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)

   

3.45%, 06/01/27 (Call 03/01/27)

    35       32,992  

3.80%, 08/15/49 (Call 02/15/49)

    40       29,958  

Westlake Corp.

   

3.60%, 08/15/26 (Call 05/15/26)

    5       4,740  

5.00%, 08/15/46 (Call 02/15/46)

    25       21,056  
   

 

 

 
        869,677  
Coal — 0.0%            

Teck Resources Ltd.

   

6.00%, 08/15/40 (Call 02/15/40)

    25       23,627  

6.25%, 07/15/41 (Call 01/15/41)

    15       14,548  
   

 

 

 
      38,175  
Commercial Services — 0.5%            

Automatic Data Processing Inc.

   

1.70%, 05/15/28 (Call 03/15/28)

     50       43,769  

3.38%, 09/15/25 (Call 06/15/25)

    24       23,219  

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

    30       26,497  

Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121)

    5       4,710  

Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)

    15       10,296  

Equifax Inc.

   

2.35%, 09/15/31 (Call 06/15/31)

    10       7,844  

2.60%, 12/01/24 (Call 11/01/24)

    50       48,053  

2.60%, 12/15/25 (Call 11/15/25)

    25       23,356  

Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69)

    10       6,002  

George Washington University (The), 4.87%, 09/15/45

    15       13,990  

Georgetown University (The)

   

Series 20A, 2.94%, 04/01/50

    15       9,889  

Series A, 5.22%, 10/01/2118 (Call 04/01/2118)

    25       22,332  

Series B, 4.32%, 04/01/49 (Call 10/01/48)

    5       4,273  

Global Payments Inc.

   

2.15%, 01/15/27 (Call 12/15/26)

    35       31,214  

2.65%, 02/15/25 (Call 01/15/25)

    75       71,602  

2.90%, 05/15/30 (Call 02/15/30)

    15       12,665  

4.15%, 08/15/49 (Call 02/15/49)

    10       7,333  

4.80%, 04/01/26 (Call 01/01/26)

    10       9,779  

5.30%, 08/15/29 (Call 06/15/29)

    10       9,787  

Johns Hopkins University

   

Series 2013, 4.08%, 07/01/53

    5       4,264  

Series A, 2.81%, 01/01/60 (Call 07/01/59)

    5       3,181  

Leland Stanford Junior University (The)

   

1.29%, 06/01/27 (Call 04/01/27)(a)

    35       30,984  

2.41%, 06/01/50 (Call 12/01/49)

    15       9,449  

Massachusetts Institute of Technology

   

3.96%, 07/01/38

    25       22,259  

5.60%, 07/01/2111

    15       16,098  

Moody’s Corp.

   

2.00%, 08/19/31 (Call 05/19/31)

    20       16,086  

 

 

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

    21  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

3.25%, 05/20/50 (Call 11/20/49)

  $ 15     $ 10,349  

4.25%, 08/08/32 (Call 05/08/32)

    10       9,388  

5.25%, 07/15/44

    5       4,800  

Northwestern University, 4.64%, 12/01/44

    20       18,851  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

    30       28,105  

2.30%, 06/01/30 (Call 03/01/30)

    35       29,417  

2.85%, 10/01/29 (Call 07/01/29)

    20       17,657  

3.25%, 06/01/50 (Call 12/01/49)(a)

    15       10,652  

5.05%, 06/01/52 (Call 12/01/51)(a)

    10       9,665  

5.25%, 06/01/62 (Call 12/01/61)

    10       9,517  

President and Fellows of Harvard College, 3.15%, 07/15/46 (Call 01/15/46)

    30       22,211  

Quanta Services Inc.

   

2.90%, 10/01/30 (Call 07/01/30)

    25       21,051  

3.05%, 10/01/41 (Call 04/01/41)

    25       17,004  

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

    30       26,344  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

    5       3,133  

S&P Global Inc.

   

2.70%, 03/01/29 (Call 01/01/29)

    5       4,468  

2.90%, 03/01/32 (Call 12/01/31)

     30       25,690  

3.70%, 03/01/52 (Call 09/01/51)

    25       19,451  

4.25%, 05/01/29 (Call 02/01/29)

    5       4,815  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

    5       3,513  

Trustees of Boston College, 3.13%, 07/01/52

    20       14,139  

Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)

    10       8,413  

Trustees of Princeton University (The)

   

5.70%, 03/01/39(a)

    15       16,116  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)

    5       3,279  

Trustees of the University of Pennsylvania (The), 4.67%, 09/01/2112

    5       4,262  

University of Chicago (The)

   

4.00%, 10/01/53 (Call 04/01/53)

    20       16,613  

Series C, 2.55%, 04/01/50 (Call 10/01/49)

    5       3,314  

University of Miami, 4.06%, 04/01/52

    10       8,214  

University of Notre Dame du Lac

   

Series 2015, 3.44%, 02/15/45

    5       3,931  

Series 2017, 3.39%, 02/15/48 (Call 08/15/47)

    10       7,823  

University of Southern California

   

2.81%, 10/01/50 (Call 04/01/50)

    5       3,308  

Series A, 3.23%, 10/01/2120 (Call 04/01/2120)

    15       8,850  

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

    20       19,022  

Washington University (The), 3.52%, 04/15/54 (Call 10/15/53)

    20       15,485  

William Marsh Rice University

   

3.57%, 05/15/45

    10       7,992  

3.77%, 05/15/55

    5       4,032  

Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)

    15       9,469  
   

 

 

 
       939,274  
Computers — 0.9%            

Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)

    10       8,213  

Apple Inc.

   

1.20%, 02/08/28 (Call 12/08/27)

    55       47,505  

1.65%, 05/11/30 (Call 02/11/30)

    35       29,176  

1.65%, 02/08/31 (Call 11/08/30)

    43       35,214  

1.70%, 08/05/31 (Call 05/05/31)

    20       16,269  
Security  

Par

(000)

    Value  
Computers (continued)            

2.40%, 08/20/50 (Call 02/20/50)

  $ 10     $ 6,425  

2.45%, 08/04/26 (Call 05/04/26)

    45       42,129  

2.65%, 05/11/50 (Call 11/11/49)

    40       26,635  

2.65%, 02/08/51 (Call 08/08/50)

    50       33,141  

2.80%, 02/08/61 (Call 08/08/60)

    25       16,105  

2.85%, 08/05/61 (Call 02/05/61)

    10       6,470  

2.90%, 09/12/27 (Call 06/12/27)

    50       46,777  

2.95%, 09/11/49 (Call 03/11/49)

    15       10,703  

3.00%, 11/13/27 (Call 08/13/27)

    54       50,675  

3.20%, 05/11/27 (Call 02/11/27)

    60       56,975  

3.25%, 02/23/26 (Call 11/23/25)

    75       72,111  

3.25%, 08/08/29 (Call 06/08/29)

    5       4,650  

3.35%, 02/09/27 (Call 11/09/26)

    60       57,332  

3.35%, 08/08/32 (Call 05/08/32)(a)

    30       27,518  

3.75%, 11/13/47 (Call 05/13/47)

    25       20,788  

3.85%, 05/04/43

    50       43,267  

3.85%, 08/04/46 (Call 02/04/46)

    29       24,504  

3.95%, 08/08/52 (Call 02/08/52)

    10       8,446  

4.30%, 05/10/33(a)

    25       24,526  

4.38%, 05/13/45

    30       27,588  

4.50%, 02/23/36 (Call 08/23/35)(a)

    50       49,949  

4.65%, 02/23/46 (Call 08/23/45)

     50       47,791  

CGI Inc.

   

1.45%, 09/14/26 (Call 08/14/26)

    35       30,960  

2.30%, 09/14/31 (Call 06/14/31)

    5       3,883  

Dell International LLC/EMC Corp.

   

3.45%, 12/15/51 (Call 06/15/51)(d)

    10       6,530  

4.90%, 10/01/26 (Call 08/01/26)

    10       9,815  

5.30%, 10/01/29 (Call 07/01/29)

    5       4,936  

5.75%, 02/01/33 (Call 11/01/32)(a)

    30       29,966  

5.85%, 07/15/25 (Call 06/15/25)

    15       15,026  

6.02%, 06/15/26 (Call 03/15/26)

    14       14,142  

6.10%, 07/15/27 (Call 05/15/27)

    5       5,116  

6.20%, 07/15/30 (Call 04/15/30)

    10       10,287  

8.10%, 07/15/36 (Call 01/15/36)

    30       34,459  

8.35%, 07/15/46 (Call 01/15/46)

    10       12,256  

DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28)

    10       8,250  

Fortinet Inc.

   

1.00%, 03/15/26 (Call 02/15/26)

    5       4,465  

2.20%, 03/15/31 (Call 12/15/30)

    10       7,861  

Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)

    10       9,645  

Hewlett Packard Enterprise Co.

   

1.75%, 04/01/26 (Call 03/01/26)

    5       4,561  

4.90%, 10/15/25 (Call 07/15/25)

    5       4,933  

6.20%, 10/15/35 (Call 04/15/35)

    15       15,550  

6.35%, 10/15/45 (Call 04/15/45)

    5       5,120  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)

    5       4,505  

2.20%, 06/17/25 (Call 05/17/25)

    5       4,713  

2.65%, 06/17/31 (Call 03/17/31)

    10       8,070  

3.00%, 06/17/27 (Call 04/17/27)

    25       22,979  

4.75%, 01/15/28 (Call 12/15/27)

    20       19,479  

5.50%, 01/15/33 (Call 10/15/32)(a)

    15       14,560  

6.00%, 09/15/41(a)

    10       9,847  

International Business Machines Corp.

   

1.95%, 05/15/30 (Call 02/15/30)

    100        82,400  

2.85%, 05/15/40 (Call 11/15/39)

    100       71,051  

3.30%, 05/15/26

    100       95,318  

4.00%, 06/20/42

    15       12,324  

4.40%, 07/27/32 (Call 04/27/32)

    5       4,761  

 

 

22  

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  
Computers (continued)            

Kyndryl Holdings Inc.

   

2.70%, 10/15/28 (Call 08/15/28)

  $ 15     $ 12,533  

3.15%, 10/15/31 (Call 07/15/31)

    15       11,653  

Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)

    50       48,176  

NetApp Inc.

   

1.88%, 06/22/25 (Call 05/22/25)

    20       18,730  

2.70%, 06/22/30 (Call 03/22/30)

    5       4,168  

3.30%, 09/29/24 (Call 07/29/24)

    45       43,722  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    10       8,253  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    10       8,056  

3.10%, 02/01/32 (Call 11/01/31)

    10       7,449  

4.75%, 02/15/26 (Call 11/15/25)

    15       14,292  
   

 

 

 
        1,605,682  
Cosmetics & Personal Care — 0.2%            

Colgate-Palmolive Co.

   

3.25%, 08/15/32 (Call 05/15/32)

     25       22,583  

3.70%, 08/01/47 (Call 02/01/47)

    10       8,382  

Estee Lauder Companies Inc. (The)

   

3.13%, 12/01/49 (Call 06/01/49)

    20       13,856  

4.15%, 03/15/47 (Call 09/15/46)

    5       4,206  

Kenvue Inc.

   

4.90%, 03/22/33 (Call 12/22/32)(d)

    30       29,824  

5.05%, 03/22/28 (Call 02/22/28)(d)

    30       30,075  

5.05%, 03/22/53 (Call 09/22/52)(d)

    25       24,466  

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

    5       4,556  

1.00%, 04/23/26

    25       22,727  

1.20%, 10/29/30

    10       7,989  

1.90%, 02/01/27

    5       4,572  

2.45%, 11/03/26

    25       23,401  

2.80%, 03/25/27

    40       37,516  

3.00%, 03/25/30

    5       4,567  

3.60%, 03/25/50

    15       12,298  

3.95%, 01/26/28

    10       9,818  

4.10%, 01/26/26

    5       4,932  

5.55%, 03/05/37

    20       21,625  

Unilever Capital Corp.

   

2.00%, 07/28/26

    5       4,624  

5.90%, 11/15/32

    41       44,542  
   

 

 

 
      336,559  
Distribution & Wholesale — 0.0%            

WW Grainger Inc., 4.60%, 06/15/45 (Call 12/15/44)

    15       13,744  
   

 

 

 
Diversified Financial Services — 1.5%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

2.45%, 10/29/26 (Call 09/29/26)

    25       22,488  

3.30%, 01/30/32 (Call 10/30/31)

    175       142,252  

Affiliated Managers Group Inc.

   

3.30%, 06/15/30 (Call 03/15/30)

    25       21,138  

3.50%, 08/01/25

    15       14,313  

Air Lease Corp.

   

1.88%, 08/15/26 (Call 07/15/26)

    30       26,837  

2.88%, 01/15/26 (Call 12/15/25)

    55       51,402  

3.00%, 02/01/30 (Call 11/01/29)

    20       16,808  

3.13%, 12/01/30 (Call 09/01/30)

    15       12,525  

3.25%, 03/01/25 (Call 01/01/25)

    45       43,115  

3.63%, 12/01/27 (Call 09/01/27)

    18       16,535  

4.63%, 10/01/28 (Call 07/01/28)

    10       9,426  

Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)

    25       23,719  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Ally Financial Inc.

   

2.20%, 11/02/28 (Call 09/02/28)

  $ 5     $ 4,043  

4.75%, 06/09/27 (Call 05/09/27)

    35       32,763  

6.99%, 06/13/29 (Call 06/13/28),
(1-day SOFR + 3.260%)(b)

    30       29,949  

8.00%, 11/01/31

    20       20,763  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    25       22,297  

2.55%, 03/04/27 (Call 02/01/27)

    5       4,546  

3.00%, 10/30/24 (Call 09/29/24)

    10       9,709  

3.13%, 05/20/26 (Call 04/20/26)

    35       33,084  

3.30%, 05/03/27 (Call 04/03/27)

    35       32,611  

3.95%, 08/01/25 (Call 07/01/25)

    75       72,784  

4.05%, 05/03/29 (Call 03/03/29)

    35       33,248  

4.05%, 12/03/42

    25       21,397  

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

    20       18,552  

5.04%, 05/01/34, (1-day SOFR + 1.835%)(b)

    15       14,414  

5.85%, 11/05/27 (Call 10/05/27)

    30       30,631  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)

     50       46,770  

3.00%, 04/02/25 (Call 03/02/25)

    25       24,036  

5.15%, 05/15/33 (Call 02/15/33)

    25       24,444  

Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)

    5       4,302  

Brookfield Finance Inc.

   

2.72%, 04/15/31 (Call 01/15/31)

    35       28,594  

4.35%, 04/15/30 (Call 01/15/30)

    35       32,314  

4.70%, 09/20/47 (Call 03/20/47)

    10       8,250  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    15       9,722  

Capital One Financial Corp.

   

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

    10       7,123  

3.20%, 02/05/25 (Call 01/05/25)

    10       9,593  

3.30%, 10/30/24 (Call 09/30/24)

    5       4,857  

3.65%, 05/11/27 (Call 04/11/27)

    10       9,300  

3.75%, 07/28/26 (Call 06/28/26)

    33       30,860  

3.75%, 03/09/27 (Call 02/09/27)

    5       4,653  

3.80%, 01/31/28 (Call 12/31/27)

    65       59,649  

4.20%, 10/29/25 (Call 09/29/25)

    40       38,449  

4.25%, 04/30/25 (Call 03/31/25)(a)

    5       4,847  

4.93%, 05/10/28 (Call 05/10/27),
(1-day SOFR + 2.057%)(b)

    30         28,839  

4.99%, 07/24/26 (Call 07/24/25),
(1-day SOFR + 2.160%)(b)

    30       29,318  

5.25%, 07/26/30 (Call 07/26/29),
(1-day SOFR + 2.600%)(b)

    5       4,754  

5.27%, 05/10/33 (Call 05/10/32),
(1-day SOFR + 2.370%)(a)(b)

    20       18,591  

6.38%, 06/08/34 (Call 06/08/33),
(1-day SOFR + 2.860%)(b)

    5       4,939  

Cboe Global Markets Inc.

   

1.63%, 12/15/30 (Call 09/15/30)

    5       3,932  

3.00%, 03/16/32 (Call 12/16/31)

    15       12,676  

3.65%, 01/12/27 (Call 10/12/26)

    25       23,911  

Charles Schwab Corp. (The)

   

0.90%, 03/11/26 (Call 02/11/26)

    40       35,692  

1.15%, 05/13/26 (Call 04/13/26)

    35       31,156  

1.65%, 03/11/31 (Call 12/11/30)

    15       11,489  

1.95%, 12/01/31 (Call 09/01/31)

    5       3,837  

 

 

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

    23  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

2.00%, 03/20/28 (Call 01/20/28)

  $ 10     $ 8,614  

2.30%, 05/13/31 (Call 02/13/31)

    10       8,038  

2.45%, 03/03/27 (Call 02/03/27)

    10       9,003  

2.90%, 03/03/32 (Call 12/03/31)

    5       4,126  

3.63%, 04/01/25 (Call 01/01/25)

    15       14,528  

3.85%, 05/21/25 (Call 03/21/25)

    15       14,535  

4.00%, 02/01/29 (Call 11/01/28)

    25       23,510  

4.20%, 03/24/25 (Call 02/24/25)(a)

    10       9,768  

5.64%, 05/19/29 (Call 05/19/28),
(1-day SOFR + 2.210%)(b)

    5       4,991  

5.85%, 05/19/34 (Call 05/19/33),
(1-day SOFR + 2.500%)(b)

    20       20,030  

CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)

    15       9,076  

CME Group Inc.

   

2.65%, 03/15/32 (Call 12/15/31)

    20       16,767  

3.00%, 03/15/25 (Call 12/15/24)

    45       43,480  

4.15%, 06/15/48 (Call 12/15/47)

    10       8,792  

5.30%, 09/15/43 (Call 03/15/43)

    45       45,579  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

     47       45,056  

3.95%, 11/06/24 (Call 08/06/24)

    13       12,656  

4.10%, 02/09/27 (Call 11/09/26)

    70       64,921  

6.70%, 11/29/32 (Call 08/29/32)

    5       4,974  

Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)

    15       14,089  

Franklin Resources Inc.

   

1.60%, 10/30/30 (Call 07/30/30)

    20       15,673  

2.85%, 03/30/25

    25         23,980  

2.95%, 08/12/51 (Call 02/12/51)

    10       6,149  

Intercontinental Exchange Inc.

   

1.85%, 09/15/32 (Call 06/15/32)

    25       19,027  

2.10%, 06/15/30 (Call 03/15/30)

    25       20,601  

3.00%, 06/15/50 (Call 12/15/49)

    40       26,680  

4.00%, 09/15/27 (Call 08/15/27)

    10       9,581  

4.25%, 09/21/48 (Call 03/21/48)

    30       25,267  

4.95%, 06/15/52 (Call 12/15/51)

    25       23,287  

Invesco Finance PLC

   

3.75%, 01/15/26

    5       4,811  

5.38%, 11/30/43

    10       9,395  

Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)

    5       4,898  

Jefferies Financial Group Inc.

   

2.63%, 10/15/31 (Call 07/15/31)

    10       7,799  

4.15%, 01/23/30

    10       9,013  

4.85%, 01/15/27

    25       24,312  

6.25%, 01/15/36

    10       10,120  

6.50%, 01/20/43

    5       4,988  

Lazard Group LLC

   

3.63%, 03/01/27 (Call 12/01/26)

    15       13,902  

3.75%, 02/13/25

    40       38,667  

4.38%, 03/11/29 (Call 12/11/28)

    10       9,386  

Legg Mason Inc., 5.63%, 01/15/44

    10       9,680  

Mastercard Inc.

   

2.95%, 06/01/29 (Call 03/01/29)

    5       4,534  

3.30%, 03/26/27 (Call 01/26/27)

    55       52,318  

3.35%, 03/26/30 (Call 12/26/29)

    25       22,985  

3.85%, 03/26/50 (Call 09/26/49)

    17       14,099  

3.95%, 02/26/48 (Call 08/26/47)

    30       25,476  

Nasdaq Inc.

   

1.65%, 01/15/31 (Call 10/15/30)(a)

    5       3,911  

2.50%, 12/21/40 (Call 06/21/40)

    10       6,573  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

3.25%, 04/28/50 (Call 10/28/49)

  $ 15     $ 9,963  

3.85%, 06/30/26 (Call 03/30/26)

    45       43,304  

Nomura Holdings Inc., 3.00%, 01/22/32

    50       40,032  

ORIX Corp., 3.25%, 12/04/24

    60       57,987  

Radian Group Inc.

   

4.50%, 10/01/24 (Call 07/01/24)

    5       4,877  

4.88%, 03/15/27 (Call 09/15/26)

    10       9,460  

6.63%, 03/15/25 (Call 09/15/24)

    10       9,991  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)

    5       3,637  

4.65%, 04/01/30 (Call 01/01/30)

    15       14,504  

4.95%, 07/15/46

    10       8,726  

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

    10       8,697  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

    10       7,411  

3.70%, 08/04/26 (Call 05/04/26)

    35       31,882  

4.50%, 07/23/25 (Call 04/23/25)

     50       47,694  

5.15%, 03/19/29 (Call 12/19/28)

    15       13,757  

Visa Inc.

   

1.10%, 02/15/31 (Call 11/15/30)

    25       19,437  

1.90%, 04/15/27 (Call 02/15/27)

    60       54,380  

2.05%, 04/15/30 (Call 01/15/30)

    15       12,721  

3.65%, 09/15/47 (Call 03/15/47)

    20       16,313  

4.15%, 12/14/35 (Call 06/14/35)

    30       28,302  

4.30%, 12/14/45 (Call 06/14/45)

    30       27,120  

Voya Financial Inc.

   

3.65%, 06/15/26

    5       4,722  

4.70%, 01/23/48 (Call 01/23/28),
(3-mo. LIBOR US + 2.084%)(b)

    5       4,037  

4.80%, 06/15/46

    5       3,958  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)

    25       22,359  

2.75%, 03/15/31 (Call 12/15/30)

    10       7,857  

2.85%, 01/10/25 (Call 12/10/24)

    15       14,373  
   

 

 

 
        2,695,392  
Electric — 2.9%            

AEP Texas Inc.

   

3.45%, 05/15/51 (Call 11/15/50)

    20       13,617  

3.95%, 06/01/28 (Call 03/01/28)

    35       32,877  

Series G, 4.15%, 05/01/49 (Call 11/01/48)

    10       7,700  

Series H, 3.45%, 01/15/50 (Call 07/15/49)

    20       13,811  

Series I, 2.10%, 07/01/30 (Call 04/01/30)

    35       28,368  

AEP Transmission Co. LLC, 5.40%, 03/15/53 (Call 09/15/52)

    5       4,972  

AES Corp. (The), 1.38%, 01/15/26 (Call 12/15/25)

    40       35,953  

Alabama Power Co.

   

3.00%, 03/15/52 (Call 09/15/51)

    10       6,475  

3.05%, 03/15/32 (Call 12/15/31)

    45       38,614  

3.75%, 03/01/45 (Call 09/01/44)

    25       19,078  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

    20       16,448  

Ameren Corp.

   

1.75%, 03/15/28 (Call 01/15/28)

    5       4,295  

2.50%, 09/15/24 (Call 08/15/24)

    10       9,647  

3.65%, 02/15/26 (Call 11/15/25)

    5       4,782  

Ameren Illinois Co.

   

2.90%, 06/15/51 (Call 12/15/50)

    20       12,837  

3.25%, 03/15/50 (Call 09/15/49)

    10       7,023  

American Electric Power Co. Inc.

   

2.30%, 03/01/30 (Call 12/01/29)

    15       12,345  

3.25%, 03/01/50 (Call 09/01/49)

    15       9,825  

 

 

24  

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  
Electric (continued)            

3.88%, 02/15/62 (Call 11/15/26),
(5-year CMT + 2.675%)(b)

  $ 5     $ 4,039  

Appalachian Power Co.

   

4.50%, 08/01/32 (Call 05/01/32)

    10       9,291  

7.00%, 04/01/38

    5       5,541  

Arizona Public Service Co.

   

2.20%, 12/15/31 (Call 09/15/31)

    5       3,885  

3.35%, 05/15/50 (Call 11/15/49)

    30       20,039  

5.55%, 08/01/33

    5       5,009  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    20       19,298  

3.20%, 04/15/25 (Call 03/15/25)

    20       19,148  

3.80%, 06/01/29 (Call 03/01/29)

    10       9,070  

Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)

    5       4,097  

Baltimore Gas & Electric Co.

   

2.25%, 06/15/31 (Call 03/15/31)

    50       40,986  

2.40%, 08/15/26 (Call 05/15/26)

    10       9,257  

3.75%, 08/15/47 (Call 02/15/47)

    25       19,049  

Berkshire Hathaway Energy Co.

   

2.85%, 05/15/51 (Call 11/15/50)

    20       12,391  

3.70%, 07/15/30 (Call 04/15/30)

    20       18,218  

3.80%, 07/15/48 (Call 01/15/48)

    10       7,381  

4.05%, 04/15/25 (Call 03/15/25)

    5       4,893  

4.25%, 10/15/50 (Call 04/15/50)

    30       23,420  

4.45%, 01/15/49 (Call 07/15/48)

    20       16,389  

4.50%, 02/01/45 (Call 08/01/44)

    20       16,827  

4.60%, 05/01/53 (Call 11/01/52)

    5       4,121  

5.95%, 05/15/37

    5       5,080  

6.13%, 04/01/36

     35       36,604  

Black Hills Corp.

   

2.50%, 06/15/30 (Call 03/15/30)

    10       8,199  

5.95%, 03/15/28 (Call 02/15/28)

    5       5,073  

CenterPoint Energy Houston Electric LLC

   

4.95%, 04/01/33 (Call 01/01/33)

    5       4,910  

5.30%, 04/01/53 (Call 10/01/52)

    10       9,911  

Series ai., 4.45%, 10/01/32 (Call 07/01/32)

    20       18,948  

Series Z, 2.40%, 09/01/26 (Call 06/01/26)

    5       4,613  

CenterPoint Energy Inc.

   

2.95%, 03/01/30 (Call 12/01/29)

    16       13,767  

3.70%, 09/01/49 (Call 03/01/49)

    10       7,159  

Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)

    15       14,088  

CMS Energy Corp.

   

3.45%, 08/15/27 (Call 05/15/27)

    20       18,649  

3.75%, 12/01/50 (Call 09/01/30),
(5-year CMT + 2.900%)(b)

    10       7,553  

4.75%, 06/01/50 (Call 03/01/30),
(5-year CMT + 4.116%)(b)

    10       8,722  

Commonwealth Edison Co.

   

3.70%, 08/15/28 (Call 05/15/28)

    5       4,719  

4.00%, 03/01/48 (Call 09/01/47)

    5       4,027  

4.00%, 03/01/49 (Call 09/01/48)

    20       15,948  

4.70%, 01/15/44 (Call 07/15/43)

    20       17,724  

5.30%, 02/01/53 (Call 08/01/52)

    30       29,446  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    25       19,101  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    10       8,136  

5.25%, 01/15/53 (Call 07/15/52)

    25         24,418  

Series A, 4.15%, 06/01/45 (Call 12/01/44)

    10       8,308  
Security  

Par

(000)

    Value  
Electric (continued)            

Consolidated Edison Co. of New York Inc.

   

2.40%, 06/15/31 (Call 03/15/31)

  $ 45     $ 37,317  

3.60%, 06/15/61 (Call 12/15/60)

    10       6,910  

4.45%, 03/15/44 (Call 09/15/43)

    15       12,765  

4.50%, 05/15/58 (Call 11/15/57)

    15       12,233  

6.15%, 11/15/52 (Call 05/15/52)

    10       10,722  

Series 05-A, 5.30%, 03/01/35

    20       19,514  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    15       11,512  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

    20       15,821  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    20       15,836  

Series B, 3.13%, 11/15/27 (Call 08/15/27)

    5       4,643  

Constellation Energy Generation LLC

   

3.25%, 06/01/25 (Call 05/01/25)

    10       9,571  

5.60%, 06/15/42 (Call 12/15/41)

    12       11,337  

6.25%, 10/01/39

    10       10,127  

Consumers Energy Co.

   

3.10%, 08/15/50 (Call 02/15/50)

    15       10,283  

3.50%, 08/01/51 (Call 02/01/51)

    15       11,082  

3.80%, 11/15/28 (Call 08/15/28)

    5       4,710  

3.95%, 05/15/43 (Call 11/15/42)

    10       8,137  

Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)

    23       17,397  

Dominion Energy Inc.

   

5.38%, 11/15/32 (Call 08/15/32)

    50       49,226  

Series A, 1.45%, 04/15/26 (Call 03/15/26)

    35       31,570  

Series A, 4.60%, 03/15/49 (Call 09/15/48)

    5       4,152  

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

    25       22,057  

Series C, 4.90%, 08/01/41 (Call 02/01/41)

    10       8,790  

DTE Electric Co.

   

2.25%, 03/01/30 (Call 12/01/29)

    5       4,243  

2.95%, 03/01/50 (Call 09/01/49)

     25       16,580  

3.75%, 08/15/47 (Call 02/15/47)

    20       15,263  

Series A, 4.00%, 04/01/43 (Call 10/01/42)

    10       8,098  

DTE Energy Co.

   

4.22%, 11/01/24(e)

    25       24,522  

4.88%, 06/01/28 (Call 05/01/28)

    5       4,892  

Series C, 3.40%, 06/15/29 (Call 03/15/29)

    15       13,443  

Series F, 1.05%, 06/01/25 (Call 05/01/25)

    30       27,663  

Duke Energy Carolinas LLC

   

3.55%, 03/15/52 (Call 09/15/51)

    15       10,911  

4.95%, 01/15/33 (Call 10/15/32)

    25       24,609  

5.30%, 02/15/40

    30       29,272  

5.35%, 01/15/53 (Call 07/15/52)

    25       24,343  

Duke Energy Corp.

   

2.45%, 06/01/30 (Call 03/01/30)

    5       4,161  

3.30%, 06/15/41 (Call 12/15/40)

    25       17,926  

3.50%, 06/15/51 (Call 12/15/50)

    10       6,880  

3.75%, 09/01/46 (Call 03/01/46)

    50       36,677  

4.30%, 03/15/28 (Call 02/15/28)

    25       24,067  

4.50%, 08/15/32 (Call 05/15/32)

    65       60,412  

Duke Energy Florida LLC

   

3.20%, 01/15/27 (Call 10/15/26)

    50         47,274  

3.80%, 07/15/28 (Call 04/15/28)

    44       41,890  

6.35%, 09/15/37

    30       31,914  

Duke Energy Indiana LLC, 2.75%, 04/01/50 (Call 10/01/49)

    15       9,159  

Duke Energy Progress LLC

   

3.45%, 03/15/29 (Call 12/15/28)

    30       27,583  

3.70%, 10/15/46 (Call 04/15/46)

    10       7,427  

4.15%, 12/01/44 (Call 06/01/44)

    38       31,061  

 

 

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

    25  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)

  $ 10     $ 9,711  

4.13%, 03/15/28 (Call 12/15/27)

    5       4,676  

4.95%, 04/15/25 (Call 03/15/25)

    6       5,910  

5.75%, 06/15/27 (Call 04/15/27)

    25       25,058  

El Paso Electric Co., 6.00%, 05/15/35

    5       4,942  

Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)

    15       11,745  

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

    5       4,731  

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

    10       9,553  

Entergy Arkansas LLC, 3.35%, 06/15/52 (Call 12/15/51)

    15       10,256  

Entergy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    20       18,166  

1.90%, 06/15/28 (Call 04/15/28)

    15       12,849  

2.40%, 06/15/31 (Call 03/05/31)

    15       11,974  

2.95%, 09/01/26 (Call 06/01/26)

    25       23,222  

3.75%, 06/15/50 (Call 12/15/49)

    15       10,603  

Entergy Louisiana LLC

   

3.25%, 04/01/28 (Call 01/01/28)

    40              36,715  

4.00%, 03/15/33 (Call 12/15/32)

    10       8,976  

4.20%, 09/01/48 (Call 03/01/48)

    15       12,027  

4.20%, 04/01/50 (Call 10/01/49)

    10       8,008  

4.95%, 01/15/45 (Call 01/15/25)

    25       22,003  

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

    20       15,663  

Evergy Kansas Central Inc.

   

3.10%, 04/01/27 (Call 01/01/27)

    55       51,418  

3.25%, 09/01/49 (Call 03/01/49)

    25       17,090  

Evergy Metro Inc., Series 2020, 2.25%, 06/01/30 (Call 03/01/30)

    29       23,998  

Eversource Energy

   

2.55%, 03/15/31 (Call 12/15/30)

    20       16,418  

2.90%, 03/01/27 (Call 02/01/27)

    35       32,229  

3.38%, 03/01/32 (Call 12/01/31)

    10       8,576  

3.45%, 01/15/50 (Call 07/15/49)

    10       7,002  

Series M, 3.30%, 01/15/28 (Call 10/15/27)

    20       18,402  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

    5       3,930  

Series U, 1.40%, 08/15/26 (Call 07/15/26)

    5       4,452  

Exelon Corp.

   

2.75%, 03/15/27 (Call 02/15/27)

    25       22,954  

3.40%, 04/15/26 (Call 01/15/26)

         75       71,309  

4.05%, 04/15/30 (Call 01/15/30)

    50       46,212  

4.70%, 04/15/50 (Call 10/15/49)

    15       12,726  

4.95%, 06/15/35 (Call 12/15/34)

    5       4,673  

5.10%, 06/15/45 (Call 12/15/44)

    10       9,101  

5.15%, 03/15/28 (Call 02/15/28)

    25       24,835  

5.60%, 03/15/53 (Call 09/15/52)

    5       4,826  

5.63%, 06/15/35

    5       4,974  

Florida Power & Light Co.

   

2.85%, 04/01/25 (Call 03/01/25)

    15       14,428  

2.88%, 12/04/51 (Call 06/04/51)

    20       13,083  

3.70%, 12/01/47 (Call 06/01/47)

    35       27,180  

4.13%, 02/01/42 (Call 08/01/41)

    35       29,739  

4.40%, 05/15/28 (Call 03/15/28)

    25       24,457  

5.25%, 02/01/41 (Call 08/01/40)

    25       24,474  

5.69%, 03/01/40

    10       10,248  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)(a)

    35       32,488  

Georgia Power Co.

   

4.70%, 05/15/32 (Call 02/15/32)

    15       14,298  

5.13%, 05/15/52 (Call 11/15/51)

    20       18,576  

Series A, 3.25%, 03/15/51 (Call 09/15/50)

    25       16,976  

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

    5       4,313  
Security   Par
(000)
    Value  
Electric (continued)  

Iberdrola International BV

   

5.81%, 03/15/25

  $ 35     $ 35,070  

6.75%, 07/15/36

    5       5,446  

Indiana Michigan Power Co., 5.63%, 04/01/53 (Call 10/01/52)

    5       5,043  

Interstate Power & Light Co.

   

3.10%, 11/30/51 (Call 05/30/51)

    10       6,318  

6.25%, 07/15/39

    10       10,285  

ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)

    15       13,932  

Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25)

    5       4,805  

MidAmerican Energy Co.

   

3.15%, 04/15/50 (Call 10/15/49)

    5       3,376  

3.65%, 04/15/29 (Call 01/15/29)

         20       18,632  

4.25%, 07/15/49 (Call 01/15/49)

    5       4,112  

6.75%, 12/30/31

    15       16,451  

Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)

    5       4,708  

National Rural Utilities Cooperative Finance Corp.

   

2.75%, 04/15/32 (Call 01/15/32)

    10       8,193  

2.85%, 01/27/25 (Call 10/27/24)

    10       9,656  

3.05%, 04/25/27 (Call 01/25/27)

    20       18,651  

3.45%, 06/15/25

    5       4,822  

3.70%, 03/15/29 (Call 12/15/28)

    15       13,929  

4.30%, 03/15/49 (Call 09/15/48)

    10       8,122  

5.80%, 01/15/33 (Call 07/15/32)

    15       15,482  

Nevada Power Co.

   

Series CC, 3.70%, 05/01/29 (Call 02/01/29)

    15       13,920  

Series DD, 2.40%, 05/01/30 (Call 02/01/30)

    30       25,149  

NextEra Energy Capital Holdings Inc.

   

1.88%, 01/15/27 (Call 12/15/26)

    40       35,762  

1.90%, 06/15/28 (Call 04/15/28)

    45       38,672  

2.25%, 06/01/30 (Call 03/01/30)

    5       4,113  

3.50%, 04/01/29 (Call 01/01/29)

    50       45,682  

3.80%, 03/15/82 (Call 03/15/27), (5-year CMT + 2.547%)(b)

    25       21,151  

4.45%, 06/20/25

    15       14,690  

4.63%, 07/15/27 (Call 06/15/27)

    40              39,000  

4.90%, 02/28/28 (Call 01/28/28)

    30       29,508  

5.00%, 02/28/30 (Call 12/28/29)

    5       4,906  

5.05%, 02/28/33 (Call 11/28/32)

    45       43,533  

5.25%, 02/28/53 (Call 08/28/52)

    10       9,261  

6.05%, 03/01/25

    5       5,021  

Northern States Power Co./MN

   

2.25%, 04/01/31 (Call 10/01/30)

    5       4,132  

2.90%, 03/01/50 (Call 09/01/49)

    35       23,029  

3.60%, 09/15/47 (Call 03/15/47)

    10       7,542  

NSTAR Electric Co., 1.95%, 08/15/31 (Call 05/15/31)

    25       19,744  

Oglethorpe Power Corp.

   

4.50%, 04/01/47

    10       7,967  

5.25%, 09/01/50

    7       6,259  

5.38%, 11/01/40

    5       4,520  

5.95%, 11/01/39

    10       9,856  

Oklahoma Gas & Electric Co.

   

3.25%, 04/01/30 (Call 10/01/29)

    5       4,411  

3.80%, 08/15/28 (Call 02/15/28)

    5       4,718  

4.15%, 04/01/47 (Call 10/01/46)

    10       7,946  

Oncor Electric Delivery Co. LLC

   

2.70%, 11/15/51 (Call 05/15/51)

    15       9,240  

2.95%, 04/01/25 (Call 01/01/25)

    20       19,202  

3.80%, 09/30/47 (Call 03/30/47)

    20       15,614  

 

 

26  

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  
Electric (continued)  

4.55%, 09/15/32 (Call 06/15/32)

  $ 5     $ 4,760  

4.55%, 12/01/41 (Call 06/01/41)

    19       16,964  

4.60%, 06/01/52 (Call 12/01/51)

    10       8,866  

5.75%, 03/15/29 (Call 12/15/28)

    30       30,910  

Pacific Gas and Electric Co.

   

2.50%, 02/01/31 (Call 11/01/30)

     40       31,195  

2.95%, 03/01/26 (Call 12/01/25)

    5       4,613  

3.15%, 01/01/26

    5       4,655  

3.30%, 12/01/27 (Call 09/01/27)

    5       4,458  

3.50%, 08/01/50 (Call 02/01/50)

    15       9,447  

3.75%, 07/01/28

    5       4,493  

3.95%, 12/01/47 (Call 06/01/47)

    5       3,327  

4.45%, 04/15/42 (Call 10/15/41)

    20       14,811  

4.50%, 07/01/40 (Call 01/01/40)

    25       19,286  

4.55%, 07/01/30 (Call 01/01/30)

    24       21,567  

4.60%, 06/15/43 (Call 12/15/42)

    5       3,739  

4.95%, 06/08/25

    5       4,892  

4.95%, 07/01/50 (Call 01/01/50)

    40       30,954  

5.25%, 03/01/52 (Call 09/01/51)

    5       3,948  

5.90%, 06/15/32 (Call 03/15/32)

    20       19,148  

6.15%, 01/15/33 (Call 10/15/32)

    50       48,689  

6.75%, 01/15/53 (Call 07/15/52)

    35       34,056  

PacifiCorp

   

2.90%, 06/15/52 (Call 12/15/51)

    25       14,712  

3.50%, 06/15/29 (Call 03/15/29)

    25       22,629  

4.15%, 02/15/50 (Call 08/15/49)

    40       29,394  

6.00%, 01/15/39

    30       29,827  

Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)

    75          69,326  

PPL Electric Utilities Corp.

   

4.15%, 06/15/48 (Call 12/15/47)

    50       41,206  

5.00%, 05/15/33 (Call 02/15/33)

    5       4,947  

5.25%, 05/15/53 (Call 11/15/52)

    25       24,300  

Progress Energy Inc., 6.00%, 12/01/39

    15       15,083  

Public Service Co. of Colorado

   

4.05%, 09/15/49 (Call 03/15/49)

    25       19,452  

5.25%, 04/01/53 (Call 10/01/52)

    25       23,069  

Series 17, 6.25%, 09/01/37

    20       20,858  

Public Service Co. of Oklahoma, 5.25%, 01/15/33 (Call 10/15/32)

    5       4,905  

Public Service Electric & Gas Co.

   

1.90%, 08/15/31 (Call 05/15/31)

    10       7,993  

3.10%, 03/15/32 (Call 12/15/31)

    10       8,673  

3.60%, 12/01/47 (Call 06/01/47)

    10       7,633  

3.65%, 09/01/28 (Call 06/01/28)

    70       65,808  

4.05%, 05/01/48 (Call 11/01/47)

    35       28,791  

Public Service Electric and Gas Co., 5.45%, 08/01/53

    25       25,362  

Public Service Enterprise Group Inc., 0.80%, 08/15/25 (Call 07/15/25)

    30       27,393  

Puget Energy Inc.

   

2.38%, 06/15/28 (Call 04/15/28)

    20       17,263  

4.10%, 06/15/30 (Call 03/15/30)

    20       17,872  

Puget Sound Energy Inc.

   

3.25%, 09/15/49 (Call 03/15/49)

    6       4,095  

5.45%, 06/01/53

    25       24,426  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)

    10       9,308  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

    20       15,827  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    10       7,952  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    25       16,281  
Security   Par
(000)
    Value  
Electric (continued)  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

  $ 30     $ 27,719  

4.00%, 02/01/48 (Call 08/01/47)

    25       19,125  

4.13%, 04/01/52 (Call 01/01/27), (5-year CMT + 2.868%)(b)

    10       8,096  

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

    5       4,155  

3.65%, 02/01/50 (Call 08/01/49)

    25       18,101  

4.00%, 04/01/47 (Call 10/01/46)

    20       15,481  

4.05%, 03/15/42 (Call 09/15/41)

    15       11,863  

4.65%, 10/01/43 (Call 04/01/43)

    35       30,035  

5.85%, 11/01/27 (Call 10/01/27)

    45          46,084  

6.65%, 04/01/29

    25       25,938  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    15       12,977  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    20       15,769  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    10       9,665  

Southern Co. (The)

   

3.25%, 07/01/26 (Call 04/01/26)

    55       52,033  

4.25%, 07/01/36 (Call 01/01/36)

    5       4,356  

4.40%, 07/01/46 (Call 01/01/46)

    46       37,874  

5.15%, 10/06/25

    5       4,973  

Series 21-A, 3.75%, 09/15/51 (Call 06/15/26),
(5-year CMT + 2.915%)(b)

    10       8,630  

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

    5       4,529  

Southern Power Co., 5.15%, 09/15/41

    5       4,525  

Southwestern Electric Power Co.

   

3.25%, 11/01/51 (Call 05/01/51)

    25       16,163  

5.30%, 04/01/33 (Call 01/01/33)

     50       48,947  

Series L, 3.85%, 02/01/48 (Call 08/01/47)

    20       14,521  

Tampa Electric Co.

   

2.40%, 03/15/31 (Call 12/15/30)

    20       16,302  

4.10%, 06/15/42 (Call 12/15/41)

    5       4,080  

5.00%, 07/15/52 (Call 01/15/52)

    5       4,493  

Tucson Electric Power Co.

   

3.05%, 03/15/25 (Call 12/15/24)

    10       9,636  

4.00%, 06/15/50 (Call 12/15/49)

    10       7,487  

Union Electric Co.

   

2.63%, 03/15/51 (Call 09/15/50)

    35       21,260  

3.90%, 04/01/52 (Call 10/01/51)

    15       11,769  

Virginia Electric & Power Co.

   

2.45%, 12/15/50 (Call 06/15/50)

    39       22,522  

2.95%, 11/15/51 (Call 05/15/51)

    50       31,980  

4.00%, 01/15/43 (Call 07/15/42)

    30       24,350  

5.45%, 04/01/53 (Call 10/01/52)

    5       4,839  

8.88%, 11/15/38

    25       32,457  

Series A, 3.15%, 01/15/26 (Call 10/15/25)

    50       47,603  

Series B, 2.95%, 11/15/26 (Call 08/15/26)

    25       23,314  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

    5       4,773  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

    30       23,050  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

    5       4,280  

WEC Energy Group Inc.

   

1.38%, 10/15/27 (Call 08/15/27)

    50       43,032  

4.75%, 01/09/26 (Call 12/09/25)

    50       49,332  

5.00%, 09/27/25 (Call 08/27/25)

    10       9,906  

Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29)

    30       26,829  

Wisconsin Public Service Corp.

   

2.85%, 12/01/51 (Call 06/01/51)

    10       6,340  

3.30%, 09/01/49 (Call 03/01/49)

    20       13,853  

 

 

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

    27  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)  

Xcel Energy Inc.

   

3.35%, 12/01/26 (Call 06/01/26)

  $ 65     $ 60,913  

3.40%, 06/01/30 (Call 12/01/29)

     45       39,905  

4.00%, 06/15/28 (Call 12/15/27)

    45       42,639  

4.60%, 06/01/32 (Call 12/01/31)

    5       4,670  
   

 

 

 
        5,268,191  
Electrical Components & Equipment — 0.0%            

Emerson Electric Co.

   

0.88%, 10/15/26 (Call 09/15/26)

    10       8,852  

1.95%, 10/15/30 (Call 07/15/30)

    20       16,461  

2.00%, 12/21/28 (Call 10/21/28)

    20       17,378  

5.25%, 11/15/39

    10       9,988  
   

 

 

 
      52,679  
Electronics — 0.3%            

Agilent Technologies Inc.

   

2.10%, 06/04/30 (Call 03/04/30)

    15       12,282  

2.30%, 03/12/31 (Call 12/12/30)

    25       20,455  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)

    15       14,529  

5.41%, 07/01/32 (Call 04/01/32)

    5       4,868  

Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)

    20       16,174  

Arrow Electronics Inc.

   

2.95%, 02/15/32 (Call 11/15/31)

    5       4,012  

3.25%, 09/08/24 (Call 07/08/24)

    5       4,862  

4.00%, 04/01/25 (Call 01/01/25)

    20       19,421  

Avnet Inc., 5.50%, 06/01/32 (Call 03/01/32)

    15       14,206  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    30       28,647  

4.88%, 06/15/29 (Call 03/15/29)

    10       9,551  

4.88%, 05/12/30 (Call 02/12/30)

    10       9,572  

Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)

    40       37,602  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)

    10       8,849  

1.75%, 09/01/31 (Call 06/01/31)

    5       3,971  

1.95%, 06/01/30 (Call 03/01/30)

    5       4,159  

2.50%, 11/01/26 (Call 08/01/26)

    10       9,332  

2.80%, 06/01/50 (Call 12/01/49)

    9       6,411  

3.81%, 11/21/47 (Call 05/21/47)

    40       32,506  

4.85%, 11/01/24

    10       9,950  

4.95%, 02/15/28 (Call 01/15/28)

    10       10,099  

5.70%, 03/15/36

    10       10,479  

Hubbell Inc.

   

2.30%, 03/15/31 (Call 12/15/30)

    10       8,174  

3.35%, 03/01/26 (Call 12/01/25)

    15       14,298  

Jabil Inc.

   

3.00%, 01/15/31 (Call 10/15/30)

    15       12,521  

4.25%, 05/15/27 (Call 04/15/27)

    15       14,338  

Keysight Technologies Inc.

   

3.00%, 10/30/29 (Call 07/30/29)

    10       8,757  

4.60%, 04/06/27 (Call 01/06/27)

    10       9,778  

Legrand France SA, 8.50%, 02/15/25

    10       10,416  

TD SYNNEX Corp.

   

1.75%, 08/09/26 (Call 07/09/26)

    10       8,816  

2.38%, 08/09/28 (Call 06/09/28)

    10       8,302  

2.65%, 08/09/31 (Call 05/09/31)

    10       7,701  

Trimble Inc.

   

4.75%, 12/01/24 (Call 09/01/24)

    40       39,368  

4.90%, 06/15/28 (Call 03/15/28)

    5       4,861  
Security   Par
(000)
    Value  
Electronics (continued)  

Tyco Electronics Group SA

   

4.50%, 02/13/26

  $ 5     $ 4,916  

7.13%, 10/01/37

    10       11,372  

Vontier Corp.

   

1.80%, 04/01/26 (Call 03/01/26)

    10       8,990  

2.40%, 04/01/28 (Call 02/01/28)

    10       8,443  

2.95%, 04/01/31 (Call 01/01/31)

    5       3,962  
   

 

 

 
        476,950  
Engineering & Construction — 0.0%            

Jacobs Engineering Group Inc., 5.90%, 03/01/33 (Call 12/01/32)

    25       24,720  
   

 

 

 
Entertainment — 0.1%            

Warnermedia Holdings Inc.

   

3.64%, 03/15/25

     65       62,891  

3.76%, 03/15/27 (Call 02/15/27)

    45       42,182  

4.05%, 03/15/29 (Call 01/15/29)

    10       9,194  

4.28%, 03/15/32 (Call 12/15/31)

    45       39,705  

5.05%, 03/15/42 (Call 09/15/41)

    25       20,563  

5.14%, 03/15/52

    50       39,833  

5.39%, 03/15/62

    40       31,699  
   

 

 

 
      246,067  
Environmental Control — 0.1%            

Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)

    5       4,083  

Republic Services Inc.

   

1.45%, 02/15/31 (Call 11/15/30)

    40       30,945  

2.30%, 03/01/30 (Call 12/01/29)

    5       4,233  

3.05%, 03/01/50 (Call 09/01/49)

    15       10,222  

3.20%, 03/15/25 (Call 12/15/24)

    15       14,497  

Waste Connections Inc.

   

3.20%, 06/01/32 (Call 03/01/32)

    25       21,453  

4.20%, 01/15/33 (Call 10/15/32)

    5       4,617  

4.25%, 12/01/28 (Call 09/01/28)

    35       33,641  

Waste Management Inc.

   

1.50%, 03/15/31 (Call 12/15/30)

    10       7,788  

2.00%, 06/01/29 (Call 04/01/29)

    5       4,236  

2.50%, 11/15/50 (Call 05/15/50)

    15       9,169  

2.95%, 06/01/41 (Call 12/01/40)

    15       10,813  

4.15%, 04/15/32 (Call 01/15/32)

    30       28,113  

4.63%, 02/15/30 (Call 12/15/29)

    5       4,887  
   

 

 

 
      188,697  
Food — 0.6%            

Ahold Finance USA LLC, 6.88%, 05/01/29

    15       16,031  

Campbell Soup Co.

   

2.38%, 04/24/30 (Call 01/24/30)

    10       8,329  

3.13%, 04/24/50 (Call 10/24/49)

    5       3,273  

3.30%, 03/19/25 (Call 12/19/24)

    10       9,641  

3.95%, 03/15/25 (Call 01/15/25)

    85       82,794  

4.15%, 03/15/28 (Call 12/15/27)

    50       47,606  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    25       21,233  

4.60%, 11/01/25 (Call 09/01/25)

    5       4,894  

4.85%, 11/01/28 (Call 08/01/28)

    35       34,054  

5.40%, 11/01/48 (Call 05/01/48)

    25       22,668  

Flowers Foods Inc.

   

2.40%, 03/15/31 (Call 12/15/30)

    10       8,095  

3.50%, 10/01/26 (Call 07/01/26)

    5       4,697  

 

 

28  

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  
Food (continued)  

General Mills Inc.

   

3.00%, 02/01/51 (Call 08/01/50)

  $ 25     $ 16,781  

3.20%, 02/10/27 (Call 11/10/26)

    25       23,497  

4.95%, 03/29/33 (Call 12/29/32)

    40       38,975  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)

     60         55,704  

3.13%, 11/15/49 (Call 05/15/49)

    10       7,105  

Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30)

    10       8,566  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

3.00%, 05/15/32

    35       27,280  

5.50%, 01/15/30

    15       14,499  

6.50%, 12/01/52

    20       19,017  

JM Smucker Co. (The)

   

2.13%, 03/15/32 (Call 12/15/31)

    20       15,861  

3.50%, 03/15/25

    27       26,164  

4.25%, 03/15/35

    30       26,849  

Kellogg Co.

   

2.10%, 06/01/30 (Call 03/01/30)

    10       8,187  

3.25%, 04/01/26

    15       14,273  

4.30%, 05/15/28 (Call 02/15/28)

    45       43,263  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    5       4,713  

3.75%, 04/01/30 (Call 01/01/30)

    5       4,577  

3.88%, 05/15/27 (Call 02/15/27)

    5       4,776  

4.25%, 03/01/31 (Call 12/01/30)

    20       18,719  

4.38%, 06/01/46 (Call 12/01/45)

    20       16,542  

4.88%, 10/01/49 (Call 04/01/49)

    15       13,259  

5.00%, 06/04/42

    20       18,203  

5.20%, 07/15/45 (Call 01/15/45)

    20       18,392  

5.50%, 06/01/50 (Call 12/01/49)

    10       9,649  

6.75%, 03/15/32

    20       21,743  

Kroger Co. (The)

   

1.70%, 01/15/31 (Call 10/15/30)

    10       7,764  

2.65%, 10/15/26 (Call 07/15/26)

    25       23,120  

3.50%, 02/01/26 (Call 11/01/25)

    5       4,775  

4.45%, 02/01/47 (Call 08/01/46)

    25       20,813  

4.50%, 01/15/29 (Call 10/15/28)

    20       19,331  

5.15%, 08/01/43 (Call 02/01/43)

    15       13,501  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    10       9,000  

4.95%, 04/15/33

    5       4,835  

Mondelez International Inc.

   

1.50%, 05/04/25 (Call 04/04/25)

    20       18,706  

1.88%, 10/15/32 (Call 07/15/32)(a)

    20       15,436  

2.63%, 09/04/50 (Call 03/04/50)

    15       9,369  

2.75%, 04/13/30 (Call 01/13/30)

    5       4,318  

3.00%, 03/17/32 (Call 12/17/31)

    10       8,542  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    10       8,446  

3.30%, 07/15/26 (Call 04/15/26)

    15       14,232  

4.85%, 10/01/45 (Call 04/01/45)

    15       12,878  

5.95%, 04/01/30 (Call 01/01/30)

    20       20,694  

6.60%, 04/01/40 (Call 10/01/39)

    10       10,595  

6.60%, 04/01/50 (Call 10/01/49)

    20       21,969  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)

    25       23,490  

4.00%, 03/01/26 (Call 01/01/26)

    15       14,497  

4.35%, 03/01/29 (Call 12/01/28)

    10       9,462  

5.10%, 09/28/48 (Call 03/28/48)

    45       38,995  
Security   Par
(000)
    Value  
Food (continued)  

Walmart Inc., 3.90%, 09/09/25

  $ 10     $ 9,786  
   

 

 

 
        1,084,463  
Forest Products & Paper — 0.1%            

International Paper Co.

   

4.40%, 08/15/47 (Call 02/15/47)

     25       20,356  

5.00%, 09/15/35 (Call 03/15/35)

    15       14,448  

Suzano Austria GmbH

   

2.50%, 09/15/28 (Call 07/15/28)

    40       34,124  

3.13%, 01/15/32 (Call 10/15/31)

    5       3,948  

3.75%, 01/15/31 (Call 10/15/30)

    15       12,713  
   

 

 

 
      85,589  
Gas — 0.2%            

Atmos Energy Corp.

   

1.50%, 01/15/31 (Call 10/15/30)

    10       7,800  

4.13%, 03/15/49 (Call 09/15/48)

    34       27,651  

CenterPoint Energy Resources Corp.

   

1.75%, 10/01/30 (Call 07/01/30)

    5       3,973  

4.10%, 09/01/47 (Call 03/01/47)

    10       7,883  

4.40%, 07/01/32 (Call 04/01/32)

    10       9,337  

5.40%, 03/01/33 (Call 12/01/32)

    10       10,002  

National Fuel Gas Co., 5.50%, 01/15/26 (Call 12/15/25)

    5       4,943  

NiSource Inc.

   

0.95%, 08/15/25 (Call 07/15/25)

    40       36,658  

1.70%, 02/15/31 (Call 11/15/30)

    20       15,454  

2.95%, 09/01/29 (Call 06/01/29)

    5       4,400  

3.95%, 03/30/48 (Call 09/30/47)

    15       11,455  

4.38%, 05/15/47 (Call 11/15/46)

    5       4,096  

4.80%, 02/15/44 (Call 08/15/43)

    15       13,083  

5.00%, 06/15/52 (Call 12/15/51)

    10       8,849  

5.25%, 02/15/43 (Call 08/15/42)

    25       23,222  

5.65%, 02/01/45 (Call 08/01/44)

    5       4,782  

ONE Gas Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    10       8,191  

4.66%, 02/01/44 (Call 08/01/43)

    5       4,317  

Piedmont Natural Gas Co. Inc., 4.65%, 08/01/43 (Call 02/01/43)

    50       43,132  

Southern California Gas Co.

   

3.75%, 09/15/42 (Call 03/15/42)

    10       7,574  

5.13%, 11/15/40

    5       4,706  

5.75%, 06/01/53 (Call 12/01/52)

    5       4,947  

6.35%, 11/15/52 (Call 05/15/52)

    5       5,367  

Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    45       38,288  

Southern Co. Gas Capital Corp.

   

4.40%, 05/30/47 (Call 11/30/46)

    5       4,029  

5.88%, 03/15/41 (Call 09/15/40)

    15       14,781  

Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)

    30       23,345  

Southwest Gas Corp.

   

2.20%, 06/15/30 (Call 03/15/30)

    15       12,127  

5.45%, 03/23/28 (Call 02/23/28)

    40       39,873  

5.80%, 12/01/27 (Call 11/01/27)

    10       10,100  

Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)

    10       6,742  

Washington Gas Light Co.

   

3.65%, 09/15/49 (Call 03/15/49)

    5       3,572  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

    5       3,689  
   

 

 

 
      428,368  
Hand & Machine Tools — 0.1%            

Regal Rexnord Corp.

   

6.05%, 04/15/28 (Call 03/15/28)(d)

    5       4,949  

6.30%, 02/15/30 (Call 12/15/29)(d)

    5       4,972  

 

 

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

    29  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Hand & Machine Tools (continued)  

6.40%, 04/15/33 (Call 01/15/33)(d)

  $ 20     $ 19,778  

Snap-on Inc., 3.10%, 05/01/50 (Call 11/01/49)

    10       7,060  

Stanley Black & Decker Inc.

   

2.30%, 03/15/30 (Call 12/15/29)

    11       9,112  

2.75%, 11/15/50 (Call 05/15/50)

    25       14,550  

4.25%, 11/15/28 (Call 08/15/28)

    35       33,256  

6.00%, 03/06/28 (Call 02/06/28)

    50       51,066  
   

 

 

 
      144,743  
Health Care - Products — 0.4%            

Abbott Laboratories

   

3.75%, 11/30/26 (Call 08/30/26)

    10       9,691  

4.75%, 11/30/36 (Call 05/30/36)

    20       19,838  

4.75%, 04/15/43 (Call 10/15/42)

    5       4,788  

4.90%, 11/30/46 (Call 05/30/46)

    20       19,481  

5.30%, 05/27/40

    30       30,788  

6.00%, 04/01/39

    5       5,514  

6.15%, 11/30/37

    20       22,175  

Baxter International Inc.

   

1.73%, 04/01/31 (Call 01/01/31)

    25       19,262  

1.92%, 02/01/27 (Call 01/01/27)

    25       22,238  

2.60%, 08/15/26 (Call 05/15/26)

    50       46,166  

3.13%, 12/01/51 (Call 06/01/51)(a)

    15       9,539  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)

    38       35,754  

2.65%, 06/01/30 (Call 03/01/30)

    35       30,014  

4.70%, 03/01/49 (Call 09/01/48)

    12       10,749  

Danaher Corp.

   

2.80%, 12/10/51 (Call 06/10/51)

    15       9,872  

4.38%, 09/15/45 (Call 03/15/45)

    15       13,235  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

    15       12,866  

DH Europe Finance II Sarl

   

2.20%, 11/15/24 (Call 10/15/24)

    60       57,705  

3.40%, 11/15/49 (Call 05/15/49)

    20       14,923  

GE HealthCare Technologies Inc.

   

5.60%, 11/15/25

         100                 100,007  

5.86%, 03/15/30

    5       5,080  

HCA Inc., 4.38%, 03/15/42

    21       16,829  

Koninklijke Philips NV

   

5.00%, 03/15/42

    5       4,435  

6.88%, 03/11/38

    5       5,407  

Medtronic Global Holdings SCA, 4.50%, 03/30/33 (Call 12/30/32)

    5       4,831  

Medtronic Inc.

   

4.38%, 03/15/35

    20       18,916  

4.63%, 03/15/45

    25       23,431  

Revvity Inc., 3.30%, 09/15/29 (Call 06/15/29)

    20       17,779  

Stryker Corp.

   

2.90%, 06/15/50 (Call 12/15/49)

    20       13,304  

3.38%, 11/01/25 (Call 08/01/25)

    30       28,782  

4.38%, 05/15/44 (Call 11/15/43)

    20       17,157  

Thermo Fisher Scientific Inc.

   

2.00%, 10/15/31 (Call 07/15/31)

    5       4,027  

2.60%, 10/01/29 (Call 07/01/29)

    42       36,830  

2.80%, 10/15/41 (Call 04/15/41)

    10       7,199  

4.10%, 08/15/47 (Call 02/15/47)

    15       12,875  

4.80%, 11/21/27 (Call 10/21/27)

    5       5,006  

4.95%, 08/10/26 (Call 07/10/26)

    25       24,901  
Security   Par
(000)
    Value  
Health Care - Products (continued)  

Zimmer Biomet Holdings Inc., 3.05%, 01/15/26

   

(Call 12/15/25)

  $ 55     $ 52,123  
   

 

 

 
                               793,517  
Health Care - Services — 1.0%            

Adventist Health System/West

   

2.95%, 03/01/29 (Call 12/01/28)

    15       13,044  

3.63%, 03/01/49 (Call 09/01/48)

    5       3,516  

Advocate Health & Hospitals Corp., 4.27%, 08/15/48 (Call 02/15/48)

    15       12,731  

Aetna Inc.

   

3.88%, 08/15/47 (Call 02/15/47)

    5       3,743  

4.50%, 05/15/42 (Call 11/15/41)

    10       8,346  

4.75%, 03/15/44 (Call 09/15/43)

    5       4,299  

6.63%, 06/15/36

    15       16,093  

6.75%, 12/15/37

    5       5,447  

AHS Hospital Corp., Series 2021, 2.78%, 07/01/51 (Call 01/01/51)

    5       3,130  

Ascension Health

   

4.85%, 11/15/53

    5       4,635  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

    25       18,951  

Banner Health, 2.91%, 01/01/51 (Call 07/01/50)

    15       9,577  

Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)

    5       3,571  

Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)

    5       3,376  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    15       12,831  

2.50%, 03/01/31 (Call 12/01/30)

    25       19,934  

2.63%, 08/01/31 (Call 05/01/31)

    20       15,899  

3.00%, 10/15/30 (Call 07/15/30)

    30       24,968  

3.38%, 02/15/30 (Call 02/15/25)

    10       8,552  

4.25%, 12/15/27 (Call 09/18/23)

    10       9,349  

4.63%, 12/15/29 (Call 12/15/24)

    35       32,183  

Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44

    5       4,349  

Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)

    10       6,345  

CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29)

    40       35,642  

Corewell Health Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)

    5       3,625  

Dignity Health, 5.27%, 11/01/64

    15       13,540  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    10       9,079  

2.25%, 05/15/30 (Call 02/15/30)

    5       4,175  

3.13%, 05/15/50 (Call 11/15/49)

    20       13,493  

3.60%, 03/15/51 (Call 09/15/50)

    20       14,661  

3.65%, 12/01/27 (Call 09/01/27)

    40       37,699  

4.38%, 12/01/47 (Call 06/01/47)

    5       4,218  

4.55%, 03/01/48 (Call 09/01/47)

    15       12,906  

4.75%, 02/15/33 (Call 11/15/32)

    35       33,873  

5.13%, 02/15/53 (Call 08/15/52)

    10       9,363  

5.35%, 10/15/25 (Call 09/15/25)

    10       9,982  

5.50%, 10/15/32 (Call 07/15/32)

    20       20,373  

6.10%, 10/15/52 (Call 04/15/52)

    15       15,897  

6.38%, 06/15/37

    5       5,285  

Hackensack Meridian Health Inc.

   

4.21%, 07/01/48 (Call 01/01/48)

    10       8,382  

4.50%, 07/01/57 (Call 01/01/57)

    10       8,566  

HCA Inc.

   

3.50%, 09/01/30 (Call 03/01/30)

    5       4,367  

 

 

30  

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  
Health Care - Services (continued)            

3.50%, 07/15/51 (Call 01/15/51)

  $ 30     $ 19,982  

4.50%, 02/15/27 (Call 08/15/26)

    10       9,665  

4.63%, 03/15/52 (Call 09/15/51)

    25       20,052  

5.13%, 06/15/39 (Call 12/15/38)

    20       18,105  

5.25%, 06/15/26 (Call 12/15/25)

    5       4,938  

5.25%, 06/15/49 (Call 12/15/48)

    25       21,815  

5.38%, 09/01/26 (Call 03/01/26)

    5       4,963  

5.50%, 06/01/33 (Call 03/01/33)

    25       24,595  

5.50%, 06/15/47 (Call 12/15/46)

    5       4,544  

5.88%, 02/15/26 (Call 08/15/25)

    5       5,007  

5.90%, 06/01/53 (Call 12/01/52)

    25       23,965  

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)

    5       3,868  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    20       17,597  

2.15%, 02/03/32 (Call 11/03/31)

    10       7,837  

3.13%, 08/15/29 (Call 05/15/29)

    10       8,890  

3.95%, 03/15/27 (Call 12/15/26)

    10       9,601  

3.95%, 08/15/49 (Call 02/15/49)

    20       15,503  

4.80%, 03/15/47 (Call 09/15/46)

    15       13,254  

4.88%, 04/01/30 (Call 01/01/30)

    5       4,847  

4.95%, 10/01/44 (Call 04/01/44)

     25         22,227  

5.88%, 03/01/33 (Call 12/01/32)

    5       5,172  

Indiana University Health Inc. Obligated Group, 3.97%, 11/01/48 (Call 05/01/48)

    5       4,057  

Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)

    5       4,169  

Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)

    5       3,645  

Kaiser Foundation Hospitals

   

4.15%, 05/01/47 (Call 11/01/46)

    10       8,522  

4.88%, 04/01/42

    15       14,111  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

    22       15,615  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

    60       53,987  

3.25%, 09/01/24 (Call 07/01/24)

    45       43,830  

3.60%, 02/01/25 (Call 11/01/24)

    15       14,548  

Mass General Brigham Inc., Series 2017, 3.77%, 07/01/48 (Call 01/01/48)

    25       19,628  

Mayo Clinic

   

Series 2013, 4.00%, 11/15/47

    5       4,096  

Series 2016, 4.13%, 11/15/52

    15       12,643  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

    5       3,139  

MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)

    10       6,892  

Mount Sinai Hospitals Group Inc., Series 2017, 3.98%, 07/01/48

    15       11,744  

Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)

    10       9,054  

Northwell Healthcare Inc.

   

3.81%, 11/01/49 (Call 11/01/48)

    5       3,675  

3.98%, 11/01/46 (Call 11/01/45)

    15       11,439  

Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)

    5       3,151  

Novant Health Inc.

   

2.64%, 11/01/36 (Call 08/01/36)

    10       7,499  

3.17%, 11/01/51 (Call 05/01/51)

    5       3,466  

3.32%, 11/01/61 (Call 05/01/61)

    10       6,681  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Ochsner LSU Health System of North Louisiana, Series

   

2021, 2.51%, 05/15/31 (Call 11/15/30)

  $ 5     $ 3,611  

OhioHealth Corp., 2.83%, 11/15/41 (Call 05/15/41)

    10       7,109  

Orlando Health Obligated Group

   

3.33%, 10/01/50 (Call 04/01/50)

    10       7,077  

4.09%, 10/01/48 (Call 04/01/48)

    5       4,051  

PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48 (Call 05/15/48)

    5       4,255  

Piedmont Healthcare Inc.

   

2.04%, 01/01/32 (Call 07/01/31)

    10       7,847  

Series 2042, 2.72%, 01/01/42 (Call 07/01/41)

    10       6,630  

Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)

    5       4,728  

Providence St Joseph Health Obligated Group

   

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)

    10       5,841  

Series A, 3.93%, 10/01/48 (Call 04/01/48)

    5       3,722  

Series I, 3.74%, 10/01/47

    5       3,626  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    10       8,485  

2.95%, 06/30/30 (Call 03/30/30)

    15       12,997  

3.45%, 06/01/26 (Call 03/01/26)

    20       19,093  

Stanford Health Care

   

3.03%, 08/15/51 (Call 02/15/51)

    5       3,369  

Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

    5       3,944  

Sutter Health, Series 20A, 3.36%, 08/15/50 (Call 02/15/50) .

    50       34,946  

Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)

    5       4,836  

UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)

    5       4,678  

UnitedHealth Group Inc.

   

2.00%, 05/15/30

    5       4,171  

2.30%, 05/15/31 (Call 02/15/31)

    15       12,523  

2.90%, 05/15/50 (Call 11/15/49)

    20       13,292  

3.10%, 03/15/26

     30         28,657  

3.13%, 05/15/60 (Call 11/15/59)

    10       6,578  

3.25%, 05/15/51 (Call 11/15/50)

    20       14,183  

3.50%, 08/15/39 (Call 02/15/39)

    20       16,342  

3.70%, 08/15/49 (Call 02/15/49)

    20       15,477  

3.75%, 10/15/47 (Call 04/15/47)

    10       7,880  

3.88%, 12/15/28

    5       4,775  

3.88%, 08/15/59 (Call 02/15/59)

    25       19,253  

4.20%, 05/15/32 (Call 02/15/32)

    30       28,330  

4.20%, 01/15/47 (Call 07/15/46)

    5       4,232  

4.25%, 01/15/29 (Call 12/15/28)

    10       9,692  

4.38%, 03/15/42 (Call 09/15/41)

    20       17,734  

4.50%, 04/15/33 (Call 01/15/33)

    45       43,335  

4.63%, 07/15/35

    30       28,996  

4.75%, 07/15/45

    39       36,254  

4.75%, 05/15/52 (Call 11/15/51)

    20       18,217  

5.05%, 04/15/53 (Call 10/15/52)

    5       4,772  

5.20%, 04/15/63 (Call 10/15/62)

    5       4,784  

5.25%, 02/15/28 (Call 01/15/28)

    10       10,194  

5.35%, 02/15/33 (Call 11/15/32)

    35       35,903  

5.88%, 02/15/53 (Call 08/15/52)

    65       69,432  

5.95%, 02/15/41 (Call 08/15/40)

    15       15,749  

6.05%, 02/15/63 (Call 08/15/62)

    10       10,878  

6.50%, 06/15/37

    5       5,603  

Universal Health Services Inc.

   

1.65%, 09/01/26 (Call 08/01/26)

    10       8,882  

2.65%, 10/15/30 (Call 07/15/30)

    20       16,089  

WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)

    5       3,349  

 

 

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

    31  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Willis-Knighton Medical Center, Series 2018, 4.81%, 09/01/48 (Call 03/01/48)

  $ 5     $ 4,268  

Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)

    10       5,720  
   

 

 

 
      1,718,402  
Holding Companies - Diversified — 0.2%            

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)

    10       8,795  

2.88%, 06/15/27 (Call 05/15/27)(a)

    20       17,610  

2.88%, 06/15/28 (Call 04/15/28)

    30       25,346  

3.25%, 07/15/25 (Call 06/15/25)

    30       28,126  

3.88%, 01/15/26 (Call 12/15/25)

    20       18,713  

4.25%, 03/01/25 (Call 01/01/25)

    10       9,621  

Bain Capital Specialty Finance Inc., 2.55%, 10/13/26 (Call 09/13/26)

    5       4,324  

Blackstone Private Credit Fund

   

2.63%, 12/15/26 (Call 11/15/26)

    15       12,905  

2.70%, 01/15/25 (Call 11/15/24)

    30       28,377  

3.25%, 03/15/27 (Call 02/15/27)

    20       17,425  

4.00%, 01/15/29 (Call 11/15/28)

    5       4,291  

Blackstone Secured Lending Fund

   

2.13%, 02/15/27 (Call 01/15/27)

    10       8,489  

2.85%, 09/30/28 (Call 07/30/28)

    5       4,129  

3.63%, 01/15/26 (Call 12/15/25)

    10       9,266  

Blue Owl Capital Corp.

   

2.88%, 06/11/28 (Call 04/11/28)

    15       12,439  

3.40%, 07/15/26 (Call 06/15/26)

    10       9,003  

3.75%, 07/22/25 (Call 06/22/25)

    10       9,373  

4.00%, 03/30/25 (Call 02/28/25)

    5       4,757  

4.25%, 01/15/26 (Call 12/15/25)

    20       18,757  

Blue Owl Credit Income Corp., 4.70%, 02/08/27 (Call 01/08/27)

    20       18,317  

FS KKR Capital Corp.

   

2.63%, 01/15/27 (Call 12/15/26)

    5       4,316  

3.13%, 10/12/28 (Call 08/12/28)

     25       20,433  

3.25%, 07/15/27 (Call 06/15/27)

    20       17,353  

3.40%, 01/15/26 (Call 12/15/25)

    10       9,172  

4.13%, 02/01/25 (Call 01/01/25)(a)

    10       9,614  

Goldman Sachs BDC Inc., 3.75%, 02/10/25 (Call 01/10/25)

    25       24,168  

Golub Capital BDC Inc.

   

2.05%, 02/15/27 (Call 01/15/27)

    5       4,223  

2.50%, 08/24/26 (Call 07/24/26)

    10       8,789  

Oaktree Specialty Lending Corp., 3.50%, 02/25/25 (Call 01/25/25)

    25       23,799  

Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)

    5       4,292  

Prospect Capital Corp., 3.44%, 10/15/28 (Call 08/15/28)(a)

    5       3,938  

Sixth Street Specialty Lending Inc.

   

2.50%, 08/01/26 (Call 07/01/26)

    5       4,422  

3.88%, 11/01/24 (Call 10/01/24)

    10       9,694  
   

 

 

 
        414,276  
Home Builders — 0.1%            

DR Horton Inc.

   

1.40%, 10/15/27 (Call 08/15/27)(a)

    15       12,876  

2.50%, 10/15/24 (Call 09/15/24)

    15       14,464  

2.60%, 10/15/25 (Call 09/15/25)

    25       23,479  

Lennar Corp.

   

4.75%, 05/30/25 (Call 02/28/25)

    40       39,271  

4.75%, 11/29/27 (Call 05/29/27)

    10       9,691  

5.25%, 06/01/26 (Call 12/01/25)

    5       4,975  
Security  

Par

(000)

    Value  
Home Builders (continued)            

MDC Holdings Inc.

   

2.50%, 01/15/31 (Call 07/15/30)

  $ 5     $ 3,876  

3.85%, 01/15/30 (Call 07/15/29)

    5       4,345  

3.97%, 08/06/61 (Call 02/06/61)

    5       2,914  

6.00%, 01/15/43 (Call 10/15/42)

    15       13,122  

PulteGroup Inc.

   

5.00%, 01/15/27 (Call 10/15/26)

    30       29,564  

5.50%, 03/01/26 (Call 12/01/25)

    20       19,963  

6.38%, 05/15/33

    5       5,203  

Toll Brothers Finance Corp.

   

3.80%, 11/01/29 (Call 08/01/29)

    5       4,459  

4.35%, 02/15/28 (Call 11/15/27)

    10       9,383  

4.88%, 11/15/25 (Call 08/15/25)

    20       19,570  

4.88%, 03/15/27 (Call 12/15/26)

    5       4,858  
   

 

 

 
      222,013  
Home Furnishings — 0.0%            

Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)

    10       9,735  

Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)

    40       36,876  

Whirlpool Corp.

   

4.60%, 05/15/50 (Call 11/15/49)

    10       8,187  

4.70%, 05/14/32 (Call 02/14/32)

    5       4,728  

4.75%, 02/26/29 (Call 11/26/28)

    10       9,729  
   

 

 

 
      69,255  
Household Products & Wares — 0.1%            

Clorox Co. (The)

   

1.80%, 05/15/30 (Call 02/15/30)

    35       28,434  

3.10%, 10/01/27 (Call 07/01/27)

     25       23,115  

3.90%, 05/15/28 (Call 02/15/28)

    5       4,747  

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)

    10       8,635  

2.88%, 02/07/50 (Call 08/07/49)

    15       10,377  

3.10%, 03/26/30 (Call 12/26/29)

    10       9,022  

3.20%, 04/25/29 (Call 01/25/29)

    15       13,904  

3.20%, 07/30/46 (Call 01/30/46)

    10       7,277  

4.50%, 02/16/33 (Call 11/16/32)

    5       4,901  

6.63%, 08/01/37

    10       11,492  
   

 

 

 
        121,904  
Insurance — 1.1%            

Aflac Inc.

   

2.88%, 10/15/26 (Call 07/15/26)

    5       4,665  

3.60%, 04/01/30 (Call 01/01/30)

    25       22,761  

Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)

    35       32,323  

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

    5       4,511  

4.20%, 12/15/46 (Call 06/15/46)

    25       19,750  

4.50%, 06/15/43

    15       12,595  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    5       4,733  

3.88%, 01/15/35 (Call 07/15/34)

    10       8,640  

4.20%, 04/01/28 (Call 01/01/28)

    10       9,556  

4.38%, 06/30/50 (Call 12/30/49)

    5       4,137  

4.50%, 07/16/44 (Call 01/16/44)

    10       8,484  

4.75%, 04/01/48 (Call 10/01/47)

    45       39,589  

4.80%, 07/10/45 (Call 01/10/45)

    20       17,655  

5.13%, 03/27/33 (Call 12/27/32)

    5       4,826  

Series A-9, 5.75%, 04/01/48 (Call 04/01/28),
(3-mo. LIBOR US + 2.868%)(b)

    15       14,226  

Aon Corp., 3.75%, 05/02/29 (Call 02/02/29)

    34       31,632  

 

 

32  

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  
Insurance (continued)            

Aon Global Ltd.

   

2.05%, 08/23/31 (Call 05/23/31)

  $ 45     $ 35,561  

2.90%, 08/23/51 (Call 02/23/51)

    10       6,348  

Arch Capital Group Ltd.

   

3.64%, 06/30/50 (Call 12/30/49)

    15       10,815  

7.35%, 05/01/34

    5       5,578  

Arthur J Gallagher & Co., 3.50%, 05/20/51 (Call 11/20/50)

    10       6,907  

Assurant Inc., 3.70%, 02/22/30 (Call 11/22/29)

    5       4,319  

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

    10       8,496  

Athene Holding Ltd.

   

3.95%, 05/25/51 (Call 11/25/50)

    15       10,405  

4.13%, 01/12/28 (Call 10/12/27)

     24         22,417  

6.65%, 02/01/33 (Call 11/01/32)

    20       20,543  

AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)

    5       4,537  

AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)

    10       9,377  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)

    10       8,032  

2.50%, 01/15/51 (Call 07/15/50)

    45       28,050  

2.85%, 10/15/50 (Call 04/15/50)

    10       6,709  

2.88%, 03/15/32 (Call 12/15/31)

    25       21,839  

3.85%, 03/15/52 (Call 09/15/51)

    5       3,972  

4.20%, 08/15/48 (Call 02/15/48)

    20       17,404  

4.25%, 01/15/49 (Call 07/15/48)

    10       8,802  

4.30%, 05/15/43

    5       4,476  

Berkshire Hathaway Inc.

   

3.13%, 03/15/26 (Call 12/15/25)

    10       9,584  

4.50%, 02/11/43

    5       4,685  

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

    25       24,143  

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)

    20       15,979  

4.20%, 09/15/24 (Call 06/15/24)

    25       24,559  

4.50%, 03/15/29 (Call 12/15/28)

    10       9,409  

Chubb INA Holdings Inc.

   

3.05%, 12/15/61 (Call 06/15/61)

    20       12,958  

3.15%, 03/15/25

    5       4,838  

3.35%, 05/03/26 (Call 02/03/26)

    27       25,866  

4.35%, 11/03/45 (Call 05/03/45)

    25       21,843  

CNA Financial Corp.

   

3.90%, 05/01/29 (Call 02/01/29)

    20       18,609  

4.50%, 03/01/26 (Call 12/01/25)

    25       24,352  

CNO Financial Group Inc.

   

5.25%, 05/30/25 (Call 02/28/25)

    15       14,699  

5.25%, 05/30/29 (Call 02/28/29)

    10       9,538  

Corebridge Financial Inc.

   

3.65%, 04/05/27

    15       14,102  

3.90%, 04/05/32

    15       13,105  

4.35%, 04/05/42

    10       7,921  

4.40%, 04/05/52

    10       7,724  

Enstar Finance LLC

   

5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)(b)

    10       7,918  

5.75%, 09/01/40 (Call 09/01/25), (5-year CMT + 5.468%)(b)

    5       4,369  

Enstar Group Ltd.

   

3.10%, 09/01/31 (Call 03/01/31)

    5       3,894  

4.95%, 06/01/29 (Call 03/01/29)

    10       9,359  
Security  

Par

(000)

    Value  
Insurance (continued)            

Equitable Holdings Inc.

   

5.00%, 04/20/48 (Call 10/20/47)

  $ 15     $ 12,633  

5.59%, 01/11/33 (Call 10/11/32)

    5       4,900  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)

    50       31,874  

4.87%, 06/01/44

    5       4,359  

Fairfax Financial Holdings Ltd.

   

4.63%, 04/29/30 (Call 01/29/30)

    15       13,782  

4.85%, 04/17/28 (Call 01/17/28)

    20       19,256  

Fidelity National Financial Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

    10       7,953  

3.40%, 06/15/30 (Call 03/15/30)

    10       8,688  

4.50%, 08/15/28 (Call 05/15/28)

    20       18,798  

First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)

    10       7,665  

Globe Life Inc., 4.80%, 06/15/32 (Call 03/15/32)

    10       9,485  

Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)

    30       29,124  

Hartford Financial Services Group Inc. (The), 2.90%, 09/15/51 (Call 03/15/51)

    25       15,910  

Jackson Financial Inc.

   

3.13%, 11/23/31 (Call 08/23/31)

    5       3,922  

4.00%, 11/23/51 (Call 05/23/51)

    5       3,329  

5.67%, 06/08/32 (Call 03/08/32)(a)

    5       4,774  

Kemper Corp.

   

2.40%, 09/30/30 (Call 06/30/30)

    15       11,514  

3.80%, 02/23/32 (Call 11/23/31)

    25       20,215  

Lincoln National Corp.

   

3.63%, 12/12/26 (Call 09/15/26)

    10       9,363  

3.80%, 03/01/28 (Call 12/01/27)(a)

     65         59,604  

Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)

    10       9,630  

Manulife Financial Corp., 4.15%, 03/04/26

    51       49,561  

Markel Group Inc.

   

3.35%, 09/17/29 (Call 06/17/29)

    25       22,386  

3.45%, 05/07/52 (Call 11/07/51)(a)

    15       10,147  

3.50%, 11/01/27 (Call 08/01/27)

    10       9,333  

5.00%, 04/05/46

    5       4,341  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)

    20       16,510  

3.50%, 03/10/25 (Call 12/10/24)

    15       14,568  

4.38%, 03/15/29 (Call 12/15/28)

    40       38,712  

4.90%, 03/15/49 (Call 09/15/48)

    20       18,366  

5.75%, 11/01/32 (Call 08/01/32)

    10       10,374  

MetLife Inc.

   

4.05%, 03/01/45

    25       20,437  

4.13%, 08/13/42

    25       20,718  

4.55%, 03/23/30 (Call 12/23/29)

    5       4,860  

4.88%, 11/13/43

    30       27,354  

5.00%, 07/15/52 (Call 01/15/52)

    5       4,549  

5.25%, 01/15/54 (Call 07/15/53)

    10       9,468  

5.70%, 06/15/35

    5       5,118  

6.40%, 12/15/66 (Call 12/15/31)

    35       34,845  

Old Republic International Corp.

   

3.88%, 08/26/26 (Call 07/26/26)

    20       19,007  

4.88%, 10/01/24 (Call 09/01/24)

    23       22,681  

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

    20       18,109  

Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)

    5       4,111  

Principal Financial Group Inc.

   

2.13%, 06/15/30 (Call 03/15/30)

    5       4,078  

3.70%, 05/15/29 (Call 02/15/29)

    10       9,165  

 

 

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

    33  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

4.35%, 05/15/43

  $ 10     $ 8,015  

5.38%, 03/15/33 (Call 12/15/32)

    5       4,950  

Progressive Corp. (The)

   

4.00%, 03/01/29 (Call 12/01/28)

    5       4,807  

4.20%, 03/15/48 (Call 09/15/47)

    25       20,949  

6.25%, 12/01/32

    30       32,196  

Prudential Financial Inc.

   

2.10%, 03/10/30 (Call 12/10/29)

    5       4,189  

3.70%, 03/13/51 (Call 09/13/50)

    45       33,538  

3.88%, 03/27/28 (Call 12/27/27)

    50       47,673  

3.91%, 12/07/47 (Call 06/07/47)

    10       7,768  

3.94%, 12/07/49 (Call 06/07/49)

    35       26,882  

4.35%, 02/25/50 (Call 08/25/49)

    10       8,318  

5.13%, 03/01/52 (Call 11/28/31), (5-year CMT + 3.162%)(b)

    25       22,339  

Prudential Funding Asia PLC, 3.13%, 04/14/30

    15       13,208  

Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)

    55       52,373  

RenaissanceRe Finance Inc.

   

3.45%, 07/01/27 (Call 04/01/27)

    15       13,971  

3.70%, 04/01/25 (Call 01/01/25)

    5       4,842  

RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)

    5       4,479  

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

    5       3,769  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)

    30       18,788  

3.05%, 06/08/51 (Call 12/08/50)

    15       10,343  

4.05%, 03/07/48 (Call 09/07/47)

    10       8,286  

4.60%, 08/01/43

    15       13,481  

Travelers Property Casualty Corp., 6.38%, 03/15/33

    10       10,976  

Unum Group, 4.50%, 12/15/49 (Call 06/15/49)

    15       11,292  

W R Berkley Corp., 4.00%, 05/12/50 (Call 11/12/49)

    15       11,400  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

    25       21,667  

4.65%, 06/15/27 (Call 05/15/27)

    5       4,844  
   

 

 

 
        1,905,043  
Internet — 0.7%            

Alibaba Group Holding Ltd.

   

3.25%, 02/09/61 (Call 08/09/60)

    5       2,885  

3.40%, 12/06/27 (Call 09/06/27)

     200       185,792  

Alphabet Inc.

   

1.10%, 08/15/30 (Call 05/15/30)

    55       44,056  

1.90%, 08/15/40 (Call 02/15/40)

    40       26,824  

2.05%, 08/15/50 (Call 02/15/50)(a)

    50       29,917  

2.25%, 08/15/60 (Call 02/15/60)(a)

    25       14,580  

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    40       37,140  

1.00%, 05/12/26 (Call 04/12/26)

    55       49,692  

1.50%, 06/03/30 (Call 03/03/30)

    10       8,124  

2.50%, 06/03/50 (Call 12/03/49)

    25       15,916  

2.70%, 06/03/60 (Call 12/03/59)

    25       15,384  

3.10%, 05/12/51 (Call 11/12/50)

    55       39,241  

3.15%, 08/22/27 (Call 05/22/27)

    33       31,034  

3.25%, 05/12/61 (Call 11/12/60)

    10       6,936  

3.30%, 04/13/27 (Call 03/13/27)

    10       9,518  

3.80%, 12/05/24 (Call 09/05/24)

    5       4,910  

3.88%, 08/22/37 (Call 02/22/37)

    55       49,598  

3.95%, 04/13/52 (Call 10/13/51)

    20       16,680  

4.05%, 08/22/47 (Call 02/22/47)

    35       30,224  
Security  

Par

(000)

    Value  
Internet (continued)            

4.25%, 08/22/57 (Call 02/22/57)

  $ 50     $ 43,248  

4.60%, 12/01/25

    10       9,930  

4.65%, 12/01/29 (Call 10/01/29)

    20       19,924  

4.70%, 11/29/24

    15       14,898  

4.70%, 12/01/32 (Call 09/01/32)

    40       39,732  

4.80%, 12/05/34 (Call 06/05/34)

    20       20,070  

4.95%, 12/05/44 (Call 06/05/44)

    30       29,575  

Booking Holdings Inc.

   

3.60%, 06/01/26 (Call 03/01/26)

    15       14,414  

3.65%, 03/15/25 (Call 12/15/24)

    10       9,754  

4.63%, 04/13/30 (Call 01/13/30)(a)

    15       14,664  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    25       22,534  

1.90%, 03/11/25 (Call 02/11/25)

    25       23,679  

2.70%, 03/11/30 (Call 12/11/29)

    20       17,047  

3.60%, 06/05/27 (Call 03/05/27)

    25       23,592  

3.65%, 05/10/51 (Call 11/10/50)

    15       10,697  

4.00%, 07/15/42 (Call 01/15/42)

    20       15,644  

5.95%, 11/22/27 (Call 10/22/27)(a)

    25       25,614  

6.30%, 11/22/32 (Call 08/22/32)(a)

    5       5,269  

Expedia Group Inc.

   

3.25%, 02/15/30 (Call 11/15/29)

    35       30,473  

4.63%, 08/01/27 (Call 05/01/27)

    10       9,693  

5.00%, 02/15/26 (Call 11/15/25)

    10       9,877  

Meta Platforms Inc.

   

3.50%, 08/15/27 (Call 07/15/27)

    15       14,290  

3.85%, 08/15/32 (Call 05/15/32)

    35       32,117  

4.45%, 08/15/52 (Call 02/15/52)

    35       29,668  

4.65%, 08/15/62 (Call 02/15/62)

    20       16,993  

4.80%, 05/15/30

    5       4,975  

4.95%, 05/15/33

    20       19,886  

5.60%, 05/15/53 (Call 11/15/52)

    10       10,034  

5.75%, 05/15/63

    10       10,085  

Netflix Inc.

   

4.88%, 04/15/28

    5       4,928  

6.38%, 05/15/29

    10       10,525  

VeriSign Inc.

   

4.75%, 07/15/27 (Call 10/02/23)

    35       34,091  

5.25%, 04/01/25 (Call 01/01/25)

    5       4,961  
   

 

 

 
        1,221,332  
Iron & Steel — 0.1%            

ArcelorMittal SA

   

6.55%, 11/29/27 (Call 10/29/27)

    5       5,121  

6.80%, 11/29/32 (Call 08/29/32)

    40       41,149  

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    10       9,407  

2.98%, 12/15/55 (Call 06/15/55)

    13       7,918  

3.13%, 04/01/32 (Call 01/01/32)

    20       17,032  

3.85%, 04/01/52 (Call 09/01/51)

    5       3,780  

Steel Dynamics Inc.

   

3.25%, 01/15/31 (Call 10/15/30)

     25       21,782  

3.45%, 04/15/30 (Call 01/15/30)

    5       4,438  

5.00%, 12/15/26 (Call 10/02/23)

    30       29,360  

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

    27       23,660  
   

 

 

 
      163,647  

 

 

34  

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  
Leisure Time — 0.0%            

Brunswick Corp.

   

2.40%, 08/18/31 (Call 05/18/31)

  $ 10     $ 7,666  

4.40%, 09/15/32 (Call 06/15/32)

    5       4,292  
   

 

 

 
      11,958  
Lodging — 0.1%            

Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30)

    10       8,578  

Hyatt Hotels Corp.

   

1.80%, 10/01/24 (Call 09/18/23)

    20       19,138  

4.38%, 09/15/28 (Call 06/15/28)

    20       18,864  

4.85%, 03/15/26 (Call 12/15/25)

    15       14,697  

5.38%, 04/23/25 (Call 03/23/25)

    15       14,870  

5.75%, 04/23/30 (Call 01/23/30)

    5       5,005  

Marriott International Inc./MD

   

3.75%, 10/01/25 (Call 07/01/25)

    15       14,461  

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

    5       5,008  

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

    40       37,882  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

    25       21,234  

Series HH, 2.85%, 04/15/31 (Call 01/15/31)

    5       4,152  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

    20       18,786  

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

    15       14,089  
   

 

 

 
        196,764  
Machinery — 0.3%            

Caterpillar Financial Services Corp.

   

1.70%, 01/08/27

    5       4,529  

2.40%, 08/09/26

    15       13,964  

3.65%, 08/12/25

    5       4,854  

4.35%, 05/15/26

    5       4,920  

4.80%, 01/06/26

    25       24,877  

Caterpillar Inc.

   

3.25%, 09/19/49 (Call 03/19/49)

     50       37,704  

3.80%, 08/15/42

    10       8,476  

6.05%, 08/15/36

    28       30,696  

CNH Industrial Capital LLC, 1.45%, 07/15/26 (Call 06/15/26)

    5       4,473  

CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)

    25       23,604  

Deere & Co.

   

3.90%, 06/09/42 (Call 12/09/41)

    15       13,160  

7.13%, 03/03/31

    10       11,579  

Dover Corp., 3.15%, 11/15/25 (Call 08/15/25)

    25       23,796  

Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)

    10       7,934  

John Deere Capital Corp.

   

1.05%, 06/17/26

    5       4,493  

1.45%, 01/15/31

    25       19,808  

1.50%, 03/06/28

    45       38,901  

1.75%, 03/09/27

    15       13,473  

2.00%, 06/17/31

    15       12,241  

2.25%, 09/14/26

    45       41,661  

2.80%, 07/18/29

    10       9,018  

3.45%, 03/07/29

    25       23,274  

3.90%, 06/07/32

    5       4,658  

4.05%, 09/08/25

    15       14,698  

4.15%, 09/15/27

    10       9,757  

4.35%, 09/15/32

    10       9,697  

4.95%, 06/06/25

    10       9,956  

5.05%, 03/03/26

    10       10,006  

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

    45       38,470  
Security  

Par

(000)

    Value  
Machinery (continued)            

Rockwell Automation Inc.

   

1.75%, 08/15/31 (Call 05/15/31)

  $ 10     $ 7,945  

2.88%, 03/01/25 (Call 12/01/24)

    25       24,136  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    30       28,616  

3.45%, 11/15/26 (Call 08/15/26)

    15       14,119  

4.95%, 09/15/28 (Call 06/15/28)

    15       14,466  

Xylem Inc./NY, 1.95%, 01/30/28 (Call 11/30/27)

    40       35,102  
   

 

 

 
      599,061  
Manufacturing — 0.2%            

3M Co.

   

2.25%, 09/19/26 (Call 06/19/26)

    10       9,204  

2.38%, 08/26/29 (Call 05/26/29)

    25       21,485  

3.00%, 08/07/25(a)

    15       14,389  

3.05%, 04/15/30 (Call 01/15/30)

    5       4,463  

3.25%, 08/26/49 (Call 02/26/49)(a)

    30       20,762  

3.38%, 03/01/29 (Call 12/01/28)(a)

    5       4,577  

3.63%, 10/15/47 (Call 04/15/47)

    10       7,470  

3.70%, 04/15/50 (Call 10/15/49)

    10       7,663  

4.00%, 09/14/48 (Call 03/14/48)(a)

    20       16,221  

Carlisle Companies Inc.

   

2.20%, 03/01/32 (Call 12/01/31)

    15       11,805  

3.75%, 12/01/27 (Call 09/01/27)

     25       23,586  

Eaton Corp.

   

3.92%, 09/15/47 (Call 03/15/47)

    15       12,287  

4.15%, 03/15/33 (Call 12/15/32)

    30       28,243  

Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)

    90       84,290  

Parker-Hannifin Corp.

   

3.25%, 03/01/27 (Call 12/01/26)

    13       12,231  

4.10%, 03/01/47 (Call 09/01/46)

    20       16,475  

4.20%, 11/21/34 (Call 05/21/34)

    10       9,052  

4.50%, 09/15/29 (Call 07/15/29)

    5       4,833  

Pentair Finance Sarl

   

4.50%, 07/01/29 (Call 04/01/29)

    10       9,347  

5.90%, 07/15/32 (Call 04/15/32)

    5       5,058  

Teledyne Technologies Inc.

   

2.25%, 04/01/28 (Call 02/01/28)

    40       34,878  

2.75%, 04/01/31 (Call 01/01/31)

    15       12,505  

Textron Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

    17       13,958  

4.00%, 03/15/26 (Call 12/15/25)

    25       24,119  
   

 

 

 
        408,901  
Media — 1.0%            

Charter Communications Operating LLC/Charter

   

Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    5       4,148  

2.30%, 02/01/32 (Call 11/01/31)

    10       7,539  

2.80%, 04/01/31 (Call 01/01/31)

    10       8,051  

3.50%, 06/01/41 (Call 12/01/40)

    35       23,124  

3.70%, 04/01/51 (Call 10/01/50)

    30       18,588  

3.75%, 02/15/28 (Call 11/15/27)

    10       9,142  

3.85%, 04/01/61 (Call 10/01/60)

    40       23,877  

3.90%, 06/01/52 (Call 12/01/51)

    20       12,766  

4.20%, 03/15/28 (Call 12/15/27)

    25       23,275  

4.40%, 12/01/61 (Call 06/01/61)

    25       16,454  

4.80%, 03/01/50 (Call 09/01/49)

    10       7,380  

4.91%, 07/23/25 (Call 04/23/25)

    15       14,732  

5.05%, 03/30/29 (Call 12/30/28)

    5       4,756  

5.13%, 07/01/49 (Call 01/01/49)

    25       19,226  

 

 

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

    35  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

5.25%, 04/01/53 (Call 10/01/52)

  $ 50     $ 39,522  

5.38%, 05/01/47 (Call 11/01/46)

    15       11,966  

6.38%, 10/23/35 (Call 04/23/35)

    35       33,935  

6.48%, 10/23/45 (Call 04/23/45)

    50       45,905  

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    10       7,820  

1.95%, 01/15/31 (Call 10/15/30)

    20       16,170  

2.35%, 01/15/27 (Call 10/15/26)

    10       9,169  

2.45%, 08/15/52 (Call 02/15/52)

    20       11,711  

2.65%, 02/01/30 (Call 11/01/29)

    45       39,111  

2.80%, 01/15/51 (Call 07/15/50)

    10       6,317  

2.89%, 11/01/51 (Call 05/01/51)

    45       28,755  

2.94%, 11/01/56 (Call 05/01/56)

    60       37,281  

2.99%, 11/01/63 (Call 05/01/63)

    111       66,953  

3.15%, 03/01/26 (Call 12/01/25)

      40       38,199  

3.25%, 11/01/39 (Call 05/01/39)

    25       19,251  

3.30%, 04/01/27 (Call 02/01/27)

    25       23,584  

3.40%, 04/01/30 (Call 01/01/30)

    20       18,209  

3.40%, 07/15/46 (Call 01/15/46)

    5       3,653  

3.45%, 02/01/50 (Call 08/01/49)

    10       7,294  

3.75%, 04/01/40 (Call 10/01/39)

    20       16,448  

3.90%, 03/01/38 (Call 09/01/37)

    50       42,552  

3.95%, 10/15/25 (Call 08/15/25)

    5       4,869  

3.97%, 11/01/47 (Call 05/01/47)

    10       8,015  

4.15%, 10/15/28 (Call 07/15/28)

    5       4,819  

4.20%, 08/15/34 (Call 02/15/34)

    45       41,110  

4.25%, 10/15/30 (Call 07/15/30)

    20       19,022  

4.25%, 01/15/33

    40       37,545  

4.65%, 07/15/42

    20       17,942  

4.75%, 03/01/44

    20       17,985  

5.35%, 11/15/27 (Call 10/15/27)

    10       10,140  

5.35%, 05/15/53

    30           29,351  

5.50%, 11/15/32 (Call 08/15/32)

    5       5,126  

5.50%, 05/15/64

    5       4,872  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    30       28,868  

3.63%, 05/15/30 (Call 02/15/30)

    10       8,777  

3.95%, 06/15/25 (Call 03/15/25)

    34       32,886  

4.00%, 09/15/55 (Call 03/15/55)

    25       16,289  

4.65%, 05/15/50 (Call 11/15/49)

    45       33,612  

5.20%, 09/20/47 (Call 03/20/47)

    20       16,183  

FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)

    10       9,221  

Fox Corp.

   

4.71%, 01/25/29 (Call 10/25/28)

    35       33,738  

5.58%, 01/25/49 (Call 07/25/48)

    15       13,361  

Grupo Televisa SAB

   

6.63%, 01/15/40

    20       20,431  

8.50%, 03/11/32

    10       11,621  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)

    10       9,011  

3.70%, 06/01/28 (Call 03/01/28)

    5       4,476  

4.20%, 05/19/32 (Call 02/19/32)(a)

    10       8,319  

4.38%, 03/15/43

    15       10,333  

4.60%, 01/15/45 (Call 07/15/44)

    10       6,931  

4.90%, 08/15/44 (Call 02/15/44)

    5       3,564  

4.95%, 05/19/50 (Call 11/19/49)(a)

    5       3,654  

5.25%, 04/01/44 (Call 10/01/43)

    10       7,489  

5.85%, 09/01/43 (Call 03/01/43)

    20       16,545  

5.90%, 10/15/40 (Call 04/15/40)

    5       4,182  
Security   Par
(000)
    Value  
Media (continued)            

6.88%, 04/30/36

  $ 20     $ 19,256  

Thomson Reuters Corp.

   

5.50%, 08/15/35

    9       8,800  

5.85%, 04/15/40

    10       9,776  

Time Warner Cable Enterprises LLC, 8.38%, 07/15/33

    5       5,557  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    5       3,654  

5.50%, 09/01/41 (Call 03/01/41)

    15       12,300  

5.88%, 11/15/40 (Call 05/15/40)

    20       17,333  

6.55%, 05/01/37

    30       28,468  

6.75%, 06/15/39

    20       19,297  

7.30%, 07/01/38

    10       10,106  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26

    50       45,792  

Series E, 4.13%, 12/01/41

    2       1,701  

Walt Disney Co. (The)

   

1.75%, 01/13/26

      60       55,516  

2.20%, 01/13/28

    20       18,005  

2.65%, 01/13/31

    10       8,562  

2.75%, 09/01/49 (Call 03/01/49)

    55       35,291  

3.35%, 03/24/25(a)

    20       19,412  

3.60%, 01/13/51 (Call 07/13/50)

    40       30,008  

3.70%, 10/15/25 (Call 07/15/25)

    40       38,826  

3.80%, 05/13/60 (Call 11/13/59)

    40       30,150  

4.70%, 03/23/50 (Call 09/23/49)(a)

    25       22,734  

5.40%, 10/01/43

    15       14,924  

6.40%, 12/15/35

    10       10,960  

6.65%, 11/15/37

    40       45,049  
   

 

 

 
       1,728,627  
Metal Fabricate & Hardware — 0.0%            

Precision Castparts Corp.

   

3.25%, 06/15/25 (Call 03/15/25)

    10       9,685  

4.38%, 06/15/45 (Call 12/15/44)

    5       4,331  
   

 

 

 
      14,016  
Mining — 0.2%            

Barrick North America Finance LLC

   

5.70%, 05/30/41

    5       4,972  

5.75%, 05/01/43

    10       9,987  

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39

    15       15,242  

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42

    15       13,108  

4.75%, 02/28/28 (Call 01/28/28)

    5       4,953  

5.00%, 09/30/43

    30       29,010  

Freeport-McMoRan Inc.

   

4.13%, 03/01/28 (Call 10/02/23)

    10       9,292  

4.25%, 03/01/30 (Call 03/01/25)

    25       22,705  

4.38%, 08/01/28 (Call 10/02/23)

    20       18,578  

4.55%, 11/14/24 (Call 08/14/24)

    15       14,749  

4.63%, 08/01/30 (Call 08/01/25)

    10       9,238  

5.25%, 09/01/29 (Call 09/01/24)

    10       9,693  

5.40%, 11/14/34 (Call 05/14/34)

    5       4,735  

5.45%, 03/15/43 (Call 09/15/42)

    10       8,961  

Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)

    5       4,818  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

    85       69,057  

2.80%, 10/01/29 (Call 07/01/29)

    5       4,314  

4.88%, 03/15/42 (Call 09/15/41)

    5       4,495  

Rio Tinto Alcan Inc.

   

5.75%, 06/01/35

    20       20,247  

 

 

36  

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  
Mining (continued)            

6.13%, 12/15/33

  $ 30     $ 31,711  

7.25%, 03/15/31

    10       11,246  

Rio Tinto Finance USA PLC, 5.13%, 03/09/53 (Call 09/09/52)

      25       24,152  

Southern Copper Corp.

   

5.25%, 11/08/42

    5       4,604  

5.88%, 04/23/45

    15       14,715  

6.75%, 04/16/40

    45       48,848  

Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)(a)

    10       7,885  
   

 

 

 
      421,315  
Multi-National — 0.1%            

African Development Bank, 4.38%, 03/14/28

    10       9,976  

Asian Development Bank

   

3.75%, 04/25/28

    10       9,724  

4.00%, 01/12/33

    50       48,958  

Asian Infrastructure Investment Bank (The), 3.75%, 09/14/27(a)

    5       4,851  

European Investment Bank, 3.88%, 03/15/28

    50       48,949  

International Bank for Reconstruction & Development, 3.50%, 07/12/28

    5       4,810  
   

 

 

 
      127,268  
Office & Business Equipment — 0.0%            

CDW LLC/CDW Finance Corp.

   

3.25%, 02/15/29 (Call 10/02/23)

    20       17,434  

3.28%, 12/01/28 (Call 10/01/28)

    5       4,383  

3.57%, 12/01/31 (Call 09/01/31)

    15       12,691  

4.13%, 05/01/25 (Call 10/02/23)

    10       9,680  

4.25%, 04/01/28 (Call 10/02/23)

    20       18,488  

5.50%, 12/01/24 (Call 06/01/24)

    15       14,907  
   

 

 

 
      77,583  
Oil & Gas — 1.3%            

Apache Corp.

