LOGO

  AUGUST 31, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

 

 

iShares Trust

· iShares Agency Bond ETF | AGZ | NYSE Arca

· iShares Government/Credit Bond ETF | GBF | NYSE Arca

· iShares Intermediate Government/Credit Bond ETF | GVI | Cboe BZX

· iShares MBS ETF | MBB | NASDAQ


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

 

LOGO

 

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

  14.50%   15.94%
   

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

  0.99    4.65 
   

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

  4.75    17.92 
   

Emerging market equities
(MSCI Emerging Markets Index)

  3.62    1.25 
   

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

  2.47    4.25 
   

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

  0.11    (4.71) 
   

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

  0.95    (1.19) 
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  1.04    1.70 
   

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

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

 

 

2  

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


Table of Contents

 

     

Page

 

The Markets in Review

   2

Semi-Annual Report:

  

Fund Summary

   4

About Fund Performance

   8

Disclosure of Expenses

   8

Schedules of Investments

   9

Financial Statements

  

Statements of Assets and Liabilities

   151

Statements of Operations

   152

Statements of Changes in Net Assets

   153

Financial Highlights

   155

Notes to Financial Statements

   159

Board Review and Approval of Investment Advisory Contract

   167

Supplemental Information

   173

General Information

   174

Glossary of Terms Used in this Report

   175

 

 

 


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

 

Investment Objective

The iShares Agency Bond ETF (the “Fund”) seeks to track the investment results of an index composed of agency securities that are publicly issued by U.S. government agencies, and corporate and non-U.S. debt guaranteed by the U.S. government, as represented by the Bloomberg U.S. Agency Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

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

Fund NAV

    1.88     0.46     1.11     1.36        0.46     5.67     14.47

Fund Market

    1.86       0.62       1.18       1.40          0.62       6.06       14.91  

Index

    1.86       0.59       1.00       1.35                0.59       5.12       14.31  

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

Expense Example

 

    Actual    

Hypothetical 5% Return

          
                                                        
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

 

Beginning

Account Value

(03/01/23)

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $   1,000.00          $   1,018.80          $   1.01     $   1,000.00        $   1,024.10          $  1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of  

Total Investments(a)

U.S. Government & Agency Obligations   96.9%
Corporate Bonds & Notes   2.8  
Foreign Government Obligations   0.3  

MATURITY ALLOCATION

 

Maturity   

Percent of  

Total Investments(a)

 

0-1 Year

   2.1%  

1-5 Years

   75.3    

5-10 Years

   16.7    

10-15 Years

   2.6    

15-20 Years

   1.8    
More than 20 Years    1.5    

 

  (a) 

Excludes money market funds.

 

 

 

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


Fund Summary as of August 31, 2023    iShares® Government/Credit Bond ETF

 

Investment Objective

The iShares Government/Credit Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated government, government-related and investment-grade U.S. corporate bonds, as represented by the Bloomberg U.S. Government/Credit Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

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

Fund NAV

    1.10     (1.05 )%      0.54     1.44        (1.05 )%      2.73     15.36

Fund Market

    1.14       (0.88     0.56       1.50          (0.88     2.82       16.05  

Index

    1.18       (0.87     0.75       1.63                (0.87     3.82       17.56  

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

Expense Example

 

    Actual    

Hypothetical 5% Return

          
                                                        
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

 

Beginning

Account Value

(03/01/23)

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $   1,000.00          $   1,011.00          $   1.01     $   1,000.00        $   1,024.10          $  1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
    Moody’s Credit Rating*  

Percent of  

Total Investments(a)

  Aaa   62.0%

  Aa   2.9  
  A   15.8  
  Baa   18.1  
  Ba   0.6  
  Not Rated   0.6  

PORTFOLIO COMPOSITION

 

Investment Type  

Percent of  

Total Investments(a)

 

U.S. Government & Agency Obligations

  59.3%  

Corporate Bonds & Notes

  36.7    

Foreign Government Obligations

  3.1    
Municipal Debt Obligations   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.

 

 

 

F U N D  S U M M A R Y

    5  


Fund Summary as of August 31, 2023    iShares® Intermediate Government/Credit Bond ETF

 

Investment Objective

The iShares Intermediate Government/Credit Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated government, government-related and investment-grade U.S. corporate bonds with remaining maturities between one and ten years, as represented by the Bloomberg U.S. Intermediate Government/Credit Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns         Cumulative Total Returns  
    

6-Month

Total Returns

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

Fund NAV

    1.63      0.39      0.98     1.28       0.39      5.00      13.55

Fund Market

    1.78        0.50        1.00       1.28         0.50        5.12        13.61  

Index

    1.71        0.55        1.16       1.46         0.55        5.91        15.59  

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

Expense Example

 

    Actual     Hypothetical 5% Return           
 

 

 

   

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

   

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $   1,016.30          $   1.01       $   1,000.00          $   1,024.10          $   1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION  

 

 
Moody’s Credit Rating*  

Percent of  

Total Investments(a)

 

 

 

Aaa

    66.3%  

Aa

    2.2     

A

    15.3     

Baa

    15.1     

Ba

    0.5     

Not Rated

    0.6     

 

 
PORTFOLIO COMPOSITION  

 

 
Investment Type  

Percent of  

Total Investments(a)

 

 

 

U.S. Government & Agency Obligations

    63.5%  

Corporate Bonds & Notes

    33.2     

Foreign Government Obligations

    3.1     

Municipal Debt Obligations

    0.2     

 

 
  *

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.

 

 

 

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Fund Summary as of August 31, 2023    iShares® MBS ETF

 

Investment Objective

The iShares MBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade mortgage-backed pass-through securities issued and/or guaranteed by U.S. government agencies, as represented by the Bloomberg U.S. MBS Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns         Cumulative Total Returns  
    

6-Month

Total Returns

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

Fund NAV

    0.30      (2.18 )%       (0.30 )%      0.96       (2.18 )%       (1.48 )%       9.99

Fund Market

    0.49        (2.00      (0.29     0.98         (2.00      (1.44      10.26  

Index

    0.38        (2.10      (0.25     1.08           (2.10      (1.26      11.36  

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

Expense Example

 

    Actual     Hypothetical 5% Return           
 

 

 

   

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      


Expenses

Paid During
the Period

 


(a) 

   

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $   1,003.00          $   0.15       $   1,000.00          $   1,025.00          $0.15          0.03

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

ISSUER ALLOCATION

 

 
Issuer  

Percentage of  

Total Investments(a)

 

 

 

Uniform Mortgage-Backed Securities

    66.1%  

Government National Mortgage Association

    21.8     

Federal Home Loan Mortgage Corp.

    7.0     

Federal National Mortgage Association

    5.1     

 

 

MATURITY ALLOCATION

 

 
Maturity  

Percent of  

Total Investments(a)

 

 

 

1-5 Years

    0.2%  

5-10 Years

    3.8     

10-15 Years

    9.9     

15-20 Years

    3.2     

20-25 Years

    14.4     

25-30 Years

    63.8     

30-35 Years

    4.7     

 

 

 

  (a)

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

    7  


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. 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.

 

 

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


Schedule of Investments (unaudited) 

August 31, 2023

  

iShares® Agency Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

 

Diversified Financial Services — 2.7%  

Private Export Funding Corp.

   

Series KK, 3.55%, 01/15/24

  $ 6,625     $ 6,566,567  

Series PP, 1.40%, 07/15/28

    13,100       11,295,344  
   

 

 

 
      17,861,911  
   

 

 

 

Total Corporate Bonds & Notes — 2.7%
(Cost: $19,778,980)

      17,861,911  
   

 

 

 

Foreign Government Obligations(a)

 

Israel — 0.3%

   

Israel Government AID Bond

   

5.13%, 11/01/24

    1,110       1,106,437  

5.50%, 04/26/24

    450       449,870  

5.50%, 09/18/33

    368       392,159  
   

 

 

 
      1,948,466  
   

 

 

 

Total Foreign Government Obligations — 0.3%

 

(Cost: $2,100,937)

      1,948,466  
   

 

 

 

U.S. Government & Agency Obligations

 

U.S. Government Agency Obligations — 94.5%

 

Federal Farm Credit Banks Funding Corp.

