

    450       411,676  

Series 2016-C1, Class C, 4.89%, 03/17/49
(Call 02/15/26)(a)

    400       352,512  

JPMCC Commercial Mortgage Securities Trust

   

Series 2017-JP5, Class AS, 3.88%, 03/15/50
(Call 04/15/27)(a)

    650       603,104  

Series 2017-JP5, Class ASB, 3.55%, 03/15/50
(Call 04/15/27)

    100       96,547  

Series 2017-JP6, Class A5, 3.49%, 07/15/50
(Call 06/15/27)

    300       279,815  

Series 2017-JP6, Class AS, 3.74%, 07/15/50
(Call 06/15/27)

    400       368,369  

Series 2017-JP7, Class A5, 3.45%, 09/15/50
(Call 08/15/27)

    1,000       933,766  

Series 2019-COR5, Class A2, 3.15%, 06/13/52
(Call 06/13/29)

    313       305,277  

Series 2019-COR5, Class A4, 3.39%, 06/13/52
(Call 06/13/29)

    1,200       1,094,899  

JPMDB Commercial Mortgage Securities Trust

   

Series 2016-C2, Class A4, 3.14%, 06/15/49
(Call 05/15/26)

    1,000       941,028  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2016-C2, Class B, 3.99%, 06/15/49
(Call 05/15/26)(a)

  $ 750     $ 640,440  

Series 2017-C5, Class A5, 3.69%, 03/15/50
(Call 04/15/27)

    1,100       1,038,733  

Series 2017-C7, Class A5, 3.41%, 10/15/50
(Call 11/15/27)

    1,050       977,110  

Series 2018-C8, Class A3, 3.94%, 06/15/51
(Call 06/15/28)

    561       536,046  

Series 2019-COR6, Class A4, 3.06%, 11/13/52
(Call 11/13/29)

    955       836,716  

Series 2020-COR7, Class A5, 2.18%, 05/13/53
(Call 04/13/30)

    539       449,913  

JPMorgan Chase Commercial Mortgage Securities Trust

   

Series 2013-C13, Class A4, 3.99%, 01/15/46
(Call 07/15/23)(a)

    57       56,825  

Series 2014-C20, Class B, 4.40%, 07/15/47
(Call 06/15/24)(a)

    100       91,862  

Series 2015-JP1, Class A5, 3.91%, 01/15/49
(Call 12/15/25)

    1,462       1,405,809  

Series 2016-JP2, Class AS, 3.06%, 08/15/49
(Call 07/15/26)

    700       635,787  

Series 2016-JP4, Class A4, 3.65%, 12/15/49
(Call 04/15/27)(a)

    1,090       1,032,931  

Morgan Stanley Bank of America Merrill Lynch Trust
2.60%, 09/15/49 (Call 10/15/26)

    737       681,195  

Series 2013-C11, Class A3, 3.96%, 08/15/46
(Call 08/15/23)

    196       195,578  

Series 2013-C13, Class C, 5.05%, 11/15/46
(Call 11/15/28)(a)

    230       223,987  

Series 2014-C14, Class B, 5.04%, 02/15/47
(Call 02/15/24)(a)

    200       196,391  

Series 2014-C15, Class ASB, 3.65%, 04/15/47
(Call 04/15/24)

    40       39,209  

Series 2014-C18, Class A3, 3.65%, 10/15/47
(Call 07/15/26)

    329       319,865  

Series 2014-C18, Class A4, 3.92%, 10/15/47
(Call 07/15/26)

    1,150       1,117,555  

Series 2015-C20, Class AS, 3.61%, 02/15/48
(Call 11/15/26)

    500       474,408  

Series 2015-C21, Class A4, 3.34%, 03/15/48
(Call 03/15/31)

    901       863,620  

Series 2015-C22, Class A4, 3.31%, 04/15/48
(Call 04/15/25)

    1,000       956,429  

Series 2015-C22, Class C, 4.34%, 04/15/48
(Call 04/15/25)(a)

    250       218,631  

Series 2015-C23, Class A3, 3.45%, 07/15/50
(Call 06/15/25)

    717       687,679  

Series 2015-C23, Class A4, 3.72%, 07/15/50
(Call 06/15/25)

    1,000       962,285  

Series 2015-C24, Class A3, 3.48%, 05/15/48
(Call 08/15/25)

    308       295,476  

Series 2015-C24, Class A4, 3.73%, 05/15/48
(Call 08/15/25)

    950       914,543  

Series 2015-C25, Class ASB, 3.38%, 10/15/48
(Call 09/15/25)

    260       251,917  

Series 2016-C28, Class A4, 3.54%, 01/15/49
(Call 02/15/28)

    1,000       952,453  

Series 2016-C30, Class A5, 2.86%, 09/15/49
(Call 10/15/26)

    500       462,780  

Series 2016-C31, Class A5, 3.10%, 11/15/49
(Call 11/15/26)

    1,250       1,164,081  

Series 2016-C32, Class A4, 3.72%, 12/15/49
(Call 01/15/27)

    1,000       948,532  

 

 

16  

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



Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2016-C32, Class ASB, 3.51%, 12/15/49
(Call 01/15/27)

  $ 233     $ 224,477  

Series 2017-C33, Class A5, 3.60%, 05/15/50
(Call 05/15/27)

    1,100       1,035,970  

Series 2017-C34, Class A4, 3.54%, 11/15/52
(Call 10/15/27)

    1,000       934,926  

Series 2017-C34, Class AS, 3.86%, 11/15/52
(Call 10/15/27)

    500       455,147  

Morgan Stanley Capital I Trust

   

Series 2015-MS1, Class A4, 3.78%, 05/15/48
(Call 07/15/25)(a)

    500       482,006  

Series 2015-UBS8, Class AS, 4.11%, 12/15/48
(Call 12/15/25)