   

4.25%, 01/15/30 (Call 10/15/29)(a)

    25       22,809  

5.10%, 09/01/40 (Call 03/01/40)

    10       8,342  

5.35%, 07/01/49 (Call 01/01/49)

    10       8,038  

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)

    5       4,055  

2.72%, 01/12/32 (Call 10/12/31)

    15       12,555  

2.77%, 11/10/50 (Call 05/10/50)

    50       31,532  

2.94%, 06/04/51 (Call 12/04/50)

    45       29,416  

3.00%, 02/24/50 (Call 08/24/49)

    20       13,316  

3.02%, 01/16/27 (Call 10/16/26)

    35       32,842  

3.06%, 06/17/41 (Call 12/17/40)

    40       29,281  

3.12%, 05/04/26 (Call 02/04/26)

    5       4,754  

3.54%, 04/06/27 (Call 02/06/27)

    10       9,539  

3.59%, 04/14/27 (Call 01/14/27)

    5       4,763  

3.63%, 04/06/30 (Call 01/06/30)

    25       23,082  

3.80%, 09/21/25 (Call 07/21/25)

    10       9,735  

BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)

    25           23,541  

Canadian Natural Resources Ltd.

   

2.05%, 07/15/25 (Call 06/15/25)

    15       14,054  

2.95%, 07/15/30 (Call 04/15/30)

    9       7,681  

3.90%, 02/01/25 (Call 11/01/24)

    25       24,305  

4.95%, 06/01/47 (Call 12/01/46)

    40       34,727  

5.85%, 02/01/35

    15       14,586  

Cenovus Energy Inc.

   

2.65%, 01/15/32 (Call 10/15/31)(a)

    10       8,043  

3.75%, 02/15/52 (Call 08/15/51)

    10       7,013  

5.25%, 06/15/37 (Call 12/15/36)

    5       4,579  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

5.40%, 06/15/47 (Call 12/15/46)

  $ 5     $ 4,493  

6.75%, 11/15/39

    10       10,373  

Chevron Corp.

   

2.00%, 05/11/27 (Call 03/11/27)

    10       9,064  

2.24%, 05/11/30 (Call 02/11/30)

    25       21,423  

3.08%, 05/11/50 (Call 11/11/49)

      35          24,860  

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

    9       8,248  

ConocoPhillips Co.

   

2.40%, 03/07/25 (Call 09/11/23)

    5       4,793  

3.76%, 03/15/42 (Call 09/15/41)

    20       16,204  

3.80%, 03/15/52 (Call 09/15/51)

    20       15,416  

4.03%, 03/15/62 (Call 09/15/61)

    30       22,963  

5.30%, 05/15/53

    25       24,424  

5.90%, 10/15/32

    25       26,730  

6.95%, 04/15/29

    10       10,998  

Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)

    10       7,668  

Coterra Energy Inc.

   

3.90%, 05/15/27 (Call 02/15/27)

    10       9,500  

4.38%, 03/15/29 (Call 12/15/28)

    15       14,108  

Devon Energy Corp.

   

4.50%, 01/15/30 (Call 01/15/25)

    75       70,125  

5.00%, 06/15/45 (Call 12/15/44)

    10       8,563  

5.25%, 10/15/27 (Call 09/11/23)

    60       59,414  

5.60%, 07/15/41 (Call 01/15/41)

    10       9,277  

5.85%, 12/15/25 (Call 09/15/25)

    5       5,023  

5.88%, 06/15/28 (Call 09/11/23)

    35       35,031  

Diamondback Energy Inc.

   

3.13%, 03/24/31 (Call 12/24/30)

    10       8,593  

3.25%, 12/01/26 (Call 10/01/26)

    5       4,702  

3.50%, 12/01/29 (Call 09/01/29)

    10       9,046  

4.40%, 03/24/51 (Call 09/24/50)

    5       3,884  

6.25%, 03/15/33 (Call 12/15/32)

    15       15,503  

6.25%, 03/15/53 (Call 09/15/52)

    5       4,984  

EOG Resources Inc.

   

3.15%, 04/01/25 (Call 01/01/25)

    15       14,508  

4.38%, 04/15/30 (Call 01/15/30)

    10       9,720  

4.95%, 04/15/50 (Call 10/15/49)

    15       14,192  

EQT Corp.

   

3.90%, 10/01/27 (Call 07/01/27)

    5       4,677  

5.00%, 01/15/29 (Call 07/15/28)

    5       4,750  

5.70%, 04/01/28 (Call 03/01/28)

    15       14,955  

6.13%, 02/01/25 (Call 01/01/25)

    9       8,983  

7.00%, 02/01/30 (Call 11/01/29)

    15       15,734  

Equinor ASA

   

1.75%, 01/22/26 (Call 12/22/25)

    50       46,357  

2.38%, 05/22/30 (Call 02/22/30)

    10       8,585  

3.13%, 04/06/30 (Call 01/06/30)(a)

    55       49,882  

3.25%, 11/18/49 (Call 05/18/49)

    20       14,175  

3.70%, 04/06/50 (Call 10/06/49)

    5       3,866  

4.80%, 11/08/43

    10       9,217  

5.10%, 08/17/40

    10       9,787  

Exxon Mobil Corp.

   

2.44%, 08/16/29 (Call 05/16/29)

    25       22,048  

2.61%, 10/15/30 (Call 07/15/30)

    10       8,664  

2.71%, 03/06/25 (Call 12/06/24)

    70       67,519  

2.99%, 03/19/25 (Call 02/19/25)

    50       48,411  

3.04%, 03/01/26 (Call 12/01/25)

    10       9,554  

3.10%, 08/16/49 (Call 02/16/49)

    20       14,039  

3.45%, 04/15/51 (Call 10/15/50)

    21       15,619  

 

 

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

    37  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.48%, 03/19/30 (Call 12/19/29)

  $ 30     $ 27,754  

4.11%, 03/01/46 (Call 09/01/45)

    15       12,736  

4.23%, 03/19/40 (Call 09/19/39)

    25       22,341  

4.33%, 03/19/50 (Call 09/19/49)

    20       17,313  

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

    10       8,127  

Hess Corp.

   

5.60%, 02/15/41

    20       18,827  

7.30%, 08/15/31

    20       21,807  

HF Sinclair Corp.

   

4.50%, 10/01/30 (Call 07/01/30)

    5       4,486  

5.88%, 04/01/26 (Call 01/01/26)

    35       35,136  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    15       14,302  

6.60%, 10/01/37

    5       5,033  

6.80%, 03/15/32

    10       10,424  

Marathon Petroleum Corp.

   

4.70%, 05/01/25 (Call 04/01/25)

    65       63,874  

4.75%, 09/15/44 (Call 03/15/44)

    5       4,163  

5.13%, 12/15/26 (Call 09/15/26)

    10       9,954  

6.50%, 03/01/41 (Call 09/01/40)

    15       15,319  

Occidental Petroleum Corp.

   

4.40%, 04/15/46 (Call 10/15/45)

    25       19,210  

6.20%, 03/15/40

    10       9,861  

6.45%, 09/15/36

    5       5,114  

6.60%, 03/15/46 (Call 09/15/45)

    10       10,281  

6.63%, 09/01/30 (Call 03/01/30)

      50           51,603  

7.50%, 05/01/31

    5       5,414  

Ovintiv Inc.

   

6.50%, 08/15/34

    15       15,203  

6.50%, 02/01/38

    15       14,756  

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)

    20       18,150  

2.15%, 12/15/30 (Call 09/15/30)

    11       8,911  

3.30%, 03/15/52 (Call 09/15/51)

    25       16,704  

3.85%, 04/09/25 (Call 03/09/25)

    40       38,928  

5.30%, 06/30/33 (Call 03/30/33)

    40       39,581  

5.88%, 05/01/42

    25       25,512  

Phillips 66 Co.

   

3.61%, 02/15/25

    5       4,859  

4.95%, 12/01/27 (Call 11/01/27)

    45       44,509  

Shell International Finance BV

   

2.38%, 11/07/29 (Call 08/07/29)

    5       4,345  

2.50%, 09/12/26

    5       4,650  

2.75%, 04/06/30 (Call 01/06/30)

    5       4,406  

2.88%, 05/10/26

    50       47,415  

3.13%, 11/07/49 (Call 05/07/49)

    40       27,824  

3.25%, 05/11/25

    10       9,684  

3.25%, 04/06/50 (Call 10/06/49)

    10       7,101  

3.75%, 09/12/46

    30       23,543  

3.88%, 11/13/28 (Call 08/13/28)

    48       46,032  

4.13%, 05/11/35

    35       31,926  

4.55%, 08/12/43

    35       31,443  

6.38%, 12/15/38

    10       10,999  

Suncor Energy Inc.

   

4.00%, 11/15/47 (Call 05/15/47)

    25       18,724  

6.50%, 06/15/38

    15       15,336  

Tosco Corp., 8.13%, 02/15/30

    25       28,839  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    5       4,809  

2.83%, 01/10/30 (Call 10/10/29)

    5       4,439  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.13%, 05/29/50 (Call 11/29/49)

  $ 50     $ 34,594  

3.45%, 02/19/29 (Call 11/19/28)

    5       4,650  

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

    15       14,305  

Valero Energy Corp.

   

2.15%, 09/15/27 (Call 07/15/27)

    25       22,262  

2.80%, 12/01/31 (Call 09/01/31)

    5       4,103  

3.65%, 12/01/51 (Call 06/01/51)

    35       23,874  

6.63%, 06/15/37

    10       10,639  
   

 

 

 
      2,319,374  
Oil & Gas Services — 0.1%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

    15       14,183  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

2.06%, 12/15/26 (Call 11/15/26)

    30       27,127  

4.08%, 12/15/47 (Call 06/15/47)

    25       19,880  

Halliburton Co.

   

2.92%, 03/01/30 (Call 12/01/29)

    40       34,902  

4.85%, 11/15/35 (Call 05/15/35)

    20       18,737  

5.00%, 11/15/45 (Call 05/15/45)

    35       31,536  

NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)

    10       8,960  
   

 

 

 
      155,325  
Packaging & Containers — 0.2%            

Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)

      20           16,298  

AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)

    5       4,258  

Berry Global Inc.

   

1.57%, 01/15/26 (Call 12/15/25)

    45       40,907  

1.65%, 01/15/27 (Call 12/15/26)

    10       8,673  

Packaging Corp. of America

   

3.00%, 12/15/29 (Call 09/15/29)

    10       8,730  

3.05%, 10/01/51 (Call 04/01/51)

    35       22,325  

3.40%, 12/15/27 (Call 09/15/27)

    10       9,318  

Sonoco Products Co.

   

1.80%, 02/01/25 (Call 09/11/23)

    10       9,423  

2.25%, 02/01/27 (Call 01/01/27)

    20       17,879  

2.85%, 02/01/32 (Call 11/01/31)

    15       12,294  

WRKCo Inc.

   

3.00%, 06/15/33 (Call 03/15/33)(a)

    10       8,097  

3.90%, 06/01/28 (Call 03/01/28)

    25       23,203  

4.00%, 03/15/28 (Call 12/15/27)

    5       4,665  

4.65%, 03/15/26 (Call 01/15/26)

    5       4,864  

4.90%, 03/15/29 (Call 12/15/28)

    75       72,213  
   

 

 

 
      263,147  
Pharmaceuticals — 2.0%            

AbbVie Inc.

   

2.95%, 11/21/26 (Call 09/21/26)

    10       9,357  

3.20%, 05/14/26 (Call 02/14/26)

    55       52,291  

3.20%, 11/21/29 (Call 08/21/29)

    5       4,507  

3.60%, 05/14/25 (Call 02/14/25)

    40       38,789  

3.80%, 03/15/25 (Call 12/15/24)

    5       4,868  

4.05%, 11/21/39 (Call 05/21/39)

    45       38,583  

4.25%, 11/14/28 (Call 08/14/28)

    10       9,679  

4.25%, 11/21/49 (Call 05/21/49)

    85       71,568  

4.30%, 05/14/36 (Call 11/14/35)

    10       9,170  

4.40%, 11/06/42

    25       21,826  

4.45%, 05/14/46 (Call 11/14/45)

    20       17,299  

4.50%, 05/14/35 (Call 11/14/34)

    30       28,220  

4.55%, 03/15/35 (Call 09/15/34)

    10       9,451  

4.70%, 05/14/45 (Call 11/14/44)

    25       22,443  

4.75%, 03/15/45 (Call 09/15/44)

    15       13,457  

 

 

38  

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  
Pharmaceuticals (continued)            

4.85%, 06/15/44 (Call 12/15/43)

  $ 10     $ 9,134  

4.88%, 11/14/48 (Call 05/14/48)

    20       18,440  

Astrazeneca Finance LLC

   

2.25%, 05/28/31 (Call 02/28/31)

    5       4,161  

4.88%, 03/03/33 (Call 12/03/32)

    5       5,002  

4.90%, 03/03/30 (Call 01/03/30)

    5       4,973  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)

    5       4,478  

1.38%, 08/06/30 (Call 05/06/30)

    20       15,896  

3.00%, 05/28/51 (Call 11/28/50)

    10       7,054  

3.13%, 06/12/27 (Call 03/12/27)

    5       4,684  

4.00%, 01/17/29 (Call 10/17/28)

    10       9,589  

4.38%, 11/16/45

    10       8,886  

4.38%, 08/17/48 (Call 02/17/48)

    15       13,416  

6.45%, 09/15/37

      35           39,358  

Becton Dickinson and Co.

   

1.96%, 02/11/31 (Call 11/11/30)

    50       40,206  

3.70%, 06/06/27 (Call 03/06/27)

    20       18,971  

3.79%, 05/20/50 (Call 11/20/49)

    10       7,731  

4.67%, 06/06/47 (Call 12/06/46)

    15       13,259  

4.69%, 02/13/28 (Call 01/13/28)

    5       4,912  

Bristol-Myers Squibb Co.

   

2.55%, 11/13/50 (Call 05/13/50)

    35       21,401  

2.95%, 03/15/32 (Call 12/15/31)

    5       4,330  

3.20%, 06/15/26 (Call 04/15/26)

    5       4,765  

3.55%, 03/15/42 (Call 09/15/41)

    30       23,814  

3.70%, 03/15/52 (Call 09/15/51)

    35       26,907  

3.90%, 02/20/28 (Call 11/20/27)

    25       23,990  

3.90%, 03/15/62 (Call 09/15/61)

    15       11,367  

4.13%, 06/15/39 (Call 12/15/38)

    15       13,241  

4.25%, 10/26/49 (Call 04/26/49)

    30       25,320  

4.35%, 11/15/47 (Call 05/15/47)

    25       21,546  

4.63%, 05/15/44 (Call 11/15/43)

    20       18,113  

Cardinal Health Inc.

   

3.75%, 09/15/25 (Call 06/15/25)

    5       4,828  

4.50%, 11/15/44 (Call 05/15/44)

    10       8,002  

4.90%, 09/15/45 (Call 03/15/45)

    20       16,748  

Cencora Inc.

   

2.70%, 03/15/31 (Call 12/15/30)

    20       16,811  

3.25%, 03/01/25 (Call 12/01/24)

    35       33,866  

4.30%, 12/15/47 (Call 06/15/47)

    10       8,319  

Cigna Group (The)

   

2.38%, 03/15/31 (Call 12/15/30)

    40       32,900  

3.40%, 03/01/27 (Call 12/01/26)

    5       4,698  

3.40%, 03/15/50 (Call 09/15/49)

    40       27,942  

3.40%, 03/15/51 (Call 09/15/50)

    50       34,880  

4.13%, 11/15/25 (Call 09/15/25)

    5       4,868  

4.38%, 10/15/28 (Call 07/15/28)

    70       67,353  

4.50%, 02/25/26 (Call 11/27/25)

    5       4,899  

4.80%, 07/15/46 (Call 01/16/46)

    15       13,281  

4.90%, 12/15/48 (Call 06/15/48)

    20       17,790  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    50       43,033  

2.70%, 08/21/40 (Call 02/21/40)

    30       20,069  

2.88%, 06/01/26 (Call 03/01/26)

    50       46,823  

3.00%, 08/15/26 (Call 06/15/26)

    30       28,089  

3.25%, 08/15/29 (Call 05/15/29)

    5       4,465  

3.75%, 04/01/30 (Call 01/01/30)

    15       13,642  

3.88%, 07/20/25 (Call 04/20/25)

    50       48,498  

4.10%, 03/25/25 (Call 01/25/25)

    35       34,271  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

4.13%, 04/01/40 (Call 10/01/39)

  $ 20     $ 16,268  

4.30%, 03/25/28 (Call 12/25/27)

    45       43,249  

4.78%, 03/25/38 (Call 09/25/37)

    45       40,330  

4.88%, 07/20/35 (Call 01/20/35)

    20       18,609  

5.05%, 03/25/48 (Call 09/25/47)

    80       70,248  

5.13%, 02/21/30 (Call 12/21/29)

    5       4,922  

5.13%, 07/20/45 (Call 01/20/45)

    40       35,615  

5.25%, 01/30/31 (Call 11/30/30)

    50       49,355  

5.25%, 02/21/33 (Call 11/21/32)

    5       4,889  

5.63%, 02/21/53 (Call 08/21/52)

    25       23,666  

5.88%, 06/01/53 (Call 12/01/52)

    20       19,519  

6.00%, 06/01/63 (Call 12/01/62)

    5       4,895  

6.25%, 06/01/27

    25       25,725  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)

      40           24,636  

4.15%, 03/15/59 (Call 09/15/58)

    15       12,739  

4.70%, 02/27/33 (Call 11/27/32)

    5       4,988  

4.95%, 02/27/63 (Call 08/27/62)

    25       24,414  

5.50%, 03/15/27

    25       25,756  

5.55%, 03/15/37

    15       15,887  

GlaxoSmithKline Capital Inc.

   

3.63%, 05/15/25

    10       9,749  

3.88%, 05/15/28

    5       4,825  

6.38%, 05/15/38

    35       39,838  

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

    10       9,303  

Johnson & Johnson

   

1.30%, 09/01/30 (Call 06/01/30)

    15       12,161  

2.45%, 03/01/26 (Call 12/01/25)

    45       42,474  

2.45%, 09/01/60 (Call 03/01/60)

    20       12,276  

2.90%, 01/15/28 (Call 10/15/27)

    30       28,109  

2.95%, 03/03/27 (Call 12/03/26)

    10       9,466  

3.40%, 01/15/38 (Call 07/15/37)

    25       21,210  

3.50%, 01/15/48 (Call 07/15/47)

    15       12,195  

3.55%, 03/01/36 (Call 09/01/35)

    20       17,652  

3.63%, 03/03/37 (Call 09/03/36)

    20       17,705  

3.70%, 03/01/46 (Call 09/01/45)

    30       24,911  

4.38%, 12/05/33 (Call 06/05/33)

    10       9,870  

5.85%, 07/15/38

    10       10,949  

5.95%, 08/15/37

    15       16,600  

6.95%, 09/01/29

    5       5,717  

McKesson Corp., 1.30%, 08/15/26 (Call 07/15/26)

    55       49,268  

Mead Johnson Nutrition Co.

   

4.13%, 11/15/25 (Call 08/15/25)

    5       4,868  

4.60%, 06/01/44 (Call 12/01/43)

    10       8,884  

Merck & Co. Inc.

   

0.75%, 02/24/26 (Call 01/24/26)

    25       22,631  

1.45%, 06/24/30 (Call 03/24/30)

    10       8,062  

1.70%, 06/10/27 (Call 05/10/27)

    5       4,482  

1.90%, 12/10/28 (Call 10/10/28)

    10       8,685  

2.15%, 12/10/31 (Call 09/10/31)

    25       20,433  

2.35%, 06/24/40 (Call 12/24/39)

    25       17,459  

2.45%, 06/24/50 (Call 12/24/49)

    30       18,641  

2.75%, 12/10/51 (Call 06/10/51)

    30       19,633  

3.40%, 03/07/29 (Call 12/07/28)

    25       23,271  

3.70%, 02/10/45 (Call 08/10/44)

    25       20,391  

4.00%, 03/07/49 (Call 09/07/48)

    15       12,673  

4.50%, 05/17/33 (Call 02/17/33)

    25       24,350  

5.00%, 05/17/53 (Call 11/17/52)

    45       43,905  

6.50%, 12/01/33

    35       39,244  

 

 

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

    39  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

6.55%, 09/15/37

  $ 5     $ 5,612  

Merck Sharp & Dohme Corp., 5.95%, 12/01/28

    25       26,333  

Mylan Inc.

   

5.20%, 04/15/48 (Call 10/15/47)

    10       7,781  

5.40%, 11/29/43 (Call 05/29/43)

    10       8,327  

Novartis Capital Corp.

   

2.00%, 02/14/27 (Call 12/14/26)

    10       9,125  

2.20%, 08/14/30 (Call 05/14/30)

    5       4,260  

2.75%, 08/14/50 (Call 02/14/50)

    10       6,855  

3.00%, 11/20/25 (Call 08/20/25)

    50       47,813  

3.10%, 05/17/27 (Call 02/17/27)

    30       28,357  

4.00%, 11/20/45 (Call 05/20/45)

    23       19,779  

4.40%, 05/06/44

    25       23,116  

Pfizer Inc.

   

0.80%, 05/28/25 (Call 04/28/25)

    5       4,638  

1.75%, 08/18/31 (Call 05/18/31)

    50       40,219  

2.55%, 05/28/40 (Call 11/28/39)

    25       17,865  

2.63%, 04/01/30 (Call 01/01/30)

    25       21,955  

2.70%, 05/28/50 (Call 11/28/49)

    40       27,068  

2.75%, 06/03/26

      25           23,581  

3.45%, 03/15/29 (Call 12/15/28)

    15       14,062  

3.60%, 09/15/28 (Call 06/15/28)(a)

    40       38,086  

4.00%, 03/15/49 (Call 09/15/48)

    25       21,442  

4.10%, 09/15/38 (Call 03/15/38)

    10       8,959  

4.13%, 12/15/46

    20       17,289  

7.20%, 03/15/39

    40       48,309  

Pfizer Investment Enterprises Pte Ltd.

   

4.45%, 05/19/26 (Call 04/19/26)

    25       24,592  

4.45%, 05/19/28 (Call 04/19/28)

    25       24,519  

4.65%, 05/19/30 (Call 03/19/30)

    25       24,607  

4.75%, 05/19/33 (Call 02/19/33)

    50       49,198  

5.11%, 05/19/43 (Call 11/19/42)

    15       14,600  

5.30%, 05/19/53 (Call 11/19/52)

    110       110,025  

5.34%, 05/19/63

    10       9,848  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

    5       4,822  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

    131       122,949  

Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28 (Call 08/26/28)

    10       9,910  

Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)

    25       23,616  

Viatris Inc.

   

1.65%, 06/22/25 (Call 05/22/25)

    5       4,630  

2.30%, 06/22/27 (Call 04/22/27)

    25       21,863  

2.70%, 06/22/30 (Call 03/22/30)

    5       4,058  

3.85%, 06/22/40 (Call 12/22/39)

    10       6,995  

4.00%, 06/22/50 (Call 12/22/49)

    15       9,927  

Wyeth LLC, 5.95%, 04/01/37

    50       53,507  

Zoetis Inc.

   

3.00%, 09/12/27 (Call 06/12/27)

    50       46,496  

3.00%, 05/15/50 (Call 11/15/49)

    20       13,602  

3.95%, 09/12/47 (Call 03/12/47)

    5       3,996  

4.70%, 02/01/43 (Call 08/01/42)

    15       13,560  

5.60%, 11/16/32 (Call 08/16/32)

    45       46,407  
   

 

 

 
      3,544,685  
Pipelines — 1.4%            

Boardwalk Pipelines LP

   

3.60%, 09/01/32 (Call 06/01/32)

    5       4,207  

4.95%, 12/15/24 (Call 09/15/24)

    111       109,398  

5.95%, 06/01/26 (Call 03/01/26)

    30       30,047  
Security  

Par

(000)

    Value  
Pipelines (continued)            

Cheniere Corpus Christi Holdings LLC

   

2.74%, 12/31/39 (Call 07/04/39)

  $ 25     $ 19,354  

3.70%, 11/15/29 (Call 05/18/29)

    10       9,089  

5.13%, 06/30/27 (Call 01/01/27)

    20       19,793  

5.88%, 03/31/25 (Call 10/02/24)

    35       34,892  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)

    20       16,499  

4.00%, 03/01/31 (Call 03/01/26)

    10       8,818  

4.50%, 10/01/29 (Call 10/01/24)

    10       9,232  

Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)

    5       4,632  

DCP Midstream Operating LP

   

3.25%, 02/15/32 (Call 08/15/31)

    20       16,678  

5.38%, 07/15/25 (Call 04/15/25)

    30       29,731  

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)(a)

      35           31,373  

2.50%, 02/14/25

    10       9,553  

3.13%, 11/15/29 (Call 08/15/29)

    10       8,834  

3.40%, 08/01/51 (Call 02/01/51)

    5       3,359  

4.25%, 12/01/26 (Call 09/01/26)

    5       4,826  

5.70%, 03/08/33 (Call 12/08/32)(a)

    10       10,005  

Energy Transfer LP

   

2.90%, 05/15/25 (Call 04/15/25)

    10       9,506  

3.75%, 05/15/30 (Call 02/15/30)

    45       40,219  

3.90%, 07/15/26 (Call 04/15/26)

    5       4,776  

4.40%, 03/15/27 (Call 12/15/26)

    5       4,792  

4.75%, 01/15/26 (Call 10/15/25)

    5       4,897  

4.95%, 05/15/28 (Call 02/15/28)

    20       19,434  

4.95%, 06/15/28 (Call 03/15/28)

    5       4,842  

5.00%, 05/15/50 (Call 11/15/49)

    15       12,344  

5.15%, 03/15/45 (Call 09/15/44)

    10       8,418  

5.25%, 04/15/29 (Call 01/15/29)

    30       29,297  

5.30%, 04/15/47 (Call 10/15/46)

    25       21,195  

5.35%, 05/15/45 (Call 11/15/44)

    10       8,545  

5.40%, 10/01/47 (Call 04/01/47)

    20       17,224  

5.50%, 06/01/27 (Call 03/01/27)

    40       39,772  

5.75%, 02/15/33 (Call 11/15/32)

    5       4,966  

5.95%, 12/01/25 (Call 09/01/25)

    10       10,017  

6.00%, 06/15/48 (Call 12/15/47)

    20       18,471  

6.13%, 12/15/45 (Call 06/15/45)

    15       14,074  

6.25%, 04/15/49 (Call 10/15/48)

    30       28,676  

6.63%, 10/15/36

    10       10,227  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    30       26,011  

3.13%, 07/31/29 (Call 04/30/29)

    10       8,957  

3.30%, 02/15/53 (Call 08/15/52)

    5       3,421  

3.70%, 02/15/26 (Call 11/15/25)

    15       14,470  

3.95%, 01/31/60 (Call 07/31/59)

    15       11,092  

4.20%, 01/31/50 (Call 07/31/49)

    5       4,002  

4.25%, 02/15/48 (Call 08/15/47)

    20       16,293  

4.45%, 02/15/43 (Call 08/15/42)

    15       12,746  

4.80%, 02/01/49 (Call 08/01/48)

    15       13,180  

4.85%, 08/15/42 (Call 02/15/42)

    10       8,975  

4.85%, 03/15/44 (Call 09/15/43)

    20       17,849  

4.90%, 05/15/46 (Call 11/15/45)

    20       17,737  

5.10%, 02/15/45 (Call 08/15/44)

    10       9,168  

5.35%, 01/31/33 (Call 10/31/32)

    55       55,272  

5.38%, 02/15/78 (Call 02/15/28), (3-mo. SOFR + 2.832%)(b)

    15       12,466  

6.45%, 09/01/40

    5       5,312  

 

 

40  

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  
Pipelines (continued)            

Kinder Morgan Energy Partners LP

   

5.00%, 03/01/43 (Call 09/01/42)

  $  20     $ 16,936  

6.95%, 01/15/38

    15       16,051  

7.75%, 03/15/32

    10       11,058  

Kinder Morgan Inc.

   

3.60%, 02/15/51 (Call 08/15/50)

    15       10,092  

4.30%, 06/01/25 (Call 03/01/25)

    15       14,664  

4.30%, 03/01/28 (Call 12/01/27)

    5       4,765  

4.80%, 02/01/33 (Call 11/01/32)

    25          23,302  

5.05%, 02/15/46 (Call 08/15/45)

    20       16,839  

5.20%, 03/01/48 (Call 09/01/47)

    10       8,615  

5.45%, 08/01/52 (Call 02/01/52)(a)

    15       13,398  

5.55%, 06/01/45 (Call 12/01/44)

    25       22,616  

Magellan Midstream Partners LP

   

3.25%, 06/01/30 (Call 03/01/30)(a)

    20       17,454  

4.20%, 10/03/47 (Call 04/03/47)

    10       7,368  

5.00%, 03/01/26 (Call 12/01/25)

    10       9,881  

5.15%, 10/15/43 (Call 04/15/43)

    20       16,944  

MPLX LP

   

1.75%, 03/01/26 (Call 02/01/26)

    5       4,554  

4.00%, 03/15/28 (Call 12/15/27)

    25       23,469  

4.13%, 03/01/27 (Call 12/01/26)

    45       43,112  

4.25%, 12/01/27 (Call 09/01/27)

    25       23,798  

4.50%, 04/15/38 (Call 10/15/37)

    30       25,415  

4.70%, 04/15/48 (Call 10/15/47)

    30       24,088  

4.80%, 02/15/29 (Call 11/15/28)

    35       33,710  

4.88%, 12/01/24 (Call 09/01/24)

    25       24,681  

4.88%, 06/01/25 (Call 03/01/25)

    20       19,687  

4.90%, 04/15/58 (Call 10/15/57)

    5       3,978  

4.95%, 09/01/32 (Call 06/01/32)

    15       14,141  

4.95%, 03/14/52 (Call 09/14/51)

    25       20,593  

5.00%, 03/01/33 (Call 12/01/32)

    5       4,719  

5.50%, 02/15/49 (Call 08/15/48)

    10       8,906  

ONEOK Inc.

   

3.10%, 03/15/30 (Call 12/15/29)

    20       17,168  

4.35%, 03/15/29 (Call 12/15/28)

    10       9,354  

4.45%, 09/01/49 (Call 03/01/49)

    25       18,748  

4.55%, 07/15/28 (Call 04/15/28)

    5       4,768  

4.90%, 03/15/25 (Call 12/15/24)

    10       9,842  

5.20%, 07/15/48 (Call 01/15/48)

    25       21,381  

6.10%, 11/15/32 (Call 08/15/32)

    25       25,377  

6.35%, 01/15/31 (Call 10/15/30)

    50       51,326  

ONEOK Partners LP, 6.13%, 02/01/41 (Call 08/01/40)

    15       14,483  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)

    10       8,803  

3.60%, 11/01/24 (Call 08/01/24)

    10       9,738  

4.50%, 12/15/26 (Call 09/15/26)

    5       4,836  

4.65%, 10/15/25 (Call 07/15/25)

    10       9,748  

4.90%, 02/15/45 (Call 08/15/44)

    15       11,991  

6.65%, 01/15/37

    10       10,149  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

    50       47,380  

4.50%, 05/15/30 (Call 11/15/29)

    5       4,706  

5.00%, 03/15/27 (Call 09/15/26)

    45       44,238  

5.63%, 03/01/25 (Call 12/01/24)

    35       34,901  

5.88%, 06/30/26 (Call 12/31/25)

    35       35,161  

Spectra Energy Partners LP

   

3.38%, 10/15/26 (Call 07/15/26)

    10       9,416  

4.50%, 03/15/45 (Call 09/15/44)

    5       4,019  

5.95%, 09/25/43 (Call 03/25/43)

    45       43,098  
Security  

Par

(000)

    Value  
Pipelines (continued)            

Targa Resources Corp.

   

4.00%, 01/15/32 (Call 07/15/26)

  $ 15     $ 12,998  

4.95%, 04/15/52 (Call 10/15/51)

    20       16,232  

5.00%, 01/15/28 (Call 10/02/23)

    10       9,637  

5.20%, 07/01/27 (Call 06/01/27)

    10       9,901  

6.13%, 03/15/33 (Call 12/15/32)

    5       5,084  

6.25%, 07/01/52 (Call 01/01/52)

    15       14,413  

TC PipeLines LP

   

3.90%, 05/25/27 (Call 02/25/27)

    15       14,163  

4.38%, 03/13/25 (Call 12/13/24)

    20       19,498  

Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27

    25       26,047  

TransCanada PipeLines Ltd.

   

4.10%, 04/15/30 (Call 01/15/30)

    25       22,915  

4.25%, 05/15/28 (Call 02/15/28)

    15       14,283  

4.63%, 03/01/34 (Call 12/01/33)

    5       4,523  

4.88%, 05/15/48 (Call 11/15/47)

    15       12,746  

5.00%, 10/16/43 (Call 04/16/43)

    25       21,652  

5.10%, 03/15/49 (Call 09/15/48)(a)

    10       8,777  

6.20%, 10/15/37

    50       50,699  

Transcontinental Gas Pipe Line Co. LLC

   

3.25%, 05/15/30 (Call 02/15/30)

    20       17,648  

4.00%, 03/15/28 (Call 12/15/27)

    25       23,601  

7.85%, 02/01/26 (Call 11/01/25)

    10       10,450  

Western Midstream Operating LP

   

4.50%, 03/01/28 (Call 12/01/27)

    5       4,710  

5.30%, 03/01/48 (Call 09/01/47)

    25       20,462  

5.50%, 08/15/48 (Call 02/15/48)

    5       4,149  

Williams Companies Inc. (The)

   

2.60%, 03/15/31 (Call 12/15/30)

    30       24,609  

3.50%, 11/15/30 (Call 08/15/30)

    5       4,427  

3.75%, 06/15/27 (Call 03/15/27)

    10       9,416  

3.90%, 01/15/25 (Call 10/15/24)

    40       39,011  

4.00%, 09/15/25 (Call 06/15/25)

    5       4,841  

4.65%, 08/15/32 (Call 05/15/32)

    20       18,788  

5.10%, 09/15/45 (Call 03/15/45)

    15       13,206  

5.30%, 08/15/52 (Call 02/15/52)

    5       4,506  

5.40%, 03/02/26

    50       49,925  

5.40%, 03/04/44 (Call 09/04/43)

    10       9,017  

5.65%, 03/15/33 (Call 12/15/32)

    5       5,018  

5.75%, 06/24/44 (Call 12/24/43)

    10       9,491  

6.30%, 04/15/40

     15       15,382  
   

 

 

 
       2,416,653  
Real Estate — 0.0%            

CBRE Services Inc.

   

2.50%, 04/01/31 (Call 01/01/31)

    10       8,021  

4.88%, 03/01/26 (Call 12/01/25)

    20       19,559  

Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)

    5       3,745  
   

 

 

 
      31,325  
Real Estate Investment Trusts — 1.3%            

Agree LP, 2.00%, 06/15/28 (Call 04/15/28)

    20       16,784  

Alexandria Real Estate Equities Inc.

   

1.88%, 02/01/33 (Call 11/01/32)

    10       7,368  

2.00%, 05/18/32 (Call 02/18/32)

    10       7,575  

3.00%, 05/18/51 (Call 11/18/50)

    40       24,134  

3.38%, 08/15/31 (Call 05/15/31)

    10       8,621  

4.90%, 12/15/30 (Call 09/15/30)

    10       9,675  

5.15%, 04/15/53 (Call 10/15/52)

    5       4,459  

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

    5       3,866  

 

 

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

    41  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

American Homes 4 Rent LP

   

2.38%, 07/15/31 (Call 04/15/31)

  $ 20     $ 15,826  

4.25%, 02/15/28 (Call 11/15/27)

    5       4,736  

American Tower Corp.

   

1.30%, 09/15/25 (Call 08/15/25)

    10       9,172  

1.50%, 01/31/28 (Call 11/30/27)

     40       33,579  

1.60%, 04/15/26 (Call 03/15/26)

    10       9,034  

2.30%, 09/15/31 (Call 06/15/31)

    10       7,823  

2.70%, 04/15/31 (Call 01/15/31)

    30       24,510  

2.75%, 01/15/27 (Call 11/15/26)

    10       9,138  

2.90%, 01/15/30 (Call 10/15/29)

    30       25,574  

2.95%, 01/15/51 (Call 07/15/50)

    15       9,063  

3.10%, 06/15/50 (Call 12/15/49)

    25       15,607  

3.38%, 10/15/26 (Call 07/15/26)

    10       9,372  

3.55%, 07/15/27 (Call 04/15/27)

    20       18,541  

3.80%, 08/15/29 (Call 05/15/29)

    5       4,545  

4.00%, 06/01/25 (Call 03/01/25)

    45       43,635  

AvalonBay Communities Inc.

   

2.05%, 01/15/32 (Call 10/15/31)

    5       4,008  

3.20%, 01/15/28 (Call 10/15/27)

    5       4,618  

3.45%, 06/01/25 (Call 03/03/25)

    10       9,680  

3.50%, 11/15/25 (Call 08/15/25)

    15       14,346  

3.90%, 10/15/46 (Call 04/15/46)

    15       11,392  

Boston Properties LP

   

3.20%, 01/15/25 (Call 10/15/24)

    5       4,796  

3.25%, 01/30/31 (Call 10/30/30)

    40       32,568  

3.40%, 06/21/29 (Call 03/21/29)

    45       38,535  

3.65%, 02/01/26 (Call 11/03/25)

    10       9,422  

Brandywine Operating Partnership LP

   

3.95%, 11/15/27 (Call 08/15/27)

    5       4,117  

4.55%, 10/01/29 (Call 07/01/29)

    5       3,926  

Brixmor Operating Partnership LP

   

2.50%, 08/16/31 (Call 05/16/31)

    5       3,930  

3.85%, 02/01/25 (Call 11/01/24)

    5       4,823  

3.90%, 03/15/27 (Call 12/15/26)

    20       18,588  

4.05%, 07/01/30 (Call 04/01/30)

    15       13,564  

4.13%, 06/15/26 (Call 03/15/26)

    5       4,738  

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

    5       3,600  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)

    5       4,340  

3.35%, 11/01/49 (Call 05/01/49)

    10       7,074  

Corporate Office Properties LP

   

2.00%, 01/15/29 (Call 11/15/28)

    5       3,942  

2.75%, 04/15/31 (Call 01/15/31)

    5       3,853  

2.90%, 12/01/33 (Call 09/01/33)

    5       3,610  

Crown Castle Inc.

   

2.90%, 04/01/41 (Call 10/01/40)

    25       16,840  

3.25%, 01/15/51 (Call 07/15/50)

    15       9,751  

5.10%, 05/01/33

    30       28,851  

Crown Castle International Corp.

   

1.35%, 07/15/25 (Call 06/15/25)

    35          32,318  

2.10%, 04/01/31 (Call 01/01/31)

    20       15,755  

2.50%, 07/15/31 (Call 04/15/31)

    5       4,031  

2.90%, 03/15/27 (Call 02/15/27)

    5       4,591  

3.10%, 11/15/29 (Call 08/15/29)

    30       26,103  

3.20%, 09/01/24 (Call 07/01/24)

    10       9,736  

4.00%, 11/15/49 (Call 05/15/49)

    15       11,067  

4.30%, 02/15/29 (Call 11/15/28)

    10       9,398  

4.45%, 02/15/26 (Call 11/15/25)

    10       9,743  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

CubeSmart LP

   

3.13%, 09/01/26 (Call 06/01/26)

  $ 20     $ 18,540  

4.38%, 02/15/29 (Call 11/15/28)

    20       18,727  

Digital Realty Trust LP

   

3.70%, 08/15/27 (Call 05/15/27)

    20       18,649  

4.45%, 07/15/28 (Call 04/15/28)

    20       18,936  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    5       4,561  

1.45%, 05/15/26 (Call 04/15/26)

    5       4,493  

1.80%, 07/15/27 (Call 05/15/27)

    10       8,738  

2.15%, 07/15/30 (Call 04/15/30)

    10       8,067  

2.63%, 11/18/24 (Call 10/18/24)

    20       19,277  

2.90%, 11/18/26 (Call 09/18/26)

    10       9,254  

2.95%, 09/15/51 (Call 03/15/51)

    20       12,361  

3.20%, 11/18/29 (Call 08/18/29)

    35       30,686  

ERP Operating LP

   

2.50%, 02/15/30 (Call 11/15/29)

    45       38,184  

3.50%, 03/01/28 (Call 12/01/27)

    20       18,657  

Essex Portfolio LP

   

2.65%, 09/01/50 (Call 03/01/50)

    15       8,398  

3.38%, 04/15/26 (Call 01/15/26)

    15       14,239  

Estee Lauder Cos. Inc. (The), 5.15%, 05/15/53

    25       24,221  

Extra Space Storage LP

   

2.35%, 03/15/32 (Call 12/15/31)

    10       7,771  

2.55%, 06/01/31 (Call 03/01/31)

    15       12,029  

3.88%, 12/15/27

    20       18,644  

4.00%, 06/15/29

    10       9,141  

Federal Realty Investment Trust, 1.25%, 02/15/26 (Call 01/15/26)

    15       13,512  

GLP Capital LP/GLP Financing II Inc.

   

3.25%, 01/15/32 (Call 10/15/31)

    5       4,030  

4.00%, 01/15/30 (Call 10/15/29)

    5       4,369  

4.00%, 01/15/31 (Call 10/15/30)

    15       12,851  

5.30%, 01/15/29 (Call 10/15/28)

    10       9,442  

5.38%, 04/15/26 (Call 01/15/26)

    10       9,792  

5.75%, 06/01/28 (Call 03/03/28)

    5       4,857  

Healthcare Realty Holdings LP, 3.50%, 08/01/26 (Call 05/01/26)

     25          23,337  

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

    14       11,938  

Healthpeak Properties Inc.

   

3.00%, 01/15/30 (Call 10/15/29)

    20       17,328  

3.25%, 07/15/26 (Call 05/15/26)

    55       52,018  

6.75%, 02/01/41 (Call 08/01/40)

    5       5,224  

Highwoods Realty LP

   

3.05%, 02/15/30 (Call 11/15/29)

    5       3,909  

3.88%, 03/01/27 (Call 12/01/26)

    10       9,187  

Host Hotels & Resorts LP

   

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

    5       4,265  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

    5       3,941  

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

    5       3,395  

4.65%, 04/01/29 (Call 01/01/29)(a)

    10       7,625  

Invitation Homes Operating Partnership LP

   

2.00%, 08/15/31 (Call 05/15/31)

    20       15,301  

2.30%, 11/15/28 (Call 09/15/28)

    10       8,502  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)

    10       7,049  

2.65%, 11/15/33 (Call 08/15/33)

    10       6,944  

4.25%, 08/15/29 (Call 05/15/29)

    5       4,328  

 

 

42  

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  
Real Estate Investment Trusts (continued)            

Kimco Realty Corp.

   

3.70%, 10/01/49 (Call 04/01/49)

  $ 26     $ 18,177  

4.45%, 09/01/47 (Call 03/01/47)

    10       7,902  

Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)

     10       9,123  

Kite Realty Group Trust, 4.00%, 03/15/25 (Call 12/15/24)

    10       9,602  

LXP Industrial Trust

   

2.38%, 10/01/31 (Call 07/01/31)

    5       3,782  

2.70%, 09/15/30 (Call 06/15/30)

    10       7,912  

Mid-America Apartments LP

   

1.70%, 02/15/31 (Call 11/15/30)

    15       11,823  

3.95%, 03/15/29 (Call 12/15/28)

    15       14,080  

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

    5       3,791  

NNN REIT Inc.

   

3.10%, 04/15/50 (Call 10/15/49)

    5       3,071  

3.60%, 12/15/26 (Call 09/15/26)

    27          25,213  

4.30%, 10/15/28 (Call 07/15/28)

    15       14,080  

Omega Healthcare Investors Inc.

   

3.25%, 04/15/33 (Call 01/15/33)

    5       3,733  

3.38%, 02/01/31 (Call 11/01/30)

    10       8,062  

5.25%, 01/15/26 (Call 10/15/25)

    20       19,675  

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

    5       3,610  

Prologis LP

   

1.75%, 07/01/30 (Call 04/01/30)

    52       41,553  

2.13%, 04/15/27 (Call 02/15/27)

    25       22,532  

2.13%, 10/15/50 (Call 04/15/50)

    25       13,560  

3.25%, 10/01/26 (Call 07/01/26)

    25       23,622  

4.63%, 01/15/33 (Call 10/15/32)

    10       9,591  

5.25%, 06/15/53 (Call 12/15/52)

    25       23,811  

Public Storage Operating Co.

   

2.25%, 11/09/31 (Call 08/09/31)

    10       8,095  

3.09%, 09/15/27 (Call 06/15/27)

    65       60,655  

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

    5       3,995  

Realty Income Corp.

   

3.00%, 01/15/27 (Call 10/15/26)

    15       13,934  

3.25%, 01/15/31 (Call 10/15/30)

    35       30,224  

3.65%, 01/15/28 (Call 10/15/27)

    15       14,038  

4.63%, 11/01/25 (Call 09/01/25)

    45       44,284  

4.65%, 03/15/47 (Call 09/15/46)

    5       4,345  

5.63%, 10/13/32 (Call 07/13/32)

    10       9,994  

Regency Centers LP

   

3.60%, 02/01/27 (Call 11/01/26)

    10       9,429  

4.40%, 02/01/47 (Call 08/01/46)

    5       3,909  

4.65%, 03/15/49 (Call 09/15/48)

    5       4,054  

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

    10       7,806  

Sabra Health Care LP

   

3.20%, 12/01/31 (Call 09/01/31)

    10       7,629  

3.90%, 10/15/29 (Call 07/15/29)

    5       4,224  

5.13%, 08/15/26 (Call 05/15/26)

    5       4,832  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)

    55       48,471  

2.45%, 09/13/29 (Call 06/13/29)

    10       8,466  

2.65%, 07/15/30 (Call 04/15/30)

    5       4,207  

3.25%, 11/30/26 (Call 08/30/26)

    5       4,690  

3.25%, 09/13/49 (Call 03/13/49)

    50       32,668  

3.30%, 01/15/26 (Call 10/15/25)

    20       19,067  

3.38%, 12/01/27 (Call 09/01/27)(a)

    30       27,763  

3.50%, 09/01/25 (Call 06/01/25)

    55       52,992  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

4.25%, 10/01/44 (Call 04/01/44)

  $ 5     $ 3,917  

5.50%, 03/08/33 (Call 12/08/32)

    5       4,918  

SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)

    5       4,698  

Spirit Realty LP

   

2.70%, 02/15/32 (Call 11/15/31)

    5       3,911  

4.00%, 07/15/29 (Call 04/15/29)

    15       13,471  

STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27)

    15       13,422  

Sun Communities Operating LP

   

2.70%, 07/15/31 (Call 04/15/31)

     15       11,911  

5.70%, 01/15/33 (Call 10/15/32)

    5       4,880  

Tanger Properties LP

   

2.75%, 09/01/31 (Call 06/01/31)

    5       3,716  

3.13%, 09/01/26 (Call 06/01/26)

    10       9,101  

UDR Inc.

   

3.20%, 01/15/30 (Call 10/15/29)

    40       35,208  

3.50%, 07/01/27 (Call 04/01/27)

    5       4,661  

Ventas Realty LP

   

2.65%, 01/15/25 (Call 12/15/24)

    5       4,767  

3.25%, 10/15/26 (Call 07/15/26)

    15       13,860  

4.00%, 03/01/28 (Call 12/01/27)

    20       18,588  

4.13%, 01/15/26 (Call 10/15/25)

    25       24,057  

4.38%, 02/01/45 (Call 08/01/44)

    5       3,837  

4.75%, 11/15/30 (Call 08/15/30)

    5       4,690  

VICI Properties LP

   

4.38%, 05/15/25

    10       9,724  

4.75%, 02/15/28 (Call 01/15/28)

    5       4,759  

4.95%, 02/15/30 (Call 12/15/29)

    15       14,106  

5.63%, 05/15/52 (Call 11/15/51)

    10       8,810  

Vornado Realty LP, 2.15%, 06/01/26 (Call 05/01/26)

    10       8,620  

Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)

    10       9,697  

Welltower OP LLC

   

2.05%, 01/15/29 (Call 11/15/28)

    10       8,379  

2.70%, 02/15/27 (Call 12/15/26)

    25       22,924  

2.75%, 01/15/31 (Call 10/15/30)

    35       28,880  

Weyerhaeuser Co.

   

4.00%, 11/15/29 (Call 08/15/29)

    25       23,045  

4.00%, 04/15/30 (Call 01/15/30)

    20       18,278  

WP Carey Inc.

   

2.25%, 04/01/33 (Call 01/01/33)

    10       7,445  

3.85%, 07/15/29 (Call 04/15/29)

    10       9,008  
   

 

 

 
        2,362,372  
Retail — 1.0%            

Advance Auto Parts Inc., 1.75%, 10/01/27 (Call 08/01/27)

    25       21,094  

AutoNation Inc., 4.75%, 06/01/30 (Call 03/01/30)

    5       4,652  

AutoZone Inc.

   

3.63%, 04/15/25 (Call 03/15/25)

    25       24,247  

3.75%, 04/18/29 (Call 01/18/29)

    25       23,025  

4.00%, 04/15/30 (Call 01/15/30)(a)

    20       18,513  

4.50%, 02/01/28 (Call 01/01/28)

    5       4,864  

4.75%, 02/01/33 (Call 11/01/32)

    5       4,737  

Best Buy Co. Inc.

   

1.95%, 10/01/30 (Call 07/01/30)

    10       8,013  

4.45%, 10/01/28 (Call 07/01/28)

    5       4,836  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    30       26,521  

1.60%, 04/20/30 (Call 01/20/30)

    30       24,745  

1.75%, 04/20/32 (Call 01/20/32)(a)

    15       11,901  

3.00%, 05/18/27 (Call 02/18/27)

    10       9,446  

Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)

    30       28,460  

 

 

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

    43  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

Dick’s Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)

  $ 15     $ 11,951  

Dollar General Corp.

   

3.50%, 04/03/30 (Call 01/03/30)

    10       8,881  

3.88%, 04/15/27 (Call 01/15/27)

    20       19,088  

4.13%, 05/01/28 (Call 02/01/28)

    5       4,753  

Dollar Tree Inc.

   

4.00%, 05/15/25 (Call 03/15/25)

     25       24,261  

4.20%, 05/15/28 (Call 02/15/28)

    30       28,449  

Genuine Parts Co., 1.88%, 11/01/30 (Call 08/01/30)

    5       3,917  

Home Depot Inc. (The)

   

2.50%, 04/15/27 (Call 02/15/27)

    20       18,483  

2.70%, 04/15/30 (Call 01/15/30)

    5       4,394  

2.75%, 09/15/51 (Call 03/15/51)

    20       12,860  

2.80%, 09/14/27 (Call 06/14/27)

    25       23,215  

2.88%, 04/15/27 (Call 03/15/27)

    10       9,375  

3.13%, 12/15/49 (Call 06/15/49)

    20       14,012  

3.25%, 04/15/32 (Call 01/15/32)

    40       35,528  

3.35%, 09/15/25 (Call 06/15/25)

    15       14,490  

3.35%, 04/15/50 (Call 10/15/49)

    5       3,648  

3.63%, 04/15/52 (Call 10/15/51)

    15       11,414  

3.90%, 12/06/28 (Call 09/06/28)

    10       9,613  

3.90%, 06/15/47 (Call 12/15/46)

    20       16,240  

4.25%, 04/01/46 (Call 10/01/45)

    30       25,705  

4.50%, 09/15/32 (Call 06/15/32)(a)

    30       29,280  

4.50%, 12/06/48 (Call 06/06/48)

    20       17,879  

4.95%, 09/15/52 (Call 03/15/52)(a)

    60         57,290  

5.88%, 12/16/36

    35       37,550  

Lowe’s Companies Inc.

   

2.50%, 04/15/26 (Call 01/15/26)

    5       4,671  

2.63%, 04/01/31 (Call 01/01/31)

    5       4,190  

3.35%, 04/01/27 (Call 03/01/27)

    10       9,409  

3.38%, 09/15/25 (Call 06/15/25)

    35       33,597  

3.65%, 04/05/29 (Call 01/05/29)

    35       32,498  

3.70%, 04/15/46 (Call 10/15/45)

    40       29,908  

3.75%, 04/01/32 (Call 01/01/32)

    35       31,364  

4.00%, 04/15/25 (Call 03/15/25)

    60       58,650  

4.05%, 05/03/47 (Call 11/03/46)

    40       31,212  

4.25%, 04/01/52 (Call 10/01/51)

    30       23,665  

4.40%, 09/08/25

    10       9,827  

5.00%, 04/15/33 (Call 01/15/33)(a)

    25       24,400  

5.15%, 07/01/33 (Call 04/01/33)

    5       4,941  

5.63%, 04/15/53 (Call 10/15/52)

    10       9,708  

5.80%, 09/15/62 (Call 03/15/62)

    10       9,658  

McDonald’s Corp.

   

2.13%, 03/01/30 (Call 12/01/29)

    25       21,084  

2.63%, 09/01/29 (Call 06/01/29)

    10       8,847  

3.30%, 07/01/25 (Call 06/01/25)

    10       9,666  

3.38%, 05/26/25 (Call 02/26/25)

    15       14,523  

3.50%, 07/01/27 (Call 05/01/27)

    35       33,221  

3.60%, 07/01/30 (Call 04/01/30)

    10       9,202  

3.63%, 09/01/49 (Call 03/01/49)

    35       26,412  

3.70%, 01/30/26 (Call 10/30/25)

    30       29,014  

4.20%, 04/01/50 (Call 10/01/49)

    10       8,302  

4.60%, 09/09/32 (Call 06/09/32)(a)

    5       4,882  

4.60%, 05/26/45 (Call 11/26/44)

    15       13,268  

5.15%, 09/09/52 (Call 03/09/52)

    10       9,571  

5.70%, 02/01/39

    5       5,077  

6.30%, 10/15/37

    30       32,587  
Security   Par
(000)
    Value  
Retail (continued)            

O’Reilly Automotive Inc.

   

3.55%, 03/15/26 (Call 12/15/25)

  $ 25     $ 23,949  

4.20%, 04/01/30 (Call 01/01/30)

    15       14,065  

4.35%, 06/01/28 (Call 03/01/28)

    20       19,425  

4.70%, 06/15/32 (Call 03/15/32)

    25       23,884  

Ross Stores Inc.

   

0.88%, 04/15/26 (Call 03/15/26)

    15       13,385  

1.88%, 04/15/31 (Call 01/15/31)

    5       3,925  

4.60%, 04/15/25 (Call 03/15/25)

    15       14,731  

Starbucks Corp.

   

2.00%, 03/12/27 (Call 01/12/27)

     60       54,137  

2.25%, 03/12/30 (Call 12/12/29)

    30       25,294  

2.45%, 06/15/26 (Call 03/15/26)

    5       4,664  

2.55%, 11/15/30 (Call 08/15/30)

    35       29,675  

3.50%, 03/01/28 (Call 12/01/27)

    25       23,456  

3.50%, 11/15/50 (Call 05/15/50)

    10       7,237  

3.80%, 08/15/25 (Call 06/15/25)

    50       48,623  

Target Corp.

   

2.35%, 02/15/30 (Call 11/15/29)

    15       12,910  

2.50%, 04/15/26

    25       23,677  

2.65%, 09/15/30 (Call 06/15/30)

    15       13,039  

2.95%, 01/15/52 (Call 07/15/51)

    15       9,990  

4.00%, 07/01/42

    20       17,389  

4.80%, 01/15/53 (Call 07/15/52)

    10       9,184  

TJX Companies Inc. (The)

   

1.15%, 05/15/28 (Call 03/15/28)

    5       4,248  

2.25%, 09/15/26 (Call 06/15/26)

    25       23,053  

3.88%, 04/15/30 (Call 01/15/30)

    20       18,869  

Tractor Supply Co., 5.25%, 05/15/33 (Call 02/15/33)

    5       4,890  

Walgreens Boots Alliance Inc., 4.10%, 04/15/50 (Call 10/15/49)

    20       13,644  

Walmart Inc.

   

2.65%, 09/22/51 (Call 03/22/51)

    45       30,276  

3.05%, 07/08/26 (Call 05/08/26)

    10       9,556  

3.63%, 12/15/47 (Call 06/15/47)

    10       8,079  

4.05%, 06/29/48 (Call 12/29/47)

    46       40,371  

4.15%, 09/09/32 (Call 06/09/32)(a)

    5       4,843  

4.50%, 09/09/52 (Call 03/09/52)

    50       46,474  

5.25%, 09/01/35

    15       15,676  

6.50%, 08/15/37

    25       28,804  

7.55%, 02/15/30

    25       28,940  
   

 

 

 
        1,871,046  
Semiconductors — 0.9%            

Advanced Micro Devices Inc.

   

3.92%, 06/01/32 (Call 03/01/32)

    30       27,952  

4.39%, 06/01/52 (Call 12/01/51)

    25       21,888  

Analog Devices Inc.

   

2.10%, 10/01/31 (Call 07/01/31)

    25       20,418  

2.80%, 10/01/41 (Call 04/01/41)

    5       3,547  

2.95%, 04/01/25 (Call 03/01/25)

    76       73,334  

2.95%, 10/01/51 (Call 04/01/51)

    15       10,058  

3.50%, 12/05/26 (Call 09/05/26)

    35       33,514  

Applied Materials Inc.

   

4.35%, 04/01/47 (Call 10/01/46)

    15       13,490  

5.10%, 10/01/35 (Call 04/01/35)

    25       25,366  

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)

    10       9,499  

Broadcom Inc.

   

1.95%, 02/15/28 (Call 12/15/27)(d)

    45       39,017  

2.45%, 02/15/31 (Call 11/15/30)(d)

    10       8,059  

 

 

44  

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  
Semiconductors (continued)            

2.60%, 02/15/33 (Call 11/15/32)(d)

  $ 45     $ 34,747  

3.14%, 11/15/35 (Call 08/15/35)(d)

     35       26,681  

3.19%, 11/15/36 (Call 08/15/36)(d)

    10       7,516  

3.42%, 04/15/33 (Call 01/15/33)(d)

    35       28,950  

3.46%, 09/15/26 (Call 07/15/26)

    5       4,733  

3.47%, 04/15/34 (Call 01/15/34)(d)

    25       20,421  

3.50%, 02/15/41 (Call 08/15/40)(d)

    35       25,617  

3.75%, 02/15/51 (Call 08/15/50)(d)

    30       21,427  

4.00%, 04/15/29 (Call 02/15/29)(d)

    5       4,613  

4.11%, 09/15/28 (Call 06/15/28)

    30       28,219  

4.15%, 11/15/30 (Call 08/15/30)

    14       12,789  

4.93%, 05/15/37 (Call 02/15/37)(d)

    25       22,488  

Intel Corp.

   

2.00%, 08/12/31 (Call 05/12/31)

    5       4,037  

2.60%, 05/19/26 (Call 02/19/26)

    45       42,400  

3.05%, 08/12/51 (Call 02/12/51)

    20       12,936  

3.15%, 05/11/27 (Call 02/11/27)

    25       23,405  

3.25%, 11/15/49 (Call 05/15/49)

    25       16,983  

3.70%, 07/29/25 (Call 04/29/25)

    20       19,428  

3.73%, 12/08/47 (Call 06/08/47)

    25       18,909  

3.75%, 03/25/27 (Call 01/25/27)

    25       24,000  

3.75%, 08/05/27 (Call 07/05/27)

    20       19,115  

4.10%, 05/19/46 (Call 11/19/45)

    20       16,343  

4.15%, 08/05/32 (Call 05/05/32)(a)

    5       4,703  

4.25%, 12/15/42

    15       12,657  

4.60%, 03/25/40 (Call 09/25/39)

    25       22,729  

4.75%, 03/25/50 (Call 09/25/49)

    30       26,303  

4.80%, 10/01/41

    20       18,203  

4.88%, 02/10/28 (Call 01/10/28)

    5       4,968  

4.90%, 07/29/45 (Call 01/29/45)

    20       19,366  

4.90%, 08/05/52 (Call 02/05/52)

    5       4,507  

5.20%, 02/10/33 (Call 11/10/32)

    80       79,862  

5.70%, 02/10/53 (Call 08/10/52)

    10       9,898  

5.90%, 02/10/63 (Call 08/10/62)

    25       25,050  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

    10       7,181  

4.10%, 03/15/29 (Call 12/15/28)

    25       24,029  

4.95%, 07/15/52 (Call 01/15/52)

    20       18,854  

5.25%, 07/15/62 (Call 01/15/62)

    5       4,849  

Lam Research Corp.

   

2.88%, 06/15/50 (Call 12/15/49)

    20       13,362  

3.13%, 06/15/60 (Call 12/15/59)

    10       6,548  

3.75%, 03/15/26 (Call 01/15/26)

    40       38,779  

3.80%, 03/15/25 (Call 12/15/24)

    5       4,883  

4.00%, 03/15/29 (Call 12/15/28)

    25         23,964  

Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)

    10       8,344  

Micron Technology Inc.

   

2.70%, 04/15/32 (Call 01/15/32)

    45       35,419  

3.48%, 11/01/51 (Call 05/01/51)

    5       3,236  

4.66%, 02/15/30 (Call 11/15/29)

    35       32,777  

4.98%, 02/06/26 (Call 12/06/25)

    25       24,631  

5.38%, 04/15/28 (Call 03/15/28)

    30       29,497  

5.88%, 09/15/33

    10       9,797  

NVIDIA Corp.

   

2.00%, 06/15/31 (Call 03/15/31)

    15       12,409  

2.85%, 04/01/30 (Call 01/01/30)

    20       17,936  

3.20%, 09/16/26 (Call 06/16/26)

    15       14,319  

3.70%, 04/01/60 (Call 10/01/59)

    15       11,901  
Security  

Par

(000)

    Value  
Semiconductors (continued)            

NXP BV/NXP Funding LLC

   

5.35%, 03/01/26 (Call 01/01/26)

  $ 5     $ 4,968  

5.55%, 12/01/28 (Call 09/01/28)

    30       30,071  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)

     20       16,165  

2.65%, 02/15/32 (Call 11/15/31)

    10       8,004  

2.70%, 05/01/25 (Call 04/01/25)

    5       4,761  

3.13%, 02/15/42 (Call 08/15/41)

    15       10,269  

3.25%, 05/11/41 (Call 11/11/40)

    5       3,556  

3.40%, 05/01/30 (Call 02/01/30)

    10       8,788  

4.30%, 06/18/29 (Call 03/18/29)

    5       4,684  

Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)

    20       18,108  

QUALCOMM Inc.

   

1.30%, 05/20/28 (Call 02/20/28)

    5       4,256  

1.65%, 05/20/32 (Call 02/20/32)

    25       19,377  

2.15%, 05/20/30 (Call 02/20/30)

    5       4,248  

3.25%, 05/20/27 (Call 02/20/27)

    25       23,605  

3.45%, 05/20/25 (Call 02/20/25)

    40       38,854  

4.30%, 05/20/47 (Call 11/20/46)

    30       25,966  

4.65%, 05/20/35 (Call 11/20/34)

    5       4,903  

4.80%, 05/20/45 (Call 11/20/44)

    5       4,717  

6.00%, 05/20/53 (Call 11/20/52)

    20       21,533  

Skyworks Solutions Inc.

   

1.80%, 06/01/26 (Call 05/01/26)

    25       22,413  

3.00%, 06/01/31 (Call 03/01/31)

    5       4,075  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    10       8,968  

1.75%, 05/04/30 (Call 02/04/30)

    10       8,319  

3.88%, 03/15/39 (Call 09/15/38)

    25       21,618  

4.15%, 05/15/48 (Call 11/15/47)

    27       23,419  

5.00%, 03/14/53 (Call 09/14/52)

    25       24,284  

5.05%, 05/18/63

    5       4,790  
   

 

 

 
        1,667,579  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27)

    25       23,037  
   

 

 

 
Software — 1.0%            

Activision Blizzard Inc.

   

1.35%, 09/15/30 (Call 06/15/30)

    25       19,963  

2.50%, 09/15/50 (Call 03/15/50)

    25       15,898  

3.40%, 06/15/27 (Call 03/15/27)

    30       28,355  

4.50%, 06/15/47 (Call 12/15/46)

    10       9,183  

Adobe Inc.

   

2.15%, 02/01/27 (Call 12/01/26)

    50       45,902  

3.25%, 02/01/25 (Call 11/01/24)

    15       14,604  

Autodesk Inc.

   

2.85%, 01/15/30 (Call 10/15/29)

    25       21,785  

3.50%, 06/15/27 (Call 03/15/27)

    10       9,447  

4.38%, 06/15/25 (Call 03/15/25)

    51       50,014  

Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)

    20       17,240  

Concentrix Corp., 6.60%, 08/02/28

    5       4,896  

Electronic Arts Inc.

   

1.85%, 02/15/31 (Call 11/15/30)

    30       23,990  

4.80%, 03/01/26 (Call 12/01/25)(a)

    15       14,834  

Fidelity National Information Services Inc.

   

1.15%, 03/01/26 (Call 02/01/26)

    50       45,004  

2.25%, 03/01/31 (Call 12/01/30)

    20       16,119  

3.10%, 03/01/41 (Call 09/01/40)

    25       17,369  

 

 

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

    45  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)  

4.50%, 07/15/25

  $ 20     $ 19,606  

5.10%, 07/15/32 (Call 04/15/32)(a)

    5       4,899  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)

    5       4,484  

2.65%, 06/01/30 (Call 03/01/30)

    5       4,208  

3.20%, 07/01/26 (Call 05/01/26)

    5       4,717  

3.50%, 07/01/29 (Call 04/01/29)

    20       18,261  

4.40%, 07/01/49 (Call 01/01/49)

     25       20,374  

5.60%, 03/02/33 (Call 12/02/32)

    5       5,022  

5.63%, 08/21/33 (Call 05/21/33)

    50       50,363  

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)

    30       27,714  

1.35%, 07/15/27 (Call 05/15/27)(a)

    20       17,542  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)

    40       37,499  

2.53%, 06/01/50 (Call 12/01/49)

    25       16,524  

2.68%, 06/01/60 (Call 12/01/59)

    35       22,489  

2.92%, 03/17/52 (Call 09/17/51)

    20       14,175  

3.04%, 03/17/62 (Call 09/17/61)

    40       27,624  

3.30%, 02/06/27 (Call 11/06/26)

    70       67,256  

3.45%, 08/08/36 (Call 02/08/36)

    49       43,560  

3.50%, 02/12/35 (Call 08/12/34)

    65       59,070  

3.70%, 08/08/46 (Call 02/08/46)

    35       29,663  

4.00%, 02/12/55 (Call 08/12/54)

    5       4,370  

4.10%, 02/06/37 (Call 08/06/36)

    10       9,496  

4.25%, 02/06/47 (Call 08/06/46)

    25       23,205  

Oracle Corp.

   

2.50%, 04/01/25 (Call 03/01/25)

    55          52,379  

2.65%, 07/15/26 (Call 04/15/26)

    5       4,643  

2.80%, 04/01/27 (Call 02/01/27)

    5       4,592  

2.88%, 03/25/31 (Call 12/25/30)

    5       4,224  

2.95%, 11/15/24 (Call 09/15/24)

    45       43,588  

2.95%, 05/15/25 (Call 02/15/25)

    25       23,934  

2.95%, 04/01/30 (Call 01/01/30)

    55       47,612  

3.60%, 04/01/40 (Call 10/01/39)

    35       26,478  

3.60%, 04/01/50 (Call 10/01/49)

    45       30,980  

3.65%, 03/25/41 (Call 09/25/40)

    25       18,854  

3.80%, 11/15/37 (Call 05/15/37)

    25       20,111  

3.85%, 04/01/60 (Call 10/01/59)

    50       33,885  

3.90%, 05/15/35 (Call 11/15/34)

    25       21,317  

3.95%, 03/25/51 (Call 09/25/50)

    35       25,523  

4.00%, 07/15/46 (Call 01/15/46)

    10       7,498  

4.00%, 11/15/47 (Call 05/15/47)

    30       22,376  

4.10%, 03/25/61 (Call 09/25/60)

    10       7,103  

4.13%, 05/15/45 (Call 11/15/44)

    35       27,030  

4.30%, 07/08/34 (Call 01/08/34)

    25       22,405  

4.38%, 05/15/55 (Call 11/15/54)

    20       15,341  

5.55%, 02/06/53 (Call 08/06/52)

    20       18,587  

6.13%, 07/08/39

    20       20,253  

6.25%, 11/09/32 (Call 08/09/32)

    30       31,392  

6.50%, 04/15/38

    25       26,343  

6.90%, 11/09/52 (Call 05/09/52)

    20       21,773  

Roper Technologies Inc., 2.95%, 09/15/29 (Call 06/15/29)

    35       30,922  

salesforce.com Inc.

   

1.95%, 07/15/31 (Call 04/15/31)

    5       4,067  

2.70%, 07/15/41 (Call 01/15/41)

    70       50,051  

2.90%, 07/15/51 (Call 01/15/51)

    25       16,721  

3.05%, 07/15/61 (Call 01/15/61)

    5       3,225  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

    30       23,595  
Security   Par
(000)
    Value  
Software (continued)  

Take-Two Interactive Software Inc.

   

3.55%, 04/14/25

  $ 10     $ 9,667  

3.70%, 04/14/27 (Call 03/14/27)

    5       4,738  

4.00%, 04/14/32 (Call 01/14/32)

    15       13,469  

VMware Inc.

   

1.40%, 08/15/26 (Call 07/15/26)

    5       4,433  

1.80%, 08/15/28 (Call 06/15/28)

    15       12,571  

2.20%, 08/15/31 (Call 05/15/31)

    20       15,564  

3.90%, 08/21/27 (Call 05/21/27)

    15       14,117  

Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)

    30       28,334  
   

 

 

 
        1,696,419  
Telecommunications — 1.6%            

America Movil SAB de CV

   

6.13%, 03/30/40

    50       51,837  

6.38%, 03/01/35

    10       10,776  

AT&T Inc.

   

1.65%, 02/01/28 (Call 12/01/27)

    35       29,917  

1.70%, 03/25/26 (Call 09/11/23)

    65       59,253  

2.25%, 02/01/32 (Call 11/01/31)

    95       74,092  

2.55%, 12/01/33 (Call 09/01/33)

    50       38,143  

2.75%, 06/01/31 (Call 03/01/31)

    10       8,249  

3.50%, 06/01/41 (Call 12/01/40)

    55       40,312  

3.50%, 09/15/53 (Call 03/15/53)

    65       42,777  

3.55%, 09/15/55 (Call 03/15/55)

    55       35,891  

3.65%, 06/01/51 (Call 12/01/50)

    40       27,359  

3.65%, 09/15/59 (Call 03/15/59)

    40       25,885  

3.80%, 02/15/27 (Call 11/15/26)

    65       61,830  

3.80%, 12/01/57 (Call 06/01/57)

    39       26,258  

3.85%, 06/01/60 (Call 12/01/59)

    30       20,395  

4.25%, 03/01/27 (Call 12/01/26)

    50       48,164  

4.30%, 02/15/30 (Call 11/15/29)

    80       74,560  

4.35%, 03/01/29 (Call 12/01/28)

    10       9,459  

4.35%, 06/15/45 (Call 12/15/44)

    20       15,760  

4.50%, 05/15/35 (Call 11/15/34)

    20       17,754  

4.50%, 03/09/48 (Call 09/09/47)

    20       15,959  

4.55%, 03/09/49 (Call 09/09/48)

    25       20,073  

4.75%, 05/15/46 (Call 11/15/45)

    15       12,474  

5.25%, 03/01/37 (Call 09/01/36)

    40       37,868  

5.40%, 02/15/34

    15       14,565  

5.54%, 02/20/26 (Call 02/20/24)

    10       9,981  

6.00%, 08/15/40 (Call 05/15/40)

    5       5,002  

6.30%, 01/15/38

    15       15,344  

Bell Telephone Co. of Canada or Bell Canada (The)

   

3.65%, 08/15/52 (Call 02/15/52)

    10       7,135  

4.46%, 04/01/48 (Call 10/01/47)

    20       16,402  

Series US-5, 2.15%, 02/15/32 (Call 11/15/31)(a)

     25       19,667  

British Telecommunications PLC, 9.13%, 12/15/30

    25       30,443  

Cisco Systems Inc.

   

3.50%, 06/15/25

    5       4,864  

5.50%, 01/15/40

    20       20,747  

5.90%, 02/15/39

    10       10,834  

Corning Inc.

   

5.35%, 11/15/48 (Call 05/15/48)

    25       23,530  

5.45%, 11/15/79 (Call 05/19/79)

    20       17,925  

Deutsche Telekom International Finance BV

   

8.75%, 06/15/30

    30       35,282  

9.25%, 06/01/32

    15       18,863  

Juniper Networks Inc.

   

1.20%, 12/10/25 (Call 11/10/25)

    20       18,089  

3.75%, 08/15/29 (Call 05/15/29)

    10       9,089  

 

 

46  

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  
Telecommunications (continued)  

5.95%, 03/15/41

  $ 5     $ 4,750  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)

    30       23,867  

2.75%, 05/24/31 (Call 02/24/31)

    10       8,102  

4.00%, 09/01/24

    11       10,760  

4.60%, 02/23/28 (Call 11/23/27)(a)

    5       4,847  

Orange SA

   

5.50%, 02/06/44 (Call 08/06/43)

    15       14,628  

9.00%, 03/01/31

    20       24,248  

Rogers Communications Inc.

   

2.95%, 03/15/25(a)

    25       23,828  

3.20%, 03/15/27(a)

    30       27,712  

3.63%, 12/15/25 (Call 09/15/25)

    10       9,516  

3.80%, 03/15/32

    30       25,643  

4.50%, 03/15/42(a)

    20       16,079  

5.00%, 03/15/44 (Call 09/15/43)

    40       33,960  

7.50%, 08/15/38

    15       16,148  

Sprint Capital Corp.

   

6.88%, 11/15/28

    30       31,697  

8.75%, 03/15/32

    25       29,788  

Telefonica Emisiones SA

   

4.10%, 03/08/27

     150       142,779  

4.90%, 03/06/48

    15       11,973  

7.05%, 06/20/36

    30       32,015  

Telefonica Europe BV, 8.25%, 09/15/30

    10       11,402  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    15       13,898  

3.40%, 05/13/32 (Call 02/13/32)

    25       21,023  

4.30%, 06/15/49 (Call 12/15/48)

    10       7,776  

4.60%, 11/16/48 (Call 05/16/48)

    15       12,387  

T-Mobile USA Inc.

   

2.25%, 02/15/26 (Call 09/11/23)

    80       74,032  

2.25%, 11/15/31 (Call 08/15/31)

    30       23,795  

2.55%, 02/15/31 (Call 11/15/30)

    60       49,423  

2.63%, 04/15/26 (Call 09/11/23)

    35       32,523  

3.00%, 02/15/41 (Call 08/15/40)

    30       21,148  

3.30%, 02/15/51 (Call 08/15/50)

    25       16,748  

3.40%, 10/15/52 (Call 04/15/52)

    30       20,306  

3.50%, 04/15/25 (Call 03/15/25)

    5       4,834  

3.50%, 04/15/31 (Call 04/15/26)

    5       4,366  

3.60%, 11/15/60 (Call 05/15/60)

    55       36,796  

3.75%, 04/15/27 (Call 02/15/27)

    44       41,668  

3.88%, 04/15/30 (Call 01/15/30)

    15       13,661  

4.50%, 04/15/50 (Call 10/15/49)

    30       24,775  

4.75%, 02/01/28 (Call 09/11/23)

    10       9,720  

5.05%, 07/15/33 (Call 04/15/33)

    75       72,375  

5.65%, 01/15/53 (Call 07/15/52)

    10       9,744  

5.75%, 01/15/54

    5       4,939  

Verizon Communications Inc.

   

1.45%, 03/20/26 (Call 02/20/26)

    5       4,535  

1.75%, 01/20/31 (Call 10/20/30)

    65          50,554  

2.10%, 03/22/28 (Call 01/22/28)

    5       4,370  

2.36%, 03/15/32 (Call 12/15/31)

    25       19,771  

2.55%, 03/21/31 (Call 12/21/30)

    34       27,980  

2.63%, 08/15/26

    5       4,657  

2.65%, 11/20/40 (Call 05/20/40)

    35       23,299  

2.85%, 09/03/41 (Call 03/03/41)

    25       17,042  

2.88%, 11/20/50 (Call 05/20/50)

    35       21,457  

2.99%, 10/30/56 (Call 04/30/56)

    75       44,794  

3.00%, 11/20/60 (Call 05/20/60)(a)

    30       17,613  
Security   Par
(000)
    Value  
Telecommunications (continued)  

3.15%, 03/22/30 (Call 12/22/29)

  $ 25     $ 21,909  

3.40%, 03/22/41 (Call 09/22/40)

    35       25,991  

3.55%, 03/22/51 (Call 09/22/50)

    55       38,454  

3.70%, 03/22/61 (Call 09/22/60)

     60       40,804  

3.88%, 03/01/52 (Call 09/01/51)

    25       18,697  

4.02%, 12/03/29 (Call 09/03/29)

    40       37,148  

4.13%, 08/15/46

    5       3,975  

4.33%, 09/21/28

    20       19,149  

4.40%, 11/01/34 (Call 05/01/34)

    20       18,097  

4.50%, 08/10/33

    20       18,479  

4.52%, 09/15/48

    5       4,199  

4.86%, 08/21/46

    30       26,359  

5.05%, 05/09/33

    25       24,246  

5.25%, 03/16/37

    20       19,474  

Vodafone Group PLC

   

4.13%, 05/30/25

    45       43,973  

4.25%, 09/17/50

    40       30,755  

4.38%, 05/30/28

    20       19,625  

4.38%, 02/19/43

    45       36,661  

4.88%, 06/19/49

    25       21,189  

5.13%, 06/19/59

    10       8,532  

5.25%, 05/30/48

    5       4,511  
   

 

 

 
        2,820,785  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc.

   

3.55%, 11/19/26 (Call 09/19/26)

    18       16,916  

3.90%, 11/19/29 (Call 08/19/29)

    15       13,623  

5.10%, 05/15/44 (Call 11/15/43)

    5       4,349  

Mattel Inc., 5.45%, 11/01/41 (Call 05/01/41)

    5       4,299  
   

 

 

 
      39,187  
Transportation — 0.8%            

Burlington Northern Santa Fe LLC

   

2.88%, 06/15/52 (Call 12/15/51)(a)

    25       16,479  

3.25%, 06/15/27 (Call 03/15/27)

    25       23,710  

3.30%, 09/15/51 (Call 03/15/51)

    11       7,896  

3.55%, 02/15/50 (Call 08/15/49)

    25       19,080  

3.90%, 08/01/46 (Call 02/01/46)

    10       8,004  

4.05%, 06/15/48 (Call 12/15/47)

    15       12,316  

4.13%, 06/15/47 (Call 12/15/46)

    10       8,308  

4.40%, 03/15/42 (Call 09/15/41)

    10       8,821  

4.45%, 01/15/53 (Call 07/15/52)

    50       44,432  

5.20%, 04/15/54

    5       4,920  

5.75%, 05/01/40 (Call 11/01/39)

    10       10,437  

6.20%, 08/15/36

    5       5,474  

Canadian National Railway Co.

   

2.75%, 03/01/26 (Call 12/01/25)(a)

    15       14,178  

3.20%, 08/02/46 (Call 02/02/46)

    35       25,224  

4.45%, 01/20/49 (Call 07/20/48)

    15       13,160  

6.20%, 06/01/36

    5       5,439  

6.38%, 11/15/37

    5       5,463  

Canadian Pacific Railway Co.

   

1.35%, 12/02/24 (Call 10/03/23)

    5       4,738  

1.75%, 12/02/26 (Call 11/02/26)

    20       17,960  

2.45%, 12/02/31 (Call 09/02/31)

    25       22,174  

2.88%, 11/15/29

    5       4,398  

2.90%, 02/01/25 (Call 11/01/24)

    10       9,628  

3.10%, 12/02/51 (Call 06/02/51)

    35       23,732  

3.50%, 05/01/50

    4       2,937  

4.00%, 06/01/28 (Call 03/01/28)

    25       23,930  

 

 

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

    47  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Transportation (continued)  

4.20%, 11/15/69

  $ 10     $ 7,724  

6.13%, 09/15/2115 (Call 03/15/2115)

    15       15,548  

CSX Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    20       17,088  

2.50%, 05/15/51 (Call 11/15/50)(a)

    15       9,075  

2.60%, 11/01/26 (Call 08/01/26)

    10       9,264  

3.25%, 06/01/27 (Call 03/01/27)

    35       32,924  

3.35%, 09/15/49 (Call 03/15/49)

    15       10,639  

3.80%, 11/01/46 (Call 05/01/46)

    20       15,622  

4.10%, 11/15/32 (Call 08/15/32)(a)

    5       4,694  

4.30%, 03/01/48 (Call 09/01/47)

    15       12,639  

4.50%, 11/15/52 (Call 05/15/52)

    15       13,039  

4.50%, 08/01/54 (Call 02/01/54)

    5       4,289  

4.65%, 03/01/68 (Call 09/01/67)

    10       8,599  

5.50%, 04/15/41 (Call 10/15/40)

    5       4,978  

6.15%, 05/01/37

    10       10,664  

FedEx Corp.

   

3.40%, 02/15/28 (Call 11/15/27)

    33       30,756  

4.20%, 10/17/28 (Call 07/17/28)

    20       19,276  

4.55%, 04/01/46 (Call 10/01/45)

    35       29,248  

4.75%, 11/15/45 (Call 05/15/45)

    35       30,102  

4.90%, 01/15/34

    30       28,995  

FedEx Corp. Pass Through Trust, Series 2020-1, Class AA, 1.88%, 08/20/35

    29       23,689  

GXO Logistics Inc.

   

1.65%, 07/15/26 (Call 06/15/26)

    20       17,705  

2.65%, 07/15/31 (Call 04/15/31)

    5       3,913  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

    20       19,360  

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)

    5       4,695  

Norfolk Southern Corp.

   

2.55%, 11/01/29 (Call 08/01/29)

    5       4,312  

2.90%, 06/15/26 (Call 03/15/26)

     60          56,545  

3.05%, 05/15/50 (Call 11/15/49)

    20       13,302  

3.16%, 05/15/55 (Call 11/15/54)

    72       47,328  

3.80%, 08/01/28 (Call 05/01/28)

    15       14,190  

4.45%, 03/01/33 (Call 12/01/32)

    5       4,739  

Ryder System Inc.

   

1.75%, 09/01/26 (Call 08/01/26)

    10       9,005  

2.85%, 03/01/27 (Call 02/01/27)

    5       4,597  

3.35%, 09/01/25 (Call 08/01/25)

    10       9,565  

4.63%, 06/01/25 (Call 05/01/25)

    15       14,705  

5.25%, 06/01/28 (Call 05/01/28)

    5       4,935  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)

    50       45,658  

2.80%, 02/14/32 (Call 12/15/31)

    20       17,077  

2.97%, 09/16/62 (Call 03/16/62)

    25       15,381  

3.20%, 05/20/41 (Call 11/20/40)

    15       11,430  

3.50%, 02/14/53 (Call 08/14/52)

    10       7,432  

3.55%, 08/15/39 (Call 02/15/39)

    5       4,052  

3.70%, 03/01/29 (Call 12/01/28)

    10       9,473  

3.80%, 10/01/51 (Call 04/01/51)

    35       27,614  

3.80%, 04/06/71 (Call 10/06/70)

    15       10,962  

3.84%, 03/20/60 (Call 09/20/59)

    30       22,979  

3.85%, 02/14/72 (Call 08/14/71)

    5       3,699  

3.95%, 09/10/28 (Call 06/10/28)

    45       43,318  

4.10%, 09/15/67 (Call 03/15/67)

    5       3,962  

4.30%, 03/01/49 (Call 09/01/48)

    10       8,569  

4.50%, 01/20/33 (Call 10/20/32)

    50       48,436  

4.50%, 09/10/48 (Call 03/10/48)

    25       21,928  
Security   Par
(000)
    Value  
Transportation (continued)  

4.75%, 02/21/26 (Call 01/21/26)

  $ 15     $ 14,917  

United Parcel Service Inc.

   

2.40%, 11/15/26 (Call 08/15/26)

    20       18,612  

2.50%, 09/01/29 (Call 06/01/29)

    20       17,724  

3.40%, 03/15/29 (Call 12/15/28)

    10       9,358  

4.45%, 04/01/30 (Call 01/01/30)

    20       19,694  

5.05%, 03/03/53 (Call 09/03/52)

    25       24,413  

5.20%, 04/01/40 (Call 10/01/39)

    15       14,938  

5.30%, 04/01/50 (Call 10/01/49)

    25       25,284  

6.20%, 01/15/38

    15       16,756  

Walmart Inc., 3.95%, 09/09/27 (Call 08/09/27)

     30       29,293  
   

 

 

 
      1,403,545  
Trucking & Leasing — 0.0%            

GATX Corp.

   

1.90%, 06/01/31 (Call 03/01/31)

    5       3,802  

3.10%, 06/01/51 (Call 12/01/50)

    5       3,101  

3.25%, 09/15/26 (Call 06/15/26)

    5       4,643  

3.50%, 06/01/32 (Call 03/01/32)

    10       8,405  

4.55%, 11/07/28 (Call 08/07/28)

    15       14,244  
   

 

 

 
      34,195  
Venture Capital — 0.0%            

Hercules Capital Inc., 2.63%, 09/16/26 (Call 08/16/26)

    10       8,734  
   

 

 

 
Water — 0.1%            

American Water Capital Corp.

   

2.30%, 06/01/31 (Call 03/01/31)

    25       20,513  

2.95%, 09/01/27 (Call 06/01/27)

    25       23,054  

3.45%, 06/01/29 (Call 03/01/29)

    10       9,169  

3.75%, 09/01/47 (Call 03/01/47)

    30       23,282  

6.59%, 10/15/37

    15       16,680  

Essential Utilities Inc.

   

3.35%, 04/15/50 (Call 10/15/49)

    25       16,642  

3.57%, 05/01/29 (Call 02/01/29)

    10       9,159  

United Utilities PLC, 6.88%, 08/15/28

    20       20,822  
   

 

 

 
      139,321  
   

 

 

 
Total Corporate Bonds & Notes — 36.3%            

(Cost: $72,263,704)

        65,239,217  
   

 

 

 

Foreign Government Obligations(f)

 

Canada — 0.4%

   

Canada Government International Bond, 1.63%, 01/22/25

    10       9,534  

Hydro-Quebec, Series HK, 9.38%, 04/15/30

    10       12,478  

Province of Alberta Canada

   

1.00%, 05/20/25

    50       46,562  

1.30%, 07/22/30

    65       52,484  

Province of British Columbia Canada

   

0.90%, 07/20/26

    60       53,906  

1.30%, 01/29/31

    25       20,082  

7.25%, 09/01/36

    15       18,718  

Province of Manitoba Canada, 2.13%, 06/22/26

    75       69,757  

Province of Ontario Canada

   

0.63%, 01/21/26

    25       22,626  

1.05%, 04/14/26

    55       49,961  

2.30%, 06/15/26

    50       46,784  

2.50%, 04/27/26

    75       70,720  

 

 

48  

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  
Canada (continued)  

Province of Quebec Canada

   

0.60%, 07/23/25

  $ 85     $ 78,307  

Series QX, 1.50%, 02/11/25

    155       146,914  
   

 

 

 
      698,833  
Chile — 0.1%            

Chile Government International Bond

   

3.10%, 01/22/61 (Call 07/22/60)

    20       12,664  

3.50%, 01/25/50 (Call 07/25/49)

    200       145,190  
   

 

 

 
      157,854  
Indonesia — 0.2%            

Indonesia Government International Bond

   

3.05%, 03/12/51

    5       3,546  

3.35%, 03/12/71

    10       6,467  

3.85%, 10/15/30

    200       185,040  

4.45%, 04/15/70

    15       12,236  

4.85%, 01/11/33 (Call 10/11/32)

     200       196,128  
   

 

 

 
      403,417  
Israel — 0.1%            

State of Israel, 2.50%, 01/15/30

    200       172,506  
   

 

 

 
Italy — 0.1%            

Republic of Italy Government International Bond, 2.88%, 10/17/29

    150       130,947  
   

 

 

 
Japan — 0.0%            

Japan Bank for International Cooperation, 2.75%, 11/16/27

    50       46,222  
   

 

 

 
Mexico — 0.3%            

Mexico Government International Bond

   

4.15%, 03/28/27

    200       195,952  

4.50%, 01/31/50 (Call 07/31/49)

    200       159,158  

4.60%, 01/23/46

    150       121,314  

4.75%, 03/08/44

    45       37,748  

5.55%, 01/21/45

    25       23,321  

6.05%, 01/11/40

    26       25,941  
   

 

 

 
      563,434  
Panama — 0.1%            

Panama Government International Bond

   

4.50%, 04/01/56 (Call 10/01/55)

    150       108,787  

6.70%, 01/26/36

    45       47,233  
   

 

 

 
      156,020  
Peru — 0.1%            

Peruvian Government International Bond

   

2.39%, 01/23/26 (Call 12/23/25)

    60       56,203  

2.78%, 12/01/60 (Call 06/01/60)

    20       11,745  

2.84%, 06/20/30

    5       4,327  

3.00%, 01/15/34 (Call 10/15/33)

    20       16,248  

6.55%, 03/14/37

    40       43,585  

8.75%, 11/21/33

    31       38,560  
   

 

 

 
      170,668  
Philippines — 0.2%            

Philippine Government International Bond

   

1.95%, 01/06/32

    20       15,916  

2.65%, 12/10/45

    5       3,243  

2.95%, 05/05/45

    225       155,718  

3.20%, 07/06/46

    10       7,111  

3.75%, 01/14/29

    200       188,454  

9.50%, 02/02/30

    25       30,936  
   

 

 

 
        401,378  
Security   Par
(000)
    Value  
Poland — 0.1%  

Republic of Poland Government International Bond

   

3.25%, 04/06/26

  $ 25     $ 23,930  

4.88%, 10/04/33 (Call 07/04/33)

    22       21,349  

5.50%, 04/04/53 (Call 10/04/52)

    25       24,312  

5.75%, 11/16/32 (Call 08/16/32)

    50       52,004  
   

 

 

 
      121,595  
South Korea — 0.0%            

Export-Import Bank of Korea, 2.63%, 05/26/26

    50       46,568  
   

 

 

 
Supranational — 1.3%            

African Development Bank

   

0.88%, 03/23/26

     165         149,766  

4.38%, 11/03/27

    50       49,863  

Asian Development Bank

   

0.38%, 09/03/25

    150       137,215  

0.50%, 02/04/26

    165       149,127  

0.63%, 10/08/24

    30       28,519  

0.63%, 04/29/25

    140       130,215  

1.88%, 01/24/30

    35       30,187  

2.00%, 01/22/25

    5       4,787  

2.00%, 04/24/26

    5       4,669  

2.88%, 05/06/25

    15       14,473  

5.82%, 06/16/28

    5       5,277  

Asian Infrastructure Investment Bank (The)

   

0.50%, 01/27/26

    45       40,541  

3.38%, 06/29/25

    20       19,373  

Council of Europe Development Bank

   

0.88%, 09/22/26

    50       44,690  

1.38%, 02/27/25

    10       9,461  

3.00%, 06/16/25

    20       19,283  

European Bank for Reconstruction & Development

   

0.50%, 01/28/26

    15       13,564  

1.50%, 02/13/25

    5       4,745  

1.63%, 09/27/24

    30       28,816  

European Investment Bank

   

0.38%, 12/15/25

    25       22,642  

0.75%, 10/26/26

    10       8,894  

0.75%, 09/23/30

    35       27,614  

0.88%, 05/17/30

    10       8,037  

1.25%, 02/14/31

    30       24,346  

1.63%, 03/14/25

    35       33,217  

1.63%, 10/09/29

    45       38,722  

1.63%, 05/13/31

    10       8,307  

2.13%, 04/13/26(a)

    15       14,068  

2.50%, 10/15/24

    5       4,847  

3.25%, 11/15/27

    5       4,781  

4.88%, 02/15/36

    10       10,512  

Inter-American Development Bank

   

0.63%, 07/15/25

    45       41,552  

0.63%, 09/16/27

    50       43,047  

0.88%, 04/03/25

    60       56,170  

0.88%, 04/20/26

    70       63,443  

1.13%, 07/20/28

    10       8,576  

1.13%, 01/13/31

    20       16,019  

1.75%, 03/14/25

    5       4,753  

2.00%, 06/02/26

    10       9,311  

2.13%, 01/15/25

    5       4,797  

2.25%, 06/18/29(a)

    25       22,331  

2.38%, 07/07/27(a)

    35       32,488  

3.13%, 09/18/28

    40       37,732  

 

 

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

    49  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Supranational (continued)  

4.38%, 01/24/44

  $ 30     $ 28,740  

Inter-American Investment Corp., 4.13%, 02/15/28

    10       9,799  

International Bank for Reconstruction & Development

   

0.38%, 07/28/25

    10       9,179  

0.50%, 10/28/25

    45       41,056  

0.63%, 04/22/25

     210       195,390  

0.75%, 03/11/25

    20       18,731  

0.75%, 08/26/30

    60       47,169  

0.88%, 07/15/26

    10       9,004  

0.88%, 05/14/30

    50       39,974  

1.13%, 09/13/28

    100       85,456  

1.25%, 02/10/31

    40       32,306  

1.38%, 04/20/28

    55       48,100  

1.63%, 01/15/25

    55       52,423  

1.63%, 11/03/31

    50       41,181  

1.75%, 10/23/29

    10       8,631  

1.88%, 10/27/26(a)

    39       35,931  

2.50%, 07/29/25

    60       57,376  

2.50%, 11/22/27

    15       13,903  

2.50%, 03/29/32

    5       4,388  

3.13%, 06/15/27

    20       19,051  

3.63%, 09/21/29

    5       4,819  

International Finance Corp.

   

0.38%, 07/16/25(a)

    5       4,598  

0.75%, 10/08/26

    50       44,512  

0.75%, 08/27/30

    10       7,862  

1.38%, 10/16/24

    5       4,785  

2.13%, 04/07/26

    35       32,829  
   

 

 

 
      2,327,970  
Uruguay — 0.1%            

Uruguay Government International Bond

   

4.98%, 04/20/55

    30       28,372  

5.10%, 06/18/50

    30       28,975  

5.75%, 10/28/34 (Call 07/28/34)(a)

    60       64,507  
   

 

 

 
      121,854  
   

 

 

 

Total Foreign Government Obligations — 3.1%
(Cost: $6,146,041)

        5,519,266  
   

 

 

 

Municipal Debt Obligations

   

California — 0.3%

   

Bay Area Toll Authority RB BAB, Series S1, 6.92%, 04/01/40

    75       85,675  

California State University RB, Class B, 2.72%, 11/01/52

    75       49,347  

City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, 6.95%, 11/01/50

    25       29,624  

Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49

    25       30,069  

Los Angeles Department of Water & Power, RB, Series A, 5.72%, 07/01/39

    20       21,148  

State of California GO

   

2.50%, 10/01/29

    50       43,785  

3.38%, 04/01/25

    25       24,292  

State of California GO BAB

   

7.55%, 04/01/39

    50       61,494  

7.60%, 11/01/40

    100       124,236  

University of California RB

   

Series AD, 4.86%, 05/15/2112

    25       21,888  

Series BD, 3.35%, 07/01/29

    35       32,339  
Security   Par
(000)
    Value  
California (continued)  

Series BG, 3.07%, 05/15/51 (Call 05/15/31)

  $ 10     $ 6,749  
   

 

 

 
      530,646  
Georgia — 0.0%            

Municipal Electric Authority of Georgia RB BAB, Project M, Series 2010-A, 6.66%, 04/01/57

    20       21,979  
   

 

 

 
Illinois — 0.1%            

Chicago O’Hare International Airport RB, Series C, 4.47%, 01/01/49(a)

    50       45,621  

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB, Series A, 6.90%, 12/01/40

    25       27,943  

State of Illinois GO, 5.10%, 06/01/33

    50       48,489  

State of Illinois GO BAB, Series 5, 7.35%, 07/01/35

    43       45,715  
   

 

 

 
        167,768  
Massachusetts — 0.0%            

Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39

    25       25,688  
   

 

 

 
Michigan — 0.0%            

Michigan Finance Authority RB, 3.38%, 12/01/40

    25       19,706  
   

 

 

 
New Jersey — 0.0%            

New Jersey Transportation Trust Fund Authority RB BAB, Series C, 5.75%, 12/15/28

    50       50,517  
   

 

 

 
New York — 0.2%            

Metropolitan Transportation Authority RB BAB, Series 2010-A, 6.67%, 11/15/39

    45       48,235  

New York City Municipal Water Finance Authority RB, 5.44%, 06/15/43

    50       50,778  

New York State Dormitory Authority RB BAB, Series F, 5.63%, 03/15/39

    15       15,429  

New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39

    85       86,535  

Port Authority of New York & New Jersey RB

   

3.29%, 08/01/69

    50       33,388  

Series 182, 5.31%, 08/01/46 (Call 08/01/24)

     50       50,272  
   

 

 

 
      284,637  
Ohio — 0.1%            

American Municipal Power Inc. RB BAB, Series B, 8.08%, 02/15/50

    50       66,155  

JobsOhio Beverage System RB, Series B, 4.53%, 01/01/35

    25       24,068  
   

 

 

 
      90,223  
Oregon — 0.0%            

State of Oregon GO, 5.89%, 06/01/27

    50       50,334  
   

 

 

 
Tennessee — 0.1%            

Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series 2016B, 4.05%, 07/01/26 (Call 04/01/26)

    75       72,123  
   

 

 

 
Texas — 0.1%            

Dallas Area Rapid Transit RB BAB, 5.02%, 12/01/48(a)

    25       24,296  

Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30)

    50       35,226  

North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49

    25       30,033  

State of Texas GO BAB, 5.52%, 04/01/39

    65       67,869  

 

 

50  

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  
Texas (continued)            

Texas Natural Gas Securitization Finance Corp.

   

5.10%, 04/01/35

  $ 15     $ 14,993  

5.17%, 04/01/41

    15       15,009  
   

 

 

 
      187,426  
Virginia — 0.0%            

University of Virginia RB, Series C, 4.18%, 09/01/2117 (Call 03/01/2117)

    25       19,262  
   

 

 

 
Washington — 0.0%            

State of Washington GO BAB, Series F, 5.14%, 08/01/40

    45       44,551  
   

 

 

 
Wisconsin — 0.0%            

State of Wisconsin RB, 3.95%, 05/01/36 (Call 05/01/27)

    25       22,385  
   

 

 

 

Total Municipal Debt Obligations — 0.9%
(Cost: $1,885,899)

      1,587,245  
   

 

 

 

U.S. Government & Agency Obligations

 

U.S. Government Agency Obligations — 3.2%

   

Federal Farm Credit Banks Funding Corp., 1.85%, 07/26/24

    10       9,659  

Federal Home Loan Banks

   

0.38%, 09/04/25

    10       9,146  

0.50%, 04/14/25

    10       9,297  

1.50%, 08/15/24

    30       28,916  

3.13%, 09/12/25

    10       9,616  

3.25%, 06/09/28

    90       85,564  

3.25%, 11/16/28

    990       941,460  

5.50%, 07/15/36

      35           38,556  

Federal Home Loan Mortgage Corp., 6.25%, 07/15/32

    225       256,666  

Federal National Mortgage Association

   

0.63%, 04/22/25

    500       466,015  

0.88%, 08/05/30

    500       396,765  

1.63%, 01/07/25

    985       938,951  

1.75%, 07/02/24

    250       242,438  

1.88%, 09/24/26

    475       438,900  

2.63%, 09/06/24

    330       321,403  

5.63%, 07/15/37

    286       319,945  

6.25%, 05/15/29

    50       54,762  

6.63%, 11/15/30

    100       113,849  

7.25%, 05/15/30

    35       40,849  

Tennessee Valley Authority

   

3.50%, 12/15/42

    72       58,170  

5.25%, 09/15/39

    220       226,391  

5.50%, 06/15/38

    10       10,648  

5.88%, 04/01/36

    50       55,501  

6.15%, 01/15/38

    285       321,477  

7.13%, 05/01/30

    190       217,214  

Series A, 2.88%, 02/01/27

    100       94,426  
   

 

 

 
      5,706,584  
U.S. Government Obligations — 55.3%            

U.S. Treasury Note/Bond

   

0.25%, 05/31/25

    300       276,410  

0.25%, 06/30/25(a)

    300       275,684  

0.25%, 07/31/25

    250       228,945  

0.25%, 08/31/25

    30       27,293  

0.25%, 09/30/25

    400       364,406  

0.25%, 10/31/25

    300       272,320  

0.38%, 08/15/24

    50       47,672  

0.38%, 09/15/24

    500       475,020  
Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)            

0.38%, 04/30/25

  $ 400     $ 370,625  

0.38%, 11/30/25

    400       363,031  

0.38%, 12/31/25

    350       317,078  

0.38%, 01/31/26

    400       360,969  

0.38%, 07/31/27

    350       299,988  

0.38%, 09/30/27

    500       426,133  

0.50%, 03/31/25

    400       372,516  

0.50%, 02/28/26

    550       496,590  

0.50%, 06/30/27

    450       388,828  

0.50%, 08/31/27

    600       515,531  

0.50%, 10/31/27

    500       427,227  

0.63%, 07/31/26

    300       268,289  

0.63%, 03/31/27

    100           87,523  

0.63%, 11/30/27

      300       257,109  

0.63%, 12/31/27

    610       521,455  

0.63%, 05/15/30

    350       277,594  

0.63%, 08/15/30

    775       610,676  

0.75%, 11/15/24

    560       530,687  

0.75%, 03/31/26

    400       363,031  

0.75%, 04/30/26

    700       633,062  

0.75%, 05/31/26

    400       360,750  

0.75%, 08/31/26

    300       268,617  

0.75%, 01/31/28

    850       728,941  

0.88%, 06/30/26

    500       451,953  

0.88%, 09/30/26

    500       448,633  

1.00%, 12/15/24

    480       454,912  

1.00%, 07/31/28

    700       599,102  

1.13%, 01/15/25

    200       189,344  

1.13%, 10/31/26

    400       360,594  

1.13%, 02/28/27

    300       268,219  

1.13%, 02/29/28

    400       348,188  

1.13%, 08/31/28

    300       257,836  

1.13%, 02/15/31

    1,000       812,344  

1.13%, 05/15/40

    300       185,625  

1.13%, 08/15/40

    510       312,933  

1.25%, 08/31/24

    50       47,998  

1.25%, 11/30/26

    700       632,187  

1.25%, 12/31/26

    700       631,312  

1.25%, 03/31/28

    400       349,531  

1.25%, 04/30/28

    200       174,406  

1.25%, 05/31/28

    550       478,758  

1.25%, 06/30/28

    680       590,750  

1.25%, 09/30/28

    800       690,375  

1.25%, 08/15/31

    1,100       888,250  

1.25%, 05/15/50

    390       203,836  

1.38%, 01/31/25

    400       379,516  

1.38%, 10/31/28

    600       520,078  

1.38%, 11/15/31

    1,620       1,312,959  

1.38%, 11/15/40

    780       497,737  

1.38%, 08/15/50

    1,150       621,359  

1.50%, 09/30/24

    400       384,031  

1.50%, 10/31/24

    300       287,285  

1.50%, 11/30/24

    500       477,402  

1.50%, 02/15/25

    250       237,314  

1.50%, 08/15/26

    630       577,484  

1.50%, 01/31/27

    400       362,844  

1.50%, 11/30/28

    500       435,508  

1.63%, 02/15/26

    400       371,813  

1.63%, 05/15/26

    400       369,938  

1.63%, 09/30/26

    300       275,484  

 

 

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

    51  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)            

1.63%, 10/31/26

  $ 300     $ 274,734  

1.63%, 11/30/26

    300       274,313  

1.63%, 05/15/31

    920       770,500  

1.63%, 11/15/50

    760       439,375  

1.75%, 12/31/24

    400       382,313  

1.75%, 03/15/25

    200       190,195  

1.75%, 01/31/29

    600       527,531  

1.75%, 08/15/41

    780       523,941  

1.88%, 08/31/24

    50       48,299  

1.88%, 07/31/26

    200       185,563  

1.88%, 02/28/27

    500       458,711  

1.88%, 02/28/29

    300       265,289  

1.88%, 02/15/32

    1,300       1,092,609  

1.88%, 02/15/41

    850       589,555  

1.88%, 02/15/51

      500          308,359  

1.88%, 11/15/51

    630       387,056  

2.00%, 02/15/25

    575       549,889  

2.00%, 08/15/25

    400       378,625  

2.00%, 11/15/26

    650       601,859  

2.00%, 11/15/41

    500       349,844  

2.00%, 02/15/50

    580       371,291  

2.00%, 08/15/51

    700       444,281  

2.13%, 09/30/24

    200       193,281  

2.13%, 11/30/24

    290       279,091  

2.13%, 05/15/25

    250       238,320  

2.13%, 05/31/26

    500       468,477  

2.25%, 11/15/24

    400       385,859  

2.25%, 12/31/24

    400       384,859  

2.25%, 11/15/25

    350       331,543  

2.25%, 03/31/26

    500       471,406  

2.25%, 02/15/27

    300       278,930  

2.25%, 08/15/27

    250       230,801  

2.25%, 11/15/27

    400       367,813  

2.25%, 05/15/41

    750       552,422  

2.25%, 08/15/46

    265       182,477  

2.25%, 02/15/52

    680       458,787  

2.38%, 08/15/24

    50       48,590  

2.38%, 04/30/26

    500       472,227  

2.38%, 05/15/27

    500       465,352  

2.38%, 03/31/29

    900       816,047  

2.38%, 05/15/29

    500       452,891  

2.38%, 02/15/42

    550       409,062  

2.38%, 05/15/51

    470       326,650  

2.50%, 01/31/25

    400       385,516  

2.50%, 03/31/27

    400       374,781  

2.50%, 02/15/45

    395       289,831  

2.50%, 02/15/46

    300       218,016  

2.50%, 05/15/46

    260       188,744  

2.63%, 04/15/25

    500       481,250  

2.63%, 05/31/27

    400       375,469  

2.63%, 07/31/29

    400       366,313  

2.75%, 02/28/25

    400       386,438  

2.75%, 05/15/25

    400       385,375  

2.75%, 08/31/25

    200       191,961  

2.75%, 04/30/27

    400       377,563  

2.75%, 07/31/27

    600       564,844  

2.75%, 02/15/28

    300       281,016  

2.75%, 05/31/29

    402       370,884  

2.75%, 08/15/32

    700       628,359  

2.75%, 08/15/42

    190       149,328  
Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)            

2.75%, 11/15/42

  $ 300     $ 235,078  

2.75%, 08/15/47

    200       151,531  

2.75%, 11/15/47

    620       469,359  

2.88%, 04/30/25

    400       386,328  

2.88%, 05/31/25

    230       221,887  

2.88%, 06/15/25

    400       385,828  

2.88%, 07/31/25

    200       192,617  

2.88%, 11/30/25

    200       192,016  

2.88%, 05/15/28

    200       187,984  

2.88%, 08/15/28

    500       468,789  

2.88%, 04/30/29

    300       279,188  

2.88%, 05/15/32

    700       636,125  

2.88%, 05/15/43

    400       318,375  

2.88%, 08/15/45

      200          156,344  

2.88%, 11/15/46

    150       116,625  

2.88%, 05/15/49

    300       232,594  

2.88%, 05/15/52

    570       442,462  

3.00%, 07/15/25

    400       386,281  

3.00%, 09/30/25

    200       192,781  

3.00%, 10/31/25

    400       385,281  

3.00%, 05/15/42

    200       164,031  

3.00%, 11/15/44

    200       160,844  

3.00%, 05/15/45

    200       160,156  

3.00%, 11/15/45

    140       111,803  

3.00%, 02/15/47

    200       158,969  

3.00%, 05/15/47

    100       79,469  

3.00%, 02/15/48

    770       611,067  

3.00%, 08/15/48

    300       238,031  

3.00%, 02/15/49

    150       119,039  

3.00%, 08/15/52

    870       693,417  

3.13%, 08/15/25

    400       386,922  

3.13%, 08/31/27

    600       572,578  

3.13%, 11/15/28

    600       568,078  

3.13%, 08/31/29

    250       235,254  

3.13%, 02/15/43

    820       680,728  

3.13%, 08/15/44

    300       246,656  

3.13%, 05/15/48

    350       284,211  

3.25%, 08/31/24

    50       48,965  

3.25%, 06/30/27

    600       576,047  

3.25%, 06/30/29

    250       237,051  

3.25%, 05/15/42

    400       341,500  

3.38%, 05/15/33

    1,300       1,224,844  

3.38%, 08/15/42

    450       390,445  

3.38%, 11/15/48

    820       696,744  

3.50%, 09/15/25

    300       292,172  

3.50%, 01/31/28

    1,400       1,354,062  

3.50%, 04/30/28

    1,000       966,875  

3.50%, 01/31/30

    800       767,312  

3.50%, 04/30/30

    1,100       1,054,625  

3.50%, 02/15/33

    1,600       1,523,750  

3.63%, 05/15/26

    400       390,125  

3.63%, 03/31/28

    1,000       972,109  

3.63%, 05/31/28

    700       680,859  

3.63%, 03/31/30

    200       193,188  

3.63%, 08/15/43

    300       267,938  

3.63%, 02/15/53

    410       369,384  

3.63%, 05/15/53

    750       676,406  

3.75%, 04/15/26

    400       391,344  

3.75%, 05/31/30

    300       291,891  

3.75%, 06/30/30

    300       291,891  

 

 

52  

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  
U.S. Government Obligations (continued)            

3.88%, 03/31/25

  $ 2,000     $ 1,963,750  

3.88%, 04/30/25

    1,500       1,472,637  

3.88%, 01/15/26

    500       490,547  

3.88%, 11/30/27(a)

    200       196,344  

3.88%, 12/31/27

    300       294,539  

3.88%, 09/30/29

    200       195,953  

3.88%, 11/30/29

    200       195,969  

3.88%, 12/31/29

    700       685,836  

3.88%, 08/15/33

    420       412,453  

3.88%, 02/15/43

    750       697,734  

3.88%, 05/15/43

    350       325,500  

4.00%, 12/15/25

    700       688,680  

4.00%, 02/15/26

    500       492,109  

4.00%, 02/29/28

    1,100       1,086,508  

4.00%, 06/30/28

    400       395,250  

4.00%, 10/31/29

    200       197,313  

4.00%, 02/28/30

      900          888,469  

4.00%, 07/31/30

    600       592,875  

4.00%, 11/15/42

    300       284,578  

4.00%, 11/15/52

    650       627,250  

4.13%, 06/15/26

    500       494,219  

4.13%, 09/30/27

    600       594,469  

4.13%, 07/31/28(a)

    1,100       1,093,641  

4.13%, 08/31/30

    300       298,734  

4.13%, 11/15/32

    450       449,789  

4.13%, 08/15/53

    120       118,388  

4.25%, 12/31/24

    200       197,523  

4.25%, 05/31/25

    450       444,463  

4.25%, 10/15/25

    400       395,500  

4.38%, 10/31/24

    500       494,746  

4.38%, 08/15/26

    500       497,695  

4.38%, 08/31/28

    500       503,047  

4.38%, 02/15/38

    340       348,075  

4.38%, 08/15/43

    250       249,336  

4.50%, 11/15/25

    700       695,625  

4.50%, 05/15/38

    200       207,125  

4.50%, 08/15/39

    200       206,063  

4.63%, 02/28/25

    800       794,406  

4.63%, 03/15/26

    300       299,789  

4.75%, 06/30/25

    1,000       994,414  

4.75%, 07/31/25

    500       498,633  
Security  

Par/

Shares

(000)

    Value  
U.S. Government Obligations (continued)            

4.75%, 07/15/26

  $ 400     $ 399,312  

4.75%, 02/15/37

    60       64,069  

5.00%, 05/15/37

    90       98,381  

6.50%, 11/15/26

    100       105,648  

6.88%, 08/15/25

    300          310,453  
   

 

 

 
      99,492,633  
   

 

 

 

Total U.S. Government & Agency Obligations — 58.5%
(Cost: $115,990,733)

 

    105,199,217  
   

 

 

 

Total Long-Term Investments — 98.8%
(Cost: $196,286,377)

      177,544,945  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 2.7%

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(g)(h)(i)

    4,877       4,877,197  
   

 

 

 

Total Short-Term Securities — 2.7%
(Cost: $4,877,197)

      4,877,197  
   

 

 

 

Total Investments — 101.5%
(Cost: $201,163,574)

      182,422,142  

Liabilities in Excess of Other Assets — (1.5)%

      (2,709,654
   

 

 

 

Net Assets — 100.0%

    $  179,712,488  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

Zero-coupon bond.