   

1.10%, 03/03/27 (Call 09/08/23)

    6,000       5,290,680  

1.13%, 01/06/25

     10,650        10,086,508  

1.15%, 08/12/30 (Call 09/08/23)

    15,100       11,897,894  

1.32%, 09/09/30 (Call 09/08/23)

    1,000       794,230  

1.55%, 03/15/29 (Call 06/23/25)

    800       674,248  

2.08%, 01/23/30

    1,700       1,465,638  

2.47%, 07/18/35

    1,000       782,620  

3.11%, 08/05/48

    1,000       721,960  

3.19%, 01/16/29

    1,000       937,510  

3.32%, 02/25/26

    1,000       964,680  

3.33%, 07/12/32

    2,000       1,808,500  

4.38%, 06/23/26

    1,600       1,588,224  

4.38%, 07/06/26

    500       496,700  

4.50%, 08/14/26

    2,500       2,490,375  

4.63%, 07/17/26

    500       499,135  

4.75%, 02/21/25

    500       496,330  

4.75%, 03/09/26

    650       648,661  

4.82%, 06/23/26 (Call 06/23/25)

    1,500       1,488,870  

4.88%, 07/28/25

    2,000       1,995,160  

4.88%, 10/27/32

    2,500       2,529,375  

Federal Home Loan Banks

   

0.38%, 09/04/25

    3,000       2,743,740  

0.63%, 11/27/24 (Call 09/28/23)

    3,855       3,634,648  

0.90%, 02/26/27 (Call 11/26/23)

    20,560       18,037,699  

0.96%, 03/05/26 (Call 10/05/23)

    45,000       40,730,849  

1.00%, 07/27/26 (Call 09/27/23)

    9,500       8,508,675  

1.00%, 02/26/27 (Call 11/26/23)

    8,265       7,263,199  

1.10%, 11/15/24 (Call 09/15/23)

    7,900       7,485,092  

1.10%, 08/20/26 (Call 09/20/23)

    12,000       10,791,000  

1.20%, 12/23/24 (Call 09/23/23)

    34,185       32,371,828  

1.50%, 08/15/24

    4,525       4,361,421  

1.61%, 09/04/24

    64,350       61,914,325  

1.88%, 03/14/24 (Call 09/14/23)

    1,800       1,763,658  

2.13%, 09/14/29

    1,650       1,443,981  

2.13%, 12/14/29

    9,800       8,513,652  
Security  

Par

(000)

    Value  
U.S. Government Agency Obligations (continued)  

2.32%, 03/28/25 (Call 09/28/23)

  $ 15,000     $ 14,326,950  

2.38%, 03/14/25

    4,050       3,884,639  

3.13%, 06/13/25

    21,055       20,352,184  

3.25%, 11/16/28

    5,950       5,658,272  

3.50%, 09/13/24

    500       490,295  

4.00%, 06/09/28

    1,000       982,130  

4.00%, 06/30/28

    2,200       2,168,606  

4.13%, 03/13/26

    4,000       3,939,520  

4.38%, 06/12/26

    1,500       1,488,150  

4.38%, 03/11/33

    2,000       1,954,620  

4.44%, 05/26/32 (Call 09/08/23)

    200       190,090  

4.50%, 10/03/24

    4,450       4,412,398  

4.50%, 12/12/25

    3,000       2,973,000  

4.50%, 03/13/26

    3,350       3,328,627  

4.50%, 03/10/28

    700       700,343  

4.63%, 03/14/25

    4,000       3,968,840  

4.75%, 06/12/26

    1,500       1,503,015  

4.88%, 09/13/24

    4,000       3,978,280  

5.38%, 08/15/24

    400       399,732  

5.50%, 07/15/36

    1,600       1,762,560  

Federal Home Loan Mortgage Corp.

   

0.00%, 12/11/25(b)

    27,614        24,678,080  

0.00%, 12/14/29(b)

    4,400       3,329,304  

0.00%, 12/17/29(b)

    500       374,935  

0.38%, 07/21/25

    5,000       4,594,250  

0.38%, 09/23/25

    8,000       7,299,440  

0.75%, 05/28/25 (Call 11/28/23)

    7,500       6,961,575  

4.00%, 02/28/25 (Call 11/28/23)

    4,000       3,919,880  

4.05%, 08/28/25 (Call 11/28/23)

    4,000       3,915,880  

6.00%, 08/16/27 (Call 11/16/23)

    1,000       1,000,020  

6.25%, 07/15/32

    7,207       8,221,313  

6.75%, 09/15/29

    1,500       1,688,760  

6.75%, 03/15/31

    4,500       5,180,850  

Series 1, 0.00%, 11/15/38(b)

    4,423       2,162,670  

Federal National Mortgage Association

   

0.38%, 08/25/25

    10,000       9,155,500  

0.50%, 06/17/25

    4,018       3,712,029  

0.50%, 11/07/25

    13,380       12,190,786  

0.63%, 04/22/25

    1,560       1,453,967  

0.88%, 12/18/26 (Call 09/18/23)

    22,962       20,289,912  

0.88%, 08/05/30

    4,030       3,197,926  

1.63%, 10/15/24

     29,812       28,605,210  

1.63%, 08/24/35 (Call 11/24/23)

    5,000       3,426,550  

1.88%, 09/24/26

    8,725       8,061,900  

2.13%, 04/24/26

    3,600       3,374,064  

2.63%, 09/06/24

    2,500       2,434,875  

5.63%, 07/15/37

    1,000       1,118,690  

6.21%, 08/06/38

    1,500       1,731,195  

6.25%, 05/15/29

    13,200       14,457,168  

6.63%, 11/15/30

    10,052       11,444,101  

7.13%, 01/15/30

    2,319       2,670,004  

7.25%, 05/15/30

    786       917,341  

Federal National Mortgage Association Principal STRIPS, 0.00%, 01/15/30(b)

    910       681,135  

Resolution Funding Corp. Interest STRIPS, 0.00%, 01/15/30(b)

    2,100       1,561,308  

Resolution Funding Corp. Principal STRIPS, 0.00%, 01/15/30(b)

    5,000       3,711,250  

Tennessee Valley Authority 0.75%, 05/15/25

    1,000       928,810  

 

 

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

    9  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Agency Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
U.S. Government Agency Obligations (continued)  

1.50%, 09/15/31

  $ 50     $ 39,537  

2.88%, 09/15/24

    4,510       4,394,409  

3.88%, 03/15/28

    1,200       1,170,132  

4.25%, 09/15/52

    2,300       2,009,786  

4.25%, 09/15/65

    3,806       3,300,106  

4.63%, 09/15/60

    1,100       1,018,897  

4.88%, 01/15/48

    1,983       1,931,561  

5.25%, 09/15/39

    8,505       8,752,070  

5.38%, 04/01/56

    600       629,130  

5.50%, 06/15/38

    282       300,262  

5.88%, 04/01/36

    5,416       6,011,868  

6.15%, 01/15/38

    1,000       1,127,990  

7.13%, 05/01/30

    1,047       1,196,962  

Series B, 4.70%, 07/15/33

    5,662       5,694,330  

Series E, 6.75%, 11/01/25

     37,105       38,473,803  
   

 

 

 
      620,184,837  
U.S. Government Obligations — 1.4%  

U.S. Treasury Note/Bond

   

4.13%, 08/31/30

    100       99,578  

4.13%, 08/15/53

    30       29,597  

4.38%, 08/31/28

    6,600       6,640,219  

4.38%, 08/15/43

    600       598,406  

5.00%, 08/31/25

    1,500       1,504,160  
   

 

 

 
      8,871,960  
   

 

 

 

Total U.S. Government & Agency Obligations — 95.9%
(Cost: $657,393,579)

 

     629,056,797  
   

 

 

 

Total Long-Term Investments — 98.9%
(Cost: $679,273,496)

      648,867,174  
   

 

 

 
Security  

Shares

(000)

    Value  

Short-Term Securities

   
Money Market Funds — 1.1%            

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

     7,082     $ 7,081,753  
   

 

 

 

Total Short-Term Securities — 1.1%
(Cost: $ 7,081,753)

      7,081,753  
   

 

 

 

Total Investments — 100.0%
(Cost: $ 686,355,249)

       655,948,927  

Other Assets Less Liabilities — 0.0%

      169,559  
   

 

 

 

Net Assets — 100.0%

    $ 656,118,486  
   

 

 

 

 

(a) 

U.S. dollar denominated security issued by foreign domiciled entity.

(b) 

Zero-coupon bond.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

Affiliates

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

 

 

 
Affiliated Issuer   

Value at

02/28/23

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/23

    

Shares

Held at

08/31/23

(000)

     Income     

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 44,821,030      $      $ (37,739,277 )(a)     $      $      $ 7,081,753        7,082      $ 253,467 (b)     $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

 

10  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Agency Bond ETF

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
    Level 1     Level 2     Level 3     Total  

 

 

Assets

       

Investments

       

Long-Term Investments

       

Corporate Bonds & Notes

  $     $ 17,861,911     $     $ 17,861,911  

Foreign Government Obligations

          1,948,466             1,948,466  

U.S. Government & Agency Obligations

          629,056,797             629,056,797  

Short-Term Securities

       

Money Market Funds

    7,081,753                   7,081,753  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $  7,081,753     $ 648,867,174     $    —     $ 655,948,927  
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

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

    11  


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.1%            

Interpublic Group of Companies Inc. (The)

   

4.65%, 10/01/28 (Call 07/01/28)

  $ 25     $ 23,919  

4.75%, 03/30/30 (Call 12/30/29)

    15       14,303  

5.38%, 06/15/33 (Call 03/15/33)

    5       4,826  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    10       8,289  

2.60%, 08/01/31 (Call 05/01/31)

    25       20,453  

3.60%, 04/15/26 (Call 01/15/26)

    5       4,783  

3.65%, 11/01/24 (Call 08/01/24)

    20       19,535  

WPP Finance 2010, 3.75%, 09/19/24

    14       13,612  
   

 

 

 
        109,720  
Aerospace & Defense — 0.6%            

Boeing Co. (The)

   

2.20%, 02/04/26 (Call 09/11/23)

    42       38,751  

2.25%, 06/15/26 (Call 03/15/26)

    15       13,739  

2.70%, 02/01/27 (Call 12/01/26)

    5       4,571  

3.10%, 05/01/26 (Call 03/01/26)

    15       14,124  

3.20%, 03/01/29 (Call 12/01/28)

    15       13,483  

3.25%, 02/01/35 (Call 11/01/34)

    5       4,013  

3.50%, 03/01/39 (Call 09/01/38)

    5       3,759  

3.60%, 05/01/34 (Call 02/01/34)

    52       44,058  

3.63%, 02/01/31 (Call 11/01/30)

    65       58,031  

3.63%, 03/01/48 (Call 09/01/47)

    10       6,978  

3.75%, 02/01/50 (Call 08/01/49)

    5       3,646  

3.90%, 05/01/49 (Call 11/01/48)

    5       3,741  

3.95%, 08/01/59 (Call 02/01/59)

    15       10,695  

4.88%, 05/01/25 (Call 04/01/25)

    5       4,930  

5.04%, 05/01/27 (Call 03/01/27)

    25       24,711  

5.15%, 05/01/30 (Call 02/01/30)

    10       9,836  

5.71%, 05/01/40 (Call 11/01/39)

    35       34,000  

5.81%, 05/01/50 (Call 11/01/49)

    50       48,663  

5.93%, 05/01/60 (Call 11/01/59)

    26       25,117  

6.88%, 03/15/39

    20       22,011  

General Dynamics Corp.