    250       229,767  

Series 2016-UB11, Class A4, 2.78%, 08/15/49
(Call 08/15/26)

    1,275       1,177,199  

Series 2016-UB12, Class A3, 3.34%, 12/15/49
(Call 12/15/26)

    983       925,541  

Series 2016-UB12, Class A4, 3.60%, 12/15/49
(Call 12/15/26)

    1,500       1,417,030  

Series 2017-H1, Class A5, 3.53%, 06/15/50
(Call 06/15/27)

    1,000       934,607  

Series 2018-H3, Class A4, 3.91%, 07/15/51
(Call 07/15/28)

    500       474,513  

Series 2019-H7, Class A4, 3.26%, 07/15/52
(Call 07/15/29)

    1,000       902,699  

Series 2020-HR8, Class A4, 2.04%, 07/15/53
(Call 08/15/30)

    1,120       920,661  

Series 2020-L4, Class A3, 2.70%, 02/15/53
(Call 02/15/30)

    1,500       1,296,735  

Series 2021-L5, Class ASB, 2.43%, 05/15/54
(Call 05/15/31)

    145       127,058  

Series 2021-L6, Class A2, 2.13%, 06/15/54
(Call 07/15/31)(a)

    1,500       1,349,668  

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

    2,000       1,665,359  

SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48
(Call 07/10/26)

    1,000       923,402  

UBS Commercial Mortgage Trust

   

Series 2017-C2, Class A4, 3.49%, 08/15/50
(Call 08/15/27)

    1,000       935,459  

Series 2017-C6, Class AS, 3.93%, 12/15/50
(Call 12/15/27)(a)

    500       459,633  

Series 2017-C7, Class A4, 3.68%, 12/15/50
(Call 01/15/33)

    1,000       934,856  

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

    1,325       1,259,262  

Series 2018-C15, Class B, 4.92%, 12/15/51
(Call 01/15/29)(a)

    750       686,909  

Series 2019-C16, Class AS, 3.89%, 04/15/52
(Call 04/15/29)

    1,592       1,396,418  

Series 2019-C17, Class A4, 2.92%, 10/15/52
(Call 10/15/29)

    1,000       882,577  

Wells Fargo Commercial Mortgage Trust
2.65%, 08/15/49 (Call 08/15/26)

    1,000       921,416  

2.96%, 10/15/52 (Call 10/15/29)

    900       836,483  

4.00%, 04/15/55 (Call 04/15/32)(a)

    500       463,442  

4.15%, 08/15/51 (Call 08/15/28)

    623       596,399  

Series 2013-LC12, Class AS, 4.43%, 07/15/46
(Call 07/15/23)(a)

    473       457,803  

Series 2015-C26, Class AS, 3.58%, 02/15/48
(Call 02/15/25)

    820       779,511  

Series 2015-C27, Class A5, 3.45%, 02/15/48
(Call 03/15/25)

    1,000       960,178  

Series 2015-C27, Class B, 4.14%, 02/15/48
(Call 03/15/25)(a)

    330       272,313  

Series 2015-C28, Class A4, 3.54%, 05/15/48
(Call 05/15/25)

    500       479,901  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2015-C28, Class AS, 3.87%, 05/15/48
(Call 05/15/25)(a)

  $ 250     $ 238,004  

Series 2015-C30, Class A4, 3.66%, 09/15/58
(Call 08/15/25)

    1,817       1,745,410  

Series 2015-C30, Class ASB, 3.41%, 09/15/58
(Call 08/15/25)

    215       209,832  

Series 2015-C31, Class A4, 3.70%, 11/15/48
(Call 11/15/25)

    500       479,189  

Series 2015-C31, Class B, 4.48%, 11/15/48
(Call 11/15/25)(a)

    1,000       904,193  

Series 2015-C31, Class C, 4.75%, 11/15/48
(Call 11/15/25)(a)

    450       400,105  

Series 2015-LC20, Class B, 3.72%, 04/15/50
(Call 04/15/25)

    750       693,428  

Series 2015-LC22, Class A4, 3.84%, 09/15/58
(Call 09/15/25)

    1,000       962,674  

Series 2015-NXS2, Class A5, 3.77%, 07/15/58
(Call 07/15/25)(a)

    750       722,626  

Series 2016-C32, Class ASB, 3.32%, 01/15/59
(Call 01/15/26)

    587       569,567  

Series 2016-C33, Class A4, 3.43%, 03/15/59
(Call 04/15/26)

    1,000       948,792  

Series 2016-C34, Class A4, 3.10%, 06/15/49
(Call 05/15/26)

    1,000       939,358  

Series 2016-C36, Class AS, 3.42%, 11/15/59
(Call 10/15/26)

    500       447,929  

Series 2016-LC24, Class A4, 2.94%, 10/15/49
(Call 09/15/26)

    1,680       1,561,290  

Series 2016-LC25, Class B, 4.49%, 12/15/59
(Call 11/15/26)(a)

    198       177,391  

Series 2016-NXS4, Class A4, 3.72%, 12/15/48
(Call 11/15/25)

    1,920       1,841,322  

Series 2016-NXS6, Class B, 3.81%, 11/15/49
(Call 10/15/26)

    500       437,392  

Series 2017-C38, Class A4, 3.19%, 07/15/50
(Call 06/15/27)

    483       449,691  

Series 2017-C38, Class A5, 3.45%, 07/15/50
(Call 06/15/27)

    1,000       933,917  

Series 2017-C39, Class A5, 3.42%, 09/15/50
(Call 08/15/27)

    2,500       2,330,740  

Series 2017-C39, Class ASB, 3.21%, 09/15/50
(Call 08/15/27)

    842       807,900  

Series 2017-C39, Class C, 4.12%, 09/15/50
(Call 08/15/27)

    500       423,143  

Series 2017-C42, Class A4, 3.59%, 12/15/50
(Call 12/15/27)