(d) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(f) 

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

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

(i) 

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

  $ 2,750,845      $ 2,126,352 (a)    $      $      $      $ 4,877,197        4,877      $ 20,834 (b)    $  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

 

 

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

    53  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Government/Credit 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

  $      $ 65,239,217      $      $ 65,239,217  

Foreign Government Obligations

           5,519,266               5,519,266  

Municipal Debt Obligations

           1,587,245               1,587,245  

U.S. Government & Agency Obligations

           105,199,217               105,199,217  

Short-Term Securities

          

Money Market Funds

    4,877,197                      4,877,197  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 4,877,197      $ 177,544,945      $      $ 182,422,142  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

54  

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® Intermediate 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)

   

2.40%, 03/01/31 (Call 12/01/30)

  $ 145     $ 117,090  

4.65%, 10/01/28 (Call 07/01/28)

    125       119,594  

4.75%, 03/30/30 (Call 12/30/29)

    200       190,716  

5.38%, 06/15/33 (Call 03/15/33)

    60       57,910  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    130       107,754  

2.60%, 08/01/31 (Call 05/01/31)

    210       171,803  

3.60%, 04/15/26 (Call 01/15/26)

    393       375,948  

3.65%, 11/01/24 (Call 08/01/24)

    260       253,952  

4.20%, 06/01/30 (Call 03/01/30)

    200       184,642  

WPP Finance 2010, 3.75%, 09/19/24

    150       145,842  
   

 

 

 
        1,725,251  
Aerospace & Defense — 0.5%            

Boeing Co. (The)

   

2.20%, 02/04/26 (Call 09/11/23)

    1,235       1,139,473  

2.25%, 06/15/26 (Call 03/15/26)

    95       87,016  

2.60%, 10/30/25 (Call 07/30/25)

    70       65,669  

2.70%, 02/01/27 (Call 12/01/26)

    330       301,709  

2.75%, 02/01/26 (Call 01/01/26)

    285       267,356  

2.80%, 03/01/27 (Call 12/01/26)

    150       137,039  

2.85%, 10/30/24 (Call 07/30/24)

    118       113,797  

2.95%, 02/01/30 (Call 11/01/29)

    235       203,400  

3.10%, 05/01/26 (Call 03/01/26)

    180       169,484  

3.20%, 03/01/29 (Call 12/01/28)

    208       186,963  

3.25%, 02/01/28 (Call 12/01/27)

    90       82,485  

3.25%, 03/01/28 (Call 12/01/27)

    160       145,757  

3.45%, 11/01/28 (Call 08/01/28)

    135       123,647  

3.63%, 02/01/31 (Call 11/01/30)

    375       334,796  

4.88%, 05/01/25 (Call 04/01/25)

    754       743,436  

5.04%, 05/01/27 (Call 03/01/27)

    615       607,891  

5.15%, 05/01/30 (Call 02/01/30)

    978       961,941  

6.13%, 02/15/33

    35       36,240  

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

    130       117,402  

2.13%, 08/15/26 (Call 05/15/26)

    190       175,507  

2.25%, 06/01/31 (Call 03/01/31)

    90       75,200  

2.38%, 11/15/24 (Call 09/15/24)

    65       62,628  

2.63%, 11/15/27 (Call 08/15/27)

    61       55,679  

3.25%, 04/01/25 (Call 03/01/25)

    241       233,529  

3.50%, 05/15/25 (Call 03/15/25)

    250       242,768  

3.50%, 04/01/27 (Call 02/01/27)

    140       133,272  

3.63%, 04/01/30 (Call 01/01/30)

    282       262,370  

3.75%, 05/15/28 (Call 02/15/28)

    305       291,339  

HEICO Corp., 5.25%, 08/01/28 (Call 07/01/28)

    15       14,876  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    15       14,096  

4.95%, 08/15/25 (Call 05/15/25)

    70       68,144  

L3Harris Technologies Inc.

   

1.80%, 01/15/31 (Call 10/15/30)

    140       110,212  

2.90%, 12/15/29 (Call 09/15/29)

    170       147,897  

3.83%, 04/27/25 (Call 01/27/25)

    260       253,040  

3.85%, 12/15/26 (Call 09/15/26)

    190       181,420  

4.40%, 06/15/28 (Call 03/15/28)

    313       300,885  

5.40%, 01/15/27

    235       235,557  

5.40%, 07/31/33 (Call 04/30/33)

    220       220,400  

Lockheed Martin Corp.

   

1.85%, 06/15/30 (Call 03/15/30)

    110       91,208  
Security   Par
(000)
    Value  
Aerospace & Defense (continued)            

3.55%, 01/15/26 (Call 10/15/25)

  $ 439     $ 424,825  

3.90%, 06/15/32 (Call 03/15/32)

    195       181,106  

4.95%, 10/15/25 (Call 09/15/25)

    80       79,790  

5.10%, 11/15/27 (Call 10/15/27)

    315       318,402  

5.25%, 01/15/33 (Call 10/15/32)

    210       215,313  

Northrop Grumman Corp.

   

2.93%, 01/15/25 (Call 11/15/24)

    307       296,700  

3.20%, 02/01/27 (Call 11/01/26)

    239       225,647  

3.25%, 01/15/28 (Call 10/15/27)

    380       353,867  

4.40%, 05/01/30 (Call 02/01/30)

    225       216,290  

4.70%, 03/15/33 (Call 12/15/32)

    355       343,686  

RTX Corp.

   

1.90%, 09/01/31 (Call 06/01/31)

    200       156,566  

2.25%, 07/01/30 (Call 04/01/30)

    250       207,390  

2.38%, 03/15/32 (Call 12/15/31)

    220       176,867  

2.65%, 11/01/26 (Call 08/01/26)

    135       125,222  

3.13%, 05/04/27 (Call 02/04/27)

    268       249,765  

3.50%, 03/15/27 (Call 12/15/26)

    470       443,751  

3.95%, 08/16/25 (Call 06/16/25)

    562       546,455  

4.13%, 11/16/28 (Call 08/16/28)

    765       729,894  

5.00%, 02/27/26 (Call 01/27/26)

    120       119,448  

5.15%, 02/27/33 (Call 11/27/32)

    320       316,029  

7.20%, 08/15/27

    5       5,342  

7.50%, 09/15/29

    20       22,334  
   

 

 

 
       14,750,217  
Agriculture — 0.4%            

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

    295       279,471  

2.45%, 02/04/32 (Call 11/04/31)

    345       269,207  

2.63%, 09/16/26 (Call 06/16/26)

    213       197,485  

3.40%, 05/06/30 (Call 02/06/30)

    140       123,122  

4.40%, 02/14/26 (Call 12/14/25)

    215       210,283  

4.80%, 02/14/29 (Call 11/14/28)

    216       209,289  

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    423       397,079  

2.90%, 03/01/32 (Call 12/01/31)

    130       112,143  

3.25%, 03/27/30 (Call 12/27/29)

    200       181,844  

4.50%, 08/15/33 (Call 05/15/33)(a)

    25       24,159  

5.94%, 10/01/32

    100       106,476  

BAT Capital Corp.

   

2.26%, 03/25/28 (Call 01/25/28)

    330       283,988  

2.73%, 03/25/31 (Call 12/25/30)

    250       197,873  

2.79%, 09/06/24 (Call 08/06/24)

    220       213,442  

3.22%, 08/15/24 (Call 06/15/24)

    281       274,118  

3.22%, 09/06/26 (Call 07/06/26)

    181       168,983  

3.46%, 09/06/29 (Call 06/06/29)

    170       148,247  

3.56%, 08/15/27 (Call 05/15/27)

     203       188,258  

4.70%, 04/02/27 (Call 02/02/27)

    375       363,506  

4.74%, 03/16/32 (Call 12/16/31)

    161       145,333  

4.91%, 04/02/30 (Call 01/02/30)

    190       178,860  

6.34%, 08/02/30 (Call 06/02/30)

    300       301,950  

6.42%, 08/02/33 (Call 05/02/33)

    265       264,406  

7.75%, 10/19/32 (Call 07/19/32)

    140       151,805  

BAT International Finance PLC

   

1.67%, 03/25/26 (Call 02/25/26)

    380       344,155  

4.45%, 03/16/28 (Call 02/16/28)

    225       213,415  

5.93%, 02/02/29

    300       298,806  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    220       203,733  

2.75%, 05/14/31 (Call 02/14/31)

    240       200,784  

 

 

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

    55  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Agriculture (continued)            

3.25%, 08/15/26 (Call 05/15/26)

  $ 95     $ 89,435  

3.75%, 09/25/27 (Call 06/25/27)

    157       147,786  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    200       179,092  

1.50%, 05/01/25 (Call 04/01/25)

    251       235,704  

1.75%, 11/01/30 (Call 08/01/30)

    210       164,533  

2.10%, 05/01/30 (Call 02/01/30)

    170       139,403  

2.75%, 02/25/26 (Call 11/25/25)

      190          179,208  

3.13%, 08/17/27 (Call 05/17/27)

    120       111,758  

3.13%, 03/02/28 (Call 12/02/27)

    115       105,561  

3.25%, 11/10/24

    163       158,725  

3.38%, 08/11/25 (Call 05/11/25)

    240       231,461  

3.38%, 08/15/29 (Call 05/15/29)

    221       198,657  

4.88%, 02/13/26

    350       346,587  

4.88%, 02/15/28 (Call 01/15/28)

    255       251,407  

5.00%, 11/17/25

    195       193,805  

5.13%, 11/15/24

    215       213,944  

5.13%, 11/17/27 (Call 10/17/27)

    465       463,842  

5.13%, 02/15/30 (Call 12/15/29)

    265       261,960  

5.38%, 02/15/33 (Call 11/15/32)

    390       385,031  

5.63%, 11/17/29 (Call 09/17/29)

    360       363,276  

5.75%, 11/17/32 (Call 08/17/32)

    270       273,583  

Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)

    421       411,852  
   

 

 

 
      11,358,830  
Airlines — 0.1%            

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

    40       37,332  

American Airlines 2016-1 Class AA Pass Through Trust, Series 2016-1, Class AA, 3.58%, 07/15/29

    47       43,247  

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

    195       176,649  

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

    52       46,748  

American Airlines 2017-1 Class AA Pass Through Trust, Series 2017-1, Class AA, 3.65%, 08/15/30

    27       25,045  

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

    106       94,939  

Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 04/29/26

    69       66,905  

JetBlue Pass Through Trust, Series 1A, Class A, 4.00%, 05/15/34(a)

    134       122,702  

Southwest Airlines Co.

   

2.63%, 02/10/30 (Call 11/10/29)

    160       135,064  

3.00%, 11/15/26 (Call 08/15/26)

    200       186,302  

3.45%, 11/16/27 (Call 08/16/27)

    30       27,728  

5.13%, 06/15/27 (Call 04/15/27)

    430       424,616  

5.25%, 05/04/25 (Call 04/04/25)

    320       317,754  

United Airlines Pass Through Trust

   

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

    108       103,612  

Series 2014-1, Class A, 4.00%, 10/11/27

    29       27,758  

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

    168       157,865  

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

    99       89,469  

Series 2016-2, Class AA, 2.88%, 04/07/30

    36       31,412  

Series 2018-1, Class AA, 3.50%, 09/01/31

    27       24,601  

Series 2019, Class AA, 4.15%, 02/25/33

    33       30,133  

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

    482       480,007  

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

    81       78,463  
Security  

Par

(000)

    Value  
Airlines (continued)            

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

  $ 266     $ 265,197  
   

 

 

 
      2,993,548  
Apparel — 0.1%            

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)

    425       393,669  

2.40%, 03/27/25 (Call 02/27/25)

    123       117,773  

2.75%, 03/27/27 (Call 01/27/27)

    378       353,116  

2.85%, 03/27/30 (Call 12/27/29)

      404          360,134  

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

    195       188,612  

Ralph Lauren Corp.

   

2.95%, 06/15/30 (Call 03/15/30)

    185       162,637  

3.75%, 09/15/25 (Call 07/15/25)

    140       135,607  

Tapestry Inc.

   

3.05%, 03/15/32 (Call 12/15/31)

    100       76,682  

4.13%, 07/15/27 (Call 04/15/27)

    92       85,904  

4.25%, 04/01/25 (Call 01/01/25)

    20       19,446  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    190       179,320  

2.80%, 04/23/27 (Call 02/23/27)

    195       177,124  

2.95%, 04/23/30 (Call 01/23/30)

    190       157,692  
   

 

 

 
      2,407,716  
Auto Manufacturers — 0.6%            

American Honda Finance Corp.

   

1.00%, 09/10/25

    70       64,165  

1.20%, 07/08/25

    195       180,751  

1.30%, 09/09/26

    205       182,924  

1.50%, 01/13/25

    130       123,299  

1.80%, 01/13/31

    70       56,079  

2.00%, 03/24/28

    170       148,738  

2.15%, 09/10/24

    63       60,815  

2.25%, 01/12/29

    240       209,066  

2.30%, 09/09/26

    250       229,795  

2.35%, 01/08/27

    205       187,622  

3.50%, 02/15/28

    205       192,466  

4.60%, 04/17/30

    120       116,705  

4.70%, 01/12/28

    140       138,207  

4.75%, 01/12/26

    25       24,752  

5.00%, 05/23/25

    70       69,380  

5.13%, 07/07/28

    110       110,102  

5.25%, 07/07/26

    110       110,176  

Series A, 4.60%, 04/17/25

    150       148,078  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    110       100,720  

1.50%, 09/01/30 (Call 06/01/30)

    250       200,935  

General Motors Co.

   

4.20%, 10/01/27 (Call 07/01/27)

    175       164,913  

5.00%, 10/01/28 (Call 07/01/28)

    182       176,538  

5.40%, 10/15/29 (Call 08/15/29)

    195       188,495  

5.60%, 10/15/32 (Call 07/15/32)(a)

    315       303,937  

6.13%, 10/01/25 (Call 09/01/25)

    473       475,261  

6.80%, 10/01/27 (Call 08/01/27)

    140       144,325  

General Motors Financial Co. Inc.

   

1.20%, 10/15/24

    130       123,336  

1.25%, 01/08/26 (Call 12/08/25)

    265       238,034  

1.50%, 06/10/26 (Call 05/10/26)

    170       150,906  

2.35%, 02/26/27 (Call 01/26/27)

    355       315,659  

2.35%, 01/08/31 (Call 10/08/30)

    178       138,258  

2.40%, 04/10/28 (Call 02/10/28)

    180       155,398  

2.40%, 10/15/28 (Call 08/15/28)

    250       211,485  

 

 

56  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

2.70%, 08/20/27 (Call 06/20/27)

  $ 125     $ 111,171  

2.70%, 06/10/31 (Call 03/10/31)

    255       201,185  

2.75%, 06/20/25 (Call 05/20/25)

    370       349,520  

2.90%, 02/26/25 (Call 01/26/25)

    438       418,399  

3.10%, 01/12/32 (Call 10/12/31)

    300       239,751  

3.50%, 11/07/24 (Call 09/07/24)

    255       247,676  

3.60%, 06/21/30 (Call 03/21/30)

    296       254,208  

3.80%, 04/07/25

    160       154,571  

3.85%, 01/05/28 (Call 10/05/27)

      90           82,949  

4.00%, 01/15/25 (Call 10/15/24)

    306       297,481  

4.00%, 10/06/26 (Call 07/06/26)

    215       203,171  

4.30%, 07/13/25 (Call 04/13/25)

    20       19,426  

4.30%, 04/06/29 (Call 02/06/29)

    230       210,257  

4.35%, 04/09/25 (Call 02/09/25)

    400       390,596  

4.35%, 01/17/27 (Call 10/17/26)

    287       273,063  

5.00%, 04/09/27 (Call 03/09/27)

    290       282,440  

5.25%, 03/01/26 (Call 12/01/25)

    332       327,090  

5.40%, 04/06/26

    175       172,858  

5.65%, 01/17/29 (Call 10/17/28)

    85       83,560  

5.80%, 06/23/28 (Call 05/23/28)

    135       133,869  

5.85%, 04/06/30 (Call 02/06/30)

    220       215,072  

6.00%, 01/09/28 (Call 12/09/27)

    220       220,502  

6.05%, 10/10/25

    265       265,350  

6.40%, 01/09/33 (Call 10/09/32)(a)

    250       251,915  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)

    70       66,907  

2.97%, 03/10/32 (Call 12/10/31)

    250       218,225  

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

    350       426,881  

PACCAR Financial Corp.

   

0.90%, 11/08/24

    10       9,487  

1.10%, 05/11/26

    105       94,976  

1.80%, 02/06/25

    135       128,494  

2.00%, 02/04/27

    160       145,075  

2.85%, 04/07/25

    80       76,974  

3.55%, 08/11/25

    35       34,011  

4.45%, 03/30/26

    150       148,690  

4.60%, 01/10/28

    160       158,701  

4.95%, 10/03/25

    180       179,422  

Toyota Motor Corp.

   

1.34%, 03/25/26 (Call 02/25/26)

    350       318,776  

2.36%, 03/25/31 (Call 12/25/30)

    128       107,656  

2.76%, 07/02/29

    70       62,873  

3.67%, 07/20/28

    70       66,690  

5.12%, 07/13/28 (Call 06/13/28)

    75       75,729  

5.12%, 07/13/33 (Call 04/13/33)

    75       75,788  

5.28%, 07/13/26 (Call 06/13/26)

    60       60,314  

Toyota Motor Credit Corp.

   

0.63%, 09/13/24

    325       309,325  

0.80%, 10/16/25

    55       50,161  

0.80%, 01/09/26

    50       45,307  

1.13%, 06/18/26

    300       269,613  

1.15%, 08/13/27

    10       8,651  

1.45%, 01/13/25

    170       161,400  

1.65%, 01/10/31

    130       103,635  

1.80%, 02/13/25

    270       256,673  

1.90%, 01/13/27

    185       167,347  

1.90%, 04/06/28

    230       202,922  

1.90%, 09/12/31

    205       163,895  

2.00%, 10/07/24

    147       141,593  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

2.15%, 02/13/30

  $ 35     $ 29,706  

2.40%, 01/13/32

    25       20,669  

3.00%, 04/01/25

    427       412,128  

3.05%, 03/22/27

    400       375,384  

3.05%, 01/11/28

    180       167,094  

3.20%, 01/11/27

    230       217,090  

3.38%, 04/01/30

    380       345,606  

3.40%, 04/14/25

    205       199,065  

3.65%, 08/18/25

    175       169,841  

3.65%, 01/08/29

    50       47,184  

3.95%, 06/30/25

    150       146,515  

4.40%, 09/20/24

    70       69,236  

4.45%, 05/18/26

    185       182,464  

4.45%, 06/29/29

      200          196,100  

4.55%, 09/20/27

    120       118,169  

4.55%, 05/17/30

    160       155,837  

4.63%, 01/12/28

    145       143,582  

4.70%, 01/12/33

    105       102,941  

4.80%, 01/10/25

    80       79,489  

5.00%, 08/14/26

    300       299,898  

5.40%, 11/10/25

    145       145,739  

5.45%, 11/10/27

    240       244,406  
   

 

 

 
      19,051,734  
Auto Parts & Equipment — 0.1%            

Aptiv PLC

   

2.40%, 02/18/25 (Call 09/11/23)

    15       14,283  

3.25%, 03/01/32 (Call 12/01/31)

    165       139,770  

4.35%, 03/15/29 (Call 12/15/28)

    70       67,475  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)

    318       288,159  

3.38%, 03/15/25 (Call 12/15/24)

    225       217,170  

Lear Corp.

   

2.60%, 01/15/32 (Call 10/15/31)

    75       58,480  

3.50%, 05/30/30 (Call 02/28/30)

    80       69,858  

3.80%, 09/15/27 (Call 06/15/27)

    128       119,878  

4.25%, 05/15/29 (Call 02/15/29)

    125       116,171  

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)

    75       63,136  

4.15%, 10/01/25 (Call 07/01/25)

    223       216,694  

5.50%, 03/21/33 (Call 12/21/32)

    90       91,117  
   

 

 

 
      1,462,191  
Banks — 9.6%            

Australia & New Zealand Banking Group Ltd.

   

3.70%, 11/16/25

    65       62,868  

5.09%, 12/08/25

    250       248,877  

5.38%, 07/03/25

    300       300,159  

Banco Bilbao Vizcaya Argentaria SA

   

1.13%, 09/18/25

    385       351,205  

5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)(b)

    360       357,008  

Banco Santander SA

   

1.72%, 09/14/27 (Call 09/14/26), (1-year CMT + 0.900%)(b)

    225       197,662  

1.85%, 03/25/26

    425       384,077  

2.75%, 05/28/25

    260       246,082  

2.75%, 12/03/30

    315       243,971  

2.96%, 03/25/31

    220       180,932  

3.23%, 11/22/32 (Call 08/22/31), (1-year CMT + 1.600%)(b)

    225       176,398  

 

 

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

    57  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

3.31%, 06/27/29

  $ 285     $ 252,205  

3.49%, 05/28/30

    240       207,694  

3.80%, 02/23/28

    215       196,860  

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

    285       266,988  

4.25%, 04/11/27

      225          212,749  

4.38%, 04/12/28

    275       258,288  

5.15%, 08/18/25

    200       196,748  

5.18%, 11/19/25

    385       376,418  

5.29%, 08/18/27

    265       259,538  

5.59%, 08/08/28

    400       396,508  

6.92%, 08/08/33

    200       200,076  

Bank of America Corp.

   

0.98%, 09/25/25 (Call 09/25/24), (1-day SOFR + 0.910%)(b)

    355       336,025  

1.20%, 10/24/26 (Call 10/24/25), (1-day SOFR + 1.010%)(b)

    563       510,247  

1.32%, 06/19/26 (Call 06/19/25), (1-day SOFR + 1.150%)(b)

    680       625,600  

1.53%, 12/06/25 (Call 12/06/24), (1-day SOFR + 0.650%)(b)

    515       487,097  

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

    1,225       1,096,228  

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

    540       425,693  

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

    535       419,098  

2.02%, 02/13/26 (Call 02/13/25), (3-mo. SOFR + 0.902%)(b)

    310       292,401  

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

    665       566,959  

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

    800       630,824  

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

    513       493,003  

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

    365       277,455  

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

    765       635,769  

2.55%, 02/04/28 (Call 02/04/27), (1-day SOFR + 1.050%)(b)

    510       461,351  

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

    715       573,001  

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

    945       786,665  

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

    975       796,897  

2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)(b)

    483       413,960  

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

    1,080       888,592  

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

    341       330,422  

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

    530       465,340  

3.25%, 10/21/27 (Call 10/21/26)

    701       653,003  

3.37%, 01/23/26 (Call 01/23/25), (3-mo. SOFR + 1.072%)(b)

    435       419,292  

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

    720       692,093  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 1,153     $ 1,056,713  

3.50%, 04/19/26

    648       616,591  

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

    628       594,986  

3.59%, 07/21/28 (Call 07/21/27), (3-mo. SOFR + 1.632%)(b)

    480       446,472  

3.71%, 04/24/28 (Call 04/24/27), (3-mo. SOFR + 1.774%)(b)

    466       436,069  

3.82%, 01/20/28 (Call 01/20/27), (3-mo. SOFR + 1.837%)(b)

    525       494,833  

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

    485       410,683  

3.88%, 08/01/25

    415       403,803  

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

    506       472,078  

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

    617       567,874  

4.00%, 01/22/25

    566       551,895  

4.25%, 10/22/26

    552       529,616  

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

    590       556,576  

4.38%, 04/27/28 (Call 04/27/27), (1-day SOFR + 1.580%)(b)

    460       441,126  

4.45%, 03/03/26

    452       439,434  

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

    1,070       990,841  

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

    485       475,926  

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

      605          592,162  

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

    1,035       995,287  

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

    850       838,831  

5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)(b)

    775       762,863  

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

    1,105       1,078,491  

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

    395       404,279  

Series L, 3.95%, 04/21/25

    590       571,486  

Series L, 4.18%, 11/25/27 (Call 11/25/26)

    542       514,391  

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

    655       591,635  

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

    400       327,912  

Bank of America NA

   

5.53%, 08/18/26 (Call 07/18/26)

    250       251,285  

5.65%, 08/18/25 (Call 07/18/25)

    250       250,975  

Bank of Montreal

   

0.95%, 01/22/27 (Call 01/22/26), (1-day SOFR + 0.603%)(b)

    205       183,979  

1.25%, 09/15/26

    450       398,718  

1.50%, 01/10/25

    415       392,652  

1.85%, 05/01/25

    340       319,423  

2.65%, 03/08/27

    410       374,203  

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

    210       162,032  

3.70%, 06/07/25

    375       362,396  

 

 

58  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 275     $ 242,866  

5.20%, 12/12/24

    265       263,519  

5.20%, 02/01/28 (Call 01/01/28)

    445       441,404  

5.30%, 06/05/26

    120       119,556  

Series H, 4.25%, 09/14/24

    75       73,810  

Series H, 4.70%, 09/14/27 (Call 08/14/27)

    260       253,695  

Bank of New York Mellon Corp. (The)

   

0.75%, 01/28/26 (Call 12/28/25)

      100           90,216  

1.05%, 10/15/26 (Call 09/15/26)

    205       180,351  

1.60%, 04/24/25 (Call 03/24/25)

    254       238,564  

1.65%, 07/14/28 (Call 05/14/28)

    139       118,702  

1.65%, 01/28/31 (Call 10/28/30)

    150       119,369  

1.80%, 07/28/31 (Call 04/28/31)

    175       137,685  

2.05%, 01/26/27 (Call 12/26/26)

    240       216,797  

2.10%, 10/24/24

    15       14,459  

2.45%, 08/17/26 (Call 05/17/26)

    177       163,890  

2.50%, 01/26/32 (Call 10/26/31)

    235       191,053  

2.80%, 05/04/26 (Call 02/04/26)

    297       278,847  

3.00%, 10/30/28 (Call 07/30/28)

    125       112,285  

3.25%, 09/11/24 (Call 08/11/24)

    205       200,064  

3.25%, 05/16/27 (Call 02/16/27)

    135       126,668  

3.30%, 08/23/29 (Call 05/23/29)

    434       387,506  

3.35%, 04/25/25 (Call 03/25/25)

    240       231,682  

3.40%, 01/29/28 (Call 10/29/27)

    266       247,931  

3.44%, 02/07/28 (Call 02/07/27), (3-mo. SOFR + 1.331%)(b)

    216       203,420  

3.85%, 04/28/28

    195       185,597  

3.85%, 04/26/29 (Call 02/26/29)

    155       146,179  

3.95%, 11/18/25 (Call 10/18/25)

    157       151,792  

3.99%, 06/13/28 (Call 06/13/27), (1-day SOFR + 1.151%)(b)

    190       181,530  

4.29%, 06/13/33 (Call 06/13/32), (1-day SOFR + 1.418%)(b)

    70       64,374  

4.41%, 07/24/26 (Call 07/24/25), (1-day SOFR + 1.345%)(b)

    120       117,380  

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

    115       111,644  

4.60%, 07/26/30 (Call 07/26/29), (1-day SOFR + 1.755%)(b)

    95       91,088  

4.71%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.511%)(b)

    225       211,774  

4.95%, 04/26/27 (Call 04/26/26), (1-day SOFR + 1.026%)(b)

    205       201,734  

4.97%, 04/26/34, (1-day SOFR + 1.606%)(b)

    180       172,811  

5.80%, 10/25/28 (Call 10/25/27), (1-day SOFR + 1.802%)(b)

    250       252,845  

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

    180       184,412  

Series G, 3.00%, 02/24/25 (Call 01/24/25)

    195       187,871  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

    225       213,129  

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

    120       101,560  

Bank of Nova Scotia (The)

   

1.05%, 03/02/26

    305       273,478  

1.30%, 06/11/25

    440       407,554  

1.30%, 09/15/26

    295       261,243  

1.35%, 06/24/26

    275       245,732  

1.45%, 01/10/25

    280       264,813  

1.95%, 02/02/27

    105       93,895  

2.15%, 08/01/31

    75       59,638  
Security  

Par

(000)

    Value  
Banks (continued)            

2.20%, 02/03/25

  $ 390     $ 371,576  

2.45%, 02/02/32

    185       149,981  

2.70%, 08/03/26

    250       232,285  

2.95%, 03/11/27

    195       179,876  

3.45%, 04/11/25

    340       328,403  

4.50%, 12/16/25

    334       323,713  

4.59%, 05/04/37 (Call 02/04/32), (5-year CMT + 2.050%)(b)

    235       202,558  

4.75%, 02/02/26

    180       176,854  

4.85%, 02/01/30

    235       227,348  

5.25%, 12/06/24

    40       39,786  

5.25%, 06/12/28

      245          242,815  

5.45%, 06/12/25

    270       268,618  

Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (3-mo. SOFR + 2.090%)(a)(b)

    110       84,709  

BankUnited Inc.

   

4.88%, 11/17/25 (Call 08/17/25)

    185       174,577  

5.13%, 06/11/30 (Call 03/11/30)

    60       51,223  

Barclays PLC

   

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

    440       390,883  

2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(b)

    220       175,171  

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

    200       156,438  

2.85%, 05/07/26 (Call 05/07/25), (1-day SOFR + 2.714%)(b)

    250       236,305  

2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(b)

    335       261,149  

3.56%, 09/23/35 (Call 09/23/30), (5-year CMT + 2.900%)(b)

    200       158,646  

3.65%, 03/16/25

    525       506,562  

4.34%, 01/10/28 (Call 01/10/27)

    305       287,539  

4.38%, 09/11/24

    305       298,333  

4.38%, 01/12/26

    550       530,161  

4.84%, 05/09/28 (Call 05/07/27)

    380       351,872  

4.97%, 05/16/29 (Call 05/16/28), (3-mo. LIBOR US + 1.902%)(b)

    355       337,193  

5.09%, 06/20/30 (Call 06/20/29), (3-mo. LIBOR US + 3.054%)(b)

    340       311,263  

5.20%, 05/12/26

    535       519,522  

5.30%, 08/09/26 (Call 08/09/25), (1-year CMT + 2.300%)(b)

    220       216,671  

5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)(b)

    565       550,796  

5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(b)

    265       254,013  

5.83%, 05/09/27 (Call 05/09/26), (1-day SOFR + 2.210%)(b)

    605       599,743  

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

    200       197,582  

7.12%, 06/27/34 (Call 06/27/33), (1-day SOFR + 3.570%)(b)

    400       399,252  

7.33%, 11/02/26 (Call 11/02/25), (1-year CMT + 3.050%)(b)

    300       306,750  

7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)(b)

    370       385,259  

7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(b)

    375       400,890  

BNP Paribas SA, 4.25%, 10/15/24

    200       195,756  

 

 

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

    59  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

BPCE SA, 3.38%, 12/02/26

  $ 252     $ 234,965  

Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3-mo. LIBOR US + 2.470%)(b)

    10       9,200  

Canadian Imperial Bank of Commerce

   

0.95%, 10/23/25

    40       36,470  

1.00%, 10/18/24

    230       218,194  

1.25%, 06/22/26

    373       332,515  

2.25%, 01/28/25

    310       295,644  

3.30%, 04/07/25

    380       366,202  

3.45%, 04/07/27

      345          322,230  

3.60%, 04/07/32 (Call 03/07/32)

    125       111,276  

3.95%, 08/04/25

    250       242,217  

5.00%, 04/28/28 (Call 03/28/28)

    255       249,767  

5.14%, 04/28/25

    175       173,584  

5.61%, 07/17/26

    75       75,182  

Capital One NA, 2.28%, 01/28/26 (Call 01/28/25), (1-day SOFR + 0.911%)(b)

    60       56,720  

Citigroup Inc.

   

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

    550       492,778  

1.28%, 11/03/25 (Call 11/03/24), (1-day SOFR + 0.528%)(b)

    125       118,231  

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

    645       574,340  

2.01%, 01/25/26 (Call 01/25/25), (1-day SOFR + 0.694%)(b)

    395       373,765  

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

    355       281,164  

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

    775       623,449  

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

    761       628,479  

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

    515       431,143  

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

    498       428,180  

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

    715       588,945  

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

    315       289,258  

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

    1,168       1,117,788  

3.20%, 10/21/26 (Call 07/21/26)

    790       736,722  

3.29%, 03/17/26 (Call 03/17/25), (1-day SOFR + 1.528%)(b)

    255       244,984  

3.30%, 04/27/25

    424       409,609  

3.40%, 05/01/26

    573       542,241  

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

    490       451,736  

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

    651       605,482  

3.70%, 01/12/26

    518       496,622  

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

    835       726,550  

3.88%, 03/26/25

    260       251,966  

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

    670       632,936  

3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(b)

    650       598,227  
Security  

Par

(000)

    Value  
Banks (continued)            

4.08%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.454%)(b)

  $ 401     $ 375,990  

4.13%, 07/25/28

    495       461,682  

4.30%, 11/20/26

    277       265,784  

4.40%, 06/10/25

    451       439,761  

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

    1,290       1,197,597  

4.45%, 09/29/27

    747       714,065  

4.60%, 03/09/26

    360       350,381  

4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)(b)

    310       301,831  

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

    595       565,946  

5.50%, 09/13/25

    404       401,782  

5.61%, 09/29/26 (Call 09/29/25), (1-day SOFR + 1.546%)(b)

    555       552,458  

5.88%, 02/22/33

    105       104,660  

6.17%, 05/25/34 (Call 05/25/33), (1-day SOFR + 2.661%)(b)

    145       144,675  

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

      560          583,621  

6.63%, 01/15/28

    45       47,480  

6.63%, 06/15/32

    320       333,453  

Citizens Bank NA

   

2.25%, 04/28/25 (Call 03/28/25)

    325       301,343  

4.58%, 08/09/28 (Call 08/09/27), (1-day SOFR + 2.000%)(b)

    270       251,645  

Citizens Bank NA/Providence RI, 3.75%, 02/18/26 (Call 11/18/25)

    260       241,865  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)

    87       69,879  

2.64%, 09/30/32 (Call 07/02/32)

    105       76,545  

2.85%, 07/27/26 (Call 04/27/26)

    145       131,469  

3.25%, 04/30/30 (Call 01/30/30)

    130       108,765  

4.30%, 12/03/25 (Call 11/03/25)

    145       136,970  

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

    50       44,119  

Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28)

    140       120,484  

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

    335       336,253  

Cooperatieve Rabobank UA

   

3.75%, 07/21/26

    320       300,483  

5.50%, 07/18/25

    20       20,007  

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

    295       279,182  

Credit Suisse AG, 7.95%, 01/09/25

    55       56,139  

Credit Suisse AG/New York

   

1.25%, 08/07/26

    360       316,004  

2.95%, 04/09/25

    530       503,389  

3.63%, 09/09/24

    715       696,288  

3.70%, 02/21/25

    390       376,210  

5.00%, 07/09/27

    400       389,724  

7.50%, 02/15/28

    420       449,203  

Deutsche Bank AG

   

4.10%, 01/13/26(a)

    221       211,546  

4.50%, 04/01/25

    200       192,510  

Deutsche Bank AG/New York NY

   

1.69%, 03/19/26

    580       526,565  

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

    640       580,474  

 

 

60  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 325     $ 284,882  

2.55%, 01/07/28 (Call 01/07/27), (1-day SOFR + 1.318%)(b)

    280       247,212  

3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(b)

    270       214,515  

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

    415       347,467  

3.73%, 01/14/32 (Call 10/14/30), (1-day SOFR + 2.757%)(b)

    230       177,574  

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

    230       172,263  

3.96%, 11/26/25 (Call 11/26/24), (1-day SOFR + 2.581%)(b)

    535       516,275  

4.10%, 01/13/26

    65       61,821  

4.16%, 05/13/25

    150       145,904  

4.88%, 12/01/32 (Call 12/01/27), (5-year USD ICE Swap + 2.553%)(b)

    230       201,416  

5.37%, 09/09/27

    15       14,867  

6.72%, 01/18/29 (Call 01/18/28), (1-day SOFR + 3.180%)(b)

    370       374,162  

7.08%, 02/10/34 (Call 11/10/32), (1-day SOFR + 3.650%)(b)

    230       218,712  

7.15%, 07/13/27 (Call 07/13/26), (1-day SOFR + 2.520%)(b)

    180       182,605  

Discover Bank

   

2.45%, 09/12/24 (Call 08/12/24)

    45       43,114  

2.70%, 02/06/30 (Call 11/06/29)

    265       212,284  

3.45%, 07/27/26 (Call 04/27/26)

    250       228,957  

4.25%, 03/13/26

    20       19,007  

4.65%, 09/13/28 (Call 06/13/28)

    40       36,673  

Fifth Third Bancorp.

   

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

    70       60,833  

2.38%, 01/28/25 (Call 12/28/24)

    105       99,885  

2.55%, 05/05/27 (Call 04/05/27)

    195       174,332  

3.95%, 03/14/28 (Call 02/14/28)

    185       171,513  

4.06%, 04/25/28 (Call 04/25/27), (1-day SOFR + 1.355%)(b)

    115       107,479  

4.34%, 04/25/33 (Call 04/25/32), (1-day SOFR + 1.660%)(a)(b)

    70       61,861  

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

    215       200,907  

6.34%, 07/27/29 (Call 07/27/28), (1-day SOFR + 2.340%)(b)

    100       101,176  

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

    255       256,999  

Fifth Third Bank NA

   

2.25%, 02/01/27 (Call 01/01/27)

    250       221,850  

3.85%, 03/15/26 (Call 02/15/26)

    65       60,629  

3.95%, 07/28/25 (Call 06/28/25)

    205       197,770  

5.85%, 10/27/25 (Call 10/27/24), (1-day SOFR + 1.230%)(b)

     285       280,916  

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

    100       92,068  

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

    25       23,629  

First-Citizens Bank & Trust Co.

   

2.97%, 09/27/25 (Call 09/27/24), (3-mo. SOFR + 1.715%)(b)

    267          255,199  

6.13%, 03/09/28

    25       25,124  
Security  

Par

(000)

    Value  
Banks (continued)            

FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)

  $ 45     $ 43,601  

Goldman Sachs Group Inc.,

   

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

    290       269,117  

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

    695       623,762  

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

    710       636,508  

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

    680       600,039  

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

    890       791,940  

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

    617       480,557  

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

    850       670,896  

2.60%, 02/07/30 (Call 11/07/29)

    524       442,314  

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

    880       712,360  

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

    655       592,585  

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

    680       545,632  

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

    880       732,266  

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

    622       603,564  

3.50%, 01/23/25 (Call 10/23/24)

    671       650,139  

3.50%, 04/01/25 (Call 03/01/25)

    812       783,751  

3.50%, 11/16/26 (Call 11/16/25)

    620       582,806  

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

    732       684,698  

3.69%, 06/05/28 (Call 06/05/27), (3-mo. SOFR + 1.772%)(b)

    590       552,323  

3.75%, 05/22/25 (Call 02/22/25)

    611       590,446  

3.75%, 02/25/26 (Call 11/25/25)

    517       495,612  

3.80%, 03/15/30 (Call 12/15/29)

    468       425,880  

3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.420%)(b)

    552       510,611  

3.85%, 01/26/27 (Call 01/26/26)

    693       657,622  

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

    751       706,894  

4.25%, 10/21/25

    531       514,842  

4.39%, 06/15/27 (Call 06/15/26), (1-day SOFR + 1.510%)(b)

    240       232,798  

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

    515       495,497  

5.70%, 11/01/24

    135       134,761  

5.80%, 08/10/26 (Call 08/10/25), (1-day SOFR + 1.075%)(b)

    500       498,300  

5.95%, 01/15/27

    250       252,440  

6.13%, 02/15/33

    255       270,588  

HSBC Holdings PLC

   

1.59%, 05/24/27 (Call 05/24/26), (1-day SOFR + 1.290%)(b)

    485       431,184  

1.65%, 04/18/26 (Call 04/18/25), (1-day SOFR + 1.538%)(b)

     555          516,899  

2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)(b)

    375       322,012  

 

 

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

    61  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.10%, 06/04/26 (Call 06/04/25), (1-day SOFR + 1.929%)(b)

  $ 155     $ 144,463  

2.21%, 08/17/29 (Call 08/17/28), (1-day SOFR + 1.285%)(b)

    425       355,967  

2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)(b)

    520       463,393  

2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)(b)

    145       114,979  

2.63%, 11/07/25 (Call 11/07/24), (3-mo. SOFR + 1.401%)(b)

    555       532,167  

2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(b)

    785       626,846  

2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)(b)

    325       267,998  

2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)(b)

    510       405,455  

3.00%, 03/10/26 (Call 03/10/25), (1-day SOFR + 1.430%)(b)

    270       257,680  

3.90%, 05/25/26

    605       576,148  

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

    675       607,594  

4.04%, 03/13/28 (Call 03/13/27), (3-mo. SOFR + 1.808%)(b)

    515       483,369  

4.18%, 12/09/25 (Call 12/09/24), (1-day SOFR + 1.510%)(b)

    385       375,121  

4.25%, 08/18/25

    465       448,339  

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

    615       593,063  

4.30%, 03/08/26

     770          744,136  

4.38%, 11/23/26

    405       385,783  

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

    560       528,612  

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

    495       474,660  

4.76%, 03/29/33 (Call 03/29/32), (1-day SOFR + 2.530%)(b)

    460       408,328  

4.95%, 03/31/30

    730       702,340  

5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)(b)

    490       478,073  

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

    620       591,294  

5.89%, 08/14/27 (Call 08/14/26), (1-day SOFR + 1.570%)(b)

    500       498,475  

6.16%, 03/09/29 (Call 03/09/28), (1-day SOFR + 1.970%)(b)

    525       528,523  

6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(b)

    520       525,642  

6.55%, 06/20/34 (Call 06/20/33), (1-day SOFR + 2.980%)(b)

    200       195,712  

7.34%, 11/03/26 (Call 11/03/25), (1-day SOFR + 3.030%)(b)

    445       457,843  

7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)(b)

    560       588,230  

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

    455       494,385  

HSBC USA Inc., 5.63%, 03/17/25

    200       199,474  

Huntington Bancshares Inc.

   

2.49%, 08/15/36 (Call 08/15/31), (5-year CMT + 1.170%)(b)

    75       55,327  

2.55%, 02/04/30 (Call 11/04/29)

    213       173,738  
Security  

Par

(000)

    Value  
Banks (continued)            

4.00%, 05/15/25 (Call 04/15/25)

  $ 140     $ 134,858  

4.44%, 08/04/28 (Call 08/04/27), (1-day SOFR + 1.970%)(b)

    250       235,120  

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

    105       97,207  

Huntington National Bank (The)

   

4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)(b)

    300       283,893  

5.65%, 01/10/30 (Call 11/10/29)

    10       9,754  

5.70%, 11/18/25 (Call 11/18/24), (1-day SOFR + 1.215%)(b)

    150       147,165  

Indonesia Government International Bond, 3.54%, 11/08/27

    250       237,035  

ING Groep NV

   

2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)(b)

    205       167,163  

3.95%, 03/29/27

    350       332,031  

4.02%, 03/28/28 (Call 03/28/27), (1-day SOFR + 1.830%)(b)

    415       390,515  

4.05%, 04/09/29

    200       185,866  

4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)(b)

     250          224,757  

4.55%, 10/02/28

    260       249,395  

JPMorgan Chase & Co.

   

1.04%, 02/04/27 (Call 02/04/26), (3-mo. SOFR + 0.695%)(b)

    390       348,520  

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

    645       581,938  

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

    500       441,595  

1.56%, 12/10/25 (Call 12/10/24), (1-day SOFR + 0.605%)(b)

    965       911,423  

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

    780       700,448  

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

    355       277,447  

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

    660       520,087  

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

    340       320,739  

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

    440       377,340  

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

    955       898,474  

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

    320       284,182  

2.30%, 10/15/25 (Call 10/15/24), (1-day SOFR + 1.160%)(b)

    10       9,592  

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

    635       532,251  

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

    990       798,316  

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

    725       593,231  

2.60%, 02/24/26 (Call 02/24/25), (1-day SOFR + 0.915%)(b)

    455       434,489  

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

    760       651,350  

2.95%, 10/01/26 (Call 07/01/26)

    713       665,856  

 

 

62  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.95%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.170%)(b)

  $ 460     $ 421,880  

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

    550       467,021  

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

    700       580,258  

3.13%, 01/23/25 (Call 10/23/24)

    185       178,993  

3.20%, 06/15/26 (Call 03/15/26)

    500       473,695  

3.30%, 04/01/26 (Call 01/01/26)

    633       601,293  

3.51%, 01/23/29 (Call 01/23/28), (3-mo. SOFR + 1.207%)(b)

    528       486,652  

3.54%, 05/01/28 (Call 05/01/27), (3-mo. SOFR + 1.642%)(b)

    545       508,921  

3.63%, 12/01/27 (Call 12/01/26)

    341       320,526  

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

    570       520,165  

3.78%, 02/01/28 (Call 02/01/27), (3-mo. SOFR + 1.599%)(b)

    630       594,865  

3.88%, 09/10/24

    695       680,885  

3.90%, 07/15/25 (Call 04/15/25)

    670       651,066  

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

    488       469,354  

4.01%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.382%)(b)

    487       456,592  

4.08%, 04/26/26 (Call 04/26/25), (1-day SOFR + 1.320%)(b)

    495       482,645  

4.13%, 12/15/26

    504       485,034  

4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)(b)

    572       540,088  

4.25%, 10/01/27

    353       341,365  

4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)(b)

    455       437,587  

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

    548          522,228  

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

    600       569,076  

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

    410       391,087  

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

    570       533,007  

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

    805       788,948  

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

     1,010       969,923  

5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)(b)

    575       571,717  

5.35%, 06/01/34 (Call 06/01/33), (1-day SOFR + 1.845%)(b)

    875       865,454  

5.55%, 12/15/25 (Call 12/15/24), (1-day SOFR + 1.070%)(b)

    625       622,781  

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

    655       654,771  

7.63%, 10/15/26

    95       100,989  

7.75%, 07/15/25

    10       10,399  

8.00%, 04/29/27

    220       241,292  

8.75%, 09/01/30

    355       424,016  

KeyBank NA, 5.00%, 01/26/33 (Call 10/26/32)

    30       26,090  

KeyBank NA/Cleveland OH

   

3.40%, 05/20/26

    250       223,155  

3.90%, 04/13/29

    250       204,695  
Security   Par (000)     Value  
Banks (continued)            

4.15%, 08/08/25

  $ 250     $ 236,465  

4.90%, 08/08/32

    250       206,582  

5.85%, 11/15/27 (Call 10/16/27)

    250       241,395  

KeyCorp

   

2.25%, 04/06/27

    245       210,352  

2.55%, 10/01/29

    213       168,534  

4.10%, 04/30/28

    135       121,217  

4.15%, 10/29/25

    238       224,946  

Korea Development Bank (The)

   

0.75%, 01/25/25

    20       18,764  

0.80%, 07/19/26

    45       39,607  

2.00%, 02/24/25

    220       209,546  

2.00%, 09/12/26(a)

    270       245,033  

2.00%, 10/25/31

    65       52,150  

2.13%, 10/01/24

    345       332,697  

2.25%, 02/24/27

    40       36,586  

3.00%, 01/13/26

    215       203,700  

3.38%, 09/16/25

    200       192,320  

Kreditanstalt fuer Wiederaufbau

   

0.38%, 07/18/25

     1,165         1,070,518  

0.50%, 09/20/24

    235       223,306  

0.63%, 01/22/26

    990       898,623  

0.75%, 09/30/30

    130       102,365  

1.00%, 10/01/26

    775       696,446  

1.25%, 01/31/25

    960       908,986  

1.75%, 09/14/29

    583       506,114  

2.00%, 05/02/25

    938       892,451  

2.50%, 11/20/24

    986       953,334  

2.88%, 04/03/28

    762       713,773  

3.00%, 05/20/27

    65       61,708  

3.13%, 06/10/25

    335       324,210  

3.63%, 04/01/26

    60       58,468  

3.75%, 02/15/28

    50       48,660  

3.88%, 06/15/28

    100       97,751  

4.13%, 07/15/33

    600       593,004  

Landwirtschaftliche Rentenbank

   

0.88%, 03/30/26

    480       435,490  

0.88%, 09/03/30

    400       316,568  

1.75%, 07/27/26

    335       308,686  

2.00%, 01/13/25

    50       47,864  

2.38%, 06/10/25

    425       405,543  

3.88%, 09/28/27

    300       293,958  

3.88%, 06/14/28

    25       24,476  

Series 37, 2.50%, 11/15/27

    195       180,798  

Series 40, 0.50%, 05/27/25

    465       429,790  

Lloyds Banking Group PLC

   

1.63%, 05/11/27 (Call 05/11/26), (1-year CMT + 0.850%)(b)

    75       66,971  

2.44%, 02/05/26 (Call 02/05/25), (1-year CMT + 1.000%)(b)

    220       208,646  

3.51%, 03/18/26 (Call 03/18/25), (1-year CMT + 1.600%)(b)

    405       389,468  

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

    360       326,804  

3.75%, 01/11/27

    280       263,116  

3.75%, 03/18/28 (Call 03/18/27), (1-year CMT + 1.800%)(b)

    315       292,994  

4.38%, 03/22/28

    315       298,214  

4.45%, 05/08/25

    650       634,231  

4.50%, 11/04/24

    200       195,560  

 

 

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

    63  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.55%, 08/16/28

  $ 240     $ 227,561  

4.58%, 12/10/25

    215       206,933  

4.65%, 03/24/26

    445       429,496  

4.72%, 08/11/26 (Call 08/11/25), (1-year CMT + 1.750%)(b)

    380       371,427  

4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)(b)

    215       198,716  

5.87%, 03/06/29 (Call 03/06/28), (1-year CMT + 1.700%)(b)

    255       253,154  

5.99%, 08/07/27 (Call 08/07/26), (1-year CMT + 1.480%)(b)

    20       19,979  

7.95%, 11/15/33 (Call 08/15/32), (1-year CMT + 3.750%)(b)

    200       214,428  

M&T Bank Corp.

   

4.55%, 08/16/28 (Call 08/16/27), (1-day SOFR + 1.780%)(b)

    215       201,249  

5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(b)

    200       181,958  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)

    431       409,377  

4.65%, 01/27/26 (Call 12/27/25)

    25       23,916  

4.70%, 01/27/28 (Call 12/27/27)

    80       74,702  

Mitsubishi UFJ Financial Group Inc.

   

0.96%, 10/11/25 (Call 10/11/24), (1-year CMT + 0.450%)(b)

     375          353,779  

1.41%, 07/17/25

    335       309,383  

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

    945       841,711  

1.64%, 10/13/27 (Call 10/13/26), (1-year CMT + 0.670%)(b)

    265       234,877  

2.05%, 07/17/30

    15       12,042  

2.19%, 02/25/25

    650       616,850  

2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)(b)

    370       292,640  

2.34%, 01/19/28 (Call 01/19/27), (1-year CMT + 0.830%)(b)

    385       345,383  

2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)(b)

    25       19,942  

2.56%, 02/25/30

    300       252,456  

2.76%, 09/13/26

    385       355,012  

2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)(b)

    220       179,421  

3.20%, 07/18/29

    390       344,709  

3.29%, 07/25/27

    240       223,015  

3.68%, 02/22/27

    270       256,978  

3.74%, 03/07/29

    460       425,652  

3.78%, 03/02/25

    259       251,448  

3.84%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.125%)(b)

    205       198,288  

3.85%, 03/01/26

    445       427,209  

3.96%, 03/02/28

    281       267,495  

4.05%, 09/11/28

    230       218,337  

4.08%, 04/19/28 (Call 04/19/27), (1-year CMT + 1.300%)(b)

    300       284,988  

4.32%, 04/19/33 (Call 04/19/32), (1-year CMT + 1.550%)(b)

    100       92,114  

5.02%, 07/20/28 (Call 07/20/27), (1-year CMT + 1.950%)(b)

    340       332,935  

5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)(b)

    690       669,472  
Security  

Par

(000)

    Value  
Banks (continued)            

5.24%, 04/19/29, (1-year CMT + 1.700%)(b)

  $ 200     $ 197,314  

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

    20       19,716  

5.42%, 02/22/29 (Call 02/22/28), (1-year CMT + 1.380%)(b)

    290       288,585  

5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)(b)

    215       212,422  

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

    240       237,794  

5.54%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.500%)(b)

    200       199,022  

5.72%, 02/20/26 (Call 02/20/25), (1-year CMT + 1.080%)(b)

    565       563,667  

Mizuho Financial Group Inc.

   

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

    255       225,609  

1.98%, 09/08/31 (Call 09/08/30), (3-mo. SOFR + 1.532%)(b)

    35       27,259  

2.17%, 05/22/32 (Call 05/22/31), (1-year CMT + 0.870%)(b)

    30       23,199  

2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)(b)

     310         246,298  

2.23%, 05/25/26 (Call 05/25/25), (3-mo. SOFR + 1.092%)(b)

    225       210,397  

2.26%, 07/09/32 (Call 07/09/31), (1-year CMT + 0.900%)(b)

    220       170,694  

2.56%, 09/13/25 (Call 09/13/24), (3-mo. SOFR + 1.362%)(b)

    200       192,604  

2.56%, 09/13/31

    305       237,272  

2.59%, 05/25/31 (Call 05/25/30), (3-mo. SOFR + 1.332%)(b)

    90       73,857  

2.65%, 05/22/26 (Call 05/22/25), (1-year CMT + 0.900%)(b)

    250       235,560  

2.84%, 09/13/26

    218       200,597  

2.87%, 09/13/30 (Call 09/13/29), (3-mo. SOFR + 1.572%)(b)

    200       169,814  

3.15%, 07/16/30 (Call 07/16/29), (3-mo. SOFR + 1.392%)(b)

    120       103,782  

3.17%, 09/11/27

    285       261,049  

3.26%, 05/22/30 (Call 05/22/29), (1-year CMT + 1.250%)(b)

    80       70,217  

3.66%, 02/28/27

    215       202,515  

4.02%, 03/05/28

    360       339,401  

4.25%, 09/11/29 (Call 09/11/28), (3-mo. SOFR + 1.532%)(b)

    335       312,796  

5.41%, 09/13/28 (Call 09/13/27), (1-year CMT + 2.050%)(b)

    220       217,873  

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

    200       198,204  

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

    200       198,732  

5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)(b)

    210       207,994  

5.78%, 07/06/29 (Call 07/06/28), (1-year CMT + 1.650%)(b)

    215       215,254  

Morgan Stanley

   

0.99%, 12/10/26 (Call 12/10/25), (1-day SOFR + 0.720%)(b)

    725       650,071  

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

    685       646,017  

 

 

64  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

1.51%, 07/20/27 (Call 07/20/26), (1-day SOFR + 0.858%)(b)

  $ 765     $ 679,106  

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

    765       685,807  

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

    610       468,919  

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

    700       539,623  

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

    760       716,558  

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

    845       662,953  

2.48%, 01/21/28 (Call 01/21/27), (1-day SOFR + 1.000%)(b)

    475       428,469  

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

    600       452,046  

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

    430       342,620  

2.63%, 02/18/26 (Call 02/18/25), (1-day SOFR + 0.940%)(b)

    470       447,783  

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

    800       673,752  

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

    655       537,133  

3.13%, 07/27/26

     664          621,544  

3.59%, 07/22/28 (Call 07/22/27), (3-mo. LIBOR US + 1.340%)(b)

    751       694,495  

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

    765       679,963  

3.63%, 01/20/27

    688       649,919  

3.70%, 10/23/24

    906       886,521  

3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)(b)

    886       821,455  

3.88%, 01/27/26

    679       653,429  

3.95%, 04/23/27

    714       673,002  

4.00%, 07/23/25

    655       635,573  

4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)(b)

    450       429,786  

4.35%, 09/08/26

    513       494,004  

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

    709       672,827  

4.68%, 07/17/26 (Call 07/17/25), (1-day SOFR + 1.669%)(b)

    405       396,475  

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

    410       387,856  

5.00%, 11/24/25

    440       433,162  

5.05%, 01/28/27 (Call 01/28/26), (1-day SOFR + 1.295%)(b)

    265       262,220  

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

    665       651,467  

5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)(b)

    470       461,023  

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

    680       660,062  

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

    385       358,339  

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

    585       574,915  

5.45%, 07/20/29 (Call 07/20/28), (1-day SOFR + 1.630%)(b)

    165       164,017  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 345     $ 335,726  

6.14%, 10/16/26 (Call 10/16/25), (1-day SOFR + 1.770%)(b)

    55       55,375  

6.25%, 08/09/26

    75       76,605  

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

    430       440,578  

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

    645       675,760  

7.25%, 04/01/32

    460       523,057  

Series I, 0.86%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.745%)(b)

    230       216,428  

Morgan Stanley Bank NA

   

4.75%, 04/21/26

    345       340,750  

5.48%, 07/16/25 (Call 06/16/25)

    260       260,533  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26

    375       348,424  

3.38%, 01/14/26

    285       273,207  

3.91%, 06/09/27

    50       47,805  

4.90%, 06/13/28

    345       340,853  

4.97%, 01/12/26

    80       79,489  

5.13%, 11/22/24

    250       248,937  

5.20%, 05/13/25

    270       269,509  

National Bank of Canada, 5.25%, 01/17/25

    255       253,870  

NatWest Group PLC

   

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

    370       328,638  

3.03%, 11/28/35 (Call 08/28/30), (5-year CMT + 2.350%)(b)

    200       154,420  

3.07%, 05/22/28 (Call 05/22/27), (1-year CMT + 2.550%)(b)

    395       356,254  

3.75%, 11/01/29 (Call 11/01/24), (5-year CMT + 2.100%)(b)

    410       390,517  

4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)(b)

    275       252,585  

4.80%, 04/05/26

    275       267,814  

4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(b)

    360       342,954  

5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)(b)

    390       371,545  

5.81%, 09/13/29 (Call 09/13/28), (1-year CMT + 1.950%)(b)

    220       218,126  

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

    35       34,797  

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

    200       198,806  

7.47%, 11/10/26 (Call 11/10/25), (1-year CMT + 2.850%)(b)

     285          293,419  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)

    285       234,686  

3.15%, 05/03/29 (Call 02/03/29)

    177       160,822  

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

    132       117,759  

3.65%, 08/03/28 (Call 05/03/28)

    151       142,292  

3.95%, 10/30/25

    233       225,483  

4.00%, 05/10/27 (Call 04/10/27)

    260       249,532  

6.13%, 11/02/32 (Call 08/02/32)

    215       219,496  

Oesterreichische Kontrollbank AG

   

0.38%, 09/17/25

    225       205,339  

0.50%, 09/16/24

    155       147,255  

 

 

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

    65  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

0.50%, 02/02/26

  $ 315     $ 284,218  

1.50%, 02/12/25

    615       582,897  

2.88%, 05/23/25

    150       144,336  

4.13%, 01/20/26

    75       73,797  

4.25%, 03/01/28

    115       114,052  

4.63%, 11/03/25

    160       159,070  

PNC Bank NA

   

2.70%, 10/22/29

    105       88,062  

2.95%, 02/23/25 (Call 01/24/25)

    50       47,991  

3.10%, 10/25/27 (Call 09/25/27)

    360       328,511  

3.25%, 06/01/25 (Call 05/02/25)

    275       262,960  

3.25%, 01/22/28 (Call 12/23/27)

    290       265,347  

3.88%, 04/10/25 (Call 03/10/25)

    275       265,903  

4.05%, 07/26/28

    265       244,746  

4.20%, 11/01/25 (Call 10/02/25)

    37       35,636  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    265       235,116  

2.20%, 11/01/24 (Call 10/02/24)

    310       297,491  

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

    359       289,171  

2.55%, 01/22/30 (Call 10/24/29)

    470       394,255  

2.60%, 07/23/26 (Call 05/23/26)

    410       380,906  

3.15%, 05/19/27 (Call 04/19/27)

    248       229,606  

3.45%, 04/23/29 (Call 01/23/29)

    409       368,701  

4.63%, 06/06/33 (Call 06/06/32), (1-day SOFR + 1.850%)(b)

    45       40,708  

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

    380       372,879  

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

    285       270,169  

5.35%, 12/02/28 (Call 12/02/27), (1-day SOFR + 1.630%)(b)

    310       304,956  

5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)(b)

    217       215,175  

5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)(b)

    15       14,935  

5.81%, 06/12/26 (Call 06/12/25), (1-day SOFR + 1.322%)(b)

    182       181,811  

5.94%, 08/18/34 (Call 08/18/33), (1-day SOFR + 1.946%)(b)

    200       202,350  

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

    300       304,848  

Regions Financial Corp.

   

1.80%, 08/12/28 (Call 06/12/28)

    115       95,342  

2.25%, 05/18/25 (Call 04/18/25)

    195       182,255  

Royal Bank of Canada

   

0.75%, 10/07/24

    225          213,264  

0.88%, 01/20/26

    376       338,381  

1.15%, 06/10/25

    305       282,375  

1.15%, 07/14/26

    165       146,705  

1.20%, 04/27/26

    475       425,771  

1.40%, 11/02/26

    359       317,977  

1.60%, 01/21/25

    305       289,106  

2.05%, 01/21/27

    145       130,532  

2.25%, 11/01/24

    412       396,109  

2.30%, 11/03/31

    370       297,228  

3.38%, 04/14/25

    185       178,963  

3.63%, 05/04/27

    380       358,234  

3.88%, 05/04/32

    190       172,345  

4.24%, 08/03/27

     320       307,747  
Security  

Par

(000)

    Value  
Banks (continued)            

4.65%, 01/27/26

  $ 337     $ 330,823  

4.88%, 01/12/26

    205       202,472  

4.90%, 01/12/28

    175       172,415  

4.95%, 04/25/25

    180       177,997  

5.00%, 02/01/33

    285       276,250  

5.00%, 05/02/33

    265       256,366  

5.20%, 07/20/26

    270       268,834  

5.20%, 08/01/28

    190       188,837  

5.66%, 10/25/24

    200       199,962  

6.00%, 11/01/27

    475       486,082  

Santander Holdings USA Inc.

   

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

    215       188,428  

3.24%, 10/05/26 (Call 08/05/26)

    238       217,972  

3.45%, 06/02/25 (Call 05/02/25)

    115       109,678  

4.40%, 07/13/27 (Call 04/14/27)

    229       216,824  

4.50%, 07/17/25 (Call 04/17/25)

    260       253,653  

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

    210       207,646  

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

    150       149,325  

6.57%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.700%)(b)

    100       99,547  

Santander UK Group Holdings PLC

   

1.53%, 08/21/26 (Call 08/21/25), (1-year CMT + 1.250%)(b)

    335          303,761  

1.67%, 06/14/27 (Call 06/14/26), (1-day SOFR + 0.989%)(b)

    375       329,902  

2.90%, 03/15/32 (Call 03/15/31), (1-day SOFR + 1.475%)(b)

    230       183,832  

3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)(b)

    265       239,067  

6.53%, 01/10/29 (Call 01/10/28), (1-day SOFR + 2.600%)(b)

    230       231,778  

6.83%, 11/21/26 (Call 11/21/25), (1-day SOFR + 2.749%)(b)

    370       374,547  

State Street Corp.

   

1.68%, 11/18/27 (Call 11/18/26), (1-day SOFR + 0.560%)(b)

     270       242,074  

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

    65       61,359  

2.20%, 02/07/28 (Call 02/07/27), (1-day SOFR + 0.730%)(b)

    140       127,078  

2.20%, 03/03/31

    430       342,430  

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

    240       230,419  

2.40%, 01/24/30

    201       171,666  

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

    115       94,317  

2.65%, 05/19/26

    260       244,538  

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

    175       167,492  

3.15%, 03/30/31 (Call 03/30/30), (1-day SOFR + 2.650%)(b)

    200       175,652  

3.30%, 12/16/24

    291       282,503  

3.55%, 08/18/25

    280       270,270  

4.14%, 12/03/29 (Call 12/03/28), (3-mo. SOFR + 1.292%)(b)

    130       124,543  

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

    180       163,724  

 

 

66  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.42%, 05/13/33 (Call 05/13/32), (1-day SOFR + 1.605%)(b)

  $ 95     $ 88,309  

4.82%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.567%)(b)

    110       104,355  

4.86%, 01/26/26 (Call 01/26/25), (1-day SOFR + 0.604%)(b)

    235       231,961  

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

    150       148,672  

5.16%, 05/18/34 (Call 05/18/33), (1-day SOFR + 1.890%)(b)

    140       135,899  

5.75%, 11/04/26 (Call 11/04/25), (1-day SOFR + 1.353%)(b)

    95       95,118  

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

    305       309,636  

Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25

    250       240,500  

Sumitomo Mitsui Financial Group Inc.

   

0.95%, 01/12/26

    295       264,966  

1.40%, 09/17/26

    540       477,959  

1.47%, 07/08/25

    5       4,631  

1.71%, 01/12/31

    200       153,832  

1.90%, 09/17/28

    130       109,235  

2.13%, 07/08/30

    75       60,388  

2.14%, 09/23/30

    385       304,131  

2.22%, 09/17/31

    285       225,264  

2.35%, 01/15/25

    305       291,217  

2.45%, 09/27/24

    295       284,722  

2.47%, 01/14/29

    200       171,468  

2.63%, 07/14/26

    438       404,134  

2.72%, 09/27/29

    200       170,536  

2.75%, 01/15/30

    345       293,333  

3.01%, 10/19/26

    405       375,350  

3.04%, 07/16/29

    535       466,921  

3.20%, 09/17/29

    225       196,866  

3.35%, 10/18/27

    300       275,910  

3.36%, 07/12/27

    455       421,999  

3.45%, 01/11/27

    277       259,272  

3.54%, 01/17/28

    235       216,893  

3.78%, 03/09/26

    320       306,419  

3.94%, 07/19/28

    85       79,445  

4.31%, 10/16/28(a)

    255       241,850  

5.46%, 01/13/26

    500       498,395  

5.71%, 01/13/30

    295       296,257  

5.77%, 01/13/33

    380       384,469  

5.78%, 07/13/33

    225       227,736  

5.80%, 07/13/28

    200       202,444  

5.85%, 07/13/30

    200       202,104  

5.88%, 07/13/26

    200       201,512  

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

    300       284,127  

Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)

     250       231,140  

Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)

    35       33,854  

Toronto-Dominion Bank (The)

   

0.70%, 09/10/24

    160       152,154  

0.75%, 09/11/25

    330       300,920  

0.75%, 01/06/26

    400       359,184  

1.15%, 06/12/25

    215       199,385  

1.20%, 06/03/26

    424       378,089  

1.25%, 12/13/24

    60       56,752  

1.25%, 09/10/26

    340       301,328  

1.45%, 01/10/25

    170         161,090  
Security   Par
(000)
    Value  
Banks (continued)            

1.95%, 01/12/27

  $ 120     $ 107,786  

2.00%, 09/10/31

    205       162,225  

2.45%, 01/12/32

    240       194,016  

2.80%, 03/10/27

    335       307,215  

3.20%, 03/10/32

    355       302,016  

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

    475       443,336  

3.77%, 06/06/25

    390       378,577  

4.11%, 06/08/27

    357       340,785  

4.29%, 09/13/24

    185       182,247  

4.46%, 06/08/32

    520       484,614  

4.69%, 09/15/27

    320       311,843  

5.16%, 01/10/28

    30       29,716  

5.52%, 07/17/28

    205       205,836  

5.53%, 07/17/26

    195       195,394  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)

    480       447,730  

2.15%, 12/06/24 (Call 11/05/24)

    25       23,868  

2.25%, 03/11/30 (Call 12/11/29)

    295       234,085  

2.64%, 09/17/29 (Call 09/17/24), (5-year CMT + 1.150%)(b)

    265       246,447  

3.30%, 05/15/26 (Call 04/15/26)

    330       306,382  

3.80%, 10/30/26 (Call 09/30/26)

    30       27,699  

4.05%, 11/03/25 (Call 09/03/25)

    65       62,436  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    324       273,932  

1.20%, 08/05/25 (Call 07/03/25)

    105       96,323  

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

    605       539,684  

1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)(b)

    425       354,756  

1.95%, 06/05/30 (Call 03/05/30)

    180       142,679  

2.85%, 10/26/24 (Call 09/26/24)

    338       326,140  

3.70%, 06/05/25 (Call 05/05/25)

    255       245,741  

3.88%, 03/19/29 (Call 02/16/29)

    135       120,691  

4.00%, 05/01/25 (Call 03/01/25)

    234       226,760  

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

    305       287,667  

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

    325       313,898  

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

    280       268,450  

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

    210       187,314  

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

    240       225,024  

5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)(b)

    105       104,115  

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

    375       373,852  

6.05%, 06/08/27 (Call 06/08/26), (1-day SOFR + 2.050%)(b)

    125       124,923  

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

    235       236,438  

U.S. Bancorp

   

1.38%, 07/22/30 (Call 04/22/30)

    425         322,073  

1.45%, 05/12/25 (Call 04/11/25)

     365       341,447  

2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)(b)

    115       102,600  

 

 

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

    67  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 100     $ 73,659  

2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(b)

    235       186,785  

3.00%, 07/30/29 (Call 04/30/29)

    275       235,480  

3.10%, 04/27/26 (Call 03/27/26)

    503       471,965  

3.60%, 09/11/24 (Call 08/11/24)

    227       222,113  

3.90%, 04/26/28 (Call 03/24/28)

    262       245,947  

3.95%, 11/17/25 (Call 10/17/25)

    189       182,977  

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

    440       420,165  

4.65%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.230%)(b)

    540       515,290  

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

    450       417,370  

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

    310       282,472  

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

    440       439,710  

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

    180       179,564  

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

    301       300,260  

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

    210       208,973  

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

    385       354,708  

Series X, 3.15%, 04/27/27 (Call 03/27/27)

    308       285,316  

U.S. Bank NA/Cincinnati OH

   

2.05%, 01/21/25 (Call 12/20/24)

    255       242,546  

2.80%, 01/27/25 (Call 12/27/24)

    425       408,059  

UBS Group AG

   

3.75%, 03/26/25

    420       405,581  

4.55%, 04/17/26

    575       556,450  

Wachovia Corp., 7.57%, 08/01/26(c)

    135       141,195  

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

    90       78,674  

Wells Fargo & Co.

   

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

    776       733,809  

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

    625       587,844  

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

    632       562,076  

2.41%, 10/30/25 (Call 10/30/24), (3-mo. SOFR + 1.087%)(b)

    579       555,464  

2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)(b)

    640       534,272  

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

    755       645,918  

3.00%, 02/19/25

    600       577,512  

3.00%, 04/22/26

    809       757,742  

3.00%, 10/23/26

     1,166       1,079,716  

3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)(b)

    590       551,502  

3.30%, 09/09/24

    533       520,235  

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

    885       745,559  

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

    750       698,017  

3.55%, 09/29/25

    653         626,482  
Security  

Par

(000)

    Value  
Banks (continued)            

3.58%, 05/22/28 (Call 05/22/27), (3-mo. SOFR + 1.572%)(b)

  $ 714     $ 662,735  

3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)(b)

    705       681,841  

4.10%, 06/03/26

    576       552,321  

4.15%, 01/24/29 (Call 10/24/28)

    677       637,159  

4.30%, 07/22/27

    583       558,263  

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

    490       458,326  

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

    165       161,098  

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

    650       630,656  

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

    1,035       973,811  

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

    735       716,030  

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

    1,020       1,006,720  

5.57%, 07/25/29 (Call 07/25/28), (1-day SOFR + 1.740%)(b)

    635       632,168  

Series B, 7.95%, 11/15/29

    105       114,443  

Wells Fargo Bank NA

   

5.45%, 08/07/26 (Call 07/07/26)

    500       501,705  

5.55%, 08/01/25 (Call 07/01/25)

    500       500,995  

Westpac Banking Corp.

   

1.02%, 11/18/24

    90       85,316  

1.15%, 06/03/26

    510       458,368  

1.95%, 11/20/28

    271       232,713  

2.15%, 06/03/31

    285       233,862  

2.35%, 02/19/25

    72       69,072  

2.65%, 01/16/30

    310       270,850  

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

    255       195,952  

2.70%, 08/19/26

    355       331,226  

2.85%, 05/13/26

    475       447,621  

2.89%, 02/04/30 (Call 02/04/25), (5-year CMT + 1.350%)(b)

     1,016       959,612  

3.02%, 11/18/36 (Call 11/18/31), (5-year CMT + 1.530%)(b)

    210       160,564  

3.35%, 03/08/27

    243       229,411  

3.40%, 01/25/28

    392       368,696  

3.74%, 08/26/25

    20       19,400  

4.04%, 08/26/27

    155       150,440  

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

    200       175,380  

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

    200       186,696  

5.35%, 10/18/24

    60       59,898  

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

    150       141,183  

5.46%, 11/18/27

    415       421,088  

Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)

    75       58,833  
   

 

 

 
        287,688,567  
Beverages — 0.5%            

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

    405       372,483  

3.65%, 02/01/26 (Call 11/01/25)

    877       847,489  

4.00%, 04/13/28 (Call 01/13/28)

    340       327,355  

4.75%, 01/23/29 (Call 10/23/28)

    888       879,919  

4.90%, 01/23/31 (Call 10/23/30)

    240       240,782  

 

 

68  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Beverages (continued)            

Brown-Forman Corp.

   

3.50%, 04/15/25 (Call 02/15/25)

  $ 45     $ 43,682  

4.75%, 04/15/33 (Call 01/15/33)

    80       79,079  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

     220       188,344  

1.38%, 03/15/31

    363       286,407  

1.45%, 06/01/27

    320       285,718  

1.50%, 03/05/28

    105       91,994  

1.65%, 06/01/30

    210       172,964  

1.75%, 09/06/24

    275       265,100  

2.00%, 03/05/31

    260       216,073  

2.13%, 09/06/29

    265       231,337  

2.25%, 01/05/32

    445       373,217  

2.90%, 05/25/27

    150       141,017  

3.38%, 03/25/27

    373       357,043  

3.45%, 03/25/30

    433       402,391  

Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)

    225       217,640  

Coca-Cola Femsa SAB de CV, 1.85%, 09/01/32 (Call 06/01/32)

    70       53,961  

Constellation Brands Inc.

   

2.25%, 08/01/31 (Call 05/01/31)

    230       184,853  

2.88%, 05/01/30 (Call 02/01/30)

    135       116,326  

3.15%, 08/01/29 (Call 05/01/29)

    210       187,639  

3.60%, 02/15/28 (Call 11/15/27)

    220       205,179  

3.70%, 12/06/26 (Call 09/06/26)

    214       203,623  

4.35%, 05/09/27 (Call 04/09/27)

    180       174,206  

4.40%, 11/15/25 (Call 09/15/25)

    235       229,905  

4.65%, 11/15/28 (Call 08/15/28)

    175       170,051  

4.75%, 11/15/24

    160       158,392  

4.75%, 12/01/25

    10       9,848  

4.75%, 05/09/32 (Call 02/09/32)

    155       148,538  

4.90%, 05/01/33

    150       144,584  

5.00%, 02/02/26 (Call 02/02/24)

    215       212,199  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    10       9,233  

2.00%, 04/29/30 (Call 01/29/30)

    235       195,978  

2.13%, 04/29/32 (Call 01/29/32)

    10       8,039  

2.38%, 10/24/29 (Call 07/24/29)

    220       190,082  

5.20%, 10/24/25

    210       210,053  

Keurig Dr Pepper Inc.

   

2.25%, 03/15/31 (Call 12/15/30)

    130       106,007  

2.55%, 09/15/26 (Call 06/15/26)

    105       96,919  

3.20%, 05/01/30 (Call 02/01/30)

    170       150,348  

3.40%, 11/15/25 (Call 08/15/25)

    85       81,303  

3.43%, 06/15/27 (Call 03/15/27)

    150       140,838  

3.95%, 04/15/29 (Call 02/15/29)

    215       202,487  

4.05%, 04/15/32 (Call 01/15/32)

    230       210,636  

4.42%, 05/25/25 (Call 03/25/25)

    139       136,258  

4.60%, 05/25/28 (Call 02/25/28)

    265       258,539  

Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)

    533         499,416  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)

    150       119,229  

1.63%, 05/01/30 (Call 02/01/30)

    324       266,464  

1.95%, 10/21/31 (Call 07/21/31)

    170       138,599  

2.25%, 03/19/25 (Call 02/19/25)

    418       400,089  

2.38%, 10/06/26 (Call 07/06/26)

    294       275,302  

2.63%, 03/19/27 (Call 01/19/27)

    120       111,823  

2.63%, 07/29/29 (Call 04/29/29)

    273       244,485  
Security  

Par

(000)

    Value  
Beverages (continued)            

2.75%, 04/30/25 (Call 01/30/25)

  $ 297     $ 285,619  

2.75%, 03/19/30 (Call 12/19/29)

     310       275,773  

2.85%, 02/24/26 (Call 11/24/25)

    245       233,296  

3.00%, 10/15/27 (Call 07/15/27)

    398       373,905  

3.50%, 07/17/25 (Call 04/17/25)

    340       330,412  

3.60%, 02/18/28 (Call 01/18/28)

    230       220,319  

3.90%, 07/18/32 (Call 04/18/32)

    255       241,717  

4.45%, 05/15/28 (Call 04/15/28)

    170       169,305  

4.45%, 02/15/33 (Call 11/15/32)(a)

    175       174,076  

4.55%, 02/13/26 (Call 01/13/26)

    200       198,812  

7.00%, 03/01/29

    85       94,580  
   

 

 

 
        14,869,279  
Biotechnology — 0.3%            

Amgen Inc.

   

1.65%, 08/15/28 (Call 06/15/28)

    300       255,903  

1.90%, 02/21/25 (Call 01/21/25)

    135       128,366  

2.00%, 01/15/32 (Call 10/15/31)

    340       266,400  

2.20%, 02/21/27 (Call 12/21/26)

    217       197,166  

2.30%, 02/25/31 (Call 11/25/30)

    245       202,123  

2.45%, 02/21/30 (Call 11/21/29)

    275       233,846  

2.60%, 08/19/26 (Call 05/19/26)

    485       450,919  

3.00%, 02/22/29 (Call 12/22/28)

    130       117,507  

3.13%, 05/01/25 (Call 02/01/25)

    423       406,778  

3.20%, 11/02/27 (Call 08/02/27)

    67       62,255  

3.35%, 02/22/32 (Call 11/22/31)

    150       130,695  

4.05%, 08/18/29 (Call 06/18/29)

    295       278,598  

4.20%, 03/01/33 (Call 12/01/32)

    260       238,989  

5.15%, 03/02/28 (Call 02/02/28)

    755       754,086  

5.25%, 03/02/25

    625       622,350  

5.25%, 03/02/30 (Call 01/02/30)

    685       685,342  

5.25%, 03/02/33 (Call 12/02/32)

    890       884,945  

Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)

    220       213,930  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    350       287,872  

4.05%, 09/15/25 (Call 06/15/25)

    450       436,473  

Bio-Rad Laboratories Inc.

   

3.30%, 03/15/27 (Call 02/15/27)

    90       84,383  

3.70%, 03/15/32 (Call 12/15/31)

    190       166,406  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

    190       163,372  

1.65%, 10/01/30 (Call 07/01/30)

    315       253,103  

2.95%, 03/01/27 (Call 12/01/26)

    452       421,178  

3.50%, 02/01/25 (Call 11/01/24)

    500       486,670  

3.65%, 03/01/26 (Call 12/01/25)

    663       637,634  

Illumina Inc.

   

2.55%, 03/23/31 (Call 12/23/30)

    135       108,185  

5.75%, 12/13/27 (Call 11/13/27)

    145       144,746  

5.80%, 12/12/25 (Call 11/12/25)

    180       180,047  

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

    313       248,954  

Royalty Pharma PLC

   

1.20%, 09/02/25 (Call 08/02/25)

    135       122,974  

1.75%, 09/02/27 (Call 07/02/27)

    225       194,126  

2.15%, 09/02/31 (Call 06/02/31)

    144       111,499  

2.20%, 09/02/30 (Call 06/02/30)

    305       243,143  
   

 

 

 
      10,420,963  
Building Materials — 0.1%            

Carrier Global Corp.

   

2.24%, 02/15/25 (Call 01/15/25)

    314       298,727  

 

 

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

    69  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Building Materials (continued)            

2.49%, 02/15/27 (Call 12/15/26)

  $ 91     $ 82,786  

2.70%, 02/15/31 (Call 11/15/30)

    80       67,082  

2.72%, 02/15/30 (Call 11/15/29)

    565       484,239  

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

    205       165,646  

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)

    180       158,553  

4.00%, 06/15/25 (Call 03/15/25)

    80       77,394  

4.00%, 03/25/32 (Call 12/25/31)

    100       87,996  

Fortune Brands Innovations Inc., 5.88%, 06/01/33 (Call 03/01/33)

    100       99,677  

Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)

    196       188,760  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

   

1.75%, 09/15/30 (Call 06/15/30)

    170       136,121  

2.00%, 09/16/31 (Call 06/16/31)

    120       94,560  

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)

    80       73,735  

1.70%, 08/01/27 (Call 06/01/27)

    75       65,574  

Martin Marietta Materials Inc.

   

2.40%, 07/15/31 (Call 04/15/31)

    265       214,218  

3.50%, 12/15/27 (Call 09/15/27)

    139       130,036  

Series CB, 2.50%, 03/15/30 (Call 12/15/29)

    125       104,991  

Masco Corp.

   

1.50%, 02/15/28 (Call 12/15/27)

    75       63,880  

2.00%, 10/01/30 (Call 07/01/30)

    115       90,967  

2.00%, 02/15/31 (Call 11/15/30)

    175       138,224  

3.50%, 11/15/27 (Call 08/15/27)

    50       46,479  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    185       174,751  

3.88%, 06/01/30 (Call 03/01/30)

    85       77,335  

3.95%, 08/15/29 (Call 05/15/29)

    70       65,142  

4.20%, 12/01/24 (Call 09/01/24)

    115       112,691  

Trane Technologies Financing Ltd., 5.25%, 03/03/33 (Call 12/03/32)

    50       49,916  

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

    125       117,352  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

    205       196,238  

3.55%, 11/01/24 (Call 08/01/24)

    120       117,340  

3.80%, 03/21/29 (Call 12/21/28)

    153       142,754  

Vulcan Materials Co.

   

3.50%, 06/01/30 (Call 03/01/30)

    180       161,264  

3.90%, 04/01/27 (Call 01/01/27)

    100       95,716  

5.80%, 03/01/26 (Call 03/01/24)

    55       55,033  
   

 

 

 
        4,235,177  
Chemicals — 0.4%            

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    50       46,382  

1.85%, 05/15/27 (Call 03/15/27)

    180       161,991  

2.05%, 05/15/30 (Call 02/15/30)

    242       204,284  

4.80%, 03/03/33 (Call 12/03/32)

    190       188,719  

Albemarle Corp.

   

4.65%, 06/01/27 (Call 05/01/27)

    120       116,052  

5.05%, 06/01/32 (Call 03/01/32)(a)

     205       193,036  

Cabot Corp.

   

4.00%, 07/01/29 (Call 04/01/29)

    78       71,886  

5.00%, 06/30/32 (Call 03/30/32)

    75       70,691  

Celanese U.S. Holdings LLC

   

1.40%, 08/05/26 (Call 07/05/26)

    40       34,925  
Security  

Par

(000)

    Value  
Chemicals (continued)            

6.05%, 03/15/25

  $ 331     $ 331,248  

6.17%, 07/15/27 (Call 06/15/27)

    420       420,487  

6.33%, 07/15/29 (Call 05/15/29)

    217       215,650  

6.35%, 11/15/28 (Call 10/15/28)

    200       200,646  

6.38%, 07/15/32 (Call 04/15/32)

    285       282,127  

6.55%, 11/15/30 (Call 09/15/30)

    225       225,054  

6.70%, 11/15/33 (Call 08/15/33)

    120       120,521  

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)

    240       195,718  

4.80%, 11/30/28 (Call 08/30/28)

    163       160,617  

6.30%, 03/15/33 (Call 12/15/32)

    35       37,086  

7.38%, 11/01/29

    304       333,448  

DuPont de Nemours Inc.

   

4.49%, 11/15/25 (Call 09/15/25)

    498       487,801  

4.73%, 11/15/28 (Call 08/15/28)

    570       562,373  

Eastman Chemical Co.

   

3.80%, 03/15/25 (Call 12/15/24)

    287       279,153  

4.50%, 12/01/28 (Call 09/01/28)

    170       162,501  

5.75%, 03/08/33 (Call 12/08/32)

    165       162,385  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)

    238       185,504  

1.65%, 02/01/27 (Call 01/01/27)

    70       62,747  

2.13%, 02/01/32 (Call 11/01/31)

    100       81,429  

2.70%, 11/01/26 (Call 08/01/26)

    245       229,347  

3.25%, 12/01/27 (Call 09/01/27)

    49       45,952  

4.80%, 03/24/30 (Call 12/24/29)

    137       136,119  

5.25%, 01/15/28 (Call 12/15/27)

    265       268,493  

EIDP Inc.

   

1.70%, 07/15/25 (Call 06/15/25)

    232       216,347  

2.30%, 07/15/30 (Call 04/15/30)

    206       170,776  

4.50%, 05/15/26 (Call 04/15/26)

    15       14,703  

4.80%, 05/15/33 (Call 02/15/33)(a)

    5       4,808  

FMC Corp.

   

3.20%, 10/01/26 (Call 08/01/26)

    135       124,960  

3.45%, 10/01/29 (Call 07/01/29)

    158       137,710  

5.15%, 05/18/26 (Call 04/18/26)

    115       113,955  

5.65%, 05/18/33 (Call 02/18/33)

    110       104,759  

Huntsman International LLC

   

2.95%, 06/15/31 (Call 03/15/31)

    151       120,537  

4.50%, 05/01/29 (Call 02/01/29)

     215       199,081  

International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28)

    25       23,364  

Linde Inc., 4.80%, 12/05/24

    70       69,607  

Linde Inc./CT

   

1.10%, 08/10/30 (Call 05/10/30)(a)

    251       198,029  

2.65%, 02/05/25 (Call 11/05/24)

    110       105,772  

3.20%, 01/30/26 (Call 10/30/25)

    75       72,158  

4.70%, 12/05/25 (Call 11/05/25)

    110       109,037  

LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)

    95       89,553  

LYB International Finance III LLC

   

1.25%, 10/01/25 (Call 09/01/25)

    235         214,437  

2.25%, 10/01/30 (Call 07/01/30)(a)

    180       146,185  

5.63%, 05/15/33 (Call 02/15/33)

    135       133,639  

Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)

    85       81,051  

NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)

    155       125,758  

Nutrien Ltd.

   

2.95%, 05/13/30 (Call 02/13/30)

    109       93,959  

3.00%, 04/01/25 (Call 01/01/25)

    135       129,343  

4.00%, 12/15/26 (Call 09/15/26)

    115       109,866  

 

 

70  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

4.20%, 04/01/29 (Call 01/01/29)

  $ 185     $ 174,035  

4.90%, 03/27/28 (Call 02/27/28)

    150       146,631  

5.90%, 11/07/24

    15       14,996  

5.95%, 11/07/25

    155       155,933  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    170       153,352  

2.55%, 06/15/30 (Call 03/15/30)

    155       131,212  

2.80%, 08/15/29 (Call 05/15/29)

    45       39,673  

3.75%, 03/15/28 (Call 12/15/27)

    105       98,951  

Rohm & Haas Co., 7.85%, 07/15/29

    5       5,529  

RPM International Inc.

   

2.95%, 01/15/32 (Call 10/15/31)

    100       80,206  

3.75%, 03/15/27 (Call 12/15/26)

    94       88,153  

4.55%, 03/01/29 (Call 12/01/28)

    112       105,082  

Sherwin-Williams Co. (The)

   

2.20%, 03/15/32 (Call 12/15/31)

    85       67,441  

2.30%, 05/15/30 (Call 02/15/30)

    202       168,335  

2.95%, 08/15/29 (Call 05/15/29)

    145       127,784  

3.45%, 08/01/25 (Call 05/01/25)

    165       158,836  

3.45%, 06/01/27 (Call 03/01/27)

    335       315,784  

3.95%, 01/15/26 (Call 10/15/25)

    115       111,205  

4.25%, 08/08/25

    80       78,279  

Westlake Corp.

   

3.38%, 06/15/30 (Call 03/15/30)

    110       95,288  

3.60%, 08/15/26 (Call 05/15/26)

    204       193,378  
   

 

 

 
        11,693,849  
Commercial Services — 0.3%            

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

    295       235,035  

1.70%, 05/15/28 (Call 03/15/28)

    415       363,287  

3.38%, 09/15/25 (Call 06/15/25)

     299       289,270  

Block Financial LLC

   

2.50%, 07/15/28 (Call 05/15/28)

    100       85,691  

3.88%, 08/15/30 (Call 05/15/30)

    195       172,234  

5.25%, 10/01/25 (Call 07/01/25)

    120       118,237  

Cintas Corp. No. 2

   

3.45%, 05/01/25 (Call 04/01/25)

    80       77,464  

3.70%, 04/01/27 (Call 01/01/27)

    238       228,171  

4.00%, 05/01/32 (Call 02/01/32)

    150       140,073  

Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)

    100       83,228  

Equifax Inc.

   

2.35%, 09/15/31 (Call 06/15/31)

    200       156,886  

2.60%, 12/01/24 (Call 11/01/24)

    60       57,664  

2.60%, 12/15/25 (Call 11/15/25)

    159       148,543  

3.10%, 05/15/30 (Call 02/15/30)

    175       149,522  

5.10%, 12/15/27 (Call 11/15/27)

    210       207,133  

5.10%, 06/01/28 (Call 05/01/28)

    130       127,191  

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

    160       143,016  

1.50%, 11/15/24 (Call 10/15/24)

    15       14,218  

2.15%, 01/15/27 (Call 12/15/26)

    195       173,909  

2.65%, 02/15/25 (Call 01/15/25)

    219       209,077  

2.90%, 05/15/30 (Call 02/15/30)

    215       181,529  

2.90%, 11/15/31 (Call 08/15/31)

    205       167,700  

3.20%, 08/15/29 (Call 05/15/29)

     297        258,746  

4.45%, 06/01/28 (Call 03/01/28)

    90       84,903  

4.80%, 04/01/26 (Call 01/01/26)

    88       86,054  

4.95%, 08/15/27 (Call 07/15/27)

    135       131,553  

5.30%, 08/15/29 (Call 06/15/29)

    115       112,550  
Security  

Par

(000)

    Value  
Commercial Services (continued)            

5.40%, 08/15/32 (Call 05/15/32)(a)

  $ 190     $ 186,377  

Johns Hopkins University, 4.71%, 07/01/32 (Call 04/01/32)

    65       64,550  

Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27)

    45       39,837  

Moody’s Corp.

   

2.00%, 08/19/31 (Call 05/19/31)

    60       48,257  

3.25%, 01/15/28 (Call 10/15/27)

    175       163,144  

3.75%, 03/24/25 (Call 02/24/25)

    120       116,827  

4.25%, 02/01/29 (Call 11/01/28)

    140       134,826  

4.25%, 08/08/32 (Call 05/08/32)

    145       136,129  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

    384       359,746  

2.30%, 06/01/30 (Call 03/01/30)

    275       231,132  

2.40%, 10/01/24 (Call 09/01/24)

    295       285,289  

2.65%, 10/01/26 (Call 08/01/26)

    415       386,581  

2.85%, 10/01/29 (Call 07/01/29)

    326       287,803  

3.90%, 06/01/27 (Call 05/01/27)(a)

    55       53,193  

4.40%, 06/01/32 (Call 03/01/32)

    150       143,193  

Quanta Services Inc.

   

0.95%, 10/01/24 (Call 10/02/23)

    73       69,195  

2.35%, 01/15/32 (Call 10/15/31)

    155       122,509  

2.90%, 10/01/30 (Call 07/01/30)

    190       159,984  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)

    265       232,710  

4.00%, 03/18/29 (Call 12/18/28)

    265       251,697  

4.75%, 05/20/32 (Call 02/20/32)

    85       81,897  

S&P Global Inc.

   

1.25%, 08/15/30 (Call 05/15/30)

    275       216,287  

2.45%, 03/01/27 (Call 02/01/27)

    180       166,000  

2.50%, 12/01/29 (Call 09/01/29)

    179       155,483  

2.70%, 03/01/29 (Call 01/01/29)

    210       187,669  

2.90%, 03/01/32 (Call 12/01/31)

    120       102,760  

2.95%, 01/22/27 (Call 10/22/26)

    309       289,344  

4.25%, 05/01/29 (Call 02/01/29)

    325       312,981  

4.75%, 08/01/28 (Call 05/01/28)

    220       217,741  

Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)

    88       68,269  

Verisk Analytics Inc.

   

4.00%, 06/15/25 (Call 03/15/25)

    320       311,226  

4.13%, 03/15/29 (Call 12/15/28)

    140       133,151  

5.75%, 04/01/33 (Call 01/01/33)

    120       122,364  

Yale University

   

Series 2020, 0.87%, 04/15/25 (Call 03/15/25)

    35       32,681  

Series 2020, 1.48%, 04/15/30 (Call 01/15/30)

    170       139,221  
   

 

 

 
        10,212,937  
Computers — 0.7%            

Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)

    170       139,619  

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)

     355       326,206  

0.70%, 02/08/26 (Call 01/08/26)

    575       519,972  

1.13%, 05/11/25 (Call 04/11/25)

    475       444,377  

1.20%, 02/08/28 (Call 12/08/27)

    575       496,645  

1.25%, 08/20/30 (Call 05/20/30)

    305       245,193  

1.40%, 08/05/28 (Call 06/05/28)

    460       395,669  

1.65%, 05/11/30 (Call 02/11/30)

    398       331,769  

1.65%, 02/08/31 (Call 11/08/30)

    615       503,642  

1.70%, 08/05/31 (Call 05/05/31)

    280       227,760  

1.80%, 09/11/24 (Call 08/11/24)

    35       33,776  

2.05%, 09/11/26 (Call 07/11/26)

    370       341,658  

 

 

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

    71  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Computers (continued)            

2.20%, 09/11/29 (Call 06/11/29)

  $ 339     $ 296,320  

2.45%, 08/04/26 (Call 05/04/26)

    538       503,670  

2.50%, 02/09/25

    448       431,836  

2.75%, 01/13/25 (Call 11/13/24)

    386       373,918  

2.90%, 09/12/27 (Call 06/12/27)

    446       417,251  

3.00%, 06/20/27 (Call 03/20/27)

    152       143,421  

3.00%, 11/13/27 (Call 08/13/27)

    485       455,134  

3.20%, 05/13/25

    380       368,642  

3.20%, 05/11/27 (Call 02/11/27)

    410       389,332  

3.25%, 02/23/26 (Call 11/23/25)

    864       830,719  

3.25%, 08/08/29 (Call 06/08/29)

    320       297,606  

3.35%, 02/09/27 (Call 11/09/26)

    537       513,125  

3.35%, 08/08/32 (Call 05/08/32)(a)

    355          325,634  

4.00%, 05/10/28 (Call 04/10/28)

     250       244,195  

4.15%, 05/10/30 (Call 03/10/30)

    160       156,438  

4.30%, 05/10/33 (Call 02/10/33)(a)

    175       171,682  

CGI Inc.

   

1.45%, 09/14/26 (Call 08/14/26)

    205       181,337  

2.30%, 09/14/31 (Call 06/14/31)

    95       73,785  

Dell Inc., 7.10%, 04/15/28

    60       64,019  

Dell International LLC/EMC Corp.

   

4.90%, 10/01/26 (Call 08/01/26)

    412       404,386  

5.25%, 02/01/28 (Call 01/01/28)

    95       94,779  

5.30%, 10/01/29 (Call 07/01/29)

    392       387,010  

5.75%, 02/01/33 (Call 11/01/32)(a)

    240       239,726  

5.85%, 07/15/25 (Call 06/15/25)

    160       160,280  

6.02%, 06/15/26 (Call 03/15/26)

    395       399,013  

6.10%, 07/15/27 (Call 05/15/27)

    120       122,791  

6.20%, 07/15/30 (Call 04/15/30)

    147       151,214  

DXC Technology Co.

   

1.80%, 09/15/26 (Call 08/15/26)

    155       136,062  

2.38%, 09/15/28 (Call 07/15/28)

    170       140,255  

Fortinet Inc.

   

1.00%, 03/15/26 (Call 02/15/26)

    140       125,033  

2.20%, 03/15/31 (Call 12/15/30)

    145       113,990  

Genpact Luxembourg Sarl

   

1.75%, 04/10/26 (Call 03/10/26)

    10       9,039  

3.38%, 12/01/24 (Call 11/01/24)

    75       72,334  

Hewlett Packard Enterprise Co.

   

1.75%, 04/01/26 (Call 03/01/26)

    306       279,142  

4.90%, 10/15/25 (Call 07/15/25)

    741       731,034  

5.25%, 07/01/28 (Call 06/01/28)

    60       59,493  

6.10%, 04/01/26 (Call 04/01/24)

    50       50,024  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)

    20       18,019  

2.20%, 06/17/25 (Call 05/17/25)

    370       348,747  

2.65%, 06/17/31 (Call 03/17/31)

    235       189,636  

3.00%, 06/17/27 (Call 04/17/27)

    245       225,197  

4.00%, 04/15/29 (Call 02/15/29)

    305       284,666  

4.20%, 04/15/32 (Call 01/15/32)

    25       22,324  

4.75%, 01/15/28 (Call 12/15/27)

    195       189,922  

5.50%, 01/15/33 (Call 10/15/32)(a)

    165       160,166  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    370       327,646  

1.95%, 05/15/30 (Call 02/15/30)

    260       214,240  

2.20%, 02/09/27 (Call 01/09/27)

    280       254,685  

2.72%, 02/09/32 (Call 11/09/31)

    50       42,340  

3.30%, 05/15/26

    695       662,460  

3.45%, 02/19/26

    415       397,819  

3.50%, 05/15/29

    520       479,398  
Security  

Par

(000)

    Value  
Computers (continued)            

4.00%, 07/27/25

  $ 315     $ 307,777  

4.15%, 07/27/27 (Call 06/27/27)

    185       178,738  

4.40%, 07/27/32 (Call 04/27/32)

    255       242,806  

4.50%, 02/06/26

    165       162,317  

4.50%, 02/06/28 (Call 01/06/28)

    300       293,769  

4.75%, 02/06/33 (Call 11/06/32)

    320       312,141  

5.88%, 11/29/32

    10       10,608  

6.22%, 08/01/27

    70       73,581  

6.50%, 01/15/28

    45       47,844  

7.00%, 10/30/25

    136       140,772  

Kyndryl Holdings Inc.

   

2.05%, 10/15/26 (Call 09/15/26)

    153       134,511  

2.70%, 10/15/28 (Call 08/15/28)

    130       108,619  

3.15%, 10/15/31 (Call 07/15/31)

    198       153,824  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)

    205       162,401  

3.63%, 05/15/25 (Call 04/15/25)

    45       43,358  

4.38%, 05/15/30 (Call 02/15/30)

    140       129,143  

5.75%, 03/15/33 (Call 12/15/32)

    100       99,360  

NetApp Inc.

   

1.88%, 06/22/25 (Call 05/22/25)

    235       220,078  

2.38%, 06/22/27 (Call 04/22/27)(a)

    165       149,406  

2.70%, 06/22/30 (Call 03/22/30)

    145       120,876  

3.30%, 09/29/24 (Call 07/29/24)

    164       159,341  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    55       45,389  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    145       116,808  

3.10%, 02/01/32 (Call 11/01/31)

    130       96,833  

4.75%, 02/15/26 (Call 11/15/25)

    450       428,760  
   

 

 

 
        21,676,280  
Cosmetics & Personal Care — 0.3%  

Colgate-Palmolive Co.