   

3.25%, 04/01/25 (Call 03/01/25)

    20       19,380  

3.63%, 04/01/30 (Call 01/01/30)

    40       37,216  

4.25%, 04/01/40 (Call 10/01/39)

    15       13,378  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    5       4,699  

4.95%, 08/15/25 (Call 05/15/25)

    5       4,867  

L3Harris Technologies Inc.

   

2.90%, 12/15/29 (Call 09/15/29)

    10       8,700  

4.40%, 06/15/28 (Call 03/15/28)

     110       105,706  

5.05%, 04/27/45 (Call 10/27/44)

    10       9,229  

5.40%, 07/31/33 (Call 04/30/33)

    35       35,064  

Lockheed Martin Corp.

   

3.80%, 03/01/45 (Call 09/01/44)

    25       20,442  

4.09%, 09/15/52 (Call 03/15/52)

    35       29,517  

4.50%, 05/15/36 (Call 11/15/35)

    10       9,489  

4.70%, 05/15/46 (Call 11/15/45)

    15       14,029  

4.95%, 10/15/25 (Call 09/15/25)

    20       19,948  

5.10%, 11/15/27 (Call 10/15/27)

    5       5,054  

5.25%, 01/15/33 (Call 10/15/32)

    10       10,253  

5.70%, 11/15/54 (Call 05/15/54)

    25       26,801  

5.90%, 11/15/63 (Call 05/15/63)

    15       16,456  

Northrop Grumman Corp.

   

3.85%, 04/15/45 (Call 10/15/44)

    10       7,923  

4.03%, 10/15/47 (Call 04/15/47)

    35       28,784  
Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

4.40%, 05/01/30 (Call 02/01/30)

  $ 5     $ 4,806  

4.70%, 03/15/33 (Call 12/15/32)

    25       24,203  

5.25%, 05/01/50 (Call 11/01/49)

    30       29,406  

RTX Corp.

   

2.82%, 09/01/51 (Call 03/01/51)

    35       21,848  

3.03%, 03/15/52 (Call 09/15/51)

    30       19,670  

3.13%, 05/04/27 (Call 02/04/27)

     65       60,577  

3.75%, 11/01/46 (Call 05/01/46)

    40       30,346  

4.13%, 11/16/28 (Call 08/16/28)

    5       4,771  

4.50%, 06/01/42

    10       8,725  

4.63%, 11/16/48 (Call 05/16/48)

    45       39,546  

4.80%, 12/15/43 (Call 06/15/43)

    10       8,872  

5.15%, 02/27/33 (Call 11/27/32)

    10       9,876  

5.38%, 02/27/53 (Call 08/27/52)

    25       24,331  

6.05%, 06/01/36

    5       5,224  
   

 

 

 
        1,107,993  
Agriculture — 0.5%            

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

    5       4,737  

2.45%, 02/04/32 (Call 11/04/31)

    15       11,705  

3.40%, 05/06/30 (Call 02/06/30)

    5       4,397  

3.40%, 02/04/41 (Call 08/04/40)

    20       13,608  

3.70%, 02/04/51 (Call 08/04/50)

    35       22,816  

3.88%, 09/16/46 (Call 03/16/46)

    20       13,759  

4.45%, 05/06/50 (Call 11/06/49)

    10       7,402  

4.80%, 02/14/29 (Call 11/14/28)

    35       33,912  

5.38%, 01/31/44(a)

    20       18,600  

5.80%, 02/14/39 (Call 08/14/38)

    15       14,576  

5.95%, 02/14/49 (Call 08/14/48)

    30       27,899  

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    5       4,694  

2.90%, 03/01/32 (Call 12/01/31)

    20       17,253  

3.25%, 03/27/30 (Call 12/27/29)

    10       9,092  

3.75%, 09/15/47 (Call 03/15/47)

    5       3,986  

4.50%, 03/15/49 (Call 09/15/48)

    10       8,960  

5.38%, 09/15/35

    9       9,164  

BAT Capital Corp.

   

2.26%, 03/25/28 (Call 01/25/28)

    50       43,028  

2.73%, 03/25/31 (Call 12/25/30)

    10       7,915  

2.79%, 09/06/24 (Call 08/06/24)

    67       65,003  

3.22%, 08/15/24 (Call 06/15/24)

    19       18,535  

3.56%, 08/15/27 (Call 05/15/27)

    8       7,419  

3.98%, 09/25/50 (Call 03/25/50)

    25       16,517  

4.39%, 08/15/37 (Call 02/15/37)

    50       39,524  

4.54%, 08/15/47 (Call 02/15/47)

    25       18,174  

4.70%, 04/02/27 (Call 02/02/27)

    25       24,234  

4.74%, 03/16/32 (Call 12/16/31)

    15       13,540  

4.91%, 04/02/30 (Call 01/02/30)

    75       70,603  

5.28%, 04/02/50 (Call 10/02/49)

    20       16,021  

7.08%, 08/02/53 (Call 02/02/53)

    25       24,599  

BAT International Finance PLC, 1.67%, 03/25/26
(Call 02/25/26)

    45       40,755  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    10       9,261  

2.75%, 05/14/31 (Call 02/14/31)

    20       16,732  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    5       4,477  

2.10%, 05/01/30 (Call 02/01/30)

    5       4,100  

3.38%, 08/11/25 (Call 05/11/25)

    25       24,110  

3.38%, 08/15/29 (Call 05/15/29)

    30       26,967  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Agriculture (continued)            

3.88%, 08/21/42

  $ 20     $ 15,613  

4.25%, 11/10/44

    26       21,034  

4.38%, 11/15/41

    5       4,136  

4.88%, 02/13/26

    50       49,512  

4.88%, 11/15/43

    15       13,180  

5.00%, 11/17/25

    10       9,939  

5.13%, 11/15/24

    10       9,951  

5.13%, 11/17/27 (Call 10/17/27)

    5       4,988  

5.38%, 02/15/33 (Call 11/15/32)

    40       39,490  

5.63%, 11/17/29 (Call 09/17/29)

    10       10,091  

6.38%, 05/16/38

    5       5,372  

Reynolds American Inc., 5.70%, 08/15/35 (Call 02/15/35)

    5       4,616  
   

 

 

 
      905,996  
Airlines — 0.1%            

American Airlines 2015-2 Class AA Pass Through Trust, Series 2015-2, Class AA, 3.60%, 03/22/29

    10       9,333  

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

    7       6,309  

American Airlines 2016-3 Class AA Pass Through Trust, Series 2016-3, Class AA, 3.00%, 04/15/30

    7       6,233  

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

    4       3,274  

American Airlines 2021-1 Pass Through Trust, Series A, Class A, 2.88%, 01/11/36

    9       7,812  

JetBlue Pass Through Trust

   

Series 1A, Class A, 4.00%, 05/15/34(a)

    8       7,669  

Series 2019-1, Class AA, 2.75%, 11/15/33

    4       3,572  

Southwest Airlines Co.

   

3.00%, 11/15/26 (Call 08/15/26)

    5       4,658  

5.13%, 06/15/27 (Call 04/15/27)

    20       19,750  

5.25%, 05/04/25 (Call 04/04/25)

    5       4,965  

United Airlines Pass Through Trust

   

Series 2013-1, Class A, 4.30%, 02/15/27

    3       2,657  

Series 2014-2, Class A, 3.75%, 03/03/28

    23       21,774  

Series 2016-1, Class AA, 3.10%, 01/07/30

    14       12,340  

Series 2020-1, Class A, 5.88%, 04/15/29

    17       16,997  

Series 2020-1, Class B, 4.88%, 07/15/27

    29       28,247  

United Airlines Pass-Through Trust, 5.80%, 07/15/37

     30       29,909  
   

 

 

 
        185,499  
Apparel — 0.1%            

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)

    60       55,577  

2.85%, 03/27/30 (Call 12/27/29)

    10       8,914  

3.25%, 03/27/40 (Call 09/27/39)

    15       12,107  

3.38%, 03/27/50 (Call 09/27/49)(a)

    15       11,581  

3.63%, 05/01/43 (Call 11/01/42)

    15       12,493  

3.88%, 11/01/45 (Call 05/01/45)

    15       12,811  

PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)

    25       24,181  

Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)

    10       9,686  

Tapestry Inc.