    1,250       1,159,278  

Series 2017-C42, Class B, 4.00%, 12/15/50
(Call 12/15/27)(a)

    500       441,501  

Series 2018-C44, Class A4, 3.95%, 05/15/51
(Call 05/15/28)

    1,250       1,186,688  

Series 2018-C45, Class AS, 4.41%, 06/15/51
(Call 07/15/28)(a)

    350       327,945  

Series 2018-C46, Class AS, 4.38%, 08/15/51
(Call 08/15/28)

    500       466,398  

Series 2018-C47, Class A4, 4.44%, 09/15/61
(Call 10/15/28)

    1,250       1,213,073  

Series 2018-C48, Class A5, 4.30%, 01/15/52
(Call 12/15/28)

    1,010       972,031  

Series 2019-C49, Class A5, 4.02%, 03/15/52
(Call 02/15/29)

    1,625       1,539,660  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2019-C49, Class C, 4.87%, 03/15/52
(Call 02/15/29)(a)

  $ 665     $ 560,989  

Series 2019-C50, Class A5, 3.73%, 05/15/52
(Call 05/15/29)

    750       697,436  

Series 2019-C50, Class AS, 4.02%, 05/15/52
(Call 05/15/29)

    1,000       899,318  

Series 2019-C51, Class AS, 3.58%, 06/15/52
(Call 06/15/29)

    492       433,470  

Series 2019-C53, Class A4, 3.04%, 10/15/52
(Call 10/15/29)

    1,400       1,242,508  

Series 2020-C55, Class A5, 2.73%, 02/15/53
(Call 02/15/30)

    1,000       866,549  

Series 2020-C56, Class ASB, 2.42%, 06/15/53
(Call 04/15/30)

    500       446,658  

Series 2020-C56, Class B, 3.86%, 06/15/53
(Call 04/15/30)(a)

    345       275,014  

Series 2020-C56, Class C, 3.86%, 06/15/53
(Call 04/15/30)(a)

    800       570,741  

Series 2020-C57, Class A4, 2.12%, 08/15/53
(Call 08/15/30)

    919       763,012  

Series 2020-C58, Class A4, 2.10%, 07/15/53
(Call 12/15/30)

    1,000       815,301  

Series 2021-C59, Class A5, 2.63%, 04/15/54
(Call 04/15/31)

    2,000       1,682,680  

Series 2021-C59, Class ASB, 2.30%, 04/15/54
(Call 04/15/31)

    459       409,222  

WFRBS Commercial Mortgage Trust

   

Series 2012-C10, Class AS, 3.24%, 12/15/45
(Call 05/15/23)

    70       66,339  

Series 2013-C13, Class C, 3.91%, 05/15/45
(Call 05/15/23)(a)

    110       106,828  

Series 2013-C14, Class B, 3.84%, 06/15/46
(Call 06/15/23)(a)

    500       431,155  

Series 2014-C19, Class B, 4.72%, 03/15/47
(Call 03/15/24)(a)

    300       289,438  

Series 2014-C22, Class A4, 3.49%, 09/15/57
(Call 09/15/24)

    909       880,694  

Series 2014-C22, Class A5, 3.75%, 09/15/57
(Call 09/15/24)

    400       386,557  

Series 2014-C22, Class AS, 4.07%, 09/15/57
(Call 09/15/24)(a)

    480       456,208  

Series 2014-C24, Class A5, 3.61%, 11/15/47
(Call 11/15/24)

    100       96,474  

Series 2014-C25, Class A5, 3.63%, 11/15/47
(Call 12/15/24)

    1,050       1,014,227  

Series 2014-LC14, Class A5, 4.05%, 03/15/47
(Call 02/15/24)

    950       938,165  
   

 

 

 
      298,746,085  
   

 

 

 

Total Collaterized Mortgage Obligations — 58.6%
(Cost: $336,720,839)

 

    298,746,085  
   

 

 

 

U.S. Government Agency Obligations

 

Mortgage-Backed Securities — 41.0%

 

Federal National Mortgage Association

   

Series 2013-M6, Class 1A2, 3.45%, 02/25/43(a)

    292       281,306  

Series 2014-M11, Class 1A, 3.19%, 08/25/24(a)

    437       428,406  

Series 2014-M11, Class 2A, 3.40%, 08/25/26(a)

    554       538,660  

Series 2014-M13, Class A2, 3.02%, 08/25/24(a)

    95       92,884  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series 2014-M3, Class A2, 3.50%, 01/25/24(a)

  $ 195     $ 192,459  

Series 2014-M4, Class A2, 3.35%, 03/25/24(a)

    286       283,863  

Series 2015-M1, Class A2, 2.53%, 09/25/24

    499       486,211  

Series 2015-M11, Class A2, 2.95%, 04/25/25(a)

    714       693,344  

Series 2015-M13, Class A2, 2.79%, 06/25/25(a)

    676       652,766  

Series 2015-M2, Class A, 2.62%, 12/25/24

    320       310,556  

Series 2015-M8, Class A2, 2.90%, 01/25/25(a)

    1,080       1,052,041  

Series 2016-M6, Class A2, 2.49%, 05/25/26

    272       258,209  

Series 2016-M9, Class A2, 2.29%, 06/25/26

    1,960       1,852,615  

Series 2017, Class A2, 3.06%, 09/25/27(a)

    928       888,653  

Series 2017-M11, Class A2, 2.98%, 08/25/29

    999       936,921  

Series 2017-M15, Class AV2, 2.65%, 11/25/24(a)

    594       580,303  

Series 2017-M3, Class A2, 2.55%, 12/25/26(a)

    641       605,766  

Series 2017-M4, Class A2, 2.64%, 12/25/26(a)

    707       669,627  

Series 2017-M7, Class A2, 2.96%, 02/25/27(a)

    889       852,173  

Series 2017-M8, Class A2, 3.06%, 05/25/27(a)