   

3.10%, 08/15/25

    60       57,806  

3.10%, 08/15/27 (Call 07/15/27)

     100       95,084  

3.25%, 08/15/32 (Call 05/15/32)

    130       117,434  

4.60%, 03/01/28 (Call 02/01/28)

    46       46,159  

4.60%, 03/01/33 (Call 12/01/32)

    176       176,056  

4.80%, 03/02/26

    46       46,047  

Conopco Inc., Series E, 7.25%, 12/15/26

    70       74,619  

Estee Lauder Companies Inc. (The)

   

1.95%, 03/15/31 (Call 12/15/30)

    170       137,219  

2.00%, 12/01/24 (Call 11/01/24)

    220       211,097  

2.38%, 12/01/29 (Call 09/01/29)

    205       175,570  

2.60%, 04/15/30 (Call 01/15/30)

    120       103,480  

3.15%, 03/15/27 (Call 12/15/26)

    115       108,769  

4.38%, 05/15/28 (Call 04/15/28)

    5       4,879  

4.65%, 05/15/33 (Call 02/15/33)

    5       4,840  

GSK Consumer Healthcare Capital U.S. LLC

   

3.38%, 03/24/27 (Call 02/24/27)

    570       535,886  

3.38%, 03/24/29 (Call 01/24/29)

    280       255,951  

3.63%, 03/24/32 (Call 12/24/31)

    460       407,974  

GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/25

    460       442,276  

Kenvue Inc.

   

4.90%, 03/22/33 (Call 12/22/32)(d)

    355       352,923  

5.00%, 03/22/30 (Call 01/22/30)(d)

    230       230,085  

5.05%, 03/22/28 (Call 02/22/28)(d)

    305       305,763  

5.35%, 03/22/26 (Call 02/22/26)(d)

    205       206,019  

5.50%, 03/22/25(d)

    225       225,686  

 

 

72  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Cosmetics & Personal Care (continued)            

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

  $ 245     $ 223,232  

1.00%, 04/23/26

    205       186,363  

1.20%, 10/29/30

    455       363,495  

1.90%, 02/01/27

    305       278,865  

1.95%, 04/23/31

    100       83,848  

2.30%, 02/01/32

    84       71,800  

2.45%, 11/03/26

    225       210,609  

2.70%, 02/02/26

    259       246,856  

2.80%, 03/25/27

    243       227,907  

2.85%, 08/11/27

    253       236,998  

3.00%, 03/25/30

    541       494,160  

3.95%, 01/26/28

    400       392,724  

4.05%, 01/26/33

    55       53,451  

4.10%, 01/26/26

     455       448,780  

Unilever Capital Corp.

   

1.38%, 09/14/30 (Call 06/14/30)

    365       290,562  

1.75%, 08/12/31 (Call 05/12/31)

    105       83,987  

2.00%, 07/28/26

    385       356,037  

2.90%, 05/05/27 (Call 02/05/27)

    300       280,008  

3.38%, 03/22/25 (Call 01/22/25)

    35       34,020  

3.50%, 03/22/28 (Call 12/22/27)

    50       47,508  

5.90%, 11/15/32

    38       41,282  
   

 

 

 
        8,974,114  
Distribution & Wholesale — 0.0%            

LKQ Corp.

   

5.75%, 06/15/28 (Call 05/15/28)(d)

    105       104,168  

6.25%, 06/15/33 (Call 03/15/33)(d)

    15       14,885  

WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)

    60       57,019  
   

 

 

 
      176,072  
Diversified Financial Services — 1.5%            

AerCap Ireland Capital DAC/AerCap Global

   

Aviation Trust

   

1.65%, 10/29/24 (Call 09/29/24)

    675       641,412  

1.75%, 01/30/26 (Call 12/30/25)

    250       226,397  

2.45%, 10/29/26 (Call 09/29/26)

    695       625,166  

3.00%, 10/29/28 (Call 08/29/28)

    882       764,421  

3.30%, 01/30/32 (Call 10/30/31)

    1,035       841,320  

3.50%, 01/15/25 (Call 11/15/24)

    265       255,797  

3.65%, 07/21/27 (Call 04/21/27)

    215       197,953  

3.88%, 01/23/28 (Call 10/23/27)

    315       289,888  

4.45%, 10/01/25 (Call 08/01/25)

    190       183,990  

4.45%, 04/03/26 (Call 02/03/26)

    25       24,090  

4.63%, 10/15/27 (Call 08/15/27)

    150       142,466  

5.75%, 06/06/28 (Call 05/06/28)

    165       163,378  

6.50%, 07/15/25 (Call 06/15/25)

    275       276,273  

Series 3NC1, 1.75%, 10/29/24 (Call 10/02/23)

    225       213,822  

Affiliated Managers Group Inc.

   

3.30%, 06/15/30 (Call 03/15/30)

    130       109,915  

3.50%, 08/01/25

    120       114,504  

Air Lease Corp.

   

1.88%, 08/15/26 (Call 07/15/26)

    240       214,697  

2.10%, 09/01/28 (Call 07/01/28)

    150       126,273  

2.20%, 01/15/27 (Call 12/15/26)

    95       84,869  

2.30%, 02/01/25 (Call 01/01/25)

    275       260,461  

2.88%, 01/15/26 (Call 12/15/25)

    270       252,339  

2.88%, 01/15/32 (Call 10/15/31)

    90       71,745  

3.00%, 02/01/30 (Call 11/01/29)

    175       147,068  

3.13%, 12/01/30 (Call 09/01/30)

    145       121,072  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

3.25%, 03/01/25 (Call 01/01/25)

  $ 285     $ 273,064  

3.25%, 10/01/29 (Call 07/01/29)

    140       122,101  

3.38%, 07/01/25 (Call 06/01/25)

    171       162,995  

3.63%, 04/01/27 (Call 01/01/27)

    175       162,601  

3.63%, 12/01/27 (Call 09/01/27)

    175       160,760  

3.75%, 06/01/26 (Call 04/01/26)

    325       309,104  

4.25%, 09/15/24 (Call 06/15/24)

    181       177,574  

4.63%, 10/01/28 (Call 07/01/28)

    180       169,668  

5.30%, 02/01/28 (Call 01/01/28)

    265       260,426  

5.85%, 12/15/27 (Call 11/15/27)

    45       45,018  

Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)

    165       156,544  

Ally Financial Inc.

   

2.20%, 11/02/28 (Call 09/02/28)

    225       181,928  

4.63%, 03/30/25

    330       319,113  

4.75%, 06/09/27 (Call 05/09/27)

    301       281,766  

5.13%, 09/30/24

    105       103,388  

5.80%, 05/01/25 (Call 04/01/25)

    49       48,265  

6.99%, 06/13/29 (Call 06/13/28), (1-day SOFR + 3.260%)(b)

    30       29,949  

7.10%, 11/15/27 (Call 10/15/27)(a)

    270       273,588  

8.00%, 11/01/31

     515          533,488  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    375       334,459  

2.25%, 03/04/25 (Call 02/01/25)

    130       123,600  

2.55%, 03/04/27 (Call 02/01/27)

    488       443,729  

3.00%, 10/30/24 (Call 09/29/24)

    342       332,034  

3.13%, 05/20/26 (Call 04/20/26)

    305       288,307  

3.30%, 05/03/27 (Call 04/03/27)

    400       372,696  

3.63%, 12/05/24 (Call 11/04/24)

    180       175,280  

3.95%, 08/01/25 (Call 07/01/25)

    560       543,452  

4.05%, 05/03/29 (Call 03/03/29)

    335       318,227  

4.20%, 11/06/25 (Call 10/06/25)

    309       300,913  

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

    285       264,366  

4.90%, 02/13/26 (Call 01/13/26)

    415       409,734  

4.99%, 05/01/26, (1-day SOFR + 0.999%)(b)

    190       187,312  

4.99%, 05/26/33 (Call 02/26/32), (1-day SOFR + 2.255%)(b)

    200       189,706  

5.04%, 05/01/34, (1-day SOFR + 1.835%)(b)

    250       240,227  

5.28%, 07/27/29 (Call 07/27/28), (1-day SOFR + 1.280%)(b)

    275       271,991  

5.39%, 07/28/27 (Call 07/28/26), (1-day SOFR + 0.970%)(b)

    145       144,179  

5.63%, 07/28/34 (Call 07/28/33), (1-day SOFR + 1.930%)(b)

    35       34,473  

5.85%, 11/05/27 (Call 10/05/27)

    370       377,788  

American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)

    15       14,001  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)

    227       212,338  

3.00%, 04/02/25 (Call 03/02/25)

    175       168,252  

3.70%, 10/15/24

    70       68,482  

4.50%, 05/13/32 (Call 02/13/32)

    225       212,821  

5.15%, 05/15/33 (Call 02/15/33)

    145       141,777  

Andrew W Mellon Foundation (The), Series 2020,

   

0.95%, 08/01/27 (Call 06/01/27)

    2       1,721  

BGC Partners Inc.

   

3.75%, 10/01/24 (Call 09/01/24)

    69       66,459  

8.00%, 05/25/28 (Call 04/25/28)(d)

    10       9,916  

 

 

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

    73  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)  

Blue Owl Credit Income Corp., 7.95%, 06/13/28 (Call 05/13/28)(d)

  $ 5     $ 5,016  

Brookfield Capital Finance LLC, 6.09%, 06/14/33 (Call 03/14/33)

    20       20,043  

Brookfield Finance Inc.

   

2.34%, 01/30/32 (Call 10/30/31)

    176       136,132  

2.72%, 04/15/31 (Call 01/15/31)

    125       102,121  

3.90%, 01/25/28 (Call 10/25/27)

    232       216,795  

4.25%, 06/02/26 (Call 03/02/26)

    175       168,341  

4.35%, 04/15/30 (Call 01/15/30)

    204       188,343  

4.85%, 03/29/29 (Call 12/29/28)

    290       277,475  

Capital One Financial Corp.

   

1.88%, 11/02/27 (Call 11/02/26), (1-day SOFR + 0.855%)(b)

    345       302,475  

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

    262       186,617  

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

    140       106,947  

2.64%, 03/03/26 (Call 03/03/25), (1-day SOFR + 1.290%)(b)

    280       264,558  

3.20%, 02/05/25 (Call 01/05/25)

    360       345,348  

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

    300       257,397  

3.30%, 10/30/24 (Call 09/30/24)

    395       383,731  

3.65%, 05/11/27 (Call 04/11/27)

    266       247,372  

3.75%, 07/28/26 (Call 06/28/26)

    359       335,722  

3.75%, 03/09/27 (Call 02/09/27)

    403       374,996  

3.80%, 01/31/28 (Call 12/31/27)

    400       367,068  

4.20%, 10/29/25 (Call 09/29/25)

    335       322,009  

4.25%, 04/30/25 (Call 03/31/25)

    270       261,719  

4.93%, 05/10/28 (Call 05/10/27), (1-day SOFR + 2.057%)(b)

    320       307,619  

4.99%, 07/24/26 (Call 07/24/25), (1-day SOFR + 2.160%)(b)

    365       356,707  

5.25%, 07/26/30 (Call 07/26/29), (1-day SOFR + 2.600%)(b)

    140       133,105  

5.27%, 05/10/33 (Call 05/10/32), (1-day SOFR + 2.370%)(b)

    210       195,203  

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

    250       242,237  

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

    155       147,230  

6.31%, 06/08/29 (Call 06/08/28), (1-day SOFR + 2.640%)(b)

    125       124,933  

6.38%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.860%)(b)

    370       365,453  

Cboe Global Markets Inc.

   

1.63%, 12/15/30 (Call 09/15/30)

    155       121,886  

3.00%, 03/16/32 (Call 12/16/31)

    85       71,832  

3.65%, 01/12/27 (Call 10/12/26)

    110       105,210  

Charles Schwab Corp. (The)

   

0.90%, 03/11/26 (Call 02/11/26)

    365       325,693  

1.15%, 05/13/26 (Call 04/13/26)

    205       182,485  

1.65%, 03/11/31 (Call 12/11/30)

    210       160,845  

1.95%, 12/01/31 (Call 09/01/31)

    250       191,847  

2.00%, 03/20/28 (Call 01/20/28)

    320       275,661  

2.30%, 05/13/31 (Call 02/13/31)

    190       152,726  

2.45%, 03/03/27 (Call 02/03/27)

     425       382,615  

2.75%, 10/01/29 (Call 07/01/29)

    75       64,567  

2.90%, 03/03/32 (Call 12/03/31)

    310          255,784  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

3.00%, 03/10/25 (Call 12/10/24)

  $ 100     $ 95,866  

3.20%, 03/02/27 (Call 12/02/26)

    234       216,618  

3.20%, 01/25/28 (Call 10/25/27)

    200       182,300  

3.25%, 05/22/29 (Call 02/22/29)

    165       146,716  

3.30%, 04/01/27 (Call 01/01/27)

    171       159,192  

3.45%, 02/13/26 (Call 11/13/25)

    80       75,942  

3.63%, 04/01/25 (Call 01/01/25)

    110       106,537  

3.85%, 05/21/25 (Call 03/21/25)

    200       193,796  

4.00%, 02/01/29 (Call 11/01/28)

    120       112,846  

4.20%, 03/24/25 (Call 02/24/25)

    85       83,028  

4.63%, 03/22/30 (Call 12/22/29)(a)

    200       194,274  

5.64%, 05/19/29 (Call 05/19/28), (1-day SOFR + 2.210%)(b)

    50       49,909  

5.85%, 05/19/34 (Call 05/19/33), (1-day SOFR + 2.500%)(b)

    210       210,313  

5.88%, 08/24/26 (Call 07/24/26)

    60       60,353  

6.14%, 08/24/34 (Call 08/24/33), (1-day SOFR + 2.010%)(b)

    40       40,708  

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

    245       188,581  

CME Group Inc.

   

2.65%, 03/15/32 (Call 12/15/31)

    263       220,489  

3.00%, 03/15/25 (Call 12/15/24)

    455       439,635  

3.75%, 06/15/28 (Call 03/15/28)

    218       209,845  

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

    115       127,827  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

    45       43,139  

3.95%, 11/06/24 (Call 08/06/24)

    120       116,822  

4.10%, 02/09/27 (Call 11/09/26)

    94       87,180  

4.50%, 01/30/26 (Call 11/30/25)(a)

    213       204,569  

6.70%, 11/29/32 (Call 08/29/32)

    105       104,453  

Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)

    60       56,354  

Franklin Resources Inc.

   

1.60%, 10/30/30 (Call 07/30/30)

    95       74,448  

2.85%, 03/30/25

    240       230,213  

Intercontinental Exchange Inc.

   

1.85%, 09/15/32 (Call 06/15/32)

    375          285,409  

2.10%, 06/15/30 (Call 03/15/30)

    241       198,594  

3.10%, 09/15/27 (Call 06/15/27)

    160       148,138  

3.65%, 05/23/25

    260       252,109  

3.75%, 12/01/25 (Call 09/01/25)

    435       419,871  

3.75%, 09/21/28 (Call 06/21/28)(a)

    170       160,721  

4.00%, 09/15/27 (Call 08/15/27)

    365       349,714  

4.35%, 06/15/29 (Call 04/15/29)

    305       292,349  

4.60%, 03/15/33 (Call 12/15/32)

    300       286,407  

Invesco Finance PLC, 3.75%, 01/15/26

    205       197,261  

Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)

    165       161,626  

Jefferies Financial Group Inc.

   

2.63%, 10/15/31 (Call 07/15/31)

    260       202,771  

4.15%, 01/23/30

     290       261,386  

4.85%, 01/15/27

    195       189,636  

5.88%, 07/21/28 (Call 06/21/28)

    180       178,040  

6.45%, 06/08/27

    55       55,949  

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

    125       95,663  

Lazard Group LLC

   

3.63%, 03/01/27 (Call 12/01/26)

    95       88,045  

3.75%, 02/13/25

    165       159,501  

4.38%, 03/11/29 (Call 12/11/28)

    170       159,569  

4.50%, 09/19/28 (Call 06/19/28)

    120       113,962  

Legg Mason Inc., 4.75%, 03/15/26

    103       101,264  

 

 

74  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Mastercard Inc.

   

1.90%, 03/15/31 (Call 12/15/30)

  $ 215     $ 176,240  

2.00%, 03/03/25 (Call 02/03/25)

    167       159,515  

2.00%, 11/18/31 (Call 08/18/31)

    170       138,089  

2.95%, 11/21/26 (Call 08/21/26)

    278       262,135  

2.95%, 06/01/29 (Call 03/01/29)

    230       208,573  

3.30%, 03/26/27 (Call 01/26/27)

    190       180,734  

3.35%, 03/26/30 (Call 12/26/29)

    382       351,203  

3.50%, 02/26/28 (Call 11/26/27)

    230       218,578  

4.85%, 03/09/33 (Call 12/09/32)

    175       175,821  

4.88%, 03/09/28 (Call 02/09/28)

     270       270,872  

Nasdaq Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    180       140,782  

3.85%, 06/30/26 (Call 03/30/26)

    205       197,274  

5.35%, 06/28/28 (Call 05/28/28)

    215       214,953  

5.65%, 06/28/25

    90       90,111  

Nomura Holdings Inc.

   

1.65%, 07/14/26

    345       305,918  

1.85%, 07/16/25

    297       274,517  

2.17%, 07/14/28

    210       176,591  

2.33%, 01/22/27

    270       239,285  

2.61%, 07/14/31

    275       216,120  

2.65%, 01/16/25

    480          458,669  

2.68%, 07/16/30

    265       215,479  

2.71%, 01/22/29

    10       8,488  

3.00%, 01/22/32

    265       212,170  

3.10%, 01/16/30

    250       211,805  

5.10%, 07/03/25

    45       44,230  

5.39%, 07/06/27

    220       215,697  

5.61%, 07/06/29

    230       225,773  

5.71%, 01/09/26

    25       24,820  

6.07%, 07/12/28

    200       200,916  

6.09%, 07/12/33

    205       205,373  

ORIX Corp.

   

2.25%, 03/09/31(a)

    25       20,282  

3.25%, 12/04/24

    332       320,861  

3.70%, 07/18/27

    75       70,838  

4.00%, 04/13/32

    112       102,114  

5.00%, 09/13/27

    182       179,940  

5.20%, 09/13/32

    112       111,387  

Private Export Funding Corp.

   

1.75%, 11/15/24

    105       100,427  

Series GG, 2.45%, 07/15/24

    40       38,852  

Series PP, 1.40%, 07/15/28

    133       114,678  

Radian Group Inc.

   

4.50%, 10/01/24 (Call 07/01/24)

    120       117,049  

4.88%, 03/15/27 (Call 09/15/26)

    145       137,163  

6.63%, 03/15/25 (Call 09/15/24)

    95       94,914  

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

   

(Call 01/01/30)

    154       148,904  

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

    125       108,716  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

    85       62,997  

3.70%, 08/04/26 (Call 05/04/26)

    189       172,162  

3.95%, 12/01/27 (Call 09/01/27)

    270       240,988  

4.50%, 07/23/25 (Call 04/23/25)

    225       214,623  

4.88%, 06/13/25 (Call 05/13/25)

    215       207,140  

5.15%, 03/19/29 (Call 12/19/28)

    165       151,326  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)

    185       159,953  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

1.10%, 02/15/31 (Call 11/15/30)

  $ 245     $ 190,485  

1.90%, 04/15/27 (Call 02/15/27)

    416       377,033  

2.05%, 04/15/30 (Call 01/15/30)

    444       376,548  

2.75%, 09/15/27 (Call 06/15/27)

    271       251,298  

3.15%, 12/14/25 (Call 09/14/25)

     1,059         1,015,772  

Voya Financial Inc.

   

3.65%, 06/15/26

    205       193,612  

4.70%, 01/23/48 (Call 01/23/28), (3-mo. LIBOR US + 2.084%)(b)

    75       60,557  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)

    200       178,874  

2.75%, 03/15/31 (Call 12/15/30)

    75       58,931  

2.85%, 01/10/25 (Call 12/10/24)

    190       182,058  
   

 

 

 
      45,573,910  
Electric — 2.0%            

AEP Texas Inc.

   

3.95%, 06/01/28 (Call 03/01/28)

    110       103,329  

4.70%, 05/15/32 (Call 02/15/32)

    125       118,281  

5.40%, 06/01/33 (Call 03/01/33)

    40       39,562  

Series I, 2.10%, 07/01/30 (Call 04/01/30)

    192       155,620  

AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)

    40       37,647  

AES Corp. (The)

   

1.38%, 01/15/26 (Call 12/15/25)

    180       161,788  

2.45%, 01/15/31 (Call 10/15/30)

    295       234,304  

5.45%, 06/01/28 (Call 05/01/28)

    150       147,195  

Alabama Power Co.

   

3.05%, 03/15/32 (Call 12/15/31)

    15       12,872  

3.75%, 09/01/27 (Call 08/01/27)

    70       66,805  

3.94%, 09/01/32 (Call 03/01/32)

    120       109,213  

Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)

    290       227,612  

Ameren Corp.

   

1.75%, 03/15/28 (Call 01/15/28)

    105       90,195  

1.95%, 03/15/27 (Call 02/15/27)

    90       80,924  

2.50%, 09/15/24 (Call 08/15/24)

    118       113,832  

3.50%, 01/15/31 (Call 10/15/30)

    115       101,465  

3.65%, 02/15/26 (Call 11/15/25)

    110       105,196  

Ameren Illinois Co.

   

1.55%, 11/15/30 (Call 08/15/30)

    100       78,037  

3.25%, 03/01/25 (Call 12/01/24)

    76       73,703  

3.80%, 05/15/28 (Call 02/15/28)

    33       31,444  

3.85%, 09/01/32 (Call 06/01/32)

    115       104,020  

American Electric Power Co. Inc.

   

2.30%, 03/01/30 (Call 12/01/29)

    103       84,769  

3.20%, 11/13/27 (Call 08/13/27)

    35       32,425  

3.88%, 02/15/62 (Call 11/15/26), (5-year CMT + 2.675%)(b)

    150       121,176  

5.63%, 03/01/33 (Call 12/01/32)

    341       341,668  

5.70%, 08/15/25

    5       5,003  

5.75%, 11/01/27 (Call 10/01/27)

    320       325,632  

5.95%, 11/01/32 (Call 08/01/32)

    22       22,620  

Series J, 4.30%, 12/01/28 (Call 09/01/28)

    169       161,020  

Series N, 1.00%, 11/01/25 (Call 10/01/25)

    20       18,171  

Appalachian Power Co.

   

3.40%, 06/01/25 (Call 03/01/25)

    30       28,827  

4.50%, 08/01/32 (Call 05/01/32)

    160       148,656  

Series AA, 2.70%, 04/01/31 (Call 01/01/31)

    90       74,687  

Arizona Public Service Co.

   

2.20%, 12/15/31 (Call 09/15/31)

    165       128,197  

2.60%, 08/15/29 (Call 05/15/29)

    64       55,514  

 

 

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

    75  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

2.95%, 09/15/27 (Call 06/15/27)

  $ 65     $ 59,684  

3.15%, 05/15/25 (Call 02/15/25)

    45       43,319  

6.35%, 12/15/32 (Call 09/15/32)

    85       89,516  

Atlantic City Electric Co.

   

2.30%, 03/15/31 (Call 12/15/30)

    40       32,710  

4.00%, 10/15/28 (Call 07/15/28)

    95       90,112  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    193       186,230  

3.20%, 04/15/25 (Call 03/15/25)

    180       172,336  

3.80%, 06/01/29 (Call 03/01/29)

    186       168,696  

Baltimore Gas & Electric Co.

   

2.25%, 06/15/31 (Call 03/15/31)

    252       206,569  

2.40%, 08/15/26 (Call 05/15/26)

    60       55,539  

Berkshire Hathaway Energy Co.

   

1.65%, 05/15/31 (Call 02/15/31)

    140       108,248  

3.25%, 04/15/28 (Call 01/15/28)

    220       202,404  

3.50%, 02/01/25 (Call 11/01/24)

    185       179,851  

3.70%, 07/15/30 (Call 04/15/30)

    240       218,616  

4.05%, 04/15/25 (Call 03/15/25)

    203       198,644  

Black Hills Corp.

   

2.50%, 06/15/30 (Call 03/15/30)

    160       131,179  

3.05%, 10/15/29 (Call 07/15/29)

    162       139,315  

3.15%, 01/15/27 (Call 07/15/26)

    15       13,930  

3.95%, 01/15/26 (Call 07/15/25)

    35       33,538  

4.35%, 05/01/33 (Call 02/01/33)

    10       8,842  

5.95%, 03/15/28 (Call 02/15/28)

    240          243,518  

CenterPoint Energy Houston Electric LLC

   

4.95%, 04/01/33 (Call 01/01/33)

    170       166,937  

Series AA, 3.00%, 02/01/27 (Call 11/01/26)

    135       126,020  

Series AE, 2.35%, 04/01/31 (Call 01/01/31)

    15       12,422  

Series ai., 4.45%, 10/01/32 (Call 07/01/32)

    130       123,162  

Series Z, 2.40%, 09/01/26 (Call 06/01/26)

    135       124,547  

CenterPoint Energy Inc.

   

1.45%, 06/01/26 (Call 05/01/26)

    170       152,655  

2.50%, 09/01/24 (Call 08/01/24)

    141       136,120  

2.65%, 06/01/31 (Call 03/01/31)

    95       77,982  

2.95%, 03/01/30 (Call 12/01/29)

    65       55,929  

5.25%, 08/10/26

    75       74,738  

Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)

    170       159,667  

CMS Energy Corp.

   

3.00%, 05/15/26 (Call 02/15/26)

    100       93,888  

3.45%, 08/15/27 (Call 05/15/27)

    85       79,257  

4.75%, 06/01/50 (Call 03/01/30), (5-year CMT + 4.116%)(b)

    100       87,224  

Commonwealth Edison Co.

   

2.20%, 03/01/30 (Call 12/01/29)

    60       50,198  

2.55%, 06/15/26 (Call 03/15/26)

    85       79,415  

3.15%, 03/15/32 (Call 12/15/31)

    75       64,847  

3.70%, 08/15/28 (Call 05/15/28)

     160       151,006  

4.90%, 02/01/33 (Call 11/01/32)(a)

    80       78,634  

Series 122, 2.95%, 08/15/27 (Call 05/15/27)

    175       162,708  

Connecticut Light & Power Co. (The)

   

4.90%, 07/01/33 (Call 04/01/33)

    50       49,237  

Series A, 2.05%, 07/01/31 (Call 04/01/31)

    195       157,067  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

    50       47,019  

Consolidated Edison Co. of New York Inc.

   

2.40%, 06/15/31 (Call 03/15/31)

    205       170,000  

3.80%, 05/15/28 (Call 02/15/28)

    185       175,006  

5.20%, 03/01/33 (Call 12/01/32)

    185       184,747  
Security  

Par

(000)

    Value  
Electric (continued)            

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

  $ 115     $ 103,767  

Series B, 3.13%, 11/15/27 (Call 08/15/27)

    70       64,996  

Series D, 4.00%, 12/01/28 (Call 09/01/28)

    131       125,142  

Constellation Energy Generation LLC

   

3.25%, 06/01/25 (Call 05/01/25)

    200       191,426  

5.60%, 03/01/28 (Call 02/01/28)

    90       90,519  

5.80%, 03/01/33 (Call 12/01/32)

    90       91,665  

Consumers Energy Co.

   

3.60%, 08/15/32 (Call 02/15/32)

    75       67,261  

3.80%, 11/15/28 (Call 08/15/28)

    118       111,149  

4.63%, 05/15/33 (Call 11/15/32)

    185       179,341  

4.65%, 03/01/28 (Call 01/01/28)

    200       198,140  

4.90%, 02/15/29 (Call 12/15/28)

    100       99,278  

Dominion Energy Inc.

   

3.90%, 10/01/25 (Call 07/01/25)

    229       221,338  

4.25%, 06/01/28 (Call 03/01/28)

    134       127,812  

4.35%, 08/15/32 (Call 05/15/32)

    105       97,036  

5.38%, 11/15/32 (Call 08/15/32)

    255       251,055  

Series A, 1.45%, 04/15/26 (Call 03/15/26)

    200       180,400  

Series A, 3.30%, 03/15/25 (Call 02/15/25)

    50       48,278  

Series B, 3.60%, 03/15/27 (Call 01/15/27)

    50       47,125  

Series C, 2.25%, 08/15/31 (Call 05/15/31)

    130       103,526  

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

    570          502,911  

Series D, 2.85%, 08/15/26 (Call 05/15/26)

    97       90,202  

Dominion Energy South Carolina Inc.

   

5.30%, 05/15/33

    15       15,057  

6.63%, 02/01/32

    25       27,210  

Series A, 2.30%, 12/01/31 (Call 09/01/31)

    95       76,279  

DTE Electric Co.

   

2.25%, 03/01/30 (Call 12/01/29)

    190       161,243  

3.38%, 03/01/25 (Call 12/01/24)

    15       14,556  

5.20%, 04/01/33 (Call 01/01/33)

    105       105,250  

Series A, 1.90%, 04/01/28 (Call 02/01/28)

    200       175,442  

Series A, 3.00%, 03/01/32 (Call 12/01/31)

    145       123,755  

Series C, 2.63%, 03/01/31 (Call 12/01/30)

    55       46,802  

DTE Energy Co.

   

2.85%, 10/01/26 (Call 07/01/26)

    230       212,778  

2.95%, 03/01/30 (Call 12/01/29)

    229       196,862  

4.22%, 11/01/24(c)

    430       421,774  

4.88%, 06/01/28 (Call 05/01/28)

    215       210,369  

Series C, 3.40%, 06/15/29 (Call 03/15/29)

    109       97,685  

Series F, 1.05%, 06/01/25 (Call 05/01/25)

    240       221,304  

Duke Energy Carolinas LLC

   

2.45%, 08/15/29 (Call 05/15/29)

    160       138,048  

2.45%, 02/01/30 (Call 11/01/29)

    130       111,559  

2.55%, 04/15/31 (Call 01/15/31)

    175       148,213  

2.85%, 03/15/32 (Call 12/15/31)

    120       101,238  

2.95%, 12/01/26 (Call 09/01/26)

    110       103,658  

3.95%, 11/15/28 (Call 08/15/28)

    185       176,177  

4.95%, 01/15/33 (Call 10/15/32)

    225       221,483  

6.45%, 10/15/32

    60       64,153  

Series A, 6.00%, 12/01/28

    40       41,560  

Duke Energy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    237       216,355  

2.45%, 06/01/30 (Call 03/01/30)

    250       208,045  

2.55%, 06/15/31 (Call 03/15/31)

    315       257,056  

2.65%, 09/01/26 (Call 06/01/26)

    360       333,068  

3.15%, 08/15/27 (Call 05/15/27)

    175       161,873  

3.40%, 06/15/29 (Call 03/15/29)

    160       144,813  

4.30%, 03/15/28 (Call 02/15/28)

     220       211,792  

 

 

76  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)  

4.50%, 08/15/32 (Call 05/15/32)

  $ 235     $ 218,411  

5.00%, 12/08/25

    50       49,507  

5.00%, 12/08/27 (Call 11/08/27)

     200       198,600  

Duke Energy Florida LLC

   

1.75%, 06/15/30 (Call 03/15/30)

    75       60,433  

2.40%, 12/15/31 (Call 09/15/31)

    175       142,653  

2.50%, 12/01/29 (Call 09/01/29)

    115       99,231  

3.80%, 07/15/28 (Call 04/15/28)

    193       183,744  

Duke Energy Ohio Inc.

   

2.13%, 06/01/30 (Call 03/01/30)

    135       111,104  

3.65%, 02/01/29 (Call 11/01/28)

    105       97,913  

5.25%, 04/01/33 (Call 01/01/33)

    60       60,034  

Duke Energy Progress LLC

   

2.00%, 08/15/31 (Call 05/15/31)

    145       115,233  

3.25%, 08/15/25 (Call 05/15/25)

    45       43,386  

3.40%, 04/01/32 (Call 01/01/32)

    115       100,829  

3.45%, 03/15/29 (Call 12/15/28)

    106       97,459  

3.70%, 09/01/28 (Call 06/01/28)

    165       155,456  

5.25%, 03/15/33 (Call 12/15/32)

    90       90,045  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)

    192       186,459  

4.13%, 03/15/28 (Call 12/15/27)

    187       174,877  

4.70%, 08/15/25

    135       132,042  

4.95%, 04/15/25 (Call 03/15/25)

    100       98,497  

5.25%, 11/15/28 (Call 10/15/28)

    125       122,172  

5.75%, 06/15/27 (Call 04/15/27)

    172       172,402  

6.95%, 11/15/29 (Call 09/15/29)

    140       147,514  

Emera U.S. Finance LP

   

2.64%, 06/15/31 (Call 03/15/31)

    110       87,613  

3.55%, 06/15/26 (Call 03/15/26)

    185       174,903  

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

    115       108,822  

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

    215          205,389  

Entergy Arkansas LLC

   

3.50%, 04/01/26 (Call 01/01/26)

    181       173,485  

4.00%, 06/01/28 (Call 03/01/28)

    39       37,262  

5.15%, 01/15/33 (Call 10/15/32)

    165       163,505  

5.30%, 09/15/33 (Call 06/15/33)

    100       99,806  

Entergy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    30       27,248  

1.90%, 06/15/28 (Call 04/15/28)

    30       25,697  

2.40%, 06/15/31 (Call 03/05/31)

    160       127,725  

2.80%, 06/15/30 (Call 03/15/30)

    150       126,591  

2.95%, 09/01/26 (Call 06/01/26)

    287       266,594  

Entergy Louisiana LLC

   

0.95%, 10/01/24 (Call 09/11/23)

    55       52,212  

1.60%, 12/15/30 (Call 09/15/30)

    145       112,198  

2.35%, 06/15/32 (Call 03/15/32)

    85       67,544  

2.40%, 10/01/26 (Call 07/01/26)

    60       54,970  

3.05%, 06/01/31 (Call 03/01/31)

    57       48,897  

3.12%, 09/01/27 (Call 06/01/27)

    50       46,307  

3.25%, 04/01/28 (Call 01/01/28)

    100       91,788  

4.00%, 03/15/33 (Call 12/15/32)

    95       85,275  

5.59%, 10/01/24

    20       20,003  

Entergy Mississippi LLC

   

2.85%, 06/01/28 (Call 03/01/28)

    110       99,183  

5.00%, 09/01/33 (Call 06/01/33)

    40       38,777  

Entergy Texas Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    140       109,638  

4.00%, 03/30/29 (Call 12/30/28)

    113       105,727  
Security   Par
(000)
    Value  
Electric (continued)  

Evergy Inc.

   

2.45%, 09/15/24 (Call 08/15/24)

  $ 164     $ 158,199  

2.90%, 09/15/29 (Call 06/15/29)

    120       104,317  

Evergy Kansas Central Inc.

   

2.55%, 07/01/26 (Call 04/01/26)

    75       69,823  

3.10%, 04/01/27 (Call 01/01/27)

    165       154,255  

Evergy Metro Inc.

   

3.65%, 08/15/25 (Call 05/15/25)

    125       120,565  

4.95%, 04/15/33 (Call 01/15/33)

    85       82,576  

Series 2020, 2.25%, 06/01/30 (Call 03/01/30)

    50       41,376  

Eversource Energy

   

2.55%, 03/15/31 (Call 12/15/30)

    10       8,209  

2.90%, 03/01/27 (Call 02/01/27)

    125       115,104  

3.38%, 03/01/32 (Call 12/01/31)

    90       77,180  

4.60%, 07/01/27 (Call 06/01/27)

    295          287,053  

4.75%, 05/15/26

    55       54,096  

5.13%, 05/15/33 (Call 02/15/33)

    170       164,417  

5.45%, 03/01/28 (Call 02/01/28)

    350       351,263  

Series H, 3.15%, 01/15/25 (Call 10/15/24)

    125       121,050  

Series L, 2.90%, 10/01/24 (Call 08/01/24)

    180       174,609  

Series M, 3.30%, 01/15/28 (Call 10/15/27)

    120       110,413  

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

    105       99,712  

Series Q, 0.80%, 08/15/25 (Call 07/15/25)

    190       173,367  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

    169       132,831  

Series U, 1.40%, 08/15/26 (Call 07/15/26)

    190       169,163  

Exelon Corp.

   

2.75%, 03/15/27 (Call 02/15/27)

    70       64,271  

3.35%, 03/15/32 (Call 12/15/31)

    115       98,716  

3.40%, 04/15/26 (Call 01/15/26)

     242       230,091  

3.95%, 06/15/25 (Call 03/15/25)

    262       254,247  

4.05%, 04/15/30 (Call 01/15/30)

    319       294,836  

5.15%, 03/15/28 (Call 02/15/28)

    95       94,374  

5.30%, 03/15/33 (Call 12/15/32)

    165       162,805  

Florida Power & Light Co.

   

2.45%, 02/03/32 (Call 11/03/31)

    360       298,519  

2.85%, 04/01/25 (Call 03/01/25)

    375       360,690  

3.13%, 12/01/25 (Call 06/01/25)

    150       143,677  

4.40%, 05/15/28 (Call 03/15/28)

    180       176,089  

4.45%, 05/15/26 (Call 04/15/26)

    55       54,135  

4.63%, 05/15/30 (Call 03/15/30)

    85       83,270  

4.80%, 05/15/33 (Call 02/15/33)

    65       63,481  

5.05%, 04/01/28 (Call 03/01/28)

    225       226,231  

5.10%, 04/01/33 (Call 01/01/33)

    200       200,250  

Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)

    280       259,904  

Georgia Power Co.

   

3.25%, 03/30/27 (Call 12/30/26)

    152       141,620  

4.65%, 05/16/28 (Call 03/16/28)

    250       243,880  

4.70%, 05/15/32 (Call 02/15/32)

    165       157,276  

4.95%, 05/17/33 (Call 11/17/32)

    345       333,832  

Series A, 2.20%, 09/15/24 (Call 08/15/24)

    145       139,645  

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

    249       214,777  

Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)

    180       168,948  

Iberdrola International BV, 5.81%, 03/15/25

    90       90,180  

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

    10       9,487  

Interstate Power & Light Co.

   

2.30%, 06/01/30 (Call 03/01/30)

    25       20,523  

3.25%, 12/01/24 (Call 09/01/24)

    185       179,657  

3.60%, 04/01/29 (Call 01/01/29)

    10       9,193  

 

 

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

    77  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)  

4.10%, 09/26/28 (Call 06/26/28)

  $ 165     $ 157,184  

IPALCO Enterprises Inc.

   

3.70%, 09/01/24 (Call 07/01/24)

    70       68,145  

4.25%, 05/01/30 (Call 02/01/30)

    117       105,377  

ITC Holdings Corp.

   

3.25%, 06/30/26 (Call 03/30/26)

    85       80,268  

3.35%, 11/15/27 (Call 08/15/27)

    185       171,824  

Kentucky Utilities Co., 5.45%, 04/15/33 (Call 01/15/33)

    35       35,326  

Louisville Gas & Electric Co.

   

5.45%, 04/15/33 (Call 01/15/33)

    40       40,405  

Series 25, 3.30%, 10/01/25 (Call 07/01/25)

    50       48,045  

MidAmerican Energy Co.

   

3.10%, 05/01/27 (Call 02/01/27)

    88       81,960  

3.50%, 10/15/24 (Call 07/15/24)

    189       184,681  

3.65%, 04/15/29 (Call 01/15/29)

     284          264,574  

6.75%, 12/30/31

    15       16,451  

Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)

    82       77,203  

National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)

    40       40,116  

National Rural Utilities Cooperative Finance Corp.

   

1.00%, 06/15/26 (Call 05/15/26)

    30       26,803  

1.35%, 03/15/31 (Call 12/15/30)

    185       139,803  

1.65%, 06/15/31 (Call 03/15/31)

    90       68,964  

1.88%, 02/07/25

    160       152,046  

2.40%, 03/15/30 (Call 12/15/29)

    95       80,119  

2.75%, 04/15/32 (Call 01/15/32)

    25       20,481  

2.85%, 01/27/25 (Call 10/27/24)

    87       84,006  

3.05%, 04/25/27 (Call 01/25/27)

    88       82,065  

3.25%, 11/01/25 (Call 08/01/25)

    70       66,989  

3.40%, 02/07/28 (Call 11/07/27)

    70       65,275  

3.45%, 06/15/25

    120       115,734  

3.70%, 03/15/29 (Call 12/15/28)

    145       134,647  

3.90%, 11/01/28 (Call 08/01/28)

    75       70,773  

4.02%, 11/01/32 (Call 05/01/32)

    200       181,332  

4.15%, 12/15/32 (Call 09/15/32)

    100       91,382  

4.45%, 03/13/26 (Call 02/13/26)

    55       54,044  

4.80%, 03/15/28 (Call 02/15/28)

    325       321,402  

5.05%, 09/15/28 (Call 08/15/28)

    75       74,859  

5.45%, 10/30/25

    110       110,316  

5.80%, 01/15/33 (Call 07/15/32)

    160       165,141  

Series D, 1.00%, 10/18/24

    90       85,438  

Nevada Power Co.

   

Series CC, 3.70%, 05/01/29 (Call 02/01/29)

    162       150,336  

Series DD, 2.40%, 05/01/30 (Call 02/01/30)

    127       106,465  

NextEra Energy Capital Holdings Inc.

   

1.88%, 01/15/27 (Call 12/15/26)

    355       317,388  

1.90%, 06/15/28 (Call 04/15/28)

    285       244,920  

2.25%, 06/01/30 (Call 03/01/30)

    566       465,541  

2.44%, 01/15/32 (Call 10/15/31)

    235       188,261  

2.75%, 11/01/29 (Call 08/01/29)

    264       228,339  

3.50%, 04/01/29 (Call 01/01/29)

    165       150,751  

3.55%, 05/01/27 (Call 02/01/27)

    346       326,105  

4.26%, 09/01/24

    135       132,778  

4.45%, 06/20/25

    580       568,029  

4.63%, 07/15/27 (Call 06/15/27)

    395       385,121  

4.80%, 12/01/77 (Call 12/01/27), (3-mo. LIBOR US + 2.409%)(b)

    105       93,013  

4.90%, 02/28/28 (Call 01/28/28)

    355       349,178  

5.00%, 02/28/30 (Call 12/28/29)

    360       353,239  

5.00%, 07/15/32 (Call 04/15/32)

    220       212,656  

5.05%, 02/28/33 (Call 11/28/32)

    350       338,593  
Security   Par
(000)
    Value  
Electric (continued)  

6.05%, 03/01/25

  $ 15     $ 15,062  

Northern States Power Co./MN, 2.25%, 04/01/31 (Call 10/01/30)

    177       146,278  

NSTAR Electric Co.

   

1.95%, 08/15/31 (Call 05/15/31)

    40       31,590  

3.20%, 05/15/27 (Call 02/15/27)

    200       187,372  

3.25%, 05/15/29 (Call 02/15/29)

    155       142,000  

3.95%, 04/01/30 (Call 01/01/30)

    20       18,623  

Ohio Power Co.

   

5.00%, 06/01/33 (Call 03/01/33)

    30       29,206  

Series P, 2.60%, 04/01/30 (Call 01/01/30)

    75       63,532  

Series Q, 1.63%, 01/15/31 (Call 10/15/30)

    125       97,739  

Oklahoma Gas & Electric Co.

   

3.25%, 04/01/30 (Call 10/01/29)

    145       127,918  

3.30%, 03/15/30 (Call 09/15/29)

    30       26,663  

3.80%, 08/15/28 (Call 02/15/28)

    105       99,069  

5.40%, 01/15/33 (Call 07/15/32)

    100       99,948  

Oncor Electric Delivery Co. LLC

   

0.55%, 10/01/25 (Call 09/01/25)

    335          304,703  

2.75%, 05/15/30 (Call 02/15/30)

    205       177,024  

2.95%, 04/01/25 (Call 01/01/25)

    135       129,612  

3.70%, 11/15/28 (Call 08/15/28)

    105       98,980  

4.15%, 06/01/32 (Call 03/01/32)

    115       107,214  

4.30%, 05/15/28 (Call 04/15/28)(d)

    10       9,696  

4.55%, 09/15/32 (Call 06/15/32)

    120       114,232  

5.75%, 03/15/29 (Call 12/15/28)

    85       87,577  

7.00%, 05/01/32

    40       44,712  

7.25%, 01/15/33

    5       5,700  

Pacific Gas and Electric Co.

   

2.10%, 08/01/27 (Call 06/01/27)

     237       204,140  

2.50%, 02/01/31 (Call 11/01/30)

    318       248,002  

2.95%, 03/01/26 (Call 12/01/25)

    90       83,028  

3.00%, 06/15/28 (Call 04/15/28)

    155       134,687  

3.15%, 01/01/26

    453       421,729  

3.25%, 06/01/31 (Call 03/01/31)

    237       192,174  

3.30%, 03/15/27 (Call 12/15/26)

    81       73,941  

3.30%, 12/01/27 (Call 09/01/27)

    315       280,857  

3.45%, 07/01/25

    35       33,268  

3.50%, 06/15/25 (Call 03/15/25)

    195       185,759  

3.75%, 07/01/28

    220       197,712  

4.20%, 03/01/29 (Call 01/01/29)

    95       85,375  

4.40%, 03/01/32 (Call 12/01/31)

    140       120,653  

4.55%, 07/01/30 (Call 01/01/30)

    690       620,048  

4.65%, 08/01/28 (Call 05/01/28)

    100       93,306  

4.95%, 06/08/25

    300       293,541  

5.45%, 06/15/27 (Call 05/15/27)

    210       204,918  

5.90%, 06/15/32 (Call 03/15/32)

    103       98,614  

6.10%, 01/15/29 (Call 12/15/28)

    130       128,459  

6.15%, 01/15/33 (Call 10/15/32)

    170       165,544  

6.40%, 06/15/33 (Call 03/15/33)

    330       325,717  

PacifiCorp

   

2.70%, 09/15/30 (Call 06/15/30)

    45       37,508  

3.50%, 06/15/29 (Call 03/15/29)

    80       72,413  

7.70%, 11/15/31

    25       28,340  

PECO Energy Co.

   

3.15%, 10/15/25 (Call 07/15/25)

    10       9,590  

4.90%, 06/15/33 (Call 03/15/33)

    116       114,057  

Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)

    155       143,274  

 

 

78  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)  

PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)

  $ 312     $ 294,675  

PPL Electric Utilities Corp., 5.00%, 05/15/33 (Call 02/15/33)

    300       296,814  

Progress Energy Inc.

   

7.00%, 10/30/31

    40       43,333  

7.75%, 03/01/31

    225       252,094  

Public Service Co. of Colorado

   

1.88%, 06/15/31 (Call 12/15/30)

     260       205,031  

3.70%, 06/15/28 (Call 12/15/27)

    167       156,497  

4.10%, 06/01/32 (Call 03/01/32)

    55       50,474  

Series 35, 1.90%, 01/15/31 (Call 07/15/30)

    85       67,482  

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

    35       28,577  

Public Service Co. of Oklahoma

   

5.25%, 01/15/33 (Call 10/15/32)

    160       156,962  

Series J, 2.20%, 08/15/31 (Call 05/15/31)

    105       83,850  

Public Service Electric & Gas Co.

   

0.95%, 03/15/26 (Call 02/15/26)

    95       86,252  

1.90%, 08/15/31 (Call 05/15/31)

    230       183,846  

2.25%, 09/15/26 (Call 06/15/26)

    246       226,741  

2.45%, 01/15/30 (Call 10/15/29)

    115       98,616  

3.00%, 05/15/25 (Call 02/15/25)

    20       19,246  

3.00%, 05/15/27 (Call 02/15/27)

    120       112,439  

3.10%, 03/15/32 (Call 12/15/31)

    60       52,040  

3.20%, 05/15/29 (Call 02/15/29)

    60       54,517  

3.65%, 09/01/28 (Call 06/01/28)

    145       136,317  

3.70%, 05/01/28 (Call 02/01/28)

    172       163,266  

4.65%, 03/15/33 (Call 12/15/32)

    80       77,470  

4.90%, 12/15/32 (Call 09/15/32)

    100       98,727  

Public Service Enterprise Group Inc.

   

0.80%, 08/15/25 (Call 07/15/25)

    220       200,884  

1.60%, 08/15/30 (Call 05/15/30)

    185       145,488  

2.45%, 11/15/31 (Call 08/15/31)

    30       24,123  

5.85%, 11/15/27 (Call 10/15/27)

    20       20,381  

Puget Energy Inc.

   

2.38%, 06/15/28 (Call 04/15/28)

    112       96,673  

3.65%, 05/15/25 (Call 02/15/25)

    205       196,775  

4.10%, 06/15/30 (Call 03/15/30)

    115       102,765  

4.22%, 03/15/32 (Call 12/15/31)

    135       119,040  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)

    170       158,231  

4.95%, 08/15/28 (Call 07/15/28)

    300       297,504  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    255       202,781  

Series XXX, 3.00%, 03/15/32 (Call 12/15/31)

    75       63,778  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    223          206,045  

3.30%, 04/01/25 (Call 03/01/25)

    155       149,339  

3.40%, 02/01/28 (Call 11/01/27)

    394       364,572  

3.70%, 04/01/29 (Call 02/01/29)

    215       196,151  

5.40%, 08/01/26 (Call 07/01/26)

    120       120,188  

5.50%, 08/01/33 (Call 05/01/33)

    100       99,177  

Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)

    170       158,238  

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

    90       74,789  

2.75%, 02/01/32 (Call 11/01/31)

    15       12,440  

2.85%, 08/01/29 (Call 05/01/29)

    199       175,088  

4.90%, 06/01/26 (Call 05/01/26)

    75       74,561  

5.30%, 03/01/28 (Call 02/01/28)

    30       30,130  
Security   Par
(000)
    Value  
Electric (continued)  

5.85%, 11/01/27 (Call 10/01/27)

  $ 445     $ 455,724  

5.95%, 11/01/32 (Call 08/01/32)

    120       124,402  

6.65%, 04/01/29

    88       91,303  

Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)

    60       54,511  

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

    119       112,905  

Series B, 3.65%, 03/01/28 (Call 12/01/27)

    68       63,581  

Series C, 4.20%, 06/01/25

    170       166,144  

Series D, 4.70%, 06/01/27 (Call 05/01/27)

    130       127,811  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    240       231,958  

Series G, 2.50%, 06/01/31 (Call 03/01/31)

    135       110,954  

Southern California Gas Co., 5.20%, 06/01/33 (Call 03/01/33)

    130       127,621  

Southern Co. (The)

   

3.25%, 07/01/26 (Call 04/01/26)

     480       454,104  

4.85%, 06/15/28 (Call 04/15/28)

    120       117,520  

5.11%, 08/01/27

    195       193,709  

5.15%, 10/06/25

    160       159,138  

5.20%, 06/15/33 (Call 12/15/32)

    335       325,918  

5.70%, 10/15/32 (Call 04/15/32)

    130       131,934  

Series 21-B, 1.75%, 03/15/28 (Call 01/15/28)

    100       85,396  

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

    159       144,008  

Southern Power Co.

   

0.90%, 01/15/26 (Call 12/15/25)

    165       148,802  

4.15%, 12/01/25 (Call 09/01/25)

    210          204,445  

Southwestern Electric Power Co.

   

5.30%, 04/01/33 (Call 01/01/33)

    55       53,842  

Series K, 2.75%, 10/01/26 (Call 07/01/26)

    75       69,228  

Series M, 4.10%, 09/15/28 (Call 06/15/28)

    270       255,636  

Series N, 1.65%, 03/15/26 (Call 02/15/26)

    65       59,151  

System Energy Resources Inc., 6.00%, 04/15/28 (Call 03/15/28)

    10       9,822  

Tampa Electric Co., 2.40%, 03/15/31 (Call 12/15/30)

    125       101,890  

Tucson Electric Power Co.

   

1.50%, 08/01/30 (Call 05/01/30)

    60       46,861  

3.05%, 03/15/25 (Call 12/15/24)

    132       127,189  

Union Electric Co.

   

2.15%, 03/15/32 (Call 12/15/31)

    155       122,593  

2.95%, 06/15/27 (Call 03/15/27)

    130       120,875  

2.95%, 03/15/30 (Call 12/15/29)

    116       101,777  

3.50%, 03/15/29 (Call 12/15/28)

    143       131,649  

Virginia Electric & Power Co.

   

2.30%, 11/15/31 (Call 08/15/31)

    160       128,878  

2.40%, 03/30/32 (Call 12/30/31)

    120       96,734  

5.00%, 04/01/33 (Call 01/01/33)

    165       160,489  

Series A, 2.88%, 07/15/29 (Call 04/15/29)

    150       133,204  

Series A, 3.10%, 05/15/25 (Call 02/15/25)

    120       115,165  

Series A, 3.15%, 01/15/26 (Call 10/15/25)

    230       218,974  

Series A, 3.50%, 03/15/27 (Call 12/15/26)

    245       231,520  

Series A, 3.80%, 04/01/28 (Call 01/01/28)

    215       203,594  

Series B, 2.95%, 11/15/26 (Call 08/15/26)

    135       125,894  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

    155       147,952  

Virginia Electric and Power Co., 5.30%, 08/15/33 (Call 05/15/33)

    100       99,069  

WEC Energy Group Inc.

   

1.38%, 10/15/27 (Call 08/15/27)

    50       43,033  

1.80%, 10/15/30 (Call 07/15/30)

    70       54,906  

2.20%, 12/15/28 (Call 10/15/28)

    105       90,689  

4.75%, 01/09/26 (Call 12/09/25)

    190       187,462  

4.75%, 01/15/28 (Call 12/15/27)

    210       205,691  

5.00%, 09/27/25 (Call 08/27/25)

    135       133,736  

 

 

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

    79  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)  

5.15%, 10/01/27 (Call 09/01/27)

  $ 165     $ 164,492  

Wisconsin Electric Power Co.

   

1.70%, 06/15/28 (Call 04/15/28)

    110       94,632  

2.05%, 12/15/24 (Call 11/15/24)

    151       144,315  

4.75%, 09/30/32 (Call 06/30/32)

    110       107,473  

Wisconsin Power & Light Co., 4.95%, 04/01/33 (Call 01/01/33)

    15       14,558  

Wisconsin Power and Light Co.

   

1.95%, 09/16/31 (Call 06/16/31)

    100       78,831  

3.00%, 07/01/29 (Call 04/01/29)

    20       17,886  

3.05%, 10/15/27 (Call 07/15/27)

    130       121,562  

3.95%, 09/01/32 (Call 06/01/32)

    175       159,355  

Wisconsin Public Service Corp., 5.35%, 11/10/25 (Call 10/10/25)

    90       90,084  

Xcel Energy Inc.

   

1.75%, 03/15/27 (Call 02/15/27)

    185       164,017  

2.35%, 11/15/31 (Call 05/15/31)

    170       134,074  

2.60%, 12/01/29 (Call 06/01/29)

    185       158,319  

3.30%, 06/01/25 (Call 12/01/24)

    105       100,934  

3.35%, 12/01/26 (Call 06/01/26)

    97       90,902  

3.40%, 06/01/30 (Call 12/01/29)

    65       57,640  

4.00%, 06/15/28 (Call 12/15/27)

    35       33,164  

4.60%, 06/01/32 (Call 12/01/31)

    200       186,800  

5.45%, 08/15/33 (Call 02/15/33)

     250       246,020  
   

 

 

 
      60,405,654  
Electrical Components & Equipment — 0.0%            

Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)

    45       36,030  

Emerson Electric Co.

   

0.88%, 10/15/26 (Call 09/15/26)

    240       212,450  

1.80%, 10/15/27 (Call 08/15/27)

    75       66,524  

1.95%, 10/15/30 (Call 07/15/30)

    75       61,727  

2.00%, 12/21/28 (Call 10/21/28)

    290       251,975  

2.20%, 12/21/31 (Call 09/21/31)

    325       267,189  

3.15%, 06/01/25 (Call 03/01/25)

    205       198,018  
   

 

 

 
        1,093,913  
Electronics — 0.3%            

Agilent Technologies Inc.

   

2.10%, 06/04/30 (Call 03/04/30)

    85       69,597  

2.30%, 03/12/31 (Call 12/12/30)

    240       196,366  

2.75%, 09/15/29 (Call 06/15/29)

    120       104,856  

3.05%, 09/22/26 (Call 06/22/26)

    105       98,128  

Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)

    130       115,953  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)

    20       19,372  

3.55%, 10/01/27 (Call 07/01/27)

    20       18,519  

5.41%, 07/01/32 (Call 04/01/32)

    130       126,581  

Amphenol Corp.

   

2.05%, 03/01/25 (Call 02/01/25)

    55       52,292  

2.20%, 09/15/31 (Call 06/15/31)

    110       88,957  

2.80%, 02/15/30 (Call 11/15/29)

    265       230,823  

4.35%, 06/01/29 (Call 03/01/29)

    80       77,005  

4.75%, 03/30/26

    45       44,474  

Arrow Electronics Inc.

   

2.95%, 02/15/32 (Call 11/15/31)

    20       16,046  

3.25%, 09/08/24 (Call 07/08/24)

    161       156,555  

3.88%, 01/12/28 (Call 10/12/27)

    190       175,657  

4.00%, 04/01/25 (Call 01/01/25)

    55       53,407  
Security   Par
(000)
    Value  
Electronics (continued)  

Avnet Inc.

   

3.00%, 05/15/31 (Call 02/15/31)

  $ 70     $ 55,850  

4.63%, 04/15/26 (Call 01/15/26)

    212       205,191  

5.50%, 06/01/32 (Call 03/01/32)

    85       80,502  

6.25%, 03/15/28 (Call 02/15/28)

    110       110,861  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    165       157,560  

4.75%, 06/15/25 (Call 03/15/25)

    125       122,506  

4.88%, 06/15/29 (Call 03/15/29)

    200       191,026  

4.88%, 05/12/30 (Call 02/12/30)

    145       138,798  

6.00%, 01/15/28 (Call 12/15/27)

    55       55,597  

Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)

    220          206,813  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)

    160       141,586  

1.35%, 06/01/25 (Call 05/01/25)

    410       384,092  

1.75%, 09/01/31 (Call 06/01/31)

    309       245,386  

1.95%, 06/01/30 (Call 03/01/30)

    235       195,485  

2.50%, 11/01/26 (Call 08/01/26)

    455       424,606  

2.70%, 08/15/29 (Call 05/15/29)

    240       213,607  

4.25%, 01/15/29 (Call 12/15/28)

    75       72,845  

4.85%, 11/01/24

    80       79,598  

4.95%, 02/15/28 (Call 01/15/28)

    140       141,387  

5.00%, 02/15/33 (Call 11/15/32)

    420       423,255  

Hubbell Inc.

   

2.30%, 03/15/31 (Call 12/15/30)

    10       8,174  

3.15%, 08/15/27 (Call 05/15/27)

    45       41,742  

3.35%, 03/01/26 (Call 12/01/25)

    205       195,402  

3.50%, 02/15/28 (Call 11/15/27)

    165       154,838  

Jabil Inc.

   

1.70%, 04/15/26 (Call 03/15/26)

    35       31,595  

3.00%, 01/15/31 (Call 10/15/30)

    135       112,686  

3.60%, 01/15/30 (Call 10/15/29)

    106       94,729  

3.95%, 01/12/28 (Call 10/12/27)

    125       117,051  

4.25%, 05/15/27 (Call 04/15/27)

    160       152,936  

5.45%, 02/01/29 (Call 01/01/29)

    40       39,531  

Keysight Technologies Inc.

   

3.00%, 10/30/29 (Call 07/30/29)

    172       150,627  

4.55%, 10/30/24 (Call 07/30/24)

    192       188,928  

4.60%, 04/06/27 (Call 01/06/27)

     214       209,256  

Legrand France SA, 8.50%, 02/15/25

    169       176,024  

TD SYNNEX Corp.

   

1.75%, 08/09/26 (Call 07/09/26)

    120       105,791  

2.38%, 08/09/28 (Call 06/09/28)

    130       107,929  

2.65%, 08/09/31 (Call 05/09/31)

    135       103,963  

Trimble Inc.

   

4.75%, 12/01/24 (Call 09/01/24)

    25       24,605  

4.90%, 06/15/28 (Call 03/15/28)

    160       155,542  

6.10%, 03/15/33 (Call 12/15/32)

    90       90,950  

Tyco Electronics Group SA

   

2.50%, 02/04/32 (Call 12/04/31)

    115       95,836  

3.13%, 08/15/27 (Call 05/15/27)

    140       130,631  

3.70%, 02/15/26 (Call 11/15/25)

    225       217,222  

4.50%, 02/13/26

    180       176,983  

Vontier Corp.

   

1.80%, 04/01/26 (Call 03/01/26)

    165       148,328  

2.40%, 04/01/28 (Call 02/01/28)

    145       122,429  

2.95%, 04/01/31 (Call 01/01/31)

    155       122,806  
   

 

 

 
      8,567,673  

 

 

80  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Engineering & Construction — 0.0%  

Jacobs Engineering Group Inc.

   

5.90%, 03/01/33 (Call 12/01/32)

  $  155     $ 153,262  

6.35%, 08/18/28 (Call 07/18/28)

    160       162,736  
   

 

 

 
      315,998  
Entertainment — 0.1%  

Warnermedia Holdings Inc.

   

3.64%, 03/15/25

    390       377,348  

3.76%, 03/15/27 (Call 02/15/27)

    750       703,028  

3.79%, 03/15/25 (Call 09/11/23)

    45       43,502  

4.05%, 03/15/29 (Call 01/15/29)

    290       266,617  

4.28%, 03/15/32 (Call 12/15/31)

    945       833,802  
   

 

 

 
        2,224,297  
Environmental Control — 0.1%  

Republic Services Inc.

   

0.88%, 11/15/25 (Call 10/15/25)

    190       172,174  

1.45%, 02/15/31 (Call 11/15/30)

    175       135,385  

2.30%, 03/01/30 (Call 12/01/29)

    164       138,824  

2.38%, 03/15/33 (Call 12/15/32)(a)

    110       87,326  

2.90%, 07/01/26 (Call 04/01/26)

    300       281,874  

3.20%, 03/15/25 (Call 12/15/24)

    145       140,141  

3.38%, 11/15/27 (Call 08/15/27)

    150       139,545  

3.95%, 05/15/28 (Call 02/15/28)

    181       171,937  

4.88%, 04/01/29 (Call 03/01/29)

    180       177,451  

Waste Connections Inc.

   

2.20%, 01/15/32 (Call 10/15/31)

    35       27,916  

2.60%, 02/01/30 (Call 11/01/29)

    104       89,531  

3.20%, 06/01/32 (Call 03/01/32)

    170       145,880  

3.50%, 05/01/29 (Call 02/01/29)

    77       71,009  

4.20%, 01/15/33 (Call 10/15/32)

    180       166,209  

4.25%, 12/01/28 (Call 09/01/28)

    185       177,818  

Waste Management Inc.

   

1.15%, 03/15/28 (Call 01/15/28)

    110       92,914  

1.50%, 03/15/31 (Call 12/15/30)

    25       19,469  

2.00%, 06/01/29 (Call 04/01/29)

    130       110,136  

3.13%, 03/01/25 (Call 12/01/24)

    100       96,895  

3.15%, 11/15/27 (Call 08/15/27)

    200       186,430  

4.15%, 04/15/32 (Call 01/15/32)

    349       327,045  

4.63%, 02/15/30 (Call 12/15/29)

    195       190,609  

4.63%, 02/15/33 (Call 11/15/32)

    270       259,562  

4.88%, 02/15/29 (Call 01/15/29)

    185       183,137  
   

 

 

 
      3,589,217  
Food — 0.5%            

Ahold Finance USA LLC, 6.88%, 05/01/29

    50       53,436  

Campbell Soup Co.

   

2.38%, 04/24/30 (Call 01/24/30)

    80       66,631  

3.30%, 03/19/25 (Call 12/19/24)

    143       137,871  

3.95%, 03/15/25 (Call 01/15/25)

    310       301,955  

4.15%, 03/15/28 (Call 12/15/27)

    296       281,828  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    345       293,022  

4.60%, 11/01/25 (Call 09/01/25)

    244       238,835  

4.85%, 11/01/28 (Call 08/01/28)

    435       423,246  

5.30%, 10/01/26

    100       99,601  

7.00%, 10/01/28

    30       31,997  

8.25%, 09/15/30

    40       45,654  

Flowers Foods Inc.

   

2.40%, 03/15/31 (Call 12/15/30)

    155       125,479  

3.50%, 10/01/26 (Call 07/01/26)

    25       23,486  
Security  

Par

(000)

    Value  
Food (continued)            

General Mills Inc.

   

2.25%, 10/14/31 (Call 07/14/31)

  $  125     $ 100,856  

2.88%, 04/15/30 (Call 01/15/30)

    185       161,414  

3.20%, 02/10/27 (Call 11/10/26)

    237       222,756  

4.00%, 04/17/25 (Call 02/17/25)

    353       344,002  

4.20%, 04/17/28 (Call 01/17/28)

    315       302,265  

4.95%, 03/29/33 (Call 12/29/32)

    250       243,592  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)

    165       153,186  

1.70%, 06/01/30 (Call 03/01/30)

    60       49,201  

2.05%, 11/15/24 (Call 10/15/24)

    115       110,688  

2.30%, 08/15/26 (Call 05/15/26)

    311       291,015  

2.45%, 11/15/29 (Call 08/15/29)

    105       91,841  

3.20%, 08/21/25 (Call 05/21/25)

    20       19,308  

4.25%, 05/04/28 (Call 04/04/28)

    10       9,864  

4.50%, 05/04/33 (Call 02/04/33)

    30       29,312  

Hormel Foods Corp.

   

1.70%, 06/03/28 (Call 04/03/28)

    285         246,599  

1.80%, 06/11/30 (Call 03/11/30)

    150       123,999  

Ingredion Inc.

   

2.90%, 06/01/30 (Call 03/01/30)

    70       59,963  

3.20%, 10/01/26 (Call 07/01/26)

    150       141,538  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

3.00%, 02/02/29 (Call 12/02/28)

    55       47,233  

3.00%, 05/15/32 (Call 02/15/32)

    325       253,315  

3.63%, 01/15/32 (Call 01/15/27)

    230       188,538  

3.75%, 12/01/31 (Call 12/01/26)

    40       33,224  

5.13%, 02/01/28 (Call 01/01/28)

    375       364,496  

5.50%, 01/15/30 (Call 01/15/25)

    550       531,619  

5.75%, 04/01/33 (Call 01/01/33)

    200       191,504  

JM Smucker Co. (The)

   

2.13%, 03/15/32 (Call 12/15/31)

    120       95,167  

2.38%, 03/15/30 (Call 12/15/29)

    105       88,471  

3.38%, 12/15/27 (Call 09/15/27)

    125       116,771  

3.50%, 03/15/25

    455       440,913  

Kellogg Co.

   

2.10%, 06/01/30 (Call 03/01/30)

    100       81,866  

3.25%, 04/01/26

    248       235,987  

3.40%, 11/15/27 (Call 08/15/27)

    170       157,996  

4.30%, 05/15/28 (Call 02/15/28)

    165       158,631  

5.25%, 03/01/33 (Call 12/01/32)

    150       148,080  

Series B, 7.45%, 04/01/31

    50       56,368  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    455       428,906  

3.75%, 04/01/30 (Call 01/01/30)

    220       201,377  

3.88%, 05/15/27 (Call 02/15/27)

    325       310,453  

4.25%, 03/01/31 (Call 12/01/30)

    155       145,072  

4.63%, 01/30/29 (Call 10/30/28)

    50       48,854  

6.75%, 03/15/32

    85       92,406  

Kroger Co. (The)

   

1.70%, 01/15/31 (Call 10/15/30)

    150       116,462  

2.20%, 05/01/30 (Call 02/01/30)

    165       135,475  

2.65%, 10/15/26 (Call 07/15/26)

    240       221,957  

3.50%, 02/01/26 (Call 11/01/25)

    124       118,429  

3.70%, 08/01/27 (Call 05/01/27)

    160       151,926  

4.50%, 01/15/29 (Call 10/15/28)

    300       289,959  

7.50%, 04/01/31

    65       73,009  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    150       135,003  

 

 

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

    81  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

1.85%, 02/15/31 (Call 11/15/30)

  $ 120     $ 94,448  

2.50%, 04/15/30 (Call 01/15/30)

    180       151,771  

3.40%, 08/15/27 (Call 05/15/27)

    167       156,407  

4.95%, 04/15/33

    155       149,883  

Mondelez International Inc.

   

1.50%, 05/04/25 (Call 04/04/25)

    403       376,918  

1.50%, 02/04/31 (Call 11/04/30)

    315       244,210  

1.88%, 10/15/32 (Call 07/15/32)

    15       11,577  

2.63%, 03/17/27 (Call 02/17/27)

    60       55,151  

2.75%, 04/13/30 (Call 01/13/30)

    237       204,685  

3.00%, 03/17/32 (Call 12/17/31)

    169       144,351  

4.13%, 05/07/28 (Call 02/07/28)

    30       29,025  

Pilgrim’s Pride Corp.

   

3.50%, 03/01/32 (Call 09/01/26)

    210       168,949  

4.25%, 04/15/31 (Call 04/15/26)

    275       238,067  

6.25%, 07/01/33

    115       114,092  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    55       46,451  

2.45%, 12/14/31 (Call 09/14/31)

    175       141,435  

3.25%, 07/15/27 (Call 04/15/27)

    216       201,347  

3.30%, 07/15/26 (Call 04/15/26)

    231       219,180  

3.75%, 10/01/25 (Call 07/01/25)

    250       241,680  

5.95%, 04/01/30 (Call 01/01/30)

    210       217,283  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)

    293       275,306  

4.00%, 03/01/26 (Call 01/01/26)

    268       259,017  

4.35%, 03/01/29 (Call 12/01/28)

     272       257,358  

Walmart Inc., 3.90%, 09/09/25

    195       190,823  
   

 

 

 
        14,673,321  
Forest Products & Paper — 0.0%  

Fibria Overseas Finance Ltd.

   

4.00%, 01/14/25 (Call 11/14/24)

    15       14,588  

5.50%, 01/17/27

    160       159,821  

Georgia-Pacific LLC

   

7.75%, 11/15/29

    90       101,260  

8.88%, 05/15/31

    5       6,086  

Suzano Austria GmbH

   

2.50%, 09/15/28 (Call 07/15/28)

    135       115,170  

3.13%, 01/15/32 (Call 10/15/31)

    195       153,978  

3.75%, 01/15/31 (Call 10/15/30)

    220       186,454  

5.00%, 01/15/30 (Call 10/15/29)

    75       69,687  

6.00%, 01/15/29 (Call 10/15/28)

    275       273,061  
   

 

 

 
      1,080,105  
Gas — 0.2%            

Atmos Energy Corp.

   

1.50%, 01/15/31 (Call 10/15/30)

    222       173,167  

2.63%, 09/15/29 (Call 06/15/29)

    147       129,254  

3.00%, 06/15/27 (Call 03/15/27)

    175       164,031  

CenterPoint Energy Resources Corp.

   

1.75%, 10/01/30 (Call 07/01/30)

    197       156,554  

4.00%, 04/01/28 (Call 01/01/28)

    215       204,424  

4.40%, 07/01/32 (Call 04/01/32)

    35       32,679  

5.25%, 03/01/28 (Call 02/01/28)

    395       394,368  

5.40%, 03/01/33 (Call 12/01/32)

    255       255,054  

Eastern Energy Gas Holdings LLC

   

3.60%, 12/15/24 (Call 09/15/24)

    101       98,121  

Series A, 2.50%, 11/15/24 (Call 10/15/24)

    228       219,377  

National Fuel Gas Co.

   

2.95%, 03/01/31 (Call 12/01/30)

    140       112,745  
Security  

Par

(000)

    Value  
Gas (continued)            

3.95%, 09/15/27 (Call 06/15/27)

  $ 35     $ 32,366  

4.75%, 09/01/28 (Call 06/01/28)

    110       104,179  

5.20%, 07/15/25 (Call 04/15/25)

    110       108,143  

5.50%, 01/15/26 (Call 12/15/25)

    70       69,199  

5.50%, 10/01/26

    70       69,377  

NiSource Inc.

   

0.95%, 08/15/25 (Call 07/15/25)

    278       254,770  

1.70%, 02/15/31 (Call 11/15/30)

    304       234,895  

2.95%, 09/01/29 (Call 06/01/29)

    279       245,512  

3.49%, 05/15/27 (Call 02/15/27)

    315       295,609  

3.60%, 05/01/30 (Call 02/01/30)

    150       134,346  

5.25%, 03/30/28 (Call 02/29/28)

    260       259,028  

5.40%, 06/30/33 (Call 03/30/33)

    35       34,673  

ONE Gas Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    50       40,956  

4.25%, 09/01/32 (Call 06/01/32)(a)

    35       32,599  

Piedmont Natural Gas Co. Inc.

   

2.50%, 03/15/31 (Call 12/15/30)

    40       32,406  

3.50%, 06/01/29 (Call 03/01/29)

    207       187,710  

5.40%, 06/15/33 (Call 03/15/33)

    120       118,225  

Southern California Gas Co.

   

2.95%, 04/15/27 (Call 03/15/27)

    305       283,385  

3.15%, 09/15/24 (Call 06/15/24)

    75       73,166  

3.20%, 06/15/25 (Call 03/15/25)

    25       24,063  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)

    200       186,682  

Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    275       233,981  

Southern Co. Gas Capital Corp.

   

3.25%, 06/15/26 (Call 03/15/26)

    120       113,204  

5.15%, 09/15/32 (Call 03/15/32)

    75       73,211  

Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)

    203       157,969  

Southwest Gas Corp.

   

2.20%, 06/15/30 (Call 03/15/30)

    102       82,461  

3.70%, 04/01/28 (Call 01/01/28)

    85       78,968  

4.05%, 03/15/32 (Call 12/15/31)

    175       156,796  

5.45%, 03/23/28 (Call 02/23/28)

    40       39,873  

5.80%, 12/01/27 (Call 11/01/27)

     110       111,105  
   

 

 

 
        5,808,631  
Hand & Machine Tools — 0.1%            

Kennametal Inc.

   

2.80%, 03/01/31 (Call 12/01/30)

    55       44,068  

4.63%, 06/15/28 (Call 03/15/28)

    105       99,668  

Regal Rexnord Corp.

   

6.05%, 02/15/26(d)

    100       99,414  

6.05%, 04/15/28 (Call 03/15/28)(d)

    195       193,017  

6.30%, 02/15/30 (Call 12/15/29)(d)

    345       343,037  

6.40%, 04/15/33 (Call 01/15/33)(d)

    235       232,387  

Snap-on Inc., 3.25%, 03/01/27 (Call 12/01/26)

    10       9,447  

Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)(a)

    100       84,068  

Stanley Black & Decker Inc.

   

2.30%, 02/24/25 (Call 09/11/23)

    115       109,459  

2.30%, 03/15/30 (Call 12/15/29)

    330       273,359  

3.40%, 03/01/26 (Call 01/01/26)

    205       194,715  

4.00%, 03/15/60 (Call 03/15/25), (5-year CMT + 2.657%)(b)

    125       98,580  

4.25%, 11/15/28 (Call 08/15/28)

    105       99,768  

6.00%, 03/06/28 (Call 02/06/28)

    195       199,159  
   

 

 

 
      2,080,146  

 

 

82  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Products — 0.4%  

Abbott Laboratories

   

1.15%, 01/30/28 (Call 11/30/27)

  $ 118     $ 101,775  

1.40%, 06/30/30 (Call 03/30/30)

    246       200,365  

2.95%, 03/15/25 (Call 12/15/24)

    300       290,406  

3.75%, 11/30/26 (Call 08/30/26)

    455       440,927  

3.88%, 09/15/25 (Call 06/15/25)

    50       48,809  

Baxter International Inc.

   

1.32%, 11/29/24

    60       56,838  

1.73%, 04/01/31 (Call 01/01/31)

    185       142,537  

1.92%, 02/01/27 (Call 01/01/27)

    320       284,653  

2.27%, 12/01/28 (Call 10/01/28)

    205       175,492  

2.54%, 02/01/32 (Call 11/01/31)

    390       312,858  

2.60%, 08/15/26 (Call 05/15/26)

    165       152,349  

3.95%, 04/01/30 (Call 01/01/30)

    115       105,312  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)

    315       296,380  

2.65%, 06/01/30 (Call 03/01/30)

    270       231,536  

4.00%, 03/01/28 (Call 12/01/27)

    50       47,733  

Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)

    44       42,468  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

     193         165,544  

DH Europe Finance II Sarl

   

2.20%, 11/15/24 (Call 10/15/24)

    250       240,437  

2.60%, 11/15/29 (Call 08/15/29)

    205       180,503  

Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)

    209       201,242  

GE HealthCare Technologies Inc.

   

5.55%, 11/15/24

    390       388,927  

5.60%, 11/15/25 (Call 10/15/25)

    185       185,013  

5.65%, 11/15/27 (Call 10/15/27)

    510       516,079  

5.86%, 03/15/30 (Call 01/15/30)

    285       289,549  

5.91%, 11/22/32 (Call 08/22/32)

    420       430,592  

HCA Inc.

   

3.13%, 03/15/27 (Call 02/15/27)

    205       188,383  

3.63%, 03/15/32 (Call 12/15/31)

    497       427,514  

Medtronic Global Holdings SCA

   

4.25%, 03/30/28 (Call 02/29/28)

    238       231,424  

4.50%, 03/30/33 (Call 12/30/32)

    305       294,691  

Revvity Inc.

   

0.85%, 09/15/24 (Call 09/11/23)

    195       184,784  

1.90%, 09/15/28 (Call 07/15/28)

    150       126,980  

2.25%, 09/15/31 (Call 06/15/31)

    150       118,268  

2.55%, 03/15/31 (Call 12/15/30)

    135       110,373  

3.30%, 09/15/29 (Call 06/15/29)

    135       120,007  

Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)

    245       193,829  

STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)

    200       165,214  

Stryker Corp.

   

1.15%, 06/15/25 (Call 05/15/25)

    85       78,940  

1.95%, 06/15/30 (Call 03/15/30)

    275       226,958  

3.38%, 11/01/25 (Call 08/01/25)

    162       155,423  

3.50%, 03/15/26 (Call 12/15/25)

    393       377,009  

3.65%, 03/07/28 (Call 12/07/27)

    130       123,309  

Thermo Fisher Scientific Inc.

   

1.22%, 10/18/24 (Call 09/11/23)

    465       443,219  

1.75%, 10/15/28 (Call 08/15/28)

    120       103,306  

2.00%, 10/15/31 (Call 07/15/31)

    335       269,836  

2.60%, 10/01/29 (Call 07/01/29)

    180       157,844  

4.80%, 11/21/27 (Call 10/21/27)

    185       185,218  

4.95%, 08/10/26 (Call 07/10/26)

    250       249,010  
Security  

Par

(000)

    Value  
Health Care - Products (continued)            

4.95%, 11/21/32 (Call 08/21/32)

  $  180     $ 179,618  

4.98%, 08/10/30 (Call 06/10/30)

    195       194,425  

5.09%, 08/10/33 (Call 05/10/33)

    230       231,092  

Zimmer Biomet Holdings Inc.

   

1.45%, 11/22/24 (Call 09/11/23)

    170       161,347  

2.60%, 11/24/31 (Call 08/24/31)

    135       109,993  

3.05%, 01/15/26 (Call 12/15/25)

    175       165,846  

3.55%, 04/01/25 (Call 01/01/25)

    135       130,568  
   

 

 

 
        11,232,752  
Health Care - Services — 0.7%  

Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)

    50       43,479  

Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28)

    155       147,242  

Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)

    264       257,141  

Anthem Inc., 4.10%, 05/15/32 (Call 02/15/32)

    100       92,109  

Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)

    246       212,325  

Banner Health

   

1.90%, 01/01/31 (Call 07/01/30)

    65       52,026  

2.34%, 01/01/30 (Call 10/01/29)

    140       118,612  

Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30)

    115       91,669  

Bon Secours Mercy Health Inc.

   

3.46%, 06/01/30 (Call 12/01/29)

    70       62,609  

Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)

    30       23,934  

Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)

    5       4,050  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    470       402,043  

2.50%, 03/01/31 (Call 12/01/30)

    475       378,741  

2.63%, 08/01/31 (Call 05/01/31)

    335       266,302  

3.00%, 10/15/30 (Call 07/15/30)

    425       353,719  

3.38%, 02/15/30 (Call 02/15/25)

    480       410,506  

4.25%, 12/15/27 (Call 09/18/23)

    545       509,499  

4.63%, 12/15/29 (Call 12/15/24)

    785       721,808  

CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)

    5       4,797  

CommonSpirit Health

   

1.55%, 10/01/25 (Call 07/01/25)

    40       36,720  

2.76%, 10/01/24 (Call 07/01/24)

    65       62,869  

2.78%, 10/01/30 (Call 04/01/30)

    87       73,022  

3.35%, 10/01/29 (Call 04/01/29)

    172       153,261  

6.07%, 11/01/27 (Call 08/01/27)

    110       112,440  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    185       167,963  

2.25%, 05/15/30 (Call 02/15/30)

    294       245,472  

2.38%, 01/15/25 (Call 12/15/24)

    195       186,482  

2.55%, 03/15/31 (Call 12/15/30)

    220       184,030  

2.88%, 09/15/29 (Call 06/15/29)

    199       175,534  

3.35%, 12/01/24 (Call 10/01/24)

    220       214,014  

3.65%, 12/01/27 (Call 09/01/27)

    460       433,541  

4.10%, 03/01/28 (Call 12/01/27)

    340       325,618  

4.75%, 02/15/33 (Call 11/15/32)

    235       227,435  

4.90%, 02/08/26 (Call 02/08/24)

    250       246,758  

5.35%, 10/15/25 (Call 09/15/25)

    140       139,749  

5.50%, 10/15/32 (Call 07/15/32)

    215       219,014  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    210       165,976  

3.38%, 03/15/29 (Call 01/15/29)

    5       4,458  

 

 

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

    83  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

3.50%, 09/01/30 (Call 03/01/30)

  $  550     $   480,365  

4.13%, 06/15/29 (Call 03/15/29)

    367       338,848  

4.50%, 02/15/27 (Call 08/15/26)

    372       359,523  

5.20%, 06/01/28 (Call 05/01/28)

    95       93,569  

5.25%, 04/15/25

    342       339,086  

5.25%, 06/15/26 (Call 12/15/25)

    425       419,768  

5.38%, 02/01/25

    540       536,571  

5.38%, 09/01/26 (Call 03/01/26)

    280       277,908  

5.50%, 06/01/33 (Call 03/01/33)

    325       319,732  

5.63%, 09/01/28 (Call 03/01/28)

    300       299,310  

5.88%, 02/15/26 (Call 08/15/25)

    410       410,537  

5.88%, 02/01/29 (Call 08/01/28)

    140       140,848  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    470       413,520  

2.15%, 02/03/32 (Call 11/03/31)

    210       164,579  

3.13%, 08/15/29 (Call 05/15/29)

    115       102,237  

3.70%, 03/23/29 (Call 02/23/29)

    230       212,959  

3.85%, 10/01/24 (Call 07/01/24)

    245       239,926  

3.95%, 03/15/27 (Call 12/15/26)

    100       96,011  

4.50%, 04/01/25 (Call 03/01/25)

    140       137,938  

4.88%, 04/01/30 (Call 01/01/30)

    240       232,646  

5.70%, 03/13/26 (Call 03/13/24)

    50       50,010  

5.75%, 03/01/28 (Call 02/01/28)

    115       117,085  

5.88%, 03/01/33 (Call 12/01/32)

    175       181,010  

Kaiser Foundation Hospitals, 3.15%, 05/01/27
(Call 02/01/27)

    151       142,544  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

    155       139,466  

2.30%, 12/01/24 (Call 11/01/24)

    180       172,118  

2.70%, 06/01/31 (Call 03/01/31)

    110       91,777  

2.95%, 12/01/29 (Call 09/01/29)

    146       128,169  

3.25%, 09/01/24 (Call 07/01/24)

    193       187,984  

3.60%, 02/01/25 (Call 11/01/24)

    255       247,319  

3.60%, 09/01/27 (Call 06/01/27)

    173       163,964  

Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)

    10       9,579  

Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30)

    30       21,667  

OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31)

    115       93,642  

PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25)

    100       91,121  

Piedmont Healthcare Inc., 2.04%, 01/01/32 (Call 07/01/31)

    50       39,237  

Providence St Joseph Health Obligated Group

   

Series 19A, 2.53%, 10/01/29 (Call 07/01/29)

    55       46,623  

Series H, 2.75%, 10/01/26 (Call 07/01/26)

    90       82,661  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    75       63,640  

2.95%, 06/30/30 (Call 03/30/30)

    220       190,628  

3.45%, 06/01/26 (Call 03/01/26)

    147       140,331  

3.50%, 03/30/25 (Call 12/30/24)

    5       4,837  

4.20%, 06/30/29 (Call 03/30/29)

    140       133,987  

Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)

    36       33,290  

SSM Health Care Corp.

   

4.89%, 06/01/28

    100       98,847  

Series A, 3.82%, 06/01/27 (Call 03/01/27)

    25       23,721  

Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30)

    15       13,380  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Sutter Health

   

Series 20A, 1.32%, 08/15/25 (Call 05/15/25)

  $ 40     $ 36,625  

Series 20A, 2.29%, 08/15/30 (Call 02/15/30)

    10       8,266  

UnitedHealth Group Inc.

   

3.70%, 05/15/27 (Call 04/15/27)

    155       148,799  

1.15%, 05/15/26 (Call 04/15/26)

    265       239,544  

1.25%, 01/15/26

    125       114,346  

2.00%, 05/15/30

    290       241,935  

2.30%, 05/15/31 (Call 02/15/31)

    455       379,861  

2.88%, 08/15/29

    244       219,080  

2.95%, 10/15/27

    158       146,509  

3.10%, 03/15/26

    305       291,348  

3.38%, 04/15/27

    145       137,425  

3.45%, 01/15/27

    270       257,572  

3.70%, 12/15/25

    65       62,923  

3.75%, 07/15/25

    641       624,597  

3.85%, 06/15/28

    225       215,336  

3.88%, 12/15/28

    213       203,430  

4.00%, 05/15/29 (Call 03/15/29)

    303       289,259  

4.20%, 05/15/32 (Call 02/15/32)

    400       377,732  

4.25%, 01/15/29 (Call 12/15/28)

    360       348,919  

4.50%, 04/15/33 (Call 01/15/33)

    290       279,273  

5.00%, 10/15/24

    125       124,634  

5.15%, 10/15/25

    105       104,945  

5.25%, 02/15/28 (Call 01/15/28)

    280       285,438  

5.30%, 02/15/30 (Call 12/15/29)

    240       244,865  

5.35%, 02/15/33 (Call 11/15/32)

    155       158,999  

Universal Health Services Inc.

   

1.65%, 09/01/26 (Call 08/01/26)

    235       208,715  

2.65%, 10/15/30 (Call 07/15/30)

    100       80,446  

2.65%, 01/15/32 (Call 10/15/31)

     165       128,205  
   

 

 

 
        21,810,511  
Holding Companies - Diversified — 0.2%  

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)

    170       149,513  

2.88%, 06/15/27 (Call 05/15/27)(a)

    110       96,854  

2.88%, 06/15/28 (Call 04/15/28)

    345       291,484  

3.20%, 11/15/31 (Call 08/15/31)

    155       120,629  

3.25%, 07/15/25 (Call 06/15/25)

    313       293,447  

3.88%, 01/15/26 (Call 12/15/25)

    310       290,055  

4.25%, 03/01/25 (Call 01/01/25)

    242       232,831  

7.00%, 01/15/27

    15       15,028  

Bain Capital Specialty Finance Inc.

   

2.55%, 10/13/26 (Call 09/13/26)

    125       108,101  

2.95%, 03/10/26 (Call 02/10/26)

    20       17,890  

Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)

    15       13,247  

Blackstone Private Credit Fund

   

1.75%, 09/15/24

    70       66,433  

2.35%, 11/22/24

    35       33,248  

2.63%, 12/15/26 (Call 11/15/26)

    279       240,043  

2.70%, 01/15/25 (Call 11/15/24)

    175       165,534  

3.25%, 03/15/27 (Call 02/15/27)

    100       87,123  

4.00%, 01/15/29 (Call 11/15/28)

    175       150,169  

4.70%, 03/24/25

    130       126,395  

7.05%, 09/29/25

    65       65,450  

Blackstone Secured Lending Fund

   

2.13%, 02/15/27 (Call 01/15/27)

    130       110,352  

2.75%, 09/16/26 (Call 08/19/26)

    160       141,267  

2.85%, 09/30/28 (Call 07/30/28)

    218       180,037  

3.63%, 01/15/26 (Call 12/15/25)

    85       78,761  

 

 

84  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Holding Companies - Diversified (continued)  

Blue Owl Capital Corp.

   

2.63%, 01/15/27 (Call 12/15/26)

  $ 130     $ 112,551  

2.88%, 06/11/28 (Call 04/11/28)

    210       174,149  

3.40%, 07/15/26 (Call 06/15/26)

    175       157,558  

3.75%, 07/22/25 (Call 06/22/25)

    145       135,904  

4.00%, 03/30/25 (Call 02/28/25)

    150       142,700  

4.25%, 01/15/26 (Call 12/15/25)

    140       131,299  

Blue Owl Credit Income Corp.

   

3.13%, 09/23/26 (Call 08/23/26)

    170       149,972  

4.70%, 02/08/27 (Call 01/08/27)

    115       105,320  

5.50%, 03/21/25

    55       53,299  

7.75%, 09/16/27 (Call 08/16/27)

    35       34,833  

Blue Owl Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26)

    90       75,742  

FS KKR Capital Corp.

   

1.65%, 10/12/24

    135       127,275  

2.63%, 01/15/27 (Call 12/15/26)

    95       82,007  

3.13%, 10/12/28 (Call 08/12/28)

    205       167,555  

3.40%, 01/15/26 (Call 12/15/25)

    140       128,404  

4.13%, 02/01/25 (Call 01/01/25)(a)

    90       86,526  

Goldman Sachs BDC Inc.

   

2.88%, 01/15/26 (Call 12/15/25)

    110       102,135  

3.75%, 02/10/25 (Call 01/10/25)(a)

    136       131,477  

Golub Capital BDC Inc.

   

2.05%, 02/15/27 (Call 01/15/27)

     215       181,587  

2.50%, 08/24/26 (Call 07/24/26)

    25       21,972  

Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)

    125       110,766  

Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)

    20       18,678  

Oaktree Specialty Lending Corp.

   

2.70%, 01/15/27 (Call 12/15/26)(a)

    130       113,016  

3.50%, 02/25/25 (Call 01/25/25)

    25       23,799  

Owl Rock Capital Corp. III, 3.13%, 04/13/27

    75       64,376  

Prospect Capital Corp.

   

3.36%, 11/15/26 (Call 10/15/26)

    100       86,544  

3.44%, 10/15/28 (Call 08/15/28)

    50       39,381  

3.71%, 01/22/26 (Call 12/22/25)

    140       126,952  

Sixth Street Specialty Lending Inc.

   

2.50%, 08/01/26 (Call 07/01/26)

    50       44,220  

3.88%, 11/01/24 (Call 10/01/24)

    50       48,469  
   

 

 

 
        6,052,357  
Home Builders — 0.1%            

DR Horton Inc.

   

1.30%, 10/15/26 (Call 09/15/26)

    210       185,142  

1.40%, 10/15/27 (Call 08/15/27)

    65       55,798  

2.50%, 10/15/24 (Call 09/15/24)

    198       190,920  

2.60%, 10/15/25 (Call 09/15/25)

    132       123,970  

Lennar Corp.

   

4.75%, 05/30/25 (Call 02/28/25)

    80       78,542  

4.75%, 11/29/27 (Call 05/29/27)

    215       208,361  

5.00%, 06/15/27 (Call 12/15/26)

    150       147,655  

5.25%, 06/01/26 (Call 12/01/25)

    75       74,629  

MDC Holdings Inc.

   

2.50%, 01/15/31 (Call 07/15/30)

    202       156,598  

3.85%, 01/15/30 (Call 07/15/29)

    55       47,796  

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

    225       192,634  

PulteGroup Inc.

   

5.00%, 01/15/27 (Call 10/15/26)

    176       173,439  

5.50%, 03/01/26 (Call 12/01/25)

    100       99,814  
Security   Par
(000)
    Value  
Home Builders (continued)            

6.38%, 05/15/33

  $ 10     $ 10,406  

7.88%, 06/15/32

    30       34,303  

Toll Brothers Finance Corp.

   

3.80%, 11/01/29 (Call 08/01/29)

    87       77,586  

4.35%, 02/15/28 (Call 11/15/27)

    120       112,597  

4.88%, 11/15/25 (Call 08/15/25)

    110       107,636  

4.88%, 03/15/27 (Call 12/15/26)

     150       145,730  
   

 

 

 
        2,223,556  
Home Furnishings — 0.0%            

Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)

    170       165,492  

Leggett & Platt Inc.

   

3.50%, 11/15/27 (Call 08/15/27)

    100       92,191  

3.80%, 11/15/24 (Call 08/15/24)

    50       48,716  

4.40%, 03/15/29 (Call 12/15/28)

    113       106,791  

Whirlpool Corp.

   

2.40%, 05/15/31 (Call 02/15/31)

    110       89,104  

3.70%, 05/01/25

    5       4,847  

4.70%, 05/14/32 (Call 02/14/32)

    100       94,557  

4.75%, 02/26/29 (Call 11/26/28)

    180       175,117  

5.50%, 03/01/33 (Call 12/01/32)

    120       119,009  
   

 

 

 
      895,824  
Household Products & Wares — 0.1%  

Avery Dennison Corp.

   

2.25%, 02/15/32 (Call 11/15/31)

    40       30,952  

2.65%, 04/30/30 (Call 02/01/30)

    65       54,159  

4.88%, 12/06/28 (Call 09/06/28)

    90       87,974  

5.75%, 03/15/33 (Call 12/15/32)

    165       166,510  

Church & Dwight Co. Inc.

   

2.30%, 12/15/31 (Call 09/15/31)

    125       102,394  

3.15%, 08/01/27 (Call 05/01/27)

    115       108,190  

5.60%, 11/15/32 (Call 08/15/32)

    165       170,659  

Clorox Co. (The)

   

1.80%, 05/15/30 (Call 02/15/30)

    95       77,177  

3.10%, 10/01/27 (Call 07/01/27)

    160       147,938  

3.90%, 05/15/28 (Call 02/15/28)

    145       137,659  

4.40%, 05/01/29 (Call 03/01/29)

    60       58,061  

4.60%, 05/01/32 (Call 02/01/32)

    165       159,553  

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)

    140       120,889  

2.00%, 11/02/31 (Call 08/02/31)

    170       139,371  

2.75%, 02/15/26

    90       85,757  

3.05%, 08/15/25

    125       120,214  

3.10%, 03/26/30 (Call 12/26/29)

    190       171,408  

3.20%, 04/25/29 (Call 01/25/29)

    180       166,851  

3.95%, 11/01/28 (Call 08/01/28)

    115       111,403  

4.50%, 02/16/33 (Call 11/16/32)

    95       93,115  
   

 

 

 
      2,310,234  
Insurance — 0.8%            

ACE Capital Trust II, Series N, 9.70%, 04/01/30

    10       11,889  

Aegon NV, 5.50%, 04/11/48 (Call 04/11/28), (6-mo. LIBOR US + 3.540%)(b)

    200       188,070  

Aflac Inc.

   

1.13%, 03/15/26 (Call 02/15/26)

    55       49,573  

2.88%, 10/15/26 (Call 07/15/26)

    264       246,299  

3.60%, 04/01/30 (Call 01/01/30)

    300       273,129  

Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)

    115       106,205  

Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)

    130       124,380  

 

 

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

    85  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

  $  135     $   121,797  

1.45%, 12/15/30 (Call 09/15/30)

    135       103,430  

3.28%, 12/15/26 (Call 09/15/26)

    182       172,005  

5.25%, 03/30/33 (Call 12/30/32)

    220       215,470  

American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)

    160       153,456  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    277       262,180  

3.40%, 06/30/30 (Call 03/30/30)

    245       215,818  

3.90%, 04/01/26 (Call 01/01/26)

    235       226,693  

4.20%, 04/01/28 (Call 01/01/28)

    94       89,822  

5.13%, 03/27/33 (Call 12/27/32)

    165       159,251  

Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)(b)

    60       56,906  

Aon Corp.

   

2.80%, 05/15/30 (Call 02/15/30)

    354       303,782  

3.75%, 05/02/29 (Call 02/02/29)

    206       191,650  

4.50%, 12/15/28 (Call 09/15/28)

    77       74,519  

Aon Global Ltd.

   

2.05%, 08/23/31 (Call 05/23/31)

    150       118,536  

2.60%, 12/02/31 (Call 09/02/31)

    120       98,459  

2.85%, 05/28/27 (Call 04/28/27)

    105       96,581  

3.88%, 12/15/25 (Call 09/15/25)

    292       282,574  

5.00%, 09/12/32 (Call 06/12/32)

    132       128,775  

5.35%, 02/28/33 (Call 11/28/32)

    130       129,679  

Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)

    246       234,699  

Arthur J Gallagher & Co.

   

2.40%, 11/09/31 (Call 08/09/31)

    135       107,056  

5.50%, 03/02/33 (Call 12/02/32)

    10       9,927  

Assurant Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    70       52,991  

3.70%, 02/22/30 (Call 11/22/29)

    110       95,024  

4.90%, 03/27/28 (Call 12/27/27)

    105       101,477  

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

    150       127,446  

Athene Holding Ltd.

   

3.50%, 01/15/31 (Call 10/15/30)

    120       100,409  

4.13%, 01/12/28 (Call 10/12/27)

    245       228,842  

6.15%, 04/03/30 (Call 01/03/30)

    49       49,479  

6.65%, 02/01/33 (Call 11/01/32)

    60       61,628  

AXA SA, 8.60%, 12/15/30

    185       223,452  

AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)

    164       148,802  

AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)

    200       187,544  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)

    311       249,780  

1.85%, 03/12/30 (Call 12/12/29)

    10       8,407  

2.30%, 03/15/27 (Call 02/15/27)

    245       227,090  

2.88%, 03/15/32 (Call 12/15/31)

    245       214,027  

Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)

    587       562,593  

Brighthouse Financial Inc.

   

3.70%, 06/22/27 (Call 03/22/27)

    70       64,704  

5.63%, 05/15/30 (Call 02/15/30)

    180       173,830  

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)

    270       215,722  

4.20%, 09/15/24 (Call 06/15/24)

    80       78,589  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.20%, 03/17/32 (Call 12/17/31)

  $ 70     $ 62,682  

4.50%, 03/15/29 (Call 12/15/28)

    50       47,044  

Chubb INA Holdings Inc.

   

1.38%, 09/15/30 (Call 06/15/30)

     285         224,252  

3.15%, 03/15/25

    110       106,426  

3.35%, 05/03/26 (Call 02/03/26)

    235       225,130  

Cincinnati Financial Corp., 6.92%, 05/15/28

    94       100,263  

CNA Financial Corp.

   

2.05%, 08/15/30 (Call 05/15/30)

    120       96,092  

3.45%, 08/15/27 (Call 05/15/27)

    185       172,762  

3.90%, 05/01/29 (Call 02/01/29)

    136       126,543  

4.50%, 03/01/26 (Call 12/01/25)

    185       180,203  

CNO Financial Group Inc.

   

5.25%, 05/30/25 (Call 02/28/25)

    15       14,699  

5.25%, 05/30/29 (Call 02/28/29)

    145       138,305  

Corebridge Financial Inc.

   

3.50%, 04/04/25 (Call 03/04/25)

    165       158,712  

3.65%, 04/05/27 (Call 03/05/27)

    115       108,116  

3.85%, 04/05/29 (Call 02/05/29)

    345       316,120  

3.90%, 04/05/32 (Call 01/05/32)

    350       305,784  

Enstar Group Ltd.

   

3.10%, 09/01/31 (Call 03/01/31)

    125       97,348  

4.95%, 06/01/29 (Call 03/01/29)

    108       101,080  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

    370       350,175  

5.59%, 01/11/33 (Call 10/11/32)

    160       156,794  

7.00%, 04/01/28

    50       52,714  

F&G Annuities & Life Inc., 7.40%, 01/13/28 (Call 12/13/27)(d)

    50       50,912  

Fairfax Financial Holdings Ltd.

   

3.38%, 03/03/31 (Call 12/03/30)

    65       54,497  

4.63%, 04/29/30 (Call 01/29/30)

    125       114,851  

4.85%, 04/17/28 (Call 01/17/28)

    214       206,041  

5.63%, 08/16/32 (Call 05/16/32)

    150       144,654  

Fidelity National Financial Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

    125       99,416  

3.40%, 06/15/30 (Call 03/15/30)

    185       160,734  

4.50%, 08/15/28 (Call 05/15/28)

    150       140,983  

First American Financial Corp.

   

2.40%, 08/15/31 (Call 05/15/31)

    140       107,311  

4.00%, 05/15/30 (Call 02/15/30)

    50       43,485  

4.60%, 11/15/24

    130       127,656  

Globe Life Inc.

   

2.15%, 08/15/30 (Call 05/15/30)

    155       123,960  

4.55%, 09/15/28 (Call 06/15/28)

    155       150,117  

4.80%, 06/15/32 (Call 03/15/32)

    20       18,970  

Hanover Insurance Group Inc. (The)

   

2.50%, 09/01/30 (Call 06/01/30)

    89       70,290  

4.50%, 04/15/26 (Call 01/15/26)

    145       140,765  

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

    190       166,197  

Jackson Financial Inc.

   

3.13%, 11/23/31 (Call 08/23/31)

    140       109,827  

5.17%, 06/08/27 (Call 05/08/27)

    110       107,821  

5.67%, 06/08/32 (Call 03/08/32)

    90       85,939  

Kemper Corp.

   

2.40%, 09/30/30 (Call 06/30/30)

    175       134,325  

3.80%, 02/23/32 (Call 11/23/31)

    110       88,947  

4.35%, 02/15/25 (Call 11/15/24)

    45       43,708  

 

 

86  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)

  $ 115     $ 96,717  

3.35%, 03/09/25

    107       102,645  

3.40%, 01/15/31 (Call 10/15/30)(a)

    115       96,991  

3.40%, 03/01/32 (Call 12/01/31)

    10       8,131  

3.63%, 12/12/26 (Call 09/15/26)(a)

    15       14,044  

3.80%, 03/01/28 (Call 12/01/27)(a)

    140       128,379  

Loews Corp.

   

3.20%, 05/15/30 (Call 02/15/30)

    165       145,843  

3.75%, 04/01/26 (Call 01/01/26)

    105       101,118  

Manulife Financial Corp.

   

2.48%, 05/19/27 (Call 03/19/27)

    90       82,426  

3.70%, 03/16/32 (Call 12/16/31)

    265       237,686  

4.06%, 02/24/32 (Call 02/24/27), (5-year USD ICE Swap + 1.647%)(b)

    150       140,434  

4.15%, 03/04/26

    362       351,788  

Markel Group Inc.

   

3.35%, 09/17/29 (Call 06/17/29)

    68       60,891  

3.50%, 11/01/27 (Call 08/01/27)

    140       130,668  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)

    200       165,100  

2.38%, 12/15/31 (Call 09/15/31)

    100       81,369  

3.50%, 03/10/25 (Call 12/10/24)

    242       235,028  

3.75%, 03/14/26 (Call 12/14/25)

    240       231,881  

4.38%, 03/15/29 (Call 12/15/28)

    505       488,739  

5.75%, 11/01/32 (Call 08/01/32)

    172       178,426  

Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)

    100       93,838  

MetLife Inc.

   

3.00%, 03/01/25

    133       128,306  

3.60%, 11/13/25 (Call 08/13/25)

    201       194,411  

4.55%, 03/23/30 (Call 12/23/29)

    369       358,664  

5.38%, 07/15/33 (Call 04/15/33)

    230       228,889  

6.50%, 12/15/32

    30       32,524  

Old Republic International Corp.

   

3.88%, 08/26/26 (Call 07/26/26)

    227       215,732  

4.88%, 10/01/24 (Call 09/01/24)

    180       177,502  

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

    160       144,875  

Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)

    60       49,330  

Principal Financial Group Inc.

   

2.13%, 06/15/30 (Call 03/15/30)

    135       110,118  

3.10%, 11/15/26 (Call 08/15/26)

    85       79,054  

3.40%, 05/15/25 (Call 02/15/25)

    75       72,220  

3.70%, 05/15/29 (Call 02/15/29)

    176       161,300  

5.38%, 03/15/33 (Call 12/15/32)

    85       84,152  

Progressive Corp. (The)

   

2.45%, 01/15/27

    90       82,954  

2.50%, 03/15/27 (Call 02/15/27)

    90       82,782  

3.00%, 03/15/32 (Call 12/15/31)

    120       104,381  

3.20%, 03/26/30 (Call 12/26/29)

    200       178,508  

4.00%, 03/01/29 (Call 12/01/28)

    100       96,140  

4.95%, 06/15/33 (Call 03/15/33)

    60       58,923  

6.25%, 12/01/32

    40       42,928  

6.63%, 03/01/29

    30       32,690  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

    282       258,013  

2.10%, 03/10/30 (Call 12/10/29)

    170       142,414  

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

    25       21,250  

3.88%, 03/27/28 (Call 12/27/27)

     202         192,599  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.50%, 09/15/47 (Call 09/15/27), (3-mo. LIBOR US + 2.380%)(b)

  $ 50     $ 44,922  

5.13%, 03/01/52 (Call 11/28/31), (5-year CMT + 3.162%)(b)

    190       169,776  

5.70%, 09/15/48 (Call 09/15/28), (3-mo. LIBOR US + 2.665%)(b)

    200       189,060  

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

    215       205,695  

6.75%, 03/01/53 (Call 12/01/32), (5-year CMT + 2.848%)(b)

    120       118,562  

Prudential Funding Asia PLC

   

3.13%, 04/14/30

    196       172,584  

3.63%, 03/24/32

    100       88,085  

Reinsurance Group of America Inc.

   

3.15%, 06/15/30 (Call 03/15/30)

    155       132,387  

3.90%, 05/15/29 (Call 02/15/29)

    155       141,983  

3.95%, 09/15/26 (Call 06/15/26)

    150       142,836  

RenaissanceRe Finance Inc., 3.70%, 04/01/25 (Call 01/01/25)

    10       9,683  

RenaissanceRe Holdings Ltd.

   

3.60%, 04/15/29 (Call 01/15/29)

    185       165,706  

5.75%, 06/05/33

    195       189,411  

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

    100       75,376  

Travelers Property Casualty Corp., 6.38%, 03/15/33

    15       16,464  

Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)

    190       183,574  

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

    40       36,674  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

     158       136,937  

4.50%, 09/15/28 (Call 06/15/28)

    135       128,493  

4.65%, 06/15/27 (Call 05/15/27)

    195       188,900  

5.35%, 05/15/33 (Call 02/15/33)

    60       57,944  
   

 

 

 
        22,454,949  
Internet — 0.6%            

Alibaba Group Holding Ltd.