   

3.05%, 03/15/32 (Call 12/15/31)

    5       3,834  

4.25%, 04/01/25 (Call 01/01/25)

    5       4,861  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    20       18,876  

2.95%, 04/23/30 (Call 01/23/30)(a)

    15       12,449  
   

 

 

 
      187,370  
Auto Manufacturers — 0.5%            

American Honda Finance Corp.

   

1.80%, 01/13/31

    10       8,011  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

2.00%, 03/24/28

  $ 10     $ 8,749  

2.25%, 01/12/29

    25       21,778  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    5       4,578  

1.50%, 09/01/30 (Call 06/01/30)

    25       20,094  

2.60%, 09/01/50 (Call 03/01/50)(a)

    5       3,094  

General Motors Co.

   

4.20%, 10/01/27 (Call 07/01/27)

    40       37,694  

5.00%, 10/01/28 (Call 07/01/28)

    25       24,250  

5.00%, 04/01/35

    15       13,397  

5.20%, 04/01/45

    10       8,212  

5.40%, 10/15/29 (Call 08/15/29)

    10       9,666  

5.40%, 04/01/48 (Call 10/01/47)

    15       12,504  

5.60%, 10/15/32 (Call 07/15/32)(a)

    15       14,473  

5.95%, 04/01/49 (Call 10/01/48)(a)

    15       13,437  

6.25%, 10/02/43

    5       4,700  

6.60%, 04/01/36 (Call 10/01/35)

    30       30,196  

6.75%, 04/01/46 (Call 10/01/45)

    5       4,930  

6.80%, 10/01/27 (Call 08/01/27)

    20       20,618  

General Motors Financial Co. Inc.

   

1.50%, 06/10/26 (Call 05/10/26)

    35       31,069  

2.35%, 01/08/31 (Call 10/08/30)

    30       23,302  

2.40%, 04/10/28 (Call 02/10/28)

    25       21,583  

2.70%, 06/10/31 (Call 03/10/31)

    30       23,669  

2.75%, 06/20/25 (Call 05/20/25)

    25       23,616  

2.90%, 02/26/25 (Call 01/26/25)

    55       52,539  

3.60%, 06/21/30 (Call 03/21/30)

    15       12,882  

4.00%, 10/06/26 (Call 07/06/26)

    30       28,349  

4.35%, 04/09/25 (Call 02/09/25)

    5       4,882  

5.00%, 04/09/27 (Call 03/09/27)

    25       24,348  

5.80%, 06/23/28 (Call 05/23/28)

    25       24,791  

5.85%, 04/06/30 (Call 02/06/30)

    5       4,888  

6.05%, 10/10/25

    50       50,066  

PACCAR Financial Corp.

   

1.10%, 05/11/26

    15       13,568  

3.55%, 08/11/25(a)

    5       4,859  

4.45%, 03/30/26

    5       4,956  

Toyota Motor Corp., 2.36%, 03/25/31
(Call 12/25/30)(a)

    10       8,411  

Toyota Motor Credit Corp.

   

1.65%, 01/10/31(a)

    10       7,972  

3.05%, 03/22/27

    25       23,462  

3.05%, 01/11/28

     110       102,113  

3.65%, 08/18/25

    15       14,558  

3.95%, 06/30/25

    50       48,838  

4.45%, 06/29/29

    10       9,805  

4.55%, 05/17/30

    5       4,870  

5.00%, 08/14/26

    50       49,983  

5.40%, 11/10/25

    30       30,153  

5.45%, 11/10/27

    5       5,092  
   

 

 

 
        915,005  
Auto Parts & Equipment — 0.1%            

Aptiv PLC

   

2.40%, 02/18/25 (Call 09/11/23)

    20       19,044  

3.10%, 12/01/51 (Call 06/01/51)

    30       18,263  

3.25%, 03/01/32 (Call 12/01/31)

    5       4,236  

4.15%, 05/01/52 (Call 11/01/51)

    5       3,713  

4.40%, 10/01/46 (Call 04/01/46)

    10       7,624  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)

    35       31,716  

3.38%, 03/15/25 (Call 12/15/24)

    25       24,130  

 

 

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

    13  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Parts & Equipment (continued)            

Lear Corp.

   

3.50%, 05/30/30 (Call 02/28/30)

  $ 5     $ 4,366  

3.55%, 01/15/52 (Call 07/15/51)

    10       6,532  

4.25%, 05/15/29 (Call 02/15/29)

    10       9,294  

Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)

    10       8,418  
   

 

 

 
        137,336  
Banks — 7.6%            

Banco Santander SA

   

1.85%, 03/25/26

    25       22,593  

4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)(b)

    25       23,420  

4.25%, 04/11/27

    25       23,639  

4.38%, 04/12/28

    25       23,481  

5.15%, 08/18/25

    50       49,187  

5.18%, 11/19/25

    50       48,885  

Bank of America Corp.

   

1.73%, 07/22/27 (Call 07/22/26), (1-day SOFR + 0.960%)(b)

    10       8,949  

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

    15       11,825  

2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)(b)

    65       55,417  

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

    45       35,484  

2.46%, 10/22/25 (Call 10/22/24), (3-mo. SOFR + 1.132%)(b)

    50       48,051  

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

     25       19,004  

2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)(b)

    45       37,398  

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

    35       28,049  

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

    25       20,811  

2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(b)

    55       37,873  

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

    60       49,040  

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

    30       24,683  

2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(b)

    25       16,497  

3.09%, 10/01/25 (Call 10/01/24), (3-mo. SOFR + 1.352%)(b)

    30       29,069  

3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(b)

    50       43,900  

3.25%, 10/21/27 (Call 10/21/26)

    90       83,838  

3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(b)

    50       37,427  

3.38%, 04/02/26 (Call 04/02/25), (1-day SOFR + 1.330%)(b)

    25       24,031  

3.42%, 12/20/28 (Call 12/20/27), (3-mo. SOFR + 1.302%)(b)

    80       73,319  

3.56%, 04/23/27 (Call 04/23/26), (3-mo. SOFR + 1.322%)(b)

    65       61,583  

3.85%, 03/08/37 (Call 03/08/32), (5-year CMT + 2.000%)(b)

    5       4,234  

3.88%, 08/01/25

    20       19,460  

3.95%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.452%)(b)

    10       7,859  
Security  

Par

(000)

    Value  
Banks (continued)            

3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)(b)

  $ 52     $ 48,514  

3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(b)

    15       13,806  

4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)(b)

    20       16,804  

4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)(b)

    90       72,309  

4.24%, 04/24/38 (Call 04/24/37), (3-mo. SOFR + 2.076%)(b)

    15       13,040  

4.27%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.572%)(b)

    30       28,300  

4.33%, 03/15/50 (Call 03/15/49), (3-mo. SOFR + 1.782%)(b)

    20       16,929  

4.44%, 01/20/48 (Call 01/20/47), (3-mo. SOFR + 2.252%)(b)

    25       21,325  

4.45%, 03/03/26

     50         48,610  

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

    35       32,411  

4.83%, 07/22/26 (Call 07/22/25), (1-day SOFR + 1.750%)(b)

    10       9,813  

4.88%, 04/01/44

    10       9,365  

4.95%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.040%)(b)

    65       63,621  

5.00%, 01/21/44

    40       38,036  

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

    65       62,506  

5.08%, 01/20/27 (Call 01/20/26), (1-day SOFR + 1.290%)(b)

    15       14,803  

5.29%, 04/25/34, (1-day SOFR + 1.910%)(b)

    45       43,920  

5.88%, 02/07/42

    35       36,228  

6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)(b)

    10       10,235  

Series L, 3.95%, 04/21/25

    10       9,686  

Series L, 4.75%, 04/21/45

    25       22,494  

Series N, 1.66%, 03/11/27 (Call 03/11/26), (1-day SOFR + 0.910%)(b)

    5       4,516  

Series N, 3.48%, 03/13/52 (Call 03/13/51), (1-day SOFR + 1.650%)(b)

    5       3,641  

Bank of Montreal

   

1.85%, 05/01/25

    5       4,697  

3.09%, 01/10/37 (Call 01/10/32), (5-year CMT + 1.400%)(b)

    25       19,290  

3.70%, 06/07/25

    5       4,832  

3.80%, 12/15/32 (Call 12/15/27), (5-year USD Swap + 1.432%)(b)

    35       30,910  

5.20%, 02/01/28 (Call 01/01/28)

    10       9,919  

5.30%, 06/05/26

    5       4,982  

Bank of New York Mellon Corp. (The)

   

2.10%, 10/24/24

    10       9,639  

2.50%, 01/26/32 (Call 10/26/31)

    35       28,455  

2.80%, 05/04/26 (Call 02/04/26)

    50       46,944  

3.25%, 09/11/24 (Call 08/11/24)

    45       43,916  

3.30%, 08/23/29 (Call 05/23/29)

    15       13,393  

3.40%, 01/29/28 (Call 10/29/27)

    50       46,603  

3.85%, 04/28/28

    45       42,830  

3.85%, 04/26/29 (Call 02/26/29)

    25       23,577  

4.54%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.168%)(b)

    10       9,708  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 50     $ 51,225  

Bank of Nova Scotia (The)

   

1.05%, 03/02/26

    10       8,967  

1.30%, 06/11/25

    70       64,838  

1.30%, 09/15/26

    20       17,711  

1.35%, 06/24/26

    5       4,468  

1.95%, 02/02/27

    35       31,298  

2.15%, 08/01/31

    10       7,952  

2.70%, 08/03/26(a)

    60       55,748  

3.45%, 04/11/25

    25       24,147  

4.50%, 12/16/25

    45       43,614  

4.85%, 02/01/30

    10       9,674  

Barclays PLC

   

2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)(b)

    20       17,767  

2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(b)

     200         156,438  

4.38%, 01/12/26

    200       192,786  

6.22%, 05/09/34 (Call 05/09/33), (1-day SOFR + 2.980%)(b)

    5       4,940  

Canadian Imperial Bank of Commerce

   

1.25%, 06/22/26

    60       53,488  

2.25%, 01/28/25

    10       9,537  

3.30%, 04/07/25

    5       4,818  

3.45%, 04/07/27

    30       28,020  

3.60%, 04/07/32 (Call 03/07/32)

    10       8,902  

3.95%, 08/04/25

    5       4,844  

Citigroup Inc.