    2,018       1,938,118  

Series 2018-M1, Class A2, 3.09%, 12/25/27(a)

    705       673,777  

Series 2018-M10, Class A2, 3.47%, 07/25/28(a)

    2,382       2,308,118  

Series 2018-M13, Class A2, 3.87%, 09/25/30(a)

    79       77,434  

Series 2018-M7, Class A2, 3.13%, 03/25/28(a)

    735       702,990  

Series 2019-M1, Class A2, 3.67%, 09/25/28(a)

    2,645       2,577,337  

Series 2019-M2, Class A2, 3.75%, 11/25/28(a)

    1,824       1,782,501  

Series 2019-M4, Class A2, 3.61%, 02/25/31

    1,223       1,176,481  

Series 2019-M5, Class A2, 3.27%, 02/25/29

    2,412       2,307,679  

Series 2019-M7, Class A2, 3.14%, 04/25/29

    2,489       2,357,850  

Series 2019-M9, Class A2, 2.94%, 06/25/29

    3,179       2,988,564  

Series 2020-M5, Class A2, 2.21%, 01/25/30

    2,312       2,059,261  

Series 2021-M17, Class A2, 1.71%, 07/25/31(a)

    2,000       1,654,420  

Series 2022-M1, Class A2, 1.72%, 10/25/31(a)

    2,000       1,638,393  

Freddie Mac Multifamily Structured Pass Through Certificates

   

1.31%, 05/25/30 (Call 06/25/30)

    1,000       826,924  

2.03%, 09/25/28 (Call 10/25/28)

    1,150       1,032,177  

2.12%, 03/25/29 (Call 09/25/29)(a)

    1,000       895,682  

2.25%, 01/25/32 (Call 02/25/32)

    165       141,614  

2.45%, 04/25/32 (Call 05/25/32)

    1,000       870,055  

2.92%, 06/25/32 (Call 07/25/32)

    2,650       2,394,354  

3.00%, 06/25/32 (Call 06/25/32)(a)

    2,500       2,273,069  

3.50%, 07/25/32 (Call 08/25/32)(a)

    2,000       1,892,642  

Class A1, 2.55%, 05/25/31 (Call 02/25/32)

    2,245       2,060,596  

Class A2, 2.25%, 02/25/32 (Call 02/25/32)

    2,500       2,145,281  

Series K039, Class A2, 3.30%, 07/25/24
(Call 08/25/24)

    263       257,428  

Series K040, Class A2, 3.24%, 09/25/24
(Call 10/25/24)

    620       605,226  

Series K041, Class A2, 3.17%, 10/25/24
(Call 11/25/24)

    1,250       1,220,792  

Series K043, Class A2, 3.06%, 12/25/24
(Call 01/25/25)

    1,000       974,234  

Series K044, Class A2, 2.81%, 01/25/25
(Call 01/25/25)

    823       798,186  

Series K046, Class A2, 3.21%, 03/25/25
(Call 04/25/25)

    1,785       1,738,640  

Series K047, Class A2, 3.33%, 05/25/25
(Call 05/25/25)(a)

    2,000       1,952,175  

Series K048, Class A1, 2.69%, 12/25/24
(Call 08/25/25)

    131       127,768  

Series K048, Class A2, 3.28%, 06/25/25
(Call 08/25/25)(a)

    1,000       975,367  

Series K049, Class A2, 3.01%, 07/25/25
(Call 08/25/25)

    1,800       1,745,171  

Series K050, Class A2, 3.33%, 08/25/25
(Call 10/25/25)(a)

    2,000       1,950,818  

Series K051, Class A2, 3.31%, 09/25/25
(Call 10/25/25)

    630       613,965  

Series K052, Class A2, 3.15%, 11/25/25
(Call 01/25/26)

    1,800       1,747,171  

Series K054, Class A2, 2.75%, 01/25/26
(Call 02/25/26)

    700       671,925  

Series K055, Class A2, 2.67%, 03/25/26
(Call 04/25/26)

    500       478,394  

Series K056, Class A1, 2.20%, 07/25/25
(Call 06/25/26)

    119       115,196  

Series K057, Class A2, 2.57%, 07/25/26
(Call 08/25/26)

    725       690,261  

Series K058, Class A2, 2.65%, 08/25/26
(Call 09/25/26)

    1,527       1,453,272  

Series K059, Class A2, 3.12%, 09/25/26
(Call 10/25/26)(a)

    1,780       1,718,574  

Series K060, Class A2, 3.30%, 10/25/26
(Call 12/25/26)

    1,046       1,015,075  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series K061, Class A2, 3.35%, 11/25/26
(Call 12/25/26)(a)

  $ 1,300     $ 1,263,233  

Series K062, Class A2, 3.41%, 12/25/26
(Call 01/25/27)

    1,000       972,897  

Series K063, Class A2, 3.43%, 01/25/27
(Call 02/25/27)(a)

    1,345       1,309,299  

Series K064, Class A1, 2.89%, 10/25/26
(Call 05/25/27)

    581       562,832  

Series K064, Class A2, 3.22%, 03/25/27
(Call 05/25/27)

    325       313,896  

Series K065, Class A2, 3.24%, 04/25/27
(Call 07/25/27)

    1,285       1,241,185  

Series K067, Class A1, 2.90%, 03/25/27
(Call 09/25/27)

    675       656,310  

Series K067, Class A2, 3.19%, 07/25/27
(Call 09/25/27)

    1,600       1,540,400  

Series K068, Class A2, 3.24%, 08/25/27
(Call 10/25/27)

    1,397       1,346,801  

Series K069, Class A2, 3.19%, 09/25/27
(Call 10/25/27)(a)

    1,000       961,810  

Series K070, Class A2, 3.30%, 11/25/27
(Call 12/25/27)(a)

    1,541       1,487,875  

Series K071, Class A2, 3.29%, 11/25/27
(Call 02/25/28)