   

2.13%, 02/09/31 (Call 11/09/30)(a)

    325       260,474  

3.40%, 12/06/27 (Call 09/06/27)

    620       575,955  

3.60%, 11/28/24 (Call 08/28/24)

    935       910,793  

Alphabet Inc.

   

0.45%, 08/15/25 (Call 07/15/25)

    413       379,002  

0.80%, 08/15/27 (Call 06/15/27)

    325       281,804  

1.10%, 08/15/30 (Call 05/15/30)

    510       408,515  

2.00%, 08/15/26 (Call 05/15/26)

    523       484,036  

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    265       246,050  

1.00%, 05/12/26 (Call 04/12/26)

    685       618,891  

1.20%, 06/03/27 (Call 04/03/27)

    285       250,874  

1.50%, 06/03/30 (Call 03/03/30)

    564       458,177  

1.65%, 05/12/28 (Call 03/12/28)

    697       608,829  

2.10%, 05/12/31 (Call 02/12/31)

    560       464,621  

3.00%, 04/13/25

    220       212,982  

3.15%, 08/22/27 (Call 05/22/27)

    667       627,253  

3.30%, 04/13/27 (Call 03/13/27)

    355       337,875  

3.45%, 04/13/29 (Call 02/13/29)

    258       242,621  

3.60%, 04/13/32 (Call 01/13/32)

    455       418,263  

3.80%, 12/05/24 (Call 09/05/24)

    294       288,711  

4.55%, 12/01/27 (Call 11/01/27)

    240       238,939  

4.60%, 12/01/25

    60       59,578  

4.65%, 12/01/29 (Call 10/01/29)

    355       353,655  

4.70%, 11/29/24

    220       218,508  

 

 

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

    87  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Internet (continued)            

4.70%, 12/01/32 (Call 09/01/32)

  $  665     $ 660,551  

5.20%, 12/03/25 (Call 09/03/25)

    321       322,043  

Baidu Inc.

   

3.43%, 04/07/30 (Call 01/07/30)

    50       43,980  

3.63%, 07/06/27

    265       248,912  

4.13%, 06/30/25

    225       218,518  

4.38%, 03/29/28 (Call 12/29/27)

    55       52,727  

4.88%, 11/14/28 (Call 08/14/28)

    50       48,774  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)

    225       212,305  

3.60%, 06/01/26 (Call 03/01/26)

    188       180,657  

3.65%, 03/15/25 (Call 12/15/24)

    125       121,931  

4.63%, 04/13/30 (Call 01/13/30)

    324       316,739  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    160       144,221  

1.90%, 03/11/25 (Call 02/11/25)

    227       215,008  

2.60%, 05/10/31 (Call 02/10/31)

    245       202,571  

2.70%, 03/11/30 (Call 12/11/29)

    250       213,092  

3.60%, 06/05/27 (Call 03/05/27)

    311       293,481  

5.90%, 11/22/25 (Call 10/22/25)

    75       75,587  

5.95%, 11/22/27 (Call 10/22/27)

    25       25,614  

6.30%, 11/22/32 (Call 08/22/32)(a)

    80       84,304  

Expedia Group Inc.

   

2.95%, 03/15/31 (Call 12/15/30)(a)

    103       86,139  

3.25%, 02/15/30 (Call 11/15/29)

    340       296,024  

3.80%, 02/15/28 (Call 11/15/27)

    125       116,560  

4.63%, 08/01/27 (Call 05/01/27)

    95       92,083  

5.00%, 02/15/26 (Call 11/15/25)

    225       222,237  

JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)

    200       175,990  

Meta Platforms Inc.

   

3.50%, 08/15/27 (Call 07/15/27)

    570       543,010  

3.85%, 08/15/32 (Call 05/15/32)

    715       656,113  

4.60%, 05/15/28 (Call 04/15/28)

    285       282,315  

4.80%, 05/15/30 (Call 03/15/30)

    175       174,125  

4.95%, 05/15/33 (Call 02/15/33)

    275       273,430  

Netflix Inc.

   

4.38%, 11/15/26

    25       24,308  

4.88%, 04/15/28

    65       64,067  

5.88%, 02/15/25

    90       90,431  

5.88%, 11/15/28

    395       406,182  

6.38%, 05/15/29

    93       97,879  

Tencent Music Entertainment Group

   

1.38%, 09/03/25 (Call 08/03/25)

    30       27,482  

2.00%, 09/03/30 (Call 06/03/30)

    155       120,637  

VeriSign Inc.

   

2.70%, 06/15/31 (Call 03/15/31)

    215       176,109  

4.75%, 07/15/27 (Call 10/02/23)

    175       170,454  

5.25%, 04/01/25 (Call 01/01/25)

    40       39,685  

Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)

    230       180,161  
   

 

 

 
        16,942,842  
Iron & Steel — 0.1%            

ArcelorMittal SA

   

4.25%, 07/16/29

    190       179,936  

4.55%, 03/11/26

    190       185,983  

6.55%, 11/29/27 (Call 10/29/27)

    275       281,650  

6.80%, 11/29/32 (Call 08/29/32)

    215       221,177  

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    195       183,440  

2.70%, 06/01/30 (Call 03/01/30)

    100       85,705  

3.13%, 04/01/32 (Call 01/01/32)

    60       51,095  
Security  

Par

(000)

    Value  
Iron & Steel (continued)            

3.95%, 05/23/25

  $  150     $ 145,821  

3.95%, 05/01/28 (Call 02/01/28)

    172       163,512  

4.30%, 05/23/27 (Call 04/23/27)

    135       130,923  

Reliance Steel & Aluminum Co.

   

1.30%, 08/15/25 (Call 07/15/25)

    135       124,095  

2.15%, 08/15/30 (Call 05/15/30)

    30       24,236  

Steel Dynamics Inc.

   

1.65%, 10/15/27 (Call 08/15/27)

    25       21,468  

2.40%, 06/15/25 (Call 05/15/25)

    64       60,262  

2.80%, 12/15/24 (Call 11/15/24)

    125       120,426  

3.25%, 01/15/31 (Call 10/15/30)

    70       60,990  

3.45%, 04/15/30 (Call 01/15/30)

    202       179,281  

5.00%, 12/15/26 (Call 10/02/23)

    255         249,561  

Vale Overseas Ltd.

   

3.75%, 07/08/30 (Call 04/08/30)

    320       280,419  

6.13%, 06/12/33 (Call 03/12/33)

    5       4,962  

6.25%, 08/10/26

    10       10,197  
   

 

 

 
      2,765,139  
Leisure Time — 0.0%            

Brunswick Corp.

   

2.40%, 08/18/31 (Call 05/18/31)

    175       134,159  

4.40%, 09/15/32 (Call 06/15/32)

    65       55,796  

Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)

    65       62,394  
   

 

 

 
      252,349  
Lodging — 0.1%            

Choice Hotels International Inc.

   

3.70%, 12/01/29 (Call 09/01/29)

    130       114,888  

3.70%, 01/15/31 (Call 10/15/30)

    85       72,916  

Hyatt Hotels Corp.

   

1.80%, 10/01/24 (Call 09/18/23)

    20       19,138  

4.38%, 09/15/28 (Call 06/15/28)

    200       188,644  

4.85%, 03/15/26 (Call 12/15/25)

    145       142,070  

5.38%, 04/23/25 (Call 03/23/25)

    145       143,743  

5.75%, 01/30/27 (Call 12/30/26)

    10       10,022  

5.75%, 04/23/30 (Call 01/23/30)

    60       60,060  

Marriott International Inc./MD

   

3.75%, 03/15/25 (Call 12/15/24)

    120       116,442  

3.75%, 10/01/25 (Call 07/01/25)

    63       60,734  

4.90%, 04/15/29 (Call 03/15/29)

    125       121,633  

5.00%, 10/15/27 (Call 09/15/27)

    220       217,780  

Series EE, 5.75%, 05/01/25 (Call 04/01/25)

    167       167,282  

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

    330       312,526  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

    95       80,690  

Series HH, 2.85%, 04/15/31 (Call 01/15/31)

    245       203,436  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

    215       201,945  

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

    60       56,354  

Sands China Ltd.

   

3.50%, 08/08/31 (Call 05/08/31)

    110       88,045  

4.88%, 06/18/30 (Call 03/18/30)

    10       8,732  

5.38%, 08/08/25 (Call 06/08/25)

    50       48,445  
   

 

 

 
      2,435,525  
Machinery — 0.4%            

Caterpillar Financial Services Corp.

   

0.60%, 09/13/24

    275       261,756  

0.80%, 11/13/25

    85       77,422  

0.90%, 03/02/26

    180       162,862  

1.10%, 09/14/27

    30       25,954  

1.15%, 09/14/26

    245       219,079  

1.45%, 05/15/25

    10       9,379  

 

 

88  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Machinery (continued)            

1.70%, 01/08/27

  $  170     $ 153,993  

2.15%, 11/08/24

    255       245,517  

3.25%, 12/01/24

    40       38,978  

3.40%, 05/13/25

    175       169,620  

3.60%, 08/12/27

    255       243,859  

3.65%, 08/12/25

    320       310,669  

4.35%, 05/15/26

    275       270,589  

4.80%, 01/06/26

    115       114,435  

4.90%, 01/17/25

    90       89,654  

5.15%, 08/11/25

    250       250,032  

5.40%, 03/10/25

    180       180,506  

Caterpillar Inc.

   

1.90%, 03/12/31 (Call 12/12/30)

    70       58,747  

2.60%, 09/19/29 (Call 06/19/29)

    154       137,742  

2.60%, 04/09/30 (Call 01/09/30)

    235         206,697  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    165       147,602  

1.88%, 01/15/26 (Call 12/15/25)

    35       32,141  

3.95%, 05/23/25

    110       106,844  

4.55%, 04/10/28 (Call 03/10/28)

    95       91,873  

5.45%, 10/14/25

    155       154,493  

CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)

    117       110,468  

Deere & Co.

   

2.75%, 04/15/25 (Call 03/15/25)

    149       143,521  

3.10%, 04/15/30 (Call 01/15/30)

    75       67,841  

5.38%, 10/16/29

    90       92,864  

7.13%, 03/03/31

    90       104,209  

Dover Corp.

   

2.95%, 11/04/29 (Call 08/04/29)

    100       87,945  

3.15%, 11/15/25 (Call 08/15/25)

    155       147,534  

Flowserve Corp.

   

2.80%, 01/15/32 (Call 10/15/31)

    120       95,212  

3.50%, 10/01/30 (Call 07/01/30)

    125       107,088  

IDEX Corp.

   

2.63%, 06/15/31 (Call 03/15/31)

    150       123,564  

3.00%, 05/01/30 (Call 02/01/30)

    40       34,748  

John Deere Capital Corp.

   

0.63%, 09/10/24

    135       128,513  

0.70%, 01/15/26

    165       149,320  

1.05%, 06/17/26

    20       17,974  

1.25%, 01/10/25

    115       109,020  

1.30%, 10/13/26

    125       111,924  

1.45%, 01/15/31

    170       134,696  

1.50%, 03/06/28

    100       86,447  

1.70%, 01/11/27

    160       144,251  

1.75%, 03/09/27

    45       40,418  

2.00%, 06/17/31

    185       150,971  

2.05%, 01/09/25

    295       282,952  

2.13%, 03/07/25

    55       52,522  

2.25%, 09/14/26

    185       171,273  

2.35%, 03/08/27

    95       87,151  

2.45%, 01/09/30

    205       178,547  

2.65%, 06/10/26

    200       187,770  

2.80%, 09/08/27

    175       161,920  

2.80%, 07/18/29

    135       121,747  

3.05%, 01/06/28

    110       102,506  

3.35%, 04/18/29

    140       129,977  

3.40%, 06/06/25

    160       155,168  

3.40%, 09/11/25

    5       4,831  

3.45%, 03/13/25

    285       277,656  
Security  

Par

(000)

    Value  
Machinery (continued)            

3.45%, 03/07/29

  $ 125     $ 116,369  

3.90%, 06/07/32

     135       125,765  

4.05%, 09/08/25

    135       132,286  

4.15%, 09/15/27

    155       151,230  

4.35%, 09/15/32

    155       150,302  

4.55%, 10/11/24

    60       59,489  

4.70%, 06/10/30

    140       138,233  

4.75%, 06/08/26

    120       119,335  

4.75%, 01/20/28

    240       239,047  

4.80%, 01/09/26

    280       278,334  

4.85%, 10/11/29

    80       80,055  

4.95%, 06/06/25

    75       74,667  

4.95%, 07/14/28

    100       100,337  

5.05%, 03/03/26

    30       30,017  

Series MTN, 4.90%, 03/03/28

    20       20,038  

nVent Finance Sarl

   

2.75%, 11/15/31 (Call 08/15/31)

    75       59,176  

4.55%, 04/15/28 (Call 01/15/28)

    138       130,565  

5.65%, 05/15/33 (Call 02/15/33)

    80       77,414  

Oshkosh Corp.

   

3.10%, 03/01/30 (Call 12/01/29)

    75       65,990  

4.60%, 05/15/28 (Call 02/15/28)

    100       97,644  

Otis Worldwide Corp.

   

2.06%, 04/05/25 (Call 03/05/25)

    135       127,948  

2.29%, 04/05/27 (Call 02/05/27)

    165       149,917  

2.57%, 02/15/30 (Call 11/15/29)

    394       336,831  

5.25%, 08/16/28 (Call 07/16/28)

    60       60,409  

Rockwell Automation Inc.

   

1.75%, 08/15/31 (Call 05/15/31)

    40       31,779  

2.88%, 03/01/25 (Call 12/01/24)

    155       149,642  

3.50%, 03/01/29 (Call 12/01/28)

    175       164,022  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    125       119,232  

3.45%, 11/15/26 (Call 08/15/26)

    220       207,082  

4.95%, 09/15/28 (Call 06/15/28)

    278       268,103  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)

    130       114,080  

2.25%, 01/30/31 (Call 10/30/30)

    125       102,683  

3.25%, 11/01/26 (Call 08/01/26)

    145       136,449  
   

 

 

 
        12,077,461  
Machinery - Diversified — 0.0%  

Ingersoll Rand Inc., 5.40%, 08/14/28 (Call 07/14/28)

    25       25,069  
   

 

 

 
Manufacturing — 0.2%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

    128       121,559  

2.25%, 09/19/26 (Call 06/19/26)

    183       168,426  

2.38%, 08/26/29 (Call 05/26/29)

    253       217,433  

2.65%, 04/15/25 (Call 03/15/25)

    150       143,067  

2.88%, 10/15/27 (Call 07/15/27)(a)

    191       175,888  

3.00%, 08/07/25

    180       172,665  

3.05%, 04/15/30 (Call 01/15/30)(a)

    227       202,620  

3.38%, 03/01/29 (Call 12/01/28)(a)

    121       110,762  

3.63%, 09/14/28 (Call 06/14/28)

    173       161,834  

Carlisle Companies Inc.

   

2.20%, 03/01/32 (Call 12/01/31)

    100       78,697  

2.75%, 03/01/30 (Call 12/01/29)

    200       169,322  

3.50%, 12/01/24 (Call 10/01/24)

    40       38,766  

3.75%, 12/01/27 (Call 09/01/27)

    200       188,686  

 

 

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

    89  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Manufacturing (continued)            

Eaton Corp.

   

3.10%, 09/15/27 (Call 06/15/27)

  $ 235     $ 220,336  

4.00%, 11/02/32

    50       46,715  

4.15%, 03/15/33 (Call 12/15/32)

    25       23,535  

4.35%, 05/18/28 (Call 04/18/28)

    40       39,282  

GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)

    270       257,475  

General Electric Co., 6.75%, 03/15/32

    245       273,136  

Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)

    285       266,920  

Parker-Hannifin Corp.

   

3.25%, 03/01/27 (Call 12/01/26)

    157       147,718  

3.25%, 06/14/29 (Call 03/14/29)

    244       220,608  

3.30%, 11/21/24 (Call 08/21/24)

    190       184,644  

4.25%, 09/15/27 (Call 08/15/27)

    255       247,574  

4.50%, 09/15/29 (Call 07/15/29)

    245       236,810  

Pentair Finance Sarl

   

4.50%, 07/01/29 (Call 04/01/29)

    105       98,146  

5.90%, 07/15/32 (Call 04/15/32)

    115       116,344  

Teledyne Technologies Inc.

   

1.60%, 04/01/26 (Call 03/01/26)

    20       18,231  

2.25%, 04/01/28 (Call 02/01/28)

    165       143,870  

2.75%, 04/01/31 (Call 01/01/31)

    273       227,597  

Textron Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

    160       131,365  

3.00%, 06/01/30 (Call 03/01/30)

    105       90,901  

3.38%, 03/01/28 (Call 12/01/27)

    100       91,451  

3.65%, 03/15/27 (Call 12/15/26)

    115       108,208  

3.88%, 03/01/25 (Call 12/01/24)

    30       29,212  

3.90%, 09/17/29 (Call 06/17/29)

    83       76,328  

4.00%, 03/15/26 (Call 12/15/25)

    138       133,137  
   

 

 

 
        5,379,268  
Media — 0.6%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    215       178,373  

2.30%, 02/01/32 (Call 11/01/31)

    200       150,776  

2.80%, 04/01/31 (Call 01/01/31)

    510       410,596  

3.75%, 02/15/28 (Call 11/15/27)

    296       270,591  

4.20%, 03/15/28 (Call 12/15/27)

    345       321,198  

4.40%, 04/01/33 (Call 01/01/33)(a)

    50       44,009  

4.91%, 07/23/25 (Call 04/23/25)

     1,051       1,032,198  

5.05%, 03/30/29 (Call 12/30/28)

    288       273,969  

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    475       371,459  

1.95%, 01/15/31 (Call 10/15/30)

    380       307,234  

2.35%, 01/15/27 (Call 10/15/26)

    264       242,072  

2.65%, 02/01/30 (Call 11/01/29)

    295       256,393  

3.15%, 03/01/26 (Call 12/01/25)

    616       588,268  

3.15%, 02/15/28 (Call 11/15/27)

    362       335,994  

3.30%, 02/01/27 (Call 11/01/26)

    330       311,989  

3.30%, 04/01/27 (Call 02/01/27)

    230       216,970  

3.38%, 08/15/25 (Call 05/15/25)

    442       427,250  

3.40%, 04/01/30 (Call 01/01/30)

    338       307,735  

3.55%, 05/01/28 (Call 02/01/28)

    288       271,863  

3.95%, 10/15/25 (Call 08/15/25)

    681       663,219  

4.15%, 10/15/28 (Call 07/15/28)

    856       824,970  

4.25%, 10/15/30 (Call 07/15/30)

    280       266,302  

4.25%, 01/15/33

    75       70,397  

4.55%, 01/15/29 (Call 12/15/28)

    235       230,276  

4.65%, 02/15/33 (Call 11/15/32)

    285       278,032  
Security  

Par

(000)

    Value  
Media (continued)            

4.80%, 05/15/33 (Call 02/15/33)

  $ 215     $ 210,210  

5.25%, 11/07/25

    55       55,096  

5.35%, 11/15/27 (Call 10/15/27)

    180       182,513  

5.50%, 11/15/32 (Call 08/15/32)

     155       158,897  

7.05%, 03/15/33

    65       74,027  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    220         211,697  

3.63%, 05/15/30 (Call 02/15/30)

    194       170,264  

3.90%, 11/15/24 (Call 08/15/24)

    190       185,028  

3.95%, 06/15/25 (Call 03/15/25)

    98       94,790  

3.95%, 03/20/28 (Call 12/20/27)

    382       355,149  

4.13%, 05/15/29 (Call 02/15/29)

    182       167,060  

4.90%, 03/11/26 (Call 12/11/25)

    150       147,363  

FactSet Research Systems Inc.

   

2.90%, 03/01/27 (Call 02/01/27)

    85       78,380  

3.45%, 03/01/32 (Call 12/01/31)

    85       71,959  

Fox Corp.

   

3.05%, 04/07/25 (Call 03/07/25)

    195       187,491  

3.50%, 04/08/30 (Call 01/08/30)

    160       142,912  

4.71%, 01/25/29 (Call 10/25/28)

    320       308,458  

Grupo Televisa SAB, 8.50%, 03/11/32

    50       58,107  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)

    208       187,431  

3.38%, 02/15/28 (Call 11/15/27)

    115       102,043  

3.70%, 06/01/28 (Call 03/01/28)

    45       40,287  

4.00%, 01/15/26 (Call 10/15/25)

    255       244,818  

4.20%, 06/01/29 (Call 03/01/29)

    130       116,148  

4.20%, 05/19/32 (Call 02/19/32)(a)

    205       170,535  

4.75%, 05/15/25 (Call 04/15/25)

    225       220,507  

4.95%, 01/15/31 (Call 10/15/30)

    326       291,170  

7.88%, 07/30/30

    185       195,726  

TCI Communications Inc.

   

7.13%, 02/15/28

    80       85,974  

7.88%, 02/15/26

    55       58,237  

Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)

    108       102,595  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26

    223       204,235  

2.95%, 06/15/27

    215       201,618  

3.00%, 02/13/26

    256       243,722  

3.15%, 09/17/25

    249       239,018  

Series B, 7.00%, 03/01/32

    55       61,683  

Walt Disney Co. (The)

   

1.75%, 01/13/26

    290       268,328  

2.00%, 09/01/29 (Call 06/01/29)

    446       378,221  

2.20%, 01/13/28

    291       261,976  

2.65%, 01/13/31

    685       586,524  

3.35%, 03/24/25

    505       490,143  

3.38%, 11/15/26 (Call 08/15/26)

    120       113,981  

3.70%, 09/15/24 (Call 06/15/24)

    183       179,604  

3.70%, 10/15/25 (Call 07/15/25)

    187       181,513  

3.70%, 03/23/27

    75       72,250  

3.80%, 03/22/30

    282       263,715  

6.55%, 03/15/33

    40       44,187  
   

 

 

 
        17,117,723  
Metal Fabricate & Hardware — 0.0%  

Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)

    315       305,090  

Timken Co. (The)

   

3.88%, 09/01/24 (Call 06/01/24)

    65       63,567  

 

 

90  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Metal Fabricate & Hardware (continued)  

4.13%, 04/01/32 (Call 01/01/32)

  $ 90     $ 80,319  

4.50%, 12/15/28 (Call 09/15/28)

    115       108,968  
   

 

 

 
      557,944  
Mining — 0.1%            

AngloGold Ashanti Holdings PLC

   

3.38%, 11/01/28 (Call 09/01/28)

    10       8,628  

3.75%, 10/01/30 (Call 07/01/30)

    200       165,816  

BHP Billiton Finance USA Ltd.

   

4.75%, 02/28/28 (Call 01/28/28)

    220       217,947  

4.88%, 02/27/26

    230       228,280  

4.90%, 02/28/33 (Call 11/28/32)

    265       261,123  

6.42%, 03/01/26

    55       56,455  

Freeport-McMoRan Inc.

   

4.13%, 03/01/28 (Call 10/02/23)

    145       134,728  

4.25%, 03/01/30 (Call 03/01/25)

    120       108,986  

4.38%, 08/01/28 (Call 10/02/23)

    115       106,825  

4.55%, 11/14/24 (Call 08/14/24)

    120       117,995  

4.63%, 08/01/30 (Call 08/01/25)

    58       53,580  

5.00%, 09/01/27 (Call 10/02/23)

    145       139,570  

5.25%, 09/01/29 (Call 09/01/24)

    160       155,080  

Kinross Gold Corp.

   

4.50%, 07/15/27 (Call 04/15/27)

    161       155,141  

6.25%, 07/15/33 (Call 04/15/33)(d)

    10       9,864  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

    254       206,360  

2.60%, 07/15/32 (Call 04/15/32)

    245       196,892  

2.80%, 10/01/29 (Call 07/01/29)

    161       138,900  

Rio Tinto Alcan Inc., 7.25%, 03/15/31

    115       129,330  

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

    180       196,457  

Rio Tinto Finance USA PLC, 5.00%, 03/09/33 (Call 12/09/32)

    200       198,678  

Southern Copper Corp., 3.88%, 04/23/25

    210       203,612  

Yamana Gold Inc., 2.63%, 08/15/31
(Call 05/15/31)(a)

    109       85,944  
   

 

 

 
        3,276,191  
Multi-National — 0.3%            

African Development Bank, 4.38%, 03/14/28

    500       498,810  

Asian Development Bank

   

3.75%, 04/25/28

    910       884,838  

3.88%, 06/14/33

      1,010       978,841  

4.00%, 01/12/33

    145       141,980  

4.25%, 01/09/26

    20       19,770  

4.63%, 06/13/25

    5       4,967  

Asian Infrastructure Investment Bank (The), 3.75%, 09/14/27

    170       164,917  

Council Of Europe Development Bank, 3.75%, 05/25/26

    20       19,517  

European Investment Bank

   

3.63%, 07/15/30

    500       479,525  

3.88%, 03/15/28

    1,960       1,918,801  

Inter-American Development Bank

   

3.50%, 04/12/33

    590       554,494  

4.00%, 01/12/28

    85       83,575  

4.50%, 05/15/26

    25       24,878  

International Bank for Reconstruction & Development

   

3.50%, 07/12/28

    1,205       1,159,174  

3.88%, 02/14/30

    665       647,338  

4.00%, 07/25/30

    660       646,886  
   

 

 

 
      8,228,311  
Security  

Par

(000)

    Value  
Office & Business Equipment — 0.0%  

CDW LLC/CDW Finance Corp.

   

2.67%, 12/01/26 (Call 11/01/26)

  $ 292     $ 265,469  

3.25%, 02/15/29 (Call 10/02/23)

     215       187,420  

3.28%, 12/01/28 (Call 10/01/28)

    165       144,654  

3.57%, 12/01/31 (Call 09/01/31)

    340       287,653  

4.13%, 05/01/25 (Call 10/02/23)

    180       174,245  

4.25%, 04/01/28 (Call 10/02/23)

    175       161,770  

5.50%, 12/01/24 (Call 06/01/24)

    205       203,723  
   

 

 

 
        1,424,934  
Oil & Gas — 0.9%            

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

    30       27,371  

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)

    240       194,645  

2.72%, 01/12/32 (Call 10/12/31)

    410       343,182  

3.02%, 01/16/27 (Call 10/16/26)

    255       239,279  

3.12%, 05/04/26 (Call 02/04/26)

    395       375,550  

3.41%, 02/11/26 (Call 12/11/25)

    208       199,923  

3.54%, 04/06/27 (Call 02/06/27)

    135       128,778  

3.59%, 04/14/27 (Call 01/14/27)

    243       231,494  

3.63%, 04/06/30 (Call 01/06/30)

    299       276,058  

3.80%, 09/21/25 (Call 07/21/25)

    263       256,028  

3.94%, 09/21/28 (Call 06/21/28)

    270       257,971  

4.23%, 11/06/28 (Call 08/06/28)

    141       136,089  

4.81%, 02/13/33 (Call 11/13/32)

    525       508,048  

4.89%, 09/11/33 (Call 06/11/33)

    120       116,808  

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

    275       258,951  

3.72%, 11/28/28 (Call 08/28/28)

    238       223,689  

Burlington Resources LLC, 7.20%, 08/15/31

    30       34,014  

Canadian Natural Resources Ltd.

   

2.05%, 07/15/25 (Call 06/15/25)

    137       128,359  

2.95%, 07/15/30 (Call 04/15/30)

    115       98,141  

3.85%, 06/01/27 (Call 03/01/27)

    298       281,994  

3.90%, 02/01/25 (Call 11/01/24)

    176       171,111  

6.45%, 06/30/33

    5       5,147  

7.20%, 01/15/32

    70       76,085  

Cenovus Energy Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    135       108,583  

4.25%, 04/15/27 (Call 01/15/27)

    20       19,216  

Chevron Corp.

   

1.55%, 05/11/25 (Call 04/11/25)

    510       479,813  

2.00%, 05/11/27 (Call 03/11/27)

    345       312,718  

2.24%, 05/11/30 (Call 02/11/30)

    378       323,908  

2.95%, 05/16/26 (Call 02/16/26)

    525       500,293  

3.33%, 11/17/25 (Call 08/17/25)

    234       226,292  

Chevron USA Inc.

   

0.69%, 08/12/25 (Call 07/12/25)

    175       160,975  

1.02%, 08/12/27 (Call 06/12/27)

    190       164,933  

3.25%, 10/15/29 (Call 07/15/29)

    200       183,288  

3.85%, 01/15/28 (Call 10/15/27)

    202       195,187  

3.90%, 11/15/24 (Call 08/15/24)

    85       83,538  

CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 (Call 06/30/29)

    250       223,507  

CNOOC Finance 2015 USA LLC

   

3.50%, 05/05/25

    400       387,128  

4.38%, 05/02/28

    200       195,440  

Conoco Funding Co., 7.25%, 10/15/31

    120       136,378  

ConocoPhillips Co.

   

2.40%, 03/07/25 (Call 09/11/23)

    32       30,674  

5.05%, 09/15/33 (Call 06/15/33)

    160       159,040  

 

 

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

    91  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

5.90%, 10/15/32

  $ 120     $ 128,303  

6.95%, 04/15/29

     257         282,643  

Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)

    210       197,623  

Coterra Energy Inc.

   

3.90%, 05/15/27 (Call 02/15/27)

    170       161,498  

4.38%, 03/15/29 (Call 12/15/28)

    158       148,605  

Devon Energy Corp.

   

4.50%, 01/15/30 (Call 01/15/25)

    147       137,445  

5.25%, 10/15/27 (Call 09/11/23)

    185       183,194  

5.85%, 12/15/25 (Call 09/15/25)

    198       198,901  

5.88%, 06/15/28 (Call 09/11/23)

    85       85,075  

7.88%, 09/30/31

    116       130,374  

7.95%, 04/15/32

    90       102,124  

Diamondback Energy Inc.

   

3.13%, 03/24/31 (Call 12/24/30)

    250       214,822  

3.25%, 12/01/26 (Call 10/01/26)

    161       151,390  

3.50%, 12/01/29 (Call 09/01/29)

    217       196,300  

6.25%, 03/15/33 (Call 12/15/32)

    105       108,522  

Eni USA Inc., 7.30%, 11/15/27

    114       122,385  

EOG Resources Inc.

   

3.15%, 04/01/25 (Call 01/01/25)

    70       67,706  

4.15%, 01/15/26 (Call 10/15/25)

    325       318,185  

4.38%, 04/15/30 (Call 01/15/30)

    207       201,196  

EQT Corp.

   

3.90%, 10/01/27 (Call 07/01/27)

    255       238,514  

5.00%, 01/15/29 (Call 07/15/28)

    92       87,401  

5.70%, 04/01/28 (Call 03/01/28)

    115       114,653  

6.13%, 02/01/25 (Call 01/01/25)

    142       141,739  

7.00%, 02/01/30 (Call 11/01/29)

    155       162,589  

Equinor ASA

   

2.38%, 05/22/30 (Call 02/22/30)

    213       182,854  

2.88%, 04/06/25 (Call 03/06/25)

    450       434,110  

3.00%, 04/06/27 (Call 02/06/27)

    173       161,949  

3.13%, 04/06/30 (Call 01/06/30)(a)

    365       331,037  

3.25%, 11/10/24

    105       102,260  

3.63%, 09/10/28 (Call 06/10/28)

    285       270,576  

7.25%, 09/23/27

    150       162,502  

Exxon Mobil Corp.

   

2.28%, 08/16/26 (Call 06/16/26)

    255       237,543  

2.44%, 08/16/29 (Call 05/16/29)

    404       356,304  

2.61%, 10/15/30 (Call 07/15/30)

    475       411,545  

2.71%, 03/06/25 (Call 12/06/24)

    445       429,229  

2.99%, 03/19/25 (Call 02/19/25)

    520       503,474  

3.04%, 03/01/26 (Call 12/01/25)

    500       477,700  

3.29%, 03/19/27 (Call 01/19/27)

    267       254,625  

3.48%, 03/19/30 (Call 12/19/29)

    461       426,490  

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

    155       125,970  

Hess Corp.

   

4.30%, 04/01/27 (Call 01/01/27)

    192       184,706  

7.13%, 03/15/33

    25       27,279  

7.30%, 08/15/31

    155       169,003  

7.88%, 10/01/29

    100       110,443  

HF Sinclair Corp.

   

4.50%, 10/01/30 (Call 07/01/30)

    100       89,713  

5.88%, 04/01/26 (Call 01/01/26)

    175       175,681  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    262       249,804  

6.80%, 03/15/32

    120       125,092  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

Marathon Petroleum Corp.

   

3.63%, 09/15/24 (Call 06/15/24)

  $ 272     $ 266,073  

3.80%, 04/01/28 (Call 01/01/28)

     130         121,494  

4.70%, 05/01/25 (Call 04/01/25)

    456       448,102  

5.13%, 12/15/26 (Call 09/15/26)

    207       206,040  

Occidental Petroleum Corp.

   

5.50%, 12/01/25 (Call 09/01/25)

    30       29,721  

5.55%, 03/15/26 (Call 12/15/25)

    110       109,042  

5.88%, 09/01/25 (Call 06/01/25)

    10       9,982  

6.13%, 01/01/31 (Call 07/01/30)

    360       362,938  

6.38%, 09/01/28 (Call 03/01/28)

    25       25,418  

6.63%, 09/01/30 (Call 03/01/30)

    15       15,481  

7.50%, 05/01/31

    495       535,996  

7.88%, 09/15/31

    35       38,805  

8.88%, 07/15/30 (Call 01/15/30)

    10       11,466  

Ovintiv Inc.

   

5.38%, 01/01/26 (Call 10/01/25)

    160       158,816  

5.65%, 05/15/25

    180       179,689  

5.65%, 05/15/28 (Call 04/15/28)

    140       139,133  

6.25%, 07/15/33 (Call 04/15/33)

    110       109,762  

7.20%, 11/01/31

    95       100,169  

7.38%, 11/01/31

    135       144,663  

8.13%, 09/15/30

    80       88,766  

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)

    130       117,974  

2.15%, 12/15/30 (Call 09/15/30)

    190       153,923  

3.85%, 04/09/25 (Call 03/09/25)

    360       350,352  

3.90%, 03/15/28 (Call 12/15/27)

    170       161,007  

5.30%, 06/30/33 (Call 03/30/33)

    160       158,323  

Phillips 66 Co.

   

3.15%, 12/15/29 (Call 09/15/29)

    135       118,927  

3.55%, 10/01/26 (Call 07/01/26)

    115       108,802  

3.61%, 02/15/25 (Call 11/15/24)

    70       68,030  

3.75%, 03/01/28 (Call 12/01/27)

    130       122,366  

4.95%, 12/01/27 (Call 11/01/27)

    170       168,147  

Pioneer Natural Resources Co.

   

1.13%, 01/15/26 (Call 12/15/25)

    5       4,531  

1.90%, 08/15/30 (Call 05/15/30)

    295       238,015  

2.15%, 01/15/31 (Call 10/15/30)

    230       186,286  

5.10%, 03/29/26

    130       128,990  

Shell International Finance BV

   

2.00%, 11/07/24 (Call 10/07/24)

    325       312,507  

2.38%, 11/07/29 (Call 08/07/29)

    378       328,452  

2.50%, 09/12/26

    327       304,097  

2.75%, 04/06/30 (Call 01/06/30)

    415       365,715  

2.88%, 05/10/26

    442       419,153  

3.25%, 05/11/25

    498       482,268  

3.88%, 11/13/28 (Call 08/13/28)

    332       318,388  

Suncor Energy Inc., 7.15%, 02/01/32

    155       166,368  

Tosco Corp., 8.13%, 02/15/30

    50       57,679  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

    272       261,623  

2.83%, 01/10/30 (Call 10/10/29)

    320       284,093  

3.45%, 02/19/29 (Call 11/19/28)

    335       311,533  

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

    252       240,317  

Valero Energy Corp.

   

2.15%, 09/15/27 (Call 07/15/27)

    50       44,524  

2.80%, 12/01/31 (Call 09/01/31)

    185       151,800  

3.40%, 09/15/26 (Call 06/15/26)

    15       14,183  

4.00%, 04/01/29 (Call 01/01/29)

    35       32,995  

 

 

92  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

4.35%, 06/01/28 (Call 03/01/28)

  $ 31     $ 29,649  

7.50%, 04/15/32

     175       195,876  
   

 

 

 
        27,849,151  
Oil & Gas Services — 0.1%            

Baker Hughes Holdings LLC/Baker Hughes
Co-Obligor Inc.

   

2.06%, 12/15/26 (Call 11/15/26)

    161       145,579  

3.14%, 11/07/29 (Call 08/07/29)

    135       120,030  

3.34%, 12/15/27 (Call 09/15/27)

    319       295,920  

4.49%, 05/01/30 (Call 02/01/30)

    95       91,424  

Halliburton Co.

   

2.92%, 03/01/30 (Call 12/01/29)

    205       178,871  

3.80%, 11/15/25 (Call 08/15/25)

    208       202,717  

NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)

    167       149,635  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

    155       143,341  

Schlumberger Investment SA

   

2.65%, 06/26/30 (Call 03/26/30)

    295       255,081  

4.50%, 05/15/28 (Call 04/15/28)

    80       78,542  

4.85%, 05/15/33 (Call 02/15/33)

    80       78,153  
   

 

 

 
      1,739,293  
Packaging & Containers — 0.1%            

Amcor Finance USA Inc.

   

3.63%, 04/28/26 (Call 01/28/26)

    155       146,909  

4.50%, 05/15/28 (Call 02/15/28)

    60       57,294  

5.63%, 05/26/33 (Call 02/26/33)

    115       114,309  

Amcor Flexibles North America Inc.

   

2.63%, 06/19/30 (Call 03/19/30)

    187       153,927  

2.69%, 05/25/31 (Call 02/25/31)

    145       118,160  

4.00%, 05/17/25 (Call 04/17/25)

    100       96,998  

AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)

    43       36,616  

Berry Global Inc.

   

1.57%, 01/15/26 (Call 12/15/25)

    322       292,714  

1.65%, 01/15/27 (Call 12/15/26)

    165       143,106  

5.50%, 04/15/28 (Call 03/15/28)(d)

    5       4,912  

Packaging Corp. of America

   

3.00%, 12/15/29 (Call 09/15/29)

    142       123,963  

3.40%, 12/15/27 (Call 09/15/27)

    120       111,822  

3.65%, 09/15/24 (Call 06/15/24)

    121       118,238  

Sonoco Products Co.

   

1.80%, 02/01/25 (Call 09/11/23)

    115       108,361  

2.25%, 02/01/27 (Call 01/01/27)

    40       35,758  

2.85%, 02/01/32 (Call 11/01/31)

    120       98,350  

3.13%, 05/01/30 (Call 02/01/30)

    55       47,476  

WestRock MWV LLC

   

7.95%, 02/15/31

    5       5,620  

8.20%, 01/15/30

    44       49,701  

WRKCo Inc.

   

3.00%, 09/15/24 (Call 07/15/24)

    25       24,209  

3.00%, 06/15/33 (Call 03/15/33)

    25       20,243  

3.38%, 09/15/27 (Call 06/15/27)

    100       92,223  

3.75%, 03/15/25 (Call 01/15/25)

    218       211,506  

3.90%, 06/01/28 (Call 03/01/28)

    122       113,229  

4.00%, 03/15/28 (Call 12/15/27)

    195       181,954  

4.20%, 06/01/32 (Call 03/01/32)

    5       4,556  

4.65%, 03/15/26 (Call 01/15/26)

    204       198,455  

4.90%, 03/15/29 (Call 12/15/28)

    202       194,494  
   

 

 

 
      2,905,103  
Security   Par (000)     Value  
Pharmaceuticals — 1.4%            

AbbVie Inc.

   

2.60%, 11/21/24 (Call 10/21/24)

  $ 697     $ 672,751  

2.95%, 11/21/26 (Call 09/21/26)

     875         818,694  

3.20%, 05/14/26 (Call 02/14/26)

    515       489,631  

3.20%, 11/21/29 (Call 08/21/29)

     1,011       911,376  

3.60%, 05/14/25 (Call 02/14/25)

    1,020       989,125  

3.80%, 03/15/25 (Call 12/15/24)

    970       944,479  

4.25%, 11/14/28 (Call 08/14/28)

    463       448,119  

Astrazeneca Finance LLC

   

1.20%, 05/28/26 (Call 04/28/26)

    325       293,339  

1.75%, 05/28/28 (Call 03/28/28)

    335       290,499  

2.25%, 05/28/31 (Call 02/28/31)

    225       187,243  

4.88%, 03/03/28 (Call 02/03/28)

    320       318,803  

4.88%, 03/03/33 (Call 12/03/32)

    230       230,071  

4.90%, 03/03/30 (Call 01/03/30)

    230       228,735  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)

    355       317,927  

1.38%, 08/06/30 (Call 05/06/30)

    272       216,180  

3.13%, 06/12/27 (Call 03/12/27)

    214       200,482  

3.38%, 11/16/25

    472       453,460  

4.00%, 01/17/29 (Call 10/17/28)

    268       256,996  

Becton Dickinson and Co.

   

1.96%, 02/11/31 (Call 11/11/30)

    295       237,212  

2.82%, 05/20/30 (Call 02/20/30)

    203       175,394  

3.70%, 06/06/27 (Call 03/06/27)

    414       392,708  

3.73%, 12/15/24 (Call 09/15/24)

    106       103,457  

4.30%, 08/22/32 (Call 05/22/32)

    120       112,064  

4.69%, 02/13/28 (Call 01/13/28)

    205       201,410  

Bristol-Myers Squibb Co.

   

0.75%, 11/13/25 (Call 10/13/25)

    225       205,011  

1.13%, 11/13/27 (Call 09/13/27)

    245       212,645  

1.45%, 11/13/30 (Call 08/13/30)

    275       218,081  

2.95%, 03/15/32 (Call 12/15/31)

    355       307,458  

3.20%, 06/15/26 (Call 04/15/26)

    514       489,796  

3.25%, 02/27/27

    85       81,233  

3.40%, 07/26/29 (Call 04/26/29)

    500       462,825  

3.45%, 11/15/27 (Call 08/15/27)

    85       80,868  

3.90%, 02/20/28 (Call 11/20/27)

    430       412,624  

Cardinal Health Inc.

   

3.41%, 06/15/27 (Call 03/15/27)

    290       271,559  

3.50%, 11/15/24 (Call 08/15/24)

    85       82,577  

3.75%, 09/15/25 (Call 06/15/25)

    170       164,152  

Cencora Inc.

   

2.70%, 03/15/31 (Call 12/15/30)

    315       264,773  

2.80%, 05/15/30 (Call 02/15/30)

    15       12,926  

3.25%, 03/01/25 (Call 12/01/24)

    307       297,056  

3.45%, 12/15/27 (Call 09/15/27)

    170       159,633  

Cigna Group (The)

   

1.25%, 03/15/26 (Call 02/15/26)

    115       103,894  

2.38%, 03/15/31 (Call 12/15/30)

    300       246,747  

2.40%, 03/15/30 (Call 12/15/29)

    364       306,215  

3.05%, 10/15/27 (Call 07/15/27)

    140       129,004  

3.25%, 04/15/25 (Call 01/15/25)

    320       308,214  

3.40%, 03/01/27 (Call 12/01/26)

    320       300,666  

4.13%, 11/15/25 (Call 09/15/25)

    534       519,918  

4.38%, 10/15/28 (Call 07/15/28)

    725       697,588  

4.50%, 02/25/26 (Call 11/27/25)

    365       357,605  

5.40%, 03/15/33 (Call 12/15/32)

    155       155,581  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    550       473,363  

 

 

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

    93  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Pharmaceuticals (continued)            

1.75%, 08/21/30 (Call 05/21/30)

  $ 185     $ 146,679  

1.88%, 02/28/31 (Call 11/28/30)

     290       227,375  

2.13%, 09/15/31 (Call 06/15/31)

    300       236,538  

2.88%, 06/01/26 (Call 03/01/26)

    415       388,631  

3.00%, 08/15/26 (Call 06/15/26)

    190       177,895  

3.25%, 08/15/29 (Call 05/15/29)

    387       345,622  

3.63%, 04/01/27 (Call 02/01/27)

    270       255,533  

3.75%, 04/01/30 (Call 01/01/30)

    388       352,867  

3.88%, 07/20/25 (Call 04/20/25)

    250       242,493  

4.10%, 03/25/25 (Call 01/25/25)

    325       318,230  

4.30%, 03/25/28 (Call 12/25/27)

     1,075         1,033,161  

5.00%, 02/20/26 (Call 01/20/26)

    345       342,413  

5.00%, 01/30/29 (Call 12/30/28)

    225       221,454  

5.13%, 02/21/30 (Call 12/21/29)

    260       255,965  

5.25%, 01/30/31 (Call 11/30/30)

    170       167,809  

5.25%, 02/21/33 (Call 11/21/32)

    605       591,539  

5.30%, 06/01/33 (Call 03/01/33)

    220       215,472  

6.25%, 06/01/27

    80       82,321  

Eli Lilly & Co.

   

2.75%, 06/01/25 (Call 03/01/25)

    70       67,247  

3.10%, 05/15/27 (Call 02/15/27)

    210       199,137  

3.38%, 03/15/29 (Call 12/15/28)

    270       252,491  

4.70%, 02/27/33 (Call 11/27/32)

    165       164,616  

5.50%, 03/15/27

    135       139,080  

GlaxoSmithKline Capital Inc.

   

3.63%, 05/15/25

    123       119,916  

3.88%, 05/15/28

    375       361,837  

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

    200       186,066  

Johnson & Johnson

   

0.55%, 09/01/25 (Call 08/01/25)

    355       325,176  

0.95%, 09/01/27 (Call 07/01/27)

    235       204,842  

1.30%, 09/01/30 (Call 06/01/30)

    395       320,227  

2.45%, 03/01/26 (Call 12/01/25)

    482       454,945  

2.63%, 01/15/25 (Call 11/15/24)

    175       169,568  

2.90%, 01/15/28 (Call 10/15/27)

    632       592,165  

2.95%, 03/03/27 (Call 12/03/26)

    310       293,458  

4.95%, 05/15/33

    55       57,122  

6.95%, 09/01/29

    20       22,868  

McKesson Corp.

   

0.90%, 12/03/25 (Call 11/03/25)

    100       90,569  

1.30%, 08/15/26 (Call 07/15/26)

    295       264,258  

3.95%, 02/16/28 (Call 11/16/27)

    84       80,171  

Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)

    185       180,123  

Merck & Co. Inc.

   

0.75%, 02/24/26 (Call 01/24/26)

    325       294,200  

1.45%, 06/24/30 (Call 03/24/30)

    240       193,490  

1.70%, 06/10/27 (Call 05/10/27)

    425       381,000  

1.90%, 12/10/28 (Call 10/10/28)

    380       330,022  

2.15%, 12/10/31 (Call 09/10/31)

    450       367,794  

2.75%, 02/10/25 (Call 11/10/24)

    440       425,370  

3.40%, 03/07/29 (Call 12/07/28)

    385       358,377  

4.05%, 05/17/28 (Call 04/17/28)(a)

    130       126,823  

4.30%, 05/17/30 (Call 03/17/30)

    230       222,769  

4.50%, 05/17/33 (Call 02/17/33)

    100       97,401  

Merck Sharp & Dohme Corp., 5.95%, 12/01/28

    45       47,400  

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

    245       230,467  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

    190       180,793  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

2.00%, 02/14/27 (Call 12/14/26)

  $ 481     $ 438,912  

2.20%, 08/14/30 (Call 05/14/30)

     250       212,995  

3.00%, 11/20/25 (Call 08/20/25)

    229       218,981  

3.10%, 05/17/27 (Call 02/17/27)

    343       324,217  

Pfizer Inc.

   

0.80%, 05/28/25 (Call 04/28/25)

    445       412,818  

1.70%, 05/28/30 (Call 02/28/30)

    332       273,505  

1.75%, 08/18/31 (Call 05/18/31)

    215       172,940  

2.63%, 04/01/30 (Call 01/01/30)

    326       286,296  

2.75%, 06/03/26

    365       344,275  

3.00%, 12/15/26

    478       452,618  

3.45%, 03/15/29 (Call 12/15/28)

    562       526,864  

3.60%, 09/15/28 (Call 06/15/28)

    270       257,078  

Pfizer Investment Enterprises Pte Ltd.

   

4.45%, 05/19/26 (Call 04/19/26)

    755       742,671  

4.45%, 05/19/28 (Call 04/19/28)

    805       789,520  

4.75%, 05/19/33 (Call 02/19/33)

    955       939,682  

Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25

    765       757,488  

Pharmacia LLC, 6.60%, 12/01/28

    150       161,540  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

    215       207,340  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

    685       642,900  

Takeda Pharmaceutical Co. Ltd.

   

2.05%, 03/31/30 (Call 12/31/29)

    585       481,034  

5.00%, 11/26/28 (Call 08/26/28)

    472       467,728  

Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)

    509       480,827  

Viatris Inc.

   

1.65%, 06/22/25 (Call 05/22/25)

    220       203,716  

2.30%, 06/22/27 (Call 04/22/27)

    225       196,767  

2.70%, 06/22/30 (Call 03/22/30)

    295       239,428  

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    135       111,168  

3.00%, 09/12/27 (Call 06/12/27)

    200       185,982  

3.90%, 08/20/28 (Call 05/20/28)

    193       184,491  

4.50%, 11/13/25 (Call 08/13/25)

    216       212,602  

5.40%, 11/14/25 (Call 10/14/25)

    35       35,016  

5.60%, 11/16/32 (Call 08/16/32)

    290       299,068  
   

 

 

 
        41,476,419  
Pipelines — 1.0%            

Boardwalk Pipelines LP

   

3.40%, 02/15/31 (Call 11/15/30)

    110       93,752  

3.60%, 09/01/32 (Call 06/01/32)

    159       133,791  

4.45%, 07/15/27 (Call 04/15/27)

    65       61,937  

4.80%, 05/03/29 (Call 02/03/29)

    155       147,493  

4.95%, 12/15/24 (Call 09/15/24)

    155       152,763  

5.95%, 06/01/26 (Call 03/01/26)

    140       140,218  

Cheniere Corpus Christi Holdings LLC

   

3.70%, 11/15/29 (Call 05/18/29)

    350       318,129  

5.13%, 06/30/27 (Call 01/01/27)

    307       303,819  

5.88%, 03/31/25 (Call 10/02/24)

    399       397,771  

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

    265       249,545  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)

    270       222,739  

4.00%, 03/01/31 (Call 03/01/26)

    320       282,160  

4.50%, 10/01/29 (Call 10/01/24)

    75       69,242  

5.95%, 06/30/33 (Call 12/30/32)(d)

    242       241,591  

Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)

    307       299,632  

 

 

94  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

DCP Midstream Operating LP

   

3.25%, 02/15/32 (Call 08/15/31)

  $ 20     $ 16,678  

5.13%, 05/15/29 (Call 02/15/29)

     170         166,012  

5.38%, 07/15/25 (Call 04/15/25)

    290       287,402  

5.63%, 07/15/27 (Call 04/15/27)

    115       115,116  

8.13%, 08/16/30

    140       158,907  

Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29)

    169       146,900  

Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)

    90       90,439  

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)

    140       125,492  

2.50%, 01/15/25 (Call 12/15/24)

    85       81,405  

2.50%, 02/14/25

    165       157,629  

3.13%, 11/15/29 (Call 08/15/29)

    280       247,349  

3.70%, 07/15/27 (Call 04/15/27)

    200       188,586  

4.25%, 12/01/26 (Call 09/01/26)

    2       1,930  

5.70%, 03/08/33 (Call 12/08/32)

    540       540,254  

5.97%, 03/08/26 (Call 03/08/24)

    40       40,008  

Energy Transfer LP

   

2.90%, 05/15/25 (Call 04/15/25)

    270       256,657  

3.75%, 05/15/30 (Call 02/15/30)

    295       263,656  

3.90%, 07/15/26 (Call 04/15/26)

    60       57,310  

4.00%, 10/01/27 (Call 07/01/27)

    160       150,280  

4.05%, 03/15/25 (Call 12/15/24)

    256       249,226  

4.15%, 09/15/29 (Call 06/15/29)

    130       119,701  

4.20%, 04/15/27 (Call 01/15/27)

    97       92,428  

4.40%, 03/15/27 (Call 12/15/26)

    187       179,236  

4.75%, 01/15/26 (Call 10/15/25)

    225       220,365  

4.95%, 05/15/28 (Call 02/15/28)

    62       60,246  

4.95%, 06/15/28 (Call 03/15/28)

    179       173,329  

5.25%, 04/15/29 (Call 01/15/29)

    366       357,421  

5.50%, 06/01/27 (Call 03/01/27)

    283       281,387  

5.55%, 02/15/28 (Call 01/15/28)

    220       219,276  

5.75%, 02/15/33 (Call 11/15/32)

    435       432,016  

5.95%, 12/01/25 (Call 09/01/25)

    94       94,163  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    335       290,462  

3.13%, 07/31/29 (Call 04/30/29)

    358       320,657  

3.70%, 02/15/26 (Call 11/15/25)

    195       188,113  

3.75%, 02/15/25 (Call 11/15/24)

    434       422,291  

3.95%, 02/15/27 (Call 11/15/26)

    255       245,160  

4.15%, 10/16/28 (Call 07/16/28)

    245       234,056  

5.05%, 01/10/26

    185       184,095  

5.35%, 01/31/33 (Call 10/31/32)

    295       296,457  

5.38%, 02/15/78 (Call 02/15/28), (3-mo. SOFR + 2.832%)(b)

    132       109,701  

Series D, 6.88%, 03/01/33

    125       138,684  

Series E, 5.25%, 08/16/77 (Call 08/16/27),
(3-mo. SOFR + 3.295%)(b)

    100       88,044  

Kinder Morgan Energy Partners LP

   

4.25%, 09/01/24 (Call 06/01/24)

    215       211,566  

7.40%, 03/15/31

    50       54,144  

7.75%, 03/15/32

    75       82,935  

Kinder Morgan Inc.

   

1.75%, 11/15/26 (Call 10/15/26)

    125       111,860  

2.00%, 02/15/31 (Call 11/15/30)

    197       154,830  

4.30%, 06/01/25 (Call 03/01/25)

    459       448,723  

4.30%, 03/01/28 (Call 12/01/27)

    325       309,745  

4.80%, 02/01/33 (Call 11/01/32)

    105       97,866  
Security  

Par

(000)

    Value  
Pipelines (continued)            

5.20%, 06/01/33 (Call 03/01/33)

  $ 335     $ 320,860  

7.75%, 01/15/32

     225         251,539  

7.80%, 08/01/31

    40       44,655  

Magellan Midstream Partners LP

   

3.25%, 06/01/30 (Call 03/01/30)(a)

    180       157,090  

5.00%, 03/01/26 (Call 12/01/25)

    195       192,680  

MPLX LP

   

1.75%, 03/01/26 (Call 02/01/26)

    356       324,263  

2.65%, 08/15/30 (Call 05/15/30)

    340       282,118  

4.00%, 02/15/25 (Call 11/15/24)

    145       141,227  

4.00%, 03/15/28 (Call 12/15/27)

    260       244,083  

4.13%, 03/01/27 (Call 12/01/26)

    370       354,475  

4.25%, 12/01/27 (Call 09/01/27)

    40       38,077  

4.80%, 02/15/29 (Call 11/15/28)

    60       57,788  

4.88%, 12/01/24 (Call 09/01/24)

    319       314,930  

4.88%, 06/01/25 (Call 03/01/25)

    270       265,769  

4.95%, 09/01/32 (Call 06/01/32)

    257       242,274  

5.00%, 03/01/33 (Call 12/01/32)

    240       226,522  

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)

    25       23,790  

ONEOK Inc.

   

2.20%, 09/15/25 (Call 08/15/25)

    105       97,738  

2.75%, 09/01/24 (Call 08/01/24)

    105       101,784  

3.10%, 03/15/30 (Call 12/15/29)

    185       158,804  

3.40%, 09/01/29 (Call 06/01/29)

    161       142,092  

4.00%, 07/13/27 (Call 04/13/27)

    111       105,083  

4.35%, 03/15/29 (Call 12/15/28)

    160       149,670  

4.55%, 07/15/28 (Call 04/15/28)

    135       128,728  

4.90%, 03/15/25 (Call 12/15/24)

    156       153,538  

5.55%, 11/01/26 (Call 10/01/26)

    225       225,106  

5.65%, 11/01/28 (Call 10/01/28)

    225       225,383  

5.80%, 11/01/30 (Call 09/01/30)

    175       175,543  

5.85%, 01/15/26 (Call 12/15/25)

    175       175,898  

6.05%, 09/01/33 (Call 06/01/33)

    225       226,784  

6.10%, 11/15/32 (Call 08/15/32)

    200       203,020  

6.35%, 01/15/31 (Call 10/15/30)

    115       118,050  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)

    250       220,063  

3.60%, 11/01/24 (Call 08/01/24)

    160       155,811  

3.80%, 09/15/30 (Call 06/15/30)

    170       150,503  

4.50%, 12/15/26 (Call 09/15/26)

    191       184,750  

4.65%, 10/15/25 (Call 07/15/25)

    312       304,144  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

    249       235,955  

4.50%, 05/15/30 (Call 11/15/29)

    422       397,203  

5.00%, 03/15/27 (Call 09/15/26)

    429       421,737  

5.63%, 03/01/25 (Call 12/01/24)

    520       518,523  

5.88%, 06/30/26 (Call 12/31/25)

    410       411,882  

Spectra Energy Partners LP

   

3.38%, 10/15/26 (Call 07/15/26)

    161       151,591  

3.50%, 03/15/25 (Call 12/15/24)

    190       183,475  

Targa Resources Corp.

   

4.00%, 01/15/32 (Call 07/15/26)

    265       229,638  

4.20%, 02/01/33 (Call 11/01/32)

    90       79,318  

4.88%, 02/01/31 (Call 02/01/26)

    265       243,715  

5.00%, 01/15/28 (Call 10/02/23)

    195       187,923  

5.20%, 07/01/27 (Call 06/01/27)

    110       108,911  

5.50%, 03/01/30 (Call 03/01/25)

    295       283,368  

6.13%, 03/15/33 (Call 12/15/32)

    65       66,087  

6.50%, 07/15/27 (Call 10/02/23)

    245       246,338  

 

 

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

    95  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pipelines (continued)            

6.88%, 01/15/29 (Call 01/15/24)

  $ 135     $ 136,710  

TC PipeLines LP

   

3.90%, 05/25/27 (Call 02/25/27)

    155       146,354  

4.38%, 03/13/25 (Call 12/13/24)

    180       175,478  

Tennessee Gas Pipeline Co. LLC

   

7.00%, 03/15/27

    20       20,838  

7.00%, 10/15/28

    95       100,761  

Texas Eastern Transmission LP, 7.00%, 07/15/32

    100       110,372  

TransCanada PipeLines Ltd.

   

1.00%, 10/12/24 (Call 09/12/24)

    60       56,921  

2.50%, 10/12/31 (Call 07/12/31)

    293       233,442  

4.10%, 04/15/30 (Call 01/15/30)

    290       265,814  

4.25%, 05/15/28 (Call 02/15/28)

    338       321,854  

4.88%, 01/15/26 (Call 10/15/25)

    125       123,418  

Transcontinental Gas Pipe Line Co. LLC

   

3.25%, 05/15/30 (Call 02/15/30)

    195       172,070  

4.00%, 03/15/28 (Call 12/15/27)

    130       122,724  

7.85%, 02/01/26 (Call 11/01/25)

    400       417,996  

Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)

    50       48,134  

Western Midstream Operating LP

   

3.10%, 02/01/25 (Call 01/01/25)

    260       249,077  

3.95%, 06/01/25 (Call 03/01/25)

    50       48,279  

4.05%, 02/01/30 (Call 11/01/29)

    360       320,911  

4.50%, 03/01/28 (Call 12/01/27)

    40       37,682  

4.75%, 08/15/28 (Call 05/15/28)

    35       33,145  

6.15%, 04/01/33 (Call 01/01/33)

    25       24,873  

Williams Companies Inc. (The)

   

2.60%, 03/15/31 (Call 12/15/30)

    335       274,804  

3.50%, 11/15/30 (Call 08/15/30)

    247       218,714  

3.75%, 06/15/27 (Call 03/15/27)

    344       323,893  

3.90%, 01/15/25 (Call 10/15/24)

    293       285,757  

4.00%, 09/15/25 (Call 06/15/25)

    120       116,185  

4.65%, 08/15/32 (Call 05/15/32)

    245       230,153  

5.30%, 08/15/28 (Call 07/15/28)

    400       398,112  

5.40%, 03/02/26

    140       139,790  

5.65%, 03/15/33 (Call 12/15/32)

    255       255,941  

8.75%, 03/15/32

    30       35,122  

Series A, 7.50%, 01/15/31

     125       136,765  
   

 

 

 
        28,907,160  
Real Estate — 0.0%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)

    180       175,178  

CBRE Services Inc.

   

2.50%, 04/01/31 (Call 01/01/31)

    134       107,484  

4.88%, 03/01/26 (Call 12/01/25)

    150       146,693  

Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)

    80       59,919  
   

 

 

 
      489,274  
Real Estate Investment Trusts — 1.6%  

Agree LP

   

2.00%, 06/15/28 (Call 04/15/28)

    45       37,764  

2.60%, 06/15/33 (Call 03/15/33)

    10       7,599  

2.90%, 10/01/30 (Call 07/01/30)

    166       137,604  

4.80%, 10/01/32 (Call 07/01/32)

    20       18,418  

Alexandria Real Estate Equities Inc.

   

1.88%, 02/01/33 (Call 11/01/32)

    90       66,309  

2.00%, 05/18/32 (Call 02/18/32)

    180       136,348  

2.75%, 12/15/29 (Call 09/15/29)

    100       84,744  

3.38%, 08/15/31 (Call 05/15/31)

    225       193,979  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.45%, 04/30/25 (Call 02/28/25)

  $ 205     $ 197,815  

3.80%, 04/15/26 (Call 02/15/26)

     204         195,758  

3.95%, 01/15/27 (Call 10/15/26)

    145       137,248  

3.95%, 01/15/28 (Call 10/15/27)

    145       136,090  

4.30%, 01/15/26 (Call 10/15/25)

    40       38,721  

4.50%, 07/30/29 (Call 04/30/29)

    70       66,252  

4.70%, 07/01/30 (Call 04/01/30)

    125       118,334  

4.90%, 12/15/30 (Call 09/15/30)

    239       231,237  

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

    120       92,788  

American Homes 4 Rent LP

   

2.38%, 07/15/31 (Call 04/15/31)

    45       35,608  

3.63%, 04/15/32 (Call 01/15/32)

    54       46,205  

4.25%, 02/15/28 (Call 11/15/27)

    180       170,482  

4.90%, 02/15/29 (Call 11/15/28)

    80       76,920  

American Tower Corp.

   

1.30%, 09/15/25 (Call 08/15/25)

    125       114,648  

1.45%, 09/15/26 (Call 08/15/26)

    190       168,304  

1.50%, 01/31/28 (Call 11/30/27)

    115       96,540  

1.60%, 04/15/26 (Call 03/15/26)

    85       76,792  

1.88%, 10/15/30 (Call 07/15/30)

    257       200,041  

2.10%, 06/15/30 (Call 03/15/30)

    145       115,843  

2.30%, 09/15/31 (Call 06/15/31)

    122       95,437  

2.40%, 03/15/25 (Call 02/15/25)

    185       175,743  

2.70%, 04/15/31 (Call 01/15/31)

    260       212,420  

2.75%, 01/15/27 (Call 11/15/26)

    270       246,726  

2.90%, 01/15/30 (Call 10/15/29)

    178       151,738  

2.95%, 01/15/25 (Call 12/15/24)

    222       213,480  

3.13%, 01/15/27 (Call 10/15/26)

    208       191,632  

3.38%, 10/15/26 (Call 07/15/26)

    261       244,617  

3.55%, 07/15/27 (Call 04/15/27)

    205       190,047  

3.60%, 01/15/28 (Call 10/15/27)

    165       152,201  

3.65%, 03/15/27 (Call 02/15/27)

    120       112,630  

3.80%, 08/15/29 (Call 05/15/29)

    284       258,170  

3.95%, 03/15/29 (Call 12/15/28)

    124       114,122  

4.00%, 06/01/25 (Call 03/01/25)

    660       639,976  

4.05%, 03/15/32 (Call 12/15/31)

    150       133,827  

4.40%, 02/15/26 (Call 11/15/25)

    136       132,295  

5.25%, 07/15/28 (Call 06/15/28)

    205       201,814  

5.50%, 03/15/28 (Call 02/15/28)

    170       169,218  

5.55%, 07/15/33 (Call 04/15/33)

    100       98,987  

5.65%, 03/15/33 (Call 12/15/32)

    170       169,337  

AvalonBay Communities Inc.

   

1.90%, 12/01/28 (Call 10/01/28)

    165       140,996  

2.05%, 01/15/32 (Call 10/15/31)

    165       132,264  

2.30%, 03/01/30 (Call 12/01/29)

    170       142,059  

2.45%, 01/15/31 (Call 10/17/30)

    155       128,828  

2.90%, 10/15/26 (Call 07/15/26)

    20       18,530  

2.95%, 05/11/26 (Call 02/11/26)

    75       70,670  

3.20%, 01/15/28 (Call 10/15/27)

    5       4,618  

3.30%, 06/01/29 (Call 03/01/29)

    100       90,526  

3.35%, 05/15/27 (Call 02/15/27)

    97       90,716  

3.45%, 06/01/25 (Call 03/03/25)

    121       117,129  

3.50%, 11/15/25 (Call 08/15/25)

    51       48,775  

5.00%, 02/15/33 (Call 11/15/32)

    40       39,591  

Boston Properties LP

   

2.55%, 04/01/32 (Call 01/01/32)

    225       168,536  

2.75%, 10/01/26 (Call 07/01/26)

    392       353,639  

2.90%, 03/15/30 (Call 12/15/29)

    202       164,341  

3.20%, 01/15/25 (Call 10/15/24)

    266       255,150  

 

 

96  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

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

3.25%, 01/30/31 (Call 10/30/30)

  $ 150     $ 122,128  

3.40%, 06/21/29 (Call 03/21/29)

     260         222,648  

3.65%, 02/01/26 (Call 11/03/25)

    160       150,755  

4.50%, 12/01/28 (Call 09/01/28)

    135       124,594  

6.75%, 12/01/27 (Call 11/01/27)

    105       107,308  

Brandywine Operating Partnership LP

   

3.95%, 11/15/27 (Call 08/15/27)

    130       107,049  

4.55%, 10/01/29 (Call 07/01/29)

    50       39,264  

Brixmor Operating Partnership LP

   

2.25%, 04/01/28 (Call 02/01/28)

    35       29,824  

2.50%, 08/16/31 (Call 05/16/31)

    135       106,122  

3.85%, 02/01/25 (Call 11/01/24)

    105       101,273  

3.90%, 03/15/27 (Call 12/15/26)

    175       162,641  

4.05%, 07/01/30 (Call 04/01/30)

    75       67,823  

4.13%, 06/15/26 (Call 03/15/26)

    195       184,768  

4.13%, 05/15/29 (Call 02/15/29)

    170       154,657  

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

    120       86,399  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)

    210       182,278  

3.15%, 07/01/29 (Call 04/01/29)

    45       40,434  

4.10%, 10/15/28 (Call 07/15/28)

    138       131,357  

Corporate Office Properties LP

   

2.00%, 01/15/29 (Call 11/15/28)

    155       122,207  

2.25%, 03/15/26 (Call 02/15/26)

    10       9,031  

2.75%, 04/15/31 (Call 01/15/31)

    45       34,681  

Crown Castle Inc.

   

4.80%, 09/01/28

    100       97,086  

5.00%, 01/11/28 (Call 12/11/27)

    130       127,647  

5.10%, 05/01/33

    225       216,385  

Crown Castle International Corp.

   

1.05%, 07/15/26 (Call 06/15/26)

    248       218,781  

1.35%, 07/15/25 (Call 06/15/25)

    140       129,272  

2.10%, 04/01/31 (Call 01/01/31)

    270       212,692  

2.25%, 01/15/31 (Call 10/15/30)

    250       200,547  

2.50%, 07/15/31 (Call 04/15/31)

    180       145,127  

2.90%, 03/15/27 (Call 02/15/27)

    210       192,814  

3.10%, 11/15/29 (Call 08/15/29)

    145       126,166  

3.20%, 09/01/24 (Call 07/01/24)

    232       225,880  

3.30%, 07/01/30 (Call 04/01/30)

    175       152,117  

3.65%, 09/01/27 (Call 06/01/27)

    318       296,287  

3.70%, 06/15/26 (Call 03/15/26)

    238       226,676  

3.80%, 02/15/28 (Call 11/15/27)

    264       245,644  

4.00%, 03/01/27 (Call 12/01/26)

    159       150,996  

4.30%, 02/15/29 (Call 11/15/28)

    110       103,377  

4.45%, 02/15/26 (Call 11/15/25)

    309       301,043  

CubeSmart LP

   

2.00%, 02/15/31 (Call 11/15/30)

    25       19,426  

2.25%, 12/15/28 (Call 10/15/28)

    155       131,533  

2.50%, 02/15/32 (Call 11/15/31)

    50       39,399  

3.00%, 02/15/30 (Call 11/15/29)

    85       72,531  

3.13%, 09/01/26 (Call 06/01/26)

    210       194,668  

4.00%, 11/15/25 (Call 08/15/25)

    130       124,540  

4.38%, 02/15/29 (Call 11/15/28)

    140       131,089  

Digital Realty Trust LP

   

3.60%, 07/01/29 (Call 04/01/29)

    306       275,476  

3.70%, 08/15/27 (Call 05/15/27)

    266       248,034  

4.45%, 07/15/28 (Call 04/15/28)

    231       218,711  

5.55%, 01/15/28 (Call 12/15/27)

    302       301,484  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

EPR Properties

   

3.75%, 08/15/29 (Call 05/15/29)

  $ 100     $ 81,669  

4.50%, 04/01/25 (Call 01/01/25)

    100       95,910  

4.50%, 06/01/27 (Call 03/01/27)

    100       90,221  

4.75%, 12/15/26 (Call 09/15/26)

    100       92,126  

4.95%, 04/15/28 (Call 01/15/28)

    100       89,656  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    150       136,824  

1.25%, 07/15/25 (Call 06/15/25)

    70       64,565  

1.45%, 05/15/26 (Call 04/15/26)

    190       170,730  

1.55%, 03/15/28 (Call 01/15/28)

    115       97,204  

1.80%, 07/15/27 (Call 05/15/27)

    125       109,219  

2.00%, 05/15/28 (Call 03/15/28)

    145       123,852  

2.15%, 07/15/30 (Call 04/15/30)

    185       149,230  

2.50%, 05/15/31 (Call 02/15/31)

    145       117,601  

2.63%, 11/18/24 (Call 10/18/24)

    195       187,955  

2.90%, 11/18/26 (Call 09/18/26)

    96       88,839  

3.20%, 11/18/29 (Call 08/18/29)

    318       278,800  

3.90%, 04/15/32 (Call 01/15/32)

    359       319,435  

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)

    105       81,967  

2.50%, 02/15/30 (Call 11/15/29)

    155       131,524  

2.85%, 11/01/26 (Call 08/01/26)

    153       142,513  

3.00%, 07/01/29 (Call 04/01/29)

    148       131,528  

3.25%, 08/01/27 (Call 05/01/27)

    140       129,570  

3.38%, 06/01/25 (Call 03/01/25)

    240       231,336  

3.50%, 03/01/28 (Call 12/01/27)

    55       51,307  

4.15%, 12/01/28 (Call 09/01/28)

    104       99,034  

Essex Portfolio LP

   

1.65%, 01/15/31 (Call 10/15/30)

    109       82,293  

1.70%, 03/01/28 (Call 01/01/28)

    40       33,936  

2.55%, 06/15/31 (Call 03/15/31)

    175       140,047  

2.65%, 03/15/32 (Call 12/15/31)

    25       19,892  

3.00%, 01/15/30 (Call 10/15/29)

    90       76,736  

3.38%, 04/15/26 (Call 01/15/26)

    200       189,848  

3.50%, 04/01/25 (Call 01/01/25)

    190       183,555  

3.63%, 05/01/27 (Call 02/01/27)

    55       51,304  

4.00%, 03/01/29 (Call 12/01/28)

    45       41,528  

Extra Space Storage LP

   

2.20%, 10/15/30 (Call 07/15/30)

    75       59,830  

2.35%, 03/15/32 (Call 12/15/31)

    75       58,283  

2.40%, 10/15/31 (Call 07/15/31)

    105       82,401  

2.55%, 06/01/31 (Call 03/01/31)

    155       124,299  

3.50%, 07/01/26 (Call 04/01/26)

    215       202,266  

3.88%, 12/15/27 (Call 09/15/27)

    35       32,627  

3.90%, 04/01/29 (Call 02/01/29)

    80       73,231  

4.00%, 06/15/29 (Call 03/15/29)

    150       137,110  

5.50%, 07/01/30 (Call 05/01/30)

    5       4,955  

5.70%, 04/01/28 (Call 03/01/28)

    40       40,209  

Federal Realty Investment Trust

   

1.25%, 02/15/26 (Call 01/15/26)

     140         126,116  

3.20%, 06/15/29 (Call 03/15/29)

    90       77,669  

3.25%, 07/15/27 (Call 04/15/27)

    120       110,312  

3.50%, 06/01/30 (Call 03/01/30)

    85       74,327  

Federal Realty OP LP, 5.38%, 05/01/28

    75       73,919  

GLP Capital LP/GLP Financing II Inc.

   

3.25%, 01/15/32 (Call 10/15/31)

    225       181,359  

3.35%, 09/01/24 (Call 08/01/24)

    35       33,960  

4.00%, 01/15/30 (Call 10/15/29)

    147       128,452  

4.00%, 01/15/31 (Call 10/15/30)

    170       145,644  

 

 

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

    97  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

5.25%, 06/01/25 (Call 03/01/25)

  $ 144     $ 141,464  

5.30%, 01/15/29 (Call 10/15/28)

    167       157,681  

5.38%, 04/15/26 (Call 01/15/26)

    175       171,358  

5.75%, 06/01/28 (Call 03/03/28)

    166       161,261  

Healthcare Realty Holdings LP

   

2.00%, 03/15/31 (Call 12/15/30)

    167       128,705  

3.50%, 08/01/26 (Call 05/01/26)

    200       186,694  

3.75%, 07/01/27 (Call 04/01/27)

    194       180,044  

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

    110       93,796  

Healthpeak Properties Inc.

   

2.13%, 12/01/28 (Call 10/01/28)

    215       183,655  

2.88%, 01/15/31 (Call 10/15/30)

    15       12,559  

3.00%, 01/15/30 (Call 10/15/29)

    185       160,286  

3.25%, 07/15/26 (Call 05/15/26)

    145       137,138  

3.40%, 02/01/25 (Call 11/01/24)

    22       21,266  

3.50%, 07/15/29 (Call 04/15/29)

    80       71,910  

4.00%, 06/01/25 (Call 03/01/25)

    103       100,229  

Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)

     235         227,268  

Highwoods Realty LP

   

2.60%, 02/01/31 (Call 11/01/30)

    75       55,173  

3.05%, 02/15/30 (Call 11/15/29)

    90       70,370  

3.88%, 03/01/27 (Call 12/01/26)

    30       27,561  

4.13%, 03/15/28 (Call 12/15/27)

    30       26,973  

4.20%, 04/15/29 (Call 01/15/29)

    125       106,584  

Host Hotels & Resorts LP

   

Series E, 4.00%, 06/15/25 (Call 03/15/25)

    175       168,987  

Series F, 4.50%, 02/01/26 (Call 11/01/25)

    60       57,872  

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

    175       149,284  

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

    205       174,879  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

    85       66,990  

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

    105       71,300  

3.95%, 11/01/27 (Call 08/01/27)

    55       43,623  

4.65%, 04/01/29 (Call 01/01/29)(a)

    100       76,250  

5.95%, 02/15/28 (Call 01/15/28)

    20       16,900  

Invitation Homes Operating Partnership LP

   

2.00%, 08/15/31 (Call 05/15/31)

    205       156,839  

2.30%, 11/15/28 (Call 09/15/28)

    185       157,281  

4.15%, 04/15/32 (Call 01/15/32)

    160       142,355  

5.45%, 08/15/30

    360       352,588  

5.50%, 08/15/33

    620       600,489  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)

    70       49,344  

3.05%, 02/15/30 (Call 11/15/29)

    130       103,865  

3.45%, 12/15/24 (Call 09/15/24)

    90       86,770  

4.25%, 08/15/29 (Call 05/15/29)

    135       116,843  

4.38%, 10/01/25 (Call 07/01/25)

    95       90,522  

4.75%, 12/15/28 (Call 09/15/28)

    5       4,503  

Kimco Realty Corp.

   

1.90%, 03/01/28 (Call 01/01/28)

    125       105,881  

2.25%, 12/01/31 (Call 09/01/31)

    110       85,307  

2.70%, 10/01/30 (Call 07/01/30)

    85       70,079  

2.80%, 10/01/26 (Call 07/01/26)

    291       267,662  

3.20%, 04/01/32 (Call 01/01/32)

    25       20,724  

3.30%, 02/01/25 (Call 12/01/24)

    185       178,227  

3.80%, 04/01/27 (Call 01/01/27)

    105       98,268  

4.60%, 02/01/33 (Call 11/01/32)

    70       64,250  

Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)

    15       13,685  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)  

Kite Realty Group Trust

   

4.00%, 03/15/25 (Call 12/15/24)

  $ 30     $ 28,807  

4.75%, 09/15/30 (Call 06/15/30)

    55       50,306  

LXP Industrial Trust

   

2.38%, 10/01/31 (Call 07/01/31)

    80       60,510  

2.70%, 09/15/30 (Call 06/15/30)

    51       40,350  

Mid-America Apartments LP

   

1.10%, 09/15/26 (Call 08/15/26)

     155         136,942  

1.70%, 02/15/31 (Call 11/15/30)

    90       70,939  

2.75%, 03/15/30 (Call 12/15/29)

    15       12,942  

3.60%, 06/01/27 (Call 03/01/27)

    178       168,481  

3.95%, 03/15/29 (Call 12/15/28)

    250       234,672  

4.00%, 11/15/25 (Call 08/15/25)

    95       92,391  

4.20%, 06/15/28 (Call 03/15/28)

    50       47,615  

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

    125       94,771  

NNN REIT Inc.

   

2.50%, 04/15/30 (Call 01/15/30)

    20       16,549  

3.50%, 10/15/27 (Call 07/15/27)

    180       165,618  

3.60%, 12/15/26 (Call 09/15/26)

    15       14,007  

4.00%, 11/15/25 (Call 08/15/25)

    55       52,919  

4.30%, 10/15/28 (Call 07/15/28)

    172       161,453  

5.60%, 10/15/33 (Call 07/15/33)

    100       98,123  

Oaktree Specialty Lending Corp., 7.10%, 02/15/29 (Call 01/15/29)

    100       97,959  

Omega Healthcare Investors Inc.

   

3.25%, 04/15/33 (Call 01/15/33)

    25       18,666  

3.38%, 02/01/31 (Call 11/01/30)

    55       44,342  

3.63%, 10/01/29 (Call 07/01/29)

    115       97,388  

4.50%, 01/15/25 (Call 10/15/24)

    115       112,132  

4.50%, 04/01/27 (Call 01/01/27)

    190       179,708  

4.75%, 01/15/28 (Call 10/15/27)

    69       64,824  

5.25%, 01/15/26 (Call 10/15/25)

    85       83,619  

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

    95       71,196  

Physicians Realty LP

   

2.63%, 11/01/31 (Call 08/01/31)

    130       100,914  

3.95%, 01/15/28 (Call 10/15/27)

    65       59,576  

4.30%, 03/15/27 (Call 12/15/26)

    110       105,260  

Piedmont Operating Partnership LP

   

2.75%, 04/01/32 (Call 01/01/32)

    25       16,832  

3.15%, 08/15/30 (Call 05/15/30)

    84       60,652  

9.25%, 07/20/28 (Call 06/20/28)

    15       15,338  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)

    315       242,254  

1.63%, 03/15/31 (Call 12/15/30)

    70       54,371  

1.75%, 07/01/30 (Call 04/01/30)

    30       23,973  

1.75%, 02/01/31 (Call 11/01/30)

    150       118,347  

2.13%, 04/15/27 (Call 02/15/27)

    206       185,664  

2.25%, 04/15/30 (Call 01/15/30)

    275       230,785  

2.25%, 01/15/32 (Call 10/15/31)

    175       140,285  

2.88%, 11/15/29 (Call 08/15/29)

    135       118,288  

3.25%, 06/30/26 (Call 03/30/26)

    15       14,224  

3.25%, 10/01/26 (Call 07/01/26)

    47       44,409  

3.38%, 12/15/27 (Call 09/15/27)

    170       158,559  

3.88%, 09/15/28 (Call 06/15/28)

    115       108,681  

4.00%, 09/15/28 (Call 06/15/28)

    130       123,681  

4.38%, 02/01/29 (Call 11/01/28)

    59       56,815  

4.63%, 01/15/33 (Call 10/15/32)

    10       9,591  

4.75%, 06/15/33 (Call 03/15/33)

    95       91,043  

 

 

98  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)  

4.88%, 06/15/28 (Call 05/15/28)

  $ 85     $ 84,129  

Public Storage Operating Co.

   

0.88%, 02/15/26 (Call 01/15/26)

     180         162,139  

1.50%, 11/09/26 (Call 10/09/26)

    67       60,292  

1.85%, 05/01/28 (Call 03/01/28)

    172       149,458  

1.95%, 11/09/28 (Call 09/09/28)

    180       154,836  

2.25%, 11/09/31 (Call 08/09/31)

    125       101,191  

2.30%, 05/01/31 (Call 02/01/31)

    135       110,971  

3.09%, 09/15/27 (Call 06/15/27)

    80       74,653  

3.39%, 05/01/29 (Call 02/01/29)

    141       129,411  

5.10%, 08/01/33 (Call 05/01/33)

    25       24,785  

5.13%, 01/15/29 (Call 12/15/28)

    100       99,835  

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

    141       112,670  

Realty Income Corp.

   

0.75%, 03/15/26 (Call 02/15/26)

    115       102,157  

2.20%, 06/15/28 (Call 04/15/28)

    85       73,784  

2.85%, 12/15/32 (Call 09/15/32)

    25       20,260  

3.00%, 01/15/27 (Call 10/15/26)

    235       218,306  

3.10%, 12/15/29 (Call 09/15/29)

    210       185,613  

3.25%, 06/15/29 (Call 03/15/29)

    40       36,058  

3.25%, 01/15/31 (Call 10/15/30)

    284       245,243  

3.40%, 01/15/28 (Call 11/15/27)

    60       55,637  

3.65%, 01/15/28 (Call 10/15/27)

    225       210,571  

3.88%, 04/15/25 (Call 02/15/25)

    125       121,737  

3.95%, 08/15/27 (Call 05/15/27)

    140       133,498  

4.13%, 10/15/26 (Call 07/15/26)

    10       9,661  

4.63%, 11/01/25 (Call 09/01/25)

    110       108,250  

4.70%, 12/15/28 (Call 11/15/28)

    100       97,023  

4.85%, 03/15/30 (Call 01/15/30)

    70       67,937  

4.88%, 06/01/26 (Call 03/01/26)

    130       128,471  

4.90%, 07/15/33 (Call 04/15/33)

    140       132,852  

5.05%, 01/13/26 (Call 01/13/24)

    10       9,941  

5.63%, 10/13/32 (Call 07/13/32)

    244       243,851  

Regency Centers LP

   

2.95%, 09/15/29 (Call 06/15/29)

    105       90,745  

3.60%, 02/01/27 (Call 11/01/26)

    151       142,379  

3.70%, 06/15/30 (Call 03/15/30)

    80       71,662  

4.13%, 03/15/28 (Call 12/15/27)

    15       14,085  

Rexford Industrial Realty LP

   

2.13%, 12/01/30 (Call 09/01/30)

    20       15,611  

2.15%, 09/01/31 (Call 06/01/31)

    120       92,616  

5.00%, 06/15/28 (Call 05/15/28)

    75       72,932  

Sabra Health Care LP

   

3.20%, 12/01/31 (Call 09/01/31)

    170       129,693  

3.90%, 10/15/29 (Call 07/15/29)

    75       63,361  

5.13%, 08/15/26 (Call 05/15/26)

    225       217,449  

Safehold GL Holdings LLC, 2.80%, 06/15/31 (Call 03/15/31)

    120       92,465  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)

    90       79,316  

1.75%, 02/01/28 (Call 11/01/27)

    150       128,842  

2.00%, 09/13/24 (Call 06/13/24)

    283       272,294  

2.20%, 02/01/31 (Call 11/01/30)

    250       199,115  

2.25%, 01/15/32 (Call 10/15/31)

    255       197,324  

2.45%, 09/13/29 (Call 06/13/29)

    240       203,172  

2.65%, 07/15/30 (Call 04/15/30)

    145       122,004  

2.65%, 02/01/32 (Call 12/01/31)

    125       100,448  

3.25%, 11/30/26 (Call 08/30/26)

    265       248,567  

3.30%, 01/15/26 (Call 10/15/25)

    346       329,852  

3.38%, 10/01/24 (Call 07/01/24)

    248       241,899  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)  

3.38%, 06/15/27 (Call 03/15/27)

  $ 190     $ 177,266  

3.38%, 12/01/27 (Call 09/01/27)

    197       182,314  

3.50%, 09/01/25 (Call 06/01/25)

    115       110,803  

5.50%, 03/08/33 (Call 12/08/32)

    145       142,616  

SITE Centers Corp.

   

3.63%, 02/01/25 (Call 11/01/24)

    110       104,666  

4.25%, 02/01/26 (Call 11/01/25)

    75       70,282  

4.70%, 06/01/27 (Call 03/01/27)

    125       117,451  

Spirit Realty LP

   

2.10%, 03/15/28 (Call 01/15/28)

     125         106,618  

2.70%, 02/15/32 (Call 11/15/31)

    10       7,823  

3.20%, 01/15/27 (Call 11/15/26)

    3       2,732  

3.20%, 02/15/31 (Call 11/15/30)

    40       32,972  

3.40%, 01/15/30 (Call 10/15/29)

    145       124,567  

4.00%, 07/15/29 (Call 04/15/29)

    60       53,882  

4.45%, 09/15/26 (Call 06/15/26)

    136       129,786  

STORE Capital Corp.

   

2.70%, 12/01/31 (Call 09/01/31)

    130       91,187  

2.75%, 11/18/30 (Call 08/18/30)

    70       51,423  

4.50%, 03/15/28 (Call 12/15/27)

    110       98,425  

4.63%, 03/15/29 (Call 12/15/28)

    75       64,460  

Sun Communities Operating LP

   

2.30%, 11/01/28 (Call 09/01/28)

    135       113,582  

2.70%, 07/15/31 (Call 04/15/31)

    165       131,017  

4.20%, 04/15/32 (Call 01/15/32)

    115       101,097  

5.70%, 01/15/33 (Call 10/15/32)

    90       87,844  

Tanger Properties LP

   

2.75%, 09/01/31 (Call 06/01/31)

    125       92,894  

3.13%, 09/01/26 (Call 06/01/26)

    204       185,658  

3.88%, 07/15/27 (Call 04/15/27)

    10       8,955  

UDR Inc.

   

1.90%, 03/15/33 (Call 12/15/32)

    10       7,298  

2.10%, 08/01/32 (Call 05/01/32)

    100       75,011  

2.95%, 09/01/26 (Call 06/01/26)

    69       63,782  

3.00%, 08/15/31 (Call 05/15/31)

    70       58,729  

3.20%, 01/15/30 (Call 10/15/29)

    135       118,826  

3.50%, 07/01/27 (Call 04/01/27)

    145       135,176  

3.50%, 01/15/28 (Call 10/15/27)

    105       96,150  

4.40%, 01/26/29 (Call 10/26/28)

    80       74,868  

Ventas Realty LP

   

2.50%, 09/01/31 (Call 06/01/31)

    120       94,565  

2.65%, 01/15/25 (Call 12/15/24)

    80       76,266  

3.00%, 01/15/30 (Call 10/15/29)

    185       157,618  

3.25%, 10/15/26 (Call 07/15/26)

    95       87,781  

3.50%, 02/01/25 (Call 11/01/24)

    152       146,317  

3.85%, 04/01/27 (Call 01/01/27)

    100       93,874  

4.00%, 03/01/28 (Call 12/01/27)

    90       83,644  

4.13%, 01/15/26 (Call 10/15/25)

    55       52,927  

4.40%, 01/15/29 (Call 10/15/28)

    231       216,932  

4.75%, 11/15/30 (Call 08/15/30)

    195       182,908  

VICI Properties LP

   

4.38%, 05/15/25

    165       160,441  

4.75%, 02/15/28 (Call 01/15/28)

    330       314,114  

4.95%, 02/15/30 (Call 12/15/29)

    240       225,689  

5.13%, 05/15/32 (Call 02/15/32)

    345       319,846  

Vornado Realty LP

   

2.15%, 06/01/26 (Call 05/01/26)

    10       8,620  

3.40%, 06/01/31 (Call 03/01/31)

    100       73,548  

3.50%, 01/15/25 (Call 11/15/24)

    105       99,609  

 

 

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

    99  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)  

Welltower Inc.

   

2.75%, 01/15/32 (Call 10/15/31)

  $ 160     $ 129,285  

3.85%, 06/15/32 (Call 03/15/32)

    60       52,714  

4.00%, 06/01/25 (Call 03/01/25)

    366       354,914  

Welltower OP LLC

   

2.05%, 01/15/29 (Call 11/15/28)

    85       71,218  

2.70%, 02/15/27 (Call 12/15/26)

    230       210,903  

2.75%, 01/15/31 (Call 10/15/30)

    110       90,764  

2.80%, 06/01/31 (Call 03/01/31)

    260       214,232  

3.10%, 01/15/30 (Call 10/15/29)

    203       176,393  

4.13%, 03/15/29 (Call 12/15/28)

    145       134,725  

4.25%, 04/01/26 (Call 01/01/26)

    195       188,799  

4.25%, 04/15/28 (Call 01/15/28)

    265       250,711  

Weyerhaeuser Co.

   

4.00%, 11/15/29 (Call 08/15/29)

    345       318,024  

4.00%, 04/15/30 (Call 01/15/30)

    277       253,145  

4.75%, 05/15/26

    130       127,936  

6.95%, 10/01/27

    10       10,606  

7.38%, 03/15/32

    30       33,759  

WP Carey Inc.

   

2.40%, 02/01/31 (Call 11/01/30)

    25       19,978  

2.45%, 02/01/32 (Call 11/01/31)

    75       58,425  

3.85%, 07/15/29 (Call 04/15/29)

    100       90,081  

4.00%, 02/01/25 (Call 11/01/24)

    145       141,217  

4.25%, 10/01/26 (Call 07/01/26)

     110       105,756  
   

 

 

 
        47,610,376  
Retail — 0.9%            

Advance Auto Parts Inc.

   

1.75%, 10/01/27 (Call 08/01/27)

    50       42,187  

3.50%, 03/15/32 (Call 12/15/31)(a)

    80       64,338  

3.90%, 04/15/30 (Call 01/15/30)

    125       108,122  

5.90%, 03/09/26(a)

    90       89,167  

5.95%, 03/09/28 (Call 02/09/28)

    75       74,189  

AutoNation Inc.

   

1.95%, 08/01/28 (Call 06/01/28)

    55       45,557  

2.40%, 08/01/31 (Call 05/01/31)

    87       66,920  

3.50%, 11/15/24 (Call 09/15/24)

    128       123,965  

3.80%, 11/15/27 (Call 08/15/27)

    80       73,766  

3.85%, 03/01/32 (Call 12/01/31)

    235       198,758  

4.50%, 10/01/25 (Call 07/01/25)

    75       72,666  

4.75%, 06/01/30 (Call 03/01/30)

    117       108,866  

AutoZone Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    40       31,081  

3.13%, 04/21/26 (Call 01/21/26)

    155       146,999  

3.25%, 04/15/25 (Call 01/15/25)

    125       120,565  

3.63%, 04/15/25 (Call 03/15/25)

    182       176,518  

3.75%, 06/01/27 (Call 03/01/27)

    140       133,269  

3.75%, 04/18/29 (Call 01/18/29)

    84       77,364  

4.00%, 04/15/30 (Call 01/15/30)

    120       111,079  

4.50%, 02/01/28 (Call 01/01/28)

    140       136,205  

4.75%, 08/01/32 (Call 05/01/32)

    140       133,893  

4.75%, 02/01/33 (Call 11/01/32)

    155       146,831  

5.05%, 07/15/26

    75       74,507  

5.20%, 08/01/33 (Call 05/01/33)

    70       68,382  

Best Buy Co. Inc.

   

1.95%, 10/01/30 (Call 07/01/30)

    150       120,192  

4.45%, 10/01/28 (Call 07/01/28)

    155       149,910  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    405       358,036  

1.60%, 04/20/30 (Call 01/20/30)

    162       133,624  
Security  

Par

(000)

    Value  
Retail (continued)            

1.75%, 04/20/32 (Call 01/20/32)

  $ 205     $ 162,647  

3.00%, 05/18/27 (Call 02/18/27)

    300       283,386  

Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)

    209       198,270  

Dick’s Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)

     170         135,447  

Dollar General Corp.

   

3.50%, 04/03/30 (Call 01/03/30)

    239       212,258  

3.88%, 04/15/27 (Call 01/15/27)

    223       212,827  

4.13%, 05/01/28 (Call 02/01/28)

    125       118,836  

4.15%, 11/01/25 (Call 08/01/25)

    146       141,984  

4.25%, 09/20/24

    60       58,972  

4.63%, 11/01/27 (Call 10/01/27)

    200       194,962  

5.00%, 11/01/32 (Call 08/01/32)

    95       90,322  

5.20%, 07/05/28 (Call 06/05/28)

    75       74,272  

5.45%, 07/05/33 (Call 04/05/33)(a)

    95       92,092  

Dollar Tree Inc.

   

2.65%, 12/01/31 (Call 09/01/31)

    140       112,900  

4.00%, 05/15/25 (Call 03/15/25)

    261       253,285  

4.20%, 05/15/28 (Call 02/15/28)

    460       436,223  

Genuine Parts Co.

   

1.75%, 02/01/25 (Call 09/11/23)

    177       167,300  

1.88%, 11/01/30 (Call 08/01/30)

    55       43,091  

2.75%, 02/01/32 (Call 11/01/31)

    35       28,460  

Home Depot Inc. (The)

   

0.90%, 03/15/28 (Call 01/15/28)

    180       151,852  

1.38%, 03/15/31 (Call 12/15/30)

    265       207,270  

1.50%, 09/15/28 (Call 07/15/28)

    270       230,483  

1.88%, 09/15/31 (Call 06/15/31)

    140       112,575  

2.13%, 09/15/26 (Call 06/15/26)

    223       205,653  

2.50%, 04/15/27 (Call 02/15/27)

    285       263,386  

2.70%, 04/15/25 (Call 03/15/25)

    85       81,661  

2.70%, 04/15/30 (Call 01/15/30)

    407       357,643  

2.80%, 09/14/27 (Call 06/14/27)

    348       323,149  

2.88%, 04/15/27 (Call 03/15/27)

    155       145,319  

2.95%, 06/15/29 (Call 03/15/29)

    418       379,724  

3.00%, 04/01/26 (Call 01/01/26)

    301       287,491  

3.25%, 04/15/32 (Call 01/15/32)

    370       328,630  

3.35%, 09/15/25 (Call 06/15/25)

    266       256,953  

3.90%, 12/06/28 (Call 09/06/28)

    252       242,250  

4.00%, 09/15/25 (Call 08/15/25)

    280       274,246  

4.50%, 09/15/32 (Call 06/15/32)(a)

    245       239,122  

Lowe’s Companies Inc.

   

1.30%, 04/15/28 (Call 02/15/28)

    265       223,997  

1.70%, 09/15/28 (Call 07/15/28)

    265       225,661  

1.70%, 10/15/30 (Call 07/15/30)

    255       202,432  

2.50%, 04/15/26 (Call 01/15/26)

    398       371,828  

2.63%, 04/01/31 (Call 01/01/31)

    400       335,184  

3.10%, 05/03/27 (Call 02/03/27)

    404       376,128  

3.13%, 09/15/24 (Call 06/15/24)

    5       4,880  

3.35%, 04/01/27 (Call 03/01/27)

    210       197,583  

3.38%, 09/15/25 (Call 06/15/25)

    236       226,541  

3.65%, 04/05/29 (Call 01/05/29)

    405       376,047  

3.75%, 04/01/32 (Call 01/01/32)

    320       286,755  

4.00%, 04/15/25 (Call 03/15/25)

    210       205,275  

4.40%, 09/08/25

    160       157,229  

4.50%, 04/15/30 (Call 01/15/30)

    308       296,530  

4.80%, 04/01/26 (Call 03/01/26)

    240       237,142  

5.00%, 04/15/33 (Call 01/15/33)(a)

    35       34,160  

5.15%, 07/01/33 (Call 04/01/33)

    155       153,168  

 

 

100  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Retail (continued)  

6.50%, 03/15/29

  $ 70     $ 75,019  

McDonald’s Corp.

   

1.45%, 09/01/25 (Call 08/01/25)

    185       171,813  

2.13%, 03/01/30 (Call 12/01/29)

    92       77,588  

2.63%, 09/01/29 (Call 06/01/29)

    249       220,300  

3.30%, 07/01/25 (Call 06/01/25)

    304       293,843  

3.38%, 05/26/25 (Call 02/26/25)

    150       145,227  

3.50%, 03/01/27 (Call 12/01/26)

    361       343,546  

3.50%, 07/01/27 (Call 05/01/27)

    220       208,820  

3.60%, 07/01/30 (Call 04/01/30)

    287       264,092  

3.70%, 01/30/26 (Call 10/30/25)

    496       479,706  

3.80%, 04/01/28 (Call 01/01/28)

    320       305,891  

4.60%, 09/09/32 (Call 06/09/32)(a)

    115       112,281  

4.80%, 08/14/28 (Call 07/14/28)

    100       99,495  

4.95%, 08/14/33 (Call 05/14/33)

    175       173,299  

O’Reilly Automotive Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    80       62,960  

3.55%, 03/15/26 (Call 12/15/25)

    192       183,932  

3.60%, 09/01/27 (Call 06/01/27)

    147       139,234  

3.90%, 06/01/29 (Call 03/01/29)

    144       135,177  

4.20%, 04/01/30 (Call 01/01/30)

    90       84,392  

4.35%, 06/01/28 (Call 03/01/28)

    135       131,116  

4.70%, 06/15/32 (Call 03/15/32)

     365       348,706  

Ross Stores Inc.

   

0.88%, 04/15/26 (Call 03/15/26)

    35       31,231  

1.88%, 04/15/31 (Call 01/15/31)

    70       54,956  

4.60%, 04/15/25 (Call 03/15/25)

    195       191,502  

Starbucks Corp.

   

2.00%, 03/12/27 (Call 01/12/27)

    220       198,502  

2.25%, 03/12/30 (Call 12/12/29)

    167       140,806  

2.45%, 06/15/26 (Call 03/15/26)

    255       237,879  

2.55%, 11/15/30 (Call 08/15/30)

    220       186,527  

3.00%, 02/14/32 (Call 11/14/31)

    265       227,304  

3.50%, 03/01/28 (Call 12/01/27)

    140       131,354  

3.55%, 08/15/29 (Call 05/15/29)

    256       237,143  

3.80%, 08/15/25 (Call 06/15/25)

    344       334,526  

4.00%, 11/15/28 (Call 08/15/28)

    145       138,865  

4.75%, 02/15/26

    125       123,871  

4.80%, 02/15/33 (Call 11/15/32)

    225       219,609  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)

    265         241,452  

2.25%, 04/15/25 (Call 03/15/25)

    479       457,684  

2.35%, 02/15/30 (Call 11/15/29)

    166       142,871  

2.50%, 04/15/26

    338       320,113  

2.65%, 09/15/30 (Call 06/15/30)

    67       58,241  

3.38%, 04/15/29 (Call 01/15/29)

    264       246,777  

4.40%, 01/15/33 (Call 10/15/32)(a)

    220       210,019  

4.50%, 09/15/32 (Call 06/15/32)

    290       279,543  

6.35%, 11/01/32

    30       32,625  

TJX Companies Inc. (The)

   

1.60%, 05/15/31 (Call 02/15/31)

    25       20,073  

2.25%, 09/15/26 (Call 06/15/26)

    300       276,633  

3.88%, 04/15/30 (Call 01/15/30)

    230       216,998  

Tractor Supply Co.

   

1.75%, 11/01/30 (Call 08/01/30)

    170       132,994  

5.25%, 05/15/33 (Call 02/15/33)

    110       107,577  

Walgreens Boots Alliance Inc., 3.45%, 06/01/26 (Call 03/01/26)

    141       133,174  

Walmart Inc.

   

2.38%, 09/24/29 (Call 06/24/29)

    122       108,900  
Security   Par
(000)
    Value  
Retail (continued)  

3.05%, 07/08/26 (Call 05/08/26)

  $ 220     $ 210,221  

3.25%, 07/08/29 (Call 04/08/29)

    195       181,574  

3.55%, 06/26/25 (Call 04/26/25)

    165       160,590  

3.70%, 06/26/28 (Call 03/26/28)

    355       342,131  

3.90%, 04/15/28 (Call 03/15/28)

    160       155,195  

4.00%, 04/15/26 (Call 03/15/26)

    150       147,106  

4.00%, 04/15/30 (Call 02/15/30)

     200       193,128  

4.10%, 04/15/33

    315       299,930  

4.15%, 09/09/32 (Call 06/09/32)

    445       431,049  

5.88%, 04/05/27

    15       15,673  

7.55%, 02/15/30

    105       121,549  
   

 

 

 
        25,956,769  
Semiconductors — 0.8%            

Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32)

    195       181,687  

Analog Devices Inc.

   

1.70%, 10/01/28 (Call 08/01/28)

    175       150,265  

2.10%, 10/01/31 (Call 07/01/31)

    270       220,520  

2.95%, 04/01/25 (Call 03/01/25)

    74       71,404  

3.45%, 06/15/27 (Call 03/15/27)(d)

    210       198,374  

3.50%, 12/05/26 (Call 09/05/26)

    220       210,657  

Applied Materials Inc.

   

1.75%, 06/01/30 (Call 03/01/30)

    204       167,878  

3.30%, 04/01/27 (Call 01/01/27)

    357       339,139  

3.90%, 10/01/25 (Call 07/01/25)

    262       255,429  

Broadcom Corp./Broadcom Cayman Finance Ltd.

   

3.13%, 01/15/25 (Call 11/15/24)

    209       201,679  

3.50%, 01/15/28 (Call 10/15/27)

    250       230,462  

3.88%, 01/15/27 (Call 10/15/26)

    1,001       950,870  

Broadcom Inc.

   

1.95%, 02/15/28 (Call 12/15/27)(d)

    305       264,447  

2.45%, 02/15/31 (Call 11/15/30)(d)

    465       374,757  

2.60%, 02/15/33 (Call 11/15/32)(d)

    50       38,608  

3.15%, 11/15/25 (Call 10/15/25)

    233       221,611  

3.42%, 04/15/33 (Call 01/15/33)(d)

    490       405,303  

3.46%, 09/15/26 (Call 07/15/26)

    90       85,188  

3.63%, 10/15/24 (Call 09/15/24)

    45       44,011  

4.00%, 04/15/29 (Call 02/15/29)(d)

    226       208,512  

4.11%, 09/15/28 (Call 06/15/28)

    295       277,492  

4.15%, 11/15/30 (Call 08/15/30)

    460       420,205  

4.15%, 04/15/32 (Call 01/15/32)(d)

    385       344,829  

4.30%, 11/15/32 (Call 08/15/32)

    455       411,156  

4.75%, 04/15/29 (Call 01/15/29)

    346       333,125  

5.00%, 04/15/30 (Call 01/15/30)

    186       182,912  

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

    105       90,238  

2.00%, 08/12/31 (Call 05/12/31)

    195       157,427  

2.45%, 11/15/29 (Call 08/15/29)

    486       421,765  

2.60%, 05/19/26 (Call 02/19/26)

    305       287,377  

3.15%, 05/11/27 (Call 02/11/27)

    254       237,800  

3.40%, 03/25/25 (Call 02/25/25)

    718       697,042  

3.70%, 07/29/25 (Call 04/29/25)

    490       475,981  

3.75%, 03/25/27 (Call 01/25/27)

    346       332,163  

3.75%, 08/05/27 (Call 07/05/27)

    130       124,248  

3.90%, 03/25/30 (Call 12/25/29)

    369       345,129  

4.00%, 08/05/29 (Call 06/05/29)

    110       104,621  

4.15%, 08/05/32 (Call 05/05/32)(a)

    255       239,856  

4.88%, 02/10/26

    280       278,463  

4.88%, 02/10/28 (Call 01/10/28)

    365       362,642  

5.13%, 02/10/30 (Call 12/10/29)

    295       295,174  

 

 

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

    101  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Semiconductors (continued)  

5.20%, 02/10/33 (Call 11/10/32)

  $ 445     $ 444,230  

KLA Corp.

   

4.10%, 03/15/29 (Call 12/15/28)

     334       321,027  

4.65%, 11/01/24 (Call 08/01/24)

    90       89,172  

4.65%, 07/15/32 (Call 04/15/32)

    105       102,955  

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

    165       136,252  

3.75%, 03/15/26 (Call 01/15/26)

    257       249,156  

3.80%, 03/15/25 (Call 12/15/24)

    280       273,473  

4.00%, 03/15/29 (Call 12/15/28)

    285       273,187  

Marvell Technology Inc.

   

1.65%, 04/15/26 (Call 03/15/26)

    90       81,672  

2.45%, 04/15/28 (Call 02/15/28)

    175       153,730  

2.95%, 04/15/31 (Call 01/15/31)

    165       137,678  

4.88%, 06/22/28 (Call 03/22/28)

    145       140,850  

Microchip Technology Inc., 4.25%, 09/01/25 (Call 10/02/23)

    345       335,323  

Micron Technology Inc.