   

1.12%, 01/28/27 (Call 01/28/26), (1-day SOFR + 0.765%)(b)

    10       8,960  

1.46%, 06/09/27 (Call 06/09/26), (1-day SOFR + 0.770%)(b)

    5       4,452  

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

    35       28,156  

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

    40       33,034  

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

    40       33,487  

2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(b)

    25       17,204  

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

    5       4,299  

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

    50       41,185  

3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)(b)

    15       13,774  

3.11%, 04/08/26 (Call 04/08/25), (1-day SOFR + 2.842%)(b)

    35       33,495  

3.40%, 05/01/26

    5       4,732  

3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(b)

    30       27,657  

3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)(b)

    35       32,553  

3.70%, 01/12/26

    80       76,698  

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

    40       34,805  

3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)(b)

    25       23,617  

4.13%, 07/25/28

    20       18,654  
Security  

Par

(000)

    Value  
Banks (continued)            

4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(b)

  $ 20     $ 16,709  

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

    55       51,060  

4.45%, 09/29/27

    75       71,693  

4.65%, 07/30/45

    10       8,613  

4.65%, 07/23/48 (Call 06/23/48)

    29       25,149  

4.75%, 05/18/46

    25       20,908  

4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(b)

    45       42,803  

5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(b)

    30       28,477  

5.88%, 02/22/33

    5       4,984  

6.17%, 05/25/34, (1-day SOFR + 2.661%)(b)

    10       9,978  

6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(b)

    50       52,109  

6.63%, 06/15/32

    30       31,261  

6.68%, 09/13/43

    15       15,763  

8.13%, 07/15/39

    5       6,231  

Citizens Bank NA/Providence RI, 6.06%, 10/24/25
(Call 10/24/24), (1-day SOFR + 1.450%)(b)

    5       4,837  

Citizens Financial Group Inc.

   

2.64%, 09/30/32 (Call 07/02/32)

    5       3,645  

3.25%, 04/30/30 (Call 01/30/30)(a)

    10       8,367  

5.64%, 05/21/37 (Call 05/21/32), (5-year CMT + 2.750%)(b)

    10       8,824  

Comerica Bank, 4.00%, 07/27/25

    50       46,874  

Commonwealth Bank of Australia/New York NY, 5.32%, 03/13/26

    10       10,037  

Cooperatieve Rabobank UA, 5.25%, 05/24/41

    45       45,804  

Cooperatieve Rabobank UA/NY, 1.38%, 01/10/25

     250         236,595  

Credit Suisse AG/New York, 2.95%, 04/09/25

    10       9,498  

Deutsche Bank AG

   

4.10%, 01/13/26

    15       14,358  

6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)(b)

    150       149,053  

Deutsche Bank AG/New York NY

   

2.13%, 11/24/26 (Call 11/24/25), (1-day SOFR + 1.870%)(b)

    10       9,070  

2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)(b)

    20       17,531  

3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(b)

    150       125,590  

Fifth Third Bancorp.

   

1.71%, 11/01/27 (Call 11/01/26), (1-day SOFR + 0.685%)(b)

    25       21,726  

2.38%, 01/28/25 (Call 12/28/24)

    40       38,052  

2.55%, 05/05/27 (Call 04/05/27)

    10       8,940  

3.95%, 03/14/28 (Call 02/14/28)

    20       18,542  

6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(b)

    15       15,118  

8.25%, 03/01/38

    15       16,937  

First Citizens BancShares Inc./NC, 3.38%, 03/15/30
(Call 03/15/25), (3-mo. SOFR + 2.465%)(b)

    35       32,224  

First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)

    30       28,354  

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

    5       5,025  

Goldman Sachs Capital I, 6.35%, 02/15/34

    15       15,082  

Goldman Sachs Group Inc.,

   

0.86%, 02/12/26 (Call 02/12/25), (1-day SOFR + 0.609%)(b)

    20       18,560  

 

 

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

    15  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)  

1.09%, 12/09/26 (Call 12/09/25), (1-day SOFR + 0.789%)(b)

  $ 5     $ 4,488  

1.43%, 03/09/27 (Call 03/09/26), (1-day SOFR + 0.798%)(b)

    10       8,965  

1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)(b)

    40       35,296  

1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)(b)

    20       17,796  

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

    40       31,154  

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

    50       39,464  

2.60%, 02/07/30 (Call 11/07/29)

    50       42,205  

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

    55       44,522  

2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)(b)

    50       45,235  

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

    30       24,072  

2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(b)

    25       17,276  

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

    45       37,445  

3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(b)

    15       10,776  

3.27%, 09/29/25 (Call 09/29/24), (3-mo. SOFR + 1.463%)(b)

    50       48,518  

3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(b)

    20       14,741  

3.50%, 01/23/25 (Call 10/23/24)

    20       19,378  

3.50%, 04/01/25 (Call 03/01/25)

    20       19,304  

3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)(b)

    50         46,769  

3.75%, 05/22/25 (Call 02/22/25)

    10       9,664  

3.75%, 02/25/26 (Call 11/25/25)

    10       9,586  

3.80%, 03/15/30 (Call 12/15/29)

    50       45,500  

3.85%, 01/26/27 (Call 01/26/26)

    25       23,724  

4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.645%)(b)

    30       24,895  

4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)(b)

    5       4,706  

4.25%, 10/21/25

    40       38,783  

4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.692%)(b)

    50       43,170  

4.48%, 08/23/28 (Call 08/23/27), (1-day SOFR + 1.725%)(b)

    5       4,811  

4.75%, 10/21/45 (Call 04/21/45)

    55       49,378  

4.80%, 07/08/44 (Call 01/08/44)

    20       17,819  

5.15%, 05/22/45

    20       18,396  

6.25%, 02/01/41

    25       26,408  

6.45%, 05/01/36

    15       15,603  

6.75%, 10/01/37

    35       37,111  

HSBC Bank USA NA/New York, 7.00%, 01/15/39

    45       48,600  

HSBC Holdings PLC

   

3.90%, 05/25/26

    10       9,523  

3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(b)

    150       135,021  

4.29%, 09/12/26 (Call 09/12/25), (3-mo. SOFR + 1.609%)(b)

     200       192,866  
Security   Par
(000)
    Value  
Banks (continued)  

4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)(b)

  $ 200     $ 188,790  

4.76%, 06/09/28 (Call 06/09/27), (1-day SOFR + 2.110%)(b)

    15       14,384  

4.95%, 03/31/30

     200         192,422  

5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(b)

    50       47,685  

8.11%, 11/03/33 (Call 11/03/32), (1-day SOFR + 4.250%)(b)

    50       54,328  

Huntington Bancshares Inc.

   

4.00%, 05/15/25 (Call 04/15/25)

    40       38,531  

5.02%, 05/17/33 (Call 05/17/32), (1-day SOFR + 2.050%)(b)

    5       4,629  

JPMorgan Chase & Co.