    1,500       1,447,054  

Series K073, Class A2, 3.35%, 01/25/28
(Call 10/25/28)

    1,000       966,750  

Series K074, Class A1, 3.60%, 09/25/27
(Call 07/25/28)

    430       421,204  

Series K075, Class A2, 3.65%, 02/25/28
(Call 05/25/28)(a)

    1,000       978,988  

Series K076, Class A1, 3.73%, 12/25/27
(Call 05/25/28)

    945       929,350  

Series K077, Class A2, 3.85%, 05/25/28
(Call 05/25/28)(a)

    1,000       987,690  

Series K078, Class A2, 3.85%, 06/25/28
(Call 10/25/28)

    1,640       1,620,212  

Series K079, Class A2, 3.93%, 06/25/28
(Call 07/25/28)

    2,100       2,081,319  

Series K080, Class A2, 3.93%, 07/25/28
(Call 08/25/28)(a)

    1,700       1,684,836  

Series K081, Class A2, 3.90%, 08/25/28
(Call 12/25/28)(a)

    1,500       1,484,708  

Series K082, Class A2, 3.92%, 09/25/28
(Call 10/25/28)(a)

    2,310       2,287,597  

Series K083, Class A2, 4.05%, 09/25/28
(Call 10/25/28)(a)

    1,100       1,096,104  

Series K084, Class A2, 3.78%, 10/25/28
(Call 11/25/28)(a)

    1,000       979,277  

Series K085, Class A2, 4.06%, 10/25/28
(Call 11/25/28)(a)

    2,000       1,985,289  

Series K086, Class A2, 3.86%, 11/25/28
(Call 11/25/28)(a)

    1,725       1,702,212  

Series K087, Class A2, 3.77%, 12/25/28
(Call 01/25/29)

    1,571       1,543,357  

Series K088, Class A1, 3.48%, 09/25/28
(Call 04/25/29)

    306       299,535  

Series K088, Class A2, 3.69%, 01/25/29
(Call 04/25/29)

    2,010       1,965,363  

Series K089, Class A1, 3.34%, 10/25/28
(Call 04/25/29)

    2,213       2,152,836  

Series K089, Class A2, 3.56%, 01/25/29
(Call 04/25/29)

    1,400       1,359,899  

Series K090, Class A2, 3.42%, 02/25/29
(Call 10/25/29)

    1,000       963,984  

Series K091, Class A2, 3.51%, 03/25/29
(Call 10/25/29)

    2,017       1,952,604  

Series K092, Class A2, 3.30%, 04/25/29
(Call 07/25/29)

    1,010       965,905  

Series K094, Class A2, 2.90%, 06/25/29
(Call 11/25/29)

    420       392,181  

Series K095, Class A2, 2.79%, 06/25/29
(Call 01/25/30)

    675       626,058  

Series K096, Class A2, 2.52%, 07/25/29
(Call 07/25/29)

    1,215       1,108,100  

Series K097, Class A1, 2.16%, 05/25/29
(Call 12/25/29)

    949       883,297  

Series K098, Class A2, 2.43%, 08/25/29
(Call 08/25/29)

    500       452,776  

Series K100, Class A2, 2.67%, 09/25/29
(Call 10/25/29)

    1,000       917,203  

Series K101, Class A2, 2.52%, 10/25/29
(Call 01/25/30)

    250       227,032  

Series K102, Class A1, 2.18%, 05/25/29
(Call 04/25/30)

    925       860,798  

Series K103, Class A2, 2.65%, 11/25/29
(Call 06/25/30)

    1,220       1,115,271  

Series K104, Class A2, 2.25%, 01/25/30
(Call 07/25/30)

    2,005       1,784,763  

Series K105, Class A2, 1.87%, 01/25/30
(Call 06/25/30)

    1,485       1,287,371  

Series K106, Class A1, 1.78%, 10/25/29
(Call 02/25/30)

    1,446       1,305,375  

Series K106, Class A2, 2.07%, 01/25/30
(Call 02/25/30)

    2,250       1,975,060  

Series K107, Class A2, 1.64%, 01/25/30
(Call 02/25/30)

    1,250       1,068,270  

Series K108, Class A2, 1.52%, 03/25/30
(Call 03/25/30)

    2,153       1,819,287  

Series K109, Class A2, 1.56%, 04/25/30
(Call 04/25/30)

    3,000       2,534,281  

Series K110, Class A1, 1.02%, 09/25/29
(Call 05/25/30)

    971       842,321  

Series K110, Class A2, 1.48%, 04/25/30
(Call 05/25/30)

    1,640       1,379,213  

Series K111, Class A2, 1.35%, 05/25/30
(Call 07/25/30)

    1,500       1,245,389  

Series K114, Class A2, 1.37%, 06/25/30
(Call 06/25/30)

    760       628,974  

Series K115, Class A2, 1.38%, 06/25/30
(Call 07/25/30)

    2,500       2,071,587  

Series K116, Class A2, 1.38%, 07/25/30
(Call 09/25/30)

    2,000       1,653,350  

Series K117, Class A2, 1.41%, 08/25/30
(Call 10/25/30)

    1,500       1,240,020  

Series K118, Class A1, 0.79%, 03/25/30
(Call 09/25/30)

    1,881       1,624,695  

Series K118, Class A2, 1.49%, 09/25/30
(Call 09/25/30)

    2,500       2,076,659  

Series K119, Class A2, 1.57%, 09/25/30
(Call 10/25/30)

    1,000       834,632  
Security   Par
(000)
    Value  

 

Mortgage-Backed Securities (continued)

 

Series K120, Class A2, 1.50%, 10/25/30
(Call 10/25/30)

  $ 3,200     $ 2,651,724  

Series K121, Class A2, 1.55%, 10/25/30
(Call 03/25/31)