   

2.70%, 04/15/32 (Call 01/15/32)

    175       137,743  

4.19%, 02/15/27 (Call 12/15/26)

    258       245,686  

4.66%, 02/15/30 (Call 11/15/29)

    185       173,252  

4.98%, 02/06/26 (Call 12/06/25)

    168       165,519  

5.33%, 02/06/29 (Call 11/06/28)

    140       137,159  

5.38%, 04/15/28 (Call 03/15/28)

    150       147,485  

5.88%, 02/09/33 (Call 11/09/32)

    245       242,548  

6.75%, 11/01/29 (Call 09/01/29)

    295       306,768  

NVIDIA Corp.

   

1.55%, 06/15/28 (Call 04/15/28)

    395       343,014  

2.00%, 06/15/31 (Call 03/15/31)

    265       219,219  

2.85%, 04/01/30 (Call 01/01/30)

    479       429,577  

3.20%, 09/16/26 (Call 06/16/26)

    285       272,058  

NXP BV/NXP Funding LLC

   

5.35%, 03/01/26 (Call 01/01/26)

    95       94,391  

5.55%, 12/01/28 (Call 09/01/28)

    143       143,340  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)

    295         238,434  

2.65%, 02/15/32 (Call 11/15/31)

    220       176,095  

2.70%, 05/01/25 (Call 04/01/25)

    160       152,352  

3.15%, 05/01/27 (Call 03/01/27)

    40       37,048  

3.40%, 05/01/30 (Call 02/01/30)

    200       175,752  

3.88%, 06/18/26 (Call 04/18/26)

    225       215,777  

4.30%, 06/18/29 (Call 03/18/29)

    180       168,629  

4.40%, 06/01/27 (Call 05/01/27)

    135       129,857  

5.00%, 01/15/33 (Call 10/15/32)

    155       147,033  

Qorvo Inc.

   

1.75%, 12/15/24 (Call 09/11/23)(d)

    85       79,917  

4.38%, 10/15/29 (Call 10/15/24)

    185       167,499  

QUALCOMM Inc.

   

1.30%, 05/20/28 (Call 02/20/28)

    303       257,914  

1.65%, 05/20/32 (Call 02/20/32)

    405       313,903  

2.15%, 05/20/30 (Call 02/20/30)

    310       263,404  

3.25%, 05/20/27 (Call 02/20/27)

    413       389,955  

3.45%, 05/20/25 (Call 02/20/25)

    75       72,852  

4.25%, 05/20/32 (Call 02/20/32)

    120       115,120  

5.40%, 05/20/33 (Call 02/20/33)

    25       25,869  

Skyworks Solutions Inc.

   

1.80%, 06/01/26 (Call 05/01/26)

    145       129,994  

3.00%, 06/01/31 (Call 03/01/31)

    125       101,879  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    120       107,621  
Security   Par
(000)
    Value  
Semiconductors (continued)            

1.38%, 03/12/25 (Call 02/12/25)

  $ 410     $ 386,839  

1.75%, 05/04/30 (Call 02/04/30)

    110       91,515  

1.90%, 09/15/31 (Call 06/15/31)

     205       166,964  

2.25%, 09/04/29 (Call 06/04/29)

    140       121,887  

2.90%, 11/03/27 (Call 08/03/27)

    236       219,487  

3.65%, 08/16/32 (Call 05/16/32)

    80       73,025  

4.60%, 02/15/28 (Call 01/15/28)

    120       119,393  

4.70%, 11/18/24

    100       99,351  

4.90%, 03/14/33 (Call 12/14/32)

    135       135,477  

TSMC Arizona Corp.

   

1.75%, 10/25/26 (Call 09/25/26)

    235       211,422  

2.50%, 10/25/31 (Call 07/25/31)

    290       240,903  

3.88%, 04/22/27 (Call 03/22/27)

    200       192,362  

4.25%, 04/22/32 (Call 01/22/32)

    235       222,867  

Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)

    192       164,162  
   

 

 

 
        22,949,468  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc.

   

2.04%, 08/16/28 (Call 06/16/28)

    30       25,445  

3.48%, 12/01/27 (Call 09/01/27)

    195       179,687  

3.84%, 05/01/25 (Call 04/01/25)

    170       164,526  

4.20%, 05/01/30 (Call 02/01/30)

    130       120,212  
   

 

 

 
      489,870  
Software — 0.8%            

Activision Blizzard Inc.

   

1.35%, 09/15/30 (Call 06/15/30)

    90       71,866  

3.40%, 09/15/26 (Call 06/15/26)

    221       211,163  

3.40%, 06/15/27 (Call 03/15/27)

    130       122,870  

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    225       215,120  

2.15%, 02/01/27 (Call 12/01/26)

    360       330,498  

2.30%, 02/01/30 (Call 11/01/29)

    277       240,267  

3.25%, 02/01/25 (Call 11/01/24)

    305       296,942  

Autodesk Inc.

   

2.40%, 12/15/31 (Call 09/15/31)

    210       170,352  

2.85%, 01/15/30 (Call 10/15/29)

    123       107,182  

3.50%, 06/15/27 (Call 03/15/27)

    225       212,564  

4.38%, 06/15/25 (Call 03/15/25)

    200       196,134  

Broadridge Financial Solutions Inc.

   

2.60%, 05/01/31 (Call 02/01/31)

    230       187,678  

2.90%, 12/01/29 (Call 09/01/29)

    222       191,368  

3.40%, 06/27/26 (Call 03/27/26)

    222       210,065  

Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)

    15       14,798  

Concentrix Corp.

   

6.60%, 08/02/28 (Call 07/02/28)

    110       107,713  

6.65%, 08/02/26 (Call 07/02/26)

    110       109,977  

6.85%, 08/02/33 (Call 05/02/33)

    107       102,441  

Electronic Arts Inc.

   

1.85%, 02/15/31 (Call 11/15/30)

    160       127,949  

4.80%, 03/01/26 (Call 12/01/25)(a)

    124       122,625  

Fidelity National Information Services Inc.

   

1.15%, 03/01/26 (Call 02/01/26)

    325       292,526  

1.65%, 03/01/28 (Call 01/01/28)

    145       124,351  

2.25%, 03/01/31 (Call 12/01/30)

    400       322,384  

3.75%, 05/21/29 (Call 02/21/29)

    80       74,077  

4.50%, 07/15/25

    185       181,357  

4.70%, 07/15/27 (Call 06/15/27)

    170       166,858  

5.10%, 07/15/32 (Call 04/15/32)(a)

    30       29,395  

 

 

102  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Software (continued)  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)

  $ 231     $ 207,145  

2.65%, 06/01/30 (Call 03/01/30)

    282       237,314  

3.20%, 07/01/26 (Call 05/01/26)

    485       457,505  

3.50%, 07/01/29 (Call 04/01/29)

    484       441,921  

3.85%, 06/01/25 (Call 03/01/25)

    353       342,572  

4.20%, 10/01/28 (Call 07/01/28)

    230       219,468  

5.38%, 08/21/28 (Call 07/21/28)

    125       125,349  

5.45%, 03/02/28 (Call 02/02/28)

    245       246,379  

5.60%, 03/02/33 (Call 12/02/32)

    210       210,918  

5.63%, 08/21/33 (Call 05/21/33)

    125       125,908  

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)

    260       240,188  

1.35%, 07/15/27 (Call 05/15/27)

    230       201,738  

1.65%, 07/15/30 (Call 04/15/30)

    150       120,636  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)

    984         922,480  

2.70%, 02/12/25 (Call 11/12/24)

    699       675,968  

3.13%, 11/03/25 (Call 08/03/25)

    726       700,634  

3.30%, 02/06/27 (Call 11/06/26)

     908       872,406  

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)

    485       441,903  

2.30%, 03/25/28 (Call 01/25/28)

    425       373,983  

2.50%, 04/01/25 (Call 03/01/25)

    873       831,402  

2.65%, 07/15/26 (Call 04/15/26)

    695       645,363  

2.80%, 04/01/27 (Call 02/01/27)

    566       519,786  

2.88%, 03/25/31 (Call 12/25/30)

    660       557,555  

2.95%, 11/15/24 (Call 09/15/24)

    432       418,444  

2.95%, 05/15/25 (Call 02/15/25)

    618       591,655  

2.95%, 04/01/30 (Call 01/01/30)

    570       493,432  

3.25%, 11/15/27 (Call 08/15/27)

    548       507,717  

3.25%, 05/15/30 (Call 02/15/30)

    140       123,308  

4.50%, 05/06/28 (Call 04/06/28)

    140       135,677  

4.65%, 05/06/30 (Call 03/06/30)

    100       95,944  

4.90%, 02/06/33 (Call 11/06/32)

    425       405,845  

5.80%, 11/10/25

    185       186,765  

6.15%, 11/09/29 (Call 09/09/29)

    270       280,811  

6.25%, 11/09/32 (Call 08/09/32)

    635       664,470  

Roper Technologies Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    130       119,040  

1.40%, 09/15/27 (Call 07/15/27)

    130       112,589  

1.75%, 02/15/31 (Call 11/15/30)

    265       207,834  

2.00%, 06/30/30 (Call 03/30/30)

    165       134,368  

2.35%, 09/15/24 (Call 08/15/24)

    195       188,354  

2.95%, 09/15/29 (Call 06/15/29)

    156       137,824  

3.80%, 12/15/26 (Call 09/15/26)

    205       195,636  

3.85%, 12/15/25 (Call 09/15/25)

    10       9,655  

4.20%, 09/15/28 (Call 06/15/28)

    240       228,641  

salesforce.com Inc.

   

1.50%, 07/15/28 (Call 05/15/28)

    225       193,522  

1.95%, 07/15/31 (Call 04/15/31)

    265       215,540  

3.70%, 04/11/28 (Call 01/11/28)

    502       480,680  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

    373       293,364  

Take-Two Interactive Software Inc.

   

3.55%, 04/14/25

    190       183,675  

3.70%, 04/14/27 (Call 03/14/27)

    160       151,606  

4.00%, 04/14/32 (Call 01/14/32)

    125       112,239  

4.95%, 03/28/28 (Call 02/28/28)

    170       167,436  

5.00%, 03/28/26

    190       187,739  
Security   Par
(000)
    Value  
Software (continued)  

VMware Inc.

   

1.40%, 08/15/26 (Call 07/15/26)

  $ 70     $ 62,055  

1.80%, 08/15/28 (Call 06/15/28)

    155       129,902  

2.20%, 08/15/31 (Call 05/15/31)

    340       264,588  

3.90%, 08/21/27 (Call 05/21/27)

    379       356,696  

4.50%, 05/15/25 (Call 04/15/25)

    231       226,163  

4.65%, 05/15/27 (Call 03/15/27)

    158       153,522  

4.70%, 05/15/30 (Call 02/15/30)

    180       169,524  

Workday Inc.

   

3.50%, 04/01/27 (Call 03/01/27)

    125       118,060  

3.70%, 04/01/29 (Call 02/01/29)

    85       78,516  

3.80%, 04/01/32 (Call 01/01/32)

    255       226,167  
   

 

 

 
        23,268,044  
Telecommunications — 1.1%            

America Movil SAB de CV

   

2.88%, 05/07/30 (Call 02/07/30)

     245       211,352  

3.63%, 04/22/29 (Call 01/22/29)

    65       59,507  

4.70%, 07/21/32 (Call 04/21/32)

    270       257,102  

AT&T Inc.

   

1.65%, 02/01/28 (Call 12/01/27)

    500       427,380  

1.70%, 03/25/26 (Call 09/11/23)

    695       633,548  

2.25%, 02/01/32 (Call 11/01/31)

    580       452,354  

2.30%, 06/01/27 (Call 04/01/27)

    600       537,156  

2.75%, 06/01/31 (Call 03/01/31)

    629       518,837  

2.95%, 07/15/26 (Call 04/15/26)

    260       242,601  

3.80%, 02/15/27 (Call 11/15/26)

    192       182,636  

3.88%, 01/15/26 (Call 10/15/25)

    110       105,978  

4.10%, 02/15/28 (Call 11/15/27)

    415       393,731  

4.25%, 03/01/27 (Call 12/01/26)

    346       333,298  

4.30%, 02/15/30 (Call 11/15/29)

    778       725,096  

4.35%, 03/01/29 (Call 12/01/28)

    691       653,624  

Bell Telephone Co. of Canada or Bell Canada (The)

   

5.10%, 05/11/33 (Call 02/11/33)

    265       255,598  

Series US-5, 2.15%, 02/15/32 (Call 11/15/31)(a)

    65       51,134  

British Telecommunications PLC

   

5.13%, 12/04/28 (Call 09/04/28)

    235       230,016  

9.13%, 12/15/30

    555       675,823  

Cisco Systems Inc.

   

2.50%, 09/20/26 (Call 06/20/26)

    375       350,996  

2.95%, 02/28/26

    216       207,209  

3.50%, 06/15/25

    231       224,721  

Deutsche Telekom International Finance BV

   

8.75%, 06/15/30

    807       949,097  

9.25%, 06/01/32

    60       75,454  

Juniper Networks Inc.

   

1.20%, 12/10/25 (Call 11/10/25)

    130       117,580  

2.00%, 12/10/30 (Call 09/10/30)

    100       77,250  

3.75%, 08/15/29 (Call 05/15/29)

    125       113,616  

Koninklijke KPN NV, 8.38%, 10/01/30

    125       142,184  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)

    225       179,005  

2.75%, 05/24/31 (Call 02/24/31)

    225       182,299  

4.00%, 09/01/24

    10       9,782  

4.60%, 02/23/28 (Call 11/23/27)

    195       189,017  

4.60%, 05/23/29 (Call 02/23/29)

    208       200,362  

5.60%, 06/01/32 (Call 03/01/32)

    145       142,815  

Nokia OYJ, 4.38%, 06/12/27

    30       28,293  

Orange SA, 9.00%, 03/01/31

    465       563,771  

Rogers Communications Inc.

   

2.90%, 11/15/26 (Call 08/15/26)

    260       239,395  

 

 

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

    103  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Telecommunications (continued)  

2.95%, 03/15/25

  $ 420     $ 400,310  

3.20%, 03/15/27 (Call 02/15/27)

    195       180,125  

3.63%, 12/15/25 (Call 09/15/25)

    195       185,560  

3.80%, 03/15/32 (Call 12/15/31)

    385       329,083  

Sprint Capital Corp.

   

6.88%, 11/15/28

    535       565,260  

8.75%, 03/15/32

    395       470,654  

Sprint LLC

   

7.63%, 02/15/25 (Call 11/15/24)

    30       30,598  

7.63%, 03/01/26 (Call 11/01/25)

    25       25,923  

Telefonica Emisiones SA, 4.10%, 03/08/27

    415       395,022  

Telefonica Europe BV, 8.25%, 09/15/30

    305       347,764  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    220       203,834  

3.40%, 05/13/32 (Call 02/13/32)

    235       197,619  

3.70%, 09/15/27 (Call 06/15/27)

    155       145,779  

T-Mobile USA Inc.

   

1.50%, 02/15/26 (Call 01/15/26)

    150       136,564  

2.05%, 02/15/28 (Call 12/15/27)

    445       388,498  

2.25%, 02/15/26 (Call 09/11/23)

    435       402,549  

2.25%, 11/15/31 (Call 08/15/31)

    225       178,461  

2.40%, 03/15/29 (Call 01/15/29)

    15       12,901  

2.55%, 02/15/31 (Call 11/15/30)

    580       477,752  

2.63%, 04/15/26 (Call 09/11/23)

    345       320,584  

2.63%, 02/15/29 (Call 02/15/24)

    277       239,976  

2.70%, 03/15/32 (Call 12/15/31)

    140       113,784  

2.88%, 02/15/31 (Call 02/15/26)

    270       227,224  

3.38%, 04/15/29 (Call 04/15/24)

    545       488,794  

3.50%, 04/15/25 (Call 03/15/25)

    753       727,978  

3.50%, 04/15/31 (Call 04/15/26)

    635       554,450  

3.75%, 04/15/27 (Call 02/15/27)

    927       877,869  

3.88%, 04/15/30 (Call 01/15/30)

     1,503         1,368,857  

4.75%, 02/01/28 (Call 09/11/23)

    380       369,368  

4.80%, 07/15/28 (Call 06/15/28)

    180       176,017  

4.95%, 03/15/28 (Call 02/15/28)

    250       246,347  

5.05%, 07/15/33 (Call 04/15/33)

    460       443,900  

5.20%, 01/15/33 (Call 10/15/32)

    345       338,100  

5.38%, 04/15/27 (Call 09/11/23)

    350       349,216  

Verizon Communications Inc.

   

0.85%, 11/20/25 (Call 10/20/25)

    410       371,780  

1.45%, 03/20/26 (Call 02/20/26)

    515       467,064  

1.50%, 09/18/30 (Call 06/18/30)

    310       241,943  

1.68%, 10/30/30 (Call 07/30/30)

    205       160,374  

1.75%, 01/20/31 (Call 10/20/30)

    462       359,325  

2.10%, 03/22/28 (Call 01/22/28)

    707       617,861  

2.36%, 03/15/32 (Call 12/15/31)

    1,020       806,667  

2.55%, 03/21/31 (Call 12/21/30)

    790       650,123  

2.63%, 08/15/26

    536       499,177  

3.00%, 03/22/27 (Call 01/22/27)

    177       164,536  

3.15%, 03/22/30 (Call 12/22/29)

    533       467,100  

3.38%, 02/15/25

    635       615,880  

3.50%, 11/01/24 (Call 08/01/24)

    296       289,180  

3.88%, 02/08/29 (Call 11/08/28)

    145       135,350  

4.02%, 12/03/29 (Call 09/03/29)

    881       818,176  

4.13%, 03/16/27

    778       749,261  

4.33%, 09/21/28

    950       909,596  

4.50%, 08/10/33

    15       13,859  

5.05%, 05/09/33 (Call 02/09/33)

    330       320,047  

7.75%, 12/01/30

    65       74,296  
Security   Par
(000)
    Value  
Telecommunications (continued)  

Vodafone Group PLC

   

4.13%, 05/30/25

  $ 614     $ 599,989  

4.38%, 05/30/28

    140       137,376  

7.88%, 02/15/30

    45       50,687  
   

 

 

 
        32,375,984  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    205       198,196  

3.50%, 09/15/27 (Call 06/15/27)

    70       65,365  

3.55%, 11/19/26 (Call 09/19/26)

    165       155,064  

3.90%, 11/19/29 (Call 08/19/29)

    265       240,676  
   

 

 

 
      659,301  
Transportation — 0.5%            

Burlington Northern Santa Fe LLC

   

3.00%, 04/01/25 (Call 01/01/25)

     347       335,084  

3.25%, 06/15/27 (Call 03/15/27)

    211       200,115  

3.40%, 09/01/24 (Call 06/01/24)

    189       185,048  

3.65%, 09/01/25 (Call 06/01/25)

    85       82,621  

7.00%, 12/15/25

    80       83,081  

Canadian National Railway Co.

   

2.75%, 03/01/26 (Call 12/01/25)

    305       288,280  

2.95%, 11/21/24 (Call 08/21/24)

    205       198,725  

3.85%, 08/05/32 (Call 05/05/32)

    205       188,987  

6.90%, 07/15/28

    55       59,501  

Canadian Pacific Railway Co.

   

1.35%, 12/02/24 (Call 10/03/23)

    375       355,372  

1.75%, 12/02/26 (Call 11/02/26)

    235       211,032  

2.05%, 03/05/30 (Call 12/05/29)

    260       215,714  

2.45%, 12/02/31 (Call 09/02/31)

    270       239,482  

2.88%, 11/15/29

    80       70,374  

2.90%, 02/01/25 (Call 11/01/24)

    280       269,587  

4.00%, 06/01/28 (Call 03/01/28)

    172       164,638  

7.13%, 10/15/31

    90       100,205  

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)

    210       199,821  

CSX Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    145       123,885  

2.60%, 11/01/26 (Call 08/01/26)

    100       92,638  

3.25%, 06/01/27 (Call 03/01/27)

    245       230,472  

3.35%, 11/01/25 (Call 08/01/25)

    225       216,293  

3.80%, 03/01/28 (Call 12/01/27)

    260       247,468  

4.10%, 11/15/32 (Call 08/15/32)

    225       211,223  

4.25%, 03/15/29 (Call 12/15/28)

    200       192,874  

FedEx Corp.

   

2.40%, 05/15/31 (Call 02/15/31)

    275       227,048  

3.10%, 08/05/29 (Call 05/05/29)

    260       232,869  

3.25%, 04/01/26 (Call 01/01/26)

    230       219,648  

3.40%, 02/15/28 (Call 11/15/27)

    173       161,234  

4.20%, 10/17/28 (Call 07/17/28)

    120       115,658  

4.25%, 05/15/30 (Call 02/15/30)

    80       75,830  

GXO Logistics Inc.

   

1.65%, 07/15/26 (Call 06/15/26)

    150       132,791  

2.65%, 07/15/31 (Call 04/15/31)

    110       86,090  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

    210       203,284  

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)

    126       118,322  

Norfolk Southern Corp.

   

2.30%, 05/15/31 (Call 02/15/31)

    130       107,175  

2.55%, 11/01/29 (Call 08/01/29)

    119       102,614  

 

 

104  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Transportation (continued)  

2.90%, 06/15/26 (Call 03/15/26)

  $ 149     $ 140,419  

3.00%, 03/15/32 (Call 12/15/31)

    115       97,854  

3.15%, 06/01/27 (Call 03/01/27)

    120       112,043  

3.65%, 08/01/25 (Call 06/01/25)

    169       163,447  

3.80%, 08/01/28 (Call 05/01/28)

    185       175,014  

4.45%, 03/01/33 (Call 12/01/32)

    90       85,308  

5.05%, 08/01/30 (Call 06/01/30)

    175       173,215  

7.80%, 05/15/27

    10       10,913  

Ryder System Inc.

   

1.75%, 09/01/26 (Call 08/01/26)

    70       63,032  

2.50%, 09/01/24 (Call 08/01/24)

    221       213,614  

2.85%, 03/01/27 (Call 02/01/27)

    40       36,774  

2.90%, 12/01/26 (Call 10/01/26)

     212       194,942  

3.35%, 09/01/25 (Call 08/01/25)

    142       135,823  

4.30%, 06/15/27 (Call 05/15/27)

    115       110,737  

4.63%, 06/01/25 (Call 05/01/25)

    164       160,772  

5.25%, 06/01/28 (Call 05/01/28)

    95       93,759  

5.65%, 03/01/28 (Call 02/01/28)

    115       115,220  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)

    200       182,632  

2.38%, 05/20/31 (Call 02/20/31)

    355       297,912  

2.40%, 02/05/30 (Call 11/05/29)

    272       233,849  

2.75%, 03/01/26 (Call 12/01/25)

    260       245,762  

2.80%, 02/14/32 (Call 12/15/31)

    167       142,591  

3.00%, 04/15/27 (Call 01/15/27)

    210       196,400  

3.25%, 01/15/25 (Call 10/15/24)

    190       184,705  

3.25%, 08/15/25 (Call 05/15/25)

    140       134,852  

3.70%, 03/01/29 (Call 12/01/28)

    211       199,880  

3.75%, 07/15/25 (Call 05/15/25)

    127       123,411  

3.95%, 09/10/28 (Call 06/10/28)

    399       384,085  

4.50%, 01/20/33 (Call 10/20/32)

    160       154,997  

4.75%, 02/21/26 (Call 01/21/26)

    320       318,234  

6.63%, 02/01/29

    65       70,442  

United Parcel Service Inc.

   

2.20%, 09/01/24 (Call 08/01/24)

    177       171,446  

2.40%, 11/15/26 (Call 08/15/26)

    236       219,617  

2.50%, 09/01/29 (Call 06/01/29)

    112       99,256  

2.80%, 11/15/24 (Call 09/15/24)

    30       29,111  

3.05%, 11/15/27 (Call 08/15/27)

    310       290,430  

3.40%, 03/15/29 (Call 12/15/28)

    209       195,572  

3.90%, 04/01/25 (Call 03/01/25)

    509       498,937  

4.45%, 04/01/30 (Call 01/01/30)

    193       190,051  

4.88%, 03/03/33 (Call 12/03/32)

    175       174,606  

Walmart Inc.

   

1.05%, 09/17/26 (Call 08/17/26)

    355       318,041  

1.50%, 09/22/28 (Call 07/22/28)

    337       291,053  

1.80%, 09/22/31 (Call 06/22/31)

    510       417,277  

3.95%, 09/09/27 (Call 08/09/27)

    260       253,877  
   

 

 

 
        14,646,995  
Trucking & Leasing — 0.0%            

GATX Corp.

   

1.90%, 06/01/31 (Call 03/01/31)

    70       53,222  

3.25%, 03/30/25 (Call 12/30/24)

    15       14,387  

3.25%, 09/15/26 (Call 06/15/26)

    47       43,647  

3.50%, 03/15/28 (Call 12/15/27)

    137       125,400  

3.50%, 06/01/32 (Call 03/01/32)

    100       84,048  

3.85%, 03/30/27 (Call 12/30/26)

    97       90,923  

4.00%, 06/30/30 (Call 03/30/30)

    50       45,423  

4.55%, 11/07/28 (Call 08/07/28)

    170       161,437  

4.70%, 04/01/29 (Call 01/01/29)

    143       135,903  
Security   Par (000)     Value  
Trucking & Leasing (continued)  

5.45%, 09/15/33 (Call 06/15/33)

  $ 95     $ 92,931  
   

 

 

 
      847,321  
Venture Capital — 0.0%            

Hercules Capital Inc.

   

2.63%, 09/16/26 (Call 08/16/26)

    65       56,773  

3.38%, 01/20/27 (Call 12/20/26)

    65       57,496  
   

 

 

 
      114,269  
Water — 0.0%            

American Water Capital Corp.

   

2.30%, 06/01/31 (Call 03/01/31)

    130       106,666  

2.80%, 05/01/30 (Call 02/01/30)

    172       149,103  

2.95%, 09/01/27 (Call 06/01/27)

    164       151,233  

3.40%, 03/01/25 (Call 12/01/24)

    217       210,180  

3.45%, 06/01/29 (Call 03/01/29)

    132       121,035  

3.75%, 09/01/28 (Call 06/01/28)

    177       167,815  

4.45%, 06/01/32 (Call 03/01/32)(a)

    125       118,770  

Essential Utilities Inc.

   

2.40%, 05/01/31 (Call 02/01/31)

    115       91,906  

2.70%, 04/15/30 (Call 01/15/30)

    96       80,715  

3.57%, 05/01/29 (Call 02/01/29)

    117       107,164  

United Utilities PLC, 6.88%, 08/15/28

    50       52,054  
   

 

 

 
      1,356,641  
   

 

 

 

Total Corporate Bonds & Notes — 32.8%
(Cost: $1,043,450,661)

        980,213,967  
   

 

 

 

Foreign Government Obligations(e)

   

Canada — 0.4%

   

Canada Government International Bond

   

0.75%, 05/19/26

    425       383,324  

1.63%, 01/22/25

     1,080       1,029,704  

Export Development Canada, 3.00%, 05/25/27

    520       493,366  

Hydro-Quebec, Series HH, 8.50%, 12/01/29

    100       118,181  

Province of Alberta Canada

   

1.00%, 05/20/25

    1,030       959,187  

1.30%, 07/22/30

    215       173,600  

1.88%, 11/13/24

    280       268,489  

3.30%, 03/15/28

    465       440,597  

Province of British Columbia Canada

   

0.90%, 07/20/26

    715       642,385  

1.30%, 01/29/31(a)

    130       104,424  

2.25%, 06/02/26

    460       430,431  

Series 10, 1.75%, 09/27/24

    220       211,497  

Province of Manitoba Canada, 2.13%, 06/22/26

    290       269,726  

Province of New Brunswick Canada, 3.63%, 02/24/28

    210       200,899  

Province of Ontario Canada

   

0.63%, 01/21/26

    342       309,527  

1.05%, 04/14/26

    60       54,503  

1.05%, 05/21/27

    240       210,665  

1.13%, 10/07/30

    1,035       821,862  

1.60%, 02/25/31

    150       122,488  

1.80%, 10/14/31

    105       85,987  

2.00%, 10/02/29(a)

    85       73,987  

2.30%, 06/15/26

    15       14,035  

2.50%, 04/27/26

    690       650,622  

3.10%, 05/19/27

    20       18,954  

Province of Quebec Canada

   

0.60%, 07/23/25

    960       884,410  

1.35%, 05/28/30

    125       102,276  

 

 

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

    105  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Canada (continued)  

1.90%, 04/21/31

  $ 65     $ 54,213  

2.50%, 04/20/26

    525       495,469  

2.75%, 04/12/27(a)

    350       327,876  

3.63%, 04/13/28

    65       62,521  

Series PD, 7.50%, 09/15/29

    352       405,824  

Series QX, 1.50%, 02/11/25

    899       852,099  
   

 

 

 
      11,273,128  
Chile — 0.1%            

Chile Government International Bond

   

2.45%, 01/31/31 (Call 10/31/30)(a)

    275       233,756  

2.55%, 01/27/32 (Call 10/27/31)(a)

    430       361,019  

2.55%, 07/27/33 (Call 04/27/33)

    10       8,046  

2.75%, 01/31/27 (Call 12/31/26)

    450       417,928  

3.13%, 01/21/26

    185       176,864  

3.24%, 02/06/28 (Call 11/06/27)

    535       499,738  
   

 

 

 
      1,697,351  
Indonesia — 0.1%            

Indonesia Government International Bond

   

1.85%, 03/12/31

    15       12,004  

2.15%, 07/28/31 (Call 04/28/31)

    300       242,577  

2.85%, 02/14/30

    315       276,869  

3.50%, 01/11/28

    30       28,023  

3.55%, 03/31/32 (Call 12/31/31)

    345       306,667  

3.85%, 10/15/30

    315       291,438  

4.10%, 04/24/28

    320       306,541  

4.15%, 09/20/27 (Call 06/20/27)

    425       410,308  

4.55%, 01/11/28 (Call 12/11/27)

    200       195,824  

4.65%, 09/20/32 (Call 06/20/32)

    500       482,715  

4.75%, 02/11/29

    345       338,666  

4.85%, 01/11/33 (Call 10/11/32)

    200       196,128  
   

 

 

 
        3,087,760  
Israel — 0.0%            

Israel Government International Bond

   

2.75%, 07/03/30

    340       296,840  

2.88%, 03/16/26

    220       206,972  

3.25%, 01/17/28

    20       18,632  

4.50%, 01/17/33

    210       201,896  

State of Israel, 2.50%, 01/15/30

    275       237,196  
   

 

 

 
      961,536  
Italy — 0.0%            

Republic of Italy Government International Bond

   

1.25%, 02/17/26

    660       595,505  

2.38%, 10/17/24

    425       408,948  

2.88%, 10/17/29

    350       305,543  
   

 

 

 
      1,309,996  
Japan — 0.2%            

Japan Bank for International Cooperation

   

0.63%, 07/15/25

     535       491,724  

1.25%, 01/21/31

    345       271,422  

1.88%, 07/21/26

    265       243,061  

1.88%, 04/15/31

    590       483,582  

2.00%, 10/17/29

    50       42,863  

2.13%, 02/10/25

    260       248,123  

2.13%, 02/16/29

    410       358,664  

2.25%, 11/04/26

    420       386,782  

2.38%, 04/20/26

    280       261,929  

2.50%, 05/28/25

    290       276,373  

2.75%, 01/21/26(a)

    480       455,534  

2.75%, 11/16/27

    430       397,509  
Security   Par
(000)
    Value  
Japan (continued)  

2.88%, 06/01/27

  $ 350     $ 326,676  

2.88%, 07/21/27

    315       293,794  

3.25%, 07/20/28

    345       323,006  

3.50%, 10/31/28

    20       18,872  

Japan International Cooperation Agency

   

1.00%, 07/22/30(a)

    200       155,956  

2.75%, 04/27/27

    150       139,194  

3.25%, 05/25/27

    200       188,650  
   

 

 

 
        5,363,714  
Mexico — 0.2%            

Mexico Government International Bond

   

2.66%, 05/24/31 (Call 02/24/31)

    575       476,227  

3.25%, 04/16/30 (Call 01/16/30)

    545       482,554  

3.75%, 01/11/28

    445       421,758  

3.90%, 04/27/25 (Call 03/27/25)

    270       265,299  

4.13%, 01/21/26

    300       295,452  

4.15%, 03/28/27

    662       648,601  

4.50%, 04/22/29

    625       603,344  

4.75%, 04/27/32 (Call 01/27/32)(a)

    500       474,060  

4.88%, 05/19/33 (Call 02/19/33)

    600       568,542  

5.40%, 02/09/28 (Call 01/09/28)

    215       217,182  

6.35%, 02/09/35 (Call 11/09/34)

    255       264,545  

7.50%, 04/08/33

    115       129,462  

8.30%, 08/15/31

    142       167,605  
   

 

 

 
      5,014,631  
Panama — 0.1%            

Panama Government International Bond

   

2.25%, 09/29/32 (Call 06/29/32)

     480       364,469  

3.16%, 01/23/30 (Call 10/23/29)

    355       308,903  

3.30%, 01/19/33 (Call 10/19/32)

    270       222,342  

3.75%, 03/16/25 (Call 12/16/24)

    480       465,178  

3.88%, 03/17/28 (Call 12/17/27)

    385       362,050  

4.00%, 09/22/24 (Call 06/22/24)

    200       196,034  

7.13%, 01/29/26

    270       278,978  

8.88%, 09/30/27

    305       342,454  

9.38%, 04/01/29

    90       106,529  
   

 

 

 
      2,646,937  
Peru — 0.1%            

Peruvian Government International Bond

   

1.86%, 12/01/32 (Call 09/01/32)

    210       158,649  

2.39%, 01/23/26 (Call 12/23/25)

    173       162,052  

2.78%, 01/23/31 (Call 10/23/30)

    725       615,351  

2.84%, 06/20/30

    84       72,701  

4.13%, 08/25/27(a)

    298       288,604  

7.35%, 07/21/25(a)

    287       297,473  
   

 

 

 
      1,594,830  
Philippines — 0.2%            

Philippine Government International Bond

   

1.65%, 06/10/31

    400       314,808  

1.95%, 01/06/32

    260       206,908  

2.46%, 05/05/30

    290       247,231  

3.00%, 02/01/28

    660       608,388  

3.23%, 03/29/27

    20       18,831  

3.75%, 01/14/29

    325       306,238  

4.63%, 07/17/28

    265       261,529  

5.00%, 07/17/33

    40       40,000  

5.50%, 03/30/26

    402       407,089  

5.61%, 04/13/33

    325       339,294  

6.38%, 01/15/32

    200       217,830  

 

 

106  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Philippines (continued)  

7.50%, 09/25/24(a)

  $ 20     $ 20,203  

7.75%, 01/14/31

    100       116,413  

9.50%, 02/02/30

    507       627,372  

10.63%, 03/16/25

    610       658,940  
   

 

 

 
      4,391,074  
Poland — 0.0%            

Republic of Poland Government International Bond

   

3.25%, 04/06/26

     587       561,871  

5.75%, 11/16/32

    330       343,226  
   

 

 

 
      905,097  
South Korea — 0.1%            

Export-Import Bank of Korea

   

1.25%, 01/18/25

    200       189,118  

1.25%, 09/21/30

    200       156,642  

1.38%, 02/09/31

    625       487,731  

1.63%, 01/18/27

    200       179,428  

1.88%, 02/12/25

    220       209,396  

2.13%, 01/18/32

    20       16,170  

2.63%, 05/26/26

    275       256,121  

2.88%, 01/21/25

    200       193,352  

3.25%, 11/10/25

    380       363,440  

3.25%, 08/12/26

    295       278,238  

4.25%, 09/15/27

    215       209,447  

4.50%, 09/15/32

    200       193,508  

5.00%, 01/11/28

    50       50,085  

5.13%, 01/11/33

    60       60,662  

Korea Development Bank (The)

   

4.25%, 09/08/32

    200       189,416  

4.38%, 02/15/33

    320       305,427  

Korea International Bond

   

2.50%, 06/19/29

    200       179,558  

2.75%, 01/19/27

    250       235,325  

3.50%, 09/20/28

    275       261,643  

5.63%, 11/03/25

    150       150,632  
   

 

 

 
        4,165,339  
Supranational — 1.6%            

African Development Bank

   

0.88%, 03/23/26

    342       310,423  

0.88%, 07/22/26

    365       327,796  

3.38%, 07/07/25

    100       97,229  

4.38%, 11/03/27

    500       498,635  

Asian Development Bank

   

0.38%, 09/03/25

    105       96,051  

0.50%, 02/04/26

    1,000       903,800  

0.63%, 10/08/24

    350       332,717  

0.63%, 04/29/25

    905       841,750  

0.75%, 10/08/30

    70       54,819  

1.00%, 04/14/26

    470       427,780  

1.25%, 06/09/28

    265       229,381  

1.50%, 10/18/24

    620       594,419  

1.50%, 01/20/27

    805       729,000  

1.50%, 03/04/31

    700       575,344  

1.75%, 09/19/29

    568       491,417  

1.88%, 03/15/29

    155       136,104  

1.88%, 01/24/30

    532       458,850  

2.00%, 01/22/25

    490       469,111  

2.00%, 04/24/26

    210       196,079  

2.13%, 03/19/25(a)

    26       24,847  

2.38%, 08/10/27

    35       32,451  
Security   Par
(000)
    Value  
Supranational (continued)  

2.50%, 11/02/27

  $ 184     $ 170,789  

2.63%, 01/12/27

    345       324,510  

2.75%, 01/19/28

    430       401,629  

2.88%, 05/06/25

    105       101,309  

3.13%, 08/20/27(a)

    1,015       966,960  

3.13%, 09/26/28

    210       198,097  

3.13%, 04/27/32

    172       157,846  

3.88%, 09/28/32

    110       106,723  

4.13%, 09/27/24

    20       19,744  

5.82%, 06/16/28

    250       263,870  

Asian Infrastructure Investment Bank (The)

   

0.50%, 10/30/24

     665       628,172  

0.50%, 05/28/25

    425       392,216  

0.50%, 01/27/26

    325       292,796  

3.38%, 06/29/25

    195       188,889  

Council of Europe Development Bank

   

1.38%, 02/27/25

    160       151,384  

3.00%, 06/16/25

    147       141,732  

European Bank for Reconstruction & Development

   

0.50%, 05/19/25

    642       594,280  

0.50%, 11/25/25

    10       9,095  

0.50%, 01/28/26

    80       72,343  

1.50%, 02/13/25

    207       196,447  

4.38%, 03/09/28

    510       509,199  

European Investment Bank

   

0.38%, 12/15/25

    190       172,081  

0.38%, 03/26/26

    1,035       928,923  

0.63%, 07/25/25

    515       475,360  

0.63%, 10/21/27

    185       158,945  

0.75%, 10/26/26

    505       449,167  

0.75%, 09/23/30

    155       122,289  

0.88%, 05/17/30

    410       329,497  

1.25%, 02/14/31

    2,225         1,805,699  

1.38%, 03/15/27

    100       89,862  

1.63%, 03/14/25

    695       659,604  

1.63%, 10/09/29

    155       133,376  

1.63%, 05/13/31

    40       33,228  

1.75%, 03/15/29

    620       542,326  

1.88%, 02/10/25

    687       655,961  

2.13%, 04/13/26

    560       525,207  

2.38%, 05/24/27

    564       523,747  

2.50%, 10/15/24

    120       116,317  

2.75%, 08/15/25

    20       19,206  

3.75%, 02/14/33

    1,155       1,112,415  

Inter-American Development Bank

   

0.50%, 09/23/24

    195       185,219  

0.63%, 07/15/25

    900       831,042  

0.63%, 09/16/27

    195       167,883  

0.88%, 04/03/25

    485       454,038  

0.88%, 04/20/26

    875       793,039  

1.13%, 07/20/28

    995       853,272  

1.13%, 01/13/31

    995       796,935  

1.50%, 01/13/27

    620       561,156  

1.75%, 03/14/25

    725       689,142  

2.00%, 06/02/26

    450       418,995  

2.00%, 07/23/26

    329       305,641  

2.13%, 01/15/25

    780       748,324  

2.25%, 06/18/29

    523       467,159  

2.38%, 07/07/27(a)

    506       469,679  

3.13%, 09/18/28(a)

    630       594,285  

 

 

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

    107  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Supranational (continued)  

3.50%, 09/14/29

  $ 675     $ 646,029  

International Bank for Reconstruction & Development

   

0.38%, 07/28/25

    395       362,590  

0.50%, 10/28/25

    375       342,135  

0.63%, 04/22/25

     1,765       1,642,209  

0.75%, 03/11/25

    145       135,798  

0.75%, 11/24/27

    1,175       1,010,406  

0.75%, 08/26/30

    995       782,219  

0.88%, 07/15/26

    45       40,520  

0.88%, 05/14/30

    1,385       1,107,280  

1.13%, 09/13/28

    885       756,286  

1.25%, 02/10/31

    1,168       943,335  

1.38%, 04/20/28

    965       843,931  

1.63%, 01/15/25

    923       879,757  

1.63%, 11/03/31

    1,145       943,045  

1.75%, 10/23/29

    999       862,237  

1.88%, 10/27/26

    460       423,803  

2.13%, 03/03/25

    631       603,735  

2.50%, 11/25/24

    845       816,819  

2.50%, 07/29/25

    777       743,014  

2.50%, 11/22/27

    750       695,153  

2.50%, 03/29/32(a)

    160       140,402  

3.13%, 11/20/25

    20       19,284  

3.13%, 06/15/27

    145       138,120  

3.63%, 09/21/29

    390       375,843  

International Finance Corp.

   

0.38%, 07/16/25

    210       193,110  

0.75%, 10/08/26

    435       387,254  

0.75%, 08/27/30

    470       369,495  

1.38%, 10/16/24

    190       181,828  

2.13%, 04/07/26

    54       50,650  

Nordic Investment Bank

   

0.38%, 09/11/25

    520       475,285  

2.63%, 04/04/25

    127       122,187  

3.38%, 09/08/27

    57       54,778  
   

 

 

 
        47,993,589  
Sweden — 0.0%            

Svensk Exportkredit AB

   

0.50%, 08/26/25

    195       178,396  

0.63%, 05/14/25

    500       462,925  

2.25%, 03/22/27

    360       331,150  

4.38%, 02/13/26

    10       9,866  

4.63%, 11/28/25

    50       49,590  
   

 

 

 
      1,031,927  
Uruguay — 0.0%            

Uruguay Government International Bond

   

4.38%, 10/27/27

    405       403,440  

4.38%, 01/23/31 (Call 10/23/30)

    518       509,878  
   

 

 

 
      913,318  
   

 

 

 

Total Foreign Government Obligations — 3.1%
(Cost: $99,670,932)

 

    92,350,227  
   

 

 

 

Municipal Debt Obligations

   

California — 0.1%

   

California Earthquake Authority, 5.60%, 07/01/27

    200       199,791  

Los Angeles Community College District/CA GO, 1.81%, 08/01/30

    200       165,631  
Security   Par (000)     Value  
California (continued)  

Regents of the University of California Medical Center Pooled Revenue RB, 4.13%, 05/15/32 (Call 02/15/32)

  $ 40     $ 37,449  

State of California GO

   

1.70%, 02/01/28

    100       87,846  

2.50%, 10/01/29

    550       481,632  

3.38%, 04/01/25

    200       194,334  

6.00%, 03/01/33

    20       21,637  

University of California RB

   

Series AX, 3.06%, 07/01/25 (Call 04/01/25)

    250       240,816  

Series BD, 3.35%, 07/01/29

    190       175,556  

Series BG, 0.88%, 05/15/25 (Call 04/15/25)

    240       223,062  

Series BG, 1.32%, 05/15/27 (Call 03/15/27)

    195       172,582  

Series BG, 1.61%, 05/15/30 (Call 02/15/30)

    250       203,567  
   

 

 

 
        2,203,903  
Florida — 0.0%            

State Board of Administration Finance Corp. RB

   

1.26%, 07/01/25(a)

    340       316,115  

2.15%, 07/01/30

    300       245,997  
   

 

 

 
      562,112  
Illinois — 0.1%            

State of Illinois GO, 5.10%, 06/01/33

     1,690       1,638,940  
   

 

 

 
Louisiana — 0.0%            

Louisiana Local Government Environmental Facilities & Community Development Auth, 5.08%, 06/01/31

    205       204,010  

Louisiana Local Government Environmental Facilities & Community Development Authority RB, 3.62%, 02/01/29

    83       80,526  
   

 

 

 
      284,536  
Massachusetts — 0.0%            

Commonwealth of Massachusetts GO, 4.91%, 05/01/29

    250       250,166  

Commonwealth of Massachusetts RB, 3.77%, 07/15/29

    325       307,677  
   

 

 

 
      557,843  
New Jersey — 0.0%            

New Jersey Economic Development Authority RB, Series A, 7.43%, 02/15/29 (NPFGC)

    300       321,282  

New Jersey Transportation Trust Fund Authority RB BAB, Series C, 5.75%, 12/15/28

    100       101,034  
   

 

 

 
      422,316  
Oregon — 0.0%            

Oregon School Boards Association RB

   

Series B, 5.55%, 06/30/28 (NPFGC)

    200       201,618  

Series B, 5.68%, 06/30/28 (NPFGC)

    255       259,027  
   

 

 

 
      460,645  
Texas — 0.0%            

Texas Transportation Commission State Highway Fund RB, First Class, 5.18%, 04/01/30

    610       613,708  
   

 

 

 

Total Municipal Debt Obligations — 0.2%
(Cost: $7,170,202)

      6,744,003  
   

 

 

 

U.S. Government & Agency Obligations

 

U.S. Government Agency Obligations — 1.1%

   

Federal Farm Credit Banks Funding Corp., 0.25%, 02/26/24

    115       112,088  

Federal Home Loan Banks

   

0.38%, 09/04/25

    75       68,594  

0.50%, 04/14/25

    730       678,681  

 

 

108  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
U.S. Government Agency Obligations (continued)  

1.00%, 03/23/26 (Call 09/23/23)

  $ 127     $ 114,780  

1.50%, 08/15/24

    115       110,843  

2.38%, 09/08/23

    25       24,985  

2.38%, 03/14/25

    50       47,959  

2.50%, 02/13/24

    220       217,034  

2.75%, 12/13/24

    475       459,933  

3.00%, 03/10/28

    75       70,306  

3.13%, 06/13/25

    3,730       3,605,493  

3.25%, 06/09/28

    300       285,213  

3.25%, 11/16/28

    2,470       2,348,896  

Federal Home Loan Mortgage Corp.

   

0.13%, 10/16/23

    75       74,506  

0.25%, 09/08/23

    75       74,922  

0.25%, 11/06/23

    75       74,287  

0.25%, 12/04/23

    1,774       1,750,264  

0.38%, 07/21/25

    1,000       918,850  

0.38%, 09/23/25

    975       889,619  

0.41%, 10/28/24 (Call 10/28/23)

    150       141,689  

1.50%, 02/12/25

     4,938       4,691,248  

6.25%, 07/15/32

    500       570,370  

6.75%, 09/15/29

    50       56,292  

6.75%, 03/15/31

    1,075       1,237,647  

Federal National Mortgage Association

   

0.38%, 08/25/25

    21       19,227  

0.50%, 06/17/25

    2,287       2,112,845  

0.63%, 04/22/25

    270       251,648  

0.75%, 10/08/27

    1,807       1,562,892  

0.88%, 12/18/26 (Call 09/18/23)

    60       53,018  

0.88%, 08/05/30

    2,550       2,023,501  

1.63%, 10/15/24

    25       23,988  

1.63%, 01/07/25

    950       905,587  

1.75%, 07/02/24

    405       392,749  

1.88%, 09/24/26

    2,591       2,394,084  

2.13%, 04/24/26

    25       23,431  

2.50%, 02/05/24

    25       24,689  

2.63%, 09/06/24

    910       886,294  

2.88%, 09/12/23

    350       349,723  

6.03%, 10/08/27

    320       338,160  

6.25%, 05/15/29

    1,285       1,407,383  

6.63%, 11/15/30

    1,075       1,223,877  

7.13%, 01/15/30

    25       28,784  

7.25%, 05/15/30

    170       198,407  
   

 

 

 
        32,844,786  
U.S. Government Obligations — 61.7%            

U.S. Treasury Note/Bond

   

0.25%, 05/31/25

    6,800       6,265,297  

0.25%, 06/30/25(a)

    4,000       3,675,781  

0.25%, 07/31/25

    8,600       7,875,719  

0.25%, 08/31/25

    11,350       10,360,422  

0.25%, 09/30/25

    10,250       9,337,910  

0.25%, 10/31/25

    9,950       9,031,957  

0.38%, 08/15/24

    8,050       7,675,172  

0.38%, 04/30/25

    4,000       3,706,250  

0.38%, 11/30/25

    10,100       9,166,539  

0.38%, 12/31/25

    11,030       9,992,491  

0.38%, 01/31/26

    12,700       11,460,758  

0.50%, 03/31/25

    2,500       2,328,223  

0.50%, 02/28/26

    13,100       11,827,867  

0.50%, 04/30/27

    2,000       1,737,344  

0.50%, 05/31/27

    7,900       6,842,758  
Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)  

0.50%, 06/30/27

  $ 4,000     $ 3,456,250  

0.50%, 10/31/27

    10,100       8,629,977  

0.63%, 10/15/24

    3,000       2,848,242  

0.63%, 07/31/26

    19,200       17,170,500  

0.63%, 03/31/27

    3,850       3,369,652  

0.63%, 11/30/27

    5,000       4,285,156  

0.63%, 12/31/27

    5,200       4,445,188  

0.63%, 05/15/30

    10,000       7,931,250  

0.75%, 11/15/24

    11,000       10,424,219  

0.75%, 03/31/26

    8,700       7,895,930  

0.75%, 04/30/26

    9,400       8,501,125  

0.75%, 05/31/26

    13,640       12,301,575  

0.75%, 08/31/26

    19,000       17,012,422  

0.75%, 01/31/28

    9,000       7,718,203  

0.88%, 06/30/26

    14,600       13,197,031  

0.88%, 09/30/26

    9,000       8,075,391  

0.88%, 11/15/30

    10,000       8,003,125  

1.00%, 12/15/24

    10,740       10,178,667  

1.00%, 07/31/28

    13,000       11,126,172  

1.13%, 01/15/25

    14,500       13,727,422  

1.13%, 10/31/26

    16,000       14,423,750  

1.13%, 02/28/27

    2,800       2,503,375  

1.13%, 02/29/28

    10,000       8,704,688  

1.13%, 08/31/28

    28,300         24,322,524  

1.13%, 02/15/31

     20,500       16,653,047  

1.25%, 08/31/24

    1,000       959,961  

1.25%, 02/28/25

    4,000       3,772,031  

1.25%, 11/30/26

    11,100       10,024,687  

1.25%, 12/31/26

    23,000       20,743,125  

1.25%, 03/31/28

    11,500       10,049,023  

1.25%, 04/30/28

    10,000       8,720,313  

1.25%, 05/31/28

    11,000       9,575,156  

1.25%, 06/30/28

    10,500       9,121,875  

1.25%, 09/30/28

    41,500       35,813,203  

1.25%, 08/15/31

    28,500       23,013,750  

1.38%, 01/31/25

    5,000       4,743,945  

1.38%, 08/31/26

    3,258       2,972,670  

1.38%, 10/31/28

    11,190       9,699,457  

1.38%, 12/31/28

    8,500       7,343,867  

1.38%, 11/15/31

    34,100       27,636,984  

1.50%, 09/30/24

    3,220       3,091,452  

1.50%, 10/31/24

    5,000       4,788,086  

1.50%, 11/30/24

    7,000       6,683,633  

1.50%, 02/15/25

    9,500       9,017,949  

1.50%, 08/15/26

    12,000       10,999,688  

1.50%, 01/31/27

    20,620       18,704,595  

1.50%, 11/30/28

    16,500       14,371,758  

1.50%, 02/15/30

    3,200       2,714,250  

1.63%, 02/15/26

    11,700       10,875,516  

1.63%, 05/15/26

    12,000       11,098,125  

1.63%, 09/30/26

    4,000       3,673,125  

1.63%, 11/30/26

    6,000       5,486,250  

1.63%, 05/15/31

    23,000       19,262,500  

1.75%, 12/31/24

    8,850       8,458,664  

1.75%, 03/15/25

    11,000       10,460,742  

1.75%, 12/31/26

    8,000       7,335,000  

1.75%, 01/31/29

    10,750       9,451,602  

1.88%, 08/31/24

    500       482,988  

1.88%, 06/30/26

    3,000       2,789,766  

1.88%, 07/31/26

    6,000       5,566,875  

 

 

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

    109  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)  

1.88%, 02/28/27

  $ 10,000     $ 9,174,219  

1.88%, 02/28/29

    10,000       8,842,969  

1.88%, 02/15/32

     24,710       20,767,983  

2.00%, 02/15/25

    10,000       9,563,281  

2.00%, 08/15/25

    12,700       12,021,344  

2.00%, 11/15/26

    12,400       11,481,625  

2.13%, 09/30/24

    3,000       2,899,219  

2.13%, 11/30/24

    3,000       2,887,148  

2.13%, 05/15/25

    14,800       14,108,562  

2.25%, 10/31/24

    7,000       6,760,469  

2.25%, 11/15/24

    11,000       10,611,133  

2.25%, 12/31/24

    6,000       5,772,891  

2.25%, 11/15/25

    10,000       9,472,656  

2.25%, 03/31/26

    6,000       5,656,875  

2.25%, 02/15/27

    8,900       8,274,914  

2.25%, 08/15/27

    8,000       7,385,625  

2.25%, 11/15/27

    12,710       11,687,242  

2.38%, 08/15/24

    1,200       1,166,156  

2.38%, 05/15/27

    11,000       10,237,734  

2.38%, 03/31/29

    11,000       9,973,906  

2.38%, 05/15/29

    11,000       9,963,594  

2.50%, 01/31/25

    3,720       3,585,295  

2.50%, 03/31/27

    11,000       10,306,484  

2.63%, 03/31/25

    5,000       4,814,844  

2.63%, 04/15/25

    13,300       12,801,250  

2.63%, 05/31/27

    10,041       9,425,298  

2.63%, 02/15/29

    12,922       11,896,316  

2.63%, 07/31/29

    9,500       8,699,922  

2.75%, 05/15/25

    8,972       8,644,250  

2.75%, 06/30/25

    15,000       14,428,711  

2.75%, 08/31/25

    6,250       5,998,779  

2.75%, 04/30/27

    13,400       12,648,344  

2.75%, 07/31/27

    7,360       6,928,750  

2.75%, 02/15/28

    8,990       8,421,102  

2.75%, 05/31/29

    16,000       14,776,250  

2.75%, 08/15/32

    18,390       16,507,898  

2.88%, 04/30/25

    12,350       11,927,881  

2.88%, 05/31/25

    5,900       5,691,887  

2.88%, 06/15/25

    11,500       11,092,559  

2.88%, 07/31/25

    2,000       1,926,172  

2.88%, 11/30/25

    5,500       5,280,430  

2.88%, 05/15/28

    9,000       8,459,297  

2.88%, 08/15/28

    25,150         23,580,090  

2.88%, 04/30/29

    9,000       8,375,625  

2.88%, 05/15/32

    18,120       16,466,550  

3.00%, 07/31/24

    1,500       1,467,715  

3.00%, 07/15/25

    8,400       8,111,906  

3.00%, 09/30/25

    9,200       8,867,937  

3.00%, 10/31/25

    5,600       5,393,938  

3.13%, 08/15/25

    9,000       8,705,742  

3.13%, 08/31/29

    13,000       12,233,203  

3.25%, 08/31/24

    2,000       1,958,594  

3.25%, 06/30/29

    9,200       8,723,469  

3.38%, 05/15/33

    25,250       23,790,234  

3.50%, 09/15/25

    8,500       8,278,203  

3.50%, 01/31/28

    5,000       4,835,938  

3.50%, 04/30/28

    5,000       4,834,375  

3.50%, 01/31/30

    9,500       9,111,836  

3.50%, 04/30/30

    20,500       19,654,375  

3.50%, 02/15/33

    27,000       25,713,281  
Security  

Par

(000)

    Value  
U.S. Government Obligations (continued)  

3.63%, 05/15/26

  $ 26,800     $ 26,138,375  

3.63%, 03/31/28

    11,350       11,033,441  

3.63%, 05/31/28

    10,000       9,726,562  

3.63%, 03/31/30

    7,900       7,630,906  

3.75%, 04/15/26

    17,300       16,925,617  

3.75%, 05/31/30

    11,000       10,702,656  

3.75%, 06/30/30

     26,000       25,297,187  

3.88%, 03/31/25

    13,000       12,764,375  

3.88%, 01/15/26

    8,000       7,848,750  

3.88%, 11/30/27

    5,000       4,908,594  

3.88%, 12/31/27

    3,000       2,945,391  

3.88%, 09/30/29

    9,500       9,307,773  

3.88%, 11/30/29

    12,000       11,758,125  

3.88%, 12/31/29

    8,000       7,838,125  

3.88%, 08/15/33

    12,000       11,784,375  

4.00%, 12/15/25

    5,000       4,919,141  

4.00%, 02/15/26

    16,900       16,633,297  

4.00%, 02/29/28

    12,000       11,852,813  

4.00%, 06/30/28

    20,000       19,762,500  

4.00%, 10/31/29

    8,700       8,583,094  

4.00%, 02/28/30

    7,200       7,107,750  

4.00%, 07/31/30

    17,000       16,798,125  

4.13%, 01/31/25

    30,700       30,267,082  

4.13%, 06/15/26

    26,700       26,391,281  

4.13%, 09/30/27

    4,000       3,963,125  

4.13%, 10/31/27

    9,940       9,848,366  

4.13%, 07/31/28(a)

    11,000       10,936,406  

4.13%, 08/31/30

    6,000       5,974,688  

4.13%, 11/15/32

    22,000       21,989,687  

4.25%, 09/30/24(a)

    6,490       6,417,241  

4.25%, 12/31/24

    9,700       9,579,887  

4.25%, 05/31/25

    14,900       14,716,660  

4.25%, 10/15/25

    9,000       8,898,750  

4.38%, 10/31/24

    9,700       9,598,074  

4.38%, 08/15/26

    10,000       9,953,906  

4.38%, 08/31/28

    12,000       12,073,125  

4.50%, 11/15/25

    9,930       9,867,937  

4.63%, 02/28/25

    10,400       10,327,281  

4.63%, 03/15/26

    20,000       19,985,938  

4.75%, 06/30/25

    15,800       15,711,742  

4.75%, 07/31/25

    13,700       13,662,539  

4.75%, 07/15/26

    25,300       25,256,516  

5.25%, 11/15/28

    950       990,598  

5.25%, 02/15/29

    150       156,621  

5.38%, 02/15/31

    500       537,188  

5.50%, 08/15/28

    8,500       8,938,945  

6.00%, 02/15/26

    500       513,359  

6.13%, 08/15/29

    1,000       1,096,016  

6.50%, 11/15/26

    4,000       4,225,938  

6.88%, 08/15/25

    1,000       1,034,844  

7.50%, 11/15/24

    550       564,137  
   

 

 

 
      1,846,511,104  
   

 

 

 

Total U.S. Government & Agency Obligations — 62.8%
(Cost: $1,996,320,648)

 

    1,879,355,890  
   

 

 

 

Total Long-Term Investments — 98.9%
(Cost: $3,146,612,443)

 

      2,958,664,087  
   

 

 

 

 

 

110  

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® Intermediate Government/Credit Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Shares

(000)

    Value  

 

 
Short-Term Securities            
Money Market Funds — 1.5%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(f)(g)(h)

    45,151     $ 45,151,164  
   

 

 

 

Total Short-Term Securities — 1.5%
(Cost: $45,151,164)

      45,151,164  
   

 

 

 

Total Investments — 100.4%
(Cost: $3,191,763,607)

      3,003,815,251  

Liabilities in Excess of Other Assets — (0.4)%

 

    (12,381,039
   

 

 

 

Net Assets — 100.0%

    $  2,991,434,212  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(e) 

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

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

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

  $ 26,209,320           $ 18,941,844 (a)    $     $     $     $ 45,151,164       45,151     $ 316,413 (b)    $  
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
    Level 1     Level 2     Level 3     Total  

 

 

Assets

       

Investments

       

Long-Term Investments

       

Corporate Bonds & Notes

  $     —     $ 980,213,967     $     —     $ 980,213,967  

Foreign Government Obligations

          92,350,227             92,350,227  

Municipal Debt Obligations

          6,744,003             6,744,003  

U.S. Government & Agency Obligations

          1,879,355,890             1,879,355,890  

 

 

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

    111  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Intermediate Government/Credit Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

 

 

 
    Level 1     Level 2     Level 3     Total  

 

 

Short-Term Securities

       

Money Market Funds

  $ 45,151,164     $     $     —     $ 45,151,164  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $  45,151,164     $ 2,958,664,087     $     $ 3,003,815,251  
 

 

 

   

 

 

   

 

 

   

 

 

 

See notes to financial statements.

 

 

112  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

U.S. Government Agency Obligations

 

 
Mortgage-Backed Securities — 100.8%            

Federal Home Loan Mortgage Corp.

   

2.00%, 03/01/28

  $ 40     $ 37,668  

2.00%, 05/01/28

    8       7,600  

2.00%, 08/01/28

    129       121,774  

2.00%, 09/01/28

    74       69,637  

2.00%, 12/01/28

    28       26,068  

2.00%, 01/01/30

    99       93,192  

2.00%, 10/01/37

    6,587       5,773,615  

2.00%, 06/01/50

    8,427       6,757,854  

2.00%, 11/01/50

     25,423         20,347,717  

2.00%, 06/01/52

    10,026       7,979,379  

2.50%, 12/01/25

    127       123,129  

2.50%, 03/01/27

    19       18,231  

2.50%, 06/01/27

    22       21,450  

2.50%, 07/01/27

    204       195,555  

2.50%, 08/01/27

    379       364,615  

2.50%, 09/01/27

    442       423,946  

2.50%, 11/01/27

    203       194,841  

2.50%, 12/01/27

    4       3,634  

2.50%, 01/01/28

    7       6,308  

2.50%, 02/01/28

    2,937       2,819,722  

2.50%, 03/01/28

    410       394,066  

2.50%, 04/01/28

    292       280,238  

2.50%, 05/01/28

    60       57,789  

2.50%, 06/01/28

    91       87,374  

2.50%, 07/01/28

    229       219,433  

2.50%, 09/01/28

    67       64,509  

2.50%, 07/01/29

    1,210       1,161,844  

2.50%, 08/01/29

    120       115,621  

2.50%, 10/01/29

    149       143,080  

2.50%, 12/01/29

    830       796,080  

2.50%, 01/01/30

    4,962       4,763,068  

2.50%, 02/01/30

    581       555,972  

2.50%, 03/01/30

    2,661       2,492,397  

2.50%, 04/01/30

    3,310       3,101,431  

2.50%, 05/01/30

    3,476       3,256,155  

2.50%, 06/01/30

    9,052       8,480,013  

2.50%, 07/01/30

    713       668,302  

2.50%, 08/01/30

    305       285,270  

2.50%, 09/01/30

    288       269,866  

2.50%, 10/01/30

    6       5,801  

2.50%, 12/01/30

    11       10,418  

2.50%, 01/01/31

    36       33,614  

2.50%, 04/01/31

    4       3,453  

2.50%, 06/01/31

    773       714,793  

2.50%, 08/01/31

    1,045       966,611  

2.50%, 09/01/31

    835       772,466  

2.50%, 10/01/31

    4,215       3,897,188  

2.50%, 11/01/31

    4,774       4,414,635  

2.50%, 12/01/31

    12,029       11,123,049  

2.50%, 01/01/32

    15,956       14,754,833  

2.50%, 02/01/32

    9,399       8,691,324  

2.50%, 07/01/32

    1,245       1,145,545  

2.50%, 08/01/32

    1,278       1,175,227  

2.50%, 09/01/32

    5,825       5,389,224  

2.50%, 10/01/32

    1,114       1,024,769  

2.50%, 11/01/32

    10,474       9,634,205  

2.50%, 12/01/32

    585       537,938  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

2.50%, 01/01/33

  $ 5,768     $ 5,306,383  

2.50%, 02/01/33

    847       779,276  

2.50%, 04/01/33

    1,035       944,226  

2.50%, 08/01/33

    389       346,826  

2.50%, 06/01/34

    392       354,836  

2.50%, 03/01/37

     81,694         73,829,159  

2.50%, 04/01/37

    17,797       16,102,742  

2.50%, 01/01/43

    57       48,968  

2.50%, 02/01/43

    638       547,266  

2.50%, 03/01/43

    89       76,386  

2.50%, 04/01/43

    342       293,114  

2.50%, 06/01/43

    271       232,520  

2.50%, 07/01/43

    1,123       962,160  

2.50%, 08/01/43

    117       99,960  

2.50%, 04/01/45

    92       78,270  

2.50%, 07/01/45

    14       11,750  

2.50%, 01/01/46

    120       101,623  

2.50%, 11/01/46

    66       55,817  

2.50%, 12/01/46

    887       754,267  

2.50%, 01/01/47

    921       783,146  

2.50%, 02/01/47

    16       13,986  

2.50%, 03/01/47

    1,886       1,603,376  

2.50%, 03/01/51

    5,120       4,267,916  

2.50%, 05/01/51

    8,115       6,767,574  

2.50%, 06/01/51

    6,380       5,308,726  

2.50%, 10/01/51

    8,727       7,308,054  

2.50%, 02/01/52

    1,648       1,369,096  

2.50%, 03/01/52

    16,442       13,636,039  

2.50%, 04/01/53

    18,035       14,957,211  

3.00%, 12/01/25

    3       3,337  

3.00%, 01/01/26

    8       7,796  

3.00%, 10/01/26

    116       112,327  

3.00%, 11/01/26

    148       142,422  

3.00%, 12/01/26

    104       99,660  

3.00%, 01/01/27

    7       6,950  

3.00%, 02/01/27

    339       328,078  

3.00%, 03/01/27

    5       5,259  

3.00%, 04/01/27

    458       444,334  

3.00%, 05/01/27

    1,952       1,893,842  

3.00%, 06/01/27

    691       670,769  

3.00%, 07/01/27

    67       64,595  

3.00%, 08/01/27

    205       199,230  

3.00%, 09/01/27

    2,097       2,035,132  

3.00%, 11/01/27

    372       360,474  

3.00%, 12/01/27

    162       157,379  

3.00%, 01/01/28

    57       55,398  

3.00%, 04/01/28

    21       20,841  

3.00%, 05/01/28

    196       189,878  

3.00%, 06/01/28

    543       526,511  

3.00%, 07/01/28

    7       6,563  

3.00%, 09/01/28

    1,362       1,321,089  

3.00%, 10/01/28

    282       274,228  

3.00%, 11/01/28

    46       45,065  

3.00%, 01/01/29

    201       195,273  

3.00%, 04/01/29

    2,127       2,060,554  

3.00%, 05/01/29

    3,466       3,358,505  

3.00%, 06/01/29

    265       256,928  

3.00%, 07/01/29

    350       339,398  

3.00%, 09/01/29

    31       29,777  

3.00%, 10/01/29

    93       90,124  

 

 

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

    113  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.00%, 11/01/29

  $ 788     $ 763,233  

3.00%, 12/01/29

    947       917,484  

3.00%, 01/01/30

    157       152,115  

3.00%, 02/01/30

    1,641       1,589,664  

3.00%, 03/01/30

    259       246,194  

3.00%, 05/01/30

    1,854       1,764,556  

3.00%, 06/01/30

    2,427       2,333,440  

3.00%, 07/01/30

    1,439       1,365,856  

3.00%, 08/01/30

    277       262,578  

3.00%, 09/01/30

    1,799       1,708,762  

3.00%, 10/01/30

    418       397,179  

3.00%, 11/01/30

    681       646,433  

3.00%, 12/01/30

    453       430,106  

3.00%, 01/01/31

    915       868,797  

3.00%, 02/01/31

    3,100       2,903,602  

3.00%, 03/01/31

    1,789       1,675,982  

3.00%, 05/01/31

     4,578         4,288,386  

3.00%, 06/01/31

    3,957       3,706,426  

3.00%, 07/01/31

    361       338,182  

3.00%, 09/01/31

    897       840,351  

3.00%, 10/01/31

    132       125,081  

3.00%, 12/01/31

    518       485,050  

3.00%, 01/01/32

    1,558       1,459,284  

3.00%, 02/01/32

    442       412,924  

3.00%, 03/01/32

    3,439       3,218,592  

3.00%, 07/01/32

    287       267,595  

3.00%, 08/01/32

    928       866,277  

3.00%, 09/01/32

    2,273       2,121,364  

3.00%, 10/01/32

    380       355,022  

3.00%, 11/01/32

    4,695       4,382,505  

3.00%, 12/01/32

    4,210       3,916,806  

3.00%, 01/01/33

    3,263       3,045,328  

3.00%, 02/01/33

    2,655       2,462,713  

3.00%, 03/01/33

    56       52,386  

3.00%, 05/01/33

    7,324       6,841,480  

3.00%, 07/01/33

    1,376       1,284,433  

3.00%, 08/01/33

    467       435,445  

3.00%, 11/01/33

    319       297,594  

3.00%, 03/01/42

    19       16,731  

3.00%, 08/01/42

    6       5,148  

3.00%, 10/01/42

    602       535,555  

3.00%, 11/01/42

    12,743       11,327,352  

3.00%, 12/01/42

    43       37,956  

3.00%, 01/01/43

    4,512       4,009,916  

3.00%, 02/01/43

    3,272       2,909,501  

3.00%, 03/01/43

    1,019       905,486  

3.00%, 04/01/43

    616       547,249  

3.00%, 05/01/43

    1,489       1,322,869  

3.00%, 06/01/43

    879       780,112  

3.00%, 07/01/43

    1,832       1,627,454  

3.00%, 08/01/43

    896       796,347  

3.00%, 09/01/43

    2,180       1,937,747  

3.00%, 10/01/43

    1,004       892,249  

3.00%, 04/01/44

    45       39,670  

3.00%, 01/01/45

    7       6,017  

3.00%, 02/01/45

    1,264       1,119,165  

3.00%, 03/01/45

    213       187,916  

3.00%, 04/01/45

    22,111       19,479,003  

3.00%, 05/01/45

    6,757       5,954,142  

3.00%, 06/01/45

    811       714,553  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.00%, 07/01/45

  $ 2,435     $ 2,144,760  

3.00%, 08/01/45

    583       513,897  

3.00%, 10/01/45

    154       136,098  

3.00%, 11/01/45

    548       482,812  

3.00%, 12/01/45

    5,312       4,679,653  

3.00%, 01/01/46

    1,559       1,373,364  

3.00%, 02/01/46

    112       98,799  

3.00%, 03/01/46

    17,794       15,668,438  

3.00%, 04/01/46

    438       385,301  

3.00%, 05/01/46

    460       405,111  

3.00%, 06/01/46

    904       795,804  

3.00%, 07/01/46

    581       511,696  

3.00%, 08/01/46

    13,518       11,906,167  

3.00%, 09/01/46

    10,975       9,714,334  

3.00%, 10/01/46

     25,721         22,645,252  

3.00%, 11/01/46

    26,621       23,439,845  

3.00%, 12/01/46

    43,789       38,557,101  

3.00%, 01/01/47

    10,331       9,101,315  

3.00%, 02/01/47

    49,292       43,415,039  

3.00%, 03/01/47

    874       769,266  

3.00%, 04/01/47

    1,187       1,037,366  

3.00%, 05/01/47

    14,791       13,023,942  

3.00%, 06/01/47

    13,418       11,814,600  

3.00%, 07/01/47

    12,422       10,937,951  

3.00%, 08/01/47

    2,222       1,956,367  

3.00%, 10/01/47

    4,049       3,565,174  

3.00%, 11/01/47

    434       382,096  

3.00%, 12/01/47

    720       635,996  

3.00%, 01/01/48

    2,529       2,225,868  

3.00%, 02/01/48

    888       781,671  

3.00%, 07/01/48

    321       280,632  

3.00%, 10/01/48

    379       331,044  

3.00%, 11/01/48

    687       599,542  

3.00%, 02/01/52

    6,933       6,039,003  

3.50%, 10/01/23

    1       892  

3.50%, 10/01/23

    0 (a)      112  

3.50%, 11/01/23

    0 (a)      166  

3.50%, 10/01/25

    37       35,691  

3.50%, 11/01/25

    1,294       1,262,423  

3.50%, 12/01/25

    12       11,272  

3.50%, 01/01/26

    38       36,824  

3.50%, 02/01/26

    141       137,370  

3.50%, 03/01/26

    358       349,183  

3.50%, 04/01/26

    39       37,710  

3.50%, 05/01/26

    19       18,514  

3.50%, 06/01/26

    127       124,314  

3.50%, 06/01/26

    0 (a)      470  

3.50%, 07/01/26

    161       156,004  

3.50%, 08/01/26

    244       237,269  

3.50%, 09/01/26

    6       5,764  

3.50%, 10/01/26

    425       414,115  

3.50%, 01/01/27

    17       16,659  

3.50%, 02/01/27

    1       1,306  

3.50%, 03/01/27

    94       92,140  

3.50%, 04/01/27

    13       12,558  

3.50%, 01/01/28

    205       197,585  

3.50%, 12/01/28

    48       47,227  

3.50%, 02/01/29

    13       13,064  

3.50%, 03/01/29

    9       9,109  

3.50%, 06/01/29

    935       913,205  

 

 

114  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.50%, 07/01/29

  $ 89     $ 87,366  

3.50%, 08/01/29

    130       126,613  

3.50%, 09/01/29

    16       15,323  

3.50%, 10/01/29

    759       742,431  

3.50%, 11/01/29

    11       10,391  

3.50%, 01/01/30

    13       13,085  

3.50%, 06/01/30

    127       121,170  

3.50%, 09/01/30

    15       14,734  

3.50%, 05/01/31

    1,770       1,703,498  

3.50%, 01/01/32

    991       947,345  

3.50%, 03/01/32

    131       124,238  

3.50%, 04/01/32

    1,669       1,592,331  

3.50%, 05/01/32

    1,520       1,451,331  

3.50%, 06/01/32

    1,303       1,242,261  

3.50%, 07/01/32

    1,655       1,578,192  

3.50%, 09/01/32

    955       908,817  

3.50%, 01/01/33

    757       720,401  

3.50%, 02/01/33

    325       309,833  

3.50%, 03/01/33

    1,468       1,395,430  

3.50%, 06/01/33

    1,243       1,180,139  

3.50%, 07/01/33

    778       738,875  

3.50%, 09/01/33

    673       639,516  

3.50%, 05/01/35

    6,678       6,313,139  

3.50%, 03/01/38

    5,507       5,155,725  

3.50%, 06/01/38

     5,603         5,228,206  

3.50%, 02/01/41

    11       10,161  

3.50%, 10/01/41

    13       12,379  

3.50%, 11/01/41

    41       38,093  

3.50%, 01/01/42

    142       130,817  

3.50%, 02/01/42

    227       208,844  

3.50%, 03/01/42

    1,776       1,634,205  

3.50%, 04/01/42

    1,590       1,462,060  

3.50%, 05/01/42

    1,129       1,038,862  

3.50%, 06/01/42

    499       459,655  

3.50%, 08/01/42

    53       48,339  

3.50%, 09/01/42

    4,079       3,754,079  

3.50%, 10/01/42

    1,382       1,271,185  

3.50%, 11/01/42

    807       742,930  

3.50%, 01/01/43

    922       848,936  

3.50%, 02/01/43

    933       858,835  

3.50%, 04/01/43

    16       14,728  

3.50%, 06/01/43

    2,686       2,470,468  

3.50%, 07/01/43

    2,776       2,554,150  

3.50%, 08/01/43

    14       13,000  

3.50%, 09/01/43

    14       13,218  

3.50%, 01/01/44

    186       171,351  

3.50%, 08/01/44

    406       372,282  

3.50%, 09/01/44

    1,453       1,336,732  

3.50%, 10/01/44

    8,575       7,843,444  

3.50%, 11/01/44

    503       459,870  

3.50%, 12/01/44

    4,776       4,368,400  

3.50%, 02/01/45

    1,070       983,872  

3.50%, 03/01/45

    4,284       3,932,053  

3.50%, 04/01/45

    3       2,822  

3.50%, 05/01/45

    46       42,209  

3.50%, 06/01/45

    544       498,854  

3.50%, 08/01/45

    12,177       11,180,004  

3.50%, 09/01/45

    6       5,901  

3.50%, 11/01/45

    340       311,647  

3.50%, 12/01/45

    6,232       5,681,819  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.50%, 01/01/46

  $ 5,433     $ 4,965,463  

3.50%, 03/01/46

    5,904       5,362,507  

3.50%, 04/01/46

    1,817       1,652,131  

3.50%, 05/01/46

    20,533       18,667,406  

3.50%, 06/01/46

    5,750       5,271,528  

3.50%, 07/01/46

    5,493       4,989,850  

3.50%, 08/01/46

    4,612       4,198,516  

3.50%, 09/01/46

    5,812       5,311,039  

3.50%, 10/01/46

    534       484,947  

3.50%, 11/01/46

    1,025       932,715  

3.50%, 12/01/46

    6,530       5,953,310  

3.50%, 01/01/47

    1,623       1,476,105  

3.50%, 02/01/47

    5,817       5,299,084  

3.50%, 03/01/47

    7,227       6,572,438  

3.50%, 04/01/47

    2,600       2,367,048  

3.50%, 05/01/47

    4,863       4,431,133  

3.50%, 06/01/47

    152       138,350  

3.50%, 07/01/47

    5,839       5,306,737  

3.50%, 08/01/47

    3,286       2,997,696  

3.50%, 09/01/47

    24,139       21,995,346  

3.50%, 10/01/47

    726       659,756  

3.50%, 11/01/47

    1,972       1,791,431  

3.50%, 12/01/47

    6,338       5,779,769  

3.50%, 01/01/48

    1,166       1,060,268  

3.50%, 02/01/48

    2,552       2,292,429  

3.50%, 03/01/48

    11,978       10,881,183  

3.50%, 04/01/48

    2,547       2,326,240  

3.50%, 05/01/48

    14,970       13,613,593  

3.50%, 09/01/48

    2,661       2,435,542  

3.50%, 04/01/49

    2,831       2,578,752  

3.50%, 05/01/49

    1,019       928,400  

3.50%, 06/01/49

    3,155       2,860,898  

3.50%, 05/01/51

     24,553         22,202,705  

3.50%, 01/01/52

    7,243       6,514,556  

3.50%, 03/01/52

    9,149       8,194,093  

3.50%, 05/01/52

    6,928       6,216,955  

4.00%, 04/01/24

    0 (a)      824  

4.00%, 05/01/24

    3       2,436  

4.00%, 05/01/24

    0 (a)      78  

4.00%, 06/01/24

    0 (a)      182  

4.00%, 07/01/24

    2       1,532  

4.00%, 08/01/24

    0 (a)      354  

4.00%, 09/01/24

    2       1,552  

4.00%, 11/01/24

    2       2,055  

4.00%, 12/01/24

    0 (a)      251  

4.00%, 12/01/24

    3       3,428  

4.00%, 01/01/25

    2       2,149  

4.00%, 02/01/25

    0 (a)      558  

4.00%, 02/01/25

    5       4,555  

4.00%, 03/01/25

    4       3,110  

4.00%, 03/01/25

    0 (a)      285  

4.00%, 04/01/25

    4       3,289  

4.00%, 05/01/25

    203       199,959  

4.00%, 06/01/25

    0 (a)      616  

4.00%, 06/01/25

    6       5,853  

4.00%, 07/01/25

    6       6,464  

4.00%, 07/01/25

    0 (a)      171  

4.00%, 08/01/25

    15       14,014  

4.00%, 09/01/25

    0 (a)      201  

4.00%, 10/01/25

    185       180,698  

 

 

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

    115  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 02/01/26

  $ 195     $ 191,259  

4.00%, 03/01/26

    0 (a)      447  

4.00%, 04/01/26

    3       2,866  

4.00%, 04/01/26

    0 (a)      225  

4.00%, 05/01/26

    10       9,835  

4.00%, 07/01/26

    5       4,902  

4.00%, 05/01/33

    908       878,033  

4.00%, 09/01/33

    1       769  

4.00%, 11/01/33

    11       10,743  

4.00%, 01/01/34

    164       158,892  

4.00%, 11/01/34

    514       498,803  

4.00%, 07/01/37

    555       535,144  

4.00%, 07/01/38

    2,134       2,053,162  

4.00%, 04/01/39

    15       13,290  

4.00%, 06/01/39

    26       24,808  

4.00%, 07/01/39

    59       56,032  

4.00%, 08/01/39

    8       7,373  

4.00%, 09/01/39

    9       8,350  

4.00%, 10/01/39

    73       69,050  

4.00%, 11/01/39

    14       12,967  

4.00%, 12/01/39

    22       21,302  

4.00%, 01/01/40

    42       40,220  

4.00%, 02/01/40

    8       7,538  

4.00%, 03/01/40

    3       3,030  

4.00%, 05/01/40

    18       16,866  

4.00%, 06/01/40

    6       5,396  

4.00%, 09/01/40

    9       8,534  

4.00%, 10/01/40

    100       94,954  

4.00%, 12/01/40

    832       789,836  

4.00%, 01/01/41

    195       185,379  

4.00%, 02/01/41

    214       203,765  

4.00%, 04/01/41

    39       37,005  

4.00%, 06/01/41

    32       30,223  

4.00%, 07/01/41

    19       18,481  

4.00%, 08/01/41

    35       32,741  

4.00%, 09/01/41

     2,729         2,593,413  

4.00%, 10/01/41

    104       97,885  

4.00%, 11/01/41

    331       314,425  

4.00%, 12/01/41

    70       66,411  

4.00%, 01/01/42

    30       28,261  

4.00%, 02/01/42

    4,898       4,654,353  

4.00%, 03/01/42

    44       41,832  

4.00%, 05/01/42

    146       138,840  

4.00%, 07/01/42

    306       290,137  

4.00%, 08/01/42

    1,668       1,583,082  

4.00%, 04/01/43

    1,593       1,509,608  

4.00%, 08/01/43

    243       231,059  

4.00%, 10/01/43

    163       154,149  

4.00%, 11/01/43

    4       3,354  

4.00%, 12/01/43

    776       735,919  

4.00%, 01/01/44

    55       52,230  

4.00%, 02/01/44

    889       842,362  

4.00%, 03/01/44

    20       18,857  

4.00%, 04/01/44

    462       438,333  

4.00%, 05/01/44

    444       419,907  

4.00%, 06/01/44

    1,382       1,305,891  

4.00%, 07/01/44

    2,253       2,131,560  

4.00%, 08/01/44

    24       22,506  

4.00%, 09/01/44

    564       533,075  

4.00%, 10/01/44

    337       318,617  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 11/01/44

  $ 218     $ 206,092  

4.00%, 12/01/44

    869       820,970  

4.00%, 01/01/45

    1,060       1,002,989  

4.00%, 02/01/45

    6,531       6,174,758  

4.00%, 04/01/45

    4,499       4,252,815  

4.00%, 06/01/45

    12       11,738  

4.00%, 07/01/45

    1,139       1,075,735  

4.00%, 08/01/45

    21       19,503  

4.00%, 09/01/45

    2,230       2,107,897  

4.00%, 10/01/45

    913       862,313  

4.00%, 11/01/45

    752       710,676  

4.00%, 12/01/45

    537       506,918  

4.00%, 01/01/46

    1,095       1,032,016  

4.00%, 02/01/46

    970       916,371  

4.00%, 03/01/46

    982       923,623  

4.00%, 04/01/46

    917       862,150  

4.00%, 05/01/46

    3,766       3,539,600  

4.00%, 06/01/46

    111       103,503  

4.00%, 07/01/46

    2,015       1,905,045  

4.00%, 08/01/46

    47       44,198  

4.00%, 09/01/46

    952       894,544  

4.00%, 10/01/46

    843       796,771  

4.00%, 11/01/46

    15,087       14,183,694  

4.00%, 12/01/46

    31       29,093  

4.00%, 01/01/47

    202       190,183  

4.00%, 02/01/47

    4,241       3,986,999  

4.00%, 04/01/47

    175       163,865  

4.00%, 06/01/47

    2,891       2,715,509  

4.00%, 07/01/47

    801       752,092  

4.00%, 08/01/47

    2,826       2,643,767  

4.00%, 09/01/47

    96       90,037  

4.00%, 10/01/47

    849       796,409  

4.00%, 11/01/47

    3,444       3,231,375  

4.00%, 12/01/47

    5,459       5,108,462  

4.00%, 01/01/48

    3,500       3,292,776  

4.00%, 02/01/48

    8,980       8,457,425  

4.00%, 04/01/48

    1,153       1,077,557  

4.00%, 05/01/48

    558       525,489  

4.00%, 06/01/48

     12,813         12,038,865  

4.00%, 07/01/48

    69       64,607  

4.00%, 08/01/48

    1,227       1,151,151  

4.00%, 09/01/48

    1,111       1,042,150  

4.00%, 10/01/48

    8,680       8,142,476  

4.00%, 11/01/48

    2,134       1,997,463  

4.00%, 12/01/48

    2,630       2,467,776  

4.00%, 01/01/49

    4,159       3,907,609  

4.00%, 02/01/49

    18,073       16,953,768  

4.00%, 03/01/49

    896       839,139  

4.00%, 04/01/49

    2,634       2,447,122  

4.00%, 05/01/49

    678       634,650  

4.00%, 08/01/51

    7,240       6,772,755  

4.00%, 02/01/52

    3,427       3,167,441  

4.00%, 02/01/53

    72,242       67,145,838  

4.03%, 11/01/40, (12-mo. LIBOR US + 1.775%)(b)

    6       6,299  

4.13%, 09/01/41, (12-mo. LIBOR US + 1.880%)(b)

    320       320,490  

4.15%, 11/01/40, (12-mo. LIBOR US + 1.900%)(b)

    74       74,009  

 

 

116  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.15%, 01/01/42, (12-mo. LIBOR US + 1.900%)(b)

  $ 149     $ 146,704  

4.32%, 11/01/40, (12-mo. LIBOR US + 1.910%)(b)

    173       173,844  

4.38%, 12/01/33, (1-year CMT + 2.250%)(b)

    42       41,643  

4.50%, 01/01/24

    0 (a)      90  

4.50%, 02/01/24

    0 (a)      39  

4.50%, 04/01/24

    2       1,768  

4.50%, 07/01/24

    34       34,351  

4.50%, 07/01/24

    0 (a)      86  

4.50%, 08/01/24

    11       11,234  

4.50%, 09/01/24

    27       26,528  

4.50%, 09/01/24

    0 (a)      431  

4.50%, 10/01/24

    38       37,152  

4.50%, 11/01/24

    6       6,323  

4.50%, 04/01/25

    3       2,901  

4.50%, 05/01/25

    1       1,152  

4.50%, 07/01/25

    2       1,588  

4.50%, 08/01/25

    4       4,844  

4.50%, 09/01/25

    5       4,728  

4.50%, 09/01/26

    4       3,835  

4.50%, 08/01/30

    580       573,649  

4.50%, 08/01/33

    2       1,908  

4.50%, 03/01/34

    0 (a)      409  

4.50%, 04/01/34

    2       1,456  

4.50%, 05/01/34

    0 (a)      305  

4.50%, 06/01/34

    0 (a)      440  

4.50%, 06/01/35

    1       1,315  

4.50%, 08/01/35

    44       42,569  

4.50%, 10/01/35

    2       2,477  

4.50%, 11/01/35

    18       17,883  

4.50%, 01/01/36

    3       3,041  

4.50%, 08/01/36

    7       6,915  

4.50%, 06/01/38

    34       33,779  

4.50%, 07/01/38

    1       1,334  

4.50%, 10/01/38

    0 (a)      442  

4.50%, 02/01/39

    35       34,034  

4.50%, 02/01/39

    0 (a)      260  

4.50%, 03/01/39

    2,214       2,163,767  

4.50%, 03/01/39

    0 (a)      625  

4.50%, 04/01/39

    0 (a)      436  

4.50%, 04/01/39

    32       30,382  

4.50%, 05/01/39

    2,171       2,120,217  

4.50%, 06/01/39

    61       59,215  

4.50%, 07/01/39

    152       147,800  

4.50%, 08/01/39

    55       53,037  

4.50%, 09/01/39

    227       222,336  

4.50%, 10/01/39

     1,990         1,944,461  

4.50%, 11/01/39

    52       51,546  

4.50%, 12/01/39

    69       67,102  

4.50%, 01/01/40

    55       53,143  

4.50%, 02/01/40

    278       272,498  

4.50%, 03/01/40

    8       7,964  

4.50%, 04/01/40

    75       73,504  

4.50%, 05/01/40

    54       52,636  

4.50%, 06/01/40

    17       15,878  

4.50%, 07/01/40

    49       48,329  

4.50%, 08/01/40

    168       163,441  

4.50%, 09/01/40

    1,207       1,178,442  

4.50%, 10/01/40

    14       13,925  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.50%, 11/01/40

  $ 1     $ 1,190  

4.50%, 01/01/41

    4       3,682  

4.50%, 02/01/41

    2,479       2,417,075  

4.50%, 03/01/41

    76       74,193  

4.50%, 04/01/41

    112       109,209  

4.50%, 05/01/41

    3,111       3,035,363  

4.50%, 06/01/41

    4,053       3,950,720  

4.50%, 07/01/41

    67       65,079  

4.50%, 08/01/41

    528       514,742  

4.50%, 10/01/41

    147       143,412  

4.50%, 11/01/41

    8       7,964  

4.50%, 01/01/42

    5       4,406  

4.50%, 03/01/42

    25       24,401  

4.50%, 05/01/42

    1,786       1,742,772  

4.50%, 09/01/43

    1,414       1,375,008  

4.50%, 10/01/43

    881       857,905  

4.50%, 11/01/43

    162       156,679  

4.50%, 12/01/43

    146       142,160  

4.50%, 01/01/44

    116       112,767  

4.50%, 02/01/44

    445       432,390  

4.50%, 03/01/44

    1,143       1,112,912  

4.50%, 04/01/44

    5       5,047  

4.50%, 05/01/44

    128       125,452  

4.50%, 06/01/44

    140       136,448  

4.50%, 07/01/44

    148       144,784  

4.50%, 08/01/44

    24       23,619  

4.50%, 09/01/44

    52       50,505  

4.50%, 10/01/44

    387       376,576  

4.50%, 11/01/44

    591       575,235  

4.50%, 12/01/44

    1,122       1,090,052  

4.50%, 01/01/45

    1,526       1,486,012  

4.50%, 03/01/45

    323       314,132  

4.50%, 06/01/45

    195       189,660  

4.50%, 07/01/45

    1,251       1,219,014  

4.50%, 08/01/45

    468       455,333  

4.50%, 09/01/45

    414       402,750  

4.50%, 10/01/45

    333       324,209  

4.50%, 11/01/45

    66       64,179  

4.50%, 01/01/46

    407       395,395  

4.50%, 03/01/46

    334       325,204  

4.50%, 04/01/46

    307       297,739  

4.50%, 05/01/46

    1,054       1,021,457  

4.50%, 06/01/46

    4,590       4,467,023  

4.50%, 07/01/46

    1,676       1,623,863  

4.50%, 08/01/46

    147       142,572  

4.50%, 09/01/46

    2,712       2,639,176  

4.50%, 02/01/47

    694       673,084  

4.50%, 04/01/47

    156       150,795  

4.50%, 05/01/47

    1,110       1,073,080  

4.50%, 06/01/47

    1,240       1,198,769  

4.50%, 08/01/47

    678       655,078  

4.50%, 09/01/47

    744       722,662  

4.50%, 05/01/48

    1,143       1,104,291  

4.50%, 06/01/48

    1,454       1,402,650  

4.50%, 07/01/48

    818       786,855  

4.50%, 08/01/48

    1,294       1,249,533  

4.50%, 09/01/48

    1,044       1,008,271  

4.50%, 10/01/48

     9,145         8,827,648  

4.50%, 11/01/48

    3,170       3,062,076  

4.50%, 12/01/48

    4,814       4,646,413  

 

 

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

    117  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.50%, 01/01/49

  $ 872     $ 842,213  

4.50%, 02/01/49

    760       733,757  

4.50%, 03/01/49

    2,594       2,501,390  

4.50%, 06/01/52

    23,014       21,852,161  

4.50%, 04/01/53

    9,839       9,340,926  

4.89%, 12/01/38, (12-mo. LIBOR US + 1.767%)(b)

    275       274,398  

4.93%, 08/01/41, (12-mo. LIBOR US + 1.702%)(b)

    49       48,917  

4.94%, 05/01/42, (12-mo. LIBOR US + 1.802%)(b)

    318       317,655  

5.00%, 12/01/23

    1       536  

5.00%, 01/01/24

    0 (a)      15  

5.00%, 07/01/24

    0 (a)      34  

5.00%, 10/01/24

    1       521  

5.00%, 12/01/24

    0 (a)      546  

5.00%, 06/01/25

    1       623  

5.00%, 08/01/25

    147       145,299  

5.00%, 06/01/26

    2       2,120  

5.00%, 06/01/26

    0 (a)      248  

5.00%, 02/01/30

    4       3,885  

5.00%, 04/01/33

    2       1,731  

5.00%, 06/01/33

    181       179,892  

5.00%, 08/01/33

    39       38,575  

5.00%, 09/01/33

    50       48,578  

5.00%, 10/01/33

    93       92,522  

5.00%, 11/01/33

    39       38,302  

5.00%, 12/01/33

    425       424,515  

5.00%, 01/01/34

    5       4,917  

5.00%, 03/01/34

    12       11,715  

5.00%, 04/01/34

    11       11,208  

5.00%, 05/01/34

    52       50,466  

5.00%, 06/01/34

    0 (a)      448  

5.00%, 06/01/34

    17       17,356  

5.00%, 11/01/34

    5       4,955  

5.00%, 12/01/34

    8       7,413  

5.00%, 01/01/35

    4       4,018  

5.00%, 02/01/35

    4       4,235  

5.00%, 04/01/35

    3       3,130  

5.00%, 05/01/35

    12       12,141  

5.00%, 06/01/35

    9       8,480  

5.00%, 07/01/35

     2,211         2,212,286  

5.00%, 08/01/35

    432       433,675  

5.00%, 09/01/35

    89       89,300  

5.00%, 09/01/35

    0 (a)      228  

5.00%, 10/01/35

    7       7,961  

5.00%, 10/01/35

    0 (a)      362  

5.00%, 11/01/35

    0 (a)      784  

5.00%, 11/01/35

    27       26,015  

5.00%, 12/01/35

    49       49,032  

5.00%, 12/01/35

    0 (a)      397  

5.00%, 01/01/36

    306       306,704  

5.00%, 03/01/36

    1       1,265  

5.00%, 04/01/36

    8       7,935  

5.00%, 06/01/36

    35       34,808  

5.00%, 07/01/36

    0 (a)      347  

5.00%, 08/01/36

    17       16,591  

5.00%, 10/01/36

    28       27,635  

5.00%, 11/01/36

    755       755,082  

5.00%, 01/01/37

    404       404,530  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.00%, 02/01/37

  $ 361     $ 361,613  

5.00%, 06/01/37

    16       15,438  

5.00%, 01/01/38

    4       4,322  

5.00%, 02/01/38

    566       566,909  

5.00%, 03/01/38

    2,301       2,306,279  

5.00%, 04/01/38

    37       37,839  

5.00%, 05/01/38

    2       2,017  

5.00%, 06/01/38

    7       6,233  

5.00%, 09/01/38

    10       9,144  

5.00%, 09/01/38

    0 (a)      475  

5.00%, 11/01/38

    9       9,192  

5.00%, 12/01/38

    325       326,039  

5.00%, 01/01/39

    121       121,536  

5.00%, 02/01/39

    25       25,217  

5.00%, 03/01/39

    11       11,120  

5.00%, 05/01/39

    54       53,886  

5.00%, 06/01/39

    2       1,834  

5.00%, 07/01/39

    14       14,452  

5.00%, 08/01/39

    3,134       3,141,539  

5.00%, 09/01/39

    29       28,375  

5.00%, 10/01/39

    387       387,842  

5.00%, 12/01/39

    18       18,746  

5.00%, 01/01/40

    220       220,486  

5.00%, 02/01/40

    57       57,559  

5.00%, 03/01/40

    1,030       1,031,171  

5.00%, 04/01/40

    117       116,408  

5.00%, 05/01/40

    617       616,702  

5.00%, 06/01/40

    2       2,187  

5.00%, 07/01/40

    133       132,766  

5.00%, 08/01/40

    1,482       1,484,970  

5.00%, 09/01/40

    784       785,428  

5.00%, 11/01/40

    69       69,041  

5.00%, 02/01/41

    225       225,132  

5.00%, 03/01/41

    2       1,978  

5.00%, 04/01/41

    69       68,968  

5.00%, 05/01/41

    3       2,875  

5.00%, 07/01/41

    244       244,760  

5.00%, 08/01/41

    1,067       1,067,137  

5.00%, 09/01/41

    127       126,742  

5.00%, 10/01/41

    89       89,657  

5.00%, 04/01/44

    59       59,374  

5.00%, 03/01/47

    2,210       2,183,218  

5.00%, 05/01/47

    23       22,607  

5.00%, 07/01/47

    1,360       1,342,993  

5.00%, 03/01/48

    666       658,561  

5.00%, 04/01/48

    1,685       1,663,920  

5.00%, 05/01/48

    816       805,761  

5.00%, 06/01/48

    318       314,388  

5.00%, 07/01/48

    628       620,351  

5.00%, 08/01/48

    3,432       3,389,564  

5.00%, 09/01/48

    479       472,809  

5.00%, 10/01/48

    2,034       1,998,881  

5.00%, 11/01/48

    658       650,190  

5.00%, 01/01/49

    1,430       1,412,745  

5.00%, 02/01/49

    768       758,757  

5.00%, 04/01/49

    176       173,803  

5.00%, 02/01/53

     58,815         57,334,661  

5.00%, 03/01/53

    5,685       5,541,620  

5.00%, 04/01/53

    14,477       14,038,779  

5.00%, 05/01/53

    9,368       9,109,774  

 

 

118  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.00%, 06/01/53

  $  12,651     $ 12,275,909  

5.00%, 07/01/53

    6,981       6,805,258  

5.25%, 06/01/43, (12-mo. LIBOR US + 1.495%)(b)

    12       11,761  

5.50%, 07/01/24

    0 (a)      5  

5.50%, 02/01/29

    0 (a)      273  

5.50%, 04/01/29

    2       2,153  

5.50%, 07/01/31

    0 (a)      131  

5.50%, 11/01/31

    0 (a)      108  

5.50%, 12/01/31

    1       935  

5.50%, 01/01/32

    0 (a)      92  

5.50%, 02/01/32

    1       627  

5.50%, 04/01/32

    9       8,670  

5.50%, 09/01/32

    21       20,340  

5.50%, 09/01/32

    0 (a)      157  

5.50%, 10/01/32

    11       10,826  

5.50%, 11/01/32

    1       575  

5.50%, 12/01/32

    33       32,920  

5.50%, 01/01/33

    5       5,247  

5.50%, 01/01/33

    0 (a)      125  

5.50%, 03/01/33

    3       2,908  

5.50%, 04/01/33

    0 (a)      170  

5.50%, 04/01/33

    11       10,826  

5.50%, 05/01/33

    5       5,555  

5.50%, 06/01/33

    16       16,007  

5.50%, 07/01/33

    16       15,932  

5.50%, 08/01/33

    1       1,305  

5.50%, 10/01/33

    121       122,788  

5.50%, 10/01/33

    0 (a)      192  

5.50%, 11/01/33

    6       5,795  

5.50%, 12/01/33

    1       512  

5.50%, 01/01/34

    0 (a)      433  

5.50%, 01/01/34

    50       50,203  

5.50%, 02/01/34

    572       580,244  

5.50%, 03/01/34

    157       159,626  

5.50%, 07/01/34

    7       7,502  

5.50%, 08/01/34

    7       7,464  

5.50%, 09/01/34

    1       1,276  

5.50%, 10/01/34

    96       96,361  

5.50%, 10/01/34

    0 (a)      483  

5.50%, 11/01/34

    0 (a)      335  

5.50%, 11/01/34

    1       1,061  

5.50%, 12/01/34

    180       181,838  

5.50%, 12/01/34

    0 (a)      435  

5.50%, 01/01/35

     1,224         1,243,069  

5.50%, 01/01/35

    0 (a)      462  

5.50%, 02/01/35

    341       346,405  

5.50%, 02/01/35

    0 (a)      425  

5.50%, 03/01/35

    9       9,168  

5.50%, 04/01/35

    188       191,682  

5.50%, 04/01/35

    0 (a)      449  

5.50%, 05/01/35

    569       579,535  

5.50%, 05/01/35

    0 (a)      157  

5.50%, 06/01/35

    1,507       1,533,312  

5.50%, 07/01/35

    10       9,825  

5.50%, 08/01/35

    86       87,411  

5.50%, 09/01/35

    5       5,396  

5.50%, 10/01/35

    89       90,463  

5.50%, 11/01/35

    0 (a)      406  

5.50%, 11/01/35

    15       14,722  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.50%, 12/01/35

  $ 313     $ 318,774  

5.50%, 01/01/36

    17       16,636  

5.50%, 02/01/36

    0 (a)      365  

5.50%, 02/01/36

    8       7,977  

5.50%, 03/01/36

    30       29,870  

5.50%, 04/01/36

    4       3,613  

5.50%, 05/01/36

    441       450,628  

5.50%, 06/01/36

    14       14,111  

5.50%, 07/01/36

    658       672,221  

5.50%, 08/01/36

    82       83,190  

5.50%, 08/01/36

    0 (a)      395  

5.50%, 09/01/36

    0 (a)      159  

5.50%, 11/01/36

    10       10,988  

5.50%, 12/01/36

    0 (a)      162  

5.50%, 12/01/36

    6       6,061  

5.50%, 01/01/37

    71       71,691  

5.50%, 02/01/37

    12       13,012  

5.50%, 02/01/37

    0 (a)      246  

5.50%, 03/01/37

    4       3,711  

5.50%, 04/01/37

    13       13,217  

5.50%, 05/01/37

    41       42,002  

5.50%, 05/01/37

    0 (a)      119  

5.50%, 07/01/37

    7       7,184  

5.50%, 09/01/37

    7       7,353  

5.50%, 11/01/37

    15       14,968  

5.50%, 12/01/37

    7       7,941  

5.50%, 01/01/38

    26       26,418  

5.50%, 02/01/38

    6       5,256  

5.50%, 04/01/38

    693       711,058  

5.50%, 04/01/38

    0 (a)      291  

5.50%, 05/01/38

    274       280,451  

5.50%, 05/01/38

    0 (a)      121  

5.50%, 06/01/38

    34       33,972  

5.50%, 06/01/38

    0 (a)      360  

5.50%, 07/01/38

    105       106,703  

5.50%, 07/01/38

    0 (a)      304  

5.50%, 08/01/38

    28       28,248  

5.50%, 09/01/38

    87       88,481  

5.50%, 10/01/38

    28       29,009  

5.50%, 11/01/38

    14       14,865  

5.50%, 11/01/38

    0 (a)      125  

5.50%, 12/01/38

    98       101,377  

5.50%, 12/01/38

    0 (a)      408  

5.50%, 01/01/39

     1,348       1,369,504  

5.50%, 02/01/39

    58       59,853  

5.50%, 03/01/39

    1       992  

5.50%, 04/01/39

    17       17,566  

5.50%, 05/01/39

    14       14,828  

5.50%, 06/01/39

    23       23,667  

5.50%, 09/01/39

    414       424,461  

5.50%, 10/01/39

    5       4,630  

5.50%, 11/01/39

    1,072         1,096,596  

5.50%, 12/01/39

    61       60,595  

5.50%, 01/01/40

    80       81,702  

5.50%, 02/01/40

    25       25,642  

5.50%, 03/01/40

    6       6,058  

5.50%, 05/01/40

    9       9,601  

5.50%, 06/01/40

    26       26,890  

5.50%, 03/01/41

    9       9,617  

5.50%, 06/01/41

    3,373       3,436,342  

 

 

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

    119  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.50%, 03/01/53

  $ 47,598     $ 47,041,714  

5.50%, 04/01/53

     69,030         68,473,889  

5.50%, 05/01/53

    85,310       84,312,762  

5.50%, 06/01/53

    97,081       96,299,226  

5.50%, 08/01/53

    7,863       7,775,533  

5.94%, 07/01/41, (12-mo. LIBOR US + 1.890%)(b)

    17       16,640  

5.99%, 11/01/41, (12-mo. LIBOR US + 1.900%)(b)