   

1.05%, 11/19/26 (Call 11/19/25), (1-day SOFR + 0.800%)(b)

    5       4,511  

1.05%, 06/23/27 (Call 12/23/25)

    5       4,286  

1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)(b)

    50       44,159  

1.58%, 04/22/27 (Call 04/22/26), (1-day SOFR + 0.885%)(b)

    65       58,371  

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

    35       27,354  

1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(b)

    10       7,880  

2.01%, 03/13/26 (Call 03/13/25), (3-mo. SOFR + 1.585%)(b)

    55       51,884  

2.08%, 04/22/26 (Call 04/22/25), (1-day SOFR + 1.850%)(b)

    65       61,153  

2.18%, 06/01/28 (Call 06/01/27), (1-day SOFR + 1.890%)(b)

    25       22,202  

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

    40       33,528  

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

    20       16,128  

2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(b)

    55       45,004  

2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(b)

    50       42,852  

2.96%, 05/13/31 (Call 05/13/30), (3-mo. SOFR + 2.515%)(b)

    41       34,814  

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

    50       41,447  

3.11%, 04/22/41 (Call 04/22/40), (3-mo. SOFR + 2.460%)(b)

    30       22,131  

3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(b)

    30       20,318  

3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 2.460%)(b)

    55       40,280  

3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(b)

    40       28,097  

3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)(b)

    5       4,563  

3.88%, 09/10/24

    15       14,695  

3.88%, 07/24/38 (Call 07/24/37), (3-mo. SOFR + 1.622%)(b)

    35       29,527  

3.90%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.482%)(b)

    30       23,507  

3.96%, 01/29/27 (Call 01/29/26), (3-mo. SOFR + 1.507%)(b)

    50       48,089  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)  

3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)(b)

  $ 40     $ 31,692  

4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)(b)

    35       28,204  

4.26%, 02/22/48 (Call 02/22/47), (3-mo. SOFR + 1.842%)(b)

    20       16,759  

4.45%, 12/05/29 (Call 12/05/28), (3-mo. SOFR + 1.592%)(b)

    5       4,765  

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

    55       52,165  

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

    30       28,053  

4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)(b)

    10       9,801  

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

    45       43,214  

5.30%, 07/24/29, (1-day SOFR + 1.450%)(b)

    25       24,857  

5.35%, 06/01/34, (1-day SOFR + 1.845%)(b)

    60       59,345  

5.50%, 10/15/40

    15       15,091  

5.60%, 07/15/41

    5       5,064  

5.63%, 08/16/43

    60       59,654  

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

    35       34,988  

6.40%, 05/15/38

    15       16,497  

8.00%, 04/29/27

    25       27,419  

KeyCorp

   

2.25%, 04/06/27

    10       8,586  

2.55%, 10/01/29

    10       7,912  

4.10%, 04/30/28

    30       26,937  

4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)(b)

    15       12,928  

Korea Development Bank (The), 3.00%, 01/13/26

     200       189,488  

Kreditanstalt fuer Wiederaufbau

   

0.00%, 04/18/36(c)

    20       11,535  

0.38%, 07/18/25

    65       59,728  

0.63%, 01/22/26

    15       13,616  

1.00%, 10/01/26

    10       8,986  

1.75%, 09/14/29

    15       13,022  

2.00%, 05/02/25

    119       113,221  

2.50%, 11/20/24

    105       101,521  

2.88%, 04/03/28

    80       74,937  

3.13%, 06/10/25

    5       4,839  

Landwirtschaftliche Rentenbank

   

0.88%, 03/30/26

    90       81,654  

0.88%, 09/03/30

    45       35,614  

1.75%, 07/27/26

    35       32,251  

2.00%, 01/13/25

    5       4,786  

2.38%, 06/10/25

    30       28,627  

Series 37, 2.50%, 11/15/27

    45       41,723  

Series 40, 0.50%, 05/27/25

    5       4,621  

Lloyds Banking Group PLC

   

3.57%, 11/07/28 (Call 11/07/27), (3-mo. LIBOR US + 1.205%)(b)

    200         181,558  

4.45%, 05/08/25

    10       9,757  

4.65%, 03/24/26

    10       9,652  

M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(b)

    20       18,196  

Mitsubishi UFJ Financial Group Inc.
0.96%, 10/11/25 (Call 10/11/24), (1-year CMT + 0.450%)(b)

    25       23,585  
Security   Par
(000)
    Value  
Banks (continued)  

1.54%, 07/20/27 (Call 07/20/26), (1-year CMT + 0.750%)(b)

  $ 245     $ 218,221  

5.41%, 04/19/34, (1-year CMT + 1.970%)(b)

    50       49,289  

5.48%, 02/22/31 (Call 02/22/30), (1-year CMT + 1.530%)(b)

    10       9,908  

Mizuho Financial Group Inc.

   

1.23%, 05/22/27 (Call 05/22/26), (1-year CMT + 0.670%)(b)

     200         176,948  

3.66%, 02/28/27

    15       14,129  

5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(b)

    5       4,968  

Morgan Stanley

   

1.16%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.560%)(b)

    5       4,715  

1.59%, 05/04/27 (Call 05/04/26), (1-day SOFR + 0.879%)(b)

    45       40,342  

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

    10       7,687  

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

    45       34,690  

2.19%, 04/28/26 (Call 04/28/25), (1-day SOFR + 1.990%)(b)

    40       37,714  

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

    25       19,614  

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

    70       52,739  

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

    45       35,856  

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

    40       33,688  

2.80%, 01/25/52 (Call 01/25/51), (1-day SOFR + 1.430%)(b)

    30       18,996  

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

    25       20,501  

3.13%, 07/27/26

    5       4,680  

3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(b)

    25       18,410  

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

    60       53,330  

3.70%, 10/23/24

    50       48,925  

3.88%, 01/27/26

    25       24,059  

3.95%, 04/23/27

    25       23,565  

3.97%, 07/22/38 (Call 07/22/37), (3-mo. LIBOR US + 1.455%)(b)

    10       8,335  

4.00%, 07/23/25

    95       92,182  

4.30%, 01/27/45

    25       21,252  

4.38%, 01/22/47

    30       25,665  

4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(b)

    10       9,490  

4.46%, 04/22/39 (Call 04/22/38), (3-mo. SOFR + 1.693%)(b)

    10       8,808  

5.00%, 11/24/25

    105       103,368  

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

    10       9,797  

5.25%, 04/21/34, (1-day SOFR + 1.870%)(b)

    25       24,267  

5.30%, 04/20/37 (Call 04/20/32), (1-day SOFR + 2.620%)(b)

    20       18,615  

5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)(b)

    50       49,138  

 

 

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

    17  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)            

5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)(b)

  $ 25     $ 25,129  

5.95%, 01/19/38 (Call 01/19/33), (5-year CMT + 2.430%)(b)

    50       48,656  

6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)(b)

    25       25,615  

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

    30       31,431  

6.38%, 07/24/42

    10       10,906  

Morgan Stanley Bank NA, 5.48%, 07/16/25

    60       60,123  

NatWest Group PLC

   

1.64%, 06/14/27 (Call 06/14/26), (1-year CMT + 0.900%)(b)

     210         186,524  

5.85%, 03/02/27 (Call 03/02/26), (1-year CMT + 1.350%)(b)

    10       9,942  

6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)(b)

    5       4,970  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)

    5       4,117  

3.38%, 05/08/32 (Call 05/08/27), (3-mo. LIBOR US + 1.131%)(b)

    30       26,763  

3.95%, 10/30/25

    35       33,871  

4.00%, 05/10/27 (Call 04/10/27)

    5       4,799  

6.13%, 11/02/32 (Call 08/02/32)

    5       5,105  

Oesterreichische Kontrollbank AG

   

0.38%, 09/17/25

    10       9,126  

0.50%, 02/02/26

    65       58,648  

1.50%, 02/12/25

    15       14,217  

2.88%, 05/23/25

    15       14,434  

3.63%, 09/09/27

    35       33,928  

4.63%, 11/03/25

    10       9,942  

PNC Financial Services Group Inc. (The)

   

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

    15       12,082  

2.55%, 01/22/30 (Call 10/24/29)

    5       4,194  

3.45%, 04/23/29 (Call 01/23/29)

    42       37,862  

4.76%, 01/26/27 (Call 01/26/26), (1-day SOFR + 1.085%)(b)

    20       19,625  

5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(b)

    30       28,439  

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

    55       55,889  

Regions Financial Corp.

   

1.80%, 08/12/28 (Call 06/12/28)

    10       8,291  

2.25%, 05/18/25 (Call 04/18/25)

    10       9,346  

7.38%, 12/10/37

    5       5,297  

Royal Bank of Canada

   

1.15%, 06/10/25

    40       37,033  

1.15%, 07/14/26

    25       22,228  

1.20%, 04/27/26

    10       8,964  

1.40%, 11/02/26

    25       22,143  

2.25%, 11/01/24

    30       28,843  

2.30%, 11/03/31

    15       12,050  

4.24%, 08/03/27

    10       9,617  

4.65%, 01/27/26

    10       9,817  

4.88%, 01/12/26(a)

    5       4,938  

4.90%, 01/12/28(a)

    25       24,631  

5.00%, 02/01/33

    45       43,618  

5.00%, 05/02/33

    5       4,837  

6.00%, 11/01/27

    10       10,233  
Security   Par
(000)
    Value  
Banks (continued)            

Santander Holdings USA Inc.

   

2.49%, 01/06/28 (Call 01/06/27), (1-day SOFR + 1.249%)(b)

  $ 30     $ 26,292  

3.45%, 06/02/25 (Call 05/02/25)

    10       9,537  

4.40%, 07/13/27 (Call 04/14/27)

    25       23,671  

4.50%, 07/17/25 (Call 04/17/25)

    70       68,291  

5.81%, 09/09/26 (Call 09/09/25), (1-day SOFR + 2.328%)(b)

    5       4,944  

6.50%, 03/09/29 (Call 03/09/28), (1-day SOFR + 2.356%)(b)

    10       9,955  

Santander UK Group Holdings PLC, 2.47%, 01/11/28 (Call 01/11/27), (1-day SOFR + 1.220%)(b)

    15       13,197  

State Street Corp.