    1,500       1,246,280  

Series K123, Class A2, 1.62%, 12/25/30
(Call 01/25/31)

    600       500,439  

Series K124, Class A2, 1.66%, 12/25/30
(Call 01/25/31)

    2,300       1,921,119  

Series K125, Class A2, 1.85%, 01/25/31
(Call 01/25/31)

    2,000       1,692,847  

Series K126, Class A2, 2.07%, 01/25/31
(Call 05/25/31)

    2,616       2,253,574  

Series K127, Class A2, 2.11%, 01/25/31
(Call 02/25/31)

    2,740       2,364,158  

Series K128, Class A2, 2.02%, 03/25/31
(Call 03/25/31)

    1,000       856,823  

Series K130, Class A2, 1.72%, 06/25/31
(Call 07/25/31)

    2,500       2,080,277  

Series K131, Class A2, 1.85%, 07/25/31
(Call 09/25/31)

    1,000       839,794  

Series K132, Class A2, 2.02%, 08/25/31
(Call 12/25/31)

    1,000       847,753  

Series K133, Class A2, 2.10%, 09/25/31
(Call 10/25/31)

    1,000       851,749  

Series K135, Class A1, 1.61%, 10/25/30
(Call 11/25/31)

    1,203       1,057,840  

Series K135, CLASS A2, 2.15%, 10/25/31
(Call 11/25/31)(a)

    2,800       2,395,045  

Series K136, Class A2, 2.13%, 11/25/31
(Call 12/25/31)

    2,000       1,704,138  

Series K139, Class A2, 2.59%, 01/25/32
(Call 02/25/32)(a)

    2,000       1,766,201  

Series K142, Class A2, 2.40%, 03/25/32
(Call 03/25/32)

    1,000       867,649  

Series K150, 3.71%, 09/25/32
(Call 10/25/32)(a)

    2,000       1,923,520  

Series K1510, Class A2, 3.72%, 01/25/31
(Call 01/25/34)

    250       242,197  

Series K1510, Class A3, 3.79%, 01/25/34
(Call 01/25/34)

    500       479,771  

Series K-1511, Class A2, 3.47%, 03/25/31
(Call 04/25/34)

    1,000       950,500  

Series K-1512, Class A2, 2.99%, 05/25/31
(Call 10/25/34)

    730       672,203  

Series K-1512, Class A3, 3.06%, 04/25/34
(Call 10/25/34)

    450       400,418  

Series K-1513, Class A3, 2.80%, 08/25/34
(Call 12/25/34)

    1,015       877,945  

Series K-1514, Class A2, 2.86%, 10/25/34
(Call 10/25/34)

    1,000       862,758  

Series K-1516, Class A2, 1.72%, 05/25/35
(Call 10/25/35)

    1,825       1,386,436  

Series K-1517, Class A2, 1.72%, 07/25/35
(Call 08/25/35)

    500       382,229  

Series K-1518, Class A2, 1.86%, 10/25/35
(Call 10/25/35)

    1,500       1,150,475  

Series K152, Class A1, 2.83%, 05/25/30
(Call 04/25/31)

    1,100       1,041,586  

Series K152, Class A2, 3.08%, 01/25/31
(Call 04/25/31)

    250       232,417  

Series K-1520, Class A2, 2.44%, 02/25/36
(Call 04/25/36)

    1,000       813,276  

Series K-1521, Class A2, 2.18%, 08/25/36
(Call 09/25/36)

    1,000       782,276  

Series K153, Class A3, 3.12%, 10/25/31
(Call 02/25/32)(a)

    500       462,400  

Series K154, Class A3, 3.46%, 11/25/32
(Call 12/25/32)

    1,345       1,266,927  

Series K155, Class A1, 3.75%, 11/25/29
(Call 05/25/33)

    453       445,583  

Series K156, Class A3, 3.70%, 06/25/33
(Call 07/25/33)(a)

    500       479,298  

Series K157, Class A2, 3.99%, 05/25/33
(Call 09/25/33)(a)

    1,826       1,809,508  

Series K159, Class A1, 3.95%, 12/25/29
(Call 11/25/33)

    1,468       1,452,431  

Series K159, Class A2, 3.95%, 11/25/30
(Call 11/25/33)(a)

    833       821,478  

Series K159, Class A3, 3.95%, 11/25/33
(Call 11/25/33)(a)

    1,000       974,621  

Series K727, Class A2, 2.95%, 07/25/24
(Call 10/25/24)

    858       840,767  

Series K728, Class A2, 3.06%, 08/25/24
(Call 11/25/24)(a)

    970       949,499  

Series K729, Class A1, 2.95%, 02/25/24
(Call 11/25/24)

    67       67,470  

Series K729, Class A2, 3.14%, 10/25/24
(Call 11/25/24)

    1,250       1,221,277  

Series K730, Class A2, 3.59%, 01/25/25
(Call 02/25/25)(a)

    1,920       1,881,930  

Series K731, Class A2, 3.60%, 02/25/25
(Call 05/25/25)(a)

    937       918,566  

Series K734, Class A2, 3.21%, 02/25/26
(Call 07/25/26)

    1,000       969,790  

Series K735, Class A2, 2.86%, 05/25/26
(Call 06/25/26)

    495       475,323  

Series K737, Class AM, 2.10%, 10/25/26
(Call 12/25/26)

    300       278,575  

Series K739, Class A2, 1.34%, 09/25/27
(Call 09/25/27)

    2,150       1,919,496  

Series K740, Class A2, 1.47%, 09/25/27
(Call 10/25/27)

    2,400       2,143,309  

Series K741, Class A2, 1.60%, 12/25/27
(Call 12/25/27)

    1,120       1,001,563  

Series K742, Class A2, 1.76%, 03/25/28
(Call 04/25/28)

    1,000       896,982  

Series K742, Class AM, 1.37%, 04/25/28
(Call 04/25/28)