    199       199,119  

6.00%, 10/01/25

    0 (a)      16  

6.00%, 11/01/25

    0 (a)      30  

6.00%, 02/01/26

    0 (a)      388  

6.00%, 08/01/26

    1       574  

6.00%, 02/01/28

    0 (a)      41  

6.00%, 04/01/28

    2       1,032  

6.00%, 06/01/28

    0 (a)      297  

6.00%, 06/01/28

    1       931  

6.00%, 07/01/28

    2       2,455  

6.00%, 11/01/28

    0 (a)      476  

6.00%, 12/01/28

    0 (a)      244  

6.00%, 01/01/29

    5       4,386  

6.00%, 01/01/29

    0 (a)      371  

6.00%, 02/01/29

    0 (a)      60  

6.00%, 03/01/29

    3       2,983  

6.00%, 03/01/29

    0 (a)      130  

6.00%, 05/01/29

    4       3,743  

6.00%, 06/01/29

    0 (a)      265  

6.00%, 07/01/29

    1       650  

6.00%, 07/01/29

    0 (a)      270  

6.00%, 09/01/29

    0 (a)      353  

6.00%, 12/01/30

    4       3,940  

6.00%, 03/01/31

    1       685  

6.00%, 04/01/31

    0 (a)      225  

6.00%, 06/01/31

    1       555  

6.00%, 06/01/31

    0 (a)      187  

6.00%, 10/01/31

    0 (a)      269  

6.00%, 12/01/31

    1       766  

6.00%, 01/01/32

    18       18,206  

6.00%, 02/01/32

    3       2,664  

6.00%, 02/01/32

    0 (a)      444  

6.00%, 03/01/32

    13       13,082  

6.00%, 03/01/32

    0 (a)      193  

6.00%, 04/01/32

    0 (a)      393  

6.00%, 09/01/32

    1       1,234  

6.00%, 10/01/32

    4       3,603  

6.00%, 11/01/32

    3       3,540  

6.00%, 11/01/32

    0 (a)      199  

6.00%, 12/01/32

    54       55,776  

6.00%, 12/01/32

    0 (a)      155  

6.00%, 01/01/33

    2       2,394  

6.00%, 01/01/33

    0 (a)      244  

6.00%, 02/01/33

    5       4,943  

6.00%, 03/01/33

    4       4,002  

6.00%, 03/01/33

    0 (a)      352  

6.00%, 04/01/33

    3       2,390  

6.00%, 05/01/33

    0 (a)      137  

6.00%, 09/01/33

    3       3,553  

6.00%, 10/01/33

    11       11,486  

6.00%, 10/01/33

    0 (a)      449  

6.00%, 11/01/33

    13       12,750  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

6.00%, 05/01/34

  $ 8     $ 8,078  

6.00%, 06/01/34

    12       11,663  

6.00%, 07/01/34

    10       10,608  

6.00%, 08/01/34

    0 (a)      533  

6.00%, 08/01/34

    3       2,137  

6.00%, 10/01/34

    7       7,168  

6.00%, 12/01/34

    2       2,086  

6.00%, 05/01/35

    9       9,405  

6.00%, 05/01/35

    0 (a)      435  

6.00%, 06/01/35

    2       3,038  

6.00%, 07/01/35

    0 (a)      617  

6.00%, 07/01/35

    1       1,520  

6.00%, 08/01/35

    18       18,341  

6.00%, 09/01/35

    2       1,993  

6.00%, 12/01/35

    6       5,966  

6.00%, 01/01/36

    4       3,552  

6.00%, 02/01/36

    6       5,975  

6.00%, 03/01/36

    1       1,498  

6.00%, 05/01/36

    9       9,384  

6.00%, 06/01/36

    15       15,460  

6.00%, 07/01/36

    9       9,255  

6.00%, 08/01/36

    3       2,841  

6.00%, 09/01/36

    250       263,044  

6.00%, 10/01/36

    343       353,313  

6.00%, 11/01/36

    20       20,705  

6.00%, 12/01/36

    57       58,996  

6.00%, 12/01/36

    0 (a)      330  

6.00%, 01/01/37

    0 (a)      444  

6.00%, 01/01/37

    1       1,385  

6.00%, 02/01/37

    238       250,013  

6.00%, 03/01/37

    5       4,371  

6.00%, 05/01/37

    5       5,709  

6.00%, 05/01/37

    0 (a)      449  

6.00%, 07/01/37

    4       5,031  

6.00%, 08/01/37

    6       6,385  

6.00%, 08/01/37

    0 (a)      226  

6.00%, 09/01/37

    6       5,877  

6.00%, 10/01/37

    17       17,265  

6.00%, 10/01/37

    0 (a)      507  

6.00%, 11/01/37

    0 (a)      478  

6.00%, 11/01/37

    10       9,780  

6.00%, 12/01/37

    41       43,444  

6.00%, 01/01/38

    52       54,619  

6.00%, 02/01/38

    1       1,376  

6.00%, 04/01/38

    23       24,393  

6.00%, 05/01/38

    31       32,345  

6.00%, 06/01/38

    13       14,082  

6.00%, 07/01/38

    15       15,596  

6.00%, 08/01/38

    12       13,274  

6.00%, 09/01/38

    1,161       1,219,400  

6.00%, 10/01/38

    1       676  

6.00%, 11/01/38

    5       5,396  

6.00%, 12/01/38

    2       1,715  

6.00%, 01/01/39

    6       6,448  

6.00%, 02/01/39

    2       1,970  

6.00%, 11/01/39

    3       3,454  

6.00%, 12/01/39

    1       812  

6.00%, 04/01/40

    6       6,500  

6.00%, 07/01/40

     3,297         3,462,227  

6.00%, 05/01/53

    4,199       4,255,080  

 

 

120  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

6.00%, 07/01/53

  $  46,244     $   46,839,183  

6.00%, 08/01/53

    53,500       54,223,126  

6.50%, 03/01/24

    0 (a)      15  

6.50%, 04/01/24

    0 (a)      22  

6.50%, 06/01/24

    0 (a)      23  

6.50%, 09/01/24

    0 (a)      477  

6.50%, 01/01/26

    0 (a)      19  

6.50%, 02/01/26

    0 (a)      64  

6.50%, 03/01/26

    0 (a)      141  

6.50%, 04/01/26

    1       585  

6.50%, 03/01/27

    0 (a)      238  

6.50%, 04/01/28

    0 (a)      138  

6.50%, 05/01/28

    0 (a)      402  

6.50%, 06/01/28

    0 (a)      303  

6.50%, 07/01/28

    1       591  

6.50%, 09/01/28

    0 (a)      371  

6.50%, 10/01/28

    0 (a)      488  

6.50%, 12/01/28

    1       1,306  

6.50%, 12/01/28

    0 (a)      233  

6.50%, 01/01/29

    3       2,851  

6.50%, 02/01/29

    0 (a)      390  

6.50%, 02/01/29

    2       1,889  

6.50%, 03/01/29

    1       1,255  

6.50%, 04/01/29

    0 (a)      839  

6.50%, 04/01/29

    2       1,861  

6.50%, 05/01/29

    0 (a)      910  

6.50%, 06/01/29

    0 (a)      516  

6.50%, 07/01/29

    0 (a)      427  

6.50%, 08/01/29

    3       2,852  

6.50%, 09/01/29

    4       4,112  

6.50%, 08/01/30

    1       687  

6.50%, 01/01/31

    0 (a)      117  

6.50%, 05/01/31

    1       651  

6.50%, 05/01/31

    0 (a)      53  

6.50%, 06/01/31

    0 (a)      151  

6.50%, 06/01/31

    3       3,191  

6.50%, 07/01/31

    1       1,436  

6.50%, 07/01/31

    0 (a)      84  

6.50%, 08/01/31

    0 (a)      312  

6.50%, 08/01/31

    2       1,986  

6.50%, 09/01/31

    1       575  

6.50%, 09/01/31

    0 (a)      504  

6.50%, 10/01/31

    0 (a)      275  

6.50%, 11/01/31

    0 (a)      404  

6.50%, 12/01/31

    6       5,901  

6.50%, 01/01/32

    0 (a)      42  

6.50%, 02/01/32

    2       2,438  

6.50%, 02/01/32

    0 (a)      420  

6.50%, 03/01/32

    0 (a)      366  

6.50%, 03/01/32

    2       2,740  

6.50%, 04/01/32

    2       2,108  

6.50%, 04/01/32

    0 (a)      77  

6.50%, 05/01/32

    0 (a)      146  

6.50%, 07/01/32

    1       615  

6.50%, 08/01/32

    6       5,960  

6.50%, 08/01/32

    0 (a)      1,399  

6.50%, 09/01/32

    1       1,166  

6.50%, 10/01/32

    2       1,703  

6.50%, 11/01/32

    1       690  

6.50%, 12/01/32

    3       2,845  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

6.50%, 12/01/33

  $ 6     $ 5,868  

6.50%, 04/01/34

     19         19,463  

6.50%, 07/01/34

    2       1,914  

6.50%, 09/01/34

    3       3,467  

6.50%, 01/01/35

    2       2,373  

6.50%, 04/01/35

    1       560  

6.50%, 08/01/35

    5       5,660  

6.50%, 02/01/36

    0 (a)      464  

6.50%, 06/01/36

    1       1,267  

6.50%, 08/01/36

    1       1,195  

6.50%, 09/01/36

    31       32,416  

6.50%, 10/01/36

    11       11,029  

6.50%, 11/01/36

    1       761  

6.50%, 08/01/37

    3       3,026  

6.50%, 10/01/37

    9       8,755  

6.50%, 11/01/37

    3       3,267  

6.50%, 12/01/37

    0 (a)      179  

6.50%, 12/01/37

    15       15,426  

6.50%, 01/01/38

    1       870  

6.50%, 02/01/38

    13       13,472  

6.50%, 02/01/38

    0 (a)      219  

6.50%, 07/01/38

    1       1,260  

6.50%, 08/01/38

    1       1,082  

6.50%, 10/01/38

    1       523  

6.50%, 12/01/38

    2       2,429  

6.50%, 01/01/39

    10       10,581  

6.50%, 09/01/39

    16       16,743  

6.58%, 05/01/43, (12-mo. LIBOR US + 1.650%)(b)

    120       119,463  

6.87%, 08/01/43, (12-mo. LIBOR US + 1.600%)(b)

    18       18,037  

7.00%, 09/01/23

    0 (a)      2  

7.00%, 02/01/24

    0 (a)      1  

7.00%, 05/01/24

    0 (a)      32  

7.00%, 07/01/24

    0 (a)      14  

7.00%, 12/01/25

    0 (a)      3  

7.00%, 03/01/26

    0 (a)      125  

7.00%, 03/01/26

    1       575  

7.00%, 06/01/26

    0 (a)      94  

7.00%, 12/01/26

    0 (a)      86  

7.00%, 01/01/27

    0 (a)      77  

7.00%, 02/01/27

    0 (a)      274  

7.00%, 03/01/27

    0 (a)      95  

7.00%, 04/01/27

    0 (a)      24  

7.00%, 05/01/27

    0 (a)      41  

7.00%, 09/01/27

    0 (a)      476  

7.00%, 10/01/27

    0 (a)      206  

7.00%, 11/01/27

    0 (a)      219  

7.00%, 12/01/27

    0 (a)      549  

7.00%, 05/01/28

    0 (a)      404  

7.00%, 07/01/28

    0 (a)      17  

7.00%, 10/01/28

    0 (a)      229  

7.00%, 11/01/28

    0 (a)      432  

7.00%, 03/01/29

    0 (a)      168  

7.00%, 06/01/29

    1       1,151  

7.00%, 06/01/29

    0 (a)      51  

7.00%, 07/01/29

    0 (a)      154  

7.00%, 07/01/29

    2       2,266  

7.00%, 09/01/29

    0 (a)      163  

7.00%, 10/01/29

    1       946  

 

 

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

    121  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

7.00%, 01/01/30

  $ 0 (a)    $ 14  

7.00%, 02/01/30

    0 (a)      86  

7.00%, 05/01/30

    0 (a)      83  

7.00%, 12/01/30

     0 (a)      438  

7.00%, 01/01/31

    0 (a)      410  

7.00%, 02/01/31

    1       555  

7.00%, 05/01/31

    0 (a)      436  

7.00%, 07/01/31

    1       1,114  

7.00%, 08/01/31

    1       1,112  

7.00%, 09/01/31

    2       1,633  

7.00%, 12/01/31

    1       877  

7.00%, 12/01/31

    0 (a)      457  

7.00%, 03/01/32

    2       2,579  

7.00%, 05/01/32

    1       982  

7.00%, 05/01/32

    0 (a)      365  

7.00%, 06/01/32

    1       1,002  

7.00%, 06/01/32

    0 (a)      391  

7.00%, 07/01/32

    3         2,843  

7.00%, 08/01/32

    2       2,260  

7.00%, 09/01/32

    0 (a)      511  

7.00%, 11/01/32

    1       800  

7.00%, 10/01/33

    8       8,951  

7.00%, 11/01/36

    2       1,381  

7.00%, 12/01/36

    5       5,613  

7.00%, 09/01/38

    2       1,666  

7.50%, 01/01/24

    0 (a)      2  

7.50%, 06/01/24

    0 (a)      3  

7.50%, 11/01/25

    0 (a)      111  

7.50%, 01/01/26

    0 (a)      272  

7.50%, 03/01/26

    0 (a)      102  

7.50%, 04/01/26

    0 (a)      56  

7.50%, 05/01/26

    0 (a)      74  

7.50%, 10/01/26

    0 (a)      101  

7.50%, 12/01/26

    0 (a)      12  

7.50%, 04/01/27

    0 (a)      69  

7.50%, 06/01/27

    0 (a)      47  

7.50%, 08/01/27

    0 (a)      123  

7.50%, 09/01/27

    0 (a)      34  

7.50%, 12/01/27

    0 (a)      282  

7.50%, 03/01/28

    1       565  

7.50%, 07/01/28

    0 (a)      108  

7.50%, 11/01/28

    0 (a)      107  

7.50%, 07/01/29

    5       5,379  

7.50%, 12/01/29

    0 (a)      54  

7.50%, 01/01/30

    0 (a)      119  

7.50%, 03/01/30

    0 (a)      65  

7.50%, 05/01/30

    0 (a)      74  

7.50%, 06/01/30

    0 (a)      28  

7.50%, 07/01/30

    0 (a)      9  

7.50%, 08/01/30

    0 (a)      547  

7.50%, 09/01/30

    1       1,135  

7.50%, 10/01/30

    0 (a)      65  

7.50%, 11/01/30

    1       874  

7.50%, 12/01/30

    1       609  

7.50%, 01/01/31

    0 (a)      27  

7.50%, 02/01/31

    0 (a)      57  

7.50%, 09/01/31

    1       1,062  

7.50%, 01/01/32

    1       1,307  

8.00%, 05/01/24

    0 (a)      4  

8.00%, 05/01/25

    0 (a)      27  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)        

8.00%, 10/01/25

  $ 0 (a)    $ 8  

8.00%, 11/01/25

    0 (a)      219  

8.00%, 09/01/26

    0 (a)      325  

8.00%, 10/01/26

    0 (a)      72  

8.00%, 11/01/26

    0 (a)      174  

8.00%, 03/01/27

    0 (a)      185  

8.00%, 05/01/27

    0 (a)      159  

8.00%, 06/01/27

    0 (a)      87  

8.00%, 09/01/27

    0 (a)      107  

8.00%, 11/01/27

    0 (a)      43  

8.00%, 10/01/29

    0 (a)      51  

8.00%, 11/01/29

    0 (a)      331  

8.00%, 12/01/29

    0 (a)      123  

8.00%, 01/01/30

    0 (a)      50  

8.00%, 03/01/30

    1       601  

8.00%, 07/01/30

    0 (a)      40  

8.00%, 06/01/31

    1       1,096  

8.50%, 06/01/24

    0 (a)      3  

8.50%, 11/01/24

    0 (a)      10  

8.50%, 01/01/25

    0 (a)      22  

8.50%, 03/01/25

    0 (a)      57  

8.50%, 06/01/25

    0 (a)      17  

8.50%, 09/01/25

    0 (a)      72  

8.50%, 07/01/30

    0 (a)      151  

9.00%, 04/01/25

    0 (a)      24  

9.00%, 10/01/25

    0 (a)      31  

9.50%, 06/01/25

    0 (a)      14  

10.00%, 04/01/25

    0 (a)      14  

Federal National Mortgage Association

   

1.50%, 09/01/52(c)

    20,775       15,664,837  

2.00%, 09/01/50

    9,658       7,814,786  

2.00%, 07/01/51

     255,614         204,817,637  

2.00%, 10/01/51

    18,660       14,886,205  

2.50%, 12/01/31

    285       263,291  

2.50%, 05/01/35

    15,445       13,954,825  

2.50%, 12/01/36

    4,197       3,799,575  

2.50%, 03/01/37

    12,893       11,667,415  

2.50%, 09/01/38(c)

    8,491       7,635,598  

2.50%, 08/01/50

    44,569       37,545,714  

2.50%, 09/01/50

    4,261       3,555,545  

2.50%, 07/01/51

    20,893       17,457,335  

2.50%, 01/01/52

    14,290       11,882,177  

2.50%, 02/01/52

    72,433       60,259,003  

2.50%, 07/01/52

    34,147       28,360,740  

3.00%, 07/01/30

    1,139       1,079,827  

3.00%, 08/01/31

    31       29,137  

3.00%, 04/01/37

    12,231       11,299,632  

3.00%, 09/01/38(c)

    36,725       33,933,326  

3.00%, 08/01/46

    827       721,238  

3.00%, 02/01/47

    6,254       5,549,727  

3.00%, 03/01/47

    4,758       4,127,435  

3.00%, 01/01/50

    90,144       78,519,456  

3.00%, 08/01/50

    15,569       13,665,787  

3.00%, 10/01/50

    45,188       39,549,795  

3.00%, 05/01/51

    7,725       6,717,417  

3.00%, 01/01/52

    10,471       9,043,464  

3.00%, 04/01/52

    16,461       14,207,721  

3.00%, 07/01/52

    12,010       10,442,021  

3.50%, 05/01/32

    319       301,079  

3.50%, 02/01/35

    662       631,629  

 

 

122  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.50%, 07/01/38

  $ 24,948     $ 23,531,241  

3.50%, 09/01/38(c)

     33,375       31,468,397  

3.50%, 08/01/45

    4,470       4,078,841  

3.50%, 09/01/46

    100       92,551  

3.50%, 01/01/47

    507       467,010  

3.50%, 04/01/48

    1,921       1,753,197  

3.50%, 03/01/51

    5,309       4,789,206  

3.50%, 11/01/51

    5,595       5,040,562  

3.50%, 04/01/52

    61,597       55,703,266  

3.50%, 05/01/52

    10,159       9,125,125  

4.00%, 08/01/37

    1,557       1,500,938  

4.00%, 09/01/38(c)

    47,900         45,987,742  

4.00%, 11/01/40

    5,453       5,176,047  

4.00%, 05/01/41

    940       891,636  

4.00%, 10/01/44

    215       203,378  

4.00%, 06/01/46

    432       405,391  

4.00%, 09/01/46

    4,066       3,838,810  

4.00%, 02/01/47

    7,518       7,128,156  

4.00%, 05/01/47

    1,371       1,285,984  

4.00%, 02/01/48

    529       496,132  

4.00%, 11/01/49

    46,782       43,562,162  

4.00%, 01/01/50

    22,386       20,978,034  

4.00%, 02/01/50

    1,368       1,279,534  

4.00%, 11/01/51

    3,452       3,225,567  

4.00%, 06/01/52

    7,469       6,931,471  

4.00%, 01/01/57

    4,326       4,057,450  

4.00%, 02/01/57

    4,881       4,578,639  

4.07%, 10/01/41, (12-mo. LIBOR US + 1.815%)(b)

    494       501,935  

4.24%, 02/01/42, (12-mo. LIBOR US + 1.805%)(b)

    225       221,126  

4.50%, 02/01/44

    860       834,883  

4.50%, 09/01/44

    7,760       7,537,199  

4.50%, 11/01/44

    9,228       8,980,303  

4.50%, 10/01/49

    544       523,616  

4.50%, 11/01/49

    21,377       20,647,562  

4.50%, 05/01/50

    465       443,505  

4.50%, 09/01/50

    5,526       5,273,465  

4.50%, 07/01/52

    2,949       2,798,921  

4.51%, 12/01/38,
(12-mo. LIBOR US + 1.831%)(b)

    183       181,883  

5.00%, 12/01/52

    12,790       12,446,677  

5.00%, 05/01/53

    98,345       95,360,494  

5.00%, 07/01/53

    16,645       16,208,361  

5.41%, 06/01/43, (12-mo. LIBOR US + 1.535%)(b)

    594       584,473  

5.49%, 08/01/41, (12-mo. LIBOR US + 1.750%)(b)

    59       59,572  

5.50%, 08/01/52

    2,741       2,713,726  

5.50%, 12/01/52

    4,240       4,197,246  

5.50%, 01/01/53

    19,031       18,842,278  

5.50%, 05/01/53

    43,084       42,610,178  

5.50%, 06/01/53

    24,073       23,860,489  

5.50%, 07/01/53

    34,503       34,284,302  

5.95%, 08/01/42, (12-mo. LIBOR US + 1.695%)(b)

    572       572,905  

6.00%, 04/01/53

    3,049       3,089,977  

6.00%, 06/01/53

    7,432       7,511,005  

6.00%, 07/01/53

    37,334       37,843,910  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

6.00%, 08/01/53

  $ 13,481     $ 13,722,713  

6.07%, 09/01/41, (12-mo. LIBOR US + 1.815%)(b)

    29       29,978  

Government National Mortgage Association

   

1.50%, 04/20/51

    510       405,584  

2.00%, 07/20/50

    10,803       8,962,724  

2.00%, 08/20/50

    68,388       56,719,264  

2.00%, 09/20/50

    4,666       3,868,426  

2.00%, 10/20/50

    640       530,423  

2.00%, 11/20/50

    24,143       20,005,503  

2.00%, 12/20/50

    56,558       46,851,998  

2.00%, 01/20/51

    19,232       15,926,894  

2.00%, 02/20/51

    72,694       60,084,255  

2.00%, 03/20/51

    11,189       9,256,098  

2.00%, 04/20/51

    3,607       2,979,566  

2.00%, 06/20/51

    3,684       3,044,859  

2.00%, 07/20/51

    5,097       4,211,599  

2.00%, 08/20/51

    31,567       25,989,681  

2.00%, 09/20/51

    9,436       7,792,486  

2.00%, 10/20/51

     287,919         237,693,405  

2.00%, 11/20/51

    34,935       28,831,996  

2.00%, 12/20/51

    306,097       252,548,846  

2.00%, 01/20/52

    159,180       131,293,501  

2.00%, 02/20/52

    5,787       4,767,884  

2.00%, 03/20/52

    148,763       122,558,243  

2.00%, 04/20/52

    89,145       73,442,246  

2.00%, 06/20/52

    25,859       21,303,535  

2.00%, 07/20/52

    755       622,266  

2.00%, 09/20/52

    83       68,685  

2.00%, 09/21/53(c)

    43,340       35,745,342  

2.50%, 03/20/27

    22       20,573  

2.50%, 08/20/27

    33       31,184  

2.50%, 09/20/27

    44       41,357  

2.50%, 01/20/28

    149       140,507  

2.50%, 04/20/28

    84       78,687  

2.50%, 11/20/30

    77       71,265  

2.50%, 04/20/32

    246       227,925  

2.50%, 12/20/42

    420       365,043  

2.50%, 03/20/43

    156       135,260  

2.50%, 01/20/45

    29       24,771  

2.50%, 10/20/45

    9,846       8,554,795  

2.50%, 11/20/46

    201       173,360  

2.50%, 12/20/46

    11,340       9,797,165  

2.50%, 01/20/47

    4,218       3,643,813  

2.50%, 11/20/47

    98       84,562  

2.50%, 10/20/49

    2,016       1,734,423  

2.50%, 01/20/50

    71       61,393  

2.50%, 04/20/50

    14,008       12,029,804  

2.50%, 06/20/50

    15,929       13,670,515  

2.50%, 08/20/50

    14,914       12,682,475  

2.50%, 09/20/50

    28,426       24,072,721  

2.50%, 01/20/51

    74,558       63,841,834  

2.50%, 02/20/51

    75,807       64,843,274  

2.50%, 03/20/51

    271       231,949  

2.50%, 04/20/51

    2,446       2,091,555  

2.50%, 05/20/51

    199,333       170,413,187  

2.50%, 06/20/51

    4,317       3,683,266  

2.50%, 07/20/51

    247,442       211,206,629  

2.50%, 08/20/51

    131,765       112,349,706  

2.50%, 09/20/51

    51,623       43,972,685  

 

 

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

    123  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

2.50%, 10/20/51

  $ 16,688     $ 14,222,419  

2.50%, 11/20/51

    36,242       30,875,087  

2.50%, 12/20/51

    136,127       115,937,769  

2.50%, 01/20/52

    29,293       24,942,973  

2.50%, 02/20/52

    9,457       8,052,472  

2.50%, 03/20/52

     148,075         126,031,598  

2.50%, 04/20/52

    152,054       129,405,585  

2.50%, 05/20/52

    41,257       35,148,003  

2.50%, 06/20/52

    4,131       3,519,107  

2.50%, 07/20/52

    9,187       7,826,794  

2.50%, 08/20/52

    25,060       21,349,376  

2.50%, 09/20/52

    6,442       5,487,921  

2.50%, 10/20/52

    10,290       8,763,054  

2.50%, 12/20/52

    19,964       17,011,543  

2.50%, 01/20/53

    1,903       1,621,803  

2.50%, 02/20/53

    7,420       6,339,030  

2.50%, 03/20/53

    4,834       4,131,702  

3.00%, 01/20/27

    81       78,044  

3.00%, 04/15/27

    38       36,266  

3.00%, 04/20/27

    49       46,278  

3.00%, 05/20/27

    1,955       1,859,545  

3.00%, 07/15/27

    941       889,567  

3.00%, 09/15/27

    16       14,909  

3.00%, 09/20/27

    80       76,141  

3.00%, 10/15/27

    260       245,790  

3.00%, 11/20/27

    13       12,173  

3.00%, 01/20/28

    12       11,241  

3.00%, 09/20/28

    39       37,022  

3.00%, 10/20/28

    50       47,331  

3.00%, 11/20/28

    122       114,958  

3.00%, 01/20/29

    39       36,737  

3.00%, 05/20/29

    106       99,809  

3.00%, 10/20/30

    13       12,070  

3.00%, 12/20/31

    160       149,924  

3.00%, 01/20/42

    14       12,345  

3.00%, 04/15/42

    244       218,142  

3.00%, 06/20/42

    111       100,242  

3.00%, 07/20/42

    155       139,532  

3.00%, 08/15/42

    328       289,672  

3.00%, 08/20/42

    153       137,353  

3.00%, 09/15/42

    5,252       4,705,840  

3.00%, 09/20/42

    510       458,857  

3.00%, 10/15/42

    762       680,477  

3.00%, 10/20/42

    5,229       4,704,894  

3.00%, 11/15/42

    4,281       3,826,588  

3.00%, 11/20/42

    335       301,310  

3.00%, 12/15/42

    302       268,621  

3.00%, 12/20/42

    5,594       5,033,079  

3.00%, 01/20/43

    10,535       9,478,337  

3.00%, 02/15/43

    502       449,559  

3.00%, 02/20/43

    351       315,990  

3.00%, 03/15/43

    235       209,005  

3.00%, 03/20/43

    1,433       1,287,727  

3.00%, 04/15/43

    319       285,161  

3.00%, 04/20/43

    4,070       3,656,955  

3.00%, 05/15/43

    143       126,876  

3.00%, 05/20/43

    4,878       4,382,127  

3.00%, 06/15/43

    60       54,406  

3.00%, 06/20/43

    929       834,970  

3.00%, 07/15/43

    77       69,012  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.00%, 07/20/43

  $ 2,324     $ 2,088,106  

3.00%, 08/15/43

    642       575,568  

3.00%, 08/20/43

    688       618,228  

3.00%, 09/15/43

    736       650,720  

3.00%, 09/20/43

    920       826,314  

3.00%, 10/20/43

    221       198,745  

3.00%, 11/20/43

    56       49,962  

3.00%, 12/20/43

    429       385,707  

3.00%, 01/15/44

    323       289,505  

3.00%, 01/20/44

    4,419       3,970,025  

3.00%, 02/20/44

    903       810,922  

3.00%, 03/20/44

    984       884,261  

3.00%, 04/20/44

    74       66,128  

3.00%, 06/20/44

    175       156,808  

3.00%, 07/20/44

    645       578,862  

3.00%, 08/20/44

     31,264         28,087,665  

3.00%, 09/20/44

    622       557,695  

3.00%, 10/15/44

    21       18,404  

3.00%, 10/20/44

    3,262       2,930,397  

3.00%, 11/20/44

    7,558       6,780,362  

3.00%, 12/20/44

    17       14,829  

3.00%, 01/20/45

    3,968       3,559,275  

3.00%, 03/20/45

    47       41,721  

3.00%, 04/20/45

    3,958       3,547,451  

3.00%, 05/20/45

    8,121       7,278,938  

3.00%, 06/20/45

    1,068       957,228  

3.00%, 07/15/45

    3       2,628  

3.00%, 07/20/45

    13,610       12,198,540  

3.00%, 08/15/45

    1,761       1,563,184  

3.00%, 08/20/45

    29,277       26,235,556  

3.00%, 09/20/45

    351       314,526  

3.00%, 10/20/45

    9,199       8,190,282  

3.00%, 11/20/45

    4,202       3,726,966  

3.00%, 12/20/45

    10,753       9,593,657  

3.00%, 01/20/46

    5,054       4,530,626  

3.00%, 02/20/46

    10,390       9,312,499  

3.00%, 03/20/46

    4,510       4,031,607  

3.00%, 04/20/46

    4,711       4,211,529  

3.00%, 05/20/46

    16,224       14,534,737  

3.00%, 06/20/46

    9,993       8,933,150  

3.00%, 07/15/46

    449       393,657  

3.00%, 07/20/46

    15,590       13,950,464  

3.00%, 08/20/46

    31,232       27,918,401  

3.00%, 09/20/46

    22,813       20,392,633  

3.00%, 10/20/46

    7,918       7,078,100  

3.00%, 11/15/46

    134       117,156  

3.00%, 11/20/46

    15,196       13,577,037  

3.00%, 12/15/46

    4,967       4,410,349  

3.00%, 12/20/46

    28,291       25,289,363  

3.00%, 01/20/47

    20,314       18,159,225  

3.00%, 02/15/47

    11,359       10,055,795  

3.00%, 02/20/47

    47,153       42,151,055  

3.00%, 03/20/47

    16,291       14,562,380  

3.00%, 04/20/47

    10,485       9,351,423  

3.00%, 05/20/47

    65       57,537  

3.00%, 06/15/47

    171       151,471  

3.00%, 06/20/47

    6,402       5,709,499  

3.00%, 07/20/47

    2,752       2,454,065  

3.00%, 08/20/47

    1,125       1,003,276  

3.00%, 09/15/47

    109       96,129  

 

 

124  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.00%, 09/20/47

  $ 5,873     $ 5,246,403  

3.00%, 11/20/47

    12,434       11,089,240  

3.00%, 12/15/47

    21       18,773  

3.00%, 12/20/47

    870       775,890  

3.00%, 01/20/48

     39,672         35,381,517  

3.00%, 02/20/48

    5,296       4,712,999  

3.00%, 03/20/48

    2,880       2,568,831  

3.00%, 04/20/48

    6,430       5,734,622  

3.00%, 05/20/48

    2,690       2,398,945  

3.00%, 07/20/48

    94       83,602  

3.00%, 08/20/48

    2,509       2,238,062  

3.00%, 09/20/48

    1,457       1,299,118  

3.00%, 10/20/48

    929       828,390  

3.00%, 11/20/48

    2,161       1,927,310  

3.00%, 12/20/48

    1,352       1,205,867  

3.00%, 01/20/49

    503       448,764  

3.00%, 02/20/49

    527       470,238  

3.00%, 04/20/49

    2,218       1,978,478  

3.00%, 06/20/49

    3,208       2,861,110  

3.00%, 07/20/49

    9,383       8,347,344  

3.00%, 09/20/49

    21,081       18,751,483  

3.00%, 10/20/49

    28,267       25,106,367  

3.00%, 11/15/49

    393       347,353  

3.00%, 11/20/49

    4,446       3,946,241  

3.00%, 12/20/49

    33,733       29,942,772  

3.00%, 01/20/50

    23,346       20,715,974  

3.00%, 02/15/50

    2,835       2,507,609  

3.00%, 02/20/50

    38,366       34,026,340  

3.00%, 03/20/50

    7,252       6,432,208  

3.00%, 04/20/50

    1,028       910,299  

3.00%, 06/20/50

    1,247       1,095,436  

3.00%, 07/20/50

    17,499       15,509,500  

3.00%, 08/20/50

    10,391       9,207,795  

3.00%, 10/20/50

    2,785       2,468,122  

3.00%, 01/20/51

    4,423       3,916,962  

3.00%, 04/20/51

    113       99,850  

3.00%, 05/20/51

    1,748       1,547,043  

3.00%, 06/20/51

    12,313       10,891,272  

3.00%, 07/20/51

    1,889       1,670,175  

3.00%, 08/20/51

    9,626       8,498,492  

3.00%, 09/20/51

    18,662       16,491,731  

3.00%, 10/20/51

    1,982       1,748,371  

3.00%, 11/20/51

    26,950       23,770,381  

3.00%, 12/20/51

    24,657       21,769,653  

3.00%, 01/20/52

    214       188,605  

3.00%, 02/20/52

    4,530       3,996,764  

3.00%, 03/20/52

    18,894       16,489,000  

3.00%, 04/20/52

    539       474,096  

3.00%, 05/20/52

    13,052       11,473,737  

3.00%, 06/20/52

    2,327       2,045,731  

3.00%, 07/20/52

    39,536       34,765,988  

3.00%, 08/20/52

    27,733       24,438,997  

3.00%, 09/20/52

    54,272       47,840,975  

3.00%, 11/20/52

    57       50,528  

3.00%, 12/20/52

    2,058       1,816,300  

3.00%, 01/20/53

    18,923       16,665,680  

3.00%, 02/20/53

    7,214       6,388,228  

3.00%, 04/20/53

    278       246,360  

3.00%, 06/20/53

    3,056       2,707,841  

3.00%, 09/21/53(c)

    71,687       63,025,754  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.50%, 08/15/24

  $ 49     $ 48,437  

3.50%, 12/15/25

    3       2,583  

3.50%, 02/15/26

    55       53,408  

3.50%, 05/15/26

    10       9,343  

3.50%, 12/20/26

    50       47,998  

3.50%, 03/20/27

    9       8,731  

3.50%, 04/20/27

    29       27,648  

3.50%, 01/20/29

    7       6,946  

3.50%, 07/15/29

    104       98,548  

3.50%, 01/15/41

    11       10,369  

3.50%, 01/20/41

    68       62,997  

3.50%, 09/15/41

    162       150,537  

3.50%, 10/15/41

    14       13,102  

3.50%, 11/15/41

    58       53,499  

3.50%, 11/20/41

    312       290,368  

3.50%, 12/15/41

    1,575       1,460,342  

3.50%, 12/20/41

    594       552,760  

3.50%, 01/15/42

    166       153,475  

3.50%, 01/20/42

    113       104,873  

3.50%, 02/15/42

    353       326,157  

3.50%, 02/20/42

    68       63,596  

3.50%, 03/15/42

    163       149,921  

3.50%, 03/20/42

    9,174         8,530,128  

3.50%, 04/15/42

    398       367,348  

3.50%, 05/15/42

    302       278,750  

3.50%, 05/20/42

    632       587,831  

3.50%, 06/15/42

    115       106,511  

3.50%, 06/20/42

     11,454       10,650,856  

3.50%, 07/15/42

    357       331,597  

3.50%, 08/15/42

    51       46,782  

3.50%, 08/20/42

    1,137       1,049,012  

3.50%, 09/15/42

    1,048       966,631  

3.50%, 09/20/42

    12,517       11,638,505  

3.50%, 10/15/42

    1,061       972,782  

3.50%, 10/20/42

    13,018       12,104,273  

3.50%, 11/15/42

    390       360,624  

3.50%, 11/20/42

    13,697       12,754,938  

3.50%, 12/20/42

    10,248       9,528,903  

3.50%, 01/15/43

    306       283,944  

3.50%, 01/20/43

    1,841       1,708,598  

3.50%, 02/15/43

    79       73,287  

3.50%, 03/15/43

    624       578,071  

3.50%, 03/20/43

    33       30,745  

3.50%, 04/15/43

    107       98,300  

3.50%, 04/20/43

    6,502       6,036,774  

3.50%, 05/15/43

    883       817,562  

3.50%, 05/20/43

    12,917       11,991,814  

3.50%, 06/15/43

    8,629       7,995,579  

3.50%, 07/20/43

    224       208,132  

3.50%, 08/15/43

    220       202,548  

3.50%, 08/20/43

    659       611,514  

3.50%, 09/20/43

    6,140       5,700,206  

3.50%, 10/15/43

    57       52,522  

3.50%, 10/20/43

    1,209       1,122,432  

3.50%, 11/20/43

    138       128,040  

3.50%, 01/20/44

    3       2,464  

3.50%, 02/20/44

    801       742,488  

3.50%, 04/20/44

    222       205,870  

3.50%, 05/20/44

    414       383,648  

3.50%, 06/15/44

    4       3,861  

 

 

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

    125  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.50%, 06/20/44

  $ 2,883     $ 2,673,498  

3.50%, 07/15/44

    46       42,412  

3.50%, 07/20/44

    65       60,104  

3.50%, 09/15/44

    405       372,292  

3.50%, 09/20/44

    6,585       6,106,696  

3.50%, 10/20/44

    4,115       3,812,241  

3.50%, 11/20/44

    948       879,105  

3.50%, 12/15/44

    88       81,324  

3.50%, 12/20/44

    2,114       1,960,973  

3.50%, 01/15/45

    123       113,039  

3.50%, 01/20/45

    917       850,599  

3.50%, 02/20/45

    28       26,272  

3.50%, 03/15/45

    46       41,638  

3.50%, 03/20/45

    699       646,400  

3.50%, 04/15/45

    425       390,227  

3.50%, 04/20/45

    8,053       7,443,405  

3.50%, 05/20/45

    2,390       2,208,015  

3.50%, 06/20/45

    6,879       6,358,464  

3.50%, 07/20/45

    160       147,549  

3.50%, 08/20/45

    213       196,878  

3.50%, 09/20/45

    4,426       4,065,732  

3.50%, 10/20/45

    172       158,663  

3.50%, 11/20/45

     14,153         13,082,279  

3.50%, 12/20/45

    6,441       5,954,096  

3.50%, 01/20/46

    1,904       1,759,228  

3.50%, 02/20/46

    239       220,780  

3.50%, 03/20/46

    15,912       14,708,165  

3.50%, 04/20/46

    11,716       10,806,056  

3.50%, 05/20/46

    3,401       3,130,346  

3.50%, 06/15/46

    227       207,892  

3.50%, 06/20/46

    42,996       39,656,530  

3.50%, 07/15/46

    1,717       1,562,537  

3.50%, 07/20/46

    2,367       2,183,083  

3.50%, 08/15/46

    3,106       2,823,477  

3.50%, 08/20/46

    77       70,588  

3.50%, 09/15/46

    2,751       2,501,321  

3.50%, 09/20/46

    5,552       5,118,767  

3.50%, 10/15/46

    851       779,347  

3.50%, 10/20/46

    348       321,383  

3.50%, 11/20/46

    6,117       5,640,965  

3.50%, 12/20/46

    8,734       8,056,001  

3.50%, 01/20/47

    25,257       23,295,201  

3.50%, 02/20/47

    47,250       43,580,462  

3.50%, 03/20/47

    12,893       11,853,284  

3.50%, 04/20/47

    8,913       8,188,276  

3.50%, 05/20/47

    1,752       1,614,483  

3.50%, 06/15/47

    1,028       930,289  

3.50%, 06/20/47

    3,911       3,604,234  

3.50%, 07/20/47

    2,202       2,024,319  

3.50%, 08/20/47

    14,733       13,525,274  

3.50%, 09/15/47

    377       344,127  

3.50%, 09/20/47

    42,027       38,465,325  

3.50%, 10/15/47

    1,274       1,160,301  

3.50%, 10/20/47

    16,376       15,085,710  

3.50%, 11/15/47

    2,610       2,379,850  

3.50%, 11/20/47

    18,309       16,852,477  

3.50%, 12/15/47

    3,738       3,399,347  

3.50%, 12/20/47

    24,065       22,150,875  

3.50%, 01/15/48

    4,317       3,935,562  

3.50%, 01/20/48

    19,162       17,616,788  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

3.50%, 02/15/48

  $ 163     $ 148,051  

3.50%, 02/20/48

    16,701       15,336,890  

3.50%, 03/20/48

    82       74,957  

3.50%, 04/15/48

    337       306,670  

3.50%, 04/20/48

    16,082       14,762,149  

3.50%, 05/15/48

    50       45,026  

3.50%, 05/20/48

    11,760         10,813,058  

3.50%, 09/15/48

    1,172       1,065,627  

3.50%, 09/20/48

    5,004       4,602,695  

3.50%, 10/20/48

    16,504       15,167,435  

3.50%, 11/20/48

    13,330       12,250,585  

3.50%, 12/20/48

    47       43,420  

3.50%, 01/20/49

    2,510       2,307,986  

3.50%, 02/20/49

    456       419,340  

3.50%, 03/20/49

    18,686       17,173,022  

3.50%, 04/20/49

    329       301,986  

3.50%, 05/20/49

    330       303,648  

3.50%, 06/20/49

    1,807       1,658,684  

3.50%, 07/20/49

    277       254,799  

3.50%, 09/20/49

    10,648       9,788,294  

3.50%, 10/15/49

    15       13,688  

3.50%, 10/20/49

    957       879,400  

3.50%, 11/15/49

    416       377,751  

3.50%, 11/20/49

    485       446,043  

3.50%, 12/20/49

    6,095       5,601,612  

3.50%, 01/20/50

    31,337       28,799,205  

3.50%, 02/20/50

    738       678,380  

3.50%, 03/20/50

    1,120       1,029,285  

3.50%, 04/20/50

    587       539,571  

3.50%, 05/20/50

    894       821,039  

3.50%, 06/20/50

    6,177       5,644,125  

3.50%, 07/20/50

    392       360,247  

3.50%, 08/20/50

    1,071       978,749  

3.50%, 09/20/50

    61       55,279  

3.50%, 10/20/50

    1,140       1,047,508  

3.50%, 11/20/50

    851       782,028  

3.50%, 12/20/50

    234       213,773  

3.50%, 03/20/51

    1,808       1,660,994  

3.50%, 05/20/51

    5,238       4,778,687  

3.50%, 06/20/51

    7,803       7,119,404  

3.50%, 07/20/51

    682       621,896  

3.50%, 09/20/51

    80       73,040  

3.50%, 12/20/51

    885       804,366  

3.50%, 01/20/52

    11,505       10,458,065  

3.50%, 02/20/52

    4,407       4,005,962  

3.50%, 03/20/52

    2,319       2,093,072  

3.50%, 01/20/53

    31,594       28,685,933  

3.50%, 02/20/53

    5,806       5,298,645  

3.50%, 03/20/53

    1,939       1,768,781  

3.50%, 06/20/53

    154       140,883  

3.50%, 09/21/53(c)

     108,952       98,929,267  

4.00%, 07/15/24

    2       2,138  

4.00%, 08/15/24

    4       3,570  

4.00%, 12/15/24

    5       4,869  

4.00%, 11/15/25

    11       11,047  

4.00%, 05/15/26

    10       9,549  

4.00%, 07/20/26

    6       6,087  

4.00%, 06/15/39

    56       53,687  

4.00%, 07/20/40

    34       32,695  

4.00%, 08/15/40

    34       32,427  

 

 

126  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 09/15/40

  $ 155     $ 148,614  

4.00%, 09/20/40

    36       34,726  

4.00%, 10/15/40

    111       105,442  

4.00%, 10/20/40

    438       418,552  

4.00%, 11/15/40

    80       76,627  

4.00%, 11/20/40

    909       869,143  

4.00%, 12/15/40

    51       48,807  

4.00%, 12/20/40

    6,651         6,362,112  

4.00%, 01/15/41

    169       161,372  

4.00%, 01/20/41

    970       927,521  

4.00%, 02/15/41

     1,925       1,837,030  

4.00%, 02/20/41

    107       102,046  

4.00%, 03/15/41

    265       253,033  

4.00%, 04/15/41

    1,309       1,247,947  

4.00%, 04/20/41

    87       82,790  

4.00%, 05/15/41

    337       321,855  

4.00%, 05/20/41

    535       511,558  

4.00%, 06/15/41

    0 (a)      197  

4.00%, 07/15/41

    614       586,598  

4.00%, 07/20/41

    237       226,838  

4.00%, 08/15/41

    41       39,165  

4.00%, 08/20/41

    1,517       1,451,489  

4.00%, 09/15/41

    199       189,353  

4.00%, 09/20/41

    88       84,492  

4.00%, 10/15/41

    28       27,345  

4.00%, 10/20/41

    68       64,613  

4.00%, 11/15/41

    13       12,850  

4.00%, 11/20/41

    2,748       2,629,748  

4.00%, 12/15/41

    482       460,147  

4.00%, 12/20/41

    627       600,397  

4.00%, 01/15/42

    294       280,733  

4.00%, 01/20/42

    960       918,991  

4.00%, 02/15/42

    1,311       1,249,876  

4.00%, 02/20/42

    1,924       1,841,336  

4.00%, 03/15/42

    2,406       2,292,318  

4.00%, 03/20/42

    205       196,088  

4.00%, 04/15/42

    1,269       1,210,124  

4.00%, 04/20/42

    735       702,940  

4.00%, 05/15/42

    481       458,141  

4.00%, 05/20/42

    1,260       1,204,804  

4.00%, 06/20/42

    170       163,177  

4.00%, 07/20/42

    416       397,858  

4.00%, 08/15/42

    458       436,718  

4.00%, 08/20/42

    1,822       1,742,151  

4.00%, 09/20/42

    34       32,074  

4.00%, 10/15/42

    227       216,597  

4.00%, 10/20/42

    34       32,733  

4.00%, 11/20/42

    490       467,699  

4.00%, 12/20/42

    3,480       3,327,362  

4.00%, 01/20/43

    343       327,434  

4.00%, 03/20/43

    210       201,219  

4.00%, 04/20/43

    186       178,104  

4.00%, 05/15/43

    6       5,928  

4.00%, 05/20/43

    1,095       1,043,543  

4.00%, 06/20/43

    26       24,771  

4.00%, 07/20/43

    74       70,913  

4.00%, 09/15/43

    111       105,120  

4.00%, 09/20/43

    22       20,894  

4.00%, 10/20/43

    452       431,328  

4.00%, 11/20/43

    31       29,454  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 01/20/44

  $ 936     $ 892,504  

4.00%, 02/20/44

    288       274,351  

4.00%, 03/15/44

    90       84,763  

4.00%, 03/20/44

    215       205,091  

4.00%, 04/15/44

    15       14,437  

4.00%, 04/20/44

    1,029       979,608  

4.00%, 05/15/44

    71       66,359  

4.00%, 06/20/44

    411       391,546  

4.00%, 07/15/44

    31       29,269  

4.00%, 07/20/44

    1,860       1,770,802  

4.00%, 08/15/44

    14       12,840  

4.00%, 08/20/44

    2,893       2,754,563  

4.00%, 09/15/44

    213       200,577  

4.00%, 09/20/44

    289       275,319  

4.00%, 10/20/44

    3,990       3,799,225  

4.00%, 01/15/45

    14       12,842  

4.00%, 01/20/45

     4,278         4,073,413  

4.00%, 02/15/45

    2       1,874  

4.00%, 02/20/45

    75       71,271  

4.00%, 03/15/45

    25       23,336  

4.00%, 03/20/45

    940       895,321  

4.00%, 04/15/45

    35       33,131  

4.00%, 04/20/45

    558       531,254  

4.00%, 05/15/45

    34       31,538  

4.00%, 05/20/45

    12       11,418  

4.00%, 06/15/45

    159       149,643  

4.00%, 06/20/45

    1,839       1,747,831  

4.00%, 07/15/45

    45       42,264  

4.00%, 07/20/45

    960       911,922  

4.00%, 08/15/45

    29       27,022  

4.00%, 08/20/45

    707       672,399  

4.00%, 09/15/45

    235       220,268  

4.00%, 09/20/45

    6,296       5,983,693  

4.00%, 10/20/45

    598       567,872  

4.00%, 11/15/45

    33       31,081  

4.00%, 11/20/45

    4,245       4,034,135  

4.00%, 12/20/45

    241       229,394  

4.00%, 01/20/46

    1,092       1,038,131  

4.00%, 03/20/46

    8,371       7,955,179  

4.00%, 04/15/46

    404       379,785  

4.00%, 04/20/46

    4,113       3,909,169  

4.00%, 05/15/46

    5       4,459  

4.00%, 05/20/46

    2,724       2,589,298  

4.00%, 06/20/46

    381       360,447  

4.00%, 07/20/46

    975       923,359  

4.00%, 08/15/46

    54       50,985  

4.00%, 08/20/46

    89       84,600  

4.00%, 09/20/46

    4,075       3,859,550  

4.00%, 10/15/46

    97       91,330  

4.00%, 11/15/46

    146       137,469  

4.00%, 11/20/46

    3,510       3,324,974  

4.00%, 12/15/46

    1,236       1,167,118  

4.00%, 12/20/46

    1,807       1,711,930  

4.00%, 01/20/47

    5,740       5,436,693  

4.00%, 02/20/47

    138       130,461  

4.00%, 03/20/47

    538       509,344  

4.00%, 04/20/47

    11,746       11,108,857  

4.00%, 05/20/47

    279       264,231  

4.00%, 06/20/47

    22,299       21,090,037  

4.00%, 07/20/47

    31,384       29,682,202  

 

 

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

    127  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 08/20/47

  $ 7,743     $ 7,323,750  

4.00%, 09/20/47

    988       934,626  

4.00%, 10/15/47

    23       21,858  

4.00%, 10/20/47

    1,002       947,346  

4.00%, 11/20/47

     29,266         27,679,499  

4.00%, 12/20/47

    7,770       7,344,979  

4.00%, 01/15/48

    1,422       1,338,114  

4.00%, 01/20/48

    6,523       6,169,279  

4.00%, 02/20/48

    12,481       11,803,952  

4.00%, 03/20/48

    19,356       18,299,432  

4.00%, 04/20/48

    12,636       11,927,401  

4.00%, 05/15/48

    106       99,738  

4.00%, 05/20/48

    2,011       1,895,525  

4.00%, 06/20/48

    10,035       9,472,885  

4.00%, 07/20/48

    4,739       4,473,642  

4.00%, 08/20/48

    13,430       12,678,335  

4.00%, 09/20/48

    8,914       8,415,049  

4.00%, 10/20/48

    4,160       3,927,084  

4.00%, 11/20/48

    14,686       13,861,431  

4.00%, 12/20/48

    3,794       3,581,627  

4.00%, 02/20/49

    1,393       1,314,720  

4.00%, 03/20/49

    5,057       4,774,397  

4.00%, 05/20/49

    1,983       1,869,894  

4.00%, 06/20/49

    1,539       1,446,546  

4.00%, 07/20/49

    4,498       4,224,794  

4.00%, 09/15/49

    77       72,899  

4.00%, 09/20/49

    238       224,724  

4.00%, 10/20/49

    445       419,712  

4.00%, 11/20/49

    33       30,907  

4.00%, 01/20/50

    24,128       22,754,090  

4.00%, 02/20/50

    11,979       11,296,619  

4.00%, 03/20/50

    355       334,959  

4.00%, 04/20/50

    9       8,235  

4.00%, 05/20/50

    2,048       1,930,988  

4.00%, 06/20/50

    2,113       1,992,850  

4.00%, 07/20/50

    4,652       4,391,400  

4.00%, 08/20/50

    2,779       2,620,296  

4.00%, 10/20/50

    2,610       2,461,312  

4.00%, 11/20/50

    504       475,270  

4.00%, 01/20/51

    56       52,670  

4.00%, 04/20/52

    438       408,241  

4.00%, 06/20/52

    2,825       2,631,752  

4.00%, 07/20/52

    12,004       11,183,074  

4.00%, 08/20/52

    10,124       9,431,007  

4.00%, 09/20/52

    47,425       44,180,183  

4.00%, 10/20/52

    36,234       33,754,985  

4.00%, 12/20/52

    14,373       13,389,681  

4.00%, 02/20/53

    495       460,952  

4.00%, 09/21/53(c)

    39,365       36,677,109  

4.50%, 04/20/26

    6       5,594  

4.50%, 07/15/33

    1       1,026  

4.50%, 08/15/33

    9       8,683  

4.50%, 11/20/33

    2       1,944  

4.50%, 06/15/34

    2       1,497  

4.50%, 01/15/35

    0 (a)      414  

4.50%, 06/20/35

    12       12,238  

4.50%, 08/15/35

    7       6,821  

4.50%, 03/15/39

    74       73,187  

4.50%, 03/20/39

    31       30,070  

4.50%, 04/15/39

    244       237,425  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.50%, 05/15/39

  $ 78     $ 76,009  

4.50%, 06/15/39

    72       68,957  

4.50%, 07/15/39

    281       274,779  

4.50%, 08/15/39

    1,175       1,146,421  

4.50%, 09/15/39

    33       32,258  

4.50%, 10/15/39

    6       5,764  

4.50%, 11/15/39

    40       38,979  

4.50%, 11/20/39

    419       409,811  

4.50%, 12/15/39

    59       58,497  

4.50%, 12/20/39

    40       39,131  

4.50%, 01/15/40

    138       135,070  

4.50%, 01/20/40

    449       438,905  

4.50%, 02/15/40

    109       105,129  

4.50%, 03/15/40

    74       72,406  

4.50%, 04/15/40

    31       31,354  

4.50%, 05/15/40

    26       25,547  

4.50%, 05/20/40

    64       62,860  

4.50%, 06/15/40

     2,272         2,217,889  

4.50%, 06/20/40

    6,943       6,792,701  

4.50%, 07/15/40

    820       801,049  

4.50%, 07/20/40

    2,499       2,444,825  

4.50%, 08/15/40

    2,888       2,818,608  

4.50%, 08/20/40

    715       699,736  

4.50%, 09/15/40

    153       149,876  

4.50%, 10/15/40

    65       63,852  

4.50%, 10/20/40

    3,763       3,681,536  

4.50%, 12/15/40

    13       12,376  

4.50%, 01/15/41

    7       7,067  

4.50%, 01/20/41

    5,381       5,264,322  

4.50%, 02/15/41

    5       5,050  

4.50%, 02/20/41

    4,267       4,184,455  

4.50%, 03/15/41

    77       75,518  

4.50%, 03/20/41

    257       252,441  

4.50%, 04/15/41

    19       18,725  

4.50%, 04/20/41

    9,566       9,380,344  

4.50%, 05/15/41

    42       40,651  

4.50%, 05/20/41

    3,939       3,862,652  

4.50%, 06/15/41

    43       41,611  

4.50%, 06/20/41

    7,640       7,491,283  

4.50%, 07/15/41

    32       31,001  

4.50%, 07/20/41

    5,361       5,256,767  

4.50%, 08/15/41

    46       44,170  

4.50%, 08/20/41

    91       89,171  

4.50%, 09/15/41

    32       31,223  

4.50%, 09/20/41

    1,271       1,246,081  

4.50%, 11/20/41

    1,254       1,229,323  

4.50%, 12/20/41

    535       524,289  

4.50%, 01/20/42

    84       82,492  

4.50%, 02/20/42

    51       50,042  

4.50%, 03/20/42

    12       11,867  

4.50%, 04/20/42

    22       21,685  

4.50%, 05/20/42

    16       15,648  

4.50%, 08/20/43

    9       8,489  

4.50%, 09/20/43

    255       248,489  

4.50%, 11/20/43

    530       517,123  

4.50%, 02/20/44

    135       131,370  

4.50%, 03/20/44

    2,686       2,618,789  

4.50%, 04/20/44

    3       2,549  

4.50%, 05/20/44

    251       244,819  

4.50%, 06/20/44

    12       11,464  

 

 

128  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.50%, 08/20/44

  $ 18     $ 17,468  

4.50%, 09/20/44

    112       108,900  

4.50%, 10/20/44

    210       204,634  

4.50%, 11/20/44

    176       171,676  

4.50%, 02/20/45

    41       39,632  

4.50%, 03/20/45

    3       2,568  

4.50%, 06/20/45

    132       128,448  

4.50%, 09/15/45

    16       15,216  

4.50%, 09/20/45

    7       7,279  

4.50%, 10/15/45

    45       43,104  

4.50%, 10/20/45

    62       60,778  

4.50%, 11/20/45

    5,829         5,673,377  

4.50%, 12/20/45

    145       141,395  

4.50%, 01/20/46

    48       47,058  

4.50%, 02/15/46

    148       142,470  

4.50%, 02/20/46

    647       629,827  

4.50%, 03/20/46

    133       129,797  

4.50%, 05/20/46

    118       114,756  

4.50%, 07/20/46

    221       214,847  

4.50%, 08/15/46

    16       15,419  

4.50%, 08/20/46

    343       334,075  

4.50%, 09/15/46

    61       58,976  

4.50%, 09/20/46

    1,700       1,663,509  

4.50%, 10/15/46

    20       19,663  

4.50%, 10/20/46

    1,720       1,676,907  

4.50%, 11/20/46

    771       751,506  

4.50%, 12/20/46

    141       137,313  

4.50%, 01/20/47

    78       76,114  

4.50%, 02/20/47

    269       261,917  

4.50%, 04/20/47

    394       381,894  

4.50%, 05/20/47

    831       806,326  

4.50%, 06/15/47

    60       58,587  

4.50%, 06/20/47

    900       873,406  

4.50%, 07/20/47

    1,814       1,760,515  

4.50%, 08/15/47

    21       20,561  

4.50%, 08/20/47

    392       380,800  

4.50%, 09/20/47

    145       140,265  

4.50%, 10/20/47

    1,662       1,611,281  

4.50%, 11/20/47

    163       157,189  

4.50%, 12/20/47

    269       260,172  

4.50%, 01/20/48

    1,837       1,776,158  

4.50%, 02/20/48

    2,098       2,028,696  

4.50%, 03/20/48

    2,204       2,131,262  

4.50%, 04/20/48

    9,161       8,857,146  

4.50%, 05/20/48

    523       505,182  

4.50%, 06/20/48

    9,978       9,651,787  

4.50%, 07/20/48

     14,299       13,815,692  

4.50%, 08/20/48

    14,277       13,794,725  

4.50%, 09/20/48

    6,339       6,125,250  

4.50%, 10/20/48

    1,731       1,672,639  

4.50%, 11/20/48

    4,311       4,164,529  

4.50%, 12/20/48

    6,918       6,684,579  

4.50%, 01/20/49

    18,872       18,234,260  

4.50%, 02/20/49

    1,493       1,441,482  

4.50%, 03/20/49

    6,545       6,324,383  

4.50%, 04/20/49

    3,143       3,036,308  

4.50%, 05/20/49

    10,756       10,392,961  

4.50%, 08/20/49

    3,833       3,703,518  

4.50%, 09/20/49

    281       271,229  

4.50%, 10/20/49

    552       532,926  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.50%, 11/20/49

  $ 896     $ 866,017  

4.50%, 12/20/49

    174       167,741  

4.50%, 02/20/50

    8,904       8,603,623  

4.50%, 03/20/50

    3,674       3,550,249  

4.50%, 04/20/50

    3,148       3,040,662  

4.50%, 05/20/50

    2,575       2,488,369  

4.50%, 07/20/50

    389       376,155  

4.50%, 12/20/50

    164       158,197  

4.50%, 03/20/51

    2,030       1,961,647  

4.50%, 05/20/51

    54       52,035  

4.50%, 06/20/51

    2,755       2,663,815  

4.50%, 12/20/51

    3,832       3,702,709  

4.50%, 02/20/52

    21       19,754  

4.50%, 05/20/52

    2,794       2,663,141  

4.50%, 07/20/52

    19,607       18,686,334  

4.50%, 08/20/52

    45,002       42,889,208  

4.50%, 09/20/52

    2,589       2,470,021  

4.50%, 10/20/52

    4,835       4,607,770  

4.50%, 11/20/52

    4,957       4,724,552  

4.50%, 05/20/53

     25,177         23,985,524  

4.50%, 09/20/53(c)

    84,857       80,866,069  

5.00%, 11/15/24

    70       69,075  

5.00%, 03/15/33

    3       2,936  

5.00%, 05/20/33

    140       140,217  

5.00%, 06/15/33

    4       4,332  

5.00%, 07/15/33

    14       13,116  

5.00%, 07/20/33

    1       963  

5.00%, 08/15/33

    58       58,180  

5.00%, 09/15/33

    33       33,612  

5.00%, 10/15/33

    23       22,247  

5.00%, 01/15/34

    1       708  

5.00%, 01/20/34

    1       1,232  

5.00%, 02/15/34

    24       23,723  

5.00%, 04/15/34

    2       2,080  

5.00%, 05/15/34

    2       2,161  

5.00%, 05/20/34

    1       674  

5.00%, 06/15/34

    20       20,284  

5.00%, 07/15/34

    14       13,784  

5.00%, 12/15/34

    2       2,100  

5.00%, 01/15/35

    5       5,607  

5.00%, 03/15/35

    1       514  

5.00%, 05/15/35

    1       1,276  

5.00%, 07/20/35

    603       605,413  

5.00%, 08/15/35

    18       18,106  

5.00%, 09/15/35

    6       6,541  

5.00%, 10/15/35

    47       47,333  

5.00%, 11/15/35

    9       9,009  

5.00%, 12/15/35

    9       8,780  

5.00%, 04/20/36

    20       19,885  

5.00%, 09/15/36

    15       15,450  

5.00%, 12/15/36

    2,331       2,345,390  

5.00%, 04/20/37

    1       832  

5.00%, 12/15/37

    2       2,055  

5.00%, 01/15/38

    0 (a)      140  

5.00%, 02/15/38

    0 (a)      252  

5.00%, 03/15/38

    1       524  

5.00%, 03/20/38

    4       4,263  

5.00%, 04/15/38

    14       12,206  

5.00%, 04/20/38

    111       111,607  

5.00%, 05/15/38

    62       61,855  

 

 

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

    129  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.00%, 05/20/38

  $ 1     $ 1,320  

5.00%, 06/15/38

    28       28,298  

5.00%, 06/20/38

    11       11,068  

5.00%, 07/15/38

    2       1,847  

5.00%, 07/15/38

    0 (a)      283  

5.00%, 08/15/38

    27       26,845  

5.00%, 08/20/38

    9       8,735  

5.00%, 10/15/38

    12       12,411  

5.00%, 10/20/38

    12       11,952  

5.00%, 12/15/38

    6       5,895  

5.00%, 01/15/39

    951       947,754  

5.00%, 02/15/39

    262       261,561  

5.00%, 03/15/39

    60       59,326  

5.00%, 03/15/39

    0 (a)      425  

5.00%, 04/15/39

    38       38,290  

5.00%, 05/15/39

    11       12,073  

5.00%, 05/20/39

    5       5,108  

5.00%, 06/15/39

    73       72,608  

5.00%, 06/20/39

    23       22,579  

5.00%, 07/15/39

    2,280         2,274,054  

5.00%, 08/15/39

    86       84,852  

5.00%, 09/15/39

    253       252,845  

5.00%, 10/15/39

    31       31,100  

5.00%, 10/20/39

    791       793,338  

5.00%, 11/15/39

    41       40,599  

5.00%, 11/20/39

    123       123,625  

5.00%, 12/15/39

    13       13,019  

5.00%, 02/15/40

    262       262,117  

5.00%, 03/15/40

    26       25,939  

5.00%, 03/20/40

    3       2,959  

5.00%, 04/15/40

    10       10,118  

5.00%, 05/15/40

    504       503,541  

5.00%, 05/20/40

    9       9,249  

5.00%, 06/15/40

    94       93,301  

5.00%, 06/20/40

    25       25,218  

5.00%, 07/15/40

    30       29,913  

5.00%, 07/20/40

    2,481       2,486,454  

5.00%, 08/15/40

    10       10,077  

5.00%, 08/20/40

    769       770,699  

5.00%, 12/15/40

    61       61,527  

5.00%, 01/20/41

    51       50,759  

5.00%, 02/20/41

    21       21,507  

5.00%, 04/15/41

    10       9,644  

5.00%, 04/20/41

    1       1,033  

5.00%, 05/20/41

    32       31,652  

5.00%, 06/20/41

    6       6,292  

5.00%, 07/20/41

    8       7,775  

5.00%, 09/20/41

    11       10,935  

5.00%, 10/20/41

    6       6,449  

5.00%, 11/20/41

     2,302       2,306,921  

5.00%, 12/20/41

    15       15,234  

5.00%, 02/20/42

    73       72,902  

5.00%, 03/20/42

    12       12,480  

5.00%, 07/20/42

    425       426,025  

5.00%, 08/20/42

    20       20,561  

5.00%, 10/20/42

    1       1,341  

5.00%, 01/20/43

    112       112,343  

5.00%, 04/20/43

    29       28,875  

5.00%, 05/20/43

    19       18,964  

5.00%, 11/20/43

    67       66,831  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.00%, 01/20/44

  $ 87     $ 87,325  

5.00%, 03/15/44

    1,742       1,739,271  

5.00%, 05/20/44

    201       201,137  

5.00%, 06/20/44

    28       28,068  

5.00%, 07/20/44

    155       155,479  

5.00%, 08/20/44

    73       72,860  

5.00%, 12/20/44

    447       447,806  

5.00%, 04/20/45

    105       105,404  

5.00%, 06/20/45

    498       499,557  

5.00%, 07/20/45

    3       2,525  

5.00%, 08/20/45

    13       12,544  

5.00%, 09/20/45

    10       9,618  

5.00%, 10/20/45

    210       210,389  

5.00%, 11/20/45

    5       4,799  

5.00%, 02/20/46

    532       533,024  

5.00%, 03/20/46

    7       7,477  

5.00%, 04/20/46

    90       90,228  

5.00%, 05/20/46

    64       64,156  

5.00%, 07/20/46

    173       173,824  

5.00%, 08/20/46

     1,187         1,189,419  

5.00%, 11/20/46

    964       965,905  

5.00%, 01/20/47

    374       374,546  

5.00%, 03/20/47

    65       64,853  

5.00%, 04/20/47

    94       94,444  

5.00%, 05/20/47

    439       435,153  

5.00%, 06/20/47

    153       153,037  

5.00%, 07/15/47

    292       294,956  

5.00%, 07/20/47

    33       32,640  

5.00%, 08/15/47

    146       147,281  

5.00%, 08/20/47

    80       79,492  

5.00%, 09/20/47

    307       303,873  

5.00%, 10/20/47

    402       398,435  

5.00%, 11/20/47

    385       381,570  

5.00%, 12/20/47

    447       442,954  

5.00%, 01/20/48

    53       52,256  

5.00%, 02/20/48

    2,624       2,598,366  

5.00%, 03/20/48

    5,305       5,253,797  

5.00%, 04/20/48

    2,591       2,565,747  

5.00%, 05/20/48

    1,820       1,798,981  

5.00%, 06/20/48

    390       385,767  

5.00%, 08/20/48

    3,770       3,720,927  

5.00%, 09/20/48

    1,215       1,198,674  

5.00%, 10/20/48

    6       5,644  

5.00%, 11/20/48

    5,791       5,711,296  

5.00%, 12/20/48

    1,834       1,800,192  

5.00%, 01/20/49

    12,735       12,569,400  

5.00%, 02/20/49

    829       818,085  

5.00%, 03/20/49

    9,144       9,025,559  

5.00%, 04/20/49

    891       879,306  

5.00%, 05/20/49

    4       4,389  

5.00%, 06/20/49

    1,587       1,566,231  

5.00%, 07/20/49

    1,162       1,147,980  

5.00%, 08/20/49

    659       650,299  

5.00%, 09/20/49

    4,625       4,570,533  

5.00%, 10/20/49

    2,393       2,370,407  

5.00%, 11/20/49

    5,284       5,218,739  

5.00%, 12/20/49

    673       665,436  

5.00%, 02/20/50

    574       568,174  

5.00%, 04/20/50

    1,022       1,012,464  

5.00%, 05/20/50

    1,891       1,872,576  

 

 

130  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

5.00%, 06/20/50

  $ 234     $    231,319  

5.00%, 07/20/51

    56       55,229  

5.00%, 08/20/51

    1,113       1,098,243  

5.00%, 09/20/51

    44       43,186  

5.00%, 10/20/51

    8,832       8,666,854  

5.00%, 11/20/51

    5,300       5,201,328  

5.00%, 01/20/52

    197       193,450  

5.00%, 07/20/52

    4,100       3,988,098  

5.00%, 09/20/52

    23,187       22,555,021  

5.00%, 12/20/52

    16,550       16,099,005  

5.00%, 01/20/53

    3,523       3,426,582  

5.00%, 05/20/53

    33,705       32,782,452  

5.00%, 09/21/53(c)

     139,637       135,876,074  

5.50%, 01/15/24

    0 (a)      251  

5.50%, 12/15/31

    13       12,624  

5.50%, 05/20/32

    0 (a)      236  

5.50%, 10/15/32

    1       1,320  

5.50%, 11/15/32

    2       1,795  

5.50%, 01/15/33

    6       5,729  

5.50%, 02/15/33

    8       7,391  

5.50%, 03/15/33

    10       10,403  

5.50%, 03/15/33

    0 (a)      341  

5.50%, 04/15/33

    24       23,878  

5.50%, 05/15/33

    17       17,349  

5.50%, 06/15/33

    0 (a)      68  

5.50%, 06/15/33

    2       1,507  

5.50%, 07/15/33

    5       5,768  

5.50%, 08/15/33

    24       25,093  

5.50%, 09/15/33

    8       8,493  

5.50%, 10/15/33

    5       4,853  

5.50%, 11/15/33

    36       37,233  

5.50%, 12/15/33

    7       6,543  

5.50%, 12/15/33

    0 (a)      62  

5.50%, 01/15/34

    25       24,350  

5.50%, 02/15/34

    0 (a)      264  

5.50%, 03/15/34

    12       12,872  

5.50%, 04/15/34

    14       14,256  

5.50%, 05/15/34

    31       31,003  

5.50%, 05/15/34

    0 (a)      479  

5.50%, 06/15/34

    17       16,643  

5.50%, 07/15/34

    7       7,643  

5.50%, 10/15/34

    4       3,895  

5.50%, 11/15/34

    8       8,629  

5.50%, 11/20/34

    735       749,416  

5.50%, 12/15/34

    4       4,368  

5.50%, 02/15/35

    15       15,365  

5.50%, 03/15/35

    12       12,169  

5.50%, 04/15/35

    11       11,523  

5.50%, 05/15/35

    8       7,639  

5.50%, 06/15/35

    18       18,129  

5.50%, 07/15/35

    14       14,138  

5.50%, 08/15/35

    4       4,197  

5.50%, 09/15/35

    15       14,547  

5.50%, 10/15/35

    8       7,964  

5.50%, 11/15/35

    3       2,956  

5.50%, 12/15/35

    11       11,628  

5.50%, 01/15/36

    4       3,951  

5.50%, 02/15/36

    2       1,632  

5.50%, 03/15/36

    576       588,798  

5.50%, 03/20/36

    155       158,262  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

5.50%, 04/15/36

  $ 3     $ 2,877  

5.50%, 07/15/36

    1       1,113  

5.50%, 07/20/36

    212       216,495  

5.50%, 11/20/36

    0 (a)      417  

5.50%, 12/15/36

    5       4,790  

5.50%, 01/15/37

    0 (a)      208  

5.50%, 03/15/37

    36       36,155  

5.50%, 04/15/37

    13       13,251  

5.50%, 05/15/37

    1       1,365  

5.50%, 07/15/37

    2       2,005  

5.50%, 01/15/38

    1       962  

5.50%, 01/20/38

    1       712  

5.50%, 02/15/38

    10       9,566  

5.50%, 03/15/38

    2       2,538  

5.50%, 05/15/38

    9       9,837  

5.50%, 05/15/38

    0 (a)      645  

5.50%, 06/15/38

    65       67,792  

5.50%, 06/15/38

    0 (a)      293  

5.50%, 06/20/38

    803       822,705  

5.50%, 07/15/38

    21       21,545  

5.50%, 07/15/38

    0 (a)      497  

5.50%, 07/20/38

    9       9,423  

5.50%, 08/15/38

    37       37,107  

5.50%, 09/15/38

    10       10,276  

5.50%, 09/20/38

    6       6,282  

5.50%, 10/15/38

    526       538,862  

5.50%, 10/20/38

    26       26,670  

5.50%, 11/15/38

    16       15,506  

5.50%, 11/20/38

    1       521  

5.50%, 12/15/38

    9       9,371  

5.50%, 12/20/38

    22       22,278  

5.50%, 01/15/39

    24       25,373  

5.50%, 01/15/39

    0 (a)      347  

5.50%, 01/20/39

    10       10,036  

5.50%, 02/15/39

    4       3,613  

5.50%, 02/20/39

    39       40,013  

5.50%, 03/20/39

    621       637,381  

5.50%, 04/15/39

    7       7,248  

5.50%, 05/15/39

    1       1,443  

5.50%, 11/15/39

    3       3,349  

5.50%, 12/15/39

    143       146,776  

5.50%, 01/15/40

     1,313       1,352,220  

5.50%, 03/15/40

    18       18,027  

5.50%, 04/15/40

    31       31,476  

5.50%, 07/20/40

    1,315       1,347,973  

5.50%, 11/15/40

    13       13,278  

5.50%, 12/20/40

    6       6,574  

5.50%, 04/20/41

    23       23,287  

5.50%, 10/20/41

    18       18,346  

5.50%, 11/20/41

    17       17,268  

5.50%, 01/20/42

    5       4,806  

5.50%, 07/20/42

    5       5,037  

5.50%, 11/20/42

    37       37,608  

5.50%, 06/20/43

    85       87,140  

5.50%, 07/20/43

    18       18,117  

5.50%, 04/20/44

    30       30,776  

5.50%, 08/20/44

    32       32,525  

5.50%, 01/20/47

    19       18,925  

5.50%, 02/20/47

    23       23,575  

5.50%, 03/20/48

    141          142,452  

 

 

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

    131  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

5.50%, 04/20/48

  $ 67     $ 67,667  

5.50%, 05/20/48

    251       253,033  

5.50%, 06/20/48

    193       194,707  

5.50%, 11/20/48

    601       605,000  

5.50%, 12/20/48

    94       94,746  

5.50%, 01/20/49

    2,400       2,415,993  

5.50%, 02/20/49

    103       103,490  

5.50%, 03/20/49

    28       28,072  

5.50%, 12/20/52

    56,539       55,961,913  

5.50%, 01/20/53

    36,055       35,725,150  

5.50%, 07/20/53

    22,262       22,142,723  

5.50%, 09/21/53(c)

    157,458         155,858,817  

6.00%, 01/15/24

    0 (a)      44  

6.00%, 04/15/26

    0 (a)      106  

6.00%, 04/15/26

    1       777  

6.00%, 05/15/26

    1       1,162  

6.00%, 04/15/28

    0 (a)      242  

6.00%, 05/15/28

    1       743  

6.00%, 07/20/28

    0 (a)      116  

6.00%, 09/15/28

    0 (a)      146  

6.00%, 09/20/28

    0 (a)      189  

6.00%, 10/15/28

    0 (a)      126  

6.00%, 12/15/28

    0 (a)      236  

6.00%, 01/15/29

    6       6,370  

6.00%, 01/15/29

    0 (a)      134  

6.00%, 02/15/29

    0 (a)      189  

6.00%, 02/15/29

    21       21,665  

6.00%, 03/15/29

    0 (a)      470  

6.00%, 04/15/29

    1       1,366  

6.00%, 04/15/29

    0 (a)      231  

6.00%, 05/15/29

    2       2,215  

6.00%, 05/20/29

    0 (a)      488  

6.00%, 06/15/29

    1       1,229  

6.00%, 07/15/29

    0 (a)      118  

6.00%, 08/20/29

    0 (a)      126  

6.00%, 06/15/31

    0 (a)      260  

6.00%, 10/15/31

    2       2,035  

6.00%, 11/15/31

    0 (a)      418  

6.00%, 12/15/31

    3       3,069  

6.00%, 01/15/32

    0 (a)      300  

6.00%, 02/15/32

    0 (a)      198  

6.00%, 02/15/32

    3       2,890  

6.00%, 03/15/32

    1       1,388  

6.00%, 03/15/32

    0 (a)      336  

6.00%, 04/15/32

    4       3,749  

6.00%, 05/15/32

    0 (a)      859  

6.00%, 05/15/32

    1       637  

6.00%, 06/15/32

    1       1,085  

6.00%, 07/15/32

    1       1,305  

6.00%, 08/15/32

    3       2,692  

6.00%, 08/15/32

    0 (a)      307  

6.00%, 09/15/32

    3       2,723  

6.00%, 10/15/32

    0 (a)      83  

6.00%, 10/15/32

    9       9,778  

6.00%, 12/15/32

    0 (a)      336  

6.00%, 12/15/32

    24       24,813  

6.00%, 01/15/33

    0 (a)      842  

6.00%, 02/15/33

    9       9,053  

6.00%, 06/15/33

    14       14,093  

6.00%, 08/15/33

    1       1,460  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

6.00%, 09/15/33

  $ 32     $ 32,855  

6.00%, 11/15/33

    4       4,015  

6.00%, 12/15/33

    42       43,792  

6.00%, 07/15/34

    6       6,084  

6.00%, 08/15/34

    3       2,988  

6.00%, 09/15/34

    2       2,240  

6.00%, 10/15/34

    9       9,481  

6.00%, 11/15/34

    1       531  

6.00%, 09/15/35

    3       3,125  

6.00%, 11/15/35

    1       1,454  

6.00%, 12/15/35

    10       9,883  

6.00%, 01/15/36

    1       673  

6.00%, 01/20/36

    2       2,571  

6.00%, 04/15/36

    4       3,888  

6.00%, 06/15/36

    8       7,865  

6.00%, 07/15/36

    3       3,007  

6.00%, 08/15/36

    12       12,298  

6.00%, 10/15/36

    2       2,227  

6.00%, 11/15/36

    13       13,106  

6.00%, 01/15/37

    16       16,417  

6.00%, 01/20/37

    1       1,099  

6.00%, 02/15/37

    1       1,493  

6.00%, 03/15/37

     1,193         1,242,529  

6.00%, 04/15/37

    24       25,290  

6.00%, 05/15/37

    0 (a)      331  

6.00%, 05/15/37

    17       17,878  

6.00%, 06/15/37

    3       2,665  

6.00%, 08/15/37

    1       1,231  

6.00%, 10/20/37

    19       19,759  

6.00%, 11/15/37

    0 (a)      219  

6.00%, 11/20/37

    18       18,301  

6.00%, 12/15/37

    4       5,193  

6.00%, 01/15/38

    14       15,431  

6.00%, 02/15/38

    0 (a)      482  

6.00%, 02/15/38

    9       9,364  

6.00%, 03/15/38

    1       1,067  

6.00%, 05/15/38

    18       17,699  

6.00%, 06/15/38

    2       2,303  

6.00%, 06/20/38

    12       12,486  

6.00%, 08/15/38

    7       6,875  

6.00%, 08/15/38

    0 (a)      443  

6.00%, 09/20/38

    1,246       1,299,899  

6.00%, 10/15/38

    0 (a)      414  

6.00%, 10/15/38

    1       765  

6.00%, 11/15/38

    4       3,745  

6.00%, 11/15/38

    0 (a)      104  

6.00%, 12/15/38

    429       450,380  

6.00%, 01/15/39

    61       64,020  

6.00%, 06/15/39

    4       4,274  

6.00%, 09/15/39

    23       23,723  

6.00%, 09/20/39

    89       92,976  

6.00%, 11/15/39

    210       220,269  

6.00%, 12/15/39

    3       3,541  

6.00%, 04/20/40

    162       168,567  

6.00%, 12/15/40

    6       6,392  

6.00%, 12/20/40

    4       3,852  

6.00%, 11/20/41

    2       1,781  

6.00%, 01/20/42

    13       13,686  

6.00%, 04/20/42

    3       3,107  

6.00%, 07/20/45

    121       125,699  

 

 

132  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

6.00%, 01/20/46

  $ 327     $ 340,244  

6.00%, 09/15/53(c)

      7,000          7,031,445  

6.50%, 11/15/23

    0 (a)      3  

6.50%, 04/15/24

    0 (a)      43  

6.50%, 05/15/24

    0 (a)      28  

6.50%, 07/15/24

    0 (a)      31  

6.50%, 10/15/24

    0 (a)      9  

6.50%, 03/15/26

    0 (a)      302  

6.50%, 04/15/26

    0 (a)      38  

6.50%, 03/15/28

    1       564  

6.50%, 03/15/28

    0 (a)      68  

6.50%, 04/15/28

    0 (a)      101  

6.50%, 06/15/28

    0 (a)      99  

6.50%, 08/15/28

    0 (a)      29  

6.50%, 09/15/28

    0 (a)      689  

6.50%, 09/15/28

    1       517  

6.50%, 10/15/28

    5       4,607  

6.50%, 10/15/28

    0 (a)      768  

6.50%, 10/20/28

    0 (a)      299  

6.50%, 11/15/28

    1       565  

6.50%, 12/15/28

    0 (a)      497  

6.50%, 12/15/28

    3       2,828  

6.50%, 01/15/29

    4       3,852  

6.50%, 01/15/29

    0 (a)      120  

6.50%, 02/15/29

    0 (a)      111  

6.50%, 03/15/29

    2       1,524  

6.50%, 03/15/29

    0 (a)      134  

6.50%, 04/15/29

    0 (a)      75  

6.50%, 04/15/29

    1       518  

6.50%, 05/15/29

    0 (a)      64  

6.50%, 05/20/29

    0 (a)      234  

6.50%, 06/15/29

    0 (a)      162  

6.50%, 07/15/29

    8       9,161  

6.50%, 07/15/29

    0 (a)      671  

6.50%, 08/15/29

    6       5,840  

6.50%, 08/15/29

    0 (a)      71  

6.50%, 09/15/29

    1       560  

6.50%, 12/15/29

    0 (a)      75  

6.50%, 05/15/31

    2       1,704  

6.50%, 06/15/31

    0 (a)      263  

6.50%, 07/15/31

    0 (a)      153  

6.50%, 09/15/31

    0 (a)      745  

6.50%, 09/15/31

    4       4,051  

6.50%, 11/15/31

    0 (a)      17  

6.50%, 11/15/31

    11       12,016  

6.50%, 12/15/31

    5       4,906  

6.50%, 01/15/32

    0 (a)      309  

6.50%, 01/15/32

    2       1,407  

6.50%, 02/20/32

    0 (a)      148  

6.50%, 03/15/32

    5       4,739  

6.50%, 04/15/32

    5       4,724  

6.50%, 05/20/32

    7       6,784  

6.50%, 06/15/32

    0 (a)      206  

6.50%, 06/15/32

    1       1,065  

6.50%, 07/15/32

    2       2,120  

6.50%, 08/15/32

    4       4,302  

6.50%, 10/15/32

    0 (a)      349  

6.50%, 10/15/32

    1       1,331  

6.50%, 12/15/32

    1       893  

6.50%, 01/15/33

    4       3,990  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

6.50%, 03/15/33

  $ 2     $ 2,430  

6.50%, 04/15/33

    1       1,160  

6.50%, 05/15/33

    3       2,573  

6.50%, 07/15/34

    1       717  

6.50%, 08/15/34

    1       1,257  

6.50%, 08/20/34

    1       674  

6.50%, 11/15/34

    2       1,877  

6.50%, 12/15/35

    2       2,150  

6.50%, 04/15/36

    13       13,920  

6.50%, 10/15/36

    16       16,416  

6.50%, 05/15/37

    7       7,327  

6.50%, 07/15/37

    2       1,797  

6.50%, 08/15/37

    0 (a)      292  

6.50%, 11/15/37

    4       4,199  

6.50%, 12/15/37

    1       1,338  

6.50%, 01/15/38

    1       1,373  

6.50%, 08/20/38

    7       6,863  

6.50%, 09/15/38

    3       3,350  

6.50%, 10/20/38

      572         605,135  

6.50%, 11/15/38

    7       7,642  

6.50%, 12/15/38

    8       7,455  

6.50%, 01/15/39

    0 (a)      152  

7.00%, 11/15/23

    0 (a)      34  

7.00%, 12/15/23

    0 (a)      9  

7.00%, 01/15/24

    0 (a)      15  

7.00%, 04/15/24

    0 (a)      33  

7.00%, 05/15/24

    0 (a)      32  

7.00%, 06/15/24

    0 (a)      25  

7.00%, 09/15/24

    0 (a)      66  

7.00%, 10/15/24

    0 (a)      94  

7.00%, 11/15/24

    0 (a)      28  

7.00%, 01/15/25

    0 (a)      11  

7.00%, 07/15/25

    0 (a)      13  

7.00%, 10/15/25

    0 (a)      62  

7.00%, 12/15/25

    0 (a)      333  

7.00%, 01/15/26

    0 (a)      68  

7.00%, 02/15/26

    0 (a)      61  

7.00%, 04/15/26

    0 (a)      299  

7.00%, 06/15/26

    1       618  

7.00%, 11/15/26

    0 (a)      164  

7.00%, 05/15/27

    0 (a)      180  

7.00%, 06/15/27

    0 (a)      291  

7.00%, 10/15/27

    0 (a)      319  

7.00%, 11/15/27

    1       910  

7.00%, 11/15/27

    0 (a)      39  

7.00%, 12/15/27

    1       706  

7.00%, 12/15/27

    0 (a)      114  

7.00%, 01/15/28

    1       609  

7.00%, 02/15/28

    0 (a)      25  

7.00%, 03/15/28

    0 (a)      504  

7.00%, 04/15/28

    0 (a)      434  

7.00%, 06/15/28

    0 (a)      1,260  

7.00%, 06/15/28

    1       743  

7.00%, 07/15/28

    0 (a)      376  

7.00%, 08/15/28

    0 (a)      678  

7.00%, 09/15/28

    3       2,477  

7.00%, 09/15/28

    0 (a)      118  

7.00%, 10/15/28

    0 (a)      227  

7.00%, 11/15/28

    3       2,570  

7.00%, 11/15/28

    0 (a)      518  

 

 

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

    133  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

7.00%, 12/15/28

  $ 0 (a)    $ 90  

7.00%, 12/15/28

    1       610  

7.00%, 03/15/29

    2       2,290  

7.00%, 03/15/29

    0 (a)      36  

7.00%, 04/15/29

    0 (a)      76  

7.00%, 05/15/29

    0 (a)      111  

7.00%, 06/15/29

    0 (a)      344  

7.00%, 07/15/29

    0 (a)      300  

7.00%, 08/15/29

    0 (a)      211  

7.00%, 08/15/29

    1       727  

7.00%, 11/15/29

    0 (a)      58  

7.00%, 12/15/29

        0 (a)      451  

7.00%, 12/15/30

    1       798  

7.00%, 02/15/31

    1       524  

7.00%, 07/15/31

    3           3,155  

7.00%, 07/15/31

    0 (a)      201  

7.00%, 08/15/31

    0 (a)      496  

7.00%, 08/15/31

    1       658  

7.00%, 09/15/31

    0 (a)      194  

7.00%, 09/15/31

    1       1,209  

7.00%, 10/15/31

    0 (a)      119  

7.00%, 02/15/32

    0 (a)      577  

7.00%, 04/15/32

    2       2,368  

7.00%, 05/15/32

    1       1,148  

7.00%, 12/15/37

    7       7,445  

7.50%, 11/15/23

    0 (a)      3  

7.50%, 12/15/23

    0 (a)      3  

7.50%, 02/15/24

    0 (a)      49  

7.50%, 05/15/24

    0 (a)      185  

7.50%, 06/15/24

    0 (a)      84  

7.50%, 08/15/25

    0 (a)      9  

7.50%, 09/15/25

    0 (a)      517  

7.50%, 11/15/25

    0 (a)      23  

7.50%, 12/15/25

    0 (a)      75  

7.50%, 03/15/26

    1       639  

7.50%, 06/15/26

    0 (a)      108  

7.50%, 08/15/26

    0 (a)      43  

7.50%, 01/15/27

    0 (a)      31  

7.50%, 06/15/27

    0 (a)      209  

7.50%, 10/15/27

    0 (a)      462  

7.50%, 12/15/27

    0 (a)      219  

7.50%, 01/15/28

    0 (a)      87  

7.50%, 06/15/28

    1       1,350  

7.50%, 07/15/28

    2       1,528  

7.50%, 08/15/28

    0 (a)      200  

7.50%, 09/15/28

    0 (a)      82  

7.50%, 12/15/28

    0 (a)      50  

7.50%, 01/15/29

    0 (a)      38  

7.50%, 03/15/29

    1       699  

7.50%, 08/15/29

    0 (a)      407  

7.50%, 09/15/29

    0 (a)      85  

7.50%, 10/15/29

    0 (a)      83  

7.50%, 11/15/29

    0 (a)      87  

7.50%, 12/15/29

    2       1,751  

7.50%, 08/15/30

    3       2,672  

7.50%, 11/15/30

    0 (a)      18  

7.50%, 12/15/30

    0 (a)      264  

7.50%, 03/15/32

    1       709  

8.00%, 12/15/23

    0 (a)      23  

8.00%, 03/15/24

    0 (a)      15  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

8.00%, 04/15/24

  $ 0 (a)    $ 4  

8.00%, 06/15/25

    0 (a)      28  

8.00%, 07/15/25

    0 (a)      34  

8.00%, 08/15/25

    0 (a)      178  

8.00%, 09/15/25

    0 (a)      45  

8.00%, 10/15/25

    0 (a)      364  

8.00%, 11/15/25

    0 (a)      129  

8.00%, 05/15/26

    0 (a)      211  

8.00%, 06/15/26

    0 (a)      182  

8.00%, 07/15/26

    0 (a)      188  

8.00%, 08/15/26

    0 (a)      50  

8.00%, 09/15/26

    0 (a)      28  

8.00%, 09/15/26

    1       491  

8.00%, 02/15/27

    0 (a)      413  

8.00%, 08/15/27

    1       1,042  

8.00%, 12/15/27

    0 (a)      108  

8.00%, 04/15/28

    0 (a)      37  

8.00%, 08/20/29

    0 (a)      89  

8.00%, 09/15/29

    0 (a)      489  

8.00%, 10/15/29

    0 (a)      206  

8.00%, 01/15/30

    0 (a)      44  

8.00%, 02/15/30

    0 (a)      211  

8.00%, 06/15/30

    0 (a)      47  

8.00%, 06/20/30

    0 (a)      38  

8.00%, 12/15/30

    2       2,013  

8.00%, 07/15/31

    0 (a)      117  

8.00%, 03/15/32

    1       766  

8.50%, 08/15/24

    0 (a)      74  

8.50%, 03/15/25

    0 (a)      342  

8.50%, 04/15/25

    0 (a)      20  

8.50%, 09/15/26

    0 (a)      93  

8.50%, 01/15/27

    0 (a)      46  

8.50%, 07/15/27

    0 (a)      115  

8.50%, 08/15/27

    1       512  

8.50%, 02/15/30

    1       892  

8.50%, 07/15/30

    0 (a)      225  

8.50%, 04/15/31

    0 (a)      47  

9.00%, 03/15/25

    0 (a)      229  

9.50%, 01/15/25

    0 (a)      46  

9.50%, 02/15/25

    0 (a)      125  

9.50%, 06/15/25

    0 (a)      27  

Uniform Mortgage-Backed Securities

   

1.50%, 09/01/35

    842       720,689  

1.50%, 11/01/35

    2,129       1,821,980  

1.50%, 12/01/35

    6,718       5,744,771  

1.50%, 01/01/36

    4,659       3,982,061  

1.50%, 02/01/36

    139       119,166  

1.50%, 03/01/36

    14,422       12,322,991  

1.50%, 06/01/36

    1,418       1,211,577  

1.50%, 07/01/36

    1,013       869,370  

1.50%, 08/01/36

    2,241       1,926,274  

1.50%, 09/01/36

    8,561       7,324,614  

1.50%, 10/01/36

    21,306       18,260,705  

1.50%, 11/01/36

    15,637       13,421,350  

1.50%, 12/01/36

    2,864       2,458,668  

1.50%, 01/01/37

    5,927       5,064,509  

1.50%, 02/01/37

    113,423       96,917,004  

1.50%, 03/01/37

     122,073         104,183,718  

1.50%, 04/01/37

    20,983       17,908,357  

1.50%, 07/01/37

    23,455       20,017,601  

 

 

134  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

1.50%, 08/01/37

  $ 6,129     $ 5,237,286  

1.50%, 09/01/37(c)

    13,267       11,315,386  

1.50%, 11/01/50

    55,422       41,973,698  

1.50%, 12/01/50

    1,633       1,248,599  

1.50%, 01/01/51

    25,383       19,214,067  

1.50%, 02/01/51

    1,278       965,718  

1.50%, 05/01/51

    82,939       62,583,884  

1.50%, 07/01/51

    69,540       52,544,393  

1.50%, 10/01/51

    4,684       3,537,046  

1.50%, 11/01/51

    98,356       74,254,194  

2.00%, 05/01/26

    194       185,662  

2.00%, 08/01/28

    149       140,174  

2.00%, 11/01/28

    31       29,367  

2.00%, 01/01/29

    5       5,003  

2.00%, 05/01/29

    206       194,694  

2.00%, 01/01/30

    30       28,385  

2.00%, 04/01/30

    52       48,489  

2.00%, 07/01/30

    1,490       1,378,339  

2.00%, 08/01/30

    42       39,476  

2.00%, 02/01/31

    7,845       7,402,621  

2.00%, 11/01/31

    294       269,685  

2.00%, 01/01/32

    130       119,093  

2.00%, 02/01/32

    31       28,592  

2.00%, 03/01/32

    230       211,111  

2.00%, 04/01/32

    98       89,642  

2.00%, 07/01/32

    18       16,568  

2.00%, 11/01/32

    8       7,022  

2.00%, 06/01/35

    2,671       2,352,002  

2.00%, 08/01/35

    21,118       18,603,250  

2.00%, 09/01/35

    11,149       9,806,674  

2.00%, 10/01/35

    38,626       34,022,955  

2.00%, 11/01/35

    53,946       47,469,423  

2.00%, 12/01/35

    106,694       93,825,036  

2.00%, 01/01/36

    40,261       35,476,790  

2.00%, 02/01/36

    216,091         190,433,563  

2.00%, 03/01/36

    90,971       80,048,641  

2.00%, 04/01/36

    13,699       12,040,633  

2.00%, 05/01/36

    115,593       101,702,048  

2.00%, 06/01/36

    67,768       59,486,164  

2.00%, 07/01/36

    14,335       12,605,408  

2.00%, 08/01/36

    18,279       16,056,273  

2.00%, 10/01/36

    8,059       7,076,521  

2.00%, 11/01/36

    52,057       45,785,536  

2.00%, 12/01/36

    75,890       66,743,709  

2.00%, 01/01/37

     121,824       107,287,181  

2.00%, 02/01/37

    57,845       50,767,644  

2.00%, 03/01/37

    7,384       6,502,640  

2.00%, 04/01/37

    95,575       83,780,909  

2.00%, 05/01/37

    39,283       34,451,627  

2.00%, 06/01/37

    72,546       63,643,379  

2.00%, 08/01/37

    3,496       3,063,867  

2.00%, 09/19/37(c)

    95,971       84,071,253  

2.00%, 07/01/50

    74,773       59,974,248  

2.00%, 08/01/50

    45,510       36,480,181  

2.00%, 09/01/50

    45,883       36,809,160  

2.00%, 10/01/50

    184,332       148,235,601  

2.00%, 11/01/50

    47,041       37,898,297  

2.00%, 12/01/50

    222,070       178,454,140  

2.00%, 01/01/51

    52,590       42,316,608  

2.00%, 02/01/51

    613,870       491,012,965  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

2.00%, 03/01/51

  $ 403,323     $ 322,837,997  

2.00%, 04/01/51

    464,886       371,649,376  

2.00%, 05/01/51(d)

    420,169       335,602,793  

2.00%, 05/01/51

    85,592       68,739,098  

2.00%, 06/01/51

    219,402       175,754,683  

2.00%, 07/01/51

     209,554       167,878,329  

2.00%, 08/01/51

    4,592       3,667,215  

2.00%, 09/01/51

    137,547       109,812,276  

2.00%, 10/01/51

    430,428         344,159,482  

2.00%, 11/01/51

    457,153       365,437,641  

2.00%, 12/01/51

    526,181       420,302,652  

2.00%, 01/01/52

    138,168       110,242,363  

2.00%, 02/01/52

    596,654       475,196,679  

2.00%, 03/01/52

    193,169       153,793,781  

2.00%, 04/01/52

    6,072       4,834,250  

2.00%, 09/14/53(c)

    8,745       6,962,712  

2.50%, 03/01/25

    62       60,039  

2.50%, 11/01/26

    6       6,090  

2.50%, 03/01/27

    295       282,101  

2.50%, 05/01/27

    1,528       1,465,273  

2.50%, 07/01/27

    20       18,421  

2.50%, 09/01/27

    487       464,104  

2.50%, 10/01/27

    1,589       1,523,947  

2.50%, 11/01/27

    766       733,614  

2.50%, 12/01/27

    296       284,382  

2.50%, 01/01/28

    2,456       2,355,100  

2.50%, 02/01/28

    952       912,601  

2.50%, 03/01/28

    2,319       2,223,448  

2.50%, 04/01/28

    1,716       1,645,914  

2.50%, 05/01/28

    568       544,291  

2.50%, 06/01/28

    1,381       1,324,633  

2.50%, 07/01/28

    390       374,075  

2.50%, 08/01/28

    376       360,915  

2.50%, 09/01/28

    2,241       2,149,402  

2.50%, 10/01/28

    221       211,704  

2.50%, 12/01/28

    90       86,165  

2.50%, 05/01/29

    13       12,663  

2.50%, 06/01/29

    262       251,379  

2.50%, 09/01/29

    191       182,920  

2.50%, 11/01/29

    12       11,177  

2.50%, 12/01/29

    885       848,535  

2.50%, 01/01/30

    1,779       1,704,032  

2.50%, 02/01/30

    2,913       2,730,322  

2.50%, 03/01/30

    7       6,087  

2.50%, 04/01/30

    1,215       1,137,096  

2.50%, 05/01/30

    11,609       10,861,134  

2.50%, 06/01/30

    25,103       23,481,177  

2.50%, 07/01/30

    8,750       8,187,633  

2.50%, 08/01/30

    4,458       4,230,144  

2.50%, 09/01/30

    947       886,698  

2.50%, 10/01/30

    1,621       1,516,900  

2.50%, 11/01/30

    360       337,329  

2.50%, 12/01/30

    778       727,867  

2.50%, 01/01/31

    41       38,064  

2.50%, 02/01/31

    912       873,817  

2.50%, 03/01/31

    2,250       2,130,287  

2.50%, 04/01/31

    2,393       2,209,269  

2.50%, 05/01/31

    2,823       2,607,004  

2.50%, 06/01/31

    721       666,581  

2.50%, 07/01/31

    2,061       1,903,517  

 

 

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

    135  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

2.50%, 08/01/31

  $ 1,604     $ 1,476,891  

2.50%, 09/01/31

    2,151       1,986,910  

2.50%, 10/01/31

    10,277       9,641,840  

2.50%, 11/01/31

    7,952       7,346,055  

2.50%, 12/01/31

    3,724       3,439,276  

2.50%, 01/01/32

    10,771       9,945,576  

2.50%, 02/01/32

    10,724       9,902,532  

2.50%, 03/01/32

    5,342       4,928,089  

2.50%, 04/01/32

    10,759       9,934,325  

2.50%, 05/01/32

    13,204       12,192,997  

2.50%, 06/01/32

    1,324       1,222,310  

2.50%, 07/01/32

    9,144       8,442,900  

2.50%, 08/01/32

    12       10,567  

2.50%, 09/01/32

    868       797,075  

2.50%, 10/01/32

    2,254       2,069,254  

2.50%, 11/01/32

    1,527       1,402,246  

2.50%, 12/01/32

    2,689       2,469,075  

2.50%, 01/01/33

    19,817         18,675,957  

2.50%, 02/01/33

    1,135       1,061,407  

2.50%, 04/01/33

    503       455,196  

2.50%, 07/01/33

    4,444       4,103,796  

2.50%, 06/01/34

    380       343,607  

2.50%, 07/01/34

    99       89,410  

2.50%, 08/01/34

    191       173,042  

2.50%, 09/01/34

    5,602       5,070,915  

2.50%, 10/01/34

    7,588       6,879,911  

2.50%, 11/01/34

    13,786       12,492,354  

2.50%, 12/01/34

    4,525       4,098,230  

2.50%, 01/01/35

    8,961       8,126,703  

2.50%, 02/01/35

    12,609       11,649,255  

2.50%, 03/01/35

    19,019       17,184,762  

2.50%, 04/01/35

    32,765       29,657,375  

2.50%, 05/01/35

    1,973       1,782,811  

2.50%, 06/01/35

    10,238       9,258,546  

2.50%, 07/01/35

    36,452       33,066,027  

2.50%, 08/01/35

    26,855       24,324,334  

2.50%, 09/01/35

    21,771       19,725,973  

2.50%, 10/01/35

    24,454       22,106,047  

2.50%, 11/01/35

    6,354       5,741,979  

2.50%, 12/01/35

     54,882       49,592,975  

2.50%, 01/01/36

    2,406       2,173,925  

2.50%, 02/01/36

    9,481       8,576,641  

2.50%, 03/01/36

    7,723       6,978,349  

2.50%, 04/01/36

    3,493       3,151,825  

2.50%, 05/01/36

    79       71,052  

2.50%, 06/01/36

    3,936       3,551,122  

2.50%, 07/01/36

    2,300       2,078,116  

2.50%, 08/01/36

    13,841       12,489,171  

2.50%, 11/01/36

    5,776       5,211,199  

2.50%, 12/01/36

    812       733,802  

2.50%, 02/01/37

    6,415       5,799,922  

2.50%, 03/01/37

    8,744       7,895,008  

2.50%, 04/01/37

    43,446       39,259,885  

2.50%, 05/01/37

    59,333       53,465,212  

2.50%, 06/01/37

    7,673       6,914,055  

2.50%, 07/01/37

    18,818       16,956,451  

2.50%, 08/01/37

    10,607       9,558,615  

2.50%, 09/01/37

    4,515       4,068,682  

2.50%, 10/01/42

    365       312,038  

2.50%, 11/01/42

    210       180,128  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

2.50%, 12/01/42

  $ 31     $ 26,135  

2.50%, 01/01/43

    833       713,295  

2.50%, 02/01/43

    2,056       1,760,057  

2.50%, 03/01/43

    921       788,464  

2.50%, 04/01/43

    4,484       3,836,575  

2.50%, 05/01/43

    444       380,005  

2.50%, 06/01/43

    2,555       2,186,369  

2.50%, 07/01/43

    320       273,023  

2.50%, 08/01/43

    328       280,688  

2.50%, 04/01/45

    218       185,515  

2.50%, 05/01/45

    257       218,281  

2.50%, 07/01/45

    42       35,515  

2.50%, 03/01/46

    1,751       1,486,979  

2.50%, 05/01/46

    102       86,057  

2.50%, 06/01/46

    311       264,081  

2.50%, 07/01/46

    153       130,014  

2.50%, 08/01/46

    440       373,994  

2.50%, 09/01/46

    213       181,433  

2.50%, 10/01/46

    145       122,706  

2.50%, 11/01/46

    6       5,176  

2.50%, 12/01/46

    271       229,769  

2.50%, 01/01/47

    1,091       907,373  

2.50%, 02/01/47

    1,872       1,589,933  

2.50%, 04/01/47

    3,347       2,841,996  

2.50%, 12/01/47

    1,544       1,318,270  

2.50%, 07/01/49

    6,235       5,290,156  

2.50%, 09/01/49

    131       110,012  

2.50%, 10/01/49

    31       25,676  

2.50%, 03/01/50

    32,053         26,885,288  

2.50%, 04/01/50

    2,515       2,121,074  

2.50%, 05/01/50

    54,965       46,003,986  

2.50%, 06/01/50

    47,482       39,674,833  

2.50%, 07/01/50

    67,080       56,199,471  

2.50%, 08/01/50

    59,096       49,600,445  

2.50%, 09/01/50

     238,383       199,929,909  

2.50%, 10/01/50

    265,203       221,846,396  

2.50%, 11/01/50

    456,169       381,168,016  

2.50%, 12/01/50

    116,141       96,946,224  

2.50%, 01/01/51

    100,310       83,617,090  

2.50%, 02/01/51

    72,961       60,881,121  

2.50%, 03/01/51

    56,632       47,011,007  

2.50%, 04/01/51

    35,162       29,320,638  

2.50%, 05/01/51

    101,140       84,330,601  

2.50%, 06/01/51

    41,438       34,702,312  

2.50%, 07/01/51

    203,197       169,444,619  

2.50%, 08/01/51

    247,156       206,383,158  

2.50%, 09/01/51

    229,341       190,917,090  

2.50%, 10/01/51

    227,009       188,946,527  

2.50%, 11/01/51

    97,069       81,023,480  

2.50%, 12/01/51

    308,248       256,581,293  

2.50%, 01/01/52

    336,928       279,986,131  

2.50%, 02/01/52

    131,514       109,435,963  

2.50%, 03/01/52

    112,557       93,564,395  

2.50%, 04/01/52

    241,104       200,182,745  

2.50%, 05/01/52

    27,531       22,839,978  

2.50%, 07/01/52

    59,014       48,943,923  

2.50%, 08/01/52

    103,724       86,024,350  

2.50%, 09/01/52

    43,522       36,195,862  

2.50%, 09/14/53(c)

    32,565       26,975,523  

3.00%, 11/01/25

    8       7,880  

 

 

136  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.00%, 12/01/25

  $ 9     $ 9,160  

3.00%, 01/01/26

    144       140,175  

3.00%, 02/01/26

    174       168,651  

3.00%, 07/01/26

    2       1,594  

3.00%, 09/01/26

    23       22,509  

3.00%, 10/01/26

    5       5,173  

3.00%, 11/01/26

    675       649,760  

3.00%, 12/01/26

    1,203       1,160,426  

3.00%, 01/01/27

    1,071       1,031,995  

3.00%, 02/01/27

    30       28,539  

3.00%, 03/01/27

    99       96,760  

3.00%, 04/01/27

    44       42,499  

3.00%, 05/01/27

    116       112,429  

3.00%, 06/01/27

    513       497,020  

3.00%, 07/01/27

    1,007       975,048  

3.00%, 08/01/27

    1,776       1,720,251  

3.00%, 09/01/27

    2       1,887  

3.00%, 10/01/27

    266       257,437  

3.00%, 11/01/27

    2,628       2,545,125  

3.00%, 01/01/28

    807       781,677  

3.00%, 03/01/28

    154       149,174  

3.00%, 04/01/28

    380       367,778  

3.00%, 05/01/28

    336       324,963  

3.00%, 08/01/28

    1,295       1,254,137  

3.00%, 09/01/28

    202       195,936  

3.00%, 11/01/28

    1,732       1,653,650  

3.00%, 12/01/28

    459       444,910  

3.00%, 01/01/29

    548       512,229  

3.00%, 02/01/29

    311       300,322  

3.00%, 03/01/29

    370       357,457  

3.00%, 04/01/29

    3,242       3,137,881  

3.00%, 05/01/29

    1,231       1,191,800  

3.00%, 06/01/29

    546       527,706  

3.00%, 07/01/29

    570       550,833  

3.00%, 08/01/29

    923       892,352  

3.00%, 09/01/29

    309       299,283  

3.00%, 10/01/29

    2,357       2,278,160  

3.00%, 11/01/29

    3,329       3,219,487  

3.00%, 12/01/29

    228       220,667  

3.00%, 01/01/30

    431       417,628  

3.00%, 02/01/30

    1,921       1,858,447  

3.00%, 03/01/30

     21,147         20,359,749  

3.00%, 04/01/30

    5,893       5,588,933  

3.00%, 05/01/30

    3,513       3,330,360  

3.00%, 06/01/30

    1,510       1,448,655  

3.00%, 07/01/30

    4,024       3,824,773  

3.00%, 08/01/30

    435       412,912  

3.00%, 09/01/30

    2,050       1,944,693  

3.00%, 10/01/30

    2,166       2,058,121  

3.00%, 11/01/30

    1,238       1,174,315  

3.00%, 01/01/31

    3,573       3,388,044  

3.00%, 02/01/31

    4,427       4,193,997  

3.00%, 03/01/31

    8,016       7,498,804  

3.00%, 04/01/31

    1,050       984,096  

3.00%, 05/01/31

    7,939       7,482,009  

3.00%, 06/01/31

    4,778       4,497,338  

3.00%, 07/01/31

    569       532,732  

3.00%, 08/01/31

    115       106,507  

3.00%, 09/01/31

    5,859       5,514,835  

3.00%, 11/01/31

    508       475,115  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.00%, 12/01/31