   

1.75%, 02/06/26 (Call 02/06/25), (1-day SOFR + 0.441%)(b)

    20       18,880  

2.20%, 03/03/31

    55       43,799  

2.35%, 11/01/25 (Call 11/01/24), (1-day SOFR + 0.940%)(b)

    20       19,202  

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

    50       41,007  

2.65%, 05/19/26

    45       42,324  

2.90%, 03/30/26 (Call 03/30/25), (1-day SOFR + 2.600%)(b)

    50       47,855  

3.30%, 12/16/24

    10       9,708  

3.55%, 08/18/25

    10       9,653  

5.10%, 05/18/26 (Call 05/18/25), (1-day SOFR + 1.130%)(b)

    10       9,912  

5.16%, 05/18/34, (1-day SOFR + 1.890%)(b)

    5       4,854  

5.82%, 11/04/28 (Call 11/04/27), (1-day SOFR + 1.715%)(b)

    10       10,152  

Sumitomo Mitsui Financial Group Inc.

   

1.90%, 09/17/28

     200         168,054  

2.14%, 09/23/30

    30       23,699  

3.35%, 10/18/27

    40       36,788  

3.78%, 03/09/26

    75       71,817  

5.77%, 01/13/33

    5       5,059  

6.18%, 07/13/43

    50       50,294  

Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)

    5       4,832  

Synchrony Financial, 5.63%, 08/23/27 (Call 07/23/27)

    10       9,471  

Toronto-Dominion Bank (The)

   

1.15%, 06/12/25

    40       37,095  

1.20%, 06/03/26

    10       8,917  

1.25%, 12/13/24

    15       14,188  

2.00%, 09/10/31

    25       19,784  

3.20%, 03/10/32

    10       8,508  

3.63%, 09/15/31 (Call 09/15/26), (5-year USD Swap + 2.205%)(b)

    20       18,667  

3.77%, 06/06/25

    20       19,414  

4.11%, 06/08/27

    25       23,865  

4.46%, 06/08/32

    45       41,938  

4.69%, 09/15/27

    35       34,108  

5.10%, 01/09/26

    40       39,675  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    10       8,455  

1.27%, 03/02/27 (Call 03/02/26), (1-day SOFR + 0.609%)(b)

    40       35,682  

1.95%, 06/05/30 (Call 03/05/30)

    10       7,927  

2.85%, 10/26/24 (Call 09/26/24)

    5       4,825  

3.70%, 06/05/25 (Call 05/05/25)

    40       38,548  

4.00%, 05/01/25 (Call 03/01/25)

    25       24,227  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

 

4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(b)

  $ 55     $ 51,874  

4.26%, 07/28/26 (Call 07/28/25), (1-day SOFR + 1.456%)(b)

    10       9,658  

4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)(b)

    35       33,556  

5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(b)

    5       4,688  

5.90%, 10/28/26 (Call 10/28/25), (1-day SOFR + 1.626%)(b)

    5       4,985  

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

    35         35,214  

U.S. Bancorp

   

1.38%, 07/22/30 (Call 04/22/30)

    10       7,578  

1.45%, 05/12/25 (Call 04/11/25)

    40       37,419  

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

    25       18,415  

3.10%, 04/27/26 (Call 03/27/26)

    5       4,692  

4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(b)

    15       14,324  

4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(b)

    40       37,100  

5.73%, 10/21/26 (Call 10/21/25), (1-day SOFR + 1.430%)(b)

    65       64,957  

5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)(b)

    25       24,939  

5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)(b)

    30       29,926  

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

    35       34,829  

Series V, 2.38%, 07/22/26 (Call 06/22/26)

    5       4,607  

UBS Group AG

   

4.55%, 04/17/26

     150       145,161  

4.88%, 05/15/45

    25       22,233  

Wachovia Corp., 5.50%, 08/01/35

    35       33,773  

Wells Fargo & Co.

   

2.16%, 02/11/26 (Call 02/11/25), (3-mo. SOFR + 1.012%)(b)

    20       18,913  

2.19%, 04/30/26 (Call 04/30/25), (1-day SOFR + 2.000%)(b)

    25       23,514  

2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)(b)

    45       40,021  

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

    55       47,054  

3.00%, 04/22/26

    35       32,782  

3.00%, 10/23/26

    85       78,710  

3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(b)

    55       39,375  

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

    25       21,061  

3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)(b)

    70       65,148  

3.90%, 05/01/45

    25       19,565  

4.10%, 06/03/26

    70       67,122  

4.15%, 01/24/29 (Call 10/24/28)

    50       47,057  

4.30%, 07/22/27

    10       9,576  

4.40%, 06/14/46

    10       7,928  

4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(b)

    10       9,354  
Security   Par
(000)
    Value  
Banks (continued)  

4.54%, 08/15/26 (Call 08/15/25), (1-day SOFR + 1.560%)(b)

  $ 5     $ 4,882  

4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(b)

    25       21,139  

4.65%, 11/04/44

    25       20,674  

4.81%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.980%)(b)

    25       24,256  

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

    40       37,635  

4.90%, 11/17/45

    25       21,444  

5.01%, 04/04/51 (Call 04/04/50), (3-mo. SOFR + 4.502%)(b)

    55       49,611  

5.38%, 11/02/43

    25       23,006  

5.39%, 04/24/34, (1-day SOFR + 2.020%)(b)

    25       24,355  

5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)(b)

    50       49,349  

5.61%, 01/15/44

    20       18,833  

5.95%, 12/01/86

    20       19,534  

6.00%, 10/28/25 (Call 10/28/23)(a)

    15       14,928  

Westpac Banking Corp.

   

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

    10       7,684  

2.96%, 11/16/40

    15       9,715  

3.13%, 11/18/41

    10       6,517  

3.35%, 03/08/27

    35       33,043  

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

    25       21,923  

4.32%, 11/23/31 (Call 11/23/26), (5-year USD ICE Swap + 2.236%)(b)

    25       23,337  

4.42%, 07/24/39

    30       24,146  

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

    5       4,706  
   

 

 

 
        13,728,312  
Beverages — 0.7%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

    50       47,850  

4.90%, 02/01/46 (Call 08/01/45)

    70       65,063  

Anheuser-Busch InBev Finance Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

    30       28,771  

4.90%, 02/01/46 (Call 08/01/45)

    50       46,287  

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

    35       32,190  

3.65%, 02/01/26 (Call 11/01/25)

    75       72,476  

4.38%, 04/15/38 (Call 10/15/37)

    30       27,413  

4.44%, 10/06/48 (Call 04/06/48)

    25       21,870  

4.60%, 04/15/48 (Call 10/15/47)

    29       26,098  

4.60%, 06/01/60 (Call 12/01/59)

    10       8,712  

4.75%, 01/23/29 (Call 10/23/28)

    50       49,545  

4.90%, 01/23/31 (Call 10/23/30)

    40       40,130  

4.95%, 01/15/42

    15       14,295  

5.45%, 01/23/39 (Call 07/23/38)

    25       25,368  

5.55%, 01/23/49 (Call 07/23/48)

    30       30,719  

5.80%, 01/23/59 (Call 07/23/58)

    35       36,694  

8.00%, 11/15/39

    10       12,393  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

     50       42,805  

1.38%, 03/15/31

    40       31,560  

1.50%, 03/05/28(a)

    5       4,381  

1.65%, 06/01/30

    30       24,709  

 

 

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

    19  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Beverages (continued)  

2.25%, 01/05/32

  $ 5     $ 4,193  

2.50%, 06/01/40

    10       7,210  

2.50%, 03/15/51

    35       22,599  

3.00%, 03/05/51

    35       25,241  

3.38%, 03/25/27

    10       9,572  

3.45%, 03/25/30

    5       4,647  

4.20%, 03/25/50

    10       8,987  

Constellation Brands Inc.

   

3.15%, 08/01/29 (Call 05/01/29)

    10       8,935  

3.60%, 02/15/28 (Call 11/15/27)

    45       41,968  

4.10%, 02/15/48 (Call 08/15/47)

    15       11,907  

4.75%, 12/01/25

    5       4,924  

4.75%, 05/09/32 (Call 02/09/32)(a)

    25       23,958  

Diageo Capital PLC

   

2.00%, 04/29/30 (Call 01/29/30)

     150       125,092  

3.88%, 04/29/43 (Call 10/29/42)

    5       4,117  

Keurig Dr Pepper Inc.

   

3.35%, 03/15/51 (Call 09/15/50)

    15       10,290  

3.40%, 11/15/25 (Call 08/15/25)

    5       4,783  

3.80%, 05/01/50 (Call 11/01/49)

    15       11,359  

3.95%, 04/15/29 (Call 02/15/29)

    30       28,254  

4.05%, 04/15/32 (Call 01/15/32)(a)

    15       13,737  

Molson Coors Beverage Co.

   

3.00%, 07/15/26 (Call 04/15/26)

    15       14,055  

4.20%, 07/15/46 (Call 01/15/46)

    15       11,877  

5.00%, 05/01/42

    15       13,548  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)

    35       27,820  

1.95%, 10/21/31 (Call 07/21/31)

    10       8,153  

2.63%, 03/19/27 (Call 01/19/27)

    5       4,659  

2.63%, 07/29/29 (Call 04/29/29)

    5       4,478  

2.63%, 10/21/41 (Call 04/21/41)

    30       21,762  

2.75%, 03/19/30 (Call 12/19/29)

    35       31,136  

2.75%, 10/21/51 (Call 04/21/51)

    5       3,379  

2.88%, 10/15/49 (Call 04/15/49)

    25       17,697  

3.00%, 10/15/27 (Call 07/15/27)

    5       4,697  

3.38%, 07/29/49 (Call 01/29/49)

    18       13,879  

3.60%, 02/18/28 (Call 01/18/28)

    5       4,790  

3.90%, 07/18/32 (Call 04/18/32)

    10       9,479  

4.20%, 07/18/52 (Call 01/18/52)

    20       17,774  

4.45%, 05/15/28 (Call 04/15/28)(a)

    15       14,939  

4.88%, 11/01/40

    10       9,799  

7.00%, 03/01/29

    5       5,564  
   

 

 

 
        1,300,587  
Biotechnology — 0.5%            

Amgen Inc.