    1,400       1,219,779  

Series K745, Class A2, 1.66%, 08/25/28
(Call 09/25/28)

    1,000       881,670  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security   Par/
Shares
(000)
    Value  

Mortgage-Backed Securities (continued)

   

Series KS03, Class A4, 3.16%, 05/25/25
(Call 08/25/25)(a)

  $   1,000     $ 974,699  
   

 

 

 
      209,196,650  
   

 

 

 

Total U.S. Government Agency Obligations — 41.0%
(Cost: $230,119,908)

 

    209,196,650  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $566,840,747)

      507,942,735  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 0.5%  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(b)(c)

    2,380       2,380,000  
   

 

 

 

Total Short-Term Securities — 0.5%
(Cost: $2,380,000)

      2,380,000  
   

 

 

 

Total Investments — 100.1%
(Cost: $569,220,747)

      510,322,735  

Liabilities in Excess of Other Assets — (0.1)%

 

    (473,079
   

 

 

 

Net Assets — 100.0%

    $   509,849,656  
   

 

 

 

 

 

 

(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) 

Affiliate of the Fund.

(c) 

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 April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer    Value at
10/31/22
     Purchases
at Cost
     Proceeds
from Sale
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
04/30/23
     Shares
Held at
04/30/23
(000)
     Income      Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 1,600,000      $ 780,000 (a)     $      $      $      $ 2,380,000        2,380      $ 53,810      $ 1  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a) 

Represents net amount purchased (sold).

 

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

   $        $ 298,746,085        $        $ 298,746,085  

U.S. Government Agency Obligations

              209,196,650                   209,196,650  

Short-Term Securities

                 

Money Market Funds

     2,380,000                            2,380,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $     2,380,000        $ 507,942,735        $             —        $ 510,322,735  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

20  

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


Schedule of Investments (unaudited)

April 30, 2023

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Agency Obligations

   

Mortgage-Backed Securities — 100.5%

   

Government National Mortgage Association

   

1.50%, 10/20/51

  $ 444     $ 357,519  

2.00%, 07/20/50

    40       34,363  

2.00%, 08/20/50

    812       697,901  

2.00%, 09/20/50

    7,477       6,427,231  

2.00%, 01/20/51

    2,233       1,916,899  

2.00%, 02/20/51

    13,950       11,988,293  

2.00%, 03/20/51

    6,803       5,836,807  

2.00%, 10/20/51

    2,065       1,767,857  

2.00%, 12/20/51

    29,475       25,223,581  

2.00%, 01/20/52

    6,827       5,847,683  

2.00%, 04/20/52

    1,390       1,188,585  

2.00%, 05/20/52

    988       844,832  

2.50%, 01/15/28

    3       3,371  

2.50%, 02/20/28

    5       4,720  

2.50%, 01/20/31

    87       82,665  

2.50%, 07/20/35

    1,321       1,226,400  

2.50%, 04/20/43

    13       12,064  

2.50%, 12/20/46

    1,233       1,108,500  

2.50%, 01/20/47

    119       106,871  

2.50%, 06/20/50

    3,300       2,921,216  

2.50%, 08/20/50

    10,780       9,542,547  

2.50%, 09/20/50

    3,969       3,513,040  

2.50%, 01/20/51

    3,425       3,043,060  

2.50%, 02/20/51

    3,910       3,469,779  

2.50%, 05/20/51

    9,982       8,849,502  

2.50%, 07/20/51

    14,077       12,470,963  

2.50%, 08/20/51

    10,433       9,239,469  

2.50%, 09/20/51

    6,203       5,491,520  

2.50%, 12/20/51

    6,477       5,729,526  

2.50%, 02/20/52

    1,872       1,655,104  

2.50%, 05/18/53(a)