  $ 2,578     $ 2,453,142  

3.00%, 01/01/32

    5,542       5,184,729  

3.00%, 02/01/32

    9,179       8,585,220  

3.00%, 03/01/32

    3,030       2,829,222  

3.00%, 04/01/32

    3,160       2,969,097  

3.00%, 05/01/32

    1,041       973,693  

3.00%, 06/01/32

    5,600       5,281,072  

3.00%, 07/01/32

    637       593,675  

3.00%, 08/01/32

    2,685       2,501,943  

3.00%, 09/01/32

    7,804       7,429,287  

3.00%, 10/01/32

    701       655,372  

3.00%, 11/01/32

    3,230       3,010,633  

3.00%, 12/01/32

    13,739       12,842,419  

3.00%, 01/01/33

    1,619       1,508,551  

3.00%, 02/01/33

    2,766       2,577,743  

3.00%, 03/01/33

    1,162       1,081,217  

3.00%, 04/01/33

    455       428,262  

3.00%, 05/01/33

    2,079       1,940,488  

3.00%, 06/01/33

    514       479,245  

3.00%, 07/01/33

    9,178       8,542,845  

3.00%, 09/01/33

    1,650       1,538,079  

3.00%, 10/01/33

    5,409       5,039,300  

3.00%, 11/01/33

    107       100,044  

3.00%, 02/01/34

    4,549       4,255,283  

3.00%, 05/01/34

    728       677,528  

3.00%, 06/01/34

    3,058       2,844,507  

3.00%, 07/01/34

    9,399       8,760,800  

3.00%, 08/01/34

    2,563       2,384,967  

3.00%, 09/01/34

    14,586       13,559,659  

3.00%, 10/01/34

    2,704       2,516,210  

3.00%, 11/01/34

    5,609       5,218,385  

3.00%, 12/01/34

    1,420       1,321,400  

3.00%, 01/01/35

    4,616       4,295,447  

3.00%, 02/01/35

    10,043       9,342,252  

3.00%, 03/01/35

    19,277       17,904,978  

3.00%, 04/01/35

    7,430       6,909,412  

3.00%, 05/01/35

     26,225       24,393,877  

3.00%, 06/01/35

    3,538       3,285,341  

3.00%, 07/01/35

    12,538       11,645,148  

3.00%, 08/01/35

    724       672,141  

3.00%, 09/01/35

    540       501,381  

3.00%, 10/01/35

    5,363       4,980,060  

3.00%, 12/01/35

    13,146         12,326,425  

3.00%, 01/01/36

    2,288       2,124,836  

3.00%, 04/01/36

    805       746,458  

3.00%, 05/01/36

    1,779       1,649,833  

3.00%, 07/01/36

    871       805,949  

3.00%, 09/01/36

    4,361       4,044,050  

3.00%, 12/01/36

    2,293       2,103,375  

3.00%, 01/01/37

    5,267       4,829,802  

3.00%, 02/01/37

    5,611       5,144,605  

3.00%, 05/01/37

    31,367       29,056,938  

3.00%, 06/01/37

    483       446,306  

3.00%, 07/01/37

    5,937       5,499,409  

3.00%, 09/01/37

    4,531       4,185,691  

3.00%, 10/01/37

    2,274       2,100,918  

3.00%, 11/01/37

    28,993       26,783,984  

3.00%, 12/01/37

    1,024       946,400  

3.00%, 05/01/41

    593       521,867  

3.00%, 04/01/42

    22       19,490  

 

 

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

    137  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.00%, 08/01/42

  $ 878     $ 779,249  

3.00%, 09/01/42

    3,112       2,762,318  

3.00%, 10/01/42

    3,724       3,305,253  

3.00%, 11/01/42

    16,920       15,019,043  

3.00%, 12/01/42

    28,155       24,993,453  

3.00%, 01/01/43

    13,779       12,232,637  

3.00%, 02/01/43

    6,521       5,788,290  

3.00%, 03/01/43

    10,353       9,169,105  

3.00%, 04/01/43

    11,042       9,799,432  

3.00%, 05/01/43

    11,327       10,051,792  

3.00%, 06/01/43

    4,248       3,768,467  

3.00%, 07/01/43

    3,275       2,907,258  

3.00%, 08/01/43

    10,659       9,459,992  

3.00%, 09/01/43

    17,096       15,172,635  

3.00%, 10/01/43

    556       493,211  

3.00%, 11/01/43

    51       45,170  

3.00%, 12/01/43

    584       518,203  

3.00%, 01/01/44

    12,885       11,434,928  

3.00%, 02/01/44

    12,590       11,173,288  

3.00%, 07/01/44

    42,659       37,857,588  

3.00%, 10/01/44

    30,492       27,060,439  

3.00%, 11/01/44

    4,015       3,562,753  

3.00%, 12/01/44

    118       104,487  

3.00%, 01/01/45

    3,941       3,498,349  

3.00%, 02/01/45

    2,880       2,542,907  

3.00%, 03/01/45

    887       781,593  

3.00%, 04/01/45

    2,429       2,137,397  

3.00%, 05/01/45

    15,017       13,255,449  

3.00%, 06/01/45

    25       21,911  

3.00%, 07/01/45

    5,457       4,821,870  

3.00%, 08/01/45

    6,436       5,700,174  

3.00%, 09/01/45

    822       724,071  

3.00%, 10/01/45

    415       365,322  

3.00%, 12/01/45

    700       615,017  

3.00%, 01/01/46

    3,897       3,428,843  

3.00%, 02/01/46

    1,426       1,254,880  

3.00%, 03/01/46

    626       550,526  

3.00%, 04/01/46

    2,915       2,564,229  

3.00%, 05/01/46

    3,004       2,636,037  

3.00%, 06/01/46

    3,510       3,087,477  

3.00%, 07/01/46

    62,787       55,236,906  

3.00%, 08/01/46

    13,975       12,283,431  

3.00%, 09/01/46

    14,080       12,382,242  

3.00%, 10/01/46

    39,790       34,988,780  

3.00%, 11/01/46

    56,297       49,494,753  

3.00%, 12/01/46

    99,575         87,571,048  

3.00%, 01/01/47

    48,279       42,454,591  

3.00%, 02/01/47

     65,028       57,209,149  

3.00%, 03/01/47

    17,605       15,497,588  

3.00%, 04/01/47

    26,924       23,622,287  

3.00%, 05/01/47

    860       756,117  

3.00%, 07/01/47

    15,494       13,624,325  

3.00%, 08/01/47

    1,038       913,094  

3.00%, 09/01/47

    399       350,364  

3.00%, 10/01/47

    342       300,807  

3.00%, 11/01/47

    155       136,188  

3.00%, 12/01/47

    16,530       14,532,918  

3.00%, 01/01/48

    3,756       3,284,893  

3.00%, 03/01/48

    8,815       7,747,870  

3.00%, 04/01/48

    27       23,079  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.00%, 05/01/48

  $ 226     $ 198,027  

3.00%, 07/01/48

    2,532       2,226,682  

3.00%, 09/01/48

    1,806       1,588,232  

3.00%, 11/01/48

    16,382       14,400,025  

3.00%, 02/01/49

    2,220       1,951,570  

3.00%, 04/01/49

    4,886       4,278,637  

3.00%, 05/01/49

    11,332       9,929,673  

3.00%, 06/01/49

    2,348       2,051,252  

3.00%, 07/01/49

    1,789       1,553,137  

3.00%, 08/01/49

    17,473       15,266,675  

3.00%, 09/01/49

    18,261       15,865,943  

3.00%, 10/01/49

    34,644       30,127,958  

3.00%, 11/01/49

    19,284       16,812,193  

3.00%, 12/01/49

    19,925       17,406,604  

3.00%, 01/01/50

    22,991       20,135,729  

3.00%, 02/01/50

    54,184       47,302,496  

3.00%, 03/01/50

    73,454       63,950,920  

3.00%, 04/01/50

    32,761       28,497,480  

3.00%, 05/01/50

    31,359       27,246,448  

3.00%, 06/01/50

    31,217       27,159,082  

3.00%, 07/01/50

     110,640       96,684,818  

3.00%, 08/01/50

    118,078         102,464,932  

3.00%, 09/01/50

    12,853       11,162,051  

3.00%, 10/01/50

    34,831       30,215,204  

3.00%, 11/01/50

    47,365       41,341,120  

3.00%, 12/01/50

    7,989       6,921,845  

3.00%, 01/01/51

    4,360       3,802,174  

3.00%, 02/01/51

    730       636,641  

3.00%, 03/01/51

    4,761       4,123,992  

3.00%, 04/01/51

    8,904       7,757,408  

3.00%, 05/01/51

    37,965       33,208,324  

3.00%, 06/01/51

    21,262       18,450,971  

3.00%, 07/01/51

    38,250       33,166,368  

3.00%, 08/01/51

    21,389       18,507,688  

3.00%, 09/01/51

    1,944       1,681,176  

3.00%, 10/01/51

    214,699       185,545,197  

3.00%, 11/01/51

    176,411       152,430,623  

3.00%, 12/01/51

    10,130       8,782,952  

3.00%, 01/01/52

    22,814       19,720,176  

3.00%, 02/01/52

    2,155       1,862,196  

3.00%, 04/01/52

    40,267       34,846,053  

3.00%, 05/01/52

    22,568       19,488,077  

3.00%, 06/01/52

    6,605       5,699,831  

3.00%, 07/01/52

    1,210       1,044,236  

3.50%, 08/01/25

    12       11,312  

3.50%, 09/01/25

    131       128,245  

3.50%, 10/01/25

    86       83,591  

3.50%, 11/01/25

    25       23,616  

3.50%, 12/01/25

    354       344,567  

3.50%, 01/01/26

    51       49,600  

3.50%, 02/01/26

    43       41,588  

3.50%, 03/01/26

    34       33,236  

3.50%, 04/01/26

    129       125,686  

3.50%, 05/01/26

    19       18,413  

3.50%, 06/01/26

    17       17,219  

3.50%, 07/01/26

    2       1,929  

3.50%, 08/01/26

    59       57,213  

3.50%, 09/01/26

    2,709       2,627,779  

3.50%, 10/01/26

    59       56,252  

3.50%, 12/01/26

    19       18,556  

 

 

138  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.50%, 01/01/27

  $ 182     $ 175,900  

3.50%, 02/01/27

    9       8,965  

3.50%, 03/01/27

    266       260,032  

3.50%, 04/01/27

    390       378,373  

3.50%, 07/01/27

    182       176,393  

3.50%, 01/01/28

    229       223,544  

3.50%, 07/01/28

    256       248,739  

3.50%, 08/01/28

    362       353,005  

3.50%, 10/01/28

    325       311,220  

3.50%, 11/01/28

    63       61,665  

3.50%, 12/01/28

    113       109,971  

3.50%, 01/01/29

    1,238       1,208,413  

3.50%, 03/01/29

    272       264,968  

3.50%, 05/01/29

    35       33,141  

3.50%, 07/01/29

    7       6,523  

3.50%, 08/01/29

    22       20,367  

3.50%, 09/01/29

    177       172,497  

3.50%, 10/01/29

    16       15,177  

3.50%, 11/01/29

    1,462         1,403,229  

3.50%, 12/01/29

    912       890,933  

3.50%, 04/01/30

    176       171,952  

3.50%, 06/01/30

    401       386,563  

3.50%, 08/01/30

    188       183,644  

3.50%, 11/01/30

    267       256,424  

3.50%, 02/01/31

    29       28,024  

3.50%, 03/01/31

    1,183       1,125,186  

3.50%, 04/01/31

    353       339,343  

3.50%, 05/01/31

    183       173,923  

3.50%, 06/01/31

    4,852       4,678,742  

3.50%, 07/01/31

    1,665       1,605,195  

3.50%, 08/01/31

    987       942,694  

3.50%, 09/01/31

    97       92,534  

3.50%, 11/01/31

    10       9,361  

3.50%, 12/01/31

    647       616,172  

3.50%, 01/01/32

    3,627       3,481,659  

3.50%, 02/01/32

    700       665,436  

3.50%, 03/01/32

    422       402,467  

3.50%, 04/01/32

    1,932       1,837,327  

3.50%, 05/01/32

    3,604       3,427,031  

3.50%, 06/01/32

    3,331       3,179,533  

3.50%, 07/01/32

    2,335       2,222,429  

3.50%, 08/01/32

    1,062       1,017,590  

3.50%, 09/01/32

    427       408,399  

3.50%, 11/01/32

    3,772       3,591,007  

3.50%, 12/01/32

    1,652       1,570,525  

3.50%, 01/01/33

    743       711,928  

3.50%, 02/01/33

    1,624       1,550,279  

3.50%, 03/01/33

    8,743       8,314,665  

3.50%, 04/01/33

    1,892       1,798,672  

3.50%, 05/01/33

    2,578       2,451,352  

3.50%, 09/01/33

    1,457       1,383,008  

3.50%, 10/01/33

    245       233,020  

3.50%, 11/01/33

    319       302,855  

3.50%, 12/01/33

    533       509,304  

3.50%, 01/01/34

     2,581       2,450,864  

3.50%, 02/01/34

    1,228       1,165,133  

3.50%, 03/01/34

    3,991       3,786,502  

3.50%, 04/01/34

    9,600       9,130,770  

3.50%, 05/01/34

    5,928       5,628,700  

3.50%, 06/01/34

    1,909       1,817,008  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.50%, 07/01/34

  $ 5,767     $ 5,555,021  

3.50%, 08/01/34

    644       610,962  

3.50%, 09/01/34

    449       426,617  

3.50%, 10/01/34

    1,640       1,555,682  

3.50%, 11/01/34

    7,327       6,965,160  

3.50%, 12/01/34

    6,378       6,057,175  

3.50%, 01/01/35

    304       288,977  

3.50%, 02/01/35

    3,295       3,128,034  

3.50%, 03/01/35

    3,243       3,076,084  

3.50%, 04/01/35

    866       821,094  

3.50%, 05/01/35

    6,266       5,947,580  

3.50%, 06/01/35

    7,803       7,369,114  

3.50%, 07/01/35

    3,502       3,320,107  

3.50%, 10/01/35

    756       716,824  

3.50%, 11/01/35

    2,358       2,237,484  

3.50%, 12/01/35

    1,918       1,819,923  

3.50%, 02/01/36

    4,129       3,911,061  

3.50%, 06/01/37

    794       748,817  

3.50%, 07/01/37

    344       325,010  

3.50%, 08/01/37

    888       839,492  

3.50%, 12/01/37

    1,820       1,716,637  

3.50%, 01/01/38

    2,927       2,736,685  

3.50%, 02/01/38

    1,711       1,599,380  

3.50%, 10/01/40

    16       14,291  

3.50%, 11/01/40

    266       244,557  

3.50%, 12/01/40

    577       530,071  

3.50%, 01/01/41

    46       41,896  

3.50%, 02/01/41

    14       12,952  

3.50%, 03/01/41

    36       33,149  

3.50%, 06/01/41

    22       20,043  

3.50%, 10/01/41

    10       9,162  

3.50%, 11/01/41

    159       146,026  

3.50%, 12/01/41

    237       217,782  

3.50%, 01/01/42

    903       829,889  

3.50%, 02/01/42

    868       798,348  

3.50%, 03/01/42

    12,591       11,572,869  

3.50%, 04/01/42

    320       294,161  

3.50%, 05/01/42

    2,476       2,276,541  

3.50%, 06/01/42

    197       181,183  

3.50%, 07/01/42

    1,709       1,571,062  

3.50%, 08/01/42

    12,885       11,843,080  

3.50%, 09/01/42

    4,188       3,850,180  

3.50%, 10/01/42

    11,391       10,468,940  

3.50%, 11/01/42

    1,666       1,531,516  

3.50%, 12/01/42

     10,300       9,451,213  

3.50%, 01/01/43

    747       686,689  

3.50%, 04/01/43

    613       562,720  

3.50%, 05/01/43

    1,512       1,389,708  

3.50%, 06/01/43

    7,841       7,203,050  

3.50%, 07/01/43

    15,258         14,030,114  

3.50%, 08/01/43

    338       310,514  

3.50%, 09/01/43

    200       183,618  

3.50%, 10/01/43

    2,097       1,929,361  

3.50%, 11/01/43

    195       179,330  

3.50%, 12/01/43

    176       161,966  

3.50%, 01/01/44

    291       267,780  

3.50%, 02/01/44

    359       329,216  

3.50%, 04/01/44

    7,424       6,825,732  

3.50%, 05/01/44

    2,086       1,919,068  

3.50%, 06/01/44

    669       613,026  

 

 

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

    139  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.50%, 09/01/44

  $ 1,370     $ 1,257,239  

3.50%, 10/01/44

    4,775       4,371,869  

3.50%, 11/01/44

    14,465       13,216,631  

3.50%, 12/01/44

    897       819,796  

3.50%, 01/01/45

     14,432       13,248,329  

3.50%, 02/01/45

    10,938       10,037,240  

3.50%, 03/01/45

    2,064       1,883,156  

3.50%, 04/01/45

    1,922       1,761,052  

3.50%, 05/01/45

    885       808,243  

3.50%, 06/01/45

    5,251       4,808,183  

3.50%, 07/01/45

    8,618       7,892,844  

3.50%, 08/01/45

    15,612       14,343,941  

3.50%, 09/01/45

    5,566       5,089,978  

3.50%, 10/01/45

    4,791       4,398,422  

3.50%, 11/01/45

    8,170       7,472,590  

3.50%, 12/01/45

    6,800       6,203,094  

3.50%, 01/01/46

    20,012       18,348,596  

3.50%, 02/01/46

    31,363       28,616,859  

3.50%, 03/01/46

    9,446       8,597,140  

3.50%, 04/01/46

    14,387       13,168,000  

3.50%, 05/01/46

    4,367       3,970,006  

3.50%, 06/01/46

    8,682       7,885,782  

3.50%, 07/01/46

    31,617       28,803,454  

3.50%, 08/01/46

    3,353       3,056,202  

3.50%, 09/01/46

    9,444       8,570,915  

3.50%, 10/01/46

    16,013       14,600,996  

3.50%, 11/01/46

    17,811       16,215,336  

3.50%, 12/01/46

    49,492       45,250,343  

3.50%, 01/01/47

    31,361       28,559,239  

3.50%, 02/01/47

    19,298       17,567,014  

3.50%, 03/01/47

    2,316       2,121,080  

3.50%, 04/01/47

    7,723       7,034,926  

3.50%, 05/01/47

    20,440       18,657,923  

3.50%, 06/01/47

    9,857       8,978,028  

3.50%, 07/01/47

    74,196       67,891,851  

3.50%, 08/01/47

    41,133       37,488,307  

3.50%, 09/01/47

    43,049       39,239,317  

3.50%, 10/01/47

    10,018       9,129,050  

3.50%, 11/01/47

    24,852       22,603,715  

3.50%, 12/01/47

    35,330       32,211,929  

3.50%, 01/01/48

    47,358       43,050,090  

3.50%, 02/01/48

    37,324         33,947,051  

3.50%, 03/01/48

    35,954       32,777,433  

3.50%, 04/01/48

    8,312       7,558,482  

3.50%, 05/01/48

    5,381       4,883,277  

3.50%, 06/01/48

    7,655       6,972,281  

3.50%, 07/01/48

    16,399       14,900,257  

3.50%, 09/01/48

    947       856,179  

3.50%, 10/01/48

    2,063       1,872,323  

3.50%, 11/01/48

    22,479       20,541,009  

3.50%, 01/01/49

    5,531       5,032,622  

3.50%, 02/01/49

    4,484       4,069,096  

3.50%, 03/01/49

    3,008       2,727,495  

3.50%, 04/01/49

    6,458       5,818,385  

3.50%, 05/01/49

    40,345       36,628,506  

3.50%, 06/01/49

    31,936       28,928,305  

3.50%, 07/01/49

    42,615       38,662,775  

3.50%, 08/01/49

    292       265,500  

3.50%, 09/01/49

    1,494       1,351,530  

3.50%, 11/01/49

    12,906       11,739,615  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

3.50%, 12/01/49

  $ 17,757     $ 16,036,681  

3.50%, 01/01/50

    8,054       7,320,665  

3.50%, 02/01/50

    9,125       8,282,896  

3.50%, 03/01/50

    4,204       3,840,371  

3.50%, 04/01/50

    20,284       18,375,036  

3.50%, 05/01/50

    4,572       4,161,368  

3.50%, 06/01/50

    30,384       27,565,822  

3.50%, 07/01/50

    10,117       9,160,215  

3.50%, 08/01/50

    47,059       42,778,557  

3.50%, 09/01/50

    4,839       4,389,428  

3.50%, 10/01/50

    2,079       1,891,630  

3.50%, 12/01/50

    210       189,016  

3.50%, 01/01/51

    32,548          29,532,582  

3.50%, 05/01/51

    3,883       3,488,827  

3.50%, 06/01/51

    10,205       9,165,547  

3.50%, 08/01/51

    6,833       6,134,259  

3.50%, 09/01/51

    5,833       5,244,913  

3.50%, 10/01/51

    3,950       3,569,565  

3.50%, 12/01/51

    1,906       1,709,241  

3.50%, 01/01/52

    5,954       5,338,015  

3.50%, 02/01/52

     114,870       102,981,790  

3.50%, 03/01/52

    19,385       17,361,926  

3.50%, 04/01/52

    30,266       27,307,939  

3.50%, 05/01/52

    21,541       19,274,891  

3.50%, 06/01/52

    23,336       20,916,633  

3.50%, 07/01/52

    12,207       10,936,034  

3.50%, 08/01/52

    746       668,175  

4.00%, 02/01/24

    0 (a)      362  

4.00%, 03/01/24

    27       26,634  

4.00%, 04/01/24

    13       13,458  

4.00%, 04/01/24

    0 (a)      426  

4.00%, 05/01/24

    1       574  

4.00%, 05/01/24

    0 (a)      470  

4.00%, 06/01/24

    2       1,569  

4.00%, 06/01/24

    0 (a)      354  

4.00%, 07/01/24

    0 (a)      262  

4.00%, 07/01/24

    8       8,469  

4.00%, 08/01/24

    0 (a)      587  

4.00%, 08/01/24

    1       756  

4.00%, 09/01/24

    3       2,829  

4.00%, 10/01/24

    5       4,215  

4.00%, 11/01/24

    1       522  

4.00%, 11/01/24

    0 (a)      337  

4.00%, 12/01/24

    6       5,453  

4.00%, 01/01/25

    3       2,478  

4.00%, 02/01/25

    4       3,616  

4.00%, 03/01/25

    9       9,054  

4.00%, 04/01/25

    7       6,660  

4.00%, 04/01/25

    0 (a)      312  

4.00%, 05/01/25

    11       11,323  

4.00%, 05/01/25

    0 (a)      62  

4.00%, 06/01/25

    3       2,838  

4.00%, 06/01/25

    0 (a)      453  

4.00%, 07/01/25

    37       36,024  

4.00%, 08/01/25

    2       1,690  

4.00%, 09/01/25

    181       177,577  

4.00%, 10/01/25

    257       252,077  

4.00%, 11/01/25

    86       84,378  

4.00%, 12/01/25

    4       3,781  

4.00%, 01/01/26

    8       7,429  

 

 

140  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 03/01/26

  $ 199     $ 193,961  

4.00%, 05/01/26

    6       6,198  

4.00%, 06/01/26

    1,088       1,061,805  

4.00%, 07/01/26

    51       49,367  

4.00%, 08/01/26

    7       7,247  

4.00%, 09/01/26

    751       732,524  

4.00%, 03/01/27

    240       234,297  

4.00%, 08/01/27

    70       68,591  

4.00%, 02/01/29

    85       83,614  

4.00%, 12/01/30

    604       588,405  

4.00%, 01/01/31

    406       395,359  

4.00%, 02/01/31

    270       263,663  

4.00%, 03/01/31

    26       25,663  

4.00%, 10/01/31

    869       847,129  

4.00%, 02/01/32

      2,200         2,144,309  

4.00%, 04/01/32

    5       5,195  

4.00%, 05/01/32

    1,155       1,116,312  

4.00%, 06/01/32

    6       5,833  

4.00%, 07/01/32

    518       503,128  

4.00%, 10/01/32

    13       12,689  

4.00%, 05/01/33

    105       101,509  

4.00%, 07/01/33

    673       651,511  

4.00%, 08/01/33

    1,150       1,111,596  

4.00%, 09/01/33

    1,780       1,718,557  

4.00%, 10/01/33

    795       768,784  

4.00%, 11/01/33

    60       57,485  

4.00%, 12/01/33

    1,067       1,045,129  

4.00%, 01/01/34

    324       313,061  

4.00%, 05/01/34

    433       417,862  

4.00%, 06/01/34

    1,188       1,147,801  

4.00%, 07/01/34

    1,081       1,043,731  

4.00%, 08/01/34

    178       171,890  

4.00%, 09/01/34

    4,303       4,161,009  

4.00%, 10/01/34

    1,040       1,005,673  

4.00%, 08/01/35

    1,498       1,447,572  

4.00%, 11/01/35

    3,769       3,649,760  

4.00%, 01/01/36

    13       12,810  

4.00%, 08/01/37

    4,922       4,736,385  

4.00%, 09/01/37

    7,048       6,776,066  

4.00%, 10/01/37

    18,517       17,745,560  

4.00%, 11/01/37

    6,931       6,668,749  

4.00%, 06/01/38

    276       264,177  

4.00%, 03/01/39

    14       13,556  

4.00%, 04/01/39

    32       29,841  

4.00%, 05/01/39

    368       348,392  

4.00%, 07/01/39

    17       16,518  

4.00%, 08/01/39

    312       295,761  

4.00%, 09/01/39

    27       25,466  

4.00%, 10/01/39

    2       1,976  

4.00%, 11/01/39

    92       87,939  

4.00%, 12/01/39

    3       2,790  

4.00%, 02/01/40

    15       14,532  

4.00%, 05/01/40

    15       14,425  

4.00%, 07/01/40

    39       36,662  

4.00%, 08/01/40

    933       885,479  

4.00%, 09/01/40

    811       769,517  

4.00%, 10/01/40

    371       351,717  

4.00%, 11/01/40

    105       99,124  

4.00%, 12/01/40

    1,929       1,831,468  

4.00%, 01/01/41

    1,878       1,784,052  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.00%, 02/01/41

  $ 848     $ 804,678  

4.00%, 03/01/41

    731       692,827  

4.00%, 04/01/41

    34       32,362  

4.00%, 05/01/41

    303       287,133  

4.00%, 08/01/41

    2       1,947  

4.00%, 09/01/41

    2,048       1,943,229  

4.00%, 10/01/41

    2,738       2,598,054  

4.00%, 11/01/41

    126       119,977  

4.00%, 12/01/41

    780       739,792  

4.00%, 01/01/42

    1,095       1,039,647  

4.00%, 02/01/42

    197       187,309  

4.00%, 03/01/42

    5,410       5,129,300  

4.00%, 05/01/42

    851       806,820  

4.00%, 06/01/42

    34       32,267  

4.00%, 07/01/42

    367       347,785  

4.00%, 08/01/42

    2       2,325  

4.00%, 09/01/42

    5       4,794  

4.00%, 12/01/42

    177       167,537  

4.00%, 01/01/43

    7       7,047  

4.00%, 08/01/43

    20       19,139  

4.00%, 09/01/43

    1,203       1,138,406  

4.00%, 10/01/43

    154       146,814  

4.00%, 11/01/43

    309       292,196  

4.00%, 12/01/43

    5       4,553  

4.00%, 01/01/44

    818       773,314  

4.00%, 02/01/44

    10       8,916  

4.00%, 03/01/44

    1,169       1,105,827  

4.00%, 04/01/44

    1,005       950,039  

4.00%, 05/01/44

    9,294       8,805,578  

4.00%, 06/01/44

      2,784         2,640,965  

4.00%, 07/01/44

    7,564       7,148,419  

4.00%, 08/01/44

    217       204,354  

4.00%, 09/01/44

    154       146,071  

4.00%, 10/01/44

    1,901       1,798,868  

4.00%, 11/01/44

    4,858       4,587,304  

4.00%, 12/01/44

    2,487       2,348,287  

4.00%, 01/01/45

    8,737       8,274,619  

4.00%, 02/01/45

    7,178       6,780,800  

4.00%, 03/01/45

    12,168       11,523,146  

4.00%, 04/01/45

    877       827,951  

4.00%, 06/01/45

    6,541       6,187,113  

4.00%, 07/01/45

    12,526       11,826,019  

4.00%, 08/01/45

    286       269,299  

4.00%, 09/01/45

    12,406       11,705,446  

4.00%, 10/01/45

    2,988       2,819,595  

4.00%, 11/01/45

    7,282       6,871,998  

4.00%, 12/01/45

    738       695,458  

4.00%, 01/01/46

    2,073       1,955,352  

4.00%, 02/01/46

    3,754       3,538,826  

4.00%, 03/01/46

    10,485       9,873,752  

4.00%, 04/01/46

    6,685       6,289,772  

4.00%, 05/01/46

    8,494       7,978,540  

4.00%, 06/01/46

    14,010       13,215,151  

4.00%, 07/01/46

    1,413       1,327,466  

4.00%, 08/01/46

    8,065       7,577,869  

4.00%, 09/01/46

    9,497       8,952,595  

4.00%, 10/01/46

    2,816       2,666,089  

4.00%, 11/01/46

    8,458       7,962,678  

4.00%, 01/01/47

    3,799       3,570,746  

4.00%, 02/01/47

    3,033       2,855,203  

 

 

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

    141  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

4.00%, 03/01/47

  $ 8,097     $ 7,587,077  

4.00%, 04/01/47

    9,569       8,975,314  

4.00%, 05/01/47

    8,589       8,060,282  

4.00%, 06/01/47

    36,866       34,583,848  

4.00%, 07/01/47

    14,004       13,148,471  

4.00%, 08/01/47

    24,020       22,552,787  

4.00%, 09/01/47

    22,503       21,106,601  

4.00%, 10/01/47

    27,602       25,890,028  

4.00%, 11/01/47

    12,942       12,144,963  

4.00%, 12/01/47

    9,515       8,935,254  

4.00%, 01/01/48

    9,117       8,551,225  

4.00%, 02/01/48

     39,004         36,592,997  

4.00%, 03/01/48

    2,912       2,729,418  

4.00%, 04/01/48

    12,072       11,296,680  

4.00%, 05/01/48

    5,815       5,429,752  

4.00%, 06/01/48

    2,701       2,535,687  

4.00%, 07/01/48

    10,762       10,081,554  

4.00%, 08/01/48

    3,647       3,422,778  

4.00%, 09/01/48

    17,781       16,663,661  

4.00%, 10/01/48

    8,452       7,926,955  

4.00%, 11/01/48

    30,170       28,260,296  

4.00%, 12/01/48

    12,108       11,351,035  

4.00%, 01/01/49

    18,434       17,273,729  

4.00%, 02/01/49

    6,299       5,898,026  

4.00%, 03/01/49

    29,567       27,602,656  

4.00%, 04/01/49

    17,896       16,706,352  

4.00%, 05/01/49

    11,998       11,236,080  

4.00%, 06/01/49

    31,586       29,601,868  

4.00%, 07/01/49

    25,707       24,151,655  

4.00%, 08/01/49

    706       660,383  

4.00%, 09/01/49

    19,763       18,513,816  

4.00%, 10/01/49

    22,435       21,063,186  

4.00%, 11/01/49

    1,958       1,836,504  

4.00%, 12/01/49

    20,750       19,440,386  

4.00%, 01/01/50

    3,403       3,178,844  

4.00%, 03/01/50

    3,432       3,206,320  

4.00%, 04/01/50

    9,229       8,633,837  

4.00%, 05/01/50

    16,316       15,257,938  

4.00%, 06/01/50

    1,854       1,734,163  

4.00%, 07/01/50

    748       698,596  

4.00%, 12/01/50

    9,240       8,633,960  

4.00%, 01/01/51

    821       768,147  

4.00%, 03/01/51

    910       851,112  

4.00%, 05/01/51

    23,349       21,876,662  

4.00%, 08/01/51

    1,256       1,175,215  

4.00%, 10/01/51

    588       549,743  

4.00%, 05/01/52

    23,688       21,929,299  

4.00%, 06/01/52

    74,767       69,288,238  

4.00%, 07/01/52

    13,304       12,291,674  

4.00%, 08/01/52

    115,718       106,962,968  

4.00%, 09/01/52

    14,929       13,838,970  

4.00%, 10/01/52

    15,120       14,033,868  

4.00%, 11/01/52

    7,364       6,805,455  

4.00%, 09/14/53(c)

    63,233       58,362,083  

4.50%, 01/01/24

    0 (a)      42  

4.50%, 02/01/24

    0 (a)      72  

4.50%, 03/01/24

    0 (a)      33  

4.50%, 04/01/24

    0 (a)      46  

4.50%, 07/01/24

    1       657  

4.50%, 08/01/24

    0 (a)      748  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

4.50%, 10/01/24

  $ 78     $ 77,396  

4.50%, 10/01/24

    0 (a)      808  

4.50%, 11/01/24

    0 (a)      350  

4.50%, 11/01/24

    1       624  

4.50%, 12/01/24

    6       5,958  

4.50%, 01/01/25

    0 (a)      440  

4.50%, 02/01/25

    119       117,762  

4.50%, 04/01/25

    188       185,010  

4.50%, 04/01/25

    0 (a)      173  

4.50%, 05/01/25

    7       6,691  

4.50%, 06/01/25

    153       150,917  

4.50%, 08/01/25

    116       114,304  

4.50%, 09/01/25

    6       5,926  

4.50%, 04/01/26

    4       4,373  

4.50%, 10/01/26

    537       528,683  

4.50%, 01/01/27

    65       64,038  

4.50%, 11/01/28

    1       659  

4.50%, 08/01/31

     1,237         1,221,638  

4.50%, 04/01/33

    451       440,438  

4.50%, 07/01/33

    37       35,640  

4.50%, 08/01/33

    29       29,155  

4.50%, 09/01/33

    6       5,930  

4.50%, 10/01/33

    14       14,326  

4.50%, 11/01/33

    22       21,687  

4.50%, 12/01/33

    350       341,328  

4.50%, 01/01/34

    1,336       1,301,810  

4.50%, 02/01/34

    299       291,130  

4.50%, 04/01/34

    1       1,461  

4.50%, 05/01/34

    8       7,634  

4.50%, 06/01/34

    498       486,029  

4.50%, 07/01/34

    0 (a)      57  

4.50%, 08/01/34

    1,169       1,138,893  

4.50%, 09/01/34

    207       202,874  

4.50%, 12/01/34

    3       2,930  

4.50%, 01/01/35

    1,223       1,191,943  

4.50%, 02/01/35

    0 (a)      381  

4.50%, 03/01/35

    1       1,372  

4.50%, 05/01/35

    0 (a)      179  

4.50%, 07/01/35

    0 (a)      338  

4.50%, 08/01/35

    1       990  

4.50%, 09/01/35

    7       7,117  

4.50%, 10/01/35

    1       1,447  

4.50%, 12/01/35

    32       31,599  

4.50%, 01/01/36

    0 (a)      428  

4.50%, 03/01/36

    2       1,702  

4.50%, 07/01/37

    3       3,123  

4.50%, 03/01/38

    3       2,589  

4.50%, 04/01/38

    0 (a)      514  

4.50%, 04/01/38

    105       102,836  

4.50%, 05/01/38

    41       39,535  

4.50%, 06/01/38

    15       15,126  

4.50%, 06/01/38

    0 (a)      294  

4.50%, 09/01/38

    10,658       10,420,739  

4.50%, 11/01/38

    3       2,765  

4.50%, 01/01/39

    9       8,449  

4.50%, 02/01/39

    0 (a)      352  

4.50%, 02/01/39

    675       658,161  

4.50%, 03/01/39

    45       42,338  

4.50%, 04/01/39

    1,386       1,352,143  

4.50%, 05/01/39

    783       763,813  

 

 

142  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.50%, 06/01/39

  $ 144     $ 140,915  

4.50%, 07/01/39

    156       151,524  

4.50%, 08/01/39

    2,293       2,237,700  

4.50%, 09/01/39

    69       68,390  

4.50%, 10/01/39

    4,652       4,539,127  

4.50%, 11/01/39

    27       26,973  

4.50%, 12/01/39

    316       308,268  

4.50%, 01/01/40

    1,510       1,472,784  

4.50%, 02/01/40

    296       289,182  

4.50%, 03/01/40

    249       242,595  

4.50%, 04/01/40

    97       95,153  

4.50%, 05/01/40

    147       143,073  

4.50%, 06/01/40

    25       24,649  

4.50%, 07/01/40

    50       47,524  

4.50%, 08/01/40

    116       112,880  

4.50%, 09/01/40

    1,919       1,871,169  

4.50%, 10/01/40

    264       256,400  

4.50%, 12/01/40

    2,012       1,960,201  

4.50%, 01/01/41

    2,012       1,960,790  

4.50%, 02/01/41

    384       373,345  

4.50%, 03/01/41

    2,215       2,157,139  

4.50%, 04/01/41

     13,952         13,590,041  

4.50%, 05/01/41

    12,039       11,726,561  

4.50%, 06/01/41

    4,720       4,596,734  

4.50%, 07/01/41

    301       294,136  

4.50%, 08/01/41

    3,146       3,062,896  

4.50%, 09/01/41

    5,069       4,936,955  

4.50%, 10/01/41

    99       96,157  

4.50%, 11/01/41

    258       251,055  

4.50%, 12/01/41

    2,748       2,675,935  

4.50%, 01/01/42

    2,722       2,650,059  

4.50%, 04/01/42

    101       97,798  

4.50%, 07/01/42

    2,668       2,598,528  

4.50%, 09/01/42

    1,396       1,357,579  

4.50%, 10/01/42

    1,858       1,810,273  

4.50%, 01/01/43

    141       136,849  

4.50%, 09/01/43

    2,375       2,307,951  

4.50%, 10/01/43

    792       770,198  

4.50%, 11/01/43

    1,863       1,810,328  

4.50%, 12/01/43

    1,296       1,259,524  

4.50%, 01/01/44

    266       258,840  

4.50%, 02/01/44

    424       411,942  

4.50%, 03/01/44

    6,807       6,611,898  

4.50%, 04/01/44

    1,398       1,359,412  

4.50%, 05/01/44

    532       517,460  

4.50%, 06/01/44

    1,399       1,361,441  

4.50%, 07/01/44

    221       214,807  

4.50%, 08/01/44

    946       920,013  

4.50%, 09/01/44

    37       35,852  

4.50%, 10/01/44

    190       184,519  

4.50%, 11/01/44

    57       55,587  

4.50%, 12/01/44

    7,186       6,988,122  

4.50%, 01/01/45

    878       853,322  

4.50%, 02/01/45

    8,628       8,378,805  

4.50%, 03/01/45

    1,282       1,235,284  

4.50%, 04/01/45

    5       4,385  

4.50%, 08/01/45

    2,078       2,020,726  

4.50%, 09/01/45

    350       340,737  

4.50%, 10/01/45

    5,327       5,180,170  

4.50%, 11/01/45

    433       420,491  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

4.50%, 12/01/45

  $ 111     $ 108,311  

4.50%, 01/01/46

    81       78,741  

4.50%, 02/01/46

    6,753       6,574,702  

4.50%, 03/01/46

     20,600         20,070,954  

4.50%, 04/01/46

    4,873       4,734,362  

4.50%, 05/01/46

    1,012       980,454  

4.50%, 06/01/46

    1,174       1,140,196  

4.50%, 07/01/46

    815       788,888  

4.50%, 08/01/46

    6,049       5,869,848  

4.50%, 09/01/46

    183       176,930  

4.50%, 10/01/46

    719       695,277  

4.50%, 11/01/46

    94       90,642  

4.50%, 12/01/46

    712       688,988  

4.50%, 01/01/47

    659       636,393  

4.50%, 02/01/47

    448       433,506  

4.50%, 03/01/47

    1,173       1,134,565  

4.50%, 04/01/47

    3,056       2,951,358  

4.50%, 05/01/47

    1,668       1,609,938  

4.50%, 06/01/47

    8,091       7,805,686  

4.50%, 07/01/47

    2,072       2,001,454  

4.50%, 08/01/47

    5,029       4,871,094  

4.50%, 09/01/47

    3,776       3,646,866  

4.50%, 10/01/47

    6,213       6,001,890  

4.50%, 11/01/47

    2,262       2,184,951  

4.50%, 12/01/47

    650       627,773  

4.50%, 01/01/48

    1,567       1,513,420  

4.50%, 02/01/48

    4,737       4,570,363  

4.50%, 03/01/48

    597       575,029  

4.50%, 04/01/48

    11,688       11,273,081  

4.50%, 05/01/48

    4,878       4,705,785  

4.50%, 06/01/48

    3,638       3,510,008  

4.50%, 07/01/48

    3,473       3,350,218  

4.50%, 08/01/48

    28,880       27,856,978  

4.50%, 09/01/48

    12,033       11,596,698  

4.50%, 10/01/48

    12,156       11,724,380  

4.50%, 11/01/48

    7,204       6,947,149  

4.50%, 12/01/48

    36,992       35,679,001  

4.50%, 01/01/49

    18,470       17,788,107  

4.50%, 02/01/49

    14,681       14,153,129  

4.50%, 03/01/49

    8,643       8,295,847  

4.50%, 04/01/49

    12,061       11,632,666  

4.50%, 05/01/49

    11,124       10,722,735  

4.50%, 06/01/49

    1,864       1,793,260  

4.50%, 07/01/49

    3,719       3,578,643  

4.50%, 08/01/49

    2,031       1,953,065  

4.50%, 09/01/49

    6,676       6,423,796  

4.50%, 10/01/49

    1,732       1,666,116  

4.50%, 11/01/49

    954       917,921  

4.50%, 12/01/49

    11,947       11,494,133  

4.50%, 01/01/50

    1,993       1,917,425  

4.50%, 02/01/50

    5,158       4,953,509  

4.50%, 03/01/50

    8,426       8,082,445  

4.50%, 04/01/50

    6,027       5,750,812  

4.50%, 05/01/50

    17,355       16,560,368  

4.50%, 06/01/50

    554       528,740  

4.50%, 08/01/50

    614       585,765  

4.50%, 09/01/50

    30,448       29,359,235  

4.50%, 12/01/50

    396       380,759  

4.50%, 01/01/51

    219       210,768  

4.50%, 07/01/51

    17,779       16,965,465  

 

 

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

    143  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

4.50%, 05/01/52

  $ 4,224     $ 4,049,004  

4.50%, 06/01/52

    4,021       3,814,113  

4.50%, 07/01/52

    49,488       46,962,100  

4.50%, 08/01/52

    20,709       19,650,458  

4.50%, 09/01/52

    38,930       36,927,396  

4.50%, 10/01/52

    30,279       28,824,420  

4.50%, 12/01/52

    14,889       14,126,928  

4.50%, 03/01/53

    5,874       5,571,074  

4.50%, 09/14/53(c)

     152,455         144,546,397  

5.00%, 09/01/23

    0 (a)      1  

5.00%, 10/01/23

    0 (a)      8  

5.00%, 11/01/23

    0 (a)      43  

5.00%, 12/01/23

    0 (a)      331  

5.00%, 01/01/24

    0 (a)      49  

5.00%, 12/01/24

    0 (a)      225  

5.00%, 05/01/25

    2       2,052  

5.00%, 09/01/25

    0 (a)      157  

5.00%, 11/01/32

    1       1,477  

5.00%, 03/01/33

    2       2,285  

5.00%, 05/01/33

    18       18,779  

5.00%, 06/01/33

    2       2,331  

5.00%, 07/01/33

    82       81,624  

5.00%, 08/01/33

    307       306,732  

5.00%, 08/01/33

    0 (a)      401  

5.00%, 09/01/33

    40       39,504  

5.00%, 10/01/33

    1       604  

5.00%, 11/01/33

    1,364       1,360,479  

5.00%, 02/01/34

    3       2,674  

5.00%, 03/01/34

    21       20,742  

5.00%, 04/01/34

    17       16,539  

5.00%, 05/01/34

    561       559,655  

5.00%, 05/01/34

    0 (a)      186  

5.00%, 06/01/34

    1       571  

5.00%, 07/01/34

    8       8,414  

5.00%, 08/01/34

    21       21,036  

5.00%, 09/01/34

    4       3,721  

5.00%, 10/01/34

    8       8,147  

5.00%, 12/01/34

    183       182,662  

5.00%, 01/01/35

    131       130,226  

5.00%, 02/01/35

    684       682,418  

5.00%, 03/01/35

    39       38,717  

5.00%, 04/01/35

    9       9,811  

5.00%, 05/01/35

    6       6,623  

5.00%, 06/01/35

    73       72,609  

5.00%, 07/01/35

    835       832,286  

5.00%, 08/01/35

    55       54,866  

5.00%, 08/01/35

    0 (a)      383  

5.00%, 09/01/35

    115       114,423  

5.00%, 10/01/35

    40       40,309  

5.00%, 11/01/35

    366       365,954  

5.00%, 11/01/35

    0 (a)      459  

5.00%, 12/01/35

    3       3,710  

5.00%, 01/01/36

    14       13,864  

5.00%, 02/01/36

    7       7,402  

5.00%, 03/01/36

    477       476,300  

5.00%, 03/01/36

    0 (a)      243  

5.00%, 04/01/36

    0 (a)      343  

5.00%, 04/01/36

    1       510  

5.00%, 05/01/36

    368       368,272  

5.00%, 06/01/36

    33       33,240  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.00%, 07/01/36

  $ 21     $ 20,508  

5.00%, 08/01/36

    1       677  

5.00%, 11/01/36

    2       2,239  

5.00%, 12/01/36

    2       1,530  

5.00%, 02/01/37

    14       13,321  

5.00%, 03/01/37

    8       8,127  

5.00%, 04/01/37

    2       1,579  

5.00%, 05/01/37

    9       8,753  

5.00%, 06/01/37

    6       5,865  

5.00%, 07/01/37

    369       368,710  

5.00%, 01/01/38

    5       4,750  

5.00%, 02/01/38

    603       602,513  

5.00%, 02/01/38

    0 (a)      266  

5.00%, 03/01/38

    37       37,223  

5.00%, 04/01/38

    81       80,775  

5.00%, 04/01/38

    0 (a)      859  

5.00%, 05/01/38

    22       20,998  

5.00%, 06/01/38

    3       2,509  

5.00%, 07/01/38

    68       68,008  

5.00%, 11/01/38

    0 (a)      84  

5.00%, 12/01/38

    4       4,261  

5.00%, 01/01/39

    170       170,819  

5.00%, 02/01/39

    15       14,743  

5.00%, 03/01/39

    397       396,450  

5.00%, 04/01/39

     3,109         3,110,969  

5.00%, 04/01/39

    0 (a)      461  

5.00%, 05/01/39

    783       783,478  

5.00%, 06/01/39

    659       656,932  

5.00%, 07/01/39

    29       28,805  

5.00%, 08/01/39

    547       548,061  

5.00%, 09/01/39

    351       350,704  

5.00%, 10/01/39

    337       336,432  

5.00%, 11/01/39

    55       54,937  

5.00%, 12/01/39

    1,289       1,291,558  

5.00%, 01/01/40

    101       100,609  

5.00%, 02/01/40

    42       42,111  

5.00%, 03/01/40

    224       224,348  

5.00%, 04/01/40

    856       855,112  

5.00%, 05/01/40

    7,828       7,827,796  

5.00%, 06/01/40

    203       203,549  

5.00%, 07/01/40

    891       890,192  

5.00%, 08/01/40

    4,981       4,983,171  

5.00%, 09/01/40

    654       653,573  

5.00%, 10/01/40

    124       123,975  

5.00%, 11/01/40

    16       15,609  

5.00%, 12/01/40

    1,282       1,282,162  

5.00%, 01/01/41

    155       154,263  

5.00%, 02/01/41

    434       433,801  

5.00%, 03/01/41

    1,423       1,420,693  

5.00%, 04/01/41

    2,182       2,180,483  

5.00%, 05/01/41

    6,710       6,705,213  

5.00%, 06/01/41

    1,002       1,000,451  

5.00%, 07/01/41

    499       497,648  

5.00%, 08/01/41

    1,060       1,059,022  

5.00%, 11/01/41

    105       104,484  

5.00%, 04/01/42

    372       371,416  

5.00%, 08/01/43

    23       22,742  

5.00%, 09/01/43

    411       410,670  

5.00%, 10/01/43

    994       992,738  

5.00%, 11/01/43

    42       41,720  

 

 

144  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.00%, 12/01/43

  $ 121     $ 120,973  

5.00%, 01/01/44

    1,499       1,496,313  

5.00%, 03/01/44

    475       473,383  

5.00%, 06/01/44

    154       153,807  

5.00%, 07/01/44

    990       990,937  

5.00%, 08/01/44

    116       115,187  

5.00%, 09/01/44

    929       926,279  

5.00%, 11/01/44

    408       407,302  

5.00%, 01/01/45

    7       6,633  

5.00%, 07/01/45

    3,051       3,050,713  

5.00%, 03/01/47

    17       16,490  

5.00%, 04/01/47

    89       87,332  

5.00%, 05/01/47

    629       619,549  

5.00%, 07/01/47

    583       583,019  

5.00%, 08/01/47

    167       164,410  

5.00%, 09/01/47

    843       830,514  

5.00%, 10/01/47

    442       436,134  

5.00%, 11/01/47

    70       68,700  

5.00%, 02/01/48

    770       759,786  

5.00%, 03/01/48

    1,359       1,340,518  

5.00%, 04/01/48

    1,631       1,609,456  

5.00%, 06/01/48

    1,746       1,722,791  

5.00%, 07/01/48

    3,449       3,404,703  

5.00%, 08/01/48

    4,955       4,889,694  

5.00%, 09/01/48

    5,290       5,218,815  

5.00%, 10/01/48

    3,090       3,040,261  

5.00%, 11/01/48

    5,463       5,388,623  

5.00%, 12/01/48

    1,258       1,241,145  

5.00%, 01/01/49

    9,962       9,825,208  

5.00%, 02/01/49

    6,104       6,012,361  

5.00%, 03/01/49

    4,835       4,769,945  

5.00%, 04/01/49

    7,062       6,965,913  

5.00%, 05/01/49

    1,857       1,831,764  

5.00%, 07/01/49

    7,878       7,767,245  

5.00%, 08/01/49

     18,415         18,163,658  

5.00%, 09/01/49

    1,200       1,182,977  

5.00%, 10/01/49

    4,038       3,983,815  

5.00%, 11/01/49

    1,106       1,090,809  

5.00%, 03/01/50

    1,887       1,861,381  

5.00%, 04/01/50

    982       960,948  

5.00%, 05/01/50

    488       477,377  

5.00%, 09/01/50

    33       32,147  

5.00%, 01/01/51

    1,141       1,116,545  

5.00%, 07/01/52

    12,045       11,715,160  

5.00%, 08/01/52

    38,381       37,402,203  

5.00%, 09/01/52

    20,823       20,296,795  

5.00%, 10/01/52

    42,850       41,632,383  

5.00%, 11/01/52

    136,618       132,684,037  

5.00%, 12/01/52

    24,607       23,963,076  

5.00%, 02/01/53

    31,223       30,287,270  

5.00%, 09/14/53(c)

    215,647       209,097,566  

5.50%, 11/01/23

    0 (a)      19  

5.50%, 12/01/23

    0 (a)      6  

5.50%, 01/01/25

    0 (a)      22  

5.50%, 05/01/25

    0 (a)      5  

5.50%, 03/01/28

    146       144,652  

5.50%, 10/01/28

    0 (a)      235  

5.50%, 12/01/28

    0 (a)      139  

5.50%, 07/01/29

    1       1,262  

5.50%, 04/01/31

    1       1,127  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

5.50%, 12/01/31

  $ 11     $ 10,661  

5.50%, 01/01/32

    6       5,532  

5.50%, 02/01/32

    2       1,617  

5.50%, 11/01/32

    0 (a)      427  

5.50%, 11/01/32

    2       1,816  

5.50%, 12/01/32

    5       5,305  

5.50%, 01/01/33

    23       23,911  

5.50%, 02/01/33

    5       4,842  

5.50%, 02/01/33

    0 (a)      483  

5.50%, 03/01/33

    24       23,065  

5.50%, 04/01/33

    55       55,249  

5.50%, 04/01/33

    0 (a)      402  

5.50%, 05/01/33

    501       508,168  

5.50%, 06/01/33

    35       35,555  

5.50%, 07/01/33

    106       107,287  

5.50%, 08/01/33

    1       1,169  

5.50%, 09/01/33

    0 (a)      161  

5.50%, 09/01/33

    4       4,270  

5.50%, 10/01/33

    389       393,482  

5.50%, 10/01/33

    0 (a)      540  

5.50%, 11/01/33

    979       992,238  

5.50%, 12/01/33

    1       841  

5.50%, 01/01/34

    32       31,810  

5.50%, 02/01/34

    20       20,704  

5.50%, 02/01/34

    0 (a)      473  

5.50%, 03/01/34

    9       9,293  

5.50%, 04/01/34

    48       48,752  

5.50%, 05/01/34

    46       46,334  

5.50%, 06/01/34

    22       21,640  

5.50%, 07/01/34

    14       14,932  

5.50%, 09/01/34

      724          734,852  

5.50%, 10/01/34

    1       632  

5.50%, 11/01/34

    20       21,007  

5.50%, 12/01/34

    0 (a)      478  

5.50%, 12/01/34

    12       11,937  

5.50%, 01/01/35

    34       35,074  

5.50%, 02/01/35

    63       62,703  

5.50%, 03/01/35

    27       26,423  

5.50%, 04/01/35

    20       20,904  

5.50%, 05/01/35

    12       10,972  

5.50%, 06/01/35

    21       21,840  

5.50%, 07/01/35

    22       21,927  

5.50%, 08/01/35

    9       9,125  

5.50%, 09/01/35

    178       180,357  

5.50%, 09/01/35

    0 (a)      425  

5.50%, 10/01/35

    12       11,300  

5.50%, 11/01/35

    32       32,309  

5.50%, 12/01/35

    30       30,894  

5.50%, 12/01/35

    0 (a)      290  

5.50%, 01/01/36

    16       16,055  

5.50%, 02/01/36

    59       60,626  

5.50%, 03/01/36

    1       567  

5.50%, 04/01/36

    1,187       1,207,681  

5.50%, 05/01/36

    296       300,519  

5.50%, 06/01/36

    1       637  

5.50%, 07/01/36

    11       10,976  

5.50%, 08/01/36

    23       23,764  

5.50%, 09/01/36

    1,861       1,886,283  

5.50%, 10/01/36

    9       9,237  

5.50%, 11/01/36

    16       15,983  

 

 

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

    145  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

5.50%, 11/01/36

  $ 0 (a)    $ 96  

5.50%, 12/01/36

    0 (a)      672  

5.50%, 12/01/36

    20       20,313  

5.50%, 01/01/37

    0 (a)      240  

5.50%, 01/01/37

    25       24,900  

5.50%, 02/01/37

    57       57,010  

5.50%, 03/01/37

    37       37,304  

5.50%, 04/01/37

    7       7,416  

5.50%, 05/01/37

    223       228,329  

5.50%, 05/01/37

    0 (a)      544  

5.50%, 06/01/37

    132       135,117  

5.50%, 06/01/37

    0 (a)      394  

5.50%, 07/01/37

    18       18,217  

5.50%, 07/01/37

    0 (a)      787  

5.50%, 08/01/37

     1,542         1,568,748  

5.50%, 08/01/37

    0 (a)      297  

5.50%, 09/01/37

    0 (a)      438  

5.50%, 10/01/37

    2       2,060  

5.50%, 10/01/37

    0 (a)      716  

5.50%, 11/01/37

    10       9,264  

5.50%, 12/01/37

    49       48,960  

5.50%, 12/01/37

    0 (a)      210  

5.50%, 01/01/38

    12       12,115  

5.50%, 02/01/38

    29       29,670  

5.50%, 03/01/38

    645       660,562  

5.50%, 04/01/38

    0 (a)      403  

5.50%, 04/01/38

    64       65,857  

5.50%, 05/01/38

    200       203,317  

5.50%, 06/01/38

    220       223,879  

5.50%, 06/01/38

    0 (a)      953  

5.50%, 07/01/38

    492       504,018  

5.50%, 07/01/38

    0 (a)      751  

5.50%, 08/01/38

    675       687,403  

5.50%, 08/01/38

    0 (a)      175  

5.50%, 09/01/38

    6       6,035  

5.50%, 10/01/38

    3       2,873  

5.50%, 11/01/38

    819       837,671  

5.50%, 12/01/38

    30       30,993  

5.50%, 01/01/39

    34       34,537  

5.50%, 02/01/39

    35       35,808  

5.50%, 03/01/39

    10       10,714  

5.50%, 04/01/39

    18       18,126  

5.50%, 06/01/39

    137       139,862  

5.50%, 07/01/39

    15       15,408  

5.50%, 08/01/39

    1       1,098  

5.50%, 09/01/39

    24       24,943  

5.50%, 10/01/39

    6       5,771  

5.50%, 11/01/39

    28       28,852  

5.50%, 12/01/39

    66       67,394  

5.50%, 01/01/40

    32       33,107  

5.50%, 03/01/40

    28       28,480  

5.50%, 05/01/40

    122       124,606  

5.50%, 06/01/40

    65       65,995  

5.50%, 07/01/40

    1,520       1,552,731  

5.50%, 09/01/40

    3,750       3,831,019  

5.50%, 07/01/41

    260       265,682  

5.50%, 09/01/41

    6,427       6,537,996  

5.50%, 05/01/44

    4,992       5,114,302  

5.50%, 01/01/47

    1,648       1,676,556  

5.50%, 06/01/48

    99       100,177  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

5.50%, 11/01/48

  $ 2,130     $ 2,170,827  

5.50%, 12/01/48

    2,065       2,104,320  

5.50%, 02/01/49

    543       553,002  

5.50%, 03/01/49

    119       121,608  

5.50%, 08/01/52

    72,163       71,771,991  

5.50%, 09/01/52

    13,088       13,030,580  

5.50%, 10/01/52

    1,423       1,414,864  

5.50%, 11/01/52

    39,423       39,138,377  

5.50%, 12/01/52

    38,845       38,650,768  

5.50%, 01/01/53

    8,961       8,918,298  

5.50%, 02/01/53

    54,386       54,187,850  

5.50%, 09/14/53(c)

     359,754         355,200,863  

6.00%, 05/01/24

    0 (a)      2  

6.00%, 12/01/24

    0 (a)      43  

6.00%, 03/01/28

    0 (a)      436  

6.00%, 04/01/28

    0 (a)      65  

6.00%, 11/01/28

    0 (a)      489  

6.00%, 12/01/28

    0 (a)      1,108  

6.00%, 01/01/29

    0 (a)      397  

6.00%, 01/01/29

    1       1,459  

6.00%, 02/01/29

    0 (a)      1,497  

6.00%, 02/01/29

    4       3,729  

6.00%, 03/01/29

    2       1,740  

6.00%, 03/01/29

    0 (a)      74  

6.00%, 04/01/29

    2       2,021  

6.00%, 05/01/29

    0 (a)      144  

6.00%, 06/01/29

    0 (a)      31  

6.00%, 06/01/29

    1       656  

6.00%, 07/01/29

    1       1,411  

6.00%, 04/01/30

    1       991  

6.00%, 04/01/31

    1       873  

6.00%, 04/01/31

    0 (a)      22  

6.00%, 05/01/31

    4       4,341  

6.00%, 05/01/31

    0 (a)      395  

6.00%, 11/01/31

    6       5,868  

6.00%, 02/01/32

    2       2,195  

6.00%, 03/01/32

    2       2,118  

6.00%, 04/01/32

    4       3,897  

6.00%, 06/01/32

    1       1,184  

6.00%, 09/01/32

    2       2,536  

6.00%, 11/01/32

    29       30,163  

6.00%, 12/01/32

    20       20,851  

6.00%, 12/01/32

    0 (a)      762  

6.00%, 01/01/33

    16       17,433  

6.00%, 02/01/33

    6       5,701  

6.00%, 02/01/33

    0 (a)      429  

6.00%, 03/01/33

    17       17,382  

6.00%, 03/01/33

    0 (a)      61  

6.00%, 05/01/33

    2       2,048  

6.00%, 10/01/33

    2       2,198  

6.00%, 11/01/33

    1       1,440  

6.00%, 12/01/33

    16       16,557  

6.00%, 02/01/34

    4       3,695  

6.00%, 03/01/34

    1,300       1,338,759  

6.00%, 04/01/34

    2       2,346  

6.00%, 05/01/34

    215       221,404  

6.00%, 08/01/34

    284       292,260  

6.00%, 09/01/34

    0 (a)      483  

6.00%, 09/01/34

    10       10,790  

6.00%, 10/01/34

    14       13,817  

 

 

146  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

6.00%, 11/01/34

  $ 85     $ 87,950  

6.00%, 11/01/34

    0 (a)      489  

6.00%, 12/01/34

    5       4,971  

6.00%, 01/01/35

    26       26,288  

6.00%, 02/01/35

    10       10,494  

6.00%, 04/01/35

    3       3,010  

6.00%, 06/01/35

    8       8,238  

6.00%, 07/01/35

    78       81,303  

6.00%, 09/01/35

    11       11,150  

6.00%, 10/01/35

    33       34,271  

6.00%, 12/01/35

    33       34,193  

6.00%, 01/01/36

    6       5,689  

6.00%, 01/01/36

    0 (a)      293  

6.00%, 02/01/36

    2       1,832  

6.00%, 03/01/36

    1       819  

6.00%, 05/01/36

    0 (a)      571  

6.00%, 05/01/36

    22       22,666  

6.00%, 06/01/36

    444       461,653  

6.00%, 07/01/36

    9       9,608  

6.00%, 08/01/36

    421       441,638  

6.00%, 10/01/36

    13       14,069  

6.00%, 11/01/36

    33       34,401  

6.00%, 11/01/36

    0 (a)      585  

6.00%, 12/01/36

    10       10,242  

6.00%, 01/01/37

    3       3,123  

6.00%, 02/01/37

    69       70,486  

6.00%, 03/01/37

    27       28,469  

6.00%, 04/01/37

    0 (a)      333  

6.00%, 04/01/37

    15       16,319  

6.00%, 06/01/37

    24       25,071  

6.00%, 07/01/37

    21       21,189  

6.00%, 07/01/37

    0 (a)      1,037  

6.00%, 08/01/37

    16       15,552  

6.00%, 09/01/37

    12       12,317  

6.00%, 10/01/37

    7       6,578  

6.00%, 11/01/37

    31       32,449  

6.00%, 12/01/37

    25       25,943  

6.00%, 12/01/37

    0 (a)      53  

6.00%, 01/01/38

    79       81,305  

6.00%, 02/01/38

    31       31,982  

6.00%, 02/01/38

    0 (a)      393  

6.00%, 03/01/38

    320       335,013  

6.00%, 04/01/38

    24       24,689  

6.00%, 05/01/38

    790       828,396  

6.00%, 07/01/38

    17       16,552  

6.00%, 08/01/38

    93       97,344  

6.00%, 09/01/38

    24       24,240  

6.00%, 09/01/38

    0 (a)      364  

6.00%, 10/01/38

    15       14,872  

6.00%, 11/01/38

    10       10,732  

6.00%, 12/01/38

    6       6,175  

6.00%, 06/01/39

    2,256       2,324,959  

6.00%, 09/01/39

    2       1,642  

6.00%, 10/01/39

    188       196,731  

6.00%, 04/01/40

    31       31,987  

6.00%, 09/01/40

    4       4,194  

6.00%, 10/01/40

    43       45,261  

6.00%, 07/01/41

    638       668,631  

6.00%, 02/01/49

    970       1,017,511  

6.00%, 09/14/53(c)

     222,250         222,831,668  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

6.50%, 09/01/23

  $ 0 (a)    $ 2  

6.50%, 12/01/23

    0 (a)      21  

6.50%, 01/01/24

    0 (a)      56  

6.50%, 03/01/24

    0 (a)      4  

6.50%, 04/01/24

    0 (a)      5  

6.50%, 10/01/24

    0 (a)      4  

6.50%, 11/01/24

    0 (a)      50  

6.50%, 06/01/25

    0 (a)      56  

6.50%, 08/01/25

    0 (a)      26  

6.50%, 12/01/25

    0 (a)      101  

6.50%, 01/01/26

    0 (a)      9  

6.50%, 01/01/26

    1       1,143  

6.50%, 02/01/26

    0 (a)      116  

6.50%, 03/01/26

    0 (a)      189  

6.50%, 04/01/26

    0 (a)      140  

6.50%, 05/01/26

    0 (a)      106  

6.50%, 06/01/26

    0 (a)      50  

6.50%, 09/01/26

    0 (a)      122  

6.50%, 11/01/26

    0 (a)      49  

6.50%, 03/01/27

    0 (a)      194  

6.50%, 04/01/27

    0 (a)      86  

6.50%, 11/01/27

    0 (a)      73  

6.50%, 12/01/27

    0 (a)      285  

6.50%, 12/01/27

    1       559  

6.50%, 01/01/28

    1       498  

6.50%, 02/01/28

    0 (a)      63  

6.50%, 04/01/28

    0 (a)      157  

6.50%, 04/01/28

    1       944  

6.50%, 05/01/28

    1       604  

6.50%, 08/01/28

    0 (a)      141  

6.50%, 08/01/28

    5       4,434  

6.50%, 09/01/28

    0 (a)      203  

6.50%, 09/01/28

    1       943  

6.50%, 10/01/28

    0 (a)      196  

6.50%, 10/01/28

    1       906  

6.50%, 11/01/28

    0 (a)      361  

6.50%, 12/01/28

    1       697  

6.50%, 12/01/28

    0 (a)      346  

6.50%, 01/01/29

    2       1,587  

6.50%, 02/01/29

    1       1,478  

6.50%, 02/01/29

    0 (a)      85  

6.50%, 03/01/29

    0 (a)      817  

6.50%, 03/01/29

    3       3,133  

6.50%, 04/01/29

    1       789  

6.50%, 04/01/29

    0 (a)      351  

6.50%, 05/01/29

    0 (a)      451  

6.50%, 05/01/29

    1       662  

6.50%, 06/01/29

      12       11,602  

6.50%, 06/01/29

    0 (a)      745  

6.50%, 07/01/29

    0 (a)      412  

6.50%, 07/01/29

    2       2,132  

6.50%, 08/01/29

    0 (a)      245  

6.50%, 09/01/29

    1       505  

6.50%, 11/01/29

    0 (a)      162  

6.50%, 05/01/30

    0 (a)      115  

6.50%, 12/01/30

    1       609  

6.50%, 01/01/31

    0 (a)      97  

6.50%, 03/01/31

    0 (a)      368  

6.50%, 04/01/31

    0 (a)      77  

6.50%, 04/01/31

    2         1,832  

 

 

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

    147  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

6.50%, 05/01/31

  $ 0 (a)    $ 478  

6.50%, 05/01/31

    4       3,788  

6.50%, 06/01/31

    0 (a)      89  

6.50%, 07/01/31

    3       2,205  

6.50%, 07/01/31

    0 (a)      560  

6.50%, 08/01/31

    0 (a)      428  

6.50%, 08/01/31

    1       866  

6.50%, 09/01/31

    3       3,038  

6.50%, 10/01/31

    4       4,288  

6.50%, 10/01/31

    0 (a)      405  

6.50%, 11/01/31

    2       1,810  

6.50%, 12/01/31

    3       3,389  

6.50%, 12/01/31

    0 (a)      173  

6.50%, 02/01/32

    0 (a)      787  

6.50%, 02/01/32

    2       2,212  

6.50%, 03/01/32

    9       9,519  

6.50%, 04/01/32

    1       618  

6.50%, 05/01/32

    5       4,519  

6.50%, 06/01/32

    2       1,742  

6.50%, 06/01/32

    0 (a)      263  

6.50%, 07/01/32

    5       5,613  

6.50%, 07/01/32

    0 (a)      516  

6.50%, 08/01/32

    13       13,426  

6.50%, 08/01/32

    0 (a)      558  

6.50%, 09/01/32

    11       11,570  

6.50%, 11/01/32

    0 (a)      280  

6.50%, 01/01/33

    0 (a)      429  

6.50%, 03/01/33

    5       4,756  

6.50%, 05/01/33

    1       513  

6.50%, 05/01/33

    0 (a)      345  

6.50%, 06/01/33

    5       5,515  

6.50%, 07/01/33

    0 (a)      73  

6.50%, 09/01/33

    0 (a)      190  

6.50%, 11/01/33

    4       4,516  

6.50%, 01/01/34

    7       7,352  

6.50%, 03/01/34

    0 (a)      239  

6.50%, 05/01/34

    12       12,264  

6.50%, 08/01/34

    8       8,670  

6.50%, 09/01/34

    17       17,857  

6.50%, 10/01/34

    2       2,448  

6.50%, 11/01/34

    1       943  

6.50%, 04/01/35

    3       2,699  

6.50%, 02/01/36

    5       5,507  

6.50%, 05/01/36

    1       928  

6.50%, 06/01/36

    0 (a)      443  

6.50%, 07/01/36

    0 (a)      356  

6.50%, 07/01/36

    1       952  

6.50%, 08/01/36

    34       36,219  

6.50%, 08/01/36

    0 (a)      240  

6.50%, 09/01/36

    137       143,773  

6.50%, 10/01/36

    28       28,994  

6.50%, 11/01/36

    0 (a)      344  

6.50%, 12/01/36

    28       29,536  

6.50%, 12/01/36

    0 (a)      637  

6.50%, 02/01/37

    6       6,520  

6.50%, 03/01/37

    3       2,662  

6.50%, 06/01/37

    1       627  

6.50%, 07/01/37

    36       38,200  

6.50%, 07/01/37

    0 (a)      322  

6.50%, 08/01/37

     1,179         1,243,179  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

6.50%, 08/01/37

  $ 0 (a)    $ 107  

6.50%, 09/01/37

    0 (a)      148  

6.50%, 09/01/37

    9       8,860  

6.50%, 10/01/37

    77       81,817  

6.50%, 10/01/37

    0 (a)      726  

6.50%, 11/01/37

    18       19,354  

6.50%, 11/01/37

    0 (a)      270  

6.50%, 12/01/37

    45       47,689  

6.50%, 12/01/37

    0 (a)      680  

6.50%, 01/01/38

    5       4,828  

6.50%, 02/01/38

    6       6,873  

6.50%, 03/01/38

    14       14,821  

6.50%, 05/01/38

    39       40,576  

6.50%, 06/01/38

    12       12,637  

6.50%, 09/01/38

    4       4,473  

6.50%, 12/01/38

    5       5,178  

6.50%, 01/01/39

    7       8,010  

6.50%, 03/01/39

    3       3,433  

6.50%, 05/01/39

    2       2,520  

6.50%, 10/01/39

     1,097         1,156,566  

6.50%, 05/01/40

    722       761,138  

7.00%, 09/01/23

    0 (a)      1  

7.00%, 10/01/23

    0 (a)      6  

7.00%, 12/01/23

    0 (a)      12  

7.00%, 01/01/24

    0 (a)      8  

7.00%, 02/01/24

    0 (a)      198  

7.00%, 03/01/24

    0 (a)      75  

7.00%, 05/01/24

    1       491  

7.00%, 10/01/24

    0 (a)      3  

7.00%, 11/01/24

    0 (a)      54  

7.00%, 08/01/25

    0 (a)      115  

7.00%, 09/01/25

    0 (a)      69  

7.00%, 10/01/25

    0 (a)      75  

7.00%, 12/01/25

    0 (a)      353  

7.00%, 12/01/25

    1       774  

7.00%, 02/01/26

    0 (a)      124  

7.00%, 03/01/26

    0 (a)      263  

7.00%, 04/01/26

    0 (a)      32  

7.00%, 05/01/26

    0 (a)      522  

7.00%, 08/01/26

    0 (a)      84  

7.00%, 11/01/26

    2       1,565  

7.00%, 02/01/27

    0 (a)      25  

7.00%, 04/01/27

    0 (a)      118  

7.00%, 07/01/27

    0 (a)      240  

7.00%, 08/01/27

    1       1,270  

7.00%, 09/01/27

    0 (a)      113  

7.00%, 09/01/27

    1       529  

7.00%, 11/01/27

    0 (a)      147  

7.00%, 12/01/27

    0 (a)      144  

7.00%, 03/01/28

    0 (a)      461  

7.00%, 04/01/28

    0 (a)      217  

7.00%, 04/01/28

    1       1,100  

7.00%, 07/01/28

    0 (a)      232  

7.00%, 07/01/28

    1       603  

7.00%, 08/01/28

    0 (a)      264  

7.00%, 01/01/29

    0 (a)      305  

7.00%, 02/01/29

    0 (a)      302  

7.00%, 05/01/29

    0 (a)      497  

7.00%, 06/01/29

    0 (a)      504  

7.00%, 07/01/29

    0 (a)      30  

 

 

148  

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® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

7.00%, 08/01/29

  $ 0 (a)    $ 144  

7.00%, 08/01/29

    1       993  

7.00%, 10/01/29

    0 (a)      38  

7.00%, 01/01/30

    0 (a)      74  

7.00%, 02/01/30

    0 (a)      191  

7.00%, 09/01/30

    1       608  

7.00%, 12/01/30

    0 (a)      105  

7.00%, 02/01/31

    0 (a)      141  

7.00%, 09/01/31

    0 (a)      480  

7.00%, 11/01/31

    0 (a)      47  

7.00%, 03/01/32

    3       3,661  

7.00%, 04/01/32

    24       25,361  

7.00%, 04/01/32

    0 (a)      280  

7.00%, 05/01/32

    10       9,754  

7.00%, 05/01/32

    0 (a)      344  

7.00%, 07/01/32

    0 (a)      425  

7.00%, 08/01/32

    1       821  

7.00%, 10/01/32

    0 (a)      716  

7.00%, 12/01/32

    9       9,165  

7.00%, 01/01/36

    2       1,804  

7.00%, 07/01/36

    1       843  

7.00%, 08/01/36

    1       966  

7.00%, 01/01/37

    1       1,309  

7.00%, 03/01/37

    2       2,610  

7.00%, 04/01/37

     375         403,906  

7.00%, 04/01/37

    0 (a)      325  

7.00%, 05/01/37

    6       6,713  

7.00%, 06/01/37

    0 (a)      232  

7.00%, 06/01/37

    7       6,930  

7.00%, 09/01/37

    0 (a)      470  

7.00%, 12/01/37

    10       10,764  

7.00%, 05/01/38

    0 (a)      426  

7.00%, 12/01/38

    3       2,807  

7.00%, 01/01/39

    0 (a)      406  

7.50%, 03/01/24

    0 (a)      4  

7.50%, 04/01/24

    0 (a)      321  

7.50%, 05/01/24

    0 (a)      29  

7.50%, 06/01/24

    0 (a)      7  

7.50%, 07/01/24

    0 (a)      185  

7.50%, 08/01/24

    0 (a)      84  

7.50%, 09/01/24

    0 (a)      17  

7.50%, 09/01/25

    0 (a)      61  

7.50%, 10/01/25

    0 (a)      110  

7.50%, 11/01/25

    0 (a)      279  

7.50%, 12/01/25

    0 (a)      139  

7.50%, 05/01/26

    0 (a)      82  

7.50%, 07/01/26

    0 (a)      10  

7.50%, 08/01/26

    0 (a)      74  

7.50%, 01/01/27

    0 (a)      19  

7.50%, 04/01/27

    0 (a)      235  

7.50%, 07/01/27

    0 (a)      394  

7.50%, 09/01/27

    0 (a)      50  

7.50%, 11/01/27

    0 (a)      68  

7.50%, 01/01/28

    0 (a)      121  

7.50%, 07/01/29

    0 (a)      467  

7.50%, 08/01/29

    0 (a)      47  

7.50%, 09/01/29

    1       570  

7.50%, 09/01/29

    0 (a)      524  

7.50%, 10/01/29

    0 (a)      53  

7.50%, 05/01/30

    0 (a)      47  
Security  

Par/

Shares

(000)

    Value  
Mortgage-Backed Securities (continued)  

7.50%, 06/01/30

  $ 0 (a)    $ 550  

7.50%, 12/01/30

    0 (a)      52  

7.50%, 12/01/30

    2       1,481  

7.50%, 01/01/31

    0 (a)      164  

7.50%, 03/01/31

    0 (a)      8  

7.50%, 05/01/31

    2       1,711  

7.50%, 05/01/31

    0 (a)      316  

7.50%, 06/01/31

    0 (a)      667  

7.50%, 07/01/32

    0 (a)      130  

7.50%, 10/01/32

    0 (a)      47  

7.50%, 03/01/33

    2       2,186  

7.50%, 06/01/33

    0 (a)      252  

7.50%, 12/01/37

    0 (a)      348  

8.00%, 10/01/23

    0 (a)      1  

8.00%, 07/01/24

    0 (a)      10  

8.00%, 08/01/25

    0 (a)      23  

8.00%, 10/01/25

    0 (a)      74  

8.00%, 12/01/25

    0 (a)      33  

8.00%, 01/01/26

    0 (a)      140  

8.00%, 09/01/26

    1       641  

8.00%, 08/01/27

    0 (a)      101  

8.00%, 06/01/28

    0 (a)      70  

8.00%, 07/01/29

    0 (a)      49  

8.00%, 08/01/29

    0 (a)      190  

8.00%, 08/01/29

    1       515  

8.00%, 04/01/30

    0 (a)      72  

8.00%, 06/01/30

    0 (a)      205  

8.00%, 10/01/30

    0 (a)      150  

8.50%, 06/01/25

    0 (a)      21  

8.50%, 09/01/25

    0 (a)      18  

8.50%, 12/01/25

    0 (a)      24  

8.50%, 12/01/26

    0 (a)      161  

8.50%, 04/01/30

    1       564  

8.50%, 05/01/32

    2       1,731  

9.00%, 11/01/26

    0 (a)      12  

9.00%, 06/01/27

    0 (a)      226  

9.00%, 09/01/30

    0 (a)      214  

9.00%, 10/01/30

    0 (a)      77  
   

 

 

 
      26,840,267,511  
U.S. Government Agency Obligations — 0.1%  

Federal National Mortgage Association

   

4.50%, 04/01/53

    18,547       17,609,889  

5.00%, 04/01/53

    19,118       18,538,733  
   

 

 

 
      36,148,622  
   

 

 

 

Total Long-Term Investments — 100.9%
(Cost: $29,824,284,015)

 

    26,876,416,133  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 7.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(e)(f)(g)

    1,935,055       1,935,635,525  

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

    100       100,000  
   

 

 

 

Total Short-Term Securities — 7.3%
(Cost: $1,934,573,478)

 

    1,935,735,525  
   

 

 

 

Total Investments Before TBA Sales Commitments — 108.2%
(Cost: $31,758,857,493)

 

    28,812,151,658  
   

 

 

 

 

 

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

    149  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® MBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 

TBA Sales Commitments(c)

   
Mortgage-Backed Securities — (1.5)%            

Government National Mortgage Association

   

3.00%, 09/21/53

    (17,600   $ (15,473,562

3.50%, 09/21/53

    (48,100     (43,675,176

5.00%, 09/21/53

    (33,700     (32,792,338

5.50%, 09/21/53

    (40,825     (40,410,371

Uniform Mortgage-Backed Securities

   

2.50%, 09/14/53

    (9,225     (7,641,615

4.00%, 09/14/53

    (12,800     (11,814,000

5.00%, 09/14/53

    (104,900     (101,714,073

5.50%, 09/14/53

    (81,825     (80,789,402

6.00%, 09/14/53

    (60,925     (61,084,452
   

 

 

 

Total TBA Sales Commitments — (1.5)%
(Proceeds: $(393,556,883))

 

    (395,394,989
   

 

 

 

Total Investments, Net of TBA Sales Commitments — 106.7%
(Cost: $31,365,300,610)

 

    28,416,756,669  

Liabilities in Excess of Other Assets — (6.7)%

 

    (1,775,861,571
   

 

 

 

Net Assets — 100.0%

    $  26,640,895,098  
   

 

 

 
(a)

Rounds to less than 1,000.

(b)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c)

Represents or includes a TBA transaction.

(d)

All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

(e)

Affiliate of the Fund.

(f)

Annualized 7-day yield as of period end.

(g)

All or a portion of this security represents an investment of TBA cash collateral.

 

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: Institutional, SL Agency Shares

  $ 2,327,621,011     $     $ (391,279,670 )(a)    $ (131,677   $ (574,139   $ 1,935,635,525       1,935,055     $ 62,478,058     $        
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    100,000       0 (a)                        100,000       100       2,501          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (131,677   $ (574,139   $ 1,935,735,525       $ 62,480,559     $     —    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

(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

           

U.S. Government Agency Obligations

   $      $ 26,876,416,133      $       —      $ 26,876,416,133  

Short-Term Securities

           

Money Market Funds

     1,935,735,525                      1,935,735,525  

Liabilities

           

Investments

           

TBA Sales Commitments

            (395,394,989             (395,394,989
  

 

 

    

 

 

    

 

 

    

 

 

 
   $  1,935,735,525      $ 26,481,021,144      $      $ 28,416,756,669  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

150  

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


Statements of Assets and Liabilities (unaudited)

August 31, 2023

 

   

iShares

Agency Bond

ETF

   

iShares

Government/Credit

Bond ETF

   

iShares

Intermediate

Government/Credit

Bond ETF

          

iShares

MBS ETF

 

 

 

ASSETS

               

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

  $ 648,867,174         $ 177,544,945        $ 2,958,664,087        $ 26,876,416,133  

Investments, at value — affiliated(c)

    7,081,753         4,877,197          45,151,164          1,935,735,525  

Cash

    8,852         3,713                      

Cash pledged as collateral for TBA commitments

                              739,000  

Receivables:

               

Investments sold

    18,556,075         1,642,913          38,148,599          47,611,063  

Securities lending income — affiliated

    4,592         1,725          15,491           

TBA sales commitments

                              393,556,883  

Capital shares sold

    16,624,444         193,230          1,748,769           

Dividends — affiliated

    3,899         5,055          69,176          9,559,245  

Interest — unaffiliated

    5,044,055         1,438,714          21,244,457          71,307,535  
 

 

 

     

 

 

      

 

 

      

 

 

 

Total assets

    696,190,844         185,707,492          3,065,041,743          29,334,925,384  
 

 

 

     

 

 

      

 

 

      

 

 

 

LIABILITIES

               

Bank overdraft

                     2,156          2,164,591  

Cash received as collateral for TBA commitments

                              703,000  

Collateral on securities loaned, at value

    5,741,753         3,237,197          25,851,164           

TBA sales commitments, at value(d)

                              395,394,989  

Payables:

               

Investments purchased

    34,230,457         2,730,763          47,259,781          2,295,026,778  

Investment advisory fees

    100,148         27,044          494,430          740,928  
 

 

 

     

 

 

      

 

 

      

 

 

 

Total liabilities

    40,072,358         5,995,004          73,607,531          2,694,030,286  
 

 

 

     

 

 

      

 

 

      

 

 

 

Commitments and contingent liabilities

               

NET ASSETS

  $ 656,118,486       $ 179,712,488        $ 2,991,434,212        $ 26,640,895,098  
 

 

 

     

 

 

      

 

 

      

 

 

 

NET ASSETS CONSIST OF

               

Paid-in capital

  $ 713,873,535       $ 204,492,532        $ 3,200,512,170        $ 30,140,651,062  

Accumulated loss

    (57,755,049       (24,780,044        (209,077,958        (3,499,755,964
 

 

 

     

 

 

      

 

 

      

 

 

 

NET ASSETS

  $ 656,118,486       $ 179,712,488        $ 2,991,434,212        $ 26,640,895,098  
 

 

 

     

 

 

      

 

 

      

 

 

 

NET ASSET VALUE

               

Shares outstanding

    6,150,000         1,750,000          29,150,000          290,000,000  
 

 

 

     

 

 

      

 

 

      

 

 

 

Net asset value

  $ 106.69       $ 102.69        $ 102.62        $ 91.87  
 

 

 

     

 

 

      

 

 

      

 

 

 

Shares authorized

    Unlimited         Unlimited          Unlimited          Unlimited  
 

 

 

     

 

 

      

 

 

      

 

 

 

Par value

    None         None          None          None  
 

 

 

     

 

 

      

 

 

      

 

 

 

(a)   Investments, at cost — unaffiliated

  $ 679,273,496       $ 196,286,377        $ 3,146,612,443        $ 29,824,284,015  

(b)   Securities loaned, at value

  $       $ 3,147,146        $ 24,804,128        $  

(c)   Investments, at cost — affiliated

  $ 7,081,753       $ 4,877,197        $ 45,151,164        $ 1,934,573,478  

(d)   Proceeds from TBA sales commitments

  $       $        $        $ 393,556,883  

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

    151  


Statements of Operations (unaudited)

Six Months Ended August 31, 2023

 

   

iShares

Agency Bond

ETF

   

iShares

Government/Credit

Bond ETF

   

iShares

Intermediate

Government/Credit

Bond ETF

   

iShares

MBS ETF

 

 

 

INVESTMENT INCOME

                        

Dividends — affiliated

  $ 84,447        $ 15,158        $ 237,074        $ 62,480,559  

Interest — unaffiliated

    10,703,452          2,314,678          40,270,631          398,046,960  

Securities lending income — affiliated — net

    169,020          5,676          79,339           

Other income — unaffiliated

             220          1,877           
 

 

 

      

 

 

      

 

 

      

 

 

 

Total investment income

    10,956,919          2,335,732          40,588,921          460,527,519  
 

 

 

      

 

 

      

 

 

      

 

 

 

EXPENSES

                

Investment advisory

    652,109          154,161          2,741,447          4,976,284  
 

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses

    652,109          154,161          2,741,447          4,976,284  

Less:

                

Investment advisory fees waived

                               (747,751
 

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

    652,109          154,161          2,741,447          4,228,533  
 

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

    10,304,810          2,181,571          37,847,474          456,298,986  
 

 

 

      

 

 

      

 

 

      

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

                

Net realized gain (loss) from:

                

Investments — unaffiliated

    (770,926        (611,208        (7,003,298        (105,637,323

Investments — affiliated

                               (131,677

In-kind redemptions — unaffiliated(a)

    (5,816,220        (1,869,206        (1,990,280         
 

 

 

      

 

 

      

 

 

      

 

 

 
    (6,587,146        (2,480,414        (8,993,578        (105,769,000
 

 

 

      

 

 

      

 

 

      

 

 

 

Net change in unrealized appreciation (depreciation) on:

                

Investments — unaffiliated

    9,709,682          2,600,075          10,294,984          (296,674,918

Investments — affiliated

                               (574,139
 

 

 

      

 

 

      

 

 

      

 

 

 
    9,709,682          2,600,075          10,294,984          (297,249,057
 

 

 

      

 

 

      

 

 

      

 

 

 

Net realized and unrealized gain (loss)

    3,122,536          119,661          1,301,406          (403,018,057
 

 

 

      

 

 

      

 

 

      

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 13,427,346        $ 2,301,232        $ 39,148,880        $ 53,280,929  
 

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

152  

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


Statements of Changes in Net Assets

 

   

iShares

Agency Bond ETF

          

iShares

Government/Credit Bond ETF

 
 

 

 

      

 

 

 
   

Six Months

Ended

08/31/23

(unaudited)

          

Year Ended

02/28/23

          

Six Months

Ended

08/31/23

(unaudited)

          

Year Ended

02/28/23

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                

OPERATIONS

                

Net investment income

  $ 10,304,810        $ 11,576,920        $ 2,181,571        $ 4,692,211  

Net realized loss

    (6,587,146        (26,520,521        (2,480,414        (44,352,719

Net change in unrealized appreciation (depreciation)

    9,709,682          (26,765,131        2,600,075          (746,066
 

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) in net assets resulting from operations

    13,427,346          (41,708,732        2,301,232          (40,406,574
 

 

 

      

 

 

      

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

                

Decrease in net assets resulting from distributions to shareholders

    (10,395,216        (10,556,499        (2,106,155        (4,886,139
 

 

 

      

 

 

      

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

                

Net increase (decrease) in net assets derived from capital share transactions

    (33,087,951        25,611,737          25,041,954          (227,772,697
 

 

 

      

 

 

      

 

 

      

 

 

 

NET ASSETS

                

Total increase (decrease) in net assets

    (30,055,821        (26,653,494        25,237,031          (273,065,410

Beginning of period

    686,174,307          712,827,801          154,475,457          427,540,867  
 

 

 

      

 

 

      

 

 

      

 

 

 

End of period

  $ 656,118,486        $ 686,174,307        $ 179,712,488        $ 154,475,457  
 

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

    153  


Statements of Changes in Net Assets (continued)

 

   

iShares

Intermediate Government/Credit Bond ETF

          

iShares

MBS ETF

 
 

 

         

 

 

 
       

Six Months Ended

08/31/23

(unaudited)

          

Year Ended

02/28/23

               

Six Months Ended

08/31/23

(unaudited)

          

Year Ended

02/28/23

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                     

OPERATIONS

                     

Net investment income

    $ 37,847,474        $ 49,031,035           $ 456,298,986        $ 562,290,132  

Net realized loss

      (8,993,578        (47,014,675           (105,769,000        (278,853,955

Net change in unrealized appreciation (depreciation)

      10,294,984          (159,326,127           (297,249,057        (2,238,229,523
   

 

 

      

 

 

         

 

 

      

 

 

 

Net increase (decrease) in net assets resulting from operations

      39,148,880          (157,309,767           53,280,929          (1,954,793,346
   

 

 

      

 

 

         

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

                     

Decrease in net assets resulting from distributions to shareholders

      (35,764,248        (47,097,176           (442,413,518        (518,398,942
   

 

 

      

 

 

         

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

                     

Net increase in net assets derived from capital share transactions

      527,231,946          98,268,765             2,299,453,297          3,123,142,907  
   

 

 

      

 

 

         

 

 

      

 

 

 

NET ASSETS

                     

Total increase (decrease) in net assets

      530,616,578          (106,138,178           1,910,320,708          649,950,619  

Beginning of period

      2,460,817,634          2,566,955,812             24,730,574,390          24,080,623,771  
   

 

 

      

 

 

         

 

 

      

 

 

 

End of period

    $ 2,991,434,212        $ 2,460,817,634           $ 26,640,895,098        $ 24,730,574,390  
   

 

 

      

 

 

         

 

 

      

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

154  

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


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares Agency Bond ETF  
 

 

 

 
   

Six Months Ended

08/31/23

(unaudited)

   

Year Ended

02/28/23

   

Year Ended

02/28/22

   

Year Ended

02/28/21

   

Year Ended

02/29/20

   

Year Ended

02/28/19

 

 

 

Net asset value, beginning of period

    $ 106.38        $ 114.97        $ 118.50        $ 118.95        $ 112.08        $ 111.42  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income(a)

      1.70          2.01          0.85          1.25          2.61          2.57  

Net realized and unrealized gain (loss)(b)

      0.30          (8.76        (3.24        0.87          6.89          0.57  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

      2.00          (6.75        (2.39        2.12          9.50          3.14  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions(c)

                            

From net investment income

      (1.69        (1.84        (0.84        (2.11        (2.63        (2.48

From net realized gain

                        (0.30        (0.46                  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total distributions

      (1.69        (1.84        (1.14        (2.57        (2.63        (2.48
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of period

           $ 106.69        $ 106.38        $ 114.97        $ 118.50        $ 118.95        $ 112.08  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                            

Based on net asset value

      1.88 %(e)          (5.89 )%         (2.02 )%         1.77        8.57        2.86
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(f)

                            

Total expenses

      0.20 %(g)          0.20        0.20        0.20        0.20        0.20
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

      3.16 %(g)          1.85        0.73        1.04        2.27        2.31
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                            

Net assets, end of period (000)

    $ 656,118        $ 686,174        $ 712,828        $ 788,037        $ 594,747        $ 627,634  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(h)

      8        92        146        158        72        69
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Not annualized.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

    155  


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Government/Credit Bond ETF  
 

 

 

 
   

Six Months Ended

08/31/23

(unaudited)

   

Year Ended

02/28/23

   

Year Ended

02/28/22

   

Year Ended

02/28/21

   

Year Ended

02/29/20

   

Year Ended

02/28/19

 

 

 

Net asset value, beginning of period

           $ 102.98       $ 117.13           $ 121.96            $ 122.67            $ 111.23            $ 111.13  
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income(a)

      1.48         2.09         1.52          1.88          2.94          2.87  

Net realized and unrealized gain (loss)(b)

      (0.34       (14.00       (4.87        (0.63        11.59          0.13  
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

      1.14         (11.91       (3.35        1.25          14.53          3.00  
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Distributions from net investment income(c)

      (1.43       (2.24       (1.48        (1.96        (3.09        (2.90
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of period

    $ 102.69           $ 102.98       $ 117.13        $ 121.96        $ 122.67        $ 111.23  
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(d)

                          

Based on net asset value

      1.10 %(e)         (10.22 )%        (2.76 )%         0.99        13.24        2.76
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(f)

                          

Total expenses

      0.20 %(g)         0.20       0.20        0.20        0.20        0.20
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

      2.83 %(g)         1.94       1.26        1.51        2.52        2.60
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                          

Net assets, end of period (000)

    $ 179,712       $ 154,475       $ 427,541        $ 280,502        $ 226,938        $ 100,108  
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(h)

      8       17       21        24        16        24
   

 

 

     

 

 

     

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

Based on average shares outstanding.

(b)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Not annualized.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

156  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Intermediate Government/Credit Bond ETF  
 

 

 

 
   

Six Months Ended

08/31/23
(unaudited)

   

Year Ended

02/28/23

   

Year Ended

02/28/22

   

Year Ended

02/28/21

   

Year Ended

02/29/20

   

Year Ended

02/28/19

 

 

 

Net asset value, beginning of period

    $ 102.32     $ 111.36     $ 116.01     $ 115.67     $ 108.94     $ 108.09  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      1.43       2.08       1.63       2.04       2.57       2.41  

Net realized and unrealized gain (loss)(b)

      0.24       (9.12     (4.64     0.41       6.73       0.82  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

          1.67       (7.04     (3.01     2.45       9.30       3.23  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(c)

      (1.37     (2.00     (1.64     (2.11     (2.57     (2.38
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 102.62     $ 102.32     $ 111.36     $ 116.01     $ 115.67     $ 108.94  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

             

Based on net asset value

      1.63 %(e)       (6.36 )%      (2.61 )%      2.11     8.63     3.04
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(f)

             

Total expenses

      0.20 %(g)       0.20     0.20     0.20     0.20     0.20
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      2.76 %(g)       1.99     1.42     1.75     2.29     2.24
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $ 2,991,434     $ 2,460,818     $ 2,566,956     $ 2,314,399     $ 2,186,171     $ 2,206,040  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(h)

      10     22     30     26     19     21
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

Based on average shares outstanding.

(b)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Not annualized.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

    157  


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares MBS ETF  
 

 

 

 
   

Six Months Ended

08/31/23

(unaudited)

   

Year Ended

02/28/23

   

Year Ended

02/28/22

   

Year Ended

02/28/21

   

Year Ended

02/29/20

   

Year Ended

02/28/19

 

 

 

Net asset value, beginning of period

    $ 93.15     $ 104.74     $ 109.29     $ 109.75     $ 105.07     $ 104.27  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

      1.61       2.43       1.21       1.77       2.92       3.04  

Net realized and unrealized gain (loss)(b)

      (1.32     (11.80     (4.65     0.02       4.71       0.56  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

      0.29       (9.37     (3.44     1.79       7.63       3.60  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(c)

             

From net investment income

      (1.57     (2.22     (1.11     (1.98     (2.95     (2.80

Return of capital

                        (0.27            
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

      (1.57     (2.22     (1.11     (2.25     (2.95     (2.80
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

    $ 91.87     $ 93.15     $ 104.74     $ 109.29     $ 109.75     $ 105.07  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

             

Based on net asset value

          0.30 %(e)       (9.01 )%      (3.15 )%      1.62     7.35     3.53
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(f)

             

Total expenses

      0.04 %(g)       0.04     0.05     0.06     0.07     0.09
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

      0.03 %(g)       0.03     0.04     0.05     0.06     0.08
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

      3.43 %(g)       2.52     1.12     1.60     2.72     2.93
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

             

Net assets, end of period (000)

    $ 26,640,895     $ 24,730,574     $ 24,080,624     $ 26,480,590     $ 23,837,087     $ 15,592,245  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(h)(i)

      133     249     349     405     253     343
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

Based on average shares outstanding.

(b)

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d)

Where applicable, assumes the reinvestment of distributions.

(e)

Not annualized.

(f)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g)

Annualized.

(h)

Portfolio turnover rate excludes in-kind transactions.

(i)

Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

 

 

158  

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Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF  

Diversification 

Classification 

Agency Bond

  Diversified 

Government/Credit Bond

  Diversified 

Intermediate Government/Credit Bond

  Diversified 

MBS

  Diversified 

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

   

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

    159  


Notes to Financial Statements (unaudited) (continued)

 

  fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 

iShares ETF and Counterparty

    

Securities Loaned

at Value

 

 

      

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

Agency Bond

           

Barclays Capital, Inc(b)

   $        $     $     $  
  

 

 

      

 

 

   

 

 

   

 

 

 

 

 

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Notes to Financial Statements (unaudited) (continued)

 

 

 

iShares ETF and Counterparty

    

Securities Loaned

at Value

 

 

      

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

Government/Credit Bond

           

Barclays Bank PLC

   $ 161,567        $ (161,567   $     $  

Barclays Capital, Inc.

     34,585          (34,585            

BMO Capital Markets

     25,956          (25,956            

BNP Paribas SA

     65,873          (65,873            

BofA Securities, Inc.

     127,402          (127,402            

Citigroup Global Markets, Inc.

     697,426          (697,426            

Deutsche Bank Securities, Inc.

     9,518          (9,518            

Goldman Sachs & Co. LLC

     755,345          (755,345            

HSBC Securities (USA), Inc.

     24,156          (24,156            

J.P. Morgan Securities LLC

     680,258          (680,258            

Jefferies LLC

     31,050          (31,050            

Morgan Stanley

     320,949          (320,949            

Nomura Securities International, Inc.

     63,862          (63,862            

Pershing LLC

     9,578          (9,578            

RBC Capital Markets LLC

     44,281          (44,281            

Toronto-Dominion Bank

     44,506          (44,506            

Wells Fargo Securities LLC

     50,834          (50,834            
  

 

 

      

 

 

   

 

 

   

 

 

 
   $ 3,147,146        $ (3,147,146   $     $  
  

 

 

      

 

 

   

 

 

   

 

 

 

Intermediate Government/Credit Bond

           

Barclays Bank PLC

   $ 1,015,817        $ (1,015,817   $     $  

Barclays Capital, Inc.

     9,229,354          (9,229,354            

BNP Paribas SA

     142,223          (142,223            

BofA Securities, Inc.

     515,032          (515,032            

Citigroup Global Markets, Inc.

     640,158          (640,158            

Deutsche Bank Securities, Inc.

     153,929          (153,929            

Goldman Sachs & Co. LLC

     1,236,651          (1,236,651            

J.P. Morgan Securities LLC

     2,085,584          (2,085,584            

Jefferies LLC

     53,681          (53,681            

Mitsubishi UFJ Securities Holdings Co., Ltd.

     104,471          (104,471            

Morgan Stanley & Co. LLC

     1,064,242          (1,064,242            

Nomura Securities International, Inc.

     384,100          (374,498           9,602 (c) 

Pershing LLC

     286,883          (286,883            

RBC Capital Markets LLC

     295,621          (295,621            

Scotia Capital (USA), Inc.

     436,471          (436,471            

Toronto-Dominion Bank

     464,110          (464,110            

Wells Fargo Bank, National Association

     14,983          (14,983            

Wells Fargo Securities LLC

     6,680,818          (6,680,818            
  

 

 

      

 

 

   

 

 

   

 

 

 
   $ 24,804,128        $ (24,794,526   $     $ 9,602  
  

 

 

      

 

 

   

 

 

   

 

 

 

 

  (a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

 
  (b)

Securities loaned with a value of $5,610,376 have been sold and are pending settlement as of August 31, 2023.

 
  (c)

The market value of the loaned securities is determined as of August 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

 

 

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Notes to Financial Statements (unaudited) (continued)

 

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

Agency Bond

    0.20

Government/Credit Bond

    0.20  

Intermediate Government/Credit Bond

    0.20  

For its investment advisory services to the iShares MBS ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

 

   
Aggregate Average Daily Net Assets   Investment Advisory Fees  

First $121 billion

    0.0400

Over $121 billion, up to and including $181 billion

    0.0380  

Over $181 billion, up to and including $231 billion

    0.0361  

Over $231 billion, up to and including $281 billion

    0.0343  

Over $281 billion

    0.0326  

Expense waivers: The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. For the iShares MBS ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 in order to limit total annual operating expenses after fee waiver to 0.04% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended August 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts Waived     

MBS

  $ 747,751     

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts     

Agency Bond

  $  40,854     

Government/Credit Bond

    1,461     

Intermediate Government/Credit Bond

    20,941     

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the six months ended August 31, 2023, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

 

     
    U.S. Government Securities     

    Other Securities    

 
iShares ETF   Purchases      Sales      Purchases      Sales     

Agency Bond

  $ 68,616,924      $ 49,458,438      $      $ —     

Government/Credit Bond

    10,005,525        9,150,959        2,743,157        3,824,899     

Intermediate Government/Credit Bond

    181,172,507        199,541,547        76,733,291        58,688,199     

MBS

    34,798,353,516        34,787,705,695        121,317,374        120,323,595     

For the six months ended August 31, 2023, in-kind transactions were as follows:

 

     
iShares ETF  

In-kind

Purchases

    

In-kind   

Sales   

 

Agency Bond

  $ 120,302,402      $  133,478,900     

Government/Credit Bond

    54,678,407        30,046,372     

Intermediate Government/Credit Bond

    661,865,150        141,693,456     

MBS

    2,281,829,631        —     

 

7.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of February 28, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

   
iShares ETF  

Non-Expiring    

Capital Loss    

Carryforwards(a)    

 

Agency Bond

  $ (22,338,739)     

Government/Credit Bond

    (3,949,245)     

Intermediate Government/Credit Bond

    (19,061,143)     

MBS

    (483,299,459)     

 

  (a)

Amounts available to offset future realized capital gains.

 

As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost     

Gross Unrealized

Appreciation

    

Gross Unrealized

Depreciation

   

Net Unrealized    

Appreciation    

(Depreciation)    

 

Agency Bond

  $ 686,370,164      $ 280,375      $ (30,701,612   $ (30,421,237)     

Government/Credit Bond

    201,196,851        364,051        (19,138,760     (18,774,709)     

Intermediate Government/Credit Bond

    3,192,254,588        1,045,110        (189,484,447     (188,439,337)     

MBS

    31,801,973,450        31,506,415        (3,023,166,313     (2,991,659,898)     

 

 

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Notes to Financial Statements (unaudited) (continued)

 

8.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

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Notes to Financial Statements (unaudited) (continued)

 

economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Six Months Ended

08/31/23

          

Year Ended

02/28/23

 
 

 

 

      

 

 

 
iShares ETF   Shares            Amount            Shares            Amount  

 

 

Agency Bond

                

Shares sold

    1,350,000        $ 144,309,787          1,350,000        $ 145,437,914  

Shares redeemed

    (1,650,000        (177,397,738        (1,100,000        (119,826,177
 

 

 

      

 

 

      

 

 

      

 

 

 
    (300,000      $ (33,087,951        250,000        $ 25,611,737  
 

 

 

      

 

 

      

 

 

      

 

 

 

Government/Credit Bond

                

Shares sold

    550,000        $ 55,968,770          1,250,000        $ 136,441,706  

Shares redeemed

    (300,000        (30,926,816        (3,400,000        (364,214,403
 

 

 

      

 

 

      

 

 

      

 

 

 
    250,000        $ 25,041,954          (2,150,000      $ (227,772,697
 

 

 

      

 

 

      

 

 

      

 

 

 

Intermediate Government/Credit Bond

                

Shares sold

    6,500,000        $ 671,040,663          7,850,000        $ 816,864,185  

Shares redeemed

    (1,400,000        (143,808,717        (6,850,000        (718,595,420
 

 

 

      

 

 

      

 

 

      

 

 

 
    5,100,000        $ 527,231,946          1,000,000        $ 98,268,765  
 

 

 

      

 

 

      

 

 

      

 

 

 

MBS

                

Shares sold

    29,600,000        $ 2,771,597,736          60,100,000        $  5,534,768,968  

Shares redeemed

    (5,100,000        (472,144,439        (24,500,000        (2,411,626,061
 

 

 

      

 

 

      

 

 

      

 

 

 
    24,500,000        $  2,299,453,297          35,600,000        $ 3,123,142,907  
 

 

 

      

 

 

      

 

 

      

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

 

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Board Review and Approval of Investment Advisory Contract

 

iShares Agency Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

iShares Government/Credit Bond ETF, iShares Intermediate Government/Credit Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

iShares MBS ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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Supplemental Information (unaudited)

 

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

 

 

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General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviation
BAB    Build America Bond
CMT    Constant Maturity Treasury
GO    General Obligation
GOL    General Obligation Limited
LIBOR    London Interbank Offered Rate
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bond
REIT    Real Estate Investment Trust
SOFR    Secured Overnight Financing Rate
STRIPS    Separate Trading of Registered Interest & Principal of Securities
TBA    To-Be-Announced

 

 

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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-205-0823

 

 

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