   

2.00%, 01/15/32 (Call 10/15/31)

    20       15,671  

2.45%, 02/21/30 (Call 11/21/29)

    35       29,762  

2.77%, 09/01/53 (Call 03/01/53)

    25       14,951  

2.80%, 08/15/41 (Call 02/15/41)

    20       13,789  

3.13%, 05/01/25 (Call 02/01/25)

    5       4,808  

3.15%, 02/21/40 (Call 08/21/39)

    30       22,374  

3.20%, 11/02/27 (Call 08/02/27)

    30       27,875  

3.35%, 02/22/32 (Call 11/22/31)

    10       8,713  

4.05%, 08/18/29 (Call 06/18/29)

    10       9,444  

4.20%, 03/01/33 (Call 12/01/32)

    5       4,596  

4.20%, 02/22/52 (Call 08/22/51)

    5       3,979  

4.40%, 05/01/45 (Call 11/01/44)

    20       16,788  

4.40%, 02/22/62 (Call 08/22/61)

    20       15,833  

4.56%, 06/15/48 (Call 12/15/47)

    20       17,047  
Security   Par
(000)
    Value  
Biotechnology (continued)  

4.66%, 06/15/51 (Call 12/15/50)

  $ 75     $ 64,439  

4.88%, 03/01/53 (Call 09/01/52)

    5       4,427  

5.25%, 03/02/30 (Call 01/02/30)

      55       55,027  

5.25%, 03/02/33 (Call 12/02/32)

    65       64,631  

5.60%, 03/02/43 (Call 09/02/42)

    30       29,446  

5.65%, 03/02/53 (Call 09/02/52)

    30       29,740  

5.75%, 03/02/63 (Call 09/02/62)

    25       24,660  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    35       28,787  

3.15%, 05/01/50 (Call 11/01/49)

    25       16,317  

4.05%, 09/15/25 (Call 06/15/25)

    20       19,399  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

    25       21,496  

2.80%, 10/01/50 (Call 04/01/50)

    10       6,419  

2.95%, 03/01/27 (Call 12/01/26)

    45       41,931  

4.15%, 03/01/47 (Call 09/01/46)

    25       20,886  

4.50%, 02/01/45 (Call 08/01/44)

    15       13,172  

4.75%, 03/01/46 (Call 09/01/45)

    25       22,814  

4.80%, 04/01/44 (Call 10/01/43)

    25       22,985  

Illumina Inc.

   

2.55%, 03/23/31 (Call 12/23/30)

    15       12,021  

5.75%, 12/13/27 (Call 11/13/27)

    5       4,991  

Regeneron Pharmaceuticals Inc.

   

1.75%, 09/15/30 (Call 06/15/30)

    10       7,954  

2.80%, 09/15/50 (Call 03/15/50)

    25       15,525  

Royalty Pharma PLC

   

1.75%, 09/02/27 (Call 07/02/27)

    30       25,883  

2.20%, 09/02/30 (Call 06/02/30)

    40       31,888  

3.55%, 09/02/50 (Call 03/02/50)

    30       19,564  
   

 

 

 
        810,032  
Building Materials — 0.2%            

Carrier Global Corp.

   

2.49%, 02/15/27 (Call 12/15/26)

    25       22,744  

2.70%, 02/15/31 (Call 11/15/30)

    10       8,385  

2.72%, 02/15/30 (Call 11/15/29)

    15       12,856  

3.38%, 04/05/40 (Call 10/05/39)

    15       11,272  

3.58%, 04/05/50 (Call 10/05/49)

    40       28,593  

Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)

    5       4,040  

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)

    25       22,021  

4.00%, 06/15/25 (Call 03/15/25)

    5       4,837  

Johnson Controls International PLC, 4.50%, 02/15/47 (Call 08/15/46)

    30       25,310  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 (Call 06/15/30)

    5       4,004  

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)

    5       4,608  

1.70%, 08/01/27 (Call 06/01/27)

    5       4,372  

Martin Marietta Materials Inc.

   

2.40%, 07/15/31 (Call 04/15/31)

    10       8,084  

3.20%, 07/15/51 (Call 01/15/51)

    10       6,694  

3.45%, 06/01/27 (Call 03/01/27)(a)

    35       32,856  

3.50%, 12/15/27 (Call 09/15/27)

    25       23,388  

Masco Corp.

   

2.00%, 10/01/30 (Call 07/01/30)

    10       7,910  

2.00%, 02/15/31 (Call 11/15/30)

    30       23,695  

Owens Corning, 4.30%, 07/15/47 (Call 01/15/47)

    15       12,051  

Trane Technologies Global Holding Co. Ltd., 5.75%, 06/15/43

    15       14,967  

 

 

20  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Building Materials (continued)            

Trane Technologies Luxembourg Finance SA

   

3.80%, 03/21/29 (Call 12/21/28)

  $ 15     $ 13,995  

4.65%, 11/01/44 (Call 05/01/44)

    10       8,558  

Vulcan Materials Co.

   

3.50%, 06/01/30 (Call 03/01/30)

    10       8,959  

3.90%, 04/01/27 (Call 01/01/27)

    10       9,572  

4.50%, 06/15/47 (Call 12/15/46)

    20       17,015  
   

 

 

 
        340,786  
Chemicals — 0.5%            

Air Products and Chemicals Inc.

   

2.70%, 05/15/40 (Call 11/15/39)

    30       21,834  

4.80%, 03/03/33 (Call 12/03/32)

    10       9,933  

Albemarle Corp.

   

4.65%, 06/01/27 (Call 05/01/27)

    10       9,671  

5.05%, 06/01/32 (Call 03/01/32)(a)

    20       18,833  

Celanese U.S. Holdings LLC

   

6.05%, 03/15/25

    5       5,004  

6.17%, 07/15/27 (Call 06/15/27)

    25       25,029  

6.33%, 07/15/29 (Call 05/15/29)

    15       14,907  

6.38%, 07/15/32 (Call 04/15/32)

    10       9,899  

CF Industries Inc.

   

4.95%, 06/01/43

    15       12,653  

5.15%, 03/15/34

    5       4,720  

5.38%, 03/15/44

    15       13,306  

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)

     95       77,471  

4.25%, 10/01/34 (Call 04/01/34)

    5       4,507  

4.38%, 11/15/42 (Call 05/15/42)

    15       12,363  

5.55%, 11/30/48 (Call 05/30/48)

    15       14,240  

6.30%, 03/15/33 (Call 12/15/32)

    10       10,596  

DuPont de Nemours Inc.

   

4.49%, 11/15/25 (Call 09/15/25)

    15       14,693  

4.73%, 11/15/28 (Call 08/15/28)

    25       24,665  

5.32%, 11/15/38 (Call 05/15/38)

    40       39,153  

5.42%, 11/15/48 (Call 05/15/48)

    10       9,674  

Eastman Chemical Co.

   

3.80%, 03/15/25 (Call 12/15/24)

    15       14,590  

4.65%, 10/15/44 (Call 04/15/44)

    35       28,493  

Ecolab Inc., 2.13%, 08/15/50 (Call 02/15/50)

    50       28,413  

EIDP Inc.

   

2.30%, 07/15/30 (Call 04/15/30)

    20       16,580  

4.80%, 05/15/33 (Call 02/15/33)(a)

    5       4,808  

FMC Corp.

   

3.20%, 10/01/26 (Call 08/01/26)

    20       18,513  

3.45%, 10/01/29 (Call 07/01/29)

    5       4,358  

5.65%, 05/18/33

    20       19,047  

Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)

    20       18,519  

Linde Inc./CT

   

2.00%, 08/10/50 (Call 02/10/50)

    25       13,735  

2.65%, 02/05/25 (Call 11/05/24)

    5       4,808  

3.20%, 01/30/26 (Call 10/30/25)

    50       48,105  

3.55%, 11/07/42 (Call 05/07/42)

    10       7,879  

LYB International Finance BV, 4.88%, 03/15/44 (Call 09/15/43)

    10       8,462  

LYB International Finance III LLC

   

3.63%, 04/01/51 (Call 10/01/50)

    25       16,829  

3.80%, 10/01/60 (Call 04/01/60)

    10       6,529  

5.63%, 05/15/33

    60       59,395  
Security  

Par

(000)

    Value  
Chemicals (continued)            

Nutrien Ltd.

   

3.95%, 05/13/50 (Call 11/13/49)

  $ 25     $ 18,790  

4.20%, 04/01/29 (Call 01/01/29)

    5       4,704  

4.90%, 03/27/28 (Call 02/27/28)(a)

    5       4,888  

5.80%, 03/27/53 (Call 09/27/52)(a)

    20       19,535  

5.88%, 12/01/36(a)

    10       9,927  

5.90%, 11/07/24

    20       19,994  

PPG Industries Inc., 3.75%, 03/15/28 (Call 12/15/27)

    20       18,848  

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

    15       12,031  

Sherwin-Williams Co. (The)