    500       441,748  

3.00%, 07/15/27

    3       2,725  

3.00%, 09/15/27

    6       5,356  

3.00%, 01/20/31

    109       104,464  

3.00%, 07/20/31

    173       166,028  

3.00%, 02/20/32

    137       131,115  

3.00%, 09/15/42

    5       4,525  

3.00%, 10/15/42

    34       31,624  

3.00%, 01/20/43

    324       302,423  

3.00%, 07/15/43

    57       53,219  

3.00%, 09/20/43

    671       625,808  

3.00%, 01/15/44

    1,816       1,686,253  

3.00%, 08/20/44

    374       348,797  

3.00%, 05/20/45

    265       246,425  

3.00%, 07/20/45

    73       68,137  

3.00%, 10/20/45

    118       109,656  

3.00%, 12/20/45

    1,469       1,365,185  

3.00%, 01/20/46

    474       440,811  

3.00%, 02/20/46

    493       458,334  

3.00%, 03/20/46

    1,826       1,695,063  

3.00%, 04/20/46

    1,211       1,123,893  

3.00%, 05/20/46

    1,538       1,430,253  

3.00%, 06/20/46

    543       504,742  

3.00%, 08/20/46

    3,547       3,291,908  

3.00%, 09/20/46

    2,335       2,166,975  

3.00%, 12/15/46

    135       124,904  

3.00%, 12/20/46

    408       378,779  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

3.00%, 02/15/47

  $ 162     $ 148,833  

3.00%, 02/20/47

    461       427,567  

3.00%, 06/20/47

    54       50,188  

3.00%, 07/20/47

    928       859,726  

3.00%, 10/20/47

    305       282,285  

3.00%, 02/20/48

    43       39,538  

3.00%, 04/20/49

    1,884       1,746,056  

3.00%, 07/20/49

    387       357,420  

3.00%, 09/20/49

    30       27,752  

3.00%, 10/15/49

    797       732,286  

3.00%, 11/20/49

    1,161       1,071,023  

3.00%, 04/20/50

    8,182       7,534,197  

3.00%, 07/20/50

    10,609       9,773,163  

3.00%, 08/20/50

    2,891       2,660,225  

3.00%, 09/20/50

    647       595,223  

3.00%, 09/20/51

    2,225       2,040,351  

3.00%, 10/20/51

    1,234       1,131,108  

3.00%, 11/20/51

    2,088       1,912,970  

3.00%, 07/20/52

    473       431,606  

3.00%, 10/20/52

    3,628       3,315,139  

3.50%, 02/15/26

    1       1,361  

3.50%, 11/15/26

    1       1,122  

3.50%, 02/20/27

    4       3,518  

3.50%, 01/20/31

    36       35,228  

3.50%, 07/20/32

    96       92,994  

3.50%, 09/15/41

    4       3,867  

3.50%, 06/20/42

    2,682       2,510,034  

3.50%, 09/15/42

    9       8,556  

3.50%, 09/20/42

    113       108,924  

3.50%, 10/15/42

    4       4,060  

3.50%, 10/20/42

    266       256,185  

3.50%, 11/15/42

    22       21,261  

3.50%, 11/20/42

    877       842,870  

3.50%, 12/20/42

    93       89,703  

3.50%, 02/20/43

    736       706,582  

3.50%, 03/15/43

    33       30,997  

3.50%, 05/15/43

    30       28,586  

3.50%, 06/15/43

    121       116,414  

3.50%, 04/20/45

    258       246,204  

3.50%, 06/20/45

    96       91,735  

3.50%, 09/20/45

    2,838       2,713,636  

3.50%, 11/20/45

    10       9,853  

3.50%, 12/20/45

    71       67,870  

3.50%, 03/20/46

    362       345,674  

3.50%, 04/20/46

    57       54,023  

3.50%, 06/20/46

    549       523,068  

3.50%, 07/20/46

    3,242       3,089,169  

3.50%, 11/20/46

    10       9,278  

3.50%, 12/20/46

    136       129,928  

3.50%, 01/20/47

    49       46,456  

3.50%, 02/20/47

    120       114,714  

3.50%, 03/20/47

    244       232,710  

3.50%, 04/20/47

    1,051       999,543  

3.50%, 08/20/47

    492       467,486  

3.50%, 09/20/47

    924       879,590  

3.50%, 10/20/47

    5,336       5,081,944  

3.50%, 12/15/47

    468       443,913  

3.50%, 12/20/47

    559       532,903  

3.50%, 01/20/48

    16       15,592  

3.50%, 02/20/48

    1,277       1,215,530  

 

 

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

  21


Schedule of Investments (unaudited) (continued)

April 30, 2023

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

3.50%, 04/20/48

  $ 102     $ 97,717  

3.50%, 05/20/48

    318       302,870  

3.50%, 09/20/48

    34       32,537  

3.50%, 11/20/48

    658       626,465  

3.50%, 03/20/49

    7,708       7,333,553  

3.50%, 09/20/49

    205       194,776  

3.50%, 10/20/49

    249       236,901  

3.50%, 04/20/50

    5,985       5,679,715  

3.50%, 05/20/50

    373       354,278  

3.50%, 06/20/50

    582       549,273  

3.50%, 02/20/52

    3,272       3,083,349  

3.50%, 08/20/52

    377       353,526  

4.00%, 03/20/26

    1       1,082  

4.00%, 07/20/26

    1       881  

4.00%, 02/15/41

    6       5,506  

4.00%, 03/15/41

    5       4,513  

4.00%, 04/15/41

    22       21,717  

4.00%, 05/15/41

    6       5,784  

4.00%, 12/15/41

    7       6,569  

4.00%, 01/15/42

    5       4,661  

4.00%, 02/15/42

    16       15,895  

4.00%, 03/15/42

    37       35,765  

4.00%, 05/15/42

    8       8,167  

4.00%, 08/15/42

    8       7,798  

4.00%, 09/20/42

    197       189,781  

4.00%, 04/15/44

    28       27,615  

4.00%, 05/15/44

    39       37,826  

4.00%, 08/20/44

    24       23,235  

4.00%, 10/20/44

    256       251,242  

4.00%, 03/20/45

    1,036       1,017,140  

4.00%, 08/15/45

    2,956       2,871,284  

4.00%, 08/20/45

    404       396,082  

4.00%, 09/20/45

    6,263       6,134,125  

4.00%, 10/20/45

    5       4,928  

4.00%, 01/20/46

    8       8,299  

4.00%, 03/20/46

    98       96,342  

4.00%, 07/20/46

    10       9,271  

4.00%, 09/20/46

    286       278,968  

4.00%, 11/20/46

    110       106,892  

4.00%, 12/15/46

    19       18,114  

4.00%, 05/20/47

    28       27,455  

4.00%, 06/20/47

    1,619       1,579,563  

4.00%, 07/20/47

    329       320,558  

4.00%, 08/20/47

    6       6,066  

4.00%, 11/20/47

    97       94,754  

4.00%, 03/20/48

    62       60,461  

4.00%, 04/20/48

    439       427,078  

4.00%, 05/20/48

    3,303       3,213,588  

4.00%, 06/20/48

    1,184       1,151,579  

4.00%, 07/20/48

    351       341,682  

4.00%, 11/20/48

    3,927       3,821,086  

4.00%, 09/15/49

    187       181,690  

4.00%, 01/20/50

    470       457,305  

4.00%, 02/20/50

    10       9,951  

4.00%, 09/20/52

    1,180       1,133,732  

4.00%, 12/20/52

    569       546,991  

4.00%, 05/18/53(a)

    1,625       1,560,666  

4.50%, 07/20/24

    0       348  

4.50%, 08/15/39

    81       80,801  

4.50%, 07/15/40

    17       16,921  
Security   Par
(000)
    Value  

Mortgage-Backed Securities (continued)

   

4.50%, 08/15/40

  $ 31     $ 30,879  

4.50%, 07/20/41

    1,431